Bill Baruch maintains that a 70 percent probability of a Fed hike next week is too high, and he does not think Warsh moves through with it. He sees it as the Kansas City Shuffle he has been flagging for a couple of months, where early hawkishness set the probabilities and the follow-through never comes.

On today’s PPI report, he says there is something in there for both sides. Bill acknowledged this is a volatile environment, with the long end breaking down and crude above 100, but his takeaway is that it creates opportunities in names you like, with earnings right around the corner to buoy things. Watch the full discussion here.