but i was taken by goolsbee's comments about the supply side.ply side story, saying that what we saw with the negative supply shocks and the creation of inflation were a lot of follow-on effects. they hit one industry, go to another industry, go to another industry. he talked about the reversing of that, which opens up the door that maybe some of these sort of positive supply side surprises, which have been the real story of 2023, that created the lower inflation, have some more knock-on effect. i think he's still looking for kind of a goldilocks outcome for a while longer based on that view. and, therefore, i don't think there's a big rush to do anything. even though he is talking restrictive, restrictive, restrictive and worried they might make a mistake on the other side. the typical economist on the one hand -- >> on the other, makes it fun. david, here's the thing. they don't know when they want to start cutting and the market doesn't really know when the cuts are going to start because we just don't know how the data is going to shake out.

austan goolsbee joins us for the interview at 4:00 p.m. bye-bye. >>> it is 5:00 a.m.ere at cnbc global headquarters and here is your "five@5." >>> we begin with back at records. nasdaq doing something for the first time in more than two years as stocks lock in four straight months of gains. >>> also, under pressure. shares of new york community banc are under pressure again as they move into the limelight. details ahead. >>> backing bob. unlikely cast of disney characters coming out of the wood work to support bob iger and slam nelson peltz. >>> and congress

watching the latest this week as we have tom barkin speaking to cnbc this morning as well as austan goolsbee nasdaq coming off fresh record closes to start the trading month. look at futures. we see they are in the red across the board. it took a turn to the down side. the dow would open 90 points lower. on "mad money," jim cramer said the one-two month of pce data and the momentum is providing fresh fuel for the rally. >> if you are bullish, you live for days like this one where all of the genius short sellers need to undo their bets or get stampeded. you know what the biggest negative bet is in the market? you know what the bubble bears are saying it is all phony hocum? it is all artificial intelligence. >> we have kari firestone with us. kari, great to see you. >> frank, great to see you. >> what do you think about what cramer said? he said the short sellers got caught on the wrong side. that will continue to fuel things and bet against mega cap tech. what did you think about his thesis? >> well, i don't like to disagree with my classmate, jim cramer, but i think you have to be careful. n

austan goolsbee said officials should keep rates elevated until they are convinced inflation is on theay back to target. while atlanta fed president bostic said it is best to wait before cutting. officials have been trimming the expectations for the rate cut in may with over 50% and now expecting the first move to be in june. one person taking a contrarian view is apollo's austin smokck. he said they will likely keep the rates where they are the rest of the year. >> the tailwind from the easing of conditions that started with the fed meeting on december 13th when pivoting from hawkish to dovish will lift economic activity. that will lift consumer spending. we expect the fed will stay on hold until the end of the year because the tailwind to growth continues to be strong. >> now fed chair jay powell will give the view from the top this week after congressional testimony on mondayetary policy kicking on wednesday. >>> let's how things are going this morning after the friday session which was the second session for the stoxx 600 moving higher. we are finding gains, but they are marginal.

austan goolsbee talks about the school -- the golden cap about not turning the economy on his head. he is all saying we will take the data and that makes it harder and my colleague mike will remind me that the blackout period starts on saturday so a lot of data and no more fed speak so people are hoping to see what they can get from chairman powell and other speakers for the rest of the week. sonali: as we watch the fed chair speak we have to understand that there are others elsewhere including today, but where else are your attentions? michael: to the extent we get additional fed speak questions will be asked about the summary of economic projections in the dot plot and whether they think any changes are justified. raphael bostic said that may be he might dial back his prediction for the fed would -- rate cuts. if we get a couple more that could change the dot plot and then you get a new plot from the mark -- for the markets to figure out. beyond that, you do not have a whole lot going on. i do not think that jay powell will give us a lot of direction in that regard either. that is

you mentioned today we will be austan goolsbee as well as raphael bostic. fed governor lee sukuk. 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. econ

and the chicago fed president goolsbee even referred to housing as the missing piece of the puzzle in the fed's path to lower inflation. so, to the continued conversation, and i know a point that you've made, about how inflation has a disproportionate impact on lower income households who are focused on spending more of their monthly budgets on housing. is there -- how is the fed's monetary policy impacting the supply of affordable rentals? >> i don't know that we're affecting the supply of affordable housing. if you think of affordable housing as something that's connected to some sort of government program, we don't -- that's not our bailiwick. i mean, clearly interest rates do affect the affordability of housing, though. >> there was a key point you made in our earlier, i think, reference about -- and in your responses to senator smith about the monetary policy in the calculation of rents. can you spend a couple -- just briefly talk about that. i have one last issue i want to get to before i run out of time. >> it's hard to talk about it briefly. it's actually very conceptually cha