Pinebridge's Kelly: With no easy fixes, this economy will struggle well into '23

Michael Kelly, portfolio manager and global head of multi-asset at PineBridge Investments, says that investors should expect volatile choppy markets -- moving sideways at best -- while the economy pivots away from the rising inflation and interest rate trend, but that investors shouldn't expect much good news until at least May of 2023. Kelly says that he expects China to pivot on some of its policies early in 2023, which will make its economy and stock market the only market with higher cash flows and an easier central bank come springtime, encouraging investment there while the rest of the world markets are volatile and choppy. He also suggests that investors will want to take the reasonable yields they can get on bonds while waiting for the equity markets to improve. Also on the show today, Tom Lydon, vice chairman at VettaFi goes international with a trend-following pick for his ETF of the Week, Mark Hamrick, senior economic analyst at Bankrate.com discusses all of the action around jobs and the labor market this week and what it portends for the news cycle and the stock market, and Chuck answers a listener's question about tax-loss harvesting, which he notes might be as popular with investors this year as holiday shopping is with consumers.