>> schlumberger. i've been adding to it a billion three in the fourth quarter alone in free cash flow. i think it goes much higher. >> farmer jim? >> cgoldman sachs 1.2 times tangible book value. >> countdown to the fed is on. t "the exchange" begins right now. >> yes it is thank you. hi, everybody. an hour to go before the fed makes the decision is it still the rumor by the fact markets having the best day of the year, or could we be surprised to the downside in we'll get you the state of play as we await this afternoon's big event. tesla reports after the bell the stock down 10% this year musk might be back on the call we have a full preview buy or bail. our trader has three stocks to buy and one to bail on

it might surprise you. we begin with the rally into the fed decision dom is right here. >> we're back in our normal spot i'm going to love this whole buy or bail or love it or list it. i know you like that one as well the dow industrials now off the session highs. up about 35 4 points that's a 1% gain not too shabby the s&p about one and two-thirds percent now. the nasdaq composite is the real standup. up about 2 .5 %. 13,901 the last trade. i want to highlight it because we're off session highs for the indices, but the nasdaq is right near the best levels of the day at one point at the lows of the day, we were up about one and a quarter percent. doubling the gains so far from the lows we'll see if the trade holds into the afternoon with regard to the nasdaq trade, there are certain key parts of the market, specifically with regard to technology that are seeing some of the bigger bounces interday i'll use the lens of etf

semi conductors, generally speaking, up about 4%. software overall up about 2.5% cloud computing, kind of part of that software industry as well up about 2 .5 % the global exfin tech up 3%. think about names like coin baste, a firm holdings, papal, block. you get the idea those parts have been hard hit over the last months hitting a relative bid today from an earnings standpoint, two losers and one winner. bo boeing down about 3% worse than expected results on a quarterly basis and concerns about the 787 dream liner causing downside weakness. at&t was at one point positive in the premarket trade better than expected earnings in profits. concerns about the subscriber dproet in wireless, better growth in the streaming service, a mixed picture. and corning, glass works, optical solutions display glass

up about 12.75%. the best performer in the s&p. better than expected results and aspects of the current quarter and full-year forecast better than analyst estimates. there you are, the earnings recap. >> a nice up side surprise there. thanks let's talk about some of the key words and phrases that investors are listening for with chair powell this afternoon. steve liesman is here to set the stage for us steve. >> kelly, yeah while a consensus has been reached that the fed will signal a march rate hike, the fed has some leeway to tilt the overall impression from today's meeting toward the hawks or maybe the dove look for the march rate hike by the fed saying something like, quote, it may soon be appropriate to raise the policy rate they've used that kind of language that. here's the consensus on this frequency. quarterly hikes are what's priced into the market right now.

that could probably be signalled by the fed saying rates may rise at a measured pace a hawkish tote is every meeting is live. that's not how the market is priced right now or dovish saying there's no preset course or no agreement on the number of hikes that have to number the balance sheet, reduction may be likely. but no agreement right now on the amount hawkish tilt would be saying substantial amounts this year. a dovish tilt, no agreement on balance sheet reductions just yet. there's little reason for the fed in my opinion to lean against the consensus. the fed has an inflation problem, and the selloff in higher rates is what it means. recent market volatility seems unlikely deterrent from the focus on inflation i think the most likely result is the market being dissatisfied with clarify i'm not sure the fed has agreed upon a road ahead. >> we spoke with david westly

yesterday who watches the institution very closely at brookings now he was saying he doesn't think the fed needs to be so communicative and concerned about communicating every possible twist and turn of the intentions to markets. he thinks they should just kind of keep people guessing a little bit more >> well, there is a time -- reminds me of the old song, a time for all seasons there's a time to keep the market guessing. and there's a time when you want to guide the market. i almost never disagree with david. i don't know if i disagree with him so much on this point. but right now the fed provided guidance that guidance led the market to tighten without the fed really tightening very much at all. i think that guidance has served the fed well to the extent that it needs the market to tighten more or is happy with the current tightening of the market, it will provide the guidance that will uphold it or further it

i think the fed is served well the two-year moved 50 basis points and the fed hasn't moved at all that's the kind of power the fed has with the forward guidance. >> it's been a bigger move than last cycle it tells you it's different. thank you. we'll see you soon our steve liesman. >> let's bring in our panel for analyzing. great to have you all here steve, let me start with you on a point steve made at the end. has the market already done the fed's tightening why does the fed need to still actually do the rate hikes that people have been talking about >> kelly, steven whiting >> yes, for you, sir >> look, i think the policy uncertainty by bringing in its

balance sheet and its rate hike outlook immediately into the picture. so this is a policy that we have only one historic experience with it's something that we will -- we believe effectively tightens monetary policy by discontinuing it right? the effects of past bond purchases, again, when they roll off, has some substitution effect and so i think what's really important for powell today is to just clarify the fed's intentions we, again, have had a legacy of inflation behind us. the economy has been as disrupted as a wartime economy and it wouldn't have been possible -- what unemployment rate could we have had that would have stabilized prices in this environment so they need to be less accommodative. we need stimulus to roll off we're going to see perhaps double digit declines in federal spending, but we need to be clear that the federal reserve's

goals and whatever choices they make are still consistent out of extending and keeping this expansion alive. rather than taking reckless risks with it. i think market which moved rapidly. they're looking at a fourth quarter 2018 as the only historical precedent >> right many are saying don't look to the play book from last cycle as it relates to this one this year will be the test as to if it's different this time. what do you make of the bank of canada not hiking as expected. is that a precursor of what the fed might do >> that's a good question. the fed faces pretty much the same dilemmas in canada. you have a slowdown, potential slowdown in growth in this later half of the fourth quarter coming into the first quarter, because of omicron so they really have to weigh those considerings versus just going ahead and raising rates.

i still think of the trade baked into the market pricing as well as i think the fed is going to guide us toward a march trade hike what they're looking to see is how conditions evolve between now and march. and i think that that's why they take a very measured approach, if you will, for rate hikes. the market, i think, got a little bit ahead of itself by pressing in too many hikes for this year. more than four hikes for this year i think the fed is going to use a measured approach to policy and normalization. both by way of rate hikes as well as the balance sheet. they have a lot more this time around >> i take that point, but i look at the unemployment rate as low as it is, inflation where it is and say they are, quote, unquote, behind the curve. do you think they are here do they need to tighten adepressively or do you think thaekd be making a mistake >> i think the market is well over its skis about what the fed

needs to do. we are going into a period of significant fiscal policy restraint. my estimates show we could be looking at as much as a central in fiscal policy strength. at the same time we've had as indicated, the market has priced in four rate hikes this year and next year if not five. they're already pricing in quantitative tightening, the two-year note has moved up 50 basis points that's a big move in a short period of time at the time where especially the economy is also experiencing fiscal constraints, and this is a major, major difference. most economists and the fed underestimated the ability of the cares act and the stimulus being provided by the fed to bring the economy back into recovery as rapidly as we saw it after in 2022, in 20 20, i should say, and got us back to an expansionary fed by the second quarter of 2021 nobody anticipated that

i think underestimating the fiscal constraints in the economy in 2022 would be just as big a mistake as back then >> both of these have contributed to the strong demand we've seen and now one wing is going away quickly, let's go around one more time. quickly. and talk about the market setup here steve, why you don't like u.s. equities any advice to investors before or after today's meeting >> well, we like companies that have enough cash on hand and are profitable enough to raise their dividends. that's the biggest position. we do think that some of the gross shares that have come down, we have seen obviously markets that are not perfectly fast and rational. we think that's shares in cyber security, shares in areas like payments in fin tech that have fallen very sharply here our long-term opportunities. >> sue, quickly on rates the ten-year >> for the year, i think we see ten-years gradually rising to 2

.25% over the near-term, i feel the front end of the yield curve is efficiently priced in for hikes this year and perhaps well into next year. if there's any sort of communication on the balance sheet, i think you're going to see that play out in the back end of the curve potentially, and that's where i see the risk for yields to continue to rise in the back end. >> we'll watch that. steve, i don't think you're in the business of giving investment advice. right? >> well, i mean, yes and no. i would tell you i think market price action has told you we've reached levels at the front end of the curve where investors are willing to put money to work look at the three-year note earlier this month the back end, the 20-year came stronger than the tens and the 30s did. because we're at higher yield levels it also showed once you get into that 18 5, 192% area, you have level where investors are willing to put money to work i think the exact thing is true on the downside in terms of the u.s. equity market

what we saw happen the other day and the response to that, i think certainly shows you where money is willing to go back to work people are beginning to see value in the markets >> well-said we'll watch all the levels if you hit them again thank you for joining me today now to kate where a number of ceos are meeting with president biden today as the president hopes to galvanize support for his build back better plan. we heard steve talk about the loss of fiscal and the impact it could have on the economy. kayla, who's in the room what's on the agenda >> the white house is trying to resuscitate support for the spending package today ceos from companies like ford, hp, etsy, microsoft and others will be at the white house to hear from the president directly on this one of the executives that we hear from, i'm told he is going to be touting some of the climate elements of this package, specifically the tax

credits for hydrogen production. likewise, we caught up with sales force co-ceo mark benoff on his way in. he said it's about sustainability >> we're in a major -- we're in a climate emergency. that's why i'm here. >> reporter: but executives are going to have to be walking a tight rope here. gm's ceo also chairs the business round table which has opposed the tax hikes at the core of the funding for the package. specifically a 15% global minimum tax, and taxes on foreign earnings as well i'm told these executives are going to be promoting some elements of the package while keeping a hard line on taxes manufacturing lobbies have also been pressuring democrats for months to vote against this package. but if there is going to be a path forward, kelly, the president needs more ambassadors from the business world, especially with skeptical moderates warning that the package could spur inflation and

hurt growth. >> absolutely. kayla, thank you kayla with the latest at the white house. coming up, tesla shares higher ahead of earnings after the bell but the stock's having the worst january since 2016 down 9%. we talk to the street's big e bull about what the company has to deliver next. plus an exclusive interview with a ceo on the heels of a record quarter stocks up a percent or so. we'll get his stocks on the recent market volatility and today's fed meetings we're about 45 minutes away from the decision on rates. don't go anywhere.

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collin, we'll start with you what do they have to say today it's interesting the shares are up less than 10% over the past 52 weeks >> the stock is looking at the ability to tap into the self-driving opportunity i think we want to see for them, for the -- to hear something about the recurring revenue model around the software as well as their ability to start monetizing some of that technology in a different way. >> pierre, the bulls have been right about tesla to this point, but sometimes i see your projections for it to be a $10 trillion company by the end of the decade and go or is it just a trillion dollar company and it spends the rest of the decade makes millions and millions of cars but does that necessarily grow its valuation from here >> there is an incredible contra contradiction. i think it's a trillion dollar market cap

but it's still -- one person market share so i do agree with collin. what it's like and do in the self-driving capabilities. but in the near-term, what i see as a company manufacturing cars, a wave of the people in the world make manufacturing cheap have w advanced and efficient factories. they have -- six months wait times for all cars and competition is honestly nowhere to be seen everybody is announcing electric cars that look very good and should be doing very well in the market, but nobody is in a position to -- in a way that can overshadow this rapid growth there's a reason why i'm positive about the stock today i have nothing to do with the first day. nothing to do with all the additional -- it's just the fact that it's set to grow at least 50% in production this year. so revenues will grow faster

than that because they are forced to increase prices to push back on -- and margins will continue to expand i'm very, very positive this year that -- >> and collin, it has to be said and can't be said enough that the problem for ev makers is not demand everybody loves the prototypes everyone loves the rivian and this and that and everything that ford and gm are coming up with the problem is making them at scale in an efficient way, and to the -- to meet the demand, we saw ford -- this was more of an ice vehicle, but it has put production capacity challenges so how quickly can the rest of the auto sector bring online enough evs that it will dent tesla's market share >> i don't think they're going to catch up. at this point we're seeing the company design vehicles for production that are far more efficient. but also, evolve the power train. and this is a core part of our argument around the chemistry

been the batteries one of the things we're looking at from technology is where they're at with the 4680s. the acquisition of technologies has been incredibly important in terms of the try electrode process technology that tesla bought to change the functionality of the batteries if they're able to ramp that up with the efficiency and get yields, they're going to be able to drive a lot of costs out of the power train as well as the simplicity of the design >> how much of a hit is it that they're pushing the cyber truck into what looks like 2023 and the cost probably won't be $39,000? this is the way it's going to kind of compete against some of the newer rivians and others on the market what's the sort of bear case there? >> yeah. so it's a good question. if you think about all the things tesla could have -- what elon musk is likely to talk about tonight, as you say, you have cyber and factories and

ramps the austin factory it could give us an update on the design for the $25,000 cars they want to bring to the market at some point. and that is the -- tesla semi. with so many products that they could put up, because we know demand is here, as you mentioned, ripe for it but now as collin is saying, i have questions where the batteries going to come from? today it's battery supply. the most important thing you want to hear tonight is what's up with battery supplies and not for in five years from now, but for this year, actually. and so it's about talking to suppliers to pass onto educate, and japan and others, and china, it's about the internal -- new batteries. and tesla is asking their suppliers to manufacture the

battery cell as well the market today is to -- if you manufacture that cell, and if you sell it at the right price, i buy everything so there need more batteries and that's what you want to hear tonight. and to answer your question about the cyber truck, my personal view is that it is if they had enough batteries, they would soon, but they will never have enough batteries. they have to ramp the additional volumes and doing that is taking so much battery that it's a safer approach to push back on the cyber track. >> right >> to answer your question, it's actually battery, like, you know, that's where really december tesla is going to grow this year as much as it can grow their supply of batteries. >> very interesting. that is the key question for pierre thank you so much for joining me the shares up more than 4%

today. and still ahead, bitcoin is back 38,000 after hitting the lowest level since july this week what can trading activity tell us about the next move as we head to break, here's a look at the dow heat map with microsoft and visa boosting the blue chips boeing and verizon are the biggest laggards we're back in a moment today, your customers want it all. you have to deal with higher expectations and you have to lower wait times. with ibm, you can do both. your business can unify apps and data across your clouds. so you can address supply chain issues in real time, before they impact your bottom line. predicting and managing operational issues that's why so many businesses work with ibm.

what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. welcome back, everybody. here's your prefed state of play we about halved the dow's highs. we're up 292 the dow is the underperformer. the nasdaq is up 333 that's near session high what's driving the nasdaq outperformance

microsoft having the best day since november 2020. had the earnings apple, tesla which we talked about. nvidia, alphabet, nvidia up nearly 6%. apple the relative outperformer down just 8% since january 1st nvidia down 21 % and riding a six-day losing streak. it's the third worst performer in smh this year let's look at brent crude. it crossed above $90 a barrel for the first time in nearly eight years. we've seen similar upwards moves to wti hanging around 7-8-year highs. >> that's right. global benchmark is above $90 for the first time since october 2014 remember, it was less than two years ago in april of 2020 when brent traded under $16 the contract is up 2.3% and $90.20 a gain of two and a third percent.

geo political tensions are contributing to the spike higher experts say it might not have had a impact demand has bounced back. supply slow to respond u.s. natural gas is also in the green and in europe prices continue to be elevated. amid the tensions between russia and ukraine, david gibens from argue us media reiterating they are relying on russia's gas, but russia can't survive without the money it gets from selling the gas. energy stocks are in the green with conocophilips at an all-time high. chevron at the highest in four years. a number of stocks up now more than 30% for the year including halliburton, schlumberger, and occidental >> love the hair, by the way they're already calling it the pippa. let's get to a cnbc news update here's what's happening at this hour. america's trades sitting good. a new record high last month imports increased for the fifth

month in a row exports rose as well, but not as much and food exports tumbled a new report suggests that more than a third of airline pilots worldwide are not flying an industry full of 1700 pilots found 62 % were employed and currently flying that is up from 43%. the pilots flying, 61% say they're concerned about their job security on the news tonight, nasa having the opposite problem why there's a shortage of astronauts and why training will be difficult that's tonight at 7 eastern. and take a look at your screen in indiana a crash left a fedex truck hanging off the side of an overpass the rear of the truck blocking railroad tracks beneath. no other vehicles were involved. fortunately, and miraculously, the driver and no one there was hurt >> yikes could have been a real whopper >> icy conditions, yeah.

three stocks to buy after the selloff we've seen our next guest has names in tech, staples in housing, and one she's ayg stinaway from calling it dead and buried that's next. power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change.

welcome back the market is having its best day of the year ahead of the fed meeting top of the hour. but we're still in the midst of the worst january ever so where are the buys or where aren't they? joining me now is danielle shea, director of options at simpler trading and has three buys and a bail for us today. danielle, it's great to see you. let's start with microsoft this one just reported yesterday shares were down initially they didn't provide guidance now it's leading the dow after the management announced a stronger than expected outlook on the call. we're down 10% on the month. down 15% from the highs and you like it? >> yes, i love it. microsoft very rarely pulls back to the 200 simple moving average. we really don't see these kind of discounts on microsoft stock. it's down about 13 % the last time we got this good of a deal was during the covid crash. so for me personally with microsoft, really i'm averaging into this one on a very regular

basis. when i get pullbacks to the 50 simple, that is a spot where i really like to add i love microsoft for a variety of reasons i think they have a wide range of product segments, and i think the wide ranges are each growing individually everyone wants to focus on azure. s the important and growing a lot. but think about the video game segment. i think the atvi deal is going to be huge for microsoft they've already been big in video games. people love the xboxs. i think in the long-term, this is going to be a fantastic growth company >> the microsoft president by the way, agrees with you he is in the white house meeting right now saying our business is hugely depending on the success of the u.s. economy. just look at the positive effect on the markets today so there we have it. making the case by pointing to this one which you say is a buy here let's move to costco surprisingly, that one is down 14% to start the year. again, we're coming off a

monster year we were up 50% to 60% in 2021. why do you think this is a buy >> i love costco it's down 14%, but i really like to look for stocks that are down around 10% to 20 % for solid areas for long-term buys especially on a stock like this that was previously so strong. costco fits the bill for a variety of reasons in addition to the technical reasons it's also done really strong on earnings despite all the head winds. we have inflation. they've had to raise prices. but costco's able to continue to grow and make money despite the tight marnlens because of memberships and also the e-commerce platform they're continuing to grow so i like it for all those reasons. in addition to the fact that i just think that people have changed their habits throughout the pandemic and they're cooking from home more and want more deals >> we certainly are. certainly are. all right. let's move along the final pick is lowes. they were up 60% in the big home

improvement boom they're taken a beating. they're down about 10 % since january one. why this one what about home depot? >> so i honestly like lowe's and home depot both. i like lowe's, because i think it has better relative strength. they're doing a good job appealing to especially diy people you have a lot of millennials going out right now, buying homes, making babies they're not buying a lot of new homes. they're buying older homes, and they're remodelling them and going to places like lowe's. so i think that is evident, not only just from a social factor, but it is also evident in earnings we've seen lowe's beat earnings quarter over quarter they've traded higher post earnings we have high anticipation of the earnings reports home depot is doing a good job as well. but they don't have as positive of a reaction post earnings. that's why i like lowe's a little bit better. >> all right all right. so those are your buys, but we

call this three buys and a bail. so here's one danielle says to bail on. drum roll, please. it's roku. down 60 % over the past year some might say that's a huge bargain of value why aren't you buying it >> you know, i just have never liked roku stock it was just on this massive run. it was a momentum run, and it was fun to trade in the options market while it was going to the up side, and, of course, if anyone has had a great time shorting it on the way down. but the reason why i don't like it, there's a variety of reasons. well, number one, it's fallen 67%. i mean, because of that, number one, you have so many people that are in this stock that have bought it probably up near the highs when momentum was so strong and any time you see any kind of positive news in the stock, it rallies. if you're going to have those people wanting to get out. it just creates so much overhead resistance the technicals have broken down. i also think that the case for the roku in general is not very

strong, because we have smart tvs now. i mean, is it really a necessary product? i think the roku, at some point, is going to turn into something like a vcr where it's not necessary. >> such a dis. the next vcr so i also want to make the point that there are other pandemic names if you want to call them the big beneficiaries, that you would be cautious on here. is that right? >> yes that's correct everyone keeps asking about the pandemic names, because they're, quote, unquote, on sale, but i think it's important to differentiate between something that is strong and has solid earnings, and is pulled back in a correction versus has completely shifted gears and most of the covid names we're following throughout 2020 and 2021 are all in this basket. we have peloton, for example we have cheg, these names got really popular and you had a lot of retail traders piling into them but once they shift gears and especially once they're down

30%, 40%, and a lot of these companies, they only had positive quarters because of extreme growth we just can't look at those as though they're ever going to go back to the way they were. >> interesting three buys and a handful of the bails. thauj for your time today. it's great to see you. >> thank you danielle shea with simpler trading. and there's the clock. 20 minutes until the fed's rate decision up next, we'll talk to the staple's ceo about the impact of rising rates, what he es nseext for markets and ipos don't go anywhere. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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welcome back shares are up 8.5% of stifel after a record year. investment banking a record standout up more than 40% from a year earlier. on the earnings call, the staples ceo said the company was the first most active

underequity writer joining me in an exchange exclusive is the stifel ceo. >> thank you good to be with you. >> a lot of people in the public are asking what is going on with these payouts to bankers this year now we're seeing the headlines about multimillion dollar bonuses. is it -- we've reported on the show about how strong deal making was 4 trillion globally last year. why was investment banking so strong >> well, again, a lot of this with trace back to the impacts of the pandemic on the economy and how many companies had to shift business plans to deal with really a pull forward years of digitizing and how people behave and that led to a lot of shifting of capital, whether it's through m&a or capital raising. it's been a busy year for the

bankers. and for the markets in general >> we've seen it have a negative effect in some ways on names like jpmorgan and goldman, because people were surprised by how high those expenses were to pay out to those bankers for the work they were doing the reaction to stifel looks different. shares were up 8.5 % are you facing the same expense challenges >> well, i think all firms are i think the difference for stifel is we're a highly variable compensation shop we pay for performance if revenues go down, our compensation is going down and to the extent that we have various pockets of pay inflation, and we absorb it within the company, we target revenue. so we all face challenges, but from a shareholder looking in, they're going to see some consistency in the way we pay people, and it will be tied highly correlated to revenue >> sure. let's talk 2022. what's in the pipeline

because obviously the underperformance of a lot of spacs and ipos leaves people wondering if the doors are quietly closing. >> well, it's going to be -- it's always hard to talk about pipeline and equity capital markets transactions ourpipe lines are robust on m&a, ourpipelines are almost double what they were a year ago, and we see a lot of potential activity i'm somewhat cautious on say ipos and the equity capital markets, because the markets are going through a lot of volatility here, and it's difficult to get deals done when the markets are jumping around like they are right now. january has been volatile. the vix is expanding so yet, we'll get through this, and i'm optimistic for the year. and in banking >> on that note, let me ask you about the fed, and as somebody in the financial sector, do you think their tightening is appropriate? what do you think it will further do to markets?

>> well, the fed is clear. i think the question is the fed going to change the plan i don't think it will. i think everyone is waiting for this -- what's going to happen this afternoon i think what's going to happen is going to be nothing in terms of what is expected. the fed has said that they're going to tighten and the fed has said that they're going to roll off the balance sheet. now, if there's any words that make them more dovish or hawkish, the markets will react. my personal belief is nothing will be said that is going to change what was put into place as a plan just about a month ago. so we're not going to see much but i'll tell you, where i think the market is missing a little bit or not taking into account is what's going on in eastern europe or as putin would like to say, western russia in ukraine and i have to tell you, i think that that could end up,

depending on how it plays out, but in my mind, i see where oil could be significantly higher, and the dollar could be significantly higher at the same time and markets wouldn't like that i'll just say it i can cut through the economic stuff for you and say markets aren't going to like that. >> no. and -- >> if that happens >> and the public -- >> and i think -- >> go ahead. >> well, i just feel that the markets are not fully pricing in that risk of some conflict in the ukraine. >> as much as we've been obsessing about the fed, we've seen markets moving on the headlines. it's relentless on that front. if you're right about the impact, that would be significant. ron, we'll leave it there. >> and that's why i have to -- i will say to you, even though we just had a record year and we see volumes and activity at high levels, as it relates to the

market in general, i'm cautious here and i think that there's more downside risk for the next few weeks for sure i don't think we've seen the lows in 2022 of this market. so keep the faith, but be cautious in the market >> very interesting. a bit of a warning ron, thank you like we said, it's great to have you here ron is the ceo and chairman of stifel up next, gold outperforming this year, maybe because of everything he was talking about. we'll talk to the ceo of bun of the biggest crypto exchanges about the reversal of fortune right after this

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welcome back crypto seeing a rebound this week they're still down big this year joining me is brett harrison welcome. big fund raising round what's the valuation now >> raised 400 billion at an 8 million valuation and excited about the first public fund raise as a company. >> i saw people joking on twitter. why not the traders in at least they still want some. >> there's so much money coming

in to the crypto industry. it shows even though there's a general risk off appetite right now and crypto's down from the all-time highs people are building and investing a lot of new companies and informsment coming into the space. >> do you think bitcoin put in the lows >> it's very difficult to say. bitcoin and crypto in general are very volatile assets still why until there's more institutional money coming into crypto we'll continue to see markets be somewhat unstable with volatility which means al along with the record breaking lows there's downturns it's not the end in tells of kr -- crypto i think the people building and creating companies and technology in this space will result in some turn around and when it happens is difficult to

predict. >> do you think the fed is a fact to be in the sell-off >> i think that when the fed is making announcements and going to affect global futures market an enthere's general negative indications for the market as a whole or general risk off attitudes naturally crypto is affected if you think about how much money came into crypto when there's such a larger percentage of crypto whether that's big trading firms that naturally seeing the depressions will affect crypto in kind and so it's all becoming more core lated as crypto is a highly trade commodity. >> are you worried about the yield staking as we see the assets under pressure? >> it is hard to say there's a big, diverse asset pool in crypto and no two coins

are created equal with the opportunities they provide or yield. i don't think we can say that this is something particularly to worry about. >> so much happening in the space. we have five minutes until we hair from the fed its. we thank you for joining us today. >> thank you. that does it for the show. "power lunch" ckpis up full fed decision after a quick break stay right there because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. what if you could have the perspective to see more?

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good afternoon welcome to "power lunch. i'm tyler mathson with kelly evans. we are a couple minutes away from the fed statement expected to once again to signal that it is ready, ready to hike interest rates at the march meeting. before we get to the panel of experts let's give you a check

on the markets right now there you see the dow industrials up 322 or 1% the s&p 500 higher in percentage terms at 4427. just so your recordkeeping taking notes nasdaq up 2.5% at 13881. 10-year yield has been right around where it's been for a couple days. down just a few thousandths of a percent. >> there's the pre-fed state of play where will we be we have a panel today with mona senior investment. welcome one and all. david kelly, what are your expectations >> i think the fed will

acknowledge that the omicron variant caused some uncertainty and drag in the economy in the first quarter. express confidence that the economy is going to be strong in 2022 with very low unemployment and inflation higher than they want but third i think they'll talk about taking -- give a clear indication they will raise rates starting in march. i expect to say final warning here raising rates and steadily. i don't think they want to overreact. >> what's the most important thing you're watching for? >> the market has done a little bit of work for the fed. we have seen yields move higher and price in rate hikes this year we have seen expectations for quantitative tightening starting in july and can the fed do anything that's slightly more hawkish than the market is

expecting? the probability of a hawkish surprise may have decreased. that being said we do expect jerome powell to talk about a march rate hike, four rate hikes this year and potentially start of qt but all in line with market expectations. >> we are going to go to steve liesman with the fed decision. >> thank you very much the federal reserve leaving the rate unchanged and will be appropriate to range the target rate the statement said inflation is well above 2 p%. the fed continues to taper and end the purchases in early march. the statement deletes a section saying the fed will use the full range of tools to suppor