not a new location, an addition allocation. >> fred, it is evan newmark. all markets really local, or is what we're seeing really just kind of a silicon valley related thing, or is this -- is there a bigger story? i don't think there is. i mean, in new york, just to use a contrast, the high-end rental market in the high-end real estate market is in decline somewhat. so i just see that there's a lot of job and income growth in san francisco and that's what's causing this. >> exactly. but it gets to a point where people just say, i'm not paying that for this. you know? some studio apartment comes up for $800,000, it's 126 square feet. people are like, no. i'll just rent. >> what happens next then, fred? what happens next then in that area? do prices just start to decline? or what happens here? >> or, do mortgage rates go up and the whole thing pops? >> sara, the mortgage rates don't matter because the way it is you're thrilled to get a mortgage. i still go through a nightmares getting mortgages approval that are ridiculous. and if the rates go up, they take

santoli back for the hour, commentator and evan newmark, as well.travis rejoining us, president of intrepid capital funds and for more today, trader steve grasso will be with us in a moment. mike, it was a peculiar reaction to the fed today. yellen sounded hawkish and then markets dovish and then fischer spoke and convinced everybody differently. >> i guess the repetition among several fed officials that, yeah, we think we're close to the goals and close to an opportunity to raise interest rates and just stanley fischer just sort of didn't take the opportunity to back away a little bit. and i do think that it shows you there was some pent-up energy in this market for a move one way or the other. i think that the bond market is more interesting than the stock market in terms of reaction because initially treasury bonds rallied, yields came back. we have been in this period of very, very low volatility and kind of uncorked some of that it seems today. >> we spoke with holly in the pits in chicago saying another move in the 10-year and putting rates at

along with cnbc contributor evan newmark. welcome. larry mcdonald and trader david seeberg joining us to kick things off here. mike, and how much do you think this is about the fed speak today? >> well, the fed speak is in most different directions. i don't really think it was tremendous because everyone really does realize in a week janet yellen will kind of tip the scales one way or the other in terms of which data points to emphasize. on a weekly basis, we lost one third of a point on the s&p 500. it couldn't have been more flat or neutral. within it, a lot of action. energy and materials up big. telecom, utilities down substantially. semiconductors at a new 16-week high. they want to have a move in the stock market but the bond market is stock steady. every single day for last two weeks, 10-year treasury yields close in the 1.5s. >> what do you think is going on, evan? >> summertime. market seems like it's marking time here. doesn't seem -- i don't expect much to come out of janet yellen next week, either. i think you won't see mu

. >> john, it's evan newmark.mic panel, i noticed that he's got some classic hedge fund guys. i mean, he's got steve feinberg. he's got john paul sen. he doesn't have any silicone valley people, whatsoever. >> not much support in silicone valley. >> nobody to be considered kind of a classic american wealth creator outside of really the oil and gas industry. i mean, he is really -- it's a pretty narrow list of people or am i missing something? >> no. it is a narrow list of people but at this point, donald trump doesn't have a large pool of people to draw from. you know? most of the established influencers within the economics profession are not with him. i mean, just consider somebody like hank paul sen, george w. bush's last treasury secretary written an op-ed in which he says he's voting for hillary clinton because a trump presidency is unthinkable. donald trump will have to make do with what's available for him. >> i think the new course deal ceo on there. >> not happy about chinese steel imports, i'm sure. anot