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Fed doesn't seem done with rate hikes, says NewEdge Wealth's Cameron Dawson

Video vocabulary

economy

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US / ɪ'kɒnəmɪ /

UK / ɪˈkɑnəmi /

A1
  • noun
  • Using money, resources in a careful, effective way
  • Total of all goods, services and wages in an area

matter

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US / 'mætə(r) /

UK / ˈmætɚ /

A1
  • noun
  • Material all things are made of that fills space
  • Problem or reason for concern
  • verb
  • To be of great importance; to count

trade

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US / treɪd /

UK / treid /

A2
  • noun
  • A specific industry, e.g. shoe making
  • Action of buying and selling things in business
  • The buying and selling of goods and services
  • Exchanging something for something else
  • Job often requiring physical skills, e.g. plumbing
  • verb
  • To buy, sell and exchange goods in business
  • To give something in return for something else

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

bond

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US / bɒnd /

UK / bɑnd /

A2
  • noun
  • Rope, chain or other thing used to tie someone up
  • Closeness that is shared between people or groups
  • Loan that a government must buy back by a set date
  • Written agreement to pay back borrowed money
  • Joint or connection, often using glue
  • verb
  • To develop a close relationship with
  • To become joined or connected, e.g. using glue

speak

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US / spi:k /

UK / spik /

A1
  • verb
  • To be able to use a certain language
  • To use words to tell information, express thoughts

inflation

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US / ɪn'fleɪʃn /

UK / ɪnˈfleʃən /

B1
  • noun
  • Act of filling something with air or gas
  • Continual rise in the prices of products

listen

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US / ˈlɪsn /

UK / ˈlɪsən /

A1
  • verb
  • To carefully consider what someone is saying

market

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US / ˈmɑ:kɪt /

UK / ˈmɑ:rkɪt /

A1
  • noun
  • Need or demand for a particular product or service
  • Area or region where a certain product is sold
  • Public event where people sell goods on tables
  • Institution where stocks are bought and sold
  • verb
  • To publicize products to get you to buy; advertise

staple

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US / ˈsteɪpl /

UK / ˈstepəl /

B2
  • noun
  • Main food of a particular community
  • A basic food that is eaten all the time
  • Primary product of a place or company
  • verb
  • To pin together using a machine and bent wire

tom

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US / tɔm /

UK / tɑm /

A1
  • noun
  • Male cat
  • other
  • (Ethnic slur) Offensive and derogatory name for a Black man who is abjectly servile and deferential

too

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US / tu: /

UK / tu /

A1
  • adverb
  • In addition, also; with emphasis
  • Say that something is more than you want

balance

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US / ˈbæləns /

UK / ˈbæləns /

A2
  • noun
  • Instrument for weighing things
  • Being stable; having equal weight on both sides
  • Money remaining after paying costs
  • verb
  • To be steady by having equal weight on both sides
  • To make two or more things equal

continue

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US / kən'tɪnju: /

UK / kənˈtɪnju /

A1
  • verb
  • To do something without stopping, or after pausing
  • To start doing again after a break, pause, or stop

respond

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US / rɪ'spɒnd /

UK / rɪˈspɑnd /

A2
  • verb
  • To answer something or someone
  • To have a good reaction to e.g. medical treatment

stimulus

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US / ˈstɪmjələs /

UK / ˈstɪmjələs /

B2
  • noun
  • Something that causes a change

should

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US / ʃʊd /

UK / ʃʊd /

A1
  • other
  • Used to indicate what is proper or reasonable

valuation

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US / ˌvæljuˈeɪʃn /

UK / ˌvæljuˈeɪʃn /

B1
  • noun
  • Price of something, determined by expert
  • Judgment of how good something is

worried

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US / ˈwʌrid /

UK / ˈwɜ:rid /

A1
  • adjecitve
  • Feeling troubled or concerned
  • verb
  • To cause concern or trouble over something
  • To feel concerned or troubled about something

debt

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US / det /

UK / dɛt /

A2
  • noun
  • Sum of money owed to someone that is not yet paid

reality

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US / rɪ'ælətɪ /

UK / riˈælɪti /

A2
  • noun
  • What is true, as opposed to what is imagined

either

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US / ˈaɪðə(r) /

UK / ˈiðɚ, ˈaɪðɚ /

A1
  • adjecitve
  • One of two (used when there is a choice of two)
  • adverb
  • (After negative statements) likewise, in addition
  • conjunction
  • Used as the first of two connected things
  • determiner
  • Used as the first of two connected things
  • pronoun
  • The one or the other

earning

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US / 'ɜ:nɪŋ /

UK / 'ɜ:nɪŋ /

A2
  • verb
  • To deserve something because you worked for it
  • To get money for work

meaning

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US / ˈmi:nɪŋ /

UK / ˈminɪŋ /

A1
  • noun
  • Idea or thing represented by words or sentences
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular intention or value

new

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US / nju: /

UK / nu, nju /

A1
  • adjecitve
  • Not old, recently born, built or made
  • Being or doing something for the first time
  • Not felt, seen or known previously
  • Having been recently bought or obtained

supply

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US / sə'plaɪ /

UK / səˈplaɪ /

A2
  • noun
  • Availability of products and services for use
  • Specific things needed to perform a certain task
  • verb
  • To give or sell goods to others for their use

upward

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US / ˈʌpwəd /

UK / ˈʌpwərd /

B1
  • adjecitve
  • Toward some higher point or position

backdrop

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US / ˈbækdrɒp /

UK / ˈbækdrɑ:p /

C1
  • noun
  • Contextual meaning or background
  • Scenery hung at back of stage

fall

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US / fɔ:l /

UK / fɔl /

A1
  • noun
  • Season after summer and before winter; Autumn
  • A drop in amount; decrease
  • Dropping from a standing position to the ground
  • verb
  • To drop in amount; to decrease
  • To come down from a higher position suddenly
  • To go from standing to the ground, by accident

interest

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US / 'ɪntrəst /

UK / ˈɪntrɪst, -tərɪst, -ˌtrɛst /

A1
  • noun
  • Best or most advantageous thing for someone
  • Activity or subject one enjoys doing or learning
  • Fee for borrowing money
  • verb
  • To make someone want to know about something
  • To persuade to do, become involved with something

tech

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US / tek /

UK / tɛk /

A2
  • noun
  • Shortened form of 'technology' or 'technician'

low

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US / ləʊ /

UK / lo /

A1
  • adjecitve
  • Having a small quantity, supply, or amount
  • Being unhappy or unpleasant in attitude
  • Not high; being near the ground, or bottom
  • (Of a voice, sound) being soft; quiet
  • noun
  • Situation of not having a lot of something

negative

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US / 'neɡətɪv /

UK / ˈnɛɡətɪv /

A2
  • adjecitve
  • Being harmful, unwanted or unhelpful
  • In mathematics, being less than zero
  • Focusing on the bad aspects; pessimistic
  • noun
  • The opposite to a positive electrical charge
  • In grammar, containing words such as 'no' or 'not'
  • Reply to a question or statement that means 'no'
  • Image on camera film used to make a photo

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

sector

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US / ˈsektə(r) /

UK / ˈsɛktɚ, -ˌtɔr /

A2
  • noun
  • Part that a place is divided into
  • Area; type of industry or business

world

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US / wɜ:ld /

UK / wɜrld /

A1
  • noun
  • All the humans, events, activities on the earth
  • Political division due to some kind of similarity

conversation

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US / ˌkɒnvəˈseɪʃn /

UK / ˌkɑnvɚˈseʃən /

A2
  • noun
  • Talking with other people; discussion or chat

feed

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US / fi:d /

UK / fid /

A2
  • noun
  • Food given to animals
  • verb
  • To give food, e.g. to animals or a baby
  • To push something through an opening
  • To provide necessary supplies to

dawson

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US / ˈdɔ:sn /

UK / ˈdɔsən /

A1
  • proper noun
  • A town in the west central Yukon Territory, on the Klondike and Yukon rivers, center of a gold rush

could

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US / kəd /

UK / kʊd /

A1
  • other
  • Past form of 'can' to mean have ability
  • Used to ask for something politely, or to offer

know

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US / nəʊ /

UK / noʊ /

A1
  • verb
  • To be familiar with a person or place, thing
  • To feel sure or be convinced about something
  • To discover or be aware of something
  • To be able to distinguish
  • To have knowledge of things

pivot

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US / 'pɪvət /

UK / ˈpɪvət /

B2
  • noun
  • Point on which something turns or balances
  • verb
  • To turn or balance on a center point

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

last

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US / lɑ:st /

UK / læst /

A1
  • adjecitve
  • Most recent; the latest
  • The one before
  • adverb
  • Final; with nothing following; after all others
  • Most recent; the latest
  • determiner
  • The one at the end
  • verb
  • To remain or continue for a certain period of time

part

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US / pɑ:t /

UK / pɑ:rt /

A1
  • adjecitve
  • To some degree; half; not fully
  • noun
  • Division of a book
  • Ratio of something, e.g. 3 of gin, 1 of tonic
  • A line in a person's hair, made with a comb
  • Character an actor plays on stage, movie, or TV
  • Some, but not all of a specific thing
  • Role in causing something to happen
  • verb
  • To make a line in a person's hair, by using a comb
  • To move two things apart creating a space
  • To leave someone, or to break off a relationship

make

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US / meɪk /

UK / mek /

A1
  • noun
  • Product made by a particular company; brand
  • verb
  • To arrange or prepare something e.g. dinner
  • To get to (a place) on time
  • To gain the status of (teacher, lawyer, etc.)
  • To create something by putting things together
  • To earn a certain amount of money at a job
  • To cause or force a person to do something
  • To cause something to happen or be formed

path

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US / pɑ:θ /

UK / pæθ, pɑθ /

A2
  • noun
  • Method of living leading to a particular result
  • Track made with stones, by walking over the ground

outside

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US / ˌaʊtˈsaɪd /

UK / aʊtˈsaɪd, ˈaʊtˌsaɪd /

A2
  • adverb
  • Beyond the limits or edges of some place, thing
  • noun
  • Area around or near something, such as a building
  • preposition
  • Beyond the limits or edges of some place, thing

suggest

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US / səˈdʒest /

UK / səɡˈdʒɛst, səˈdʒɛst /

A1
  • verb
  • To mention something that could be done; propose

how

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US / haʊ /

UK / haʊ /

A1
  • adjecitve
  • To what degree? in what amount?
  • adverb
  • (Used to explain the way to do something)
  • exclamation
  • For what purpose or reason?
  • (Used to ask someone or something's condition)

simply

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US / ˈsɪmpli /

UK / ˈsɪmpli /

A1
  • adverb
  • In an easy or clear manner

year

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US / jə: /

UK / jɪr /

A1
  • noun
  • Unit of time equal to 12 months or 365 or 366 days
  • Used to refer to the age of a person

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

apparently

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US / əˈpærəntli /

UK / əˈpærəntlɪ /

A2
  • adverb
  • According to what you heard; from what can be seen

level

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US / 'levl /

UK / ˈlɛvəl /

A2
  • adjecitve
  • (Sports) equal to another
  • Being steady and determined (e.g. a voice)
  • noun
  • Specific height of something
  • Amount of ability you have compared to others
  • Floor or deck within a building
  • Tool used to determine if something is lying flat
  • verb
  • To aim a gun at someone
  • To destroy a building; flatten an area completely
  • To make things flat or even
  • To make a score equal to another, in sports

price

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US / praɪs /

UK / praɪs /

A1
  • noun
  • Person's name
  • Cost of something in money
  • verb
  • To determine or set the cost of something

multiple

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US / ˈmʌltɪpl /

UK / ˈmʌltəpəl /

B1
  • adjecitve
  • Having or involving more than one of something
  • noun
  • Number produced by multiplying a smaller number
  • Shop with many branches

welcome

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US / 'welkəm /

UK / ˈwɛlkəm /

A1
  • adjecitve
  • Being what was wanted or needed
  • noun
  • Friendly greeting to someone who has arrived
  • verb
  • To greet someone who has just arrived
  • To accept or receive something happily and gladly

little

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US / 'lɪtl /

UK / ˈlɪtl /

A1
  • adjecitve
  • Being short in length of time
  • Not great in size, amount, or degree; small
  • Being very young or younger than others
  • adverb
  • By an amount or degree that is not very much
  • Not often; rarely
  • noun
  • A person's name

let

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US / let /

UK / lɛt /

A1
  • verb
  • To allow someone to do something
  • Introducing a suggestion to do something together
  • To rent a house, etc. to others

margin

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US / ˈmɑ:dʒɪn /

UK / ˈmɑ:rdʒən /

B1
  • noun
  • Edge of an area
  • Edge or border of a page on above, below
  • Profit; money left over after all costs

rate

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US / reɪt /

UK / ret /

A1
  • noun
  • Current price or cost of something
  • Speed or frequency of events over time
  • verb
  • To assess something or consider its qualities

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

forward

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US / 'fɔ:wəd /

UK / ˈfɔrwəd /

A1
  • adjecitve
  • Toward what is ahead; in front
  • Acting in a socially aggressive manner; pushy
  • adverb
  • Toward the front in place; in front
  • Toward a future time; to a more advanced state
  • verb
  • To send something to another address or person

other

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US / 'ʌðə(r) /

UK / ˈʌðər /

A1
  • adjecitve
  • A thing different from that mentioned
  • determiner
  • (Something) else; not the first (one)
  • pronoun
  • Being the one and only thing of that category

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

argue

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US / ˈɑ:gju: /

UK / ˈɑ:rgju: /

A1
  • verb
  • To fight or disagree over something
  • To state your reasons for or against an idea

percentage

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US / pəˈsentɪdʒ /

UK / pərˈsentɪdʒ /

B1
  • noun
  • Part of a whole divided into hundredths

own

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US / əʊn /

UK / on /

A1
  • adjecitve
  • Belong to oneself
  • determiner
  • Yours, his, hers, etc.; not belonging to another
  • pronoun
  • (Something) belong to myself
  • verb
  • To have something as your property

place

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US / pleɪs /

UK / ples /

A1
  • noun
  • Particular location, area or region
  • verb
  • To put someone in a particular type of situation
  • To put something in a certain location or position

bang

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US / bæŋ /

UK / bæŋ /

A2
  • noun
  • Sudden loud noise, as when a bomb explodes
  • A loud noise
  • verb
  • To strike something loudly or forcefully

bend

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US / bend /

UK / bɛnd /

A2
  • noun
  • When a road changes direction; turn
  • verb
  • To become curved or no longer straight
  • To move your body so that it is not straight up
  • To turn in a different direction, as a road
  • To use force to make an object not straight

cio

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US / /

UK / /

A1
  • abbreviation
  • Cry-it-out (a method of sleep training in which a young child is left to fall asleep on their own an
  • (in North America) Congress of Industrial Organizations.

mean

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US / mi:n /

UK / min /

A1
  • adjecitve
  • Being good at
  • Nasty; unkind
  • Not liking to spend money; cheap; stingy
  • noun
  • Average of a set of numbers
  • verb
  • To express a particular idea or thought
  • To intend to do something in particular
  • To have a particular meaning or value

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

roughly

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US / ˈrʌfli /

UK / ˈrʌflɪ /

B1
  • adverb
  • Approximately; (of numbers) about; around
  • In a manner that is violent or not careful
  • In an inexact, imprecise or violent way
  • In a basic, simple manner

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

current

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US / 'kʌrənt /

UK / ˈkɚrənt, ˈkʌr- /

A2
  • adjecitve
  • Happening or being in the present time
  • noun
  • Electricity flowing through wires
  • Movement of water in a river, or air in the sky

even

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US / 'i:vn /

UK / ˈivən /

A1
  • adjecitve
  • Being equal in influence, power, possibility etc.
  • Being divided equally or fairly
  • (Of teams/contest) with similar chances of success
  • Smooth, level, or regular
  • Can be divided by 2; ending in 2, 4, 6, 8, or 0
  • At a regular, equally steady manner
  • Remaining steady and unchanging
  • adverb
  • (When this is surprising) as well; too
  • (Used to compare two things/stress the difference)
  • verb
  • To make something level; to flatten
  • To make something equal

like

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US / laɪk /

UK / laɪk /

A1
  • adjecitve
  • Being equal in status or kind to something else
  • Similar; the same
  • adverb
  • For example
  • preposition
  • Used as a filler; used to ad emphasis
  • In a way similar to the way something is done
  • Such as; for example
  • verb
  • To want to
  • To find something pleasing; to prefer something

people

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US / 'pi:pl /

UK / ˈpipəl /

A1
  • noun
  • Persons sharing culture, country, background, etc.
  • Men, Women, Children

sit

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US / sɪt /

UK / sɪt /

A1
  • verb
  • To take an exam
  • To be in a resting position on a chair
  • To provide seating for people
  • To remain in a still position while being painted

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

week

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US / wi:k /

UK / wik /

A1
  • noun
  • Period of seven days from Sunday to Saturday

essentially

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US / ɪˈsenʃəli /

UK / ɪˈsenʃəli /

A2
  • adverb
  • Basically; (said when stating the basic facts)

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

down

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US / daʊn /

UK / daʊn /

A1
  • adjecitve
  • Being sad, sick, or unhappy
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  • adverb
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  • noun
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  • preposition
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  • verb
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during

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US / ˈdjʊərɪŋ /

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  • preposition
  • At some point in the course of an event or thing

suspension

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US / səˈspenʃn /

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  • noun
  • Liquid in which fine particles are suspended
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only

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  • adverb
  • Just one; just that amount or thing; not more than
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  • conjunction
  • Except; but

two

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US / tu: /

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  • number
  • 2

and

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  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
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cameron

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hike

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  • noun
  • Large and unexpected increase in price, level etc.
  • A long walk in mountains, etc. for exercise
  • Long walk, often in a rural area, for exercise
  • verb
  • To make a large and unexpected increase in a price
  • To take a long walk in mountains etc. for exercise

healthcare

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  • noun
  • Nursing care to prevent illness or recover from it

money

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US / 'mʌnɪ /

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  • noun
  • Coins or notes we use to pay for things

defensive

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US / dɪˈfensɪv /

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  • adjecitve
  • Protecting something, yourself from attack

tight

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  • adjecitve
  • Showing anxiety or anger; tense
  • Positioned physically close together
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  • (Of road, bend) curving sharply
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  • (Rope or tie) pulled strongly
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  • adverb
  • Firmly; so it can't move

where

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US / hwɛə /

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  • conjunction
  • At or in the place which
  • In whatever place
  • pronoun
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any

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US / 'enɪ /

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  • adjecitve
  • One, or some, no matter which
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come

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  • verb
  • To arrive at a place
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policy

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US / 'pɒləsɪ /

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  • noun
  • Document stating terms of an insurance agreement
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think

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  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

out

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  • adverb
  • No longer stylish (e.g. fashion)
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over

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  • adverb
  • Finished; no longer happening
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  • noun
  • A set of six consecutive balls bowled in cricket
  • other
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share

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US / ʃeə(r) /

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  • noun
  • Part-ownership in a property, business or company
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  • verb
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most

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  • adverb
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  • pronoun
  • Nearly all of something

rest

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  • noun
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exclude

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  • verb
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real

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  • Being important or special

tighten

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  • verb
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  • To turn lid, bolt etc., until it is firmly in place
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those

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  • determiner
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  • pronoun
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though

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  • adverb
  • Although, despite the fact that

bubble

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  • noun
  • A small ball of air inside of a liquid
  • verb
  • (Of a liquid) to produce bubbles, as when boiling
  • To show intense emotion, e.g. excitement, anger

fact

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  • noun
  • Something that is known or proved to be true

few

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  • pronoun
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much

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  • adjecitve
  • Very; to a high level or degree
  • adverb
  • A lot; large amount; a high degree of
  • Nearly; basically
  • On many occasions; often
  • noun
  • A large amount; a great quantity

standard

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A2
  • adjecitve
  • Being the accepted normal level of quality
  • (Of a language) being the most accepted in a place
  • noun
  • Official unit of measuring something
  • Principle of behaving in a moral way

question

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  • noun
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basis

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  • noun
  • Main ingredient or part of something
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period

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  • noun
  • Set amount of time during which events take place
  • A way to emphasize what you will say
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  • A menstrual cycle
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begin

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  • verb
  • To do the first part of an action; to start

incredible

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  • adjecitve
  • Very good; amazing
  • Really good; amazing; great
  • Very hard to believe

for

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  • preposition
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necessarily

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  • adverb
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time

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  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
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  • Period in history or the past
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  • verb
  • To check speed at which music is performed
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cycle

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  • noun
  • Series of regular and repeated actions
  • Bicycle, bike
  • verb
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just

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  • adjecitve
  • Proper or appropriate; as is deserved
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  • adverb
  • Almost; nearly
  • Exactly at the time of
  • Exactly (the same as, like)

grow

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  • verb
  • To get bigger and more mature; make plants do this
  • To improve; to develop better skills over time
  • To develop and become bigger or taller over time

since

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  • adverb
  • At a point before the present time
  • conjunction
  • For this reason; because
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  • From the time in the past that

well

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A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
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  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

but

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US / bət /

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A1
  • conjunction
  • Used before you say something different, opposite

give

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  • noun
  • Degree of flexibility in something, a material
  • verb
  • To hand over or present something to someone
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zero

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US / ˈzɪərəʊ /

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  • noun
  • Temperature when water turns to ice
  • number
  • Number 0
  • verb
  • To set a scale or other device to show 0

now

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US / naʊ /

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A1
  • adverb
  • At the present time or moment
  • Right away or in the next possible moment
  • Used to refer to something that just happened
  • Time between the present and a moment in the past
  • conjunction
  • Resulting from or because of something

cash

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A2
  • noun
  • Physical money (not credit card or digital)
  • verb
  • To sell or give something to get money

expect

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  • verb
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unprecedented

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US / ʌnˈpresɪdentɪd /

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  • adjecitve
  • Not having happened before, or to such a degree

equity

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US / ˈekwəti /

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B1
  • noun
  • Condition of people being treated the same
  • Stocks and shares which pay no fixed interest
  • Value of a house, etc., minus the mortgage

really

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US / ˈri:əli /

UK / ˈriəˌli, ˈrili /

A1
  • adverb
  • Used to stress something that is said; definitely
  • In a true or accurate manner
  • Very

stock

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B2
  • adjecitve
  • (E.g. of a response) standard; usual; not original
  • noun
  • Animals such as cattle kept for breeding
  • Tasty liquid added to stews, soups etc.
  • Merchandise; goods kept by a business for sale
  • Piece of a business, bought in the form of shares
  • verb
  • To keep some of, as items for sale

would

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US / wʊd /

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A1
  • other
  • Used to indicate something imagined
  • Used to ask or request something politely
  • Verb used to indicate possibility, request etc.
  • Used to indicate a preference
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  • Indicates something that occurred repeatedly
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reflective

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US / rɪˈflektɪv /

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A2
  • adjecitve
  • Having the ability to reflect light, heat, sound
  • Thinking deeply about something; thoughtful

support

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US / səˈpɔ:t /

UK / səˈpɔrt, -ˈport /

A1
  • noun
  • Assistance or advice given to someone
  • Evidence that helps prove something is true
  • A thing to hold up or prevent from falling down
  • verb
  • To give assistance or advice to someone
  • To help prove or show that something is true
  • To hold up or prevent from falling down

same

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US / seɪm /

UK / sem /

A1
  • adjecitve
  • Being equal in quality and amount
  • Identical; not different
  • Not changing; constant

pandemic

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C2
  • adjecitve
  • (of a disease) existing in almost all of an area or in almost all of a group of people, animals, or
  • noun
  • a pandemic disease

towards

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US / tə'wɔ:dz /

UK / 'təuədz, twɔ:dz /

A1
  • preposition
  • In the direction of someone or something

historical

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US / /

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  • adjecitve
  • Connected with the past

hawkish

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  • adjecitve
  • Wanting to go to war using the military

not

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  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

our

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  • determiner
  • Belonging to us

pricing

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  • verb
  • To determine or set the cost of something

whole

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  • adjecitve
  • Complete or full; all of
  • Being in a good condition
  • noun
  • Complete amount or sum; total

discover

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  • verb
  • To find something new that was not known before

neighbour

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  • noun
  • Person who lives, or is near, you

wealth

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  • noun
  • Amount of money or possessions you own, e.g. large
  • Great quantity, amount, or number of something

ago

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  • adverb
  • At a specified length of time in the past

disbelief

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  • noun
  • Feeling that something cannot be real or true

huge

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  • adjecitve
  • Very very large

way

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  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
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pretty

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  • adjecitve
  • Being attractive to the eye in a simple way
  • adverb
  • Very; to a great degree

look

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  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
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  • verb
  • To appear to be; seem

nice

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  • adjecitve
  • Being attractive or of high quality or value
  • Good or enjoyable
  • Being kind or friendly

chance

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  • adjecitve
  • Happening by luck; not planned
  • Taking a risk to try something
  • noun
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  • An opportunity; favorable circumstances, situation
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  • verb
  • To occur just through luck; happen
  • To take a risk to try something

fast

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  • adjecitve
  • In a way that is difficult to move or change
  • Moving or able to move quickly
  • Showing time that is later than the actual time
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  • noun
  • Period of time when a person chooses not to eat
  • verb
  • To refuse food for a long time

its

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  • determiner
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they

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very

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  • Concerning a large degree or amount
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pressure

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  • noun
  • Anxiety caused by difficult problems
  • Force, weight when pressing against a thing
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  • verb
  • To apply force to something
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territory

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  • noun
  • Area of land defended by an animal
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utility

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  • noun
  • Public services such as gas, water, or electricity
  • Regarding public service such as gas, water etc.
  • Fact of being useful; usefulness
  • The usefulness of something
  • Introduction to Video Content
  • The Federal Reserve (Fed) may not be finished with rate hikes, according to Cameron Dawson, CIO at New Edge Wealth. In a conversation with Tom, Dawson expresses concern about the current stock market valuations. If prices were to reach $47.50, the market would be trading at 19.5 times the earnings projected for 2024. This level is historically expensive, typically only reached during bubbles such as the tech bubble and the COVID bubble, which were both supported by substantial government stimulus. Dawson points out that without Fed support, trading at such high valuations would be unprecedented.
    Tom disagrees with Dawson's assessment, stating that excluding the BANG stocks, the S&P is not overly expensive, trading at around 15 times forward earnings. He argues that defensive stocks, healthcare, utilities, and staples, are actually more overvalued than the overall market. Additionally, he notes that households currently hold more cash than at any time since the pandemic, indicating a potential bubble in cash balances. In contrast, margin debt as a percentage of the S&P is at its lowest point since the internet.com bubble. There has been a significant reduction in equity leverage.
    Overall, there appears to be differing opinions on the current market valuation. Dawson emphasizes the risk of trading at unprecedented valuations without Fed support, while Tom downplays concerns and highlights potential bubbles in defensive stocks and cash balances.
  • Subtitles section
  • Let's welcome in Cameron Dawson, CIO at New Edge Wealth, and continue our conversation.
  • It's nice to see you.
  • What do you make of what Tom has suggested?
  • Well, I think that if we were to get to $47.50, we would be trading at 19.5 times 2024 earnings at $243 a share.
  • That is very expensive by historical standards.
  • And the only times that we've traded up to those levels, if you're looking on a forward basis, not a current year basis, but forward basis, is during bubbles, meaning the tech bubble, and during the COVID bubble.
  • And the COVID bubble was supported by incredible stimulus to this market, meaning money supply growing 30%, real interest rates negative 1%. And so if we look at where there could be risk, if we trade up to those levels,
  • But you don't have Fed support, you're really in a whole new world of territory where we simply would be trading at unprecedented valuations.
  • Tom, how do you respond?
  • Well, as you know, they say a bubble is when your neighbor owns a stock that's making money.
  • And what I mean by that is, I don't think the S&P is that expensive when you exclude BANG.
  • It's trading at roughly 15 times forward earnings.
  • And in fact, the two most expensive sectors outside of BANG are healthcare and utilities and staples.
  • So the question is that if you're worried about valuation, I'd argue there's a valuation bubble in defensive stocks, in the same way that there's a bubble in money market cash balances.
  • Households are sitting on more cash than any time since even the pandemic.
  • In fact, if you look at margin debt as a percentage of the S&P, it's down to 1.4%.
  • That's the internet.com bubble low.
  • There's been a huge deleveraging out of equity.
  • So I think if we let price discover, the stock market is saying that most stocks are at 14, 15 PE. That's not expensive.
  • To get to 47.50 for the rest of the market, that's getting towards a 16 multiple.
  • I don't think that's bubble territory.
  • I mean, the other part of what Tom has suggested is, you know, even though you've had pretty hawkish Fed speak is don't so much listen to that, listen to what the bond market is saying.
  • And even though, as I suggested to Tom, the bond markets come a little closer of late to the Fed, that's the place that you should look.
  • Inflation is going to come down faster than people think.
  • The Fed's not going to have to do what it says.
  • And the bond market's forecasting that.
  • Pricing in the pivot and expecting that to come where the bond market essentially bends the Fed to its will and gets it to price an easier policy has been the widowmaker trade since the beginning of this tightening cycle.
  • And we're seeing it today where now there's over a 60% chance of a hike in June.
  • Just a few weeks ago, that was zero.
  • And so I don't think that the Fed is done, which means that there's still potential for upward pressure on interest rates.
  • And right now we're in this suspension of disbelief where interest rates apparently do not matter for the equity market.
  • We've had periods like this.
  • They haven't necessarily lasted for long.
  • So either the equity market is expensive given the current interest rate backdrop or interest rates will fall because the bond market is now pricing in a too tight policy path.
  • We think it's likely more the former where interest rates are reflective of the real reality of this economy.