charles: less than a minute to go. what's the a ha moment and one thing we need to know? >> a ha moment is they started talking about when they're going to be discussing preemptively stopping with the quantitative tightening. first, first, first words. first words we've seen since june of 2022 about stopping the shrinkage of the fed's ball lapse sheet. big, big, big news for the markets. charles: there's no specific number? >> we don't know what that -- what ample reserves look like till all of a sudden overnight funding markets seize up and sometimes it might be a bit too late. charles: could it be they've gone too far, too fast? they admitted to cutting. we've got five seconds to answer that. >> no, so far, so good. we still have a cushion in the system. we haven't seen any a ha moments like we saw when they had to launch not qe way back when. charles: danielle, thank you so much. over to liz claman.

liz: five seconds? i couldn't say my name in five seconds. charles: she's a pro. liz: happy new year, welcome back, charles. charles: happy new year. liz: didn't take long for the ground to turn to patches of quick sand and one hour left to trade and we're see ago comeback off the lows and dow jones industrials down 162 and worse and s&p down 22 and nasdaq lower by 117. so as i say it was much lower, look where the dow went just before 11:00 a.m. earn. eastern and see the plummet on the left hand side of the screen and bottom dropped out and blue chips fell 308 point-blank layupses and well before 2:00 p.m. eastern when the federal reserve cracked open minutes from the december meeting. during that meeting, fed officials agreed that interest rates are at or near the people and high levels should remain restrictive and translation high for some time. the minutes showing another high could be on the table amidst

economic uncertainty and inflation data accelerates again. no revolution about when the fed would cut interest rates and we've had 11 hikes and cuts are coming because all participants see us ending the year at a lower target rate. we're at 5.25 right now. like i said, well before the minutes release, stocks fell while the rate on the two year treasury seen as a proxy for fed policy started rising around 10:45 eastern and told the chamber of commerce president "inflation data determining any change lower or higher in interest rate". he's saying it's the data, people. it's not how, you know, cheryl: congressman federal reserve bank president feels when they wake up on one side of the bed every day. no, no, no. it'll be the data and --ing traders were betting on a heavy interest rate cuts and the disappointment dropped into a river and quick sand around the

markets. another 126 appointments sliced away and tech is a whole sector with the worst day since august. adding to tuesday's 27 points in the paint ooloss and another 26 points down and firmer ground, as i said you're not really going to find it in the dow jones industrials and keep in mind the blue chips closed at all time high yesterday. if they can muster a move into the green, any gain will mark another record. got to tell you last year's headache is this year's migraine. today the national debt topped 34 trillion and that's a live picture on the left hand top. 34.004. you can see it. that's how much the nation has borrowed to pay its bills and at this hour, that puts two areas

in focus for this hour and securing the southern border and the president said today he needs congress to fund so more money and consumer bank customers and share shareholder. coming up, we're going live to the southern border where republicans are touring the poorest land where migrants are crossing by the hundreds of thousands. roll the debt and spending play in securing it and former fd ic chair sheila bear joining us on what parts of the lapse and consumer and banks and investors and where everybody keeps their money. surely there's better ways to stash the cash than the banks and right to the floor show salt the moment and live in studio is blackrock's jay jacobs. the end of last year is the best place to put your money is in the money market. right now that looks dicey and you're saying, no, no, no >> if

we see the fed reducing rates and at cash yield getting less attractive and investors need to find the most attractive equity on the market. liz: i listen to you and say look at those increases in all three major indexes over one year. >> yeah. liz: repeat? that would be a very hard trick to do twice. >> tough to say over the short term and investors need to look at long term opportunity for the thematic outlook is take a step back and say what do we think will start to accelerate in 2024 and will persist in the next decade and ai continuing the fast growth of the geopolitical

supply. liz: look at ai trade and a bunch of names heavily picked over by now. >> the trail of two different types of companies and the magnificent seven and the return up 80% on average and there's another larger pool about 100 companies involved in ai in one way or another and you happen about 13% on average and really big disparity there and there's opportunities for the pricing. liz: irbo, i don't really see some of those names that were only up 13% in there and i was looking at some of the big holdings in that particular one and you have nvidia, apple, microsoft, okay, that's three of the magnificent seven and best of my recollection shire@way ans athhathaway, no,that's -- berks,

no, that's btn, where are the little ones and catch them with etf? >> catching the value chain of ai and we have a lot of magnificent seven names of the big powerful names of the two areas that are really important and bohannon are building the semiconductors powering ai and injured behind the scenes. liz: that's the hardware. >> another piece of hardware is the semiconductors and the ai infrastructures and this is where servers are being put into warehouses and being cooled and secured and those are extremely valuable places of real estate we're capture in the etf and we're looking across the ecosystem beyond magnificent seven. liz: end of last year, we got the big notice from dan ives of web bush. he came in from dc and sat in the chair and said i just came from washington and i talked to a lot of people in government in the military and they said they're going to be investing huge amounts in cybersecurity.

irk hajk is a name and crowd strike were a name he recommended and a bunch of other names as well including booze allen, check point software and palo alto networks by the basket of individual names. >> it's a bet on a rising tide and making individual bets within the cybersecurity space. >> every individual has to play defense to protect the value of the data. there's a lot of companies in the space we believe owning the entire basket with our etf hack is a way to paresis pate and not a way to -- participate and say cybersecurity is the beneficiary of more defense. liz: let's end where we began the program, the show, that's the federal reserve. we obviously are looking at potentially more volatile macroeconomic conditions, but paired with higher interest rates and you've got to be

taking risks here not knowing what the outlook is further down the road. if you're going to dive into equities, how does an investor square with that and get their courage up. >> the other way we've been going into in the last couple of years is outcome etfs that let you participate in some upsides in the market and protect against the downside and this is using different option strategies to give you that participation as well as protection, and that's the way to kind of step out of cash and get back into the markets and find one. liz: you're saying don't sit on your hands and put your cash under the mattress. put it to work in equities versus treasuries? >> absolutely. if you're looking to grow portfolio for many years, there's no better place than equities. liz: happy new year, jay. >> happy new year. liz: speaking of the new year, 2024 new n new year's resolution has nothing to do with working out and losing weight. we'll ask the beach body ceo

thinks the ozempic effect could cut into the on video workout subscriptions and that's the new resolution. get your hands on ozempic. bo flex, planet fitness and at ex-pomoxus enable fitness and -- exponential fitness and they've had a rough 52 weeks and today everybody's still down except interactive strength, which is up 1%. closing bell is about 51 minutes awe and "claman countdown" is coming right back and dow industrials lose ago bit of ground down 213 points. don't move, we're so glad you're here. ♪ jorge has always put the ones he loves first.

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lyric there's a new new year's

resolution in 2024. gone is that frantic promise to hit the gym and get healthy and lose weight. the new resolution: the frantic you want to get your hands on ozempic, wee geopolitical i have or any other in hot demand obesity drugs. patients rushed to snap up every available prescription in now there's a shortage. for the stocks of these companies, no shortage of gains, novonordisk up 53% and eli lily up 68% over the same time period. what does the success of these drugs mean for what once was the place to kick off the former number one carl dykler is here,

the cofounder of beach body. people are scrambling to get hands on glp1s and lose up to 30% of body weight by simply taking an injection. what's that doing to the more difficult option and that's the business of exercise? >> well, it's certainly make ago dent in the motivation and people to choose healthier habits was born by discomfort of fourth quarter parting and having a good time and your pants are a little too tight so wow work out or start a new diet regiment or start what you're eaeating and the advent of glp1 inhibitors and the shortcut available and all that come withs an asterisk and that weight loss benefit that you might get from the drug is not all coming from stored fat. it's coming from muscle and unless you do something to

counter act losing muscle, you can do more harm than good and the last thing you want to do is lose weight at all costs; right? >> so then, carl, are you seeing an increase in subscriber ship? >> yeah, i would say it's a opportunity. we can't correlate current growth in our digital subs subscribers and certainly short term orientation glp1 demand. however, we are absolutely seeing a change in the post-pandemic environment of people who actually had stalled and they sort of stopped worrying about lifestyle because they were in lockdown so like the last thing you want to do is discipline your eating and fitness. however, we've started to see that turn around as the glp1 inhibitor craze has gotten

people to go, you know what, i really should do something about this i don't want to be obese or uncomfortable in my own skin and have a healthier active lifestyle. people's mindset is changing, they are moving back toward being about taking initiative to make changes and we are quite frankly excited by those tail winds coming in for bodi to be a participant in that demeanor. liz: the crunch fitness ceo was on the claman countdown and we asked him the same question and i want you to hear what he said. it's not just an echo, it's a rhyme, listen. >> drug is having wasting effect on muscles so people have to join the gym both in preparation taking ozempic and then the other drugs but also because

they want to stay away from the muscle wasting that's associated. got to lift weights, higher a personal trainer and hard work. liz: the hard work includes working on the stock. you went public in 2021, and that was via spac, reverse merger craze that's now kind of over. as crazes do tend to end in many cases but this is a really challenging issue when you look at the stock chart since then, and i know you founded this company 25 years ago and you've got a deal with investors and quarterly reports and you were always in it with the purity of what the company promises and that's a healthier lifestyle. do you regret going public? >> no, you really can't do monday morning quarterbacks like that. my job is to make sure that the true value of the business is reflected in the stock price and as you can tell by that chart, it's not right now.

the market has the question of viability and we know what it's worth. we've got over 120 programs, some of the best structures programs and avoid the wasting away of muscle and on the other hand what bodi does that's unique, we solve the nutrition problem for people too. you can't work out your way to health, you have to feed them to health and we're one of the first that solves with portions and turning regular food into healthy food and also i'm surrounded by supplements here that help people cut the corner of i don't like to eat vegetables and we do that in a delicious chocolate shake every morning for breakfast. our job in the market is to demonstrate there's demand for what we do and we still do it

quite well. it's my job at ceo to make sure i'm making the right kind of choices. for instance, we've taken for the year 2024 compared to 2019, we've taken over $200 million of costs out of the business to respond to the environment and be a more efficient company, and i feel like the market will recognize that in 2024. liz: people are believing you in the last couple minutes while you were speaking with me. the stock is up 2.25% and earlier it was not up 2%, i can tell you that. >> your show is magic, i get on here every day please? liz: come on in, we love the eight minutes abs and your first effort. good to see you, carl. thank you very much. carl daikler, beach body and national debt, talk about getting fat and skyrocketing to a record $34 trillion and sheila bair is here live to tell us why

our nation's leaders can't get their arms around all the over spending and what we're going to do about it and oh my gosh, thinking about it, it's got a crack on something; right? going to be your bank account? she'll talk about that. and dan dizio, this guy began selling pretzels on a busy intersection in philly at 11 years old. he did so well, 11. he began recruiting neighborhood kids to work for him in multiple areas of the city. selling classic philadelphia soft pretzel z and only the begins of his entrepreneurial path and that was the easy part. it got harder. he slept on bags of flower in the back of his prep kitchen to create what is today the 140 locations of the philly pretzel factory. dan outlines the twist and turns of founding and owning a pretzel business in sickness that almost took his life at the height of his success. you've got to take a bite out of

his story and may inspire you to follow your dreams. my newest episode of everyone talks to liz podcast and download on google, apple, spotify or whenever you get your podcast. chevron is at the top and oil is moving higher and at the very bottom, wall green boots alliance and boeing. a little bit of green and more red. ♪ ♪ limu emu & doug ♪ [bell ringing] and doug says, “you can customize and save hundreds on car insurance with liberty mutual.” he hits his mark —center stage— and is crushed by a baby grand piano. are you replacing me? with this guy? customize and save with liberty bibberty. he doesn't even have a mustache! oh, look! a bibu. [limu emu squawks.] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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liz: fox business alert. so fie not looking so fine at this hour after kbw downgraded sofi stock to underperform. it's like the step above a sell. it's not good and cut the price target to $6.50, stock at $8.33 but at the moment it's down 13.7%. kbw citing the stock run up for the smack down and not the worst thing in the world and fintech favored for the younger generation soared 114% over the past year and kbw is concerned about sofi's potential for slower loan growth origination and tech revenue this year. disney's thinking there might be safety in numbers and entertain want conglomerate.

tryan pressuring disney to change and value we're fine with disney and supporting ceo bob iger and his nominee at the shareholder meeting. they include former morgan stanley ceo james gorman and sky box jeremy derrick. black wells capital is swirling. they're nominating directors to run against not disney and iger but the more hostile tryan and nelson peltz and last year that peltz nominated himself and former ceo to the board citing lack of stock performance and stock up 2% over the past year after 1.5 billion loss in the streaming division and underperformance in the movie division. today disney is up just under 1%. a choppy session after the stake steak house parent added two new

members for the board. change comes as far of agreement between blumen and star board and boosting the price target from $30 to $28. barclay is lifting from $31 to $27 and they may be encouraged but investors are not and stock is down 2.5%. house speaker mike johnson getting a bird's eye view on the border crisis from eagle pass, texas, in the last few minutes. we're going to take you there and show you the at the president asks for more money to fix the issue. the national debt tops $34 trillion and the president asks for more money. sheila bai ran the government's agency that backstops the government agency for your money and we're going to ask the

former chair what might might be the hidden timolol of the exploding debt. look at positives here. s&p 500 leaders at this hour. marathon petroleum up 5.5% followed by the weight loss drug maker eli lily up 4%. eog resources and energy giant going up 2.9% and valero and juniper net works. the claman countdown is coming right back on this wednesday, don't go away. ♪

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>> liz: folks breaking news and house speaker mike johnson and congressional delegation finished a tour at the border in eagle pass, texas, that's what you're seeing right now on your screen from moments ago and met with border progress agents is to diastases the record breaking number of migrants at u.s./mexico boa boarder and this comes weeks after johnson called on president bide ton take executive action after the migrant influx that's been ballooning and earlier today

when asked about the border by reporters, the president threw it back in congress' lap telling them to approval funds, edward, not a welcome milestone we just reached. >> not at all, it's un-financial path for the federal reserve chair saying for years now and crossing this $34 trillion threshold and it means that each citizen would have to pay more than 101,000 to pay it off and the committee says we remain hopeful that policymaker wills take further measures to reduce the borrowing by raising taxes reducing spending or createuating a fiscal commission ideally by doing all of the above and there's been no

appetite to curb spending or make big financial changes and both parties are responsible for this and president joe biden signed about $6 trillion in spending into law over the past 35 months and president donald trump signed about $8 trillion and a lot was emergency covid funding and we got here because tax revenues over the past three years came in softer than expected and increased spendingg and now president biden trying to get more spending through the supplemental funding and lawmakers looking at one time hit of $675 billion or more than $2 trillion over ten years if it gets all the funding he wants and this additional money including ukraine and the border.

reporter: the funding for the border has a lot of money for processing that helps speed up migration off less of it and for the border actual security to stop the flow. liz: the top of the hour and we need you to stay tuned and larry kudlow will speak to the house speaker republican congressman mike johnson of louisiana about what he saw and his impressions about today's visit to the border where he's maybe willing to compromise and what they're going to do about sealing or securing the border and don't miss it. it's only on kudlow and 4:00 p.m. eastern on fox business. well, with the national debt diving into unchartered waters and how does this end and could the debt ultimately end up like a hot potato in american's laps? let's bring in the woman that ran the government office that backstops consumer banking and

sheila bai. sheer la, great to see you under these circumstances, not so much and part of your work and tell us what you see coming down the road. maybe triggered eventually by the $34 trillion in debt that could affect banks, bank stocks and more importantly customer deposits. >> we're all relying on the integrity of the federal government and fdic is funded with industry assessments and if people start losing confidence in the financial confidence of the u.s. government we're all in trouble and the ramifications could be significant and it's really, i can go back to bill clinton when some of this should be taken care of with the social security and running a surplus to get that fixed and the fiscal commission and we have bowls and really good suggestions and

mr. obama's administration with help from the republicans and doing all that too . the political will doesn't seem to be there. congress and the administration wake up. liz: nine months ago we had the regional banking crisis. last year silicon valley bank imploded and you had to have first republic bought by jp morgan as a rescue and it didn't go completely belly up and that was because they had too many longer term treasuries on their books that lost value as rates continue to rise. this can happen and, okay, that was two banks but what do you foresee and the worst case scenario and what can a individual do right now to perhaps protect themselves, you know, short of thankfully and the fdic being there. >> right. well, it does. it exposes the banking system

and the problem is much more profound and in terms of safety being deposited and people should take comfort in the fact that the banking industry and entire capital of the banking industry going behind the deposit and maybe the banks are in better shape to protect the process of the federal government at this point. but there are a lot of bad stuff with the fdic, it's got a perfect record and i don't even with this fiscal instability and the federal government level, i don't think people should worry about insured bank deposits but the government and how it'll lead to more taxes and reduced benefits and potentially a fiscal crisis and bombs going off and if investors don't want to buy treasury debt because we're fiscally irresponsible, we're going to have a real problem on our hands. liz: well, exactly. the dislocations are a very real possibility as we've seen in the past. you know, we know that rates are at least for the moment paused

by the federal reserve. there's a great believe on behalf of the mashes and traders we'll see six rate cuts and that seems unrealistic to me and the fed is saying don't get too excited. more like three. as rates come down, do you anticipate any weird dislocations of a different sort? >> >> yeah, we still have, so i think they should not prematurely lower rates and the fight against inflation has not been won and they're soundly duly conscientious and cautious about this. it depends on how they do this and what the data shows if they start lowering short term rates, rate, which the fete funds rate and the primary lever and the kemp to running out long term rates and could be good for the economy and we need to normalize

the yield curve and regard to borrow short and yield long and it's hard to do that. there could be positive impact but the federal government, they've been going back to the fiscal problems and they've heavily funded short and that'll be rolling over now and if longer term rates stay high, it'll help a bit. if they stay short but in any event, they're not going to be lowering rates to provide relief on the interest cost of the federal debt and quite profound right now. >> the bigger risk the inflation and lowering rates. liz: rearing its head again. >> yeah. liz: let me throw this at you because it does involve banking

regulation. bitcoin. so, yesterday bitcoin spikes above 45,000 and today it's pulling back by 5% and it's now back down around 42,000, 776 but banking regulation if we are going to see the spot bitcoin etf approved by the sec, which is very much the chatter that will happen sometime this week that banks and there will be some type of regulation involved in bitcoin when it comes to anti-money laundering laws. what should that look like in >> yeah, i don't think banks are, i think stable coin is maybe more of a threat to banks and bitcoin is too volatile to substitute as a payment method so i really think bitcoin is about it may not be a bad thing and bitcoin doesn't threaten the banking system and the other digital currencies that are

backed by fiat currency and can be used as payments and they maintain stable value and could be more of a threat and that before we do that, that definitely needs a regulatory structure and we need help at this point. liz: okay. well, we'll bring you back as soon as that thing is approved because i don't know, i keep hearing it's happening. it's happening. >> yeah, well, it sounds like it. they're kind of being forced by the courts but, yes, >> bit courts yea, yeah, but a safer regulated product to invest in. liz: thank you so much. we've got to look at oil prices. they're not justg in the after t right now. brent up 3.5% and crude oil up 3.8% to $73.06 a barrel and this as the situation in the red sea,

which was supposed to improve has now gotten worse in the last 18 hours. today's $360 billion count down closer tells us how a missile shortage could create real opportunities for your portfolio. the spider, s&p aerospace defensive ticker sar up more than 19% over just the last three months and we know what happened in the last three months. israel was attacked by terrorists. we are coming right back. the dow heading back down 243 points and s&p and nasdaq are also pretty significantly in the red. stay tuned, we're coming right back.rc ♪ ho a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu.

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♪. liz: so we were just talking to sheila bair about bitcoin. we wanted to show you specifically the intraday chart here. look at this, the price sank below 43,000 this morning reversing a really robust rally saw the world's most valuable cryptocurrency rise above 45,000 for the first time in nearly two years. we're at 42,703 at the moment. the move comes out on heels of a research form based cryptocurrency firm long speculating etfs will be

denied by the securities & exchange commission. okay, all we've been talking about this week and last, this is the week. they will be approved. >> likely. liz: likely. but meetings held today between the sec and the stocks exchanges including the nasdaq where the etfs would trade may contradict. what am i supposed to think, charlie? >> i don't know. liz: you don't know? back to you liz. >> hang on a second. do you remember when someone was like the best analyst and they used to call that person the axe? liz: yes. >> i remember back in the day it was henry blodget who was the axe on internet stocks and many others. liz: jack. >> jessica arif cohen. liz: she is ehrlich now. >> media stocks, jack grubman on telecom stocks. the axe on crypto is elie, my producer. liz: she is on it. >> she is the axe. i tell you what her reporting

says. today the sec met with all the major players of the exchanges. it was two sec divisions, corporation finance and markets and trading. they met with and they still might be meeting at cboe with the nasdaq, the new york stock exchange, essentially to get their ducks in order for something to be done later in the week and if you can interpret these hearings, that something to be done later in the week will be the approval, okay? if they were looking -- at least according to the players involved in these meetings, not from the sec. they denied comment. liz: right. >> people involved on the private side, the money management firms, the exchanges. liz: why would they meet? >> why would they meet with them if they're not going to approve it. so what they think is going to happen, this approval comes either friday or early next week. liz: is ellie, is she still

going with ark, cathie wood getting the first nod or everybody? liz: could be everybody. that is -- >> hard to say. the sec is being crip tick. blackrock obviously has been pushing. larry fink is coming out saying he thinks bitcoin is a store of value. you have fidelity in there, some major firms in there. it will at least be her but probably, i have a feeling they will approve a bunch of them just because why wait? they're all doing the same thing unless there is quirks in their application process that need to be changed. those quirks as wellly has been reporting, actually i have done kind of a good job on this every now and then but, was that -- liz: behind every great man is an even better woman. >> i was going to say. liz: ellie. >> or a lot of coffee. but the, there has been a whole thing about how this, how you can buy an etf. you have to do it on a cash basis. you can't, you can only present,

if you have bitcoin, you can't use the bitcoin to buy the etf. you convert it into cash, then buy the etf that was my reporting. so there is no rivalry here. liz: so nice you're so territorial. >> i give her credit every time. i called her the axe. liz: i thought you were talking about me because i also reported -- >> did you? i missed that one. ellie in i.e. vent is the axe that is what her report something saying. her reporting is not saying it is 100% done deal, saying the likelihood, the signs are there, smells looks like a duck, quacks like a duck, it could likely be a duck. i always say, i don't say something is something until it's, until i see the press release. liz: charlie, thank you. >> by the way her story is on foxbusiness.com. liz: everybody check it out. charlie gasparino, thank you very much. sorry, can i call an audible here guys in the booth? can we show intraday of dow,

nasdaq, s&p. we're hitting session lows just off them. for a second ago we were at session low for s&p 500. so when we started the session low was a loss of 38. then we went down 43 points. now we're just off that. if you look at the nasdaq, the session low now certainly a lot lower, down 171 and when we had started it was a little bit off that. keeping an eye on all of that. could have something to do with all that is going on in the middle east because the headlines are coming fast and furiously. we have a shortage of weapons and ammo in the red sea. it is sending arrow spain's defense names like general dynamics creator of components missile systems including submarine systems like the polaris to 52-week highs this session. our "countdown" closer says the space you you have to get into n 2024. 360 billion in assets under

management, baird investment analysts ross mayfield. we knew since october 7th, u.s. government said do everything you can to help the israelis to push back the terrorists who killed 1200 civilians and soldiers october 7th but now we see what is going on in the red sea and the allies need missile capacity. is this what is really driving your theory at the moment? >> well, look, the industrials are an incredibly diverse sector and one piece of that is aerospace and defense. we know deglobalization is sticky long-term theme from ukraine, russia, israel, to other parts of the world. we think this is structural and long term. industrials, obviously the aerospace and defense names. stateside, a soft landing. cyclical sector. there are opportunities to get into things like machinery and reshoring products. leverage to that as well. sticky themes levering to a

economic soft landing which we think has legs. liz: we've seen them have real legs since the hamas attacks because the u.s. government obviously is helping the one democracy between greece and russia in the middle east. that would be israel. northrop grumman up 12%. lockheed martin up 12%. general dynamics has had a big move. when you talk about names like boeing that crosses -- a couple of different areas. it is up 30%. then you go to the commercial aspect about commercial jets, that has been an opportunity certainly, has it not? >> yeah, absolutely. look this sector has been doing well outside of "the magnificent seven" and big tech last year t was one of the better performers. a lot of subindustries within the sector have done well. so it's not new, you're right. it has been a come of years of this cyclical sector bubbling

inside of market the tech and consumer. it is technically sound. it does have exposure to a lot of themes you're talking about. these themes will not go away overnight. it is something to be in for the long haul. liz: as we finish up we're looking at red on the screen. we're up for any kind of specific advice, with clearly as much assets under management you have at baird it is valuable for our viewers. ross, thanks very much, we appreciate it. ross mayfield. here we go, you see a 267-point loss at the moment for the dow jones industrials. we got the federal reserve minutes. [closing bell rings] it didn't exactly confirm what traders hoped that we will have six rate cuts this year. not so much. markets showing bit of disappointment. tomorrow evercore head of research mark mahaney. you don't want to miss that. larry: hello, folks, welcome to "kudlow," i'm larr