mary from our markets live team and we also had the events from neil kashkari. let's start with the tepid demand for the five-year and two-year out of the u.s. is this a oneoff blip or are there broader concerns about resog the issuance from the u.s. treasury? >> i think there is just general concern in terms of how the fed is speaking and the rhetoric coming out from the fed. just adds more invest orangest as to whether treasuries are in fact a good buy at this opponent. but one of the things we do snow that neil kashkari pointed out that rate hikes are not off the table but it was very low. it implies that rates are peaking at these points. there is still invest orangest. tom: on the data question, we had a consumer confidence survey come in higher than estimates. that is surprising. how much clarity do we have around the resilience of the u.s. and whether or not we are starting to see cracks? >> a lot of data has come out mechanicsed in terms to have activity holding up. there are some cracks in the system. overall, the message is still that the u.s. economy

. >>> minneapolis fed president neil kashkari reiterating his hawkish leaning today, saying nothing should be ruled out, not even hikes in the current environment. >> the u.s. economy has remained remarkably resilient gdp growth has been strong, much stronger than forecast most people thought we would be in a recession that didn't happen instead, we had strong growth. u.s. consumers and the housing market have remained resilient, so we should take our time and get it right >> my next guest is not expecting a rate cut, but that can be good for stock prices here is to explain is a chief equity strategist. great to see you again >> you too, kelly. >> what you are saying is supposed to be a contrarian thing, but has been true of this cycle lately explain why you're still bullish. >> i think this is one example where it helps to be a little older, because we can remember back to a time when mortgage rates were 8%, the 10-year at 6%, and the market did just fine i really strongly feel that higher rates are a characteristic of a healthy economy. and so what scared me more is the thought that the

neil kashkari says this -- what did you make of that fed speak? is it anything new?hat would explain the weakness we saw in the bond issues yesterday? >> good to see you again. i don't think we learned anything hugely new here. the latest fomc minutes really did suggest there were quite a few participants who are getting a little uncomfortable with the whole financial condition. i think it's reasonable that they do so. this is a direct link between their policy-setting and their communication. it has been pretty weak recently. certain mega cap stocks have been on a tear and that provides some loosening of financial conditions and that's not what the fed wants to see. ultimately, the chances of hiking is fairly low and the fed would prefer to keep policy in a tight setting for longer as opposed to trying to tighten things because they could quickly lose control of the narrative and the financial conditions if they restarted hikes now. jonathan: people are consigned to the view that if we get a hike it will only be because the economy remains incredibly strong. i took

in any event, while people are talking a lot about neil kashkari, which i don't get, because i don't think he was that hawkish to begin with, but i think it's rude to think about fed officials and how they talked about the last three months of inflation, and their willingness to let that go, and accept some of the newer data that may be coming in that could be more on the dovish side. which is to say, put on your seat belt. tomorrow morning will be interesting with the pce. next week the ecb might be cutting rates, and then the jobs report. it's going to be a great ride. >> all right, gentlemen, thank you very much. appreciate your time today. our steve steve and david zerbos. >>> the market is typically quiet over the summer, and my next guest expects a pullback but also some opportunity. david, i don't know if you just heard that conversation, kind of want to talk to us about -- what do you do investment wise, put it all in the s&p and hope for the best that the fed's got our back? >> oh, no, you can do a lot better than that, kelly, for sure. there's a lot of opportunity out there

that includes naturally some big names such as neil kashkari of indianapolis.ntral bank policy front but also on economic data. at this stage we are on track to end the week quite positively on wall street. you're in london and new data released today shows the united kingdom is officially out of a recession. tell us about that. >> exactly. so quite a lot of positive news also out of the united kingdom today. ipessence the u.k. entered the technical session at the end of 2023, but the data today show the economy growing by about 0.6% in the first quarter of 2024. that was well above the economic -- the forecast among economists suggesting it would only grow by about 0.4%. this is actually quite a positive story, and has led the bench mark here in the u.k. to extend its gains and actually hit a record high earlier this morning. quite a lot of positive news from the united kingdom, and that is being reflected also in the equity space, john. >> staying there in u.k. for one more, the bank of england is inching closer to its first rate cut since 2020. what's the la

. >> i highlighted comments from neil kashkari, he said the strength of the housing market and some ofess on inflation means monetary policy might not be as tight as the fed thinks it is sounds like you totally disagree >> i don't totally disagree. i'm not trying to count my chickens before they hatch we had our hearts broken before where we thought we were going to get lower rates later in the year redfin isn't betting on that p we have to make our own way. maybe i'm being cautious because 2023 was a disappointment, started off gang busters but then rates went up and went up again in the summer. >> you sound more down beat than usual. your stock is up, you had a good quarter. cheer up. >> i'll try to step up. >> thank you very much quick programming note before going public, redfin was a cnbc disr dis disruptor 50 company >>> another tight range, 5184 on the s&p. let's get a news update with ti dominic chu. >> a georgia appeals court will look at a decision to allow fani willis stay on donald trump's election interference case trump and other defendants tried to get her removed saying

kashkari. he was true to form. take a listen. neil: i have been asked many times who'd we take potential interest rate increases off the table. i don't think anybody has formally taken them off the table, even me. i say that we could sit here for as long as necessary until we get convinced that inflation is sustainably going back down to our 2% target. i'm not ruling out potential increases. but sitting where we are for an extended time is a more likely outcome. but if we get surprised by the data, we will do what we need to do. quick sounding hawkish from the fed official neel kashkari. david: to your point, true to form. we will get to developing news in a moment. just on talks of this fed pricing conversation. i'm actually looking at my screens. all across whether you are looking at swaps or all the way to 2025, 2024 this year, there is a 0% probability of cash to rate hike. i'm not saying we should we expecting base case rate hikes, but to zero. developing news this time last hour out of south korea, the labor union at samsung say