let's listen to jeremy siegel. that's what i wanted to do let's listen to jeremy siegel and listen to both what josh is saying and the professor >> way overdid it. particularly the fed on liquidity, they are so far behind the curve that we have a lot of inflation that is embedded in, and the fed will have to hike many more times than what the market expects i would not be surprised to see the short rate at 2% or even higher by the end of next year >> that says wild card to me, josh. >> can't do it can't do it. can't have a fed funds rate of 2% you know why because the ten-year is not going there and the fed will not invert the yield curve for no reason it's not going to happen the fed is not going to deliberately invert the yield curve and there is a ceiling on where we're seeing the ten-year and that ceiling is the reality of all of the money the fed and other central banks have spent the last ten years creating. there is just too much demand for risk-free assets every time that ten-year gets anywhere near 2% ther

rogers outlining the big market themes he's watching the three stacks on his radar for 2022 and jeremy siegel weighing in on market volatility and why stocks could see returns of less than 10% next year. let's look at the stories we're watching this hour steve liesman wrapping up the economic data, what it means for the markets. meg, let's start with you. another milestone here for covid. >> yeah. so merck's covid drug getting clearance today. an interesting nod from the fda where they say it's cleared for adults 18 and plus for those who have a risk of disease this is not indicated for anyone under 18 or pregnant women due to potential safety risks. the preference they're alluding to, the efficacy and the safety risks. we've seen the merck pill was 35% effective in reducing hospitalizations and deaths. pfizer's was almost 90% effective. they have different safety profiles, but there's going to be a lot less of pfizer's pill available right away about 265,000 treatment courses through the end of january for pfizer's drug. merck expects 3 million courses available by the end of january. we hav

the professor jeremy siegel, positive market despite the twin ts, the taper and the tight edge professor, have a wonderful weekend. talk to you soon thanks very much. >> thanks, brian >> rob, you just in here professor siegel invoking your name that just because we get inflation, tapers and tightening and all of these other things the stock market or at least parts of it can do fine next year >> it all depends on how hard they have to slam the brakes how far behind the curve they are. that's why powell has been a master orator, and he's telegraphs things in a way that preps markets for activity, and i think it's not always obvious to everybody, but if you really read his notes like we did in september and the move out of transitory inflation, i think he's going to be able to do that this time. the other thing that i would note, and a lot of studies show this, that in the first few years of an inflationary environment stocks tend to do really, really well. not really, pensive stocks as we talked about earlier in the show there's a lot of carnage there because when you discount that growth

. >>> on "squawk box," market master jeremy siegel opens his playbook for new targets and milestonesis outlook for 2022, tomorrow 6:00 a.m. eastern on cnbc. 6:00 a.m. eastern on cnbc. watch "squawk box" any time on how not to be a hero: because that's the last thing they need you to be. you don't have to save the day. you just have to navigate the world so that a foster child isn't doing it solo. you just have to stand up for a kid who isn't fluent in bureaucracy, or maybe not in their own emotions. so show up, however you can, for the foster kids who need it most— at helpfosterchildren.com >>> welcome back, everybody. robinhood shares are nearly 80% off their all-time highs, and they're down 30% this past month alone. they've got payment for order flow regulation, cyber stock media. joining me is director of financial technology research at jmp securities you basically think the stock can still triple from here why is that? >> hey, kelly. well, first off i think we have to think about why the stock's gone down. i think you hit on a couple topics that people are focused on the fundam

and later, jeremy siegel joins us to give his predictions for 2022 you can watch us live any time on/frost app we'll be right back. >> welcome back. we're in our eighth straight day of major airline flight cancellations. there are already more than 1,000 flights called off today in the united states and the tsa expect 10 million people to pass through airport screening between now and the end of the day on monday -- sorry, over the weekend. joining us now to talk about the sector, ben balldana, the former spirit ceo thank you for joining us we had robin hayes on from jetblue yesterday discussing this topic i wonder what your take was on the broad question of how understanding passengers are at this stage of the pandemic of these sorts of cancellations, it comes at a time when everyone wants to travel and they want to be able to get home and see their families or return to work it's very frustrating on that level, but it's also s pseudounderstanding what's going on. >> it is pseudounderstanding but it's also frustrating. obviously you can talk about a thousand or two thousand cancels