Putnam's Vaillancourt: Earnings recession will make for messy markets in '23

Jason Vaillancourt, global macro strategist at Putnam Investments, expects a recession that impacts corporate earnings more than it does Main Street, though the downturn he foresees is not immediate. Vaillancourt expects the market to be messy, even though he does not think the market will make new lows much beyond the worst of 2022, but he thinks the market will suffer due to the pressure on corporate earnings. Vaillancourt likes international markets right now, notes that there is a wide dispersion of earnings but the conditions in Europe are relatively cheap compared to the United States. The ETF of the Week features Tom Lydon, vice chairman of VettaFi discussing the JPMorgan Equity Premium Income fund, which Chuck bought after it was discussed in the segment a few years ago, but which he sold recently during tax-loss harvesting season. And in the Market Call, Jason Browne, president at Alexis Investment Partners and manager of the Alexis Practical Tactical ETF says that international funds are looking good to him for the first time in decades, but notes that he also sees opportunities in domestic markets as they bounce back from 2022's down year.