of treasury policy. if he is confirmed, the day that he is sworn in, we will have a treasury secretary who was in violation of treasury policy. it is an absurd double standard to maintain for the benefit of one individual with immense power. what he owes and medicare taxes is a trivial amount compared to someone with his wealth. he could do the right thing and pay, he would not even notice it it is routine for nominees that come through the finance committee tapped a result the tax issues with the spot on the vetting process. madam president, i have seen a number of nominees and i cannot recall meeting one in my time on the committee who was more unprepared. struggle to answer basic policy questions and one-on-one meetings and in this committee hearing. for example, i asked a simple policy question. should wages be treated differently than wealth? madam president, this is a central question in the debate about taxes. when senators talk about the unfairness of the tax system. this issue i ask about is the

bessent to be secretary of treasury. this cabinet position is one of the most important positions in any administration. the secretary is the tip of the spear for presidents domestic economic agenda. moreover, the secretary is a very key player in international affairs with the responsibilities covering international trade, global finance, and sanctions just to name a few. given the current challenges we face as a nation, the next treasury secretary will have a big full load on their plate. the u.s. is facing former clinton treasury secretary larry summers recently called quote biggest fiscal sustainability problem since the civil war." at the same time the expansion of russia and china, particularly china's pursuits that threatens international economic order. having met with mr. bessent i am confident he is up to the task. as a depth of knowledge, of economic history in fact, he taught a class on the subject. that in his decades long career in finance. they make him uniquely qualified to be our next secretary of the tr

that is the treasury department. they went to court to argue your that taxpayers who take this position are violating the law. i believe it is a big conflict of interest if the nominee is confirmed. either he and his lawyers take the position that treasury policy does not apply to the treasury secretary, or he blesses a loophole that lets wall street titans blow off their fair share of medicare taxes. this is exactly the kind of abusive scheme which leaves americans feeling disgusted with the tax code. they feel it every spring when they file their taxes through big software companies as well. it is absurd that americans get charged huge amounts of money to file their taxes every year. that is why a number of us in this room were hard to create the new direct file program with resources from the inflation reduction act and the biden administration. it is a free option that allows taxpayers to file returns directly with the irs. no software middlemen picking the pockets or harvesting the data. it launched last year to

bessent, to be secretary of treasury.his cabinet position is one of the most important positions in any administration. the secretary is the tip of the spear for president's domestic economic agenda. very key player in international affairs with responsibilities covering international trade, global finance, and foreign sanctions, and that's just to name a few. given the current challenges we face as a nation, the next treasury secretary will have a big, full load on their plate. the u.s. is facing what former clinton treasury secretary larry summers recently called, quote, the biggest fiscal sustainability problem since the civil war, end of quote. at the same time, the expansionist ambitions of russia in europe and china, particularly china's pursuit of economic hegemony, threatens international economic order. having met with mr. bessent, i'm confident he's up to the task. he has a depth of knowledge of economic history. in fact, he taught a class on the subject at yale university. that and his decades long career in fi

this is what happened in the treasury markets. we started rising, the curve, just across the board, sending yields higher. the 10 year, the 20 year, the 30 year, all back to october of 2023 levels. taking a look at the 20 year, we are well above 5% right now, flirting with 5% on the 30 year with 10% up. where it is a go from here? it depends on what the market says the fed is going to do, right? pushing out the cuts right through september and october now, with banks and strategists changing their opinions, no rate cuts at all this year. goldman bringing their forecast back to two from three with citigroup saying there will be five cuts this year. >> is a fair value for mutual, 20%. looking at the 10 year for value mutual, that's around 4%. treasuries trade 50 basis points above that, 4.5%. that is your starting point, fiscal deficit. inflation issues are off. the economy is doing ok. ambition from the coming administration to cut taxes. it's all in the mix. vonnie: yields rising above 5%, that looks a lot more likely just in the

we have a big drop down in the treasury yields this - the treasury yields this morning on the back ofa. on the back of the strong something in the banking sector. i still think about the ten year treasury yield, those long—term rates. it's been controlled by many different market forces and if we think about the structural pieces of that ten year treasury yield, things like inflation, growth, there is a lot of pressure across the board all those things. from an inflation perspective, there are a lot of things, like the continued housing shortage. although we have some relief in the past year on that front, in the past year on that front, in the next few quarters, we are seeing that supply, back off and we are still dealing with a structural undersupply of housing and that's a big part of the inflation number. we'll continue to be a bit higher. what is the premium driving interest rates higher? we are not seeing a structural reason for those ten year treasury yields dropping at the moment. thank you forjoining us. now to germany where the economy shrank last year, for the second year i

of treasury policy. an absurd double standard to maintain for the benefit of one individual with immense power. under the previous order, the motions to reconsider is considered made and laid upon the table and the president will be immediately notified of the senate's action. mr. barrasso: mr. president, i ask unanimous consent that the mandatory quorum call be waived with respect to the duffy nomination. the presiding officer: without objection. mr. barrasso: thank you, mr. president. the presiding officer: the clerk will report the motion to invoke cloture. the clerk: we, the undersigned senators, in accordance with the provisions of rule 22 of the standing rules of the senate, do hereby move to bring to a close debate on the nomination of sean duffy of wisconsin to be secretary of transportation, signed by 17 senators. the presiding officer: by unanimous consent, the mandatory quorum call has been waived. the question is, is it the sense of the senate that the debate on the nomination of sean duffy o

the treasury department says it was hacked by cyber criminals backed by the chinese state government. cbs' nicole sganga joins us from washington. >> reporter: america's treasury department says it was hacked by cyber criminals backed by the chinese state government and that the hackers managed to steal unclassified documents. a treasury official said attackers breached federal workstations but did not provide details on how many or what sort of documents they may have obtained. in a letter sent to lawmakers monday, a treasury official said the cyber criminals gained entry remotely using a key stolen from a third party vendor to override security and called the attack a major incident. a treasury department spokesperson said it has taken the service offline, adding in a statement that there is no evidence indicating the threat actor has continued access to treasury information. the breach follows a slew of chinese-linked cyber attack, including a hacking campaign by a group nicknamed salt typhoon. hackers targeted at least eight u.s. telecommunications companies, according to u.s. off

i've asked many times, janet yellen who has been treasury secretary and fed treasury, which one she prefersifference is treasury secretary, there's so much more you're in charge of and you have to know. sanctions policy, tax policy, there's the irs. the debt management and issuance and deficit, not to mention the economy and staying in touch with business and market participants, much bigger as a mandate than say the fed chair, which is in charge of maximum employment and inflation and monetary policy. the questions can be quite varied here, and investors care about all of them. >> street is getting ready. we'll squeeze in a quick break and get you back in time for the opening statement. don't go away. (auctioneer) let's start the bidding at 5 million dollars. thank you, sir. (man) these people of privilege... hoarding the financial advantages for far too long. (auctioneer) 7.5 at the back. (man) look at them — unaware that robinhood gold members now enjoy the vip treatment — a 3% ira match on retirement contributions. (auctioneer) 11 million sir. (man) once they discover their privileges a

always aood to who want treasury bills. always good to see _ who want treasury bills.o see you, _ who want treasury bills. always good to see you, thank- who want treasury bills. always good to see you, thank you - who want treasury bills. always good to see you, thank you for| good to see you, thank you for joining us. good to see you, thank you for joining no— good to see you, thank you for joining us._ the - good to see you, thank you for joining us._ the us| joining us. thank you. the us snoreme _ joining us. thank you. the us supreme court _ joining us. thank you. the us supreme court is _ joining us. thank you. the us supreme court is expected i supreme court is expected potentially to rule today on whether to uphold a law banning tiktok in america on the grounds of national security. unless it's chinese owner sells off its american operations to a non—chinese buyer. as things stand, tiktok will be banned on some mac sunday, just a day before president trump's inoculation. —— inauguration. but there are indications he might give it a reprieve. the bbc has been he

we are seeing a bit of calm when it comes to the treasury market.t's an early close for jimmy carter's funeral taking place in washington later today at 2:00 p.m. eastern time close. lack of liquidity perhaps we will see a bit of calm when it comes to the treasury market today. eyes on the 30 year old -- 30 year yield. some other markets have not found calm yet. tom: there are links between what's happening with the treasury market stateside that's now on a bit of a pause and what is happening globally in the u.k.. we are on the fringes of a market crisis in the u.k. >> the market is strong analogies to what is going on now to what happened in the liz truss episode in 2022. unless we hear change of direction from rachel reeves, we saw this weakness gripping markets yesterday, the 10 basis point rise in the 30 year old -- yield rachel reeves come out to reassure markets in the coming days? we saw such a big reaction when it comes to the currency, down from 1.3% during the session. we did hear reports a market trader saying there was large downside op

treasury issuance of $5 trillion or 17% of gdp. do you buy into the 10 year when there is so much uncertainty and some investors are saying 6% is possible? >> in the near term i am a buyer, a tactical buyer because we have a huge move to the upside. we have some half decent ppi-cpi numbers. my issue is, we can throw out numbers like 6%, but i have it in my mind, what is neutral? where is a fair value? my go to is around 4.5%. given that, i do not think they can get below 4.5% to four. once i see it hitting 4.5%, it is kind of neutral to me. the next move is toward 5%. sonali: if you think about what we heard this week from christopher waller, the idea that you can see the fed lowering rates again in the first half of this year while you still have market pricing pushing rate cuts out to july, what do you think it is possible this year in terms of rate cuts that if you believe neutral is higher? >> i think neutral is higher. the fed has been prudent giving away 100 basis points of the small gifted had in terms of rate cuts. i would

i'm glad to have you as our next secretary of the treasury and work with you to restore sanity back to where we were under president trump. graduations on your nomination and willingness to serve -- congratulations on your nomination and willingness to serve. with the expiration coming on tax rates, facing a $4.3 trillion tax increase if we don't act this year. as we begin drafting this bill, and i applaud chairman crapo, he brought us together as ranking member last year prior to getting the majority back, anticipating we might have this moment. we started talking about what are some key themes come and we got into details over several months of working groups for the next tax bill, to renew and protect, preserve the tax rates and prevent a $4 trillion increase. one of the keywords was "permanency." are expressed my support -- i've expressed my support for the current policy baseline, i've expressed my support for permanency because we've added uncertainty in congress with expiring tax code provisions. it is time to make them permanent, to take one additional burden away from the amer

i want to share the chart on the ten-year treasury.t is very interesting there is nothing better than context really we have the yield trading at 4.675% we have seen the highest level actually hitting 5.02% in the month of october of 2023 i'm showing this, james, because i want to understand we are not that far from the highest level ever what is going to take? are we going to test that 5% threshold in the near future >> the drawdown in u.s. treasuries is still at the worst level since the u.s. war of independence in the 1780s. that reset in yields does, in theory, make bonds more attractive and less risky. the issue we've had in september with the trough of that curve a few months ago was at a time where there was certainly risks from the employment space with the labor market looking like it was potentially weakening in that space and responding to that with the potential of cuts over the 12-month period looking back at september, the interest rate priced in for june this year was for rates to come down to 3% in the u.s. if we look t

bessent: i believe, as you and i discussed, there is a sleeve of treasury, treasury finance, that deals with this. i believe that we have to have a 2025 approach to -- you and i talked about digital currencies and all branches of government. yes. sen. lujan: mr. bessent, in your role as treasury secretary, do you agree that you will play an important role in advising president trump and congressional republicans on policy related to the economy including investment in government programs? mr. bessent: yes, senator. sen. lujan: i was pleased in our meeting that you stated, "no cuts will be needed" to achieve your economic goals. that may surprise a lot of my republican colleagues but i appreciate that conversation we had. yes or no, would you recommend cutting medicaid? mr. bessent: i'm sorry, i didn't hear whether you said medicare or medicaid. sen. lujan: yes or no, will you recommend cutting medicaid? mr. bessent: medicaid? it is the business of congress to do the budget. i am in favor of empowering states. i believe that for some states, that will be an increase, other states, a decr

there were very few questions about treasury issuance and the financing of the treasury debt as we go through the process. what you are seeing, tariffs will likely be on china, still remains to be seen if there will be a global tariff. that is where the markets are headed. >> jocks -- stocks generally don't want to do 1%, thank you. one of the bigger movers to the upside the past day or so has been citigroup which has a fourth quarter profit and defeated on the bottom line, they say they will reshape and invest in the business and shareholders are hoping that means better returns. here to iscuss that an incoming donald trump administration is the ceo of citi. >> jane, thank you for being here, a big day yesterday with earnings coming off the scott bessent hearing, i want to start on the deregulatory push which has been a huge overarching theme in terms of the banking industry and the way investors have been treating it over the last few months. you were just elected chair of the financial services forum which is the eight largest -- eight largest banks in the u.s. going to washington

whistle blower law has brought $6 billion back into the federal treasury. this program could raise billions more if i.r.s. would use it to its full potential so i hope i can count on you if confirmed, and i think you'll be confirmed to work on this whistle blower program and work to i'm full potential. >> senator grassley, we're in complete alignment on this program. >> thank you. next would be senator cornyn. >> thank you, mr. chairman. mr. bessent, welcome to washington, d.c. you're getting a taste of what it's like here. which is an out of body experience for most people who are not acquainted with it. i happen to represent a state that has the eighth largest economy in the world. we think we understand the formula for economic growth and prosperity and opportunity, which are low taxes, a reasonable and modest regulatory footprint and opportunities for people to prosper and by prospering, invest and create opportunities for other people to pursue their dreams. we think there's a lot washington can learn from that formula and it sounds to me like you agre

>> for the treasury market it was notable there was no discussion on treasury issuance.e were worried about this because in the past he's been a critical voice against the previous treasury secretary, janet yellen, for issuing so many tragic -- so many t-bills. we know parts of the curve have been vulnerable recently. that was one catalyst we could see for a further steeping -- steepening. we have to wait for the quarterly funding announcement but he did talk about tax cuts, calling them the single most important economic issue facing the u.s., very much in line with trump on that and also did back fed independence. he said it's a good thing the federal reserve and foi mode -- fomc is independent and reiterated tariffs are a useful tool. he does not see them as inflationary so again going back to the comments we have heard from fed officials backing the fact that he does not see them as inflationary and sees them as a tool to combat unfair trade practices and had some pretty scathing words to say about china. take a listen. >> china is the most imbalanced economy in the

people steal father treasuries -- still fought the treasuries. there is always a need for them. yeah. it will not look like what happened in the u.k. but people might start avoiding u.s. debt a little bit if budget deficits are not approved. scarlet: let's talk about the 10-year bond option, the reopening. is creating an existing 10-year note with a fixed interest rate of a belief or .25%. this is an added wrinkle to what we usually get in an auction. it is notable given where yields are. how significant is this? how much should we read into this bond auction result? ira: today will be a little dicier than tomorrow. tomorrow we have a 30-year bond auction. that's a lot of market risk added. the liability-driven investors like 5% yield. when you look at where 30-year treasuries are, they are at or close to 5%. tomorrow might be a little better than today. today with the 10-year preopening, we know with the bond is trading at. we are trading where we are, 4.7%ish on the 10-year. today a lot of times what we have seen is the market not doing very well or the bond auction not doing

-- or the fed still owing 6.5 trillion of treasury.here's no easy way to look through this. you saw on new year's eve dr. slok put out one of his daily notes, the term premiums moved up 75 bases points. i think for it to go to where it used to be, the median level pre-qe, it has to go up another 75 bases points. still we have some real serious head winds in the treasury market. on balance, treasuries are still overvalued even at these levels and they're not going up because of growth, kel. they're going up -- you can see this in the swath spread widening, term premium going up, they're going up because of the supply issue. >> yeah. it's kind of poignant or perfect to have you on today, kind of casts a little bit -- i don't want to call it a bearish tone for the year, but when i read the surveys that say, fund managers -- i don't think it was -- i don't know who it was, 70% of people are bullish on the stock market for 2025. and it is reminiscent of a couple years ago when it was 100% conviction on the recession call that also turned ou

our correspondent at westminster, helen, it is a reprieve for the treasury, but for rachel reeves itminister, that is undoubtably going to be the focus of pmqs today. certainly that is the _ focus of pmqs today. certainly that is the widely _ focus of pmqs today. certainly that is the widely held - that is the widely held expectation is that the leader of the opposition will raise with keir starmer and she has this morning posted on social media that she believed it is clear at the weekend that tulip siddiq's position was untenable. she accused prime minister mac of dither and delay and weak leadership, so i imagine that is what we expect her to be levelling at the dispatch box when pmqs gets under way in the next few minutes. it will be trying to move this back to the prime minister and hisjudgment in minister and his judgment in firstly minister and hisjudgment in firstly appointing tulip siddiq to the treasury and in particular to that role, the exchequer secretary of the treasury which has that responsibility for anti corruption.— responsibility for anti corruption. responsibilit

please welcome treasury secretary janet yellen.ry yellen, good to see you again. are you ready for this? i'm bringing out hot and hard. on monday will be the dramatic conclusion of the biden administration with a bit of a twist ending. are you sad to leave? are you ready to relax? what are you going to do? >> secretary yellen: it's bittersweet. i have a wonderful team. we have worked so well together. i'm going to really miss them. we will all miss one another. but we feel proud of what we've been able to accomplish. recently the economists of the u.s. economy is the envy of the world. [applause] is firing on all cylinders. >> stephen: why do you think -- this past election made it clear that 49.9% of american voters don't agree with you or don't agree with the economist and that the economy was, according to polling, one of the biggest reasons why people put donald trump back into office. why do you think that message about the good economy, as you say, the best economy in the world right now especially of the advanced nations, ca

the pressure telling and the minister now resigning from the treasury in the last little while. more reaction to that in the next few minutes. now two events in los angeles. the wildfires has dominated for around a week now with those firefighters are battling with those blazes and three blazes they are still having to cope with, they were worried about the wind speed picking up today and tomorrow, with red warnings in place. those warnings keep being repeated by officials on the ground. we can get the latest now with our reporter on the ground will grant. as the wildfires in los angeles enter their second week, they keep burning, and the stories of destroyed lives stack up. amid the ruins of his block, michael soto was incredibly fortunate. his home survived while his neighbours were left with nothing. now, he stands guard to protect what he still has from looters, patrolling a devastated neighbourhood. i moved to this area, you know, for my kids — to have a better upbringing for them and for them to have a better future. it was a beautiful community, you know, it was mixed, it

. -- 10-year treasury.d down, and we've got a yield now at 4.666% on the 10-year treasury. the price of gold, that's going up along with just about a everything else in this rally. you're now hooking at $2, 700 per ounce. and bitcoin, well, has it hit $100,000? not quite. 99,2 is the latest quote. price of oil, that's up as well, $78 per barrel. nat gas, that's up over $4. the average price for a gallon of regular up just one cent overnight at $3.008. look at car, $4.39 per gallon. it's a rally, sports fans. >>> still ahead, liz peek on biden leaving the left in ruins. border czar tom homan wants to create a tip line to report illegals. border guy chris oliveraz coming up on that. pennsylvania congressman dan meuser on trump's plan to make the u.s. energy dominant again. and bill hemmer responds to the laiders of "the view" who say you can't love america and support donald trump. oh, really? the 10:00 hour is next. ♪ if. ♪ if. ♪ ♪ ... (♪) years of hard work. decades of dedication. committed to giving back.

you still think there's upside to treasury yields from here, kathy? >> i think it's possible, when we look at where fed funds rate may end up, it looks like it's going to be closer to maybe just under 4%, 3.75 to 4% is a terminal rate. if that's the case, then it wouldn't be too unusual to see a 5% ten-year treasury yield. we have a long way to go. we have a whole new set of policies coming out of washington. we have a whole new set of people in washington to determine policy. so a lot of the uncertainty that we're dealing with will only get compounded over the next couple months. i think that that may open the door to another test of 5% on the ten-year yield. >> interesting. and steph, i guess at this point, the economy has shown that 4% plus treasury yields, something close to 7% mortgage rates, have not really kind of held it in check. it's obviously been able to grow through it, at least for now. i guess the big question and the risk that the market seems to perceive is that these rates at these levels might undermine the growth story a little bit

what i mean by that is revenues are coming into the treasury. those revenues of more than enough necessary to pay that. the issue they have is the revenues are not enough to pay the federal government spending on the rate of all the obligations that have been made. now you have a question about timely payment of some grant at the department of health and human services. the point is no, this is a fake deadline they have bought into. one of the reasons why i'm concerned about the parameters of what's being discussed is because it's almost worse than a clean debt limit. they are going to say these are the spending levels we're going to put into place. once washington d.c. has that consensus about where the appropriations process is, a matter where the house wants to be they're not going to be any lower than those caps. this prejudge is the appropriations process later in the year in such a way in some respects it's worse than a clean debt limit because a clean debt limit would not addenda. >> host: help people understand, with these caps been disc

i don't expect ten-year treasuries to go over 5%. it would have to change a -- it would have to be a big change on the fed and it would be a big concern. >> well, steven, everything i just heard tells me you just got to buy stocks anytime they come down. that's a fabulously bullish scenario you just outlined. >> well, i think it is. i think clearly you see a completely different economic agenda with the trump administration. i think 2.0 is going to continue on in a very strong way. we should touch on tariffs a little bit. i know it is the president's favorite topic. but i see u.s. earnings being very bullish over time. having said that, some of this a.i. stuff has gotten ahead of itself and some of those valuations we may see adjustments. >> you do. you think so. what do you think about when you say something like that, steven? >> well, i just think there has been massive spending on a.i. i think a.i. is going to be transformational. no question it is going to impact everything we do. but i think the economic model for a.i. to spend

we focus on the treasury.ay be some movement around treasuries and how much volatility there will be around the inflation data as investors adjust or readjust their views on the federal reserve and rate cuts. 4.77. the pound softer again in the session. down at 1.22. brent trading higher by .0% and gold is gaining just shy of .2%. yoon suk yeol has been arrested after a raid in his residence. he's agreed to be questioned over his short-lived martial law declare ration. >> today, when i saw them break into the security zone with firefighting equipment, i have decided to accept appearance of the corruption investigation with high ranking officials in order to prevent an unsavory bloodshed. although it's an illegal investigation. i do not approve of this investigation by the c.i.o. anchor: editor danny joins us. what's the latest? there were some pretty dramatic pictures in terms of the dawn raid on yoon's residence. where do things stand now? >> this was unprecedented in korea's history. now where we are is that

bessent to be secretary of treasury.on is one of the most physician's in any administration. the secretary is a tip of the sphere will former layers are all will ÃÃclinton's mr. bessent i'm confident he is up to the task he has depth of knowledge of economic history. he taught a class on the subject at yale university. in his decades long career in finance they came uniquely qualified to be our next secretary of the treasury. is acutely aware of the risks posed to our national economy, $36 trillion national debt. as he discussed in testimony before the senate committee awarding the largest tax hike in the history of our country by extending the 2017 tax law is crucial to the health of the american economy. we all know in this body but the biggest tax increase in the history of the country can hampel to the middle class even without a vote of congress because a 2017 tax bill sunsets at the end of this year. mr. bessette also understands international trade and access to foreign markets are vital. to the economic success o

why would we buy reiths when you could buy treasuries? what's the appeal? reits, you get growth and you could have mid single-digit growth in alternatives and -- earnings and rents. that's the appeal right now. and including like mid america is an apartment company as well as the warehouse companies which were in favor now. >> how's cash looking? has it lost its luster around after a fabulous run? what are money markets done? >> i think cash is a good asset class, 4 plus yields on money market if funds. treasury yields are particularly attractive, you get a tax benefit right now and etfs like ticker bil or sg with or v which offer good access. >> i like those t-bills so much, and that's all i really want, t-bills and stocks and nothing in between. >> that's the warren buffett approach to investing, about $300 billion in cash and $300 billion in stocks and almost no bonds. i think bonds have a place given that yields are not terrible. you get 4-7% yields and if the economy does weaken in 2025, bonds might ballast. jack: i'm going to go with mbs also, that is

treasury department.re are multiple dimensions to consider as we ought to think about national security in the united states. jonathan: and it focuses cap -- lisa: it focuses the efforts on the efficacy of government agencies and goes to the heart of the promises of president-elect trump. jonathan: coming up, dan ives of wedbush and what he sees as the top 10 tech winners for the alley revolution. that conversation is right around the corner. ♪ jonathan: equity market curve bouncing back from four days of losses. buyer .6%. a lot of people will talk about the big yearly return. it is a monster your return of more than 20% following in more than 20% return the year before. we should also reflect on how week december was. the s&p down more than 2%, the worst month for the s&p since april. on the russell we were down 8% on the small caps and that is the worst month back to 2022. lisa: which raises the question of whether we see tech leadership as the ongoing dominance in this market, the idea use on a per 4%

treasury, commerce, etc. this time there was reportedly, it wasn't unanimous consent. reportedly, treasury, state, and the pentagon all agree that there was no national security threat. so that is what it was surprising that the white house did say there was a credible national security threat when the pentagon itself said there isn't. that is all we know publicly. host: here is the response from the u.s. steel predent who almost served as ceo. president biden's action today is shamefully corrupt. gave a political payback to a that is out of touch with its members while harming our company's future, our workers international security. he insulted japan, a vital all, put erican competitiveness at risk. the chinese communist party leaders are dancing in the streets and biden did it all while refusing to even meet with us to learn the facts. our employees and communities deserve better. what do you think of that response, what is interesting about response to you? guest: both sides are going to be making their statements now. it's look, when the steel was first announced

the treasury secretary will ask scott bessent big questions about what he will do with the treasury marketry critical, along with the likes of others that janet yellen did not turn out the debt and it has been concentrated on t-bills. so they are showing the ability to issue more longer-term debt, but how does he struck the balance and can he issue longer-term debt and keep yields at the ceiling? annmarie: and how does he handle the debt ceiling? this is a massive fight on capitol hill, and it should have been dealt with in 2024. it was not. this will be a fight, and they will ask him, do you think we should get rid of the debt ceiling? scott bessent has taken aim on secretary yellen about this. it is easy to criticize from the sidelines but it will be hard when you are in the chair. jonathan: i think a lot of people are taking comfort from the bank earnings we have seen and the inflation figures we saw , the softer cpi print and softer ppi, as well, but that could change monday morning when we get the inauguration and then later in the evening, we see executive orders and the focus shifts

where are we in terms of this market correction on the selloff of treasuries? and i think it's the million-dollar question that nobody knows but to me it feels like the yield rises have been to the point where it's becoming more difficult for the market to sustain their valuations. and i think some of the strategists were talking about this as we approached 5% yield on treasuries. we will be focused on how long-term term valuations in equity markets will reflect that and i think so far in 2024 the market has been so resilient and we have seen a rise in rates since september and equity markets have been ignoring it but i think we are getting to the point where it's the danger zone so pullback is something that is not surprising for me. i think volatility will stay here and for active managers it's not a bad environment, something i'm doing on a day-to-day basis now but in terms of the equity pullback may be i'm waiting for some levels where we can get back into equities but it is too early. >> so we are close to that danger point. what are the levels we are look

he said in his inaugural address yesterday that massive amounts would be raised for the us treasury fromlicy. and on capitol hill, people are talking about several hundred billion dollars, perhaps over $1 trillion — a simply massive amount. and yet at the same time yesterday, he chose not to levy these extra taxes from day one. there will be a process of researching where they might best be applied. but it's notjust about the united states. such policies are already seeing pre—emptive rhetoric from the countries that might be on the receiving end, like canada, who is saying that they would retaliate against us exports into canada, which are really important. us executives here, some of the top ceos around, are anticipating that there would be a series of retaliations that could affect their business. but they're just hoping, they're assuming, because theyjust can't let it happen, that there won't be a general universal tariff against all imports into the us. there's also an impact on the us dollar. people aren't sure if it's going to make the us dollar stronger, or in fact, the long term

the chief secretary to the treasury darren jones told the chief secretary to the treasury darrenjones chief secretary to the treasury darren jones told the bbc that the economy is on the right track, but more needs to be done. i economy is on the right track, but more needs to be done.— economy is on the right track, but more needs to be done. i think the lan more needs to be done. i think the [an for more needs to be done. i think the plan for change _ more needs to be done. i think the plan for change is _ more needs to be done. i think the plan for change is working - more needs to be done. i think the plan for change is working on - more needs to be done. i think the plan for change is working on the l plan for change is working on the fact that inflation is coming down is a sign for that. it's good that inflation is broadly stable around the 2% target, it's good that it's starting to come down. there's no denying the fact that many people at home are still struggling with a cost of living and we know we have got more work to do to help them get more pounds in their pockets at the

so this could be the way to get to me through the treasury department. so how do i keep me away from the treasury department or away from the chinese hackers? right. it's those third party apps, the things that we download onto our phone, whether from a text message that seems innocuous or even an app we don't know when we download an app or use an outside piece of software if it's able to prevent a hacker from getting in, and if it gets in through an app, it can get in through our devices. so the best way is really don't go into anything or download anything unless you trust it and have some idea maybe that it's a major company with some major security, which is really hard because in the holidays, you know, a lot of times you're looking for stuff online and it might be like kind of through another offbeat company and you think, i'm going to get it from there instead ofomething that you might trust, like let's say anthropologie, which is a big company which could also be at ri, but more of something like this niche type of store that you look at. is tha

treasury department., janet yellen, in her final interview. we have her thoughts on what has been an historic ten year as secretary, and on the future, what she expts fm ecro the administration , from inflation and the economy, and much more. so i'm going to go back to last week and buy a winning lottery ticket. -can i come? -only room for one. how am i getting home? sittin' on my lap like last time, ronald. fine, but i'm bringing this. [ whirring ] alright. or...you could try one of these savings options. the right money moves aren't as far-fetched as you think. there it is. see? told you it was going to all work out. thanks, future me. dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading without fingersticks. dexcom g7 is the most accurate cgm, so you can manage your diabetes with confidence. ♪♪ power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social se

today at 25 times. 10 year treasury yield yield 5.8% today up 4.6, so much like in 2022 if you say "welltions going to goback to where he they've been literally" you could see losses in bonds and stocks exactly what you saw in 2022 in that situation cash looks pretty good. with guaranteed yield money market funds over 4%. >> hmm, good point look at yield 4.70% right now on 10-year is this about the inflation worries dan? what are your thoughts on the impact of this yield because i am wondering if this is going to show up as bond losses, for the banks when they report next week, and guidance for next year. or this year '25. >> remember we've been through a banking crisis back in 2023 with failures of silicone valley bank volunteers with credit suisse, forced in that marriage with ubs bone through banks have gone ahead cleaned thing up dramatically that is why looking at banking etf the other side of this is that you've got yield curves steep so banks can i know give you and me, a pretty -- when we put money in savings but give you higher rate based on shape of the yield curve where 10 yea

treasury market, while also promoting more competition.ntum, there's still things to be implement it over the next 18 months but i know this, our $28 trillion treasure market is congruent in four years, it is going to grow 25%, so we need these reforms to make sure the markets work smoothly and taxpayers can have the confidence their government can borrow in liquid markets that the international community trust. >> gary, what do you think the biggest risk in the market is today? >> look, i think we have a presidential transition and democracy has spoken but there is policy uncertainty, there always are around these transitions, some of those policies will be sorted out over time but, there's policy uncertainties for sure. i have spoken over these last four years, there's also pockets of capital markets that have a lot of leverage, a lot of borrowing and low margin and that is usually in this sort of space between the commercial tax providing leverage to the macro hedge funds, and lastly, i do think that artificial intelligence is transform