jay powell sheds light on the plan for easing. former cleveland fed chief is here. >>> and breaking news in china. new stimulus news to prop up the economy, but shares are falling hard. we are live in beijing with details. >>> and drill, baby, drill. what it could mean for investors. it's friday, november 8th, 2024. you are watching "worldwide exchange" here on cnbc. >>> good morning. happy friday. thanks for being with us. i'm frank holland. we'll have the latest on the stimulus news out of china in a moment. first, we will kickoff the hour of the u.s. stock futures with the s&p and nasdaq both coming off fresh record highs. a muted picture right now in the pre-market. we see the s&p up fractionally. the dow down fractionally. the nasdaq almost flat down fractionally as well. it was a very solid week for the markets on the back of the election and the fed decision. take a look at the charts right now. best week in the year for the dow and s&p. the nasdaq finished up over 5.5%. the s&p up 4.25%. the dow, the laggard, but still goo

i just think there's a lot of ways for donald trump, who doesn't like jay powell, doesn't like what jay powell has done directionally, doesn't like the idea of a fully independence fed to put a lot of pressure on jay powell, make his life miserable, and maybe jay powell throws in the towel. powell is very determined. >> i think he will not throw in the towel. >> if i could historical reference, going back to the reagan area, they didn't want voelker in the chair, and at least according to some books, he went in to see voelker and made green he was not going to be renominated and greenspan replaced him. i think this is as strongly worded. if they would warrnt to go down this road, i would not want to be an owner of american assets. >>> i just want to point out, from a political standpoint, the line that says what, are you kidding me? the president cannot fire the fed chair of the federal reserve? is a pretty potent line. >> yeah. >> i think fed chair powell probably did a service to markets yesterday, in terms of providing stability about where he stands on this. i tried to go over in my

but jay is amazing. jay deserves a special award. jay's been on for like 9 hours 20 minutes.ouldn't know talking to them. when they come on cnbc or elsewhere, we are our own worst critics. no administration has seen a better economy, with inflation falling where it is. >> voters disagree with you, jeff. thank you for your time. we appreciate it but -- voters disagree. >> there's something called the sleeper effect. it was studied in 1953. it is when you repeat unfounded information over and over again. it takes root. people start to believe this is a bad economy. >> yeah. >> look anywhere, it's the strongest economy in the world. our inflation was lower than the uk -- >> but hit by inflation very hard and it becomes -- but prices are still higher than 2019. >> lumber is down 95%. all metals are down. >> and the housing market? >> housing is up, that's the federal reserve, monetary policy. so that's what's different. but our gdp growth is the envy the world. and the wages are outstripping inflation. >> yeah. >> but also what's happened, we've tripled manufacturing jobs in just

jay, great to have you here. >> good morning, frank. >> jay, let's get down to it.rump is the president-elect and take the white house in january. we have seen manufacturing contraction in the last few months. what changes in the near term? >> i think manufacturers were looking to 2025 and seeing the concerns of the cost of doing business in the united states as the tax reforming of 2017 were set to expire for many of the provisions. so, we wanted to make sure that we could renew the provisions which were indeed rocket fuel for the economy and manufacturers were looking very carefully at the regulatory agenda. look, we had great progress with the chips and science act and policy propvisions of the i.r.a. some of the looming issues, as it were, were really causing a lot of concern and, and optimism of manufacturers dropped in the last quarter. to about two-thirds. we were seeing warning signs. >> jay, in all fairness, consumers are not seeing a great economy. i don't -- >> it's how people feel, right? >> right. sometimes people feel one way and reality is another. >>

i would just say, the trover and who negotiated the peace, john adams, john jay and franklin, deserve all the credit we could possibly hope to give them. >> would you say that john adams, john jay and ben franklin agreed on the goals? >> initially, not at all. for different reasons, john adams and john jay are very eager to make peace without the involvement of the french. franklin because of his years at versailles and close relationships with, especially, the french foreign minister, who he promised he would never negotiate without the involvement of france . ultimately, john adams and john jay prevail over franklin, and the peace is negotiated without any conference with the french. the task of explaining that afterword will fall to franklin, who has to make a somewhat humiliating trip to versailles to explain what he has , with the assistance of his colleagues, just done . >> so, stacy schiff, as we mentioned, we are in the ben franklin room at the department of state. there is a table here, the treaty of paris table. what is that? >> it is this modest desk, if you look at it clos

. >> would you say jon jay and john adams and ben franklin agreed on the goals? >> initially not at all. for different reasons. john adams and jon jay are very eager to make a peace without the involvement of the french. franklin because of his years at versailles has very close relationships wes specially the french foreign minister, whom he has promised that he will never negotiate without the involvement of france. negotiate any kind of peace without the involvement of france. and ultimately jon jay and john adams will prevail over franklin and peace is negotiated without any conference with the french. the task of explaining that afterward will fall to franklin who has to make a somewhat humiliating trip to versailles to explain what he has just done. >> stacy schiff in the ben franklin room. there is a table here. the treaty table. what is that? >> it's a modest desk. if you look at it closely, you realize is the beating heart of american history. because it is the desk at which we think john adams, jon jay and ben franklin signed the treaty of paris, establ

not only does jay powell have history on his side, jay powell has the law on his side.things that donald trump as president could do to undermine jay powell's authority and the strength of his word and perhaps even the amount of influence that he wields or the federal open market committee. governors and those regional bank presidents. he could appoint as scott besson, his adviser, has said, suggested, i might add, a shadow fed chair. somebody who would take over for powell when his term expires in 2026. and because the markets are discounting that and pricing in the future, not the past, they would presumably be inclined to listen to that guy, or women, might be a woman, rather than listen to jay powell because he would ultimately be the person responsible for setting policy at the federal reserve. so there are things that president trump can do in a second administration, but sweeping away this would be exceedingly difficult. it would require either some new piece of legislation, a new federal reserve act, or a series of amendments to the existing. it is tough. tough.

some of that tied to what we heard from jay powell.et's have a look cross asset with a focus on the u.s. to year. yields up phase -- eight basis points. those comments seen as relatively hawkish from jay powell. markets pricing in just two additional cuts from this by june of next year. 435 on the two-year. the pound in focus. gdp data out of the u.k.. watch for that. 126 on the pound right now. bitcoin giving up some of its gains. a bit of rally fatigue kicking in for the cryptocurrency. currently down five tents of 1%. rent looking to end the week lower, falling 1% on concerns about a glut in oil inventory. 7180 on brent. let's get to the comments on jay powell. the recent performance of the u.s. economy has been good, giving the fed chair room to lower rates at a powerful pace. >> with labor market conditions in rough balance and inflation expectations well anchored, i expect inflation to come down towards our 2% objective on a bumpy path. we are confident that with an appropriate recalibration of our policy stance, strength in the

donald trump jay bhattacharya for the national institutes of health.s a vocal critic of lockdowns vaccine mandates during the pandemic, give us the details on trump's latest pick. >> health policy professor and economist at stanford university, one of the early critics of the pandemic lockdowns and the vaccine mandates and he also co-authored the barrington declaration, he argued that lockdowns were harmful. he argued for a more targeted approach where most people with low risk would live normally to achieve. heard immunity while more vulnerable people at higher risk would be encouraged to get protections like vaccines. at the time he wrote, quote, as immunity builds in the population the risk of infection to all including the vulnerable falls. our goal should therefore be to minimize mortality and social harm until we reach heard immunity. his criticism prompted the then director of the nih doctor francis collins to label jay bhattacharya and his ideas as fringe much water under the old ownership blacklisted jay bhattacharya. since then jay bhattachar

does jay powell have a handle on the economy? also this, core cpi, inflation, it's drifting lower, but still it's nowhere near where they said it would be. have they assumed maybe the wrong thing? folks, buckle up i, because i can tell you there's a ton the of confusion. let's go down to the washington, d.c., edward lawrence, he's got the call for you right now. >> reporter: the federal reserve has cut interest rates, a quarter of a percent, 25 a the basis points. the federal funds rate now between 4.5 4 -- 4.5-4.75. the fed's statement says the economy expanded at a solid peaces and then added, since earlier this year, labor conditions have generally eased. now, they also note that the unemployment rate has removed up a little bit but is still remains low. the fed says inflation made progress towards its 22 target but remains somewhat elevated. the federal reserve members say the risk to achievement in their employment and inflation goals are roughly in balance. s it is not -- a nod to a lower inflation rate. the federal reserve

in 2018 after jay powell came in, they raised another four times.secutive increases in interest rates after they had been at near zero since the post-2008 crash. and what trump was saying -- and he made his disagreement with the fed's actions very clear -- he said we have record low unemployment, you're bringing in minority groups and people who have not participated before or who are now benefiting from a very productive, high growth economy, and we haven't even hit the fed's 22% -- 2% inflation target, so why would you preemptively try to curtail growth and limit employment with no threat of inflation? if i think it was reasonable. and what happened after the end of 2018 and you did have that market collapse, by mid 2019 we saw members of the federal reserve rate-setting committee saying i think rates are too high. and before 2019 was over, they took back three of those last four increases that had happened under chair powell the year before. so i think the fed didn't want to look like it caved in to the president, but it wouldn't come around to s

. >> would you say that john jay, john adams and ben franklin agree on the goals? >> initially, not at all. for different reasons, john adams and john jay are eager to make a peace without the involvement of the french. franklin has very close relationships with the french foreign minister, twhom he has promised he will never negotiate without the involvement of france. and also the way they will prevail of franklin and the piece is negotiated without any conference with the french. the task of explaining that afterward will fall to frank lynn, s who has to make a trip versailles.trip to versailles. >> so stacy schiff, as we mentioned here in the ben franklin room at the department of state. there is a table here, the treaty of paris table. what is that? >> it's this modest desk which, if you look at it closely, you realize is the beating heart of american history. it is the desk at which we think they signed the treaty of paris establishing this country in paris in 1783. it was essentially a desk brought from london by a british negotiator who, very keen to keep t

i didn't invent a jay bhattacharya didn't invent it. i'm just telling you the playbook always went back and in his foreword, he refers to the tyrannical public health response. yes, that's provocative language. but if you don't like provocative language, this is not the book for you. but it was it was also the the arbitrariness. it like i'm in florida and in alachua county. you know, this is i realize this is a small, trivial thing, but i think it's it's illustrative. what happened? we found it. i don't know. it was like the towns of the board or whatever. i don't live there. but they came up with a rule that said retail establishments can have one person per thousand square feet. and when they were finally asked, well, how did you come up with that figure, the was well, we just thought it would be simple math for everybody to do it. but yet the impression was being given that no, no, i mean, we've been locked away in lab with test tubes and we've come to this conclusion. but a lot of it was just arbitrary and it should have been obviou

benjamin franklin and john jay. is that the original of paris that we're looking at? this is a copy. but the desk is real. the desk is the absolute that everyone sat and signed. now this desk was also used in a new miniseries. yes. executive produced by author stacy schiff. that's correct. and we were certainly interested in this series because it explores a life of benjamin franklin in paris right at the time that he became a diplomat and some extraordinary things brought france into the american revolution and allowed us a clear advantage. to get this desk over to paris. mm hmm. what. what did that entail? oh, it was extraordinary. with something like a national treasure. certainly, we. we the job very seriously. but we wanted so much to share this piece nationally for other people to know that we haven't it's failed to be seen here at the department state. virginia hart this is a french desk, isn't it? since it was signed over in paris or not? it's a british maid and it belonged to the british commissioner who had this in his apartment, the time of the signing. wha

nbc's jay gray join me live from bucks county, pennsylvania. jay, that state, that county, could make all the difference tomorrow. >> reporter: yeah, good morning, frances. yeah, look, the leaves here are a beautiful fall, amber and gold, but make no mistake, this county and much of pennsylvania purple right now, split between republicans and democrats, and it is vital for the campaigns. they are both spending a lot of time in these few cross-over states, these states where we don't have a clear idea of who may win here, the swing states as they are called. both campaigns acknowledging that they likely can't win a race that will be decided perhaps by tens of thousands of votes without pennsylvania. so they are courting swing state voters very heavily in the final hours. >> we stand on the verge of the four greatest years in american history. you watch. it's going to be so good. it's going to be so much fun. it will be nasty a little bit at times and maybe at the beginning in particular, but it's going to be something. we're going to go to heigh

jay gray is joining us live from new york.ay, walk us through what you are seeing on the ground right now. >> reporter: good morning, dan. final preparations under way for the massive parade that will wind through manhattan. take a look behind me. 17 of the huge character balloons which are such a draw to the parade are lined up and ready to roll. including minnie mouse. this is the first time we will see minnie winding through new york city. just a few floats back. you have spiderman who is back after a ten-year absence from the parade. again, 17 character balloons and 22 floats and 11 marching bands and 700 clowns. i don't even think they're counting us in that number. it will be quite a spectacle. maybe one thing this year is rain. over the last few years, we had beautiful weather. it's not that cold, but we expect rain. it hasn't slowed down the excitement for this. we've already as early as 2:30 in the morning, seen families out and scoping out their spot along the parade route making sure they get a front row seat. with

not only does jay powell have history on his side, jay powell has the law on his side. now there are things that donald trump as president could do to undermine jay powell's authority. and the strength of his word, and perhaps even the amount of influence that he wields, or the federal open market committee, fellow governors and those five regional fed bank presidents, he could appoint, scott besson as his adviser had said, and suggested that they should add a shadow fed chair, someone who would take over for jay powell when his term expires in 2026. and because the markets are a discounting mechanism, pricing in the future, not the past, they would presumably be inclined to listen to that guy, or woman, it might be a woman. rather than listening to jay powell because he ultimately would be the person responsible for setting policy at the federal reserve. so there are things that president trump can do, and a second administration, but sweeping away the fomc would be exceedingly difficult, it would require either some kind of new piece of legislation, a new federal rese

jay, thank you. >>> overseas now, and the fragile cease-fire between israel and hezbollah. both sides are now accusing the other of violating an agreement to end the fighting. meanwhile, some residents of south lebanon returned home to scenes of devastation and destruction. >>> now, to russia, which is unleashing a massive aerial attack against ukraine's energy grid. that assault can be seen in videos circulating online. more than a million people are without power in the brutal cold there. and vladimir putin out with a new warning to the west, and praise for president-elect trump. here's abc's chief foreign correspondent ian pannell. >> reporter: tonight, another major russian aerial assault, seen in videos circulating online. nearly 200 missiles and drones striking ukraine's energy system. more than a million households now in the dark. vladimir putin sketching up his campaign to crush ukraine's power grid, collective punishment of civilians as winter sets in. president zelenskyy calling the attack vile. and the u.s. ambassador to ukraine writing from the embassy's bunker

jay: i need a new job. lisa: let's go. jay: i need a new job.marie: we got some sleep tonight. so even though your political conviction was wrong, your market conviction in a sense was accurate. jay: because back to what i said last night, i think it was 12:50 last night, the old market saying, would you like to be right or do you want to make money? i struggled with that for years because my background is a strategist. as an investor and advisor, we would like to make money, so we are fully invested. we are long equities, we are completely out of treasuries, so this treasury move is not affecting us in any way, shape or form other than helping us meet our benchmark. jonathan: what would it take to get back in? jay: that is the question to be asked i think. it is a little tempting tactically because as i said last night, going in to this week, the long end of the treasury market is are presented by etf's, and it was massively oversold. the rsi, relative strength index for seven to 10 year was 15. they don't really get down around 15 often. tacti

jay, we're learning more about president-elect trump's appointees, and now some democratic lawmakers who are all being targeted by hoax bomb threats and swatting incidents. what can you tell us about that? >> reporter: that's exactly right, linsey. we're learning tonight of at least five democratic lawmakers of connecticut whose homes this thanksgiving were targeted with hoax bomb threats. no explosive devices were found. and it comes just a day after at least seven of donald trump's cabinet picks, including his choice for secretary of defense and cia director, had security incidents at their homes, as well, ranging from pipe bomb threats to swatting. no explosive devices recovered in those incidents, either. and tonight, linsey, the fbi as well as state and local law enforcement conducting several investigations. linsey? >> linsey: and we know the trump administration has called those threats un-american. jay, thank you. >>> overseas now to the middle east and the fragile cease-fire between israel and hezbollah. both sides are now accusing the other of violating an agreement to end

that was jay gray from nbc news.o discuss what's likely to happen stateside, i'm pleased to say dr. lindsey newman is joining us for more. good morning, lindsey. last time we spoke, we were discussing u.s. politics on the eve of the all-important debate between donald trump and kamala harris. in the aftermath of the debate, it seemed kamala harris was leading in the polls. at this stage, it is a very narrow race. what's at stake here? >> thank you, silvia. you are absolutely right. this is a sliding door moment for the u.s. whoever wins tomorrow, which we may not know the answer to that question tomorrow, will set foreign and domestic policy and trade and tariffs and taxes for years to come. this is going to set the u.s. on the trajectory for years to come, but decades to come. so much is at stake and as you and jay reported, it is a dead heat. trump erased harris' lead since she entered the race in july. the swing states have traded back and forth in that period as well. the reason everybody has all eyes on pennsylv

maria: how do you expect jay powell to handle president-elect trump. president trump told me in february he would not reappoint jay powell if he were elected so we're not expecting that. do you expect powell to address the trump vic sunny. >> absolutely not -- victory? >> absolutely not. it is money in the bank in at his press conference he is going to be asked about the election. he will definitively push back. i mean, the fed tries as hard as they can at least openly to push back on any involvement relative to politics. having said that, though, the practicality, we saw this in 20221 when the stars aligned for spending, the fed was in transitory mode, they were buying bonds. the government was saying it was transitory. and we had a massive amount of inflation. the reality is, at least from my perspective, i hope over time they will factor in policy changes going forward, the growth scenario, the regulatory environment. but he's certainly not going to address this election specifically. maria: okay. well, maybe he'll say we'll look at trump's policies

jay powell talked about how inflation was stickier.came out and said this seems like a single mandate fed focused on the labor market. yesterday i would argue this became a dual mandate fed once again. really putting emphasis on the cpi report we get out next week. jonathan: mohamed joins us in a moment. we will catch up with mohamed el-erian as wall street posts its best fed day of the year. adam posen of the peterson institute on why rate hikes are coming sooner. former kansas city fed president esther george on defending fed independence. stocks sitting your all-time highs. s&p 500 approaching 6000, notching its 49th record this year. equities having their best week of 2024 as trump takes back the white house and chairman powell continues cutting interest rates. joining us now, mohamed el-erian . welcome to the program. i know you watched the news conference. what was your take away? mohamed: three takeaways. as expected in terms of the characterization of policy, i desire to maintain optionality, and where i really felt for him was

jay was so frustrated.anted a gps tracker in a fake package, which he says he tracked to a home in san jose. jay says he's filed a police report with the sunnyvale department of public safety. you can see in this video officers did show up friday morning, but the alleged thieves got away. jay even found this broken master key. the suspects may have used, but he's worried the thieves could have already made several duplicates and could return again to ransacked mailboxes. the postal service is investigating this case and says it's important to report any mail theft right away. they also say that they are upgrading technology to help prevent break ins in mailboxes like this. in sunnyvale, marianne favro nbc bay area news. a celebration at glide memorial church in san francisco today. and this time, the historic church itself was the focus of the celebration. glide is undergoing a restoration project thanks to state and federal appropriation funds. several leaders were there, including nancy pelosi. among the

jay, thank you for being in studio with us here.you think the massive market rally we have seen post election has legs in the strong time of year in the fourth quarter >> thanks, dom we actually are playing a short-term stall in the market just through the end of november the only catalyst we have is with nvidia. you have the comments with the fed chair. the market is vulnerable we have a target which is out of consensus and we upped it in june the critical element is we do have a 7,500 target for next year, but that's dependent on a corporate tax cut. otherwise, we would have a mundane 6,600 target for the s&p. >> what is your favorite part of the market for the coming year >> we love the investment bank i used to be an investment banker we see when the markets are heating up we actually are carrying 30% above earnings for goldman sachs. we're far more optimistic about a.i. ipos. indirect play. new regulatory environment we have a 750 target on goldman sachs. that's our number one pick and large cap dividend fund. >> jay hatfield.

jay leno is recovering from quite a fall. he says he tumbled 60 feet down a hill.ack eye, and a broken wrist. still showing up at his performance, though, three hours later. >>> tonight, apple is warning iphone and ipad owners about a new security threat. the company issuing an emergency update tonight, correcting two issues that could be exploited by hackers. owners should go to their settings and update their software, installing >>> when we come back here tonight, the bride walking down the aisle, and the surprise. who she asked to join her. this is something. if you have generalized myasthenia gravis, picture what life could look like with... vyvgart hytrulo, a subcutaneous injection that takes about 30 to 90 seconds. for one thing, could it mean more time for you? vyvgart hytrulo can improve daily abilities and reduce muscle weakness with a treatment plan that's personalized to you. do not use vyvgart hytrulo if you have a serious allergy to any of its ingredients. it can cause serious allergic reactions like trouble breathing and decrease in blood pressure le

jay bhattacharya wrote the foreword to this book, tell us who he is, dr. bhattacharya, is a holds a ph.d. but also an m.d. and he teaches at stanford, where he's been for quite a while. and he is he's a professor of medicine, but also a background in economics. so he can talk to you about health policy, but he can also talk to you about the medical side, which is, you know, balancing. not everybody can do very well. and until this all came along, he was a very mild mannered academic, very well respected and he wrote a great many academic papers. and he had absolutely if you've ever talked to him, had zero interest in being in the public eye. that is the last thing on earth he wanted to do, but he felt like he got thrust into it. when something like this happens and of his work had to do with age and health policy and then covid comes along, how could he not write that? and he found that his colleagues were deserting him, were criticizing, i mean, criticism. criticism is one thing. but there were posters around campus smearing him, calling him a liar, even

nova vines ceo jay jensen grew his company from a small family business in the 1980s into one of thee, vine and olive tree nurseries in california. but he needed to solve a problem how to retain skilled workers during the off season and keep his greenhouses busy year round. a friend with a food bank connection hatched the idea of switching to vegetable farming during the winter to produce locally grown food during a time when it wouldn't grow outdoors. >>>>this is one of our hoop houses and in here we have tomatoes and we have tomatoes. and right now we're harvesting some of the tomatoes to be taken to the food bank today or tomorrow. >>>>these crops were started from seeds last july and then transplanted into five gallon containers. the workers in the greenhouse give the plants everything they need. >>>>they're getting heat. so we have bottom heat in these houses. so there's hot water circulating under the floor. so the heat comes up and keeps the root zones warm which stimulates kind of aggressive growth and keeps the plants really happy. and at night, you know, the house might get

jay says they even stole his w-2s. we've only captured three incidents on video, but we believe this has been maybe the fifth or sixth time this has happened. he and other neighbors are now worried about identity theft. at least one person says they had a credit card compromised after their mail was stolen last week. neighbors also question why the u.s. postal service didn't change the locks on their mailbox bank after the break in more than a year ago. we look at a number of security options, and again, that is one of our security options. it just it's based on security. it's based on operational considerations. after his mail and packages were stolen last week, jay was so frustrated he planted a gps tracker in a fake package, which he says he tracked to a home in san jose. jay says he's filed a police report with the sunnyvale department of public safety. you can see in this video officers did show up friday morning, but the alleged thieves got away. jay even found this broken master key. the suspects may have used,

he's the chief economist at wells fargo, and jay, it's great to see you.s all together for us. what are these data points telling you? >> well, it's telling me that right now, the economy's doing very, very well. particularly the service sector part of the economy. and we've known that for some time now. the services continue to do very well, and i would expect that's going to continue. i guess the question as you go into next year is in terms of tariffs. you don't put tariffs on services because we don't import that many services but if there's a lot of tariffs on goods, that could take a real hit to confidence next year. >> maybe the way to say it differently is if you look at the data, it all tells us things are great right now, but what do you think is going to happen? do you think things are going to start to roll over into next year? how long is it going to take to figure out what's going to happen under the new administration? >> that's a great question. i wish i knew the answer to that. i think what you have to do is i think you have to do -- take

jay powell saying he's not going to be pushed out by trump anytime soon.yesterday for european stocks. looking to end the week on a positive note. ftse 100 futures pointing to gains of 2/10 of 1%. nasdaq futures also flat. a bit of a breather after the rally of yesterday. you saw across is that -- a process at rally. yields fell around 10 basis points. u.s. 10 year yielding you 143. softer buy 1/10 of 1%. andrew bailey saying the cause of rate cuts will be gradual. bitcoin close to that 76 thousand dollar level. currently unchanged in the session. european leaders diverging on the role that u.s. president-elect donald trump might play in the russia ukraine more give speaking exclusively to bloomberg, denmark's prime minister said she had a reassuring phone call with donald trump about the u.s. continuing to work with europe on geopolitical issues. >> we had a long discussion about some of the topics that are a big concern for u.s. and europe. of course the war in europe, ukraine. the closer cooperation between iran, north korea, russia, china. tom: for mor

jay powell told reporters the fed won't "speculate about trump's impact on the economy following the landslide victory earlier this week" but powell talked about the need for fiscal responsibility with the new administration and something he was mum about for the massive deficit spending for president biden. powell also threw down the gauntlet over his own term as fed chair saying he will not resign if asked to leave early by president elect trump. steve forbes and bright bart's john carney will be weighing in on all that in just a memhet onset and first, edward lawrence is live from the white house with all the exciting details. edward. reporter: very exciting details, david. yeah, president elect trump has been no fan of the federal reserve during his first term at times during that term. he has come out and said actually in the campaign that he would not reappoint fed chairman jay powell to a second term. since getting the nod from voters, i reached out to the campaign but have not heard back about if this feeling over the current fed chairman have changed. the fed reserve chairma

it seems to have happened under jay powell's tenure. that is just a coincidence falconer, d i, critical race theory, esg climate change, all of these fashionable but harmful diseases have inflicted, infected the federal reserve. my question is, are the fed, is the fed hiring people from the left in the democratic party deliberately. 2020, four, five, six years, bingo. something is happened here. >> yeah. i would say it is a couple os id universities. particularly in graduate programs. my area and economics among others. the hiring pool that the fed is bringing in people from has moved very much to the left. there used to be a lot of progrowth economies out there. a lot of that literature has moved towards redistribution. one other thing going on. donald trump has changed the electorate. the republican party is now much more of a working class party and the democrats are the parties of the elite. the one year where the fed primarily donated to republicans , it was when mitt romney was the nominee. the republicans were the party of elites

give your reaction of the press conference yesterday from jay powell. >> maria i was really troubledess conference. i think the fed is being a little bit cagey here, um, a little too cute, for the first eight ministry strong growth low unemployment a signal for fed to say keep restrictive policy in place we could see, reduced employment curtail growth, suddenly in september a jumbo cut a new story new narrative switched, now the fed is recalibrating, i have long thought the fed is too proficient too powerful too political i think that, the political aspect seemed a little bit apparent because not only sort of of a dieling frameworks makes it too easy to have selective theory backing their actions, on the one hand if they truly are now intelligently to supply side toward policy no properlying think low unemployment economic growth causes inflation, if they think you increase supply rather than try to cut off demand that would be good news for the incoming trump administration, because it would dovetail with supply-side approach in a lowers taxes lowers regulation, if you can now also

at a certain point, watson turned his back and jay charged, and he shot jay as he was coming to him. then watson and krenwinkel went over and started stabbing and kicking. sharon tate, quite naturally, is screaming. frykowski and folger break out a side door and are running across the lawn. krenwinkel and watson chase after them. keith morrison: soon, everyone was left for dead, except sharon tate. jeff guinn: she's begging not for her life, but for her baby's. susan atkins says, "bitch, i have no sympathy for you." and she's slaughtered. keith morrison: then susan atkins wrote the word "pig" in blood on the front door to make sure the cops would connect these murders to gary hinman's murder. jeff guinn: they arrive back at the ranch. charlie manson is waiting for them. "what'd you do? tell me about it." and they tell him, and he's furious. from their description, he doesn't think they've left the house appalling enough that it will get the attention they want. keith morrison: so, said guinn, manson himself returned to the house and draped an american flag near sharon tate's body. je

let's take it east to the new york stock exchange and jay woods. jay, what's the chatter on the floor about nvidia, about ukraine, about target shares, about everything that's going on? i mean, the trump trade, you basically have said there's a bit of a hangover are if that incredible runup since election day. we still have the major indices in the green by about 3-4% in the case of the russell 2000, but today, yep, a slight pullback here. what's that about? >> yeah, it is exactly that,s it's a hangover. we were having the best year in a presidential year that we've ever had. we were having one of the best years we've had to start since 1997. the vix was a little elevated. it was above 20 for the weeks leading up to the election, so now it's up to 17. there is a little fear. i think the russia-ukraine news caught us off guard yesterday. that's' still weighing on investors' minds if. but it is all about nvidia and these earnings. it is the biggest weighted stock in the s&p 500. it's in the dow now. and in the semiconductors, you've got to watch semi

think about jay powell. jay powell is fighting tooth and nail for his legacy.ly if you work for other people i don't know if you get the job done. taylor: okay, well said. reporter: i disagree. the reason mike is fighting tonight is because he doesn't believe in legacy. he already has a legacy. he is known as one of the greatest boxers ever grace this earth. he has nothing to prove. $20 million doesn't hurt but that's someone who doesn't believe in legacy making change, going after things, because he will continue to fight. charles: you want someone working for you if they didn't believe in legacy like it's no big deal? reporter: i think so because i think the average american, this is again, very philosophical. the average american doesn't care about legacy. they want a good life, make a good impact and bring home a good dollar. so i'm happy with that. taylor: i like he compared it to ego. charles: right. well i can tell you someone whose got an amazing legacy and that's our colleague liz claman. liz: wait a minute. aren't legacies for people -- charles: we're

she broke her tight with husband jay-z broke her tight with husband jay—z and that brings her nominee of paul mccartney, kanye west and her husband. as he referenced earlier, there are other women on the list. we had a discussion, you like sabrina carpenter, so do i. you might be shocked to hear that this is actually her sixth album and her first actually her sixth album and herfirst time being a grammy nominated. she is not only nominated. she is not only nominated for album of the air but also nominated for song of the year, record of the year and artist of the year. she is one of those _ and artist of the year. she is one of those that _ and artist of the year. she is one of those that seem - and artist of the year. she is one of those that seem to i and artist of the year. she is - one of those that seem to come out of nowhere that has actually been around for awhile. .. , actually been around for awhile. , ,, ., awhile. exactly. she was on tour with — awhile. exactly. she was on tour with another _ awhile. exactly. she was on tour with another nominee, j tour with another nominee

the stocks finishing lower after federal reserve chairman jay powell said there's no rush to cut rates further right now is investors are looking ahead to the december federal reserve meeting. we'll get into, october retail sales at 8:30 a.m. eastern we will break down the numbers and look ahead to the major retailers quarterly earnings numbers coming out next week get a look into the consumer, bitcoin 40 with 90000, take a look 18 state attorney general suing the security and exchange commission over unconstitutional overreach of digital assets. bitcoin 89345. i'll speak with kentucky attorney general russell coleman who is leading the charge, is coming up with the adm our, let's take a look at the european markets, the eurozone looks like this with weakness on wall street, stocks are higher, the s&p 100 is up ten, cat. [inaudible conversations] .and ask index higher by 11 points this is fractional moves higher in the eurozone. markets mostly lower the shanghai composite in china got parted on the session. the others factually moving. joining to the conversation rebecca walser, new yo

jay gray, nbc news, fort worth how about a national chain in their future? could very well happen. thanks so much for being with me for early today. i'm frances rivera. have a great wednesday. if you're up early cooking, making your turkey. roast your turkey. come see me. we'll be here. happy thanksgiving. save up to 80% at the jewelry exchange. quarter carat studs 69 huggies 149. tennis bracelets 599 per carat, two carat, three stone rings or studs, 1990 guaranteed to appraise for double factory direct jewelry exchange. redwood city. will you get hurt in a car accident? everybody knows who to call the law brothers of course. everybody knows the law brothers are the number one car accident lawyers. everybody knows we've helped so many people over the years. we've probably even helped someone. you know, the law brothers are available 24/7 nights and weekends. they never stop fighting to get you the money you deserve. everybody knows that we're the law, brothers. call one 802. two. two. two. two. two. two. streaming nbc. bay area is fast, easy and free. favorite us on all your stream

trump and talk about jay powell and his shortcomings. then we've got senators eric schmitt on the end of biden harris lawfare against president trump. it's all coming to an end and jack smith is going on the unemployment line. then john cornyn waiting in the wings going to talk about his campaign to become the senate majority leader. first up, our very own edward lawrence live at the federal reserve board after today's federal reserve board announcements by jay powell, you probably had to take some tylenol or whatever your favorite headache pill was. edward, tell us about it. reporter: yeah, five hour energy drink. he talks monotone is what we needed here. yeah, the federal reserve has cut a quarter of a percent, 25 basis points and federal reserve chairman said he's seen inflation come pressure blizzard warnings down to the 2% target unemployment rate and he's a wait and see. more cautious when it comes to further rate cuts on this and he defended the rate cut they made today. listen. >> nothing in the economic data suggests there's any

chair jay clayton will speak with that. dale. "squawk box" will be right back. wall street forecasts over $100 billion in sales for weight loss drugs known as glp-1. even with disliked injections. dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. study results are arriving monthly and lexaria has entered a new relationship within the global pharmaceutical industry. lexaria bioscience, transforming the future of glp-1 drug delivery. it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! >>> welcome back to "squawk box." wall street digesting president-elect trump's win earlier this

jay powell said yesterday he would not resign as federal reserve chairman if trump asked him to do so are on it, european markets are also lower take a look at the eurozone in the red across-the-board down about 71 on the ft 100 and the cac rundown 78 and dax index lower by 200. in asian markets finish mostly lower, china's government issuing $6 trillion worth of special-purpose bonds to replace economic debt and more stimulus coming out of the chinese government this morning. biden's d.o.j. is winding down the, no cases against president-elect trump as a new york city judge is also considering tossing the hush money conviction as well as the d.o.j. does not investigate a sitting president and his focus needs to be on the american people and speculation is growing up to supreme court justices during the upcoming term law professor jonathan turley here this morning and the 8:00 a.m. hour. joining the conversation already logged caroline downey, blonde ski group founder john lonski and cheryl casone. "mornings with maria" is live right now. ♪. maria: it is time for the hot topic of the