opportunities of a better tomorrow. how we make sure we're delivering for the middle class. make homeownership affordable again. it is a really easy compare and contrast of records coming up this week. jackie: he has hit the messaging hard, congressman. great to see you today. >> thank you, guys. taylor: counting you down to 2:00 p.m. get a quick check on your among any. stocks are mixed as we fick off the final week what will be the month rand quarter. weakness between the s&p and nasdaq, tech. jackie for you, dow popping up in the green a little bit. over all we could say a unch day. brian: you're not allowed to say that. brian: unch which means unchanged. one guy not unchanged in terms of his caught day in, day out, he has great stories we started on this show. he will finish them on his show. take it away. charles: news keeps adding onto the story. good afternoon, folks, i'm

charles payne. this is "making money" the market proving it can shine outside of nvidia but for how long. a lot of folks are saying when do we get back in nvidia? i got a guest say you don't. wall street whistling past the grave ward. i will ask danielle dimartino booth if she is worried as well. "making money" exclusive. you andage sy in gaza funneled billions to hamas knowing they would use it for devious deeds. this is decade before october 7th. we have the council case to break down the money trail and why everyone looked the other way. don't miss my take on the lost faith in american institutions. understandable, but why is a favorable rating for the u.n. above 50%? i think it is time for a history lesson. all that and so much more on

"making money". ♪. charles: so we had the mag seven, the great five, the fab four, right? 2024 rally began like hot rock bands eventually the solo star went solo. we're talking about nvidia. since last october, this is how the market stacked up. since the october rally, nvidia's part of it. the other chip company as part of it. this is the fab 5. 484 stocks right there, right? it has been a concentrated rally without a doubt. but along the way, we had the core nation, right? the coronation of nvidia. think about this, how meteoric is this rise been for the stock? so the rebalancing the xlk, that is the s&p technology, you go back, this is where apple was. apple was 21% of this. 21%. now less than 5%. nvidia was less than 6%. now 21%.

let's call it a changing of the guard. right? here is what is interesting, all of that red, is nvidia insiders selling every day. that is a quarter million, quarter of a billion dollars worth of stock. maybe a drop in the proverbial bucket still that's a lot of red for a stock that is supposed to keep going up and up. finally here we are. we have two questions. every investor wants to know can the rest of the market rally if nvidia begins to wobble? so far so good, this is today's session. the other question when do we buy nvidia back? my next guest says there are more a.i. plays out there you might want to look at. great hill capital chairman, thomas hays what is your beef with nvidia. >> it is a great company, great ceo, price is value what you pay.

>> it is down now 15%. this stock got up to 41 times sales. it goat up to 51 times current earnings on 33% earnings growth. 70% gross margins inn a cyclical commodity business. charles: right. >> why is this cyclical commodity? well look, intel which you can't give away right now, has got the gowdy 3 chip. it is 50% faster than the h-100. it is half the price. 40% more energy efficient. there are other things. charles: why is everyone shunning intel? i never hear intel in the chip conversation? they used to dominate. maybe because they squandered that lead? >> they squandered the lead, fell behind. fell asleep at the wheel. he is trying to turn it around. look at tesla government subsidized them for 10 years. became a million h multitrillion dollar business. the government gave them $45 million in grants, loans to stand up to taiwan semiconductor for political reasons they will

not only insure intel succeeds. the number one found did i by a.i. in 2030. the government is standing behind it. charles: buying intel. sort of avoiding these names. >> we'll get a technical bounce. benson wong filed to sell $750 million of share. he has already sold 94. the insiders sold 3/4 of a billion dollars. i might just get out of the way for a little while. the other key thing, as nvidia want up it quote cheaper because earnings went up. it went done 34% to 22%, 18%. only which grow in revenues 7% this quarter. charles: amd reports next week. we'll know a lot more. talk about the broad market. these are 11 sectors in the s&p. consumer discretionary in the s&p, hammered. financials hammered. industrials fell off a cliff.

consumer staples hammered. health care hammered. real estate hammered, utilities hammered. only two up communication services. energy hammered. looking here at all of these don't have to be a technician. hooks like they may be oversold. look likes opportunity the there. >> 70% of the s&p is return is five stocks. first quarter of this year "magnificent seven" was 50% earnings growth. the rest of s&p was negative 2%. by the fourth quarter it will be 17% earnings growth for the "magnificent seven." 19% for everything else. same thing with small caps. this year only 4% earnings growth. next year 17% earnings growth. the market will start to discount this. this is sea change, like the fourth quarter of last year. charles: i love what you said price follows earnings because it feels like this year earnings have been following price.

analyst after analyst we like this market because the fourth quarter earnings will be great. many stocks already responded. now they have to clear these hurdles. my guess they will go over hurdles. is any of these enough to provide the leadership we had from communication services? could we like a lot of stocks up and the broad market is still down? >> i think we're going to see a more subdueded broad market indices because the heaviest weights are going to underperform. nvidia doesn't have to crash. this is not cisco, this is night 1999 or 2,000. they will just dramatically underperform. because of the weightings indices could be gnat or up single digits but you will see monitor rallies. much money will be made -- one sector you-like more than others? >> everything left for dead, small caps, cyclicals i like cyclicals. i don't think they will cut.

95% chance of one cut by december. 58% by two cuts in december i think they will cut just in time. charles: i hope they do. i'm see being the data. thanks. a exploding new lawsuit, alleges a u.n. arm in gaza funneled over a billion dollars to hamas. this was growing on over a decade before october 7. we have a lawyer that filed the lawsuit in an exclusive interview you want to hear. it will be painful but you want to hear it. we'll be right back. ♪. did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain.

visit morethannormalaging.com

want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month.

all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff.

charles: all right, so this morning a group of lawyers filed a complaint against the united nations relief agency known as unrwa. the nature of the action the complaint states hamas did not carry out atrocities talking about october 7th without assistance. current and former members as well as unrwa itself spent over a decade prior to october 7 helping hamas build up terror infrastructure and personnel necessary to carry out the october 7th attack. that included knowingly providing hamas with u.s. dollars and cash, needed to pay for smugglers, weapons, he most

systems and terror materials. but it gets much more deeper and troubling. mm law found, co-counsel on this case. gabriel marrone. the lawsuit mentions more than one billion dollars handed over to hamas. the question how did your team arrive at that number and how did they pull it off? what is the mechanism for them to transfer that much money to a terror organization. >> the numbers we got from u.n. reports and audits. studied 10 years of audits. they are buried in hundred of pages of documents but it is all there the system which is describe, actually happened, we verified that, is that the donors contributed money to unraw in new york, umrah. the staff from new york analyzes the budgets, across the five different offices in of umrwa in

the middle east. the funds from gaza transferred to the jpmorgan to their branch in ramallah. from there it is moved across the streets to the bank of palestine. bank of palestine then issue as withdrawal of $20 million in cash each and every month since, since 2018. that we have documented. so then the cash in ramallah is loaded on to a brink's truck. the brink's truck then drives from ramallah into gaza and in the u.n. there, the unrwa. they pay in u.s. dollars. the dollars don't work in gaza. the firm currency is the shekel as it is in the west bank.

in the other four divisions, unlwa uses local currency so workers can buy food. in gaza they pay in cash dollars. they have to go to money-changers to get shekels, they can't use the dollars. the money-changers get 10, 15, 20% fees. the money-changers are owned by hamas. actually you're forcing all the employees in gaza and all the people that get humanitarian aid in gaza, they're giving it to them in dollars but they're forced to actually donate so to speak 15% back to hamas. but that's not the worst part of it. hamas has sources of income from iran, all kinds of international, and so on, which they can use money within the banking system. charles: right. >> what they don't have is cash. why do they need cash, u.s. dollars? because to pay smugglers importing all the weaponry into

the whole illegal weapons, a network, you need cash dollars. so all illicit activity this 20 million every month turns out to be 2/3s of the u.s. dollars coming into gaza since 2018, just from unrwa. if you look at the u.n. risk statements and their audits, hey it is a risk paying cash because what they call leakage. it leaks into illicit activities. in fact israel prohibits anyone else except for you unrwa and since 2018, a much smaller amount from qatar, to put cash into the west bank, into gaza because they know that it is going to be used for weapons. charles: right. let me pick up on that. the biden administration temporarily paused all u.s. funding for unrwa in january. there were allegations 12 employees were involved in the

october 7th massacre. whatever became of that pause? whatever became 6 an investigation? >> you know i have no idea what the united states is investigating or not. obviously we've been focused on -- charles: sure, sure. it feels to me, either someone knew something was wrong. there is always this idea, grab handful. twelve bad actors in the giant organization. we took care of it, we wiped our hands of it, let's keep it moving. >> that's not the story, okay? besides the money, actually unrwa provided cash for all weapons procurement. if you look at the massive amounts of weapons, ex-please serves, anti-tank missiles hamas has, that was pretty much provided by unrwa all these

years. building tunnels for extra materials, also. besides that, unrwa demanded from israel respect all its facilities, headquarter buildings inviolate. they have some sort of a diplomatic posture. charles: right. >> because they did that they provided safe harbor, what has been discovered now since israel went into gaza, virtually all of unrwa especially their headquarters were filled with weapons, even within schools and so on, rocket launching, rocket launching systems were installed even in the schoolyards. charles: wow. >> so all this was safe harbor and that leads, that plus the dollars, plus the incitement in the education system, all of that leads under law that you have aided and abetted you assisted someone to perpetrate a certain crime.

the crimes are alleged, genocide, crimes against humanity, torture, weaponization of rape and sexual assault. clients that, plaintiffs in this case, in the different groups represent plaintiffs that have been injured in exactly each one of those different clients, each one of those different crimes. charles: right. >> so the question is, you know, did unrwa and its upper management know what was going on and did they intentionally -- forget about the 12 or 100 of their employees. by the way we documented senior management of hamas was always employed by unrwa. yes they did. how did they know it? because the u.n. was doing audits and was doing investigations because it kept cropping up that weapons were being fired from unrwa facilities and being stored there. each time they did the investigations they created a whole report which we have, which said, hey, this is

illegal. this is against u.n. policy. we are assisting terrorists. there is all kind of terrorists using our facilities. each time the management in new york said oh, my god, we'll do something about this. then did nothing. time after time after time. charles: wow. >> so now we know they knew exactly what was going on and they kept the money flowing. they kept those budgets flowing. charles: you know, i encourage everyone to read the lawsuit, 160 some odd pages. it is heart-breaking to read but it is about time that the world knows what is going on and i applaud you for bringing the suit, thank you very much. hope we can talk again real soon about this. >> thanks so much. charles: thank you. >> thank you. >> folks in the meantime our economy, a growing number of folks on wall street, you know what? if it ain't a soft landing its no landing. no one is looking for recession which is weird. we'll show you why when we come

back. ♪ t—mobile's 5g network connects a hundred thousand delta employees so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t—mobile for business.

do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on.

(man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. charles: they say we live in a bifurcated economy. certainly we live in a bifurcated opinion about the economist there is wall street and the experts and then there is main street. kelly o'grady here to break it all down. >> reporter: charles, wall street is just about the unanimous about prospects of a soft landing although there are is small but growing group of

economists and strategists calling for no landing. a new bank of america report is out highlighting just that. since the economy is benefiting from elevated labor demand in the services sector, a consumer that continues to remain resilient, though, i will note that b-of-a, it does warn inflation likely not going to get back down to 2% until 2026. that is one side of the story. meanwhile there are areas of the economy, that are not looking like a soft landing at all. for example, both retail sales and the philly fed index missed big last week. i want you to take a look at the overall economic surprises, okay? we are hitting new lows here that we have not seen since the pandemic, right? we're falling off of a cliff right now. so that's not some good news. the other thing that i want to take a look at is the median sale price of homes sold in the u.s. that is also telling us something. this chart shows the

year-over-year percentage change in the median price. about half 6 the recessions in the past 60 years, okay, those are the red circles, they were proceeded by changes in price that looked pretty similar to what is going on right now. on top of that, bank lending is continuing to tighten, okay? we're seeing the criteria that banks use to approve loans, get more strict. now this should right here, it ticked back off, it got cut off in the chart, promise me it is there. that is important, when times economic conditions are expected to be tougher, there is less of an appetite for those banks to take on riskier loans. difficulty getting a bank loan couldn't be happening at a worst time because the cash buffers are significantly down. take a look at this. i was floored when i saw this, okay? this shows where the buffer as a share of, disposable income used to be in 2021 this is the red outline. we are all the way out here. i don't care what income percentile you are looking at, that drop is really, really

concerning. that makes things more problematic if a customer needs to get a loan and they can't get one. and yet, wall street, still appears to be sanguine about it. perhaps the reason though the top 25% of households are benefiting big from that higher interest income, right? look, debt as a share of asset the for this group is low and then the increase in net interest income for that group is high. so the aggregate economic data in reality is being overly influenced by this group versus this group. so that's why wall street looking pretty happy right now, charles. send it back to you. charles: great, great outline, kelly. folks, want to bring in jpmorgan asset management kelsey berro and also, eric waller steen. congratulations you're working with a legend, how does that feel? >> it is great. >> you've been at the journal. you have done some other jobs. you were at the fed.

i think you're trying to make some money now? [laughter] >> a privilege to work with ed. i think he has been a ahead of this cycle. charles: ed has been made of the cycle. i had ed on the show october of 2022. he caught the bottom. it took wall street on average six months to catch up. now i feel ed might be too bullish. the stuff that we just saw from kelly, does any of that worry you, bother you? >> no, i think actually the consumer is quite strong contrary to what lot of people are selling. the average household is paying less than 10% to service debt in terms of incomes. even with the bifurcated economy, wages for lower workers are growing. higher wage workers are losing out to inflation. they have the huge wealth effect from record stock prices, record real estate prices that help

spending. we think the consumer is quite strong. charles: my problem, we had this big boom. all this money was in our society. we needed more bartenders and lower income folks. to go no $10 an hour, $12 an hour. that is 20% you'd outpacing inflation. still only $12 an hour. whatever. that is starting to fade a little bit. that last jobs report wasn't too great but you've come on, been relatively confident. you've been right. the markets are going your way in that regard but do you see any yellow or red flags on the n horizon? >> i would be a bit more concerned about some of the downside risks. why we think fixed income has a place in the portfolio, because it is ball last in the storm that safe harbor when things do get rocky. when i think about the consumer and what eric was just talking about, i think where people get misled looking at consumer sentiment and it's been very

low, it has been depressed but you need to look why it has been depressed. in this cycle it has been depressed because consumers are unhappy with prices very high price levels. charles: right. >> it is not depressed because of labor market. as long as the labor markets remain strong, that is what keeps the consumer spending. if you ask me what is my biggest risk i'm watching for, more deterioration in the labor market that gets the fed cutting sooner. that gives you a strong return in some of higher quality names. charles: there is no doubt, already in a couple of these fomc, q&as, powell, rather, powell has given us, a shock to the labor system a shock to the labor system. i don't know what would the number be? i think 4.1, 4.2 unememployment. that being said, bonds is this a new normal in terms of rates? will they go down much further from here and if they don't does

that change the idea of owning bonds where bonds still have same sort of, listen a 40 year bond run was great. we went to zero interest rates. it is unlikely we'll go back to zero, right? >> i would agree with that. i don't see us going back to zero if we have a downturn. we'll be cutting at least 100, 200 basis points but we're not going all the way back to zero. you can flip the coin in the other direction, actually say glass half-full this is a good environment for fixed income because the reason that investors have been underallocated to bonds for the last decade is because of record low interest rates, because the global bond market had tons of negative yielding bonds. those have disappeared. so now you get the benefit of income in your portfolio and then if we do face a more deteriorating situation, yields will move lower. charles: eric. where do you like, where is yardeni looking in terms of sectors to continue to participate in this rally?

>> yeah, i mean i think we've been overweight tech which has worked out pretty well. overweight financials which have done well despite the inverted yield curve. i think a lot of strategists kind of missed that we've also been overweight energy which hasn't worked out too well, but it is a hedge for big downside risk. charles: is that the only major risk a geopolitical shock that sends oil higher something like that? >> that is one hand. we see a 1990s style melt-up being a risk. we actually might be in one right now. we think the big propellant getting valuations expanding wider if the fed cuts preemptivelily without any weakness in the labor market. charles: i think i saw ed tweet or yardeni tweet something about the sahm rule. >> yeah. charles: we're really near it. if we come in at 4.1 it will trigger that, essentially ed, i assume you agree to ignore it? >> yeah. so we actually reconstructed the sahm rule. we take the weekly insured

unemployment number from jobless claims and if you plug that into the formula the sahm rule is actually at 0%. it is completely flat. i don't think 4.1% unemployment, 6.7% gdp deficit necessitate as recession and just using moving averages of unemployment doesn't seem like good macro analysis. charles: what is the biggest mistake for you for the fed, moving too soon or moving too late? >> i think it is probably moving too late. you see this in stress in lower income consumers and also in small businesses. this policy rate, this level we're at right now is restrictive for a lot of people. charles: why do you think they haven't cut? they went dramatically from one cut, three to one on the dot plot, when it felt like they had room to be more aggressive talking about, we're ready to cut? >> what really slowed them down this year was some inflation numbers earlier in the year. charles: right. >> so the first three prints in q1. we were pushing back on those three prints saying that that

hot prints were not going to last. that disinflation would continue but that made the fed very nervous. that's why they're holding off for now. they want more confidence. charles: but cutting too late is still for you the greater risk when it comes to the federal reserve? cutting too soon is a greater risk for you, eric? >> i think we went from expecting seven cuts in the beginning of the year now to just one. charles: right. >> if you think about what happened late last year, the fed kind of pivoted, hey we'll start cutting. the stock market took off. that helps the wealth effect. the savings rate is only three to 4%. people are consuming their incomes they don't need to save. if the fed projecting more cut the, market gets ahead of itself you see the melt-up euphoria and up side risk to inflation materialize. charles: eric, kelsey, thank you very much. great conversation. appreciate it. reminder check out my daily commentary every day. it is at wstreet.com. i try my best to break it down for you, guide you through this

because there is so much to talk about it. by the way it is free. check it out. by the way the nasdaq showing a large number of stocks not participating. in fact the number seems to get bigger every day. how much of a red flag is that? gary k. here on that. also what is on his wish-list right now? we'll find out next. ♪. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪

liberty mutual customized my car insurance and i saved hundreds. with all the money i saved i thought i'd buy stilts. being so tall definitely has its advantages. oh whoa. here you go, kiddo. thanks. hi honey ready to go? yup. there it is, there it is... ahhh...here we go. i guess it also has some disadvantages. yes it does. only pay for what you need. ♪liberty. liberty. liberty, liberty.♪ say goodbye to daily insulin injections with omnipod 5...

a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod.

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage?

we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. charles: welcome back. now if you think the s&p 500 performance has really masked a weak underbelly, take a look at the nasdaq, right? the nasdaq has been something of a juggernaut. here's the thing though, the advance-decline, how many stocks were up versus how many were down has plummeted. this is nuts, absolutely nuts. this is a thin rally, right? you talk about the s&p, that's one thing but nasdaq has been awful. this is another way of expressing it. this is what we call equal weight. i talked about it on the show. take away market cap all that stuff. s&p 500 as well as nasdaq 100, getting absolutely hammered. in the lumber industry they have a name for that, timber! down big time. with that in mind, people are

saying golly, things have to be oversold and there may be some opportunities but still, take a look what happened, this is last week. the same thing, large cap really dominated again. this is for the week. large cap value tooked lead. it really has always been large cap. for the year, large cap growth 20%. lag carp core, 14%. small cap negative on the value side. again a lot of people keep looking for value. i want to bring in kaltbaum capital management president fox business contributor, gary kaltbaum. gary, is it time to look beyond the technology names and the large cap names? >> well i'm a big believer in letting the market show you. on thursday i got rid of my semiconductor proxy. i got rid of my nasdaq 100 proxy. i got rid of half of my nvidia. i should have sold it all the way it is acting today and there is other things, the good news there are other things showing up and the chart you just

showed, charles, scares the willies out of me longer term, because it is that type of concentration and narrowness that usually leads to trouble. the good news again near term, the money flows are going elsewhere and i'm finding better charts and potential launching pads in areas that i don't usually delve into. charles: right. >> but looks like the financials, some of the economically sensitive, some retail, like burr link tone and dick's sporting goods. how about walmart and the dow which is kind of leading the dow right now? so i'm look stock go elsewhere until we get back to growth and i think we probably just hit a moment on thursday for the a.i., tech, semis, growth and all that stuff. charles: right. now here's the thing, in your note you reference this as well, that march 8th reversal. for the nasdaq i put the march 8th here. we did go down. we did struggle a little bit. it wasn't until april we really got hammered in this market. when you see a reversal like

last week, the huge reversal, in the video, almost 300 billion in market cap. even if we start to bounce back, there were still nibbling you would be cautious for a moment to see how intense that was? >> to me that action and, look, sometimes you get characteristics in the market that show themselves over a month. sometimes over a week and sometimes it's a one-day thing like march 8th. it just feels like now the air came out on thursday. you got to remember something though, there is a reason. they had a monsterous move over a several week period. so this is the comeuppance. it is now called what we call time and price where remember march 8th the top. it took a couple months, two to three months of working itself out. then nvidia gaps up on earnings and we're off to the races again until what happened thursday. charles: yeah. >> so now we become much more patient. that is why i did the selling on thursday and we'll see where they decide to stop going down

and build a new area of support, then take a look again but i think probably too early. that's why i'm looking at these other areas. i scanned 1200 stocks today. as i said those names showed up. a goldman sachs, ameriprise, bank of america looks like it wants to break out here. so new merchandise. just lower beta stuff doesn't really pay like some of the high beta growth names but if they go higher, terrific. charles: by the way i know you're a history buff. i want to let the audience know, june are among months never seen a market top. february, april, june, we never topped out. maybe that is a reason to be comfortable but it occurred to me looking at the chart yesterday, at home, nvidia at these key support levels i think 120, 121 area is where a lot of individual investors bought after the split. i kind of worry about that, right? they were urged to wait for the split and heap on it. they could have bought it for

the equivalent of 94 bucks. i wonder if we get additional weakness from folks who really never bought stocks before, bought the split because they heard it from a friend and now start to panic? >> i'm always wary about moves on big splits and also being added to indices. if you look at chipotle, that is about to do a 50 for 1, it ran up, guess what? two or three days ago dropped 230 points one day. another one, broadcom is getting stuck in the teeth right now also. that has got a 10 for one coming. you definitely have to be careful buying after a move because of a split and you see what is happening right now. you're getting a comeuppance. the good news is, i can't say this enough, that with the market, the air coming out of the i have a eye and semis right now, it is finding another place. charles: right. >> let's hope that continues because if it didn't the market being in a little bit of

trouble, overall so far so good. s&p is hanging in there. by the way i kept my s&p proxy because of that. charles: i don't know what it is, gary, but when you come on the market responds. like mae west, the market is always happy to see you. we went into the green a moment ago. we were deep red, went tickling into the green. >> has nothing to do with my, i promise you that. charles: thanks a lot. talk to you again real soon. folks, did you see this, guys who follow me on twitter, congressman hakeem jeffries, claimed we can't make, we can make life more affordable by ending price gouging. i did a reply. apparently a lot of you liked it. i said please stop helping. your handiwork made life intolerable but for the educated elites, have more money after bailouts to pay for avocado help. the greatest help they would possibly do cut the size of government.

that will probably never happen. another person says the government is price gouging, with all the taxes we pay. lance actually quoted ronald reagan. most terrifying words, i'm from the government, and i'm here to help. great stuff, folks. love it when you reply on twitter. we like to show them as much as possible. so the fed now walking back its rate forecast this year but will they eventually move too little too late? danielle dimartino booth has been warning us about things like bankruptcies and everything else. no one else is talking about it. she is here to give us an update. next. ♪.

..... (♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go.

so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com charles: all right, folks. nine members of the fomc speaking out today and while not all are current voters, listen i

think they are trying to sink from the same hymn sheet and interestingly there's more pressure to cut rates after a string of poor economic data. so the question is what's holding them back. the fed has started to actually revise higher, its estimates of where fed funds rate will be and it's driven by a number of thing , upward pressure, the energy transport, more defense spending and of course higher levels of government debt and by the way speaking of higher levels of government debt over the weekend there as scuttle butt that the us borrowing may force an end to quantitate iris ezel tightening. it's quite a pickle obviously for the fed with their hands tied. i'll bring in qi research chief strategist, danielle dimartino booth and so, danielle, it seems to me, more and more each day that the fed maybe no longer a relevant part of this interest rate discussion. what does that mean for markets and for rates? >> well, charles, i think for markets and for rates that

would mean that markets actually had a greater role to play and how refreshing would that be, charles? i'm pleased federal reserve officials have taken up to about 3% where they think overnight borrowing costs are going to end up landing, from wherever they are now, 5.25%. i be relieved to hear that, charles, because since december 2008 which is when we went down this rabbit hole to zero interest rate policy, the only actors in the us economy and the global economy who have benefited are speculators. those who have been able to borrow when the fed takes interest rates down to the zero, certainly hasn't benefited working us families at all, and so i'm ready. i'm ready to go back to a more rational higher-level of interest rates. the only ones that would hurt be the speculators. charles: you say the fed is recognizing zero interest rate policy that's a failure. what was the epiphany and does

that mean we never go back? >> well, charles, i hope, i really do hope that the occasion of the pandemic overnight investment grade blue chip companies being downgraded to junk overnight in mass, which was reflective when the pandemic first struck of how very over- levered us companies had become because it was so easy to borrow at the zero bound. you didn't have to pay attention to how dodgey your balance sheet became. that was a huge wakeup call and for fed officials to say you know what? we don't need to create more oli gopalies in the united states of america. we need to let the market set interest rate policy and let the competitors compete. charles: you know, i had two young brilliant economists market strategists on earlier and they were like hey, happy days are here again. they are here forever, and you know, i tried to talk about the breakdown of these economic

baskets, right? because not everyone is sitting pretty good. in fact lower income households who have been really shell shock ed have really extremely high expectations when it comes to interest rates, and jay powell always says that they want to kind of somehow control or at least acknowledge where people think inflation is going. well more than half of the folks see it going much higher, particularly lower income folks so how does the fed deal with that? >> well, charles, ask yourself why lower income people are feeling the pinch of inflation so much more than they were just a year ago, charles. this really has to do with the big elephant in the room. job losses. nobody wants to talk about the job losses. nobody wants to talk about the unemployment rate being up from 3.4% to 4%. well the difference between those two is a lot of human beings who have lost their jobs and if your paycheck is shrink ing or if have you to go from a full time job like 2,000 logistic workers who were

unexpectedly let go in texas on friday and told they weren't getting their paychecks when you have to get a quick job overnight to make up for that, yeah, inflation will feel a lot worse. if your paycheck is shrinking or if your paycheck completely vanishes, so, the bankruptcy cycle, it's taking true casualties and i think that they need a voice, charles. charles: yeah, well, you know what? you've been a great voice, so we'll start from there and keep hopefully more will join you. danielle, thank you very much. it's always a pleasure seeing you. >> thank you, charles. charles: folks, over the years, we as americans have lost trust in all our major institutions that govern us or supposed to sort of watch out for our well- being, and when it comes to a great deal of trust, only the military and the police really have done pretty well. almost every other category barely above 10%. in fact congress dead-last at 4% followed by big business and tv news.

hello. big business is used to it though, right? as long as they can keep paying off congress not to change the rules they don't know. what boggles my mind is i get the fading regard for american institutions but why the 52% of americans have a favorable opinion of the united nations? right now, we have very little confidence that the un can provide aid and less confidence they will be able to enforce a cease-fire in gaza. all they have been talking about this blockbuster lawsuit brought by victims and families of the october 7 attack. the complaint proves to be true, these folks have done serious work, it could spell trouble, perhaps the end of unra, as the result of a crackdown. we're going to stay on this story. it is a critical important story for all humanity. liz claman, over to you. liz: yeah, you know when the united nations says it happened, they have to admit it. it's that obvious and that bad. charles: yeah. liz: that was happening, it's horrifying charles thank