Money Life With Chuck Jaffe Daily Podcast

Cheryl Smith, economist and portfolio manager at Trillium Asset Management, says the current rally is not a sign of a new bull market, but rather proof that the effects of the Federal Reserve's rate hikes haven't really had much impact on the economy yet. She expects labor market softness to increase, layoffs to start and unemployment to rise, with the Fed not pulling back on interest rates until 2024, and while investors are waiting for that pivot they are likely to feel the effects of a hard landing for the economy. Smith's short and intermediate take -- dramatically different than other experts in the Big Interview this week --- said that while  she can't say the forecast for the next year is particularly positive, she believes the returns for the next five years will be in line with historic norms. Jeff Bishop, chief executive at RagingBull.com, says that the technical indicators are all looking good, but he's wary of the fundamentals and while that caution has him leaning to the bearish side, the market'