rick santelli in chicago, and he rejoins us. hi, rick. >> hi. to talk to a trader. let's see what the people in the middle of this are thinking, especially after yesterday's hotter cpi and potentially cooler ppi. mike palmer, you saw the numbers yesterday. you saw the numbers today. what's your thoughts? >> i think inflation is the clearest catalyst we have in the market right now. we came in with a hot cpi number and saw the markets sell off. today, the ppi number was a little less hot so we saw the market rally. flation is the event that moves the market and everything else is secondary to that. as such, we have seen the chance of the fed cutting, we talked about it being in march, there were chances, it seems like a big chance was in june. now it's looking 50/50 it will be in the late july meeting. that's still a big chance we cut before the end is year. if we go to the end of the year, we're at almost a 100% chance. we're not seeing huge moves on these inflation numbers but it's notable they're coming in hot. >> what about the vix? the vix h

but i want to break away two-year notes up for auction and rick santelli has the numbers. rick >> yes we just auctioned off $69 billion two-year notes, a record size never, ever had an auction bigger than that, and the yield at this action was 4.898, half a basis point than the one-issued market lower yield, higher price. the government's the seller, higher prices are good the grade i gave for this auction was a b plus let's go through it, shall we? other than the pricing, which is the most important issue in a price well, we see that the bid-to-cover was right spot on with ten auction average of 2.66 dealers took 15.1, spot-on, ten auction average. here's the ones that made a bit of a difference. 66.2 on indirects. that's the best since june of last year, and directs at 18.7 was the weakest since june of last year, balanced out b plus as you look, we are currently at this very moment making new two-year low yields on the session. the big drop, of course, was 10:00, 8:45 central, 9:45 eastern, when we saw some of the s&p global pmis come in on the weaker side, especially on

and here to explain it all is rick santelli in chicago. hey, rick. >> hi, tyler.d they are rising. in many ways this is an extension of the data that was released on good friday. it's still affecting markets. it's still the talk at water coolers. and as you look at intraday of 10s, you can see, it looks like it's eased off. pair it up with yesterday you can see the entire treasury curve has traded above yesterday's yields or below yesterday's low prices. year to date, the high yield close for 10s double top is at 432. anything above that given a half base point, 433 or higher will most likely technically per pet chew wait selling, pushing yields higher. we'll talk to a trader about it. we see yields are moving higher. right now everything is in play for fresh 2024 high yield closes in treasuries. and the equities don't seem too happy about it. >> stagflation is here. it's not about growth really as much as it is about those deglobalization, all the other things underneath the hood. on top now commodities are going higher. sounds like another time we know the 1970s

deirdre, back to you. >> rick santelli, thank you very much. >>> take a look at the major averages.y've been lower today as investors look for tomorrow's cpi report on clues on when and if the fed will start cutting rates. let's bring in brian, portfolio manager with all springs globals investment. thank you for being with us. what do we need to see tomorrow if you're hoping for at least 1 to 3 rate cuts to stanley table this year. >> a cool print on cpi. but investors seem to be skeptical of that. investors are taking money off the table. they're fading the money they can trade. they're covering their shorts. basically saying i'm not sure what's going to happen. i'll take money off the table. i encourage investors not to put too much stock, if you will, in this one -- >> looks like he left us far little bit. we'll take a little break and reset and come back and check in ♪s h you in just a moment' ti. ♪ ♪ >>> shares of iridium communications up higher. that adds to a list of companies which is depending on l3harris which is in turn depending on the u.s. government for funding. emily

meantime, 30-year auction of bonds, rick santelli has the results for us. hi, rick. >> hi, tyler.eed, this is the third trunch of the treasury off of 119 billion. it's a reopening, second time, adding to an issue. what was the yield? 4.671%. onebasis point tail. the one issue mafrket was tradig 4.66%. my grade for the demand at 1:00 eastern for this 30-year bond auction by investors, a c minus. better than yesterday's tens. there was one bright spot, it wasn't the pricing, and if you looked at the bid-to-cover, the indirect bidders, or the dealers in each case, it was the worst numbers save november of last year. so not a huge amount of time, but definitely in the wrong direction. the one bright spot is direct bidders at 18.3% was above the 18% ten auction average, the best since september of '23. yields pretty much didn't move on that, but that isn't the point. the point is, whether you look in fives, sevens, tens, 20s, or 30s, all the yields are higher on the hotter than expected cpi. we want to continue to monitor whether these long and mid-day returnees remain higher yield, lo

rick santelli. >> thank you. >> karen, what's your trade on tlt these days? >> well, i covered some. it's moved a lot. though, you know, listening to rick, i was just thinking about it as he was talking, all right, well, do i want to be completely out? no. but you know, we could get a little bit of cool data, it would move a lot. i don't think -- i think more likely to see hot data, so, that would -- that would vote for staying in it, but now i have a half position, so, i don't know what i wish for. >> when karen is talking about staying in it, she's saying short it. >> yes, yes. >> it's important for people to understand that. >> correct. i think -- that trade says yields will go higher. >> yeah. >> which i happen to agree with, i know tim's been in that camp for awhile. but that's not what the market is prepared for, i don't believe. yields, ten-year was 4.35, what does that mean for the broader market? i don't think it's particularly encouraging. >> look at yesterday and the s&p 500. down a little less than 1% today. we didn't get a heck of a lot of that ba

three-year treasury notes are up for auction and rick santelli is tracking the action. >> yes, deidre, it's been a big start to an auction. this is the first leg of 119 billion in supply, with 58 billion three-year notes. never had an auction bigger than 58 billion. but in 2021, we had many auctions equal to 58 billion. the yield, 4.548%. the minute the bidding ending, 4.528, it tailed two full basis points. now to be fair, the market has been rallying. the one issue market yields were dropping pretty much all morning, just like yields in fully traded treasuries. but the fly in the ointment is, we didn't trade where the result was for probably 40 minutes. so it still didn't price well. all the other metrics were basically below ten option average. generically, most of them were the weakest since december of last year, so not that long. but the point is, two basis point tail. you look at intraday threes, you look at where we've been and how we came into this week with yields starting to fall as we go into the big cpi number. but there's no getting around a d-plus, a very weak first leg

rick santelli with yields elevated this morning despite weaker data points about employment cost indext rick mentioned that i just want to highlight to show you why it's going in the wrong direction or how it's going in the wrong direction. wage pressure. that's the story today and the bond market, it's the story in the backdrop for the fed that kicks off. this is the employee cost index. it's a good representation of what it costs employers to pay a their employees by the quarter. there's the year over year numbers, but the quarterly jump was big at 1.2%. we vice president seen that kind of number, and it was a big jump from the fourth quarter of last year when it was only 0.9%. it reflects there still is wage pressures, the year over year numbers is 4.2%. a few takeaways here. look, the fed has been concerned about this relationship, as it should be, between inflation and wage pressures. so we made a chart of the core -- the super core cpi, services inflation ex-housing, exfood and energy, next to the employment cost index, the wages, and what's shows is that they're very highly corr

back to you. >> thank you very much, rick santelli. >>> kicking off what is going to be a busy week ofta for us here, rick just mentioned better manufacturing numbers. we're going to get a lot of data, including the jobs report on friday. the government report. it means we'll get the adp private sector read on employment and we are eager for march data because a lot of economists are looking at january data, an anomaly and february was a little bit back to trend, but not fully back to trend, and so we wait march data. we're going to have earnings, and we get the big proxy vote on disney on wednesday. janet yellen, the treasury secretary is traveling to china this week and actually ian bremer of eurasia group mentioned it's the geopolitical silver lining for 2024. u.s.-china relations are more stable and better managed, not more trusted, than they've been in years. >> do we know what her agenda entails? >> she previewed it with a speech in georgia last week where she was talking about essentially dumping of solar panel and evs, so worries from the u.s. administration about what china di

let's get back to rick santelli. hey, rick. >> yes, these are s&p global.vices and composite. these are final reads. these will replace the readings of a couple of weeks ago. 51.7 was the mid-month read. it remainz at 51.7. what is noteworthy here, 14 consecutive months over 50. obviously, the service side is humming along better than the manufacturing side. and 51.7, well, it's the weakest of the year. as a matter of fact, you have to go back to, well, a december of last year to find a lower number, but nonetheless, still all above 50. if you look at the composite, there was a subtle change. 52.1 versus 52.2. also 14 consecutive readings above 50, and all of them are hovering right in the 52 range january, february, and this march final. yields, wow. yields have zoom, zoom, zoomed. yesterday's close was technically significant. the highest yield close of the year for many of the treasurys outside of two-year. 4.32%-ish was the double top in tens. looks like 4.5% is coming quickly. we still have ism services pmis to come up at the top of the hour. many trad

rick santelli is in chicago for us. >> yes, deirdre.tility in stocks, obviously. let's look at a year-to-date chart. we're now hovering the highest yield closes of the year, going back to november. if you look at the dollar index, it's slipping from a recent 4 1/2-month-high close. maybe more importantly, what are the key variables to pay attention to? that's easy. i'll give you the big two right now. when you look at the unemployment rate, it jumped up 3.9% in the february jobs report. that's the highest unemployment rate going back to january 2022. month-on-month average wages, the smallest gain in almost three years. these are two variables that have huge ramifications, not only barometers of the u.s. economy, but maybe more importantly especially for the equity market, is how it will all be viewed by the federal reserve numbers. tyler, back to you. >> rick, thank you very much. >>> let's go to bertha coombs, she has a cnbc news update. >>> hi, tyler. the white house says president biden told "the beat" that the future u.s. support f

rick santelli tracking the action, rick? >> yes, ty, we are dealing with the remnants of the 10th of april's cpi and really lousy ten-year note option. let's go to the charts. you can clearly see the jump at 8:30 eastern on the 10th of april when we did that cpi release. later on in the afternoon, a very different ten-year note option kicked rates up. we're at $4.35. here we sit at 30-basis points, higher in yield. as you can see, it doesn't look like it is letting up. however, if you look at the year-to-date chart, on the 16th, we settled at $4.67. that's the high-yield close, not only of the year, but going all the way back to november. but i do underscore that that is a very significant echnical resistance level. on a closing basis, we need to monitor that, that could be the last big area of resistance until we test potentially 5%. and if you consider on the 16th, we also did something else when we had that high- yield close. we moved towards 218 basis points, higher in yield than a 10-year european boom. that's the wides

back of that gdp report with the two and ten-year hitting five-month highs let's check in with rick santelli that. hi, rick >> indeed, warmer inflation, cooler growth. i can weigh in on these numbers and give you personal opinions where i think growth is going to go or inflation will be, but the numbers today were disappointing on growth, and they were warm on inflation, period. 1.6 is not 2.5% as expected and less than half the look at 3.4 consumption on the weak side the price index jumped from 1.6 to 3.1 what everyone was talking about was the core pce price index quarter over quarter metric that jumped from 2% to 3.7%, 0.3 hotter than expectations 1.7% hotter than the rear-view mirror it's hard to ignore those numbers. if you look at intraday of two-year note yields, you can see they jumped on the number. they moved all the way up to 5.0 to the high yield. but keep in mind, we have had a handful of violations of 5% on intraday basis, but we have yet to close above 5%. so we really want to watch that, especially if you're a technician that same level would equate to 4.67% in the tens, and

. >>> now five-year notes, they are up for auction and rick santelli has the action. >> yes, tyler. and i'm talking at the intraday chart of 5s. we're starting to see rates creep up a bit the auction, the grade for demand is straight up 1:00 eastern by investors, my grade was a c. straight average across the board. let's go through it. $70 billion, record offering of five-year notes by the u.s. treasury came in at a yield of 4.659, about a half a basis point above the one issued market. higher yield, lower price, and the seller on the government side but that really accounted for some of the mark but all the other metrics pretty much were on top of ten auction average. some were a little below, some a little above the one that struck out a little above was the direct fitters at 19.2%, but straight across the board average. if we look at the longer term chart, we could see that over the last couple of weeks, interest rates have ramped up for new high yield closes for the year going back to november. that is an issue that we need to pay close attention to, and break it

we have ten-year treasury notes up for auction and rick santelli is tracking that action. rick? >> deidre, this was one nasty auction. keep in mind that we are up big on yields, whether it's the short end that's up over 22 basis points, or our tens that are up almost 19 basis points. we tried to auction off 39 billion ten, and do keep in mind, this is a reopening. this is the second time we're adding into an original issue. each time, each iteration gets a smidge weaker. so i give this auction a d, and maybe that was kind, because 39 billion tens came off at 4.56. here's the problem. the one issue market, at 1:00 eastern when it buttoned up, was basically 4.529. let's call it 4.53. that means it tailed three full basis points. that is big. as you look at the intraday chart, you can see clearly that yields moved up a bit on that. but it wasn't only pricing, which i said you have to be a little more generous on your grading, but all the metrics were nasty. 2.34 bid to cover, the worst since '22. directs at 14.2, weakest since november of '21. and if you look at the dealers, 24% th

. >>> the dow up 280, but treasury is a bit lower today let's get to rick santelli for the bond report day in treasuries. and it started early this morning. 9:45 to be exact let's show a chart of 2-year note yields. 9:45, global pmis hit the wire, the services and composite were both weaker than expected and yields dropped like a rock then, fast forward, we come to auction time at 1:00 p.m. eastern, 69-year 2 years record size and investors flocked the second low on that chart the low of the session, that was made right after the results hit at 1:00 p.m. eastern now, if you look at 2-year note over the last couple weeks, we had violations, intraday at 5% a handful of times but if you go to the year to date chart, we have yet to close above 5% that's a little bit negative if you're a technician and add in that 10-year note yields hit right to the exact spot on a closing basis. the 4.67% high yield close on the 16 both are technically significant and yields have moved lower. tomorrow, record-size 5-year at 70 billion we have to see if investors get as excited about that record size aucti

rick santelli.he 10-year note yield are at the high yields of the year as we see a slightly better look on job openings and labor turnover. better than expectations. but when you look in the rearview mirror it's not better. as a matter of fact, last month's revised 8, 748,000. this month 8, 756,000. we're starting to invest right around and slightly under 9 million. these numbers are a significant cry from some of the high watermarks of last year. we started last year at 10, 425,000 jobs for context. fac factory orders, fresh february, up 1.4%. pretty powerful. that's the best month over month positive change since november when up 2.6. strip out transportation, remains a lofty up 1.1%. and that is the best level since august of last year. now, switch gears here to durable goods. these are final numbers replacing mid-month reads. our mid month read up 1.4 and becomes up 1.3. that follows minus 6.9%, minus 6.9%. that was the worst going back to april of 2020, so a little bit of reversal there as we p

rick santelli's been very right about what's going to happen with the auctions, i think, and yesterdayhe said there was a short rate auction that was very bad, and i think this auction is going to be very bad today. but i also think -- i come back to say, let it come in. if you haven'ttaken any profits and you don't know what you own -- let's get to nvidia. i'm sticking by it. i have a long-term view of nvidia, i have had since 2012. am i changed? no. the intel so-called claim that they're faster, stronger, this or that, give me a break. no one's committing to that. nvidia's a great company. it's got a very low multiple, but if you don't know what nvidia is, david, and you bought it because you liked what i said about it, just sell some. just, like, please sell some so i don't have to hear when it's at $800, why didn't i get that. >> we do have morgan stanley raising its price target as this continues to strengthen for nvidia. >> they have, but so what? >> they're talking about the hyperscalers, planning out data expansion centers that would tend to indicate durability. >> there is gre

we will bring in rick santelli from chicago. i'm told that you wanted to react to a few things you heard. >> the only entities that are not correcting this on what the feds will or will not, whether their track record is too low too long or not raising enough or not understanding the durability of inflation or the fact that no matter how high they raise interest rates, they will not be able to counteract horrible government policies that fuel inflation, but the feds fund future contract is misunderstood, misquoted by every economist, i don't care how high up they are, what institution they work for. they are not correct. fed funds future is not accurate beyond the next meeting and only when you get close. if i recall, if i lock now, it doesn't have it priced in for june. even though july is down the road, doesn't have it priced in there either. the contract was never designed to be telling you what is going to be happening, meeting, meeting down theroad. this is something that has grown up because the market was slow for so many

rick santelli tracking the bond market action for us from chicago.s on the longer end of that curve. >> it certainly seems as though last week stronger-than- expected gdp and the pricing components in that report and the filing report showed warmer if not much progress made inflation investors seem to be pretty easy on the data points. you see three days there, since last thursday, they have slipped just like leslie pointed out. you look at the two your note and i find this fascinating, we have had a couple of closes at 4.995/4.998. we have not close really about 5% as you see on this year to date chart. why does that matter? it does matter but it shows there some is inertia were sitting on levels and for the big reports at the end of the week but wednesday we get adp as well. it shows that the markets are in a decision-making mode. surely if we get hotter than expected job reports on friday, i would to jump over these areas, whether it is 5% in the two year or on a 10 year, the 4 3/4 market if you look at the dollar yen, everyone is talking about ev

contributing to the stock selloff for more on the economy and the bond market, let's go to chicago and rick santelli>> indeed, thank you a lot of big numbers yesterday gdp, some of the pricing mechanisms within. and of course today's income spending is inflationary numbers. and we have jerome snyder. what do you see in the numbers yesterday and today? >> obviously from a headline perspective, gdp was at the 1.5% range. overall, we think the growth of the economy is still being stimulated by the impulses still from savings although declining from the consumer ultimately that probably warrants higher rates for longer as the fed will probably continue to contend next week and to see them begin to recalibrate to this higher inflation regime as supported by recent data, including this morning. >> yes this meeting comes quick, tuesday and wednesday. now i am hearing more of a refrain from stagflation and base rate cuts that doesn't go along with yours see if you can diffuse that in a short paragraph. >> the fed will recalibrate to the data we think those cuts are likely at the latter half of this year and

show up 2% right now those shares. >> but before that we get economic data that crossed the tape rick santelli it for us. rick >> yes, david. richmond fed, april, real-time, richmond fed manufacturing minus 7, six consecutive negative months in a row, not good. look at business conditions, which is the service sector, it is the minus 6 a much worse number than anticipated. haven't had a positive integer on the service sector since august of last year. for the big number march new home sales, expected to be in the 670,000 area that's seasonally adjusted annualized units, it's better, 693,000. that is the best since september, and it does underscore with such a weak inventory existing home sales and march existing home sales being a bit lower, many expected this number to be higher and we did see a revision in the rearview mirror which takes some of the fun away, 662,000, last month becomes 637,000. for more on new home sales, let's head east to diana olick diana. >> rick, this is a surprise to the upside, but not totally unexpected because i want to look at mortgage rates specifically we know t

let's get to rick santelli in chicago for more. >> well, thank you. have a special guest today, professor mulligan, previous chair to the council of economic under president trump. we have what many are considering a very good jobs report. what are your thoughts on the jobs report? >> there was some interesting things there. i noticed the job gains are entirely in the part-time category. >> wow. now, i have heard many discuss that. how do you look at that? is there any statistical issues that are affected by that? >> well, another thing i always look at is exemployment per person. we're not reaching the levels we were in 2019. every month of 2019 we had more employment per person than we do now. >> wow, this's very impressive when you think about it. i like that statistic. but lately immigration seems to be that special sauce. for the last couple years, professor, it seems as if the population growth couldn't explain the jobs we're creating. we received an aha moment that it's immigration. is immigration positively affecting it? >> it makes it hard to

hand it it right over to rick santelli. >> yes.ayrolls a whopping 303,000. that bests most estimates and goes right along with the wis cher number higher than estimates due to the strength isn't adp. 303,000. that's the juiciest number we've had going back to -- ba-ba-ba -- 300,000 equal the may of '23 right on the nose. find a higher number, back to january of last year. unemployment rate, 3.8. a biggy. because last month's 3.9 was the highest unemployment rate since jan of '22. it did moderate a bit. if we look at average hourly earnings, which were up 0.1% last month. lowest month over month change since march of '21. call it three years. first of all, that was revised now to up 0.2 and the new number is up 0.3 percent exactly as expected. year over year, 4.1. as expected. down from 4.3. actually, when you look at 4.1 you have to go back to -- june of '21. june of '21. excuse me. yeah. 4.1. june of '21, to find a lower number. that's a really big deal when you consider what the average hourly earnings on year over year basis has

. >> busy morning for data umich with rick santelli hey, rick. >> hey,carl.ent metrics, these are april final reads, so two weeks ago the mid month read these reads have moved quite a bit, which is a bit unusual. so we go from our headline michigan sentiment for the april final from 77.9 to 77.2, brings it to the weakest level since february if you look at current conditions, the last look, the mid month was 79.3 this goes down to 79.0, weakest since last year. expectations dropped a full point from 77 to 76. weakest since february of last year or excuse me february of this year. now inflation, and this also is interesting, the one-year inflation moves from 3.1 back up to 3.2 3.2 is the hottest since november last year when it was 4.5. finally, five to ten-year inflation is the only metric out of these five that remain the same as the mid-month read at 3% and 3%, by the way, was the highest level since november of last year but it stays at 3% yields hardly moved on that, which is a little bit surprising you want to pay particularly close attention all yield m

year briefly hit 5% before that it's back to 2007 highs if we are able to breach that level again rick santelli>> busy day on the calendar. pending homes with diana olick hey, diana >> pending home sales in march rose 3.4% month to month according to the national association of realtors. that's a beat. the street looking for flat. sales were barely up year over year, 0.1% higher. this is the best reading of the year, but that's not saying much sales are still hovering around a 30-year low. this index is based on signed contracts during the month and in march, mortgage rates uneven starting above 7%, dipping below, then back up and down home prices, however, straight line up. banks strong demand and low supply regional sales rose except the midwest and strongest in the south. interesting the west region the most expensive a also saw large gains in sales because some potential buyers were worried rates would go higher given the latest news from the fed and they jumped in the realtors are predicting home sales will be 9% higher than last year. part of that on the expectations that rates will still

time for the march pce inflation data rick santelli is standing by rick, take it away market's up aheadting for, of course, first spending all the associated inflation metrics. a march number looking for roughly up half 1% on income and it delivers. up half 1% up 0.5% on income up 0.8 on spending or con sempgs th consumption 0.8 equal the last look since january 2023 back-to-back, 0.8% on spending revisions still may be forthcoming. look at inflation adjusted called real personal spending also up more than expected up half 1% up half 1% equals december of last year to find a bigger number you have to go to january of last year now, let's look at the deflator, month over month personal consumption expenditure deflator expected up 0.3, delivers up 0.3. rearview mirror up 0.3 deflate the year over year, first hotter than expected up 2.7. rearview mirror unrevised up 2.5 to find a bigger number than up 2.7 you're looking at october of last year. now, let's look at the deflator month over month, and this is a core number. expecting up 0.3 it is up 0.3 back-to-back 0.3 finally year over year

rick santelli standing by at the cme. and in chicago, but you can opine on whatever you want.yen today. >> yeah, i think the yen is important. i think historically, the japanese understand that intervention is a very short-lived scenario. yes, you might be able to reverse it from above 160 back down to 156, but it doesn't last long and the challenges are the notion that how much it costs to support one's currencies versus any type of lasting effects in the marketplace, it just doesn't work but the japanese have really no choice here with the interest rate disparities between their country and many of the other economic horse-powered economies, i can't see any way around this and the esi for the first quarter is hitting the wires. we're expecting up 1%, but this one is definitely coming in warmer. 1.2% and there's something magical about 1.2%. pre-covid, that was the high. that was in march of 2003 that it was established. this number series began in 1996. 1.2 equals where we were in the first quarter of last year. to find a higher number, you have to go to the second quarter o

twol year at 493 rick santelli is standing by at the cme in chicago and rick h hahas data with us. >>preliminary durable goods. volatile series. of course, a couple weeks may change headline lately affected by transportation all right. numbers are hitting the wires. expecting the number close up to 2.5% and delivers. up 2. per6% headline durable go. best number back to november of last year when it was up 5.4 strip out transportation, it comes back down to earth we can see in this instance transportation was a positive. moves down to 0.2. expected up 0.2. non-defense ex aircraft up 0.2 rearview mirror a revision, big revision from up 0.7 to only up 0.4. maybe pay closest attention to the shipment side. expected to be up 0.2. it is up 0.2 review mirror minus 0.6% unrevised. that's the worst level going back to feb ofof 2021. play close attention durable good orders beginning of the year a big negative. reversing some of that saw earlier in the year much was transportation orders. see interest rates, you pointed out, becky, haven't done much lately they did prior to lately was hugely si

standing by with breaking news from is rick santelli. >> and deficit and a little larger 68.9 billionapril of last year. so going in the wrong direction and we see last month had a very subtle revision. claims expecting a 214 and 215,000 on initial. a little higher. 221,000, which is up 9,000 from a revised 210 that turns into 212,000. actually, 221,000 is the biggest initial jobless claims, believe it or not, since last week in january. it's been awfully well behaved. if you look at continuing claims, we were expecting the number could be over 1.8 million. not to be. under 1. 8 million. last week was moved from 1 million 819,000. 1 million 810,000. 1 million 791,000 the most current read. well, how far do we have to go to see a number that low? lowest level going back to, drum roll, please, second week in february. so once again, very well behaved, and on those data points we see a subtle uptick in what already is an upticked market in interest rates. we're now hovering right around 437, up two basis points. almost at 438 in tens. look at twos. 468, whisker under 469. up a basis poin

rick santelli is standing by take it away, yes. start with initial jobless claims 207,000.ser to 220,000. in the rearview mirror 212,000 by the way, five out of the last seven readings 212,000 never seen that before wondering about these numbers truly. continuing claims. much lower than expected 1 million 781,000. 1 million 781,000. that is the lowest level going all the way back to january 12th the week of january 12th that is a big drop last week moved down from 1 million 812 also under 1 million 796. a big deal gdp first quarter disappoint 1.6% looking for a number almost a full percentage point higher 1.6 weakest growth on a quarterly basis back to second quarter of '22 when it was negative minus 0.6% consumption, half a percent weaker than expected at 2.5% 2.5% would be the weakest since -- second quarter last year when it was 0.8. moving in the wrong direction, third quarter last year up 3.3 look at price index core on a quarter over quarter basis, it leaped to 3.7. we're expecting 3.4. rearview mirror, 2%. 3.7 is hottest well, hottest since the first quarter of last