Kingsview CIO Scott Martin On Fox Business News – Evening Edit 9.18.24

Click here to listen to the full interview.

ELIZABETH MACDONALD: Scott Martin, he’s an excellent expert on the economy. He’s with Kingsview Wealth Management. Scott, this is a really bizarre rate cut. I don’t want to dig too deep into it, but are we in a downturn? Because rate cuts of this size are typically reserved for recessions, and we’re in a slowing job market. How do you interpret this?

SCOTT MARTIN:  I find it confusing, Mac, and I agree with you. On one hand, they say the economy is doing great, yet we need a 50 basis point rate cut—and possibly another 50 by the end of the year. We have two more meetings left, and we’re looking at two more potential cuts. I just don’t get it. I think this is purely political. It feels like the Fed has shifted direction. Jerome Powell used to follow his own beat, focusing on data and taking a more proactive, albeit slower, approach. But this feels highly reactive to me. Sure, the economy may be a bit slower than it was at the start of the year, but the stock market is still near all-time highs and was doing fine before the cut.

ELIZABETH MACDONALD:  Alright, let’s move on to who’s best for the economy. Scott, the media is getting tougher on Kamala Harris—CNN, Politico, even David Axelrod is saying she’s too scripted, too robotic. This matters to undecided and swing voters. Let’s take a look at Trump at the town hall in Michigan last night, talking about how he plans to fix inflation, and then we’ll hear from Kamala Harris and Tim Walz. Watch this:

VIDEO:  How are you going to bring down the cost of food and groceries? Well, we have to start with energy, always. I don’t want to sound boring, but there’s no bigger subject—it impacts everything. Whether you make donuts or cars, energy is a big deal. It’s my goal to lower your energy bills by 50% within 12 months. We’re also going to work with farmers, who are being decimated right now.

Now, I want to talk about the financial squeeze millions of Americans are facing. I was raised middle class—I grew up a middle-class kid. What do you say to people who wake up every morning wondering, “How am I going to make ends meet?”

ELIZABETH MACDONALD:  Okay, Scott. Talking about being a middle-class kid doesn’t pay for milk and eggs. Even Bernie Sanders’ former top advisor is saying that after three and a half years, if Kamala Harris had a new plan, why didn’t she present it to Joe Biden earlier? We’re seeing 22% compounded inflation under Biden and Harris—more than triple what it was under Trump.

SCOTT MARTIN:  Yeah, as someone who’s middle class, that 22% inflation rate has really hurt me and my family. And as a middle-class kid, I loved cars and donuts, so it’s great that Trump can relate to people on that level. But Harris, as you mentioned, comes off as robotic and out of touch. If she truly grew up middle class, you’d think she could talk more practically about what Americans are feeling when it comes to inflation.

ELIZABETH MACDONALD:  We’ve missed you, Scott. We hope to have you back again soon.

SCOTT MARTIN:  Miss you too, Mac. Thanks for having me.