thinking this is crazy, stocks are expensive, people are too optimistic were talking about american exceptionalismhere are no other choices. i came out thank you. again another 20%. it comes down to a few things the economy is strong and we have a.i. that will provide a boost and we have a deregulatory impulse that is going to be very helpful if you put it together you get is the third consecutive 20% gain. that idea 20% is well above the wall street consensus, does not worry you. >> wall street consensus is usually wrong it tends to go between the high single digits, low double digits, this year about 10% and we couldn't get in and between 0 and 10%. i look at that and were either getting it a loss this coming year or will have another big game. i think will be at the beginni beginning. >> were both capricorns, let's be pragmatic. i think there are a lot of things to worry about. as you said everything is expensive, geopolitical worries and people who are not elected impacting government policy, not to mention the bull market is getting a little long in the tooth and history shows third-year gain

states could be swayed into marxism without a violence revolution and of course a phrase american exceptionalisming. one we proudly embrace today but most americans think about making america great again largely think about the 1950s when the united states emerged from the ashes of world war ii as a nation with no equals. the 1950s also marked the best decade for the stock market for the s&p 500. now, my next guest says that there's a golden era coming right now. there's going to be a golden age of investing. i want to bring in sanctuary wealth chief investment strategist mary ann bartels. mary ann so you see parallels between this period and 1920s, right? >> i absolutely do, charles, and in our conference in october, i titled it the golden age of investing. i compared our market cycle today to 1925 and 1929 in addition to that to 1925 or 1995 to 2000. both of these times in history, we had transformative technology that significantly grew our economy and translated into extraordinary returns for our equity market, and i think we're right in the early stages of that today. charles: you know, my

camtek keep american exceptionalism alive? -- can tech keep american exceptionalism alive? we are so close to the record highs we saw across benchmarks yesterday. we have nervousness ahead of nonfarm payrolls tomorrow. douglas claims come in and we look at what is happening geopolitically speaking. chips to the downside. it gets busy. optimism coming from bank of america as they visit the gigafactory. a move in some asset classes. bitcoin, 100,000. we went past 103 thousand earlier, up 3.6%. a whole fledge of positive sentiment. maybe has a little bit to do with fed chair jay powell saying it is akin to gold. in saying he would not be restraining crypto. but you have paul atkins. let's go to mike sheppard. we do have someone from the trump administration, the future s.e.c. chair pick, paul atkins. give us his background. why is he seen as crypto friendly? mike: he has emerged, after years of being a well-known regulator here in washington -- he previously served on the s.e.c. as a commissioner during the george w. bush era, so he has the street credit as a regulator. but mo

i know that vivek believes that too because he spoke in a great length about american exceptionalism. people be dying to come here both legally and illegally? you see, as gina says our constitution and declaration of independence are, and they are genius, they should be enshrined in amber for all of posterity, they are not what set us apart from the rest of the world. it is our culture. a culture of people that pushed west, that drilled holes in the earth and shot skyscrapers into the heavens. it's a culture of people that build great businesses with a mix of work ethic and risk tolerance. it's why we are the world's preeminent economy. and aegean -- indian engineer strives to come to america, the world's biggest military, melting pot, leading technological -- innovation is an american's dna. it's why we have people like elon musk. he added by the way, onto vivek's point, elon musk said the number of people who are super talented engineers and super motivated in the u.s. is too low. think of this like a pro sports team. if you want your team to win the championship you need to recruit

you talked about american exceptionalism.uestion is how long can it last and when will it change because it can't go on forever. that is what we are focusing our attention on. >> when you think about that, what are your thoughts? when do you think it could come to an end and what could propel that end? >> thinking more about the circumstances as opposed to the timing. the timing is uncertain u.. when you think of how things evolve from here, you worry about too strong growth. trump's successful growth accelerates. then the fed hikes rates next year and doesn't cut as much as the market expect. his is not the base case scenario, but is a scenario. it is something to think about. on the other extreme, if the fed, nonetheless, doesn't cut as much and policies stay in restrictive territory, remember the excess savings from covid are gone and maybe we see a bigger slowdown in the u.s. economy. it is two opposite scenarios. one too much growth, but one you risk and get too little. >> given the uncertainty, what will the dot plot te

i think he believes in american exceptionalism, but i fear that in this particular sentiment, he has suggested that that mediocrity has led to an overall malaise in america. and he said it's happened basically since the 90s. now i have to believe that some of that is true, but we are still today, not just in our past. we are still exceptional in america. >> there is no question about it. even despite what's been a couple of difficult years under this biden-harris regime, this is the best country on earth. we are blessed by the grace of god. i know that vivek knows that. i know that americans watching at home, and i know that you know that will the bigger thing i think we have to ask ourselves is for as much as american athletes get credit for things, we need to also venerate and exemplify the great mathematicians of this country. when a kid wins a math or science competition, let's put him on a billboard two right alongside the winning quarterback. and so we have to prioritize merit and excellence, and we have to reject this anti meritocratic subculture that's trying to divide us. we

charles: already twice i've asked guests, american exceptionalism is the achilles heel, our addiction government debt. >> it's not america's exceptionalism in that respect. it is the state of affairs, common place with paper money. charles: thank you so much, jim. >> yes, sir. charles: let goes to jay powell. >> good afternoon. my colleagues and i remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the american people. the economy is strong overall and has made significant progress toward our goals over the past two years. the labor market has cooled from its formerly overheated state and remains solid. inflation has moved much closer to our 2% longer-run goal. we're committed to maintaining our economy's strength by supporting maximum employment and returning inflation to our 2% goal. to that end today, the federal open market committee decided to take another step in reducing the degree of policy restraint by lowering our policy interest rate by a quarter percentage point. we also decided to continue to reduce our se

you can imagine the american exceptionalism story having legs.t wonder price -- whether people are pricing in imperfection. we are seeing citigroup economics surprise index higher once again, to the highest levels that we see in going back to the beginning of this year. at what point do people start questioning just how much inflationary momentum that actually is in this economy? jonathan: chairman powell will need to address that a little bit later on this afternoon. equities right now pushing higher by one third of 1% on the s&p. the euro just about holding onto 105 against the u.s. dollar. under surveillance this morning, the french government heading toward collapse. >> the conditions that brought us here will not be resolved for another year, at least. and that of course is not good for french finance. in the current circumstances we just continue as is, but that means the governor will not be able to consolidate. the commission will be watching france very carefully and demanding the down the line france makes the decision that it needs to

need to be gratified from across the world but i take exception, i know vivek believes in american exceptionalismexception to the indictment of american culture print large. i think it is a unique, persistence, at times rotted, there's a bit of entitlement, certainly tacked on the left but i am oho d photo a believer in the exceptionalism of american culture. i think our constitution is special, our declaration of independence is historic but those are what set us apart, those protect our culture which is made as the preeminent civilization in the history of the planet. charlie: i agree with what you said. i do think, my bigger exception to what he said was the idea that it's a culture that, what this is, the whole debate and it is happening entirely on the republican side of things which is very interesting and completely healthy. something very good can come of this because donald trump is not going to be swayed by vivek and elon because they like the visa process and there are problems with that real corruption and i have more faith in donald trump's ability to do something about it than any p

the real story here is two of the would be maga darlings have attacked the myth of american exceptionalismisused. visa holders can only work for employers who sponsor them, so workers have very little bargaining power. despite rules that they are paid a similar wage to americans in comparable positions, there are studies from the economic policy institute that show h1b visa holders are often underpate. what's more, these visas are seen by many to afford a disproportionate degree of access to certain groups to immigration channels at the exclusion of others. this rift on the right could preview a rift in trump world over immigration and its impact on diversity in the workplace. at the same time figures like musk and ramaswamy are touting h1b visas, trump says he aimed to challenge policies on diversity, equity and inclusion. her highlights include ing corporations who use policies to discriminate against their workers. some of the country's biggest employers are backing out of their dei commitments. walmart announced last month it would roll back a slew of dei policies, saying it would no l

but fundamentally, it means a deep police in american exceptionalism, that we have a special role to play in the world command american leadership, support for american defense and free societies around the world is a core part and makes us safer, freer, more prosperous. we have over 80 chapters on college campuses where we do most of our work and send out scholars, thinkers, practitioners to debate college professors on foreign-policy and national security and that forms the basis of a wonderful talent for many of you who are here tonight who are part of that. 700 of them working washington, d.c. across the u.s. government, a whole lot of different ways on domestic policy. you can go to the website. tonight, our discussion really centers on an issue that is critical to actually our own mission, not just any old foreign policy issue, which is to the quality of education our students are receiving at the universities. in addition to the -- i hate to say it, but many self-inflicted damages that a lot of universities do to the type of education they are providing the students come our un

this is where the consensus view is very much focused on more american exceptionalism. would like to understand when you think about valuations and the concentration in the market at this moment. is this the risk, the biggest risk for 2025? investors are too bullish on u.s. equities? >> it is certainly something we're aware of. one thing we are focused on building for clients is broad diversification, the important driver things. generating excitement in the market. we have seen for example nvidia come off a little the bit in the last few days. that is not because people have fallen off nvidia. when you price 60 times earnings, even a small trip up can cause a correction in price. we have seen in recent times and competition starting to catch up and do very well with and also nvidia's most recent generation of a.i. chips have struggled a bit or seem to be struggling a bit in early days. what we are seeing is a broadening out in that team and we think that is a good thing for the market as a whole. those concentrating on the market leaders are vulnerable next year. >> we

my criticism of vivek is i know he believes in american exceptionalism, but i believe what makes us exceptionallture. it's got rot, entitlement, but at its core, it's one of the most unique to ever grace this planet. the other aspect is elon bringing up sports. i know something about this. i think this is interesting. he talked about, like, pro sports, elon did. we get this basketball player from if france or serbia. here's what i'd say to toe loan on that. professional sports does not maintain a culture, it just doesn't. it's in pursuit of championships. and i understand we want to win. college sports is a better corollary because at least historically, and they're losing it, they had a long-term culture, different programs. and let me tell you about two sports, one i know very well, water polo, and another i know very well, soccer. we're not the best in the world at these two sports, so take clemson who won the national championship in soccer. if you look at their roster, 80% from overseas. water polo, usc is very good. 80% from eastern europe. i would say to you american college ares grantin

limits to american exceptionalism. limits to our american unilateralism. uh, he he urged caution, and he wanted us to approach every issue intellectually and morally. and that's why he put human rights at the center of our foreign policy. and it's been there ever since. he did succeed in that. >> yeah. and it's so much of his legacy. uh, really fascinating to speak with you, kai. thank you so much for taking time to be with us today. kai. bird, thank you. jimmy carter was, of course, married to rosalynn, the love of his life for more than 77 years. and she was not only his wife, but really his closest confidante. it was a powerful bond of enduring love that was on full display at rosalynn's funeral a year ago last november, when their daughter, amy, tearfully read a letter that the former president wrote to rosalynn, 76 years before, while he was serving in the navy. >> my darling, every time i have ever been away from you, i have been thrilled. >> when i returned to discover just how wonderful you are. while i am away, i try to convince myself that you re

charles: my next guest says that, well, listen, american exceptionalism, not just because of a.i., i want to bring in aisha tarika. you note that companies plan to surge their onshoring. i want to show the audience, 2022, there was a 63% increase in companies that say hey, we're going to bring some of the supply chain closer, onshore, reshore, same thing with manufacturing and so forth. this year, 81%. you say this is going to continue and that we somehow investors should have exposure, right? >> that's right. hi, charles, thank you for having me back. so yes, we think this is a very exciting time for us ahead because we're finally going to see the market broaden out as your previous guest noted as well. i think we've been seeing this trend start in 2024. we've seen pmis start to go up. and we've seen improvement in investor sentiment towards for companies for the broadening out of the trade. we've seen upward revisions in earnings, earnings growth for the next year. so i think all in all, this is going to be a very interesting space, the reshoring beneficiaries. they'll benefit from

. >> tim used the term american exceptionalism. pull up the chart of apple. it has rallied 10% from the low in november. iphones aren't growing. this is a product that is more than 50% of their sales. when you think about the money that is coming out of these other places, it is clearly coming here into the u.s. apple traded 33 times, i don't know if it has traded at this sort of growth. we are talking central single- digit growth. in june, when the stock was massively performing the broad market, i think it was up less than 10% versus an s&p that was up 15 or 16% or so. all the analysts could talk about was this massive upgrade cycle coming this fall. it is gone. it is not. apple intelligence is a zero. seriously. >> i agree the refresh is slow to happen, it's going to happen. going to happen anyway largely. what the analysts are also saying is we are in the broadening of the ai trade and the ai trade, which is now into software, i think apple is perfectly positioned, whether it is apple intelligence or not. they are the use case. there certainly will be to

it's all about american exceptionalism. exceptionalism. right. what what could be better than adding more land to the united states? we haven't done that for a really long time. i don't hear people on capitol hill talking about this because they're worried about not tripping over their shoelaces in january. i mean, there's going to be so much to take care of with those small majorities. we haven't even gotten into what it's going to take to get his cabinet confirmed to enact the agenda that he's talking about. it's going to take a ton of coordination and synchronization. and so if there's if there's time for them to get to greenland in the senate and house, it may be waiting until 2026, because i think 2025 is pretty booked up at this point. >> is it trolling? >> i don't think so. sometimes trump makes very important points in the most unorthodox ways. there is a big debate about china's influence in latin america. greenland is a hugely important strategic issue, especially as the ice melts and the thought that russia or china could get a foothol

well it was former formerly enslaved people and of course, immigrants who have built the american exceptionalism that we see and feel today. so, you know, it's going to be difficult because we have midterms coming up, and there are members of congress, especially from the maga right, who are going to have a difficult time messaging this pro-immigrant policy to their base that they depend on. and i think that actually fares better for democrats. and there's a little bit of a wedge there in terms of where democrats, yes, can negotiate, but also use it as a campaign mechanism where, you know, the base is going to be very much against this key. the key issue that donald trump built his entire brand on. >> pete, there was always going to be some divide that was going to happen at some point, right? there was going to be some division, which happens no matter how seemingly in lockstep folks are with the president elect. is this the start, though, of a rift? >> well, i think it's the start of a healthy conversation within the trump built coalition. and a couple of points on what was said. number one, d

also, i should argue, a complicated southern white man who was a critic of the notion of american exceptionalism. as a southerner. you know, he part of his heritage was knowing the the having the knowledge of defeat and occupation dating from the civil war. so he he understood the limits of power and the limits of american power and the limits of the environment. so he became a champion of the environment, an early profit warning about climate change. uh, and that's that's a legacy that is going to be with us for many decades to come. he he was a prophet in the wilderness crying out about these issues 40 years ago. and he's still relevant. he's still, uh, his legacy points the way to peace in the middle east, to how to deal with climate change. um, and the the essential character of american foreign policy as being rooted in principles of human rights. >> yeah, he was ahead of his time in many ways. kai bird, thank you. well, just ahead, we're learning new details about the deadly plane crash in south korea that killed all but two of the people on board. what the pilot said moments before impact

lisa: you see that with european bonds at the same time as american exceptionalism.rates more aggressively and if there is some sort of downturn, that could be some sort of haven trade. do you think that is premature at a time when the bond vigilantes seem to have their pens and papers out for france? seema: i think as it is always the case you can't just look at europe as one entity. there are so many different entities. overall, the ecb is going to be cutting rates far more aggressively. there will be a 30 basis point cut thrown in, in 2025. the fed will get maybe a little bit closer to neutral but probably not below. there is raisin -- reason to have that. you have to be really careful keeping an eye on what is going on with the budget deficit in every country that we are looking at will be key for next year. there is so much in the government policy side. bond vigilantes really starting to gear up and keep an eye on what is going on in different countries. we have seen it in the u.k., an idea of it in the u.s.. i think that is going to be a key conversation for a

if you think of there is no alternative but there is no alternative to american exceptionalism.bin brooks at brookings wrote a column basically saying that europe desperately needs a weak euro and now should be the moment that the ecb cuts and they cuts aggressively because they need some sort of stimulus not coming through governments. would you agree with that? mohamed: a weaker euro is like pushing on a string. europe needs fundamental reforms. the draghi report sets out the problem with productivity and competitiveness. a weaker euro and stimulus does not address those issue. i think it is much deeper than that and europe has to understand that unless it takes serious steps, it will fall further behind. unfortunately, to take further steps you need political leadership and we know what the situation is like in france and germany. there is no european policy without france and germany leading. jonathan: there is very little leadership. we are lucky to get some time with you. we appreciate it. on this payrolls friday, looking ahead to next week. ecb is around the corner. let u

they have different views on our culture and on american exceptionalism than sometimes their union bosseso. and we're seeing a break between the leadership of these institutions and the rank and file of these institutions. there's more to it than just the economy. there are lots of cultural issues at play here. >> i think that's i think that's exactly right. i mean, it's not really actually about the policy toward unions at all. >> yeah. look, i think it's certainly the case that the union membership within the teamsters is significantly pro-trump, and it's difficult for any union leader to overcome that. but i would i would ask the question in response to what scott said earlier is if it's not about economic policy, then what the hell is it about? i mean, this administration culture vibes. >> i mean, there's a lot of stuff. >> if you're the leader of the problem, you know? so so to be clear, it should be about a pro-labor agenda. that is the purpose of advocacy at the federal level when it comes to unions. this has been the most pro-labor administration. sean o'brien said it himself, and

that is what american exceptionalism is all about and that's what we together will revive to save this great nation. thank you all for coming today. may god bless you. god bless your families and god bless our united states of america. thank you. [applause] we made a mess. i can appreciate we can get this all cleaned up. we have to clean it up. y'all as they are flipping the stage up here we're going to bring a couple of chairs up and have a fun conversation with vivek but how about one more round of applause for the vision, the inspiration, just incredible mind behind this. [applause] how about a round of applause for the stage switchers like that was -- that was perhaps the most impressive thing -- no. sincerely vivek thank you as i mention in the introduction, the path that you have chosen wherever it ends next year or four years later or whatever it is -- it is very clear that i -- i personally am animated when i think about the founding of our country, and it wasn't thousands of people it was a handful of committed patriots who refused to give up and when you mentioned revolution

thatsm is what american exceptionalism is all about.d that is what we, together, willll revive tisch to save this great nation but thank you all for coming today. may god bless you. may god bless your families and god bless our united states of america. thank you. [applause]e] clicks brooke, i've made a mess here. i made a mess progressive of the four children i can appreciate. we'll get this cleaned up. as they are flip and the stage of your going to ring a couple chairs upper going to get to have a fun conversation with vivek how about one more round of applause for the vision, the inspiration, just incredible mind behind this. [applause] how about a round of applause for the stage switchers? that was perhaps the most impressive thing. sincerely, thank you. i as i mentioned in the introduction the path you have chosen or everett is next year or four years later or eight or whatever it is, it is very clear i personally and animatedly think about the founding of our country. it was not thousands of people it was a handful of committed p

they are not in a same position at the american exceptionalism. >> i love your thoughts on this homeovernor waller came out and said the message for the governor. i was pretty confused on some of the commentary in the news conference. >> there is certainly this concept of short-term and long-term neutral. i think that is really being fueled by the surprisingly massive amount of fiscal spending. in the general consensus i think we are downplaying just how impactful the most amount of spending per gdp that we have seen outside of a recession in american history. this is massive data. when we talk about american exceptionalism, and a lot of other countries could be growing at 3% if they were spending as much as the u.s. was spending on the government side as well. that is really distorting short-term neutral but there's a lot of concepts being thrown around in my sense as i listen to this, this is a lot of trying to find reasons why they can stay on hold. this is a fed that wants to stay on hold until they get some sort of crack in the data one direction or another. jonathan: always fan

. >> american exceptionalism on display on that chart and as you said in the market. >> the opening bellchange. here at the big board. the new york stock exchange's very own security team. recognizing their work in keeping the building safe and for employees and for guests, we thank them every day, always friendly to us on the new york stock exchange. at the nasdaq, an integrated oil and gas company ringing the bell. we'll open -- look at what's winning broadcom, tesla, nvidia. there's the chart of the u.s. versus the rest rest of the world, u.s. is on top with 25.5% gain on the year. nobody comes close to them. >> we'll get the santa claus rally going with the nasdaq leading the way today, as you said many of these names are leading. apple getting close to 4 trillion in market cap. around 3.85 a day ago. we can pull up the chart and see where it currently sits. it's making that march again. when rates are rising, the nasdaq has had an ability to rise anyway. the russell is the place that hasn't. but the nasdaq has been the place where the money has been going. there it is, 3.$3.87 trill

here and and and not just in american exceptionalism.it's a kind of christian empire. and not just an american empire. and i think a lot of that comes from the fact that this american outreach to the of the world happens in this european imperial moment of a century between the 1830, 1840s and the 1930s, 1940s, a lot scholars of american empire have, of course, couched the rise of american empire in terms of the european experience and what the europeans done in the rest of the world. and i think emily is providing a different perspective on this. teresting.and really the other point i wanted to draw out that i think gayle has already talked about in better ways than i could, is notion of missionaries as imperialists, but as a different kind of imperialist and projecting a different kind of empire. in the book, emily says that quote, missionaries could be a major asset or a major hindrance to the work of american empire or the projection american power abroad and. of course, they could be both. and that's what that's what what they could

institution like these to bring about the american revolution and my exceptionalism back.ork is more important today than ever before. so, what can you do right now? it is really simple. you could be bold. you can show up, and debate these ideas. persuade your neighbors. this pandemic illustrated many politicians have a totally different vision for government that with the founders laid out. it was once said they want to be our shepherd. that requires us to be the sheep. let it be heard loud and clear from us right now, we will not be sheep. [applause] [cheering] >> usa. u.s. a. i would like to close today with a story. my dad was a cowboy. he was the toughest person that i have ever known. ever since i was a real little girl i just wanted to grow up and be like him. he died in an accident on our farm is 20 to two years old a couple months after its kill the family got the courage to go out and clean out his pickup. all of you have a farmer or rancher in your life you know they often live out of the pickup. everything important can be found in a cab there wallets, bills to

that theme of american exceptionalism really reflected in the markets.than expect. the incoming government being -- if you put tariffs up that will only be stronger. under surveillance israeli prime minister benjamin netanyahu failing to act forcefully against the houthi's. benjamin netanyahu calling on israeli citizens to be patient saying it may take time. he's bowing to retaliate. . during that, there was friendly fire. two u.s. navy pilots shot down over the red sea, they were rejected. thankfully no one died in this incident. you could see what is going on with the whose -- houthis controlling the red sea. controlling a big chunk of yemen. benjamin netanyahu accusing the houthis of affecting world shipping. shows no signs of clearing up. annmarie: u.s. military is there protecting the only vessels, which at this point i believe are chinese and russian vessels. president-elect donald trump addressing concerns about the outsized role yuan musk has in his incoming administration saying musk will not be taking over the presidency and calling such talks

it was institutions like these that helped bring about the reagan revolution and bring american exceptionalism back. their work is more important today than ever before. what can you do right now? it's really simple. you can be bold. you can show up, debated these ideas, persuade your neighbors. this pandemic illustrate that many politicians have a totally different vision for government than what the founders laid out. it was once said the left takes its vision seriously, more seriously than it takes the rights of other people. they want to be our shepherds but that requires us to be the sheep. let it be heard loud and clear from us right now. we will not be sheep. so i would like to close today with the story. my dad was a cowboy. he was the toughest person i've ever known. ever since i was a real growth i wanted to grow up and be like him. now he died in an accident on a farm when i was 22. couple months after he was killed i finally got the courage to go and clean out his pickup. not all of you have a farmer or a rancher in your life. you know that the author lit out of their pickups. ever

. >>> next we will hear from the rockefeller chairman who said admiration for american exceptionalismrt of high pressure brewed coffee and espresso with the l'or barista system. enjoy richer, bolder flavors complete with velvet smooth crema. for a satisfying moment unlike any other. >>> our next guest has a new piece in the final times called the mother of all bubbles. he said one idea of a bubble is a good idea that's gone to far and awe of america has gone to far. let welcome the rockefeller international chairman. is he cio of break out capitol and the author of what witness wrong with capitalism which is misleading. there should be something that explains what the title is saying. you know, around here we love that you are saying that because we love having people on that are trashing capitalism. you are saying there's -- pure capitalism has been infected by to much government. that's your point. i like your -- i like what you said here. i see you have published it in the ft. financial -- they were only too glad to have something writing that america is over done. they wish that t

nila, that this is the driving force when people look at overseas turmoil as reinforcing american exceptionalismmarket with consumers spending what's supported by the strong labor market. the moves are on point when it comes to tracking inflation and the labor markets. a lot of fundamentals are feeding into the exceptionalism. globally in terms of geopolitical is what's adding to the gratefulness of that exceptionalism at a time when so much of the world is in chaos. annmarie: world in chaos, fractured middle east, and yesterday we talked about the core of europe in political paralysis. where else is there to go? lisa: at a certain time we get an ecb rate decision on thursday with a call for a 50 basis point rate cut at a time of economic weakness. coming up, emily weiland of john hancock, equity value stalling ahead of cpa -- cpi with james soroka and shipping giants bracing for trump tariffs. jason varejo of ubs, why the fear of froth is overdone. stocks slightly higher, the s&p 500 and the nasdaq are below record highs as they wait for one of their last data points before the cpi decision. em

lisa: this larger question the people keep asking, at what point will american exceptionalism quietlyrode some of the fiscal dominance that the united states has? essentially, why is it that the u.s. and how long can the u.s. avoid some of the bond vigilantes that the likes of france are facing as they face fiscal dysfunction? how much are you watching gold as a barometer of that? >> gold is an indicator of that and interestingly a deaf, -- interestingly enough, gold has sold off has not come back since the trump election. but the backend of the breakeven curve is actually lower than it was before the election. and i think the reason is the economic picks that president trump made, or one important reason would not necessarily lead to one physical expansion. scott bessent is a fiscal hawk and i also thought it was interesting that trump had this tweet over the weekend about how important the dollar dominance is for him. if you think dollar dominance is an important policy goal, you cannot direct your fiscal accounts, clearly. and that is in line with what some of his economic official

you are saying in order for the thesis you have come this bullish american exceptionalism story to bare outcome you need to see breadth get better. we have seen pretty bad breadth. i think about the other waiter read that every time i -- way to read that every time i say that. we have found breadth to be a poor coming signal. >> we don't want to over index to just so few stocks. i think that is the first indicator of breadth. if i look at what has driven that top part of the market, the magnificent seven, it has been ai and it has been ai fuel growth. the second stage of ai is ai permeating businesses throughout multiple lenses. so if i look at it, the first element from our business point of view is just our own back office and the ability of ai to help us serve our customers better, get better data, meet their needs more quickly. the second element for us is from the investment lens we are looking to invest in other companies. the third element of ai is how we permeate it through actually making better investment decisions. so how do we control better for risk, how do we identify tren

refugees, and later in the majestic the poison wood bible, which skewered the arrogance of american imperial exceptionalism. she was writing fiction about climate before fire was a thing in novels like behavior, which sounded an early alarm about how environmental disasters would devastate human communities in ways we see so clearly now because she trained as a biologist, her writing has always been eyed about the ways humans are embedded in ecosystems, rather than standing apart them. she was advocating for local and seasonal when locavore ism was still a new idea in memoir, she wrote with her family animal vegetable miracle, about the year they spent eating only what could be grown near their home. she's a writer farmer in the tradition of her fellow kentuckian, wendell berry. she eats from her garden as those of you who follow on instagram have seen, and she knits. wolff that from the sheep that she raises, she writing about the dispossession of rural working long before we all became preoccupied with the regional schisms. our country starting with her very first book holding the line about a copper min

that means kids will know american exceptionalism and the role that faith plays. >> how do you come downn this issue? there's talk of if it should or should not be an other aspects as well. i wonder how you come down on this. >> we all make decisions based on how we are raised and our life experiences. i was raised in a strong christian family. i have raised my kids and a strong christian family and i want them to know the bible what i wanted to be taught by someone taught the bible themselves. it is a slippery slope when he put it in the hands of teachers that may not be believers and will be teaching a word that can easily be taken out of context, so if the state is going to require that, the state should also be required that it is taught by someone who graduated from seminary school. if you leave in the hands of the public school teachers, that may be not able to ashley teach it because they were not taught at themselves, then it can cause tremendous confusion. keep in mind that maybe the only time that child gets the word taught to them and if it is not taught right the bible warns

. >> american exceptionalism is a story that is hard to push back on. >> this is bloomberg surveillancehordern. lisa: all eyes turning to europe with an ecb rate decision in 15 minutes with the broad expectation of a 25 basis point rate cut following significant rate cuts from the swiss national bank and bank of canada. markets are pulling back a little after yesterday's gains, snapping a two-day losing streak. we saw the outperformance and big tech. today, were taking it back. nasdaq 100 futures down, leading the declines lower, down .4%. really, the key is going to be how much can other central banks outside of the u.s. front load some of those rate cuts to get ahead of the uncertainty of 2025? dani: it seems like there is a desire to decouple from the fed. we were talking to peter scheer about this that on the way up you saw different central bank's one to stay in tune with the fed because they didn't want their currency to weaken. they needed a stronger currency to battle inflation. it is the opposite. the snb saying that they are cutting 50 basis points to weaken the swiss franc. a

that means kids will know american exceptionalism and the role that faith plays. >> how do you come downis issue? there's talk of if it should or should not be an other aspects as well. i wonder how you come down on this. >> we all make decisions based on how we are raised and our life experiences. i was raised in a strong christian family. i have raised my kids and a strong christian family and i want them to know the bible what i wanted to be taught by someone taught the bible themselves. it is a slippery slope when he put it in the hands of teachers that may not be believers and will be teaching a word that can easily be taken out of context, so if the state is going to require that, the state should also be required that it is taught by someone who graduated from seminary school. if you leave in the hands of the public school teachers, that may be not able to ashley teach it because they were not taught at themselves, then it can cause tremendous confusion. keep in mind that maybe the only time that child gets the word taught to them and if it is not taught right the bible warns of t