it is 5:00 a.m. at cnbc and here is your top five at 5:00. back at record, stocks looking to keep november in the black as the fed kicks off its two-day policy meeting today. now comes the follow through after strong words and big promises from the world's biggest polluters, will the world make any meaningful impact on climate change? a live report from glasgow ahead. it is one or the other and apple has to make tough choices when it comes to its parts ahead of christmas. call it a crypto triple threat from burger king to aaron

rodgers. we have your top trending coin stories ahead. and elon musk throwing cold water on tesla's big deal with hertz. is there a big deal with hertz it is tuesday, november 2nd, election day, and you are wa watching "worldwide exchange." good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching. i'm brian sullivan, thanks for joining us happy election day, voters going to the polls today to decide who will be the governor of new jersey and virginia. virginia, by the way, the race to watch in america right now. could be a big day down there. ahead of all that, getting back to the markets what we do, leave the politics to others futures they're kind of like the markets yesterday, flat to maybe not doing much, dow futures down

.1%. it was kind of a meh start to the month overall for the big indexes, however there was a big pop on small caps yesterday with the s&p 600 and the russell 2000 rising more than 2%. futures not indicating much today. to bonds because the two-day fed meeting kicks off today with a rate call on wednesday remember, it's not just about rates with a taper, either the markets are also interested in whether fed chair jay powell is going to keep his job let's also check, wheat, yes, wheat, prices for the grain, we don't just mention them out of the blue, they're at the highest level in more than eight years. that's right, wheat prices up nearly a nine-year high. but don't worry, we are told that is transitory but it could be another inflation shock at the grocery store. around the world, mostly

lower session in asia, outside of south korea which ended the day higher and europe their markets are mixed. germany up, most of the others down a programming note, this show is going to be live from london all next week with cool guests and energy discussions we know you tune in every day, but an extra special tune in next week. let's stay state side right now. hit the top stories of the day silvana is here now. what do you have for us? >> here's what i have for you. west virginia senator, joe manchin, is putting president biden's infrastructure plans in jeopardy one more time, demanding more time to evaluate the projected impact of the

$1.7 trillion build back better agenda. >> i will not support a bill that is this consequential without understanding the impact it will have on our national debt, our economy and most importantly all of our america people >> his comments are the latest blow to democrats who hoped to have the bill finalized this week the white house maintains however it is confident manchin will support the legislation riffian automotive is targeting a market valuation of $56 billion. the amazon backed electric vehicle start up plans to offer 135 million shares, priced between 52 and $72 and tesla ceo elon musk throwing some cold water on last week's hertz deal in a tweet last night, musk said

tesla has yet to sign the contract, contradicting the announcement and advertisement released by hertz. tesla surpassed a $1 trillion market cap hours after the news hit. cnbc reached out to hertz an tesla to ask for comment brian? >> that's going to be a big story today. we'll see what happens with tesla. moved it on the way down, see if it moves it on the way down or if they can scramble and save something. >> sounds good it may not be tesla but let's stay on so-called clean energy plays because your first guest today brought a big name for us saying all she wants for christmas is a higher return for stocks and volatility to throw in the stocking. joining us is tiffany mcgee, somebody i had the pleasure of meeting in person in l.a. recently i know it sounds early to talk

about christmas but i guess with supply chain issues, it doesn't. all you want for christmas is a little volatility, what do you mean by that >> yeah, so, hi, brynn g good to see you this morning. volatility is a chance to add to the position you have at a better valuation a lot of times people look at the dips in volatility and think it's a bad thing, but it's not it's a good thing. especially coming off this october that we had with very, very low volatility right. so when you look at what the market did in october, up 6.6% for the month. drastically different than september, right where we really had a negative month. so we look at the vix dipping down to 17 and yesterday lower we didn't have a volatile october so i would not be mad if we had a little volatility going

into november and throughout the year because this will give us some opportunities to buy. >> okay. and we talked about that clean energy play. there's a company down in florida, used to be called florida power and light. it's next era. they have energy partners in ep. this is a clean energy name. you have the climate summit going on in scotland that you love, how come >> yeah, listen. as you mentioned the climate summit is going on in scotland, of course, the biden infrastructure plan, he's all about clean energy all about sustainability all around, really so it's a name i've owned for probably the past 2.5 years. they're all about like wind and solar, sustainable areas of energy and so, companies like that are going to be well positioned as we kind of like move forward the entire world is talking about sustainability they're talking about this race to net zero.

that's what they're talking about in scotland right now. really kind of like who's going to pay for it as well. >> yeah, well, who will pay for it, tiffany, let's not get into that have the good headlines now and figure it out down the road. you know who might be able to pay for it, the bankers? m&a is red hot you're printing money, is that one reason you like ever cool, one of these mid size investment banks we don't talk about a lot. >> you are actually stealing my thunder, brian i do like ever core. the activity is up and, you know, i do like financials all around, but outside of the big banks that i own, j.p. morgan and goldman sachs. i do like the smaller investment advisory firms or banks that we don't really talk about to your point. ever core one of them. one of the main services is m a.m advisory wells investment

banking. i've owned it the past two and a half years like next era energy. so these companies are really doing well right now they're kind of really under the radar, no one is talking about them, everyone talks about the bigger banks and they make this fl splash when they report earnings ever core is under the radar. >> not anymore you announced it to the world. this is "worldwide exchange. we have next era energy, ever core as well new names brought to the table people are hearing you tiffany mcgee. thanks for getting up early. see you soon take care. >> thanks, brian when we come back, is four, five or six dollar a gallon gasoline going to hit next year? hear what bank of americahas t say on the prospect and reaction from one industry insider ahead of opec on thursday.

forget the fries burger king is asking you if you want a little crypto with the whopper but not on the whopper it's digital. a one on one interview with billionaire investor thomas tull his take on where he's investing and a lot of other topics. you don't want to miss that one. a busy hour when wex rolls on after this e 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. i'll shoot you an estimate

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welcome back should you get ready for four, five or maybe even six dollar per gallon gasoline? it could happen early next year. bank of america out yesterday saying brent crude oil, the kind traded globally could hit $120 a barrel by june that would likely mean 110 or 115 barrel oil here in the states and gasoline in certain areas and certain grades certainly well above $5 a gallon, maybe 6. because of booming global demand and a lack of investment in new production as the world tries to turn from fossil fuels all this coming as opec and russia meet on thursday with president biden urging them to add more than 400,000 barrels to the market let's talk about it with clay segal. great to have you on again as well, one of the few guys that's been in vienna

i hope to see you in person at one of these meetings. maybe in december. you track storage so we'll hit your wheelhouse first as well. the president is talking about the spr but around the world is there enough storage to bring down prices or are we in opec's grip really? >> good morning, brian thanks for having me, looking forward to getting back together what's interesting from our data as opec goes into the meeting this week is that exports are lower than i would have expected and i say that because you would think the stars have been kind of aligned for higher exports from the countries, demand is better, inventories are drawing down, the group's own policy has been to increase production every month, 400 barrels a day, and that's what we expect and the price environment has been very robust, that's been covered on your air. what's interesting in our data, if you back out saudi arabia and

the united arab emirates, the other countries of opec plus decreased their combined export levels by a million barrels per day since april. so i asked myself, why aren't they selling more oil? they have the physical imperative to maximize revenue and have politicians from washington, tokyo, new delhi asking for more. i think that one thing we have to ask ourselves is, do some of these countries have the capacity to add much more from here >> you're the guest, clay. >> it's something we have to watch. >> you're the guest, but maybe i'll answer your question, we're fli flipping roles here. pardon the interruption or something. i talked to people recently that said no maybe only the saudis and uae have the ability to sell more oil

but the other countries like kuwait in particular, other people i talked to, said they don't. so to expect opec to throw a bunch of oil in the market may not be unfeasible, not impossible but harder than we believe unless the saudis go their own way. >> that's right. the key metric that we have to look at here is spare production capacity around the world but particularly in those opec countries. and we think that it's probably kind of at the low end of the range that's bandied about, somewhere between 3 and 5 million barrels per day. remember those countries within that group that are struggling to produce at their target level, they don't want the quotas to increase from here because they're not going to be able to participate and contribute as we watch demand rebound, exports pretty flat from those guys despite a bull tape, and we have still medium to long-term

supply growth limited by esg, carbonization policies being talked about and investor discipline from the streets. it's reasonable to see upside price potential for crude oil. >> 120 bucks brent, maybe that's one of these headline grabbing numbers. i've seen other people above 100. i talked to people yesterday who said get ready for it, oil is not going away any time soon but the era of cheap oil and hydro carbon is because if you slam an industry saying we're closing you down inthe next 20 years they're going to make as much money as they can in the 20 years. >> it's for all the companies and organizations going into energy production. it's supplying the world with what it needs now and the near terms. we need hydro carbons in the near term in order to support economic activity around the

world. 20 plus years as an oil market observer, there's nothing magical about three digits, 2008, $147 a barrel we touched and i think annual average that year in '08 was $98 a barrel so i'm not calling for it on your show today, but i'm saying we could be on either side of 100 as we figure out how supply is going to meet continuing demand for energy. >> that set up that drilling and boom in midland and sent the price back down. that's the difference, clay, probably won't get that this time around. it's capital discipline. clay segal, appreciate your time getting up early in texas. you have the stros tonight good luck to them and my friends down there. >> go stros. >> i know he has the hat he told me yesterday i love you, too, atlanta still on deck, big money movers including why america's

malls are telling insts,veor reports of our death have been greatly exaggerated. that's next.

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welcome back time for your big money movers of the morning three key stock stories on your tuesday. stock number one, simon property group. remember all those experts who said that in person shopping is over for years to come, maybe forever. neither do i simon's third quarter results

being forecast occupancy rates are just under 93%. the lesson again and again, never bet against the american shopper. stock two, dupont. "the wall street journal" says the company is planning on deals to remake its fundamental business following years of subpar performance in the stock. they're close to a deal to buy rogers corp. it also plans to review alternatives for its automotive products division. it's expected to be unveiled today. and bp, topping forecasts boosted by higher oil and gas prices bp expects natural gas prices to remain robust, ie high, in the coming months. they're expanding stock buy backs as well. let's get a check on this morning's other top stories outside the world of money and

business we go to phillip mena in new york good morning. >> good morning. election day is here and virginia voters have already shattered records. early voting hit record highs in the dead heat governor's race. between terry mcauliffe and glen youngkin it could be a bell weather for the 2022 midterms. today is boston's mayoral election and history will be made voters will elect the first woman and first woman of color to run the city. both are democrats and both serve as at-large city council members. recent polls has wu in the lead. minneapolis, voters will decide the fate of the police department today the ballot will ask whether residents want to replace law enforcement with a new department of public safety. new york city will vote for

the new mayor today. reverend jesse jackson is in the hospital after falling at howard university in washington d.c the 80-year-old civil rights leader, who has parakinson's disease hit his head when he fell at his visit. he was at the school to support students protesting living conditions on campus he was kept overnight as a precaution. it was giants, chiefs on monday night football. kc got on the board first. but the giants weren't going away daniel jones tossed two touchdowns to a pair of tight ends late in the fourth, and then the chief's defense stopped the big blue trying to come back the chiefs win it 20-17. and brian, i forgot my houston astros hat but i say go stros tonight. >> a big game.

first pitch at like 8:00 eastern time as well if they win it goes to game seven in atlanta as well i doubt you and i will be up to see it, but we'll try. >> i'm going to suck it up i want to see it. >> got to do it, man that's why the nap is key. let's get to the top trending stories this morning. it's about defy and crypto sounds like a kid's cartoon but it's not what do we have going on >> we'll kick it off with burger king, it's partnering with robinhood to give members a chance to win crypto as a side to the meal. customers have a chance to earn bitcoin, ether or doej coin. aaron rodgers is teaming up with squares cash app saying he will

take part of hissalaryand help give away $1 million as part of a giveaway deal. winners will be selected randomly and receive up to $100 each in bitcoin. and number three not so much crypto but in the defy sector. in honor of its 40th anniversary, mcdonald's is giving away ten exclusive nfts named after the limited mcrib sandwich people have to retweet mcdonald's tweets from their own account. and then mcdonald's will receive 10 people at random to receive the nft, which people can enjoy year round >> i don't understand anything anymore, i admit it. you're doing the story beautifully, mcribs, tweets, and nfts then i started thinking a mcrib.

>> that's all i could think about what. >> what i would do if i was on the air with barbecue sauce on my tie and then running through fields of flowers. thank you. >> you got it. >> i'm going to send everybody back some mcribs. >> with fries. ahead a one on one interview with billionaire investor, and steelers part owner thomas tull. where he's investing his money now. and china, why america is facing nearly a generation of lost men follow route left, left, left, left, left. recalcumalating. left, left, left, left, destination place now more far away. stop. wait. go into your behind. translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect.

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forget about november rain, how about some november direction. markets may need a little patience ahead of the fed. the climate summit rolling on as anything but a paradise city big deals are to come by speaking of that meeting we have a trivia question for you and it's so easy in what year did global coal production peak? that's your question what year did global coal production peak? we'll get your answers and a surprising answer, what it could tell us about morning and inves investments. this is tuesday, november 22nd, and this is "worldwide exchange."

welcome or welcome back. i'm brian sullivan really if all those song references didn't get you revved up this morning and in the mood for g&r as you hit the treadmill i'm not sure i can help you let's see if the markets are knocking on heaven's door. they are not futures flat, maybe down a touch here this action expected ahead of the fed decision tomorrow. no reason to take a big risk here we think we know what the fed is going to do but we don't actually know. so the market sitting on their hands. it was a nice start to the month for the little guys. the s&p small cap 600 and russell 2000 rising more than 2% also monday a number of renewable energy stocks running hot, expected hundreds of billions being spent globally on this two names yesterday full cell

energy up 15% and broadwind, both spiking in the market we talked about the health care and biotech flows yesterday. timing some of the biotech stocks moved higher by more than 1% yesterday we just talked about it, let's get to scotland and the massive u.n. climate summit happening in glasgow. despite china and russia, two of the world's biggest polluters not showing up in person, world leaders scrambling to make headway into climate change. president biden preparing for a major announcement when it comes to methane dianna olick is there. >> reporter: day one filled with the standard opening speeches. day two appears to be about real

action president biden will announce a major plan on global forests, the first of its kind, it's the effort to protect forests that serve as critical carbon syncs, which absorb carbon. itincludes dedicating $9 billion by 2030, subject to congressional approval one of the goals is to end natural forest loss by 2030. biden will also launch what the administration is calling the first movers coalition this is to build private sector demand to speed clean energy and innovation it's launching a cop with members, including apple, that will commit to clean energy and innovation it includes companies across the world in a wide range of industries p and in addition tomorrow the u.s. epa will propose a major new rule on methane emissions, specifically regulating leaks at oil and gas facilities

the u.s. is working in partnership with the eu to lead methane reduction. some say the real work begins after leaders leave cop tonight. they have to set timing, amounts and financing. president biden is scheduled to give remarks in about 10 minutes so we'll have that for you in "squawk box. brian? >> there was a lot of talk about trees as well. speaking of talk, dianna, there was a lot of talk in general, a lot of big talk, promises, big pledges. what's been the reaction so far. is it like we're going to get this stuff done or kind of just a lot more hot air, unfortunately? >> reporter: brian, you got to love the british newspaper we started out yesterday with the paper saying to british prime minister boris johnson let's not let cop be a copout.

today you get activist greta thunberg no more blah blah blah. so we're hoping to see some real action today, especially on the methane emissions. there's a lot of security here with world leaders but we expect to see real commitment and see if the markets react to that, especially on the methane. >> a lot of fuel burning aircraft we can hear them above you did you see any world leader riding an electric bike or skate board? >> no. in fact, we've seen a lot of long motorcades and a lot of jets at the airport. so i guess you got to do what you got to do to get here, but it is not helping the environment, especially. we have boats running up and down with police back and forth all day long and multiple helicopters circulating the venue. >> it is an island so we understand you have to take a boat or helicopter or plane to get there, probably the plane is

the best option because people don't have a month making the point all day, all week at cop26, thank you very much. he is not a name you might know but you should thomas tull grew up poor with a single mom in upstate new york went to college, started a chain of laundromats before getting into finance, investing and entertainment. founding legendary pictures. after producing the batman trilogy, the hangover, he sold it to china's group in 2016. it's also the production house behind the blockbuster dune. he now runs a holding company that has medical startups figs and if that weren't enough, he's also minority owner of the pittsburgh steelers and his band opened up for the rolling stones i caught up with thomas

yesterday and asked him how he's locating the companies he's looking to invest in now here's what he said. >> well, our thesis, we're a holding company and the thesis was to find industries and companies and management teams within those industries that didn't normally have either access or the wherewithal to employ cutting edge technologies that would enhance their business so the idea was to not only bring the capital and hopefully some business acumen, but also we had telco labs with ai and data scientists and prac practitioners that we would be able to bring to these companies. so far it's worked well. and, you know, i think every corner of our economy over the next seven to ten years is going to be touched in many ways by technology >> you've got figs which is going after hospital gowns, trying to spruce them up a

little bit we mentioned insurance, road runner, waste management is part of your search, you know, trying to understand your thinking to find industries that are not only kind of ignored because they're not sexy or they're older line, but also have one or two well engrained massive players who move slowly and don't think about change >> look, we try to be thoughtful about the size of the industry, the opportunity itself, you have to find great management teams that will embrace the pivot to technology, certainly in the case of figs, they were a young company at the time started by these two brilliant women and our job there was just to sort of be of any assistance that we could. they did an amazing job building out the company. and then on the insurance sector, we looked at a lot of ensure tech companiesthat are pretty narrow cast in what they do our thought was especially on

the brokerage side if we could bring true artificial intelligence and data science that you could really outperform and enhance your returns, we found a great partner in gregg williams, and i'm very pleased with the results thus far. >> you're also involved in trying to bring back manufacturing to the united states i want to pivot to that because i know you're from new york and i spent time in upstate new york and i say this with absolute respect and affection for all the people i met up there. when you drive through it, route 17 in either direction, there's a lot of empty factories, lost promises, jobs your investment is called rebuild, trying to use big data again to help bring back manufacturing and manufacturing jobs to america. talk to us about that. and is there anything out there that will work aside from the cost i mean, that's the -- i say it's the high cost of cheap because we want to make stuff around the world but guess what,

to buy it inexpensively that means you're going to lay off an american how do we fix manufacturing? >> a couple years ago, jeff willky, a fantastic executive, we started talking about this. he went to m.i.t. had a great group of classmates he stayed in touch with, who became experts in p high-tech manufacturing, one of the things we spoke about -- and this was before covid and certainly covid has put a very big spotlight on our vulnerabilities along the lines of supply chain and leaving our prosperity and our ability to compete in the hands of foreign actors, many of which are hostile to us. so the idea of taking high-tech manufacturing, bringing it back here to the united states, putting a lot of money behind it, which is the idea behind rebuild, especially with

mid-size companies to give them access to capital, to give them access to the kind of cutting edge technologies and enhancements that allow them to compete. and i would ask that when you look at the offshoring of jobs over the last 30 years in manufacturing, i would argue that it's much more expensive now in the vulnerable place we find ourselves so the idea is, learn to manufacture. that's what built this country up i'm a huge believer in america and our resiliency, but i think right now is a very, very important time in our history. >> talk to us quickly. you mentioned it a bit about china. i know you had sold part of your company to them years ago, but it's a different china now under president xi jinping we're in a position now where we rely completely on china for almost all of our manufacturing and europe now relies on russia

for so much of its basic power needs. how did we get in this position where we're trapped, we're stuck in is. >> for those of us, anybody that's been paying attention to china over the past five years under his leadership, things have certainly shifted they've become much more aggressive it is very clear what their intentions are in terms of their position in the world and how they want to extend their power and domination and i think there's a lot of things in this country right now that are fractured i'd like to see the united states become united again and recognize that they present a very clear and present danger from the way i look at it, economically, militarily, culturally, and i think their ideals and what they're projected is -- does not really fit with the idea of democracy and free speech, things of that nature so i really think it's time for

our economy, the leaders in our government and so forth to look at this very clearly and to act with urgency or we're going to find ourselves in a very bad position >> our big thanks to thomas tull if youlike what you heard there, good news, there is more to that interview and you can see the rest of it, exclusively on cnbc.com right now. we talked about china, manufacturing, and why america may face a lost generation of young men if we don't do something now about it a few more minutes that interview coming up on cnbc.com. coming up this morning's big money movers including why shares of a tech company are plunging more than 30% but a few other headlines, apple cutting production of the ipad in an effort to save semiconductors for the new iphone 13. sources say ipad production half of the original plans.

byte dance cfo is stepping down to oversee tiktok and your final source the meme shiba inu breaking into the top ten most valuable cryptocurrencies if you invested $1,000 into shiba inu, a joke coin in early march you would have more than 2 million toy.da i guess the joke is on us. we're back after this. but whatever work becomes... the servicenow platform will make it just, flow. whether it's finding ways to help you serve your customers, orchestrating a safe return to the office... wait. an office? what's an office? or solving a workplace challenge that's yet to come. whatever the new world of work takes your business, the world works with servicenow.

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we've got some big breaking news on oil right now bp, which is on their earnings call saying that global oil demand is now above 100 million barrels per day. that is a big number and it is much faster than expected. so bp on their earnings call saying global oil demand back above 100 million barrels per and consider the fact that global international air travel is still well down that indicates how many people are driving. that's a very bullish sign for the price of oil and again, opec meets on thursday well, there's so much corporate news today we'll bring you a second round of big money movers and we'll boogie through this stock number one is chegg, the latest quarterly report

disappointing investor revenue and numbers falling short. number two, clorox, trading higher, posting better than expected earnings. clorox says pulling multiple levels remain. another three, avis budget, the rental car company beating the street on the top and bottom lines. announcing a stock buy back program. earlier this morning we told you that elon musk tweeted last night saying his company has yet to sign a contract with hertz, contradicting the announcement and advertisement release by hertz last week. on deck, your morning rbi and we re-asked the question, in what year did global coal production peak? coal any guesses? the answer and jeff kilbert ahead.

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today's rbi starts with the energy quiz we asked you earlier in the show, it's a timely one given the summit happening in scotland if you missed it earlier, here it is again. in what year did global coal production peak coal production peak you may be thinking 1977 and the early '80s the answer and an apology because it's a trick question. global coal production goes up every year, minus a slight pandemic dropoff so the answer is really 2019 or this year until next year and the year after that. in fact, global coal demand is set to soar to a record high next year. can you thank china, which in 2020 brought on 38.4 gigawatts of coal fired power. it's more than three times what

was brought on line everywhere else and 270 gigawatts are in planning that's six times germany's entire capability. the revenge of the economy if you're wondering, coal production here in the united states peaked 20 years ago this month. i was researching the data and i thought, literally this month, 20 years ago that is random but interesting you go china, or not let's get back to the markets and kick off of the fed's two day policy meeting let's bring in our friend, jeff kilbert. you're not about the coal, you're about the electric cars you're desperate to buy the rivian i.p.o., thinking the general motors could get pulled with it as well. >> this is the ev meltup

we talk about how important it is and the next generation of investing. but we are seeing the road show right now, we were initially seeing it in august when they confidently filed for the i.p.o., now it's priced around a $56 billion valuation. look to see if it's remotely related to the cousin in tesla as we see the surge of assets into electronic cars. >> yeah, saying they expect a 30% annualized growth rate for decades. ev is down with the tesla/hertz news but you are a long-term investor we highlighted what a great start to the month it was for small caps, the 600, russell 2000, they're doing great. are you a buyer? are you a believer in the small caps >> i am. we talked about this rotation,

saw the rotation initially in the beginning of the year into some of the inflationary stocks, some of the large cap lend but it seems yesterday that outperformance in the iwm, the russell 2000 etf when the broader market was flat on the day, that was encouraging to see people seeking to find alpha the last two months of the year. you look at the smaller cap names, look at crocs, you are going to see love coming into names like that as people are looking to squeeze out the love. s&p 500 had a tremendous year despite the negativity or skepticism in the marketplace. >> we've always got the fed meeting today with the decision tomorrow again, i don't want to take away from our coverage, this is going to be big. but do we care about the fed >> we absolutely care about the fed. in the same way you care about taking it to your hokies when i thought going into the meeting how important it would

be, it would be the cadence, not the cadence of the pitch, it's one of the most telegraphed situations where we know the taper is coming. it has to come but it's not about the reduction of the monthly $120 billion of purchases, sully, it's about the inflation outlook. fed chair powell talked about inflation being transitory months ago, now he's going to talk about it being persist tent the taper takes them to q2 of 2020, are they going to raise rates in the face of inflation that's what investors will be going towards, the velocity, the cadence of how they do the one-two punch of the taper and rates. if we see inflation increase, i'm in chicago it's tangible >> i got your knock on the -- i was at the notre dame hokies game you've never seen 70,000

people go silent that quickly. we talked about wheat at nine years highs in our wall of inflation. everything is up 30% is it transitory >> i don't think it is look at an oat chart that's in the weeds from my commodity traders out there. but we are seeing the transitory more tangible as we move into 2022 think about the fed, they measure inflation, strip out food and energy. goodness gracious. you know i love food and like to drive my cars. nonetheless, until the fed recognizes that. that's what i'm looking for today from fed chairman powell tomorrow when he takes the podium, will he admit to more of the persistence in 2022 and how far do they allow inflation to go, that's the component but i remain on the marketplace, they may reduce the taper, the balance sheet but not their

$8.5 trillion swollen balance sheet. >> we didn't even mention the 3020 inverted yield curve i felt at 4:55 a.m. for you too early to talk about inverted yield curves, but it does matter jeff, a pleasure to have you on minus the notre dame reference have a great day my friend take care. i am off tomorrow. i will see you back here thursday morning "squawk box" and the gang picking up coverage on a xtteday, election day, go vo ne angry intestines make you have interruption times? from science austria, zentestine! create hope for regular go and happiest pants. say no to consume zentestine if toilet lives far away. if no go for 96 hours, call doctor... translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect.

good morning, stocks kicking off november at record highs they maintain some of the gains we saw yesterday focus now turns to the fed as the latest policy meeting kicks off today.

tesla's market cap cracked $1 trillion on news of a big deal with hertz now elon musk says no deal has been signed details straight ahead. plus senator joe manchin halting progress on the $1.75 trillion social safety net build back better reconciliation bill and telling his colleagues in congress not to hold the infrastructure bill hostage. it's tuesday, november 2nd, 2021 november 2nd, sounds like an election day and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and welcome back, joe, good to see you. >> thank you was i off? did that happen?