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comments coming out of washington, not just the job market showing signs of trouble, we are getting a fresh look at the housing market, new numbers in home sales. mansion global host here to break it down for us plus ftx founder sam bankman-fried speaking out on how to make a bigger legal mess for himself if he does this conference today. we are watching that. a lot to get to during the hour. top story this hour, more job cuts as we wait to hear from fed chair jerome powell on the state of the economy. kelly o'grady joins us with what we should expect to. >> reporter: all eyes on jerome powell's speech, the final public marks before the crucial december 14th fed meeting at analyst expect power to reinforce the message that the fed is on track to ease up on

its pace of monetary policy tightening, largely expecting them to deliver a smaller 50 basis point rate hike later this month. the dow and s&p both down is investors get squeamish but one thing that will impact the rate decision is the job market. meta is planning to hiring, now they are giving up office space in manhattan's hudson yard, 250,000 ft. for them. that comes after meta says it will take a 2 billion-dollar hit related to consolidating exciting space, less real estate if employing less people. we see companies cutting head count, doortheyat reducing their account by 1250 employees. and during the pandemic boom, not as rigorous as we should have been, our business

continues to grow fast given how we operated our operating expenses. if left unabated we continue to outgrow revenue. four months severance, a positive outlook, the company is not recession proof. private hiring flowed sharply this month, the company is adding 127,000 jobs, missing expectations, 70,000. economists say data suggests federal reserve tightening have an impact on job creation, that brings us to jerome powell's speech. cheryl: all eyes on comments out of dc. the job market isn't as rosy as president biden made it out to be. >> president biden: look at today's jobs report, our

economy created 263,000 jobs last month as 10 million jobs since i came to office, the fastest job growth in all american history. wage growth, from historic places months ago but still going for workers, we received another outstanding jobs report, the fastest job growth in history, 700,000 new manufacturing jobs. cheryl: let's bring in aaron gibbs and dan gewltrude. >> i need to correct the president in terms of job creation. this is about job recovery. he came into office. we were obviously at the valley of jobs disappearing because people couldn't work because of the pandemic. we have this job recovery going

on. still 10 million job openings, people are not wanting to go back to work. cheryl: with checks? >> free money. there is still record high where lack of participation. still some low participation rates. that may change where less people are putting their jobs, that's the first step. all these headlines around the tech industry cutting jobs. it might make people hold onto their job. may not be completely happy. cheryl: how do you assess the market? going into december 1st, tomorrow is december 1st and might drop one hundred 22. how are you feeling about what we've seen with the markets of

this year? that is the corporate story, a lot of companies cutting forecasts. the only good numbers, the retailers because of inflation. consumers paying for goods when they go into best buy or walmart. >> what we saw in the market to start, we knew that many of these companies were really overvalued. reality starts in because we are seeing the economy slowing down. how do they react to that? we won't do as well as we thought, new expectations and on top of that the easiest way to cut costs, cut labor and that is what they are doing but one thing about what we are seeing going forward, two companies in particular, amazon and fedex, when those companies

are laying people off before christmas what does that tell us? cheryl: that is amazon in the crosshair. i am surprised. >> it is concentrated in companies in the pandemic boom and balaton is cutting back. it is going to be about the traditional companies and perceived layoffs. that is when you have to worry about it. cheryl: to my original question about the markets, the companies are cutting jobs. obviously there's rough waters ahead, ceos talking about the fall and a recession. this conversation has been happening in board rooms all year. now it has come to fruition but if companies are cutting jobs that means the activities get

cut, the operations at amazon won't run as smoothly. that's a factor but also how the economy operates. >> one thing we want to differentiate is the stock market has been driven by macros. it's all about the fed, interest rates, pulling back, you haven't seen pullbacks, what is the fed going to do. we have an idea we are stabilizing rates, it doesn't matter what companies do because they are so tied to what interest rates are doing. what happens with interest rates. cheryl: appreciate it. i missed the holiday conversation. we are covering protests that we have been seeing overseas.

a major city in china, the world's largest iphone factory and against lockdown. susan lee has the latest. susan: that is home to the largest factory that compiles apple devices but also lifting most of those covid lockdown restrictions but protests did return last night despite the government rolling back on those tougher covid rules. in southern china you had clashes between protesters and riot police in hazmat suits. you had up to 43 protests in 22 cities across china according to reuters. it has been remarkable, the ability of protests and organizers to get around china's internet surveillance and sensors, that have been

accessible, across social media, one technology protesters used has been the airdrop feature, with iphone to iphone sharing, and and no comment so far. from the white house perspective, that's the course of doing business in china and it is a company decision. >> apple should speak to decisions as a corporate entity. as people assemble and protest they have access to as much as possible or able to share information. >> reporter: china, twitter is one of the top 10 most downloaded apps in the past week according to analysis. chinese citizens trying to get around the great firewall to share and gather information, and we haven't heard back from

elon musk, tweets and response to these china protests. it is a pretty lucrative shanghai factory close to the center of a lot of these eruptions of protests. cheryl: breaking news to bring you. house lawmakers passed a bill to avert a rail strike. we want to give you the number, the vote was 290-137, the house voted to block a potential rail strike. one of the product that relies heavily on freight rail transportation. i want to bring in president and ceo of the fertilizer institute cory rosen bush, your reaction as expected the house is passed this bill to avert a rail strike. things might get a little dicey over there, your initial thoughts. >> this is terrific news, the first step, we are pleased the

house understood how important the rail network is for the american economy, american farmer and american consumer and there's a big hurdle left. we need to get this across to the senate. it has been a challenging time, the american farmer coming off a period of complex and complicated fertilizer markets, and and and we move the fertilizer through the rail network, and fertilizer move along the rail network and into the spring planting season it is critical that we have all those fertilizer products out of the farmer. and we are looking at catastrophic global food security issues.

cheryl: weatherworn ukraine, the production of fertilizer there, has that he used at all? >> and we are thinking about russian and -- and they combined with russia is 40% of the total potash supply. now the issue turn to natural gas. with much of europe being supplied by russian natural gas, we see huge curtailment of nitrogen management, 70% of nitrogen was curtailed when natural gas prices spike. $100 at one point.

this is not used up, this is continuing to be a situation. it just further complicates the situation, >> to make this potentially, for farmers and rail workers, it is unfortunate. thank you very much for your time, appreciate it. >> it is our pleasure. cheryl: a lot more coming up. fresh data signaling more problems for the housing market. mansion global's katrina campos will join us after this. ♪

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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. cheryl: new numbers out today signaling a cooling housing market, let's go over all of it with katrina campos, great to see you.

let's talk about pending home sales, got those out this morning and showed a 4.6% decrease. the bigger question is how long do you think we see data points continue to fall, spring of 2023, the summer. what's your vantage point? >> octobers a difficult month for homebuyers because we experience the 20 year high when it came to mortgage rates. that said we have seen a slight declines, slight that has actually helped mortgage demand increase 2. 2%. we saw an increase of 3% in applications for new homes even though we are down 40% from last year and refinance applications up to% even though we are down from 86% last year. a lot of buyers entering the market saying there's less

competition, more negotiating power and we have low supply of new and existing home sales and of all the data, most surprising to me was people age 35 to 64 which are normally the biggest buyers in the market, saba largest appreciation of rental growth. they got pop dollar for their properties, waiting to see what the market does. >> renting to see what happens in the spring of 2023 because you and i talked about this, the thinking was in 2023, make me see that discount on price of a home. mortgage rates ticked down a little bit. on the lower end, consumers can be very sensitive to that, and

it is december. >> the holidays tend to be very slow statistical, december has been a hot month for me. this decrease in mortgage rates is making people think i will marry the house and date the raid as we often hear. we can refinance later on. the real estate market is improving by no means, have we had historical strengths again and we won't for some time but we are fighting inflation. cheryl: it is a little bit of a blip, case shiller, seeing another month of decline,

strongest markets, important for the september of 4.67. what is coming up tonight on mansion global? >> you and i have back to back shows. i'm actually in miami. the other one, we have one in austin and various designs, they watch these shows, guilty pleasure and so many design ideas, interesting aspects integrating into the home and it is a market that continues to see appreciation of 24%. that is one of the markets we are seeing tonight, florida and texas continue to do very well. i expect to see your show tonight. cheryl: i love a little texas.

looking forward to mansion global, can't wait to catch it. good to see you. >> thank you, likewise. cheryl: after mansion global, stick around, you've got american dream home. tonight we are going back to hawaii. >> scott's dream to move to maui, who would not follow their partner to hawaii, and hoping the house near the beach and the sounds of nature, we can come down. >> the aloha lifestyle is more a spiritual way, don't sweat the small things, smell the flowers and that is something we look forward to. cheryl: tune into fox business tonight and right after that

american dream home at 9:00 pm eastern time. fbn programming on fox business. what house to they pick. and and by the end of this month or december, by the end of this year meeting venezuelan oil coming to the united states. pretty wild and we will dig into this after a quick break. ♪

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cheryl: the white house is getting pressed on why it's willing to ease up on oil sanctions in venezuela went willing at home is subject to restrictions. >> why is it president biden would rather the us company's drill for oil in venezuela, than here in the us? >> that is not accurate take. >> earlier this month you said there is no more drilling. >> the president has issued 9000 permits for drilling on us federal lands, 9000 of them being unused. plenty of opportunities for oil and gas companies in the united states. cheryl: that's not accurate but it is fraught with political complications. i want to bring in western energy alliance president kathleen, what he's saying is not true, thousands, over 4000

are unusable right now. they are stuck in the process. >> when you look at leases, there are 6000 leases that my organization are defending. when we are tied up in court because of financial groups try to stop everything that slows things up. when you look at permits, they are 8700 permits that have been approved, 4700 permits are still waiting approval and because on federal lands there is so much additional process companies have to build up inventory before they start to use their permits. there is a and flow of permits on federal land, they are proving permitting but it is not one thing that is a green light to develop. if you don't have a pipeline to put natural gas in you can't --

it has associated gas. if you can't get financing because the administration is trying to over regulate investment in oil and natural gas, discouraging investment of oil and natural gas, you can't drill on the permit as well. it is a whole host of policies and -- cheryl: some breaking news but thank you for being here. look at the screen, we are gaining and gaining, we've gotten comments from fed chair jerome powell. the embargo was lifted, market is looking at that, that has gotten the market taking off. edward lawrence is with me now. >> federal reserve chairman jay powell, might be appropriate to moderate the pace of interest rates at the december meeting. they will hold restrictive policy for some time but

signaling a more moderate federal reserve coming in and slowing down to check on the lag effect, he talks about the lag in monetary policy and it takes 6 to 9 months to feel the effects of it. it might be appropriate to moderate the pace of rate increases at the meeting. he goes on to say, cautioning against premature tightening, moving down prematurely in the tightening, and holding the tightening stance for some time but slowing the rate of increase as they get closer restrictive stance. inflation is much too high, that is where his focus is and talks about a federal stay the course until the job is done and try to make sure the expectation doesn't change, being around or 2% target. he says again, able to substantially more evidence

that inflation is declining and does talk about the last inflation report that came to the positive side saying maybe it is moderating a little bit and does caution one report does not make a trend and the reports before that, surprise to the downside was negative in terms of where inflation needed to go. markets wanted to know when there might be a moderation of it. we are getting that signal from jerome powell that possibly december will go 50 basis points and possibly look to see where they are in the beginning of next year because they are saying the lag effect, how that is affecting the economy. cheryl: glad you brought that up. i was interested to hear him say time for rate increases as soon as december, that is a key line and you highlighted that. the other thing i want to turn your attention to the market,

now the dow is down and we got the initial pause, the dow is turning negative, nasdaq is strong, technology stockstill more sensitive to rates, than the dow 30 would be. labor market component is interesting because he's doing all they can to destroy the economy, push everything down, two quarters of negative growth but even with that adp number we've got the jobs report friday, we have that tight labor market, how does he balance that? >> what is interesting in the speech, he talk less about the labor market, how retirees have been leaving the workforce at a greater rate and that has caused a problem with labor force participation rate, retiring at a higher rate, some

of those retirees coming back with inflation but not enough to offset that and alludes to the fact that wages are rising more than should be necessary when you look at a 2% longer run because that indicates may be the wage price spiral, what he is saying is would like to see wages, the increase in wages come down a little bit to match the labor force that is out there because wages are increasing more than what the 2% target should be in the future so they are concerned where the labor force is and why it is not moving, it's moving sideways as opposed to growing but labor force participation rate, also talks about gdp, we will see below trend growth going forward and need to see below trend growth going forward for some time

breaking down inflation. cheryl: another read on gdp was 2.9%, and on friday we get the november jobs report, there will be wage data in there. i'm wondering if we will see our little bit of a change for this report, i don't know. >> what happening the last several months, average hourly wages have been slowly declining but the federal reserve would like to see that and to make sure workers are making more in general. they want to see the decline come back home. you have wages too high, companies will be forced to pay more for their products because of wage component and that' s a sticky inflation the federal reserve is trying to deal with in this and he does address

some of that. the federal reserve chairman saying time to slow this tightening to see where they are. he's not saying bring it down. where they are in the environment as they do believe restrictive policy continues for some time. cheryl: looking at fed fund futures, we have fed funds futures tied to the december meeting, a rate hike. and and 50. >> core inflation rains big, what the federal reserve chairman will talk about but it is moving sideways and not what they want to see.

that relates to sticky inflation, the top line for moderation and rate hikes in the december meeting, the core inflation and and they are scratching their head. cheryl: whenever cpi crosses and the core on ppi, that's not where the decisions are being made. there's going to be a q and a. we will monitor that with jerome powell, the dow was up by 115 points. if you have whiplash you are not the only one. we will be right back.

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cheryl: jerome powell moving the markets right now. the market really switched gears, the fed stays the course until the job is done. the time for moderating rate increases as soon as the december meeting. i want to bring back aaron gibbs and dan geltrude. we will moderate fed funds futures. >> i'm going to say this. everybody could hear what they want to hear. here is the way i see it. 2% is still the target rate for inflation. we are around 8%. we will keep going on this path, 50 basis points next month, down from where we thought he would go but how long will this go on? until we can get to 2%. i say that is a long time.

cheryl: you want more aggressive hikes. that's what you are not hearing today from him. the full effects of fed tightening can be felt and then he says he will hold it for some time. it is pretty clear to be cautious. it is happening but we are going to slow it down and take a pause. last month was a big enough cut on the inflationary rates. they've been cautious the 8 and higher time but this is consistent with the fed of being very cautious, to take a breather, 50 basis points, look at the impact, it stayed persistent and whether they

need to go back next year. we will talk about this for a long time. >> what i was going to say is we are only taking one approach to this, going to slam demand and not change any policies related to the supply side. >> on the supply side, it is so much harder. until policymakers address that they are adding fuel to the fire and expect powell to put it out is ridiculous. >> they are putting too much on the fed. it's not necessarily his fault. the path we are going down, we've got to get to 2%. how long do we go on this path of a thousand cuts? maybe we disagree but that is how i see it. >> my human component.

>> the point, and to get it over with. and. and they are already getting stuck with inflation, and more layoffs to come. that is not happening in the us economy. i'm okay with that. >> i would rather have slow cuts. at least it gives the us household more time. you don't both use your jobs, maybe one of you does. so they are able to adjust,

handle their households, something really drastic, massive job cuts that might affect more households in a more dramatic way. >> because they are looking at this data. you talk about main street, saying things are getting better, not at all. look how much prices were up for thanksgiving. people are feeling the pain. >> we are not saying it is getting better. it is going to get worse. more slowly. great to have you here. tune into coast-to-coast tomorrow. edward lawrence will have an exclusive interview with john williams, that could be important for the markets.

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cheryl: the crypto world will hear ftx founder sam bankman-fried in interview with the new york times, charlie gasparino covers that. charles: it should be interesting that he might be indicted right after this. the money is still gone, he is still on twitter. just to give an idea of what happened before his infamous explosion, do a little research on a joint venture, and in exchange company called ie ask. i.e. x.

they were going to create an approved crypto exchange. gary gansler -- what i understand is these were significant talks that i.e. x took the lead on with the sec and they were going very fast in terms of didn't quite get fcc approval just yet but debris later stage negotiations on approval of this sec sanctioned exchange that had sam bankman-fried's name on it. i have this from multiple sources that gary gensler, sam bankman-fried was a mega donor to the democratic party. the sec sanctioned exchange, all hell would have broken loose because money is missing

from the exchange, scandal of immense proportions. cheryl: with 100,000 -- charles: i would say that gary gensler, this is a subject of hearings on the hill, comes into play. what did he know, when did he know it, how far review the negotiations, what is the sec about to approve the joint venture between i.e. x and sam bankman-fried. they were pushing for this minus the ftx markets. pretty interesting stuff going on. trying to get attend around crypto regulation, under pressure to do something with crypto exchanges bringing that in.

whether it was the i.e. x approving therefore coin base cracking them to come to the table and get fcc approval. cheryl: operate in the winds. charles: we don't know. it looked like based on what i am hearing is joint venture between ftx and i.e. x, was ironically that he was going to get his hands on quickly until the ftx part of this imploded. i've not heard the rest of it. i tell you, i have known andrew for years, he is a friend of mine but he's not going to let him go. cheryl: what lawyer thought this was a good plan. charles: it was -- to tell him

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cheryl: markets rise to session highs on jerome powell's comments. he is saying the time for moderating increases may come as soon as december meeting. that got stocks taking off, charles payne. i call this is the cc effect but the jp effect. charles: give me a little credit. [laughter]. here's the thing, it taint over yet. remember that fed meeting we got excited from the pri