and for that reason the fed chair will have to pivot. charles: all right. right now, everything's moving, i think, according to best laud plans. we'll see. phil, danielle, thank you very much. folks, really important day. we're going to keep watching it because it's the reaction after these things are over that really matters. liz claman, another crazy last hour of trading. can't wait to watch. liz: this is a big one, charles. and all you have to do is look on the lower with bug here, and you can see what the s&p 500 is doing. it has jumped pretty exponentially to the breaking news, federal reserve chair jerome powell still in the middle of his news conference. we're monitoring it. the markets are seizing on this big headline. the markets were already moving off their floors, but the pop really became pronounced when powell basically said the economy and inflation levels will pretty much have to jump through hoops before the fed will even consider tapering its stimulative bond purchases, let

alone hike interest rates. listen to what he said. >> we'll want to see that the labor markets have moved, labor market conditions have moved, you know, have made substantial progress toward maximum employment and inflation has made substantial progress toward the 2% goal. that's what we're going to want to see. liz: okay. substantial progress, and then it's got to stay there. now, the most pronounced move was in the nasdaq. if you look at the intraday of the nasdaq, it had been languishing down about 198 points at lows of the session. but look what happened just around that point where he said, no, no, no, we're not even going to taper, meaning we're not even going to scale back our bond purchases which they put into place to pump up the markets during the worse part of the -- worst part of the pandemic. the nasdaq has swung all the way from down more than about 190 points to up 96 points. we are at session highs, folks, pretty much session highs for the dow which is up 205 points

and the same for the s&p. health flip it to the 10-year treasury yield. that yield had earlier topped a fresh 13-month high. i believe about 1.68%? now look at it. it has scaled back a bit. we're at 1.63%. this pretty much means that we are seeing a little bit of concern and risk, but either way it's the 30-year that i really want you to see. why does any of this matter? well, this morning the 30-year yield saw the highest rate it's seen since november of 2019, about 2.49%. we have dropped considerably. we're at 2.43%. so as the fed chief warning still that the economic recovery remains uneven and is far from complete, does the federal reserve risk leaving rates way too low for way too long? let us bring in our panel right now. we are joined by michelle gerard and former assistant treasury secretary for financial

institutions, griff campbell. can we switch the bug, folks, to the s&p 500? that is the one i think we need to be watching, and we can throw up some intradays here too. michelle, why is the market embracing the fact -- and i know markets love low rates for a long time, but really embracing this in such a way at the same time that the fed just said we think that gdp growth is going to look fantastic the second half of this year. >> well, i think that's it, right? the fed came out upwardly revised their growth, their gdp numbers well above consensus estimates, taking down their unemployment rate so that you see a much more optimistic outlook. and yet they still signaled they're not seeing any reason to have to raise interest rates over the forecast horizon. and so, you know, the markets are saying this is the best of all worlds. we're going to have stronger growth, the fed is even expecting it, but they don't feel the need to lean against

it. and i think in that context it's easy to see why equity markets are cheering this combination. liz: let me clarify what we just saw. we just saw the second reading of last quarter's gdp. i think it's important to note that what the fed has moved from was, what was it, michelle? up to 4.5% end when it had been -- >> actually, liz, they went, they're looking at q4 over q4 numbers. so for the full year they had been at 4.2% in december, they're now expecting growth of over 5%. 6.5, excuse me. 6.5. very strong upward, far stronger than the consensus estimates. liz: chris, i'm sorry to say this, but i feel like the fed is chicken. we have a very positive outlook here. we have had crisis-level rates, 0-.25%. they didn't even touch it this time around, and do we not risk

pushing people to look for other opportunities and make things a little more dangerous? at what point does the market and the fed grow up and say, okay, we'll endure a little bit of a selloff? >> look, it's a great question, and i think, look, going into the fed, you know, put this in perspective. congress has passed another $2 trillion, another $3 trillion spending bill later this year, so we're looking at this year maybe perhaps federal government spending $9 trillion. the fed has to take that into account and figure out some way to wrap the economy around which could actually become a real challenge on inflation. other issues that perhaps we're going to see in the future. so jay powell's also a, you know, having to adapt to a new and incoming administration, so he has to do a bit, be a bit nimble there as well. but, yeah, look, i think your point's well taken. i think that the fed has some real challenges ahead, and i think they want to keep all their tools in the arsenal to

kind of find a way to somehow address the issues. we all know inflation's coming, how do they address it? who knows? and, of course, the markets are great because everyone loves free money. liz: okay. i'd love it if we put up the banner because the fed said that inflation will hit 2.4% this year, right, michelle? my question is how do you have an economic boom without inflation continuing to go higher and higher? >> well, this is going to be the question. i mean, we've had strong growth. if we think about even before the pandemic, we had years of stronger growth, and yet those inflation numbers stayed stubbornly low. and so what the fed is telling us now is they've shifted to kind of a new approach. they're going to allow inflation to overshoot. they've got that 2.4% estimate, and yet they're not going to be raising interest rates that would allow it to overshoot. they're banking it's only a temporary overshoot, and they do have inflation coming back down

after this year, but that's, of course, the big question. is it okay to run just a little bit and then stop, or is it really more realistic to think once the genie's out of the bottle, it could keep rising to a level that the fed isn't comfortable with. liz: well, as we continue to watch, the nasdaq ised moderating just a lit. it's still up about 317% -- actually, 117 points. not moderating, it's continuing to stay pretty much at session highs, climbing and climbing. probably because it was, i suppose, chris, as we saw the 10-year yield continue to really kind of spike, tech stocks were getting hurt. but right now as that yield comes town, if that makes any sense to our viewers, because you start to see that risk is back on. so what happens next, chris? when do you anticipate that we will see a rate hike? because the so-called fed dot plot where each dot represents the opinion of a federal reserve

member on when they think that rates will hike indicates that more of them are starting to believe it will be a little bit sooner. >> yeah, look, i think they're going to do everything they can, after serving in treasury, they're going to do everything they can to prevent rising interest rates because it makes the government borrowing a lot more expensive. not just business borrowing. so, you know, there are a lot of pressures. there's a lot of pressure in washington to do so. they're going to dig deep into their pile of tricks to moderate and tamping down the interest rates. i'm sorry, the inflation that they suggest is coming. but eventually they're going to have to get there. it may be next year, early next year. but it's coming, and -- [inaudible] which leads to, i think, your lead-in. when corporate debt becomes a challenge, that's going to be a real systemic challenge to the overall economiment.

liz: folks, while we've been speaking the s&p 500s has just hit an all-time high. we are up 20 points at the moment. and you can see now the dow jones industrials are above 33,000. but here you go on the s&p, up now 23 points. a federal reserve meeting where we have now seen from jay powell he has no interest and no desire to touch very hoe rates for quite some time -- low rates. chris campbell, michelle gerard, great perspective. now this leads to the question about this ultra-low rate environment which as we've just seen from the fed will last for, what, another two years? spurring huge rallies in everything from stocks to cryptocurrencies as investors hunt for yield. now, while bitcoin -- we can look at bitcoin right now, bitcoin is down today. this weekend it touched an all-time high mark, actually, bitcoin's turned around. it's up $1,172 to $57,600 and

change. it earlier this weekend hit an all-time high mark of $61,556. but it is not the only investment or, certainly, cryptocurrency that's seen a major surge over the past year. returns for bitcoin, etherium and doge coin are pretty stunning. doge coin has seen a jump of 1,095%. granted, it is under six cents, but let's keach in mind this is -- keep in mind this is a huge jump for all three of these. are we looking at multiple bubble troubles in both crypto, equities and elsewhere? caleb silver just got the answer. caleb, welcome. you just got the results from a survey of your readers who i would imagine are pretty sophisticated investors. what bubble trouble did they

see? >> great to be with you. and the only bubble they're worried about, liz, is bitcoin even though many of them, about 20%, have been adding it to portfolios in the past year and have done very well. but they're not fearing a bubble in equities, in spacs as much as they are fearing one in bitcoin and other cryptocurrencies. for good reason. those are up substantially higher, and there's no rhyme of reason. we all know there's institutional appetite for it, but this is a very bullish crowd in general. they're all in on equities, they're as bullish as they've been in the last 12 months, and we've been surveying them, liz or since the pandemic began. liz: 62% of your readers think, and, again, you guys should all look at this site. i reference it all the time. they believe bitcoin is a bubble and yet they're still in it. that seems to me that they're traders. do they see any dangers, and what else can you reference here? obviously, spacs have been an incredible, popular investment lately where you have these

special purpose acquisition companies that are doing reverse mergers with many companies out there to take them public. you know, what sense do they get from what's happening in the spac world where this year already we've far outpaced last year? >> yeah. i mean, it's another one of those things where we go too far in one direction because the investor appetite is there. you and i could have put together a spac, liz, if we had the timing right. but they don't feel there's a bubble there although you can start to see some of those turn over a little bit now that some of those companies respect making the purchases they thought they might or a little bit of a style creep. the cryptocurrencies have our readers a little concerned about bubble territory. in terms of everything else, they've been all in on equities, they remain all in on equities, and the biggest concerns in general are about economic policy under the biden administration, probably taxes. we asked for specifically, taxes, handling of the economy, it's mostly taxes and handling of the economy. so they know higher taxes are coming, but they like the recipe

of low interest rates and a lot of government spending, low inflation. it's probably going to work again this year too. liz: caleb, for many investors who watch us and for your readers, they've never known anything but extremely low rates. so, to me, that's worrisome because, folks, back in the '80s we had much higher rates, okay? 18%. people had mortgages at 18%. you know, now, oh, yeah, i got under 3% for a 30-year fixed. there has to be a point where you've got to pay the piper. we looked back, caleb, and since 2008 the s&p has been up nine of those, what, fourteen years, okay? so we can show this to you, up nine of those years. and, by the way, a huge handful of those jumped even more than 8% for the year. this has been an incredible outperformance. don't we need to pay up at some

point for that and suffer a little bit? >> yeah. you'd think that we would, and you and i have covered more than one crisis and bear market in our careers. a lot of new investors don't know anything about that. they're pulling their hair out over 1.6% on the 0-year. talk -- 10-year. talk to anybody investing in the '70s, '80s or '90s or who had to buy a house. [laughter] we're so far down this road in terms of government support, in terms of very accommodative fed policies. it's everywhere that you go if you go to the supermarket, it's just not showing up in the cpi report. yeah, we've had some corrections here and there, and some pretty steep ones like a year ago, but in general, they're used to the bulls running wild, and that's just not how the markets work all the time, but that's the way it's been. liz: let the good times roll. also you've got to be realistic,

and we know something's coming. caleb silver. folks, jay powell now saying that the u.s. is leading the global economy and, yes, no normalization of interest rates. we are coming right back. the dow up 167, the s&p -- which i believe session high with a gain of 21, we're still up but by 13. ♪ ♪ ♪ limu emu & doug ♪ excuse me ma'am, did you know that liberty mutual customizes your car insurance so you only pay for what you need? thank you! hey, hey, no, no, limu, no limu! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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♪ >> -- low unemployment, not extremely low. we had low unemployment in 2018 and '19 and the beginning of '20 without having trouble inflation at all. we were 3.5%, bouncing around with unemployment 3.5-4%, and it wasn't just unemployment. participation was high, wages were moving up. a very healthy thing. and we didn't see price inflation move up. there is a relationship between, between wage inflation and unemployment. but that has not -- what happens is that when wages move up because unemployment is low, companies have been absorbing that increase into their margins

rather than raising prices. and that seems to be a feature of late cycle behavior. so we're not -- when we, when we seek to achieve low unemployment, high levels of employment -- which is our mandate -- you know, we think we have the freedom to do that based on the data without worrying too much about inflation. >> thank you. liz: okay. so you guys can hear that fed chief jay powell is not concerned at all, and he says there isn't really inflation and that when we do get to 2.4%, which is above the fed's target of 2%, it has to stay there for a long time and not be, quote, transitory, which means just a quick blip. so, you know, really you're not going to see my kind of rate movement. we do need to talk about this so-called dot plot. the dot plot indicates -- and we can put it up right here. pretty much what the dot plot

is, you know, indication of where each federal reserve member stands. so in 2023 seven of them now believe that you will see an earlier rather than later increase in rate hikes. but it's 2022 that now has four of them. those four little dots out of all, what is it, 18 or 19 of the federal reserve members. and then longer run, yes, they all pile in. i want you to hear specifically what jay powell said when one reporter asked him, the dot plots are starting to get a little crowded here. we don't have that sound bite, but in essence, he said, don't be surprised by that, nothing to see here. goldman sachs' ceo has taken a lot of heat recently for comments that employees should return to the workplace as the pandemic finally appears to be under control, but recent meetings with top executives suggest that may not be

happening anytime soon. charlie gasparino has the breaking, exclusive details. >> liz, goldman tells us what they did today, i'll get into what they did today, is not a reflection of this recent controversy that you've read about how david solomon, the ceo, is forcing people to come -- wants people to come back to the office. he's getting pushback from maybe some of his executives that feel that it's not safe yet. either way, very interesting occurrence today at goldman sachs. lydia moynihan, my producer, was able to find this out that goldman sachs' partners today met with workplace consultants on the future of the firm's work rules. so as much as david solomon is saying he wants everybody back in the office pronto, he is now taking a go-slow approach according to our sources at goldman sachs. the consultants with the senior partners, obviously, david solomon's a senior partner, he was in the meeting, the

consultants addressed challenges of mental health working from home. a lot of people think working from home is not the best thing. you know, you need to socialize, you need to interact to do business in the best possible way. so the challenges of mental health and other business issues versus the safety with going back to the office now even as the pandemic recedes, it's still a pandemic. we're not out of the woods yet. goldman also, this is very interesting, surveying it's more than 38,000 employees, we are told, on their views about returning to the office based on on their family situation and other factors. so in addition to the consultants, he's now asking, they took a survey, and they're compiling the results as i report this from what i understand from the employees to see what they think about going back to the office, when, timing and their family situations. goldman sachs declined to comment other than give us some comments that solomon made at a town hall meeting last week.

this kind of captures what he's saying. we're always going to give our people the flexibility they need to manage their time and their personal lyes. we're not going -- lives. we're not going back, we're not going forward, we're bringing with us the lessons we've learned from the past year's experience. i think what he means is there will be working from home going forward. he's an old school guy, he wants to be back in the office. by the way, so does jamie dimon and a lot of other e people. but this whole pandemic has made it easier to work from home. it's cheaper on the company, it's more -- there is some lifestyle benefits to it, being with your kids more although you do have to be back in your office sometimes. in some jobs you have to be in the office all the time, some jobs you could do a hybrid, and i think that's what they're grappling with, liz, at goldman. and solomon has taken some heat. he also used the corporate plane to go to the bahamas.

by the way, he does work in the bahamas. i don't know why people bust these ceos' chops. they're obviously targets. i tell you, i've criticized david solomon for some of this woke stuff, the guy works 24 hours a day. some of this is so ridiculous. anyway, liz, that's where we are with this. interesting story out of goldman sachs. liz: you know, people denigrate it and call it woke, some people call that evolution, everybody. charlie gasparino. all right, markets are coming off their highs. the s&p has just cut its session high in half. still up 10 points. we are coming right back with much more, stay tuned. ♪ ♪ iving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime.

wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth.

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the house financial services committee today continuing its investigation into this year's short squeeze retail trading frenzy. gamestop is up just under -- just over half a percent. amc better by 2%, koss by 2%. plug power losing energy, this started well after the opening bell after the company said it will have to restate its results for fiscal years 2018 and 2019 as well as quarterly filings for 2019 and 2020 mainly due to the dreaded headline, accounting errors. plug power is still up 1200% over the past year. now a tale of two ride-hailing companies. uber was struggling all day, and at this hour it's still down 3.9% after it announced that it will now grant its u.k. drivers employment status which entitles them to vacation pay and pension

contributions. this is an expensive shift in one of its biggest markets outside the u.s. after, of course, two drivers brought a lawsuit and the courts recalled in the drivers' favor. lyft, meanwhile, up 1.33%, and web bush analyst dan niles adding lyft to his best ideas list. separately, shake shack has partnered with uber eats on a new delivery service offered within the shake shack app. shake hack is popping 1.8%. you can see, though, it was lower just before -- [laughter] the federal reserve announcement that it will keep rates at 0-.25%, and it'll be years before they even decide, at least they say, to hike rates. from hailing cars to catching flights, maybe to disneyhand? disney's -- disneyland? disney's ceo announced california's two theme parks will reopen on april 30th after

being closed for a year and will operate at about 15% capacity to start. and if the magic kingdom is not your plate of pasta, delta airlines is offering covid-tested flights from jfk to milan next month. if travelers test negative before hopping on the plane, they can skip the mandatory two week quarantine period once they land. let's go to lydia hu at newark airport with the latest on the booming travel boom. lydia. >> reporter: hi there, liz. you can see some folks checking in just behind me for their afternoon flight. you know, for six straight the days now the tsa has screened more than one million people at an airport checkpoint nationwide, a sign that confidence in flying is slowly returning. now, although there is an increase in flying, it's still down from levels you usually see this time of year. but experts say it could take

years before there's a full recovery for the travel industry at large. but still, more than half of americans surveyed by aaa said they are planning to travel at some point over the next three months, and airlines are seeing a boost in the markets recently. the stock prices are soaring as airlines are expressing confidence about the safety of travel right now as vaccines are rolling out and travelers are listening. here's one traveler today thement listen to this. >> we have to live our lives, and we can't be a afraid of things. we're going to be cautious and careful, but we're going to also continue having these life experiences that we need to have. >> reporter: where exactly are people heading? now new today the airbnb is sharing some information and insight. this is the most searched for destination through august, airbnb says travelers are still craving outdoor experiences and spaces where they can stretch out. some popular destinations,

southern maine, cape may, new jersey, round top, texas. those are topping the list across the country, and we've been talking to travelers here at newark liberty international airport today, liz. they tell us they are mostly traveling for fun right now. they're ready to get back to life and vacationing is part of that for them, liz. liz: oh. ual is up 3.8%. american airlines seeing a nice move of 2.5%. big moves for the airlines. lydia, thank you very much. so jay powell, federal reserve chief, just wrapped up his news conference moments ago. markets are still in the green. look at the dow. the dow is holding on to most of its gains here. high of the session up 221. we're still up 213. s&p climbing back up, but we still have a few points to go before we hit the session high above 21. nasdaq has chopped its gains by about 100 points. we are coming right back. don't go away. ♪

♪

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♪♪ liz: with the federal reserve just now reiterating a massively dovish stance on interest rates, take a look at the 10-year treasury yield. right now it stands at 1.63% down from the earlier high of 1.63%. the nasdaq earlier was feeling a lot of pressure, and this has been a pattern that we've seen over the past couple of weeks. but the nasdaq turned around during fed chair powell's press conference. let's bring in our floor show, teddy weisberg. teddy, why do you think the nasdaq in particular saw that turn-around? suddenly tech becomes the hot trade within a matter of seconds, and on top of that, what looks cheap to you now within the nasdaq? >> well, i think, i think the

turn-around in the tech sector in general, liz, was probably as a result of the fact that the fed chairman basically said interest rates were going nowhere possibly til 2023. and they have sort of suffered a little bit as interest rates, at least the long bond, you know, made it look like interest rates were going to go higher across the board. i think at least in the short term, that hurt the tech sector. is so i would say based on what we heard today, you know, the techs are back in favor. but i think the bigger story, liz, is still the rotation out of the tech sector into the broader market. because, basically, the message is the u.s. economy and the world's economies are going to do better as we come out of this covid shell that we've been in for the last year. and so i think it's sort of a rising tide's going to float a lot of ships here. not going to float everything, but it's going to float a lot of ships not only in the tech

sector, but a lot of the other sectors that have sort of lagged over the last 12-18 months. liz: scott, give me something. what do you buy or did you miss the window? if -- suddenly, sure or, you do have things well off their 52-week highs, but is there some of the names where you've looked -- say, for example, the chips, but what else looks opportunistic for you? >> you know, when you shift gears and look into fed income, we're doing in our strategic income fund, you look across high yield, investment grade and structure projects. for corridors where at the end of the day we think you're getting excess yield for less risk than the market's implying. an investment grade, you know, bbb to a-rated corporate bonds. you know, in this scenario you're even more focused on total return. the all-ins aren't as

attractive, but it's likely short-term rates remove low, and as those bonds move towards maturity, they got beaten up as interest rates rose. high yield, we think, will still be well supported. we have some positions in the energy sector. certainly there's been some headwinds, persistent headwinds to energy companies on a number of different fronts, but still those bonds are offering some yields in the high single digits to low double digits, and lastly, infrastructure is a big story that we continue to hear about, and we think there's a lot of opportunity in commercial mortgage-backed securities as more funding comes into those marketplaces. we think mall traffic and things like that post-pandemic will surprise to the upside. liz: huh. mall traffic, imagine that. teddy, i want your thoughts on what jay powell and company have just said. you know, i'm thinking back to richard nixon, 1972, where he very much end couraged, as all presidents do, low, low rates.

and what happens there? well, then-fed chief, who was it, arthur burns? he kept rates low through an expansion that followed, and now he is widely blamed for very hot inflation that happened in the '70s. do we not risk that here? >> oh, i, liz, listen, i'm not an economist, but i think, absolutely, you know? i think the fear here that i have is that the fed is going to overplay their hand and that the economy is going to heat up a lot sooner and a lot faster than anybody thinks. and then, of course, they'll be playing catch-up. but clearly we're not there yet, and we've all grown up with this don't fight the fed adage, and, you know, kind of the long bond is telling us one thing, and the fed is telling us something else. the question is who do we listen to. time immortal will tell us that you listen to the fed.

but if the economy is, in fact, doing as well -- and it is doing well. i mean, railing cars, railroading's up 10% in the week ending march 13thment i mean, the u.s. economy's doing just fine, and the stock market is telling us that. i guess, who knows, six months from now, twelve months from now, you know, inflation is out of control, i mean, the fed can't basically sit on their hands and not do something. and, obviously, it's a concern. liz: it is. it is. scott, very quickly, when do you foresee rates to increase? because i think teddy's right. they may have overplayed their hand, and we may have a huge economic boom. we just heard from lydia hu at the airport where people are starting to really travel, you yourself said we'll see mall traffic. what do you think we'll move from these ridiculous crisis era levels? >> they're probably willing to

let inflation run a little hot as opposed to being viewed as being caught off guard. i think chairman powell learned that lesson last time, risk assets let him know about it in a hurry. liz: well, we're seeing a little bit of profit taking at the moment. scott, teddy, great perspective. thank you very much. look at gold. even gold is higher by $14. speaking of sort of digital gold, the nonfungible -- yes -- token market, nfts, it's gone absolutely crazy s. and now you've got sotheby's jumping on the nft train. what does that mean? "the claman countdown"'s coming right back. larry kudlow will weigh in. sine, but one day, you're gonna take a hit you didn't see coming.

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♪♪ liz: the nonfungible token, or crypto art market, is getting more crowded. auction house by's now announcing it's -- south by's announcing -- sotheby's announcing it's jumping in to. in too. following christie's, right? just one week ago, the digital challenge was sold every days for the first 5,000 days, that's the title, for $69 million. that is a record-smashing sale for both art and nfts. also jumping on the nft bandwagon, the fleetwood mac skateboarder. remember this guy? his 23-second video went viral last fall, and now he's looking to sell it as an nft beginning friday morning. opening bids at $500,000. there is a catch. the video will be sold without

the fleetwood mac song since he does not have the rights to sell it. okay. i don't know. i mean, larry kudlow, we've already talked about cryptocurrencies. you and i feel there is an option and a place for them. if you broaden the aperture, there is a lot going on. sotheby's chasing christie's, and investors are chasing each other, and now fed chair jay powell continuing to say rate as will stay at near zero for years. [laughter] you an economist -- you're an economist. is he going to be pinned for little -- letting a bubble inflate higher and higher? larry: i don't actually think the fed's going to tighten in my lifetime. [laugher] whether that's good or bad remains to be seen. it's going to be a foot race, but i kind of think he may win. you'll help me win. i just think this art story -- look, i'm married to a very

distinguished artist, and she is one of the people reviving so-called natural realism, you know, which is sort of old-fashioned, turn of the last century although it goes back many centuries ago. so anything that'll boost my wife's art value is okay with me. i don't want you to think i'm shortsighted, but that's okay with me. let the fed pump up the art market. they've pumped up everything else. liz: well, that is the thing. and i don't know, larry, i guess i shouldn't worry because nobody else is. larry: well, that's the thing, you know, everyone -- this is a weird story. you and i have been covering these beasts for a long time. no one is bearish, okay? everyone loves the stimulus, everybody loves the fed, everyone loves it's great for the economy, great for stocks. i'm going to say on my show if there are any bears out there, please get in touch with me. you can't find a bear. [laughter]

there's got to be an issue about that, huh? liz: well, a bear or, actually, a realist which i believe you and i are. but as we watch all of this, you know, $90 million in checks have already been sent out by the irs as stimulus, so there's going to be that coming into the market somewhere. larry, we'll watch the double inflate more together. good to see you, see you at the top of the 4 p.m. larry: thanks, liz. liz: larry kudlowment coming up on this st. patrick's day, jason katz has a four-leaf clover he's betting on to bring luck to the market. plus the lucky charm sectors he says he's buying and one bright spot can bring a full pot of gold to your portfolio. closing bell ringing in seven minutes. s&p now up 4 points. within this hour we were up 21 points, so let's just be watching this. ♪ ♪

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♪ liz: well, we've got the closing bell ant three and a half minutes away. we still have a lot of gains here. dow jones industrials up 180. it needs to be up 127 for a new record, so we're there. s&p needs to be up 6 points for a new record, we're up 8. so two records on the way. while fed chief jerome powell gets the credit for spreading a lot of this green on the screen with his announcement that rates will remain close to zero for the next 578 years, the color works on st. patrick's day. today's countdown closer has the plays to help you create your own pot of gold. we welcome ubs managing director, senior portfolio manager jason katz. all right, so nice diving board, where can investors find the first of your lucky charm sectors? >> well, with any luck of the ire irish, we're going to have mass inoculations, hopefully,

it'll be treatment options that continue to keep the economy open, and it'll be all this fiscal stimulus, liz, that spurs the consumer. but above all, and you've said it throughout your show, the fed is very likely to remain friendly as evidenced by today's comments. liz: so knowing that, are there specific sectors that haven't already run up or you believe have run up and will continue to see real gains? >> you know, so the lucky charm, so to speak, is not a binary choice, right? there's this push-pull between technology and cyclicals, but they could peacefully coexist. i think within the world of technology you can't paint it all with the same brush. the cyclical-oriented technology along with more gdp-sense ty sectors of the economy should should do really well. liz: i've got to know what you think of what the fed said today. i'm sure you're not surprised, but i've been asking all of our

guests, are you concerned at all that we're in crisis era rate levels, 0-.25% of a percent, when they're expecting to see much stronger gkp than they -- gdp than they had forecast just back in december? >> their forecast is, arguably, higher than some of the street's forecasts at this point. so i think their thought process is better have risks to the upside because there's tools to, hopefully, control inflationen than if, god forbid, the virus variants put us into a tailspin on the downside. i do think the fed is going to let inflation run a little bit hot for the foreseeable future, and we'll have a different conversation next year with respect to rates and taxes. liz: okay. 15 seconds, will the markets wake up with a st. patrick's day hangover tomorrow after seeing these gapes? >> i don't think so. -- these gains? >> i don't think so. after 20 years of partying, i think it's actually going to be the bond market. i think you're going to see long

duration bonds take it on the chin in years ahead. liz: we'll be watching it. jason, great to see you on this st. patrick's day. we wish everybody a safe and happy one. that's the closing bell. it's a record for the s&p and a record for the dow on this federal reserve day. don't expect we're -- ♪ ♪ larry: hello, everyone. welcome back to "kudlow." i'm larry kudlow. so markets today closed higher across the board into new record territory, the dow trade thing above 33,000 for the first time. and the fed made it clear there will be no tight thenning again. -- tightening again. my guess is the fed will never tighten in my lifetime. another topic, not so good, out of control government spending in joe biden washington could soon be further unleashed. this kind of breaks my heart. house republicans today voted to embrace the return of earmarks. in a secret ballot vote, the gop conference removed