Nancy Tengler, CEO and CIO of Laffer Tengler Investments, joins the program to discuss broader economic and market conditions. She explains why the Federal Reserve's interest rate decisions may no longer significantly impact markets and argues for the potential benefits of a market correction.Let's get you up to speed on the action from today's session.Not a lot of action here, not a lot of movement in today's session.
And I'm seeing at the end here, at least right now, we're running more than double for the S and P 500 the average over the past 100 days. I, I mean, I, I actually hope because this is the way the market works that we get a correction that will clear out kind of all the rubble. And so I, I think, um I think that we are there uh And we're not at the 1999 end of the decade, we're in the middle of the decade.
And I thought the really interesting parallel was Christine Lagarde at her press conference was, you know, she must have said out a dependent 20 times.And their primary criterion for cutting rates was if wages rolled over, but they actually went up and we're, we're kind of in that same environment here where at the last press conference, the chairman said, um, you know, 2.6 to 2.7 isn't a bad place to be in regards to inflation.
The thesis theme has been investing in old economy companies that have pivoted to digitization, cloud computing, generative A I cloud computing and the suppliers of the picks and shovels.And so somebody said to me, we haven't changed very much and we don't, I mean, these are long term secular tailwinds.
Um, and in our, in our ETF TGLR, we reduced our exposure to discretionary names because we think, and, and we reshuffled it a little bit.If you're a non managerial worker, it takes you 71.5 hours to pay your mortgage every month.Your savings rate has gone down to 3.6% versus 6.1 pre pandemic credit is becoming hard to, to find.You may see the manufacturing side of the economy pick up some of the slack a little bit.And I think it's because of the fiscal spending at the government level.
Biden said I have a plan and he pointed to his plan, but the fact is um Biden had the same plan in 2020 in 2021 and 22 when Democrats controlled Congress and those tax increases, he wanted to put in place, he couldn't get that done. Um And it's just easier, you know, II I mean, if you go back 10 or 15 years or even 20 there were people who many, many people, serious economists, finance experts and politicians who said if we were putting churning out the amount of debt that the Treasury is printing right now, markets would rebel and we would never be able to get away with it as a country.
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