this has been awful and sometimes people just need a place to go. like you said, where they can just get it together. thank you. >> thank you. taylor: coming up on about two hours till the closing bell, the dow in a the green but s&p 50 and big tech we've been talking about that's leading to the downsize. it's the rise in yields that really pressures technology stocks and again this story that you continue to see today. >> it's a story that our good friends, charles payne, will pick up with as well. charles: absolutely. thank as lot, everyone. good afternoon, i'm charles payne, this is making money and breaking right now, forget about the great rotation trade, is the market rolling over and sentiment and market bias shifted to the downside and has the economic backdrop changed? we'll kick off the show to the best ali mccartney and elizabeth burton on deck and they're helping the slam stocks and breaking down the real message

of the bond market and gary says that matter as lot more than powell. plus, for years i've been pounding the table on enseemingly practice -- unseemingly practice of insider trading but a ban could be in sight and america seizing the panama canal. all that ask so much more on making money. for about a year, you heard only about the rotation trade and maybe we're rolling over. think about this, the fair index that green need and will it's started moving in the wrong direction a week ago and i was thinking maybe it was more like extreme caution but as you see, we're getting a lot closer to extreme fear and this time it probably is a really good reflection of how some are starting to feel but good news going for the area and sooner and stronger and i think it will

bounce back. part-time are anxious about all this and emotions and they're in line with the sharp directional change of the market. think about this, in the blink of an eye, industrial groups change hands and this is your different industrial groups and not long ago, 90% were trading above their 10 week moving average, 90% and now it's down to 11%, just like that in the blink of an eye. sentiment market bias is certainly changing and the question for a lot of people, is the game really changing; right? you can see now where some are saying, okay, forget about rate cuts. check out rate hikes and probability of a rate hike again coming a year and picking up steam and almost 40% and again talking about rate cuts and rate hikes and this is obviously worry some and climbing and climbing very, very fast. we do not want to see that climb a loath more. of course the source of all

thanxiety surging buying yield d long end the numbers speak for themselves. two year up 14. the five year and of course the ten year, which everyone watches, i don't know, honestly if you would have asked almost everyone on wall street about four or five months ago, 4.76, i think universally everyone said certainly south of 4% maybe even 3.5% so knocking on the door of 5% is not exactly not what anyone on wall street was anticipating just a few months ago, but there we r. the question now, has the backdrop changed and this is what bank of america is recommending and bear stern and that reflects a economic boom and should help commodities get out of stocks going to commodities and if they're right, that's where you want to be.

my first guest says the chop in the market and going to continue and going to ride it out. one heck of a ride and a lot of this we're spoiled. down 4 possessor and be cool. we're okay. the chop continues and sideways, action, and hawkish fed, skyrocketing yields. the question is how temporary is all of this q >> the same things that we dealt with last glee a sense are what we're dealing with this year; right. we had a lot of sideways price action and exactly where we were the night before the trump bump happened on the second time. hawkish fed since the first rate cut and we've been seeing almost quarterly a re-rating of the depth that we're going to. charles: how about the competition in the fed, fomc members and does that change at all? become ago bit more hawkish in general? >> they've become more hawkish but not more

hawkish because of peak spl cigs. we talk about thag our panels and i think it's much more because the data is so inconclusive in throwing us different things and at first we were looking at, you know, are the interest rates affecting us, where is the path going, are we in a sense where inflation is going down. now we're at the point where the fed and markets if you look at risk assets are really questioning inflation both inflation as a result of trump and what the composition of washington will look. charles: assumptions and no policies are put in place just yet. talk about you do say don't bet against the odds. right now your odds, your base case is no landing and that's a 50% there and bulk case, 25% and gang busters and barricades, heart landing and anyone in the camp is a 10% chance and tariff shock. start here. >> i think we're here. charles: even the gang buster s? >> i think we're here. this is certainly a possibility.

i think it has to do with exactly as you said, what has actually changed in the last two weeks; right. has profitability that we're expecting out of earnings changed? no. so earning season, we need to see that to get a bit more structure and stability. charles: kickoff on wednesday with the banks. >> has the changes, the expected change in regulation and tax policy and trump's growth first, has that changed? do we have a reason to question that? and how that will accrue? no. i think when you fundamentally look at what's happening, healthy consumer, stable labor market, maybe too stable, earnings coming in and what washington is going to do as i said to you before, i've been buying all day. when it got into the 5700s, i was thrilled. charles: glade you said that not only has the market shown resolve and sessions that open and you happen going to find a way to come back and it's the blueprint of people and cyclical

names >> what's happening right now is not a panic, which is great. there's no panic selling. there's not a huge retail bid, which is what got us through the end, like the last three days of 2024. i think there's truly a wait and see and then the wait and see from constitutional perspective there's a lot of de-leveraging is i've got to get out of 4.77 10-year. that's a bit scary we've been talking about equities having trouble finding footings while there's interest rate volatility in the bond market. that's where we are, and i think the same things and for the same reasons, massive ai tail winds. interest rates may not be going that much lower, but they're not going higher. charles: you like financials, technology, utilities for awhile. i just have 30 seconds. on the schematic, we show with respect to the boom in

commodities and go for the gold. you like commodities here and they're going you've liked gold for awhile and silver, copper and some economic implications here as well. >> yes, definitely economic and political implications and overall, these four things are undersupplied, over commanded and that's going to be complicated by ai, data centers, growth and computing and so again, does anything we've seen in the last three days change fundamentally like the era that we're in in terms of economic growth? no, and does it affect that tail wind or that narrative? the narratives of demographics and de-globalization? all of these things? no. >> elizabeth, last july, you were adding defensive and ahead

of election and talking longer path to normalization when it came to rates and that's started to maternallize. are you surprised on the path? >> no, i don't think it matters as long as it's anchored in expectations and i'll say one thing on defensive comment and more tied to the security themes that i kind of liked the last year and the la fire is a good example of why security matters, defense, personal security, national security, water security, food security, i think those themes are going to live on. charles: okay, you're still in that area? talk about as set allocation and overweight equities and bonds? >> we are. charles: okay. how does that work? it's been using one or the other and more recently equities in light of folks saying traditional 60/40 portfolio has come under a lot of fire. >> it has come under fire and

multi-asset portfolio doing well and it was the 60 not the 40. >> thing about bonds that we really like here is that think about where bonds were about two years ago. and the cushion you have and football games not just talking percent and duration change and add bonds to port knoll owe at a little less risk. then you could have added two years ago and there's opportunity there. charles: that held the way looking with a positive spin and neutral commoditities and -- commodities and diversity and starting the show off in the sense that hey, now commodities are the place to be and oil gone through the roof and you're saying for now, you're neutral there. >> neutral is assuming you're in the base position and i represent most constitutional funds and they took commodities out of the port knoll owe about a decade ago and might be underweight currently, you know, versus us.

stuart: the crus of tariffs and can't have a strong dollar and have it be effective. you're long in dollar and dollar holds or goes higher? >> we're long dollar and think it goes higher and next 12 month asks one thing back to constitutional per spect and i have most of the clients are long on the dollar and we do expect increase and we'd have to see sort of all the tariffs that were in this scenario. it's a meaningful lineup. charles: expensive and magnificent seven trading and by the same token, they're also earning more money and they've got more free cash flow and argument to be long from that position and then going to the exact other end of the table and

there's that's been really, really hot and finding opportunities right now. >> taking sectors and locations aside, globally looking for those type of companies that have sales tied to dollar assets, whether they're listed here or somewhere else, that might help with some of the concentration resident and can thinking about alternatives and whole spectrum and some things on the previous slide like commodities for example. charles: right, okay. it looks like you like the mid caps, medium caps, this early. i think ten days but we've got a winner. mid growth, a lot different than last year and two week asks see this year and a changing of the guard and within the stong narcotic and equities market and it was all large cap growth. >> if you're hesitant about

going to go small or mid, go with someone that can do bid. time to think beyond the large cap. cap. charles: those bother you there? >> bother isn't the word but tail winds we were expecting the last quarter would be declining rates and while that's still our base case and think that's going to happen, you kind of don't have to bet on that happening in the mid cap space. charles: you see rates coming down? >> it'll decelerate and cutting eventually and we push it had out to cut this is year and one in 2026. it's the base story and it's ten year yield. going for them and charles: it's a temporary thing and even if we settled here, we could have amazing rally with the ten year where it is now and it's happened time and time again and getting more on the story. elizabeth, thank you for being here.

appreciate you. >> thank you. charles: folks, discussing oil price haves gotten attention of my next guest. gary k likes to see where momentum is going and following that for you and says beware of volatility. we'll break down what he's zeroing in on right after this. gum problems could be the start of a domino effect parodontax active gum repair breath freshener

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charles: so from the very start of this bull market, there were howls, i mean, wall street purists say it was too concentrated in the mag seven and the megacap growth stocks and look at that chart, as the rally has gone on, even more concentrated and top ten names as percentage of overall s&p and it's become intense. this is where a sense that the trump trade would offer maybe different areas of excite.one was banks and take a look at this chart. arrows and day after the election and that was a gap, a major gap open with the kbw and everyone said banks are off to the races and they were for a moment. now, they're back under their 50 day moving average. now, my next guest points to the current pressure saying really it's just a one two punch.

higher rates and higher oil. i want to bring in kaltbaum capital management and fox news contributor and, gary, you said the 10 year matters more than jay powell. the 10 year yield has been on fire. what's the message from bonds and even the big spike in oil? >> look, the 10-year yield is filet mignon and jay powell is spam when it comes to the markets. nothing personal, but the free market of the investors, traders and speculators are selling bonds, they're betting on higher inflation, massive debt and deficits. i dent know exactly what it is, but all i know is it's been persistently high and you just broke above a yearly high and i've got to tell you, the old high is 4.97. if you get through that, that's more head winds and i use the one, two punch and there's not much worse fundamentally than much higher oil prices, energy

prices and a higher 10-year yield, which is the cost of capital from the consumer all the way up to the biggest of business, and i think that's what you've been seeing in the market over the last bunch of weeks that direct correlation is really impacting things right now. charles: you know, i started the show off saying that for a long time, almost a year, that the conventional wisdom of wall street said sell the mag 7 and we'll have rotation into the other 493 or go equal weight or whatever it is. that hasn't come to fruition, but the average stock in the s&p is down 18%; right, the draw down, and so that shows that when they sell the mag 7, they haven't bought anything else. their session is intriguing and they're buying other things and think that maybe the rotation trade will start coming to fruition? >> i'm pretty sure one day does not make a major change, but we're always looking. i doubly oil stocks have broken the down trend, but i'm not so

sure you're seeing it in other areas. i do believe the market's going to need to see that if we continue to get weakness in the nasdaq, nasdaq 100 type as well as big names. to be clear, charles, when you have ten stocks, 55% of the nasdaq 100 and get this one, eight stocks of 36% of the s&p and you know which names those are, you got to watch those bad boys closely because if they come in and nothing changes with the rest of the market, that's when you're going to have your good correction and as of late, you've had apple breaking, going to break the 50-day real badly in the last week and going to watch very clesly and the rest are holding up well. by the way, amazon, google, broadcom. those four sticking out as strength right now in that area. charles: by the way, tesla got a huge upgrade. i think 100-point target increase and in the meantime,

i've got 30 seconds and looking at them and airlines have done extraordinarily well and argentina and energy. do you change those rates at all? >> i be careful with the airline and coordination there and argentina is strong and the man who came in and basically fixed everything, gets all the credit. i look to that on pullbacks. oils i do believe have broken the back of the bear market right no. it's a tough call and i'd rather look at pullbacks righted now, but a lot of down trends have been broken in a lot of names and that's where i look. how far it goes, i don't know. if oil prices keep going higher, that's going to affect areas of the market. for me, i'm watching what i call the basketballs being held underwater. broad com, great earnings reaction and sitting wide because the market is pulling the mallet out every time and

playing whac-a-mole and stopping it in the tracks and those are the stocks i'm looking at. then of course we have earning season coming and you happen looking for the big reactions of companies that blow away wall street estimates and earnings and sales. charles: i love that analogy by the way. those names come roaring back. gary, thank as lot, my friend. appreciate it. >> thanks, charles. charles: yields, with evansville been talking and continuing to go higher and higher. everyone is trying to really figure out what it means. really, no one better than stephanie palmvoy when it cops to this and breaking down the message with the bond market. her beef with the suit sayers. her message, next.

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charlcharles: tis the season frm wall street experts and the economy and the 2025 and tribes about the frivolousness of all the things from my next guest. bring in macromavens founder and ceo stephanie pam boy. stephanie pomboy saying you're progress that's ick about these, that's guessing. >> oh, man. yeah, absolutely. hey, tongue-tied and twisted. these, you know, i don't know

what it is that makes people feel they have to undertake this and maybe i'm lazy and recycling the same stuff i was doing last year. all last year the defective rate increase was going to create real dislocations and stress for highly levered companies and consumers and saw the largest number of corporate bankrupt and firing and the largest number of credit card delinquency and consumers in the team period a. modest victory lap and seeing impact of higher rates butt didn't bring down the averages, and stock market thumbed its nose at this deterioration and credit quality and this year will be the year when the

reckoning comes and obviously the backup and yields and really significant and fun to note that fed has cut rates 100 basis points and bond vigilantes raised them 115 and the fed as gary mentioned are basically they've been pushed to the sidelines and the bond individual leeanneties are in charge and i don't think that's going to be a positive for the stock market or the economy. charles: by the way, my theory on this whole thing with these guessing and the predictions for the nor year, i think it's all marketing. i mean, think about this. you saw someone buy x, y, z at $20 and goes to 10 and the next year start fr from scratch and x, y,s and say we were up 5 o 0% this year. you're still down. anyway, to your point, it's nuts. it's really nuts and back to the bond bear market and for the

last couple of years saying we might be at the beginning of a secular bond bear market and it's, this since 2020 so putting in time and what if this last as lot longer. what would that be saying? >> well, i guess i, you know, my heart is in his argument that rates have been held at levels that are just artificially supportive and going to give our run away deficits ten year yields deserve to trade much, much higher. we've added leverage and at a point where the economy can't handle the truth to paraphrase jack nicholson of the higher rates and, you know, i think i'm very impressionable on the one chart that sticks out in my head is the long term chart of interest rate withs the financial crises ticked off on it and what you've seen over the last four decades is as rates

cam down from their secular peak in 1980, we've had financial crises at lower and lower levels at interest rates because we've added so much debt that we can't tolerate much of increase in rates. my sense now, i'm kind of dubbing this the pause paroxysm and a little over a decade ago, we had the taper tantrum when suggested they would taper the balance sheet, and that was the backup in rates associated with that was sufficient to burst the energy bubble, which then precipitated a corporate credit crisis. i think this time a little more than a decade later and we're having a similar thing and pause paroxysm as it were and markets trying to address and deal with this idea that the fed is not going to be cutting rates as much as they expected and seeing rates like in the bond market and it's just a matter of basis points. before it claims claiming the

economy in the form of recession ask svb for example or some major corporation people haven't focused on and trouble making its interest payments. i think something is coming down the pipeline. charles: there's not doubt, there's ticking time bombs out there and at some point, this probably will be the trigger. stephanie, thank you so much. appreciate it. >> thanks, charles. good to see you. charles: by the way, folks, friday we learned that the first quarter, fiscal year in the first quarter of the country, the deficit was $200 billion. above last year so 70 billion and spent that much more than we took in. this brings me to my next guest and talking about ten year topping out at 5% and going to happen and put downward pressure on economic act and i have the the market's path to policy. he thinks it's too hawkish and bring in monetary macro c and

dot come cio and sounds like interest rates and looks like interest rates are going up inflation right now. >> it's a little bit, charles, i think the bigger part is just the path of policy like steph mentioned and look at markets based on short term interest rate futures and market was pricing in five cuts this year. today we're just pricing in one cut and that comes down to three things. one is that inflation has been a bit stickier than expected. it's too real and only modestly above the target and the market was afraid of recession but the economic data so far has come out surprisingly strong so the market really isn't worried about that. the fed told us they don't want to cut a lot. the market is taking all that in stride and pricing in fewer cuts and you got the 10 year surging and i don't think the 10 year can stay that long. it's clear to me it's really having a deafening impact on

economic activity. now, i remember listening to lenars earning call and it was a big miss and they were noting the higher interest rate for the act and i have the in addition to that, seeing the stock market having trouble digesting the yields. this is kind of a self-correcting thing and you go as yields approach 5% slow economic activity and that'll force the market to price in cuts again. charles: to your point, i want to hit this because part of the story has been in the tariff talk and going for them seeing in fomc minutes and some are saying that's why yields are going and you happen put out a tweet at beginning of expo and in the last year and president trump using on more than one occasion and saying the

skepticism on the plans and likely the policy changes and tariffs become a major source of revenue and foreign policy returns as potential tool and they're not priced in so talk to me about that for a moment and the idea that the tariffs are being talked about on wall street and main street as dark cloud going to wreck the economy and the chart in past history for long time it was the majority of the revenue we took in. we know thing haves gotten a little more complicated but talk to us about why the streets are making a mistake. >> yeah, by chart and honor to use that by the president. the street is a bit too pessimistic about what thanksgiving this could mean and first is that if you want to take a step back and look attar riffs as mechanism, you know, if you look at free trade for example, look at china they don't have free trade and tariffs and hard for companies to sell into china and that

mechanism and build ago strong manufacturing economy and in some context, tariffs can be very help and feel a lot of academic work that suggest when there's a tremendous, tremendous trade deficit like in the u.s., having tariff cspan be a good thing and raise employment because you have more manufacturing jobs created and so that's a creation of gdp and of course we have more being produced in the u.s.. charles: i'm sorry, but we're running out of time. before you go, keep going and i want to share, i know stephanie doesn't like the suits saying you did a bit yourself and i want to share with the audience, your s&p 500 target, 5500 seems a little low to me and you're looking at 10-year yield and that's the most important thing in this conversation coming back down to four and gold at 3,000 and no recession. we'll pick up the conversation real soon. thank as lot, buddy. >> thank you. charles: and congratulations on

having president elect use your chart. speaking of which, amazing opportunity for you the audience to join me in my new york city studio this thursday. unbreakable investor in new guilded age and town hall and can't miss and it'll be phenomenal and learn a lot and walk away empowered to control your own destiny. get your free tickets at foxbusiness.com/charlespaynelive come join me in person. my next guest has had a hot hand when it come toss predicting major market moves. george noble is with us and let's just say he's a bit embarrassed righted now. he'll sate advertise case, next. he'll state his case, next. where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence...

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let's go boys.

the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ charles: my next guest is cautious on equities in part because of elevated e hagguations and the buy yields all show and he says you want to thread lightly here. i want to bring in george noble. no cuts in 2025. i think and having an earlier conversation we elizabeth burton on this and at some point the market can live with that, but what about a potential rate hike

because that throws everyone's modeling out the window. >> 100%, charles and i'm not the foremost fed walker and whether there was no rate cuts or hike and we've gone from pricing and rate cuts priced in before and looked at fed watcher tools and saying 1.5 cuts and look at future's market and even suggesting rates might go up this year. charles: it's interesting, you shared one post from a mutual friend and shares parallels or correlation, if you will, between the path of the market when reagan was elected in 1980 and our current path and they're eerily similar. if it follows through, doesn't bode well for the market. >> no, it doesn't. analogs don't prove anything, but it's showing the human behavior element like was the case in 1980 and everyone got excited about re-gone getting elected and tax cuts and

deregulation and the whole thing. classic case of travelings better than arriving and buy the news, sell the dream. market rally as tom's chart shows for a couple more weeks and what ensued was a good decline for six to nine months. not sure .h charles: also against against the backdrop of very aggressive paul volker. >> 100% but valuations were much lower than they are now. it's never exactly the same and you know as well as i do, data mining and back test sergeant no way to fly, but there's been a lot of celebration for potential positives out of trump administration and saying wait a second, can doge really be effective? can that work? how much are tariffs going to increase prices, et cetera et cetera. charles: that's the noise factor i talk about. doing two things here. first, since we're in this environment, this short like the

palantirs of the world and may be up 7% today and down 8% tomorrow. >> don't try this at home and look at micro-strategy and palantir and they redefine volatility. but, you know, fundamentals count for anything, i mean, micro-strategy even after its significant decline recently, still selling at 125 premium in asset value and going for crypto and bitcoin. if you like bitcoin, buy bitcoin. palantir, the stock was up 4x in 2024. it's had a bit of correction. charles: yeah, yeah. >> it's still on 40 or 45 times revenues or saying p or most expensive stock in s&p 500 and using any traditional valuation. >> doesn't have to be those names and others like it. i'm using those sort as poster children for excess that's come into the market. charles: on long side you like gold and offshore energy service

asks three names, val, tide water, tdw, and ne. >> yeah, so -- >> noble core. no relationship. tide water has the world's biggest fleet of offshore vessels, biggest or second biggest. >> these stocks opposed to the market and had significant corrections and they're all down like 40% plus and energy price seemingly found the bottom. charles: chevrons and the reason that people are comfortable with chevron and exxonmobil and going @ point and risk reward is pretty good and they've been hammered. >> if you're looking to clip

coupons, these are not for you and some companies are not taking free cash flow and deployed for buy back stock and these are really stocks and look at them and consider the operating leverage, you know, they could be selling at three, four times earnings, two three years down the load. charles: gorge, great stuff. >> thanks so much. charles: folks, congressional insider trading is running rampant. number of trades and how much money these folks make has got almost everyone on the same political both sides of the aisle upset. but nothing is ever been done about it. that may be changing. congressman cory mills is next.

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charles: so during this first term in the white house, president elect trump was ridiculed about everything. in fact, the only thing that the media didn't find funny were time when is he was clearly cracking jokes trying to be facetious. nothing got a bigger belly laugh

from the media than the announcement of space force. right out the gates, headlines were just dripping with disrespect and they continued for over a year and just like this laughing at the oh, what the heck is a space force. then all of a sudden there was an epiphany that everything we're doing and talk about, everything critical in our lives and all that data goes up into the clouds. the cloud, the euphemism for satellites and orbit the earth and have to be protected. by the way, so are the weapons systems being deployed to attack from out of space. history repeating itself in my mind and president elect trump said he wants to take back control of the panama canal and buy greenland. it's not farfetched, folks. nor is it not well thought out, it's well thought out and look at location and minerals that the greenland possesses and the market by the way is not dismissing this out of hand. take a look at this, these are shares of bank of greenland. look at that stock.

someone thinks something is going to happen. as for the panama canal, there was a treaty in 1903 and united states given a 10-mile wide strip of land for the canal and paid $10 million, agreed to annuity and annual annuity of $250,000 and this is really crate cal, they guaranteed independence of panama. the project cost $375 million, which at that time was the most expensive construction project in the history of time. let's talk about it. let's bring in florida congressman cory mills and, representative mills, i was with some very smart folks last week at a major round table event, and there was a lot of skepticism about both of these things, greenland and panama canal, whether they could be pulled off, whether they were just jokes or ploys, but there's smart reasons for maybe thinking they both could happen. >> well, yeah, absolutely, charles. again, what we have to note on the panama canal in particular is that we know there's a geopolitical assignment of

china, russia, iran and north korea and axis of evil if you l. the initiative was expansion and dominating of ocean and africa and would block western his ick fear supply chain through the horn of africa and global trade. the panama canal is facing the same thing with china's economic coercion on panama and hounder and as it's a canal with time, effort, money and lives in and is a key pivotal role coming to get in different types of goods and trades and things like this i think the president is making a strategically with the panama canal and greenland would be a strategic play recordless of putting in i think thises utilized by norad and helping us on the european front and response times. again, like you pointed out in your preface about this, laughed about space force and replacing nafta with umca and remain in mexico policies and all the other things, and he's been proven correct every single

time. charles: i want to switch gears here because you've helped to introduce a bill that will restrict trading and oh of certain financial instruments by members of congress. i'm saying halleluiah. walk us through how it would work. >> well, look, at the end of the day the very thing that congress does on a day-to-day basis is getting martha stuart for insider trading on. there's certain committees of jurisdiction and people sit on or oversee and they know what's coming out and going to pass and what's coming to the floor. as a result of that, they almost have an early start in efforts to be able to buy stocks and things they know will go up as a result of those different types of appropriations. that in my opinion is wrong. members of congress should go there for public service. look, public service and personal enrichment are mutually exclusive and can't have both. can't have members of congress that come in with a better stock trading record than warren buffett. i want a stock ban on members of congress and spouses to get back to making sure we de-conflict

this and no conflict of interest and truly serve the american people. charles: maybe the public servants won't stay for 40 years. by the way, just handicapping here, the chances of it passing? >> well, i think it's pretty good. look, we've gotten so cosponsorship on this and bipartisan bill but you're exactly right, charles, you shouldn't come into congress to make $147 and come out making $115 million. you need to be there for the right reason as public service and if this passes, a lot of people will resign from congress and people coming in that ragaini real statesmen. charles: you've been named chairman of house foreign affairs subcommittee and oversight intelligence. what's your top priority? >> my top priority is to be a good, steward of taxpayer's funding and maching sure we're looking a all the different state department programs and making sure we're ensuring the success of marco rubio and president trump and watching the dollar and making sure we get necessary cuts, and ensuring that we get gdp to national debt ratio invert where had it needs to be.

charles: 15 seconds to go, a few bumps in the road here early on, how do you feel because trump's got to hit the ground running and get things done. >> well, first thing is we need to get the senate to confirm pete hegseth, tulsi gabbard and rest of the cabinet to get to work and make sure the first 100 days make asen impact for the american people. charles: making all the difference in the world. congressman, thank you very much. appreciate you. >> thank you, charles. charles: markets trying to come back here. last hour of trading tech trade. >> they call it the cp affect, now we have the lc, we'll see what happens big news in stocks, mega cap, bitcoin, treasury yield, oil a lot of action as we kickoff the final hour of trade. the dow is in the green of 282-point up i have a session again of