j. powell. >> larry, i try to be honest with you. larry: heck, i -- there is a rumor we have great linda mcmahon from fort worth, texas, chair person america first policy. former cabinet member, small business, linda wembanyama, ywomen -- welcome back, i are just in team, a quote about president trump tax cuts. here is joe biden talking about your tax cuts. >> donald trump embodies that failure, he wants to double down on trickle down. his failure starts with his 2 trillion dollar tax cut that overwhelmingly benefited the wealthiest and biggest corporations and explode federal doadz. debt. larry: a little bidenomics for you to make your day, i would have thought making evidence that virtually every person and every sector of the u.s. economy benefited from the trump tax cuts, including middle income people, loewen co, low income people, and a record low poverty rate, and record low unemployment rates for blacks, whites, hispanics, women, young people that is the numbers i read. national bureau of economic research confirming this. bu

j. powell. is this is aberration or the start of a trend? it was a built of powell and the data. the data had come from strong. i think we saw initial yields of u.s. move lower on the tata and then j. powell came out and was basically not overly hawkish. again, the market was worried that he may be more hawkish given the manufacturing data came in stronger than expected. so there was a bit of a relief in that. having said that, the dollar move does seem a bit exacerbated. the narcotic has overreacted quite a lot, particularly with dollar weakness and let's focus on payroll data tomorrow. if it comes in stronger than expected then you'd have to think quickly it's back to -- how many rate cuts this year, is it two or three? this rhetoric is switching continually in the market from overhawkish to no, we can invest again. it's going nowhere for this tug of war that's going on. paul: the c.e.o. at t. rowe price says the fed risks losing credibility if it cuts rates too soon. eric field told us that early easing could mean a repeat of the early 19

j. powell.: that is new york fed model, by the way worked for about 50 years burke not this time -- but not this time, hotlanta fed, tracker model 2. 8% for first quarter. that sal most 3%. that is not nothing, it sure is not a resolution. >> and loretta mester repeated that, this economy is revised a little bit higher, this defies all logic from the economists that the economy is healthier than we thought. maybe in part, thanks to a consumer that is not pullback yet, despite the inflationary forces. >> steve moore, i know you are a big fan of the ev 's and chargers, joe biden, injected a fortune to the ev chargers, supposedly in the misnamed inflation reduction act. or whatever it called, my question, is where are they? >> yeah, i think they built a couple dozen of them with several billion dollars, this is the question. what happened to that money? where of these chargers. you joke with me about whether i bought my iv yet, what is a fascinating no one is buying them. despite the fact they are

if j powell acknowledges some brownshirts. personally, that's my preferred explanation. let's take calls. let's go to david in california. david? >> yes, i'm here, jim. smack hi david, what you got for me? >> first of all, thanks very much for all of your good work. i am interested in robin hood, buy, sell or hold? >> robin hood had this gigantic move up and it is now pulling back and i don't think the pullback is finished. the rally occurredin large part because of the short position. i think we have to wait and see. i would not weighed in. i would not go either way on this stock right now. listen, every year there are people that want to get out ahead of the sell in may and go ahead crowd and that actually is my preferred explanation for today's decline. not the big jump in yields because we did not have one. on mad money tonight there was a glimmer of green in a sea of red in a formal restaurant brands international. the company behind popeyes and burger king is continuing to execute and that will be with executive chairman pat boyle. i went straight to the source for

j. powell new favorite thing, core services, x-rents. up 8. 2%. the other measures up 4 1/2%.arket price indicators, remember that, gold up, crb . you goldman sachs, that stuff is booming bond rates are rising. a savvy investor? >> look at financial assets, bitcoin, gold, stocks, credit spreads are tight at a drum, everything telling that you financial conditions are easy, the case is getting worse for the fed to ease not better. larry: are you kidding, back to reading you read larry lindsay. old friend. he is not only changed his mind, i don't care what forward future people think they have been young for 300 years, they are moving it to september. sure. he reminded us, larry lindsay, that janet yellen, a poor treasury secretary, but a good me fed chair, she tightened raised fed funds rate after the election in 2016, the fed meeting was in december she raised fed funds target, i think a couple more times in 2017, because inflation -- i am suggesting brian brenberg, that j. powell is reading that playbook, that there is -- not only will there be no rate cuts, but they may have

j. powell, as powerful as he is, can do about car insurance. >> right >> figure that out, let me know. it's going to remain sticky for a while. great conversation thank you all. really appreciate it >>> do not miss cnbc's financial adviser summit featuring courtney garcia. you can scan the qr code on the bottom right of the screen or it's probably easier to go to cnbc.com courtney, thanks for that. >>> let's hand it over to christina partsinevelos. >> let's start with abbvie the company's individual portfolios could be what traders are held up. botox and joouf dern, net revenues were down year over year maybe people are feeling good about their bodies but the overall segment was down 7% as well as the immunology portfolio. you can see abbvie's shares down almost 5% at this moment res med is trading higher today. the ceo pointed to double digit and revenue posting year-over-year increase of 12% that's why you're seeing shares up almost 19%. brian? >> christina, we'll see you in a few minutes. we're going to take a very, very, very short break up next, alphabet, google's parent company s

j. powell, our hero spoke today. two things that came out. give us a snappy comment.about lower interest rates. and what i liked he said this once before, the job of the fed is not climate change. >> right. larry: do i have that right. >> right, he r really put foot down on idea that federal reserve should be a climate cop and police everyone. he said we're n noting doing that, it is not our job, if it were our job we would lose fed independence we would then become a political body, he is defending the fed and their independence, and on interest rates he said something important, he said that we need to see numbers had don't mean they will cut. what -- that gives you a baseline, unless the economy starts to sag, fed is not cutting. larry: i tell, we're keeping this option open, it a non-- what summers called it a nonzero probability that next rate will be higher, bill hagerty, to finish it off. under these circumstances, with durable economy and inflation above target, if the fed were to cut rates now they would be accused of goosing the economy. >> this ensure that

j. powell really holding the line on potential rate cuts from the fed going forward. >> taking a look athich is, of course, befitting to what we're seeing among some commodities prices but we've heard from u.s. treasure secretary janet yellen. she's pored money into sectors into e.v.'s and batteries. this coming as she makes the second visit to china in nine months. partly to press her counterparts in beijing on the build-up of overcapacity. telling them that the two nations have gone too long without communication. >> it's important to both of us that we don't want to decouple our economies. we want to continue and we think we both benefit from trade investment but that it needs to be on the local playing field. >> of course, ships are also an ongoing battleground and the u.s. looks to thwart china's ambitions. a plan to spend nearly $4 billion to build its first chip plant. tell us about the significance of this investment? >> sure. s.k. hynix just announced investing almost $4 billion in the state of indiana. this is a big win for the biden administration, which has been trying to bui

j. powell is back in the news, everyone is you know speculating about the fed, but, listen i'll take theicle, greg ip, the gdp related date has been stronger than many people expected, including me. and this slowdown, that bahnsen talked about never happened. prices are still rising. labor markets are strong. i don't think that there is any reince, art, any nonlinonpolitical reasons for feds to cut interest rates, if they do, i believe they will be accused juicing the economy. for joe biden's political election. >> i don't think you are right about the economy being strong, if you look at if former president trump trending. we're way below where we would have been without pandemic, but i think you are correct own rates, given their model of the world there is no reason why they would lower rates 2% is way too high, honestly, price of gold is way up. and price of bitcoin is up, inflation is not licked by anyway shape or form, you have energy prices now rising, which will blood into the commodity prices to cpi and ppi, you are right they should not lower interest rates given what they beli

j. powell. the period before the first cut is nirvana for the stock market. this is the ideal one where the economy is chugging along just fine. >> all aboard. >> and we know we are going to get some leaf from the fed eventually. but it starts slowing down and that is not good for our portfolio. some people seem to think that the market cannot go higher without rate cuts. that is pulse. the whole dialogue about these fed officials is just dead wrong. the parlor game of guessing when or how many is pointless. what matters is whether they even need to cut rates at all. we have some robust employment and some fairly decent wage inflation numbers. if you heard from the bed this morning, they said maybe one cut. maybe two cut. maybe three cut. that is all anyone would focus on. but after the labor a poor, the narrative should have been something like this. good for stocks. the economy is still humming. there's no need for the fed to do anything at the moment. we are pretty darn good. if we were not more focused on the positive, we could have gotten a jump on today

puts them in a political bind, if these are folks that lean towards the republican side of >>> j powell'snt about inflation yesterday further dampening the rate cut expectations this year, one strategist says the timing does not matter for tax-exempt bond , he will explain why after this. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? you can get two unlimited lines for just $30 each a month. all on the most reliable 5g mobile network—nationwide. wireless that works for you. for a limited time, ask how to save up to $830 off an eligible 5g phone when you switch to comcast business mobile. don't wait! call, click or visit an xfinity store today. . municipal bond topping out 10 billion last week alone as the fetid dalles bait, rate expectations, their delay has only made the yield story more compelling. for more, we are joined by dan close, the head of municipal's. since the end of 2011, yields are even high

j. powell this afternoon. there's not enough data that would cause him to change his view.aybe people are looking for more guidance on what they'll be looking at or how he describes the economy since the numbers that we have had have come in for the most part, strong or stronger than expected. sonali: yields now at 469, hanging that to a 470 level. a lot of fed speak ahead. let's dive into those markets now. because we are joined by chief market strategist. you look at this conflicting data and it is really throwing a wrench in a lot of the expectations that we're seeing for rate cuts. but how do you read into the volatility for new money to put to work? >> the risks are underpriced as pertains to the uncertainties in this market. we could see a rising risk of a fed induced recession with too high nominal rates meaning that real rates really start to bite the u.s. consumers. so those two fat tail risks are underpriced in the market. sonali: where do you think they're most underpriced right now? >> the front end of the u.s. treasury curve and if i'm right and the fed does cu

j. powell has been more responsible about not pushing us off a cliff than some of the previous feds.e wake of the fed raise, those are trickier. although they can lead to decent opportunities. as long as you stay away from the high yielders that become less attractive when the fed tightens and stick with the accidentally high yielders that might just give you the delicious bounce when the fed's done tightening. "mad money" will be back after the break. when you own a small business every second counts. 120 seconds to add the finishing touches. 900 seconds to arrange the displays. if you're short on time for marketing constant contact's powerful tools can help. you can automate email and sms messages so customers get the right message at the right time. save time marketing with constant contact. because all it takes is 30 seconds to make someone's day. get started today at constantcontact.com. helping the small stand tall. >>> tonight we're talking sell-offs. specifically during this block what causes garden variety pullbacks. many time the problem is indeed the fed, but sometimes the

you have j powell saying we have not sure we have our handle on inflation as hutch as much as we wouldown discussion. i like your view on what do you think is going to happen to interest rates? what is the consequence of having political motivations? is it posable president could say just lower the interest rates, buddy, i need win an election? >> well, it has happened like i said in the 1970s and that ended up with some disastrous outcomes. it could happen. it is not unusual to have presidents be very angry with their head of their central bank. paul was also not exactly liked for his push back on deregulation of the banking industry. this is nothing new. even allen who is thought to be a lackey ended up being more much independent than many of presidents he worked for thought he would be. i think it is really important that we push back on that idea and we really want to get at the end of the day yes it would be lovely to have 2019 prices and 2024 wages, let's face it we would all love that. that is not a reality now. what we would like to do is get inflation down and it is the fed's

i want to know from j powell today is whether he will lean into a labor market or inflation. seen in's we last heard from him is that a cause for concern? jonathan: jay powell will talk later this afternoon. i looked at bonds this morning then i looked at commodities and brent crude is up by 0.6%, getting closer and closer to 90 on wti. 85.70 right now, up by 0.6%. lisa: yesterday people attribute of the rally in commodities to demand. this was interesting because a lot of people are talking about possible supply disruptions but this is something more with respect to an uptick in commodities. we talk about the industrial production wars. how much does that fuel the commodity sector anyway? that's a theme we keep hearing. some say it's demand. jonathan: it's pressure. lisa: sorry but that's what people are saying out there. annmarie: the issue is is this temporary or it will this be for the rest of the year? bank of america came out and upgraded what they see for brent and wti and they see the peak happening this summer and politically we will be looking at whether the u.s. de

j pound -- jay powell has made it clear there is nothing to fear.e has set a couple of times we are well into restrictive territory. not just restrictive, but well into, which means policy can still be failing tight, even if they ease up a bit. haslinda: but this is a market that wants to keep believing that the rate cuts are coming. we've seen expectations go from seven to 32 perhaps even two now. and yet we are seeing others at a record high. >> you you -- look at the yield story. if you look around outside of the u.s., things look really soft at a moment. i think it's quite a logical conclusion, people will still be looking toward the dollar and the u.s. equity markets. that is as long as the fed sticks to its guns and says that rate cuts are coming. haslinda: what are you betting on, where are 10-year yield headed? >> we are looking for a steeper car. the 10-year yield is very much a reaction to where the real rates are. as you said, powell believes we are well into restrictive territory. it is still fairly restrictive, even if they lower the ra

lisa: will you, fed chair j powell, possibly think about making a yen? jonathan: no.that is how that proposal is going to go. thank you, sir. your bloomberg brief with dani burger. dani: the hsbc chief executive is stepping down. he was at the job for nearly five years. the board has started the formal process to find a successor. quinn said we have to give 100% if not 120 percent. and that doesn't necessarily achieve a balance in life that i wanted. he is leaving at a high. reporting a beat on profits at 83 billion-dollar buyback. it is also been a busy week for paramount global with the company's ceo stepping down replaced by three senior executives. also paramount reporting first-quarter earnings that beat estimates helped by the cbs broadcast of the super bowl in february and, dare i say, taylor swift's appearance. sky dance media is negotiating a deal for the company of this seems more likely with bob out. boeing raised $10 billion yesterday in a bond sale to ease financial strains. it attracted $77 billion in orders and the demand was helped by boeing dangling a

(soft music) ♪ >> do you think jerome powell is doing a good job as chairman of the fed? >> i have from a disrespect for jg rates, they are probably right in watching right now. you don't know what's going to happen. >> reporter: investors pricing the possibility of a rate hike at 20%. esther george is he who i've known for 6 years. it's good to see you. i am curious. if you ever had nightmares, to cut, not to cut, tie, not to hike, do you ever have those nightmares? >> i think if you've been up policymaker you understand the us economy does not always follow the forecast. edward: jamie dimon says the risk for stagflation is greater than it has been, where do you see the risks of stagflation your mind? >> right now the real focus has to be continuing the inflation fight. we have had growth over the past year, expectation that that growth would come down. when i look at the first quarter gdp numbers an initial estimate, does not show real signs of weakness at this point, the consumer is still spending so i think the focus as the fomc has had is right on target to look at inflation, to make sure they contin

j june on the rise. do you keep putting money in what's working or do you switch strategy? >> i think it was nice to see something coming in line with expectations. just like powelld after the reports we had the last couple months which have caused rockiness in the markets. as far as expectations for rate cuts. the market priced in six and now we're down to three. we had a great start to the year. everything is moving up. it will depend what we see over the next couple months. the fed has been very clear that they will be data dependent. i don't think jay powell is in a rush to make any moves. they want to continue to trend in the right direction. so, the market can do well while the fed is on pause. i think we will see rate cuts happening this year. >> what's been working so far? is that mega cap tech trend broadening out? raeann, we are talking about the big names likes n nvidia. do you take profits or roll it over? >> we are taking profits after the run we have seen in the last year. we have seen that broadening out. we're happy to see that. that's largely that the market is saying the economy survived the rate hiking cycle and everything is looking good. we h

j not afraid of anything. i don't think that man who does not even want to sleep in a hotel bed wants to go to jail so don't review what happened, weep know about sydney powellmawhn who just got disbarre. rudy giuliani who's obviously not in a very good position, how the mighty have fallen. but the point of this interview univision was about latinoti support annod making sure that e sure i ts that up.s he wasdo up 29 points with latis the first year in office andt that edgede is down to nine pois and that's due to the issues ofo inflation and crime. i he's doing better on them but he's obviously got ground to make u up and it's interesting that this came out yesterday and we had the ruling taking us bacr to 186iz4 in arizona about abortion because latinbeo votesn the vote -- nevada and arizona will be crucial there. fifty-seven% of hispanics say h abortion should beis legal in a or mosdot cases and donald trump is out there defending hiss stance of leave it to the states. he said today i won't support a federal abortion ban. s aihe has said before he supporta 15 or 16 week band so i don't know if he will be consistentwi with that butht the democrats am akgoi