EXCERPT:
SANTELLI: “I don't follow Fed dot plots, but we all know that this quarter isn’t shaping up to be necessarily a good quarter. Many are seeing recession. I don’t see a way to avoid it. Just to put a face on this, we all see what’s going on with interest rates, you know, 356 in the two-year. Just think about this. On March 8th, it closed at 507, a high-yield close, that was the highest since 2007. Now we’re at the lowest yield since September, 10-year, and we did the charts, what, a month ago? And about five months ago I’d stake my claim here, 4 1/4 is the high. It was the high back in October. We never came back and challenged those fall levels. You remember, Joe, we did the Elliott wave count. It was clearly the high-yield close, but, man, look at how far we’ve fallen there. Is this really a banking crisis? Joe, you know what it is. It's a Fed crisis. It’s a rate hiking crisis. It’s a crisis built on a crisis we never solved, and now we have walkbacks, takebacks, Treasury Secretaries changing their mind. Is there any wonder there’s all this volatility in the markets?”