>> joe t.? since qualcomm is in >> abbott labs, a bit of an emerging market health care play i like it here. >> ge health care, stephanie >> a spin from ge, best of class in the business with operating margins potential. >> thanks, everybody see you in the o.t "the exchange" is now. thank you very much, scott i'm kelly evans. forget all the talk about a recession ahead, it could already be here. we'll tell you why and the fed is just ignoring it, or doesn't want to talk about it. pimco's former colleague says don't expect anything to change until jackson hole that's in august speaking of which, the job cuts are piling up. spotify to shed workers, microsoft just made another

multibillion bet on chat gpt and we'll talk about all of that and congressman jim headlines described the airport debulk you will, and we'll have secretary buttigieg, ahead dom? everything is so green on the screen, kelly, right now a bit of a nice move higher for the overall stock market the dow industrials are the underperformer, only up about a percent. the s&p is back above 4,000 we are near the highs, down one point at the lows. now, the nasdaq composite, the real stand outhere 11,374, up 235 points because of real big moves higher, and what's happening with consumer

discretionary. that being said, one of the thematic elements is cryptocurrencies believe it or not, bitcoin topped 23,000 at one point earlier today. the reason why it's important is you've been to go all way back to earlier this summer for some of the higher levels, so some interesting moves higher in bitcoin. 23,500, thereabouts, that the 200-day moving average a group of banks, includingup morgan, bank of america, wells fargo and others could be part of a consortium to develop a digital wallet, according to "wall street journal." those names are catting a bit of wind here.

salesforce, another group of activists gets involved headlined by elliott management. they've been taking a beating. kelly, at the highs back in the fall of 2021, there was a $300 billion, today it's closer to around $150, $160 billion. stocks may be rallying today on the hopes that the fed will slow down the rate hikes, but the data suggests we could already be in a recession. if we're not already, we're getting very, very close the conference board's index of leading indicators came out this morning, and another 1% drop just for the monday of december. that was worse than expected, and it's the tenth straight monthly decline. every time since 1959, at least, that the index was dropped more than 1% year on year, a recession has hit in the subsequent months. we just dropped 1% in a month, guys you can see back here, this is not a good track record.

the conference board warning a recession is now imminent. indicators like retail sales and manufacturing will already hit a wall why is the fed still hiking interest rates paul macaulay is at pimco, an adjung professor at georgetown's school of business. and steve liesman rounds things out for us. paul, i'll start with you. we have to wait forjackson hol for a more meaningful response >> no, no, no. i don't think so i think the fed is already recognizing what's going on in the economy, what's going on with inflation, and they are at the meeting next week going to do 25. not really lay out a plan for doing a whole lot more essentially more from front loading the process to now a bit of backfilling the fed is very cognizant of what's going on.

i anticipate they'll stop. >> i don't hear them talking about leading indicators at all. i hear them talking about core pcu, super-core, and i don't hear any sense of urgency. busi cycle at all next month's data, you know, i mean, it should show payrolls are declining this month and the recession is already here. >> i'm not anticipating recession, i'm anticipating a soft landing the fed doesn't talk about leading indicators per se. they talk about the whole mosaic of data. i would not be critical of the fed here i think they recognize what's going on they recognize they're tight, the yield curve is inverted. real rates are positive. i think the fed is willing to entertain an optimistic outlook as governor waller expressed just this last friday. >> mr. liesman, here's what i

don't understand it's totally fine to say employment is strong i get that you can talk until you're blue in the face about it what is the response to what's going on with the leading indicators that manufacturing, if you exclude auto has been in a recession. retail sales are tevl. across the gamut here, things are looking scary. >> you have to go back to the idea that they have said in the past that pain is coming, and an outlook for pain is part of the forecast so, there is some decline. i think the analogy of the fire ranger is the best one, which is you and i, if we went camping,

we put a bucket of water on the fire, the fed will pour five buckets of water to make sure the fire is out. that means they're going to go longer, and will stay there longer they may be on the cusp of a change, but they need cover to duck the cover will come from the data i asked waller on friday how much you need. he said, i thought it was three months, now he says five months. so i said we're all a big like dorothy here in "wizard of oz" that we've done the task, but they keep giving us, we have to get the heart for the lion to click our heels and go back to kansas. >> you know, again, you look at those who are more concerned the business cycle is turning over, and we should be selling these rallies. >> i have to say, i'm one of

those folks, because i think that the fed is -- i think steve is right i might go one more step than fire ranger. i think that's how they're acting now i think for the past 30 years they've been more acting like pyromaniacs and fireman at the same time. so going from pillar to post, now i think steve is absolutely right. i think paul is right, too i think what the fed is telling you, regardless of my feeling, what the fed is telling you is that they would rather make a mistakes of risking a mild recession rather than risking the stop-and-go monetary policies in the '70s, which forced the fed to fight inflation three times, each at successively higher rates of inflation. if we just think about what the fed's responsibilities are, pride stability and full xwloikt, under say, well, the unemployment rate is 3.6%,

claims every 190, inflation is still over 6, so the fed still has more to do that's i would argue you have to be careful regardless of what we want, the fed is telling you what it's going to do, and i don't think it's particularly positive for risk assets this year. >> fair never. i totally agree with you about what they will do. in terms of what they should do, jason, the markets is telling them the job is already done they were 3.5% last march before the aggressive hikes, way down to 2.2%. they got the job done. >> the chart is up there, jason and paul, we've done a chart where the fed is expected 2023 rates to be. that's the orange line i have the market yield for the june '24 contract, which tells you the 2023 outlook

you can see that gap has redeveloped like in the summer sorry about that, kelly. >> no, go ahead. >> it shows the market is 70 basis points or so below where the fed is >> significant jason, why can't they look at the signals and say the market is telling us inflation remains -- they have pulled back the breakout and expectations. they could stop here >> they could. i think though, kelly, i would be more inclined in their camp, to kind of keep at it, to use paul volcker's terms, because inflapgs, once established is hard to defeat we passed a $1.8 trillion stimulus package 60% is indexed to inflation, so the costs is 8.7%. the labor markets are still tight, and financial conditions are actually about as easy now, as they were before the

russia/ukraine war i would argue they should -- i week in the five buckets of water category, make sure that fire is out before they pull their punches. hopefully, they can engineer a soft landing as paul is hoping or forecasting. >> let me turn back to you, paul, why do you think you're likely to -- you know the dat better than anybody. we're not making this stuff up this isn't about what the bond market thinking. this is the data itself. we've never had a period that hasn't been followedby a recession. why do you think this is going to be different? >> the dominant thing is the labor market is still incredibly sturdy also, i think a lot of the data

of the leading economic indicators as well as what's going on with the purchasing manager survey, is reflecting the back end of what is known as the bullwhip effect, and we have a surge in manufacturing, as everyone is trying to keep up with the demand and the supply constraints. we had an inventory overhang and now that is working itself out i would not extrapolate from historical experience to start pounding the table that we have to have a recession. we are liv in a unique post-pandemic world. >> why aren't they talking about that, steve? this is the discussion i would love for them to have. here's why we think this is different, here's why we're ignoring that. >> as you know, the one place where i've been critical of the fed is in group think. i think that's an important issue. i'm amazed that you have the gap we put up, and there aren't members of the fomc who have

embrace at least where the market is. maybe it's 2, 3, 4, but there aren't many there are -- in fact i know there's none. every single fed member is above 490. >> unless brainard is starting to crack. >> and one thing to push a bit against jason's wisdom, which is wise -- there's nothing that tells some a change in the fed process for me to believe they're making the exact same mistake a year ago, with everybody holding hands hand singing "kumbaya" on transitory. >> jason >> listen, again, this is what you think they should do versus what they will do. the fed is very much of a phillips curve organization, which is a fancy way of say they spend a lot of time looking at labor markets.

that's why, in my opinion, they made a mistake in thinking that inflation was transitory that may be one of the reasons why they're staying too tight now. but, again, my job with my clients is to try to figure out what's likely to happen. it's above my pay grade, you know -- paul has a legitimate shot at being on the fomc. i'm just a humble broker here, trying to help our clients i think they're going to make a mistake of being too tight i think they usually do, and it seems likely that's what's going to happen. >> yeah, they're going to be too tight. do they have to be if everyone says something different, do we have a chance paul, a quick last word from you. >> i think the fed is being successful i think they got caught on the back foot with respect to the

inflation after the pandemic they exaggerated the transitory aspects of it, but in the fullness of time, this is turning out to be a lot of transitory inflation it's not immaculately transitory, they had to tighten, but we're seeing the under wind of what happened during the pandemic we're also seeing a very strong labor market there's a lot to be optimistic >> we'll leave it there. by the way, steve, are we in the quiet period >> yeah, i think blackout period started this morning. >> if there's going to be any change in course, we'll have to rely on you or other -- >> no, there's data between now and then, so now we're in the process of a reaction process of how we think the fed will react. do they're going to go 25, but do they guide us to another 25 there's a small possibility they

might be done. >> and the markets are jumping ahead, like you said thank you all. we'll ask steven roche about the country's new policy. and secretary buttigieg will join us with the future of infrastructure funding. first, three big names reporting tomorrow as earnings season is off to a rock,start. we have the reaction, the story next on "the exchange. here's another look, the nasdaq leading the way, as it has all month. "the exchange" is back after this what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions

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we've got the action, the story and the trades today as energy bellwether halliburton, and j&j. it's almost back to where it traded last june, and they booked a 47% gain over the past years, pippa stevens has the

detai details. pippa, what are you watching >> kelly, expectations here are high the stock is up sharply over the last year. the first thing to watch here is how the outlook in north america looks. halliburton is the third of the big three, and we heard from baker hughes today the outlook is uncertain giving a lot of volatility around oil and gas prices then, in the same vein, how did international and offshore look. if things slow down in north america, revenue from international and offshore operations will be that much more important how can halliburton take advantage of those opportunities. and, finally, the dividend given that halliburton does pay a lower different understand that baker hughes and xlv, some

investors may be looking for some clarity goods forward expectations are high, so you've got to wonder how will the stock trade tomorrow >> there's that 1% different yield you referenced boris, how do you feel about that >> i am very bullish this one i think has the strongest chance for the up side this is a secular bull story here there's a massive rear surgeonens of energy exploration. governments across the world have changed policy away from being purely green to understanding that energy now is a matter of national security as it is a matter of economic strength therefore, i think you'll see the next two other three years strong flows into the energy sector halliburton is a primary beneficiary of that. you have to love it on a long-term basis. >> so would you be bullish even

if the u.s. economy slows or is slowing quite significantly this year >> well, as i said, you're going to have some cyclical slowdowns, but regardless, the longer-term investments will go. it's not a story just here, but a story across the world plus, we don't know if the trend goes back online if the demand would be upset by chinese demand so i think it's a longer-term secular bull story, as energy is becoming, as i said, a matter of national security just rather than economic good and halliburton is a primary player in this space that helps countries all across the world >> and everything you said about the china offset we'll explore more later on, where people are looking to that potential. pippa, thank you. let's turn to the housing

sector as a whole, we've been largely range bound, which is kind of impressive, considering the collapse of home sales and falling prices as well we turn to diana olick for the story. >> in this report we have toy laser focused on mortgage rates. in this recent run-up, the peak was at the end of october, when it went over 7%. throughout november and december, that rate came steadily down and sharply down in december. that will be factored into in quarterly report we want to see the commentary on that dr horton is the largest homebuilder in the nation, but they also have the compress homes brand, those an entry-privilege brand. so we want to see if the lower mortgage rate will factor into the new orders, which we expect to be down, but how far down

we did see sentiment improve in january because of the lower mortgage rates one more thing we have to watch is cancellation rates. they have been sky high for the builders are they starting to come down all factors to watch, kelly. >> boris, you're not ned -- on the october lows that diana was talking about. >> that's the reason why i'm so hesitant i think dr horton is the bellwether in the segment, and actually its share of the total homes built continues to grow. if you're a long-term investor, i think it's a strong story. it's just that it's bounced so much off the lows. yes, mortgage rates have come down, but we still have the fed that's tightening. and that's obviously hangs over dr short is not as far as demand going forward. i love the stock sort of long

term i think it's a much better candidate as a put sale, and, you know, get a very decent position so, to me, it's a safer bet to maybe do that than simply buy the underlying >> and by the way, ten times forward now i don't like it, nope >> the problem with home building stocks is you can't look at them in valuation. they trade more on momentum and sentiment. you have to take that much more into account than the valuation. >> all right there it is on your screen thank you both we turn our attention to johnson & johnson. the ceo made some cautious comments meg tirrell has more hi, meg. >> hey, kelly, it is comments at

the jpmorgan healthcare conference caught a lot of attention. the ceo had an carb outlook that he outlines. things going on in china in terms of covid, security measures in europe, all of that. so we'll be watching the 2023 guidance very closely. the company is also in the midst of spinning off the consumers units. what will remain of medical devices, and they expect to see recovery from medical devices when people were not getting procedures done. pharma, closely watched is the covid vaccine. j&j has largely de-emphasized it, or at least cut that back significantly. that will be something to watch really closely as well

>> boris, on that note, do you think they're exposed to segments of the markets you want to be in, or would you stay away from the stock >> i think they're a dividend aristocrat their long-term market share is great. so long term they look strong, but there's a damocles hold on them because of the to have lawsuits they have tried to spin away those liabilities by using a texas law and put all of those into an entity that they capitalized, but the plaintiffs are after their balance sheet, which has $25 billion worth of cash on hand the problem is the existential risk as far as the bankruptcy courts will they allow them to do what they just did, which means the

risk would go away, but if they nullify that, you probably have a much high are volatility move. to me that is the risk here. >> i feel prepared for the morning. what is the letter grade would you give earnings season so far? >> let's give it a b-minus needs improvement. i'm grading on a curve we'll leave it there thank you both very much still ahead, all the tech job cuts are adding up there could be even more on the way. we'll round up the headlines and look at who could be next. another glance back at the dow heat map i can tell you -- oh, no, they moved it three names are in the red today. leading the way, everybody, intel up 3.5%.

apple bag up 3%. we're back after this. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh even if you like a house, lowball the first offer. the house whisperer! this house says use the realtor.com app to see three different estimates. also, don't take advice from people who don't know what they're talking about. realtor.com to each their home.

welcome back to "the exchange." nasdaq has been storming back this mopp month. we're at session highs pretty much for the markets now the dow is up 336. ten-year yields, the flip side of the coin, down. tyler has the news update. thank you. first, sanctions, violations, now a charge of taking illegal payments against a former high-level fbi agent he oversaw investigations.

z of oligarch. he's charged with violating sanctions, and hiding a payment from a foreign official while still at the fbi. in pakistan, an attempt to save fuel has left most of the country without power. engineers unable to restart generators, following an overnight sitdown. outages remain in many cities, more than 12 hours after they began. a robot designed to help stroke victims to talk again has received fda approval. the exoexcel confr-- exo-skelet from a french company. hope there, kelly. absolutely still ahead, the china conundrum. spiking demand could make everything more expensive. willho-t srmerm -- we'll ask

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welcome back while we're seeing signs of inflation cooling here in the u.s., it seems like groundhog day when you look at china while they were in lockdown, they saved more than $2 trillion, which can now fuel

pent-up traveling. food prices were up nearly 5%. global energy prices are up, too, oil rising 13% since early january, right as the u.s. consumer is slowing. will china's reopening help or hurt here to make sense of it all is steven roche, former chairman at morgan stanley asia. good to see you. welcome back >> good to see you, kelly. what do you think is the correct narrative? >> well, for any economy, a reopening after a lockdown or quasi-lockdown is volume tibbles, but we have to be careful. chinese

chinese consumption, in the u.s., the number is closer to 70 chinese consumers didn't get stimulus checks like we did in the u.s. their biggest asset is the home, where there's significant downward pressure on housing prices that was not a factor in the post-lockdown snapback of the u.s. sure, the economy will come back as they move out of this post-zero covid policy, which was absurd from the get go, but it's probably going to be a more limited snap back than they and the markets seem to believe right now. >> it a help or hindrance for the u.s. economy the probably over-arching concern is about profit margins,

and how do you think it will cause longer-term deflation? what is the dynamic we should expect >> well, again there would be a lot of short-term volatility i think the conclusion will be that the china snap back will be positive for global growth, when other economies are going the other way, and that will cushion what might be otherwise be a global recession i think that's a reasonable conclusion to draw on a very, very short-term basis, but i think the biggest story is what happens after the snap back? the chinese long-term growth outlook is much, much weaker than long-term optimists like myself ives bullish on china for 25 years. it's much weaker now going forward than we had thought because of demographic issues, and because of a lot of factors,

holding back productivity growth the best way to look at this is the five-year growth rate that looks through the volatility, tess end of this year will be a number probably below 5% that same five-year growth rate peaked at nearly 12% in the depths of the financial crisis don't count on china to be the savior of the global economy like it was in the aftermath of the global financial crisis. i apologize if i missed this have you turned into more of a bear on china then >> i am definitely more concerned about china than i have ever been in the 25 years i've been following china, and for most of that period, i've been a screaming bull under china. but the current leadership under xi jinping has moved the needle on reforms, with impacts on

productivity that i think are very, very worrisome, and the deepening chinese conflict, which i have just written a new book about, is causing further problems for china on the technology front that are likely to be long lasting yeah, i'm much more concerned about china than i have ever been >> if they resort to any possible last measures that i check ofexpect the chairman to do, he still has to have a growing economy to fund military and all the rest of it what overt options and levers does he have in. >> that's the beauty of a state-directed system. he has several levers he's pulling now, reversing course on some of the restrictive moves he has made in the property sector, and, you know, the biggest short-term is the one we

discussed, abandoning this covid policy the state has lots of levers to pull, but the state ultimately can't unwind the demographic pressures, which are very realty the working age population that is shrinking since 2015. the state is complicating the productivity offset that would normally be helpful in reversing the demographic pressures. a quick final world. if i'm an investors, what sectors do i want to be exposed to or not right now? >> technology is now bouncing off the bottom as the government is trying to spin the idea they're walking back these regulatory pressures i don't buy it for a second. you know, take ridesharing the state is now introducing a new state-owned enter price to

take the place of dd, and they're still restricting it activities like video, gaming, music. so i think that sector is still under trouble. health care, they need that, all the safety net areas i think would be still long-term positive for china. >> very interesting, especially for people -- on k-web, for instance, hoping for the reopening. thank you very much. >> very good to talk with you. alphabet is the latest megacap to cut jobs, and how atou py into the fight for a.i. dominance that's next. ♪ ♪

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realtor.com (in a whisper) if we use kevin's college fund, we can afford this house. the house whisperer! this house says use realtor.com to find options within your budget. good luck young man. realtor.com to each their home. the layoffs in tech continue to pile up with spotify announcing they'll lay off 6% of the work force, this afgoogle parent said --ever inelias spoke to some of the google workers over the weekend, saying there

were lockdowns of properties and very few details "new york times" niko grant reported last week that larry page and sergei brin were called in to help welcome to all of you, steve, what are the new developments? >> we finally got confirmation that microsoft lieutenant dump billions into a.i. they're not giving specifics on how much they'll investment, but we know there's previous reports that it will be $10 billion over the course of the year tied to some milestones, things like that. >> so they're confirming -- >> multibillion is the world they used. >> and that they will retain a very large percent of the profits? >> yes they're not closing that, but the reports say, yeah, they kind of get a sweetheart deal in this

>> so let's turn to niko for details. i was thinking about it to find one simple e-mail in my inbox, if checked say chatgpt could make search bers, i would -- what are you hearing >> you'll see google apply this, and across every product area. so, you know, there was a time back in 2008, speaking of e-mail when larry page saw a new feature for e-mail and was unimpressed. he was saying, why can't it write the e-mail for you there will be more of that we'll also see a demonstration of google search that has chatbot features, that are similar to open a.i. there will be features for youtube appeared for the pixel phone that can create images it's really going to start filtering out to google's users

this year. >> nico, you tell me, you try googling anything on your phone and finding the result you want to instead of 12 sponsored placements it's strayed so far from the original purpose, it's kind of ironic they're trying to come in to improve it. just get rid of all the ads, that would be a good start. >> the ads bring in $149 billion of revenue a year, so google won't get rid of them. but you're right, the founders we are always skeptical. when google launched, it didn't have any ads over time we've seen as they had this lucrative business molding, it's been very tempting to pour more and more ads and sponsored posts into search results. that's attracted a lot of criticism to google in recent year that's why when chatgpt showed

up last year, there were many who thought google was ripe for destruction. with the layoffs, who's leaves, who's staying and where should we expect that equivalent pouring into >> there's no one specific area where they're seeing a ton more layoffs than others. software engineers, marketing folks, sales folks, folks in experiment ago units, more experimental projects they have going. it's across the board. that's part of what's confusing for the employees, as some were recently promoted, with high performance ratings, and have been there over 20 years, for some of them to be locked out the way they were, they told me they expected that maybe at another company, but not so much at google, which has been very vocal about being

transparent and treating their employees well appeared like family it came as a bit of a shock to them. >> it's not just them. when meta did the layoffs, they had to hire consultants on how to do layoffs. the cultures are not well equipped. equipped coinbase is literally at random choosing who is going to leave >> twitter, by the way. >> twitter just a case of burn it down, yeah. and you wonder how these companies are going to emerge after these layoffs and whether they are done yet. >> whether they are done yet, that's the big question. also, of course, is apple going to be the next one they are still investing we get a $10 billion announcement in chatgpt. back to what nico said and your comment on google ads google has yet to find a second the act. it's still a search and advertising company. they need to grow. therefore, stuffing more ads,

every time you search you have to scroll a long time to get to the or ganl i can results. does chatgpt solve that? i don't know i would point out what nico said, more features this year. i would guess, probably their google io event in may or june if they do that they have a horrible track record at that event aynnouncing new things they never materialize so i have a heavy dose of skepticism going in if they come up with rival features, will they ever launch object ship. >> nico, what do you think >> there will be new products unveiled also things that may come before or after depending on timing search will be a demo. other things will come to production you will see open a.i. has really pushed google to go from just experimenting to putting some things in production. >> feels kind of exciting.

great if it gets more high takes. thank you all. a big trade proposed at the streaming world, we will speak with the analyst who says disney should trade espn to nbc in exchange for hulu. a deal he says works for everyone he will make his case right after this ness. unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today.

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. welcome back check out these moves in media names today. netflix up more than 5% on the price target thiek 390 shares 361 paramount global up 4%, warner bros. 3%, disney as well, a halo from netflix, positive results as well. my next guest is here to talk about comcast and disney there is a deal that could benefit both size, he says, and is quite intriguing. managing director and senior analyst with wolfe research. peter, welcome. >> that's very much. >> in a nutshell, you think there could be a swap here it's almost like we should be talking like we are sports teams. so espn goes to nbc and in exchange disney gets to own all of hulu. is that right? >> yes

disney and comcast are facing overhanging strategically because they have a co-ownership of hulu that's designed to be broken up within the next year at the same time, nbc has considerations around how to get bigger in streaming and how to stay big in sports and news, which are key categories in streaming. lastly, how to do in a tax efficient manner. >> so by the way, there have been plenty of people looking how to slice and dice these. here is one thing, one point of view out there could they continue to sort of like co-parenting, co-own hulu if this swap doesn't happen in a way that's mutually beneficial for some extended period of time >> it's conceivable but tricky inte there is a contractual mechanism to facilitate a termination of the structure in january of 2024 also, we think there are over 2

billion of -- in getting disney complete control of hulu it will be hard for disney to take advantage of this opportunity as long as comcast is getting 32% of the benefit. >> this will be bob iger's biggest way of making his mark on his return. having to make this decision about sports are core or non-core is huge which way do you think he is going to go? >> it's interesting. one pushback on my proposed deal has been that sports is the most stable audience on television and why would iger allow disney to exit that market. but the problem is that the margin available to the television distributor in sports keeps getting narrower while the pie is growing, the slice of the pie available to disney is shrinking. and disney has a lot on its hands. sure, in a perfect world it could keep a foothold in sports p but this world isn't perfect and disney is facing a lot of hard choices.

>> exactly again this will be the way that just months into his return, bob iger, having to make a substantive decision as possible about the identity this will take peter, we will leave there we will bring you back this is the tip of what is going to be a very, very interesting year c cast, of course, our parent kpmg. next on "power lunch" transportation secretary pete buttigieg joins us live from san francisco to discuss the government's $400 million idn e ld ge thgoenat brge stay with us good afternoon,,

welcome to "power lunch. with kelly, i'm tyler. glad you could join us china coming up today, reopening there, having a huge impact on the global economy will a surge in chinese demand send prices higher investors