jim bianco makes the connection as of 2:30. the biden administration rolling out major tact credits for electric vehicles and the most that americans can even afford take tafanely deep breath, everybody. markets are falling today in a big way and a broad based selloff wrapping and you happen it's the worst trading year since 2008 and also the first down year for the dow, s&p 500 and for the nasdaq in four years. we were trying to push through this santa claus rally and saw a glimpse of it and the worst of the bunch and clear adviser senior managing director jim awod. jim, doesn't look too good and 2022 is toast at this point. how are you positioning yourself for this point in 2023? >> well, it's important to keep your eye on the big picture, which is that stocks are a lot cheaper than they were a year ago. you wanted tobias sets when they're on sale and not at the end of 2021 when everything was on a spike and then a long term basis as painful as it's been is including opportunity for those that can think out a year or two or t

jim bianco is fired up and he's next. ♪ it's official, america.nity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. charles: all right forget about hope, investors need the real thing. my next guest said the market is a junky for liquidity with convulsion over anything remotely related to inflation or wages and getting the shakes because it's desperate for signs of a pivot. joining me is president of the bianco research, jim bianco, jim, you've been far enough, my man. i'm looking at twitter and yesterday the atlanta fed wage tracker comes out and edges to 6.4% from 6.3% and stock market hits a zero pocket immediately. here's the thing, cold turkey

jim bianco, victoria fernandez, erin gibbs on deck. later in the show brian belski still buttish, he will share his insights for 2023. fried fried is freed for now back on u.s. soil, posting 250 million-dollar bails, $250 million that is not his money. his ex-girlfriend singing like a canary. this is the problem for me, i hope this happens, venture cap tap its everyone involved face the music. i will have crypto lawyer march that belcher. tom fitton is with us as well. congress pushing through the 1.trillion dollar omnibus gargantuan bill. can't wait to get the take of larry kudlow at 2:35 they are saying the federal reserve is the friend of the middle class. it is not. all that and much more on "making money." ♪. charles: all right, folks so, these days, let me get my charts ready for you, so these days every investor is an economist right? you have to be an economist before an investor. most are looking at the headlines. you kind of look at numbers, make a snap assumption. algorithms make the decision before you do. 3.2 revision from

because two years after he first flagged inflation big generational comeback, market forecaster jim bianco sees price relief ahead but he warns that wall street may still see a world of hurt, a world of pain next year. so, jim joins us now he runs bianco research. a guy that a lot of folks see and listen to on wall street thank you very much for taking the time to join us here on "fast money. i'll open end question to you to start. this inflation narrative, is it over >> it depends on what you mean by over. has inflation peaked yes. it peaked in the spring and now it is come down. and everybody will say that is it and buy but the real question is how far down is it going to go and i'm afraid that it might bottom out at around 4%. and the fed thinks neutral on interest rates is half a% above the inflation inflation rate that means we've only just got back to neutral and jay powell wants to get to restrictive. if it goes to 2%, then we are restrictive and there could be a pivot. so, yes, it is peaked, but that is not the real question the real question is how much further down does it have t

higher, it kind of drags the long end screaming and kicking higher as well too. >> jim, thanks jim bianco guy, what do you think ten year gets dragged higher >> i respectfully disagree jim has forgotten more about this than i know but one of the things i'm positive about is this is going to 1% inversion. and i thought it would get there at the 3.5% in the ten-year or 3.5% in the ten year and 4.5% in the two-year and we're getting close. so i think that is where we're headed ten years will stay anchored because growth is so slow and two year is going higher because inflation is out of control and i think that will continue for the future. >>> and let's look at where markets are going right now. chart master carter worth is with us. so what do you see >> well, what a tough game humbling for all of us always trying to be as good or bad as our last trade. but let's look at the charts ab figure it out together i have a long-term chart of the s&p. and you'll see the 2007 peak and we have the financial crisis low and if you were to accept that channel, and it is the channel that the market ascen

all of a sudden we are back to jim bianco and then i remember maybe we can do the math scott minerd would do routinely. lisa: what jim said was pretty fascinating about how if we get core pce below 4.5% suddenly you can get a fed funds rate above that. by that venture, it is restrictive. at what point is sufficiently restricted? we start to see where we can get a sense of where the peak is. tom: percolating are we already giving david rosenberg super restrictive, or the altar restrictive of benefits? lisa: he was calling for outright deflation, a really rapid decline in the pace of price increases. tom: i can't get that. lisa: is it from a goods perspective now? tom: absolutely. lisa: not necessarily on the services sector and you still see wages go up. tom: economic read in five minutes. lisa: it's going to be important because of what jim was saying. i think it's the last really important data point. tom: is mckeen life from an airport? lisa: are you trolling me? i have anxiety heading to the air. there should be a syndrome that should be named. tom: one of the triumphs this year, the o

i want to bring in bianco research president, jim bianco and jay powell sounding more confident on rate inflation hikes and he made the speech on wednesday and we'd have a jobs report that came in below consensus and maybe wages below consensus and we got the exact opposite. did powell make a mistake and give us the wrong head fake? >> well, on the last part, yeah, i think powell made a mistake. he does not want the stock market to go up. he doesn't want you to feel richer because you'll spend more money and keep inflation up. that was not his goal. what we saw in the misreading of the payroll report is disappointment that the economy -- let me back up, charles, everybody is projecting a recession next year that . is the consensus forecast and first time we've seen that and everybody is saying that next year we'll have the recession. that is because if we have a recession and the fed will pivot and the market is interested in cheap money than it is in the companies you invest in making the profit. the payroll report was a disappointment and want to see less people getting jobs and that

i know we'll return to this topic, i have a strong feeling, over the next weeks and months jim biancoanks. >>> coming up, a losing charge a new report showing auto execs losing confidence in ev adoption that's not stopping one analyst from getting bullish on a struggling ev maker. further ahead a fast-growing start of the businesses building ecommerce systems. that's in today's "working lunch. we'll be right back. >>> welcome back to "power lunch," everybody. calls to ban tiktok growing louder once again. the massive federal spending bill to be voted on this week in washington includes a proposal to ban tiktok on government devices. 19 states already have bans on the app on state-issued devices. louisiana, west virginia joined that group yesterday and senator marco rubio leading a push for a nationwide ban on the app for everyone the issue is fears that using the app will give the chinese government, which has a big stake in tiktok or its parent. give the chinese government information about american citizens, but here, kelly, i, the undersecretary of agriculture can't get tiktok on h

that number year over year. 7.1% but what to make of the market reaction to this we have jim beyond go --bianco it is in that role i would like to pick your brain and it is on this number today, ready to pull the trigger on another half point hike. >> we will see a half percentage point hike and the market will turn to what prospects are for the february 1st meeting. there's a voting rotation that occurs after tomorrow's vote, the federal market committee, there' s the press conference and what investors should be focused on is how long powell indicates he will keep interest rates at a high level. trillions of dollars in private equity that is marked to market, a lot of factors go in and except for one or 2 months as downside in the cpi. markets read into powell looking past this and stay more resolute than they would prefer. neil: we started the year around 0 and now we are looking as things stand, may be after half a point hike, 4.5%, it is a big advance and i wonder if that reality is setting in and we have yet to feel the impact. what do you think? >> we haven't felt the impact and that rea