abby joseph cohen when joins us in the next half-hour. we start strong with lisa shalett of morgan stanley wealth management. they've got a lot to talk about. jonathan: all officials saying the same thing. patrick harker sees the inescapable need, the inescapable, logical conclusion to tightening monetary policy this year. one hike in march said to be the story. how many after that? tom: we will see it from brainerd today as well. the only page i believe they are on is they have to wait for the data. jonathan: they keep talking about removing accommodation. we are having a debate on programs like this about a real tightening of monetary policy and how high do they take it. it is not about the start of a journey. it is about where it is going to go and how quickly they get there. tom: are we going to say lisa today, a future vice-chairman and the social monetary policy expert, are we going to see a lot of social policy today? lisa: she has been considered a more dovish member of the federal reserve, has talked about getting labor market pa

i do want to mention abby joseph cohen is scheduled to be with her, her first interview after leavingoldman sachs. she is joining columbia. someone who has read the literature of abby joseph cohen, andrew slimmon. how do you find the courage, the cacophony of this week, the cacophony of this early january, how do you find the courage to stay invested? andrew: that is going to be the story of this year, there will be a push-pull between the fear of the fed and the -- good corporate fundamentals. we are coming up to earnings season. the story of last year was companies doing a lot better than what was expected. what we hear when we talk to companies is, business is good. there are exceptions and retail. that is when the courage comes, when you drill down into companies. tom: this is lisa abramowicz's question. i am going to front runner on this. what is the use of cash of all that debt corporations are taking on board? andrew: i think there will be buybacks. what we hear is spending technology is excel the running next year. there will be further buybacks. there is a lot of cash. that i

this is an important block into the next hour, abby joseph cohen when, jane foley with us.ay? kriti: we are going into earnings season tomorrow. one of the biggest questions is do we start to see a reversal of that 15 year downtrend between value and growth. i just had to go one step further and take a look at what exactly in that value index is actually doing the best. if you compare with the banks are doing to the s&p 500 value index, you are going to see various outperformance, especially in the first 13 days of the year. that is really what my chart of the day shows. i met is well just show a chart of the 10 year yield because that outperformance is really mirroring what you are seeing in the rates space, but it is not just yields pushing the sector higher. you have loan growth expected to grow quite a bit, and line with that booming economy, in addition to the fact that a lot of growth strategists have said you are going to see higher volatility into 2022, and at the end of the day, that plays into profits over at trading desks. tom: plus to talk about tomorrow morning

jonathan: a clinic, as always, from abby joseph cohen when.rk city, with tom keene, lisa abramowicz, and jonathan ferro on this earnings day here in america, with jp morgan leading the way. citi still to come. yields up to 1.7345%. equities down 18, -0.4%. a big story this morning on wall street. people are getting paid a lot more. tom: we are going to waitress it a good to give us a big change. i thought it was fascinating, what we see at ubs. we are scheduling that here in about 12 minutes. retail sales at 8:30. there are points where you stop, and a decade or so ago i was interviewing someone at the united nations and stopped when he tried to explain to an idiot like me what you spend on food in cambodia. here's the math. you spend 70% of your income in cambodia on food. it is not the united states of america. kriti gupta gives us perspective. what you have? kriti: i'm a good looking -- i am looking exactly at those food prices that go back on a monthly basis to the highest level since 2010 and 2011 to really highlight just how extreme the