hit $77. that is a lot of money. someone made a lot of money and imagine if you got those $1 coins at $0.20 or $0.10 so i heard representative today after representative to try to make their fellow, you know, person a villain. here is the thing. they talked about regulations. they tried to shutdown crypto trading. a lot of critiques of crypto in itself. some of gary gensler but the fact of the matter is these people seem so confused. they seem so lost. one after another. i don't understand blockchain. i don't understand crypto. let's just rename it. it's no good. we don't like it. just because you don't understand it, doesn't mean we should not have it. these are the people that are supposed to save us, liz. we'll see. liz: i was stunned by one congressman who must have said four times "i don't understand this whole crypto thing." charles: [laughter] why is he on the committee, right? bring someone who knows. liz: at least don't admit it.

charles: yeah. liz: all right, charles, thank you very much. charles: see you later. liz: now you see the rip roaring rally and now you kind of don't. stocks are pulling a harry hudin i as we kickoff the final hour of trade and looks to end a slow walk. where is the 700 spike we saw this morning on the dow after the read on consumer inflation for november? we got it up 32 points that's it take a look at the intraday at one point the blue chips were 712 points above the 34,000 level. right now we're at 34, 025. the early thrill from the much- awaited number which showed prices finally cooling pretty much dissipated. here is what happened. the consumer price index number came in both the headline and the core, lower than expected. the core of course excludes often volatile food and energy prices. year-over-year economists thought we would see prices rise

at a 7.3% pace but the actual print, 7.1%. that's the direction you want to see that number going. you want to see it miss, so in the immortal words of mighty wind, remember that movie? the nasdaq intraday move kind of heartbreaking for investors who thought once inflation started to moderate tech would come galloping back? make no mistake it did at the open surging 427 points but right now, up just 88. now the s&p 500 popped 110 points at the open to about 4,100. you can see shortly after 10 a.m. eastern time, in comes the disappearing act. s&p right now up 20 points to 4,010, but stocks weren't the only thing kicking into reverse. treasury yields dive bombing after hitting a high of 3.65% on the 10-year yield you can look at it now, 3.505. by the way, the low was equally

pronounced 3.42% on the 10-year. two-year yield, this is the one that's been yielding so much. it stands at 4.21%, well off its session high of 4.44%. now, while that cpi number looked better, investors are questioning whether it enough to push federal reserve chair jay powell & company closer to pausing their rate hike cycle. with the last fed meeting of the year starting today, and the post-rate announcement news conference in this hour tomorrow , what else does the fed need to see before it's satisfied inflation has dropped enough and why didn't today's rally hold? look at the dow. it's now turned negative down 12 points. let's get to the floor show we've got just the team to tackle both questions. the "wall street journal's" fed whisperer nick timaros and sarge guilfoyle. sarge, give us a quick diagnosis as to why the rally from the doveish cpi report wore off so quickly? >> well the market doesn't

trust jay powell tomorrow. that's basically what it is. we have the fomc meeting tomorrow, key data coming out on thursday. this is encouraging don't get me wrong but we're facing a recession, probably end of q 1 beginning of q 2. the market has to price that as well, as a trader you'll have to be surgical here. as an investor, i think you have to be cautious, as a trader i think you have to be surgical. i do not think it's time for regression on either account liz: okay let me get to nick right now, nick. there are all kinds of debates. we can only imagine are happening right now behind closed doors at the federal reserve, because you do see now two straight months of moderat ing price pressures. somebody in there, at least one of them, is going to say it's time to not do a 50 basis point hike tomorrow, maybe it should be just 25 basis points. can you give us an idea of what you imagine is going on at the fed right now? >> i don't think, liz, that the report today changes a whole lot. i don't think it changes

anything about the policy decision tomorrow. i think what it does change is the debate about what the fed does after the meeting today and tomorrow. what do they do at their february meeting and march meeting? the fed has said they want to see a series of softer inflation prints and every time this year in april and august, when we've gotten a soft inflation reading its popped backup the next month so this is the first time now where you've had two in a row, and so the good news today is that the clock doesn't have to restart in terms of seeing a sequence of slower prints and i think it's going to setup a very interesting debate for the meeting after this one about dropping down to 25 basis points in february and if the numbers continue to come in strong, then, you can start to talk about a pause but i think it's too soon right now to get ahead of those hopes because jay powell said two weeks ago, he's paying attention to wages. he's looking at service sector inflation, and so the feds going to want to see a little bit more

insurance that they have done enough to make sure they don't get into sort of a stop-and-go here. liz: i'm so glad you brought up wages, so now it appears, you know, sarge? you put it as the markets don't trust jay powell but he does change, you know, as he's looking at different things. first it was goods inflation. services. look at average hourly earnings. they were a beat both year-over-year and month-over-month so we just show ed only month-over-month but if you show year-over-year there you go 5.1% actual the estimate was 4.6%. this is a little bit of a problem, so what kind of moves do you make as an investor, sarge? >> well, i'm going to tell you. i mean, i think he goes 50 basis points tomorrow, i think we're looking at 25 basis points in february. that's when we're starting to price in our recession, i believe. don't forget, come february, bullard is out, george

stephanopolos is out, kashkari is in and evans and logan is in three rather doveish. he will go back to being doveish when it's politically popular. now, there's going to be a much more doveish stance among the voting members of the fomc. i don't think they are going to be doveish in time. we have to go through this recession and it might be deep. i am going to a higher level of cash. after january 2, which is the traditional end of the santa claus rally i'll be going to a significantly higher level of cash before january 13 when earnings begin. liz: okay, because earnings may not be pretty at least for the fourth quarter. nick, when you look at exactly what we expect tomorrow, can you predict whether the fed itself will predict when we'll go into recession if at all next year. do you think they will even step out there? you know jay powell is going to be asked. >> yeah, i don't think the fed wants to get into that game. powell has shied away from

handicapping the odds of a recession. at the last meeting it is notable that the fed's staff economists in their presentation to the fomc said that they saw a recession next year to be about as likely as their base case forecast of no recession, so that's notable, when you have the staff telling the chair and the fomc, you know, 50/50 chance of a recession next year but i don't think you're going to see the fed actually forecast a recession until it's clear that we're going into one. the one way, liz, you might see something recession-like in the economic projections, the quarterly projections that we'll get tomorrow, is in the unemployment rate. last quarter, the fed projected the unemployment rate rising from about 3.7% to 4.5% maybe a touch below 4.5. if they revise up that projection a little bit, you know, you do not see a percentage point increase in the unemployment rate outside of recessions. now anythings possible.

this post-pandemic recovery has been like nothing we've seen since world war ii, but that's sort of a way for them to say look, this is going to be very difficult. the soft landing we'll take it if we can get it but i don't see a lot of people talking about huge confidence that they are going to be able so land this perfectly. liz: with the doves and hawks it's like we need the audobom society to call balls and strikes, gentlemen, thank you, nick predicting that we might see 25 basis points in february, who knows, because these numbers are what the fed is looking at each data point. you need to see it as investors question soft or hard economic landing just like we have in this discussion, is a recession coming next year? does that question even matter? billionaire investor mario bgabe lli joins us and says there's only one question. how do you make money in a recession? he's about to answer that in a fox business exclusive. you do not want to miss that. forget making money.

how will one-time crypto golden boy sam bankman-fried stay out of prison? the former ftx ceo is right now at a hearing in the bahamas after being arrested last night. the multiple charges he now faces, the stunning declaration ftx's new ceo made at today's house hearing on the epic collapse and the incoming ceo of crypto exchange kracken with us live on how much damage sbf has done to the entire industry. closing bell 51 minutes away. all the breaking news swirling around the sam bankman-fried story, next, when the "clayman countdown" returns. the dow really trying hard, holding just by the fingernails to gains of four points.

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liz: okay, we are just getting this breaking news from inside the bahamian courthouse. sam bankman-fried's lawyer has just requested $250,000 bail at a hearing. he did not object to electronic monitoring for his client, who of course was the head of ftx, the crypto exchange, but his lawyer complained that is b f did not have access to his prescription medication last night in jail. sbf takes aderall and anti- depressants for depression and insomnia according to the attorney. sbf was of course arrested last night without incident. all of this comes just after the southern district of new york held a press conference minutes ago detailing multiple charges against the one-time crypto wonder kind. the ftx founder arrested last night in the bahamas and now faces eight criminal charges from the sdny, southern

district of new york including conspiracy and wire fraud, all this as the securities and exchange commission and the cft c are also pursuing charges against cryptos former darling. sbf was supposed to join current ftx ceo at a house financial services committee hearing this morning. john ray iii, whose been tasked with untangling this whole mess and all of the missing billions at ftx and its alameda crypto hedge fund performed solo and said this to lawmakers. >> we've lost $8 billion, all right? of customer money, so by definition, i don't trust a single piece of paper in this organization. liz: and that's only the beginning of the stunning comments ray made. grady trimble live on capitol hill following every moment of the house hearing. grady pretty extraordinary. reporter: it has been, liz, and we learned more today about what new ftx ceo john ray meant when he called sam bankman-fried in the operation he ran at ftx

unsophisticated. he says what little bookkeeping they did do, they used quickbooks for. he also says money flowed freely between the crypto exchange ftx and sbf's hedge fund alameda. >> this is just taking money from customers and using it for your own purpose. not sophisticated at all. sophisticated perhaps in the way they were able to sort of hide it from people, frankly right in front of their eyes but this isn't, you know, sophisticated whatsoever. this is plain old embezzlement. >> old school. >> old school. reporter: in addition to the criminal investigation into sbf, ray says there's a long way to go in the internal investigation so far, he says, they've secured $1 billion worth of assets. i caught up with house financial services committee chair maxine waters who earlier this month

called sbf candid in his interviews about the collapse of ftx. >> you said he was candid before. do you still believe that or is that viewpoint changed? >> this is an official hearing and we got him here. that's what i wanted. i wanted him here and he would have been here, under oath, to testify but far what has happened now with the arrest and doj. reporter: and republicans are questioning the timing of that arrest, especially because they wanted to ask sbf themselves about the millions of dollars he contributed to democratic politicians. also questions about whether those lawmakers can fairly regulate cryptocurrency, liz, because they've received so much money from the industry. liz? liz: quickbooks? they were doing their books on quickbooks? that's for small businesses. reporter: right, and you and me

filing taxes, yeah. liz: okay, great, and this is the one with the huge venture capitolists like sequoia invested hundreds and hundreds of millions. grady nice job very good stuff thank you very much so if you look at bitcoin you could call it a relief rally or maybe an oversold bounce. either way bitcoin is jumping three and one-third percent right now comfortably above 17, 700 at the moment. ethererum is having a very nice move too up 3.25% shape with xrp up 2% and litecoin up about one and one-third percent. as charges from the sec, the cf tc and department of justice mount against bankman-fried and millions of creditors frantically await word on their missing money, what does the ftx disaster mean for the future and reputation of crypto exchanges? including kracken, which could actually help in solving some of the missing money question. incoming ceo dave ripley is

joining us now. dave, you have not held back in your criticism of sbf, pretty stomach-turning testimony. after today's hearing, how would you describe sam bankman-fried? >> yeah, well, it's a great question, and liz, i tell you, this just truly a travesty for ftx customers and really, anyone impacted by this frankly outright fraud, and i do like the description of this from the hearing today, and referring to it as just kind of old fashion fraud as its always been there's no place for this in our industry, frankly in any industry, and we're interested to see a positive outcome here. liz: well, he's been arrested. his lawyer has asked for bail of 250,000. what do you think of that and

maybe if we rewind the clock just a few days where he was on stage for the new york times event and played very much the innocent guy, i never meant to hurt anybody, its been a horrible week. i'm here to help people get their money back. do you believe any of that? >> i don't. you know, i think we of course have obtained a decent amount of information just generally as an industry, from the bankruptcy report and even other direct commentary from sam bankman-fried and, you know, whether he set out long ago with the intent to do this is uncertain, but just from running this type of a business, running a centralized exchange in the cryptocurrency space, you know, it's impossible for him to blame this just on poor risk management. at some point, their intent moved into the equation.

liz: well, yeah. ray said at the hearing ftx's collapse stemmed from a concentration of control of grossly inexperienced individuals but, you know, then he throws in the word embezzlement and that's a pretty clear word and you don't have to infer anything from it. that's criminal, but of course it works its way through the system. i need to talk about the missing money and $8 billion hole but the last time you and i spoke right around the time of the bankruptcy of ftx last month , there was this hack from ftx right around the time that the bankruptcy was happening, so there was a lot of craziness at the moment, 400 million bucks started moving around. the user tried to verify the transfer via their kraken wallet and back then, kracken said you'd identified the hacker. number one, are you ready to come out and say who the hacker was? >> well, you know, i would say

we're of course coordinating with leon this investigation, so we can't share any information kind of outside those specific work that we're doing with law enforcement to help support them in this investigation. i mean, i will say certainly all of kraken accounts and clients or individuals or companies that we know about and so we're able to provide information to them. liz: okay can i ask if it was an insider at ftx? >> um, [laughter] like i said, we can't actually provide any details on the specificity of the information attached to the account, but ideally this will all come out in due course. liz: john ray obviously sitting on capitol hill said he is sharing all kinds of documents with all the organizations whether it's the doj or the sec

, cftc. i would imagine you've had some of these people asking for documents as well. what is your message as you comply with all of this? i assume you're complying and trying to get the reputation of crypto exchanges like yourself back in good standing, with people who believe in this technology. >> yeah, i mean, this is a great point. for kraken we're all about responsible ambition for this space and there's a right way to do this. at kraken we conducted a proof of reserves for our assets two times already this year. i think that we're the only exchange that we had the foresight to do this. we're conducting another one next month. we look to invest in security, protecting our client's funds. we have their interests at the top of our priority list. we work with regulators globally we comply with regulations.

all of these types of things and so we kind of at kraken we view this as proof not promise so there's a right way to do this. ironically, this is a failure of a trusted third party here. the same way that bernie madoff trusted a third party and lehman and bear stearns. cryptocurrency, bitcoin, they're the path to tok remove the need for dependency on trusting third parties. liz: i'm guessing you guys don't use quickbooks to do your accounting? >> no. liz: please come back as we follow this story dave ripley of kraken. we are coming right back. boeing's bouncing after a major $43 billion sale of its dreamliners to united.

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for the gifts you won't forget. happy holidays from mercedes-benz. liz: bit of a loop-d-loop for united airline shares after a surge in the pre-market on the announcement the carrier placed a massive order including for 100 boeing 787 dreamliners with an option to purchase 100 more. the stock has reversed and is now down 7%. the deal, here it is. it's the largest 787 dreamliner order in boeing's history. united will also purchase 100 737 max jets. so ual says it expects to take

delivery of the new wide body planes between 2024 and 2032. the big aircraft order sparked concerns about united's balance sheet so that's partially the reason if not all of the reason that the stock is now in negative. it's estimated to result in a capital expenditures of $20 billion over the next two years. boeing, i don't know, biggest in history you'd think they would get a bigger pump but it's up just about three-quarters of a percent to $187 and change. let's look at nvidia having a solid day up 2.8% after citigroup predicted the chat bot chat gpt could be a pokemon go moment for artificial intelligence. okay, i know pokemon go was really huge for like 10 minutes, so why is that a good thing? the chat bot is dialogue-based a i-capable, this is kind of cool, understanding language and generating written text. nvidia recently released the a 100 hopper core gpu, a microchip

which can specifically be used in artificial intelligence like chatgpt, and it's a 3% gain at the moment. goldman sachs has named uber, amazon, and meta as its top pick s for 2023, all three are in the green here. the firm says it sees the most compelling risk reward in the group among the collection of large cap companies that had many of the same narratives in common, so you're looking at uber up half a percent, amazon up 2.5%, meta is getting the biggest jump 4.7%. moderna, the star of the day, surging 21% after biotech, after the biotech-issued promising data about its cancer treatment. the company announced that its experimental melanoma vaccine, imagine that, a melanoma vaccine , combined with merck' cancer treatment keytruda, cut the risk of skin cancer recurrence or death by 44%.

good for those researchers. merck is up 1.9%. moderna's covid vaccine maybe really needed now in china as covid concerns rear their ugly heads there again just as the country says we're reopening. up next, billionaire investor mario gabelli makes a stunning prediction about how the world's second largest economy will have to deal with the end of covid policies. he predicts there will be problems because they do not have hurd immunity but he's still investing in some macau gambling stocks which ones he will explain and to what lengths would you go for your kids? this weeks guest on my everyone talks to liz podcast packed up her entire family from an island off the coast of washington state and moved to l.a., so her daughters could pursue their acting and singing careers. supermom bonnie wallace sacrific ed her own dreams in order for her children to reach their

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liz: breaking news and we are of course getting this once again from the courthouse in the bahamas. sam bankman-fried hearing right now there in the bahamas in nassau. the judge has just adjourned the hearing for one hour, but before he did that, bankman-fried said that he had not taken his medication with him when he got arrested because it was a "hectic night."

his parents, as we understand, joseph bankman and barbara fried also identified themselves during the bahamas hearing so they are there in the courtroom and as we reported earlier bankman-fried's lawyer is asking for him to be released on $250,000 bail. could we look quickly at apple shares? apple right now is on the move. it is trading up about just half a percent at this hour after bloomberg news reported the company is preparing to allow alternative app stores on its iphones and ipads. according to the report, customers could ultimately download third party software to their iphones and ipads without using the company's app store, hence side-stepping apple's restrictions and the up to 30% commission it imposes on payment s. this is very interesting, considering twitter has just pushed back on that saying it would charge iphone users $3 more for twitter blue because, of course twitter would have to

pay on the app that 30% commission. in the meantime the iphone maker story very intertwined with china and we should tell you that part of the moment when the markets lost almost all of their gains, i mean the dow as we said had been up 700 points earlier today was when this hit the tape. covid-19 cases are rising in beijing, just days after the government announced plans to relax its zero-covid policy. china announced that it had been loosening restrictions last week boosting china stocks as investors hope it be the first step in the country to fully reopen, but billionaire investor mario gabelli is here in a fox business exclusive with his take on when china could actually reopen and he's pushing it way out to 2024, the gamco investor and chairman and ceo joins me now. great to see you, mario. you and i were talking on the phone yesterday and you made this point i thought was really smart. you said you unmask the public

in china, because they don't have those mrna vaccines and you've got a big problem. how do you view china right now? >> well, it's easier for me to predict the outcome of the argentina-croatia game now that argentina is up 3-0 or tomorrow talk about the fed at 2:00. china is china. if we don't look at countries or developing markets, all we look at is like the imf, the international monetary fund that says the world economy in 2023 is going to be 108 trillion , china will be 20% of that so you have to focus on it. it's not china 1981. it's china today of 2023 and what is the outlook? now if you've just been, what is your program? common prosperity. you've gotta worry about covid but you worked with, how did hong kong handle it? what is going to happen when a year from now and nine months from now how are they going to handle currency, and handle china one policy? how are they going to handle

children? they need more children. liz: they need more kids. >> so this is a mix. yeah, from my point of view you have 1.4 billion people plus or minus, and basically, you have 20% of them have tiger moms they work and they will be creative and inventive and we as a global economy have to include them in that process, and we as a country have to be sensitive about the challenges of including them. so from my point of view -- liz: mario, i hear other people at other business networks say china's uninvestable. do you agree with that? >> well, if i have a company that's located in xyz state let's make, um, new york, and i don't like what the management is doing, i can take an activist role and start taking of the position that says hey, you've got to change this or i'm going to vote against you. i'm not sure i would feel comfortable doing that in shanghai or in any place else, so that's a learning curve for me.

i think everything is investable but at the moment, it's a question of what price do i pay. look, our philosophy is fairly simple. that's a good question you ask. we want to buy a good business, with good management, at a decent valuation and the valuations in china are getting to be quite interesting. that doesn't mean we're going to buy things. on the side of the coin do we like consumer products and do we like the fact avatar, and i was just reading variety, look this is opening tomorrow night. in china it's one of the 28 movies they picked. now is anybody going to a movie theatre? maybe and we'll see what happens so there's a lot of dynamics going on. from my point of view what i'd like to see is continued resur ing of american companies building up their supply chain, shortening it, getting less involved and on-time delivery of goods and whose going to benefit from that? the second part, liz, is you talked about boeing and united airlines. well just think about the number of 737's that china needs.

the 919 is going to work but it's not going to be bought and solve the problem. they will solve it by buying both. liz: i was thinking about this they love to fly from mainland china to macau. you got any gambling stocks that you feel can really profit from that? >> well, at the moment, they have announced the existing concession will continue to hold that from the point of view of the gaming gross gaming revenues , i think the numbers now like x billions of dollars versus 2019. some of the chinese have gone and played in singapore. from our point of view, we are very sensitive about mgm. we strip out the amount of ownership that they own and these companies mark-to-model. from my point of view it's one narrow world and my point of view tomorrow at 2:00 we'll see what the united states does with the rates, the runoff the rhetoric he's going to have. independent of that, what do i like? you know, i like the notion of the american farmer.

the chinese need food. they are going to import and go for brazil and ukraine and russia or are they going to try to get it from canada? the united states farmer, this year, this year, they are going to generate 550 billion plus or minus dollars versus 425 a year ago. they want equipment that will allow them to sit back and operate their equipment. liz: so what's your name there? >> i have two companies. i like john deere, the stocks got 300 million shares, sells at $400 a share, that's 120-odd billion, literally they had $27 but my preferred buyer at the moment is a company called case new holland cnhi, 1.3 billion shares, $2 billion of debt they earn a buck 50 this year maybe $ 2 next year and basically they have a new ceo, scott vine, the company spun off their trucking business back at the beginning of this year. last year at this time it was

spun off, and so the stock is selling at about $16. i think that is very attractive way. in addition to that, just think about what the north korea and somebody put a circle on how far their missiles can travel. well, the defense system is like , you know, like the marginal line in 1938 in europe or 1937 and basically, we need to refresh that and one of the companies we like that is very good in hypersonics, it's air o jet general. the stock is 54. there's 80 billion shares out got about a couple hundred million of cash, some land in sacramento that's very valuable and lockheed try to buy it and this was turned down by the government before and russia then has a ground war that hasn't taken place. liz: right and putin has been using these hypersonic missiles

and north korea probably has the technology so shouldn't we? >> well, i think a lot of organizations or countries have them and obviously, but you have a company that has that capability but it doesn't have the terrific balance sheet that someone can bring to the table to accelerate that. for example, the ones that put the rocket engines on they have the space force in the united states is very important to them , and so the stock selling at 54, we think another deal will come. another company like that, for example, we have "blackhawk" up. in other words the "blackhawks" are going to be replaced. a company called tex drawn with great management, good business, they have commercial aviation, bell helicopter, they just got a contract called flora, future strategic assault, long range assault vehicles, and i got that

wrong, but basically that's going to be a fairly significant contract. the stock is selling at $74 and there's a 200 odd million shares out and we think that one there is going to do extremely well so and another one that's doing financial engineering, liz, is crane. liz: we could be here all day and i wish we could. >> all the time. thank you. liz: thank you so very much, such an original to have you. >> always a privilege to be with you and see you in omaha. liz: tomorrow fox business, mario was just talking about the fed tomorrow the final fed meeting of 2022. we have got all of the action covered. you need to go nowhere else. charles payne 2:00 p.m. eastern we'll have the rate decision on "making money" and then of course, begin carrying the fed chair jerome powell's news conference at 2:30 p.m. spilling over into the final hour which is a can't miss. we will have all of the post-

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♪. liz: so we've been bringing all of these headlines regarding former ceo of ftx hedge fund sam bankman-fried, now caroline ellison, she is the one at alameda research may have been instrumental in the manhattan u.s. attorney bringing charges against sam bankman-fried. charlie gasparino. >> alameda was the hedge fund. ftx was the crypto exchange. what is interesting about this whole thing, if you listen to sam bankman-fried during his media tour, which i think they were really too softballish, but that is a whole other conversation, howie kurtz at some point but, he seemed to blame everything on the people running alameda, not him running ftx. even though he ownses 90% of alameda he wasn't running it and should have been running it. he seems to point the finger his

ex-girlfriend, the woman who lived with him caroline ellison, ceo of alameda even though sam owns 90% of it. what we understand, what we understand, what a lot of white-collar attorneys are saying to me today, saying to my producer as they're reading the indictment, as they're doing more research, listening to our reporting, if you reed the indictment closely there is cooperator. the cooperator they're pointing to is caroline ellison. you have to read tea leaves on this thing. some of the stuff i said yesterday. she went out an hired wilmer cutler, wilmer hale, a huge white shoe law firm, specializes dealing with the u.s. attorney's office and southern district particularly cutting deals, if you read zoom of the other stuff, listen to what the u.s. attorney from the southern district said today, forgot the

gentleman's name. larry: dennison, someone correct me on that. he said people are talking, we want more people to come forward. that's where we are right now. we should point out i reached out to caroline ellison's lawyers. they have not gotten back to me. sam bankman-fried's not come, getting back to me but we should also point out other news outlets were doing puff piece interviews on sam bankman-fried we on "claman countdown" and also on calf view -- cavuto, doing straight reporting that the indictment would likely come before the end of the year. it came today, unsealed today. liz: it was quick. >> we were first to report it. we were on record here saying there are cooperators. we think it's the, our sources are pointing to her. we'll see what happens. liz: charlie, thank you, good reporting. we appreciate it. can i just say, you have got sam bankman-fried, the federal reserve couple minutes left to

go of trade ahead of tomorrow's big final meeting of the year for the fomc. joining us baroow equity mark girbroni. 40 billion under management. fed meeting. what are you doing ahead of that? >> thanks, good afternoon, liz, thanks for having me on. we need to be positioned ahead of it. we think where we're positioned is appropriate. so the fed will keep raising rates. they will keep reducing liquidity. i think they're making progress. so what we saw today was inflation is moderating. it's clearly significantly too high still. so the fed is not ready stop. they are slowing down a bit. they will be diligent and continue to raise rates in our minds through next year or at least meaningfully into next year. that is what the market is still grappleing with. our expectations the fed will do

50 basis points tomorrow and be diligent fighting inflation. liz: fed whisperer, from "the wall street journal" nick timiraos, he said look for 25 basis points in february. we have laggards on the screen. it has been tough for some of the technology names. where are you going with your client's money? where do you think is a good investment at the moment? >> what err finding at barrow handley we're value active. we're focused picking stocks one at a time. so we're going to areas of the market more cyclical. we're median overweight. industrial names, consumer discretionary, materials. so we think there is an ability for these companies to bounce back once we get settled into a slower economy, make even a recessionary economy next year. the market will settle out. it will, you know, figure out where we are and it will be easier for us to project going

forward how we rise from there. i think a combination of the economy slowing, the fed eventually slowing. it will lead to a very good market, probably a year or so out. we have to get to that point. liz: yeah, isn't that the truth. everybody's looking to put a point on the calendar, but mario gabelli was just on. he said look for second quarter, third quarter next year for the u.s. economy. mark, good to see you. thank you so much for joining us. folks 20 seconds left before we hear that closing bell ring. please as we finish the green, nowhere close to the 707 point dow rally we saw earlier today. [closing bell rings] it is all about tomorrow in the final hour of trade where we hear from jay powell on the federal reserve's out look for -- ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. some news days it is hard to know what's the sideshow