“If the name of the game is to kill this sort of pernicious supply side inflation, a recession is the only way we’re going to be able to do it,” David Rosenberg says here. Speaking with Alex Gurevich of HonTe Investments, Rosenberg explains why the Federal Reserve’s tightening cycle will bring a recession in the second half of 2022. Based on market reactions to previous recessions, Rosenberg warns the S&P 500 might drop 30%. The president of Rosenberg Research & Associates makes his bullish case for bonds, but cautions, “There’s no such thing as a sure thing.” He describes one “get out of jail free” card that could secure a soft landing. Recorded April 21, 2022.