trillions of dollars cascaded on this economy, lavished on the public in ap attempt to prove free money works. but you know what? the tequila shots one after of the other, we're paying a price for it. now, it does take a long time though for this to get out of the system, right? we're talking trillions of dollars. it won't go away overnight, so the spike in inflation doesn't go away overnight. this earnings season is proving that, you know, american companies, they know how to the operate in good times and bad times. they know how to make money. and ultimately, you want a piece of the action. so i always say hang tough, let's just hope that the fed doesn't make living and investing harder than they've already made it. that's my message to you, liz claman, as i hand it over to you for this last hour that's going on the dynamite. liz: yes. and we know the kind of damage dynamite causes. a little damage on the dow here, down 332 points at moment.

get ready for the answer to the $2 the trillion question. with microsoft's quarterly earnings out after the bell this afternoon, will the numbers be good enough to keep the tech giant's market cap above the 2.07 trillion it stands at now or dunk it lower, taking the tech sector with it. and what about alphabet? the google parent also reports in just over an hour and is a strong proxy for digital ad sales. both these names are so big, they do have the power to spin and swing the broader market. they are both down at the moment with microsoft down 1.7%, and we've got alphabet-google down 1.25%. as we await the releases of those names, the dow jones industrials is deeper into red territory. for much of session, it was down just over 100 points, we are now down 325 the points. s&p 500 losing 58. the nasdaq is down 1 is.7%. it's not ebb even the worst percentage loser on the majors here. look at the russell, down 2.25% or 39 points.

the majors are colored red due to the one earnings report that we warned you about at top of yesterday's show and warned you thatting ed the have the power to do so, to cause all of this this red the next day. first republic, which reported after close, now while watching the stock run up 10% ahead of the numbers yesterday, we did warn our viewers that investors might be getting ahead of their skis. and look at today's shares. i mean, they kind of look like a garage sale on pepe's face. they are flat out on the ice here, down 43% and dropping. by the minute. the california regional bank is at a record low after revealing deposits fell 41% during the quarter. now, you may remember customers pulled more than $100 billion starting this mid march worried that contagion from silicon valley bank's collapse could spread. and also remember this is bank that a consortium led by with jamie dimon poured $30 billion

worth of deposits into to stabilize it in mid march. as frc says, it continues to explore options on what to do next. charlie gasparino is working this story. he's got some exclusive news in just a new minutes. but first, joining me now, prosper trading academy see you scott bauer. you know, scott, dow chemical aside because it did not have a great earnings report, it's really tough to hold on to gains even when individual stocks have very good news. just witness mcdonald's. it opened at a record high right at the open of $295 on a revenue beat, robust comp sales. the company said that higher prices are not spooking away diners, and yet right now the stock is off those highs. it's at $2 the 90 at the moment. -- 290. is this now a what have you done for me lately market, and how will that affect microsoft and google after the bell today? >> for the most part, it really is, liz. spotify was another one this morning. the one stock that stands out me that actually has held their

postearnings good is p&g, procter & gamble. but overall it is a very cautious environment. i think even with good results, even with good projections here unless they are so far knocked out of the park here, investors are looking at more so the overall environment as opposed to just the individual stock and saying, you know what? i'm going to get out here. i'm going to get out. if i miss 5% to the upside, if i miss a little run to the upside, so be it. so that is the caution that is out there. and it's a difficult environment to trade many in. but let me tell you something with cbs 2 disty -- specificity to microsoft and to alphabet. if they come out with good metrics, if they come out with as your having some -- as your coming out with good numbers, i think that's an opportunity to buy them. if we're talking about a couple

dollars each, no. if microsoft were to get down into the 270 range, absolutely -- liz: it's at 277 right now, just so everybody knows. >> so 3-5% below here, yes, i would like that. but if the numbers are good and if guidance is good because that environment we're in. so it is a risk-off sentiment, absolutely overall. now it's, it's not a -- [inaudible] environment though today we are seeing for the first time in a really long time volatility pop. and and we a had this discussion last week, liz, that, you know what? you buy protection when you can, not when you have to. so you've got got a rush of people now floating in, flying in trying to buy some upside vix calls, trying to buy some protection in the s&p to the downside. that's why you're seeing vix up 15%. that's why you're seeing the new one-day vix measurement from the cbo which just came out yesterday, that's up 50% today. liz: you know what i don't

understand? we keep hearing that the s&p is going to sell off and there's going to be a disaster, and this is the broader market encompassed. 500 of america's strongest and best companies. so you buy a basket of this whether it's the spi or the ivv, and, you know, you should be doing pretty well. this thing has not gone below 4,000. it has held above that, has it not? and so, i mean, doesn't that bode well for at least the short term? what about the long term? >> it really does, and that 4,000-4,200 area, that consolidation we have seen for it seems like the longest time, that's why you've seen volatility so low. and and that's why, you know, we continue to talk about we've got to the buy it when it's cheap. but, yes, if it does break to the downside, there's some room that it can go. i think that, you know, a lot of analysts are look at maybe 3,500 as the next point here. but you know what? with all of the overhang, all of the dark clouds in the market right now, the markets have held

up pretty well. liz: indeed. >> they have held up really well. liz: perhaps not to the fed's happiness -- [laughter] the fed would like to see a little bit of jittery action here, and certainly the labor market start to weaken just a bit. but they're not truly getting that. maybe a teeny bit. scott, if you look at the bond market really quickly, you've got the or very short-term t-bills, the 3-months, which have been the great 5%-ers right here versus the 10-years which are coming, those are going up. and then you've got -- sorry, those are coming down today, those yields, and then you've got the shorter termed moving higher. what does that tell you right now? what's the market most scared of? >> it does tell you there's some fear out there that maybe the banking crisis, and we're certainly seeing that with what's going on with first republic, is not finished. and then i think what's really playing into this on a more macro level is people are scared

of the debt crisis, what may happen with the debt ceiling and accelerating that up for, you know, end of may, early june as opposed to a default. that's why you've seen those real short-term deals have a big, big premium just going further out. liz: all right. low of the session for the dow, a loss of 336, we're down 311 right now. scott, thank you so much. we need to get to general motors. premarket it got lots of credit from investors for having raised its full-year private guidance, but they are down about 3.6% at this hour after having been up 3% premarket. the autoa maker announced plans to kill off one of its cars. say good-bye to the chevy bolt. yes, unveiled in 2016 the bolt us really general motors' first entree into fully electric cars. lately that car's been plagued with battery fires which resulted in a mass recall. the automaker has now gone full force into investing heavily into newer battery technology

and stronger, more interesting ev cars like the lyric which, of course, is cadillac, not to mention the all-electric the hummer. there's a big wait list for that. gm's cfo says that the automaker will be moving all capital spending to evs over the next few years, so don't interpret anything like they're backing out of the ev business simply because they're moving out the older, older ev car, the volt. which brings us to cleveland cliffs. as the only manufacturer in the u.s. of electrical steel, it is the likely to really benefit from the ramp-up in ev production. cliffs is right now down about 5.33% after of the steelmaker reported first quarter results, so let's bring in now for a better read on company's report and the very strong and increasingly strong tie-up with the auto sector, clevelandland cliffs chairman, lorenzo gone sals. thank you for being here. >> my pleasure, liz. always a pleasure being with

you. liz: thrilled to have you. even though your quarterly profit loss was narrower than expected, investors are not happy. let's get through this right now. what happened? >> well, we are building inventories to supply a much stronger demand from the automotive industry than we had last year when they were, they had all kinds of problems. their internal supply are chains, not related to steel, very clear on that. and now that they are producing more, we're producing more for them. we are the largest supplier, we are the largest supplier of each one of them individually, and we are ready for q2, q3 and q4. liz: you know what amazes me is you were already the largest supplier for autos with, like, 30% of your business coming from the everything e v and auto market. now it jumps to 36% sequentially. that's incredible. so clearly, this is a huge part of the business. what do you see for the near

future as there is a mass ramp-up for all the auto companies whether it's volkswagen or general motors, ford, not to mention tesla for this kind of steel? >> well, we supply them with exposed parts, steel for exposed parts, we supply them with structures, and we also supply them with high efficiency electrical -- [speaking in native tongue] for the engines of the electric vehicles. we also continue to supply a lot of steel for internal combustion engine vehicles. it's all going well at this point. we thought recession, but the recession has been postponed. i believe that the fed's at the end of this rate hiking marathon , and the consumer at least for cars is not seeing that yet. we've continued to see high demand for cars and is high demand for our steel.

liz: you know, here's what perplexes me or perhaps some of the other investors out here who love to love you guys. i mean, i read all the message boards, and they think you are an incredible leader. you've been in charge for so many years, and yet right now even as you have a lock on the auto industry market, ford steel and electrical steel, you missen expected loss, but also you missed on revenue. can you just explain what it is that you find the problem? is it materials costs? is it wages that are still skyrocketing? >> we did not miss on revenues. actually, we beat on revenues -- liz: lower than a year ago. i'm sorry, my bad. i'm sorry. my mistake. >> we beat by a lot, and we beet on e by da, so it was a bit on the top line and a bit from the bottom line. the difference against last year is very clear. last year we're dealing with war in ukraine.

remember last year first quarter was when russia invaded ukraine, and oil prices went crazy. and demand for everything from iron ore all the way down to galvanized steel went through the roof. it was an anomaly. today's world is more steady state. and again, we beat on the top line, we beat on the profit. today was a bad day in the market, liz. liz: yeah. >> we are in the middle of the problem. liz: a lot of things you can't control, for sure. we haven't used the i-word lately, infrastructure. lorenzo, what about the infrastructure bill that passed, and tell me exactly where you're seeing opportunities in that part of the business, not to mention the chips act. are you doing anything involving the fab plants that are prouting up in this -- sprouting up in this country? i would think, yes, because part of the deal for the government to be giving these companies money was that they must use american-produced steel. >> yeah. that is a big push towards

reshoring manufacturing. the chips act that we participated very actively, and we appreciate the work with congress and with the biden administration to get it done, was a clear plus for our market many in terms of automotive steel. and the infrastructure bill will bring a lot of demand for the -- that we produce. of course electrical steels, there is 65 billion for the implementation of improvements in the electrical grid and $7.5 billion just for charging stations. it's all coming. but, you know, one quarter is a short period of time. the balance of the year 2023 will bring a lot of good things. our stock price is for sale, it's a good time to buy. liz: great to see you, lorenzo. thank you very much for joining us. >> take care. liz: cleveland cliffs. yes, based in cleveland,

greatest location in the nation. don't tell me about the river being on fire. i'm a lover of cleveland. spotify investors -- [laughter] singing a happy tune after the stock hit a 52 the 2- week high today -- 52-week high today. the streaming giant reporting its strongest first quarter user growth ever. and continuing on this vein of earnings after earnings, youtube parent alphabet reports after the bell, as we told you. that's today. and tomorrow meta, which owns instagram, reports. which social media platform is taking the lead are as congress pushes harder for a tiktok ban? or will it be snap or twitter? i don't know. up next, famed tiktok influencer kat stickler is here live in studio. with nearly 10 million followers, we will can her who she makes her living off better, would it be tiktok or which one she and her fellow influencers see merging. closing bell, 45 minutes away. the dow down 2 the 94 pointses. "claman countdown" is coming right back. ♪

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liz: oh, boy, here we go. big tech. youtube the parent if alphabet set to report earnings in turned 45 minutes, and tomorrow after the bell, as i mentioned, we'll get quarterly numbers for meta. both could give insight into how the ban bearing down on the chinese-owned app tiktok is impacting their platforms. big jumps in daily active users, daus, could mean content creators might come up with a plan b, and it may be one of hose two or perhaps another -- those two or perhaps another social media platform ahead of a potential tiktok ban. to give you perspective, alta

bet's youtube shorts saw 50 billion daily views in the fourth quarter, up from 30 billion just a year prior. so is one already leaping out front, and what happens if tiktok does not get banned? content creator kat stickler is on all of them, youtube, instagram. but her biggest presence is still, by far, on bytedance's wildly popular tiktok app. kat joins me here in studio in a fox business exclusive. [laughter] okay, that's so influencer, what you just kid. >> oh, i can't help it. it's in my blood, i guess, i don't know. liz: let's define influencer. you understand all the ins and outs of each one of these platforms and what each one can do for you, obviously, and for your followers. how do you rank them when it comes to actually making money, making a career off them? >> tiktok's my baby. it made me big on all the other platforms. there's never been an app that makes you grow on other apps

because it reaches so many people that other people are like i've got to share this with my friends on instagram or twitter, you know? liz: i hadn't thought of it that way. you find you get followers are from other platforms because people think what you've said is so funny, they move it over. >> well, maybe, if they think i'm funny. liz: well, they do. >> yes! [laughter] liz: you've got 10 million followers. >> i just wanted you to compliment me. thanks, liz. [laughter] liz: you've got sponsors from amazon to olay, folgerss and more. you're in new york, i'm guessing you're meeting with more. have you thought about the plan b? i know you have, but i'm just asking you for our viewers, and you need to reveal what your plan b is. >> okay. well, here's my plan b. no, if tiktok was banned tomorrow, i would be okay. like, i know i would be okay. but i think the issue is privacy, right in that's the issue, is privacy. but privacy has always billion an issue since i can remember. it's been an issue if i'm out

and about and i talk about something, i get 10 ads about it. you're talking to me, i'm very successful on tiktok, of course she's going to want tiktok, she's successful at tiktok. but privacy, if privacy is the issue, that's an issue across all social media platforms. it's the not just tiktok. it should be all of them equally. liz: there is currently a bill in the senate that is being pushed forward, and it is a bipartisan bill, and it says that kids under 13 cannot be on any social media platform. they would be banned from the social media platforms, and then 13 to 17-year-olds would have to have presential approval. tell me how you -- parental approval. tell me how you look at manager like that. >> again, i think it's up to the parents like that. america is democratic, right? so we're -- it's the users, it's the people. they should decide. so if you're doing something based on children, the parents should the decide. what i think is okay for my child might not be okay for the

next mom and vice versa. so i think it should be up to these parents individually. and, yes, there should be regulation across all social media platforms because i've received -- let's talk about bullying. i've received the same on all social media platte form, but i receive the same on all of them as well. liz: and you've heard about hem monowith 8 which is bytedance's future attempt, today call it a cross of sort of instagram and pinterest -- are you on it yetsome. >> i got it, yeah. i was just curious. i love it. as a creator, it lets you have the pinterest/instagram, edit, but it's also made from the same company as tiktok, so why is lemon8 okay and not tiktok? liz: before we go if one day soon tiktok is absolutely banned, who's going to be the go-to platform, in your opinion? >> it comes down to the users. i think they're going to want instagram. but then youtube has shot up for me just through shorts.

i had a video i posted over a year ago that just hit 4 million just recently. so i don't even understand how the algorithms work. i think we'll find out. liz: well, i i think you go into this with a very clear eye, and you make your living off tiktok, so especially the back story's important. kat stickler, thank you very much. by the way, so can kat did a behind the scenes at fox business tiktok, check it out @redfoxliz. thank you, kat, great to see you. and you just heard her discuss the business ramifications of a ban, but what you didn't hear was her personal triumph. how did this single mom who found herself divorced without a job turn her obstacles into laughter and a lucrative career? is that's what we get into on my brand new everyone talks to liz podcast episode. hear how she pushed through the very dark and difficult times to find, and i'm talking major success. you can listen on apple, spotify, amazon, i heart radio,

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down about 1.6%, down 203 points. let's get you news on two two blue chips. we have told you that six dow components -- actually, just under half of the dow components are reporting this week. the maker of post-it notes and scotch tape, right, 3m, cutting 6,000 more jobs globally as part of a restructuring plan. this in addition to the 2500 cuts it announced back in january. 3m did beat analyst expectations for first quarter earnings, but those earnings were lore than the same period a year earlier due to a shift in consumer spending away from nondiscretionary items amid a slowing economy both here and in china. but the stock is not getting punished too badly. it had been higher, it is now lower by just by half a percent. much worse picture for u.s. chemicals maker dow inc. it is sitting at the bottom of the dow dow jones industrial average after it forecast second quarter revenue below wall street estimates and also reported first quarter net sales

fell 22 percent. the stock down 4.7%, but it did beat on top and bottom line expectations. it's more the outlook a that has investors running for the hills. and ups, united parcel service, not delivering for stockholders as the parcel delivery company missed on top and bottom line summits. ups says slowing retail sales have resulted in lower volumes, right? people are buying less so they're shipping less. the carrier is forecasting its first decline in annual revenue since 2009. the stock down 9.6%. while ups is delivering fewer parcels, a new platform is attempting to deliver more nurses to health care felts. facilities. according to a report from mckenzie and company, the country is about to see a shortage of anywhere between 200,000-450,000 registered nurses by the year 2025. right now there are nearly 4.2

million registered nurses nationwide, but, you know, people want to control their schedules. now a new app is linking up short-staffed hospitals with nurses looking for work specifically at the times these hospitals need them. ashley webster live in florida which ranks 3rd out of the 50 states for the most registered nurses, right, ashley? does the app have the potential to solve at least a part of the shortage? >> reporter: you're absolutely right. there are a lot of patients here in florida, so they need the doctors. but even the nursing industry, liz, is tap thing into the -- tapping into the gig economy. it makes sense. companies like gayle health care based right here in florida now provide an app that matches nurses to short-staffed medical facilities. more than 62,000 rns have is signed up in 40 states to use this uber-like service that helps fill open shifts nationwide. but to be honest, it's barely making a dent in the nursing

shortage that is reaching crisis levels. >> it's getting worse every single day. and for the next 30 years, it's going to give get worse every day. what it is, we're driving towards the grand canyon, and every day we get faster heading to that cliff. >> reporter: yep, heading off a cliff. according to research, the total supply of rns decreased by more than 100,000 from 2020 the-2021. that, by the way, the biggest drop in 40 years. and as you pointed out, liz, that recent mckenzie report predicting the u.s. could see a deficit of up to 450,000 registered nurses in the next two years. part of the problem is a lack of qualified teachers at medical schools meaning thousands of potentially qualified nursing students are being turned away. listen. >> the how we fix it is we get more people trained. we should more online cases. we need to take these abandoned malls and turn them into with health care training centers. where's the silicon valley of health care training? why don't we create it? >> reporter: good idea.

by the way, the nursing shortage is being blamed on several issues including high turnover and burnout after the covid pandemic. also many nurses nearing retirement age, a wave with of retirements expected over the next 15 years. and america is aging, meaning demand for nurse will be even greater for those baby boomers. all of this could have consequences for us as a lack of medical professionals could lead to a drop in the quality of patient care. it is a crisis, liz -- liz: oh, i know, i know. and we need them. they work so incredibly hard, and it's not enough to bang the pots and pans during the lockdowns. we've got to do something here. >> reporter: right. liz: ashley, thank you very much. maybe technology solves the issue. up next, the ceo, speaking of technology, of xerox. the company that should be known as america's photocopier saying demand remains stable in the face of a challenging macroeconomic environment. what is the ceo seeing?

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liz: take a look at xerox stock. yeah, up 13%? that's a big move for this company. the sock is photocopying gains at this hour, on track for its largest percentage increase since january of 2017. the printer equipment maker's first quarter report shows revenue group 2.8% to $1 is.72 the billion, and it gave a key forecast for corporate demand this year. joining me now in a fox business exclusive, xerox ceo steve band rah zack. great to have you. >> hanks for having me again. -- thanks for having me again. liz: of course. it's one of those brands that's a verb, and now it's acting very

active, right and tell me exactly what drove the numbers and what do you think has investors so excited? >> i'm really proud about our 20,000 employees around the world. to execute on a balanced strategy first focused on client success, customer outcome. and if you think about major macro trends, inflation, labor, you think about what's happening in and around capital shortages, we're helping our customers drive productivity, drive improved cash flow and really helping them in this hybrid workplace that we're in today and a contributed work force. so how do we drive the productivity? second, implementing internally things like artificial intelligence with, things like augmented virtual reality, partnering with service now and care ir, an augmented virtualing reality set of software that allows us to drive a totally different service experience. so driving operational excellence is really important for us. liz: i need to spin it forward. you look at xerox and you think, copy and fax machines, etc., and

the people who service them. >> yeah. liz: but tell me, what opportunities, new ones, do you see where you could scale up this company; that is, not fess thely separate -- necessarily separate, but perhaps an offshoot of copiers? >> reporter: three major trends. if you think about the office environment today, we have always driven workplace productivity. today in the hybrid workplace that we have, how do you reare invent a that productivity many that space. so things like document work flow, things like document intelligence. you're talking about artificial intelligence, well, it doesn't work without data. data on paper, data in pdf files. so we have the ability to add and drive value in and around the ecosystem that we have. security. you think about work flow, ip security. you think about the ability to be able to secure documents in the world that we're many today. liz: right. >> so we have so many different ways in which we can help our customers in this hybrid workplace, adding technology

like artificial intelligence, like augmented reality -- the. liz: and, again, the security. because a lot of people still haven't come back to the office. >> no question with. liz: you have been in the position for about eight months. carl icahn, the activist investor, is still one of the largest shareholders. in fact, i believe zero is rocks is his sixth largest -- xerox is his sixth largest holding. he's got a big chunk of this company, about 22%. have you dealt with them -- -- with him? he obviously gets into companies he thinks need change. >> we deal with all our shareholders. i talk with investors all the time and, obviously, they like our strategy in terms of what we're trying to do. how do we reinvent and reposition xerox for the next hundred years. so we have tremendous support in terms of how we're repositioning the company and, obviously, we now have a second quarter under my leadership a that we've grown both profitability and revenue, and so we're very excited about our strategy. liz: is he breathing down your back? >> no, you know, listen, everybody wants to see greater

returns. everybody wants to see greater profitability. but more importantly, it's a support of our strategy and where are we going, and result results like today make it a lot easier. liz: well, yeah. and the stock response, up 13 plus percent. steve, thank you very much. >> my pleasure. great to spend time with you anytime. liz: great to have you. and tell the xerox gang we love 'em, because we've got your machines here. [laughter] in fact, i'd hire one just to stand by it to help me work it. thank you so much. charlie gasparino games the survival of first republic bank with. that is next. don't go away. dow is down 324, the s&p and nasdaq are at session lows. ♪ ♪ (man) what if my type 2 diabetes takes over?

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liz: oh, boy, look at first republic. and you can't be faulted for asking what happens next to this california-based bank? it is just off its all-time low of $7.92 which it hit moments ago. even after an emergency $30 billion infusion from 11 larger banks last month amid the regional bank panic. depositors still yanked $100 billion out of first republic's accounts during the quarter. let's get to charlie gasparino who has some breaking news.

>> it hit the low on my tweet, that bankers who are working with first republic, the bankers who put many that $30 billion of goes fits that was initially thought that could save the bank, that that those bankers are telling the fox business network that they believe eventually -- and it doesn't have to happen tomorrow, by the way, this is not, like, something that's going to implode tomorrow as we wake up, but eventually, within the next couple of weeks maybe, first republic bank will have to be put into receivership. why is that? they are looking for another private sector solution, from what we understand. and the solution they're looking at is going to be maybe more cash to put in the thing, maybe find someone to buy it. and both of those seem really difficult to pull off right now. who wants to buy what's on the balance sheet, which is a lot of loans that are not doing very well, a lot of assets that are underwater because of interest rate changes, kind of a bigger version of silicon valley bank. so it's hard to get a private sector to buy it.

the government, meaning the biden administration, doesn't want to bail it out in any way, finance, backstop that stuff. and raising money like throwing money good at bad. so eventually, the word is that they believe this is going to be the a government receivership situation along the lines of the other ones. what's preventing that from happening i now? i will tell you that bankers that put the money in, remember, these are the biggest banks, bank of america, jpmorgan, i've been talking to people there. they thought friday that the government was going to swoop in, the fdic and essentially put it into receivership. that didn't happen. what the government is pushing for, working with first republic bank, is a private sector solution. why is that? it's politics in part. liz: yeah. i thought no more bailouts. no more rescues. >>st the always poised as a bailout, and it's hard to push back against that narrative when you're covering all the deposit- liz: can you define receivership? >> okay. so a receivership is when

government essentially takes it over, right? something like what they did with fannie and freddie, although that was called conservator theship. it wasn't quite in bankruptcy. receivership, you're essentially bankrupt. you're insolvent, you know? the assets you have on your balance sheet are underwater. they can't, they can't cover the liabilities that you owe, thus, the federal government takes you over. you're put in a sort of bankruptcy. liz: okay. >> but it's for a federally-insured bank. the federal government then goes in and, theoretically, covers everybody with $250,000 of deposits and less. as you know, janet yellen and the government has been working on side deals where they're covering everybody to prevent massive bank runs. the problem that they have though is that that didn't, that sort of notion that we'll cover everything hasn't really seeped into the american public right now. if you look at the earnings or the losses of first republic bank that came out the other days, it had massive withdrawals. still -- liz: 100 billion. >> they still have massive

withdrawals. and here's the thing, average people -- [laughter] the american public, the investment public, they understand simple larry fink was on your show two weeks ago where he talked about how easy it is to earn 4% on treasury bill. why would you put, not put money in a treasury bill which is essentially the full, faith, credit of the u.s. government which is more safe than a bank obviously, and get like whatever a bank is paying you? what are they paying on deposits. liz: unless you need it in the short-term move to the banks that saw all the deposits. bank of america, jpmorgan, wells fargo. >> think about it, if your treasury bill is completely liquid market, it is u.s. treasury bills, why make why givep 2% when you could get four. liz: you wouldn't. >> it is going on mainly at regional banks. but at some point jpmorgan is

getting hit too. they are wrapping me. they love to say it in my ear. liz: i'm on gag reflex right now. >> they will not wake up tomorrow, banks working with the first republic, see the thing is insolvent and they have to sell. i don't think that will happen. this is more of a slow burn. eventually private sector solutions are not working. everybody involved it will go into into receivership. liz: shares are down 50%. >> yes, it is a bad day. this latest tweet, i not like i wanted to move the stock down definitely moved it down. that is what we do here at fox business, we give you the latest news on all of this. liz: facts on claman countydown. closing bell, folks we're five minutes away. nasdaq lower by 227. a week from today the federal

reserve begins that two-day may meeting deciding where interest rates go next. investors are still pricing in a quarter point rate hike right now. joining us now, blackrock head of i-shares investment strategy. you just heard charlie gasparino talk about the fear surrounding certainly first republic bank. we know what happened mid-march. does this affect the fed's path at all as they look at the landscape, this could be a problem? >> liz, good afternoon. it is great to be here, thank you for having me. liz: thanks for coming. >> absolutely. i do think that it does and i will explain what i mean by that. theres was a time back in march, early march, feels like ages ago, there was a time the fed themselves were telling us they were open to a 50 basis point rate hike in the march meeting. there was a lot of expectations back then that we could get the nominal feds fund rate peak of the cycle six to maybe higher. i think we've taken a giant step

back from that. we recognize the delayed effects of monetary policy are here. so now i think in may, next week we still get a 25 basis point rate hike. that is almost fully priced by the market. after that we have a pause. after that the fed takes a breather, sees this entire 525 basis points of rate hikes we got from last march to now, what does that do to the growth of economy, inflation of the economy? i think it has changed the reaction function meaningfully from beginning of march. liz: you said delayed reaction. people who have not been following the silicon valley bank collapse, that really began because rates were zero for so long, they bought much longer dated treasurys, 10 and 30-year. >> yeah. liz: they turned around found these things weren't giving squat, yet the shorter term ones were giving four or 5%. not to mention you have got all

kinds of other opportunities to make money. money markets were rising when it came to interest. tell me where you see the best opportunities at the moment. if people are too nervous to leave their money in accounts, no matter what the bank. >> right. so i was listening to charlie earlier. he was talking about larry fink, our ceo talking about the opportunities that are in the front end, even looking at treasury bills. i would obviously agree with the boss. we've been talking about this in our research reports that fixed income is really our highest conviction view out there right now. looking at the highest quality parts of the fixed income market. what does that mean? actually treasurys. we don't have to go too far out interest rate spectrum or any kind of credit risk spectrum to earn, four, four 1/2, 5%. stay in treasuries, stay in very front end of treasurys? liz: not 10 years. >> not 10 years. liz: put up three month.

you're talking about three month. >> three months bill, sgov. liz: not 30 year either? >> not 30 year. i will say, if we do, today is incredible day for fixed income markets given the fear that is percolating in the market i think if we get back up to 3.50, 3.75 i think you can be in a pretty good place in the 10-year too something like the ag which gives us access to high quality treasurys and other parts of the fixed income market. liz: talk to me about opportunities where if you're looking at, for example, these etfs, i-shares is known for, when you look at the opportunities, you see ones that give you growth at a reasonable price. people still want growth. >> thank you for asking that question. we just talked about this concept of growth at a reasonable price. so companies within the equity market where again you will get, i come back to that word quality, where you're going to

get companies that margin resiliency, are able to have a strong and healthy balance sheet despite some of the growth fears that we have, and are still priced appropriately. so fundamentally they're not as rich. they have not moved too much already. that happens to be in the global energy sector that happens to be in some parts of the global tech sector. that also happens to be in qul ticker you get access to a bunch of securities that have quality factor attached to them. liz: what we'll do, she had so many choices, put them up on facebook.com/lizclaman. >> great to be here. [closing bell rings] liz: the stocks off session lows, the loss for the dow 335. nasdaq 238. that will do it for us. ♪. larry: hello folks, welcome to