jonathan: can we get to 3% without something breaking, bob miller?> tell me what's going on with the balance sheet. right? i think you have to view the combination of those tools. so if there is no balance sheet runoff, then 3% seems a bit high, but it's probably a distribution of outcomes. if the balance sheet is running down at $100 billion a month, then i think 3% is a lot. it is interesting that, you know, four to six months ago, a majority of the marketplace was dismissive about inflation pressures and but the fed was going to be on hold for a very long time. and now, sentiment has swung wildly in the other direction. i think they are going to hike four times this year and get the funds rate to 250, maybe 2%. if the balance sheet is running out for a while, they will not need to hammer the economy. i disagree with that point of view. inflation is not -- you are going to have to have the same degree of price increases to keep inflation up here. it's entirely plausible we are going to have to reset the price level in the economy. and inflation --

. >> hi, i'm bob miller, president of the tournament of roses association.f our 935 dedicated volunteers, welcome to the 2022 rose parade presented by honda let's do it. >> happy new year!

bob miller of blackrock, a good friend and colleague of yours, talked about the importance of the balanceet reduction. deutsche bank coming out with huge numbers. $560 billion for the backend of this year. does that necessarily mean higher yields? is the translation that simple? >> it doesn't necessarily mean particularly higher yields. as you start to see the balance sheet reduction, whether it begins in the second half of this year or into 2023 or beyond , i think steve major is right that you see it more complex than that. the market is already pricing, maybe overpricing, the level of interest rates. it is pricing in four hikes. that might be excessive. we are seeing the back end. i don't think it necessarily means higher yields. lisa: looking at the nuance, the yield curve, how much do you think the market overpriced or underpriced projections for longer-term growth at this point? >> projections for longer-term growth? we continue to have a positive view on growth going forward notwithstanding the headwinds. i think at the moment projections around growth have been revised down, but w

this year, bob miller a blackrock talked to me about hedges for 2022. said, what is the hedge right now? we are short tips. real yields are going higher. what does that tell you about what the risk is right now? last year it was inflation. this year it is the response to it. that seems to be where people are leaning. tom: we are three or four weeks into this exhausting year. how much of the move has already occurred? i'm glad to tory a brought this up. i just looked at the decline of home depot from the peak, and it is down 16%. i don't think a lot of people, she mentioned lowe's, i don't and a lot of people understand that. do you like that, depot drawdown? jonathan: i will borrow that for the 9:00 hour. you mentioned how much of the moves we have seen. 10-year will rates have gone from -1.1% to -1.60% very quickly. lisa: what is driving that? it is the fact that longer-term inflation expectations are coming down. is that the policy response or is that inflation? that is the best way to kill inflation, by slowing growth. tom: we will talk about that --

. >>> i'm bob miller president of the tournament of roses association.rs, welcome to the 2022 rose parade presented by honda. let's do it. >>> welcome our 2022 rose parade

president bob miller is as excited as these young folks are to him.e as a symbol to the rest of the planet in this time of darkness and getting into the light. there's nothing like a great parade to show america and to show our world that america is back and we're ready to go. you got to give these kids a lot of credit coming out here, whether like this and performing the way they do they sound great for those in the stands fighting the raindrops. hey, hi, there. the rose parade isn't just a parade. if you're the pod niac from ohio here to watch the ohio state band. it's the parade you were born. raised in the midwest, you watch the rose parade. new year's day isn't a dream, even for a 62 year old, but whether from college or high school, it means so much to be showcased in a parade like the tournament of roses. santiago high school band director joe dudek says his band members were excited when they got the news. they would be in the braid and band fest. they were really excited. i mean, just to be just to be part of it is just an honor states are re

i promise i won't reveal to president bush or bob miller use of the asa job was better than working for those individuals. talk to me a little bit, many members may want to get into this, one reason i think you are the right choice right now. this is a piece of dhs a lot of us were concerned about in terms of what happened in portland, didn't do a good job in terms of alerting prior to january 6th. there are enormous challenges in terms of how you set up your role vis-À-vis the fbi and what kind of collections, can you talk about how you can work with the fbi that the conflict with the fbi? >> there are issues with ina is with any organization. i spent a lot of time with the folks at ina over the last 2 weeks and been tremendously impressed as i said in my remarks with their quality and dedication, they are good people and that is the key. when you have good people on the team the team can succeed. it has had some head winds. they've largely acting leadership which is a problem. that has just happened and variety of things that have happened made things difficult. the makings of a stron

it was made by the producers of "happy days," tom miller and bob boyet.py days," "laverne and shirley," i was kind of the richie cunningham on "full house." >> i feel like there's so many of those stories. brian, we don't have a ton of detail about bob saget's death. we have a tweet from law enforcement. you mentioned, though, he was on tour, i believe he had a performance last night or two nights ago. what do you know about that right now? >> that's right, and after his performance in jacksonville, florida, at 3:45 a.m., here is what he posted to his fans on twitter, he said he loved tonight's show, he appreciated the audience, he said thanks again, he said, i had no idea i did two sets tonight, i am happily addicted again to doing standup, to being on the road. then he promoted his future dates. his website, as he mentioned there, that's crashed because there are so many people trying to visit his website right now, but he did have this active performance schedule going out on tour and doing standup. as you mentioned, we don't know a lot about his death

bob duback. i took his room, he and dana would come back on weeks off, we'd talk about the show. we stayed friends. one of the greats of "snl." we'll talk about "saturday night live," dennis miller dinner, conan. i said, i want to do a podcast, maybe if we do something "snl" related. it can be all showbiz. but everyone we know is sort of involved in that, in the world of "snl." you could be music, you can be a host, a guest host. >> jimmy: so your guests are all people that -- >> somewhat related, yes. >> jimmy: past members, writers? >> yeah. so we started with -- i think the ones today are chris rock, rob lowe. then once a week. next week's tina fey, tom hanks. >> jimmy: this could go on forever, really. >> yeah, we did about 15 already. then -- it's kind of carvey andd dana talking over each other, it's stupid. [ laughter ] tom hanks is super cool, everyone knows he's a great guy. i think he would sort of just be an everyday comedian or something. it's almost too heavy that he's such a star. everyone gets too freaked out. just to get to talk to him for a while about snh. he really lights up. he remembers everything he did. >> jimmy: he hosted when you were there? >> he hosted