treasuries on the back of comments from chris waller.nts more data before he is that confidence. he argues you can push out those cuts into the future. two year 460. the japanese yen continues to gain our interest on the intervention to risks from japanese officials, 151.34. 152 seems to be the light of the sent. brent, it is six dollars per barrel, a bit of again after the softness on oil prices of .4 of 1%. gold up .10 of 1%. let's take a close look at 2024's first quarter. kriti gupta brings the context. the year has brought currency surprises. >> surprises but not surprises, it is an easy story when you look at the japanese yen, the swiss franc, the underperforming conference -- currencies that create the basis of the carry trade that creates complacency in this market. it is easy to grab yield and the fx space if you were going short the yen or swiss franc, and that is spend the theme in the first quarter despite the fact that we got to be a day hike and had the era of negative rates complete end, and yet we are waiting for cuts to

comments, this is powell's fed, not waller's fed. yields going back to 4.20, they have really treaded water over the past month despite hotter inflation prints. you look at some of the global yields. they want to go lower. german tens, swiss tens, bullish positioning in bonds make sense there are central banks out there that want to cut. i think that is the message of the bond market is. charles: government spending fiscal spending typically in an election year. this week, america sliding towards chinese style capitalism which is ironic because the next day janet yellen slammed president xi of china using subsidies to turbo charge domestic manufacturing in key new industries. that is president biden's re-election spiel. >> a little pot calling the kettle there, huh? charles: exactly. strategas you are well-known, best known permanent con necking geopolitical events with what is happening. are we okay with new form of capitalism, chinese style capitalism? >> why don't we ask gold? gold new all-time high here. it is clearly parts of th

people can shrug off chris waller as a hawk.athan: it would be nice to hear from chairman powell, markets closed, just take it in, have a few days and then come back monday. lisa: is that what you are doing tomorrow? jonathan: of course. mike mckee out -- mike mckee is going to break down pce for me. i will be listing to that. let's talk about the tension between china and the u.s. and a sprinkle of ev. janet yellen slimming china's use of industry to boost subsidies. seeing u.s. manufacturing is facing pressure from cheap was flooding the market. comments ranging from green energy products to electric pickles. janet yellen saying this will be a key issue in her next trip to china. steven center drugs is now. -- joins us now. you have the ev's at kia, can we talk about how they are selling? stephen -- steven: there seven well, we would like to sell more of them. there has been a lot of expectation about the rate of transition and that is unknown. consumers are buying the car, enjoying the car. the infrastructure is a challenge.

you did have the comments from waller overnight that put a chill on things as he talked about how it will take time and calling for patience before you see cuts from the fed. let's look at what is happening with treasury yields you will see at this point it looks like the ten-year yield is 4.2% the two-year yield is 4.62%. these comments from waller is making people think. >> he wasn't saying the economy looks weaker than expected or stronger than expected he was saying inflation. >> inflation numbers are worrying the data we have gotten recently and he is taking down his expectations >> not sure we're restrictive at this point and they have to be really sure before they cut. if you cut when you haven't gotten it under control, it would be a problem >> then you have to flip and raise. >>> we have breaking news coming out right now on a dow component home depot the company is acquiring srs fo $18.2 billion. this is a company that supplies professional roofers and pool contractors. that acquisition will accelerate its growth within the residential customer home depot says it expects to

yield utter -- we heard from luke hickmore just 10 minutes ago, "waller is ignore and move on." lisa: seems that in the market there has not been a huge pickup on the potential for cut rates. there's a speech on the holiday, but the markets aren't open, so does he give credence to waller as the mainstream? jonathan: it's the right question to ask, unemployment is below 4%, looking sticky. we are on the path back to use his own question, so what's the rush to do anything? annmarie: economic data has been sparse, barely there with soft retail sales. now that this is public, which he set behind the scenes, how difficult will it be for chair powell to heard those cats? -- herd those cats? jonathan: if you look at how the dots group around each other, they got pretty close, and you can see the direction of travel in the committee. lisa: this is the jonathan ferro scenario, where they sat around and negotiated, settling on june. there won't be another one for the rest of the year. jonathan: earlier and fewer might be the compromise. lisa: raising the question, are people really sincer

look, i think that you have waller, and you make nothing well, you have waller, you make 4.7, and youe, you make, like, 20. >> watch tesla today lot of commentary. rbc cuts delivery numbers. do i deutsche cuts delivery dan ives cuts to 300 nightmare quarter. >> he's going to wear a pink jacket >> a great macro look at evs, saying evs are at a turning point. we prefer hybrids. their bear scenario of negative deliveries this year is more likely, they say >> "detroit free press" today with an article today about how the ford 150 lightning plant, they're going to do nothing. that was the hope. you know what? they have the bronco, and they have the ranger. they obviously have lots of f-150s that are i.c.e. i think this is good -- i own ford i saw phil lebeau, because i own ford for the travel trust. this is fabulous >> this is the jonas playbook, like the optionality -- >> jonas got it right. jonas is -- i haven't seen a thing from jonas in a day. what's going on there? actually, it's been a couple weeks. i think jonas's ford call is going to go down as one of the great calls. gm's buyback

. >>> coming up on the show, we are almost at weekend, folks fed director christopher waller is in noush for rate cuts. we will bring you all the details. i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com. >>> in the headlines today, european equities edge higher to close the quarter following a record high stateside. fed governor christopher waller downplays the rate cuts any time soon. >> i need more data before i have enough confidence that

waller is talking about the pace of cuts. so there's no discussion about are we going to cut or not. the answer to that seems to be yes, the fed is going to cut. the debate is when and by hutch. i think as we get to june, likely we start to see a cutting cycle which should take some of the heat out of the dollar strength. we're seeing right now and again that should be beneficial clearly as we have the fed beginning there -- their cutting cycle as the b.o.y. very, very carefully continue their very careful hiking cycle, that interest rate differential should narrow meaning the yen should find some strength, not too much, but some strength in the months ahead. paul: we're counting down to another piece of data out of the u.n. that's going to help the asia pacific is on holiday. what are you anticipating around that? we have seen a few surprises we didn't expect and expectations for easing from the fed have gone from something like seven cuts now down to three. do you think maybe those expectations could end up getting tweaked

waller was right, and we didn't get any cuts at all, would that destabilize the equity market?it could. because what's going to happen, the equity market never stops at the limits of prudence, it stops at the limits of exuberance. if it grows higher, until it is very high, we were at 21 times forward earnings, which is rich. some of the biggest stocks are extremely expensive here but if we keep going, and the higher it goes before some shock occurs, the greater will be the -- so i do worry about that data people need to be diversified here but i don't think the fed should try to micromanage that either i don't think they're capable of doing it >> let's talk about regions where things are cheaper, and europe is one of them. sit cheap for a reason or, in fact, relatively attractive at the moment >> there are reasons for europe to be cheaper than the u.s the u.s. has got a much bigger technology sector and stock market in the case of the uk, commodities. but still, even if you account for that, even if you look sector by sector across the ten big sectors in the s&p, in every singl

you did have the comments from waller overnight that put a chill on things as

maria: we got new information from the fed because christopher waller out yesterday saying there is noower interest rates but he expects the first move to happen this year, when are you expecting rate cuts and what about the comment from waller no rush to cut rates now. >> we've seen this this is a constant theme were the fed officials are coming out and throwing cold water over the market expectation of rates cuts but the market keeps moving higher so we came out last night after the close and he was hawkish and we saw cook come out and rafael bostic cities only expecting one rate cut in the market is not listening. it's not affecting the earnings season or the macro story. maria: mark tepper jump in with gone from six rate cut to three rate cuts to now no rush. >> i doubt we get three rate cuts. when you have inflation accelerating we see the readings commit and a 0.4% month over month, that does not seem to be an economic environment where the fed should be cutting rates in the first place but i want to talk to you about the market. typically in an election year we see a drawdown or

go to sleep or should, when you change the, [000:00:00;00] the final thoughts and all the players. waller's, it was the unit of suitable. i see the corner pretty of the solar so what i showed that was really pretty easy to see if anybody is going to do the, the the, the should be to the, to but, but usually when you walk out the park of the, [000:00:00;00] the controls use the google board. so for fraud, it basically democrat and the problems on the issue is that what we're seeing is that got the good items you were working on fairly similar to mine that was on the most important issue. yeah. so is your shipment goes to the the funeral, but will the little go to sleep on your phone at the old address because nobody usually 2 people the the blue shield goes you know the, the yes. the last funding this was in. you'll save you some way shape or build it was the image of the stuff that what you like the major of the the by there. so i was the portion of the software is a sophomore or do you need to use refunded to smoke? the other thing i got for the way i'm not sure why since you just losing t

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you've got people at chris waller what is the reason to cut rates here?doing very well. we have a commodities chart if we put the chart up you will see see rb has been alluring in the last three months that could be an inflation signal why should they cut rates? >> is not obvious to me they should either. i wonder whether they're trying to absolve the big inflation error they did a couple years go by somehow it nail a perfect landing but in so doing they are taking risks with hard-working americans who are living off of their income as inflation moves back up. it's shown some evidence last couple of months there taking risks with those people all to make up with large balance sheets that much richer. it is hard if you push me onto why it is i think it's probably because it got a faulty map and it all likelihood a faulty compass. i don't think they have a real framework as to what's driving inflation. what you and i know is america's inflation problem is not because americans are working too hard or earning too much or living too well. it's because the gov

more fed speak with chris waller, who has been pretty outspoken. we get earnings as well.rsday, sentencing. the team says 50 years is only suitable for a super villain. for my final thought, let's take a closer look at the estimates for pce. deflator, court of later, expected to come in just as in the prior months, looking for a little bit of an increase in the core deflator. when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. vonnie: i'll come to "bloomberg markets -- welcome to "bloomberg markets." the rally taking a breather on friday, heading towards it's best week of 2024. the federal

you have got people like chris waller, rafael bostic, smart guys who are saying not so fast, not so fastreason to cut-rates here? you have a stock market going right through it. profits are doing very well. profits are the mother's milk of stock. we have the commodities chart, if we put up the crb chart. actually the crb is roaring in the last three months. that could be and inflation signal. why are they going to cut rates? >> it is not obvious to me, larry. they are obviously trying to solve the big inflation error they made several years ago by trying to nail a perfect landing. working americans living off their income as inflation moved back up, as they show some evidence last month, taking risks with those people making people with large balance sheets richer so it is hard. if you push me why it is they have a faulty map and likelihood a faulty compass. i don't think they have a real framework what is driving inflation. what you and i know america's inflation problem isn't because americans are working too hard or earning too much or living too well. it is because the government is

will he counter what a fed governor christopher waller just said at an event titled there's still no rush? plus, argue a write the most important -- arguably the most important data point on inflation will also be released 8:30 a.m. eastern tomorrow. it's the core pce, the fed's preferred measure of inflation. speaking of plain facilitating, as we come to the end of the first quarter, all four majors look to close it out with solid gains. the s&p poised to notch its best start in years. we're back in a second, don't go away. ♪ ♪ everyone's a winner, baby, that's no lie. ♪ you never if fail to satisfy, to satisfy ♪ ♪ hello, mia. are you ready to meet your demise? man, we really need to upgrade your trash talk. ♪ nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. morikawa on 18. he is really boxed in here. -not a good spot. off the comcast business

you've got people at chris waller what is the reason to cut rates here?fits are doing very well. we have a commodities chart if we put the chart up you will see see rb has been alluring in the last three months that could be an inflation signal why should they cut rates? >> is not obvious to me they should either. i wonder whether they're trying to absolve the big inflation error they did a couple years go by somehow it nail a perfect landing but in so doing they are taking risks with hard-working americans who are living off of their income as inflation moves back up. it's shown some evidence last couple of months there taking risks with those people all to make up with large balance sheets that much richer. it is hard if you push me onto why it is i think it's probably because it got a faulty map and it all likelihood a faulty compass. i don't think they have a real framework as to what's driving inflation. what you and i know is america's inflation problem is not because americans are working too hard or earning too much or living too well. it's becaus

>> this is where i seek signals from waller and lori logan. they have spoken that the unwind will be in the forefront of our minds. i think the fed has already done and will continue to do a job in terms of talking about monetary policy as it pertains to fed funds, and then the balance sheet policy as it pertains to qt. that is what i'm watching for and reading everything from lori logan at the dallas fed in terms of how we should think about the timing of that. we heard from chair powell that they will discuss it deeper in march. we cannot wait to hear what deeper discussions were had. the other thing we have not talked about yet is we will get new fomc dots. all eyes are focused on that expectation. it is unstable. two people needing to move their dots for that to move lower. the cpi data will be very important for indicators of where that ends up. sonali: we have to leave it there. critical data next week after critical data today. up next, the auction block, high-grade u.s. sales up the fastest start with any year on record with $430 billi

to ben waller region in the south, which became part of russia a decade ago, is making its choice due back in 20242014. but the people of try me of voted to join the russian federation. and this election is the 2nd time that they've had this se, on who gets to be the president. among those voting was the head of the peninsula surgery, i exit off to urge his compatriots not to be indifferent to the countries. teja probably bought a really nice you, by the most, is a beautiful day with voting for the future of russia. don't be in different general stand aside cost fuel. but for the future of our country, the security for development for the lives and health about children and grandchildren. a representative of the ascii and into a poly bantry election assembly arrive as sonya profit is working us on the observer at the election and gave his take on the proceedings sofa yesterday, we were in the tree places and i was very happy and very surprised the people i were at the and the a replaces very, was a very well save god. and a replace is and what are you willing to pay that i think good

that is recorded, rick waller, i mean, so what's the.orden there. managed to get it completely wrong. not well wrong. i'm not doing well with names anyway, not the names today anyway, it's not the weirdest we've ever weirdest thing we've ever caught, that's between us caught, but that's between us and clinic. it's time and the std clinic. it's time for clown world. and starting us off sophie ellis—bextor off is sophie ellis—bextor singing murder on the dance floor at the bataclan. the site of the 2015 terror attacks. more offensive, i think, is the response of the authorities. after every islamic terror attack. they say, don't look back in anger. it's the religion of peace. don't ask any questions or you're islamophobic. i mean, diane, i've some sympathy i've got some sympathy for sophie ellis—bextor. she had to sort before sort of reference it before singing that song, and she couldn't not sing that song because about her only couldn't not sing that song bec here about her only couldn't not sing that song bec her big about her only coul

>> i think that if you get a hot pce, waller coming out and saying hey, there is no rush. if they move against, it might be that wall with he one cut this year looks to be running out. >> james, still of morgan stanley but not in the ceo role said maybe we don't get any of this year. >> i think we still have an expectation faked in to interest rate to parts of the market that you're going to get cuts. small caps have been trading better but you have to remember that they have a lot of floating rate debt, they have a lot of debt in aggregate in their 40% unprofitable. these are countries that do well in a high-growth falling rate environment. their strength to suggest that there is still expectation for rate cuts. >> it has matched the dow up 5%. it sticks out him so much of the focus has been on this because of the mega cast. it feels like it's ready, it just need some confirmation that they're going to be rate cuts sometime. >> there are a lot of catch-up trains. they had a significant discount so in a broad risk on tape, there is a lot of room to catch up. the question i

pouring some cold water perhaps on the narrative is what we have heard from the fed governor christopher waller in the last few minutes, saying the fed should delay or perhaps even reduce the number of rate cuts as well given we are continuing to see strength in the u.s. economy. that is perhaps a bit of a shadow we are getting here. haidi: take a look as we round up what is going to be a holiday shortened trading week in a lot of asian markets ahead of the easter long weekend. this is the picture when it comes to the asx 200, a couple minutes into the start of a staggered session. health care and particular at the moment. the aussie dollar pretty steady, a little bit of weakness at 65.23. those comments on economic resilience from xi jinping not adding a great deal of confidence and it comes to the china proxy. having a look at how we are setting up and it comes to japan. of course the currency is what we are going to be focusing on. if you look at how neat a few futures are setting up at the moment we are looking pretty positive. let's call it flat at the moment. we will see how that session

tons of movers in pharma, autos, retail, and media, and don't forget fed governor waller after the bellnight. >>> our road map begins with stocks looking to bounce after that late-day decline for the s&p and nasdaq yesterday >>> china, courting u.s. business leaders, president xi telling the ceos of chubb, blackstone, qualcomm, and others that china's economy has not peaked and its growth prospects remain bright. >>> and apple's not-so-good year, jpm pointing to rising concerns of an iphone slowdown in china >>> let's begin, though, with the markets. the delivering alpha investmenter survey of leading institutional investors, strategists and cnbc contributors focuses on their strategies for q2 and beyond 60% believe the market has run too far too fast i haven't heard you say that yet, jim >> i do care about speculation, and we have had a couple of speculative stocks dislike him or like him, president trump's stock is a little confusing to people, confusing speculative. >> today, you said it's overvalued >> exactly i can't find a way to value it reddit, that got -- that was a little too

vice chair warned late last month of easing too much also governor christopher waller who says there'ssh to begin cutting interest rates to normalize monetary policy. joining me now with someone who's been in the room, roger ferguson you're also a cnbc contributor it's great to have you here on a morning like this. >> great nice to be here with you. >> give us a sense take us into the room. what are your expectations for his testimony on capitol hill today. do you believe he'll deviate at all from what he said during the last fomc meeting and what we're hearing recently we're just hearing from fed officials. >> i think he'll stick to what he's heard from his colleagues i think he's going to reinforce the no rush to cut message which was being delivered by many for a variety of good reasons. i think he likes the way the market is probably set up right now, expecting cuts, if any, later in the year, and probably fewer than had been planned or expected in the market earlier this year. i think he's going comment on the data, but in a way that says things are developing as expected you know

chris waller, board of governor for the federal reserve saying they are in no rush. maybe the generate cut might be pushed back a little bit but we have to see. ashley: thank you for that. as edward touched on and the fed chair is saying, inflation in check, the latest pce report has a level of 1.28% year-over-year. it is within the realm the fed really wants it, taking higher than it would like but again, whether that pushes off a june rate cut, the optimal capital director of strategy, michelle schneider, the chief strategist, what do you think? airport like that, make a june cut better or less likely? >> this point it's still likely because there are other factors like the fact the debt is so high-end interest rate on the debt becomes unmanageable at current rates. there's talk they need to cut on the basis of that. what's more important is whether they cut or not, is inflation started to pick over and run on its own fumes to grow, bigger problem down the road. neil: where are you on this, francis? >> he has got to project that he's going to go a little easier rat

chris waller said the feds no hurry to cut rates. that become the new benchmark of central banking. i think it kept the average today. all in all, still owe waste at this point to be fixated on the fed right now. last night we got great numbers and 70% from rh. jeffries, had a 52-week height before reversing midmorning. home depot made this incredible a $10 billion bet on housing with an acquisition of srs distribution. all in all, good news to the market. we know wall street is basically a, what have you done for me lately business. so let's talk about our game plan. we bring about happen earnings report they can be very meaningful. pbh kicks things off monday afternoon. this is the maker of tommy hilfiger and calvin klein. stocks double from where it was before long-term interest rates peaked. so many stocks were obliterated by interest rates. when rates started coming down, stocks like pbh could come roaring batch. it's stock is run so much. can keep going higher on better than adequate numbers? i'm a little stumped here because unlike rh, which soared one better-than-expected qu

. >> mike waller who is a republican out of new york sits in one of those districts that we talked about the 18 districts that a republican represents but joe biden won in 2020. he has something about this desperate to say that all of this. marjorie taylor greene, -- and democrats potentially assisting. i want to play what he has to say. >> the issues are on our side. but we have to show them we can govern and we can work as a unit. doing things like this, obviously, makes chaos and creates unnecessary distraction. it is the responsibility of the democrats not to partake in something that undermines our government. the reality is, hakeem jeffries always says, people over politics. well, show that. short right now by making it clear you will not team up with marjorie taylor greene to remove beaker for keeping the government opens. >> now, i do not know the last time i house republicans try to talk to the democrats about what they need to do. and use hard language. >> it's funny he tried to put on the democrats. they did not bring the motion of anything. >> remember the speaker -- another

do you share the goal with governor waller? if so, how long would it take to us get there?r powell: a while. that's an issue in our fomc meeting in a couple weeks we are going to have our first really deep dive on what to do with the balance sheet. that's one of the issues. i don't think we'll deal with that at this meet, but over time you love to own not a lot of m.b.s. i can see a case for shortening the maturity. it's not something that would happen quickly. we are not actually looking at that. that's sort after longer term aspiration. senator hagerty: we talked about this before. we are in an election year. you are getting pressure i hear from lawmakers to adjust rates. i'm not saying to raise rates or lower rates. i'm here to emphasize the fact the credibility of the fed remains to be data driven. the reserve currency of the world depends on that and i encourage you to maintain that posture. chair brown: senator warren from massachusetts is recognized. senator warren: it's been a year since we had the second, third, and fourth largest bank failures in american history.

waller wants to see the fed get out of the longer data treasuries and go down to the shorter dated ones. the fed will talk about it at the next meeting. i think the story will be that they're going to keep -- they're going to reduce qt later on this year and probably will stop it later on this year with a question as to sort of plus or minus, i would say, 50 billion on either side here. they will probably go down on the balance sheet. the fed is not sure. they're feeling if they go too far, they have this thing called a standing repo facility, like a central banker get out of jail free card. if we go too far, banks can go get reserves. i think they're going to keep going but probably end it this year. i don't think they will end it sooner than you think, probably by the fall or november of this year. >> steve, great to see you. steve liesman, senior economics reporter, finger right on the pulse of the fed. right now, below you, we see a banner we want to mention. the nasdaq hitting a record high, up about 0.75%. i want to stay with the fed conversation for just a moment. steve mentioned

at one point, like captain on our map to several which had names like smith and hobbs and waller andlish names. and they seem kind of familiar to me. and i had brought with me some of the cast copies of the castaways journals, and sure enough, i found the names in. that was where when some of the castaways from some one of the factions had tri escape wager island in two tiny little boats. one of the boats had sank and they had not enough room them on the so these four men were on ts little of islands and this is why they are named only epitaph. and the captain didn't know why he, just knew those were the names. we also wenty a cal cheap and byron island and eventually we got to wagersl sleeping by the island at dawn the next morning we got into a little zodiac. i'm going to show you a photograph because i look so good ini share this photograph,e wishes of my wife, just to show how bundled up i was. i had all these layers. a war hat, long johns and yet i was still really cold. and so i suddenly why in the journals the castaways kept describing using the term saying they were freezing.

at one point, like captain on our map to several which had names like smith and hobbs and waller and are such curious sounding english names. and they seem kind of familiar to me. and i had brought with me some of the cast copies of the castaways journals, and sure enough, i found the names in. that was where when some of the castaways from some one of the factions had tried to escape wager island in two tiny little boats. one of the boats had sank and they had not enough room them on the other boat. so these four men were on this little of islands and this is why they are named after them. this is their only epitaph. and the captain didn't know why he, just knew those were the names. we also went by a canal cheap and byron island and eventually we got to wager island. and at dawn, after morning we got into a little zodiac. i'm going to show you a photograph because i look so good in it. i share this photograph, the wishes of my wife, just to show how bundled up i was. i had all these layers. a war hat, long johns and yet i was still really cold. and so i suddenly why in the journals

waller didn't get super specific and we'll be waiting to hear an echo from federal chair jerome powellhing he agrees with. they're saying even though inflation has made tons of progress but they don't quite feel absolutely confident that is something that will stick, that inflation is steadily on the road to a more normal target. and until they feel that way, they're not going to be in a rush to cut rates. >> we'll be carefully watching all of this in the weeks ahead. and one more for you, rachel, a huge headline. sam bankman-fried, the one time crypto king whose ftx exchange collapsed and left investors truly scrambling was sentenced yesterday to 25 years in federal prison. just a remarkable downfall for him personally, but let's take a wider lens. what do we think this means for the crypto industry? >> well, there are a few pieces i think are fair to expect to come in the future. first, there's obviously this piece of continuing to make the customers and victims of the sam bankman-fried scheme whole. that's one piece still being resolved. and then there's this regulatory piece specif

to come even though mark and i keep saying it's out ray you just to think six cuts, then three cuts, wallernight saying no rush to cut rates at all. >> if you look what happened, i mean, we're relying on the fed and the fed has historically got it wrong. if you remember during a little thing called covid, when are they they -- inflation was through the roof. we're printing money left and right, being fiscally i irresponsible. i don't think we're going to get three. i'm of the belief that we'll probably get two. maria: let's talk about what's working now. tech was working for a while. i think we had a pivot on tech. healthcare is working particularly companies that have the weight loss drugs. ozempic could be manufactured for less than $5 a month. the drug maker charges close to $1,000 a month for that injection because insurance. you say the hype of the ozempic, the a.i., federal reserve cuts are moving stocks right now. is it just hype? >> no. glp-1s are without a doubt a game changer. i've been into biohacking and anti-aging and longevity for over a decade. all the research i've done pers

are going to potentially have this more fertile environment from a growth perspective >> fed governor waller last evening saying no quotes to cut rates. delivering alpha survey that we do, i think the fed will cut rates this time in 2024 was the answer two-thirds think two remember the market says three the fed dot suggests three our smart group of market experts think it would be less than what the market expects but, nonetheless, you're going to get the -- you'll get the fruit and that's all that really matters. >> i made the case on the show, the longer it takes for the rate cut, the better it is for sentiment because we would prefer to have that first rate cut and the start of the rate cutting cycle be out there on a fishing pole in front of us goading us forward i think that's better than randomly, oh, no, why does the fed feel it has to cut there's had idea we could go ahead. they made the point in speeches last night there's no rush that's where we are. that's the way i would phrase it >> let's take a quick break. we will have much more on the sentencing of sam bankman-fried and to ou

at one point, like captain on our map to several which had names like smith and hobbs and waller andw, these are such curious sounding english names. and they seem kind of familiar to me. and i had brought with me some of the cast copies of the castaways journals, and sure enough, i found the names in. that was where when some of the castaways from some one of the factions had tried to escape wager island in two tiny little boats. one of the boats had sank and they had not enough room them on the other boat. so these four men were on this little of islands and this is why they are named after them. this is their epitaph. and the captain didn't know why he, just knew those were the names. we also went by a canal cheap and byron island and eventually we got to wager island. and at dawn, afterwn the next morning we got into a little zodiac. i'm going to show you a photograph because i look so good in it. i share this photograph, the wishes of my wife, just to show how bundled up i was. i had all these layers. a war hat, long johns and yet i was still really cold. and so i suddenly why i

governor waller was a huge fan.point that you can get back to 2% without a lot of unemployment and vacancies and cuts. i do not want to say you cannot get there, but it could be a heavy lift. lisa: the other part of what you said is important. the fed does not seem to want the weakness and said they would cut rates in response to a weakening labor market. what does this mean for the longer-term inflation rate? does it mean that to .7 -- two point something is the floor and we could see a ballasted volatility in inflation and the upcoming years? rich: i think that is a worst case. the progress on disinflation is remarkable, but inflation is still above where they would like it to be and there is evidence that it may be more sticky and stubborn then folks were thinking. i will let the data speak for itself and i hope the powell fed is data dependent. i think they need to be open to the possibility that inflation is sticky, and i think that changes their communication on the right path. jonathan: can you help the consi

at one point, like several whicd names like smith and hobbs and waller a tenglish names.seem kind of familiar to me. and i had brought with me some of the cast copies of the castaways journals, and sure enough, i found the names i of e castaways from some one of the factions had tried to escape wager island in two tiny little boats. one of the boats had sank and they had not enough room them on the other boat. so these four men were on this little of islands and this is why they are named after them. this is their only epitaph. and the captain didn't know why he, just knew those were the names. we also went by a canal cheap and byron island and eventually we got to wager island. and at dawn, after sleeping by the island at dawn the next morning we got into a little zodiac. i'm going to show you a photograph because i look so good in it. i share this photograph, the wishes of my wife, just to show how bundled up i was. i had all these layers. a war hat, lg johns and yet i was still really cold. and so i suddenly why in the journals the castaways kept describing using the t

governors bowman and waller, vice chair hill all dissented on the proposal read vice chair jefferson expressed concerns during a statement. under your tenure as chair can you identify any of the regulatory proposal which has elicited this much dissent? chr. powell: no. >> have you in the past acknowledged in front of this committee that you will not move forward with proposals without consensus or you have acknowledge that in the past. we appreciate that commitment to consensus. have you achieved consensus yet? on that proposal? chr. powell: i am confident that we will but that is a process as i mentioned we are evaluating the comments we are just coming to the place we will start talking about the path ahead. i am confident we will achieve a broad support. >> do you agree the homogenate he and business diversity within the banking sector contributes to systemwide financial stability? chr. powell: i strongly do. >> do you agree it concentrate business model will present a potentially systemic risk? chr. powell: potentially aspirated >> this is one of my major -- potentially yes. >> t

i give fed governor chris waller high marks for being strong behind this decision.ael bostic. go slow, fed. there is no rush. don't have any election year juice. don't get political. meet your inflation target. in a couple years with lower taxes and deregulation and drill, baby, drill we'll get this economy moving again like you wouldn't brief without inflation because we go on the supply side. i'm kudlow. we'll be back in just a minute with my last word. ♪. .. big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. there are many ways to do things. at old dominion freight line, we do them this way. this way has people who st

waller is one of the fed members now, he is also pretty good. have a long way to go before any decisions but isn't it fun talking about them? isn't it fun whispering the names. did you hear about this one? he might be -- that is what is so wonderful about politics. if you don't enjoy it, it will kill you. it will just make you crazy but when you get into these rumor mills and stuff it really gets exciting, fun and thrilling. i'm glad they're doing those types of stories. charles: talk about something not too far away. that is the next fed meeting. >> okay. charles: if you were on the fomc right now would you be looking to cut-rates sometime soon? >> you know i wouldn't be cutting rates at all to be honest. i let markets drive rates. i wouldn't drive them. as i talked about lots of times the fed should be controlling its balance sheet and only it's balance sheet. it should be shrinking its balance sheet steadily stably. shrinking wiggles. bottom line they should get their balance sheet, way, way down to where they don't make the markets and the f

you combine that with comments from various fed officials, like waller, that made some comments on qet they're doing, and all of this is the fundamental story behind gold. guy is dead on in terms of, you can't tell me gold's in a spec bubble. this has been going on slowly for a long time. if you look at open interest on the comex, this is institutions and people that actually use gold, and some people that speculate it, we're at record low open interest at the end of february for gold. so, you know, tell me that this is a place where there's a frothy, and again, guy was a trader of this metal, of the yellow metal. >> among other things. >> to me, i've been following gold from the late 90s as an em guy when a lot of the central bank buying stuff was happening. i give credit to peter schiff, who has been on this show many times, we've had fun jousts, but he's been a gold bull. i think some of his views are extreme, but the whole dynamic of where we are with the u.s. reserve currency and the federal reserve, et cetera, slowly, this is the reason to buy gold. >>> coming up, the latest on

and we still have some other earnings >> tomorrow we'll get carnival, rh and waller, too >> always news making headliner when it comes to the fed, although it feels the fed comments are being absorbed less by the market after powell sent his message that he was cool with the market pricing three cuts >> to post 9 and the judge >>> carl, thanks so much welcome to "the halftime report." i'm scott wapner the state of the tech trade, that's front and center. that sector hitting a new record high today two committee members making big moves in the space we debate the road ahead for one of the best performing sectors good to see everybody here at post 9 check the markets. we are green as sara was saying, across the board the nasdaq on pace for its sixth positive day in second apropos to our conversation because two people to my left have made some new significant moves in this space, and that's where we're going to begin today. jason, i'm going to start with you. you bought apple you bought more apple. >> i did >> this stock has been a dramatic underperformer. month to date, the only one nega

he's not allowing himself to waller to get too upset by everything. in fact, he spent most of his time in letters to us trying to make us feel better. >> just cove which pieces a jail sentence of up to 20 years if convicted. but cnn has reported that gershkovich and former us marine paul whelan were part of a proposed prisoner swap with a now dead opposition leader, alexey navalny >> the >> russian president, taunted on his reelection day that he approved a swap on the condition he'd get back a high-profile russian intelligence officer in prison for murder in germany, the diem krasikov, the person who spoke to me, had not finished his sentence yet. i said i agree, but unfortunately, what happened happened for those close to evan, that means the weighting continues outcome uncertain when you see christians talk about it and very clear terms that this is what they want to see happen, that they are looking for a deal just gives you hope that at some point this will this, but he will be home. he needs to be home, needs to be back with his family, with his

he's not allowing himself to to waller to get too upset by everything. in fact, he spends most of his time in letters to us trying to make us feel better >> just covid spaces, a jail sentence of up to 20 years if convicted. but cnn has reported that gershkovich and former us marine paul he lynne were part of a proposed prisoner swap with a now dead opposition leader, alexey navalny the russian president taunted on his reelection day that he approved a swap on the condition he'd get back a high-profile russian intelligence officer in prison for murder in germany, the diem krasikov off the person who spoke to me had not finished his sentence yet. i said i agree, but unfortunately, what happened happened for those close to evan that means the waiting continues outcome uncertain when you see britain talk about it. in very clear terms that this is what they want to see happen, that they are looking for a deal. just gives you hope that at some point this will that he will be home. he needs to be home needs to be back with his family, with his friends and riond

he's not allowing himself to waller to get too upset by everything. in fact, he spends most of his time in letters to us trying to make us feel better >> just coverage faces a jail sentence of up to 20 years if convicted. but cnn has reported that gershkovich and former us marine paul whelan were part of a proposed prisoner swap with a now dead opposition leader, alexey navalny >> the russian president, taunted on his reelection day that he approved a swap on the condition he'd get back a high-profile russian intelligence officer in prison for murder in germany, the diem cross, a cough. >> the person who spoke to me had not finished his sentence yet. i said i agree, but unfortunately, what happened happened for those close to it? evan, >> that means the >> waiting continues outcome uncertain when you see putin spoke about it and very clear terms that this is what they want to see happen, that they're looking for a deal, just gives you hope that at some point this will, but he will be home. he needs to be home, needs to be back with his family, with hi

he not allowing himself to waller to get too upset by everything. in fact, he spends most of his time in letters to us trying to make us feel better. >> just coverage faces a jail sentence of up to 20 years if convicted but cnn has reported that gershkovich and former us marine paul whelan were part of a proposed prisoner swap with a now dead opposition leader, alexey navalny the russian president taunted on his reelection day that he approved a swap on the condition he'd get back a high-profile russian intelligence officer in prison for murder in germany, the diem krasikov, the person who spoke to me, had not finished his sentence yet. i said i agree, but unfortunately, what happened happened for those close to evan that means the waiting continues outcome uncertain when you see britain talk about it, and very clear terms. this is what they want to see happen that they are looking for a deal. just gives you hope that at some point this will this, but he will be a home. he needs to be home, needs to be back with his family, with his friends and you

he's not allowing himself to waller to get too upset by everything. in fact, he spends most of his time in let us two us trying to make us feel better, >> just cove which faces a jail sentence of up to 20 years if convicted. but cnn has reported that gershkovich and former us marine paul whelan were part of a proposed prisoner swap with a now dead opposition leader, alexey navalny the russian president, taunted on his reelection day that he approved a swap on the condition he'd get back a high-profile russian intelligence officer in prison for murder in germany, the diem cross, a cough. >> the person who spoke to me had not finished his sentence yet. i said, i agree, but unfortunately, what happened happened for those close to evan, that means the weight he didn't continues outcome uncertain. when >> you see britain talk about it and very clear terms that this is what they want to see happen, that they are looking for a deal just gives you hope that at some point this will this, but he will be home. he needs to be home, needs to be back with his famil

phoebe how about phoebe waller—bridge. how about we settle? yeah, we'll settle on that. we settle? very much. rebecca. read there. oh read and neil hamilton there. oh there we go. we covered most of there we go. we covered most of the points there. i think, although i do think i do think i have disagree have to fundamentally disagree that worse that rule britannia is a worse song uh, than than than song than, uh, than than than the national anthem . she was the national anthem. she was right. it does go nearer. yeah she was right with that one. >> yeah, but it's so rousing. >> yeah, but it's so rousing. >> it is rousing. it is rousing. i mean, see how nigel farage was roused there now still to come. >> seen him more roused to >> i've seen him more roused to cut to cut tax. cut tax or not to cut tax. >> big question of >> the big question ahead of tomorrow's anticipated tomorrow's hotly anticipated budget, we'll be looking at what we from the we can expect from the chancellor's plans . we're also chancellor's plans. we're also going hearing suella going to be hearing from suella bra

chris waller on wednesday prayed fridays the big event which is ironic given markets are closed. as well as the fed chair jerome powell will be speaking. wednesday this is one of the most important events of the week. xi jinping america ceos. this to me is notable because usually he outsources it to other people. usually it is some sort of subject it and the fact that it's not is interesting. we get u.s. jobless claims. consumer sentiment data. it's not that important relative to what we get on friday given the fact we do get the pce deflator. >> let's get to the next 60 minutes or so. stocks coming off their best week of the year. terry haines on a shrinking gop majority and alex webb with the eu launching new probes into big tech. the s&p 500 coming off the best week of the year with the return of fed speak and another read on inflation around the corner. we see a stronger 2024 performance as investors look ahead to the final inflation yards. a slowing but not recessionary u.s. economy. interest rate cuts on both sides of the atlantic. ben, you say a stronger but different rall