lieutenant. good man always knows his limitations. charles: so i think about this scene, when i think about the federal reserve, right? looking to serve the public in a way that will certainly harm a large swath of society. poor middle class families already suffering, bank accounts are being depleted, jobs are in jeopardy. powell can't stop higher food prices and higher gasoline prices and fix structural problems with all these rate hikes. he wants to be remembered and admired as a good man, but the folks that i think he's seeking approval from, looking at at this vigilante monetary policy from a different sort of lens, right? and here is the problem. they can deal with it. paper losses, temporary losses in the portfolio don't matter so yeah, i can only hope that jay powell knows his limitations. liz claman, over to you: >> cheryl: you know i'll take it from here, charles because cheryl casone is in the house today, in the house!

good to see you have a good weekend, charles, markets, well, i'm going to try and turn this ship around. we are searching for direction at this hour, as a billionaire and a former billionaire dominate the headlines today. first off, is elon musk. the ceo of twitter says that he will be removing 1.5 billion users from the social media network in the coming weeks to free up names for current users. superstar musician elton john beating to the punch announcing his departure from twitter today he told us 1.1 million followers he's leaving the platform because he sees recent changes in policy as allowing misinformation to flourish. but former billionaire and ftx founder sam bankman-fried tweet ing today that he would testify before the house committee on financial services on tuesday. the committee has scheduled a hearing that's going to delve into the collapse of the crypto exchange which led to the loss of billions of dollars deposited

by customers. kelly o'grady is covering both stories today and joins us now with a lot more. kelly, do you think that sbf is actually going to show up in person? i know i'm making my bets but what do you think? reporter: [laughter] well cheryl, wouldn't that be something for him to come all the way from the bahamas but no my understanding is he intends to join over zoom so it's similar but there is precedent but this about-face is surpris ing because he previously shared he wouldn't have enough information to testify but he tweete "i'll try to be helpful during the hearing and to shed what light i can on ftx's u.s. solvency and american customers, pathways that could return value to users internationally, what i think led to the crash and my own failings." he followed that up with an apology saying this , "i thought of myself as a model ceo who wouldn't become lazy or disconnected which made it that much more destructive when i did i'm sorry. hopefully people can learn from

the difference between who i was and who i could have been." so okay, the big question is what is he even going to say, right? lawmakers will be keen to ask him about everything from the misuse of customer funds to the accusation of market manipulation. sbf though is likely to choose his words really carefully and keep up the , well i just didn't know defense, he's been crafting of late. >> one phrasing one could use be to say that alameda effective ly sent those dollars from its ftx account to the user , but that's a ledger transfer, okay. outside of that, the answer is they will wire to alameda. i can only speculate what happened after that. reporter: now he says i can only speculate what happened after that. i'm sure we'll be hearing a lot more of that but from the former billionaire, cheryl, to what used to be the richest man in the world, elon musk. as you said, not everyone is happy with his changes. elton john not only leaving performing but he's leaving twitter.

he shared this. it saddens me to see how misinformation is now being used to divide our world. i've decided to no longer use twitter given their recent change in policy which will allow misinformation to flourish on chat. but part two of the twitter files dropping last night had some folks saying well hey, there may have been too much censorship before. the revelations include twitter used what's called visibility filtering to actively limit not just specific accounts but also certain content. that directly contradicts how previous management always maintained no shadow banning ever happened. i want to share a tweet from founder jack dorsey. so we dug back in 2018. he said we don't shadow ban and we certainly don't shadow ban based on political viewpoints but last nights drop reveals twitter was deciding one important discussions were allowed wide reach. these decisions were happening at the highest level of the platform even having a secret counsel including dorsey and other executives involved in these decisions. one of the filtered individuals was dr. jay, a stanford health

policy professor who argued covid lockdowns would harm children. i spoke to him last night. here is his reaction on learning he was black-listed. >> it's actually a process and that process requires open discussion among people. nobody has monopoly of truth. you have this kind of regime which says okay, we have decided what's true and what's false even before the scientific debate has happened. you're going to have terrible results both in medicine and science more generally. reporter: yeah, so you can see the dynamic there, how he feels is impacted it but changes in revelations keep coming, cheryl, from elon musk. you did mention he said he's purging accounts to free up handles. i'm hoping i finally get a twitter handle than the one i made in college so i am happy for that. >> cheryl: you want your name on your handle? even better. okay here is my prediction about sbf. he will be back in the united states in handcuffs. reporter: i think a lot of people would love for your prediction to come true, cheryl.

i've been known to be right before. >> cheryl: thank you, madam, appreciate it good to see you have a great weekend. all right we have got a fox market alert for you right now. stocks are mixed as we are entering the final hour of trading as you can see the dow was down 87 and the s&p is down two, nasdaq actually just ticking into the green up a little more than six points, russel 2000 still in the red but only by 12 points a lot can happen as you know in the last hour of trading. so the dow, the s&p 500, the nasdaq have been moving between gains and losses during the session today. after we got that hotter than expected read for wholesale inflation, really spooked investors, it fueled concerns the fed is going to have to lift rates higher, not 50 basis points next week, 75 basis points. this is what i'm talking about, the producer price index. ppi for november up 7.4% year-over-year in november compared with the estimate that was only going to be 7.2%.

the november ppi was also higher-than-expected on a month-to-month basis .2% was the estimate the actual number .3% and the core only 5.9 that was a big, big one because the fed looks at that core number guys. the major averages do remain on track for weekly losses. markets are jittery ahead of the cpi report, the consumer price index, that's coming out tuesday, and then you've got the fed meeting on tuesday and wednesday that decision comes wednesday afternoon. now, among all of this uncertainty, a bloomberg survey finding that top money managers see low double-digit gains for global stocks for 2023 and our next guest thinks santa claus is indeed coming to town. could a santa claus rally give us a running start into the new year let's get right to our floor show joining me now great hill capital chairman tom hayes and keith fitz-gerald. okay let's talk about this ,

guys. tom you say the grinch is not going to appear for the month of december. i don't know what makes you say that? >> well, i was part of that survey that you referenced from bloomberg but cheryl, there will be no grinch this year and santa will be coming to town. he did reference that the slightly hotter than expected ppi this morning. the key is the trend, and the trend has been rolling over since july when it peaked every single month it's lower and lower and lower and then you look at consumer sentiment which also came out today. it bottomed in july and its been rising every single month, so i think 50 basis points is baked into the cake for next week and that two months between next week's meeting and the february meeting will give us plenty of new data points to see whether they are going to do 50 or 25 or maybe even zero in february, depending how that data comes in >> cheryl: i want to add what you're talking about is the university of michigan consumer sentiment for the month of december. this is the preliminary read, came in at 59.1 the estimate was

56.9 so yeah certainly better-than-expected, better than the previous read on consumer sentiment which yeah, a little bit of a surprise, keith, considering that we are dealing with still a very high inflationary environment and while you may say to yourself 7.4%, the headline number on ppi today is another month of it actually, you know, declining and then if it's five straight months we've seen that headline number decline. at the same time that isn't 2%. that's more than 7%. >> it is, and you know, i look at what my wallet feels. my breakfast costs 70% more than it did a few years ago the cost of medicine, education, stuff i have to get for my children those things are still all going up so there's a very common misperception that if somehow pp i drops, cpi drops the prices come back down that's not the case, however tom is right on it. i think that the market is poised for a stronger finish than many people expect because people have simply had it and want to get on with their lives. >> cheryl: they want to go to

disney world, tom. the prices by the way have jumped ex exponentially again. that's a little bit of a depressing for parents out there but could be good for investors. >> no question about it, cheryl disney is down 55% from its highs. this is disney. this is not some penny stock or crypto coin. parks were up 36% last quarter year-on-year. the disney plus subs were up 12.1 million up to 164 million and now bob iger is in charge and he's going to get the costs under control. you have to take a little longer term view on this , cheryl, but if you look out over the next one, two, three years people are going to be very very happy with the returns on disney. >> cheryl: keith you're talking about semiconductors, in particular taiwan semiconductors >> absolutely, because people have beaten them that somehow those businesses are going to go away but last time i checked 90% of the data ever created in the history we are only going to get more digital which means more chips and as those become a

national defense priority, which china's aspiration on taiwan i submit the chip making segment in general is a great buy right now. >> cheryl: gentlemen, we'll leave it there. we'll see how these markets play out we have 50 minutes to go right now until the final bell rings for the week. gentlemen, thank you. well we're just talking about this , november ppi showing a drop in passenger transportation costs, but you wouldn't guess at looking at lines at the airport and also, those prices out there for airlines, to hotels. up next, the famed points guy, brian kelly, on how to tackle skyrocketing ticket prices this holiday season and what's ahead for travel for 2023. let's take a look at the big board right now, as you can see we do have the markets down. dow is down 101 but we are off of session lows. we'll see if we can hang on as we move into the final day, final hour of the week. "clayman countdown" coming right

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>> cheryl: wolf research siding with the bears after it hit online travel stocks with a downgrade over a possible slowdown in demand. wolf downgrading expedia and trip advisor to sell, while cutting booking holdings from buy to hold. the firm warning investors to avoid the travel sector entirely going into 2023, but as the sector gears up for the busiest time of the year , with consumers booking their get-aways going home for the holidays, will this season bring tidings of joy or a lump of coal? especially in your wallet. let's bring in points guy founder brian kelly. brian always good to talk to you about travel and the big question right now it seems like everyone wants to get on a plane

>> everyone wants to get on a plane and so many did over thanksgiving and luckily things went really well. this summer there were tons of cancellations, baggage lost, all around the world. things have gotten better, but the only thing that hasn't gotten better is fare prices. they continue to creep up, although i am a little hopeful there will be a little bit of a downward movement as oil prices have kind of steadied, but really robust bookings going into 2023. >> cheryl: you know it's interesting because if you look at the airfare numbers for october they were still higher by 43% year-over-year, ouch if you have to buy your plane tickets here. do you think it's because the feds raising rates? do you think it's because of staffing at the airlines? is it diesel fuel? what's going on? >> i mean, the biggest thing is demand, right? everyone wants to travel and remember, a year ago today, we were in the mix of the omicron outbreak which caused so many people to cancel plans, holiday

parties, so we're up 40% to last year but we're actually up 50% to 2019, so we're still way over pre-pandemic and the airlines and hotels just keep raising prices and they are filling planes so until that consumer demand dies down, if people start really start to get worried about losing their jobs, but we're just not seeing that now so i recommend everyone book your travel now, even for that spring break, even for next summer, and one of the things is use your frequent flier miles. airlines have frequent flier tickets for next summer so get ahead of the pack. don't just think holidays or spring. think of even next fall. booking ahead saves you a ton. >> cheryl: wow that's kind of rough because we keep talking about the fact we might be going into other recession right? however you want to call it, for 2023. you're saying, it's not going to really effect travel. i think you've actually got a good point. i have to ask you something since you're the points guy. your site, which i by the way follow, i follow you on instagram as well, you talk a lot about credit cards.

i've always been a big fan of these credit cards where you can accrue miles or hotel points, et cetera. you just had rewards the points guy rewards. what's your favorite credit card right now that you recommend? >> well our consumers, they voted the best all around card is someone looking to get into points you can't go wrong with the chase sapphire preferred it's a $95 annual fee and you get a ton of points for getting the card. if you pay rent you can't go wrong with the built mastercard. it's the first ever credit card you can pay your rent on a credit card no fees. there is no fees attached to it, so for those of us who rents our biggest expense, finally earn points and transfer them to a ton of different airlines, so those are my two recommendations >> cheryl: i have the chase united card i have to say and i bank with chase but i'm kind of a big fan of that one as well and i know delta, american, they have all got card s that, you know, that's the thing for people out there. if you really want to avoid these high fares, get a credit card with your favorite airline

and try to roll with it. let me ask you about there's another story today i thought was interesting. now the tsa is going to be experimenting with facial recognition for security lines. what do you make of that because some critics are like wait a minute. i don't think i trust the tsa to keep my face private in the world of hacking. >> well, you know, in this day and age the government already has enough information on us. it is kind of i think it's insane that we pay relatively unskilled people to look at an old license picture and be like yup 100% that's them, right so we wait in line, we take out these old id's, so i love the fact that you go to a lot of other countries, you're through immigration in a minute. it scans, knows who you are, less chance of fraud, less chance of terrorism than having over-exhausted agents, you know, oh, yeah that's really you, so i'm all for it. i hate waiting in lines, but this could be years to happen. everyone get global entry, or at least tsa pre-check.

the government reduced the price it will save you countless time and still boggles my mind how many people wait in the normal line. they are crazy this holiday season. >> cheryl: i may fly as much as you do because i host a show where i travel. global entry comes with pre- check, big fan. real quick before you go. i've got to ask you advice for the holidays for traveling if you're going to the airport. what do you say? >> look, plan ahead. you can even plan and book your security line spot at a lot of airports, they are trialing programs. clear is another program where you can pay and skip the line but even if you're going to park , do not show up to the airport this christmas season and expect to get a spot. you're going to waste time driving around and pay extra, so where possible, book ahead. also, i'll just throw in, i see so many people waiting in the starbucks line and at restaurants. you can now do mobile ordering at all of those locations and it's actually cheaper when you go through the app than waiting in line. so that's my little hack of the season. >> cheryl: you just gave away every one of my travel secrets.

there was so many little things you just said i'm like yeah, i do that, yup i do that. we're sharing it with the masses that's okay i guess. brian kelly good to see you thank you, sir always fun to have you on the show. >> thanks for having me. >> cheryl: well we've got a lot more coming up. costco feeling the pain of hotter than expected producer prices. the wholesaler missing on earnings estimates as operating expenses increase and as consumers cut back on spending. will that mean less gifts under the christmas tree this year? that is if you could even afford to buy a tree. up next we'll go to a tree farm to find out why inflation has taken root when it comes to the top holiday symbol. take a look at your markets as we go to break as you can see the dow we're coming back a little bit, down 93, s&p down 3, nasdaq still in the green only fractionally, russel 2000 is lower. we'll be right back. this thing, it's making me get an ice bath again.

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result in indefinite layoffs, the stock is down more than 2.25 %. here is netflix up more than 3.5 %. the streamer's deal with prince harry and meghan m appears to be working out. today, the harry and meghan docuseries overtook wednesday as netflix's top series in the united states. the deal between netflix and the duke and dutchess of sussex reportedly worth about $100 million. also getting a boost from two firms raising their price target s, cowen & co. raising its price target on netflix from 340 to 405 per share. wells fargo raising it from 300 to 400 per share. both brokerage houses optimistic that netflix's new as-reported tier is going to help grow subscribers and wow harry and meghan, people are watching it. think i'm going to skip it. anyway, docusign let's take a look at this one right now. that stock is up almost 14%. they reported better-than-expected third quarter results.

revenue rising from 545 million for the quarter last year to 646 million for this quarter. the signature company also forecasting fourth quarter revenue that is higher than analysts expectations. chip stocks rising today led by broadcom after the company reported fiscal fourth quarter earnings that beat analyst estimates. the chipmaker saw strong demand for chips used in data centers and networking equipment. the chip manufacturer also increasing its dividend 12%, 460 per share sitting at now, semiconductor named taiwan semiconductor also rising as you can see more than half a percent tsmc reporting a 50% surge in revenue during the month of november. that increase is due in part to a rise in orders for semiconductors that are used in smartphones, and there's broadcom and taiwan semiconductor. all right, restoration hardware. here is a stock for you up about 4.25% posted third quarter earnings that beat analyst

estimates. the home furnishing retailer announcing its made two strategic acquisitions in order to accelerate the brands transformation. rh is buying demetriv & company , a custom upholstry designer and then a custom furniture maker and the ceo gary friedman says the acquisitions plant the flag at the very top of the luxury home furnishing mountain and maybe some swag will land under your tree this holiday. by the way they have a fabulous restaurant in new york city if you come here for christmas which apparently all of america is in new york city for christmas. and you know what let's talk about christmas inflation, with its grinchy head this holiday season with a major piece of the christmas celebration seeing a big price hike this year. natural christmas trees are costing americans on average an extra 10% compared to last year, and growers are saying that input costs are really

needling their top and bottom lines. i had to put the pun in there, jeff flock. you're live in winwood, pennsylvania at a crist -- christmas tree farm. the higher prices have people turning up their nose at even getting a tree. reporter: i thought there was another pun coming there for a second, cheryl. yeah, a lot of needles around here as people try to pick out their tree. we're in what they call treads tree farm, i'm pointing you right into the sun aren't i? not a good thing for television. you can see they're full of trees, not a problem at all this year finding trees. the problem is they are going to cost you. beautiful trees out here. they are talking one up here as we speak, hey, matt? you got a second? trees cost a little more this year, right? >> yeah, definitely. so they aren't much more than last year though. i think last year, they went up a bit more than they have in a long time, but this year, you know, i haven't seen -- reporter: like 5% maybe? >> absolutely very small hike.

reporter: 21 million trees and walk with me if you would, matt. 21 million trees last year purchased by american folks who like that fresh real tree, right >> absolutely, definitely. people really like real trees. it brings the scent into the house and, you know, really gives your home that vibe. reporter: gotcha. hey, josh, go ahead and give him a look. what kind of trees am i looking at? this is what they call what is this? over here, josh. what is that now? >> norbin furs are actually from oregon and the trees by splicing different trees together, to create new different hybrid trees. reporter: cheryl i think we can put the numbers up for states. you mentioned oregon that's the number one tree state right? and north carolina is big too. and here in pennsylvania. >> pennsylvania sells a lot of trees as well, but over the past few years, its just been easier

for us to buy the amount of trees we need from oregon mainly , but we get them from as far away as canada some years reporter: wow that's great. i'll take one last spin through here and maybe we see , you've got plenty of trees. one of the things that i know your concerned about, matt, and follow me up here if you would was you want to make sure you sell them all, right? is that right? >> yeah, that's kind of the trick of the business. reporter: you bought them all. >> sell as many as you can, and you know there's years where we could end up having to have a huge bon fire and burn a hundred trees. >> cheryl: [laughter] >> we usually get lucky and sell pretty much all of them. reporter: cheryl i wish you could be here and smell this. it's like i'm in a forest but it's a forest in a parking lot. what can i tell you? >> cheryl: the one thing about today, jeff, is you've really gotten very good at culting the tree more straight, which is hard to do.

you did a nice job. reporter: i had the chain saw out but i was warned, you know? i already cut my finger off. >> cheryl: jeff flock and chain saws. well he just said it. anyway, jeff, great report. thank you so much, sir. all right, well, from buying the christmas tree to what's going to go under it. the company with its finger on the pulse of e-commerce shopify, taking a hit down 70% coming up next shopify president discusses what's ahead for the company that powers 11% of all u.s. online commerce. we're going to ask him what shopping trends he's seeing this december. all right, taking a look at your dow right now, selling has escalated just a little bit. it really hasn't been a great week for stocks, good if you own disney, that is in the green, so is boeing. "clayman countdown" coming right back.

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>> cheryl: lululemon investors are also feeling grinchy following the athletic wear retailers third quarter earnings report. the stock as you can see is currently down right now 13%, so lulu beat on top and bottom line expectations but investors were hoping for stronger forward-looking guidance for this current quarter, thanks to holiday spending, this is the holiday quarter. the brand also had surplus in inventories after having too little stock last year because they had supply chain problems so if americans spend like scroo ge this holiday season is that a problem for other retailers? shopify, the leading global commerce company, behind brands like spanx definitely has its pulse on this years holiday shopping trends. president carlie finklestein is here to tell us what he's seeing out there. >> hi, cheryl. good to be here. >> cheryl: that's the question

because if you look at all of the retailers earnings reports for the third quarter, the revenues were strong, the numbers were strong but it's because they were raising prices on consumers, so what does that mean for demand for the fourth quarter? >> yeah, let's talk about demand. so if you recap sort of the black friday cyber monday weekend which by the way seems like it's now no longer a weekend it's now more like a shopping season, we saw a couple really interesting trends happen on shopify. first of all, we saw that it's no longer dominated by big box stores. we see that consumers are actually increasingly buying from their favorite independent brands. you mentioned a few like spanx, but look at fashionnova, these are all stores powered by shopify but these are the recipients of a lot of the commerce that happened during that holiday weekend. we saw $7.5 billion of sales in just four days happen on shopify and about 52 million shoppers worldwide purchased from an independent business on shopify. another big trend we saw is that consumers really voted with their wallets to spend on

quality versus quantity. we expect that trend to continue for the rest of the shopping season. >> cheryl: okay what did you make of the lululemon news that i just brought up there, because that was kind of a supply chain issue, you know, maybe that was just specific for lululemon but you have to wonder how people are going to spend money for the holiday season. whether online or brick-and-mortar. are they going to be more careful, because we know that a lot of people are going to walmart for groceries, people that didn't, you know, can still have money, the higher end consumer going to wall mortgage for groceries. what does that tell you? >> a couple things. first of all we started shoppers ahead of black friday cyber monday and saw trends that we expect will continue. one is the way that shoppers are spending is increasingly far more intentional about how they allocate their budgets. 71% of u.s. shoppers that were surveyed said they will spend money on higher quality products that will last a longer period of time. that's the first thing. the second thing is that one of the other parts of it is you mentioned supply chain. we actually saw that this particular season, it

seemed far less frantic. it felt like businesses ink across world were actually more prepared and notwithstanding some of the companies you brought up. it felt like the retailers and merchants had more stock on the shelves, their staff was more prepared, and so it wasn't necessarily, it was less frantic , it was more calm. what you also begin to see is that you mentioned brick-and-mortar retailers. retailers like brick-and-mortar is back in a really really big way. we saw 23% increase in off line sales during black friday cyber monday and we're seeing that the way consumers are shopping right now is they want to buy from their favorite brands but they want to buy across every channel whether it's online or it's off line, or it's on things like social commerce and the most, the best brands out there we see selling across every single channel and touch point. >> cheryl: it's interesting that you say that and online shopping i'm a big proponent, it got us through the pandemic i think but at the same time there's something to be said about touching something, seeing it in stores or supporting to your point, supporting stores,

you know, and being a good customer, a good consumer. let's talk about shopify here. the stock is down about 71% year-to-date and 73% over the last year, so obviously, i'm wondering if that is a piece of the post-covid world like we've seen with peloton, like we've seen with other brands that were such an e-commerce play during covid. >> yeah, i mean look. shopify certainly was a recipient of a lot of incredible new merchants and customers, every physical retailer that didn't have an online presence during the pandemic came to shopify and what happened, however, is during the pandemic, we built so much trust with those retailers that came to us for online, that now there's a reopening of physical retail, they are now using our point of sale, our point of sale products in the physical store as well so shopify was a pandemic story but we are also this recovery story and as you said in your introduction more than 10% of all e-commerce goes through shopify in the u.s.. that makes us the second-largest

online in the country so we're seeing a lot more people start businesses with shopify and they are taking more solutions from us whether it's shipping or payments or capital. we're really becoming a retail operating system and we're excited about the future. >> cheryl: you have a good ticker "shop" you got to like that one. i i say that as a shopper. good to have you here, sir. appreciate your time. >> thank you, cheryl. >> cheryl: all right well we were showing you some screens, that was market lows, session lows. i'm going to get to that in a second but goldman sachs, henry mr. martin:son, was the last head of a major investment bank to run the treasury department. there are now reports circulat ing that treasury secretary janet yellen we just showed her picture she may step down. is another top wall street chief angling to take that job? charlie breaks it and sorry, my apology, now back to what we're looking at in the market going into the last, you know, 15 minutes here, the dow had been session lows was like 140-150 and we're pushing past that dow is down 237, s&p and nasdaq are

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today that bank of america ceo brian moynihan is on a short list to replace janet yellen when she decides to leave the administration wonder if you could comment on that. >> so secretary yellen herself said just last month she has no plans to leave. it seems to be that report to us seems to be pure speculation. >> cheryl: yeah, anyway, white house press secretary car addressing that bank of america ceo brian moynihan is on the short list to step in as treasury secretary if janet yellen decides to exit so she hasn't said she's leaving. charlie: i just want to say for all my brovado, whenever someone starts talking about my story i get really nervous it reminds me of the time when i was a 25-year-old reporter and the whole city council had my story and they were screaming about it and i was like oh, my god i'm going to get killed here but here is what we know about the story and a lot of this is contingent from what i

understand and just so you know i got this pretty well-sourced, okay? this is not something water cooler, people, these are people close to the biden white house. these are people close to brian moynihan, the long time ceo of bank of america, pretty successful. been there since 2010, stock has been, you know, essentially doubled since he's been there, came out of the financial crisis , company almost, bailed out, bt merril lynch, integrated it. he is a democrat and has been making the rounds lately. it's very interesting. he's been touting the administration. >> cheryl: in d.c.? charlie: tv. he's been on neil cavuto's show, "face the nation" last week, essentially saying the economy isn't so bad. we'll get out of this and it's literally along the lines of what's going on from the biden administration, but be that as it may, that's not why i wrote this. i wrote this because people are saying he is on the short list to be treasury secretary if, and this is an if, yellen goes. we should point out that treasury secretary as you know runs a $23 trillion economy. it's a high burnout job, they

often don't last the entire administration. it wouldn't be absurd that yellen would step down when she's 76 now, she will be 77 presumably, you know, that's getting up there for that job. >> cheryl: in a couple years -- >> charlie: right and there's lots of speculation she's leaving next year because of the way the economy is, inflation, heading into a recession but it's up to her from what i understand. if she does step down we do know that brian moynihan is on the short list. he's on the short list as of now with gina romando, the commerce secretary a rising star in the biden administration, and i think to some extent gary gensler, this sec chair. i would say he's a dark horse candidate for a lot of reasons. there's problems with republican s, don't like him, a lot of democrats don't like what he's doing with the market structure, we've done those stories here before but he is on the list as well, but moynihan is an interesting choice. i mean, again, he's a bank executive.

he might annoy the progressive base of the party who hates bankers, right? elizabeth warren, she often has a say in economic picks. he's a white male, to be honest with you in this very woke administration -- >> cheryl: doesn't help him. charlie: it's not a positive, but he does have a great resume. he runs the nations second biggest bank according to assets 2.3 trillion under jpmorgan i think 3.3 trillion. he is a democrat. he has plugs in washington and he's done a pretty good job running a bank and he kind of need someone with real-world experience and the biden administration might just go there if they reset next year, and but again, a lot of this is from what i understand is in yellen's court and listen, we should point out that she has said in the past she has no plans, you know, she doesn't see herself leaving. maybe her plans will change in january, which we don't know. you saw that -- >> cheryl: it's a high burnout

job, you're right and the economy is a mess and she's already been at the fed. charlie: right. so, brian moynihan being on that list, that list often features jamie dimon, larry fink. now it's raimondo, larry fink of blackrock, who was by the way a private equity executive and now brian moynihan. again if she steps down, i should point out that we've not gotten a comment from bank of america on this , although i spent the morning talking to a guy named larry darita the head of government affairs and told me everything exactly i was going to write, i did this at about 10:00 this morning. >> cheryl: you were awake at 10 a.m.? just kidding. charlie: i just want everybody to know that i did not just write this story. this was a story that we sought comment, we checked sources. this is double sourced with people close to the biden

administration. i mean, him being a consideration is real there's no doubt about that. >> cheryl: i always thought someone like jamie dimon, i always thought be , i always, he's never done it but he's so well-respected. he's done an amazing job with chase. he moves markets. every time he speaks, you listen charlie: i think jamie is a little too politically incorrect for the biden people. i think moynihan is even though he could reach ink across aisle he can work with republicans, i think moynihan be better, seems to be a better fit as a wall street guy in that job. now, again, a lot depends on the dynamics of yellen and what goes on next year and the economy. also if the markets get really crazy next year you might want a treasury secretary that comes from wall street. it does instill some degree -- >> cheryl: who do you think was the best treasury secretary that we ever had? i have my favorites. charlie: i have to say alexander

hamilton only because i worked for the post and that's the post i think the post is that was our first editor or something like that. >> cheryl: paulson was a great treasury secretary. charlie: here is the problem and i thought he did a good job under pressure. none of them saw the train coming at him. it was like once the crisis hit they were like running like chickens without their heads on. that's when i first got to know brian moynihan. brian moynihan at that point was a dark horse candidate to be bank of america ceo. there was other guys ahead of him and to replace ken lewis whose going to step down because bank of america had some real issues in terms of they almost went belly up like everybody else, ken lewis, not ken fisher, ken lewis was going to step down as the ceo but when he did and i broke the story that brian moynihan was going to be the ceo >> cheryl: can i ask you something else totally off topic right now.

i guess we have to run, sorry. i was going to ask you about market performance anyway its just been a rough day. charlie: horrible today. >> cheryl: charlie gasparino, all right the closing bell we've got about two and a half minutes to go. investors are certainly clearing the debs right now before the weekend. we are seeing markets fall deeper into the red kind of a rough friday. the major averages snapping a two-week winning streak, as you can see here but obviously, as far as the markets goes right now our closer says she's geared up for a strong santa claus rally and we've heard that from other people. she's also warning one sector maybe left out of the cold. let's bring in ava ados, the chief investment strategist and entrepreneur shares. so what do you say? santa claus rally or no, because i think that there's the jury is out especially considering the markets performance right now. >> i think we're all looking at next week and we are expecting a favorable level when it comes to cpi next week, we're also expect

ing the fomc meeting to come with a 50 basis points rate hike and also less rate hikes for next year and further up, that i think is bullish news for the market and that's why i think we're going to have a christmas rally for the year-end >> cheryl: many analysts are gearing up for a recession. we've got the fed meeting next week. doesn't the economy worry you a little bit? >> i think a lot of it is baked in. we have been speaking about a recession for a long time now. companies had a lot of lead time and especially tech companies have been adjusting. they have been containing costs, decreasing their schiff costs, and so i think they are preparing for this and when you see the nasdaq down significantly from the beginning of the year, that's already pricing largely a recession, so i think from here on, we see inflation coming down and we're all expecting a modest recession of 1-2% reduction in gdp. that's good news for the market.

>> cheryl: not as bad as it could be. real quick cpi comes out tuesday , consumer price index. your expectations? >> below what it was last time. i think housing is a big indicator. it has been lagging for six months to 12 months. the case schiller index is already suggesting that housing starts are way down, pending listings are down 36%, total listings are down 15%, that's significant and the cpi has been lagging. it has been misleading all this time, so i think it's going to be reflected on this cpi reading next week. >> cheryl: all right well eva , thank you sew much for your time. it's great to have you on the program hope you're right. markets finishing the day at session lows the nasdaq losing 4 % this week. that'll do it for the "clayman countdown." liz is back on monday. kudlow is next. >> [closing bell larry: hello