AAP Podcast #37: The Debt Ceiling, Fed Expectations and What to Eat with Kenny Polcari

On this episode of the AAP Podcast, portfolio manager Chris Versace is joined by Kace Capital’s Kenny Polcari. While the two start off chatting about the bygone days of the NYSE floor, they quickly move into talking about all things stock market-related. Kenny shares his view the economy will likely be in a rolling recession and the Fed could very well lift interest rates yet again at the upcoming June policy meeting. Chris brings us continued strength in the services economy but also notes prospects for further inflation pressure there. Both are watching wage pressures as well as the tight labor market.

While the market may rally on a debt ceiling deal, the eventual refocus on the economy, Fed, and other fundamentals are likely to make that rally short-lived according to Kenny. Both shared concerns for “a deal” not “the deal” as well as the debt ceiling conversation bubbling back up during the upcoming presidential election. In terms of stocks, they dished on Bank of America (BAC), Microsoft (MSFT), Alphabet (GOOGL), Nvidia (NVDA), and several others. And Kenny agrees with Chris and other AAP team members that AI stocks are out over their skis. Finally, be sure to listen as Kenny discusses what he’s making for dinner tonight and it sure sounds tasty!