of their strategies there, but i think it refers to other brokerage firms as well, the idea of enticing people to trade and just spend more time on their phone. does that eventually sort of move on to options that could be the case but it's sort of across-the-board cryptocurrency stocks in general and what goes on we've seen it happen with gamestop a lot of attention there >> i hear people talk to me about options all the time it's very funny. it is really a force kate, thank you very much. kate rooney reporting today. and that does it for "the exchange." "power lunch" begins right now kelly, thank you very much and welcome to "power lunch. an hour of power players ahead the fed vice chair will be here, one of the world's most powerful central bankers. we'll talk about the taper of purchases of securities by ed, we'll talk inflation, we'll talk the biggest economic wild card

that would be the delta variant. wolfgang puck is with us he built a powerful brand in the restaurant industry. we'll get his take on rising food costs, the consumer, the historic labor shortage and more and former esg former player, a former one, calls that investment movement, quote, a dangerous placebo. he'll tell us why and what investors need to watch out for. kelly? tyler, thank you here is where the markets stand midday, just below session highs. the dow up 245 points right now. it's the laggard as well the s&p holding on about 4,500 the nasdaq above 15,000, now 15,131 by far the strongest of the major averages energy is leading today. oil is moving higher, and that's all because hurricane ida is strengthening heading to louisiana. we see a 6% pop of the oil and gas etf, on pace for its best week of the year

the banks are also getting a lift interestingly enough, though rates are down following the talk about the taper beginning by the end of the year, the regional bank etf is up nearly 3% today, tyler. >> all right those comments by the fed chair powell is where we begin right now. powell saying it could be time to start tapering the purchases of mortgage-backed securities, treasuries and other things. he made clear, though, that the bar for raising rates is far higher >> my view is that the substantial further progress test has been met for inflation. there has also been clear progress toward maximum employment at the recent july meeting, i was of the view, as were most participants, that if the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year the timing and pace in asset purchases will not be intended to carry a direct signal regarding the timing of interest

rate liftoff for which we have articulated a different and substantially more stringent test >> all right, steve liesman joins us now with federal reserve chair. steve? >> reporter: yes, the vice chair of the federal reserve, richard, you're the main act after powell warmed up the main stage thanks for joining us. >> you bet >> let me start off with one of the things the fed chair said. he said there's been substantial further progress on inflation but just clear progress when it comes to employment. do you agree with that what is the distinction between the two? >> well, i do agree with that, steve. we did send out a test for slowing the pace of our purchases in december. we wanted to see that substantial progress, further progress, be towards our mandate. and i do agree with the chair. we certainly met that standard with regards to inflation am we say we like inflation to average 2% over time and certainly this

year we'll do that i think we have made progress on the labor market in july we decided it wasn't substantial. we've had 800,000 jobs per month for the last three months. and so i expect that those gains will continue in the fall. and if that happens, i would also support commencing reduction in the pace of our purchases later this year. >> yeah, this is sort of like an english monetary policy class for you, the former professor. i was going to say you kind of gave me an answer but i want to ask what does it take in your mind to turn clear progress into substantial further progress >> well, i think we're on pace to do that we've had the 800,000 jobs per month the last three months. we're going to have robust job gains in the fall. i don't think it takes 800,000 per month but robust gains if that materializes i would

support a reduction in the pace for purchases later this year. >> richard, you said in a previous speech not too long ago that 3% core pce, the preferred inflation measure, was more than moderate 3.6%, i guess the question is do you intend to do anything about that does that change your policy when inflation is running above what appears to be your comfort zone steve, the answer is no. we share this view with most private forecasters that what we're seeing in inflation this year while unwelcome is very likely to be largely transitory. it's taking some time and there are bottlenecks in reopening the economy and they're frankly larger than i expected that being said i think there's good reason to believe as we go into 2022 and 2023 inflation

will move back much closer to our 2% longer run goal i should say let me be clear that if we saw clear evidence that this was not the case and that this increase in inflation was going to be persistent and move up inflation expectations as the chair indicated in his remarks today we would use our tools as the committee to guide inflation back that's not our baseline case we think it's largely transitory but we're looking at the data closely. >> richard, i'll affirm your comment i have heard this idea of transitory inflation from your colleagues, but i've heard from other of your colleagues, also, many of them today and yesterday, that they have this rising concern that inflation will be around longer than what they thought was a three or six month thing. now they're hearing it's something might linger longer and be more persistent

and they want to move fast are you in that area of concern when it comes to the idea that transitory inflation could be around longer than there's a risk around that >> so what i would say, steve, my baseline view is that it is largely transitory, but i've also said and i will repeat it on air today, i do think the risk to inflation are to the upside that's why i think i and my colleagues will be looking at the data closely we're going to get a better read on the labor market in particular this fall we had an unprecedented shutdown of the economy, the reopening is complex. i think we'll have a better sense of where the labor market is in the fall in terms of matching supply and demand so i think it is a risk case central banks get paid to be in the risk management business and i'm attentive to those risks it will be largely transitory.

>> richard, we can have a discussion from the other side of the economy which is from the down side risk part. i'd like to give you an opportunity to address those there's the delta variant. and as you just said, unemployment benefits will be rolling off for a lot of americans come september how much concern does that given you for down side risk to the economy? >> those are both something on my radar screen, not surprisingly let's go through them in turn. obviously the sharp rise in covid infections is a cause for concern certainly as a matter of public health. that said, i'm looking at the high frequency data, as i'm sure are you and many of your viewers. and right now it's not causing me to mark down my outlook for economic activity in a material way, but clearly delta does pose a down side risk to the outlook. and i do think we need to be attentive to the data to look for signs that economic growth

may be slowing faster than we expect in terms of benefits, you are correct that a number of the extended unemployment benefits will be expiring in the fall we and others have factored that into our outlook clearly that support was welcome and needed during the toughest days of the pandemic but the household sector, steve, as you know in the aggregate has more than $2 trillion in accumulated excess savings a lot of those transfers to households from fiscal support were not spent, and i think that provides a very important and solid buffer to the economy. and also i think that there probably will be some positive effects on labor supply both from the expiration of the benefits as well as a return to schooling that we expect in many parts of the country so i think that's the way it looks right now. >> richard, i thank you for this excellent segway into the next question i wanted to ask you

i've watched i guess a little bit in amazement that fiscal side has come forward with a lot of stimulus. but at the end of the day the fed didn't change its policy at all. i thought the two were supposed to work in tandem, that if there's all this fiscal policy, fiscal stimulus, that gives the fed leeway to ease back. and i'm wondering why hasn't fiscal monetary policy adjusted to the huge influx of money from the fiscal side, and are you late in doing that >> good point and let me give you context. at the federal reserve we don't do fiscal policy we stay in our lane. of course fiscal policy is a major input into both our forecast for the economy and will be a major input along with other indicators when we get around to assessing when is the appropriate time to remove

accommodation? and as i've said before, our new framework review in part was motivated by the constraint that we don't cut rates below zero as a constraint on policy, it's certainly not a constraint on fiscal policy and i certainly and i think other of my colleagues will take that into account going forward. indeed, i'll be even more forthcoming for myself i judge the support in tandem with the monetary policy can return the economy to a very robust precrisis trend growth path by early next year which will be quite an accomplishment. we've given, steve, very specific metrics in our guidance but the conditions that must be met and fiscal policy play noose that because it makes it more likely those conditions will be

achieved sooner than otherwise so thus far fiscal policy has not triggered those conditions to be considered but as we look ahead, i think it means that they certainly are likely to be realized sooner than they would be in the absence of the policy. >> richard, i have had the pleasure of knowing you through at least the three major iterations of your career. as a professor and now as vice chair of the fed i'm wondering when the fed chair delivers a speech like this and the market goes up 250-plus points, how do you view this do you say, well, we just threw him some candy with a dovish statement by the fed chair, that tells me the market was concerned we were going to be too tight and make a mistake and how much concern do you have given you had at least three hats on in your life that markets are frothy right here and fed policy is adding to it

>> well, look, what i would say about markets is that they're difficult to forecast and even after the fact sometimes difficult to diagnose. what i would say about stocks we've seen earnings numbers come in certainly corporate praofits hae more than rebounded. i think that's an important element. look, we have a very powerful set of tools but they're few in number we can adjust rates and our balance sheet. congress has given us a mandate. if we put in place the tools that will help us achieve those goals there will be impact on financial markets and we understand that. in terms of my reaction today, i was more focused on getting ready for your segment, steve, so i didn't spend a lot of time on that. i'll leave it at that. >> richard, you're joining me on

the first day of the jackson hole and have for many years i'll see you again, hopefully, live and in person at jackson hole >> very good thank you. >> tyler, back to you. >> steve, thank you very much. our thanks to vice president clarida. a revealing interview on a day we have a lot of focus on the fed. coming up, reaction and analysis to what he just told us. restaurant stacks have been in rally mode how will the labor shortage and delta variant affect the sector. plus, zoom soared in 2020. it hasn't moved so much this year can this stay-at-home play make a comeback next week zoom earnings. basicaly just provides the answer to the question: what if? with live better u, my 'what ifs' were erased. ♪

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welcome back to "power lunch. clarida didn't kill the power rally. there are session highs. following fed chair powell's speech and what we heard from vice chair clarida, rick santelli is tracking the action in chicago rick >> reporter: that was a great interview. steve, my hat is off to you. you asked the important question, with all this fiscal

liquidity why do we need an extra fire hose on i don't know and all my emails and texts are as follows with stocks basically near or at all-time highs why would the fed continue to do qe, why not set a date at a shorter time line? i can't answer those on hope equivalent rent, it will stop going up at the current pace do you think the price of cars will take back all its gains no, these will be stubborn just because they're not going up, the fact they are higher than they were is the most important issue. the interday of 10s hovering at the low yield. if you go to july you can see all these yields are lower the market seems as though it's turned hyg, high yield, we're begging people to buy into a sector that is already rich and probably

filled with risks we can't see because the game is still afoot. look at the dollar index 7/8 of a cent on the week and the chart doesn't look very bullish. i think the fed did a good thing during the emergency but they always seem to overstay their welcome just like this one uncle of mine. kelly, tyler, back to you. >> stay there, rick, for just a second your point there about inflation, i think, is a really important one. if we're talking about slowing inflation we're not talking about giving back or reversing price gains but a decline in the rate of price expansion or growth, so it goes from here to here it comes a little lower. but those other ones, maybe with the exception of energy, you don't generally see rent going back down, college tuition going

back down. maybe you'll see used car prices slacken. once you get hooked on higher prices it's hard to give them back >> reporter: on energy, tyler, consider this -- i agree with you on the big commodity moves they make readjustments based on supply and demand. the structure and strategy of the current administration is not helpful to energy, not helpful to fossil fuels. you can say what you want about rene renewabled, they're not ready for prime time if you can't have the air conditioning and the lights on in california, how are you going to charge your tesla >> all right, sir, thank you very much. on that thought we will turn to our next guest, thank you. the chairman and ceo, welcome, you've heard the argument there. i think what i heard today from fed chair powell and then from vice chair clarida is that they are ready to announce or start

the tapering but maybe they're just not ready now >> it seems fair, tyler, and i think it seems clear that i think increasingly the fed has a single mandate and that is employment i don't think it's particularly worried about price stability, and i have a lot of respect for him and for what the fed is doing. it seems quite clear to me the goal post on transitory inflation have moved quite a bit from what they were at the start of the year. most people were under the impression this would be a couple month phenomenon and would be over. now we're in august and there are still quite a few challenges >> and you heard what the vice chair said

the price deflator, i think is the preferred measure, is at 3.5% when the word transitory started entering the lexicon it felt like short duration and not as high as it's been. >> tyler, what i find in talking with clients and when i talk to people that run businesses, when i talk to clients, one of the things i find people use the '70s as a strawman for inflation which is to say it's not going to be like the '70s and, therefore, is not that bad going from 2 to 3, 3 to 4 is a very big difference. it makes a very big difference in terms of the financial market and earnings multiples makes a big difference what you can spend as a fiduciary, so that, i think, there's sleight

of hand going on that's a lifestyle change from 1.5 to 2 the other thing i would mention quickly i find there's a big difference between talking to people who are just business owners and let seas's say talking to economists on the street, our own economists or academic economists who are more easily align over this change from 2 to 3 than a business person a business person looks at it, inflation is a very, very big concern. it is not an also ran in terms of running the business. i think there's a little bit of a disconnect >> that's a really good point. you go from 1.5 to 3 it's a doubling of inflation. it may not be 8 or 9 or 12 as we became accustomed to in the

early '80s the other point i've seen you make is very interesting is it you're at the lower end and you have to pay more for basic items of daily existence, food, fuel, electricity, that pinches those people vuch harder than it does people at the high end and so do low interest rates. they've been more helpful for people at the high end of the income spectrum. >> absolutely. and i think, tyler, in my opinion -- i'm not a particularly big fan of the fed going beyond its mandates but it seems increasingly as if it's taking on climate change or social justice or other things i'm not a big fan of that because i don't think the fed has great ability. i believe in those things and trying to achieve those things i think it's skeptical >> i want to squeeze in one more quick question and quick answer

before you go. as you look at this landscape, this horizon, what do i do with my money what should i do >> personally, i'll tell you what i'm doing with my own money, i have more exposure to hard assets, inflation hedges, than i've had probably in my career it doesn't mean it will be correct but i do think that having exposure to energy, to basic materials, to real estate, perhaps rent, makes some sense given the fiscal and monetary mix. >> have a great weekend. good to see you. and still ahead out of the frying pan and into the fire first restaurants had to deal with covid and face a visitoric labor crunch now whether or not to mandate vaccines that debate when "power lunch" returns. est spectator events in north america. it's also a zero waste event,

which means everything thrown away by the hundreds of thousands of people at the tournament is repurposed. in 2020, wm diverted 988 tons of material and kept 421 metric tons of greenhouse gases out of the atmosphere. see how zero waste is one of the many ways wm is always working for a sustainable tomorrow at wm.com/stories.

(upbeat music) - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps, or you'll get back at least $5 in perks. welcome back to "power lunch. i'm rahel solomon. here is your cnbc news update. the mayor of new orleans ordering mandatory evacuations for everyone who lives or works outside of the city's levee

protection system, making the call well ahead of sunday's expected landfall. ida has gained hurricane strength the pentagon says 5,100 americans have now been flown out of kabul troops are on the watch for more attacks amid reports of credible threats there. the congressional committee investigating the january 6th insurrection has asked major social media companies for records related to the assaults. the request went out to 15 companies including facebook, twitter and alphabet's google. and in michigan a judge has ordered two parents to pay their son over $30,000 for throwing out his pornography collection he moved back in with his parents after getting divorced the parents have to pay their son $14,500 to cover his legal costs. kelly? >> sounds like a functional society. sounds like a great family rahel, thank you very much rahel solomon. back to markets which are still

near session highs the dow is up two-thirds of a percent. the nasdaq up 1.2% all of this after fed chair powell did prepare investors for a taper but emphasized he thinks inflation will be transitory and you just heard about these mandatory evacuation orders for new orleans. the gulf of mexico oil output has been cut by about 60% as hurricane ida heads for that region crude is now up about 10% for the week, tyler. a former black rock executive says the esg movement is a dangerous placebo that harms public interest in green initiatives. he'll be here with us to explain plus a special item on today's menu world renowned wolfgang puck about the state of restaurants

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and welcome back to "power lunch. the best performer is betting stocks continuing a strong run this week. caesars up 21% this week, its best week in nearly ten months las vegas sands, we're showing it to you right now, up 17%. on pace for its best week since april of last year remember the start of the pandemic draft kings on pace for its best week since march a huge time for sports betting, march madness. also adding draft kings to three etfs this week back to the bets etfs. you see here on a three-month slump but you look over here a bit of an upswing. keep in mine the nfl season also about to start which is the most gambled on sport in america, 18 weeks of games to gamble on. kelly, back over to you. >> we didn't ask your favorite team, frank. >> the eagles. i foe you are washington fans. i will gladly bet against you. >> gauntlet thrown >> the eagles are not going to be very good

>> we're going to be terrible. i'm still a fan though esg investing has grown increasingly popular of late especially in the wake of the pandemic global inflows hit more than $2 trillion in the second quarter up 12% from the end of march the pace of growth slowed 24%. could the slowdown be due to questions about the efficacy of this strategy. does esg investing actually do anything for the environment joining us now is the initiative founder and ceo and former black rock chief investment officer for sustainable investing. because of your former position, the depth of knowledge you have about these strategies we so appreciate your point of view on whether this is really achieving environmental goals and part of the criticism we've offered environmental is only one plank of that. so it's not clear whether those goals should be first and fror most or one of three

governmental investing approaches people are focused on what are one of the main concerns >> the concerns you bring up are important ones but almost in the weeds. if you zoom out the big picture esg is sold as all things to all people this ticket to magical better returns in your portfolio, it's going to create all of this great impact and having been a trained investor trying to integrate esg i can tell you confidently it's not that used to investing most cases, short-term, liquid strategies, it's not that useful secondly, pretty much no impact that i could see that's demonstrable, evidence around saying this is allocating more capital to good cause that is could possibly solve our solution and it's becoming a placebo, a deadly distraction because we're putting all our effort into this and ignoring

what the experts are telling us that we need policy reform >> so you're sort of pointing the finger to government saying they need to drive the carbon goals or fossil fuel reduction targets. let me offer the counter perspective on your criticisms which is many who think this energy transition is well under way point to the success of the esg movement in things like exxon, engine number one even those who are bullish on oil this year say that part of the reason is under investment from a lot ofthese projects so the people looking at the price of oil or on the emission trends are pointing back to this investing trend as one of the reasons those advancements are being made >> it's an odd argument for a few reasons.

these are all free market theories around the market self-correcting itself as the largest market failure in history, number one. number two, no evidence any of these things are reducing emissions. i haven't seen anything to show emissions have been reduced from anything engine one did at exxon. if you have a financial system of a series where everyone has a fiduciary obligation and that combined with a market failure where it's clearly to burn fossil fuels and weep need to make a quick transition. it doesn't matter how you look at it. more at th more capital going to causes we don't want we need a price on carbon and the case the carbon gets lower the public gets misled it's not a carbon tax. they say the slegs is solution

is low carbon etf. >> europe is way ahead in putting a price on carbon and they're starting to see the price up at a significant level. let's go back to the case of exxon. engine number one only had success in may it's only august there is now speculation about exxon making as which decisions and look at where this is all heading. it will all be traced back to the esg pressures they're under. >> what they're going to do is sell assets to private companies. if you only pressure public companies, it's like playing whac-a-mole. it's not a systemic solution going and telling them one by one through proxy fights honestly is the solution to clue

m climate change why are we talking about ideas like this? it's decades since this near liberal consensus markets will correct on their own, and we're still finding ourselves in a position where every solution we're bandying around, there's no serious economist who has said divestment or engagement is a useful way to fight climate change it's an oil company. they might lean more in the direction but a solution is not that they're going to reduce the production at the rate we need it to happen in society. th they're shareholder return focused. >> we'll to have you back and talk more, tariq one question and an observation. the question is this simply put, what changed for you. >> the biggest thing is i said

when i left that i thought sustainable investing was like giving twwheat grass to a cance patient. people think maybe it helps. it clearly doesn't when covid-19 hit, all of the business leaders that think the free market is the solution to bending down the greenhouse gas emissions curve suddenly realized when the incubation was a few weeks for a systemic curve science told us to bend down, covid-19 infections. you suddenly realize the business roundtable supported mandatory masks, don't travel, close the schools. somehow when it comes to climate change forget what the nobel prize winning economists are saying the free market will solve it. kind of sounds to me like not even neoliberalism free market for gen-z. >> we will have to have you on

one of our events. when i think about esg investing, one of the things that concerns me i think of an all too convenient rapper that a sales force can go out and sell to an all too not gullible investing public but an investing public that wants to feel good about their investments. your reaction this is as much salesmanship as social responsibility quickly. >> 100%. these are sold with higher fees attached and most people buying them think they create impact in the world and the majority shares are traded in secondary markets. >> we'll see you again soon. thank you very much. up next, zoom boom doom. the company set to report results next week with more companies delaying their return to the office. do work from home stocks have

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welcome back to "power lunch. zoom reports earnings on monday. the name a stay-at-home play falling out of favor your "trading nation team," great to have you both here. craig, tell me zoom as you look at key levels whether you're a buyer of this name >> i'm not sure if it's zoom or boom because we're coming into this quarterly print, the stock had a huge run in 2020 it looks like coming into the earnings you're plus or minus when you look at the implied option move. i'm going to wait for the stock to see if we can recapture the interday moving tactically i will wait and see if key we can get back above that level. i'm a hold >> you're not there just yet steve, what about you and the outlook broadly speaking for the stay-at-home stocks?

>> i think it's time to start fading some of these names as the summer of freedom didn't materialize with the rise of delta, we've seen the stay-at-home plays rise. delta potentially peaking. as soon as those cases start to peak, stocks will nif that out, reopening trades, things like casinos, hotels will get a big relief rally >> that would be welcome news. thank you guys both for now. and for more head over to the website or follow on twitter @tradingnation restaurants reservations the country largely reopened but restaurants not quite in the clear. renowned chef and restauranteur wolfgang puck. and now the latest from triedingnation.cnbc.com and a word from our sponsor. >> many traders like to watch technical patterns and one of the most popular is called the

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energy and materials are the best performers today. right now the industrials are up 235, or 0.6%. he has restaurants everywhere from beverly hills to bahrain. we'll talk about supply-chain concerns with michelin star chef wolfgang puck, right after this. 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 plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

welcome back, everybody. in the face of the nation's historic labor crunch, restaurants are wrestling with more kate rogers has more on the story. >> hey, kelly, in new york city, they didn't have a choice. mayor de blasio's program mandates restaurant workers and patrons be vaccinated for i indoor >> it's exacerbating situation, and then, you know, in addition to all of that, you're dealing with the surge of the delta variant, which also created some complexities so we're getting hit from everywhere >> in austin, eric silverstein said he didn't feel it necessary

to mandate it. the current shortage of workers did not factor into the policies which strongly edge couraged the vaccine and for those not vaccinated there are consequences. >> if you do come down with covid, a breakthrough case, even though you're vaccinated, we pay you for your time off of work. that's so you don't come in and get others sick. however, if you are not vaccinated, then we don't offer that >> a challengic time for restaurants, a tough call either way. back to you, guys. >> let's talk about the headwinds facing restaurants, with wolfgang puck thank you for being with us. what are you doing at your restaurant locations around the world? are you requiring vaccinations masks? what >> well, we are requiring all of our wait staff and kitchen staff to wear masks, especially here in california, in hawaii and

some other places, but i will say it should be mandatory, and i really think the government should issue a mandatory vaccination, just like they did with polio we know it will help us in the future you know, even if you get the covid, you're not going to be hospitalized, and you're not going to be on life support, so i think people feel more comfortable if they -- my neighboring table is vaccinated, all of our staff is vaccinated i think we should mandate it. >> you would like to see the government do that, but nothing stops you, for example, from requires your workers to be vaccinated. >> well, we are lucky as spago, figure, in beverly hills everybody is vaccinated, you know, so all of our staff is vaccinated, because some of them knew -- some of their relatives got real li sick, so they got really scared. we gave them the opportunity to get vaccinated, and the same

thing in new york, you know, everybody is vaccinated, so we feel more confident, i feel better for our employees, because i know now they're not going to get as sick i had covid about a year ago and it was pretty bad. it's not a good thing to have, especially when you watch the news, what's going on, and how many people died at that time. so now i think people should just be responsible and get vaccinated i don't know why some people out there think, you know, it's going to be so bad, i don't know, the advisory has been approved already. >> are you afraid you would lose -- i want to get to the labor question that's affecting your business and all restaurants, are you aphrase if you required vaccinations you would lose a lot of workers who are hesitant about getting vaccinated, number one, number two, how hard is it for you

right now, to get workers to be wait staff and cook attach in your shops >> oh, it is so difficult to get enough wait staff. when you look at the bel air hotel, where we run the restaurant there, and the whole food service, a waiter makes over $100,000 a year, and we still cannot get enough people i want them to be vaccinated when they apply for jobs, for sure i tell them you have to be vaccinated that's one of the conditions i really believe in the kitchen it's the same, that we have such a shortage, that we actually have to refuse customers, because we cannot serve them prop properly so the think it's time to be response and to get vaccinated so everybody feels more comfort aable. >> to what do you attribute the

shortage part of it is the help of the government, which has lasts already six months or so, where people get a paycheck from the federal government they get the check from the local government, the state government and some of our people then work and cook for somebody at home, and we don't have -- i think by next month, once the federal government money is going to be cut off, and some states it's already, i think we will see that people want to come back to work i hope so, because also there is a problem in our profession, and a lot of people now changed work they're working construction companies, they work in different businesses, maybe get retrained, instead of working in restaurants, because our hours are really difficult you know, you work saturday, sunday, you work on holidays, in the kitchen it's a lot of stress so i think in our restaurant industry, we really have to

change the pay scale how come a waiter can make $100,000 a year and a sous chef makes $60,000. it's already difficult the whole supply chain changed now deliver -- >> chef, we have to skee dadle thank you so much for your time. one of the good guys thank for watching "power lunch. thanks for watching "closing bell," too it's up next. thank you, tyler welcome to "closing bell." happy friday, major averages bouncing s&p 500 and the nasdaq both hitting record highs, the dow is up triple did you get. let's look at what is driving the reaction