it is r5c a.m. on cnbc here's your top five at five concerning comments from carl icahn and how bad things can get, but not everyone is convinced, especially overseas stocks in asia surging on yet another big tech dividend boost. $125 oil president biden set to unveil new sanctions on russia as he heads to europe. this as the white house shores up trade ties with some old allies. do we need a world war ii rebuilding plan for energy jamie dimon thinks so.

we'll tell you what he's proposing. and apparently diamond hands are forever. shares of gamestop and old favorites are surging once again on this wednesday, march 23rd. this is "worldwide exchange" right here on cnbc ♪ well, good morning, good afternoon, or good even, and as always, welcome wherever in the world you may be watching. i'm brian sullivan all right, let's get right to it on this wednesday morning. here's how money in the markets are setting up your day. stock futures are mildly lower right now, not by much, down about 0.2% across the major indices, this coming off a solid tuesday. the dow, the s&p, the nasdaq all rose in fact, the nasdaq plowing ahead nearly 2% higher oil once again seems to be driving the stockmarket. once again it was stocks rising when oil goes down and maybe

vice versa today we had oil drop below 110 yesterday, and stock moved higher, but right now, oil is moving back up it's back above 110, which maybe is why stock futures are lower by the way, speaking of oil, look at that today is your monthly contract role, so why don't we look at not only the current month but the next few months to see how the market is pricing in futures and maybe a little good news out there as you can see as we look out at may, july, and august the price is coming down so the market may be expecting slightly, not cheap, but slightly cheaper oil in the fu future well, the future of interest rates certainly seems higher, and they just keep going up. and bonds, we're seeing ten-year yields trading at their highest since 2019 ten-year yields now at 2.372%. 2-year, 2.146%

they're watching to see if it ever goes above the yield of the ten-year, the so-called inversion yield curve often seen as a leading indicator not out there yet. by the way, it has been one of the worst years ever for bonds, not just here, but globally as well some of the biggest drops around the world in bonds are happening right now in more than 30 years. in some cases, some bonds are dropping more like we saw in 2008 and 2009 during the financial crisis, something to watch. all right. speaking of global markets, a sharply higher session in asia saw japan's market rocket 3% it's more than 7% jump in shares of softbank. hong hong kong stocks also doing well julianna tatelbaum is in our london newsroom with that and more good morning, julianna. >> brian, good morning

that positive move in asia is good we have continuing highs adding to yesterday's gains saw a rise in bond yields yesterday, bond yields hitting multti year highs. yesterday the stocks ended up 0.8% higher. it's a big day in the uk currently it's up 0.6% we got some fresh inflation data this morning, uk inflation hitting a 30-year high of 2.6% in february. this afternoon the fiscal stance from the uk is coming sharply into focus with the treasury chancellor giving an update to the fiscal response with the rise in inflation and the sprang statement due out later this afternoon. this is a picture of how we're trading a couple of hours into the session at the top of the board, you've got oil and gas up about 1.5%, the clear outperformer this morning. we also got fresh commentary on

the energy front from olaf scholz saying the country will end its independence on russia as soon as possible. on the upside, health care doing well on the downside, utilities, housing, and banks with losses brian, back over to you. >> julianna, i'm not letting you go just yet. you heard those comments from olaf scholz they're going to end their reliance on russia as soon as possible. that's a long time line. we don't know when or if that's possible, do we? we could be talking years from now. >> absolutely, brian and it's a conversation we're having day after day here, how realistic is it for them to end their dependence on russian oil, russian energy more broadly in a timely fashion the reality is europe is incredibly dependent on russian energy and for the most part so far, energy has been left out. so clearly it is a controversial

point and it remain as big open question >> and what a turn because for decades germany continued to get closer to russia, but nord stream 2 is finished it's not just open and now this incredible reversal, decades of policy they're trying to change in a year or two, truly incredible times. julianna tatelbaum, thank you very much. let's get a connect on some of this morning's other key business headlines here including a big trade deal between two very old trading parties. seema mody is with us here good morning, seema. >> good morning. the u.s. and uk strike a deal. as part of the accord, the u.s. will remove tariffs on british steel and aluminum the uk will lift levees on

whi whiskey. it's in an effort to mend trade t strained ties during the trump administration. jamie dimon is reportedly facing rare investing criticism over his spending plans. according to "the new york times," he told his team last month that a multi billion dollar plan lacks detail, stating, quote, uncertainty is pretty high. it comes at a time when rival bank city is scaling back its international branch network. and shares of gamestop are surging in premarket, this after a new regulatory filing shows its chairman ryan coleman bought another 100,000 shares of the retail yesterday pushing his

shares to 11.9%. this premarket move comes after a nearly 30% rally during trade yesterday. brian? >> nice 12% gain for gamestop. diamond hands are forever. see what i did there >> exactly favorite meme stocks i hear you you got it. >> it wasn't good. seema mody, we'll see you in a few minutes. thank you very much. never too early for a dad joke. let's get down to the broader markets. a flattening yield curve, a freakishly hawkish head, and the possibility of a recession next year two very different takes right here on cnbc yesterday with two very different rationales. listen. >> when you're calling for a recession, you don't need a recession for valuations to normalize. 16 times is a normal multiple

where rates are, and given the setup that we have in front of us from a risk standpoint. so i do not think the risk is better merely because price is higher. >> i think we do have a lot of trouble ahead. when it happens, so i told you this many times, on the short term, i don't think anybody can really predict it. i think there's just too many variables in this type of a market i think there very well could be a recession or even worse. >> that was carl icahn, by the way, who did add he's got some protection, in other words, investments in any kind of a longer term downturn kate joins us. good morning your take on the growing recession maybe late this year next year debate. >> brian, i'm going to disagree with carl icahn on this one. i don't see any recession. of course, if i say it, it's

going to be wrong. the thing i would look to, brian, is jobs so long as people are employed, we're not going to see a recession. i'm not concerned about the fed, the yield curve. the inflation i think of as more temporary. so i would be looking at jobs. if people start losing their jobs, that's when i would start worrying about recession >> okay. some comforting words there. does that necessarily mean, though -- the economy and the stockmarket, cate, are very different things you're optimistic on the economy. does that make you optimistic on the m the macro market for stocks? >> i'm also going to be optimistic on the macro market last time, trump got the credit. you have to look at what's

happening with rates when rates go up, this attracts funds from europe and japan. look at the dollar/yen exchange rate right now the fed announced they were going to raise rates the yen weakened so when rates go up, it's going to attract funds ultimately those funds end up in the stockmarket. the stockmarket has been irrational for a long time what has changed it's not clear to me it's going to go down because someone says all of a sudden the multiples should be 16 times that's win the case of five years. it still goes up. >> you're not worried about higher rates, 2.10% or more in the next few months. >> i'm not worried the rate picture is set by the regional buyer that is the fed. the fed is largely dovish. they're concerned about baby boomers. they're concerned about savings. they're not going to let this

market go to hell in hand basket so i'm not concerned i am concerned about the war in ukraine. i am concerned are we going to get into world war iii how bad is it going to be in europe those are the things that keep me up at night. >> as they should. i think they do all of u but i get to a point, cate, where you start to say, things get too bad, then talking about market multiples won't matter anyway, so we might as well go and do it. let's talk about a couple of stocks trying to sleep can be hard for many including outside the war, things like sleep apnea, copd. many people, largely middleweight, over-aged men suffer from sleep apnea, which is one reason why you like res med. >> that's the reason i like resmed what is it and why is it important? during very deep sleep known as

remember speed, apparently if you fit this category, your air passages collapse and you wake up coughing. this caused daytime irritability, lack of concentration. it causes depression, high blood pressure, heart disease, stroke, diabetes, all kinds of things. so we have an asian population apparently 25% of the population over age 30 suffers from some form of sleep apnea. addressable market is 900 million. and the company sells a breathing machine and a mask you wear during sleep. big market, growing company, debt-free, enormous free cash flow margins the stock is not cheap it's never been cheap, but i think it's a buy >> and unfortunately obesity as we know is literally and figuratively a growing problem in the united states cate faddis, optimistic on the

economy. resmed is a name she likes have a great day, thank you very much. right now, foes, we've got breaking news on the china eastern airline that crashed earlier this week. a china administration official says one black box has now been found. boeing 737-800 was carrying 132 people nobody is believed to have survived it was supersonic. one black box apparently was recovered, so hopefully we'll get some answers. when we come back on "worldwide exchange," mask mandates may be thankfully in the rearview mirrors except in airports and on planes, but the lingering effects being felt at small and mid-sized businesses all over the world we eat get a new report just ahead. and the rbi, incredible things on housing you'll want to hear. and later on what jamie dimon is reportedly calling a

need for a martial plan for energy security. we've got a lot more to do stock futures down a touch we're back right after this.

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get started with internet and voice for $64.99 a month. and ask how to add securityedge™. or, ask how to get up to an $800 prepaid card. welcome back and good morning. even though we talk about big companies and stocks all the time on cnbc, let's not forget one crucial fact small business is the drive over the american economy most americans don't work for

big companies. they work for smaller ones at least they used to. because a new report says many small businesses are still facing challenges from the lockdowns the last couple of years. according to a new report from meta and the business round table, 20% of small and medium-sized businesses globally are still reporting closures around the world that's an increase compared to six months ago top concerns include things like cut cash flow, reduced employment, and the continued need for government help and for many it's still not arrived. hard to believe, but true. joining us now is john stanford, co-executive director of the small business roundtable. john, good to have you on. i'll remind our viewers this is a global survey, so in a couple of headlines, what is the state of global small business >> the state of global small business -- and thanks for having me on, brian -- is continued pain one-fifth of small businesses

that were around before the pandemic just aren't open anymore, and we're faced with this crisis that these businesses aren't reopening. i've been on the floor with some of these reports this is our ninth, so we've got a good set of data here. we've seen ups and downs and optimism i think around the world unfortunately small businesses are settling in to a new reality, and only 80% of them are left standing. >> and what do they need, and what do they want? obviously what they're going to need is more business. that's obvious, right? but is there anything specifically, john, they're asking for that could help them get through what is still, by the way, a very tough time for many of them >> yeah. we talked about that one in five businesses closed. only a third are showing increased sales year over year, which is very disappointing because that number was more like a half a year ago and so your first recommendation

is absolutely right. we need more business. we need more activity. which means we need more certainty. and so from policy makers, you know, we've got to focus on getting certainty out to businesses that this is a climate, an environment where entrepreneurs can succeed. you know, we like to see continued supports of certain sectors that have been particularly hit by forced closures, if we want those to come back, and we also need to make sure that governments are embraced the new reality of business 42%, nearly half of businesses, are making at least a quarter of their revenue online and that's not just here in the u.s. that's around the world. from a tax standpoint, a sales standpoint, we're not ready for that, so we've got to get ready for that >> you know, it's very difference in have many parts of the united states, john. i've traveled extensively in the last two years it's remarkable how different certain places are midtown manhattan, an article in

"the wall street journal" yesterday, one in five businesses is shut down. this goes to your point almost exactly because even if a business is still operating on a manhattan block, if their neighbors are shut down, it's just kind of a negative sort of a blight factor almost on the streets. so i would imagine even businesses that are still up and running that never shut down still need help because of the sort of macro or localized environment around them. >> you're absolutely right the return to a normal way of life and economic activity, you think of downtowns across the country, manhattan or elsewhere. if the big businesses that employ tens of thousands of people in the few square blocks f they remain closed, that means not just food vendors that we also think about, but street retail we can't talk about how important it is not just in the united states but around the world, what foot traffic does

for businesses we've got to get those all reopened and get life back to normal. >> we will see there's a big debate about what happens at least in new york city, probably parts of d.c. as well, and how long that might take john stanford, we appreciate yo coming on with the new report. thank you, john. also this week cnbc is looking at equity and opportunity for women, and today contessa brewer takes a look at corporate boards, some of the inroads made by women and how it is changing how business is done in the gambling mecca of america. >> reporter: the giants of the casino industry dazzle on the vegas strip, and in the boardrooms, more of the directors are women. at sands, at mgm, and resorts. >> when i first came on, i was the only woman on the board. >> reporter: that was 2016 now are four getting there took some growing

pains. pat mull roy joined wynn resorts. in the aftermath regulators called on board members to explain the lack of oversight. >> so i was taken by the opportunity of joining this board and making a meaningful difference. >> reporter: one of those regulators, sandra douglas morgan was chairman of the control board. now she's just joined the board of cesars. >> we want people sitting around the table that look like the communities we serve and the customers that we serve. >> reporter: fellow director jan jones blackhurst knows how to break a glass ceiling. at scaesars, she championed. voices made a difference when women were dropping out of the work force during covid. >> they were entirely overwhelmed.

when you understand that, you're able to put in policies and practices that make it a better environment for all employees, but having those voices and different perspectives allow that to happen. >> reporter: across the street at wynn, the women board members are making a lasting mark. starting in may, all the committee chairmen will be women. >> we've made some very good decisions. i mean not least of which here recently was to pay all of our employees during covid. >> reporter: that decision, i'm told, paid dividends when casinos fooled reopened, wynn was fully staffed it didn't have the challenges of hiring people like competitors across the street or businesses across america mulroy said it was the diversity that led to it. >> an important story, contessa.

i know you talked to a lot of people obviously for that reporting. did some of the women directors believe in setting actual goals in the percentage of women on board because that's also a hot topic right now, saying we need x percent here to do that. do they support that >> well, look. a lot of the funds that we're seeing now, looking for esg, they're looking to see, do you have women -- not just a token woman on your board. do you have proper diverse thoughts and voices there. the women i spoke to all said, we want to be recognized for the talent, for the skill, for the experience that we're bringing to the table we don't want a seat at the table just because we're a woman. however, jan jones blackhurst said you have to know where you're lacking one, you need to know the metrics of your company. you need to know who's in, whether there's pay parity, and how people are on this path to

leadership roles two, you have to set the goals she was behind this big initiative to have 50/50 men and women in the leadership roles by 2025 she said the metric is important because what it says is management is behind it. it's not an h.r. initiative or priority it's an expectation that women will have a seat at the table. that makes companies stronger and better performing. >> an important new report there. contessa brewer. we appreciate you getting on thank you very muff. we hope to see you all day on cnbc, okay thanks >> okay. >> all right on deck, how the loss of russian oil could send shockwaves across the entire global economy, some possibly devastating effects. some reporting from the dallas fed that you will not want to miss that when "worldwide exchange" returns. stock futures are wndo a bit as oil rises again. stick around with 5g ultra wideband in many more cities so you can do more.

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welcome back to "worldwide exchange." i'm frances rivera with your headlines. extreme weather and dangerous storms including a massive tornado in new orleans and surrounding areas overnight. our nbc affiliate captured it moving across the city according to officials, a town of st. bernard parish was hit hard

homes and businesses were destroyed and at least one person was killed. there are multiple injuries and hospitalizations. former secretary of state hillary clinton said she tested positive and is feeling fine despite some mild symptoms and white house press secretary jen psaki also tested positive for covid, sidelining her trip abroad with the president. this is her second case. she previously caught it in the fall. the number one tennis playing is going out ash bharti is retiring at 25 after her third grand slam singles title. in an instagram post she said, it's time to chase other dreams. those are your news headlines for today. "worldwide exchange" is back right after the break.

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all right. welcome back and good wednesday morning, everybody it's about 5:32 in new york. thanks for joining us. i'm brian sullivan let's get down to the markets and your money stock futures they're not down that much, about 0.2% on the dow, the s&p, and the nasdaq the nasdaq is comingoff pretty good strength on tuesday, in fact, the nasdaq roaring at 2%, whatever it is markets all over the place, trying to find some kind of trend. we're not seeing that right now. dow futures down about 57.

again, down very, very lightly in bonds, though, yields, they are moving in a big way. yields continue to move higher ten-year yields at 2.37%, the highest since 2019 and then rocketing higher in fact, one of the steepest ever climbs in yields in the last couple of weeks that we have seen in really decades. all right. speaking of bond yields, it is time for an early rbi this morning. with all the talks about rates, that's the perfect segue into today's rbi, and it's on real estate because housing, this is shaping up a year that is going to be interesting to say the least. so many question marks are out there, it's hard to know exactly what is going to happen. bank of america has some thoughts here are some takeaways from a new report from b.o.a. look at this graphic first of all, bank of america analysts predict that affordability of homeownership is going to drop, maybe a lot. the median price of a home

hitting 4.1 times the median income of american family last year that is not only an all-time record that is even higher than the peak of the epic housing bubble in 2007, and now rates are on the rise b.o.a. analysts say low inventory and already high prices could lead to a 25% drop in affordability right? the other line is existing home sales. you can see, it takes about six months from when affordability begins to drop to where buyers start to bail out of the market. and with affordability on the way down, the point is this. it is easy to see a big drop in home sales this year, except maybe not. we know all that sounds tough for real estate, but we aren't the angels of housing doom, promise, because what is really random but interesting here is bank of america also notes that

because rents are rising even more than home prices, at least in many places, it is still a better long-term deal to own rather than rent so consider this all an epic sign of the times. housing has never been less affordable to many new buyers. but because rents are even worse, housing looks less bad. you got that the rent is too darn high, which makes high housing costs apparently okay? random but confusing it's going to be an interesting year for real estate right now on a more serious note, more breaking news of the china eastern jet that crashed earlier this week. a china civil aviation official says one black box has now been found, adding the box was severely damaged, and it is unclear if it was the flight data recorder or the cockpit

voice recorder remember, there are two boxes per plane. officials say the plane's captain was hired in to 16 and with 7,600 hours of flying experience, and air traffic controllers maintained normal communication with the jet after takeoff and just before its rapid descent. the boeing 787800 was carrying 132 people and crashed into the ground nearly vertical at supersonic speeds. let's get back to seema mody with headlines happening now jamie dimon recoportedly issuing an energy problem. >> that's right. according to axios, dimon has told the president his administration needs to create a marshall plan. axios said dimon told biden and his economic aides during a

closed meeting with top executives that more gas production is needed for both the u.s. and energy security amid soaring prices. dimon apparently called for more liquefied gas facilities in europe, reducing reliance on russian imports and investments in new technology like hydrogen and carbon capture. microsoft con girling the hacker group behind this week's okta has hacked its systems. they called the lapses limited and say they obtained the source code from bing's research engine and cortana. the investigations have been tracking the group for weeks it adds the leaked code is not severe enough to create a risk and they were shut down. shares of adobe has fallen despite halting sales in russia and belarus over russia's invasion of ukraine for its

outlook. back to you. >> seema mody, thank you very much. speaking of to the very latest on russia's invasion, ukraine's president saying around 100,000 people remain in the besieged city of mariupol, many without food, water, or medicine, this as president biden is set to depart for belgium today to meet with some nato allies. nbc news has learned that during the trip the u.s. plans to permanently maintain an increased number of troops in nato countries that are in the vicinity of ukraine. separately "the wall street journal" reporting the white house is also preparing a new batch of sanctions nbc news's molly hunter once again joining us from lviv and what is turning into a brutal slogging and some fear long-term vicious ground war >> reporter: long term being the

key word, i think there, brian we also learned president zelenskyy is going to address nato leaders tomorrow, as i understand, virtually, as he pushes for more support from the west we're expecting that from the u at least we haven't focused on mariupol, of course. according to president zel zelenskyy, 100,000 do remain inside that's less than what we thought over the weekend that's good news people are getting out 7,000 yesterday. more people today, we understand, in private cars. the cars don't go all the way in you have to get out of private cars and that's where buses will take you to the relative safety of zaporizhzhia where they can board trains you hear about the counteroffensive you hear a lot of noise from analysts they say we're not giving a lot of credit to where ukrainians are holding russians off it means the ukrainians in some

cities can switch from a defense to counteroffense and really hold off russian troops. >> nbc's molly hunter in lviv chlg molly, i wish we had more time with you. maybe tomorrow. coming up, an axios official, why one buzzy online news company is getting pressure to shut down its news thachlt is next but as we head to break, a few other key headlines is now the music is back on several of apple's online services are running again after suffering outages for a second day. it's still unclear what caused both outages. starbucks baristas in seattle voted to unionize. they want others to vote in favor of unionization. some ceos are set to testify before the senate commerce

committee today. the hearing will examine the relationship between american manufacturing, semi-conductors, and vulnerabilities in the supply chain "worldwide exchange" is back right after this

welcome back shares of buzzfeed jumping about 7% on words the company is shrinking in the news agency

they say it's simply shut down the entire news operation. a concern is weighing down on profits. axios reporting about one-third of buzzfeed's 100 news associates have been offered voluntary buyouts. for more on all of this, we bring in sarah fisher from axios reporting on buzzfeed's ongoing woes sa sarah, it's good to have you back on. we're certainly not endorsing anything bad happening to anybody in the news business because it's been a rough decade, but it kind of shows no matter how buzzy you are or hot at one time, making money in online news is a very, very difficult proposition, is it not? >> yeah. it's been for a really long time i remember, brian, not so long ago, you had t"the new york times" who were still making majority of their business money on desktop even though the

majority of their traffic is on mobile since then it's done better. it's a good example how hard it's been for news organizations to monetize their traffic from wherever it's coming in the digital landscape and how hard it's been to wane off print or tv in the case of buzzfeed, buzzfeed started its news division a long time ago, but it's been largely supplemented by the gifts and means and entertainment. the challenge now for buzzfeed is now that it's a publicly trayed company, the investors aren't going to sell to anything that is not going to be driving profit, that's going to be weighing down the company's stock. unfortunately for buzzfeed, that unit is news and they'll continue to face pressure until something gets done, something changes. >> you bring up such a key point, and i'm going to hold up

my iphone. t sara, the young people are online using mobile. it's fascinating i think i've clicked on a me beal ad one time ever and that was on accident because the ad smartly moved to where my thumb wanted to go i mean we've got to figure out and buzzfeed and not just them, but others have to figure out how to make money off this little device because the ads and the ad business, i've got to imagine, it is just not there. i don't know what the clicker rate is, but 90% of it is probably accidental. >> there are ways to make money. i work for a digital news organization we're definitely mobile first and we're doing okay the challenge is you have to have a really innovative model and you have to figure out the tough balance between resources and making money buzzfeed is a pulitzer prize-winning organization they do incredible work, investigative work that's not super easy to

monetize over time there are different things you can do, right? in news you can explore events and different types of sponsors. [ technical issue buzzfeed did incredible work -- in terms of news -- news, maybe not have this model, where they actually rely on other divisions to is up meant news. look at bloomberg. bloomberg makes $9 billion on the terminal the media business is not that profitable but they're okay with the supplement the challenge here also is that buzzfeed's investors are not okay with this that's the bigger problem here other divisions, other companies, they're okay with it. look at espn and abc have news divisions within disney. there's been pressure to spin those off, but they see the value and it's okay. in buzzfeed's situation it's a new company, and investors are

not having it. >> that's right. nbc news, our parent company comcast, has the cable tv revenues i worked for bloomberg for 12 1/2 years we used to joke it was kindly old un-cal terminal that paid the bills 20rks,000 per seat now. that covered the cost of the news organization. if you don't have that, it's a lot tougher, buzzfeed is finding out. sara fischer, love your reporting. thank you very much. on deck, the new federal shock warning from a bank. you'll want to hear it and the central bank's plan to hike rates and where inflation could do more harm than good

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prices may impact the global economy and the move for renewable energy they found three pop impacts first a slowdown in the renewables particularly in europe as they're racing to block the impact of the energy by adding to fossil fuel capacity two, inflation particularly in food and overall power costs natural gas prices are on the rise, affecting things like your power bill and fertilizer cost and the dallas fed's third impact is the seemingly reported global economic downturn again, this is the dallas fed's opinion, but a pretty tough scenario nonetheless about 8% of the global oil being exported may be impacted in coming weeks and months. so let's dive more into the entire economic story. joining us now is the chief

global strategist with global wealth mask. pretty dire with the dallas fed saying they think a global slowdown is unavoidable. what do you think? >> look. you think about russia and ukraine as one region in terms of commodity exports it's clearly one of the largest commodity exports in the world the exact extent how much can be lost is unclear. think about agriculture, for example. this could lead to crop shortages around the world there's fungy built.

it's something the world needs to do. just like covid, again, it's shown the ability to adapt through a changing situation the world economy should be good at that. and i wouldn't be hopeless around it. >> yeah, but like covid was very different, right covid, we had this global problem. the government shut down everything the fed threw a bunch of money at things. we all kind of moved in the same direction. this is totally differential, it feels like, steven, because on one hand you have inflation going out of control and at the same time the federal reserve facinging these inflation shocks and the real threat of a slowdown and talking about raising rates aggressively one could almost see an environmental where they should be talking about cutting rates, not raising them, despite inflation. i can see it both ways

>> so definitely, brian. if you just think about this, the federal reserve with all of its new tough talk on inflation has been doing a qe program into this month, right? so they were easing in a boom last year, and they're going to tight on the a slowdown. we think this is going to argue for more conservative investment portfolios clearly on the screen it shows the 5-year note yield up to 236. again, that's for all five years. it's not just for a short period of time. we've reallocated quite again to these quite conservative investments. we think that the cyclical industries will be the ones to get a very big shift upwards but this is a very different environmental that we work with. think about the powerful case of what's happening with federal

spending it's down 22% this year. that's a different environment than what we had last year. >> what's going to happen with housing because i think that's going to be the driver at least in america for everything, and housing doesn't look good. >> well, look. we just had a very big leap in housing related to the pandemic shifts i do think people are sort of learning the rate impact alone will knock it down i think some of these shifts to the south in the united states are going to be fairly durable but there's a great deal of growth again, last year's nearly 6% growth rate, a great deal of that will be absent, and the federal reserve a year from now is going to say, wait a second, we tightened into a slowdown >> steven weiting, we've got to leave it there i want to get you back on soon there's so much to talk about. we unfortunately have to wrap

it thank you very much. by the way, speaking of the macro economy, be sure to tune in tomorrow with our conversation with billionaire investor thomas tull including what we hit on with steve, the macro investment he's one of america's most successful entrepreneurs henao owns part of the pittsburgh steelers. that's right here on "worldwide exchange." that does it for us on wex we'll e seyou tomorrow "squawk" and the gang picking it up next. have a great day

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good morning stock futures slightly lower, but chinese tech stocks surging again. and shares of gamestop are rocketing higher we'll show you what let's movin straight ahead.

and breaking news in the last hour, chinese authorities say one black box has been located from the crash of the boeing 737 plane there earlier this week. and a new report from axios says jamie dimon is pressing the biden administration to create a marshall plan for energy details straight ahead it's wednesday, march 23rd, 2022, and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. andrew, good to have you back. >> thank you, thank you. did something happen while i was away i heard ther