♪ it is 5:00 a.m. on cnbc here is your top five on five, call it the rising. fear of rising rates and rising taxes, raising its head on wall street but could a little talk about the decent economic data put fuel into the fire wall street continues with archegos with the price tag of what losses could be you've got to hear the number. president biden is planning to lay out a multitrillion

spending bill. most of it focused on infrastructure the tax hikes coming with it will he have to build bridges even within his own party to get it passed? say so long to the office. the major companies that are becoming the latest to look to unlock big blocks of real estate and as always, your morning rbi, why you want to book that vacation now or pay the price later? this is "worldwide exchange. the rbi would be more interesting if you want to go, go somewhere -- yeah, i'll just go back to bed good morning, good afternoon, good evening, welcome from wherever in the world you may be watching, i'm brian sullivan thank you for joining us

you'll like the rbi, especially if you're planning a trip. so much to do on a busy wednesday. it's the opec technical meeting ahead of the main meeting tomorrow setting up wednesday, futures are mixed. as you can see, well, i'll tell you no huge moves either way dow futures down 40, nasdaq up 18 this after the dow fell more than 100 points on tuesday slipping from its record levels, the s&p and nasdaq also down fractionally well, stocks are set to wrap up a rocky march today is the final day of the month and the quarter. the dow, the big winner. up nearly 7% big monthly move as many of you rotate out of so-called growth stocks, technology, work from home, whatever you want to call it and into more cyclical and so-called reopening plays. the nasdaq up nearly 4% on the month while the -- oh, which market fell? the s&p up 4%. my bad

early. the nasdaq down more than 1% there you go well, bonds a big part of the story. the ten-year treasury yield, hitting a 14-month high of 1.77% right now to slightly below that level. all right. quick trip around the globe. take about 30 seconds. you've got fractional losses across asia, the nikkei down the most still under 1% similar story in europe. more red on the screen than green but the losses are minimized a couple tens of 1% for major markets. new this morning, more on president biden's official rollout of his massive infrastructure spending plan coming only later today, as well as growing new concerns about the tax hikes that might come with it. bertha coombs as more on that and the other top headlines. and she is with us now bertha, good morning >> reporter: good morning, brian, the president is heading to pittsburgh today to unveil the first in a two-part economic

recovery proposal. that first portion is expected to overhaul this country's infrastructure and manufacturing systems. while the second lag of the plan will involve big investments in held and child care. to pay for the likely multitrillion dollar price tag, president biden is expected to push to raise the corporate tax rate from 21% to 28% and of course, multinational corporations to pay significantly more in taxes to the u.s. in profits they earn overseas meanwhile, the fallout over the archegos capital melt down continues to mount as wall street tallies its losses. jpmorgan now upping its estimates for total losses for banks at the center of it all from 2 to 5 billion from 5 to 10 billion, calling them very important. reuters is reporting that u.s. regulators have been in discussion with market players to determine the full extent of

the fallout from the default of archegos' equity swap positions. and ballot reviews will continue at that union election at amazon's warehouse in alabama. the process to 58,000 workers in the facility is expected to take days and likely spark legal challenges ahead of that vote, amazon had been discouraging efforts by the retail, wholesale and department store union to become the first ever to organize one of the retail giant's facilities in the u.s. it's going to be one to watch, brian. >> yeah. certainly will be, bertha coombs, as well as those sizable losses for the archegos trades gone bad berth that thank you very much all right. well, many start to worry about the bad news of potentially higher taxes here's some good news about the macro economy and this one cummings courtesy of the new york federal reserve, and its little talked about weekly indicators or as we call it wei because we're friends

it's an index of ten weekly indicators like electricity output, steel production, fuel cells and even a consumer survey and the latest numbers are out and they are booming that weekly wei coming in over 4% that's that big spike on the right side of your screen. that's one of the biggest jumps in reading ever. as big or bigger than the best week coming out of the financial crisis a very good economic sign all in all. so can the economy clearly on the upswing overcome concerns about higher rates, inflation, and potentially higher taxes for more, let's bring in kathryn fatis founder and ceo of grace capital. kathryn, good to see you, obviously, listen, there's no doubt, the economy is on the upswing. stocks have responded. i guess the big question is how

much of the stock move the last six to nine months is pricing in the kind of economics we're starting to see now? >> good morning, brian thank you for having me. i will argue that it's pricing in a lot of it but, look, the market has been stretched for years. okay the market was up in 201930% 2020, 18%. this is with the pandemic. with all of the things going on. so, growth stocks, value stocks, the market is not low. >> not -- okay very nice choice of word -- not low. does that mean too high or kind of like the middle porridge, catherine? >> well, my crystal ball broke on the way here. i would argue on the high side but what do i know i've been saying this for a while and it happened to go up look what happened with ipos very healthy, even with a little

bit of a nasdaq meltdown the past few weeks, still have a very healthy ipo so there's a lot going on. >> all right we have -- by the way, catherine, to throw this out there, we have a quarterly survey at cnbc where we like to, you know, survey contributor strategists, folks like yourself running money. we ask them what the most crowded trade might be in the markets, 41% said bitcoin, 32% said big tech, obviously, the numbers don't add up to 100. 21%, cyclicals, and 6% small caps would awe agree, bitcoin, big tech >> i would agree with bitcoin, no question. big tech, i'm not sure about i think to say the overall market -- the overall market is high big tech at least has growth

cont characteristics. we're using more and more technology you have to go into silicon valley, i'm talking getting on google, using your phones, the cloud, everything, everyone working remotely you're using big tech. i think at the very least, big tech, you're seeing growth to go with it. the rest of the market, materials, energy, i'm not so sure >> all right, catherine, iwant to ask you about the big market story the last few days, archegos i'm only asking because a little birdie, i.e., my notes for my interview, tell me that your fund owned discovery obviously, friday, not a good day for you. and maybe are you buying discovery on the weakness, 27% drop on the one day on friday? >> well, brian, we added a little to the discovery

position again, the backdrop is -- it was brutal what happened on friday it was absolutely -- did not know what was going on there was no news, calling the company saying what is going on. same thing happened with viacom, you find out because of archegos, it's a nightmare i don't know where else it's legal to put eight different mortgages on the same house. that's what you have in the swaps market the investment banks got nailed on it. nomura is going to lose half a year's profit from this, credit suisse, goldman sachs, it's been a disaster >> i think that's well said, eight different mortgages on the same house which, by the way, people used to do but now on the swaps, we're due to make the same mistakes, catherine faddis, grace capital, thank you for

being on >> thank you, brian. >> you're welcome. on "worldwide exchange," we're just getting going your money's big money movers and what has investors howling over shares of chewy. and all of these traders just come rockin' and rolling in the stock market and caleb is here with the stock market and the next generation and boeing's rebound getting set to take off. has it finalized another sale of planes all that as "worldwide exchange" rolls on right after this.

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all right, welcome, or welcome back seems like a good time to have the three big money movers let's call this the spaghetti western of stocks, because it is the good, the bad and the ugly chewy, reporting $2 billion in sales, chewy with the boost and the pet ownership during the pandemic it added 6 million customers last year. stock number two, lululemon, stretchy pants sales, rock solid. fourth quarter results beating forecast, retail projecting first quarter results above analysts' estimates, but it is warning about more supply chain

issues of all of the container stories we've done, there you go and stock number three, blackberry one of the meme stocks caught up in the trading frenzy earlier this year. shares are down 9.5% on the day but up nicely on the year, up 30%. we'll take a short break when we come back, for those looking to rock, one may have a solution during the pandemic era. what it will take to see some of your favorite bands in person. ♪

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all right, welcome back. well, this is a question that many in the market having asking recently just who are all of these new stock traders brought out by the reddit rebellion and stimis, short for stimulus checks received and they've been asking about them and their strategies and also how they've done in the markets. caleb, good to see you again, you guys are digging in. we've got this mental image of who these people are, 27-year-old quick-talking, fast-moving behind the computer screen, but is that right, who are the new retail investors? >> well, that surprised us,

brian, this is not your nephew home from college playing video games trading stock in the basement yelling at your sister for more meat loaf these are people from gen x teaching themselves how to trade stocks we were surprised by that. surveying our audience all year about what they're buying and we wanted to find out 00 what the new crop is. a lot of these folks, our age, middle age, a laud of trading stocks for the first time. they're self-taught and trading pretty frequently, brian, it's very surprising to us. >> it's amazing, too, i was actually digging into, this is all profit but related to student loan debt and who really owes the most money. because we picture this as a young person's story every time we do the student loan debt we show a 24-year-old the majority dealt, the biggest chunk are owned by geezers like us, a 42 or 45-year-old person,

the person with the biggest degree that's who owes the money. we've got to stop referring to them as sort of the newbies. they might not be that new, they might just be guys that got out ten years ago that are jumping back in. >> right men and women. and they're jumping back in and investing sometimes for the first time and teaching themselves by and large how to do it. a lot of these folks are self-taught. 75% were self-taught some of them learned from websites, thank you cnbc, thank you, bankopedia. these are folks trying to teach themselves during the pandemic, that brought themselves in as market participants and teaching themselves to trade. and they're turning over their portfolios very frequently, which means they're trading frequently it doesn't look like they're risking too much money a lot of them, brian, saying

they're doing pretty well. >> how well? do we know into we asked them up or down this year, about 85% said they're up this year of course, everybody likes to brag when they're up, we don't know that without looking into the portfolios this san honest crowd. the invest 0 pedia owners. they're not risking that much money, a lot risking $50,000 in a portfolio. the trades they're trading are frequent, they're only trading a few stocks here and there. their favorites, brian, even though an older crowd are the meme stocks. >> so honest, when the doctor asks you, mr. silver, how many glasses of wine do you have a week, two at most, maybe let's talk about the stocks -- maybe that's just my answer. let's talk about the stocks they like is it still all about tesla and gamestop >> sure. those are the two favorites. actually, they have some regret about tesla, not buying it in 2020 and not buying it

frequently on 2020 on the dips gamestop because the games were so volatile and an easy trade to get in and out of and not an easy one to make money on. also a consistent one, they like the big mega tech cap stocks they think that tesla, amazon and apple have the best prospects this year. of course, those three stocks have trouble in 2021 these are folks new to the market they know the big names on cnbc that they read about on our site, too. and they're sticking to those. >> great stuff there really surprised i love, caleb, you and i are gen xers, we're like the smallest group in history i like that we're getting play finally, forgot, gen x, we're stuck in the middle, caleb silver, thank you for being here >> i care. >> thank you let's get to the world of money and business, for that,

nbc's phillip mena in new york, and he cares >> i do care, brian, good morning. a republican congressman andardent trump supporter matt gaetz is denying an explosive report in "the new york times. it says that the justice department is investigating him over whether he had a, quote, sexual relationship with a 17-year-old and paid for her to travel with him. and saying that the investigation was opened up in the final months of the trump administration in the final months of william barr, last night on tucker carlson, gates denied those allegations >> it is a horrible allegation and it is a lie. "the new york times" is running a story that i traveled with a 17-year-old woman. and that is verifiable false people can look at my travel records and see that is not the case what is happening is an extortion of me and my family involving an fbi official.

the fbi was so concerned about the extortion of the member of congress that they asked my dad to wear a wire which he did with the former department of justice official tonight, i am demanding that the department of justice and the fbi release the audio recordings that were made under their supervision and at their direction which will prove my innocence. >> no charges have been brought against congressman gaetz. in a statement overnight, governor andrew cuomo said he's looking forward to signing the bill into law, legal sales could follows early as next year for adults 21 and up the state is expecting this to bring in a lot of green, up to $15 million a year in tax revenue. . finally, tampa bay's

celebration of the super bowl hasn't stopped and a tattoo, true to his word, there it is, the buccaneers log go the final score of the game and the coveted lombardi trophy that he hoisted up last month in the home stadium brian, the only thing you can get away with first or second one at the helm. tom brady couldn't do that, end up looking like dennis rodman after all his. >> yeah, what, seven >> something like that, yeah >> he should have gotten another tattoo, phillip. you know where bruce arians wednwent to college virginia tech. it would be an orange turkey >> they have good players come out of there, bruce smith, michael vick, good legacy. >> olhold on -- i can't do it because i'm chained to my mic. i've got my bruce smith poster

i'm going to ship you some orange >> i thought you were about to show me your virginia tech tattoo somewhere that's where i thought you were going with that. >> oh, my, that's later. >> all right, buddy. >> hokie swag coming your way soon, my friend. >> like it still to come as we round the corner, president biden wanted to build bridges, literally and spend trillions to do it. but will even some blue state reps in congress go for the high tax tes that come with it and have you have not already, subscribe to our podcast on "worldwide exchange." do notmiss tonight, a cnbc special, "race & opportunity" looking at the social challenges in the asian american community and the rise in tensions and solutions looking forward.

a very scipeal special tonight at 8:00 p.m. do not miss that we're right back ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses, you can live the retirement you want. the right financial professional can show you how. this is what an annuity can do. ♪ ♪

♪ trillions in infrastructure spending and tax hikes to go with it. the president set to roll out details on his infrastructure plan today and companies and high-technical families are going to be on the financial hook and will blue state democrats go along with it. moving out, jpmorgan, salesforce, apparently joining a

list of companies ditching office space amid the rise of the work lifestyle and your rbi going sky high. if one of the millions wanting to travel, you might want to book that trip now, as in yesterday. it is wednesday, march 31st. and this is "worldwide exchange." ♪ all right. welcome or welcome back. and good morning, i'm brian sullivan thank you very much for joining us let's get a quick check of the markets before we dive into anything else. we're seeing stock futures mixed. dow down 30, nasdaq up 13. this after weak news coming off a record high. by the way, final day of the month, final day of the quarter. a darn good month for the dow. dow up 9%. one of its better months in a

long, long time. a little weakness yesterday. overall, the cyclical, industrial, big old names, those considered boring they've been doing well yields they've been on the move. doing well, they were up to 1.77 yesterday. speaking of yields, we've got another quarterly cnbc survey of what pros think is going to happen with yields this one, the ten-year, 62% saying above 2% for beginning the year 38%, below 2%. and zero percent, our friend scott minor says below -- 68 -- carry the 1 -- yep, 100. 2 out of 3 think we're going above 2% that is where yields are heading. let's talk about where many of you may be heading at least when it comes to work and whether or not you're going to be back in an office if you're not already. bertha coombs is back with those headlines and more

bertha >> yeah, brian, you don't have to put away the yoga pants quite yet at some firms. jpmorgan, salesforceand pricewaterhousecoopers are reportedly the major companies looking to get rid of big chunk of office space as more workers go remote. now "the wall street journal" notes because big firms normally sign long-term office leases, the only option is to sublease floors to other tenants. wells fargo plans to bring people back into the office in september. in a memory, it told workers the firm believes most of us benefit by being physically together and "all-access" air is buying another 23737-9 max planes from bowing the move comes as southwest announced it's buying 100 max jets they are back, brian >> yeah, it's interesting, too, bertha we talk about returning to work. i've got friends of mine like in

south carolina and texas that have never not gone to an office we really forget there's some people -- by the way, some people like truckers and medical personnel. they've never missed a day inside their workforce >> yeah. >> which might be in the cab of a tractor trailer truck and thanks to them >> bertha, see you in a few minutes. >> thank you president biden set to unveil the plan to overhaul u.s. infrastructure and social capital today. the president will travel to pittsburgh to announce the first of what he hopes are two sweeping new economic recovery proposals. and the white house expected to push corporate tax hikes and higher taxes on higher income families to try to cover at least some of the costs. let's talk more about this with the american enterprise policy analyst, cnbc analyst, jimmy, a lot to unpack here spending on roads and bridges, some of it on child care, and

things like free community college. does he have the support of blue staters who no doubt like new jersey a lot of the families that end up paying higher taxes because of this. >> yeah, that's a great point to remember how we pay for this is going to be important you already have some pushback from democrats who are worried, blue state families, a lot of them upper middle class families are going to bear the brunt for baying for this package. this is not going to be the other pandemic relief bill where democrats are basically unified on what to do, it's pretty easy, just about spending money. we have to start thinking hard about how to pay for it, because we still have to pay for some of it those become a lot harder. one of the things, this is going to be harder, this is going to be a political fight and we shouldn't just naturally assume all of this happens just the way that president biden will outline later today

>> these are big numbers i wonder -- do we have any idea how they got to these numbers? listen, american infrastructure stinks we've talked about this for years, jimmy i've been talk about this for 20 years. d-minus on roads and bridges, potholes, hub caps, if they still make them, flying off cars and paying more in gas taxes but nobody wants to do that. how do they come up with that, 3 trillion where does that come fr number come from, do we know? >> well, it comes from the politics talking about how the jobs it will create. that's not really how we should do bills with how many jobs do we create over the next ten years. really to look at the kinds of projects that they're going to giving us the biggest return how those projects are picked probably shouldn't be done from washington by the white house. they should be done on the local

level. the funding should be done at the local level. i realize, washington is going to borrow a lot of money, some tax increases, it's going to be sort of top-down but what i would not do is take the most apocalyptic estimates from trade groups and say that's how much of the infrastructure investment we need >> yeah. well, we've got to talk about how to pay for it, you know, we in new jersey have something called tolls they seem to never go down, they go up. that pays for some of it and i know the president's going to talk about corporate taxing and, you know, higher taxes on other people most people don't make a lot of money. he's going to say we're going to go after the money let's just talk about the money because the money's not there. that's not my opinion. let's just go through this tax foundation thinks we'll make about $300 billion in government receipts from corporate taxes. so, if you raise it from 21 to 28, 7% jump, let's call a 7%

jump on 300. so $21 billion more per year in corporate taxes. 3.5% of american households make more than $400,000 most of those are not much more than that. they're kind of like in the 500,000 or 600,000 range maybe you make, i don't know, $30 billion more a year, which is a lot of money, but not when you're spending $400 billion a year that's just the math where's the rest come from or is it just deficit spending? >> bingo it's going to be the deficit spending >> i hit bingo >> yeah. a lot of deficit spending. listen, if we're going to have anything like that, that's exactly what we're going to do as you say, even paying partially for this is going to be difficult because democrats don't want to raise taxes. republicans don't want to either they don't want to raise taxes on anyone broadly considered the middle class if you were really going to do

this, you would do this by raising taxes on those people. whether higher gas taxes, congestion fees, mileage taxes, a conjunction tax, all of those options would raise taxes on a lot more people. it's also profoundly weird to be worried about we're not investing enough in the united states and then be really fairly sharply raising taxes, sort of like compared to other rich countries. >> well, listen, middle class tax hikes to your point are going to have to come in some form >> yes >> whether direct tax increases like, hey, you got to pay more, more mileage tax, higher gas tax, or higher tax of higher cost i want to get you back on to talk about very soon, jimmy, i love the idea of fixing up the infrastructure, our viewers know, i've been on panels, i've spoken to members of congress about it i just wonder if we have the workers to do it >> that's a good point >> jimmy p thank you, buddy >> all right

>> good convo there. speaks getting a little too ex exciteabd out april fools' day boo-boo by the volkswagen pr department ♪♪ forget what your smoking-hot moms and teachers say, just remember my motto. if you ain't first... you're last! woo-hoo! with a bang, energy and change came to every part of our universe. seismic or small, it continues. change is all around us.

shaped by technology and human ingenuity, we can make it work for you and your business. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. does your vitamin c last twenty-four hours? only nature's bounty does. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. ♪ if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances- designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto.

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cdc's covid data tracking site they're available to all of you. check them out as you know, i'm kind of living there these days all right. as of yesterday, more than 189 million vaccine doses have been delivered. we don't care about that we care about 147 million administered 96 million, at least one dose. 53 million fully vaccinated. that's about 21% of the u.s. adult population the majority of those over 65. by the way, far and away the highest risk category. thankfully vaccinated. you say that, you say what are you talking jab i'll bring you another stat which i don't want to bring you, 34% of all fatalities in covid have occurred in 1% of the population, those who reside or work, currently reside in nursing homes. think about that less than 1%, 41% of all fatalities, vaccines have taken

that number down 96% that's very good news. to some of the most random and interesting thing you hear today if you're going to travel, you might want to book that trip right now, i mean now. interest and demand for going somewhere, particularly, flying is really, you know, taking off. so are prices at least to some locations. data track research studied new york city and florida air route. they checked the same about a month ago and a few days ago they found that airfares are go up, up, up look at this the average price data for some trips from orlando to new york prices up 69% from three weeks ago. same flights, up 22% from labor day. you want to travel over thanksgiving price is up 61% in just three weeks. christmas not as bad as turkey day. still overall, a longer way out,

but christmas week airfare is up 17%. folks, it's march, well, almost april. that is one route, no doubt, airfares are going to up for others as well number of reasons, number one, number of planes still down, right? airplanes taken out of service, even as the number of people that want to get on those planes is going up. by the way, let us know what you see, if you're booking a flight, and you notice prices changing, love to hear from you. here's a bonus rbi in the topic, the number of people going through tsa checkpoints was 1.4 million on monday. that marked the 19th day in a row, more than 1 million people got on a plane in the united states my hunch, just a hunch, is that tuesday will make it 20 in a row. vaccine passports for a music festival, burritos and

bitcoin and a drive-by april fools' day joke that kind of fell flat. bertha coombs is here. >> that's right, brian one of the biggest live events in the uk will be going forward and vass seen passports will likely be required for attendance the twin reddit festival will go ahead. and attendees will almost certainly have to prove they've been vaccinated. the festival is already sold out. and thursday is national burrito day. and chipotle is hoping that customers will cash in with bit bitcoin. they will ultimately on thursday give away $100,000 of free burritos the play will be on users having forgotten their bitcoin

password each player has a chance to win up to $25,000 in bitcoin or a free burrito and tomorrow is april fools' day, volkswagen admitting that the alleged name change to voltswagen was just an april fools' joke. the news appeared to be leaked on monday. when pressed by media outlets including cnbc, sources apparently lied, imagine that. and volkswagen confirmed the renaming was in the spirit of april fools' day as a promotion for the new suv. you know, the funny thing is i reported on this story for our streaming news service nbc news now, and joe fryer, the anchor went, hmm, did they really he really was on it. >> he nailed it.

i find the story shocking in many ways, bertha. >> volts -- shock? >> it was released a day early and then don't lie to reporters about it because smomebody sent out a fax monday, voltswagen it was fine, like most things, it's all in the timing >> i don't know if they released it early, or they did that part on purpose but certainly -- certainly having a lot of folks talking. >> to be fair, we just did a whole segment on it. we haven't talked about volkswagen in a long time. maybe they're winning. >> maybe, maybe. >> #winning. >> no bad press, i guess >> bertha coombs bertha coombs is her new voltswagen facade. a much more serious note, a group of dozens of prominent black business leaders are now

joining forcing to call on companies to fight voting rights in 43 states including georgia ken frazier and ken chenault in "the new york times" today was signed by executives, chenault and frazier will join "squawk box" at 7:00 a.m on deck, nancy tanger lays out why she says the tax hikes to pay for infrastructure are not yet factored into the market what will happen when they are we'll talk about it with nancy dow futures down 40. stick around i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.

everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

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what they expect for the next three months and from that report which is the biggest threat to the stock market well, the results, 47% say higher rates are the biggest risk 29% say another covid wave 24% say higher taxes again, it's not necessarily going to equal 100 but there you go joining us for reaction and more, live from tengler investments, chief financial officer nancy tengler. nancy, would you agree with that would higher rates be the biggest risk or something else >> yeah, i think -- good morning, brian, sorry. very good morning. >> good morning. >> the higher rates of this, it's a little disingenuous, the ten-year, it's still below levels we saw in 2018, certainly where we in 1999 and 2000, when the home market melted down.

i think for me, the risk is we're not paying enough attention to what will higher tax rates may do, not just to corporations, but also to individuals at the margin. i mean, one of the things that made us so bullish on the consumer is that we have had super low interest rates, inflation is low energy prices were muted and now that's starting to turn. and the transfer payments are likely for the most part over. so, we're watching all of this, and wondering in many aspects how it's going to impact the companies that we own. >> yeah. and, you know, there's a couple things about corporate taxes and i'm sure a lot of people don't feel sorry for giant multinational corporations whose founders or ceos are making tens of billions, i get that public sentiment. i've been hearing it for 25 years. but let's be clear, corporations don't really pay taxes, they do but they just pass it through on higher salary, or overseas,

goods, or they move it somewhere else that may come out in earnings. the majority of americans don't care, they want companies to pay more i get it but from the market's perspective, that could be a hit to earning >> it could, it also could be a hit to your job. let's be clear about that, too if you go back and look at the late '70s, i was actually alive and cognizant when we had that bout of stagflation, it was ugly, cpi was 15%. the fed fund rate was at 20% and many employees had colas, cost of living agreements in their bargaining agreements. 60% had a c.o.l.a. as inflation rose, they got labor costs and it hit 10% what i think at this time, though it will hurt earnings, there's labor slack, so we'll

probably see muted labor costs and that's the sort of -- you know, the bright spot in this otherwise potentially difficult situation. as companies are reshoring and spending on capx, that will drive the productivity-led growth in the economy that we haven't seen since the 1990s that's the mitigating factor, brian. >> and that's good news, right >> yes >> on the job, as we said, nancy, firms can't find people, 6.5 million open jobs in the united states. unemployment is probably going to be below 4% in a year, year and a half, basically back to statistical full employment, labor costs might jump a bit with that said, it's a lot easier to raise taxes on companies when you couldn't just move five guys to a post office box in dublin and call that your tax home that's the problem it's the global nature of the markets. it's not that we don't want companies to do, quote, their

fair share it's just that, man, it's tough. and how companies end up managing through this assumed congress gets a tax increase through should be very interesting to watch >> yeah. i agree completely i think the market is sort of waiting and seeing and this is a time to reposition there are a number of industries that will actually benefit if some of the proposals that are being floated are instituted you know, i'm talking about the r & d tax credit being delayed you know, the expensing in year one, instead of over five years. that will benefit companies that are sending on r & d and capx, think defense, think pharma. think technology so there are some bright spots but it is something that we need to pay attention to. >> well, i guess the good news, nancy is that the market's pretty aware of the president's intentions from a court tax perspective. that probably might even, gosh, get bipartisan support

who knows the income taxes might bel different because blue start staters coming out and saying, until you -- blue states are the ones that get hit by higher taxes than wealthy people. because wealthy people tend to live on the coast because they like water views and wind turbine. but i think the markets collapsed on these headlines >> no, totally agree i think we're in the early stages of a bull market. or be prepared for a pullback or meaningful projection. that will be healthy, and that will clear out the rubble. i spend half my time in lake tahoe, we have controlled burns on the other side of the state line in california, they don't do that and that can generate wildfires. we want to see a controlled burn, pullback and then a move up i'm not pessimistic at all,

brian. i just think this is something that the market is not paying attention to >> well, it has to, we've got a big talk in pittsburgh with the president. nancy tengler, thank you isn't it amazing how much we pack in one hour great team eorfft, everybody thank you. we'll see you tomorrow "squawk box" is next it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute?

but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

♪ good morning president biden revealing his infrastructure plan the day he plans to pay for it partly with a corporate tax hike and other increases. details and reactions straight ahead. and new this morning, dozens of prominent black executives calling for a fight against some of the new voting rights bills being advanced by republicans in

at least 43 states and the uk food delivery startup backed by amazon, like the name, tanking in its public debut. we'll show you what's going on with the deliveroo ipo, wednesday, march 31st, 2021. this month has 31 days, apparently, "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky skwik along with joe kernen and andrew ross sorkin. let's take a look at the u.s. equity, end of the trading -- end of the month in the quarter, forget about the trading part on that you'll see that the dow futures are down by 54 points. yesterday, the dow was down by triple digits.