is over for now and meta i think it will trade back up to the old highs. >> we lost the 60% gross margins with 30% revenue thank you very much, scott, and welcome to the exchange. i am kelly evans and here's what's ahead. it's not just president-elect trump's nominees for cabinet positions garnering lots of attention but the methods he's using to potentially get them appointed is also raising a few eyebrows. questioning the constitutionality of so-called recess appointments, saying over the weekend it is outrageous to think a president would try to adjourn the senate to make them. we will hear from two insiders

who have a front row seat to that process and we will hear from them in just a few minutes. speaking of the transition, elon musk's tesla is the second best performer today and shares are searching on reports that trumps dot will prioritize a federal framework for self driving vehicles but it's not necessarily tesla that stands to gain the most. we will name the one company that silicon valley says could be the real winner. plus this retail stock is being held for a sneaky offense. the name and why it is poised for a breakout and the look to this week's big retail earnings from walmart to target and so forth. before that let's get over to dom for the market action which is definitely a change of tone from postelection. >> we are starting to see at least a little bit of slowdown in momentum overall but it's not that we are that far down. we are kind of near the record high levels but below 6000 for the broader s&p 500 and right around that 5900 mark. at 28 points, it's one half of 1% game for the s&p, at the

highs of the recession we were up 38 points and down marginally with five at the lowe's which is your current state of play about half of 1%. a similar percentage gain, 18,804 is the current level in 125 points. a real lag or on the day, 43,454 is the last trade so we will keep an eye on that. kelly mentioned it's a big week for retail earnings. arguably the most important and watched earnings report will come on wednesday after the closing bell and that's when nvidia reports. supermicro today is up 18 point but we've put the long-term chart for you just to give you some context. this is a stock that has been crushed and saw 23% over a one- year recess but again, roughly 90% is all the way down here since the highs we saw over the course of the last year. some reports could have a plan

in place by today to make an annual report filing. you add that on to concerns about the auditor and they are still on a search for an audio auditor. that is up 90% but off of the very low base. i mentioned nvidia. this is the big main event. the options market is pricing what could be a plus or -9% move in those shares and that seems a lot but over the last 8 quarters kelly, this is roughly how much of the stock moves on earnings day in the last 8 reports so nvidia shares on the closing bell we are down one and 3/4% and it's the main event this week. i will send things back over to you. >> other than all the dc stuff i was reading about this the most. >> i was still reeling about the tyson and paul fight and i'm still a little delirious.

>> we've got some more thoughts coming up. thanks. president-elect trump's team prepares to take shape as he prepares to take office. some new names are announced over the weekend and we are waiting for one key cabinet position to be filled. we have full team coverage of all of this. megan is down in west palm beach with the short list for secretary, maybe the long list. we have the tv on trumps pick for energy secretary and here to discuss the pix in the process, former chief of staff to vice president pentz and former new hampshire governor and the senator for five-- to round things out. let's start with you and what is the latest? >> all eyes are on the treasury pick for secretary. all last week we thought we were close to the end on this one and were down to two names. howard let nick who has the backing of elon musk and scott

bessen who we know has been down here meeting with trump over the past few days but now there's new reporting from the new york times and others that trump has potentially soured on those candidates or wants to explore other options so we have two new names. the former fed governor kevinand marc rowan. he has been looking to choose someone who fulfills two key requirements that are sometimes in conflict. the first is, he wants to make sure this pic will fully implement's policy agenda and is fully committed on the terrace-- tariff front. steve mnuchin was often seen as slow, and the other thing that trump is looking for is, as we all know very well trump watches the markets very closely and has been feeling good about the rally that we've seen since election night. he also wants to make sure that his pic does not disrupt that

rally and that markets and wall street will be okay with whoever he chooses. that's why someone who is a hardliner on trade in china is seen as no longer in the mix and it would be too disruptive to wall street. both of those things that play and both of the key requirements being considered as he tries to make the pick this week. >> you mentioned he was going to try to make the pick but time is not of the essence, is it? what is the deadline and how do recess appointments factor into that? >> he has a long runway because he's been moving so fast. for comparison i covered the biden transition closely and remember very well the economic team being announced over thanksgiving weekend and over the christmas holidays we were hearing about other secretaries so he is ahead of the pack. in terms of timing i've heard that he wants to get it done this week because folks are antsy. there's not a deadline like you mentioned but they want to get moving on some of these drafting executive orders in the policy agenda so they can hit the ground running right

after inauguration day. that is the only reason to move more quickly but as he said they don't have to. they've got a lot of run way here. >> make it is in west palm beach and in the meantime trump is choosing the ceo of an oilfield services company to lead the department of energy. we are here with a closer look at the pick and what it means most importantly for energy policy. >> we are talking about chris wright which is about $3 billion oil services energy. he says there is quote, no climate crisis but is very much aligned with president-elect trump's call to increase fossil fuel production. there are three key areas to watch looking forward. the first is a reversal of the biden administration pause on permits for new projects which sent the industry into temporary limbo last spring. the us is already the largest exporter but an abundance of domestic gas means exports could double by the end of the decade.

next is pipelines which have faced a lot of permitting challenges especially for interstate projects. one reform that the industry is looking for his limitations on the duration of lawsuits. it's important to know that doe does not directly regulate this. it's congress but the energy secretary has an outsized role in communicating the energy policy of the us and can make recommendations. finally wright sits on the board signaling his support for the industry. there is an area we could see a continuation of current policies. >> i find it interesting that you have elon musk with such influence in the world of ev's and so forth and yet you also have a trump administration that is typically seen as very friendly to-- maybe it's all of the above and every type of industry. >> chris wright is seen as an all of the above type of guy and has done investing in thermal energy but people i've

spoken to say that what's really important is that he brings the expertise. he is an executive of the company so he brings the expertise of the pain points, what needs to change and permitting procedures and deregulation efforts speed up fossil fuel production. other people who have more government experience don't necessarily have the experience of what it's like sitting in that chair and can pinpoint the nitty-gritty for what needs to change. >> i think of the wreck stiller's and situation. he was not energy secretary of a coming from the business world and not necessarily being a natural fit. thank you very much, appreciate it. he is also exploring recess appointments as a way to skip senate confirmation hearings and push through his nominees with pix like rfk junior. he has the power to fill these positions of congress is in recess for at least 10 days but even in that case invoking this privilege remains controversial.

the public policy center says the moves he is considering are unconstitutional and would quote eva's or eight the fundamental power of advice and consent and could bring the supreme court into a fight setting a unanimous decision from a decade ago ruling that the president has no power to make intra-session recess appointments. especially as someone who was deeply involved with nominees from the first trump administration, what are your expectations about how this process will actually play out? >> thanks, kelly. with all due deference to the senator, i think over time what has happened is that we have more than 1000 political appointees that require senate confirmation and it means that the processes really dragged out and there's no way that the syndicates to know all those nominees. but i think there's sympathy for the notion of needing to expedite the process, but i think when the president goes about it this way it is counterproductive to his cause because when you nominate someone who is in a legend sex trafficker or someone praising

julian assange for leaking information that jeopardizes-- on the battlefield it does not create sympathy to allow any recess appointment and go into resource in the first place if it forces a court issue i think there are several judges when obama tried to recess appointments, who have shown a lot of doubt about the executive branch's ability to do that. i think this is part of the national checks and balances that founders created that the set-- that congress advises us to advise and consent. >> what would you say about the point that this nomination process is really holding things up? >> first i agree with everything marc said. he is right on but the facts are different. the president has a senate which is republican and a fairly

strong. the democrats eliminate the filibuster, tried to stop appointments so you no longer have to deal with the filibuster so it's a very practical matter and the senate can move quickly here. with the president nominating so many people so quickly, representing these, they can get all the fbi checks done and all the background checks done long before the president is sworn in. i would think in the first week with a strong republican majority and no threat of a filibuster you could get almost everybody approved who is going to get approved. a couple may not get approved but the ones who will are going to get approved very quickly and we're taking too much time to fill in the body of the executive branch behind a new president but you have a republican senate that can do this quickly. if the president and his people can get the names up fast i think they can be done very quickly.

a huge threat here of course is to the issue of separation of powers. madison set up this government so it would not be an autocracy. he feared autocracy. and as we've seen over the last decades the president has become very imperial, not necessarily any single president but they all have and have attracted all this power to themselves and are using regulatory agencies to move policies that should've gone through congress. so i don't think the senate wants to step back and give us -- give up what is an essential obligation that it has, but more importantly a constitutional role that it has in approving advice and consent and not doing recess appointments. this can be handled quickly no question about it because of the facts on the ground and really this is an unnecessary debate. if the president wants to get moving fast, if you were to do recess appointments. he would run into a constitutional minefield of immense proportions and that would just lay things down further.

>> that's why the leadership election that the senate just had becomes critical, because rick scott was nowhere close, and the reason why we are talking about this is because you have people like scott, i don't know if i saw some headlines from the house leader over the weekend who were kind of pointing in this direction of let's go for these recess appointments and force the conditions that would allow for that. am i misreading that? >> i don't think you are misreading it. i think the president trump sometimes puts the position out here as a negotiating position that is keeping the threat out there to try to encourage the senate to move faster. some of this is part of his negotiation but i do think that as the senator said, if they actually went down this path of trying to invoke article 2 that you could have a much bigger constitutional issue that i

think they would lose on and i don't know if that's the best way to start out your administration as opposed to putting forth competent nominees that can get confirmed with a republican senate as opposed to some of the nominees that have been put forward that are counter incentive for the senate to say in any way that we are going to entertain the notion of recessing to allow the president to make the specs. >> even if they were not literally on capitol hill that is not a recess, is it? >> no. it honestly depends. the senate can go into recess but what you have seen happen in recent years is that they will keep a senator around to have a pro forma session and that's probably more likely the process and how it would play out. >> to me it's like a soap opera. there is so much drama and i don't need the jake paul fight because we have this to watch. quickly before we go on to the treasury secretary i was watching with elon musk was pulling x followers about.

i was not sure of treasury was the kind of position where a radical change was in order or something that would resonate with trump or with the mandate he was elected for. could you add your thoughts on that and who you might think would be the right fit here? >> you don't want to go poking your eye in the markets and poking a stick in the eye of the markets. they have to be comfortable in the next secretary treasury understands how international markets work and the person is a responsible individual who is not going to do dramatic things that are flamboyant just for the sake of flamboyance. i think the president, i suspect the president fully understands this because he is obviously a new yorker and he's been around the markets all his life. the one thing the markets cannot tolerate would be a treasury secretary who came out of some sort of wacko position

like some of the other people he's nominated like robert kennedy. as a practical matter i think he will nominate someone who's very solid and reasonably traditional but who wants to make some significant changes in the area of tax policies which we should have but i don't suspect you're going to find him stepping outside the basic playbook which is to put someone in who actually knows what they are doing when they are leading the treasury. and it is critical for our markets and the value of the dollar that we have that type of person leading the tragedy.- - the treasury. >> marc, it feels like the narrative is not clear yet and maybe it doesn't need to be clear about what the treasury secretary will be. >> i think in the first administration, the president would like to have someone advocate for tariffs and have someone like steve mnuchin to go on tv and soothe the

markets. and he's looking for a treasury pick for someone who can do both because he wants to be aggressive in protecting policies but something that is being lost in this debate, the biggest battle that will be before us is the extension of tax cuts and it's important that a treasury secretary be contributing to that because secretary steve mnuchin was one of the leaders on capitol hill advocating for that. if you are only talking about protectionist trade policies and not focused on the tax issues that will be the biggest debate next year. >> gentleman thank you so much. senator judd gregg and marc short, thank you. after the break we will talk to beth stevens about potential policies under trump 2.0 and it's a busy week for retail earnings with walmart and lowes kicking things off. with election uncertainty behind us, ever courses investors should include some retail juice in their portfolio

for next year. we will look at some numbers ahead of these reports and the impact that tax height-- hikes and cuts could have. nasdaq coming up the worst week since early september, the 10 - year at 442. back after this. >> this is the exchange on cnbc. >> this watermark event speaks to the strength of our team, commitment to the aerospace industry and dedication from our leadership team. >> machine learning is advancing the businesses wonder if some machines can keep up. >> let's welcome our new coworker jeff. great idea. >> wonder if it's the same idea as yesterday. >> it's a performance issue really.

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exchange. mortgage rates are holding steady above 7%, up a full point in two months while the 10 year yield sits at the highest level since may. that stick further into the impact on the housing market. we have the latest sentiment numbers and he trend picking up steam. best friedman has the realtor view on the landscape and john brings us at the housing trade. very curious. diana let's start with you. >> kelly, homebuilder sentiment rose 3 points from october to 46 on the sentiment index. anything under 50 is considered negative. last november it was 34. the overall number has three components and the biggest gain was in sales expectations in the next six months. the only one in positive territory at 64. the builders cited the republican sweep in the election and potential deregulation. president-elect trump had promised to open federal lands for builders who desperately need more land and that is why m and a is having a record year

in dollar volume and close to a record in the number of deals. builders used to to account for 1 in 6 homes for sale and now it's 1 and 3. >> the big guys want to get bigger and get into more markets, more price points, and as they are doing that they are finding the most efficient way is through acquisitions. >> one of the biggest investment bankers notes that the big builders have gone from a 30% market share five years ago to 50% today. public names with big acquisitions this year, taylor morrison, lennar, meritage but half of the deal she's done are with japanese buyers. they built the house in 3-d models first and are very efficient and the much of the

structure is built in a factory which reduces 20% - 30% of waste and speeds up delivery times be very interesting. >> i think that is one of the best stories i've heard today. who are the japanese who are acquiring these companies and what kind of companies are they? have we ever experienced something like this and are there other nationalities interested? >> the japanese are definitely leading. you see names that are coming in to get more into the markets and that's because they have the capital to do it. cheaper capital than we do. they can get into our housing market a lot more inexpensively than they can get into their own because their cost of debt is lower. they are buying some of the smaller builders and making it much more efficient and therefore are getting more competitive against the big publics who are, as we've talked about enough the homebuilders in the us are pretty slow to modernize their systems and equipment. this is a way for the japanese to get bigger market share and reap the benefits of the low supply on the existing side in the big run that the homebuilders have had. >> it feels like a blast from the past when the japanese were

going to take over many sectors of our economy and make them more efficient but that was 40 years ago so we take notice today. thank you very much diana. >> one of my next guests says president-elect trump's real estate knowledge will be a boom for the industry unless the cost is raised for builders. onset with me as mentioned, john love valo from ubs. set the stage for us. how difficult have mortgage rates been this time around? >> i think we are still reeling from high prices during the pandemic and the fact that rates have been ticking upward has not been helpful and we are desperate for more supply. i think right now what we are seeing is buyers and sellers are on the sidelines. there was a study that came out that said the median first time home purchaser is almost 40 years old versus 10 years ago they were 28 years old. i think there is just not enough affordability for first- time homebuyers. i think rates have played into

it and supply has played into it. i think the reason why the democrats lost so big is because of economic hardship in the american dream of purchasing your first home has been a challenge in the united states. i think people want change. they want to be able to afford their first home. >> and you are sitting there, correct me if i'm wrong, in manhattan. i don't think there's a lot of building going on for first- time home building. what do you do in a market which, maybe yours is an extreme example where there's just not enough supply to change affordability in a meaningful way? >> that's the challenge. there's been a lot of talk about converting office into residential but the trump administration has discussed loosening regulations but most of that is done at the state and local level. we have a lot of red tape so they are challenges there as well because people want to be able to afford their first home

but they've been priced out and sellers are staying on the sidelines. many of them. why? because they've locked in a 2% or 3% rate and interestingly enough sellers today, their median age is 63 years old so we are seeing a shift in the best way to build economic security for your future is buying a home. i think people feel a little locked out of that so hopefully we are going to see some change in that area. >> that's the perfect place to bring you win and what you anticipate the next couple of years. >> i agree, i think the most important determinant of housing over the next four years is going to be interest rates. we think bout policies that have been introduced and repurpose in federal land. good idea on paper but a lot of this is a very remote areas. increasing tax incentives could drive up home prices frankly and then deregulation has been broadly put out there but

there's very little that can be done at the state and municipal level. what does this mean for homebuilders? even in a higher interest rate environment builders have shown the ability to execute extremely well. >> it's an advantage because they have an affordability edge, don't they? >> correct and it will also keep existing home inventory off the market. the builders will continue to do very well in an environment with higher rates. for lower rates i think it's good for housing in general and will open the door for former traffic. >> because we don't know which way rates are going to go you are in an industry that is sensitive to it but has very little control over it, what else in terms of getting more supply onto the market as possible in the next couple of years? how much are they adding to home building supply? 2% or 3%? i'm curious how much of an impact they are having. >> that's exactly the number. there are a lot of constraints

with land probably being the biggest, that's municipal driven but labor is another concern. there's 3000 - 4000 shortage of folks in the construction industry. >> now i'm thinking 14% of workers may be unauthorized according to estimates so if that comes under pressure what will happen? >> 31% are immigrant workers. >> maybe half of that is unauthorized. >> very possible so what that could do is be inflationary and disruptive in a lot of ways but if it is pulled out, these kind of bottlenecks have just limited the amount of supply that can come out of the market. >> is it extreme enough that you would see major homebuilders underperforming if there was enough of a constraint on being able to just bring supply to market because of the immigration issue? >> i think it's actually a benefit again because they are big builders that can guarantee volume so if you are a trade

and they say you can line build across these 200 homes, that's very attractive so i think you will see the big builders absorbing the labor. >> what would make a big difference on the ational level? >> i think for us interest rates and getting them down would be good. it's hard to say when it's going to happen because the 10 - year treasury yield has jumped up there is a sense that there's going to be some inflation with the new administration and we will have to see. we have this huge deficit so it's hard to tell where the market is going to be but rates coming down would be good, prices coming down. we haven't seen prices come down and those two things have held people back from getting into the market so i will take either of those. >> what about on the personal tax front on salt? is there anything that would move the needle? >> that would be great. i think that trump is mentioned he would lift the cap which

would be a good thing. i think that would get people to want to be a part of or stay in new york city and purchase and invest year instead of moving to other places with lower tax states. that would be a good thing. we are open to that. we are open to change and we are open to creating discussions and collaboration and having an environment where people feel like they can have families here and do those sorts of things. i think it will be a little bit of a mixed bag because if there is, a lot of deportation, construction is lacking something like half 1 million people right now so i think we have to look at those challenges as well. >> quickly before you go john a couple of names that you think are ones to watch in the next couple of weeks? >> we like dr horton and mary tosh-- meritage homes. >> affordability is the biggest

challenge out there and you need folks who can get the homes out there at the lowest prices. >> thank you both. anyo freedman and john lovallo. thk u. have a great one, she said. coming up tesla investors are getting excited about the trump administration reportedly planning to relax rules around self driving but there is an under the radar name that could be an even bigger beneficiary and we will tell you who it is. >> we empower those who act. those who see the correlation between things above and things below the surface. those soon as navigate risk by meeting every turn with a heightened awareness of what is possible. constant assessment, determining the best position. catch the perfect wave. see groupware risk meets opportunity. >> a secret horde of 1930 to 10

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our customers serve millions of businesses with a wide range of tech solutions. the result? strong business outcomes that encourage lives and maybe even yours. the business behind the world's biggest technology brands. >> welcome back to the exchange. kate rogers with your cnbc news update. the biden administration called on congress to quickly pass $100 billion in disaster relief. the funding package includes $40 billion for fema disaster relief and more than $2 billion for the small business administration loan program. it could be sent to congress as soon as today. meanwhile at a closed door session in brazil, president biden pledged a record $4 billion to the world bank fund for the world's poorest countries but it is unclear if it would be honored. the $4 billion would ome after president-elect trump takes office. actor betty white is getting her own postage stamp. usps is it would honor the

actress with a stamp in 2025. the postal service who called-- called white weeks before her 100th birthday, was called an icon of american television who shared her wittiness and warmth across generations for almost 7 decades. back over to you kelly. shares up tesla and other autonomous driving names after reports that president trump's transition team is looking to establish a federal framework for self driving cars which could accelerate adoption of the technology. we are digging in deeper in today's tech check. >> tesla's biggest barrier to actually deploying robo taxis, is technology. the software is still far from fully autonomous and elon musk continues to miss the self- imposed deadlines so federal versus state by state regulatory framework, even if that was to happen which again, small chances, that is likely to benefit the current and

arguably underappreciated leader of self driving cars. through june of this year the alphabet subsidiary clocked 25 million rider only miles which is fully autonomous and today is completing 150,000 paid rides per week. it also raise five a half billion dollars opening to the los angeles public and will be available in austin and atlanta earlier-- leader in the year. it is also very much developing for the current existing framework which could give it a leg up if this were to go national and be regulated at the federal level. i was at googles waymo garage in mountain view checking out the next generation robo taxi. i was surprised to see that it did have a steering wheel even though there's no technical need for it because there's no driver. when i asked why that was the case i was told the current regulation requires-- suggesting they are aiming to deploy these. sixth generation vehicles sooner than, say, a tesla or amazon owned-- which re

developing taxes with no steering wheels. deployment versus development. i had a conversation with harry kroger who's the president of automotive and specializes in embedded ai. he said the framework would help an industry at large but would not give tesla any particular advantage. >> out there some are saying this is a massive opportunity and basically the best possible scenario he could've hoped for when getting close to the team. others who i appreciate are sort of poking at tesla to say now that you no longer have federal regulations, we will see who's technology is really the best of it's going to be deployed in an accelerated way. and you are up against waymo and right now waymo is numeric who know . >> they actually have a robo taxi fleet that you can book right now in san francisco or los angeles but they are

testing beyond the sunbelt. if you think tesla is a robo taxi company and they are going to figure out the technology, this is really good for them but they still have to get there versus waymo which is very much proven especially in relation to tesla. >> we will get to see more of this over the next few years the way the things are going. thank you very much. deirdre bosa here's your last chance to guess the mistry chart. a sneaky way to play offense in your portfolio thanks in part to pricing power. i'm going to find out thnae me of the guest and tell you who got it right and then speak to the analyst behind the call right after this. check check-- tech check, powering possibilities. >> my game is original. my style is original. why would i wear the same kicks

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a clue that it's a speaker company but it's sherwin williams, isn't it? >> it was a good name before but still is for momentum into 2025. is there a political rationale for that or just positioning? >> sure one has been on the top five for over a year but the kicker is that we finally have some potential bottoming of the home-improvement market and if they just get some volume into next year and talking about the housing market, anything to prime the pump and bring back the supply side would be great for the whole home-improvement market but particularly sherwin williams given a lot of smaller ticket projects. >> he was concerned we could see labor constraints be a headwind on additional supply. >> it's always a risk but we know that demand has not been good for home-improvement so to us the point is if it can get better from here, we have housing churn at a 40 year low so we think as that starts to

bottom and improve their should be upside across many of the names. >> a lot of investors are waiting for that moment to jump in and maybe even look at way fair especially if rates moderate. exposure to chinese tariffs or no? >> i would say, we think a static analysis is about 6% or 7% hit to retail earnings. wayfair would certainly be exposed to that and if we look at trump 1.0 and compared to what 2.0 looks like there were tax cuts involved and limitation and rise of the salt exemption. all of these can add to the supply side that frankly if you look at trump 1.0 ended up accelerating retail earnings growth. >> can you unpack that? when you say that tariffs would hit retail earnings in

aggregate , would that even be with a 16% tariff? >> that's an incremental 35% on china and china alone. that is the dollar math. >> so 67% is not a huge number even if there is a tariff that high. what did happen under trump 1.0? >> raising retail earnings. if you look at the hard-line retailers, it averages 10% or 11% growth and then we saw that accelerate to 23% growth as an effect of the corporate tax and individual tax cuts. you had almost a doubling of the growth rate of retail and then you had that pullback in 2019 when tariffs took affect so you could say by putting the supply side effect in place first you would boost the company's ability to reinvest and basically not pass through all of the costs from tariffs so that affect over a two-

your period was retail earnings growth accelerating from 10% or 12% to 17 or 18 over those couple of years. supply side first before the increased pressure. >> did you say tax cuts were a big reason for that? >> yes. corporate tax cuts and the individual. >> we are not going to have corporate tax go down any more, would we under this administration? and the best case scenario is status quo, right? >> we are piecing through different tweets and things that have gone on over the last couple of months and what i would say is 15% has been floated as a corporate tax rate. is there some sort of subsidy for hiring american workers that could be part of that x i know that saltz was one thing that had been talked about in raising the limit on that i would put in the supply side camp of, could that help free

up the housing market? just a few years ago we had bipartisan agreement sending out checks for $200,000-- $200 or more for people to stay home and to not add supply. could we send out checks for thousands of dollars to list their house? one of the big problems is just lack of supply. >> greg, wait a minute. you think we could potentially offer people $2000 to put their home on the market? >> well we set more than that for people for not working. just a few years ago. and i think, in america we are looking for ways to come together in agreement. i would see the housing market is something where historically we have found bipartisan agreement. i believe vice president harris proposed a $25,000 subsidy for first-time homebuyers.

so maybe we roll that into something we can all agree on. $5000 for listing a home? i don't know. >> i love the creativity. we need more of this on this program. thank you for joining us. i know that we didn't get to walmart but come on. they have to hit 5% us comps or something like that. >> we think 4 is enough. >> thank you very much for your time. really appreciate it. coming up, this year is expected to be a record setter for holiday travel. thanksgiving a little more than a week away and we will look at e yi tkee and local governments arpango ep planes trains and automobiles running smoothly and where the investment opportunities are is next. easy. [children playing] hey guys, come on! time to eat. time to eat. ♪♪ easy, guys. easy. hey guys come on, time to eat. time to eat. time to eat. >> i want corndogs i need anoth!

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craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. >> welcome back. a record-breaking 80 million americans are traveling for thanksgiving according to aaa and when it comes to air travel specifically my next guest says all of this rise in demand could spell big gains for the market. head of municipal's, welcome. >> thank you for having me back. >> how does this kind of period

that we are about to go through and the massive investment that is underpinning all of that translate into gains for investors? >> i think it's good to just take a step back and look at what they are and how they touch the everyday life. we talk about-- talked about the tax exemptions and how great that is. you lend money to your local water and sewer authority and you don't have to pay taxes on it which is huge in the marketplace. but if you look at the impact on everyday lives we are really the only spot in the world where infrastructure is financed at a local level so if you want to build a high school in germany or japan or great britain you have to go to the federal level. in the us all infrastructure is local so it creates a good deal of opportunity. your time of commute whether it's public transportation or local roads, your school choices, looking at your local utilities, it just offers this great opportunity and it's a $4 trillion market which i think a

lot of your viewers have not gone in. >> as rates have backed up corporate credit is going gangbusters. spreads are at all-time lows and yet muni's are not as strong. they are more stable so it's odd to me. >> it just is not gone according to script. if you months ago we were talking about how excited we were for the year and thought we had a great script of the fed going in on a path of cutting rates and munis will come along. we had a delusion of supply-- we had a day luge of supply. we see that in the airport sector and a number of different sectors and it has been tough to find that supply so as far as investment opportunities, munis have underperformed. high yield munis on a taxable

basis is around 9% and on an equivalent basis for an investment grade municipal portfolio it's 6%. >> people are traveling. what should they be thinking about in terms of opportunities? >> you had the biggest travel day on record, 2023 after that sunday after thanksgiving. 2.9 million travelers were screened and we've already gone in and broken that 2.9 million traveler mark in 2024 so there's an absolute need for people to travel. we haven't had a new airport in 50 years. so there's been a boom of issuance, up more than 25%. jfk with $19 billion of issuance, o'hare with issuance for their terminal 2 so investors are looking for things to put money to work.

>> you've got a delay, why not look at the perspectives for chicago o'hare? why not build a new airport? i love it. dan thank you very much. >> dan close. that is it for us. tyler is getting ready for power lunch and i will join him on the other side of this break. >> muni money is sponsored by bam. >> infrastructure makes our economy grow and keeps our community strong. now is the time to build. bam mutual protects municipal bond investments that finance essential projects, providing an added layer of security to improve your portfolio with guaranteed income that helps investors reach their goals. invest with confidence. build a better portfolio with bam insured bonds.

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