treasuries on the back of comments from chris waller.nts more data before he is that confidence. he argues you can push out those cuts into the future. two year 460. the japanese yen continues to gain our interest on the intervention to risks from japanese officials, 151.34. 152 seems to be the light of the sent. brent, it is six dollars per barrel, a bit of again after the softness on oil prices of .4 of 1%. gold up .10 of 1%. let's take a close look at 2024's first quarter. kriti gupta brings the context. the year has brought currency surprises. >> surprises but not surprises, it is an easy story when you look at the japanese yen, the swiss franc, the underperforming conference -- currencies that create the basis of the carry trade that creates complacency in this market. it is easy to grab yield and the fx space if you were going short the yen or swiss franc, and that is spend the theme in the first quarter despite the fact that we got to be a day hike and had the era of negative rates complete end, and yet we are waiting for cuts to

more fed speak with chris waller, who has been pretty outspoken. we get earnings as well.rsday, sentencing. the team says 50 years is only suitable for a super villain. for my final thought, let's take a closer look at the estimates for pce. deflator, court of later, expected to come in just as in the prior months, looking for a little bit of an increase in the core deflator. when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. vonnie: i'll come to "bloomberg markets -- welcome to "bloomberg markets." the rally taking a breather on friday, heading towards it's best week of 2024. the federal

we're talking about chris waller throwing cold water on hopes for a rate cut he is a hawk, but sayingad. >>> disney settling a lawsuit in florida in the first step toward reconciliation with governor ron desantis. >>> a new call on tesla. we will talk to an analyst who is dropping the price target ahead of the delivery numbers next weeks week it's thursday, march 28th, 2024. "squawk box" starts right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. today is thursday, but it is the last trading day of the week and last trading day of the quarter as well. let's take a look at where things stand right now for stocks looks like dow futures are indicated up by close to 20 points s&p futures are flat nasdaq is indicated off 20 points it comes after the rally yesterday. the dow and s&p turning positive for the week based on yesterday's results. you did have the comments from waller overnight that put a chill on things as

chris waller said the feds no hurry to cut rates. that become the new benchmark of central banking. i think it kept the average today. all in all, still owe waste at this point to be fixated on the fed right now. last night we got great numbers and 70% from rh. jeffries, had a 52-week height before reversing midmorning. home depot made this incredible a $10 billion bet on housing with an acquisition of srs distribution. all in all, good news to the market. we know wall street is basically a, what have you done for me lately business. so let's talk about our game plan. we bring about happen earnings report they can be very meaningful. pbh kicks things off monday afternoon. this is the maker of tommy hilfiger and calvin klein. stocks double from where it was before long-term interest rates peaked. so many stocks were obliterated by interest rates. when rates started coming down, stocks like pbh could come roaring batch. it's stock is run so much. can keep going higher on better than adequate numbers? i'm a little stumped here because unlike rh, which soared one better-than-expected qu

chris waller, board of governor for the federal reserve saying they are in no rush. maybe the generate cut might be pushed back a little bit but we have to see. ashley: thank you for that. as edward touched on and the fed chair is saying, inflation in check, the latest pce report has a level of 1.28% year-over-year. it is within the realm the fed really wants it, taking higher than it would like but again, whether that pushes off a june rate cut, the optimal capital director of strategy, michelle schneider, the chief strategist, what do you think? airport like that, make a june cut better or less likely? >> this point it's still likely because there are other factors like the fact the debt is so high-end interest rate on the debt becomes unmanageable at current rates. there's talk they need to cut on the basis of that. what's more important is whether they cut or not, is inflation started to pick over and run on its own fumes to grow, bigger problem down the road. neil: where are you on this, francis? >> he has got to project that he's going to go a little easier rat

chris waller said the same thing last night and as he pointed out, the october to december average was percent, rather than 3/10 percent. so, it's 10 times higher in january and it would be the same this month. that suggests some progress has halted, if not gone the other way. jonathan: there are 54 estimates on the terminal and only five of them say anything other than 0.3%. i wonder why? and you just basically guess pc from ppi? mike: you can. inflation numbers are some of the best from economists. there might be a surprise in one or the other that push it 1/10 of one way or the other, but if you notice, there are only a certain number that say anything other than 3/10, but it is not a wide dispersion. jonathan: true. tiffany joins us now with more. let's start with the data tomorrow and then we can backfill to talk about jobless claims. what are you in the team looking for tomorrow and in the current trend, coming into tomorrow, and what things could look like in a couple of months time? tiffany: the bigger issue in our minds is that after we did two quarters of 2% pce elation, we g

you've got people at chris waller what is the reason to cut rates here?doing very well. we have a commodities chart if we put the chart up you will see see rb has been alluring in the last three months that could be an inflation signal why should they cut rates? >> is not obvious to me they should either. i wonder whether they're trying to absolve the big inflation error they did a couple years go by somehow it nail a perfect landing but in so doing they are taking risks with hard-working americans who are living off of their income as inflation moves back up. it's shown some evidence last couple of months there taking risks with those people all to make up with large balance sheets that much richer. it is hard if you push me onto why it is i think it's probably because it got a faulty map and it all likelihood a faulty compass. i don't think they have a real framework as to what's driving inflation. what you and i know is america's inflation problem is not because americans are working too hard or earning too much or living too well. it's because the gov

you have got people like chris waller, rafael bostic, smart guys who are saying not so fast, not so fastreason to cut-rates here? you have a stock market going right through it. profits are doing very well. profits are the mother's milk of stock. we have the commodities chart, if we put up the crb chart. actually the crb is roaring in the last three months. that could be and inflation signal. why are they going to cut rates? >> it is not obvious to me, larry. they are obviously trying to solve the big inflation error they made several years ago by trying to nail a perfect landing. working americans living off their income as inflation moved back up, as they show some evidence last month, taking risks with those people making people with large balance sheets richer so it is hard. if you push me why it is they have a faulty map and likelihood a faulty compass. i don't think they have a real framework what is driving inflation. what you and i know america's inflation problem isn't because americans are working too hard or earning too much or living too well. it is because the government is

i give fed governor chris waller high marks for being strong behind this decision.ael bostic. go slow, fed. there is no rush. don't have any election year juice. don't get political. meet your inflation target. in a couple years with lower taxes and deregulation and drill, baby, drill we'll get this economy moving again like you wouldn't brief without inflation because we go on the supply side. i'm kudlow. we'll be back in just a minute with my last word. ♪. .. big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. there are many ways to do things. at old dominion freight line, we do them this way. this way has people who st

charles: yesterday federal reserve governor chris waller gave a speech to the economic club of new yorkategy research allocation survey revealed size i can shift for the probability of global recession, now under 50%. this is the first time in two years if that is the case, here in america, it would mean powell probably pulled off an immaculate landing but why would he still be in a rush to cut rates? let's bring in economic research neil dutta. you were i think in the two or three rate cut camp but at this point why would the fed risk it because there are little signs of inflation flaring up here and there? why wouldn't they let this drift to the finish line and then declare victory? >> well, charles, thanks for having me on. inflation is a lagging indicator and so if you're waiting for it to be 100% resolved you've likely waited too long. so i think, and powell's been very clears about this, they are going to start cutting before consumer price inflation is at 2%. that year-over-year number is going to be above 2% at the time they're first cutting but i think it's important where the

chris waller on wednesday prayed fridays the big event which is ironic given markets are closed. as well as the fed chair jerome powell will be speaking. wednesday this is one of the most important events of the week. xi jinping america ceos. this to me is notable because usually he outsources it to other people. usually it is some sort of subject it and the fact that it's not is interesting. we get u.s. jobless claims. consumer sentiment data. it's not that important relative to what we get on friday given the fact we do get the pce deflator. >> let's get to the next 60 minutes or so. stocks coming off their best week of the year. terry haines on a shrinking gop majority and alex webb with the eu launching new probes into big tech. the s&p 500 coming off the best week of the year with the return of fed speak and another read on inflation around the corner. we see a stronger 2024 performance as investors look ahead to the final inflation yards. a slowing but not recessionary u.s. economy. interest rate cuts on both sides of the atlantic. ben, you say a stronger but different rall

people can shrug off chris waller as a hawk.athan: it would be nice to hear from chairman powell, markets closed, just take it in, have a few days and then come back monday. lisa: is that what you are doing tomorrow? jonathan: of course. mike mckee out -- mike mckee is going to break down pce for me. i will be listing to that. let's talk about the tension between china and the u.s. and a sprinkle of ev. janet yellen slimming china's use of industry to boost subsidies. seeing u.s. manufacturing is facing pressure from cheap was flooding the market. comments ranging from green energy products to electric pickles. janet yellen saying this will be a key issue in her next trip to china. steven center drugs is now. -- joins us now. you have the ev's at kia, can we talk about how they are selling? stephen -- steven: there seven well, we would like to sell more of them. there has been a lot of expectation about the rate of transition and that is unknown. consumers are buying the car, enjoying the car. the infrastructure is a challenge.

. >> going to ask about what you thought about chris waller that you kind of touched on it anyway, rickline is jason fermin former chair white house council of economic advisers, professor at kennedy school and our own steve liesman. steve to you first on what the data rick just gave us. >> yeah. so i wanted to just repeat what we talked about earlier, joe waller's comments, he mad this comment that the job market may not be moderating enough to bring down inflation we certainly don't see that moderation in the jobless claims not only are the jobless claims and continuing claims lower but keep getting revised downward, it seems, on a week-to-week basis. i want to take a quick second, joe, to go from those better inflation numbers that rick talked about in the pc and gdp report the core pce 2% even though deflator steph not up. quick look at price expectations nor pce tomorrow online and talking about this with my friend rick. looking at 0.4 on the headline sorry. on -- month over month that's up a tick pce prices year over year 2.5 up a tick core down a tick but year over year not expec

governor waller was a huge fan. christhat you can get back to 2% without a lot of unemployment and vacancies and cuts. i do not want to say you cannot get there, but it could be a heavy lift. lisa: the other part of what you said is important. the fed does not seem to want the weakness and said they would cut rates in response to a weakening labor market. what does this mean for the longer-term inflation rate? does it mean that to .7 -- two point something is the floor and we could see a ballasted volatility in inflation and the upcoming years? rich: i think that is a worst case. the progress on disinflation is remarkable, but inflation is still above where they would like it to be and there is evidence that it may be more sticky and stubborn then folks were thinking. i will let the data speak for itself and i hope the powell fed is data dependent. i think they need to be open to the possibility that inflation is sticky, and i think that changes their communication on the right path. jonathan: can you help the consistency