we're going to dive into this very thoughtful piece from david kelly, one of the the brightest on walltreet, of jpmorgan, about what to do in a society that's extraordinarily wealthy, and yet most people don't feel it. we'll be right back. ♪ baby, i'm a rich man, baby, you're a rich man too ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. charles: so i gotta tell you something, every day i see a lot of articles or opinion pieces exclaiming just how wealthy americans are, and i always a

david kelly, claudia saum, and jim caron. mike santoli over at the new york stock exchange. mike, what do you make of this stock market reaction? >> it is the typical first twitch is maybe the wrong move and then there's going to be the backlash and then i rethink of the backlash all in the next couple of hours. so that's not unusual. i do think the instinct to suggest that there was nor relief than not in the 50 basis point decision makes some sense. 25 basis points while it would have been fine given unemployment where it is and given the recent run of data has been pretty reassuring. i still think it would have made the market just that much more sensitive to any softness in data over the next seven weeks until the next fed meeting and maybe left the impression the fed was willing to fall behind even if it's not behind just yet. all that mixed together has to be put against the fact that the s&p 500 was already near a record high, already at 21 times forward earnings, already pretty much juiced up on soft landing expectations. i don't mean it's overdone but it's absolutel

earlier today on bloomberg television, jp morgan's david kelly gave his take on inflation. david: it is very much on track. i have been talking about how the insulation is cooling too slowly. it is now at room temperature. 2.5% year over year, there is not a significant inflation problem. scarlet: for more on the latest data, let's bring in stuart paul. the big picture here is disinflation is still intact but one part of the report indicated core cpi rising more than expected, .3%. >> it is great that you used to terminology that disinflation hit a bump in the road. we hit a deed to her because of travel in august. seven basis points month on month came from hotels, which increased in price 120%. airfares -- increased in price 1.2%. we should see some of this come back. as we see future inflation. seven basis points coming from those categories alone, which we think will be temporary. we do not take much of a signal from the core cpi that anything will stop the fed from cutting. scarlet: also according to the bls, a shelter was the main factor in the overall advance. what is

joining us is our friend david kelly, jpmorgan asset management. som of new century advisers back in this hour. and jim karen of morgan stanley investment management. let me let you, claudia, tee up the conversation here. you believe that the fed should cut rates by a half point. you say the som rule is forecasting a recession. but som herself doesn't see that. go ahead. >> that's correct. i mean, the fed needs to begin the normalization process. the interest rates as greg ip said, these are high, they need to start moving them down. a 50 basis point cut is not a crisis response. it's a start that process. and do it with some recognition the labor market has cooled off relative to where we were even back in july. that's the reason to start moving maybe a little bit more. but really it will be extremely important to get the game plan from jay powell today as to where they're thinking over the next couple years because this is going to be an ongoing conversation about what's the next reg cut, how big is it, when is it, and we need some guidance so we

david kelly and boogie man will agree --david kelly and steven ricchiuto will agree.llow the overall concept of 75 basis points. i think it has been counterproductive. the reality is one where it is a healthy economy. that goes against the point that i cannot get into the inflation numbers and say this is going nowhere or it is room temperature. taking out the household component of this, the rental component, i think is wrong. if you look at the dynamics of the rental market, we were worried about the build of residential real estate. it is all being used up. i do not think rent will be something that comes down. i think it is indicative of the fact that the economy is fun mentally healthy. 4.2% unemployment rate is low. it is a healthy economy. the fed should be moving people's expectations back from these large rate cut discussions into a much more gradual approach at getting back to neutral and begin the debate over what is neutral. the number of two point 75 is to love -- the number of two and three quarters is low. lisa: initially understanding it is not the cor

for more reaction to the jobs number this morning we're pleased to be welcomed by david kelly jpmorganood to be here. >> as sara mentioned that, the period the last couple years where the revisions were consistently up, now we're in a period they're down. does that move the needle directionally for the fed? >> well, i hope the fed realizes where we are. what we're doing is just settling in to a slower expansion. that's all that's going on here. there's nothing in the data here which rings any alarm bells which says, recession. but psychologically the economy is sort of in a delicate position here. if the fed were to panic and cut 50 basis points, people would start pulling back and that's the danger. that's why i think it is important for them to go 25. >> you think 50 would be self-fulfilling in some ways? >> oh, yeah. in fact, that's the problem. it's a delicate thing bringing down interest rates because you bring them down quickly the psychological negative of doing that overwhelms any positive from actually a lower cost of borrowing money. >> on the other hand, they are worried abo

just fyi, david kelly at jpmorgan, but asset management, he's predicted 25. st.inks 25 is on the way and the fed will lay out a dovish set of projections, 125 to 150 basis points over the next year. here's the problem. markets are pricing in 250 basis points of cuts this time next year and a 50 today could encourage them to be more aggressive. guys? >> yeah. the pricing is -- it's hard to read because the market has gotten ahead of the fed before. thank you, steve. steve liesman. appreciate looking at those odds. our next guest is expecting a 25 basis points cut on wednesday. wells fargo head of equity strategy chris harvey joins us at post nine. the price target by the way is 5535. little bit lower than we are right now. thank you. it's good to see you. so i guess the risk, if they don't go 50, is no that they could tighten financial conditions, which they don't want, since the market has gotten so excited about all these cuts. >> i think that's right. i think there are bigger issues than whether they go 25 or 50. if you look at the inversion at the front end of

hey, kelly. >> reporter: hey, david. yesterday things were all over the place, today investors do seem to be cheering that aggressive rate cut. i want to double click on a few areas that are seeing some love that are in the green today. let's start with the russell 2000. so these are the small caps, right? we've talked a lot about that rotation trade. we're seeing more today. it is the up 1.75% right now. these are the smaller companies that will benefit tremendously from that a rate cut. they can borrow at lower rates, focus on growing the company. another big winner, big tech, okay? if they are celebrating from this big rate cut. these are your growth stocks. lower rates means a.i. investment becomes cheaper or. let's just run down, i mean, apple, 3.5%. alphabet up 2%. amazon, 1.3%. and meta, up close to 4%. they hit an all time high today. you know, let's remember though we've heard from a lot of analysts these tech stocks may be overbought, so just a word of caution there. the bank stocks, they're also benefiting fro

mike wilson of morgan stanley, libby cantrill of pimco and david kelly of j.p.thing. annmarie: what are you doing over the weekend? lisa: basketball. i am bad at that. jonathan: is that what you do when you talk about politics on the show,? ♪ >> a bit of a rebound yesterday, but not a heck of a lot of movement today. 30 minutes until the start of the cash trade. >> "bloomberg open interest" starts right now. sonali: coming up, big win for the banks. regulators scale back requirements on capital for wall street firms from 19% to 9%. matt: big tech suffering a dual setback, apple and google lose in separate court

the already, right before an election martha, back to you. >> martha: thank you very much, kelly o'grady, david is here. your take on this half basis points, zero pointer five-point cut, first time in four years. we see other countries around the world do this and now the u.s. >> kelly said it in with one word, there is an election coming up. there is suspicion that what powell is doing is putting his finger on the scale, and making the economy perhaps a little more than it would otherwise. markets right now are going to down because a lot of people are worried, what is it jay policy and of the economy that may require a zero pointer five-point cut? we should let the viewers know, of there is a rate cut over half a point or more, it is usually right before a session. the question is, are those job numbers bad enough, remember we saw those downward revisions that kept coming in, spectacular races seem to be doing well. months later we find out it was only half that number are worse. so is powell really concerned that perhaps we are all nakusp of a recession? that is why he's dropping it so much.

i am david asman, you are watching cavuto coast-to-coast. first, let's go to kelly o'grady for the latest on where the markets are moving. >> reporter: the markets are pulling back. the the fed rate cut euphoria seems to be fading but we are still looking to close the week on a positive note. we have fresh highs from the dow and s&p 500, the dow is adding 500 points, the major indexes are above 1%. september is historically a bad month. that election uncertainty, the markets are holding up a lot due in part to the major rate cut and the broader timeline horizon since october 2023 we added close to $13 trillion in market, way more than the average annual return. a lot of folks think some sectors are overbought but you can't deny the monster growth we are seeing right now. one of the drivers is big tech. we are mixed across the board, apple is up 1% but we are mostly positive and a few of these are seeing outsized returns, meta-hitting an all-time high, up 7% for the week and we talked about this yesterday, your growth stocks, it tracks you are seeing bigger gains tha

david: and i have to straighten out mark kelly, texas took illegal migrants off their polls and theree not more than that, but it's significant. and 81% of americans, according to a pew poll, and gallop says the same thing, only 2.2% of democrats in the house voted for voter i.d. in the save act. isn't that a problem for democrats in november? >> well, certainly appears the democrats are on the wrong side of things. of course, most americans understand that i.d.'s are required for a number of functions, not just flying, but many think voting as well and elon musk and others have long contended that democrats want to get more illegal aliens into the country, into the blue states, into the blue cities because they want to change the census and perhaps get more congressional seats in the future and states like illinois lost seats. david: i understand you were fascinated by a football game in brazil. >> the packers played the eagles, and the first time nfl has played in brazil. and one got in trouble, the player, and spoke out. and many complained it was on peacock and it was hard to find

david: we have new york post election editor kelly jane torrence to discuss, mario torrence is in studio and we thank you both for being here. we may still have to get your microphone kicked in but kelly jane, the bottom line is kamala right now, kamala harris, our vice president had been linked to bidenomics, she had been linked to all the economic programs laid out when talking about tax plans, regulations during his administration, now she's trying to separate herself and come up with her own plan but seems on the flyer, taking a piece of this, no coordinated plan that i can see or for voters to look at. >> you are correct. what she seems to be doing mostly is working at the margins a little bit. let's get the capital gains tax down but hiding some of it because of a higher rate for top earners. the big thing she's doing on her own is the unrealized capital gains tax. look at things she has been saying this week. she wants targeted programs for small businesses and families. that sounds good. who doesn't want to help the targeted. then you see what she's talking about and race, divers

. >> hey, bay area live with kelly and marcus. coming up. >> david muir is here. is mostly cloudy out there this morning. the forecast will call for those clouds to linger all morning long. will give way to afternoon sunshine. look at those temperatures. 60s and 70s today. so here's future weather. gray skies give way to sunshine after about 1:02 p.m. temperatures today below average. feeling like fall. get those highs in the upper seconds to the lower 70s. reggie. thanks, drew. >> we'll have another abc7 news update in about 30 minutes. you can always find usys f on our ns app on our news app and abc7 news.com. good morning america continues right >> welcome back to gma, live from times square. >> we are back with the kelce's work be on the football field. jason's wife kylie is leading the charge for the eagles autism foundation. >> kylie kelce knows that her last name draws a lot of attention in trying to use that platform to do some good. >> that passes god by wilson. the fans, the football and all the fun. kylie kelce's is sometimes a stadium setting can be st

. >> dana: rowe with david spunt after giving an update to lawmakers on the trump assassination attempt task force. chairman mike kellyays the agency investigation is moving forward but wants to leave no stone unturned. >> today was our first chance to get together in the same spot at the same time with director rowe. i think it was really worthwhile and members feeling we are accomplishing some things. at the end of the day the idea is not to get a quick answer. the idea is to get the right answer. >> martha: let's bring in pennsylvania congresswoman madeleine dean, part of the task force. richard blumenthal had this to say about his reaction to what he has learned in this investigation. i just want to play this and i want to get your thoughts on the other side, if i may. >> do you think the american people will be shocked, astonished and appalled by what we'll report to them about the failures by the secret service. i think they also ought to be appalled and a astonished by the failure of the department of homeland security to be more forthcoming and to be as candid and frank as it should be to them in terms of prov

david: thank you for being here, intel stock is higher of a multibillion-dollar investment of the struggling chipmaker, kellyo'grady has more. >> this is welcome news for intel giving over the recent struggles the private equity firm apollo offered a 5 billion-dollar equity investment in the chipmaker and that's on the heels of qualcomm approach the company about a possible friendly takeover. intel has been on a downward spiral, the stock instructor for 50% year to date in the company announced intends to lay off over 50000 employees, the ceos optimistic for a trade robert is playing catch-up after missing out on a boom, it's interesting the apollo reports indicate confidence in the chipmaker's ability to right the ship, it would not be the first time they were together by the way the pe firm invested 11 billion and the company's ireland manufacturing facility earlier this year there is an existing relationship now astringent qualcomm if they were to inquire qualcomm they would face a number of challenges price being a big one. as of 11:00 a.m. today it could have changed intel's market cap was 94 billion qu

david muir, we can't wait to watch you tonight. isn't it amazing, abc they pulled the whole mechanism out, let's put them on the kelly show and soften it appeared jeans and hiking boot he's a warm lovely man. maria: another point came out at the event kamala harris harris was out yesterday is that she sees herself as a real market mover, what she says matters even if it's a word salad, watch this. >> when you have these positions at the microphone in front of you, you really out of understand at a deep level how much your words have meaning, i learned at a very young stage of my career the meaning of my words could impact whether somebody was free or imprisoned, as attorney general in california the fifth largest economy in the world, i was acutely aware that my words can move markets. when you are bestowed with the microphone that is not big, there is a cofounder responsibility that comes with that. maria: there you go. >> how ironic that she says words matter and she cannot find any. maria: that is funny. were waiting to hear the fed move markets, it's funny to hear her say her words move markets. >> you platitudes move markets, w

david, thanks. tomorrow on sprott our common ground looks at the first task force hearing joining to us discuss and lay it out. republican chairman mike kellynd democratic ranking member jason crowe. former president trump is reacting to iranian threats to try to assassinate him. he has been -- this comes as the republican nominee announces plans to return to butler, pennsylvania. site of the first attempt on his life. the former president speaking to supporters today in the battleground state of north carolina. congressional correspondent aishah hasnie reports tonight from mint hill. >> no threat will shake me, no enemy will intimidate me. >> tonight, former president trump defiantly back on the campaign trail after his campaign says intelligence officials warned him about an increasing number of real and specific threats from iran to saassassinate him. >> if i were the president i would inform the threatening country that if do you anything to harm this person, we are going to blow your largest cities and the country itself to smithereens. >> at a rally outside charlotte trump suggested iran might be behind the to assassination attempts a

david, the question is why. and why when he's leaning into things like migrants eating pets or the "access hollywood" tape or megyn kelly period and that's why she was so mean to me or john mccain isn't a war hero, all these things that would have at another time been political suicide, just saying it once, you would try to distance yourself for that. instead he goes right at it. why does he keep doing it? part of the reason back in 2015 and 2016 and up until now maybe was that his base loved it. they loved the idea that when everybody got mad at donald trump, the media, the elites, you know, the democrats, or people in the establishment, this is what they would call everybody who would get upset about it. if they're upset or offended about it, they would think great, you're owning the libs, making them cry, and i love that you're not caring even though you're saying outrageous things, you're fighting for us. is that still the case? after nine years of this, is it still the case that they enjoy that enough to make him want to be president again, to make him be president again? >> there's no question that they still enjo

kelly think of that. nigel nelson, let's start with the clothes, shall we? david to explain things away as if nothing to see here. but had this been the tory party, you know what they did to the tory party? and he called the decay of the and decline of the tories and all this stuff that he went on about. and yet there we are. yeah. >> i mean, effectively the two parties are just swapped roles. so labour is saying that now labouris. so labour is saying that now labour is . labour is defending labour is. labour is defending itself against the tory attacks. and it was it was the reverse when the tories were in government on this particular issue, i do believe it was an oversight on behalf of keir starmer about not declaring it. the rules are incredibly complicated and it gets very difficult to know what you're meant to say and what you're not meant to say and what you're not meant to say and what you're not meant to say. however accepting clothes for your wife is a bad look, and i think that the that you have to a lot of common sense about how you accept gifts and ho