francine: deglobalization. so this is, what, bringing back onshoring? bruce: all it is is -- i think in covid -- i would say it has always been happening and in covid, people just learned we should have production capacity located in -- many things, located where you use them. so increasingly, for example, batteries. for cars, for example. they're being used in america and therefore, there are battery plants getting built in america. and there is an enormous need for capital to fund battery plants. there's enormous need for semiconductors. enormous need for manufacturing capacity in various locations around the world. and it's just natural that everyone doesn't want to have all of their manufacturing capacity in one country or place. let's diversify. so that is just a big theme, which means it's just a lot of capital. francine: you make it sound very easy, but actually, this has gotten you, like, more than $900 billion in assets under management. bruce: you know, it's not easy. but if you have operating people and you keep repeatable -- do repeatable th

renewable energy and industrial policy is moving toward deglobalization.verybody wants to create jobs and have investments within the domestic areas. we see that in the u.s. with the i.r.a. and the green deal. industry is trying to push in the same direction. i think there's a bit of unfairness creeping in as a result of the trade policies. my sense is with so many bilateral forums, there will be talk and discussion in these areas to figure out how trade policies can be more oriented to re-shoring or near-shoring. that is where india can benefit. we are setting up a large solar manufacturing industrial base now to export from india to europe and the u.s. that is something we all have to collectively take advantage of to figure out how we can relocate some of the critical supply chains from china out to india and other countries. >> thank you very much for joining us today. the ceo of renew energy global. french president macron's party is lagging in the polls ahead of the elections set to begin on sunday. the national rally party is surging ahead as right-

. >> overall theme of ours is near-shoring and on-shoring in the deglobalized economy across the world different reasons. recently, an activist investor was involved. they tried to get rid of the ceo. they were not successful. this is a self help story. they can easily cut low-hanging fruit and cut some of the costs inherent in the business model. the operating ratio. the lower the better. they can get that down in the next year or two and it will be an attractive company. at the end of the day, rails are essential. it is an ologopy. you mentioned ecommerce and shipments and the more things are traveling in trucks and rails, the more volumes will increase. >> patrick, a quick check on the morning call sheet. we have stifel raising the price target on nvidia. something we're watching here on cnbc. i want to get a sense of your take on this with the price target moving from 114 to 165 citing longer term growth and profitability. >> look, nvidia, obviously, is the largest company in the world right now. when you look at the concentration in the market, i think it is very difficult for tha

we've gone from globalization to deglobalization, on shoring.oring is expense i have. >> it's inflationary. >> that's right. tariffs on foreign goods is expensive. in addition, you've got a massive energy transition away from fossil fuels. that's expensive. and then you've got beyond the money spend for covid, you have american rescue act, inflation reduction act, infrastructure act that added in another 4 trillion plus of potential spending. so, you're -- you've got restrictive monetary policy that's being blunted by those forces. you're going to have to turn over a few more cards to see how it plays out. >> how can they -- and how do you think they're thinking about the positive benefits and the deflationary forces of ai and technology itself, which is this incredible thing that we are still trying to figure out how to quantify it from an economic standpoint? >> so there's two big disinflationary forces that they're monitoring carefully and i would be monitoring. we have a jump in labor supply from immigration. is that going to sustain or not?

doesn't work the same way it did, you know, prior to the trump tariffs and 2018 and beginnings of deglobalization. i think that's kind of an interesting theme that might play out a little bit more over time >> be interesting to see intervention worked for, like, a month maybe. and now here we are approaching those levels again and they have a problem there. whether they acknowledge it or not. they raised rates, their currency weakens, that's not good and the people within the shores of japan cannot be happy with how their economy is acting right now. so, i don't think enough people are talking about it through 160, more people will. >>> coming up, boeing's fate on the clock. the doj decide wlg or not to criminally charge the company and the fallout that choice could have. >>> plus, some fast movers catching our attention how eli lilly's weight loss success is having some med tech companies tossing and turning. don't snuzooze on that one we have more when "fast money" returns. >>> this is asmoy""ft ne with melissa lee, right here on cnbc. into the vending area. oh, not the fries! where's the ball?

trends will make it harder for central banks across the world to keep inflation low and steady, deglobalization and rising long run interest rates. i'm so glad that pierre yared joins us now. this will look like a different inflation cycle than the past. how physical is it that what we are seeing with rates -- how feasible is it that what we are seeing now with rates as temporary and we could see that inflation retests with recent highs? pierre: our view is that even though inclusion will come down the cycle, it is likely to be higher on average and much more volatile. lisa: how much higher and how much more volatile at a time when people wonder if our stories the right way to think about it or if a completely different inflation cycle is a better way to think about it? pierre: i would say it is a combination of r-star, meaning the real interest rate, and in terms of expectations and volatility, and we see that getting baked into longer-term rates, even as short-term rates come down. dani: this is not something fed speakers are talking about. the languages, let's wait and see but what would it

there is deglobalization. would not want to invest in china long-term but for trade you can get back into those. a lot of our attention is focused on the philippines. it is off everyone's radar screen but there is more escalation. one of the real problems is we have a treaty to come to the philippines aid if they have a military service person die. what happens there we have something 100 miles off the philippine shore, china is becoming more aggressive, there have been injuries, those are the little things popping up and we are watching does vladimir putin try to do something ahead of the election? if any global leader would want trump it would likely be vladimir putin. anything that hurts oil would hurt the biden administration so prudent might be emboldened to try something over the summer. annmarie: in the same breath you said you're going at a chinese equities but you are deeply concerned about the geopolitical risk around the philippines and china. what is your timeline for being a traveler in china? pet

when we talk about things like building resilient supply chains or deglobalization being a gating itemng you do to make sure you don't roll off the growth curve. i feel like it's working in tandem with one another. >> that's why we're doing so well, despite some of these restrictions? >> i would say u.s. exceptionalism is a theme that head of td has been talking about for about six months. this idea that the united states is actually growing, and this idea that because of employment numbers and population growth and a bunch of other things happening in the united states, which are a bit surprising, it's been incredibly resilient, even in the face of rising rates. >> population growth is now slowing down. >> we've actually had positive immigration. we are still at a crazy low -- >> i'm talking about the birth rate. >> right. driving productivity in the united states is allowed the fed to maintain a higher rate structure for a while and it hasn't impeded consumer spending or hurt employment at all in a meaningful way. >> do you think they're going to cut? you have been correct when you s

live in their own reality, in fact, yes, in fact, this is what everything is heading towards, deglobalization of values, those who trample shrines, these are enemies, now there are attempts, besides, mikha won’t let him, he won’t let him collect, scientists understand this, well , it’s like the public is feeding something, they eat, smack their lips, which means they eat with spoons, well, the public, what can we take from them, how people eat, well, they always eat, look, the main thing is that today i agree, modern european nazism or neo-nazism is today russophobia, demonization and, by the way, it went on before the first world war, you look, but it’s them themselves they keep saying if we stop supplies, like in a week they will end, it’s not us who are saying this, it’s not us who came up with this, but in the sense of the idea, indeed, the ukrainization of both europe and america is taking place, ukrainization, i didn’t make a reservation, however, we simply underestimate, so to speak, the power this generator of hatred towards us, which is installed in ukraine, it works in full force an

course, there are those who say we are just not going back to the prepandemic world because of deglobalizatione. the fed choices in that world include keeping rates high and even hiking and causing a recession to get there, and only modest cuts while remaining higher than neutral, or accepting a higher rate. the fed could change its metric. it notes it only needs confidence that inflation is moving towards 2%, but it will likely cite other than core inflation. it may need to choose one or the other unless the u.s. economy finds its prepandemic inflation mojo, melissa. >> seems like how could that possibly be the case? would it be perceived, steve, that the fed would be -- what was the term you used, eating crow, if it went back on 2%. >> even crow prices are up in this economy. >> well, the crow manufacturing has been near short, so in the future crows would be manufactured and processed here in the united states opposed to china or vietnam. >> but it tastes like chicken. here's the thing. just a recap. .1 kind of recessionary levels, you can get there. .15 prepandemic level, you can get there