>> mike? if. >> reporter: mike if mckee from bloomberg radio and television. >> you talk a lot about what the data are telling you and how you are dependent on data. but in terms of forward looking assessments of the economy, what are you hearing from ceos or ore officials around the country? if -- other officials? what did you hear today from the regional bank presidents about what companies and consumers think about where the economy is going from here rather than looking backwards, and does that match up with what your forecasts have been and what you think appropriate policy path should be? >> so it's hard to to characterize, you know, a really interesting set of discussions we had and, of course, you'll see hem in the minutes in three weeks -- liz: i'm liz claman. the markets are holding steady and pretty strong as the federal reserve breaks out its scissors,

cutting rates a quarter of a percent. fed chair jerome powell just was asked if he would leave if donald trump, the new president-elect, would is ask him to to, and he said, no. he's still speaking to the press. let's go back to the news conference. >> so they feel like the labor market's in balance. people feel good about where the economy is. demand is obviously pretty strong. you're seeing, what, 2.8% growth in the third quarter estimated, maybe the year's the 22.55. -- 2.5 a. you know, this is a strong economy. it's actually remarkable how well the u.s. economy has been performing with, you know, strong growth, a strong labor market, inflation coming down. we're, you know, really performing better than any of our global peers. and i think that is reflected in what you hear from, what i hear people hear from ceos. i don't get to talk to a lot of ceos in my job, but i hear what others summarize and, of course,

i hear the reserve bank presidents to do a lot of that. and it's pretty constructive overall. that's not to say there aren't areas of caution and things like that, but ultimately, or overall, pretty positive. >> reporter: that follow-up, the areas of caution if there were black clouds on the horizon that that you identified as something you're watching, what would they with? >> i -- they be? >> i think it's things like, clearly, geopolitical risks around the world are elevated. and just as clearly, they've had relatively little effect on the u.s. economy. now, that can change through the price of oil or otherwise. but people talk about those as, you know, something that's on the horizon all the time. but, you know, ultimately if you look at the u.s. economy, its performance has been very good. that's what we hear from business people. and expectation that will continue. if anything, people feel next year -- i've heard this from several people, that next year

could even be stronger than this year. >> andrew. >> reporter: hi. it's andrew ackerman with "the washington post". i just wanted to follow up on the discussion earlier on fiscal policy. your predecessors, greenspan and lcker, spoke up loudly when they thought large budget deficits endangered economic or financial stability. will you do that too? and right now we're in a period of full employment. we have large budget deficits and debt at historic, historic highs that are -- and rising. is that something you'd speak out existence? >> so, you know, i -- out against? >> you know, i have said no more, no less than what the predecessors you mentioned have said. and what that is, is that the u.s. fiscal, federal government's fiscal path, fiscal policy is on an unsustainable path. the lev ofel -- the level of our

debt is not unsustainable, the path is unsustainable. we see that in, you know, you've got very large deficit. your at full employment, and that's expected to con. so it's important that we -- to continue. it's important that that be dealt with. it is, ultimately, a threat to the economy. now, i can say that. we don't have oversight over fiscal policy. i've said it on many occasions, just said it again. >> okay, thank you. i guess the only other question is to follow up on victoria's question, do you believe that the president has the power to fire or demote you, and has the fed if determined the legality of a president demoting at will any of the other governors with leadership positions? >> not permitted under the law -- >> reporter: not what? >> not permitted under the law. >> reporter: thank you. >> courtney. >> reporter: chair powell, courtney brown from axios. in response to howard's question, or you said it wasn't an ideal time to give forward guidance because of the economic urn certainties. uncertainties. can you lay out what some of

those uncertainties are and whether or not it includes some of the the proposals that the president-elect has put out on campaign trail? tariffs, for instance? >> no, i was not referring to the new administration's policies at all, nor will i today. so what i'm just saying is as we look ahead, we mow -- and i mentioned this in my statement -- that the risks are two-sided. i guess i'd start by saying we think that the economy and we think our policy are both in a very good place, very good place. but as you look forward, you say what are the risks. and one risk is that we would move too quickly and find ourselves having moved too quickly and inflation comes back and we lost our chance to get inflation if back to 2.

we can do unnecessary damage the to the labor market and people's working lives. that says don't get behind the curve. so these two things are the two risks that we have to manage, so we're in the middle there. we try to be in the middle and manage both of those. again, the idea so to maintain, support the strength we have in the labor market and in the economy but also with somewhat less restrict every but still restrictive policy, enable further progress if toward our 22 inflation goal. so -- 2% inflation goal. this is the thing, meeting by meeting we're going to be making our assessment of what the right path is. you know, it's not as important, the precise timing of these things is not as important as the overall arc of them, and that's to move from where we are now to a sense of a more neutral policy. we don't know exactly where that is. we only know it by its works. we're pretty sure it's below

where we are now. but as we move further, there will be more uncertainty about where that is and we're going to move carefully as this goes on so that we can increase the chans that we will get it right. >> simon. >> reporter: thank you, chair powell. simon concern with the economist. i mow you don't want to share your decomposition of bond yields, but if you look at the break-evens, it is clear that longer term inflation expectations do seem to have risen up at about 2 2.5% on the 5-year. that's up half a point from when you sutt in september. do you have -- cut in september. do you have any concern at all that longer term inflation expectations are deanchorringing or putting it another way, anchoring at a slightly higher level? thanks. >> so we would be concerned if we saw, if we thought we saw longer term inflation expectations anchoring at a higher level. that's not what we're seeing. we're still seeing, between

surveys and market readings, broadly consistent with, you know, i looked at the 5-year/5-year earlier today and it's probably moved, but it's just not, it's kind of right where there's been, and it's pretty close to consistent with 2 pce inflation. that's been a traditional one we look at a lot. overall, expectations seem to be and have really throughout this in a place that's consistent with the 2 inflation. you're right to say we watch that very care by, and we will -- carefully, and we will not allow are inflation expectations to drift upward. that's really why we reacted so sharply back in 2022, was to avoid that. >> kelly. >> reporter: hi, chair powell, kelly o'grady, cbs news. we just talked about what you've heard from business managers on the economy, but many average americans are still not feeling the strength of the economy in their wallets. so what's your message to them on when they might expect

relief? >> so you're right that we say the economy's performing well, and it is, but we also know that people are is still feeling the effects of high prices, for example if. and we went true the -- the world went through a global inflation shock. inflation went up everywhere, and, you know, it says with you because the price level doesn't come back down. so what that takes is it takes some real years of real wage gains for people to feel better, and that's what we're trying to create. i think we're well on the road. inflation has come way down. the economy's still strong here. wages are moving up but at a sustainable level. it's just -- i think what needs to happen is happening, and for the most part has happened. but it'll be some time before people, you know, regain their confidence and feel that. we don't tell people how to feel about the economy. we respect, completely respect what they're feeling. those feelings are true, they're accurate. we don't question them, you

know, we respect them. >> reporter: and just a quick follow-up. president-elect trump has been critical of your performance. any concern about his influence on the fed's independence? >> i'm not going to, i'm not going to get into any of the political things here today. but thank you. >> [inaudible] >> reporter: hi, chair powell. nancy marshall again, sir, with marketplace. what is your plan if we start to see stagflation? >> so that's, you know, the whole plan is not to have stagflation so we don't have to deal with it. that is actually our plan. [laughter] you know, it's, of course, a very difficult thing because you're concern anything you do with interest rates will hurt one side or the other, either the inflation mandate or the, or the employment mandate. i would just say that, you know, we've been able to see inflation come down a whole lot, you know,

much closer to our goal without the kind of sharp increase in unemployment that has often accompanied programs of disinflation. so knock on wood we've gotten this far without seeing a real weakening in the labor market, and we believe we can complete the inflation task while also keeping the labor market strong and that, of course, is exactly what we're trying to do. >> reporter: can you rule out an interest rate hike next year? >> no, i wouldn't rule anything out that far away. that's certainly not our plan. i mean, our baseline expectation is that we'll continue to move gradually down towards neutral, that the economy will continue to grow at a healthy clip and that the labor market will remain strong. that will not change from the september sep. that is our baseline forecast and short of some cardiology if now event, that will continue for the foreseeable future.

but ultimately, we're not in a world where we can afford to rule things out a full year in advance. there's just too much uncertainty in what we do. >> let's go to jean for the last question. >> reporter: hi, or chair powell, jean young with m and i market news. i wanted to go back to a comment about americans being quite unhappy about the cumulative price level prizes -- rises even though now inflation is back on a path to 22. would it be -- 2%. would it be appropriate for the fed to undershoot for a while under the average inflation targeting regime so people have a chance to catch up? >> no, that's not way our framework works. we're aiming for inflation at 22% -- 2. we did not think it would be appropriate to deliver, deliberately undershoot. and, you know, part of the problem there is that low inflation can be a problem too.

that's not part of our framework, and it's not something we're going to be looking at in our framework. thank you very much. liz: well, federal reserve chair jerome powell just finishing his november if news conference, one of the shortest in memory, where the fed unanimously do did vote to to cut rates by a quarter of a point. powell stressed during this q and ark, and he took the fewest questions i can remember concerw about you with, andy, but really there were very few. this is ending 12 the minutes after the hour. reusually goes until about 17 -- he usually goes until about 17 minutes past the hour. he did stress the economy is incredibly strong, and the markets did hold steady throughout the q&a with the news reporters here. you look at the dow jones industrials, any gain for the dow, any gain for the s&p s&p or the nasdaq would be another record, and we've got it. you've got the dow jones industrials up, the s&p gaining 47 points.

take a look at the nasdaq. the nasdaq very close if not at session high toes of 32 the 89 points -- 32 the 89 at 19,272. russell 2000 has been jerking above and below the flatline here. at moment it's down just a point. so it's the treasury yields. if anything moved, it was kind of the treasury yields. at start of the announcement, treasury yields were lower, then they started to trim the losses, began to rise. you can see from the 10-day intraday yield chart here. they're still down about 11 basis points to 4.32%. flip it over to the 22-year -- 2 2-year treasury yield, also now close to session lows after having recovered a bit from an earlier drop. you've bot the vix incredibly calm at the moment. in fact, it is falling by 5.65% to 15.35. it got very close to dropping below 15, and we were going to see a 14-handle.

we have not seen that yet during this session. gold, well, gold has been up for most of the session here, and we do have it up about 1.if 333%, steadily climbing about $36 to $32 the 712 -- 2712. and then the u.s. dollar. if we look at the dollar against the major currencies, yesterday the u.s. dollar ripped higher. right nows it is now down. okay, so the green shows you that the yen, the pound sterling, the euro and the yuan are all straightly stronger right now existence the green -- strong -- slightly stronger against the greenback. jay powell was asked if the september summary of economic projects still holds at this point, and then he was asked about december. what about another rate cut in december on top of the 50 basis point points we have in september and the 25 the we just got now? listen to how he put it.

>> at the same time, we have one inflation report or which, it wasn't terrible, but it was a little higher hand expected. so i think really the question is december, and by december we'll have more data. i guess one more employment report, two more inflation reports and lots of -- liz: let's bring in somebody who correctly called the fed's jumbo rate cut back in september, kpmg chief economist diane swonk. it's all about what happens in december. can you decipher the powell speak? are we in for one more tightening of the interest rate skew this year or a pause? >> i think we're going to get one more cut, but he's left all optionality on the table. that's really important for the

fed right now. the meeting by meeting that he stressed, the fed is not on any preset course, we've heard that before. i think that's important. what he's rye thing not to do is let the bond market get too far ahead of the fed as it did in september where hay the thought all of a sudden it'd be half percent, half percent, half part. that is not what the fed was signaling, and i think it's important he saw that little bit, not as the bumpy ride down in inflation. if -- the last numbers on inflation were good but not spectacular, and that is where you saw a little bit of hesitation. and i think that's very important. he also a noted that we're going to get more data. we're data-dependent. it's frustrating because there's not a plot of forward -- not a lot of forward guidance. the fed is easing toward its noninflation narrate, but a lot of things can happen between now and when they actually get there. and he mentioned exogenous shocks as well.

liz yeah, he did. there were a lot of questions about the employment picture, diane. and when you look at the employment pick hur, it is noisy because september was a gigantic number. and then the you look at october which was paltry, a gain of 12,000 jobs, far urn, you know, what people -- under what people had expected. september, 223,000. he did reference the hurricanes expect strike over at boeing that weighed into the october number. but where do you think -- can you game where employment really is maybe for november? >> well, i think we're going to e a bit of a bounceback in november from the if hurricanes although hurricane katrina -- which is sort of the only thing that's been close to the kind of back to back monster storms can and disruptions that we saw -- that had an impact on employment for two months after the fact. so we could have some lingering effects. but then there's the other side of it, of course, that you tend to get a pick-up in construction activity.

what i worry about is the reconstruction efforts related to these monster storms could further bid up materials cost and make it even less affordable to buy homes out there. you're taking away resources where we already have labor shortages -- sorry, my mic fell. or sorry about that. liz: that's okay. happens to to me often. [laughter] >> we're also talking about labor shortages in construction but not labor shortages elsewhere. so this is an economy that, you know, from the fed's perspective looks good. i thought it was important that he said we're not trying to tell people it's good because it takes a period of time to regain your purchasing power after the leveling up of prices that we saw. so even though wages are outpacing inflation, he was very cognizant and very sensitive to the fact that people still don't feel great about the economy even though it looks very good on paper. liz: well, we just went through an election where it was quite clear that people did not feel

good about this economy and about the prices that they are still having to pay. donald trump, the new president-elect, won in a very sweeping margin here, and you see you've got the senate that has turned red. we're still waiting on the final house races to trickle in. but at the moment, diane, i think that was a prescient question, very important. and he was peppered -- we've got to let people hear his responses. we're going to get that for you. but it's very interesting to see, he would not touch with a 10-foot pole any question about whether he would leave if donald trump -- he said he would absolutely not. so that was kind of interesting. he was ready -- >> no. he's got til may 206. -- 2026. he retires may 2026. liz: okay. let's look at the markets because the reaction -- we can cycle through a whole bunch of sectors here. it seems like with so much green

on the screen, particularly technology, tech has been driving so much of the gains that we've seen here. and that tends to lift up hiring if you're looking at a.i. and those kinds of job withs. do you get a sense that perhaps there's a chance we might see a muscling higher once again of inflation if you pair that with the tariffs that donald trump has said he would impose and all the tax cuts? >> well, it's more than that. it's also curbs on immigration. you put all of them together, a one-time tariff is just a level move up in prices, but sequential and retaliatory tariffs from abroad along with curves to immigration -- curbs to immigration which have played a key role in allowing the labor market to sort of normal normalize, add on top of it fiscal stimulus, those are all very inflation a their and in the extreme. and it's why powell got the question they can be stagflationary. now, the if fed's not going to try to front-run this president

and the congress on what they're going to do. you have to wait and see. there's difference between what is promised on the campaign trail and what is actually done in practice. but those are things that, i think, are also affecting the bond market now because no one in politics, no matter which side of the aisle we're talking about, is talking about deficit reduction. [laughter] or talking about high debts which is also more inflationary. in a world that's more prone to inflation than the world in which we left pre-pandemic. so the president comes back into, the president-elect comes back into office in a very different world than the world he left. liz: yep. diane, hang so very much. great voice -- thank you so very much. we will see what happens in december. just quickly, you're guessing 25 basis point cut in december? >> i think we're going to get another 25 basis points in december. liz: gotcha. all right. well, she's been right and right and, oh, by the way, correct. folks, look at bitcoin. yesterday it went nuts, and now it is registering its fourth

best day of 2024 as blackrock ishares bit bitcoin etf posts record volume. at the moment, bitcoin at $76,975. again, a record, jumping about. 1.3 3%. litecoin up 11.7% and xrp up 222.6 percent. litecoin up 1.7%. you're seeing the reverberations of everything that's been happening. joining me live right now is slatestone wealth chief market strategist kenny polcari and global fixed income head andy brenner. kenny, market reaction here. the markets were up when he took the podium, and they haven't really gyrated. >> right. liz: that's unusual for fed day. >> yeah, i think it is, but we're also still dealing with signed -- kind of the effects of two days ago, kind of that sweep that came across the nation. the people have voted, and they're looking forward to, you

know, better days ahead, right? now, that being said, i think that we have the market feels a little bit toppy here. we had the massive move if yesterday, but overall i don't think we're going to get that pullback at all that i really thought we were going to get sometime in september or october which we never ended up getting. now that this is over and there's some clarity to what the next administration administration and congress is going to look like, i think people are gearing up to now really the trump trade, right? kind of the areas of the market that are going to benefit. and to your point, crypto has just taken off, and we know that that's one of the areas that he loves. liz: andy, we can roll some of this video, but he was ready and fullly prepared for the questior the questions regarding anything about president trump and anything regarding december. in fact, he had written answers for some of them where in the q&a he would immediately refer to that. what struck you about this particular news conference? >> the one thing that struck me, liz, is he said more than four

times, maybe five times, that the fed is not at neutral yet, and we're a long way away from it. so i get the impression that he's going to continue to lower rates all through next year, certainly december. there could be a few pauses along the way. look, the fed is not there to manage the stock market, they're there to manage the employment market and inflation too. but right now i think inflation is pretty tame. the last three months of pce was running at around 2.22%. i think inflation's okay for the moment, but i think he's still very much worried about employment, and the fed has not recalibrated. one thing you have to look at, liz, he lowered rates 50 basis points last time, 25 now. 75 basis points. let me tell you what's the -- what the 10-year's done, gone up as much as 86 basis points and now 65-70 from where it was. that's why we keep putting people into the short end, because the 2-year will track

the fed funds. the 10-year will not. liz: okay. and as we -- i don't know if we can punch up the 10-year right now because it is a thing in motion right now. but people have looked to the bond market over the past two years as a real opportunity to park cash before they could find out exactly what would be happening. so, kenny, you were one of those guys. >> yeah. liz: you gave us great advice. i took it. i mean, i parked some money because i was nervous and didn't know what add to. you got a lot of yield there. >> right. and you do. look, we traded down, we were at 3.60, i think, the yield when he cut by 50 basis points. yesterday we were almost 4.5. 4.46, i think, yesterday and now we've backed off to 4.23. i think for people a little unsure -- 4.3322. i think locking in some rates right here, right now may be a smart thing, although i think you're starting to see money coming out of the bond market and going into the stock the market because people were is excited about the trump trade.

liz: andy, our own edward lawrence asked a very important question, why did they not pause today? why not pause today because the economy looks, quote, so strong. he said everything srl times, in fact, he used the word remarkable. here is what he said to that, and then i'll let you respond. >> overall, you see the progress on inflation and you also look at the economy and you say what's, what is the inflation story now, where's ooh it coming from. i point to a couple of things. one is the non-housing services and goods which together make up 80% of the core pce index are back to the levels they were at the last time we had sustained 32% inflation -- 2% inflation which happens to be in the early 2000s for a period of five, six, seven years. what's not is housing services. liz: housing services. i mean, yesterday housing stocks, the home builders,

tanks. they were the ones that -- tanked. they were the ones that didn't do well because you had the interest rates moving higher. the 10-year, the 2-year all jumping, that makes borrowing costs more expensive. help us understand what's going on here. [laughter] [inaudible conversations] >> then i'll jump in. liz: whatever he said. >> to answer that question, i mean, mortgage rates have gone up 70 basis points as the 10-year has gone up 880 basis points -- 80. so that's going to slow housing down. housing prices are starting to reverse, which i find very interesting in new homes. to your other question, why kid can he not pause today, look, liz, i just said it. i mean, he's -- the stock market is not his benchmark. it's the employment, and you just said how last month's employment was only 12,000. but, yes, it was a lot of hurricanes, but there was 112,000 revisions, and that had nothing to do with hurricanes. i think the economy is a lot weaker. and he has hold you a hundred times, jolts is what he looks at

concern. liz: job openings and labor turnover. >> right. and it's the quits ratio. it's all the dynamics, and they look awful. so i think he's looking ahead which is what i want my fed to do. >> well, it's interesting because he used the word remarkable. how many times today in this speech, talking about the economy was remarkable, which is why i thought they should have held steady and maybe look in december can, right? but i think he said, okay, he's leaving december open to say, okay, maybe we do nothing in december. because i actually think that the labor market is not nearly as soft as a maybe the nonher farm payroll report suggest suggested. i think that's a one-off. i'm not paying any attention to what happened on friday because i think it was way, way out. okay, he cut it, the market was expecting that he cut it, he cut it. but i think at some point he's got to stop. when he says he's way away from terminal rate, i'm not really sure what in this means because right now we're at 4.a 5-5. is he talking in thes, the low

3s? >> 3.5. >> so another point down from here. >> that's what i think. >> i don't see it, if we're worried about inflation starting to rear its ugly head again. hi liz can somebody please explain to me, if inflation has gone from 40-year highs back in 2022 closer to the fed's target today, why are grocery prices still so darn high? and that's why many people feel donald trump won, because grocery prices are what people have to pay. it's right in front of their faces. >> right. lowering rates is not going to change the price of chick chicken, steak, milk and eggs and butter. you know what would bring those prices down? a recession. liz: oh. but you don't see that, andy, do you? >> i don't see a recession, but i do think we're going to slow down, and i do think there's going to be an equity correction, but probably not until march. >> but that's not going to correct the price of chicken and steak and eggs and butter. >> once these prices go up -- >> they're up. that's correct.

>> if and then inflation if measures how much they change. >> right. >> if eggs were 222 and now they're $5, a year from now if eggs are $5, it's zero inflation. >> correct. but it's already elevated -- liz: a jar of nescafe decaf on sunday was $10. and let me just say, that's why you had so many of these reporters asking him, well, what if donald trump wants you to leave? now, donald trump -- remember, he actually appointed jay powell. but here's some of that give and take where powell if was peppered today with a couple of those types of questions. listen. >> if he asked you to leave, would you go? >> no. >> you follow up on -- do you think that legally you're not required to leave? >> no. >> to follow up on victoria's question, do you believe that the president has the power to fire or demote you, and as has the fed determined the legality of a president demoting at will

any of the other governors with leadership positions? >> not permitted under the law. liz: okay. first of all, reporters, don't ask yes or no questions. just say what would your response be to a president trump if he asked you to leave. but he's correct, he doesn't have to by law, right, andy? did any of that surprise you? >> none. nothing surprised me. he's going to be there as your first guest said, ms. swonk, he's going to be there until may of '26. and then he'll be replaced. more than like likely by kevin warsh or hassett. those are the two. and i think the next interesting thing is who's going to be secretary of the treasury. i don't know scott bess end, maybe you do, liz. liz: i don't. but why not paulson? he sat in that chair a couple of weeks ago. >> why not jamie dimon? >> well, because the wrong party. jamie dimon identifies quietly with the democrats. liz: and he's been telling a lot of people he would not be

interested many serving. it's a headache, hello. >> it is a headache. [laughter] liz: who needs if it? great to have you both. thank you for the lively discussion. okay, so we've heard from the traders, we've heard from the economists. up next, we will hear from the ceo, arm holdings' ceo rene haas. this is the huge chip architecture company that has been doing gangbuster business thanks to the a a. i. drama -- a.i. drama and excitement over the past year and a half. he's here to tell us how he views an economy in a rate-cutting environment as a new presidential administration gets ready to take over the white house. "the claman countdown" is coming right back. dow is holding on to to gains of 61 points. the s&p is up a 51. at 5980, so just 20 the points away from 640000 -- 6,000. stay tuned, we're coming right back.

liz: fox business alert, after a quarter point rate hike on sop -- top of september's 50

basis point cut, let's get the ceo perspective of working in this rate-cutting cycle that has pretty much begun. we're not sure if it'll continue because renee if haas of arm holdings, you know, it's interesting to see that powell is continuously saying gotta wait and see on the data. thank you for joining us. first, i need your reaction as a ceo to what helps you, what hurts you, if anything, when we are in this rate-cutting cycle. i mean, money is cheaper to borrow as this number comes down. >> yeah. thanks, liz, and thanks for having me today. when we think about the rate cuts for arm, directly not so much because we're primarily a head count business. we're all about r&d and engineers. we don't have a lot of capital expenditures. but when our money think about -- customers think about spending money, i think rate cuts lower is a better alternative. when we were going through the rate hikes, we didn't see much of a negative impact, but i'm

hopeful that the news will end up giving companies more confidence to spend. liz: are you spending? can you talk about how much you have been putting out, what you anticipate will be your spend? we saw every company that is related in some way, shape or form to a.i., google jumps out, amazon jumps out, $9 billion, billions and billions expected to be spent. quarter by quarter. is that the same for you guys? >> we're not spending a lot of money on data centers and capital, just not the nature of our business, but we are hiring a lot of people to fill that demand. i took over as ceo about two and a half years ago. we were about 5500 employees productionly. we're now north -- approximately, we're now north of 8,000, and the vast majority, pa maybe all of them, are engineers. and these are engineers to work on the kinds of chips that go into data centers, automobiles, mobile phones, pcs, wearables, just about everything you can think of to. so we've been investing heavily mostly around hiring talent.

liz: you just beat on your top and bottom line for the quarterly results. i think maybe your outlook disappointed, but investors are punching the stock higher. you've had a remarkable 2024 and year-over-year looking very strong. what makes you nervous, if anything in i mean, as a ceo, you've got to always be anticipating what's out on the his season and be ready for it. is there anything -- on the horizon and be ready for it. is there anything you see there? >> you know, we worry about things all the time. you know, for our company in arm, we're in a very, very good place relative to the markets we serve. there's a lot of demand. if i go back to what keeps me up at night in terms of worries, it's probably around the engineers, can we get enough talent to do what we do. the amount of opportunity we have in front of us right now, liz, is probably larger than i've ever seen since i've been at a arm over11 years. it's really to capture all of this opportunity that a. i. is driving across every single endpoint. those endpoints need new products, more performing

products, higher performance devices, that means more engineers, accelerates our product development cycle. that's probably the single largest thing that i worry about. liz: that means that there may be a shortage of employees, and you've got to probably raise the pay. i mean, what does that mean for wages -- [laughter] to attract them from other companies? i mean, we hear this from a lot of the ceos in your world, and they need those engineers just as much as you do. >> it's a very competitive market out there to get the top talent. so we try not to the be skimpy when it comes to getting the greatest engineers in the world -- [laughter] but you're right. when there is a supply problem and demand is high, it drives, you know, drives wagings. although for us i would say it's a pain point, but it's not a new pain point. we've seen this now for the past number of years, to get really talented -- engineers particularly in the a.i. space, you've got to pay top dollar for them. liz: donald trump, as you know,

won the election. he takes over in january of next year. he has been previously critical of the chips and science act. what kind of move or change do do you foresee at all? i mean, do you think that he would maybe end it in some way, shape or form? or cut it back? >> yeah. the short answer is i don't know. there's a lot of speculation out there. i think the chips act in general has been good for the, for america's industry. i think it's good for the world. you and i have chanted -- chatted about this several times. one of the things that we need in this industry is supply if chain resiliency, and we need data centers and fabs in different parts of the world. and fabs, which are so critical in terms of what we need to get done in our industry, having all the fabs centered in one part of the world isn't great. liz: terrible. >> so i think the chips act is very good from that standpoint. liz: we saw a disaster during the supply chain crisis after the covid a pandemic, and we knew exactly what happened

there. so you agree that it is a smart thing to have moved that production or at least started the process the tough to have the government help move it here to the united states. >> i think geographic diversity in a supply chain is paramount. and i think we saw that during the pandemic. and what we also saw during the pandemic is that semiconductors are just crucial for everything that we do. our -- your automobile, your appliances at home, obviously, your phone, your pc, they all run on chips. and if they're all coming from one single part of the geographic world, it's not great. so, yes, i'm in favor of the chips act. liz: rene, thank you very much. we'll see you next time. >> thank you. liz: fox business alert, we've got to look at some individual stocks that are big stories at this hour. no love from investors for match group. the stock is at the bottom of the s&p 500 after the dating app's fourth quarter revenue outlook badly whipped -- whiffed expectations. match says sales will be in a range of 865 million to 875

million. analysts were looking for something more like 905 million. so, yes, match group shares down 18.5%. and here's another problem, match group's crown jewel, tinder, saw the number of paying users decline3 % representing eight straight quarters of declines. all right, from the bottom to the top of the s&p, warner brothers-discovery swinging to its first quarterly profit in more than two years. the parent of cnn, the cartoon network and warner brothers' studios popping after posting better than expected growth in its max streaming subscriber numbers, posting profit of a nickel a share compared to the 17-cent loss last time around, on pace for the largest percent if increase since january of 2022, and that percent increase right now is 11.8%. under armour shares eyeing their best day ever after the the sportswear maker raised its full-year profit forecast for 20

a 25. the company sites lower input expenses and lower discounts on merchandise. that had been a big problem over the past couple years, too many discounts. under armor sees full-year gross margin at 125-150 basis points versus a target of 5-1000. the stock is hitting a one-and-a-half if year high but way off its 2016 peak of $45. a ray of sunshine for investors in solar edge due to kind of an odd reason. right now shares are higher by 4% after opening lower. you can see on the intraday picture just below the price here. the solar equipment company reported a loss of $1.2 billion, but the stock turned around perhaps because analysts are discounting the billion dollar asset impairment charge in the quarter or without which the company would have reported a narrower loss. yesterday solar edge cratered nearly 21% as investors bet that

a trump presidency could lead to the reversal of both the biden administration and local municipalities' green energy plans and policy. but again, you seeing a slight bit of gain here today to. up next, wall street money man bob doll tells us where he's putting his cash ahead of a second trump administration. and charlie gasparino has details on what some of america's top ceos are hoping to see from trump 2.0. charlie breaks it next on "the claman countdown." look at the a nasdaq, up nearly 300 points. ♪ ♪ whenever heartburn strikes, get fast relief with tums. it's time to love food back. also try new tums gummy bites. this is clem. clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person.

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♪ ♪ liz: all right, let's look at the markets here. so the dow took its sweet time at the open, but it did not take long this morning for the s&p and nasdaq to notch fresh records. you can see the dow is flat at the moment. it caught up and now is wavering a bit if that is correct. dow's up about 10 points, s&p up 44, the nasdaq up 279. and, yeah, they both jumped out, s&p and nasdaq, right at the opening bell which i had the honor to ring today at the new york stock exchange. i was surrounded by my friends from building homes for heroes. you guys know that's the charity

nearest and dearest to my heart. we build custom, more quadriplegia of free homes for veterans, first responders. ahead of veterans' day next week, we rang the bell our upcoming milestone of giving our 40 400th home the a deserving veteran. did some big tech and wall street ceos have inside info on the state of the race for the white house ahead of president-elect trump's election night if win? charlie? >> they did, as a matter of fact p. and, you know, this is an interesting case where everybody goes, don't the wall street guys get it wrong? if they often get it right as it gets closer. but here's what was interesting about this whether it's jamie dimon or larry fink, you could tell from their rhetoric that they were sensing a trump victory. i didn't quite buy it. i thought the ground game, the billion dollars would take her over the top in the battleground

states. it's a focused campaign. democrats have an amazing ground game. lots of workers out there knocking on doors -- liz: not good enough. >> if you knock on doors and no one answers, what's the big deal? that's what i thought, intellectually, would happen. they had the polling, meaning jamie. it's why jamie did a 180. we reported first he was thinking about working for kamala harris, but then he said, nah, and we later reported he wasn't. part of that was he saw the polling. larry fink, similar sort of cagey statements about trump in the sense that he's going to -- suggesting that he might win. i saw this stuff. and i did a deep dive, and when people -- what people don't realize and i didn't appreciate fullly maybe, i mean, i reported some of this out, is when you work for a big wall street firm, you care about fiscal policy. thus you care about -- or a big corporation -- who's in the oval office. you need to know who might get

elected, who might if run the administrative state that you beckonnen that, you know, is going to be -- liz: do they have internal polls? >> yes. they hire a guy like frank lumghts. i'm not saying they hired him. if you know anything about frank's business, he's a high-end pollster. he does work for the nfl. he charges a lot of money. his margin of error on those polls is much, much lower than you see from "the new york times" -- liz: frank was saying leading up to this election -- >> i'm not saying him. i don't know about him. i don't know what he was sharing with his clients privately. when you have are a big wall street firm, you hire these pollsters, they're actually high-end marketers. they do a lot of stuff. they tell you where consumer sentiment9 is, where the public's going on certain issues that affect your bottom line. the nfl spends a lot of money on that. you get the polling that doesn't have the sienna-new york times margin of error which was clearly all over ask and that's why, from what i understand, these big sew -- ceos, they saw

a trump -- now, you could say it was close and all that, but what they saw was the surge picking up day after day after day. and, by the way, not stopping over the weekend into tuesday. they saw it continuing. and if you use a statistical analysis, you don't have to be an expert at stats, you can sort of, you know, suggest, or surmise i should say that it's going to continue and trump was going to win and probably win the popular vote. i'm telling you, they all knew it. and i guess i should have listened to them for a change because i, just so you know, liz claman, i was skeptical of that. i was, like, oh, these wall street firms, what do they know? but they do have this high-end analysis. liz: dueck they're doing it on where to put the money ahead of the administration going -- >> yeah. i mean, listen, there's two streams of thought here, okay? that the trump -- and i don't know where this goes, i'm just going to lay it out, the trump trade is inflationary.

that supply-side economics, lower taxes and all this and ain inflationary spike, maybe even a wider-out deficit. others say, no, it's not, the supply side will kick in. it'll essentially expand the supply to meet the demand, and tariffs, he's only going to use it as a sort of reactionary thing to what china's doing, you know, to to negotiate. that's what's going on. you actually have bond traders right now arguing with stock traders over this. so there's a debate going on. you, the average person, i don't know, watch us. we'll help you figure it out. liz: steel cage death match between bond traders and stock traders. >> i want to ask -- [laughter] i would love to see larry fink and jamie dimon in onesies attacking each other. [laughter] one's a bond trader and one's a stock trader. relate me scu yo -- let me ask you this, was that rob lowe on before? liz: who are you -- rene haas? >> i think so. i gotta the see what he rooks

like. liz: rene would be thrilled about that comparison -- >> he's a guy, right? just want to make sure. okay. liz: after yesterday's surge in every single s&p sector post-trump victory, it could be really tempting the pile into yesterday's winners. but beware, financials performed beautifully yesterday but today we're seeing a pullback. we have three minutes left to trade. the basket of financial stocks, xlf, is down 1.5%. but now communications services, consumer discretionary and tech are a different story. the vanguard vox is hitting a record, that's consumer discretionary touching a 22-year peak and the xlk tacking on a few percentage point, so what is the lesson and guidance for investors? let's get to bob doll joining me now. bob, donald trump's comeback win drew piles of investors' money off the sidelines. how should investors gauge where to put >> you've got to go where the growth's going to be.

that's lots of different places but you implied with the comments you just maid made, you don't chase what went up yesterday. financials up 5% yesterday and off a percent and a half today. maybe better tomorrow. you've got to do your homework and know what are the companies that have earnings growth, persistent easternings growth, consist earnings growth and take the long term view and don't trade on what happened yesterday. liz: okay, that view of where the growth will be involves mastercard, signa and adp. those are the three choices. can you explain where you anticipate the growth comes from from these? >> the growth in the mastercard is cards are continuing to penetrate commercial trans-accounting standards boards. higher and higher share -- transactions and higher and higher shares and penetration overseas with the rates of acceptance of cards is somewhat

lower and enables these companies to have a shot at mid teens growth. for signa, a much cheaper stock and benefiting from the better areas of healthcare management and in other words not in the medicare and medicaid areas that are so challenged from a profit standpoint. i think they'll continue to win there and have some acquisitions. adp, the employer benefit company. they do all kinds of payroll and all kinds of outsources and they're growing by gaining share and offering services of bringing ai services into what it is they do. liz: bob doll with ai jew with something like adp. the dow too close to call but a record for s&p and nasdaq. we'll see you tomorrow. larry: hello