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kelly, cpi and ppi two very different reads. the ppi was not as positive as the cpi. >> i would argue neither one of them did. it is that 442. it is stable but not down. i think that is why the stocks are pouting a little bit. disney is one bright spot. disney plus posted a profit. that pull, will bring and inside out 2 helping at the box office. do we make so much that they've gone from 9% to 5%? >> there may be a turnaround story. the box office success is something we are paying close attention to. i know for at least inside out 2 it was the first movie i've seen in a while in the theater because my kids insisted on seeing it. i admit i'm a huge deadpool and wolverine fan. both of them independently but i did not see the movie until i just saw this week on disney

plus. >> you are lining their pockets both ways. to go back it's not just the one day move. the shares are on their longest winning streak since 2018 right before these problems really kicked into gear. reports are out saying president trump's transition team is planning to kill the $7500 tax credit for electric vehicles. representatives from tesla support and in that subsidy. an interesting dynamic there as well. this is no surprise because elon musk has talked about the idea that those ev credits maybe prop up some of the weaker players in the business. >> shares of tesla are down 5%. gm is positive. an interesting reaction. ford is slightly negative. the weakest reactor is rypien. a lot of crosscurrents here. a perfect topic to talk to our next guest about. >> as these role in for the

next trump administration there may be opposition starting to build within the walls of the senate including how president elect trump may treat fed chair jerome powell. let's bring in emily wilkins who has more on just what is happening with the state of play about these appointments, confirmations, and who is stoking the ire of the president elect. >> reporter: during his first term he appointed and openly considered replacing fed chair jerome powell and then suggested he should have a share of interest rates. now that he's coming back some are concerned about how he could change the fed. the fed has an ally in the senate. number of senators told me that while they may have their frustrations and are open to some reforms, they do not think he should have a say in interest rates. senator thom tillis on the banking committee oversees the fed. he told me the white house having a role in interest rates

would be dangerous because u.s. monetary policy could change with each new administration. he also aid it would be a mistake for the united states long-term. other banking committee members including mike rounds, kevin cramer and cynthia loomis said that fed independence is critical here. as you were just talking about he is just one of many questions facing the senate as trump prepares for his second term. he has nominated some controversial pics including matt gaetz for attorney general. senators i have spoken with want to help them but are not ready to give up their power to provide a check on his choices. listen to what senator john cornyn told nbc. >> i do not think we should be circumventing the senate responsibilities, but i think it is premature to be talking about recess appointments.

>> reporter: obviously yesterday seeing john thune elected over rick scott who was the choice of donald trump's maga world , there are a lot of questions coming up to what happens to some of these nominees and how willing the senate is to either back him or provide a check to the presidency. we will be following that very closely. >> it is early days and we all understand that, but this is very much a story that will be contingent on the confirmation process on this notion or concept of coattails. how much do you want to offend him by not supporting some of his candidates. how much do you think you can have power or influence over the future cabinet makeup. what is the buzz right now in the halls of congress about whether or not the coattails are enough to influence everybody to push through his agenda?

>> reporter: a lot of senators do realize he won a really decisive victory. a lot of republicans are talking about a mandate. at the same point you have to consider the fact that in some states where he won lake michigan, wisconsin, nevada and arizona the republican senate candidate lost. there's not necessarily a one- to-one for support. for a number of the senators they know the state that they are from. susan collins and lisa murkowski know the states they represent tend to have a lot of independence who want to see them but their party on some of these more controversial efforts. thom tillis that i was just mentioning is up for reelection soon. while north carolina has gone red for the last couple of elections it is often considered a state where democrats could have a chance to win. for a lot of the senators they will be balancing their own interest got constituent interest, and as you have heard

and i've heard from other lawmakers have spoken with they know that the senate has power. they don't want to concede that power to the executive branch regardless of who is in the oval office. >> emily wilkins. for more let's bring in mark short. he witnessed some discontent with jerome powell during his first term among plenty others. thank you for your time and thank you for joining us. >> thank you for having me. >> before we get to powell can we start with gaetz? what do we think this is about? >> i think he wants to be a disruptor and it's about going after his nemesis inside doj but it is counterproductive to those goals. if gaetz is looking to avoid the ethics report coming out this is a way to ensure it doesn't confirmation hearings because people will look for those reports and subpoena the doj and call some of the victims as witnesses. i think for the effort to try

to get recess appointments, i think that has a lot of sympathy because both republicans and democrats have delayed confirmations extensively, but you lose that sympathy when you nominate somebody like gaetz because that will ensure that the republican senate will not recess. they will go to a pro forma session to avoid the possibility of recess appointments. >> that's interesting. i was going to redo this take that said the pick was brilliant because gop morale in the house approved -- improved overnight. now trump looks like he can reward him for his loyalty by knowing the senate can never confirm him. it could save the florida gop a messy primary for governor in 2026 because to your point the more we hear about what's going on the less likely this nomination never advances. >> i'm not so sure it's as clever as that. i think the reality is for speaker johnson you've lost

three republicans to potential confirmation pics and the majority will probably be about four when all is said and done. it creates a very narrow governing majority. as narrow as it can be in the house. additionally it's important to remember that in 2012 the supreme court ruled on recess appointments when obama had an appointment during a recess. conservative judges, they all cited to say you can only do recess appointments when in fact the appointment became vacant during a recess. you have a conservative supreme court that is already on the record against the notion that the executive branch has this unilateral power for recess appointments. to me it seems like this is a big error on the part of the transition team. >> i would like to be able to pivot this toward the powell conversation. there are so many of these

conversations i'm sure we are both having right now among market participants, investors and traders. just talking about the notion that there could be a massive overhaul. just how much of an overhaul can there be and what exactly is the relationship right now as you see it between president elect trump and powell beyond what we've heard in the headlines and the public comment. what has he said in the past? >> i think there is no question that there's a lot of tension there. i think president trump regretted the appointment and certainly in many cases blames the secretary for the advice of that.. i do think that there is a fair point that the president actually has when the fed has $7 trillion in assets to suggest when people say it needs to have independence. is it not accountable to the people in some way when unelected people have such

enormous sway over the economy. i think the complaints are less about the management and more so about the outcome that he really prefers lower interest rates. that was his biggest complaint during the administration when the economy started going stronger and he was raising rates he wanted them to stay low. you will see him very quickly and very soon begin to encourage them to lower rates further than they are right now. >> can you also build on that? what was the experience between the president and the fed chair. it will be awkward if the market is talking for the need for the fed to possibly hall rate cuts at the very moment he is about to take office. >> you are right. i think there's a lot of people in conservative circles that say that's the reality that he will retire in 26 and trump would not risk that took appointments on person. i think trump will quickly the to put pressure on powell to

lower rates and whether or not he maintains his own position and does it for economic reasons we will see, but i do not think there's any doubt that the president feels he has the ability to put that influence on the fed. i think you are likely to see more volatility in that relationship coming soon. >> as we digest all of these announcements, we look to the department of government efficiency which is extra- governmental if we can put it that way. what do you think is more significant >> the fact that it exists at all and might put pressure on medicaid or the reaction of certain contracting stocks to the pete hegseth announcement? are both of those meant to signal fiscal austerity? could that actually take the heat out of the economy? >> i wish that there was fiscal austerity. i wish success for the new commission and for elon musk,

but the reality is that during the campaign president trump said he would not touch entitlements. if you are taking medicare, medicaid, social security off the table the reality is with those three plus interest on the debt today that amasses more than we get in revenue. the reality is discretionary spending is such a small portion. there's plenty of places to cut and i wish them success but if you are not addressing the major drivers of the deficits then i'm not so sure the effectiveness. >> you and i are given a narrow mandate. maybe they go say we are doing medicare, social, good luck. there's a number of recommendations out there, but cutting those programs in a meaningful way is difficult. social security medicare and defense. there is some nervousness in markets about the fence austerity but given

what's going on in the world hard to imagine and interest cost. the way to get those down is yields. >> i would be surprised if there are defense cuts. i think in the first couple years of the administration in addition to doing confirmations one of the first pieces of legislation was funding the military because it had been depleted during the democrat administration. i think he took great pride in that. i don't think there would be interest there. i do think the nomination of pete hegseth is more focused on the cultural and wanting to attacked eei programs more so than cutting spending. >> on your way out who should be treasury secretary? >> i have no reason to think it's not the couple of names that have been floated before. i think those are probably the

leading contenders at this point. i think he likes the notion of having people from wall street, it's kind of a casting call in a lot of ways. i think that is probably more appealing to him. >> it is iconic because he is such a lightning rod for conservatives. do you think the messaging, we are talking about trading, investment, picking miller who ascended -- assembled the team we are talking about that and not on topic activities. >> sure. but i think to suggest that donald trump this time is looking for a specifically conservative list of cabinet picks i think we have already shown that is wrong. we've seen him pick tulsi gabbard to lead defense. i think you should dismiss that notion and recognize that he is looking more for the visual than the policy. >> so this gives him cover.

thank you very much. >> great to be on with a fellow general and fellow debt will fan. >> i love it. thank you very much. still to come, who is next? netflix is dominating the streaming space as the only profitable platform so is disney following their lead? we have more on that coming up when power lunch returns. (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there.

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welcome back to power lunch. shares of disney jumping after narrowly beating earnings estimates in its fourth quarter. growth and streaming helping to boost the entertainment segment. executive saying they are

confident in the long-term prospects for the business. earlier on squawk box the chief financial officer also expressed his optimism in the american consumer. >> i think the consumer is gradually strengthening. i think in the first half of the year the consumer was really locking down because inflation hit him so hard and people were struggling, particularly lower income. i think you are seeing a small strengthening and our expectation is the parks will continue to gradually strengthen as well. we will probably do better in the second half than the first half. >> let's get some reaction from james stewart. he's from the new york times, a cnbc contributor and the author of disney war. thank you for being here. you heard the remarks. he was the former ceo of pepsi. he knows about the consumer. now the cfo of disney. take us through what the report

says to you about whether or not the turnaround is really something to buy into. >> i think this is a really historic quarter because it begins to answer one of the big questions which is, can anybody but netflix really make money in the streaming sector. we have seen them lose incredible billions of dollars. there is beginning to be real skepticism that this business would never be profitable. i think disney has shown there is a path to profitability even for the legacy companies that don't have the scale of netflix or amazon. the key here was they brought down the spending. they really put some discipline in their. i hate to say this for all my friends and the creative community in hollywood but when they went on strike they handed these companies a huge gift because they had to cut spending not just a little bit to nothing while they were on strike and they did not lose

subscribers. suddenly the competition of all that new material is not there and people were very happy to watch reruns and legacy properties. it was a huge revelation. i think we see that working through also in the recent one earnings which were quite strong. >> what do you think disney has done right incrementally between a year ago versus now. what makes you feel and what makes investors in disney who has been bidding up the stock feel better about the strategy beyond just that there is cost cutting and they are trying to return to profitability. there has to be a long-term view that this company can be restored to its former glory. >> i agree with that. he deserves credit and he's getting credit because he brought discipline. he said immediately he was focusing on profitability. i don't necessarily blame his predecessor so much. the metric wall street cared

about was subscribers. they did not care what people were spending to get the subscribers. we had an arms race of spending to try to deliver the subscriber until suddenly investor said, no, we want profits. i think he recognized there's only one way to get to profitability. you increase the revenue. they have pulled some significant levers. the main ones being introducing the ad tear, raising prices and cutting the spending. those are the only ways to get to profit. they've shown you can get there. i think what gives a lot of investors confidence about disney is unlike netflix or amazon disney has the intellectual property people want to come back to over and over again. they have a huge library, generations of material. new kids coming up all the time and a lot of people are happy to watch it over again. that is the great beauty of the intellectual property they have amassed.

it gives confidence to investors that disney can keep it going. >> we are showing this graphic about streaming linear television. i have a particular and i'm sure many of our colleagues do about this future linear television. the future of cable. we have heard from our parent company comcast about some of the strategic options that may be considered with regard o reshaping, restructuring how the television, linear television and streaming television landscape looks. what does it look like to you in the coming years? >> it has not looked good for quite some time. people have called it melting. we have been seeing steady losses of subscribers and revenue in linear media world for quite some time. it is not stopping. i do not know if there's a bottom here but the strategy has to be to move these very valuable properties that

produce really great content, not to be self-serving but cnbc would be in that category. there is a market for that. people will pay for it. the question is, what is the distribution channel that will be the most successful. i think there's a lot of thinking going on about how to monetize some of these legacy assets that can't just live forever in the cable ecosphere. remember cable was and am unbelievably profitable business for so long. it can still be profitable. they are not losing money but they are just not making the money they made before and they need to find other ways to replace the revenue. >> what has the most excited about disney for the coming year or two? >> i want to see those streaming numbers going up. one thing that worries me is can they sustain this level of spending. netflix has not backed down. they say they are still

spending in the $17-$20 billion a year area. how low can spending go before they begin to feel some competitive pressure and loss of subscribers. that's what i will be looking for. >> james stewart, huge disney fan and author. thank you very much. we will see you soon. >> it's an important chapter. still to come, a week of bad news for. opec cutting demand, a week china stimulus. the dollar is soaring. we will diusscs that next in market navigator. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our

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welcome back to power lunch. here's a look at the markets. russell is not on there but it's down 1%. everybody else trimming at about a quarter %. >> just about the same as when we started. crude oil is up slightly but having a rocky week. opec cut the demand forecast and the latest energy agency market report showed that supplies will outstrip demand by 1 million barrels a day next year. all this as president elect trump is bowing to unleash a big oil boom in the united states.

our next guest is here to tell us how he's trading crude and where he thinks the prices are headed. joining us is jeff gilbert. take us through oil trading. why do you think the bounce we are seeing today, it's modest but it could have legs. >> i think it is counterintuitive, but if you talk about the pledge president elect trump had on his campaign it was drill baby drill. what you are seeing is hello it can go. you see it on a 5% drop since the election. now we see people reconfigure, trying to understand the outlook for demand which comes out of china and india. now we are oversold. the technicals will bring us higher and i think it has been over done. at the end of the day i do not know if the oil executives agreed as much. normally receive implementation of drill baby drill happening january 21.

>> that could be bearish. you have a way to play this short-term move may be for some profits. how would you trade it and what strategy are you using? >> i want to use crude oil futures. it can allow you to head to the exposure you have but i think it will move higher. despite the fact that we see the oil production at 13.5 million barrels per day, record production, that was utilized in december. i am looking for two dollars higher up to $70.50. i'm being mindful if we continue to see any follow-through that could damage this trade. we always want to use stops when trading futures. risk in $1000 to make 2000. >> jeff, the trade on using micro crude futures. thank you very much. >> i take his point about the fundamentals but i still think

about the dollar as the headwind. >> if the dollar keeps going higher and interest rates keep holding you could see everything commodity-based taking a hit. >> from that point of view it's amazing that coin has done as well as it has. as we go to break we are extending the deadline to nominate a leader for the 2025 cnbc changemakers list which recognizes women transforming business and philanthropy. use the qr code and join the financial advisor summit bringing together industry experts for market strategies, emerging risks and more. we will be back with some key stock mos ofve the day key stock mos ofve the day right after this (cheerful music) (phone ringing) [narrator] not all multi-millionaires built their wealth the same way, you have...

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- i am more... - i'm more... ...than who i am on paper. welcome back. i'm kate rogers with your news update. israel attacked the syrian capital killing at least 15 people. they said forces were argeting military sites in the head

quarters of the islamic jihad group which they said is a roxy for iran. they've carried out attacks for years but only publicly started taking responsibility recently. the attorneys defending rudy giuliani asked the judge for permission to drop him as a client. the exact reason was rejected that suggested he was being an unreasonably difficult client. the tampa bay rays will play 2025 home games at the yankees florida spring-training ballpark. hurricane milton shredded the roof of their field last month. repairs have been estimated at nearly $56 million to have it ready for 2026. the backup park has about 11,000 seats which is about 30,000 less than tropicana field. the major averages are trading lower across the board as the postelection rally is coming to a bit of a halt.

the elimination of election uncertainty and some policies should really be bullish. we have the chief market strategist at turtle creek wealth advisors. there is the argument about whether the policies are bullish and whether they are priced in so tackle both aspects. >> we did see surprises where the market jumped 5% but let's go back to 2016 when trump had similar policies he was planning to implement and the market continue to move higher. we like cyclicals. we like us-based companies and we think obviously not all the policies the president elect is proposing will be implemented but if we get lower taxes and a better regulatory environment that will be favorable for u.s. companies and drive earnings growth higher. we think the uncertainty that has moved away as the election has been completed will increase capital spending also good for earnings growth. >> there's no corporate tax reform this time around.

s&p multiples are different. does that kapsch? >> one of the things we are really focused on is we don't want to see an aggressive fed rate cutting cycle next year. we want to see earnings growth expand. that will require economic growth, capital spending, and animal spirits. the key today is that the market is looking for 15% corporate earnings growth in 2025. you will not get that if the fed is cutting 100 or 150 basis points. we would like to see continued strong economic growth, higher earnings growth and ultimately overtime the fed can reduce the rate to neutral which is probably 3 to 3 1/2% but we don't want to see that that quickly next year. we think earnings need to go up and the market will need to justify current multiples. >> i think that would make everybody feel better.

there is some positive signs broadly speaking. you are favoring cyclicals and companies with high u.s. revenue exposure. i think that is 40% >> maybe that is too high but 40% overseas, that is the way you are thinking about this? >> the market is expecting significant tariffs which will have an impact on companies that generate a lot of revenue overseas. whether or not the tariffs occur like they are expected to obviously they are being priced in. we think companies with revenues in the u.s. will benefit as they produce aggregate and concrete. it has a 15 to 20% earnings growth profile pic into it is another company in in the u.s. they provide a.i. tools for small and midmarket businesses and consumers like tread karma -- credit karma and

turbotax. we think this will increase activity in the small and midmarket business arena. we also think consumer spending will remain robust and that's one of the reasons we like visa. >> how much are those animal spirits and how much of those trump policies, how many of those trump policies are predicated or need fuel from the fed cutting interest rates? will that be important going forward? does this market need the fed to keep cutting rates? >> that is a great question. not when you are talking about tax cuts and deregulation. clearly president trump will want lower interest rates. however, we believe the best scenario is normalized interest rates. we will get there over time. most importantly broad economic growth that will drive arnings growth. obviously we need that in the u.s. and overseas. at the end of the day, the optimism that clearly is coming

out of this election is something that needs to continue. and you are looking at what gold is doing these are all signs that people believe that at the very least some policies are implemented that will be positive for the economy and earnings growth. we would much rather see that than an economy that is slowing enough that the fed has the impetus to cut rates rapidly. bond yields are following -- falling following the ppi report. let's get out to rick santelli in chicago for more on the bond market action. >> it was a rather confusing session. still is. let's take a look at the core ppi. just like yesterday it was warmer. this is food energy and trade. it came in at 3.5%.

last month was 3.2 revised to 3.3. every metric, every metric is higher than december. the marketplace was unfazed for the most part. the next that they need to ask is why. you had part of it. fed officials seem very comfortable with the progress of inflation. not necessarily the fact that it is not where it needs to be. the market and investors are only too willing to buy into the fed model in terms of e-zine at these levels even though inflation has been much stickier . the short notes have reversed

after lots of volatility. yesterday the tenure reverse tire and steep and the curve. it is flattening the curve and even though it has recently turned up it has not done it to the extent of today's. it is still down a four basis points from yesterday's close. they have given back a portion but not all of the steepening from yesterday. ultimately i think the loan rates will remain a little warmer but i would not look for investors to kick the tires too much. i would not be surprised to see some reversals to the green. we will hear from powell in about 15 minutes. what would you tell investors to watch for? >> that he will feel comfortable with inflation. that is the issue. i think the progress made on the progress they see in the future brings

them to a point where they continue to say it is under control. i'm not suggesting that the data says the same thing but it's not the data. it's about the fed. >> rick santelli, thank you very much. as we head to break check out shares of advance auto parts. higher after announcing a turnaround plan that includes closing 700 retail stores as the company posted a surprise lost of $.10 per share for the quarter. we will highlight some removers of the day when power lunch returns after the break. humana medicare advantage plans. carry this card and you could have the power to unlock benefits beyond original medicare. these are convenient plans that offer all of the benefits of original medicare, plus extra coverage and benefits. with a humana medicare advantage plan, you could get doctor, hospital and prescription drug coverage in one convenient plan. with zero-dollar copays on

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welcome back to power lunch. time for a quick power check. shares of supermicro down 11% extending losses yesterday after the company said they would delay filing for the quarterly report for ending september 30 and they are still in search for an auditor. >> amazon announcing prime members can access new upfront pricing to treat five common conditions like men's hair

loss. hymns and hers stock dropping 25% as a result. >> norfolk southern striking a deal to defer a proxy fight. they will expand from 13 members to 14 members as part of this particular settlement. shares down 1.5% right now. >> burberry is trying to reboot sales focusing on heritage designs and statement pieces under a sweeping plan. shares are of 20% but have been really hard hit. >> piper sandra are upgrading campbell soup from neutral. they are bullish on the brand they just acquired for sauces including measured sales and volume trends as well. that is your power check. >> i use that all the time. shares of tapestry are the biggest one on the s&p 500. after scrapping plans to merge with capri, there was doj push back on that.

we will get the trade on it and others right after the break.

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welcome back to power lunch. when resorts among the biggest gainers in the s&p 500 today as they disclosed and up to the stake in the company. >> tillman increased his stake in wynn resorts to 9.9% making him the largest shareholder in the country replacing the cofounder. normally this indicates a passive position versus an activist one but why. i did ask for an interview but he declined. so could it be that the stock is on sale? that's what carl said earlier this year about his renewed stake in caesar's. wynn shares are sitting just about at their 250 day moving average. in 2022, he took a little more than 6% stake in wynn. the share price has grown about 60% but is lacking the s&p.

look at the stock over 20 years. it is just kind of -- i've heard from investors and industry insiders who said wynn should focus on growth in the u.s. when i interviewed ceo craig billings in september he kept the spotlight on what he sees as the big opportunity to open up gaming in the middle east with the new resort wynn is developing in the uae. stock today has bounced more than 10%. >> thank you very much. let's turn to three stock lunch. we have met, the chief market strategist at miller to back. let's start with the stock we were just mentioning. wynn resorts. what are your thoughts? >> if you want to go against him, just because he's getting it does not mean it will necessarily go up but betting against them has not been good in the past. it is not crazy cheap but at 20

times earnings, every time it has traded below 20 times earnings it has really back in a major way. we talk about what's going on with the expansions in the uae. i also like the situation in china. china is slowing down. i'm telling you. they said they would use a bazooka plastic they have not done it yet. it may not help them on the long term but on the intermediate term basis i think they will go ahead with the bazooka blast that will help the stock market and economy. i think things will do much better there. the fact that it is oversold i think it still has a lot more room to run. >> next up, cnh industrial higher after announcing he is building a medium-size position in the firm. he made that report yesterday. he called the shares cheap and

said that ag equipment sector is ending a down cycle. is this one you want to buy into? >> it is very cheap as he said at nine times earnings. it also sports a very nice yield. even if he is a little bit early it pays you to wait. the stock is down 14%. just since the spring time. it is oversold on a technical basis and so are some of the ag prices like wheat which is down 30% in the last couple of months. i think this was another good play. it could take a little while to play out, but we don't want to have everything in bit coin and the mag seven. >> let's go to a different tack which is tapestry. the biggest gainers on the s&p after they agreed to call of the planned merger with rival capri. the sec successfully sued to block it but investors may have thought they would revive it

under new administration. do you like the stock? >> i do on a longer-term basis but it's had a huge run. it is very overbought on a technical basis. i think it is something not to chase but rather to look for a pullback over the next cploue weeks. >> we appreciate your time. power lunch will be right back. ♪♪ well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! unbelievable. stop waiting. start investing. e*trade ® from morgan stanley.

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(♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street invest in your future with dia, the only etf that tracks the dow. (♪♪) welcome back. everyone is noticing the recent rise in bit coin prices. miami dolphins wide receiver tweeting, so who said taking my salary in bit coin was done? this is part of a deal with cash app. he took his $750,000 base salary in bit coin. that was in november 2021 when it was around $64,000.

if he left it all in bit coin he has earned about $300,000 since that point. remember doing real estate transactions and everything else? >> there's a lot of jokes of people who thought they were doing great a couple years ago and now they are again and maybe maybe it won't. >> i don't know about my salary in bitcoin. >> powell is going to talk "closing bell" starts right now. all right. thanks so much and welcome to "closing bell." i'm scott wapner live from post nine at the new york stock exchange fed chair jay powell will begin speaking and we'll take you there live as soon as he does begin his remarks. i want to bring in senior economics reporter steve liesman with what we may hear is what is the first remarks of the news conference a few weeks ago. >> and fed powell will say in dallas we are moving policy to a neutral