can the markets make it two in a row after a rough start to the year investors ignoring jerome powell on tuesday and sending stocks higher the white house desperate to keep schools open around america and address a major covid testing shortfall. is it too little too late? the company formerlyadding e and tracking the recent

weakness in bitcoin. why what one insider says happens in january stays in january. it is wednesday, january 12th. this is "worldwide exchange. good morning good afternoon, good evening from wherever in the world you may be watching. i'm brian sullivan thanks for joining us. let's jump right in. stock futures are not giving us a lot of direction about what way they'll go today we're a little bit in the green. at this hour, futures -- i would love to tell you they'll tell you everything, but that's not the case very low volume. they can be volatile as well take it with a grain of salt there's your trade, slightly in the green. this after the nasdaq posted its single best day since before

christmas, rising about 1.5% thesnapping a five-day losing streak. interest rates have been the market story so far this year. up pretty big. not yet. that's helping the financials. the financials coming off a record close we talked a lot about the banks with guys like anton shutz, the financials are performing, up nearly 6% this year. the ten-year yield doing something it hasn't done much this year, not move at all it's been on the move. it's been up 15% so far this year not this morning the ten-year yield pretty much flat what is on the move is crude oil. crude oil back above 80 bucks a barrel keep an eye on crude if it rises above 85, that would be the highest mark for crude in

america in eight years we're at 81.838, still the path of crude has been to the upside. there's a lot of attention on inflation. with the december consumer price index out at 8:30 a.m., the cpi taking on a whole new importance lately economists looking for a year over year increase of 5.4%, ex-food and energy including food and energy because you probably eat and drive, they're looking for a cpi posting an annual gain of 7% folks, that is a massive number and it would be the largest number since the early 1980s the cost for nearly everything is higher. we'll see how that cpi comes in at 8:30 a.m. new york time let's check on what's happening in the early trade in europe for that, as always, julianna

tatelbaum is live in europe. >> european equities are on the move this morning. we have green across the board building on yesterday's gains. stoxx 600 yesterday broke a three-day losing streak. the positive momentum continues today. the cac 40 up about 0.7% more gains for the german index. the ftse 100 trading about 0.8% higher from a sector perspective, this is what the picture looks like basic resources up nearly 3% technology, oil and gas holding up well. insurance and health care underperforming. a few big movers i want to highlight for you starting with phillips shares plunged after the company warned fourth quarter sales will miss expectations by 350 million euros. supply shortages and a mass recall in its ventilators unit hit the dutch health group

teen viewer shares are soaring the german software company expects full billings to be at 548 billion euros. in the auto space, bmw and volkswagen they have reported their full-year sales this morning bmw recorded a record 2.1 million sales. a different story for volkswagen vw delivers dropped 8.1% last year to just under 4.9 million back over to you >> julianna tatelbaum, you can see a mixed trade there. thank you very much. back home here, the white house unveiling a new covid testing push this morning. it is all part of another effort to keep schools open for teachers and students. this as over 3,000 public schools, mostly here in the northeast and in hicago, have

gone virtual or shut down. that's according to the latest data all of this comes after the white house spent 12 billion taxpayer dollars last march to ramp up testing and reopen schools. many no doubt wondering where the money went >> breaking right now, the biden administration is taking new actions to increase access to covid-19 testing with the aim of increasing the number of tests available to schools by 10 million per month. this as part of the effort the white house plans to deliver 5 million free rapid tests to k through 12 schools goldman sachs is cutting its 2022 forecast for chinese economic growth to 4.3%, down

from an earlier 4.8% estimate. goldman citing beijing's ongoing efforts to contain covid outbreaks and business activity within the country the bank says consumption will likely be affected most by the restrictions. >> and meta platforms is appointing tony xu to its board of directors it would be the first board addition since 2020 and could help a board that lacks independence xu's appointment marks the first change to the board since the company rebranded itself as meta back in october. >> thank you let's get back to the markets. investors are shrugging off comments from fed chair jay powell on tuesday. he testified on the hill that high inflation poses a threat to

the american job market. >> to get the kind of very strong labor market we want with high participation, it will take a long expansion participation is moving slowly to get a long expansion we'll need price stability in a way, high inflation is a severe threat to the achievement of maximum employment and achieving a long expansion that could give us that >> but all of this, should it impact how you think about the markets and investing? joining us now is cic wealth executive vice president, malcolm etheridge who brought along a few stock picks. good morning welcome back first, a lot of talk about inflation. that cpi number could come in red hot today, nearly 7% that's extreme does that change the macro way in which you think about the markets? >> so, what's interesting about the comments by chair powell and also that 7.1 number we're talking about is we were just

looking at the end of 2021, something like 4 million or so early retirees, you know, by the government's standard, so that number is actually coupled with high super high inflation. so you have a number of people who are retiring early, coming out into a market where they need to achieve 7% plus on their portfolio to do better than what the market -- do better than what inflation currently is. that measly -- we thought it was a big deal back last year when they announced it, that 5.9% cost of living adjustment that social security retirees received is now looking awful small if you compare that to the number chair powell was on tv yesterday talking about the fact they expect it to be an extended period of time before things come back in alignment that becomes scary if i'm a person planning for retirement or has already retired recently.

>> yeah, because what inflation does, it just decreases the buying power if you have seen the price of food or meat lately, it's very high let's move on. let's get some stock picks, help the retirees out there make some money. paypal, a name you love. you have been trimming some of your tech, paypal you consider a fintech rather than a tech-tech? >> paypal is just an acquisition story this time at least we expect paypal to put its $5 billion worth of expected free cash to work later this year they've done a decent job of expanding into japanese market we expect them to push into the asian markets this year. they identified a couple of targets in indonesia we expect paypal with all of the

fire power it has sitting on the sidelines right now as a great way to -- to buy your way into some inorganic growth. they have been aggressively growing. we expect them to keep it going in year. nothing super fancy about that name >> the stock is down recently, but i imagine you like that because you want to own stocks cheaper and sell higher. there's a town in michigan called iron mountain the only ski jumps in the united states this is iron mountain, the document storage company irm is the ticker there. what makes that stock attractive to you >> this one serves as a growth and income play. iron mountain has returned something like 50% last year, 2021, to its share holders and kicks off a 5% dividend. if i'm a person who is needing

income, it's a perfect way to play that reit space that traditionally creates decent income for shareholders, but it doesn't take you on the same wild ride that a lot of the reits do it's a data storage facility, data storage management company with the dividend on top of it >> yeah, it is a reit, it is a name we're watching. iron mountain and paypal, two new names. we love it malcolm etheridge, thank you see you in a few days. on deck, as investors gear up for this morning's big inflation data, we're going to check in with our retail guru, stacey widlitz on which stores and which stocks are ready to shine. plus biogen cannot catch a break. shares down this morning later, the on again and off again tie-up talks between dish and directv.

ghtures are a couple of ticks hier we'll seale you on the other si of the commercial break.

welcome back after a stellar christmas comes the january blues for not only many of us but for many retailers as well. despite a strong consumer, many are facing the same problems, higher costs and a lack of staff. so let's talk about who is getting it right stacey widlitz president of sw

retail advisers with us once again. happy new year, good to have you back on. your latest news later was crawl or maul. that doesn't sound good, who may get mauled at the mall go to the stores around here, you see no workers or very few or the same people putting in seven-day weeks. >> yeah. you've seen -- we just had an investor conference that was virtual, we heard from some companies like bath & body works, torrid, talking about this january lull. there's the semiannual clearance sale at bath & body works and it wasn't what they expected. you have to consider, remember those child tax credits are behind us. we were pumping in 16 billion a month in those tax credits, which is about half of walmart

u.s. on an annualized basis. that stuff is over you heard companies like lululemon talking about they couldn't sell stuff. they couldn't meet demand because they had no people and they had to shorten hours. i think for lulu, that's legitimate if you were in the mall and looked at lines of 40 people just standing around trying to buy something. for some of these names, there's a buying opportunity i think lulu is one of them. >> we heard so much about the massive buying of gift cards over the holidays, that's good, that money will eventually get spent, but you have to go to a store. you can buy online if you go to the stores, the stores are messy, nobody is there, or 20 people in line. are there companies or stores or retailer ther ers that are ablet people who is on your nice list >> there's a lot of companies this year using buy a gift card

during december and we'll give you a gift card for 20 bucks, get you back into the store in january. so aeo is doing that they had a positive preannouncement the other day. abercrombie & fitch couldn't sell to where demand was, and what i saw in stores, that is legitimate people in the stores were like we don't have anything and don't forget there's a transition period in january where new product comes in and it hasn't happened stuff is showing up late for some of these stocks that have been re-rated, it is a legitimate demand problem. that's an aeo, a & f and lulu. you want to stick with the brands who really can raise prices 6% to 10% because that's what we're going to see next year throw in nike there. >> nike, what about on the

european side. should we own an lvmf and let it roll >> i saw in europe, particularly the luxury, the lines, there were 40 people waiting to buy an lvmf bag montclair wasn't letting people in stores. they are a sign saying there's a technical glitch the glitch was they had no sales people you can still own lvmf here. moncler had some issues selling stuff because of the complete lack of staff. also jd sports, footwear, nike one of the biggest suppliers they have the buying power globally they're 40% in the u.s., 40% in europe they just raised guidance, margins and that's my bucket list for 2022. >> high-end, high touch. they want to have high service

when you don't have people, it makes it tougher we are watching some of those names including those still in the mall and fighting the good fight. stacey widlitz, crawl or maul. always love seeing you thank you. >> thank you, brian. still on deck, your top trending stories including facebook employees taking their own company down a notch or 30 notches. and it wouldn't be america without a potato chip for every football fan we'll explain when "rlidwodwe exchange" returns. futures are higher we're back after this. now in many more cities so you can do more. mindy! with 5g ultra wideband. downloading a movie up to 10 times faster than before. oh, is that the one where the mom becomes a... (mindy) yep! (vo) i knew it! good morning. hmm...office or offsite? to the coffee shop. public wi-fi? no thanks. 5g ultra wideband is faster and safer.

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welcome back time for your big money movers, and the three key stocks we're focused on in the premarket. stock number one, biogen sinking after medicare officials said they would only cover the controversial alzheimer's drug on the condition that patients are in clinical trials or have early-stage symptoms that would restrict access to the first alzheimer's therapy proven in decades by the fda there will be 30 days of comment and the agency will announce the final call by april 11th investors sold on that news. stock number two, ally fi

financials going higher after the board approved a 20% dividend hike. and stock number three, didi global the chinese ride hailing campaign has begun informal talks about its upcoming ipo with the new listing offering u.s. shareholders a one for one swap with hong kong shares didi forced by the chinese government to relist i-- delist its stock from new york into hong kong. let's get the latest about the novak djokovic saga in australia. good morning we start with the january 6th select comm subpoena

ed in the probe of former president trump. novak djokovic admits that he knew he tested positive for covid-19 when he attended a newspaper interview and photo shoot at his tennis center in serbia last month. he made the admission in a lengthy statement posted to his instagram in an effort to clarify ongoing misinformation about why he repeatedly appeared without a mask at public events after he believed he had been exposed to the virus and finally, the daniel craig era of james bond ended with a record setting bang >> apparently there was another one for the most high explosives in a shot. the record was for 65 kilograms in a shot. we had 140 >> the guinness book of world

records says the explosion was the biggest ever captured in one shot the previous record was for 65 kilograms of high explosive. this was used 140 kilograms. can you imagine the pressure on one take they got to get this right >> we have one shot. if we screw it up, don't mess that one up. frances rivera, thank you very much some of the other top trending stories out there we'll talk about some bad news for facebook, yet another nft platform and some sporty super bowl spuds i got that out somehow lay out the top trending stories for us on this wednesday >> yes, it is wednesday. yeah yeah

so glass door releasing its annual best places to work list which shows meta platforms dropping 36 spots compared to last year after a year of public relations crises, employees described unwanted public scrutiny and lack of option from leadership nvidia named as the top place to work followed by hot spot and bane the associated press is the latest company to announce they will be starting a marketplace to sell nfts of its photojournalists work. the news outlet saying the system will be environmentally friendly it will launch january 31st. and lays is telling chips made from potatoes that were grown from dirt from 29 different nfl stadiums to mark the company's return to super bowl advertising the company is producing 200 lays golden bags per nfl team.

the team on the bag corresponds to the stadium where the soil was harvested. the bags are being launched in a sweepstakes across social media. brian, i think there's going to be some excited football fans. >> chips grown with dirt from nfl -- what if it's astro turf is that like the equivalent of soilent? how does that work is it a synthetic chip >> that doesn't sound too good we'll see. >> no, sounds terrible interesting concept. we talked about it -- so the marketing strategy worked. thank you very much. we have a lot more to go don't go anywhere. as we head to break, your morning rbi will put the worldwide in worldwide exchange and we'll show you some of the hottest companies to invest in in the world

and a gentle nudge, follow our podcast. if you miss the show every day or just want to sleep, check us out on alepp, spotify or other podcasting apps. we'll be back. new iphone 13 and t-mobile will pay for it! upgrade to the iphone 13 on us.

get ready for a white-hot read on inflation. just how much of your costs have really gone up we'll find out this morning. crypto has been going down and looking for relief will the bulls dive back in?

will tightening fed policy hammer the digital assets? and the story that needs to be talked about more why are members of congress still allowed to trade stocks? the steps being proposed to rein in their controversial trading practices. it's wednesday, january 12th you're watching "worldwide exchange" on cnbc. > welcome back good wednesday morning, everybody. i'm brian sullivan thank you very much for joining us here's how your money and investments look as we are just about halfway through the 5:00 a.m. hour. stock futures are mildly in the green. not a big jump but we are seeing futures higheracross the board maybe a tenth of a percent don't make too much of it, but we had a nice rally yesterday, even with the fed chair coming out and warning about inflation. we'll see if that buying can carry through. there's also been a lot of

buying in oil lately in fact, crude oil, it is back above 80 bucks a barrel. got a lot of reasons libya was shut down, they're coming back online extreme cold hampering pipelines. wti crude at $81.50. that bounced back in crude, the commodity has provided a big 2022 so far for some very big energy names stocks like schlumberger, apa and phillips 66. i didn't mention those names rapidly, they are some of the top seven performing stocks on the s&p 500 along with discovery networks so far the worst performer of the six is up just under 19% six of the top seven this year are soaring in the s&p and they are oil and gas names. there you go let's get to some of the other top stories.

dish and directv are reportedly holding talks again of a potential deal according to the "new york post," talks are being pushed by tpg capital, which bought 30% of directv from at&t in a deal last february the post says the dish dealer seems to be dragging out a final deal as he demands significant voting rights and a say in key decisions. the company's attempted a merger nearly 20 years ago but were stopped over antitrust concerns and then were quietly warned about the deal by the justice department a judge is allowing a lawsuit against met ta to move forward. the agency says meta bought competitors in order to maintain illegal monopolies in its space

and is pushing for instagram and whatsapp to be spun off of facebook meta dismissed the claim calling it weak. pfizer reportedly cutting its u.s. sales staff according to reuters the move would stem from expectations that doctors and other health care providers will want to hold fewer face-to-face meetings with sales reps once the pandemic ends. reuters says the company did not specify how many jobs may be cut. the apparent move comes as pfizer is expected to announce more than $80 billion in revenue from last year that would be a record on the back of strong sales of its covid vaccine. let's talk about cryptos bitcoin seems to be stabilizing a bit. it's back above 42,000, though it briefly broke through a support level at 40,000 on monday since hitting that all-time high of 69,000 back in november, bitcoin is down more than 35%. the landscape looks tougher for

the market as the fed gets set to start raising rates and shrink its balance sheet speculative assets like cryptocurrencies have benefited from ultra low rates and exseexcess liquidity. let's talk about this more two-ways to look at this inflation will hit a lot of assets, or things like bitcoin and other cryptos are exactly the cure for inflation because they kind of operate outside the traditional monetary policy world. how should we view it? >> it's definitely a risk asset. it's been moving a lot like equities when equities sell off, bitcoin pulls back as well recently we saw a correlation between bitcoin and the s&p 500 rise towards a one-year high so, there is definitely some movement there as the asset matures and becomes

more accepted across traditional investors, it will be reacting to macro risk and macro headlines over the long-term so we're seeing those correlations play out. >> we have a chart up right now. you probably can't see it because you're talking on television right now, i can see it because i have two tvs. it's an extreme fear and extreme agreed index zero to 100. 100, everybody is partying, pouring champagne all over each other. zero is extreme fear we look like we're getting close to zero. what is this based on and how do we measure these two extremes? >> it's a sentiment indicator. it's similar to the aggreed ind, and right now it's heading towards the low we saw back in july if you remember earlier last year, we had that crypto

selloff. that's when it kind of started to stabilize, when there was extreme fear in the market it's not a sure bicycle. these indicators can remain low for some time as the market sort of consolidates and the buyers slowly start to step back in as risk starts to be discounted so i think we'll see some of that some sideways movement, consolidation. if you look at draw downs in the crypto market, 20% to 30% is normal these are highly volatile instruments and draw downs can exceed 40% to 80% like we saw in 2018 so the trend is your friend. the trend right now is pretty weak we've been seeing lower priced highs since that all-time high in november. so the sellers are in control. we have not seen sure signs of capit capitulation so we're watching those signals care carefully. >> you rightfully point out that bitcoin had 80% drawdowns.

you have to have a thick skin or strong stomach to have invested and hold on. you are probably driving a ferrari right now. as a technician, we're not looking at ge stock. that's been around for 100 years. how much does bitcoin and maybe some other main cryptos align with more traditional technical analysis right now >> it's very good. as a technician coming into this brand-new market, it's sentiment-driven it tends to follow trends, support lines, resistance lines very well. traditional markets have a lot of influences. i think over time, over the years we've seen high frequency trading and a lot of these sort of ancillary events impact the market with crypto it's sentiment there's a lot of technical traders. those levels tend to be respected. recently we've been seeing oversold conditions on the charts there's been a delay in price movement from that

>> i think over time, some of these technical indicators as you get more quant driven hedge funds coming in, it creates a lot of noise you have to look at moving averages, long-term indicators a long-term trend is still positive despite the short-term swings. >> very exciting for those holding it and powering up when the charts turn. appreciate it. have a great day >> thank you fed members facing fallout over their stock trading could members of congress be next and city is exiting its mexican consumer business. the bank looking to overall its overall strategy the move marking an end to its 20-year retail presence in

mexico, which was its last international consumer business. the world bank slashing its global forecast for the next two years citing efforts by more companies to begin winding down fiscal and monetary support programs it's also warning that rising inflation, rising debt and income inequality could hinder the recovery in emerging and developing economies coexxonmobil has begun the sale of midwestern gas properties the properties stretch across 27,000 acres in the appalachian basin of ohio. se n part of coexxon's bid to ct astsot score to its business we're back on "worldwide exchange" after this could be danny. guess it's on maggie.

should we have another one? talk to us about retirement today. feel comfortable about tomorrow. massmutual.

from the evidence insider trading that takes place by members of congress, particularly members of various influential committees that will be changing legislation. i think it's disgraceful myself. >> that was former st. louis fed president bill poole on "worldwide exchange" yesterday morning not holding back on the topic of members of congress trading stocks as members of the face fed scrutiny and even step down over pretty much the same thing. there's some bipartisan support brewing on capitol hill for

rules to alter congress' ability to invest and trade while sitting members of congress. ylan mui has more. those comments there striking a chord. this seems to be one of the few real bipartisan things that people can agree on. >> yeah, brian we're hearing this call from progressives, conservatives and moderates. there is growing momentum on capitol hill for new rules to prevent members of congress from owning and trading stocks. this week democratic senator jjo ossoff of georgia will put forward a bill for members of congress to put their assets into a blind trust while members of office. this is something he campaigned on and said he's done it himself. his bill mirrors an existing proposal on the house called the trust in congress act led by chip roy and virginia democrat

abigail spanberger she told me this whole thing started because they were both upset over reports of lawmakers profiting from trades in health care and pharmaceutical stocks as covid was crushing the company. >> it's about good governance. it's about accountability. but it's also about ensuring that the perception and the ability of our constituents to trust us is much easier. they don't have to wonder about our motivations. we've removed that room for doubt. >> house speaker nancy pelosi dismissed this idea, despite criticism over trades executed by her husband paul pelosi last year i can confirm that house gop leader kevin mccarthy is in favor of this. there could be big changes, this just one of them if republicans take the house in november back to you. >> this has become such a thing that stock indexes track the

performance and trades of some members of congress. we're not picking on the house leader, but her husband is one of the more active out there i think he exercised a couple thousand call options on google in november ahead of the house judiciary committee. made like $3 million on the trade. there's a big difference between owning a stock, buying it for your kids and your grandkids and just sitting on it forever and then actively trading. maybe the answer here is somewhere in the middle. i'm sure a lot of our long-term viewers know this, we can't own stocks you and i are not trading equities >> right so, a couple of things first of all, pelosi's argument is she does not own stock, this is done by her husband that's why some of these bills that we're hearing talked about would cover not just the member but also their spouses and indep dependents as well the existing law that covers the trading and financial

transactions of members of congress is about ten years old. it prohibits insider trading specifically a lot of watchdog groups say that's a high bar to prove even if you're not insider trading, there's at least the appearance of a conflict of interest that can erode the trust that constituents have in whether or not lawmakers are actually voting and acting with their folks back home in mind or whether they're trying to act with their own personal gain in mind so there's some talk on capitol hill about ways to put that into a blind trust. other ways to limit trading. all of it amounts to this question around how much influence do members of congress have and how much influence are they wielding on their own behalf or on behalf of constituents >> bill poole, st. louis fed, his own opinion saying maybe a little bit too much. when you have to have index and websites devoted to this, maybe it's gonetoo far ylan mui, a big topic. have a great day talk to you soon

on deck, your morning rbi. where in the world the best performing stock markets are hint, not here in america. plus keith lerner lays out the trading day ahead. and catch the 200th episode of "american greed" featuring the trial of former theranos ceo elizabeth holmes tonight at 10:00 p.m. we'll be back after isth

time for your morning rbi. let's get random but interesting today on putting the worldwide in "worldwide exchange." this show goes out all over the globe. we want everyone out there to know not only do we care about you but we're also looking at them as well while our markets have had a good run here over the past six months, the s&p 500 is up about 8%, not bad. some of the real money has been made by investing overseas

to show you it is truly a global world, we're going to rank the five best countries specific etfs that are out there with any real volume. there may be some smaller, less liquid but these are the ones with real action behind them "worldwide exchange" style counting you down five to one. top five global market etfs over the past six months. number five, egypt, up just under 10%. the saudi etf, ksa, up 11.3. israel, eis, 12.5% gain in six months the uae up 15.2. that 0.2 matters because congratulations to indonesia, the i-shares indonesia ticker eido is up 15.3. this is a bank-heavy investment. the two top holdings in that etf are both banks

if you want to invest in indonesian banks, that's the way to go. indonesia taking the top spot by 0.1% over the uae. people making bank all around the world. random but interesting let's bring it back home to our markets here k keith lerner is always one for some good rbi-like data. i've tostolen data from him for the rbi. stocks have risen 9% during 12 fed rate hike cycles since the 1950s and have shown positive returns during those times the one exception, the 1972 to 1974 period. a lot of oil issues going back on back then are you that confident we can make it 12 of 13

>> brian, great to be with you it's still early in the new year, i think i can still say happy new year, great to be back on the show. >> thank you >> to answer your question, we do think we will have a positive year this year if we think about fed rate hikes in general, the reason the market has done somewhat well is because it's typically paired with a healthy economy why is the fed raising rates because the economy is on solid footing, we don't need that crisis type stimulus we had before our overall view is positive yet realistic. the realistic side is that gains moderate especially as we have this transition with the fed after we have shallow pullback years like last year, we tend to have more normal pullbacks that's what we expect this year, especially with this fed transition with the debate on whether the fed is moving too fast or too slow

>> you mark stuff red or green, red less attractive, green more attractive you see green on small caps. what makes small caps so attractive to you? >> the first thing on the u.s., we've been longstanding bulls on the u.s. in general. we think that we have high quality companies. the economy is more on solid footing. we're seeing -- coming into this year, some other areas are oversold within the u.s., you know, small caps in particular had a big run early on last year after the elections, after more stimulus came through then they just consolidated quite a bit. this year with small caps trading at a 20-year relative low on evaluation basis, the lowest relative to large caps since around 2000, and we still think the economy will grow above trend. that should be supportive of small caps a lot of people focus on the russell 2000

we're focused more on the s&p 600 which has less of those speculative growth names, which we think will be more challenged during this -- as we move past this max liquidity from the fed. >> okay. we'll watch that sml, small cap 600. 1,400 stocks, so less to keep track of you like energy. oil and gas stocks, six out of the top seven in the s&p 500 this year are oil and gas names, up about 20% on average. i don't think that kind of return can continue. what do you think? are you still bullish on energy even after this heck of a run we've had in the last ten days >> no doubt. we've been bullish on the energy sector and have had it as an overweight for most of the last year i know it's an area you focus on quite a bit. a lot of these areas, we're up about 10% for the sector as a whole this year. even though we're due for

consolidation, we think there's upside i'll give you another rbi stat that may surprise you. over the last three years, even with the big run in energy over the last year, the s&p energy sector is trailing the s&p by 78%. that just shows how hard it was hit. >> oh. >> energy stays firm and the economy is doing well, we think energy is poised to outperform this year. >> that is an rbi but that's an ugly one keith lerner, have a great day thank you very much. that does it for us on "worldwide exchange. guess what i'll see you tonight at 5:00 p.m. on "fast money. tune in. "squawk" and the gang pickinupg everything next. i'll see you in 11 hours extra bucks rewards plus,0

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good morning fed chair jay powell making the case for tighter economic policy, but he's not that hawkish after all. and the biden administration announcing plans to provide more covid testing for schools. details straight ahead. and facebook looking to tap some outside experience bringing in a new board member from food delivery giant doordash. "squawk box" begins right now. ♪ good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and