. ready, set, hike the dow at an all-time high after the fed raises rates and signals more to come lawmakers reach an agreement on a sweeping tax overhaul plan. and decision day for disney. the media giant expected to officially announce it's buying parts of 21st century fox. it's thursday, december 14, 2017 "worldwide exchange" begins right now. ♪ good morning very warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's get to the futures market.

pointing to a higher open following a double dose of news out of washington. the fed raising rates and upgrading the outlook for the u.s. economy and congress reaching a major agreement on tax reform let's start with taxes tracie potts is live in washington with the details. >> the president says it will be a christmas gift, democrats say it's a bad deal for the middle class. five things you need to know and two things to watch about this tax plan first, what you need to know taxes would drop for the wealthiest americans to 37%. the corporate tax rate would drop to 21%, more than republicans wanted, but much lower than it is now at 35 some of the popular deductions would stay with limits home mortgage interest up to 750. state and local taxes up to 10,000 the key point here, the affordable care act mandate to buy health insurance that would go away with this plan the two things you need to

watch, first, democrats are pushing to delay this vote which is already on a fast track until the 49th democrat shows up d alabama's new senator, doug jones. unlikely that will happen. the other thing to watch, john mccain, republican, he's in the hospital it's not clear if he'll be back. they're trying to get house and senate approval for this plan by wednesday. >> tracie potts, thank you very much for that. all eyes on that and on the fed decision yesterday futures pointing higher by 80 points or so after we did have a positive session yesterday. but we slipped quite significantly in the last five, ten minutes of trade the dow had been up as much as 0.6%. the s&p fell negative at the end of the day the nasdaq was up 0.2% telecos and banks were the worst sectors yesterday. they were the best sectors the

day before ten-year treasury note slipped throughout the course of the day. 2.42% it started the day now 2.38 ended the day on 2.35. asian equities down today, but not too much 0.2%, 0.3% or so europe, we have seen another soft session, not too significant. it's down a few tenths of a percent. german flash pmi, 58.7 driven by the manufacturing side of things. oil prices down about a percent yesterday. down a percent and a half for the week as a whole. today, wti 56.6. gold prices, if we check in on those, standing at the moment -- no dollar first for you. the dollar interesting yesterday, did slip significantly not just when the decision was announced but

continued to slip throughout janet yellen's news conference and ended down about 0.7%. today, the dollar board coming for you -- nope. dollar board we have the dollar sort of flat against the euro ahead of an ecb decision recovering a bit against the yen. pound is rallying after a vote in parliament yesterday that gave a possibility of a slightly softer brexit deal bitcoin to round things off, which has been around 17,000 mark, stays there. fractionally higher today. the federal reserve raising rates another quarter point yesterday and sticking with the forecast of three more for next year let's bring in zack carabel head of global strategy at investnet and a cnbc contributor good morning >> good morning. >> let's start with the fed side of things. the main takeaway for you is what that we're sticking to forecast?

>> yeah. nothing is coming out of this particular conclave between the house and the senate that was deeply unexpected. probably some improvements with graduate institutes not getting loans and their tuition waivers taxed. but on the whole, it's basically what we expected from a few weeks ago. >> so we'll continue on the tax reform front 21% versus 20% does it make a difference? >> i guess if you really needed that 1 % and have been banking all your corporate expenditures on it, yeah, but not really. >> the extent to which this is already priced in. we've seen a big rally the last couple of weeks, last month from banks which will benefit is that because of tax reform or even if we get a decent eps next month that is priced in. >> banks may continue to benefit from rising short-term rates my own view on this is i don't know other than corporations if this will make a difference to anyone except for high-income

earners in new york, new jersey, places that we're in this is really a corporate tax cut, everything else was -- you needed to add in to justify the optics when you think about it, it's not a massive tax reform for americans at large it's a massive tax reform for corporations >> let's talk about the fed and what janet yellen did, final news conference yesterday. yesterday we did get a big upgrade in gdp growth. but we didn't get massive reaction in terms of inflation forecasts and dot plots. what was your take on that >> the real challenge and the more interesting story in 2018 for jerome powell, for the new fed is going to be if the models are not functioning. janet yellen keeps saying we misjudged inflation, we may have misinterpreted the data. if there is not inflation, all these models have been saying for x years, and steve liesman will be chatting later, there should be inflation. what do you do when there isn't?

does the fed continue to pursue a policy that is model-based everything says it should, so eventually it will, so we'll act as if it is. or do they go, wait a minute this model is not functioning, and maybe that's because the world is not acting the way the world used to act and we have to adjust policy. it's difficult for central bankers to abandon models unless they fail spectacularly. the real concern is not tax reform i think it will help on the margins but not nearly the boost that people say. if the fed keeps pursuing a model based approach when reality is not conforming, we could have unintended and potentially unpleasant consequences >> like an unpleasant yield curve? >> the question is does the fed do that on purpose it's one thing for the curve to invert, but it's another thing for the fed to say we'll barrel ahead here because we think somewhere out there there's inflation monster that is about to rear its head

they could be right. the great thing about saying just wait, you can't prove -- you can't prove it's not true. but i would hope that they take a moment and go it's one thing to say we want to be ahead of whatever is coming, but it's another thing to force crisis and economic contraction just because. >> in terms of the reaction yesterday, clearly the dollar slipped during the course of the day. is that a surprise given that we got the sort of forecast that we expected and the hikes yes, there's other central bank meetings happening today in terms of what you expect for 2018 surely these hikes are moving ahead of other central banks and should deliver a stronger dollar >> one would think i remain mystified by short-term currency movements i remain mystified by long-term currency movements the united states with higher rates than any other developed economy will be a nice place for capital to come in, which also

makes it hard for the fed to raise rates. we raise rates, they have a more attractive investment place and rates go down. i will beg a certain degree of ignorance about why currency is moving the way it's moving on a short-term basis >> great stuff thanks for joining me. >> thank you there are several economic reports on today's wall street agenda the ecb rated decision will be announce at 7:45 a.m. eastern, followed by mario draghi's news conference at 8:30 at 8:30, look for weekly job liz claims on the earnings front, abonedy systems, oracle and costco all report after the close today. lonmin has agreed to be bought by south african minor, sibanye-stillwater the uk listed company is the world's third largest platinum producer but struggled with low prices and difficulties operating in south africa. shares of nordson are near a 52-week high after better than

expected fourth quarter results. they were helped by surprise increase in organic sales. it's up 10%. pier one imports third quarter earnings missed forecasts on lower sales and closures during hurricane harvey and irma they say while they had a solid start to the holiday season, trends have dropped considerably in december. down 24% just getting started here on "worldwide exchange. up next, we're on the disney deal watch the media giant expected to announce it's buying parts of 21st century fox. and later a big decision expected on the fate of net neutrality we'll tell you what to watch on "wlddetoo, when orwi exchange" returns. so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish,

prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember. the markets change... at t. rowe price... our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence.

welcome back to "worldwide exchange." good morning to you. let's give you an update on the market action. up 77 points on the dow. s&p up 6 nasdaq up 11 we lost steam at the end of the session yesterday. the dow was up as much as 0.6% closed up 0.3% the s&p just dipped into negative toerritory at the clos. the market did ultimately take that rate hike yesterday from the fed fairly well. treasuries, let's look at them they did slip yesterday. 2.37 is where we stand we close at 2.36 on the ten-year

starting at 2.42%. again, whether you look at the dollar, the yield on markets, we did slip throughout the course of the day corporate news, today is the day that disney could strike a deal to buy parts of 21st century fox. the deal expected to include the movie studio, cable studio and stakes in hulu the assets could top $60 billio including debt share price of fox up and disney is flat. let's bring in dan ives. good morning to you. thanks for joining me this morning. who is the winner out of this deal does this reset the playing field for a big company like disney a traditional big media company like disney versus the internet giants like netd flflix >> thener is disney. this is all about streaming. they have netflix front and

center this is giving them significant content. 35% of the box office advertising stronength. it's all about streaming and building out service through 2019 when they launch. they needed to make an aggressive move here it's a home run deal for disney, this significantly puts them in the game from traditional media to direct to consumer. this is something, we'll look back years from now and say that's the moment disney turned this around and became a legitimate streaming player. >> we know how much money the likes of netflix and amazon have to pay for content is an added factor why you like this deal because disney is able to get a huge amount of content by getting these fox assets, but not spending cash, just using stock? >> that's really it. content is key that's the golden jewel here they'll have a combined library that rivals anyone out there

you see netflix spending 8 billion this year. 10 billion being spent by amazon, hbo, apple now disney is in a position of strength yesterday it was a position of weakness now with the hue lie olu owners that's key going forward they'll have distribution and content and disney becomes a real streaming player. we could talk about the different parts of this deal, it's about netflix trying to get into the golden sandbox. could disney become a competitor we believe they do >> in terms of the hulu point, this gives disney control of hulu, and comcast becomes a minority holder. is that a big blow to comcast's own streaming intentions in the future >> yeah. i don't view that as a blow. i believe comcast will be very aggressive on streaming. even though it looks like they're in this potential deal,

i could see them on the acquisition spree in 2018. i don't view this as a huge negative the your is out in terms of the hulu piece i view this as one that is sort of tip of the sphere in terms of how disney will focus on it. it's really about content and what this gives them you will see comcast, verizon, a lot of other players get aggressive on streaming. you see billions going towards streaming. i think it speaks to a major sort of seat shift what disney is doing, which we expect a deal to be announced. >> does what's happening with the justice department and the at&t time warner deal worry you about the potential for this dole to be held up or are they different beasts >> i think they're different beasts in terms of, you know, how some are viewing it. i think there are regulatory questions out here this is something where -- it's a big focus of the street, but i think iger and disney

significantly thought this through. they know there could be battles ahead. i believe they ultimately will try to cones mate thsummate thi. if they thought there were real hurdles, i don't think they would have started this off. i think regulatory will be something front and center and today for the coming months. will they have to divest assets? we believe this is one that should be able to get through. and i think, you know, potential green light is something that they're banking on in terms of announcing this today. >> dan, great stuff. thanks for joining me, particularly since you're coming from jatal this morning. up next, decision day for net neutrality the vote that could affect the future of the internet first, here's today's weather forecast from bill karins. >> good thursday morning to you. overnight snow made things slippery in ohio, pennsylvania,

southern new york, new jersey, new york city and long island. some of that light snow continues it will get better as we go throughout the day the blue here, a lot of it was coming down overnight. this will weaken by the time is gets over to new york city i don't expect the airports to be too bad maybe early morning delays and then improving during the day. this is 7:00 a.m by the time we get to noon, the storm is off the coast everyone will clear out and we'll go into sunshine as we go throughout the afternoon again, conditions much worse the early morning commute, improving during the day the rest of the country, fantastic weather continues throughout the west, intermountain west and in the south enjoying beautiful 60s and 70s. that's your business travel forecast more "worldwide exchange" when we come back [lance] monica, it is absolute chaos out here!

gale force winds, accumulations up to 8 inches... ...don't know if you can hear me, but [monica] what's he doing? [lance] can we get a shot of this cold front, right here. winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first month's lease payment on select models during the season of audi sales event.

right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan."

the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. welcome back to "worldwide exchange." let's get you up to speed on the market action. asia has seen a soft session, but not too soft it's down about a third of a percent or so across those main markets. european markets for you, also a bit soft this morning. we've had a decent week for the ftse 100, up about a percent and a half coming into today as you can see, just down a third of a percent today france and germany down 0.5% we have had switzerland and norway keeping rates on hold

futures at this hour pointing higher as well up about 66 points we lost a bit. we were up 80 a few moments ago. pointing higher. yesterday we were higher for the dow, 0.3%, but were up as much as 0.6% an hour before the close. nasdaq up 0.2. the s&p was lower for the day. higher across the board this morning in the futures market. sures of lululemon are rising after deutsche bank upgraded the stock it's jumped to 76 this morning, 2.3% higher. net neutrality taking center stage today. the fra let's bring in the founder and ceo of cm research good morning to you. let's discuss the broad point on net neutrality, which is is this

as simple as saying this is a winner for the big telco companies like comcast, our parent company, at&t and the like >> i think it's a bit more complicated than that. in the end i think americans will find it's a winner for both sides, for consumers and for big tech if you go back a few years, net neutrality was introduced as a regulatory policy for good reasons. ten years ago, the u.s. had a fledgling industry, it wanted to make it open, innovative and fair, and net neutrality allowed the u.s. internet companies to rise, partly because the telcos were subsidizing them. that was the higher purpose of net neutrality, and it worked. now you have an unintended side effect of that regulatory policy, that is there's a big market distortion, which is that internet companies that benefited from net neutrality

are now many times the size of the telcos that produced that service and americans are suffering from falling broadband speeds if america wants to make it into the data revolution age, they need high speed broadband infrastructure and need to encourage that so that's what they're trying to do, incentivize telcos to invest in broadband >> what kind of share price jump could we get in the likes of the telco companies today if it's passed is it already expected and priced in or not >> we simply don't know. getting rid of net neutrality will be a positive for at&t, verizon and comcast, but we don't know how much because we don't know the terms they'll be aplow aplowed to charge.

if the isps could charge anything they wanted, then the jump could be big if there's a sensible policy which maintains both sides of the argument, so you want to encourage small innovation in tech startups and have a revenue threshold by which companies earning revenues below 1 billion may have current net neutrality rules, they don't have to pay anything, companies with revenues over $1 billion may be charged if you have a balanced pool like that, the effect could be less but still significant. we're talking possibly 5%, 10%, 15% rises. assuming the balanced version you just went through what about the impact on netflix to the down side and weave in towards the end the impact of a potential disney/fox deal on netflix. >> yeah. both would be negative for netflix. it depends on how much netflix's revenues are far more than $1 billion a year and the bandwidth use as a proportion of

its revenues are very high compared to other companies like google youtube or amazon prime so netflix would take the biggest hit. it could be in the billions of dollars but depends on how much the fcc allows the isps to have leeway in terms of the disney/fox deal, that's a negative for netflix because it transfers competitive power in the video streaming age from netflix to disney disney is now a serious player if it pulls its content from netflix, as it said it with l. from 2019, netflix will be seriously hurt what is your rating on net flick? buy or sell? >> we switched it from a hold to a sell a couple days ago >> thank you very much for that. looking forward to chatting with you again soon still ahead, major movement on tax reform. we're live in washington with all of those details and janet

yellen raising the red flag on bitcoin. the man that asked her that question yesterday, steve liesman, will be joining me here on set what a treat we'll tell you ectxaly what she said when "worldwide exchange" returns. so you're looking for male customers, ages 25-54,

who live within five miles of your business? like these two... and that guy. or maybe you want to reach women, ages 18 to 34, who are interested in fitness... namaste. whichever audience you're looking for, we'll find them we're the finders. we work here at comcast spotlight,

and we have the best tools for getting your advertising message out there. anywhere, any way your audience watches. consider them found. stocks soar to record highs after the fed raises rates and congress makes a major announcement on tax reform raising the red flag, what the fed chair, janet yellen, said about bitcoin is getting

buzz this morning. and speaking of bitcoin, america's obsession with the cryptocurrency reaching new hilgt heights. the real estate story out of miami that will get everybody talking again about the cryptocurrency it's thursday, december 14, 2017, "worldwide exchange" continues. ♪ good orning. warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. straight to the global market picture. u.s. futures pointing higher we were up about 80 points on the dow, now 65 points the s&p up 5, nasdaq up 11 we lost ground near the close yesterday. the dow was up 0.6%, finished up 0.3. the ten-year treasury note, moved from 2.42 to 2.36 during the course of yesterday. right now at 2.37% markets around the world, soft but not worrying

asia down about a third of a percent. hong kong down 0.2 europe also a bit lower. germany and france both down 0.5% ecb meeting is due we also have a bank of england meeting due. the ftse 100 is down a quarter of a percent it's the out-performer of the major european markets week to date oil markets, pretty much flat today. 56.5 for wti the dollar board was interesting yesterday. it slid throughout the session, and throughout janet yellen's news conference. ending down 0.7% today it's a mixed picture the pound flat against the u.s. dollar, which just lost some ground it was higher earlier. we have the dollar/yen seeing the dollar higher and higher against the euro but not much movement compared

to yesterday gold prices for you, sitting at 1 1257 this morning. up 0.7%. bitcoin was flat earlier still in and around that 17, 120 mark. lawmakers in the house and senate say they reached a deal on tax reform. let's get to ylan mui with the details. they do have a deal. they plan to unveil it to the public on friday multiple sources are telling me that the top rate for corporations will be 21%, and i'm also hearing that it will take effect in 2018. in addition to that, we're hearing the alternative minimum tax will go away for corporations, but there are several reports that it remains in place for individuals, though with a larger exception. another change that's on the way is the deduction for state and local taxes could be capped at $10,000. but you would be able to apply it to property and income taxes.

democrats are trying to stage a last-ditch effort to stop this bill's progress. they've been blasting the reduction in the top individual rate to 37%. >> i'm just really flabbergasted at the idea, particularly when they promised a bill that would really help the middle class most of what's there for the middle class is written in disappearing ink >> reporter: republicans have been called in to delay voting on the tax bill until the winner of the alabama election, doug jones, arrives in washington but key republicans say they have enough support to pass this bill and they plan to vote on it next week. >> the democrats arguments aside, there's a couple other names being mentioned who may not be willing to vote in the right way, whether it's because of a view on the bill or other

factors like john mccain and bob corker what's the latest on them? do we expect them to get this over the line? >> that's what leadership is telling us we did talk to several of those republican senators who were on the fence, including jeff flake, susan collins, bob corker, ron johnson, they say they're withholding judgment on the bill until they can see the final version. they have not seen the nifinal legislative text as the details get worked out, we'll be interested to hear if they make a decision one way or the other. stocks getting a jolt this morning after the fed raised its rates and upped the growth outlook for the year steve liesman is here to break down the fed news from yesterday. >> the fed raised the rates to a quarter point, bringing the new range to 1.50. the highest level since 2004 they broes boosted the growth fs for 2.5%, and lurior luring

unemployment down to 3.9%. despite that, it left unchanged the forecast for three rate hikes. that's a dovish sign for bond investorsment investorsment. goldman sachs sees four rate hikes next year, not three i asked janet yellen about current market valuations, whether they were part of the reason to raise rates. >> we have a much more resilient stronger banking system, and they're not seeing worrisome build up in leverage or credit growth at excessive levels >> to fill in what she said, they vad said it was not flashig red or even orange she also spoke about the latest

craze, bitcoin >> bitcoin at this time plays a very small role in the payment system it is not a stable source of value and it doesn't constitute legal tender it is a highly speculative asset. >> on tax cuts janet yellen said they could provide some boost in productivity but stopped from endorsing some of the grander claims from the president. as yellen completes her last press conference, one more meeting for her to go. there were two interesting conclusions. the fed sees some supply side effects from the coming tax cuts, that's dovish, second, the fed sees less inflationary impact from lower unemployment a flatter phillip the curve. >> yesterday she was asked what her dot projections were >> you can't say dots. >> economic forecasts. >> i wanted to keep your

longevity here they firedthree, four people for saying dots. don't say dots >> you just said it three times. >> oh. >> you have done some sleuthing around to find out who is projecting what. you think you havehave the bott line >> no, i don't, this is speculative. in the september forecast there were five fed members who forecast fewer than three rate hikes. in the december forecast there are six. what changed fed vice chair stanley fischer left who came in? the new trump appointee, randy quarrels we don't know if that's it i'm pointing out the possibility that maybe quarles comes in a bit more dovish than the consens consensus. >> but wasn't a dissenter like

kashkari and evans outright. >> no. that's one thing, we know who the bottom two are, kashkari, bullard and evans were the bottom three who the other three are are unclear. >> in terms of the bitcoin comments, fantastic to hear janet yellen mentioning that a later comment on that, she did differentiate between a cryptocurrency and a digital currency, and some central banks may be thinking about a digital currency, not a cryptocurrency, which bitcoin is >> i think the fed is thinking about this stuff she wants to make it seem like the fed is not considering this sort of thing, while they're studying it. i think the fed is behind the curve on this. if somebody comes in and issues a competing currency to the one they effectively manage, even though the treasury is in charge of the manage, they need to be more proactive rather than just saying it's small, it doesn't matter

ran randy quarles said if it gets big we'll worry about it right now we're not. i think creating a framework for how it fits into the system is needed now the other thing that happens, you know this, they don't have responsibility for it until everybody loses money, or if everybody loses money and somebody steps forward and says where was the fed. they have a need to get in front of this. >> retail ownership is still small but growing, given euphoria around it >> do people know how you walk from over there to over to this thing and read currency boards while you do that? >> i don't know. don't let them know that that happens. they see me at wall and then back here. it's a trick of tv >> it's very impressive. i can't walk and read currency boards at all. >> thank you very much >> my pleasure the fed decision is in the books. now it's europe's turn in a couple hours

the bank of england and ecb will make their final rate decisions of the year. let's bring in peter spiegel from "the financial times. good morning to you. >> good morning. >> not expecting outright action from either of the central banks, but the tone will always be important i guess it's interesting to see yesterday that the strength in the likes of the euro and the pound, even on a day that the dollar -- on the dollar side we saw a fed rate hike what do we expect in terms of commentary from the central banks >> it's similar to what we saw in the fed the u.s. is about a year or so ahead of the europeans in terms of unwinding qe and rate hikes we had the bank of england raise last time. unlikely to do it this time. we saw the ecb in negative rates. the interesting thing to watch is all three major central banks gradually unwinding, so the crisis era, emergency measures, markets were acting peacefully all three are going in the right

direction. as steve pointed out, there's differences between the official projections and whether the fed is moving too slowly we have the same issue here in the uk and europe. all three are moving the same direction, and the markets seem to be happy about it the bank of england is the one who tried to whack down the markets in particular. they've been trying to signal that we'll try to raise rates without actually doing it. it hasn't been that effective in communicating. the pound has continued to perform weekly because of the brexit issue we had more inflation here than in continental europe or the u.s. we'll be interested to see mario draghi under political pressure in germany to start unwinding much more quickly than he wants to >> peter, switching to brexit. clearly theresa may and the uk government lost an important vote in parliament last night,

the result being the final vote in parliament has to be more meaningful and binding clearly the deal would have to be liked or disliked either way. does this vote make a huge difference in negotiations does it make a huge difference to theresa may's authority or not? >> you have to look at it from two perspective the. one from the substantive point on substance, it's not a huge point. there was going to be an up and down vote at the end, but they'll have such little time to decide if they vote it down, there's no time to go back to brussels and get a new deal politically, this is horrible for her. this is the second time in two weeks she's had her authority undermined by her own allies just a week ago she was supposed to sign this divorce deal with juncker, gone down to brussels, ready to sign the deal, and the dup pulled the rug out from

under here her own allies in parliament are doing this to her. we heard from negotiators, they don't know who they're nechgsing wi negotiating with anymore it has caused the european negotiators great frustration because they are not sure the person sitting across at the table can deliver back in parliament or in london and if she will be there in 6, 8 months >> do you think sky's takeover is more likely if the takeover comes from fox or disney >> i think the disney thing -- we talked to media executives here fox is so politically -- murdoch is so radioactive in the uk, if it's disney taking over fox taking over sky, it's much easier to happen we have not seen what disney's strategy is for the sky state, but it's felt a disney ownership

is much more better than a murdoch ownership as far as clearing hurdles in the uk >> peter, thank you very much. why it pays to be close friends with george clooney and the epic snack hitting theaters this weekend stayun ted, "worldwide exchange" is back in a couple minutes.

welcome back to "worldwide exchange." i'm wilfred frost, time for the top trending stories

meg tirrell joins me with a look at what's buzzing this morning >> george clooney is buzzing, raising the bar on gift giving the actor gave 14 of his friends a million each and paid their taxes for a year randy gerber said he and 13 others were invited to the clooney house and given black luxury designer bags with a million in it. >> i don't know why randy gerber was on the list. he's really rich >> very well off >> and in cash, that's dangerous, isn't it? cool to get it, but you have to take it to the bank. regal cinemas and frito lay are teaming up the company is unveiling cheated t cheetos popcorn this weekend >> not a fan of this. >> i like popcorn, i like cheetos, but i don't know if i like them together

>> in the uk, cheesy popcorn is not a thing. miami penthouse condo hitting the market with a big catch. the seller is only accepting bitcoin as payment the one-bedroom home is listed for 33 bitcoin, just over $544,000 at bitcoin's current pricing. >> i can't work this out, if it's a good thing for bitcoin or not. if it's a currency, the person should want to accept whatever or on the flip side, is it saying, gosh, people prefer bitcoin to dollars now >> or they want to receive more bitcoin. >> it reminds you how expensive one bitcoin is >> $544,000. >> thank you very much we're approaching the top of the hour, the team is getting ready for squawk box i tried my best. >> that's better >> joe joins me with a look at what's coming up >> what about that pizza place, better ingredients, better

pizza, also known as -- >> papa. >> papa. you should have seen my co-anchors yesterday, when you say clooney to me, i love doing this stuff, you say clooney to me, i think rosemary and nick. >> i don't know what that is >> george's father was a local anchor in cincinnati clooney iscincinnati.rose mamary clooney, a huge singing star a huge star a few years ago. actually before my time. i was kidding my co-anchors, they were looking at me like what >> my reaction is similar. >> were you alive for the 1987 crash? you weren't even alive, were you? >> i was alive, but only two and didn't care much about the stock

markets. >> i guess -- do you believe a man stepped on the moon or is that american propaganda i was there for that, too. >> i do, because dad hosted the itv coverage of it it's a great piece of the archive. >> archives. any way, i was not alive for world war ii you know what's sort of -- >> really? >> you know what's fitting, wilf we have these two dueling stories, the fed story and the tax reform story they're so interrelated. it's like we needed the fed as a bridge to -- from the financial crisis to better times, and here we are, we're starting to -- you know, tax reform we may be stimulating the economy after it's already recovered. i think there's still slack with a 2.3% ten-year. i think it's all good. walter isaacson will be our guest host i guess he's not going to be at the institute much longer. >> you had some nice guest hosts this week. >> we have >> mick mulvaney is on today,

too. >> awesome stuff coming up in over eight minutes time. still ahead, tax reform is mi 2017. cong up, the big market thing to watch next year according to one analyst.

you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence. what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods?

the value of capital is to create, not just wealth, but things that matter. morgan stanley welcome back let's discuss market implications with peter boockvar is here. good morning >> hey, wilf >> let's talk about tax reform, if we get the bill as it is reportedly shaped, 21% corporate tax rate what does that mean for the economy? do we get a few buybacks or does it deliver capital spending? >> the actual rate hopefully will incentivize companies to do business here. the immediate stimulus is the capital expenditures, we have to see if companies respond to that that's the 2018 stimulus part of the plan

again, have companies been held back in terms of capital spending the last couple of years, and there's pent up demand we'll see. >> gdp growth forecast by the fed increased 0.4 yesterday. >> there's hopes it could be north of 0.3 if companies step up and start pending, that's the key variable f if we get plus three or 2.5 by 2019 they're back to 2% they look at it as a one-time thing. hopefully we get something more than that. >> what happens to rated rates t year what do you think happens to the yield curve? >> that's the biggest challenge. we may benefit on the tax side f we get a rise if interest rates, considering the corporate debt that's been taken on, that can

immediately offset that. $13.5 trillion of total business debt you get a 1% rise in interest rates, that's 1$135 billion of extra interest now we see if this will catch up with the fed at the same time the ecb is doing it, bank of japan is doing it in a subtle way what do you think about the dollar next year hike yesterday, dollar fell. we have other central bank meetings today, but for 2018 what do you reckon >> i remain bearish on the dollar the fed raised five times, real rates are lower than when they raised the first time. the dollar cannot get out of its own way. that's a sign that there's further downside in the u.s. dollar >> peter, thank you very much for joining me >> thank you >> peter boockvar. that is it for "worldwide exchange." a quick check of futures, pointing higher. they slipped a bit over the

course of the show the dow unp 63 points, was up 80 points "squawk box" comes up next

ready, set, hike the dow soars to an all-time high after the fed raises rates and signals more hikes to come ten-year at 2.40. a deal in d.c., lawmakers reach an agreement on a sweeping tax overhaul plan. a live report from washington straight ahead. and d day for disney the media giant expected to officially announce it will buy parts of 21st century fox. it's thursday, december 14, 2017 we're quickly approaching

another type of d day for all of us that need to get the gifts ready. "squawk box" begins right now. ♪ >> live from new york where business never sleeps this is "squawk box. >> good morning. welcome to "squawk box" on cnbc. we are live in the nasdaq market site in times square why are we playing this song from "the lion king? >> that's a good one >> it's a good song. >> is it because of the potential disney deal? >> maybe that makes sense >> good morning, i'm becky quick along with joe kernen and andrew ross sorkin. we're watching the u.s. equity futures. this is uplifting music. >> disney, no worries. >> dow