it has a little ways to go. >> and the final trade today >> netflix, and in a basing pattern and it can accelerate going forward. >> joey, less than 10 seconds. >> i will reiterate on uber. >> okay. uber. thanks, guys. good to see you and another check of the market, and highs for the majors, and that is going to do it for us. "the exchange" is now. >> thank you, scott. hello, everybody, i'm brian sullivan in for kelly once again, and inflationnation is hot topic right now, because while you weren't looking, the prices suddenly became red hot everywhere for everything. does this put the federal reserve between a rock and a rate place. the focus is looking at a second impeachment of president trump, and the situation is e vvolvingy the hour. and the intel swan song, and

air bnb doing something surprising. as long as you are here, know how your money and investments are doing, and who bert than dom chu to deliver on that promise. >> well, sully investments are highs of the session, and it was not that case at the opening bell this morning, but currently the dow industrials are a modest 50-point gain and still the highs of the session near there right now, and 3812 up one-third of one percent, and the nasdaq composite up one half of one percent, and so speaking is of higher prices of inflation, the housing is hot, and the interest rates are on the rise which is prompting more people to lock in and refinance lower rates and what are they using the lower rates for? improving the homes and the home instruction ticker itv is up 33% off of the highs and kb homes comes out with better than expected homes and expect a more

robust housing market, and that is propelling the home builder stocks higher and the ipo du jour, and 2021 hot for this stock firm holdings up off of the holdings and $103 was the trade opening priced at $49 and opened up $90.93 and a massive move higher and the ipo trend continuing and red hot prices for housing, and interest rates on the rise and the ipo is going up. over to you, bri. >> all right. dominic chu, people are going to be talk about that coming up in rapid fire, and big one to get through there, guys. and moving on, and if we can, we certainly can, and we will get to that in one second, and i am trying to figure out where we are. all right. so we have breaking news from steve liesman on the federal reserve, and i knew that there was a surprise in there somewhere, and steve liesman, you have breaking news from the fed, and i want to try to figure

out what is going on, and save me and the program. >> thanks, brian. and fed governor on a wide speech of the economy and the pandemic and the outlook of the economy said that the fed made purchase appropriately and that is the hot button purchase there of the 120 billion a month of the asset purchases that the fed is doing now with some fed officials saying it may end this year, but she is not talking that way, and she is saying that the economy is far away from the fed's goals of maximum employability, and from the vaccines and the globalized synchronized vaccination around the global availability, and she says that it is going to lead to a considerable loss, and she calls ate k-shaped recovery and talks about people disadvantaged in the recovery. now, on the opening of the show, she is talking about the issue

of inflation that you were talking about, and she says they are up, but remain close to the low end of the historical range. they may temporarily and note the word temporarily rise two or above 2% in a few months, and that is the fed's tolerance in the new policy statement, and it has to be sustained improvement of inflation to meet the average fed's goal. so brian, i know that people out there are talking about inflation and prices being hot out there right now. and the fed right now not hot about inflation and price increases. >> well, steve, it is the perfect segue, because when you say that people are talking about the prices, and you mean us, and me right now, steve liesman and maybe mr. brainard can watch us next segment. and as always, steve is going to provide the perfect segue coming out of the headlines, because maybe a big concern creeping into the market and whatever the fed says. that is corn. okay it is not just corn, but it is

many commodities, because don't look now, but inflation may actually start to become a problem in it isn't already. sure the inflation numbers came in hotter than expected today and this is no surprise. look at all of this, the corn prices are soaring to nearly the highest level in eight years and something corn-related going into nearly everything that you buy it at the grocery store, and it is not just corn, but wheat trading at the highest since 2014 so i bsoy beans trading at the highest and not just what you eat, but wear. cotton prize prices are surgingh highest since 2018. and by the way, we don't have the time to run through the all of it, but lumber, steel, sugar, copper and others all up big in the last few months as well as shipping costs out near the records, and the only reason that the official inflation numbers didn't run hotter is

because of airfares remain low, and that is in the calculation and not just manufacturers and you likely to pay more if this continue, because the fed could have a problem on its hands and hot inflation, and no way to raise rates as america is trying to recover economically, and trying to join us more is marco papal of the strategist group, and barry from ironsides, and marco, i am not saying that inflation is a problem now, but if these trends continue, it could be, does the fed have any power to stop it >> no, not at all, and i don't think that they would see it as a problem. you know, we have to consider the macro context in which we find ourselves, and the most important macro context right now is the social angst going on in the country. exactly like in the 1960s, i think that you will see paulson reach for lever they are most

comfortable for reaching for when there is angst, and that is fiscal profits, and that is going to be doused by the profit, and the fed can't respond to that, because they will be not only pulled by the string, but pulled by the string of treasury issuance and we should expect higher inflation, and that is what paulson is guiding us towards and invest accordingly. >> and sit tight, because speaking of this, we will go to rick and then back to the conversation, because we have the news from the bond market up for auction and, rick santelli, how did it go? >> this is a poster child for what a hot, hot, hot auction is. a-plus on the 30-year bond, and the ultimate yield at the dutch auction is 1.285, and the one issued low was 1.83. so this is a great pricing auction and if you are going through all of the numbers, 2.47

bid to cover blows away the average, and 2.86 indirects is the best since july and the directs is 7.2 which is well, well berow the 13%, and if you add the directs and indirects and what is left is taken by the dealers and they take 14.2%, and i have a 20-year database on bonds going back to when they came back, because we got rid of them for a while, and there is no number close to this, and this is the lowest percentage of the dealers taking the auction that i have going back on the 20 years and what that is telling me is what you are talking about, brian, there is a lot of things going on that should make us nervous about the higher rates, but the here and now, the 30-year bond is good in the international standpoint when you are considering that ult may will the dollar may have slowed down and this is a plus for the near term. back to you. >> all right. well said as always, rick santelli. and now, back to the conversation with you, barry

knapp, and can that continue we talk about inflation and how we may be the best house on a bad street, and there is going to be a global demand for u.s. bonds no matter what the economic recovery or inflation. >> well, there's demand right now, and the rally that took place last week was driven by inflation break evens until the payrolls on friday, and then the real rate part of the market really took off. that went too far, too fast, and that is why the auctions went well this week, and if you are thinking about the sequencing of what is likely to occur, and by the way, i love marko's analog to the '60s and i wrote about it in one of my notes of similar inflation to unemployment at the monetary policy level, but that is notwithstanding, and what happened in the last few weeks is this idea that we are going to have huge fiscal stimulus in

the near term, and that is going to drive real rates, and you know, real rates significantly higher, and what is going to happen is that the inflation component of bond yields is going to be moving up, and moving from 1.75 to 2% to 2.25, and people like lal brainard are going to be patting themselves on the back that we get inflation, and what we want, and when it is going to go through 2.25 sometime in the spring, then the fed officials will get nervous. at that point, the taper talk will heat up and rates will move and that is a bigger problem. but the point is -- >> barry, a quick follow-up on that before we go to markus and at some point it is going to happen, but when we have a taper talk, and will we have a taper tantrum like we have seen in the markets? >> no question about it, brian. one policy normalization-related correction, and last cycle we had eight, and before that one

since world war ii. and so we had qe 1 and qe 2 and so forth, and when we get one this year, and that is what is going to drive it and tip yields are real rates, but the broader structural story here is that 30 years of disinflation was driven by goods prices. right? this is the total supply of industrialized labor going from 750 million to $2 billion and shock of china integrated into the supply global chains and we ran out of the cheap labor now, and you can see what has gone on with the goods prices since june running negative 1%, and they are now 1.7 now, and the commodity prices are recovering from the trade war and the pandemic, and on the way higher. >> don't forget about the demographics, because it is destiny, and focused on the pandemic, but with the 75 millennials in the headed to

peak age and child rearing age and buying home, and tell us, please, the viewers and tell them that you are not suggesting that the stock market is going to do the same thing with a negative return from 1968 to 1980 >> no, s, i am. i am. and looking at the early performance of 1971, '72, '73, it was not that bad and a period when inflation reared its head and it is not bad from the beginning of 2% to 4%, and depends on the sector, and some sectors do better than others, so we are now in the early stage which is going to burn out relatively quickly, and this cycle is going to be extraordinary, but it is going to be short. last cycle was long for a number of macro reasons, and lot of the head fence from the recession, and the balance recession, and lot of things that popped the animal spirits, but this time around, we will have two to

three years where the stock markets perform exceedingly well, but over the course of the decade, i think that the '70s are an analog. >> well, barry, we have to leave it there, and we have breaking news out of d.c., and barry, i love the conversation, but not necessarily marko's thee circumstances and we will have you both on to continue it, and guys, we appreciate it, but we have to go to d.c., because it is a live look at capitol hill where the house is meeting in session right now, and they will soon be voting on impeaching president trump for the second time. and let's get the very latest where we stand this hour and where it is to go today and tomorrow and for that we go to elan. >> brian, the vote for impeaching president trump for insurrection has begun. speaker nancy pelosi opened the floor by calling the president a clear and present danger. >> the president must be

impeached and i believe that the president must be convicted by the senate, a constitutional remedy to ensure that the republican will be safe from this man who was so resolutely determined to tear down the things that we hold dear and that hold us together. >> no republicans voted with democrats earlier today on the procedural motion, but five have publicly said that they will support the final vote on impeachment including the chairwoman of the republican conference liz cheney, but as the historic process is playing out for the second time in the house, all eyes are already turning to the senate, a top democrat in the house today said they plan to send the article to the upper chamber immediately though pelosi has not confirmed it. republican lindsey graham who has been a close ally in the past railed against the process this morning said it would damage the institutions of government and divide the country and potentially result in more violence. a few minutes ago, majority

leader mitch mcconnell said that the chamber will not be coming back into session for a trial before the scheduled return on january 19th. back to you. >> then i have a couple of follow-ups here. what do we expect from the senate as far as impeachment could there be some surprises? there are some senators on the reasons not happy with the president, and can congress who struggles to get anything done do an impeachment trial and try to pass stimulus at the same ti time >> great, brian, so on the question of how many republicans might convict the president on the senate, and so far two republicans have said they would do so or they think that the president should step down and that is pat toomey and lisa murkowski, but there was a lot of angst around this report in "the new york times" that mitch mcconnell is secretly pleased that the house is impeaching the president, and he did commit impeachable offenses, so for the

house to be a measure to vote for impeachment could be a signal of how much support the president has or doesn't have over in the senate, and meanwhile, the challenges, the president is out of office by the time this trial takes place, and so that means that this is really more of a symbolic moment, and the struggle for the democrats is going to be how to conduct the trial and still hold the president accountable as they see fit, and still move forward on the biden agenda, and the latest reporting is that the biden agenda wants to move forward with a bipartisan covid relief package and it is going to be hard to achieve that harmony in the midst of a divisive senate. brian? >> and anybody asked joe biden how he feels about how he wants to kick off the term as president of the united states. thank you very much. okay. so much more ahead on this program, and in this hour including how is this for bullish.

29 buys, two holds and no sells on an oil stock, and maybe the most listened to man in america, and will scott sheffield tell us with a stock up 59% in three months. we will talk about that. and speeding up the rollout, and we will talk about walgreens and the role that pharmacies are going to play of getting the vaccine from the distribution center into your arm. and we will look for opportunities coming out of the pandemic, and new consumer names that jeffrey loves in the roaring 20s. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding,

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welcome back to "the exchange." even as the covid-19 vaccinations ramp up across america, there is questions and confusion about the rollout. the good news, more than 9 million people have received the first dose, but the problem is that far more doses have been sent out than have been used so what is holding the states and cities back from speeding up the process. joining is reena shaw director of operations of walgreens services group. so i know that you and your team as well as others, you have a herculean task and i have been

on the road and i have seen the vaccines with my own eyes and just transporting them, and especially super cold temperatures is hard, and so a shout out to everybody out there, and that said, there is frustration, particularly in this area with the sluggishness of the rollout, and what can we do to speed it up? >> first of all, thank you so much for having me, and as you mentioned, i'm incredibly proud of our pharmacists and team members and everyone in the organization, because as you know, being able to be in this moment, and to help support the patients and the customers the way we have has been incredibly humbling, and we are proud to have the opportunity to do so. there is a lot of coordination that happens, and what we have decided, and in actually the state and the federal government, and warp speed and cdc, there was a decision made early on that when vaccine does come, let's make sure that those who are the most vulnerable get the vaccine first. and so, that's what everyone at

walgreens has been focussed in on and the skilled nursing facilities as well as the assistive living facilities and manage all 35,000 facilities that have selected walgreens to administer the vaccines. so it is a complex process that the teams are working on and we are on track to ensure that the patients are getting their vaccinations. >> but, as we have learned, that obviously, age is the primary factor, and almost a majority, and 3/4 to almost all of the fatalities unfortunately were in the elderly community and obese, and if you are immunocompromised so when we get to the sort of the phase 2, rina, and when it is going to broaden out past the assistive living facilities, how is that is going to look >> it is an important question, because that is many of the patients and the customers that we serve and many of the family members, and so that the way it is going to work is that we are

going to assure that the patients and the customers are going to schedule an appointment, and limited vaccine in the beginning, and so for those who have the high-risk conditions as well as those who are elderly will get their vaccinations initially, and so when you are going on to our website or as well as being able to call, and you can schedule the appointment, and receive a confirmation, and in a very methodical way, we will be able to administer vaccines, because wasn't to assure that everybody is getting the first and second dose in a way that is streamline and insures that there is control over the process. >> and it is a hard process as we have shown, because i was down there in louisiana, rina and what people don't realize that ultimately as i have shown, it come downs to the guy in a van transporting it, and also somebody, a pharmacist, like we have shown for you who knows how to administer it. it is coming down to not enough people to give the shots. are you ramping up the training

for your pharmacists, and for others inside of the walgreen's, so it is not just one person giving a shot to one person and you can do three or four or five at a time. >> yeah, you know, ultimately at the end of the day, our farmists have been providing the vaccinations for over ten years, but in the last couple of months, there has been regulatory changes that have allowed trained technicians as well as other professionals to be able to administer the vaccinations. and right now, we have 35,000 trained immunizers in the organization, and we are working towards increasing that to 45,000 trained individuals, and so what that is going to allow us to do is to exactly to your point, it is not one individual, but multiple immunizers in the locations so we can immunize as many people as we can, and doing it safely and insuring that we will obey all of the covid protocols in place. >> and it is getting the training to the emts and the assistant pharmacists or whatever it may b and we

appreciate the work that you are putting in, and thank you for the update, rina shah. >> thank you so much. all right. so it is slower than all of us want, and we get it, but the vaccines are coming, and as we get out of this, and we will. and jeffrey says to bet on the rebound and the consumer stocks, and the new roaring 20s, and where could they have heard that and the firm is saying is names like marriott, tapestry, and the old coach, and the royal caribbean and all of the others are going to benefit from the pent-up demand. more names and see the full list at cnbc.com/pro. but do it after the show, because we have got a lot left coming up right here including the swan song for the ceo of intel, and the investors love it. watch out, the first sign of the rising rates are showing up today in the very real economy, and that story and plus the rapid fire ahead. gallop is up $60, and we are back right after this.

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>> welcome back. breaking news out of d.c., and the republican out of california and long-time trump ally is speak on the house floor right now. >> nonviolence and yet the violent mob that descended upon this body was neither peaceful nor democratic. it acted to disrupt congress' constitutional responsibility. it was also an attack on the people who work in this

institution. members, staff and the hundreds who work behind the scenes so that we can serve the american people. the greatest statesman in the history of our country underthat the greatest threat to freedom is lawlessness. a young lawyer abe lincoln once said, "there is no grievance that is properly addressed by mob law. and yet for several hours last week mob law tried to interfere with constitutional law. some say the riots were caused by antifa. there is absolutely no evidence of that. and conservatives should be the first to say so. conservatives also know that the only thing that stops mob violence is to meet it with force rooted in justice and

backed by moral courage, and last week, we saw mob violence met by courage, sacrifice and heroism by the brave men and women who protect this institution every day, but for the bravery of the capitol police, the destruction and loss could have been greater. we owe them a tremendous debt of grat gratitude. the loss of officer brian sicknick and officer brian lednigood, we continue to mourn their loss. the officers of the capitol police deserve our eternal thanks. we won't forget the determination they showed or the sacrifices they made. make no mistake, those who are responsible for wednesday's chaos will be brought to

justice. which brings me to today's debate. i believe impeaching the president in such a short time frame would be a mistake. no investigations have been completed. no hearings have been held. what's more, the senate has confirmed that no trial will begin until after president-elect biden is sworn in. but here is what a vote to impeach would do. a vote to impeach would further divide this nation. a vote to impeach will further fan the flames of partisan division. most americans want neither inaction nor retribution. they want durable bi-spartisan justice. that is a path that is available, but it is not the path we are on today.

it does not mean that the president is free from fault. the president bears responsibility for wednesday's attack by mob rioters. he should have immediately denounced the mob when he saw what was unfolding. these acts required immediate action from president trump. accept shared responsibility, and quell the unrest, and ensure that president-elect biden can successfully begin his term. and this also requires congressional fact finding, and that resolution would be prudent, but that is not where we are today. truly this past week is one of the most difficult for congress and our nation. of all of the days here, last wednesday was the worst day i have ever seen in congress. our country is deeply hurt. so where do we go from here.

after all of the violence and chaos of the last week, it is important to remember that we were still here to deliver a better future for all americans. it does not matter if you are liberal, moderate or conservative. all of us must resist the temptation of further polarization. instead, we must unite once again as americans. i understand for some this call for unity may ring hollow. but times like these are when we must remember who we are as americans and what we as a nation stand for. and history shows, unity is not an option, it is a necessity. it is as necessary today as it was at the start of our country. i want us all to think back to how john adams and the federalist party handed power

over the thomas jefferson and his party after the election of 1800. that election and indeed that era was one of the most divisive ever. partisans used every dirty trick in the book. they demonized each other, and used se dishditious to describeh other. but they could have divided and bringing the last best hope of freedom, but after the last battle in congress, they conceded for a peaceful transfer of power, and the first in history took place. and jefferson for his part took aside the division of the era,

and preached forgiveness, and in the first inaugural address he said every difference of opinion is not a difference of principle. jefferson and adams did not end every difference of opinion that existed in america, and nor did they trtry. in a country as big and diverse as ours, it would be impossible, but they recognized that they had a deeper unity that both men had. and in a critical moment, both men chose partnership over tension and partisanship, and for the sake of our country, we must make the exact same choice. we have already begun. last week, despite the lingering shock and amid the windows still

broken, we did what all healthy democracies do. we debated, and we voted in this country, we solve our disputes at the ballot box and through debates and votes on the floor of this exact chamber. we did our duty then and we must do more. the eyes of the nation and the world are upon us. we must seize this opportunity and heal and grow stronger. as leaders, our place in history depending upon whether we call on the better angels and refocus our efforts to work directly for the american people. united we can deliver peace and prosperity that our country desperately needs. divided, we will fail. what we saw last week is not the american way. neither is the continued rhetoric that joe biden is not

the legitimate president. let's be clear. joe biden will be sworn in as president of the united states in one week, because he won the election. and the presidency in this congress will face immediate challenges that must be addressed. i stand ready to assist in that effort with good faith, goodwill and an open hand. the united states remains exceptional. we remain extraordinary. in the coming weeks and months, we must work together, all of us, to recharge the light of our shining city on the hill. history has shown us a way. history has given us a path. just as adams and jefferson has shown, now is the moment that we should do the exact same. and in these tries times may god continue to bless america, and

let's chart a course that history will repeat but not what is happening today. i yield back. that is the republican minority house leaderken mccarthy saying that i believe that voting to impeach the president in such a short time frame would be a mistake we are back right after this.

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air bnb is big surprise intel ceo backs out, and firm red hot kicked off ipo market and it is time for rapid fire and here to break down the headlines is jon fortt and deidre and dominic chu, and the first top. the ipo lineup is going to have a tough act to follow after today. a firm hitting the market and a lot of people hitting the bid and the prices are soaring with the first bid and blew past the ipo price opening at 90.90, and look at that, the shares of the firm, jon fortt up 100%, and my math says a double, and surprised by the strong demand. >> very good, brian.

and the founder and ceo interesting 19 years ago he's like one of the fathers of pen tech, the and he took pen pal public and now a firm that has the deals with shoppify and challenging the credit card model. a rumor it was coming later in the year last year, and it is coming right now, and i talked to him on the phone last night, and again this morning, and it is interesting, you know, because he's prepared for this. clearly, having been in the seat for a long time and chairman of yelp, and so it is going to be interesting for the economy to see how well a structure like this does. >> yeah. you know, deirdre, though, this is like a company in sweden, and not exactly analogous, but that much a month, and then there is 100 of only that much a month, and people can get themselves

into deep doo-doo from the credit perspective. >> yes, the business model has evolved but don't forget about the lending club and the companies that have come before it, and brian, what i am taking away from this is that it is truly going to be the year of the fin tech unicorn or ipo and starting off 2021 with more unicorns than ever. more than 250, and two of the top five and two of the top five are fintech companies, and square and chime. so they are off to the races for the start of this year. it also makes that visa plaid called off deal interesting. visa for $5.3 billion look like a steal. so calling that off, you can bet that plaid is going to be looking very appealing to some of the stock people, and the ipo market, and the ipo bankers. >> i am old enough to remember

when there were 20 ride share companies, and now it is fintech nowadays. and now, turning to intel, and bob swan is shocking everyone saying that he is stepping down february 15th, and somebody named pat gelsinger is with the shares climbing higher, and the shares are on the best day, dom, from march of 2020 and activist hedge fund and dab lobe coming tout say, good job, and are you shocked at the positive reaction since it is just the ceo stepping down? >> no, i am not shocked, because it is an underperformer so long, and reason that activists and investors have been involved for so long, one of the very few dow components that has not recovered. it is kind of to ipo and not ipo, but it is dot-com era highs and for that reason many believe that it is more of a dinosaur, and what it does show is that there is appetite among the

investors to get back into the intel, because they believe that the infra12structure is there t kick start the growth engine, and intel former chief executive officer is what the company has, and everybody else in semiconductor business is hot, and maybe this is the catchup stock that investors are looking toward in 2021. >> the long-term is good, but the stock is over when you have amd, and nvidia, and you have some at 100%, and is that ultimately what cooked the swan's goose is the lack of return for the investors or something else >> i don't know. i really don't. they were in a tough position that swan did not get them into with manufacturing problems and behind on that, but look, the pat getsinger going to intel is as close as intel could get to the founder return. the guy started his career at intel at 18 years old and he grew up in the company under the

founders and the people who built intel into what it is. and he has a background in software, besides the background in chips. so software is so important in the chip industry right now. so, what he says, what he does in these opening moves talking about what intel is going to do about outsourcing, manufacturing, more or less, and all of that incredibly important, but pat gelsinger, and talk about not going to take the job a couple of years ago, but now he has got it. >> and we have to give props here, brian, and i know that we have to move on, but he called it, and jon, you called it two years ago and i saw that tweet, and you called it, pat gelsinger, and kudos to you. >> and jon fortt called it. and by the way, swan got paid $67 million and if your goose is cooked for that amount of the money, it is not the end of the world. and moving on the topic three. corporations beginning to take a pro active approach to the

presidential inauguration, and the fears of the unrest in the nation's capitol. air bnb canceling and blocking future reservation in the d.c. area in the week of the joe biden's inauguration which is by the way next week. and the shares of bnb jumping, and those who had reservations will be refunded in full, and they will reimburse the hosts on the other side of the canceled booking, and deidre bosa, the investors liked it even though it is going to cost them money >> it is all in the stock performance and the shares are up 8%, and air bnb is saying that it is going to lose business next week and reimburse the hosts that would have made that money, and that is going to tell you everything that you need to know. they have been one of the gig economy companies that has taken a stance with the regulators, and they have had a pretty clear, i would say a very clear policy with regards to their platform, and who they let on and who they don't, and how they

monitor it. it is sort of going to stand in stark contrast to some of the other platforms that we have been talk about twitter, facebook, and so it is not that they don't have to make a stand by kicking off the president, but they have a close eye on, you know, bad actors that they don't want to be on the platform. so them taking the stand is not a surprise to me. and it is not a surprise that investors are welcoming it, and tell you how they look at airbnb differently from some of the other platforms, and brian, full circle, the company started in obama's inauguration, and they had, they asked people to let vacationers sleep on mattresses in their extra rooms or in their apartments, and now that is how this inauguration is so different. >> the air bed is what they had, dom chu, quickly here, and also what i called the goat trade on the trade, get out and travel.

and swept up in that. >> and the travel demand right now is not as much as it would be in a normal inaugural weekend because of the covid pandemic right now, but the thing that caught me about this is just how much corporate activism is now going to be playing a part in the overall narrative and in the trump administration, last four years that the companies are forced in the last couple of years to take stances, and stances that they mainly wouldn't have taken in the years prior. so airbnb is taking some bit of a proactive steps outside of the bounds of business to do something quote right or wrong, in the eyes of some. >> corporate conscious. and jon fortt, i love the new background, but is the eagle safe and sound and in a secure location, deidre >> you should have told me, brian, because i could have maybe flicked a switch and shown you the eagle, and maybe i will surprise you on the next rapid

fire. i will bring it back, because you are not the only one who said it. >> it is the eagle, and legendary, and deirdre bosa and we will look forward it to, and dom chu, and jon fortt, thank you. oil prices are surging, and the stocks with it, and will the higher prices send the production back up again, then prices bulk down as the industry does every time? maybe the most licensed to man in american oil, pioneer's scott sheffield is here, eluve, xcsily with that and more, next incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx, lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer. my retirement plan with voya keeps me moving forward... lease the 2021 nx 300 for $359 a month for 36 months. even after paying for this. love you, sweetheart.

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. it's starting off the year certainly red-hot, to the tune of 9% just this year that's lifted energy stocks as well pioneer national resources is

one of those names, it's now up nearly 170% from the year's low. scott sheffield is here with us. with all the news that's certainly going on, we really appreciate you coming on to cnbc and "the exchange. first off, what was your immediate reaction to the saudi surprise, as i'll called it, where they practically said we're cutting a million barrels a day in february. it shocked everyone. >> it's always great to be on your show, the last time we saw each other was in the golden conference about a year ago. we had that conference just last week, but i think everybody was surprised about what saudi did they did it for two months, and moved up the price significantly, but i think what is most important, they finally took a leadership position as you know they've been negotiating between russia, uae,

iraqis, and they finally took what i'll call a very important decision, a short-term decision, and they ended up making money off of it by cutting a million barrels a day by roughly two months so we're excited about that change in their philosophy. >> you're the only american ceo that i have seen that has got on a plane and felony out of to vienna, you're the only ceo that's actually been to an opec meeting. we have a new administration coming in. what are you and your team expecting? do you think we'll see an all-out ban on fracking? what's your best estimation of incoming energy policy >> thanks, brian we don't see any major changes than we saw in the obama administration we did a great job of cooperating with the obama

administration i anticipate the same. i think emissions will be a topic, i think the big issue is whether or not they'll ban drilling on federal leases if it does, it will greatly affect the gulf of mexico, it willgreatly affect new mexico in the permian basin, wyoming and the bakken if they stop drilling and we'll see imports rise, again, from the middle east. so we'll be back in that same cycle. so we hope they don't make that decision, but that's probably one of the most important decision that we do not know at this point in time what they're going to do. , yeah, i talked to people in the obama administration they remember that for two years, oil and gas, scott, was the only industry in american adding jobs. that's one of the reasons i got involved with it all right.

let's move on. you know your industry, scott. every time prices move up just a bit, the drilling rigs come back up, and prices go back down. has the industry gotten smarter this time? >> yes, they have, brian in fact, we closed on a partial opportunity yesterday, so now pioneer is a $35 billion enterprise value we're probably by far the largest permian players by far we're excited to have new employees join the company yesterday, but what we are changing is the new investor model i've been talking about what should be the new model it's all about free cash flow. we're only going to spend 60%,

65% of our cash flow, where before we spent 100%, and we're going to distribute that excess cash flow to the investor. >> scott, we have another show coming up, but we appreciate your insight, something new and interesting in oil scott, the best to your team i appreciate it. thank you, brian. that does it for "the exchange." as bitcoin continues its record climb, some billionaires are locked out why one particular password is worth $220 million, and the guy e ly has two guesses left. seyou tomorrow "power lunch" is next.

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