joining us now is cme group ceo terry duffy. perfect guest to have on, terry with, your view into the rates market how problematic is this? >> i don't know if it's problematic. i need to dig into it myself and see what it is going to mean for them but to have the uk central bank come back into the market is not a big surprise they're looking for stability. they're going to take down the balance street and take them up to a real level. and then the bond market reacts dramatically off andrew bailey said in the uk so there is quite honest for you. this just happened i need to dig into the comments. >> i think the bank of england is due to make the bond buying they're in this position where what is that doing to the markets? >> the market hates it we continue to see them in the 11th hour. everybody wants to figure out how to fight inflation central bankers need to take a more balanced approach it is irrational going on. i don't have the ultimate answer for you other than i think we need to take a better look at how we're approaching

i really like domino's the other is, it's not cme, actually, brian, it's intercontinental exchange. same business, but we like ice for the. they own the new york stock exchange, they're trading at record lows, but they don't -- they're a financial that doesn't take any credit risk or interest rate risk. they're trading at a ten-year p\e low. and they own the brent oil contract they just care that it's traded heavily, which this year sure has. this is a great chance to enter an iconic financial company at a ten-year low p\e. >> ice, not cme. i wanted to see if our paying attention, chris >> just dropping random mistakes on tv. chris, ami capital a little optimism there. pizza and intercontinental exchange so, we have now done macro we've now done markets, and now let's get to the impact on main street our next guest has a front row seat to the triple-down effect of rising rates on everything from small business loans to mortgages and savings accounts joining us now is phil green, ceo of frost bank. much bigger than most truly regional banks to be fair, fill, you're based in texas the

many ways, this is really the perfect environment for cme.lly benefit from interest rates rising and all the hedging activity that goes along with that. you know, fluctuations in currencies, fluctuations in the commodities exposure and just overall volume in the market so we would expect that to ing ts be reflected in resul goforward. >> we'll take a quick break and do final trades right after this i started as a single mom with $2000 and a passion for new orleans. i'm lauren haydel owner of fluerty girl. today, my tiny online shop has grown into eight stores. we're a must-stop shop for unique nola-inspired gifts. lauren doesn't just create cool nola merch; she creates opportunities. small businesses like lauren's open doors for neighborhoods to thrive. support your community. support small business. ♪ ♪ ♪ ♪ ♪ ♪ ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. - yieldstreet presents: alternative investing so you'll nev

rick santelli is at the cme. how would you grade it, professor? >> you know, i graded it a "c" plus, a charlie plus with a big roger maris asterisk, brian. and i'll tell you why. all the metrics for this auction, let's start at the beginning, 18 billion 30-year bonds, the yield, 3.93 the problem that the one-issue market was trading around 3.195. just like the last two auctions, lower yield means higher price, higher yield means lower price this was lower price than it could have been. all the other metrics, brian, whether it's bid-to-cover, indirects, directs, dealers taking only 2.1%, all the metrics were really good any of the old-timers out there remember a good walter payton run. a bit messy, but aggressive, that's what this auction was like we didn't see a big response like we did on threes and tens, because they were messy auctions "c" plus, it's kind of sideways. it seems to me that investors were more aggressive than the grade depicts, even though it was messy with regard to pricing. and i think that speaks volumes. listen, you might not

costume of fake costume that includes a lab notebook with details of failed experiments, but does not cme with self esteem. the will to live or a diploma. unprepared hiker comes with philip flops, delusions of grandeur, among other things that oes not come with a sense of direction. this costume could double for floridians when the weather goes below 70. here's one what my dog is barking at seems to be an empty package. that's now that's creative. okay this one. i'm a little sad to tell you. it's a tom and tom brady inspired divorced male age 45 comes with a broken tablet seven rings. and a three and five record. wow. alright, let's localized a little bit. world news now anchor. comes with 17 wake up alarms a vague memory of what sunshine feels like and an unhealthy relationship with caffeine. unfortunately melatonin is sold separately, rhiannon this one is dead on, isn't it? it's pretty good. yeah, i want to see the female version. there's only a male version would it include what? what have your adjustments been out drinking it? ton of tea and coffee. i just kind of alternate between th

if you compare it to traditional finance, you have the new york stock exchange, the nasdaq, cme, as exchanges where you can trade stocks. but you don't go to newyorkstockexchange.com to send an order. separately you have other businesses that sit in the front but consumers access, but in crypto, all of that gets squashed traditionally into one entity. what ftx is, is all of those things. it is a back-end match engine, risk engine, and a front-end mobile app website, api, and everything in between. if you want to buy or sell bitcoin, you can go to ftx.com and we offer all the services necessary, except for buying and selling. david: so, you got involved because you thought it would be a creative new area to get involved with. but was making a lot of money your goal? sam: it was. when i was in college, i had gone to a lot of charities i really respected, and i said, hey, what can i do to help you guys out? do you want me to work for you? they basically said, not really. you could but it would be mediocre. they'd rather my money than my time. i ended up going to wall street and getting involved

also the sharks hitting the ice and cme jose tonight in their home opener, the excitement surrounding this season. and a barrier weather lots of clouds already back in the bay for tonight, planning a cooler weekend and we'll have the forecast coming up. ♪ ♪ ♪ get exclusive offers on select new volvo models. contact your volvo retailer to learn more. what's it like having xfinity internet with supersonic wifi? it's fast... like beyond-gig-speed fast. get exclusive offers on select new volvo models. yeaaaaaaaaay!!! with three times the bandwidth, and the power to connect hundreds of devices at once. get the xfinity supersonic bundle with unlimited gig speed internet, wifi equipment included and a free 4k streaming box. all for $50 a month with a 2 year internet rate guarantee and no annual contract when you add xfinity mobile with unlimited data. switch today! nick on learning loss scores on the college admissions test for this year's high school graduates hit a 30 year of low composite score on the was 19.8 out of 36. it's the first time since 1991 that the average was below 20 test. s

as our newans chorel tls us, the spsuects may havmoe re victi.ms >> this is not a newri cme.attacked. >> this video was from sta ory i broke in 2020 were a wom ians shpued tohe t gunrod foher r gold neneckle.ac neighbors told me t vheictim was sout ahsian. what is new? ha cterime chaesrg for this man, 37-yr-eaold, lathan johnson. weau cght a glpsime of himn i cot.ur e thsantala cra couy ntda says he tgearted h14indu women of hindu dceesnt -- inandi dceesnt, aringra tditionaltt aire. their age bs,etween 5 a0nd 73. >> he rips f oftheirew jelry, drive th demown this gre -at- stetre, beats up erthe has been, terrizores them. it is much worse than an econicom criminaorl property thief. >> gd oljewelry ais ceremiaonl d ana sacredar p hindu culture. t ofwith a number of indian hols and festivals coming soon, spreading awareness is crucial. >> our community feels vulnerable and it fearful. >> community leaders want more counties to charge crimes targeting asian americans as hate crimes. >> we are facing an uptick of hate crimes. seeing we are making progress on one issue by prosecuti

this is a good for delivery coin which is accept to believe cme to settle future's contracts.ents take delivery, we send this to them. they want to keep it under their bed, that's fine. a vast majority of our clients keep it at brings where we built a vault in delaware. there is a wireless computer chip that store as block chain token. while these sits in brings, everyone can trade for instants regulator approved settlement. >> you are bullish on the future of diamonds, are you bullish because we might be heading into a recession or see people holding on to over longer periods of time past 2023 or 2024. >> commodities do well in periods of recession. we are in a commodity super cycle. commodities will trade above the moving average for 10 or 20 years. more importantly, diamonds are only now being unlocked as an asset. if you look at every precious metal, even palladium, 15% of all the world's palladium is in a vault held by investors. with diamonds that number is 1 to 2%. you have a spot commodity, liquidity with the market. futures and option approved we launched a fund and g

competition categories, including best group costume, where dogs and owners dressed up together, and best cmeit, as you can see. here locally, a san francisco tradition is back. thousands of people flocked to ocean beach yesterday to build giant sand sculptures. 20 teams competed in the 40th annual sandcastle classic. design, technology, engineering, and construction companies partnered with fourth and fifth graders from local schools. the event raises money for architecture and arts education. it looks like they made some amazing art there. lisa: that is talent for sure. liz: i know they were worried about the wind. lisa: very nice. look at mount tam. temperatures in the 50's downtown. mid 40's on the peninsula, and here is a beautiful view. look at the low 40's, santa rosa and livermore. the accuweather 7-day forecast reaching breezy offshore winds, particularly in the upper elevations, 60's and 70's for most, warmer, less wind on monday. tuesday is kind of nice, with increasing clouds, though, and wednesday as well, but the end of the week featuring more sun and temperatures around average

let mbe cle, fced pregnay is a cme again hunity. courtictates what w cou do with our boes, thats violen. gether wwill rlaimur righ. weill not lp until abortion is legal everywhere and everyone has reproductive freedom. amy: congressmember cori bush has just published her memoir called "the forerunner: a story of pain and perseverance in and erica" and joins us today to discuss it. she was a registered nurse and ordained pastor, was unhoused and so much more. welcome back to democracy now! your book is riveting. why don't we start by you talking about abortion. you openly talk about it in congress but you're not just talking about one, you're talking about having had several abortions. you take on a very sensitive issue. it is the issue of choice. when you have a choice to have an abortion or not. and you can talk about what happened in your life. >> the decision should belong to the person who has to walk out that journey. it should not be our government making that decision for anyone. i look at it the same as you choose whether to

what is even disturbing in the may contract, neil, the cme group issued a statement that they said theyallow the may contract to trade negative. that is right. this futures contract could trade below zero. neil: -- middle of covid, everyone hunkering down. oil prices actually dipped below zero if you can believe it. this was an unreal time. a lot of people talking about the greedy oil fat cats, i like to remind them there was a time when they were in such a bad way they might have need ad bail out as if. now of course we got oil in and out of 90 bucks a barrel. picking up a little bit today, again inflation nary concerns are front and center not really for the equities markets. more on that in just a second. oil itself is being decided right now by people outside our sphere of influence. specifically what opec and opec plus countries are doing led by saudi arabia to cut production by some two million barrels a day. the administration promised a response to that. as yet we're still waiting. jacqui heinrich at the white house on what might be. hey, jacqui. reporter: neil, the president co

charles: cme i watched had a five handle on the top end. >> correct.harles: here is the strange thing. i started talking about all the quote, unquote good news, it is good news compared to consensus. we were out of the gate with gusto. that is not the first time that happened this week. >> right. charles: do you get a sense the market would love to find a way to rally on good news? >> i think the market is getting potentially interested, excited about the possibility that we're getting closer to that so-called terminal federal funds rate. i think it is widely anticipated that the fed will do5 basis points in early november and another 75 basis points in december. so, those are awfully big increases. >> right. >> but on the other hand the sooner we get it over with the better markets will like it. i think the markets are anticipating that but getting ahead of things. charles: you and i talked about that. you penned a piece about the midterms and maybe you also hinted or mentioned santa claus, the santa claus rally. could some of the reason the market ha

rick santelli's at the cme watching all of this action. rick >> yes, yields pulling back and certain yields actually pulling back below on change those are the shorter maturities like 3s -- 2s, 3s, 5s, 7s. they're all a bit lower in yield, a bit higher in price we had a below average grade no sponsorship by investors despite the recent run-up in yields we can all think what bob pisani said, stocks and rates, they're following each other remember the third and the fourth of october, those were big stock days to the up side. and yields move lower. as a matter of fact, they had an interim low on the 4th so let's start our two-year note yields on the 4th. they were hovering around 4% and even though we were a bit lower today because they settled a whisker above 430 you could clearly see they've covered a lot of ground in a short period of time. let's look at a two-week of ten-year you know, this is very interesting because if you look where they were right around the 3rd and 4th they were hovering in the 350s. so you could clearly see that utu

let's get the grade with professor santelli at the cme. >> brian, i don't know that we -- maybe we should have advertised more about the two-year auction, because it didn't go very well. we had $42 billion two-year notes. the yield, 4.46. the problem within one issue the market was trading around 444.5. so it tailed tailed is never good you want yields to be better, higher than the price -- you don't want yields to be higher, you want yields to be lower. because the government is selling the paper. lower yields are better. they're selling at higher prices the fact that this when issued was lower is not a good thing. and if we go there all the internals, there was only one internal that was strong and hopefully is kelly is watching somewhere, sully, because it was one of her favorites, direct bidders, foreigners are indirect bidders and that was the weakest since november of last year, direct bidders, like pensioners, in this country, large institutions, at 25.3% was very juicy. that was basically the only good metric here. 24.2 on dealers, we've talked about this in several auctions, sull

sit tight i want to get to breaking news on bond auctions rick santelli tracking the action at the cme and how this auction has looked you gave it a c plus because you said you were in a good mood yesterday. what about today, rick >> i'm in a good mood today, but still a d plus, a dog plus very, very unique auction. let's go through it, shall we. 30-year billion ten-year notes, technically, nine-year, ten-month, the reopen. the yield, 9.39. when it was issued trading, straight up 1:00 eastern, right before the auction button up around 3.91 1/2. the ultimate yield at the auction was higher higher yield means a lower price. big mark-off for that. and the bid to cover, you can find one of the same size in july of this year, but to find a smaller bid to cover, you have to go all the way back to dis of 20 2020 this is foreigners, is the lightest since november of 2020. where direct bidders like pension funds and entities that could put bids right in, they were at the best level of 23.5 since 2014 and dealers took a big amount at 19.7 versus a ten auction average of 15% so not a great auctio

liz: run by the cme? >> something that is lilt.posal. he is talking with market players. that is i'm getting with people he is having direction conversations with and his rationale, the current system, the old way created by bill donaldson back in the day, where there are dark pools, market makers like citadel virtue much order flow, get paid by brokers like robinhood, pay robinhood a fee to match orders, he thinks that is too opaque. he thinks maybe there is funny business done there. that is what we're doing, what we're hear something coming possibly as early as november. we should point out the word is, this is going to be some sort of a soft rollout if it does happen. it will be done in tranches much won't happen overnight, according to the plan. we haven't seen the plan. again i'm talking with people who spoke with gensler and it will be pretty controversial. i will say this, when he, listen obviously the people at virtue, by the way see that sharp down, that was my tweet today on this story. liz: that is what i want our viewe

. >>> welcome back to "squawk on the street," rick santelli live here at cme hq with breaking news s& on the service side, these are september finals 49.3, 49.3, that usurps 49.2 if we look at the composite, 49.5 in improvement over the mid-month read at 49.3, but still also the third under 50 in a row, and do remember that when you look at the middle one under 50, that was august, up 44.6 on the composite and 43.7 on services both those numbers were the lowest since may of 2020 so, you could see, we are really starting to reflect some of the slowing that we hear from some of our global trading partners we still have the big services ism at top of the hour make sure you join me. "squawk on the street" will return after a short break what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone'

rick santelli live at cme hq with the last breaking news of the week in the form of university of michiganoctober final read 59.9 replaces 59.6 it is the best read since february and do remember right in the middle in june we were at 50 history low. a nice comeback. if we look at current conditions, 65.6, best expectations by half a point from 65 and sequentially, at least mid-month read was 65.3. once again, we have some improvement. expectations, 56.2 exactly the same as the mid-month read now the inflation numbers. 5% on one-year inflation 5.4 is the high from march this is not coming down very quickly, considering the last several months were under 5% now, the five to ten year, our mid-month look was 2.9 remains 2.9. high water mark in june of 3.1, the highest since 2011 we'll look at pending home sales for september but for that we head east to diana olick diana? >> reporter: rick, it was a massive miss pending home sales in september dropped much wider than expected 10.2% month-to-month according to the national association of realtors the expectation was for 4% drop. sales down 31%

rick santelli here live at cme hq wild week it has been. up .2. unchanged. goose egg. unchanged. that follows up .3 and if we look at x autos, it improves by .1, up .1 that actually was expected to be a slight negative so that's an improvement. strip out autos and gas, you rise up to .3 of 1%. if we look at what's known as the control group used to input up the food chain economic data points, it is up .4. this series has been quite strong if we start out the year up 3%. these numbers have been better and if we look at import prices month over month, down 1.2%. down 1.2%. that's actually roughly in line with expectations and just to put a face on it, we're down 1.5 in july. so believe it or not, this is a bit of an improvement. and if we look at x petroleum on import prices, that is down half of 1%. very close to expectations and if we look at some of the year-over-year numbers, this is sometimes some of the most important aspects to pursue the data from a strategic standpoint, import prices year over year were up 6% up 6%. that follows 7.8