it is 5:00 a.m. on cnbc. here's your top five at five could it be another in thing futures are higher across the board in what has been one of the wildest weeks ever. the fed meeting today. nobody expects a rate hike now, but will they all but scream with what's going to happen in march? dennis lockhart is here. microsoft to the rescue. shares are higher after earnings we speak with one top-ranked analyst on where it goes from here. plus, could it be the most

important stock in the market? no, not apple. we're talking tesla as it prepares to open its own books later ark's cathie wood doubling down. it's all happening on this wednesday, january 26th, and this is worldwide exchange well, good morning, good afternoon, or good evening and welcome from wherever you may be watching in the world. i'm brian sullivan here's how your markets are starting in the morning on futures. a little bit of good news. they're notably higher across the board. in fact, nasdaq futures are looking pretty good, up triple percent. now it's my duty to give you caution. given what's happened the last couple of days, anything can

happen yes, the major averages did end lower, but they ended well off their lows of the session. the dow is now down for the seventh time in eight days, all of this happening ahead of today's fed meeting. let's get a check on the bond yields those yields have been on the move those rate decisions happening at 2:00 p.m. eastern time today. tune in to "power lunch." with all the ups and downs so far this year, well, way more downs than ups, it may be easy to lose track exactly where we stand with stocks and sectors. so let us fix that for you and show you the numbers starting with the biggest pain in the market year-to-date, the worst s&p sectors, technology and discretionary bringing up the year, about 13%. that's just this year. it's not even the end of january

yet. on the other side it really is all about oil and gas this year. the top s&p 500 sectors, well, there's just one that's up energy it's up 17.5%. financials are the second best, and they're down 1.5%. staples down 3%. how about this superstat with the energies running higher and the s&p expected to drop, it's affecting to overrun the market by 28%. in just 15 days of trading wow. and this could perhaps be your stat of the day again, if you will nine of the ten s&p 500 stocks this year are oil and gas stocks the only other one is activision, and it's getting baud halliburton's gain, 23%. by the way, oil itself is higher right now. 86 a barrel here, nearing 90 in

europe speaking of europe, let's get a look at how things are gearing up top headlines. good morning. >> good morning, brian europe actually really shrugging off a pretty anything active lead from asia, you're seeing lots of green across the board some of these across, i want to point out to you the dak and xetra, given that we're waiting for the fed announcement later and tensions continue to rise between russia and ukraine, this is pretty broad. we're asking ourselves what gives. we want to break it down european travel and stocks is something to keep an eye on today. look at this airline we're looking at a couple of

others there doesn't seem to be one positive specific story correlating this other than just an easing of travel restrictions within europe. you've got borders slowly opening up, confidence back up, vaccines on tap. for example, in the last ten minutes we've heard astra is announcing an end to its lockdown that's a quick snapshot of the markets here back to you, brian. >> big move by astra we'll see where it goes. rosanne na, thank you very much. we're honored to be joined by dennis lockhart, former atlanta fed president. dennis, it's great to have you on i certainly appreciate it. it's a huge day. what do you want to hear the feds say today what do you think they will do today? >> i don't think they will do much today i think the base case is this is not a decision meeting

it's a meeting in which they will do planning and discussion particularly of balance sheet questions and so forth but coming out of this meeting in the press conference, i would expect jay powell to signal -- and he probably would do that with the approval of the committee -- that march is the lift-off date and all things are likely to move in march. so today i don't expect a lot. and the statement that comes out in a meeting, when it's not a decision meeting, the tendency is to change the statement as little as possible so i think the statement will simply be updated for the economy, and then powell will carry the message in the press conference. >> yeah. i covered fed meetings, dennis, for about ten years and always carried a dictionary or

thesaurus with me because one word could signal change what kind of language should the market be paying attention to or for? >> well, i think the language around the conditions that would give rise to a rate increase, and the rate increase that has been talked about recently by fed officials is really part of a normalization process. i've noticed they've used the word "normalization" more and more, and that suggests that the economic conditions now are such that they justify the beginning of normalization and it's not entirely about inflation and about attack on price pressures. so i would look for the word normalization. it may begin shortly in due

course, something like that, that gives you the indication that they're thinking about march. >> i know we love talking about rates. fed funds, rate, and we should, but there's the other tease, and that's the tapering, not just the tightening, and that's what many in the market are most concerned about, the reduction of its balance sheet, how it can do it sort of elegantly enough to not rattle the markets, or maybe the markets are being rattled right now. maybe what we're seeing is for fear, for the lack of a better term, they may mess it up. do you think they have the ability do this delicate dance, if you will, correctly. >> first of all, i think there are a few months yet to pass before you will hear exactly what that plan is. i think we'll have another meeting today probably with more discussion of how to do that

and, remember, the fed has been through it before, so they have a lot of knowledge of how to go about the shrinking of the balance sheet. the playbook that was used before is not exactly the one that will be used today. the economic circumstances are different, and the balance sheet circumstances are different, but lots of experience they'll take great care to communicate it very carefully. in all likelihood they'll try to have a program that goes on autopilot, so it's a set amount of maturities ever month that, you know, run off. that's how they'll go about doing it >> given the record national debt, trillions higher than before the pandemic, is there an upward bound where they'll do whatever they can before it

reaches that will it sustain a 3% ten-year treasury note? >> well, i think that's a good question because of the effective higher interest rates on the bunt, but let me emphasize -- and this is from my ten years of experience -- fiscal matters don't enter into the question, they really don't. the foc is not thinking in terms of what's good for the treasury or what's good for servicing the national debt. they're thinking really almost solely about what is best for the real economy and the united states for main street america, what's the best policy for the economy. and if that involves higher interest rates, in a matter of speaking, the fed is saying so be it because that's our view of what the best policy is. >> well, it certainly is a delicate dance with some big numbers involved

that's why we love having your viewpoint on to kick off the show we know it's early dennis lockhart, thank you so much appreciate it. >> thank you, brian. >> you're very welcome we're getting starts on this wednesday. when we come back, president biden not giving up on the build back better plan what he plans to do today to try to bring back interest in that nearly $2$2 trillion infrastructure. plus, there's new concern this morning on what russian retaliation here at home could look like. first, is this experiment already other? why the imf is calling on el selva 'do to ditch the bitcoin currency it's very early in the morning futures are soaring. we are back right after this

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all right, welcome back. if your car is running low in the tanking maybe go fill up today because the price of gasoline is only going to get higher going forward the price of oil is up again this morning, up 0.7%, back up above 86 a barrel here and nearing 90 a barrel overseas with brent crude expect the price of gasoline already over 5 bucks in certain parts of california and hawaii go even high jeer let's get a check now of some of this morning's other top stories outside of the feds bond

markets. don't lead with big papi i don't want to hear about the red sox the entire time. >> i know, i know. i love big papi. >> one guy, one guy. congrats >> terrific guy. i va picture with him actually meantime president biden will meet in person with the ceos of ten major u.s. and global companies today to discuss the potential benefits of his now stalled build back better act. among the employees, maria barros, marc benioff, ford ceo jim farley, siemens ceo barbara hutton and moore meanwhile there's a push for el salvador to drop the currency bitcoin based on financial stability and instability and protection they became the first to adopt

the coin as legal tender back in september alongside the u.s. dollar and has added coins to its national balance sheet in recent months. and arc invest ceo cathie wood is weighing in on the recent selloff and unprofitable selloffs, one that's hit her flagship company hard in recent weeks. wood is urging investors to look beyond the recent volatility. >> we do believe that innovation is on sale, and we do believe that it will be really important for investors to get -- to move toward the right side of change given the amount of disruption that we do expect. >> wood adding that it is very important for her investors to keep a five-year time horizon outlook.

brian, wood's flagship is down 25%. that's just so far this year in the last few weeks you know, the interesting thing, obviously tessla is one of her big bets we're going to watch this afternoon. tesla has bitcoin on its balance sheet. that becomes sort of an accounts nightmare because you have to market down when it's low. you don't get the same benefit when it's high it's a very difficult accounting situation. >> that's a great point. you have a cfo maybe they need a cco, chief crypto officer that's for people who are a lot smarter than i am. bertha coombs, not even one mention of big papi. i'm going to cry in a few minutes. still on deck, more on your money. futures are up nearly 2% right now. plus, a check this morning on e g nethbimoy movers including two companies dealing with

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it's time for some of your big money movers three big stories. number one, tech shares are popping after it beat the street shares are up 25%. forecasts forecasting strong guidance saying it will boost capacity all amid supply chain chip challenges and they're

going to be focusing more on the auto and industrial sector second stock this morning, f5. the company issued disappointing guidance due to, what else, ongoing supply chain problems. see the problem? navient is a student loan borrower, you're welcome my check cleared this month. expenses rose. the share's been under pressure as the company is announcing it will cancel the debt of 66,000 borrowers, totally $1.7 billion. now to a developing story this morning and one we're watching very closely. president biden said he would consider personally sanctioning vladimir putin if russia were to move in on ukraine, adding if they move in with all its forces, it would, quote, change the world. this comes as four countries

meet in paris today. eamon javers joining us now. president biden not ruling out an invasion by russia and putin himself. what does a personal sanction look like and what are the risks with putin and allies retaliating at home? >> it's interesting. we haven't seen a personal targeting of vladimir putin. that is, going after his own assets, own ability to make tractions around the world that's sort of been a bridge too far in sanctions now, though, that clearly is under consideration, and the entire cyber community in the united states is trying to get its arms around what this means necessarily in terms of cyber security in the united states. we saw the department of homeland security issuing a warning this week to infrastructure providers reminding them of the robust capabilities that the russians have the expectation here is that in

an initial stage of an invasion, the russians would try to keep their cyber security efforts contained around ukraine and not have a spillover effect to the rest of the world including united states, but that changes if the united states gets in and responds with those sanctions. the whole calculus begins to change for the russians. i talked to general keith alexander about what he sees as a possibility here he says the one thing he's worried about is if the russians decide they need to try to push u.s. public opinion, cyber strikes could be a way to do that here's what he said. >> you could complicate the complications between gas and oil. you could create a whole series, a campaign, if you will, in cyber of all things that could happen, that would make this really hard for our country, and the american people would say, it's not worth it. that's what his goal would be is to make our government and our

people and the people in europe say it's not worth it. lose that will to resist >> so, brian, in that scenario, the cyber attacks would have a political goal to try to push a political conclusion here in the united states. no guarantee that that would happen, but general keith alexander says the concern is something like multiple colonial pipeline attacks all simultaneously really shutting down key parts of the economy and really convincing the american public that, you know what, resisting the russians here is the is not in the cards, brian. back over to you. >> you literally just read my mind, eamon. what we learned is a couple of bad actors, a couple of guys with computers likely in the russian federation were able to shut down our gas supplies pretty easily. what is the risk to that escalation here? and with that in mind, i know a lot of smart people would tell

you whisper, and it's not even us elon musk is probably the richest man in the world with assets everything. do we know what he's got if anything aside from a lot? >> i think the u.s. intelligence knows a lot about what he's got. i think they have an ability to track those around the world and they've avoided poking the bear, so to speak, but not going after his assets we'll see whether they change their calculation if the russians make a move on ukraine. you talk about escalation, brian. that's been a concern going back to the early days of the cold war and the nuclear standoff, if this happens, that happens and that happens you go up the escalation chain to what could be a devastating conflict between the two countries. now we're talking about cyber being a part of that chain of escalation here. if the russians respond with a cyber attack to our sanctions, do we have to respond in a cyber way to their step, do we get

sucked into a russia versus ukraine conflict as of right now, it's not expected there will be any american troops involved because that's not a key priority of the united states. does that change if you're talk ang entire sector. that's the concern on people's minds right now. >> yeah. very good questions. important topics eamon javers, thanks a lot, buddy. coming up, a closer look at the semi-conductor sector as we report on the results. a reminder, a gentle nudge lo you haven't already folw our podcast. if you missed show, check it out on apple, spotify, or any other platforms. we are back after this

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buckle up. fed says rates are going up soon. the strong earnings and guidance we dive into the numbers. the tech earnings don't stop as tesla is getting ready to roll out its results it could have an impact on the market and your money. it's january 26th. this is "worldwide exchange.

well, welcome back, everybody, and good wednesday morning. thains for joining us. i'm brian sullivan here are the markets are starting your day and they look pretty good. nasdaq features are particularly on the rise. in fact, a triple-digit gain there. a pretty solid look. i said it before, and i'll say it again a word of caution. given what we have all seen in just the last two days, anything can happy inen in these markets. you know that by now yeah, we did end on all the major averages lower, but we ended low on session lows. we couldn't pull off what we did on miracle monday, but turnaround tuesday, whatever you want to call it, not okay. the dow down for a second time in eight days. shorter term deals are down.

the rate decision is happening at 2:00 p.m. eastern time today. all right. let's talk microsoft earnings. looking strong last night, revenue up 20% from a year ago, although, down from the previous quarter. cloud boomed revenue and margins there, on the rise and the stock reversing earlier losses it's now higher in the premarket. the initial reaction was down 4% or 5%, and some of the sarcastic ones on social media were noting that the stock turned around. what do you think people saw earlier that they may have missed on earlier headlines? >> i think in general people are looking more outside on the second quarter revenue, and that really dragged the market down

to see azur up sequentially in the third quarter, it's really remarkable in its size and scale. that's really the change that happened during the course of the conversation with the management team. the outlook sort of gave people confidence that a lot of things we're seeing in the may crow environment right now aren't translating, and that's where the stock is up this morning. >> we talked a lot this year about how valuations and multiples have been compressed because as rates rise, multiples tend to come down. people have formulas for whatever quarter point you have to bring it down by 5%, whatever it might be microsoft's s&p has come down about 5 points are you happy? are you comfortable with it right now? >> we are. we are obviously microsoft is big enough that the overall market is going to feel some pain from that when you think about microsoft's

premium versus the broader market, you are paying the premium for a good reason, which is microsoft ice very durable growth based on current revenue sources. about 77% of their business comes from the enterprise that gives them great isibility you're talking about a company that can jgejgenerate $78 billin you have the digitation of the economy, the shift to the cloud, the importance of data for every company. you know, these are secular trends that are going to persist well beyond whatever decision the fed makes over the next few months and, really, you know, this is why you're paying a premium for microsoft. there's a good reason for the premium and we think that holds as we hopefully come out of this downturn in the next month or two. >> speaking of premiums, kirk, quickly the $7 billion buyback of blizzard, what does microsoft want to be >> i think activision gives

microsoft a whole another narrative in the consumer space which you could say was lacking. activision gives them a lot. it gives them a big presence in mobile, a much bigger first-party catalog they can leverage along game pass and streaming over time. really the streaming in metaverse, whenever that comes to pass, three, five years, microsoft has a very key side whether it's cloud, and activision adds an element and bulks up what it has it's going to be an important narrative whenever it closes at some point next year. >> kirk materne, appreciate it kirk, have a great day. >> thanks, brian.

certainly, microsoft is a big deal, but perhaps no stock is as important to the overall market as tesla, not because it's so big -- it is -- but because of so many options and deriver actives are linked to tesla's stock. so in many ways as tesla goes, so goes a big part of the market the options market too shares hit with the rest of the market, too, by the way. tesla down 13% let's bring in philippe. what are the key numbers and maybe key comments that we could expect or want to hear from elon musk and tesla tonight >> good morning and thanks for having me. two numbers tonight is 15% eb market those are the numbers they need to beat.

we saw in q3 there was growth and profitability that was off the chart in a way and that makes them a threat to market share for a lot of the incumbents i think those results will matter for tesla shares as we said as much as for the rest of the industry >> so if you had to say to us one number -- you mentioned a couple, but if you had to dive in a little deeper, philippe, one thing that you want or need to hear for the $1,400 price target you've got, what is it? >> i think what we need to here is that in q3 it wasn't a fluke, that we have reached a point if you think of comparen't price points, the mark of tesla was double the industry and the cash distribution was ifferent. it gives them an extra cash boost. i think that's what makes them a threat for the industry.

we'll hear about products. it will be negative, but it will break in the share price today i think what we need to hear about more possibly is what's happening to s&p because it's been sold, the price has ranked, and it's still not functional, and what happens because that would bring the price, to your t term, full go rather than an initial premium start. >> i think it was yesterday elon musk tweeting driving around in a cyber truck. it's awesome he's trying to soothe concerns over that. it's not wait used to be the cars are selling insanely good, but you can't turn on the tv or internet without seeing an ad from a competitor like audi or vw. is there a real tesla

competitor, or is it really in auto terms, car terms, its own asset class? >> i think carmakers are launching or about to launch very strong competitors itself what's not clear is those can generate profitability for tesla. the tesla story goes well beyond the car. so, of course, the cars are in a way, the first unique edge that is going away b we still have batteries designed to manufacture, the loss of manufacturing, the direct selling. all of those challenges are still putting tesla well ahead of the industry. but, yes, there is knowledge to the consumer we have a choice we may not have had four or five years ago. >> philippe houchois of jeffries i know you have a long day ahead of you we appreciate you taking the

time thank you. >> thank you. >> you're very welcome. with coming up, what the booming demand for semi-conductors may mean for you and your money. as we take a quick break, here are some other headlines american manufacturers and other companies are still dangerously low on key supplies and components some companies are down five days for chips, 40 days prepandemic. that was quick. mark zucker beagle's quick decisions already falling out. amazon has reportedly abandoned its campaign of paying employees to share positive views on social media to increase staff meantime amazon has also

suspended a program that offers warehouse workers up to $5,000 to quit after a busy ssoean. the program was designed to reduce the company's work force after the holidays "worldwide exchange" is back in a moment

welcome back the overall semi-conductor is not immune to the market fluctuations at all. by the way, there's some of the

100 pregainers there they are marvell, microsoft, and nvidia the ishare down 14%. investors are looking closely at issues around supply chain and manufacturing. joining us now is chris kasem, managing director at raymond james. chris, appreciate it busy day for everybody what are you wanting to hear from intel tonight >> for intel, there's really two parts of the story one is what's happening in the near term. what's been going on with the server and pc business they're behind on plo says technology, and really the focus is on the mass investment that they need to make and at what point can intel catch up

the earnings today will give some insight to it they'll have an analysts day in the middle of february, and we expect a lot of information at that point. >> yeah, what kind of stock is intel? how do we look at it now it's not a gross stock, i guess. is it a pure value play at this point? i mean i guess more basically asked, chris, is why do i own it >> well, we have an underperformed rating on intel now. the answer i give you -- >> we don't. >> yeah. so there 's a -- feeling some o the market that plaps it's a value stock because it is one of the most cheaply valued stocks in the universe for good reason. the fact they're behind on process is well known. the issue is that the new ceo, pat gel singer, is operating as if it's a growth stock he's using a lot of money to

catch up you're making a bet on really 2025 that this massive spending that they're going to -- you know, that's going to take place over the next couple of years is going to pay off for them. you're looking at the growth stock, but it's not going to come for the next couple of years zmoo the stock price is back where it was four years ago. if you go way back, it's lower than it was. it was a darling on the street back in the year 2000 before a lot of our viewers were even in involved in the market do you think that was a strategic mistake by gelsinger >> you know, the issues that intel is facing now are not gelsinger's fault. >> correct. >> he was brought in to right the ship and, listen. it's a tremendously bold bet you even had him on before he's told you that himself

really it's a question of, you know, do i believe in that our view is even if that's the case and i feel that path is absolutely the best person he could have hired for ceo longtime intel veteran, you know, incredibly smart person. but the problem is they're behind, and we've never before seen a semi-conductor company fall behind in process and then catch up again so it's the enormity of the task that's in front of them that's the problem and the amount of time it's going to tachlk one thing we point out to folks, if you weren't investing in stock, what happens during the next downturn we will have a downturn. it's a cyclical industry the problem is intel spending won't be able to stop. the technology is for spending to catch up, not for capacity. during the next downturn, we could see close to $30 million in capex as a declining market,

and that's one of the things that concerns me in making a bet on intel now to get paid for 2024-2025. >> chris, very quickly, is there one stock we should own right now? >> yeah. one of them right now is qualcomm it's, you know, mainly about handsets and about the recovery that's going on in that space and, you know, the continuation of 5g. there's another part of qualcomm that's the growth outside of handsets they did a very good job on analysts day last november in providing a story outside of handsets that's a stock that's not valued very high, high teens valuation. >> chris caso, we appreciate your views and for coming on so early this morning be well. >> thank you. coming up next, the market's wild ride, ready to turn around. stock index soaring.

we'll lay out the sectors that are advised to be in lots to do we're back right after this.

stock index soaring.

let's talk markets one more time this is rare what is happening this big drop so quickly after we just hit record highs, and if it seems like it's rare, it's true our thanks to ryan dietrich for this cool data coming into this year, there have only been five other times when the s&p 500 fell 10% or more faster than one month after hitting an all-time high in other words, the five fastest times from a market peak to a market krecds. now we've got a six-time that is this month it's taken 14 trading days to go from our record-highs in

december to down more than 10% it's fast but not the fastest. it's the fourth in history when t when the pandemic hit in 2020, it took six days for the stock to fall. the financial crisis, 12 days. that's random but interesting. in all, the s&p 500 was higher six months later, every time so 100% of the time when we went from peak to correction t markets with up every time half a year later, it was an average gain of nearly 15% wow. maybe it shook the weak hands out. maybe it will happen here. who knows. 've never had a fed balance sheet explode, but at least history is on your side. random but interesting. cool stat, but does it mean anything at all?

we have a senior investor from morgan stanley here's the part of the interview where you say past results are no guarantee of future performance, but, katarina, it is kind of interesting. >> it's very interesting, brian. thank you for having me on the show it's important to note we use this as a correction, not the end of the bull market the economy is still strong. we're expecting a pretty robust fourth quarter earnings, but we have to change or strategy this is where we go back this is where the s&p 500 driven fastest portfolios might not make as much sense as they did in the previous two years. this is where active security selection, attention to valuations, we know they're going to be under pressure we know there are going to be earnings revisions we're expecting a fed

announcement today even though there might not be a surprise, they're setting higher rates. we have inflation for the first time to deal with. so we need to change our strategy. >> yeah. infl inflation's out of control are you advising your clients to buy things like t.i.p.s. or other inflation-related-type hedges. >> right we're advising clients to build a diversion portfolio, and there are a number of things that can be used. real estate. real rates right now are more important than ever. we need to look at infrastructure and defensive plays. we generally are looking at the stocks that have the staying power and the power to maintain their earnings because, again, while in the normal environmental, we're looking at normal return, and that will always be a focus. right now real rates, flags adjusted rates is the focus.

hedges makes more sense than ever before. >> i'm sure you're getting a lot of nervous calls from clients or maybe just curious calls, what the heck is going on everybody knows the federal reserve is going to raise rates this year. you can dither whether it's three times or four times or five times, but the 25 basis points are kind of irrelevant. you know it's going to raise rates. it's the timing that's interesting. do you think what you've seen this month was just the market doing wait does now? this is kind of a new phenomena where it adjusts faster than anything anyone can previously estimate we crashed and the market rebounded. like in april on the covid news. the market moves faster than ever now. >> the market is moving faster than ever, and we have to react to it faster than ever that's why we have to have a

plan before. when we go into the market, the good thing is we get so much information there are hardly any surprises. we can look at the seattle allocation and not look at just factors but geographically there are opportunities both here in the u.s. in the defensive sectors like health care, financial, infrastructure, consumer discretionary when we employ this active management to broach and we're very careful in our security selection, we can look for attract active valuations or achieve because what we're seeing in kwlurp with large european companies just beginning, they're just following our lead we have been so much farther ahead than them in recovery, and they're catching up. eventually we'll start looking at emerging markets too. but global diversion is the key, and a good cohesion plan in terms of inflation, rate hikes, and how all of this translates into the al indication and

partnershi more. >> thank you have a fantastic day thank you very much. it's a special day for me because before we wrap up the show here i want to take a moment to wish a very special guy a very happy birthday, and that smie is my father it's his 80th birthday i'm going to embarrass me and him. i'm the small guy at the daytona speedway happy birthday i can'twait to see you and mom please ignore the knee-high tube socks my dad dressed me in anyway, happy 80th birthday. see you soon stay here. "squawk box" and the gang up

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good morning wild ride continuing for stocks. it's only wednesday. sit only wednesday it is. futures point to a big jump at the open, and we'll show you what's opening premarket right now. the fed meeting looms large. we'll get to jay powell's news conference. plus results from at&t and boeing. and ark invest's cathie wood is doubling down on her investments, now telling investors, innovation is on sale it's wednesday, january 26th, 2022, and sq"squawk box" begins right now.

good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick with joe kernen and andrew ross sorkin the dow ended with dow down by 66 points but that was well off the low. if you were watching this yesterday, wow, something to behold the dows with down as much as 118 points and up by as much as 226 points during the session, so a lot of action throughout the day. the s&p and nasdaq also closed off in the lows. they were down by 1.2% and 2.25% respect actively again, something to watch throughout the session this morning things are looking pretty good if you're a bull u.s. futures up by 350, nasdaq up by 29