Allspring's Jacobsen: It won't be a soft landing or a crash, but it will be rough

Brian Jacobsen, senior investment strategist at Allspring Global Investments, says that if the Federal Reserve knew in March what it knows now in terms of economic health, it would have moved more cautiously. Having acted as it did, he thinks the Fed is unlikely to pull off the hoped-for soft landing, but he believes the market will avoid a crash, leaving the economy with a rough landing, one that could see the stock market improve late in the year before it finds more trouble in 2023. Jacobsen notes that he favors domestic and emerging markets for riding out the trouble, feeling that the U.S. is best positioned, that emerging markets minus China and Russia are the best value and developed Europe -- where he is underweight -- is headed for the toughest troubles. Also on the show, Michael Hershfield, chief executive officer at Accrue Savings, discusses the firm's survey of customers using "Buy Now, Pay Later" programs and how one-third of borrowers are using credit cards to cover those "later payments," meaning they can't afford their purchases, even on a payment plan. And in the Market Call, William Smead, manager of the Smead Value Fund, is here talking stocks, noting that he has changed his long-held tune about big oil and energy companies after years of saying they were not buyable.