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When today's guest was last on this program in early February, he warned that markets were "in La La Land" -- meaning they were too optimistic at a time the macro data was warning of an approaching recession.

Well, here we are, a quarter later, and -- after swooning for a month and a half -- the S&P has powered back to exactly where it was when he gave his warning.

It's in rally mode despite the macro data raising even more recessionary alarm bells -- that, plus we've experienced several systemic scares since February, including the collapse of sizable banks Credit Suisse and SVB.

Are the markets seeing a true upside here that the bears are just missing?

Or are the markets simply seeing what they hope to see & ignoring reality, setting themselves up for a painful reckoning?

For a detailed exploration into these key questions, we welcome Alf Peccatiello, publisher of the Macro Compass and former bond portfolio manager, back to the program.

Video Length: 00:55:03

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