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Single best idea, an extraordinary set of conversations as a president attends China. I believe tomorrow within our show will be when the president lands en Beijing. We'll have to see on that as we move forward. But all sorts of conversations wrapped around a five percent thirty year bond, wrapped around a print of one oh eight on Brent crude earlier this morning, and more than anything, wrapped around
three point eight percent inflation. And Eric Winnigrad of Alliance Bernstein was quite heated that there's rich people inflation and poor people inflation, and he would model out poor people inflation is a very painful five percent plus. It is the most unusual time at your Denny, with all of its decades of work on economics and market strategy, suggests higher for stocks. Here is your Denny, of your Denny Research.
We definitely are climbing a wall worry, and that's the best kind of bull market you can have. You don't want everybody being bullish. You want people to have concerns. I don't want people to worry on a personal level, but on a professional level. When I see a lot of bearishness. From a contrarian perspective, it usually works. I've made some of my best calls on market bottoms when my gut was hurting and everybody was in a panic mode.
So we're not in panic mode right now. But on the other hand, there are a lot of people worrying about what's going on in the Middle East, and I'm not saying that's not worrisome, but it's certainly adding to the concerns. They're worrying about the bond mark at they're worrying about a k economy that the consumer's not going to continue to spend, and they're working worrying about too much capital spending. So there's a lot of worries up
there out there. But meanwhile it's really pretty simple or at then the market is also getting kind of thrust up, but it's been a rocket ship because of earnings.
Joannny there with your any research looking out for I think the interpolation to DOO is now sixty thousand plus out of year or so within his bull market. I want to take a moment to do a massive shout out to Simon White. You may not know the name Simon White is in London. He is one of our great quant strategists writing for Bloomberg Macro, and he did an absolutely brilliant piece that went viral globally on gamma today.
When you hear the Greek letters alpha, beta, gamma, delta, epsilon, they all mean something and there's any other letters as well. I'm beholden to data, which is the time function and all sorts of mathematics. But he did a wonderful thing on the gamma within the option market. This is the movement of the options market, how people are hedging embedding along with dispersion and correlation. Absolutely brilliant. I'll try to get that out on Twitter and LinkedIn. Simon White with
just some brilliance out of London today. Also always brilliant off of eiu wis Constance Hunter here on the inflation report three point eight percent.
It's painful and it's going to get worse. That's I think the importance you.
Can predict to four percent inflation.
Do you think it's going to be above four point two percent average for the second quarter? Yes?
Wow, yep?
How does that change a political debate in America? All your study of the analog of presidents having to get up in front of a four point two percent inflation rate.
I think it's gonna I think it's going to come back to Biiten. I think that's one of the reasons that people had anticipated that we would bring an end to the war in Iran, because the postwork implications are so strong. As I said, this administration seems to have its own perception of the political feedback loops, which may prove to be a bit inaccurate constance.
Hunter there on the inflation report today. Thanks to all of our guests for wonderful and differing perspective on your inflation. As I tape this here within our studios, Copper hits a new high. Some people will say, pay attention to doctor Copper, please stay with us over the next couple of days. In newsflow extraordinary on podcasts out at Spotify and Apple. On YouTube podcasts, It's single best idea.