welcome to "power lunch," everybody. melissa lee will join us in a moment we will bring you the headlines, plus will uber deliver we will look at its road ahead as the two companies navigate the pandemic tillray by up almost 40%, with a little help from reddit users. "power lunch" will light it up

right now. we begin with breaking news, steve liesman joins us now, what is jay powell going to say >> fed chair jerome powell paints a bleak picture of the labor market, melissa, and how far the u.s. has to go to get back to where it also connecting it to keeping an easing policy in place they will maintain a low target rate the fed will also maintain assets and asset purchases at $120 billion per month it will not tighten solely in response to a strong job market, since we're a long way from a strong labor market. a recovery requires continued policy support

around actual unemployment rate is at 10% with wide economic disparities having widened further. permanent job losses, he says, and long-term unemployment have increase in policies that end the pandemic quickly are most important. he talks about an accommodative stance being very important, require society-wide commitment, from businesses, from other parts of government and from the fed. tyler, back to you >> one question, if i might -- is he in somewhat of a conflict with janet yellen, who said she could see a full job market, full employment sometime next year >> you know, i don't think so. sometime next year is still some time off, i think we could say, and it's not like we will just get to full employment without doing anything i think when janet yellen says

what she says, she counts on the fed being very easy and wide open on its policies i think janet yellen also counts on a strong stimulus or relief bill from congress and the administration, so i think those things are implicit in what janet yellen is saying i think if and when we get there there would be a time of reckoning, but the time is not now. i can't wait for the q&a, because i'm sure he'll be asked about gamestop and reddit users. i'm really curious to see how he answers that inflation seems like a growing concern at about 3%. just what we're seeing in the commodities market >> um, i think that is an issue month market participants. my read and conversations with fed officials have said not an

immediate concern for them what they are waiting to see, melissa, is how the economy behaves once the pandemic is over, and both demand and supply are back in sync right now you have all kinds of supply issues with people buying stuff in amounts they didn't yoon to buy them in and not buying stuff in amounts they used to buy buy so what happens when trade is reestablished hopefully when the pandemic winds down. i think it will be temporary and not see it as inflationary until it's established for a long time the fed is aiming for inflation above its 2% goal, so emphsome

that would be in that welcome. let's bring in jeff mills. judging what steve has told you about the fed chair's rather bleak assessment of the economy and specifically the labor market, do you see any reason to change what you're doing >> i don't think so. i think the message will be pretty consistent with what powell has said. you guys touched on it it's the labor market and inflation. in terms of the labor market, the fed has made it pretty clear, they're not going to do much with interest rates until they reach full employment can you try to define excite le what that means, it could take a number of year for the labor market to heal naturally and reach that level you can make the argument, as janet yellen has that it will reset a bit quicker, if you get the stimulus that's been

proposed core and headline cpi today, nothing necessarily alarming there. you will lapse some readings from last year, so maybe some inflation scare as you move toward the halfway point in 2021, but you have an outlook gap that's pretty wide again, still wide. it will be unusual to see a sharp spike in inflation, i think you look further out >> maybe you just answered my next question, but when you have an up economy that's, what, roughly $20 trillion, with stem lutz on the order of $7 trillion or something like that over the last year, that's sort of 40% or basically 35% of economy output, what kind of problems are you

looking at down the road, if any? >> it's heart nod to be a little concerned. i mean, we have the stimulus we already received via the c.a.r.e.s., the $900 billion we received, and now likely the stimulus, versus some of the lower expectations that have been cited i think things have changed on the stimulus front in some of the more moderate democrats willing to go for the full $1.8 trillion i think democrats are looking at a 2003 precedent that was set via the including of some pell grants in a reconciliation bill, so you might be able to authorize some additional discretionary spending in the next round this is already at 6%

unemployment yes, you have issues with the participation rate, but all these things are flooding into the market you can look past this year, and things start to tighten up a bit. you can see serious issues with inflation. what i am telling our clients, it's probably not an issues this year, about you if you look at what hedges inflation the best, it's probably equities the beta of the s&p 500 has been the most consistently negative over the past number of decades. given the liquidity background and we don't think -- we still want to be fully invested in the equity market. >> everything you laid out is a recipe for a very, very sharp upswing when it comes to economic activity for this year. if we are to think that all that stimulus is in the market and stimuluses to come, and

typically there's a lag time for a stimulus to take effect, we could see a sharp upswing in the second half. why does inflation not go hand in hand with that? >> probably where it's likely to be through the end of the year, but to your point, you do think you get this economic acceleration in the second half. i think a big part of this equation is earnings you have multiple that at least in my opinion aren't going to go dramatically higher or lower, either if multiples are largely locked, it's going to be earnings. earnings expectations continue to rise. if we put ourselves at the end of this year looking out to 2022, those economic conditions that you laid out, they're causing earnings to continue to rise, expectations of $198 per share in 2022, so if you put the current multiple on that at 22.7

times, that gets the to over 4500 in the s&p 500, a 15% move from here. just because we're at all-time highs, it's going to boost earnings and i think that will be a major driver for the market. >> jeff, good to see you thank you. jeff mills. >> thanks, melissa. we have some news from southwest airlines phil lebeau has the story. >> look as shares of love. reuters is reporting that southwest ceo gary kelly has send the letter to the biden administration telling them it's not a good idea to institute a requirement for passengers on domestic flights here in the united states to receive a negative covid-19 test, basically kelly is saying we've heard from the industry for weeks that this is not a good idea, that the mask mandates that are instituted with all airlines and now federally required, as well as the social distancing measures, the

disinfecting of airplanes make it a safe form of travel, and that requiring a covid-19 negative test could hurt jobs and impact jobs for the industry. >> southwest ceo sending that message in a letter to the biden administration guys, back to you. >> the concern for best and all the airlines, if you require it, say i'm flying from here to phoenix and you have to come up with a negative test, first i may sea, not worth it. i'm not going through the hassle two, it will cost cost somebody, and three, what happens in i come down positive, now i have to change my trip?

i may say, pfft, not worth it they're already dealing with worse travel problems. if you require a test -- >> i'm sure a whole contingent of travelers who would be more willing to fly if there's a test required. >> maybe, maybe. they believe masking, disinfecting, social distancing, all of those make the airplane as safe as possible. adding in a requirement for a negative test would not make the airplane that much more measurably safer >> have we heard of cases of becoming positive from an airplane. >> there is a case in europe who

supposedly came down with covid because they were all on the same flight. while you may hear adeck dotal reports, generally speaking you have not seen cases where people say i took a particular flight, and i god covid-19 on that flight coming up, general motors in reverse, warning about the chip shortage in its earnings report, but there's another auto company that's stocked up. erub gears up for its report today. much more "power lunch" after this

how do we ensure families facing food insecurity get access to their food? we needed to make sure that, if they couldn't get to the food, the food would come to them. we can deliver for food banks and schools. amazon knows how to do that. i helped deliver 12 million meals to families in need. that's the power of having a company like amazon behind me.

when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

marijuana stocks are lighting up, continuing their rally in the hopes of legalization frommed biden administration and democratically controlled senate, but some are leading the charge after catching the eye of reddit users it's been centered on the merge are of two companies, sending stocks to go pier. michael, good to see you. >> thanks for having me. >> i'm just could youius, what went through your mind when you heard reddit users were focusing on pot stocks today, after what we saw with gamestop, et cetera? >> it certainly feels like a category that lends itself toy prove retail investor appeal,

and misthat an average retail investor could be excited about. tilray has had a particular short interesting, and that's something in the crosshairs of most some of these guys. >> when you look at tilray, though, michael, is there a fundamental argument for it being at $57 a share or higher >> well, it's raced past our target of $15 -- >> just to underscore that. >> yes certainly there's always wiggle room, but i think there's issue about excite about what appears to be likely change in the u.s. federal law around cannabis, but it's being devoted to the -- the affect for that has been going to the canadian operators with no presence in thes.

primarily because that's they'reu-hissed, readily available and investable, but if law were to change, they would simply perhaps have the chance to enter the u.s it would depend on what laws change, by how much and what the structure is, and there is incumbents in the u.s. market already that are already here. which shocks are the most overvalued >> it's a bit different for even wonderful. we look at canopy last week and actual le down graded that to neutral. we saw or 12 times ev multiple partly cam tur -- they have a

conditional deal to take over u.s. operators for 2022, just more accounting for what would come from some of these students that they do have visibility on. >> they're not around, and it has, but on a fundamental basis we could stretch it. >> thank you so much for joining us, michael. we appreciate it. fed chair jay powell is now taking questions at the economic club of new york, we're going to listen in live is the extent tosh -- and we have an output

gap given the numbers that are being debated presently in the american recovery act and what they believe to be or thing in in gdp that we would see as a result of these fiscal measures, what do you and your colleagues see relative to the increase in gdp that would bring us closer to being at the full employment level at output? how much spay is there >> i get i need to start about how much to spend and what to spend it on, that's one for congress and the administration

i'm reluctant to get into what is clearly a very active debate. fiscal policy has been absolutely essential in this recovery this was a very different kind of a downturn which really wasn't that something was wrong with the internal workings of the economy. it was just really a natural disaster hit and people's incomes were extinguished quickly. it's also about stimulation, but it wasn't about a demand sh shortfall, so it came through with the c.a.r.e.s. act and followed up, and i would say it's the essential tool for this

situation. we, of course, will continue to support this as far as -- for as long as is needed with our tools. i guess i would also say that essentially output, there's a wide range of estimates, and it's hard to really -- i talked about this at jackson hole a couple years ago, you want to be careful to rely too much, or for that matter, the neutral rate of interest >> my question is related. as you put in your remarks, mr. chairman, the united states has not experienced significant problematic inflation for many years, since i was a student in the '70s and early '80s. the stimulus being applied right now, together with supply chain disruptions from the pandemic, some observering fear we might

experience problematic inflation as the economy recovers. for example larry summers raises the possibility in a recent column do you have any indicators that you watch particularly close ly >> as you imagine, we monitor several -- we have an index of counter-expectations, or breakevens, that sort of then, we do look at wages and other -- so, of course, it's half of our mandate so we have a very strong group of inflation economists. it's one of our major focuses. i'll just say, i think the bigger picture still is that we have seen, as you mentioned, you

know, free decades, a quarter of a century of lower and more stable inflation we have seen the last decade be characterized by global disinflationary forces, and lars nations struggling to reach the 2% inflation goal from below so that, i think is the broader setting, in addition, the pandemic itself has produced lower inflation readings driven at the beginning, you know, by collapsing demand for -- in certainly particular services. as we look forward, as the very low readings of march and april fall out of the 12-month window, we'll probably see an increase, but it -- in readings, but that's not going to mean very much it won't be very large or persistent in all likelihood it's just a function of those readings falling out

what we also may see as the economy reopens, a burst of spending, but many are monitoring for that. if the economy reopening, there's a lot of savings on people's balance sheets. there's fiscal policy. you could see strong spending growth, and there could be some upward pressure on prices there. again, though, my expectations would be that that will be needs large nor sustained. we've had on inflation dynamics for three decades of a very consist of flat phillips curve, which is a weak relationship, but also low persistened of inflation critically if you go back to when you and i were in college, you had a steep curve, but also had the situation where inflation would go up and stay up. expectations were not anchored so, um, we have very low

persistent in a very flat phillips curve nothing in the economy is really permanent. inflation dynamics will evolve, but it's hard to make the case why they would evolve very suddenly in this current situation. you asked about actual inflation. so, in fact, if you -- i described our new framework in our guidance, in major part we are looking at actual inflation. we want to see actual inflation. part of the reason for that is all in the -- were writing down a return to 2% inflation, maybe a mild overshoot year after year after year and year after year after year inflation fell short of that we have tied ourselves to realizing actual inflation, for example, that's the way our rate guidance works we have to see inflation reach 2%, not in a forecast, but

actually so we are looking at for actual inflation. the last thing i'll say, of course, if contrary to expectations inflation expectations were to move up in a troubling manner and that would to be sustained, or if inflation were at troubling levels, then we have the tools to address that, and we will, of course, use them >> you talked about the central role that health played in both precipitating this recession and the role that's going to play in the recovery as you think about all the data that you look at and the changing nature of this recession, are there specific health indicators that you are looking at, as new indicators, leading indicators of where the economy is structurally in the river? recovery >> yes, like many, many people,

we're doing what others are doing, which is trying to learn as much as possible about pandemics and the spread of covid, and, you know, we've been -- we talk to a lot of experts, our staff are very plugged into outside experts it's a very brought set of data the initial impact in march and april when the economy was largely shut done set all kinds of records for a decline in employment and commit activity we had a spike, and the impact was much less expected in the fall we expect a spike, and it's been very, very large,

of course. once again, big parts of the economy have just performed pretty well through that if you look back, jobs have continued to be created. travel, entertainment, leash your, hotels, they very strongly affected so what we would all love to do is read enough we could look ahead and say, we know when herd immunity is going to get here. the truth is that's not something that anybody can do. what we have in effect is a base case which is fairly economy, and it purchasing quite well in the second half of the year. you're job is not to replace dr.

fauci. it's to understand the implications for the economic. in this particular case the risks seem to be from the down side, or from the new strains, so we monitor all of that. and i think our view is we need to guard against those downside risks and make sure we don't move to modified policy until we see we're really through the pandemic there is just so much uncertainty. it's a case where typical richx management approach, where you're looking it is base case appropriately so, it's been very active, but as a result of active fiscal policy, the

federal government debt is now reaching historic highs as a percentage of gdp that brings me to the question -- might the impact of higher interest rates on the federal budget entered into the thinning about how quickly to raise interest rates as the economy recovers? the ability to finance itself, that's in no way where we are. we continue to set or monetary stance to chief best maximum employment and price stability budgetary issues do not ballet a role in our deliberations at all. at a completely separate matter, and that's -- so that's my

answer to the question a completely separate matter, the budget is not on a fiscally sustainable path, that's been the case for a long time that's different from saying the left of debt is unsustainable. it clearly is not my view is fiscal authorities will need to return to this question, but the time to do that is not now, when the economy is weak, we have 10 million people unemployed. taxes ar that time will come, but i would say it's not now. >> chairman powell, one of the things we have learned over the last decade is that the fed has more tooismgs at constituents disposal through the financial crisis, as they approach zero,

people thought the fed would be out of ammunition. as you think about the growing disparities, certainly returning to full employment and the strategy you have outlined for allows the economy to run at full employment is one way of addressing the disparity is there thinking that are more creative, if you will. we're an unusual organization. we have a very specific man dade and very powerful tools, important man dade we had this grant of

independence, means that under current law, our decisions can't be reversed. that should be rare. most things should be subjected to regular popular democracy because of our unusual nature, of course, we worked hard to be transparents, find accountability it's very important we do that, but i think given the special -- given or precious ndependence, which allows us to do things without with regard to cycle and politics, i think people understand that's a good think that's an institutional arrangement that has served the public well, but the other side is we do not seek to venture into what is effectively fiscal

policy when you're talking about targeting group who is versus needsy, targeting them this resources, that's fit cal policy nobody elected us, so i feel like it's very important we stick to our assignment from congress and other things, but i do think we're not -- the tools you describe really are tools of fiscal policy specifically i think we should stick with what we are doing and let the fiscal policies do what they do i asked the question for the future, but i think it's important for people to understand the distinction of what the fed does and what other people might like the fed to do. >> very important. i agree, peter >> since you brought up the issue of transparency, i would love to ask a question about that

the most thing i can speak of is ray gallegos with every conversation recorded and that transof transparency i wonder, when talking to federal reserve governors, if the transparency rules have gone too far to make it hard for them to have informal meetings among themselves do you think in some dimensions we have gone too far in requires transparency that would make it hard for the fed to have private conversations? >> i guess i would say it this way. there are some aspects of the transparency scheme broadly that are -- that if i had a blank speed of paper i wouldn't deal with it that way so that's not great.

actually we have a waiver of that during the accuse phase of the crisis we got a legal waiver in the first c.a.r.e.s. act so i do think that that is challenging, you know, if for the six governors to have lunch together we have to be super careful. but -- but i will say that, by and large, i think the transparency that the move to far greater transparency really over the last almost 30 years now, high 20s, has served the public well and is appropriate in our system of government. you know, we are so transparent now -- by the way, we keep finding new ways to be transparent. i think it works we're very focused, my colleagues and i are, on engaging in those who have overside for us, and that's the legislature. in many others it's the finance mystery, but here that's who it

is we have more transparency, more conferences, more reports. that's not to say, though, as you point out that there are a couple things i would in the dark of night or otherwise be willing to change. >> i'd like to talk for a second about the global economy every central bank has its particular mandate, and of course doing the best for its domestic economy, but central banks are also in constant communication with one another to make sure we're doing things in a way that doesn't undermine global prosperity. could you talk a bit about -- anything you can share with us about how you're thinking about global policy coordination at the moment, and make how challenging is that at the moment, given that you're not sigh your colleagues in person

until i became chair, i didn't realize how much time is invested in develops thor relationships. these developments often have global implications, so the channels that we develop during more peaceful times being very, very important the so, did you bush you're right, we go to basel six times a year, and then there's group and smaller meetings, and it's extremely useful to hearty from other central bankers, it

doesn't form our understanding of what may happen it puts you in a situation where things go wrong, we know each other and we talk on the fine which we did in a lot. you sort of have a stored up amount of goodwill and knowledge to each out and we're still doing that -- you could have the basel meetings on the telephone, but you won't have the time having lunch and just seeing each other and has and that kind of thing for three days. so it's a very important aspect. i think the activity do help us do our jobs better in serving the american public. >> after the great recession the fed balance sheet is vastly

different, much larger than it was, say, 15 years ago i know it's not the times to shrink it, you're not, but a look ahead where we might be 15 years from now, do you envision the fed going back to a smaller balance sheet, having more modest roles in financial markets as it did in the past? or do you think we're in a new world, where an expanded balance sheet is a permanent fixture of a financial system >> i do want to agree with your first point where the balance sheet will be the size that it needs to be to provide sup supportist it's a key part of what we are doing, and that is our focus. we're not thinking about shrinking the balance sheet. just to be clear, i want to make sure that's out there, but to get to your real question in the

long run, our balance sheet will be no larger than it needs to be to immediate the demand for our liabilities and allow us to implement financial policy so really in the long run, it's demand for or -- so when we buy assets, we're thinking about buying assets it really is the public's demand for our liability. we will return to a play and not beginning anytime soon, where really the size of our balance sheet is set by the public's demand it won't be the $20 billion balance sheet that we had in 2005 it won't, and that partly is just that growth -- demand for currency has been surprisingly

high, at a time whether in many other parts of the world people are declining to use currency. reserving are the most liquid assets and they're in high demand for banks to immediate their liquidity requirements in the longer return -- we will get back to that, and we did ultimately do that after the global financial crisis. we froze the side of the balance sheet in 2014. as the economy grows, it shrinks as a percentage of gdp in addition, currency declines so the answer is, yes, with a long explanation, i would say. we're going to break away for a few minutes as fed

chairman powell takes questions there at the new york economic club the market seems to like, at least mildly what he's been say, it's in the green. mottest moves for the -- still ahead, we have much more "power lunch" coming. shares of uber hitting a 'lsp after reporting wel eak to an early investor, after this break at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn.

and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this ♪

when you've got a business, you don't want to worry at fidelity, you can have both. about slow internet or confusing cybersecurity. so get comcast business internet with fast, reliable speeds, and add the advanced security of comcast business securityedge. it combines the speed you need with threat protection. plus there's 24/7 support. it's internet and advanced security - made simple. so bounce forward - with comcast business. get started with a powerful internet and voice solution for just $64.90 a month. and ask how to add comcast business securityedge. call today.

welcome back to "power lunch. lyft is reporting higher numbers than expected, and uber has seen a great transformation in its business will there be another shift, here is jason calocanis. >> there seems to be a big extrapolation from lyft results yesterday as to what we should

expect from uber tonight do you think it will be as optimistic as the second half of the year was, and do you think it can move you want the profitability targets? >> i think whoever the leading company is will accrue a bit more of the lyft and uber is a magnitude bigger than lyft, i mean, four or five times i think what we will see here is uber built a very andy-fragile business in regard to having the eats business and the rides business when the rides big went down people are staying at home they're using increasingly drizzly, and watch the the team take on this challenge has been impressive reminds me a lot of disney as they got focused around disney plus, and they looked and said,

you know parks are great, merch is great, movies are great, let's just accelerate disney plus they got rid of a lot of the noise, sold off in places where they weren't going to be in first, second or even third place, and sold off businesses like russia and china. that's well documented i think they found a new really inspiring footing, which is, if amazon is two-day delivery going to one-day, uber is kind of one-hour going to ten-minute delivery that is travis' original vision for uber when i met him -- i knew him before that, but when we started talking about the company earlier on, his vision was this is a logistic company. we took atoms on the world and made bits on the internet.

now we're going to make bits on a phone and move atoms in the real world and here we are, decade two, i'm owning the same sharing since i bought them back in 2008 or 2009 i have a huge position in uber, and i'm going to hold hold it f next decade. >> what needs to be done in terms of perhaps acquisitions or build outs to make uber that delivery company it brought drizzly for a billion dollars? is it going to take those sorts of acquisitions or can it turn into a transportation company using the technology it has and the drivers already working for it >> i mean, it is fairly obvious there are acquisitions and consolidation that needs to happen in order for it to be profitable the space can't have 50 players. losing money we've watched everybody say, you know what? we'll have to charge what this product is worth there is no free vc money.

the public markets are not down with lose money forever and grow i think we found a happy medium between what public market investors want, profits, and what private market investors want, growth and i think there are some exceptional jobs some things come from acquisition but most has to be relentless execution and focus that is the inspiring part of what happened here is they have become relentlessly focused and things that maybe were coming in ten or 20 years like self-driving where there will be in all likelihood a commodity business, you know, ten, 20 years, five people who have that technology, you know, and very fascinating, very interesting, vertical take-off and landing vehicles, again, seven, eight, nine, ten years off as a very niche product. >> right >> i love the focus of management and it is going to accrue to the bottom line. if everybody is not losing money and everybody kind of agrees that is not sustainable because the market is telling them it is

not sus tainl we're in a good place. >> pleasure speaking with you. wish our conversation could be longer >> all righty. now let's go to seema mody for trading nation. >> set to trade tomorrow targeting a $7 billion valuation a far cry from match group's market cap first, girls swipe first and the strategy does appear to be working wells fargo analysts saying bam bl's ipo could siphon some use from match group adding it was double that of match group's tinder through the end of last year for more on the space i'm joined by todd gordon i'm curious how you think the retail investor space will size up bumble's ipo, a consumer facing name and tends to target millennials perhaps more inclined to online date

>> i am a little out of this demographic but i understand match's tinder is the biggest competitor to bumble let's talk about match where that competition goes. we'll see earnings last quarter from match basically at expectations. tinder was a little drag match is expensive about 11 price the book. i hold the stock i've held it for a while i like it. the chart looks great. it is testing upper channel resistance i'm fully aware of that over head resistance. there was a key acquisition with video which is going to be key in this new age we live in they bought hyperconnect which is south korean video for $1.7 billion expected to close next quarter this allows match to gain a bigger market share in asia. listen, match has changed. this video world we live in has changed the norms. this is how young people are meeting. we're busy, not going out to bars and restaurants as much this is the way of the future whether you like it or not i like it. i hold it. i am aware of the overhead resistance.

>> bumble is being led by whitney wolf who will be one of the youngest female ceos to take a company public and is seeing impressive growth. do you swipe right on bumble or what do you think? >> i can't buy either of these companies or i'll be single and using these apps in my opinion these are over valued i am happy to see a bumble go public and great to raise the capital they're raising but focused on match, as todd said, trading 52 times forward earnings there was a time when a company would announce an acquisition spending $1.7 billion and the actual company would get hit because of that lost cash. the stock is trading 8% higher today. so in my opinion it is a speculative kind of frenzy we'll have to see what this acquisition yields but again, these are names i think if you chase these names here, it's very, very dangerous. i would stay away from the bumble ipo and i would definitely not chase match

>> we will watch tomorrow. thank you for joining me for a check on the chip shortage head to our website or follow us on twitter at trading nation back to you. >> seema thank you very much the dow hitting a record high again today despite a sudden dip into the red this morning. we'll get you set for the last hour of trading. you can watch or listen to us live on the go on the app that's no crap. we'll be right back.

good morning!

this is where everything started. the four way is engulfed in history. you're sitting in the place where giants ate. the four way is the heart and soul of the community. ♪

they told us to begin with the markets but i don't know whether we can get a wide shot here this is the first time in about a year -- >> yeah. more than a year >> i feel like i'm on a first date. >> a little nervous. jittery. >> a little jittery here i want to text, you know

anyhow let's look at the markets for you. there you see them i can barely see them because of my advancing age you can see that they are higher green. reacting i guess positively to what fed chair powell said about the continued pace of stimulus that he intends to put into the economy so there you have a nice little green day >> yeah. and basically the headline there is it is important to not for the fed not to pull back until the economy is through the pandemics. that implies the fed will be there for a very long time, which is great news for the market >> and we began the hour at least in part on marijuana stocks which have been, you know, the puns are too easy, right? been puffing along really nicely tilray up 45% today. there is a lot, a lot, a lot of belief that the biden administration is going to take the lead in legalizing or decriminalizing it on a federal basis. there is a lot of hope built

into those prices, melissa. >> some call it hope some call it froth take a look at doge coin it is higher today after elon musk once again tweets about it saying bought some doge koin for little x his baby so he can be a toddler hoddler. power of elon musk and doge. thanks for watching "power." >> good to be with you melissa. >> "closing bell" starts now. >> welcome everyone. i'm wilfred frost with sara eisen. intraday records across the board and a choppy day of trade. the major averages are well off their earlier highs as we stand. let's look at what's driving the action fed chair jerome powell speaking at the economic club of new york saying employment is a long way from where it needs to be and policy will be patiently accommodative. the big tech stocks see small declines twitter and lyft bucking