let's get to jeremy siegel, professor of finance at the university of pennsylvania's wharton school ofr siegel, great to have you here you know, is there an older maxim on wall street than don't fight the fed. is it time to fight the fed and what would that mean, even if they're talking touch, they may not have too much more to do. >> i think you hit it there. let's not take chairman powell's words as gospels here's a man who as we know, a year ago, stood at the same podium and said inflation was not a problem. here's a man who in congressional testimony told us we don't think money matters our studies have shown money doesn't matter, and exploded the money supply at the greatest rate in our history. here's a man a year ago said we're not thinking about thinking about raising interest rates. and most troubling was in response to the last four fomc meetings, in the q&a can period, we're going to reduce the number of job openings, kwyou know, to balance with the demand. what has happened in the last three or four weeks. actually, in the last month, and this is an interesting fact. 90% of

eater, we'll talk about the week ahd in markets with wharton school's jeremy siegel just you and youre going to tell you what investors are watching. major averages coming off their best month in at least a year and a half. >>> and house speaker nancy pelosi arriving in asia. the big question, will she visit taiwan that's something china has warned against and warned against forcefully. >>> and what does a billion dollars in esg get you in five years? we're going to get you the answer with the ford foundation president. you don't want to miss it. the second hour of "squawk box" begins right now ♪ >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i'm joe kernen along with andrew ross sorkin. becky is off today u.s. futures have been around the flat line most of the morning an continue to be in that mode, down three on the dow right now. the s&p down seven or so nasdaq had a great week last week, up -- down 22 points or so this morning treasuries notably, the ten-year is below 2.7 now at 2.669. >> okay. a couple of stories th

here at the new york stock exchange in just a few minutes i'll speak live to wharton professor jeremy siegel his view on this market and whether the strong summer rally is in the process of ending. we have a busy hour ahead. zoom and palo alto earnings are imminent, we have all you need to know about those and we'll let you know when those hit. >>> we do begin with the talk of the tape the fate of stocks after

professor jeremy siegel.w call on stocks he will tell you what it is in just a few hours cameron dawson, greg branch. palo alto earnings along with zoom do not miss it i will see you 4:00 eastern time in o.t before we do that we have to do this final trades steve weiss, you go first. talk to me >> thanks, scott that's appropriate look, brin came out as i afinal trade last week when i was on with devon i'm going to do the same thing today. and i do believe that natural gas is going to drive it whatever happens with oil, well, that will be separate. i think that's going to be rocky for a while. >> i mean, just real quick on this before we get your final trade, joe, there are calls for natural gas to be like 20 bucks. >> yeah. >> is that like the realm of possibility as you see it? >> once natural gas gets going, the up side potential is unknown. >> what's your final trade >> my final trade would be refiner, valero energy you could also own phillips 66 if you wanted. >> okay. energy's back on and i guess you guy

. >> were you here for jeremy siegel the other day maybe you weren't. jeremy siegel was in, and i said, you know, you were worried about inflation because of m2 growth and the first thing he said is m2 growth has ground to a halt, totally stopped for the past six months or something he said that is significant, and then i saw earlier today there was an economist saying what has happened to m2 is predicting a really sharp slowdown in 2023. something more than a semi hard landing. something pretty hard, so i don't know we'll see. but m2, not growing like it was, and that's -- maybe it's good if you worry about, you know, money supply growth out of control, but they don't have consequences i think that's what scared people s jay powell said that, it's going to have consequences >> all of it, that's what bill dudley said in that bloomberg opinion piece months ago what the fed is doing will have consequences, one of the consequences, lower asset prices across the board. >> lower asset prices, lower home prices. this is what i started complaining about, that

also watching a meme stock after jeremy siegel told bloomberg he sees a place, 10 to 15% allocation for appropriate portfolios. coinbase tied to the whole crypto complex down 3.4%. how much does whiting interest rates remove the froth we saw, particularly from areas that have been hammered but have more to go? tom: we will see it with futures security, no -42 on stx futures. the dow futures under 32,000. the vix is now down 20 points, morgan stanley, tickets inexperience, we recapitulate with john, chief investment strategist at oppenheimer asset management. thrilled to have you join us this morning. explain what you are not selling the phone call. go to cash. i have ever john that in my life. why do i not want to go to cash this morning? >> thanks for having me on the show today. we have been saying we think it is good the fed is doing what it is doing. it is going after inflation, it recognizes it is going to take longer as we look at it today. for the fed to put inflation in check. but the main thing is they are doing it and without will likely do is kill off the speculative pockets