We’re witnessing the greatest stock market rally in the aftermath of a Federal Reserve rate hike since the 1970s, as investors seem to be celebrating inflation’s end. That’s despite the fact that the personal consumption expenditures price index, the Fed’s preferred inflation gauge, surged to 6.8% in June, the highest reading since June 1982. Jerome Powell said this week’s 75-basis-point move gets the fed funds target range back to “neutral.” According to Jim Bianco, “That only works if you still believe in transitory and inflation is going back to 2%.” Bianco, the founder of Bianco Research, joins Real Vision’s Andreas Steno Larsen to talk about why inflation is not “over,” what the Fed will do with “incoming data,” and when the recession will become “official.” We also hear from David Rosenberg about when and why the market will bottom.