ever, and we appreciate what you bring to bitcoin and just, again, i think the people in that community want everyone to know about it. and so whoever communicates that the it's an investment, it's fine, it's good and so thank you for coming on the show, scott i. >> thank you too, charlie. appreciate it. charles: see you soon is. all right, folks, we've got the market here, a little bit of a rebound. listen, what happened last week, don't let that dissuade you at all, you know? if maybe the market's expensive, maybe it's toppy here, that's fine. i have cash because i want to be a pouncer. i want to pounce on these markets. the next betting, obviously, would be nvidia. i'm not sure what's going to happen there, and you never know from day-to-day, but it's an amazing company that the cannot if be duplicated, and either can my if colleague, liz claman. liz: scotty pip ifen. charles: yeah. liz: you know, he crushed my lakers during the '80s -- [laughter] charles: a few times.

liz: thank you, charlie. did he call you charlie? charles: yeah, he did, he did. liz: okay. after friday, folks, brought the worst blow to stocks in september, the bulls are are gingerly back in the game. the dow's down about 69 points, but the s&p, nasdaq and russell are in the green. the s&p up 23 points,es nasdaq up 113, the russell gaining 4 points. but but the intersection between wall street and the new white house is also moving markets. two of the biggest stock winners, liberty energy and oklo after president-elect donald trump appointed liberty's ceo, chris wright, who is also a board member as emergency secretary. liberty is in the hydraulic fracking services businesses, and up low does nuclear recycling. this weekend the intrigue swirling around who will get the nod to run the treasury department turned into one one newspaper called a knife fight. this after tesla ceo elon musk

who's become a trump confidant tweeted his preference for trump transition chair howard hut mix to get the job. musk's between was in response to a post by investor kyle bass making the case for hedge fund manager scott bessent whom trump has said is one of the smartest people in the business. kyle bass really liked bessent. he was just tweeting about his opinion on how good a treasury secretary he would be, but you know what? elon starts weighing in and trump now reportedly now nowed by the drama -- annoyed by the drama spilling into the headlines. we've got judy shelton to weigh in and tell us what one position the president-elect cannot change, head of the federal reserve. we've got some drama in the a.i. chip and data center space moving two of the biggest names in those sectors ahead of its eagerly anticipated earnings report wednesday. nvidia is off the lows but still down about 1% after the information reported its new

blackwell chip has overheating problems that has letted to several redesigns -- led to several redesigns. again, a bit more of a delay in getting the blackwell chip which everybody's hoping for and all the big names want them for their chat bots to run their generative a.i. and nvidia's third biggest customers, conversely, moving here. super micro to the temperature of the s&p 500 on word that the data specialist will release a plan today to avoid being delisted for nonif compliance regarding nasdaq file beings. nvidia's earnings release is going to grab nearly all the oxygen from the room, but it's a packed earnings week as we await reports from lowe's, american eagle, walmart, dollar tree, tjx, rosssters, spirit can and john -- ross stores, spirit and gap. here to tackle it all, simian hyman. simian, people are trying to game what will do well, and all

you have to do is witness liberty energy and okl kla, and they are two big winners because people like the treasury -- sorry, like the energy secretary pick, but they also a believe that energy will do well under donald trump. you say that's really the way to go. >> i'm going to take the other side on this, a little bit counterintuitively. we have high expectations in the energy sector, but prices are low. oil prices are low. and if it's drill, baby, drill, that's more supply and prices could go lore. if you look at consensus expectations, therefore, gross margins in the energy sector to be 50% wider in 2022 when oil was almost $100 a barrel. liz: counterintuitively, you say the energy sector might not do so well. natural gas and oil are moving higher because of muse there's an escalation in the russia-ukraine war. but that said, let's broaden this discussion to the markets

overall, and heavy cone incredibly well since election day. but friday, by friday they had lost about half of those gains. today adding a little bit more here, but what does that tell you? >> i think for the most part the election outcome and the fed were at least a little bit better than stocks than they are for fixed income. we're likely to have deregulation. we're crossing our fingers that the tariffs aren't so much that they throw things into disarray, but that's a little bit of inflationary pressure. you have the fed that gave you a salary cut on the short end of the curve, there's a little inflationary pressure on high end, and credit spreads are crazy tight. you got more hair, i think, on fixed income than on equities at this point. liz: as you look at the russell 2000, the nasdaq, they're holding on to gains here. what's the sentiment of the investor today as we've got about one and a half if months left of the year? >> people do need to put money

to work. we know that the money markets still have a ton of money in them and, of course, they're making less money than they were even just last week or six months ago, and that's a big challenge. and i think most people are a little bit more bullish on equities. one of the things that does is puts the spotlight on thinking about perhaps getting more income from the equity side of the equation. at pro shares we have ispy, and it's a way to get really nice income from your equity holdings. and that may be a nice way to supplement some of the challenges -- liz: okay. but explain how ispy works. this is a nice way for people to get high-yield equity, whatever, but what is it that is in there if you talk about the top names that can really bring yield as far as an etf is concerned for people's portfolios? >> here's the nifty thing. first, it's the entire s&p 500. but you have a covered call strategy, and the innovation is that the call strategy is

executed every single day instead of once a month. and when you do that, old school covered call strategies gave up half the returns of the equity markets. but now that you can execute that every single day, you can really participate in the equity market. liz: and if you believe that -- if you guys all agree that simeon is correct and maybe energy might not do as well, how do you get the s&p but x energy many in. >> we've got the clever answer. it's the proshares' s&p 500 x energy etf, pxe. so concern xpxe. in one ticket you can get the s&p 500 with just energy surgically removed. liz: look at what's going on in the treasury world, treasury markets -- [laughter] not the treasury secretary. we're going to get to that because it was a huge drama over the weekend. but in treasury land all we have seen, at least the past several days, is that yields have gone up. today pulling back just a bit, we've got 2-year about 4.28%,

slightly below 4.3, and the 10-year which went above 4.5% last week. it just is so interesting to me to see at that the fed is on a rate-cutting path. or is it? >> well, 4.5 is a magic number. because it's actually the average of the 10-year over the last 30 years, and that should be many a kind of equilibrium sense 2% inflation and 2.5% real. so that 10-year, i would argue, is in a reasonable landing spot. regardless of the fed's path. whenever we get there, the fed's going to get to probably about 3%. will it take 12 the months or 24 months? we don't know. i don't think that that's that important. the more important is the 10 year's in a reasonable landing spot. liz: i don't know if we can pick up the dow heat map, awe but at the bottom is nike and nvidia. nvidia reports wednesday. could you argue this is the most important earnings report of this entire season because of

the power nvidia has a had over the past several quarters to lift entire sectors in the market? if. >> it's a really big one. there must be some curse of getting into the cow. i think one of the historical things that makes nvidia even more important is if you go back to '99 and the beginning of 2000. it's not true that it was eye -- sock puppets and eyeballs. the gap is not as big as it is now, but it was still there, but it's even larger now. the cash flow generation of the a mag 7 -- i'm not saying it necessarily sports the -- supports the prices but, man, it's massive. and to the extent that nvidia can keep proving they can generate that kind of cash, that will be really important. liz: liz yeah. apple is in the pole position at the top of the dow jones industrials, so we're going to be watching autoof ill. -- all of it. great to see you. >> thanks for having me. liz: one budget air carrier taking the spirit out of the 40 holiday travel season

excitement. we're going to head out to newark international airport for details on spirit airlines' bankruptcy, and we're going to get you the story on where it could -- whether detective affect -- it could affect your thanksgiving travel planses. we're going to get all the information to you. and after a blazing fast start, the trump transition team hits a speed bump over its treasury secretary nomination. why the president-elect is reportedly hauling in a new group of candidates and what's become a cross between a knife fight and the hunger games as trump's new besties elon musk and howard lutnick plot. ed mills is here to explain it all. former trump transition team member judy shelton will also analyze what's really happening behind the scenes. stay tuned, we're coming right back. the dow's the laggard here, down 71 points. but the nasdaq is having a pretty decent day here as well as the s&p 500. stay tunedded the, we're coming right back. ♪

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liz: fox business alert, tesla getting a turbo-charge on a bloomberg report indicating president-elect donald trump will seek to create a federal framework for self-driving cars. the framework will apparently make it easier to obtain self-driving licenses and allow autonomous cars to cross state lines. tesla is off the highs of the session but still up about 4%. tesla ceo elon musk's back of donald trump in his race for the presidency has seen the ev maker's stock surge some 35% since election day. the news is lifting shares of ev rivals lucid up 5%, li auto up. 1.5%, rivian up a quarter of a percent. who's on the short end?

if you look at uber and lyft, both are falling. list down 4.5%, uber down 5.33% on investor concerns tesla's robotaxis could challenge the ride hailers' business. cvs trading higher after of the drugstore operator said it would add four new board members. the stock is punching higher by 5.33%, and the move comes after talks with glenview capital whichs has been purr ifing -- pushing for changes. cvs has struggled this year, down about 28% year to date. airline are stocks dipping as oil prices rise, making jet fuel more expensive. crude moving up after the biden administration said it will allow ukraine to use u.s.-made weaponry to strike deep into russia. threatening russian oil infrastructure infrastructure. alaska air down 1.6%, delta down 1.25%. ual down about 1%. but it's the not just pricier

jet fuel that's causing upheaval. spirit airlines has officially filed for chapter 11 bankruptcy protection. it comes after a years of losses but also failed merger with attempts to save it and increased competition from rival budget airlines. in the wake of the filing, spirit or is working to soothe travelers' fears as the busy holiday travel season kicks off with thanksgiving next week. let's take it live to lydia hu who's at liberty international airport in new jersey. what are officials saying about those with tickets in their hand for thanksgiving? >> reporter: you know what, liz? they're trying to calm the fierce or any never travel -- fierce or any nervous if travel concerns for passengers. they say that operations will continue normal for now. they will still ohioan all tickets and credits -- honor all tickets and credits and points as they always do. but longer term, the analysts tell me this bankruptcy could mean some real changes for spirit. it could be that spirit has to

pull back on the amount of service or the destinations that it goes to. it could mean changes in terms of the fleet, a smaller fleet of planes. but this bankruptcy will allow the company to restructure its mounting debt and keep on flying. the ceo, ted christie, had this to say in a statement. he said the bankruptcy will, quote, materially strengthen our balance sheet and position spirit for the future while we continue executing on our strategic initiatives to transform our guest experience, providing new enhanced travel options, greater value and increased flexibility. liz, spirit has struggled since the pandemic to turn a profit. the company has lost roughly $2.2 billion since 2020. the struggles for the company include inflation that has weighed on the budget flier as well as intense competitions from other airlines. but now with this bankruptcy in motion, spirit expects the stock

will be delisted from the new york stock exchange, but shares already have plummeted since the start of the year after the biden administration successfully blocked jetblue's proposed acquisition of spirit. and that was the second failed attempt at a merger. that followed frontier's failed attempt even earlier than that. listen to this. >> unfortunately, we have a department of transportation that doesn't understand the airline industry, we have an administration that doesn't understand the airline industry, and they blocked it. which has hurt the consumer and hurt spirit. that was the only option to them. he can now exist going forward with fewer airplanes and fewer destinations, but heir going to be a sound is airline -- they're going to be a sound a airline. >> reporter: and is if that expectation is true that spirit will emerge from bankruptcy with a strong balance sheet, a sound airline, kind of to irony in all of this, liz, is perhaps once again they become a target for another acquisition or a merger, and this time that would happen under the trump administration

which we would expect would have a very different position on mergers and acquisitions moving forward. so perhaps we could see spirit joining forces with another a airline. we'll wait to see on that front. liz: well or, they certainly tried. you look at jetblue, down 9.25 today. it's really hard to stay in business if you don't melt together with another company that's also struggling to make itself stronger. we'll see if it's a more friendly acquisition type of atmosphere in the new administration. lydia, thank you very much. president joe biden's final face to a face meeting with china's xi jinping many peru this weekend overshadowed by the specter of president-elect trump's plan to pile more tariffs on anything china-made. what could the u.s. leadership with china look like come january? former u.s. undersecretary of state bob hormats if has sat across the table from the chinese to negotiate. he is here next.

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states where we manufacture that product and they're creating unemployment and putting people out of jobs, we should protect u.s. employees. liz: that was gary cohn on "the claman countdown" last week outlining the reasoning for at least some tariffs. the prospect of tariffs overshadowing a weekend meeting between president joe biden and china's xi jinping at the apec summit in peru, i saying china is ready to work with the new u.s. administration, but he did not answer questions from reporters on whether he and president biden specifically talked tariffs. biden is in baa civil today -- brazil today pushing global leaders for stronger support of ukraine. joining me now in a fox business exclusive is former undersecretary of state for economic growth, energy and the environment and former goldman sachs vice chair bob hormats. bob, let's keep in mind that president biden kept the trump era tariffs on china in place for the past four years. that said, we're looking ahead

now. do you see the trump tariffs as tactical or just paint everything with the same brush? >> well, the point gary was making, i think, is something we ought to bear in mind. there are specific reasons, and it's in american law as well that the president has the authority to use tariffs if countries are doing things like dumping them in the united states or doing things that adversely affect american security. but the president-elect has been making the point that he is talking about blanket tariffs, 10-0 on all companies and maybe even 60% on china. that's a very different animal because that would have an effect on a whole range of american companies, companies that use chinese parts, companies that source in china to make cars or various other things. and also if you go into your neighborhood walmart or or

target, it's going to the raise the price of all the goods that they import from china and sell to you as a consumer. so for specific purposes, yes. for broad purposes it's going to be much more damaging to the economy and to the average american. liz: sort of the unintended or opposite effect of what the tariffs are supposed to do. now, the tariffs donald trump has made very clear would be to help american companies and american farmers. but we have this from the american soybean and corn farmers' association, and they have anticipated, they've crunched the number, and they see a huge trade war hit to what they are trying to do to make a living, $7.3 billion in annual production value is. cost. so how do you get arounding something like -- >> they raised an interesting point. the chinese are not going to just sit there if the united states imposes these huge tariffs and keeps them on there. if they can negotiate, put them on there as a tactic, as a tool

and negotiate some arrangement, that's one thing for a short period of time. if they're on there for a long period of time, the chinese are going to retaliate. and how would they retaliate? they'd retaliate against goods that americans sell. what do americans sell? one of the biggest products we sell to china are farm goods. and the farmers have a reason to be concerned about that. but so do a lot of high-tech companies. a lot of high-tech companies sell to china gnat for security- not for security-related production, but for other reasons. liz: you've sat across the negotiating table from the chinese on many levels when you were undersecretary of state. what's going through their mind right now? i mean, where is the chinese-u.s. relationship today, and where do you anticipate it will be after the inauguration? >> that's a great question, and i don't know the answer. i don't think they do. but, obviously, they are thinking about. the chinese don't like uncertainty and, therefore, the uncertainty of all this does

sort of rattle them a little bit. but they also are looking at the united states and the big divisions we have and saying, look, our ability, our rise -- even though we have economic problems, which they freely admit -- our rise in the world is going to be enhanced by the fact that americans are willing these big internal fights. and the other part of the problem is that the chinese are saying to themselves we want to be the most influential country in the global economy. and if the u.s. starts pulling back with or continues to pull back with no trade agreements and barriers not just against china, but against a wide range of other countries including allies, it gives the demise an edge up in shaping the new global system. we have to be aware of this. it's not a free good. liz: okay. but we also can't ignore the taiwan piece of all of this. if taiwan is home to perhaps one of the most important companies

on the planet, and that would be taiwan semiconductor. >> yes. liz: and why? because the biggest market if cap company in the world, nvidia here in america, makes the a.i. chips. they design them, but they are fabricated by taiwan semi in taiwan. do you see any kind of saber rattling where the chinese look like themed be making a more -- looking like they would be making a tougher move against taiwan? >> they, they're certainly talking tougher about taiwan, and they're having their planes circle taiwan and their coast guard ships circle taiwan -- alf stuff -- >> war games, threatening things that don't really adversely affect taiwan directly, but psychologically they do. and i think what they also understand is that taiwan semiconductor manufacturing company, and i certain size the word manufacturing company -- emphasize the word manufacture.

they sell hem to us and they sell them to china. so china the really has no interest in destroying that company either. liz: right. it's a delicate dance they have to make. >> it's a delicate dance with a lot of ambiguities in it, and there are ways china can put pressure if on taiwan to move closer to china, but i don't think they want to do it with system hamas kind of event -- some kind of hamas event where there's a lot of violence back and forth. liz: let me ask you a cost-cutting question. donald trump has said he is putting elon musk and vivek ramaswamy in charge of the department of government, you know, he wants to just wipe away a lot of the government spending so that he can then implement his the tax cuts that he promised so many different groups. the pentagon failed its seventh consecutive audit on friday as the agency was unable the fully account for the more than $824 billion budget.

what do you think happens there? because if you look at what can be cut, not that much. there's something like $1.9 trillion after you take out social security, medicare and medicaid, you know, the so-called special untouchable areas. >> you're so right, liz. i think the problem is you cannot simply take a broad brush and cut the budget. each program -- liz: well, or manager's got to give though -- something's got to give though, this is ridiculous. >> and at some point there are going to be very difficult programs that are important to one constituency or another or our national security, older people or younger people where they're going to lose. you can't do this with a sledgehammer. you've got to have proficiency and knowledge of the individual programs to decide what the implications are of cutting. in the case of the pentagon, you've got wars going on in various parts of the world, you want to project the ability in the united states to exercise influence around the world, and

you also need strong deterrence as the president himself has pointed out. and you need to give money, more money, for technological advancement through darpa and other programs. that costs money. so if we start cutting those programs, we damage our national security, we damage a lot of companies that have positions in various parts of this country and elsewhere. so you have to do this in a very careful way. it can't be a sledgehammer. liz: surgical. well, or we'll see. >> surgical -- liz: we'll see, ramaswamy and musk's mandate. >> right. liz: bob, great to see you. >> thanks for having me. liz while the rules say donald trump cannot fire the federal reserve chair, that has not stopped some from wondering when first-term trump hire jerome powell will have a secure job after the president-elect takes over in january. trump's former pick to join the federal reserve, judy shelton, is here and about to do a game theory exercise for you on potential outcomes. and while jay powell came from

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liz: we've got some breaking news, djt's stock has turned positive. maybe we can show an intraday so you can see the spike here, it is gaining 11.8ing % after a report by the financial times hit the tape saying president-elect trump's social media company is in advance talked to -- talks to buy backed. that stock is up 86% right now. it was hat -- halted four times due to volatility and right now i believe it is still halted at the moment. ice, for its part, is up about 1%, and again, i really do want to show our viewers the djt intraday. what you will see is that it was languishing lower. i think the low of the session was, i want to say about $26, 26.56, and then it turned around and spiked right there, and you can see it up about 12.25% let's look at cryptos and see how they are moving.

they've been on a tear, of course, since election day because donald trump had said he will be the crypto president. and we can look at bitcoin right now up to $91,401. we've got etherium up $84 to $3169. separately, coinbase hitting a session high with a volume spike on a "wall street journal" report that donald trump will be meeting with coinbase ceo brian armstrong. so we're looking right now at a gain of about 7%. lots of activity right now in the crypto space. but we should also talk about the federal reserve. in exactly 30 days, jerome powell and company will begin deliberating their last interest rate move of the year for the december meeting. powell has so far succeeded in orchestrating a soft landing as he and the fed quelled inflation. even though president-elect donald trump appointed powell back in 2017 durc his first administering -- during his first administering, a year later he floated the idea of firing chair jay powell after

the fed hiked interest rates. look what happened back then. in december of 2018, the day before christmas, the markets took a dive of more than 2% on the s&p on speculation then-president trump was going to fire powell over the fed chair's campaign to tighten rates. well, to soothe jittery investors, treasury secretary stephen mnuchin took an unusual move of tweeting a hail mary on his own x account saying trump never really suggested firing the fed chair. and you can see the day after christmas when the markets reopened, the s&p spiked 5%. so let's be career here -- clear here, the law does not allow a president to remove a fed chair unless it's the for cause, but what are the chances jay powell's days are numbered? if let's bring in independent institute senior fellow judy shelton. she was one of trump's federal reserve board of governors' picks, she was not confirmed, but today she is here, and she's

also the author of "good as gold." well, judy, if you look back at the conclusion of the november meeting just a week or two ago, jay powell was asked about whether he expected to stay in the role or if donald trump could fire him, and he was very clear about it saying, quote, not permitted under the law for the president to fire him. do you think president-elect donald trump has backed away from that in his mind, or is there some way he's trying to figure out on how to remove jay powell? >> i would say, first off, president trump has indicated that he would likely let him finish his term, and he would be gone after may 2026. i thought that chair powell if responded many in kind of a belligerent -- in kind of a belligerent way, and it was unnecessary. it made it sound personal, more for him than for president trump. and i want to go back to that story you opened with. what had happened after

president trump first came in is the following month, in december of 2016, the fed raised interest rates. that was under janet yellen. in 2017 they raised another three times. in 2018 after jay powell came in, they raised another four times. so that was eight consecutive increases in interest rates after they had been at near zero since the post-2008 crash. and what trump was saying -- and he made his disagreement with the fed's actions very clear -- he said we have record low unemployment, you're bringing in minority groups and people who have not participated before or who are now benefiting from a very productive, high growth economy, and we haven't even hit the fed's 22% -- 2% inflation target, so why would you preemptively try to curtail growth and limit employment with

no threat of inflation? if i think it was reasonable. and what happened after the end of 2018 and you did have that market collapse, by mid 2019 we saw members of the federal reserve rate-setting committee saying i think rates are too high. and before 2019 was over, they took back three of those last four increases that had happened under chair powell the year before. so i think the fed didn't want to look like it caved in to the president, but it wouldn't come around to saying it turns out we agree with you and we'd gone too far. liz: so much to kind of pinpoint here. let me just tackle the first comment that you made that jay powell looked like he was belligerent in his response. you know, he remembers 2018 and the months leading up to december of that year when it was donald trump who was attacking his own federal reserve president. i mean, he was very harsh,. he called the fed the biggest

threat of all to economic prosperity, etc. and so i just want to point that out to people. that said, if you look at where rates are today and you also look at where inflation is compared to january -- june of 2022 when they were at four decade highs, inflation has come down. not as much as the fed would like to see it, but, i mean, bar chart really shows it. ing would you concede that powell has orchestrated a soft landing? >> well, i think that the soft landing is not so much because of the fed's monetary policy decisions. they, i think, should have stopped raising rates after december of 2022 when they had their target range, they were at 4.25-4.5. i think it should have been hands off after that and let marks, let the the demand and supply for vulnerable capital biness where the interest rates should be -- finesse.

we talk so much about the fed wanting to bet back to a neutral rate. let the neutral rate be the market rate where the fed is neither trying to still stimulate -- still the late the economy, nor trying to repress it. so i welcome the fed's new position of saying we want to recalibrate. that could dovetail with the incoming supply-side growth agenda of the trump administration because they're the -- there the emphasis would be on increasing supply, not trying to limit demand which has always been the fed's focus. if you have lower tax rates, less regulation and then the fed reduces the cost of borrowing, now you're empowering the private sector. and that fits in very well with the trump economic agenda. think that would would be pro-growth. and by increasing supply, that's how you bring down the inflation rate. the fed was rather surprised that the inflation rate came down without seeing a decline in growth or a precipitous decline

in employment. so i don't think the fed's model that they've been using right up until september was really the reason for the decline in inflation. so i hope they do go with recalibrating and don't retreat the back to an approach that says we have to have restrictive rates to fight inflation because we're curtailing demand. liz: okay. judy, before we go, are you part of this hashtag end the fed? do you agree? >> i wouldn't say end the fed. i've been a strong reformist. i think the fed has become too powerful, too prom 234e7b9 -- prominent in financial markets and too political. i welcome senator mike lee suggesting that we need to revisit what was intended in the constitution and what should be the level of congressional overwhere are sight over the fe. there are no limits on the amount of debt, government debt, the fed can purchase, no limits

on the amount of base money it can create with a computer key stroke, and there's nothing to force the fed, there's no rule to have the fed maintain the monetary integrity of the dollar. instead, they seek to deliberately debase it 2% a year. and i think we need to re-examine all of these policies that i don't think congress would have signed off on had they been informed and been willing to take a on the responsibility that was granted to them by the constitution. liz: okay. judy shelton, thank you so much. we appreciate you coming on. >> good to be with you, liz. liz: judy shelton saying she is not part of the end the fed push. all right, forget the mike tyson versus jake paul fight back on netflix back on friday, all the talk this weekend involved the knife fight for trump's treasury pick. more when we come back. ♪ (husband) we just want to have enough money for retirement.

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the billionaires going on down at mar-a-lago. tesla's elon >> bass tweeted out his support for scott bessent for treasury secretary saying in part, quote, scott bessent is eminently more qualified than trump transition

team chair howard lutnick to run the u.s. treasury. scott understands markets, economics, people and ski yo politics better than anyone i've ever interacted with, end quote with. well, saturday musk jumped into the fray tweeting, quote, would be interesting to hear more people weigh in on this for donald trump to consider feedback. my view, for what it's worth, is that bessent is a business as usual choice whereas howard lutnick will actually enact change. business as usual is driving america bankrupt, so we need change one way or another. the that twitter battle sparked a flurry of headlines from outlets like axios. quote, musk throws his weight behind lutnick for treasury. then the "wall street journal" wrote, messy fight for trump's treasury chief spills into public. and then "the new york times" had the article entitled, quote, after flurry of cabinet picks, trump rethinks candidates for treasury secretary. according to the times, a person familiar described the9 battle between lutnick and bessent as a knife fight with lutnick as the

primary aggressor. joining us now is raymond james washington policy analyst ed mills, and those same sources said donald trump's getting annoyed and aggravated, so he ore to up the script, and now he's looking at a onen of to -- bunch of different names. what to do you make of this little thunder dome issue down at mar-a-lago? >> well, liz, back in his first term trump the absolutely liked to have a team of rivals, and i think he's looking to see exactly who at treasury is going to implement his tax policy. we all know that the tax bill expires at the end of next year. what is he going to do with trade and what's going to go on with the federal reserve. these are some of the most high profile items in his agenda, so he'd better get the right person there to enact what a he wants to enact, or you could just be fighting against windmills. liz: okay. fighting against windmills. let's talk about the new names, ken warsh, a former federal

reserve head -- kevin warsh, and mark rowan of apollo global. do you think those two names jump ahead of the lutnicks and the bessents of the world? >> i still think it's probably between bessent and lutnick, but i'd also add senator ago haggerty from tennessee -- senator thing haggerty. he could be the dark horse here. warsh was on the list to be fed chair when jay powell ultimately got it. it was warsh who was looked over because there was concern within the trump team that he could be too hawkish on fiscal policy and on monetary policy. so so one of the questions i have, bessent has had his three arrows which also calls for fiscal austerity. that fits in well with the doge campaign of elon musk and vivek ramaswamy. can bessent get to musk and say, hey, i want fiscal austerity here, i want to shrink down the budget deficit, and does that get him on his side?

that's what i'd be watching, liz. liz: we're a little over >> andy to the, you can have a lot of individuals go into their roles. that didn't happen in 2017, steven minution took a bit long tore be confirmed and we'll know sooner than later for treasury secretary in the key positions. liz: at raymond james, you advise a lot of clients on the political landscape at washington dc and coming with the new presidency. where are you seeing real opportunity in the investment world?

>> so at raymond james, one thing we highlighted is the great changeover in financials. we have seen the largest changeover in federal financial regulatory history come january 20th. we've seen a lot of banks react to that. a big driver of that will be mna changes. hosted a call today on an triple-demic trust policy and -- on antitrust policy and gets approve in trump 2.0 and under the biden administration and seeing concerned is where the treasury secretary comments play, how far will trump go on the policy? how far will he go in pushing powell to be a little less doveish on his monetary policy. those ar areas of volatility are important for the markets. liz: ed mills, thank you so much. a mixed day on the markets ask another big day right here for you. larry: hello, folks.