staff have to wear surgical booties. >> you get pretty much anything you want >> he's not kidding. unlimited champagne, unlimited caviar, and unlimited massages even a butler at your disposal 24/7 one thing the suite does not include, the luxury to oversleep. check out time is noon sharp good morning welcome to a special -- that's what we're calling it. it's a special edition of "squawk box. major markets are closed today but we're here indeed, we are we're here to bring you full coverage the march jobs report that is important. due at 8:30 a.m. we'll see what happens plus, we've got reaction to the president's $2 trillion infrastructure bill.

mitch mcconnell says it is full of massive tax increases >> plus, a showdown in the lone star state the texas legislature advancing new voting bills now companies speaking out against them it's friday, april 2nd, 2021 "squawk box" begins right now. ♪ >> good morning, everybody welcome to squawk ba"squawk boxn cnbc and we are here with you it's special we're going to start with a look at what's actually open for trading on this good friday. you have the stock futures that will trade until 9:15 a.m. eastern time the treasury market is open until noon currency and bitcoin also open u.s. stock markets are closed today

today for the holiday and that follows what we've seen with the stock markets in france, germany, the uk, australia, india, singapore, and taiwan by the way, no energy or metals futures trading today. now japan's nikkei was open. it closed up by 1.5% overnight and the shanghai composite gained .5% let's focus on the u.s. equity futures. yesterday was a big day for the markets. will all that infrastructure talk, all the look at what might be in that bill, at least in the early measures of it, really did goose some of the markets yesterday. all three of the major averages ended higher dow up by 171 points which is a gain of .5%. it was the lagger. the s&p 500 was up pretty significantly too. gain of 47 points or 1.2%. and the s&p 500 by the way, guys, closed above 4,000 for the first time ever yesterday. the real winner yesterday was technology, names like alphabet, microsoft, all seeing big gains. netflix. that paid off and showed up in the nasdaq which was up by 1.75%

yesterday. this morning in this early trading, that again is just partial trading until 9. 156789 this morning, you see the dow futures are up by 51 points. s&p 500 up by 11 points. the nasdaq indicated up by 47. of course, we want to pay close attention to what is happening in the treasury markets. and right now it looks like the yield for the ten year is sitting just at about 1.679% in that comfortable range where we've been for a number of weeks at this point. it is april 2nd today. the day after april fools and boy did your kids get gyou good andrew >> henry and max sorkin. you saw what i put on twitter. i was sitting at my desk at home i got an e-mail from what i thought was roadblocks security saying -- i thought the account was hacked i thought that's what the e-mail was saying

it had the logo perfectly on it with all of the write -- i mean it was like a fisching scam and effectively said that henry's account, $1,000 had been debited from my credit card and unusual purchase, which i thought was smart of them to say, and but that because the account was effectively not double authenticated they would not be able to help me. so, of course, i go running out the room over to their room. to go, oh, my god, what's going on how did this happen. and they looked at me and they said april fool's. it was pretty good >> well done, boys >> pretty good >> however, it was like a fishing scam it makes me think i'm saving for college education or bail money when this is all over. >> one or the other. >> one or the other. >> $1,000 is a lot but you get -- i get the random hundreds once in a while for something on apple, some kind of

app or some kind of buying or something. those hit all the time i don't even ask about those anymore. but the $1,000 got you >> it was the $1,000 and, yes, it was the $1,000 on roadblocks. we just did a whole thing where we bought a lot of roadblocks so they could -- road bucks so they could develop stuff and do other things it was also throwing me for a little bit of a loop but, yes thank you, becky, for raising that and thank you henry and max sorkin >> they're called row bucks. >> i thought sears immediately that is so long ago. that was before they dropped that name. sears roebuck. i don't think it had anything to do with gaming >> yep. >> why are we here >> oh, yeah. >> it's like a cryptocurrency. however, right, on to other things it is good friday. but the reason that we're here is because it's jobs friday. let's tell what you is going on

today. we're expecting to see about 675,000 jobs added in march as the economy reopens more broadly and the vaccination numbers increase one strategist told us the whisper number around the street is closer to one million jobs added. we have a little under 2 1/2 hours to go before we get the numbers. normally we say they'll be moving the markets around today. but they won't be moving the markets ash today. joe? >> yeah. not -- well, not those futures ten year should be interesting so we have something i was thinking how ridiculous to do a stock market show when the market is not open then i said, wait a minute i think every day it's like 6:00 to 9:00 it's not open. somehow we manage. so not that different.

it's not that different. we have plenty to talk about including president biden's hopes for a bipartisan infrastructure bill. yeah, right. took a hit yesterday senate minority leader mitch mcconnell said $2 trillion plan is full of massive tax increases. >> my view about infrastructure is we ought to build that which we can afford. and not either whack the economy with major tax increases or run the national debt even more. i don't think the american people gave them a mandate to drive our country all the way to the political left but they're not deterred by that i think this is the wrong prescription for america >> that's -- i can't help but notice mitch is looking sharp there with the sweater/shirt

combination. white house press secretary said that democrats and republicans need to resolve differences over how to pay for these investments as she called them and said the administration is happy to hear alternate proposals to the taxes and then reject everything out of hand. no, i added that at the end. the they are happy to hear any suggestions and i'm sure they'll be considered. there is a lot of back and forth, i think >> but even within the democratic party there will be a lot of back and forth. >> right and maybe it won't look exactly like this. >> texas' state senate advanced a voting bilk criticized as restrictive. it limits polling hours, eliminate drive through voting and make changes to the mail in process. it will make election mores secure now critics say it will make voting harder for communities of color, disabled voters and older

voters and advances to the texas house of representatives which is already considering its own version of the voting bill american airlines speaking out in opposition to the bills releasing a statement that said in part, any legislation dealing with how elections are conducted must insure ballot integrity and making it easier to vote, not harder n america, we believe we should break down barriers to diversity and equity and inclusion. and texas michael dell also opposing that legislation. he tweeted in part, free, fair, equitable access to voting is the foundation of american democracy. those rights, especially for women, communities of color have been hard earned government should ensure citizens have their voice heard. earlier of weeks, they opposed restrictive measures across the country beginning with what took place in georgia

so this debate appears to be just beginning and you're beginning to see companies and business executives speaking out. it will be interesting to see if they spark the political debate. >> march delivery numbers out for two chinese electric car startups that are listed in the united states. they delivered 5100 cars in march. that beat the company's estimate from early march the company delivered a total of 13,340 vehicles in the first quarter. that topped the guidance they had given of 12,500. in the meantime, nio announced deliveries of more than 7200 vehicles in march bringing the total for that company for the quarter to just over 20,000. that also exceeded the guidance lowered because of the global chip shortage. nio shores are a little weaker this morning

you saw xxpeng were a little higher >> the market is starting to cool off after a surge in january and february the index and the 50 biggest spacs turned negative. we're going to deal into the trend maker eric gleacher. check out the price of bitcoin approaching $60,000. "squawk box" returns right after this

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welcome back a record number of spacs hit the market this year the excitement seems to be fading cnbc spac index tracking post deal companies is down 17% in the past month joining us now is to discuss the state of spacs and deal making, thrilled to have with us a legendary deal maker on wall street, eric gleacher. he is author of "risk/reward/repeat. if you care about understanding how not just to succeed and how to do it which is the title of the book, but so many great nuggets about wall street over the years including the milke era and lehman and so much more. thank you for coming on the

program. >> you appreciate the great comments and i appreciate the opportunity to be on the program. >> i want to talk about the book in a minute. let's talk about the spac market it does seem to be fading a bit. i'm curious what your take is on what may have been the rise. i don't know, are we he can rise and fall already >> yeah. i think we're in the middle of the process. we have a situation where it's very easy to create the initial stages banks arrange it they get aid there's no risk. the sponsors have a big upside they're carrying costs are very low. consequently, you've seen a huge s. surge in spacs. the problem they're going to run into is lack of targets, lack of viable targets if you remember 20 years ago, we

had a very robust market until it stopped in its tracks i'm not saying the spac market will do that there will no doubt be good deals that come out of it. but finding targets is very, very difficult when in terms of the m & a business, when it became a business that, was the most difficult thing to do, try to develop options for clients. they'll have the same problem. when they get to the point where they want to do a deal and where it's based on projections and it's very iffy, they won't be able to get the pipe finance >> so here's the question, eric, though you know, i keep getting told i'm a debbie downer when it comes to spacs because i've been writing and talking about some of the problems that i've seen with spacs not because i don't want spacs to succeed, but because i -- my hope is actually that if some of

the disclosures and other things come out, maybe they can get improved can it become a more asset class or way for companies to become public or just a sort of passing fad? >> i read your article and i agree with it in terms of the sponsors having to match up their exit timetable with the projections. i think the market is going to take care of itself. i think the market will self regulate the spacs some people will get hurt. we'll have the lowest interest rates than any time ever that will regulate itself and i think spacs will decline. >> what is your sense of the future of the m & a market you've been around and been part of some of the biggest headline

grabbing deals over now almost several generations, dare i say. and as companies get big eastern bigger, it becomes harder and harder in many ways, perhaps, because regulations and anti-trust for more deals of scale and size five, ten years from now, what is the m & a market look like? >> well, i think that it's on wall street, it's impossible to project five or ten years ahead. i think the change on wall street is unbelievable and i'm sure that m & a will be there, andrew. chief executives, ceos want to use it they want to invest in their companies. that's the intrigue of business. and they'll find a way to do it. then you see it now. you see there are big deals out there. big insurance deal, you know, that's the hospital takeover

the deals will be bigger when i set up the m & a d department in 1977, a $100 million deal was major deal. we were dying to do deals of that size. now it's like a joke and it is money has gone up rapidly. it has grown so the deals are bigger. but like i said, chief executives want to develop their business m & a is a tool that is well founded. and it will continue >> right >> i think joe's got a question. you guys play golf together, any chance you know, eric is one of the great golfers on wall street >> i ain't playing with eric no way i'm not playing with eric. i'm not playing with eric. i read that 27 club championships. but, eric, in terms of some of

the things you point out, you can play alone, if you improve lie in the rough, you know you improved the lie in your rough there is so many things can you learn which you point out about life and integrity and also playing with other people. learn about them and how many times have you shot your age at this point >> i shot my age on wednesday. >> let's see, tuesday. >> shooting your age is a little bit misleading, joe. because it depends where you played you know if you shoot your age at wingfoot, you're in really good shape. but if you're playing a course that's not a hard course, so forth, you know, the people who shot their age 2,000 times, they're generally not playing for the most challenging

courses. i don't go too much by that but i like to play you. i'd like to play you, joe. i can tell -- i watch the show i know you're an avid golfer >> we can do that. we can do that i was laughing when you were talking about it matters which course you're on because i can be on a pretty easy courseand have, like, 40 yards in and then i can have like 50 yards in on the next shot or 41 yards in depending wlon it goes backwards i can mess up. how hard the course is not what is holding me back anyway, let's -- what is your favorite course, eric? just out of all that you played? you played all over the world, i'm sure just out of curiosity. >> there would be three. the national in southampton. seminole in florida and scotland >> you said seminole and where in scotland? >> merefield

>> great >> eric, we'll -- >> the wind is always blowing. tough. >> that's right. >> eric, we appreciate you joining us the book is called "risk, reward, repeat." maybe we'll all go on the course i'll care i didn't think clubs because i'm really not so good becky is probably much better than i am. >> you don't have time >> "risk, reward, repeat: how i succeeded and you can too. there are so many lessons worth learning we appreciate you joining us on this good friday >> i enjoyed it. good luck to all of you. >> thank you becky? >> andrew, you were right. i'll always be worse than you. when we come back, the jobs countdown rolls on we're going to bring you predictions later this hour. but first, billionaire bill gates and former treasury secretary hank paulson speaking yesterday to the economic club of new york.

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all right. welcome back, everybody. right now time for the executive edge i spoke to microsoft founder bill gates and former treasury secretary hank paulsen yesterday at a virtual event for the economic club in new york that focused on the environment and climate change they are both optimistic about what they think they can do towards climate change they did say this is an incredibly difficult problem to try and tackle bill gates addressed the grid

here in the united states and the regulatory challenges that are slowing the pace of innovation >> there's days when i see the innovation and the pace innovation i feel, wow we can do. this then there's days when you look like how easy it is to get transmission permitted in the u.s. and how that's just a k conundrum we don't have a clear plan for there are data points that make me optimistic and some that make me go wow. most of the projects when they make sense economically, they fail to get all the approvals, you know, for example, there's a conference in new england about bringing down hydropower from canada that would reduce emissions. so the natural gas industry is in there lobbying against it and, you know, getting people to say oh, you know, anything that disturbs anything is -- you

know, we just shouldn't allow it and so the amount -- when you model out what the electric grid for north america looks like when it's providing huge additional amount of electricity because that is replacing natural gas and gasoline, you have to see unbelievable transmission, say, from the midwest out to the east coast to bring all that wind and solar into where the energy is needed. and even if it we go at full speed without the permitting problems, it's going to be super hard there's a goal of a clean grid by 2035. you have to be building, literally, hundreds of high voltage lines today to achieve that that's there to try to get us to go, wow, we don't have a plan. and transmission permitting is a

block to getting that -- to move forward. it is a challenging problem. >> joe, it's kind of what you were talking about with yesterday. some of these issues that even if you were to do these things is a very difficult stumbling block. it goes back to what you were saying about that. we also -- >> listening closely i kind of got irritated. he blamed it on the natural gas industry is pushing back there are 45 different groups that are -- that don't want that to happen. most of them environmental groups >> yeah, there is also the problem of not in my backyard. >> strange bed fellows, the environmental groups and the natural gas companies. but, yeah. >> he touched on that in another

part not in that sound bite but did he touch on that in another part it doesn't matter what the effect, there are going to be all kinds of people that don't want these things to happen. it's not just federal regulation you're up against, it's state regulation it's local municipalities. it is one of the big stumbling blocks you have to be building all these thing it's you want to reach those goals that you stated for 2035. hank paulsen is now running a fund focused on climate solutions for tpg. the former secretary actually the former treasury secretary talked about the interactions he has on a daily basis with ceos that are talking about lowering carbon emissions >> you've had 2,000 major companies, the ceos have made netzero pledges. and so i started calling ceos. i've been calling three or four ceos every day now for a couple months and there's been an amazing

change because a few years ago they all said climate was important. but some pieces lip service. and what they were doing, you know, a lot of it was delegated to sustainability officers now they see that markets are moving and that there's going to be massive change. and when they look at tesla trying to get eight times the market value of general motors, some of that may be a bubble but this is also reminiscent, reminiscent of what we saw in -- back in the days of ellular. you know, the markets look to the future so the market value, much of the future and the revenues may have been really in the yellow pages and land mines but the markets moved. so now what we see are that ceos, you know, see there is

massive change coming as we're going to rewire society. and, you know, so they all are putting real dollars behind it and they're driven by two factors. there is some companies that are driven by what they see as a tremendous opportunity you know, looking at this offensively. as a way to make money >> you know, it's interesting. he was talking about ceos being open opportunistic, not altruistic when i asked him about that, he said, yeah, there are a lot of good feelings that come around this the reason you still have ceos talking about this is because they see opportunities they see a chance to do this or they're worried that they need to be really defensive and protect themselves from if getting lost or getting left behind and that's what is interesting, guys in the past we've seen things like this be really talked about and really celebrated. but when a crisis comes along, they get dropped that happened in 2008 with the financial crisis people stopped talking about

climate change what was surprising is that did not happen over the last year with the pandemic. you would think that people would be focused on other issues they were both surprised by the idea that it raeally picked up steam and didn't get shoved to the back burner. >> well, that is fascinating >> when bill -- i don't know what the carbon footprint is i don't know how much he modified or how' pr he approachd this thing >> it is >> so what he has billions of dollars a really rich guy. >> we talked about that too. >> that can spend 7 million to offset -- it's still out there the jet streams are still out. there paying $7 million because it means nothing you to doesn't make you a more virtuous person because of climate >> we talked about that and brought the idea up. some of the concern is somebody

that spent a lot of time in developing nations like india, africa, china, how do you preach to the p em that they shouldn't be doing these things that we all enjoy and take for granted >> i don't know. >> everything from having lights to having electricity, to having air conditioning, you know, you can't expect that people in india should live without it and that's been a huge issue of concern. so that's part of what they talk about. he's very cognizant of that. >> i don't need to defend bill gates. but let me just say, yes, he uses a private plane yes, he spends money to offset it but then he spends hundreds of millions if not billions to create new technologies and other things that will hopefully help actually fix this problem over time. >> that's the same excuse as -- that's the same excuse as john kerry saying i get to fly on a private jet to iceland because i'm so important in the climate fight that my little private jet to pick up my award in iceland

doesn't matter i disagree >> hold on there is probably ten people in the world who will be more important -- if as important as bill gates will ultimately be in this fight >> we'll see we'll see. you know, we've had bill's friend buffet, warren buffett on talking about the same issues. they don't necessarily agree wholeheartedly on all of this as well but you know where i stand >> i know. >> i hear climate crisis, i don't know climate crisis, climate justice, and you look at the most ardent supporters of all this what on the political spectrum, where are the most hysterical alarmists? they're out there with aoc and everyone else. but i don't expect ceos to push back, that's for sure. >> look, i'd like to -- >> a big jump -- hank is a conservationist. he does things down in little st. simons that are fantastic.

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ncht . >> welcome back, everybody small business job growth showing the first gain since the start of the pandemic. that is according to the latest paychecks market index joining us to talk about the labor market ahead of the jobs report is the ceo of paychex and the chief financial economist at jeffries start off giving us the broad overlay for where we stand we know we've come down. there are so many jobs lost. there are signs for hope this time around. where do you think we are? >> i think we're at the beginning of a pretty strong acceleration, reacceleration, i should say, in job growth. our call for today's 765 that is the strongest job growth we've seen since august of last year a lot of that will be driven by the leisure and hospitality. it is really capturing the early

phases of the reopening. i think this is only the beginning. you know, the survey for march cut off middle of the month. and we've seen indecreed dat yachlt now looks like, you know, we'll average a little over one million jobs per month in the second quarter >> you're looking 765,000 for this month steve liesman said we could see a million jobs created, either this month or a month soon the month that we're reporting today or a month soon. would that surprise you if we saw that this time around? >> no, not really. i mean, 765, like i say, that is our call the numbers are obviously very volatile we've seen proof of that across real time data from restaurant bookings, consumer foot traffic, flight activity, small business

hours as well. whether is another factor. it was a drag on n. february particularly construction. that should reverse. there is a technical reason. you know, seasonal factors have been running very much on the low side it looks like they're overdue for correction and that in and of itself could add 200,000 jobs to this march report so, no, i would not be surprised if we see a million today and that is what i expect to see over the next three to four months >> we're seeing significant signs of optimism there. first real gains that we've seen since this pandemic began, what is leading the way >> we saw the largest one month jump in eight years in the paychex small business index led by leisure and hospitality it's across most regions, most states i think we're seeing the use of the stimulus package that's are

out there. you're seeing a lot of use of ppp loans. we facilitated over 06 billion in loans for customers and a lot of retention tax credits so they're using the stimulus. and now there is grants that will be coming out to restaurants. so you're seeing an increase in demand increase in the use of the ability -- availability of cash and really taking it to heart. i think the only thing that could be an issue here is some of our businesses are finding that it's difficult to find people you know there is still an extra bump in the unemployment that is out there through september, at least at this point. and sometimes it's hard to find people to get them back into the job market right now because of unemployment also because of the fact that they still are working with childcare issues, et cetera. >> you said there are strengths across all regions >> the south is the strongest. they have the lowest wages they've had really been helped

by construction consistently right along through the pandemic there's been good construction commercial and residential and, of course, home buying and all of that that goes with even home improvement. but all regions saw an increase for the first time in many months here. so you're seeing the west pick up as well the south pick up and actually even the northeast in the midwest pick up as well. >> marty, i know you're not usually in the business of predictions, but you've been doing this a long time you've seen how things have kind of ebbed and flowed throughout the pandemic you get the sense this is kind of opening up that we're not going to see a huge pushback like we have seen in previous months >> yeah. i do i think, you know, because of that demand, because of the use of the donation we're seeing from the stimulus from our own clients, they're really building up and the demand is there i think you mentioned credit card, you know, purchases are up people are spending the cash that they got personally

i think the jobs increases will be strong going forward here month after month. >> great it's good to he soo you both v great weekend. >> thanks, becky thanks >> coming up, coin based winning regulatory approval to go public we'll have the details next. i think it's pretty soon later, we're going to talk the future of offices and if the moveout of the big city is here to stay with new york real estate developer bill rudin. i'll bet you he says it's not here tsthlwel rht cko act 'lbeig are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers

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the company currently valued at about $100 billion, guys so if you want to get in on the crypto action, this seems to be the vehicle potentially of choice we'll see. i wonder whether there is more competition in this space, whether the other -- you know, whether the robin hoods and t.d. ameritrades everybody tries to become like a coin base or not >> thank you for spelling coin for us i was thinking that as you were doing that >> you know, i have spelling issues so i try to sound it out >> the symbol is coin, c-o-i-n that is funny. did you say the data i was laughing about that? >> april 14th. >> yeah. >> that's soon >> two weeks >> very soon two weeks from now >> holy smokes >> yeah. what does that mean, do you

think, for the underlying assets i just wonder what that means to crypto it is unequivocally going to be a bullish thing? or not >> oh, no. i think it's bullish i would think it's bullish for the category the only question i have is whether you think other -- i mean right now, i don't want to say they're a monopoly but in the united states, they're one of the few true sort of, i guess, we call it a broker -- i don't know what you describe it as, an exchange. that does this the question i would have over time is whether others try to effectively do what they're doing. now one of the things that they do is they air gap things and they're buying stuff and they're doing stuff that it's not just a straight up exchange because of the wait crypto works. so how much infrastructure do you have to build if you're goldman sachs or somebody else trying to do the same thing? >> i think you should go long cpa firms because of the tax implications that anyone that is messing around with this --

because they're not helping at all. coinbase is not going to help at all. they're like, hey, i got something for you. don't expect any documents from us with very no idea what you should do. so it's -- i talked to my accountant the other day, joe, he said he is busier than ever because they're changing the rules constantly.constantly. literally he is working like 22-hour days trying to learn the new rules and keep up with everything as it changes. >> i knew i should not have paid for my pedicure with bitcoin but at the time it seemed like it made so much -- it made so much sense coming up, new lockdowns -- i've never gotten one or -- and i need one believe me new lockdowns -- new lockdowns in place in much of europe and me? how about us? yeah, how about us? great question. wait, can i get one in green? got one for me?! hey, what about me? what about us? is there an ev for me? ev for me?

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covid infections rising in europe, france is going back into lockdown which is expected to last four weeks germany announcing a nighttime ban on gatherings.

and italy extending let partial shutdown the next guest knows a lot about doing business in italy, a lot of different businesses and what the restrictions mean for luxury hotel bookings joining us ceo of banfyp great to see you again christina and the pent up demand that feel i think of tuscany and where banfy and the accommodations there. and it almost brings tears to my eyes -- some day -- we want to be able to go back to places like that. i mean, people want to go anywhere but tuscany is such a special place. and, you know, you have over there. and you've got -- is banfy in terms of the wine you produce, more cases than any other wine maker in italy are you the largest. >> we're not the biggest by volume but what costello banfy is in

tuscany. we have about 7,000 acres, the size of manhattan roughly. we are the largest private property but on that you get the brunnellos made, all our wines but it's truly an agriculture estate when we have the chateau property where you visited with your family it's called the iroborgo we have a star restaurant, a glass museum it's a luxury sustainable experience. >> you know exactly how bookings are. i'm sure you know what the state of tourism is in italy right now. any improvement at all or just back in the soup again, christina. >> right now they're back in the soup, we are april 6th, just after easter they will announce new easing of

restrictions so the easing will probably come first. within travel, within the regions of italy then within europe and lastly the united states but we are all hoping that by, like, midsummer to september is when people are going to start booking again. they're booking on very short notice, which is the pandemic effect but what we are also seeing, joe, is that people want outdoor experiences. they don't want to maybe spend so much time in the big cities like florence and rome and we're between the two. but they want experiencing the vineyards on a bike. seeing the vineyards we see a lot of interests in booking but making the reservations much closer to the date they travel. >> do you see a -- issues with

restaurants being closed so that the wine making business has been difficult for the past year as well? or is it more of a niche line where you still supply as much as you can -- as much as you can grow -- dsh as much as you can make. >> well we do see our sales in europe slow down because such a big part -- particularly in italy is the restaurants and wine bars. it's a way of life and the visitors coming to italy from all over the world we sell to about 90 different countries. and we see certain markets hit harder the u.s. has such a strong retail channel that it doesn't suffer quite as much but what we are seeing now -- i heard on the previous segment is people are spending their subsidized checks. they are spending on leisure and hospitality. there is a huge boom right now going in a lot of the

restaurants and travel people are planning trips, dining out at restaurants. and they're drinking better wines. they want to spend it on good wines and why not italian. and the idea is kind of go it italy and buy a good meal and you can talk about your pending bucket list trip. >> it's a special place. we appreciate having you christina, monticino is a special place. and hopefully everything back to normal, in our lifetime, i hope this year, thank you. >> i know. buy. >> thank you. coming up we'll check back with you. coming up economists spe expecting a big mpn riju ihing in march we'll get you ready for the jobs report that's coming next. safe . does she get one? mrs. carmichael? safest driver in peytonville. takes a lot of work and effort to be the safest driver in peytonville. what about this guy? with nationwide smartmiles®,

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instead of you going to it. so when it comes to your business, you know we'll stop at nothing. tonight building housing not prisons. plus as humans lockdown. whales drive endeming benefits under the sea. jobs and infrastructure spending a look at how the president's plan will effect the economy is straight ahead a growing number of firms ottuming to dump office space during this pandemic we'll speak to real estate investor bill rudin about that move it's time to charge up the ceo of charging station network volto joins to us talk about the company's technology

and how the president's infrastructure plan will impact the ev industry. plus bill are flan tloptist bill gates is leading an effort to help in climate change solutions. we look at his investing strategy environmentally friendly and his take on spacs the second hour of "squawk box" begins right now good morning and welcome back to squawks box" mere on cnbc i'm andrew ross sorkin with becky quick and joe kernen look at futures. we can do that and the markets aren't going to open on good friday right now, though, if the market were to open, it would look like the dow would open 73 points higher the nasdaq open 36 points

higher and the s&p would look like it was open 11 points higher. but the future market ends it at about 9:15 this morning. meantime let's tell what's hope and closed today index futures as i mentioned 9:15 treasury market until noon crypto futures well -- shanghai and japan's nikkei, you got currency volume expected to be light. what's not open, u.s. stock market, energy and metals futures. got major european markets and a handful of asian markets so here we are on good friday. but for our purposes jobs friday, becks. >> that's right. and asian markets that were open are now closed because it's late there. anyway, it's jobs friday and the focus for many economists and investors is how many jobs the president's infrastructure pack passage will eventually create. steve liesman joins us now with

more and steve it's hard to say because there are so many moving pieces and it's going to be heavily debated. >> that's right. and plus it's not just jobs, right. you get the infrastructure plus the job. talk about that in a second as the high hopes you've been talking aboutway wall street forecasters including one coming up np a few minutes looking for a gain of 675,000 in non-farm payrolls but as we have been reporting there are a bunch of optimistic forecast necessary the jobs camp but turning to the question of how many jobs could be created by the american jobs plan. cnbc counted 81 uses of the word jobs in the fact sheet for the $2.25 trillion plan. they say good jobs, union jobs, quality jobs, well paying middle class jobs good paying union jobs clean energy jobs. but we couldn't find anywhere a total specifying the number of jobs that would be created

asked about this earlier in the week, administration officials told us more details my feeling is we get more details next week. economists forecast higher growth rates netta who you if enacted in its entirety it estimates the gdp growth will be up 0.5% and any used a rule of law saying a 2% processor% in output means a decline in the unemployment rate. >> a quarter point decline in the unemployment rate that would be 350,000 to 400,000 jobs the first week unless the corporate tax rate as a negative dpakt some see four to five million jobs over the 10-year period we have to wait and see how the administration the jobs and what

kind of jobs will be as a result of this. they haven't done it yet. >> all right, steve. stay with us joining us now ian shep rohdeson. pantheon macroeconomics founder and chief u.s. economists. and it is amazing. you know the old expression, you can line up every economist from here to the moon and still not reach a conclusion but rarely do we see such disparity in analyzing what this infrastructure plan would do to gdp, job growth, everything else what is your view from what you know and obviously we don't know what going to look like when and if it finally gets passed. but what's your view about how it would affect gdp or job growth >> yeah, well, remember that the plan is a $2 trillion plus headline but that's spread over eight years. it's not an immediate like the 1.9 trillion relief bill almost

all spent this year. it's a much more drawn out affair because infrastructure is slow and handing out cash is easy and quick but infrastructure is slower 700,000 jobs per year on a rolling eight-year program seems about the right attitude i don't have any disagreement that it might be 5 millionish in total plus or minus quite a lot. at the moment we don't have a bill we have a plan but we don't have a bill and of course we don't at the moment even know whether the senate parliamentarian will allow reconciliation in which case it won't happen or if she won't where it will be more difficult to pass it there are more hurdles to go from a plan to job creation. but if it goes through as drafted roughly, then, yes, several million jobs over the 8-year period seems about right. and that would give us a meaningful boost to gdp growth something like half to 1% which is not trivial spread over eight years. that's a lot more growth, bigger

economy at the end of the period than before. and of course the other thing is with infrastructure it makes it easier for private businesses who aren't necessarily involved in the infrastructure project to do business more efficiently because better roads mean less travel time and quick are transportation and bigger investment and r&d investment which is part of the plan. faster technology, faster innovation the whole host of ways in which in supports of the private sector beyond businesses directly benefitting from infrastructure and that's much more difficult to pin down. but it would be a positive. >> what about the other side ian, what about the -- by definition, you know corporate profits were raise fld a fell swoop when the tax rate was dropped. when it goes up, obviously corporate profits will be affected if you -- we don't know all of the implications of the personal taxes. but try net-net to add everything up and the effect that will have on 2k3w67d.

you think net-net it's additive to gdp even with the tax increases? >> i do. the tax increase is a difficult one. because we had the enormous tax cut which didn't generate boost of capital spending. but of course other stuch going on it's hard to see impact from the corporate tax rate in the bill passed at the end of 2017 which might as a basic starting point might suggest if you raise the corporate tax rate itwon't depress investment it might we don't know. there hasn't been a meaningful increase in the corporate tax rate for a long time we don't have recent experience to go by and if corporate don't cut capital spending they might have to reduce distribution to the shareholders shareholders might have to cut spending in turn but most shareholders are constitutional rather than individual so probably not a massive difference i think it's naive and hopelessly optimistic to say there is no reduction in spending at all.

that might be the some extreme position but i think that's unrealistic but i think that the net will be positive of course i come back to the point that once you've done the infrastructure spending you have a much more amenable framework across the country for business to be more efficient you've got better roads and bridges and brpt transportation and more r&d and all these things there is no dispute that the u.s. national infrastructure is kind of an embarrassment crumbling the last 30 years. the backlog of work needing to be done is gigantic. each of the failing bridges and roads is a hit to private sector productivity when you spend money to unfroh those things and repair them and make traffic flow easier and the rest of it you are helping private business as well again recovering some of the losses from the gradual deterioration of the infrastructure over the past decades i'm positive that it will be a net plus but i wouldn't be so i think so bullish as to argue there wouldn't be any downside

effects. that seems quite a stretch. >> yeah, that's an understatement i'm surprised that even the way you look at it at this point so it's 6% goes to roads and bridges. also ian you know whether -- whether you think it's a problem that out of 2.3 trillion you're talking about 100 billion with the things you said were going to help businesses i'm not sure you can make that leap then i i guess you must think it's -- steve is like a phillips curve you do 2.3 trillion and additive to gdp, why not do five times as big at aoc let's do 10 trillion and have five times that the 2 trillion gives. is there a law on returns. >> why not, joe? i think -- my personal opinion is that -- and i've long argued it, that there was more upside for government spending or government debt as a% of gdp the fact is, joe, no one knows where that limit is. and i would much prefer that

president biden and this administration find that level much more carefully than it appears to be proceeding it strikes me that ultimately it's going, like really an mmt kind of idea that hey we can spend as much as we want it would be better to proceed prudently and find out where the limits may be. so far there has not been a big reaction i mean you've had a rise in yields but there's not been a calamitious reaction in the bond market they know what's coming. and i think ian is out right we don't know how much will be passed you do get some splant li plant and equipment for what you are talking about. i think the plant and equipment, joe, roads and bridges, railways, is more in the six or 700 billion-dollar range you get that that helps dwb, joe your favorite thing. mrna came from, you know, government funded studies it that are out there the question is how many studies do you have to fund to get mrna.

>> a lot of basic science. believe me, you're preaching to the choir. national foundation -- all the loans that you get at all the universities are funded. and there is a constant battle to try to raise those. and whenever they're reined in you see everybody in that -- in academics just going what are you doing. national science foundation grants everything else. thanks, ian. and thank you steve liesman for being here i could have done something like that but i don't have the jacket to wear. i went with the tie. but toss it over to you as li andrew talking tuscany. i normally would have said something like, you know, there is nothing available in tuscany. you can't even get -- some seinfeld reference do you remember where any go to tuscany a and yeah i think i'm going to go and the maestro says no,

nothing available. totally booked. >> i totally forgot. i would have mentioned that. >> coming up. >> we should do from tuscany take the show maybe this summer for two weeks we could do the show from tuscany. time difference works for us too. >> yes. >> when we come back, the future of ev charging, the ceo of charging station manufacturer volta is our guest his take on the fraz plan and what it means for the ev industry later bill gates on the rise of spacs and some of his investments tinhe space "squawk" returns after this. 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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welcome back to "squawk box. electric vehicle charging station manufacturer volta could be a big beneficiary of president biden's $2 trillion infrastructure plan since the proposal prioritizing national ev charging networkings. joining us is scott mercer, volta ceo. it's great to have you on the program. help us understand how the infrastructure plan itself will help your company and what kind of plans you are making around it >> absolutely. and, yeah, thank you for having me so i think it's very key to understand that electric vehicle charging and really the electric fiks of transportation is probably one ever the largest macroeconomic shifts we will see over our lifetime. and the infrastructure plan is something that's exciting.

we're wood glad to see the administration putting in as priority and this is critical fueling infrastructure we have to treat ev charging that will be the critical fueling infrastructure for transportation over the next several years. we have to build the network that's universal, it's easily accessible and that drivers can depend on. >> can we just talk about the idea of universal? because one of the big issues today as you know so well is there are different ev vehicles. >> right. >> and, you know, you drive up to -- and i should admit i don't have an ev vehicle right now but i'm veriwayo aware of the issues you drive up to charge and, you know, tesla has it's stations. others have all sorts of different both connections and then payment mechanism >> yes this is critically important and this is why we're excited to see the administration taking in as focus because ev charging does need to be universal infrastructure for drivers. and we don't want to see sort of

the balkanization of different charging networks. this needs to be something accessible and easy to use we don't want the apple dongle problem in the ev space. >> is that something you think should be government mandated in terms of what the ultimate standard is? or do you think that this is a little bit like vhs and beta max, one technology effectively is just going to win in the marketplace? >> no, i think as this goes, in does need some government focus. we have seen that internationally. and this is an interprablt problem. less like vhs and beta max and more like if your at&t phone couldn't call on the verizon network. it needs to be a system that works dependably universally. >> and what about on the payment side of this because this is where tesla shined in so many ways you drive up you pop the thing in

you leave. it all -- it bills you it's all magical or rather in some cases doesn't even bill you. in some of the other instances you have to take your credit card out, you have to either pay some of them -- some can be attached to the network so you don't have to technically pay in the payment but you get billed later. how do you get if so it's seamless. >> absolutely. making is simple, seamless and easy to use is key it's a combination of different methods. having credit card availability is important but a physical credit card reader might not be the end-all, be-all as companies build e the vs and build the technology side into the vehicle, we think there is more of the interprablt from the handshake of the vehicle at the station. but the key is really that open access and building networks that everyone can use simply. >> if we have this conversation a decade from now, do you think every public parking lot in america where there is a public

parking spot has a charging station? what does the world look like? >> oh, no. so i think the way that we think about ev charge something we woeo work backwards from the total vehicle take, about 3 trillion millions per year and where people will likely to stay, spend time and need to charge then as that tam build out with electrics trifiks we build out in places where we can match charging to stay time. you might want the ultrafast charge between san francisco and l.a. p but you want the charge to be half an hour at a grocery store or an hour when you're having dinner or two hours visiting the movies. and charging fades into the background of people's daily lives as we move forward. >> i guess that's my question. do you think when you go to a restaurant for dinner that the parking spot that you park in is also going to have a charging station right there and that

that's going to be ubiquitous? or is that too expensive to imagine. >> i think it won't make sense as we start to move towards what will effectively be a bit of a splintering of where you fuel. because many drivers will start their day with effectively a full tank because you can charge at home. but about a third of americans don't have access to home charging and will charge cars in public but the key is americans still drive about 35 miles a day on average. as ev battery prices come down and new cars come to market, the vehicles have stlee, four, 500 mile ranges. charging is less something to think about and more like fueling. but easier because you can do it anywhere you fuel where you go. >> when -- final question, when do you think that gas stations get retro fitted >> you know, we don't think that gas stations are necessarily the best place for electric vehicle drivers to go. when gas stations are really a business that makes $8 out of

selling you coca-cola and gets the 907-second fueling transaction. both are built on commerce driven charging. where if the fuel is it $8 can we attach that though $50s of kme commerce where you might get groceries with get dinner, movies with your family. the commerce is key. and the opportunity for that with other businesses is too big an opportunity to miss >> scott, appreciate you joining us this morning. it's a fascinating business. and it's going to be really, really fascinating to follow your progress. looking forward to talking to youen. >> thank you for having me. >> thank you becks. thanks, andrew. when we come back. jp morgan and salesforce joining a growing list of firms dumping office space as companies reevaluate the need for real estate we'll speak to real estate bill rudin about that and the reopening of big cities. check out the futures this morning. yes, they are open they're going to be trading

until 9:15 this morning. of course the regular session is closed for the good friday holiday. check it out after closing above 4,000 the first time ever yesterday. snpd fivd indicated up by almost 11 points this morning dow up by 6 and the nasdaq up by 1.75 petros yesterday, up another 43 points this morning stick around, "squawk box" will be right back. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade,

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with vaccines and reopenings is the job market about to take off? how many workers did employers welcome back to work first word on jobs numbers today at 8:30 a.m. eastern watch "squawk box" any time on demand still to come on squawks squawk boxex, the office space as the highest level in three decades. we're talking real estate and the move out of big cities plus bill gates talking spacs, the recent right are rice in new tech and his investment. squawk rpgs returns after this ♪♪ (car horn) ♪♪ (splash) ♪♪

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plus as human's lockdown whales

welcome back, everybody. bill gates is leading an effort to invest in climate change solutions. i spoke to the microsoft founder and former treasury secretary hank paulds on the climate related work for the economic club of new york i asked bill gates about the rise of spacever particularly for new technology like quantum escape that's a company he invested in early on that came public through a spac last fall. >> a lot of the processes are very capital intensive and, you know, takabe building a

fusion reactor that's almost a billion dollars. if capital markets are willing to invest in the companies at an early stage, you've got to make sure your disclosure about the risks is really extreme. but the green, you know, product companies are going to, you know, improve their balance sheets and get capital for projects, because, you know, the markets are saying, okay, this is important and now, you know, we have to be careful which ones are ready for that -- for being a public company. you know, how early do you take them out we've kind of flipped from a world where companies would probably stay private too long to now where unless our tasteful some of the companies may be going public too soon. there will be quality companies

at spac that will be low-quality companies that are spac. and i'm going to try and stay involved in the higher quality ones >> you heard hank paulson latching in the background there when he was talking about how there are going to be low-quality spacs and he is going to try and only be associated with the high-quality ones obviously getting into the questions about disclosure and making sure investors understand the risks behind all of this because well have more of the conversation coming up in a little bit including hank paulson's thoughts on inflation and whether you need to worried about that right now it's really an interesting time. >> yes, all right. look forward to it, beck coming up, we're talking reopening. and real estate with prominent real estate developer bill rudin. then later, a number of black executives calling for action on voting laws. we heard from ken chen all the and ken frazier. we'll speak to hope founder.

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a new report puts the availability of manhattan office space at its highest level in about three decades. it's happening in cities across the country. according to the "wall street journal," jp morgan, salesforce and price waterhouse coopers are among major firms looking to down size their office footprint. joining me to talk more about the commercial real estate is new york real estate developer bill rudin ceo of rudin management company. bill, great to see you we've been checking in with you through the pandemic how are things feeling right now. >> well thanks for having me and happy holidays i think -- >> thank you. -- there is significant increase in available space. but also companies taking space. google just announced adding 3,000 new jobs we had beam santori -- i know joe loves that adding about a thousand feet adding four or five hundred

jobs moving from chicago to mork. you have the icon center, mount sinai taking 165,000 feet from a biotech center on the west side. our tenant blackstone, take 80,000 feet in our building at 345. we are seeing increased activity in terms of leasing activity we're seeing increasing of residential lease signing and sales. there was an article in the times today about young first-time buyers coming back into the city. so i think that's forward looking in terms of people coming back into the cities. there are people who are leaving. there is no question about it. and we have to make sure we remain competitive, we don't tax our way too high and scare people away, which is in discussions right now up in albany in terms of the new york budget and then you have the federal discussions going on so we're cautiously optimistic. >> right. >> in terms of where the market

is going we are seeing people come back to the marketplace if you ask any real estate broker, they're busier than they've ever been over the last year. >> over the last year. but i mean that's saying something. the last year was pretty horrible just in terms of the number of people who were vacating and getting out of here where does it stand versus let's say two years ago? >> well, i think -- i think we're -- as i said before we're starting to see companies start to look at space again we're never -- we've never been in relative terms we've been very, very busy. the building across the street at 3 times square from where you guys located, we're doing a total renovation there we're seeing activity. downtown we signed a lease at 80 pine street with an international company, the building behind me dock 72 at brooklyn we are seeing activity. exchanging letters of intent with several companies we're cautiously optimistic.

as compared to two years ago, it's obviously not the same. but from where we were a few months ago and when i was on the show last, we're seeing a lot of activity and i think also the key driver is vaccinations. we're seeing i think in new york state almost at 10 million vaccinations and you've had the other guests on talking about hospitality and restaurants. new york is pat 50% in terms of indoor dining. outdoor dining has been a great success. as the weather gets nicer you're seeing people start to go out and experience what's great about new york city. and so we're optimistic. but we -- -- validate what we'r already seeing in terms of

companies wanting to look at new space and get people back into offices. amazon announced they are bringing people back next week and they're very positive about being in the office environment and having that creativity and that interaction that goes on when you're together in the office environment >> bill, last week we had the ceo of wework on he said he was surprised to see there were companies that were much more interested sooner than he anticipated he was thinking the fall was when people would be back. but it looks like they are already interested for late spring and early summer. but he also said that's because some may not want to get tied down in long-term leases you typically have to sign with commercial real estate the companies you are doing deals with now, they are forward looking companies, probably more long-term oriented are they being opportunistic in terms of prices they are paying

and length of leases they are signing. >> there is no question they are being opportunistic. the market is -- prices are down significantly. and concessions are up good for tenants, bad for us but at least we're trying to make deals and i think there is, you know, coworking flex space wework type companies, industries are very important in the marketplace. over the last 12 months there have been more start-up companies over the last, you know, 12 months than there were since 2007 so we're seeing people start to get more involved in their space needs. and you have to have the different type of office offerings. all the deals we're talking about are long they are new buildouts, significant dollars up front for us but we are seeing that activity. so all positive signs throughout the marketplace.

>> bill, what would you compare this to? i mean, we always have this tendency to try and say okay this is like what we have seen historically does this match to a 2001 after 9/11 or is there something else that this reminds you of? or is this completely unique >> i think this is -- there are obviously characteristics that, you know, relate to all those different past, you know, points in time, you know, 2008 financial crisis as you said you know, 9/11 but with the pandemic it's totally different. but we're starting to see that optimism and people wanting to come back out -- come back into the cities highest residential condo sales in over a year are happening so people are buying, renting. it's definitely going to take a little time. but from where we were six months ago or a few months ago

when i was on, there are definitely positive signs happening in the marketplace. >> bill, can youtalk a little bit about the retrofitting and buildout that companies are thinking about in a future hybrid world it seems to be two things happening almost at odds with each other i know a number of of ceos trying to grapple with this. one is they want to create communal space because the idea is people come in for meetings to see other people and interact with other people on one end. but the other end is people who are coming in may need actual desk space, office space for the day and given the sort of post-pandemic life at the present time they want to be glassed in or protected. they don't want to be in the open floor plan. of course those things at some -- to some degree are at odds >> well, yes we're in a transition period and bear in mind a lot of the

deals that we are working on people won't be in the space for eight months, a year, you know, because it takes that long to billed out the space we are seeing different designs for different companies. yes, i think we're going to be in a masked world in new york city for a while but as we get more people vaccinated next week the age drops to 16 where you can get a vaccination. in the last few weeks it's been down to 30 years old so it's going to -- i think it's going to adapt and evolve. and it's going to be a combination. people -- we've added within our space, you know, sneeze guards we're limiting meetings. everybody has to wear their mavericks. i think it's going to evolve but we still want that -- we're still seeing people come and say we want the space, the new space. we want to be able to have people come and work together

and collaborate. and so it's going to be -- it's going to be interesting to see what people are doing. but i'm very positive in terms of where the market is going at this moment. >> bill, great to see you. and we will check in with you soon we appreciate it. >> thanks, guys. happy holidays >> you too all right. coming up, dozens of prominent black executives calling on corporate mamerica to take actin on what many are saying are restrictive voting laws. we'll discuss that with operation hope founder john moep frint are bryant xander lurie but the markets are closing and getting -- i think we'll be getting the jobs report. the numbers and reaction from the panel. but we can't do the hollywood squares thing. we just can't today, if that's what you're looking for.

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. welcome back to "squawk. dozens of prominent black executives calling on corporate america to take action on what many say are restrictive voting laws ken chenault spoke to us about it on wednesday. >> this is a call for action what we have heard from corporations is general statements about their support for voting rights and against voter suppression.

but now we're asking, put those words into action. and we're asking corporate america to publicly and directly oppose any discriminatory legislation and all measures designed to limit america's ability to vote. >> and georgia governor brian kemp disagreeing saying his state's new voting laws not restrictive. >> folks like mr. frazier and mr. chenault who i have good respect for. they don't live here don't know the laws in georgia. and quite honestly our laws are not as restrictive as the states where any reside perhaps they should focus in other places >> joining us right now to discuss all of this and the role of corporate america on this issue is operation hope ceo john hope bryant, also has the result of an inaugural survey and small business we'll talk about and

survey monkey ceo zander lurii i'm going to you, john, first because you are in the state of georgia. you lift lived in atlanta for quite some time. speak to this as somebody who is a georgian >> yeah, good morning, so the governor with great respect, i do respect him -- on this point he is wrong. i do live in georgia and i live in atlanta. and the moral capital of america. and the tenth largest economy in the u.s. and the 31st largest economy in the world. atlanta, georgia built by black and brown folks working together and putting knuckle head stuff to the side and this time we flubed it they flubed it the bill is not just suppression. the bill is silly. it's payback bill. when hillary clinton who i know lost the election, black folks accepted it.

america accepted it. we didn't like it but we stepped it and we moved on and we supported the president. and we wished him well when mr. trump lost they should have accepted it and they should have moved on. and supported the new president. period that's what makes america great. they didn't accept it and somebody financed this ridiculous national effort that root itself in georgia because it's all about money to get payback on that election because they couldn't imagine they lost. well, they did lose. if they could be, the folks didn't like the candidate and picked another one there was no voter fraud it's been proven by republican and democratic leaders, most notably republican judges. there was no fraud that would turn anything close to a vote. we need to knock it off. buts in a payback bill that's what this is. i think corporate leaders. first of all, the civil rights community is -- corporate leaders have been here before, andrew the civil rights era, the south

was integrated, not because of mayors and governors they were recalcitrant they were backwards. it was the private sector. i won't retell the story you goe guys told about coca-cola did for dr. king after he won the noble. >> integrate the jcpenney seweda shops were integrated because of a business imperative and moral certainty. blacks were the majority customer in the small towns. and they were not getting business. >> right. >> anyway. -- >> let me turn to zander for a second and ask you, what you think -- we've heard a number of companies come with powerful statements others less powerful statements, others who have been silent in some respect how much of in is about statements how much of in is going to be about lobbying money, pac money and other things and the other issue is, how do

you think a ceo should weigh these issues, voting which we could argue is a moral issue, though i know there is controversy and there are people who are watching us in morning saying that they don't believe that -- that the voting is restrictive. and we can have that debate. but also on the other hand as a ceo running a business, dealing with taxes, dealing with other regulations, given that there are political leaders that are trying arguably to restrict the vote on one side but also looking to be helpful to some of the business leaders on taxes and the other. zander >> sure, andrew, i -- good morning. i subscribe to everything john said it's this is primia facia restriction. 91% of black voters said they were voting for biden. and it feels like payback. as ceo you have to tip your hat

to ken chenault. ceos need to exercise influence in times of great stress this is one of those times where clearly a cohort of the community is discriminated against. and ceos who have power, capital, large employee bases paying taxes need to stand up and make voices heard. there are a lot of ways you can do that. but when you have access to capital and products that matter in the community, you have a voice that can move. and you've done this better than anybody on the assault rifle bill, you really followed the money and looked at retailers and banks that were financing something clearly cuss causing great harm to the community. this is another one of those cases where we as corporate leaders. first and foremost we are accountable to zmers and employees and sharmeholders as well but if you don't think every company in america has a lot of employees talking about in issue, what is going on in georgia, you are fooling yourself especially during this environment where everybody is working from home. if you are lucky enough in a

technology bank or consulting company you are living on lack slack and zoom and in the employee resource groups talking about what is my company going to do to stand up for values and take action? because in clearly oevds all of us and our values. as a corporate leaders employing people in georgia, i want to tell the georgia legislature we are not investing in your community if you don't get these- this bill reversed. >> john, this is a -- this is an interesting one. i have a question for you, because the "l. a. times" has an avrl and points it out the biggest media companies in the country including our zone have been relatively silent on the issues in georgia. and one of the reasons is because there is a view that was espoused by stacey abrahams back in 2019 effectively asking the entertainment industry not to boycott georgia, saying that she felt the superior opportunity for georgia in the specific was to actually use the

entertainment industry energy to support and fund the work we need to do on the ground because georgia is on the cusp of being able to transform our political system effectively saying please don't boycott our state over issues like this interestingly. the "l. a. times" gets at this fascinating issue which media companies which historically would be vocal on these issues and have been on lgbt and other things in the state of georgia but in in case not >> well, i'm going to take a different take on that, andrew i think that they shouldn't -- we shouldn't be boycotting -- we should be standing for the -- the media companies should be paying attention on the solution where do we go from here as dr. king would say that's what you pivot on and that's what you did with dr. king in the 60s. we need to fop dmirpg the problem. to hurt companies in atlanta you're hurting black and brown employees working for the companies and contractors of the companies. as i said tenth largest economy in the u.s

31st in the world. you're not hurting georgia if you want to affect georgia lirpgt if who did this find out what drives their economy and talk to them i talked to -- i think -- probably get to the same place for a different reason to me it's about the economy it's the color here is green and you want to prove their model is diverse and inclusive is a better model. companies, geographies states that are economically prospersous are diverse and more prospersous. >> john, zander, we want to thank you you on this good friday for joining us also on this jobs friday, of course. it's an important conversation i know it's going to continue. we hope to have both of you back to continue that dialogue. talk to you guys soon. thanks >> thank you >> you bet. when we come back we're talking infrastructure, jobs and much more with our panel of experts ahead of the jobs numbers that are coming out.

in just a half hour's time markets are closed but the futures are open until 9:15 a.m. this morning take a quick look. you'll see there are green arrow as across the board. s&p closed above 4,000 the first time yesterday the nasdaq up by 1.75% this morning. green arrows across the board. "squawk box" will be right back. that's built right. that's why we created verizon frontline. the advanced network and technology for first responders. built on america's most reliable network. built for real interoperability. and built for 5g. it's america's #1 network in public safety. verizon frontline. built right for first responders. dave doesn't need a posh virtual receptionist, because he cloned himself. while his clone watches the phones, dave can work on his code. and lead his team.

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good morning it's jobs friday in america on this good friday equity markets are closed. but "squawk box" is wide open for business we have top market and economic voices leading us up to the number of the morning. the instant analysis on what the data means for your portfolio. also bill gates and former treasury secretary paulson talking spacever and technology to fight climate change. more highlights from the exclusive interview with just moments away and mitch mcconnell throwing cold water on the idea of working with president biden to bass the $2 trillion infrastructure plan. we break it down as the final hour of "squawk box" begins right now.

good morning and well to "squawk box. here on cnbc don't adjust your sets we're here really are i'm joe kirnen with becky quick and andrew ross sork u.s. futures at this hour open a little bit adding to positive sentiment we saw yesterday when the market was open treasury yields are something to watch this morning with the big jobs report. due out in about a half hour .167 just under 1.68 on the 10-year. for everyone becky you're going to say it's good friday. it's great friday, great friday i think since we're here. >> i don't know, you're putting yourself poff above the ranking less of other more important things that could be happening

out there i'll stick with good friday. >> you're right. you're right okay good friday. i think it's a great friday. >> every friday is a great friday every friday is a great friday but this is a great good friday. >> we'll take that >> all right. >> as joe intimated with the good friday holiday means things are a little bit different here. we'll tell you what's open and closed as joe mentioned, the index futures are open but only in my 9:15 a.m. eastern time the treasury market open until noon you have crypto futures, china's shanghaien and japan nikkei. were open but closed now because it's late there. currency volume is expected to be light here is what's not open. the u.s. stock markets energy and metal futures, major european markets and handful of asian markets closed today, including australia and new zealand. taiwan, singapore. let's get you caught up on the top stories because as you know

business never slips cryptocurrent ski exchange coin base getting s.e.c. clearance for direct listing the first major one on the nasdaq trading on april 14th under the ticker symbol coin the company claims more than 43 million users trading digital assets a filing last month said they reached a $private valuation of $98 billion. positive movie business film np cong rakes raked in normally not home to write about the amount but it represented the best debut during the coronavirus vices in the middle of the week. it has brought in $120 million internationally. and sales get a boost when 500 regal theaters open up the first time since october this is already available on hbo plus

we watched it last night in our house. perfect way to start the easter weekend. death, drugs, more thanes fighting mitch mcconnell dashing any hopes in the senate for bipartisanship on president biden's infrastructure plan. the senate minority leader saying the $2 trillion package is not getting support from our side in his words. at the same time, mcconnell vowed to oppose the broader democrat agenda under president biden saying he is fighting every step of the way because he believes it's wrong for america. as he unveiled the plan on wednesday, president biden promised good faith negotiations with republicans who want to help put together an infrastructure package but he also said we have to get it done and guys, as you know there is probably some infighting just within the democratic party over what's already been put down on paper. >> absolutely. >> yes. >> absolutely. we will see. and let's continue the same conversation right now about infrastructure that becky just mentioned. president biden pitching his plan not only as a way to upgrade u.s. roads and bridges

but also increase employment he called it the american jobs plan how many jobs would it actually create and what would it do for the economy if it were passed? joining us to talk about that is sarah malik chief investment at nuveni and action forum president former congressional budget office director and austin gulsb school of business professor and former council of economic advisers chairman as well. thank you, everybody for joining us austin, i'm starting with you. i'm curious -- did i'm curious what you think if you look at in infrastructure bill and there is a debate about the how much of it is infrastructure and how much is it everything else what if actually means to employment long-term >> i think it's probably -- i'm a little confused by this insistence that the word infrastructure should only mean roads and bridges.

to me it clearly doesn't when biden was running he clearly outlined he wanted to public build structures to help society, energy, build schools, hospitals, a burcham of those things i think in the short to medium-run it's probably a lot of jobs in the construction of those things over the longer run, you raise an interesting point there is the -- the limits on the job creation are about the population they're not about the business cycle. so i mean it's worth thinking, do we -- it's not expanding the population so it's more changing the sector that -- that people are working at >> doug, i assume that you -- you are a little more reticent than austin to embrace this. >> yeah, i have some real concerns the target here the longer term

trend pace of economic growth. if you look at the composition, if you were to raise the taxes they are raising, corporate rate global minimum tax, income tax and spend that really, really carefully on core r&d, core infrastructure, you might break even but i doubt it if you water it down with the sort of social problems they have in there, $400 billion-dollar expansion of medicaid and medicare and a bunch of other things, and then toss in the protecting the right to organize pro act an extraordinarily and i growth provision. on balance this is bad for economic growth and bad for the economy. >> explain the last piece. why do you say that? >> the pro act would preempt right to work laws in 27 states. it would change the classification of workers and independent contractors like california has with the abc legislation. it would embrace the employer standard that allow would allow the end of the franchise model

in the united states so it would get rid of the prohibition on secondary boycotts and lead to a lot of very disruption in the flow of goods and services so there is none of that that is about creating jobs or creating greater productivity. i have concerns about the economic policy that's in this proposal >> sarah, as you try to math this out but there is also try to think about the probabilities of what gets -- what actually gets passed, how do you see it and how do you think that the marketplace should see it. >> the key for this bill and its impact on the economy is how much are we spending versus how much in taxes are we increasing to pay for that spend sng we do think this could increase gdp by about a half point in 2022 but from a market impact after it was announced we had a sell on the news. growth stocks went up and the stocks that would have been beneficiaries of this bill actually underperformed. we think that was for four key

reasons. one is questions about the tax increases and the hit to earnings we get from those second is the legislative issues how easy is it going to be to pass this bill or what bill will pass thirdly is also is covid cases they've been increasing globally that could cause a short-term air pocket for the economy and finish finally the reason event recent run in cyclical versus growth stocks cyclicals outperforming growth stocks about six months and growth stocks looking more attractive so on a valuation basis people buying zbroegt stocks. >> seth, how do you handicap this bill what do you think it looks like in the end. >> that's the key question and everyone should have a pretty wide error bands on the forecast here. because the political process is going to be tough. i think at the open president biden was cited as pointing out there could even be infighting within the democrats but we've been assuming all along that there would be several components to a multi-year spending package something on the ordered of 300

to $400 billion per year on a flow basis if you take the $2 trillion number talked about for infrastructure plus the promise of more to come, that seems about right. i think one other perspective that might be worthwhile, austin mentioned you could get some jobs out of this in the near term as things are getting built out. that's a helpful consideration, i get lots of questions from clients globally about the $1.9 trillion in going to boost the economy in 2021, are we getting a drag in subsequent years? i think when you have a more sustained, pro longed spendout of extra government spending it reduces the possibility that you get that kind of drag. >> and austin, you -- you've lived in the swamp what do you think the ultimate number -- the the number number and ultimate package looks like? what is actually feasible given the politics of washington right now? >> yeah, well, look, i'm the policy guy so i don't totally know i know if the republicans announce, as you showed mitch mcconnell did, they will not

support it full stop, period, there will be no republican votes, if you only have 50 votes then every democrat has a veto and that's a tough environment, because then you got some people saying well they want it to be bigger you got some people saying they want it smaller. everybody wants to get a library in their own district. so i -- i think you would probably expect that whatever is the final package is going to look a bit different than what the initial wish list is >> and what do you think the market is betting on what do you think the -- what do you think the market thinks this bill looks like? >> well, you know, in a way, the s&p is setting records while they're discussing whether they're going to raise corporate taxes. i thought, is kind of an interesting juxtaposition. but it certainly doesn't seem like the market has big fears about that this thing would be inflationary or something like

that. >> right okay folks, we want to thank you. you're all going to be coming back in just a little bit as we get the final jobs predictions numbers from you and then of course the number of the morning and you are your analysis we'll be back with that in just a little bit but i'll throw it to becky for now. that's right we'll be back with that in just 17 minutes when we come back, the march jobs report. that's why we're here with you on this good friday morning. but right after this break, we do have more from the special conversation with former treasury secretary hank paulson, including this >> you know, i -- if you'd asked me this question a year ago i would say if we have ten things to worry about i'd worry about inflation last we see breakthrough medicines getting to patients in record time.

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welcome back to "squawk box. the futures are marginally higher after some record-setting action yesterday dow up about 62 points the nasdaq up 48 big session yesterday for the nasdaq and then the s&p adding to some of its gains this morning. it's over 4,000. over 4,000, which is probably higher than most people that we talk to -- than the year-end

targets and most people are down at 3,700 we'll see them quietly raise the estimates. yeah, i've got a 4,100 estimate. and we'll go okay. anyway, how you doing, beck? >> 4,000 on the s&p yesterday, joe, the low remember it hit back in the financial crisis over a decade okay like 66. >> oh, 666 remember. >> hello, going back up. just tells you how things can run up you need to to be invested all the time if you miss the up days that's what you miss. former treasury secretary hank paulson has anew role running climate investment platform for tpg. i spoke with microsoft founder and paulson on the work combatting climate change through investment this was a virtual event for the economic club of new york. the questions from the audience turned to another crisis that hank paulson knowing something about. an economic one. >> hank, this question is for you. for mr. paulson.

what do you think about the debt and inflation situation and if there is a cost to deal with inflation how big the cost will be from what you can perceive right now? >> well, you know, to me that's a -- that's a -- that's a -- at tough one to answer. you know, i -- if you'd asked me this question a year ago i would say if we have ten things to worry about i'd worry about inflation last i'd be more concerned about deflation. but we're entering unprecedented -- people use the worded unprecedented a lot when you look at the amount of treasurys that are being issued and the amount that are likely to be issued, it's something i think we need to think about and i am frankly -- when i look at risk, that is a risk -- the bigger risk -- and i'm not predicting this -- but the bigger risk is just if we issue

enough treasurys, when do we hit a wall right? when do we hit a wall? and is there enough buying demand for treasurys and i don't want to see in a situation where the dollar loses too much value but the way i tend to think about the deficit, which is what you are getting at and the deficit. and the way i end tended to talk about this before we got into the stratosphere here was that you obviously need a stimulus. you obviously need relief when you're in a period like this and you're not going to be, you know, making progress and paying the deficit back until the economy is going and until people are paying taxes. so i've looked much more at the structural deficit which is much easier to predict, right because that has to do with

aging in society and health care and social security and all those kinds of things. and i really do believe that -- that unless we can bend that curve, at some time if that structural deficit keeps growing. we'll reach a time -- i can't tell you when it is -- when the markets won't take it any more and then we'll get back to the question you asked earlier, when will something become much more important and immediate than the climate change and so -- but right now i'm not -- i'm not predicting any of that right now i'm pleased that the economy is -- is doing well. we seem to be emerging from this now people are getting vaccinated and we're focused on climate change so i'd rather end this on a high note. >> obviously that gets to the heart of the debate that we are having just about every day at this point and that we were

discussing earlier today what can you do and what can you pay for and how? joe? >> it's a good question. it's a good question we'll find out there is going to be a lot of boorvegt we'll have our own back and forth with our panel because coming up is the march employment report from the labor department economists think 675,000 jobs added to non-farm payrolls last month. but there have been number could be higher. might start with an o pmt one million, maybe we'll find out in a few minutes. u' wchg ed yoreatin"squawk box" on cnbc

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coming up when we return, the number of the morning. it is the march jobs report. our panel is standing by for the data we're going to bring it to you then break down what it means for the economy, the markets, your portfolio and so much more. stay tuned you're watching "squawk" right here on cnbc ♪ ♪ ♪ ♪ ♪ ♪

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welcome back to "squawk box" on cnbc. this is a special program today. it's good friday and the markets will be closed today but the futures are open and we are just a few minutes away from the government's march jobs report. ahead of that number let's welcome back our panel nuven saraha malik seth carpenter from ubs. dowling from the chicago forum austin gul is the sby and steve liesman and rick santoli. we have a few minutes before we get to this.

let's go around the horn and ask everybody for predictions on this austin, i'll start with you. >> you know, i think maybe a huge number like 725,000 since we've gone into this phase it's a little harder to predict but even 725,000 is not enough i mean, we could go ten months at that rate and we still not be back where we were before this started. >> doug, what do you think >> i'm putting it at about 800,000 and seeing the unemployment rate drop to about six. austin is right we need 950,000 a month the next months to get back to 2020 it's a good number but not great. >> sarah how about you both of those numbers well above screens us. >> at 700,000 but a boom to come by the summer over a million this is driven by mobility, return to hospitality and

leisure sectors. we are seeing that already with strong data points, consumer confidence at the highest level we have seen in a year staffing index numbers up high single digits to double digits a very positive there. on average hourly earnings we see that flat because the mix of services sector jobs will actually bring that down a little bit and unemployment down a little bit as we are concerned about the participation rate and permanently unemployed and the people coming back into the workforce. hopefully we can create more and more jobs for them going forward. >> seth, quickly, what number are you checking out here? what are you expecting. >> we've written down 626,000. and i think there is clear risk to the upside. it's if wrong and weaker i take less signal than if it's stronger we had a lot of obstructions in the middle and end of february that could make this a noisy number and we're looking for a superstrong q2, about 1.25 million per month in q3

march is the inflection point higher assuming everything is going well with controlling the virus. >> steve, i know you don't make predictions but quickly you were the first one i heard say it could be a million a month. >> yeah, the high frequency data was quite strong, becky. that was something a little out of economist to me in the 800,000 plus range i'll be looking at participation rate i want to see if we are attracting people back to the workforce. >> i'm going 8, 8, 8. >> rick i was going to have you talk. >> 916,000 becky 916,000. becky. >> 9,167,000. >> 916,000. >> is that the actual number. >> rick you win. >> unemployment rate- unemployment rate edged down to 6% and then i got to go find the b 1 tables to find out where the jobs were. but it looks like finance activity retail trade up 21,000 whole sail trade up 24

manufacturing that's been on a tare up 53,000 here. construction, sit-down for this one. i don't think i've seen a number like this. added 110,000 jobs in march. so let's see public and private, you have the in and person thing. employment rose 67,000 in local government education was a big part of this i'm turning to the b 1 tables. but this is a very good number and i think the beginning of what we're likely to see as we get a return here. all right i got the table open here becky. private sector 780 i'll give you the government sector here at the bottom. which is 136,000 for government. leisure and hospitality, huh, 42,000 there i'm surprised by that. i thought we'd see more rebound in that respect. temporary help, 101,000. we have seen this trend where instead of bringing back people

full-time there is the trend toward bringing back people on a temporary basis. i'm going to stop there, private service 597. that's a big part. where is the big number in there? 280. i'm sorry i have it wrong. leisure and hospitality, 280,000. that is a big rebound in the space we expected tp rowe. becky you talk to the panel get i'll get more data. >> rick, take a look because we did see the futures pop. already in the green across the board this morning but now the dow futures indicated up by 120 points you were expecting a strong number it was almost in line with what you were anticipating. >> yeah, no, i pretty much nailed it. of course i hoped that the viewers -- i want thenl though know eight, eight, eight. eights were wild chinese lucky number 88,000 that's my model picked up. i was 5.9. we didn't get there the 6% we've seen futures up pap dow

futures double that. from 19.67 to 19.68 to write right back down on tens. 30ss 2.32 and holding basis points at 2.33 the reason i bring that up is we could make an argument at least if you look at the technicals lately some of the positive data we've had, no exception, hasn't translated into popping through the 1.75 resistance or mid to upper 2.30s for 30 year. it's the reason i didn't go over a million. there is a lot of issues regarding some of the new legislation and some of the purported things that are going to be in the infrastructure bill that i don't think are going to fare well. i think many economists analysts and traders are picking that up. on the jobs, quickly, we are extending the programs steve always talks about initial and continuing claims thursday so if you've been signed up for these programs for benefits, jobless benefits, which we

needed from last march, you got about 30 grand they extended the programs to september. you get another 15 so about $45,000 in total. the reason i bring it up, that's going to make it very difficult for some of the industries like restaurants and certain parts of construction and certain logistical jobs which have much help wanted right now with the reopening. they're just is not going to be able to draw some of the people. even though i think our heart was in the right place on some of that i think it's going to inhibit some of the job numbers to get over that 1 million that steve, i think very appropriately has been zeroing in on. >> yeah, doug, let's get to you because you were at the high end. you were looking for 800,000 jobs roughly and 6% unemployment you were right in the same range in terms of anticipating and expecting this rick brings up a good point. is it going to be hard to continue to get workers to fill the jobs as this opening process rolls out across the country still? >> yeah, i think the most important thing is going to be

the supply constraints we know there is tons of demand stimulus out there both from money sitting in savings accounts, additional checks in december, the 1.9 trillion that's over done it on the demand side. no question. the real issue the supply constraints. the up-front ones are the virus if squevl in removing those from the headwinds then you're dealing with the policy basically saying we'll pay you to stay home and those are slews that have to be dealt with. >> steve, you had a comment something you noticed in the numbers you wanted to bring up. >> yeah, a couple of quick things looking for a number here. but the -- the u six the broader med of labor in the economy and did tick down 0.7% that's -- we want to get back to where we were, in the 7% range really emblematic what the panel is talking about

we can argue whether or not unemployment keep people from coming back in they are coming back in. the participation rate ticked up to of 61.5% from 61.4. i think it's worth while to remember the revision. we had a nice revision to the prior month. up near a half million for the prior month. this thing hasbegun, february, march. it's accelerating. and then we have to have a debate once we get people back to work about the policies out there from the biden administration are they good or bad but the first order of business is putting people back to work it's a good start, long way to go >> steve. >> february revised -- who asked that in. >> what was the average hourly earnings did we -- what did we get. >> doug, was that. >> down one tenth, month over month. up 4.2 down one tenth. up 4.2, year over year. >> okay. so austin let's weigh in on the revisions, not only for february

but for january, too you did see those numbers pushed higher as well this has been swelling up and really happening it's been hard to get a feel for what's happening because it's such drastic changes over weird periods of time. we haven't seen numbers like this. >> i agree with that with -- we're probably going to keep getting the big revisions as they get the actual data and go back in uncertain times i do think that there is something funny or weird about us dwelling on people are being paid to stay home so they won't go to work when the very sectors where that's supposed to be happening are eye poppingly big job generating numbers look at leisure and hospitality we're at 240,000 you look at construction, so i don't think the american workforce is abiding by this rule book. you see people wanting to get back to work

and there is still a lot of people out of work now, they're not in the top part of the income distribution anybody can do their job from home the jobs market is actually better than it was before covid began. but if you look down at the lower-income paying jobs where the job's got to be done on location, they're still really suffering. this is the first of the big numbers that hopefully we're going to have six, eight, ten months in a row of big numbers like this. >> a yeah, sarah you alluded to that before. you anticipated that we'd see a million jobs a month coming in the summer but, looking with the strength of the numbers today, the idea they could get revised higher like we did for february and earlier, that just tells you there is something really moving quickly here >> what we need to to get is the 4 million people who left the workforce post the pandemic back to work. as schools reopen, governments hire, we're optimistic that can happen going forward this continued

powerful growth of leisure sectors should be what drives the number over the one million level. we like those companies that are very leveraged to services like match holdings and match group and booking holdings, the companies both leveraged to the reopening. match owned tinned are ok coupe i had plenty of fish the market could grow five times over the decade. the print was positive and negative for them. it did cut the growth rate in half but going people people are more comfortable meeting people digitally and online also big fans ever the ceo of match. one of the only women out of 31 who is a ceo of s&p 500 company. a booking booked a billion hotels in 2019 as we colt come back demand is it's an asset light model they don't own the assets just earn commissions. >> do the better than expected numbers change your outlook at all. >> i think it's very

encouraging, sort of makes, reinforces our bullish tone. we need out of screens us looking for strong growth to start happening in q2. i think these data point to that acceleration happening in q2 i think the other thing we're going to have to start talking about is we've been out of screens us saying the fed is making for rumblings about tape perg appear and the jobs numbers make those discussions ever more present as we get through time and get more strong job prints i want to underscore the point about labor force participation. it's important what we see in recent cycles is as the economy strengthens people come back in the labor force, and that fact is going to be part of, i think, what keeps these supply constraints or overheating from becoming too much of an issue. there is more slack out there than is appreciated. >> i'm sorry, seth, did you just say this was so good that we need to start worrying about the next shoe to drop, which is the fed saying this is so good we

don't need to be in the game so we don't get to enjoy the good numbers before you start worrying what it means >> i think it's absolutely right. with this number and then if we're right about q2, a million jobs per month, it's going to be hard for them to say that the data are not showing that we're on track to make progress. and that's exactly what chair powell said they needed to start being more concrete witho about the timing of tapering and then the threshold of getting to substantial further progress, they've left that vague, but if a million to a million and a quarter jobs keeps up from over q2 and q3, by the time we get to the september fomc meeting they will have seen 6 million payrolls created from the time they planted the flag of substantial further progress. that i think that looks like substantial further progress and could be the september meeting where they say now we have to start tapering >> steve, were you saying something there? >> yeah, i wanted to put a little numbers around what seth

was talking about. i just looked it up here you had 347,000 people come back into the labor force that's the best since october 2020 and you had a decline in the unemployment rate of 262, the number of the employed 262,000. that's what you would want to see more people coming in putting the unemployed back to work as we kind of flow the revolving door of the job market i think seth is right. you might have a a little bit of moving up if we keep doing strong numbers but it will take a while quickly, a shoutout to the high frequency data, becky pointing to the stronger number we had today, home base, ukg is the ones we use here and i'm working on a piece here that looks like at whether or not they really have added but this time and over several times they've helped to tell if you you have upside surprise we were able to report back as early as monday that this was pointing towards the upside surprise and indeed it did today. >> yeah, and you ms. heentionede

a million jobs this month. we got really strong numbers here i wonder with the revisions if it will show above million next month when we get the revisions for in month >> yeah, you take the revrgss of last month and this number here, look, as i've said, and i think working with the data would tell you, it's very hard given that we're only using this data in in cycle for the first time as intensely as we have been to pinpoint a number. but it can tell you that there is indeed strength in real things like people clocking this number of shifts, the number of employees, the number of businesses open. we're getting this incredible realtime data and learning in realtime how to use it >> austin, just your thoughts on the idea that the fed would start tapering already i mean, i'm still trying to get my head around that. this is the great numbers, what we need to to see and more but what it means for the market if the fed says okay it's better,

and now it's time to let thing go a little. >> yeah, you raise -- you raise this hugely important issue. i still think powell has made pretty clear that he is not going to move preemptively and you're getting big -- if we get big jobs numbers like this, month after month after month after month, it's still got to go nine, ten, months before we're back where we were before. so i think seth's point that by september they could be laying the groundwork is -- sounds right to me. but i -- given that they announced they are going to move preemptively, i think we're going to see a lot of strong months before they actually move. >> all right, i can't see everybody in picture but is there anybody at the panel, anybody at the table who thinks the fed is going to signal that earlier? i've seen some wall street notes that suggest that signal of tapering to come could come

asset early as june. anybody think that rick i see your hand. >> go ahead, sir. >> rick and then don. >> i think it's impossible for us to even speculate what's coming out of jay powell and the fomc committee mouths considering we don't know. and to think that we can fine tune this like it's something we've done before or there is some type of empirical work that has been done to guide them is all wrong. and as far as these job numbers are concerned, austin, to think that we're not inhibiting people from going back because the numbers are big, the country has been closed. some states have been closed for a year, for a year the numbers should be bigger and that would still include people that could come back that don't want to come back. the reopening trade should have tons of horsepower i mean, in city, the city of chicago has been a ghost town since the second week of march 2020 so it should not be checking, the counterintuitive, the

counterfactual should not be that industries are not finding it difficult to find people, because of all the job creation we have. we need the job creation and it should not be shocking. and what will be shocking is how much more we get and how much jay powell and company are going to have to deal with some of the issues they've created listen, most of that money hasn't even spent on the last bill and look at what everybody in the panel is saying, that we're just running on strong petroleum here in the economy. just imagine when the extra gasoline, much of which had nothing to do with covid that we didn't need really starts to become inflamed within the economy. >> inflamed is what this skvrgs is just getting to right at the end when we're out of time austin i'll let you respond to that quickly then i want to hear from doug too austin. >> all i'll say is rick, switch to decalf i've been telling you that years. >> switch the subjects let's stick with the material here, pal. >> doug, you had something you

wanted to say too. >> just quickly, the wildcard is the impact of 1.9 trillion on top of the billion that's going to show as consumer price inflation speculation np i think that money is flowing straight to ast. pete. the bigger risk is asset price inflation. the equity markets are up 25% in the first where. housing prices rising at rates not seen since the housing bubble earlier in the century. there is an issue of froth in asset markets. that's the dilemma for the fed and i think it's going to be interesting to see how they handle it. >> all right on that cheery note we will say thank you to our panel today i want to thank you you all for being here sara, seth, doug, austin, rick and steve. >> thank you. >> the markets are higher. you can look at this -- happy holidays everybody. you will you'll sigh what's happening with the dow up so sharply after the better than expected numbers across the board

last i saw dow futures up 230 points above fair value. tesla releasing the latest quarterly delivery numbers we'll get you numbers and caught up to speed next heading to break, a reminder not to miss the latest podcast interview with nick. a freshman in high school who reports the top market stories all on twitter he has been giving a run for our money. you work hard at this you wake up earlier than andrew does. >> i wake up very early, 3:30, fourish. >> what drives you what gets you to do this every single day. >> i find it interesting in reporting for stories that automatically change after some time >> that's just one of many great conversations we've had on the podcast. you can check it out when you find squawk pod and apple podcast spotify i stitcher

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"squawk box. tesla just out with production and delivery numbers for the first quarter. and fill lebeau joins with us the breaking news. phil >> andrew, the numbers for deliveries for tesla in the first quarter, far exceeding expectations the company delivering just under 185,000 vehicles now, remember that's not just in the united states. that's worldwide so global sales for the first

quarter of 184,880 vehicles. an increase of 109% compared the first quarter of last year the consensus by the way was for deliveries of 174,000. the overwhelming majority of the vehicles, the model 3 and model y they don't break it down by country in terms of how many were delivered in the u.s., how many in china where how many in a region like europe but they do note that there was strong reception to the model y in china that should not be a surprise as they have ramped up production in china. we have seen sales and deliveries increase there. the big question now, what happens to the consensus estimate for full-year deliveries it currently stands at 831,000 we do not have official guidance from tesla at this point will that change when they give their q1 earnings report will they say we expect to deliver 900,000 vehicles this

year some suggested a million vehicles this year make no mistake, the q1 delivery number much stronger than expected tesla delivering just under 185,000 vehicles in the first quarter. the skens uts estimate was for 174,000 vehicles to be delivered. guys, back to you. >> phil lebeau thank you for that i'm wondering what happens when elon musk being withes a board member of endeavor and all the celebrities if they're not buying teslas already. we'll see what happens joe. >> phil is here with us. i mean, thank you, phil. thank you. is that what you're here just for that you're pitching? i love you, man. i love you let's talk more about the march jobs number that we just got, 916,000. what can that mean for the markets ahead? let's talk to a couple of people that have to make decisions on what to do and this could be a new data point. joining sus kate faddis. founder of grace capitol

a darryl cronk darryl you thought the value trade was long in the tooth and now you need to to be more selective you heard phil's report does that mean tesla, back to growth given what we are seeing with the economy picking up steam? >> i do. i do think that's what it means. i think you have to focus on quality. look, if the stocks go down 50% like some of the energy stocks did, the reits, financials it's easy for them to bounce back up. huv had a move in energy, materials, small cap value up 115% on a year to year basis the easy money has been made i think now you have to be a little discriminatory. that's what i think. >> and -- and i want to shift gears totally with darryl.

because, darryl, you -- you look at the 10-year and you look at previous action in yields when an economy starts percolating and opening up and in the past we have seen more of a move based on inflation expectations in the seer it's been very muted so you think something's got to give, one way or the other. >> yeah, i do, joe i think you've got to have real rates go higher. we're negatives 63 basis points on the 10-year shevr investors should not stand for that type of negative real yield in the environment last time the bear curve steepened like this it went up 130 basis points on real yields. so far it's only up 50 basis points i wouldn't be surprised to see real ralts back to zero, somewhere around a 2.30,

2.4010-year. >> now, would that put a damper if that's that's dot not happen or if it does happen does that make you less bullish on equities. >> no because injury the yield curve is bear steepening for the right reason you got a uniquepy bull ib macroback drop strong global equity prices. tightened credit spreads falling equity and bond market volatility, the negative real yields even absolute rulds ever 2.30, 2.40 don't put headwinds in the equity earnings. and the huge fiscal push behind you that's going to give you a trillion dollars of spending from the march pack annual, the 1.9 trillion over the next five months think about that five months we're getting a trillion dollars from that just that march package injected in the economy. that's going to give us a push like we haven't seen in a long time >> cate, i've got ten seconds. so you just want to wrap things sign-up can you do it in that much time, be selective, stay

long. >> be selective stay long, stay with quality if you've made money in energy, you've made money in some of the value names, don't overstay the welcome. run. >> okay. very good. thank you both for the -- for being here today i don't want to get teary again because i saw phil in here shep is open don't miss the news with shep smith. that will be live tonight at 7:00 p.m. eastern time we have a -- divides, we have an early out, i think 8:57.15 so enjoy. >> that's right. >> happy holidays. make sure -- thanks for coming in all of us together

tonight lgd building houses not prisons a city's approach to racial justice racial justice and as human

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