The Dow dropped 32.93 points today-- erasing January's gains. So what will fuel the next rally?With oil, tech and new-home sales rising, two analysts kept coming back to one theme in this "Morning Call" interview: strong nerves at the Federal Reserve.
Randy Lert, chief portfolio strategist at Russell Investment, joined "Morning Call" to chide a market that "seems overreactive" to economic strengths. Offering the classical definition of inflation as "too much money chasing too few goods," Lert foresees no spike in the monetary aggregates that would spur inflation. Thus, the strategist opined that "so long as the Fed stays steady," the market won't be "jittering."