>> let's get>> a quick check on these markets now. it may look relatively harmless with a rally began to fade a little bit. you have the s&p 500 up and the nasdaq 100 just getting to flat, but do not let this fool you. this is a market of rallies and selloffs today. we are seeing plenty of strength in financials and consumer discretionary names. then plenty of sell off as well. some of the tech firms are still rallying. you have the 10 year yield up below that 450 mark. scott bessent is coming up at the top of the hour. we will see if that interview moves the treasury market

looking at the big story moving markets in the u.k., the bank of england unanimously deciding to cut interest rates 25 basis points. as you can see, the british pound weekend substantially. traders generally focus on one aspect of the policy meeting. two the officials swore a 50 basis point cut. governor andrew bailey spoke about the state of the u.k. economy. >> i will try to provide explanation. we have been using it for some time. the reason is because we think there is an underlying path of disinflation supporting us cutting rates. that disinflation is about the erosion of the persistence of inflation we had coming out of

the big sharks we had a few years ago. now, we have not changed our view on that. we think we are seeing disinflation and that is why we have cut today but we have to go on watching that carefully to see if it will continue, so nothing changed. why have we introduced the word careful? there is uncertainty at the moment and i emphasize that uncertainty is two sided. it is on both sides. let me draw that out. we saw week activity in the u.k. economy. the question is, to what extent is that a weakening of demand and to what extent is it a weakening of supply capacity of the economy? or a mixer of the two? that is critical because one leads to lower inflation and one leads to higher inflation. so that is one of the critical things and then we have more uncertainty around us.

we are getting a pickup in inflation over the coming months. we will have to watch it carefully and the world around us is an uncertain place at the moment. >> what you're saying is -- there has been an implication. you said careful. does that mean you have to wait in terms of timing of when rate cuts are going to come? do you need more information so cuts are backloaded before you can make a decision? >> know the way i would interpret it is this. sort of the set of things we are going to have to judge is more complicated. >> does that make it harder to make a decision to cut rates? >> it is going to give us more to think about every time.

we will be careful in the way we do it, but there is more uncertainty. do not take from that a particular directional message. the world is more uncertain. >> are you still trying to get 100 basis points of cuts? >> i have never been trying to get to a number. i am trying to get inflation to stay on target. whatever path of rates does it. >> can you understand why the vote split looks dovish? >> i can but caution you not to put much emphasis. it is not a communication tool. we do not sit there and say what we want the vote switch to be? each member votes their own position. i do not know going in with the vote is going to be. there is no groupthink. people vote their own position. i would encourage the markets

really minutes carefully because you will see a series of positions. there are those of us who voted for the cut, some of whom put emphasis on uncertainty in the word careful, some of whom are more directional, cautious instead of careful, but we chose careful in the end. then you have the members who voted for a larger cut. if you read the paragraph, they are probably in different places themselves, so do not put too much weight on the voting. vonnie: thanks for joining. how much more volatility should be expected given we also got comments from the chancellor to the extent that she is looking for inflation to perhaps rise to 3.7% this year and downgrading growth forecasts? >> basically it was a hawkish

cut, which is kind of a bizarre take, but there was a very big move as a result of this -- these two members of the committee who voted for a basis point cut. and there is -- the 10 year yield has risen, so there has been movement on the pound but borrowing costs have been a different story. it has been extraordinarily volatile as people shifted from looking at the dovish vote from catherine mann, who went from being -- calling from higher rates. and the actual language and the forecast, which were more hawkish. they suggest the bank cannot go below 4% and it is now at four point 5%. i think there will be more volatility around this as this

uncertainty point >> >> needs a lot of unpacking. the sterling weaker versus the dollar now. they mentioned productivity decline caused by laborforce reduction as being one of the factors they are considering, but how much would things be more stable if there was not a looming trade war? >> the trade war is not factored into the forecast at all. it is a risk which, as he said in the press conference, would be a downside risk to growth. what would you for inflation -- he said he cannot predict what it would do for inflation in the u.k. because that will depend on response, should we be targeted with tariffs, should we then put up heroes ourselves -- tariffs ourselves. if we do not, trade diversion into the u.k. could mean it is disinflationary. if we do put up tariffs, prices

are going up in the u.k., so that would be inflationary. that part of it they have not fully assessed but they say, should a trade war emerge, it will be bad for growth in the u.k. vonnie: we are shirley -- fairly sure the federal reserve is not going to cut free couple months, but if there were a surprise move in the u.s., how will that impact the forecast? >> the u.k. has been following fed moves significantly. the bank had a disaggregation of how bond yields in the u.k. shift and show we follow treasuries to a large degree, so , should there be a big change in fed policy, it will affect the trajectory for the market path in the u.k. and it would affect yields so that would definitely be impactful. >> thank you.

that is philip with bloomberg news in london. we wanted to note another special interview on bloomberg, the u.s. treasury secretary on balance of power at the top of the next hour at 1:00 p.m. eastern, 1:00 p.m. new york time. do watch that interview. coming up, a closer look at stocks moving the most now. this is bloomberg. ♪

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as you start that momentum and get that first class going, the rest just really falls into place. for anyone that feels like college is impossible, i was right there with you, but i can say today that it is possible because of snhu. go to snhu.edu to get started. vonnie: let's highlight a couple individual equity movers. >> i am looking at for hearing shares are lower, nearly 7%. profit may fall by $2 billion or

more this year. they give two reasons, first lower vehicle prices and costly launches. they expect earnings before interest will be lower than last year and this as potential risk that the trump tariffs may trigger. next, we are looking at roblox, a leading videogame platform on track for its biggest intraday decline since may. daily active users fell short of analyst estimates. the company has grown dramatically due to its innovative model. lastly, we are looking at headlines on this stock. it announced it will increase its ownership in three investments, and a strategic holdings by at least $350 million next year to $1.1 billion by 2030.

analysts were not asked -- impressed by its weaker than expected results. vonnie: kkr sent a seismic shift will make an iphone moment as corporations search for new ways to raise cash. in an investor letter reviewed by bloomberg, they said the launch of the iphone was not just the debut of a new product. it was the dawn of a new paradigm. mobile credit markets are undergoing their own transformation. the old paradigm -- the solutions represent a so-called iphone moment. joining us for more on what to expect from the credit market this year is an assistant portfolio manager at oaktree capital management. maybe you can put context on this for us. it is not in your investor letter, but talk to us about what it means for credit investors to experience this

iphone moment and where we are in that cycle. >> i love the idea of an iphone moment. we have been doing multi-asset investment and attractive opportunities where other investors are not looking. i think today, given where we are in the interest rate cycle, it is an incredibly attractive time for credit, so elevated rates are a tailwind for credit investing. they only increase the yield that investors can earn and you have to contrast that with equity markets, which have seen tremendous growth. when you look at equity valuations and ratios today, when you are investing in equities you are relying on companies to continue to generate profit, whereas credit is a contractual return. you do not need growth to see good income from credit. >> you talk about flux ability to invest in public and private

credit. obviously it depends on the individual investor, but how do you decide where the best opportunities are? >> we have seen such convergence between private and public markets and we will continue to see that as borrowers need capital and creative capital solutions. as we are investing and managing portfolios, we are looking for the best, so to us lending to a company could take the form of a directly originated private loan. it could mean buying debt in a secondary market. we are looking for the best opportunities for our investors on an individual deal basis. i think both parts of the credit market offer opportunity and it is really about optimizing that based on value. if you are running a diversified portfolio, you want to be offer -- able to offer liquidity to investors.

it is important that you complement private credit with sub investment grade credit that has a similar yield today. why the high-yield bond market may be yielding 7.5%, a little less than private credit which some opportunities are still yielding under 10%, there are liquid instruments that almost rival private credit and provide liquidity, so a lot of things to do today in malta acid credit gives you a toolkit to do a lot of things. vonnie: how much concern do you have that we will see more distressed situations and more situations where it just will not be possible to come back from? is that a possibility in the united states, where we have healthy growth? >> the market is one that has

seen significant growth, so last year was a year of record issuance just in the u.s. alone almost $500 billion of issuance, so it is an asset class that more investors are becoming familiar with and it is providing attractive opportunities with an average 580 basis spread so i think we continue to see demand with elevated rates and clo's, as they are more understood and people are looking at the default during the financial crisis, we can see they have lower default rates than similarly rated debt during those periods, but i take your point on the economy more broadly and potential impact for stress particularly in the levered loan market given how quickly rates have risen and the interest rate burden on borrowers. one thing we are seeing in our credit quarterly is the rise of

liability management exchanges. it is nothing new, but it is elevated because of the lack of agreements allowing this type of behavior, so it is really a borrower looking to restructure debt with unconventionally raised capital, but really there are contentious situations because what can happen is new money coming into these deals primes other investors. e vestors have different outcomes depending on what committee they join and how they participate, so something to be mindful of. vonnie: on private credit broadly, we have been promised a huge amount of m&a. the fact there might be a looser regulatory environment could help. do you anticipate a feeding frenzy now that we have these

huge private credit shops? >> we have been awaiting more m&a issuance and i think some of the proposed policies of president trump could fuel that. we just on -- we just have not seen it this year. deals continue to be dominated by refinancings so we hope in the future we may see more activity, but in the meantime it is probably a reason why they will continue as sponsors look for different avenues to create value. vonnie: thank you. coming up, retirement is continuing to be a key focus for investors, politicians, and the american people. you dig into trends affecting retirement next. this is bloomberg. ♪ 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.

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vonnie: time nowvonnie: for our weekly segment focusing on retirement. last week, kkr hired its first head of defined contribution, signaling efforts to expand into this $12 trillion market which includes 401(k)s. as more private equity firms reese to tap into retirement savings, many are wondering what this means for their own plans. our next guest is the author of the book your best financial life, among other career roles. for those looking at this new area of retirement investing and wondering what to do about it, what advice do you have? >> from a personal perspective, the right way to get your money to work is to trust a qualified detailed investment alternative. some folks have a professionally managed account where the fiduciary asset manager, advisor

is picking the things that go into a balanced portfolio for you that is the right risk for your age. it is interesting you mention private equity. i'm on the board of a company which is a swiss-based, but we traded private equity firm. one of the things we are excited about is the ability for private equity and credit and other private assets like infrastructure and real estate to be part of someone's balance portfolio. this is something retail investors have struggled to do on their own and i think in the hands of a fiduciary making investment decisions and choosing the right way to access this exciting but limited liquidity and asset class it is a terrific way to get more people exposure to sources of return that have not been possible before. >> is there more risk involved in something like that and are you getting rewarded for that?

>> any fiduciary thinking about adding private equity to their lineup has to be convinced there will be better return. it does come with higher fees. it comes with less liquidity and you have to be confident that you will get paid. the trick is to understand what they are replacing in your asset allocation as well as making sure you are confident that manager can deliver higher returns over time and it is not just returns. it is also risk, so if you look at returns that private equity has generated over time, over five to 10 year cycles, it is consistently better than public markets with less volatility. that is the holy grail for investors. people talk about all kinds of things like that. >> for funds that you consult

with, what are they asking you about crypto, blockchain, that area of the economy? i imagine is the young kids get older they are going to want to know about this and have that as part of their retirement portfolio. >> i think it is tough to find investable products in these newer asset classes, so we look into ways of delivering those. i am skeptical. one of the things i see in my book is my rules and my rule is if you cannot describe to her grandmother why it should go up in value do not do it. with crypto, one of the reasons we are seeing people -- one of the reasons it is going up in value is because people think it is going to go up in value and buy it. that has the classic hallmarks of a bubble. it could keep going up. it may stay up. i am not telling you not to do it. if you want to put a little money and crypto and see what

happens and learn about it, that is terrific. i am not sure it belongs in a portfolio. vonnie: tell us what this stands for, your acronym. >> it is about building your stash for retirement. save for emergencies. tax advantage savings, especially the 401(k) plan. you get free money from your employer and that is what that matches. assessor budget and make sure you start paying off high interest rate debt. stay the course and max out tax vantage savings. five, have fun because that is why you are saving. vonnie: thank you. stay with us. we will preview amazon earnings. what will it portend for the rest of the magnificent seven? this is bloomberg. ♪

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vonnie: welcome to bloomberg markets. i'm vonnie quinn. let's get a quick check on the markets. we are fading that rally we had at the beginning of the day a little bit but holding steady about 6071 on the s&p 500. waiting for amazon results after the close. 10-year yield at 4.40 five. in 30 minutes, scott bessent will be right here on bloomberg television. you don't want to miss that interview with new treasury secretary. oil has turned negative, down $.28, just below $71 a barrel.

let's highlight some individual equity movers. emily graffeo has more. >> i am looking at shares of her ship because the stock is popping 5% after reporting higher-than-expected sales for the fourth quarter with net sales rising 8.7% to two point $9 billion. they also expect sales to grow to percent in 2025 but that will be mostly driven by higher cost for coco prices. chocolate makers, fat -- have had to contend with record high prices but the ceo says that they have enough cocoa butter, liquor, and patter that it needs for 2025 and has no concerns about the global physical supply. nevertheless, the stock is down 10% year to date but higher today. another stock, record high today, phillip morris. it is all coming from zyn demand. better than expected profit. these are the nicotine pouches.

they say that sales of the pouches rose 20 5% last year. they shipped almost 165 million cans in the u.s., up 42% from the year earlier. also forecasting adjusted eps of seven dollars four cents to $7.17 in 2025, expecting780 to 820 million cans next year, a growth of 40 front percent -- 41%. finally, amazon shares. the company is a leading gains in the mag seven. investors will be watching the stock after the bell, the report earnings. it will all be about cloud spending especially after microsoft and google had disappointing results when it comes to the cloud businesses. of course, we are also looking at ai spending. that is the big theme here, what are these companies saying about

how much they are investing in ai, now that we know that china has a cheaper a product. vonnie: that is what we are speaking to next. that is emily graffeo. for more and all of those questions related to amazon, let's bring in the senior analyst of u.s. retail and bloomberg intelligence. let's start with capex spending. what is amazon going to tell us it is doing? >> capex spending is likely to rise. i think the year will be in line with expectations but going forward, will would also increase spending, likely heard from the rivals? the likelihood is, yes, everyone needs to invest more in ai, as well as the cloud and server business. to stay abreast with the rising tide, they will need to make higher investments. vonnie: it is up more than 8% year to date, up more than 40% year-over-year. is there room for more, room for

investors to not punish the stock but actually reward it, which has not been the case with some of these magnificent seven stocks? poonam: we think the results will be at the high-end of expectations, especially on the retail side where we know the holiday quarter was very strong especially in the online vertical. we expect solid momentum there. as far as advertising is concerned, that will also be high, in the high teens. margins are only poised to rise despite higher investment because the cloud business and the ad business are growing at a higher clip. if you think about investors and what they want to hear, they want to hear higher but that is already built in given what we have heard from rivals. it wouldn't come as a big surprise if amazon, too, was to take up their numbers. vonnie: another thing weighing on earnings season is the trade

wars on multiple fronts. what are we hearing from amazon management regarding trade wars? poonam: two things to talk about. one is their first party business, 45 percent of sales. that will be impacted. that is where amazon purchases and holds inventory, and some of that comes from china. those prices are subject to rise. we think amazon can pass that along because now it is an added 10% increase. we were talking 50% months ago, but i think sellers may pull back. we have seen an influx of sellers on the amazon platform as they try to drop ship items directly from china. with the removal of the de minimis exemption, we could see some softness there but there is also a positive. amazon will not have to aggressively compete to lower prices because temu and shein can take advantage of that exemption, so the playing field

is now more leveled by amazon. vonnie: will investors have as high a bar as they have for nvidia in the previous quarters? the business is different but it seems like investors want more from the magnificent seven companies these days. poonam: the valuations are rich for a lot of them, so we are looking to see growth across the board. i think we are in a space and time where tech companies will be investing to move forward. the investments are not going away and investments are still to come. vonnie: we will be looking at those results right after the close. coming up, blew out of to ceo marc lipschultz joins us live to talk about the latest moves his company is making in the private market world. this is bloomberg. ♪

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vonnie: this is bloomberg markets. i'm vonnie quinn. time for stock of the hour, blue owl. as part of its earnings today, assets now stand at 200 $50 billion, 52% year gain. it also announced it would buy as many as two point $4 billion in consumer loans from pagaya technologies. this adds to a string of deals for blue owl. for more, we have an exclusive interview with co-ceo marc lipschultz. congratulations on the earnings,. can we expect more, is there a sweet spot, more assets under management by the time we speak

to you again next order? marc: there will be more assets under management, i hope and expect, and i look forward to that. i look at assets under management really as an output of a result, not an input. at our firm, we don't aspire to manage more aum but we appreciate the opportunity to manage more aum by delivering great results. we always come back to let's create good opportunities where there is mismatches between supply and demand and capital, we can deliver our dna, principal protected, downside protected income oriented strategies and deliver outstanding results. vonnie: all about getting the return. at the same time, you've made a lot of acquisitions. should we expect more, and what should we expect organic growth wise? marc: most of our growth has been organic. it's true we had made a number of important acquisitions, data center business really

important, alternative credit, going back a couple of years, real estate business, great franchises, part of an integrated blue owl. we will always explore organic opportunities but we have all the pieces that we need for the chess board. we have ever investor due tomorrow and we are laying out how that chessboard comes together, how we are going to play it in the years ahead. vonnie: you have crossed a billion dollars in assets under management with private credit. we have asked you before, but now what endings are we in? marc: i suppose in the middle endings. certainly not the earliest endings, i remember those days well but it was a novel idea. the bottom line is it works. look at 2024. we had a very active origination year. that was in the face of a very tepid m&a market, light open

liquid syndicated market. even in a market that you would consider least hospitable to private credit, we demonstrated it works for the user of the capital, works for the investor. i expect to continue to gain market share and hold onto the clients, users of capital we have gained trust of. we are in the mid endings. it is a time where scale matters. we have a huge team of people working on underwriting. we have a few to knowledge base to work with to make these decisions, looking at 10,000 loans. we are well past the time where it makes sense for new entrants. we are at the state where it is more about the big getting bigger and how you continue to deliver those solutions. vonnie: we are seeing dispersion and credit quality metrics, defaults are not exploding but we are seeing dispersion's. how are you dealing with that, in terms of valuations, how are you looking at what you have on

the books already? marc: wonderful question. where we start every day in credit, it is all about credit. it actually wasn't the case 10 years ago when we started this way forward to being a lender of first choice for the best credits. we at blue owl have always focused on the larger companies with the largest sponsors, stable industries, and that has allowed us to originate over $100 billion in loans and have a realized loss rate of 11 basis points. it's all about credit. blue owl's particular place in private credit -- which can be a wide definition -- is very much in the best, most stable, most protectable. our job for our investors is to provide that core holding that will work to a wide range of outcomes. vonnie: how does that valuation process work? are you getting enough information from quarterly

disclosures? marc: we are in constant contact with our portfolio companies, lots of information. for us, we have an outside firm providing valuations. we actually want to provide all the data we have, get the best information and present the facts. vonnie: i want to ask you about apollo's platform that has been reported on, will start, basically a marketplace for private credit. when is private credit private credit anymore? comment on whether that is something you would like to do. marc: not something that we aspire to do. our version of private credit is indeed private. we see the advantages of private credit, we talk about three p's, predictability, privacy, partnership. our value preposition is that we will be a long-term reliable partner, somebody that

they can work with and talk with. the premium, lower loan to values. to me, it is endemic to the value proposition. we don't have an aspiration to turn a private market into a public market. that already exists. that said, i have great admiration for apollo. if this creates more access points for more people to participate in private credit, i always welcome innovation. we are about being a long-term capital partner. when you borrow from us, we are your partner to the end. vonnie: people are fretting about a i valuations, capex spending, what deepseek means for the world. you have a lot of skin in the game, partnering with oracle, a ton of other companies. are you awake for a few minutes longer at night than you used to be? vonnie: the deepseek -- marc:

the deepseek to the evolving landscape is exactly why we have approached the market the way we have. i don't have the expertise or the knowledge to know on the cutting edge who is going to win and lose. maybe some do. but that is a very different kind of risk return question. we are about delivering winning solutions through thick and thin. durable downside protected solutions. we provide the core data centers. that has not changed. deepseek may lead to somewhat less computing power to train a model, but that may lead to quicker adoption, broader adoption. on the margin, we are not sure what that yet means, but here is what i know. the people that we do business with -- we have the leading data center business development center around. we have the relationships. we have built 85 data centers.

here is what i do know. it has just been reconfirmed. the microsofts of the world spending $80 billion, -- vonnie: but for example, if they see that data centers are plateauing, they don't have to spend that much. marc: they will not be plateauing. let's take a step back without trying to debate the technical elements of deepseek. of all the expected data centers, before any of these conversations started, 75 percent of that capital was expected to be spent on inference and cloud computing. what we are really talking about is the modulation of 25%, and that modulation is at wider adoption, makes it greater or deepseek intensity makes it lesser, but that is what we are modulating. the reason we love our strategies, works for investors,

we develop special-purpose result for near sovereign quality credits, so it is about their decisions in this ai race. what i would say is deepseek probably reinforces this notion. 10 years from now, ai will be a much more powerful and infused tool in the economy. that takes infrastructure. blue owl will finance the infrastructure. vonnie: last question, with all your experience in sports, who is winning the super bowl? marc: i am deeply biased. i want the commanders to win but they are not in it. i will say i wish for a great game. vonnie: politicians answer. that has marc lipschultz joining us. coming up, we turned to d.c. donald trump hoping to eliminate the department of education but he says he wants to work with stakeholders including unions in the process. randi weingarten, president of the american federation of teachers will join.

this is bloomberg. ♪

vonnie: president donald trump reiterated his preference to dismantle the department of education but indicated he preferred to build consensus around the idea. president trump: i think we would work with congress, work with the teachers union. they are the only ones opposed to it. nobody else would want to hold them back. we have to tell the teachers union, we are rated last in the world and education of the top 40. vonnie: that is president donald trump. the president and elon musk are scrutinizing and cutting federal organizations. american federation of teachers president randi weingarten's call of the cuts unlawful. we are joined by her now. her organization represents 1.9 million teachers and other education professionals.

thank you so much for joining. tell us how you can fight this, if this is something that you think is unlawful, is there a way through the courts? randi: first off, there is a way through congress, and then a way through the courts. but we are not about keeping the bureaucracy, and frankly, where donald trump wants to put education is where it has been forever. if he is complaining about public education, the states already controlled education. what federal government does is basically levels up for kids who have been disadvantaged, kids with disabilities, kids who are poor, for kids going to college and don't have the money to go to college. the federal government through congress has appropriated millions and millions of dollars, about $80 billion, 10%

of what kids get throughout the country, and it goes directly to kids. that is what we are focused on. we are focused on making sure that kids keep the funding, and that funding is absolutely incredibly important. where i agree with donald trump, we do need to change schools, and i think we need more federal intervention in terms of doing career ed, making sure that the schools are self and -- safe and welcoming places. we had to do those kind of things to make sure every child in america has opportunity, not just those going to college. 60% of kids in america don't go to college. we need to actually do more. we need to do more to give kids, particularly boys, more opportunities to do other things in life. vonnie: is there a way to do that without a department of education? can that be done without the

doe? randi: it was done without a doe before 1979. the issue is the department of education is the one that meets out all of this money. even the people that want to kill it are basically saying, we will block grant the money, instead of giving the money directly to kids. that is what we are fighting for. vonnie: you are also fighting doge for fighting with zero transparency, in violation of federal law. explain where that is, how you anticipate fighting because it is not an executive branch, any agency that has any real powers? randi: let's just be really simple here. what elon musk is doing, not elected by anybody, they have created something that is not a

department -- i'm sorry, i'm a social studies teacher. article one never created this. he is going into these different departments with a bunch of kids and taking people's secrets, their data, tax data, social security data. so every which way we can try to stop that in the courts, in the court of public opinion, in the congress, we are going to stop that. vonnie: i will mention that you are suing through the courts, suing d.o.g.e. for operating with zero transparency. thank you so much. we will continue to get your updates on how that is going. that was randi weingarten of the teachers union. let's get a quick check on the markets. scott bessent coming up at the top of the hour, the new u.s. treasury secretary. the s&p 500 holding onto gains.

q 100 close to the highs of the session now. this is bloomberg. ♪ ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management

>> from the world of politics to the world of business, this is "balance of power." live from washington, d.c. kailey: welcome to "balance of

power." i'm kailey leinz live on bloomberg television and radio where we have an important conversation straight ahead. treasury secretary scott bessent sitting down with an interview with my colleague soleil moseying, a conversation that will cover economic priorities of this administration. this hour, getting more on the role congress plays in achieving all of those objectives. like flood of nebraska will join me this hour as well as our political panel, rick davis and caitlin legacki today, discussing the path forward on budget reconciliation. a meeting at the white house taking place today. we begin as always with a check on the markets. charlie pellett has a look from new york. >> we have the dow lower, s&p, nasdaq both advancing ahead of our interview coming up in just a moment with u.s. treasury secretary. the dow is down 104, down .2%.