a while would they borrow and put $45 billion toward highway repairs or the money not be available? >> they can pass new legislation to find revenues but an issue that they need the money and one point that the chamber of commerce raised. so certainly there are a lot of critics of doing this but the white house is trying to show it cares. >> thank you that does it for us. "power lunch" picks things up right now. >> thank you very much breaking the fed minutes, details from the last meeting are being released at this hour. investors will be looking for clues on the size of a potential rate hike in march also about the shrinking balance sheet and other ways to fight the hottest inflation in 40

years. big hour ahead. >> hi, everybody here's where we await the headlines. dow down s&p down 24. nasdaq down 136. 10-year yield, the latest is about 2.063%. >> let's get to the federal pant of experts tiffany wilding and greg demarso, mike santoli with us and rick santelli to bring us the headlines asia they cross. steve liesman will join us in a few minutes. rick, what are you looking for out of the minutes >> it gets tough because in a way the january meeting and the minutes thereon might be considered a bit old because we have had a big jobs report and updates on inflation numbers,

both hot every release had any pricing component is rather on the hot side and especially february 4th on the get them greg, there's been a tremendous amount of heavy breathing when

and how much interest rates will rise has it been overdone in the media? >> i think possibly. >> balance sheet cuts are -- the first basic headlines and the wire services have to do with the balance sheet and completely core lates with everybody's question marks, $9 trillion and the quantitative tightening is something that could really start to bite and those minutes did discuss that i don't know that you're going to see many discussions with the half-point hike. i'll let you -- see another one. fed considering moving window to start balance sheet runoff it's all about the timeline. >> all right there you got a little bit of color. greg, let me let you can't with your anso say that if

you look at the number of hikes everybody wants the fed to get off of zero but in december it was matter to do the balance sheet and hikes separately i don't know that they're going to be allowed that time period to do them separately so i think everybody wants them to get off zero but as the spring goes on i think they want to watch the data and the market trying to price in five, six hikes might be ahead of itself. >> talking about economic comps or corporate comps or what >> both actually looking at the s&p earnings rate declining heavily. similar for cpi and ppi. number is very hot right now the december, january, february numbers for both very hot.

as we look at march and april comparisons get more difficult and see a deceleration could be above the fed's 2% target but they might get a grace period. >> tiff thatny, you expect a late july meeting where they might pause. what are the odds that any of those rate hikes are 50 basis points or .5%? >> i think the fed wants to keep the options open here. i think the preference would be to hike sequentially at every mooting at a 25-basis point pace nevertheless we have to be open to a rate hike i think just in terms of data flow going into the march meeting we have a cpi report in

the blackout period and possible that markets to see that report, price in a 50-basis point rate hike and difficult not to deliver it while we think that the most likely scenario is 25 basis points per meeting we wouldn't rule out that 50 basis point rate hike at this point. >> what do you think the market wants here >> the market always wants clarity, the answers before the test is over i think that's sort of shows you in this modest reaction of no incremental increased surprise repricing of the likely path of the fed since then i think the market's added one to two hikes to the assumed path since this meeting so in here there were a couple members that said in the minutes that didn't

think we're at full employment i think what the stock market wants is perhaps sis some steering i think the market fig yures a front loaded tightening campaign faster than 2015 nobody thinks that's not the case and one hike and then waited three quarters and one hike per quarter stock market up 4% maybe tells you there's equilibrium. steve? >> i just want to give you a couple headlines and why they're not all that excited expectations for earlier rate increases in there economy and employment continue to strengthen. inflation reescalated to the

upside most favor a faster pace than previously and could hike faster the last two i'll come back to them in a minute but i think what happened at the last meeting is powell did a better job and the press corps to get what happened. rick suggested this earlier. the market has massively repriced since the last meeting. i think 30 or 40 additional basis points in the two year i don't see a reason to be hawkish or dovish with fed speak. bullard, some people come out against billiard now the last two headlines the first one says going to go faster than said previously and faster still if inflation doesn't move down.

what i have been reporting is a decent con ten gent on the committee to hold back one guest said series of 25s review mid year. use 50s as the next gear if fr inflation is not responding. overall the new hawkishness out committee overall is priced in by this market i don't see any additional surprises here >> i apologize'd throwing cold water over the big event thank you. sometimes sensibility trumps everything rick, i noticed that the 10-year yield moved up dramatically. 30-year moved up dollar index is down. >> yes you have nailed it

saw rates drifting higher. now they're drifting back down two-year note yield down 30-year bond yield down .35. down a tenth of a cent in the dollar index i'd pay more attention since the fact the moves are not large the market anticipated that they weren't going to extract new information and underskocores what's important >> tiffany, how does this set up the trades >> i think that steve liesman hit the nail on the head in terms of the potential pace of rate hikes and how that's going to potentially evolve as inflation evolves. the key issue here to the fed

going 50 basis points at a meeting is whether they think that they actually need to take policy into restrictive policy or getting back to neutral is okay and that's really dependent on if inflation does start to moderate as the fed is hiking. if we're just getting back to neutral then a sequential meeting pace is welcome but starting to look like the inflation process moved higher and the fed has to go into restrictive territory they have more to do and i see the scenario to have 50 basis points i don't think we know the answer to that between now and march. so i think that's going to be something that evolves over the course of this year but in terms of data flow to march we have another employment report and inflation report and any can be noisy so i think ultimately it's

difficult to tell. i think that it's certainly possible of 50. >> let me conclude with you with an overall thought on the economy because there's so many numbers flying around. they're loud and large inflation numbers. economic growth numbers. everything is moving a lot of moving parts what's the base rate of growth in the next year to two years and implies for the equities to own? >> i think you're asking the million-dollar question. if we were talking about an individual stock and in the midst of a big event, an acquisition, the question you would be craving to ask is what is the organic growth rate i think investors will focus on is what does the economy look

like after inflation people might shake their heads but we'll solve inflation as the year goes on i trust the fed to do that the question becomes what type of economy do we have afterwards i think we have a slow and steady growing economy on the other side of this that has the positives and negatives. >> steve, can you give us a final wrap >> i want to note what's happening on the curve 2-year declined quite a bit. rick noted the 10-year had not my guess is that the market came into this braced for something more hawkish and not seeing anything more hawkish and dialing back the concern about the fed making a major mistake being too hawkish and too tight up front seeing the 2 and 10 curve steepen a bit. not a huge move but notable in

the volatility with the minutes here. >> the significance people ascribe to the signal. thank you all so much for covering this with us. coming up, finflation hittin the home buying process. a look at rising costs for construction materials and which companies have pricing power plus, the crux ceo, the company reporting record revenue growth. the stock falling 25% this year. his input on splupy bottlebottlenecks and more when "power lunch" and more when "power lunch" returns. so how do you get everyone on the same page? microsoft surface devices, orchestrated by cdw. they adapt to each user and deliver multi-layered security,

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welcome back confidence among home builders dropping to a four-month low pressured by higher costs and supply chain bottlenecks those higher costs are being driven in part by building materials which is a focus of today's series on housing and inflation called "no price like home." diana olick has the numbers. >> reporter: the cost of nearly everything that goes into a building a home is going up. builders say construction costs up 21% year over year. from a year ago soft wood lumber up 26% steel products up 113 pistons.

concrete up 9% wall board up 23%. exterior paint up 30% from a year ago but a lot of products are up more from prepandemic levels steel does appear coming down a bit. all part of why the sentiment slipped in february. the chief economist said these higher development costs hit first-time buyers particularly hard the median price 0 of a newly built home last year 17% higher than 2020. add fast rising mortgage rates and seeing a drop in buyer traffic through the models. >> you haven't gotten to maybe -- maybe you plan to later this week. looking at the constituents of material the one is labor and i'm sure that's higher, too. >> reporter: no question labor

is higher and the shortage builders have higher costs but it's finding that labor that's hard and also the supply chain issues of getting the materials to site without lay bosh for trucking and the shipping it is a perfect storm i guess. >> thank you. let's look at the companies that make the building materials. john lavollo is with us. which names could benefit from the inflation independent? >> thank you there's no short and the home builders have the pricing power because demand is very strong. there's limited supply of houses so maybe starting with masco which is a buy rating stock of ours this is a company that's selling kind of lower ticket repair and

model products and shielded from the new construction side. caught up to inflation in the fourth quarter first quarter is better. i think there will be actually acreditive to margin in the third quarter. >> shares trading 58 you think 87 just if you would respond to what we have heard from analysts cautious of exposureto anythin in the housing sector at a weak point, if you will. >> yeah. we would disagree. i think that the levels of construction and repair and remodel activity are so strong and could use slowing. we have seen periods like this before and at least four times in the last call it decade

2013 2015 when rates first went up. 2018 with the recession scare and 2020 with covid. stocks cracked and then shot up markedly. >> turn to another stock you like despite being down 37% and having been hit hard and that's azak the cost of the inputs, the pvcs, petroleum products up substantially. >> great point it is one of our favorite names out there. composite decking. no shortage of desire to be outside with covid why there's work that we've done of spending time at home azek with pvc and surprisingly

and fortunately seen a levels off. demand is so strong that pricing power is meeting on a dollar for dollar basis but as we move into the second quarter we think price is acredittive to margin. >> any other names that aren't as well positioned in the coverage space >> look. where we sit today there's so much demand out there. that could change. interest rates going up there's fear around that names in the coverage universe have demonstrated pricing power. just a shortage of supply and a lot of demand so it's a great environment to be in the home building industry. >> not often people say maybe the industry could use a slowdown and speaks volumes as

to what's going on today thank you. >> thank you. ahead on the program, between a croc and a hard place. that's good. crocs lower today. we'll ask the ceo why. during february we celebrate black history with advisory council members. here's some advice. >> my advice to future leaders is to co-create a collaborative environment with your team be a leader, not just by title but also by example. specifically to the black apogiclyhyontinue to be yourself unapologetically no one is you and that is your power.

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anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! i'm frank holland. at this hour, a former police officer charged in george floyd's killing says he did not realize that floyd's lifer was in danger. he said he was focusing on crowd control.

on cross-examination, he said he didn't tell the other policemen about the vocal pleas for help and didn't check the pulse after bystanders asked him to. first the good news, the faa says incidents fallen by half since the peak of the pandemic but still enough reports that the agency referred 80 new cases to the fbi for criminal relief. twitter ceo said he'll go on paternity leave taking weeks off for the second child's birth that's the latest. >> congratulations to him. paramount global known as viacom cbs with a worst plunge since march of 2021. bank of america downgrading the stock. shifting into streaming.

who isn't? next kraft heinz higher. announcing plans for more price hikes and streaming. >> la-z-boy tumbling pointing to multiple production issues related to covid-19 kelly? >> all right coming up, crocodile back. see? they come out with all the -- yeah the company with strong results and analysts hoping for more talking to the ceo next. what's in store for retail what to expect from all the stocks stay with us it resonated with . and not only caring, but how does that apply to someone from our community? it's about taking care of each other. she is an example of strength. ♪ ♪

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we want to get you caught up on the markets stocks, oils and crocs shares lower despite strong results the ceo will join us in a moment begin with dominic chu trying to claw back into positive territory following the fed minutes. >> we are there. green for the s&p. the fed minutes could have changed the overall market narrative. it didn't do it early on we are pretty much -- we were at the levels in the last hour or

so but now making a leg higher the nasdaq composite did not budge by now but now a run to session highs. now we hit the lows not long after the opening bell we were down about 1.5%. getting positive that's a big change at the highs of the day pre the leg up this is the session lows. the biggest outperformer is energy after being the biggest loser yesterday. tech and comm services meanwhile viacom cbs is worst performer on a disappointing report and changed the name to paramount global earnings catalysts continue after the bell with reports of

bellwethers in the industry. tech, tech, tech, tyler. back to you. >> very exciting thank you. oil closing the day with a gain. pippa stevens has the latest. >> oil is climbing today with the russia and ukraine tensions center stage and the latest u.s. stockpile report the inventory at kushing at the lowest levels. wti crude is up. brent crude advancing. at this point oil is on track for a ninth straight week of gains. nat gas up 9.5% today.

the 4.50 is technical resistance and now topping that 4.75 could be next. energy is best today devon reporting last night with an expanded buyback program. tyler? >> thank you. let's ton to retail. crocs shares sliding crossing the $2 billion mark first time ever. 67% growth from 2020 what's going on here let's welcome back the ceo. >> thank you. >> what do you think the market is looking at here i guess with 67% revenue growth it is hard to keep that growth up but you predict growth for 2022 and a lot of it. >> yeah. we had a great year last year. 30 pistons margins which is the

best in the industry and we feel really confident about the year ahead of us guided the market to 27% plus growth in crocs and we'll see really strong growth this year and we think profitability will be really strong i think the market is nervous about the short term seeing supply come sn stants the goods would arrive now and now air freight to mitigate that and can't mitigate it all. i think they arer in nervous abt the consumer economy. >> those mitigation measures cost money so they presumably maybe gnaw in a little bit into margins but let's come back to

something that stood out for me there. you predict a better than doubling of revenue by 2026, 2025 >> correct we think the crocs brand $2.3 billion next year can more than double on a global basis that growth from digital and from overseas, from the in investments. then we add to that hey dude which we bought last year and complete that transaction and acquisition. we think that brand is a billion dollars by 2024. so we are super confident of what we offer to consumers and i think investors will see that

eventually. >> i was talking earlier today with the professionals that give the covid tests. thank you all the wear crocs and love the lined ones. >> my mom swears by them. >> why are crocs shaped the way they are >> that's a long story looking at the last holiday season, the lined anden lined clog number one and two most popular selling shoes in the united states. >> wow. >> shaped the way they are because of really a couple things easy on and off. all day comfort and holes to breathe and ventilated when the founders founded the company they look for lightweight show to float for boating. the applications are far beyond boating today.

>> i gather you have sandals or flip flops in the marketplace now and see that as a growth area in addition to the traditional croc >> yeah. the sandal business grew 30% last year and projected it will be 4 time it is historic side and that's a strong growth category for us the clog market we estimate is $8 billion to $9 billion the sandal is a bigger market. people buy sandals for the season and then another pair next year. the style and the technology that we use to make the shoes, the quality and the value resonates and taking share in sandal

we can take more over five years. >> you have growth opportunity around the world we have to leave it there. i appreciate your time today. >> thank you so much. >> crocs are taking over the world. retail earnings on deck. how much will inflation weigh on the results? check out the names set to report after the bell. nvidia, doordash, boston beer, hyatt trip adviser ledding to break ethereum high iron the news that twitter is adding the wall let to the tipping feature ep up about 2% right now. back in a moment

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welcome back we are getting headlines from the daily journal annual shareholder meeting with charlie munger today >> i think the great lesson from the mungers is you don't need all this damn diversification. that's plenty. you're lucky with four good assets i think the finance professors and the -- that sell the idea

that perfect diversification is professional investment, if you're trying to do better than average you are lucky if you have four things to buy. and to ask for 20 is really asking for egg in your beer. it's very few people get -- can have enough brains to get 20 good investments. >> on specific stocks he expects microsoft and apple and alphabet to be strong 50 years from now really strong? still strong he said and would have the same thing about newspapers and department stores when he was younger. walmart kicking off a wave of retail earnings two issues to focus on is supply chain and consumer here's what ceo brian moynihan said about spending. >> looking at the core spending levels of consumers it is strong

and we said january is up nearly 15 to 20%. seeing that continue into february restaurant spending is up and starting to normalize. seeing consumers spend across the board. >> let's bring in courtney reagan. >> the supply chain issues are still very present as consumers faced with inflation many of the flarchest retailers will report over the next few weeks but of the 55 that reported already 45 of them cited supply chain issues. it is not impacting everyone equally. some don't have enough inventory to meet demand others like gap paying for air transportation to get inventory in place they all out lowe's, best buy,

gap, underarmour and pvh to see profit come prex from cost pressures perhaps more than others because they say walmart, dollar tree, nike, nordstrom and lululemon forecast with healthier margins in the same environment. the supply chain issues along with the tight labor market contributes to higher costs trickling to the prices that we all pay and consumers are taking it in stride of course how much of that is volume growth and how much is inflation is key questions to answer by the retailers. >> inflation is hot, hot, hot. could get worse for consumers. why do they say that >> yeah. alex partners is looking at the cost that suppliers are facing for example, cotton prices are

50% higher now than a year ago and says not really trickled in so much to the costs that retailers are faced because they pushed back saying we cannot pay more for the cost out inventory than what we pay already but that's not tenable to push back further and worried it could be worse looking at the cost we pay. >> thank you. another week, another working lunch. jon fortt with the ceo of f5 in a time when cyber insecurity is a time when cyber insecurity is higher than ever

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investors are grappling with how much of the pandemic boost was permanent and how much is fleeting today digital economy darlings roblox and shopify are down. jon fortt brings the ceo who says that innovation is needed to keep it going. >> fran sois locoh-donou is ceo

of f5 to help secures deliver to customers. francois' journey started in togo he had a vertical integration strategy >> i had to go get the feed fo farmer and a vertical integration strategy. >> get feed for chicken. you wanted chicken to be effective laying eggs, eight eggs, a certain pack of feed have to get that from a place down in togo a veterinarian to come and vaccinate your young chickens. again, all kinds of diseases, against all diseases and a big part of the cost at some point i wanted to become a veterinarian because it cost me so much to get the veterinarian there i thought i won't be a chicken farmer and also veterinarian and

biggest portion of my costs will go away. >> in chicken farming, protect ma margins. moved to france got an engineering degree and pushed his way into the tech industry and leading f5. meanwhile, leaning into so software particular need for stability and security as more businesses go digital. >> digital security has become essential to our way of life you see it in the reservoir types we have this year. you see it in the $100 billion of cost per year that large enterprises in the u.s. have as a result of cyber attacks. so in some ways you could say, maybe retreat from all of this digital stuff, but also is the only way forward. >> yeah. can't hide from it yesterday francois joined me on "techcheck" announcing the new

f5 platform. res reliant on hardware sales more vulnerable to supply challenges seeing now. >> what's the niche for f5 get . >> getting the aps to you. security in the past a hardware-focused company. at this point 47% of their revenue is software. not attached to older hardware systems. wasn't demand. supply being able to get the specialized chips to supply that existing but slow growth, no growth hardware business, that was tough. software investors are looking forward to. >> happen to know the revenue separate between hardware and software now or what he's targeting in the future? >> at this point software 47% of product revenue and growing.

it grew 47% year on year whereas hardware business up 1%. part was constraints on chips. it's definitely software part with bigger potential, thus announcement yesterday. >> favorite part always hearing people's stories growing up. >> how about those chickens? >> his is one of the best. don't you think? >> me? yeah of course. chicken farming? how do you get better? bigger stories there, too, about moving from togo to france his mother was french. sort of assumed when he got to france the schooling he had gotten in togo wasn't good enough and hold him back a grade. mom said, huh-uh test first he and siblings and came through with flying colors put them in the class deserved. >> fantastic thank you. jon fortt with this episode of "workingun." > ill ahead, calling workers back to the office but a lot

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♪♪ come on. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! (ted) after talking and texting for years, we got married...

for the family plan. (jane) and then we really expanded our family... for the wireless savings. (ted) it seemed like the responsible thing to do. (jane) and then, just yesterday, my sister told me about visible. (sister) yeah, get unlimited data for as low as $25 a month. no family needed. (vo) family plan savings without the family. visible. switch and get two months of wireless for $22. plus, up to $100 on us. workers have a message for their bosses they doeptdn't want to go back o the office dom chu? >> maybe not all that surprising, if you worked from home moderna ceo saying it's reasonable to assume we may be approaching the final stages of the pandemic you've got microsoft reopening offices in washington state and

bay area in california planning for return for those offices later on this month. maybe albeit using a hybrid work model. 's in a different phase now in the pandemic, and new data on those it work paradigms seems to support this notion. according to cue research center 61% of workers with a workplace or office to go to outside their home say they are staying work from home by choice and not by necessity. 38% say doing it because they have to do so, office restrictions or closures if you compare that to what happened in 2020, october. pretty much exact opposite back then 64% said those offices were closed or restricted. and 36% chose nots t to go to t office looking or ability and flexibility to work from home, odds may improve if you're got a college degree 65% of those people with jobs that can be done from home and

have at least a bachelor degree are more likely to be working from home right now at most or all of the time. for those who are making the most money out there, they also appear to have the most flexible 67% of those categorized as upper income workers are work from home these days almost all the time 56% of middle income earners that way and 53% of those in lower income brackets. what it comes down to is paradigms played out the way we've seen almost since beginning of the pandemic. but the reasons are different now. >> right. >> change. >> working freedom. >> got the mentality, the taste of being able to do their jobs, save on the commute. >> yep. >> save on the gas, on so many other things. >> shower, hair and makeup time. what i hear a lot. >> right >> integrate life into their work schedule in ways that, much harder when you have to go into an office in an urban space.

>> and blending my life working effectively throughout the day and this helped in a way. >> interesting, part of that study, also talked about c constraints and why they choose to work from home. one big one not surprises. we can empathize child care a huge factor in many people's decision to stay work from home, because they could in ways adapt their home work-style to doing wa kids needed to do at home stay at home because of school closures or take their kids to school, come back, do their job. pick them up, come back do their job. >> societal goal to have a better balance trying to get poll lation growth and don't screw around with this too much. >> curious look at the way things evolved over time. going to be dillfficult to figu out whether employers want this

100%. >> yeah. >> come up on the platform a special and melancholy talk. dear friend wilfred frost is leaving. with me all roads lead to one place. "hamilton. two songs "one last time" george washington writing his farewell address. the other sung by king george, "you'll be back. we hope you will be. >> godspeed, will. we miss you all right. >> i will certainly be back, and in all sorts of ways, and guys thank you so much. now live from new york -- >> tit's the "closing bell." >> it certainly is the "closing bell." william. at the new york stock exchange one last time. stocks rallying in the last hour >> turned higher on your exit. sara eisen driving action now in this final hour fed mitts from the las