john lonski, great to see you, sir. worth of cocaine and meth found inside tubes of jalapeÑo paste and border agents in san diego say this is part of the 14,000 of drugs seized in the area last month. we've got the full story coming up. and the biden administration touting how they've prepared for the holiday travel surge. they want to avoid a repeat of last year's travel nightmares. we'll have a full report on what steps they've taken next. you know what's interesting these days? bitcoin. look for bitwise, my friends. david: great day for the markets and dew up 220 and nasdaq up 76 and s&p up about 23 right now. transportation secretary pete buttigieg faa administrator mike whitaker touting their preparation for this year's holiday travel after last year'holiday nightmare. grady trimble joining me from reagan international airport. what preparations have you seen in reporter: david, just like they did over the thanksgiving travel speared, cemetery buttigieg and faa are focused on holding airlines accountable in the eve

i want to bring in lonski group president john lonski.the communication part alone, just a couple weeks ago he was sounding as hawkish as he had been sounding, then a two week period everything changed. >> charles, talk is cheap. i think people focused on that dot chart. you know, nobody saw the fed funds rate projection going down as deeply as it did from 5.1 to 4.6%, no matter what he said later on didn't matter. what was it that drove the fomc to so sharply downwardly revise their expectations on fed funds. >> so here is the question i put out on december 15th on my own twitter poll, did the tail/wall street, wag the dog, jay powell? 34% said he made a mistake premature. no one thinks he took a well-deserved, only 6% think he took a well-deserved victory lap. is the victory lap premature. >> i think it is all premature. we don't have any guaranty the u.s. economy will slow down enough to justify a march rate point. charles: to your point, i was looking at your work, great, great work. we picked out the charts everyone talks about food

maria: john lonski what strikes you most next week we get inflation data going to get a good window intoat as well. john: inflation, front of i guess helpful the yearier growth rate one of average wage declined 4.1% on -- 4.0% my guess is given trends of productivity we have to get wage growth down to nearly 3%, if we have reason to expect the underlying rate of inflation to be no greater than 2%. the fed's target on recurring basis. on jobs growth, you know next year online jobs growth maybe in healthcare that is mostly because of an aging population as u.s. population gets older don't kid yourself underlying rate real consumer spending maria: yeah. and each when you look at services inflation, even there they're spending money on health care or, perhaps, construction. but you don't actually have the solid numbers where you actually see in spending or growth in jobs in any of those areas that you want to see during a very healthy economy. what are you going to be focused, cheryl casone, on next week? i know we've got the inflation data, and that typically could be a market mover as a we

cheryl: i want to bring john lonski into this.wo early. >> i will say this, options and volatility is about 13% historically it is 19. it's cheap to add to your portfolio, right now is the time to add to your portfolio. cheryl: that is technical but jumping. >> i'm concerned about the fact that the market seems to be saying don't worry, be happy not only do you have an equity rally you looking at then spreads and perceived as being a low probability of weak companies coming into financial difficulty the vix index and other markets are very confident. i can't help but think early this year this could be a great deal of profit-taking and that's when you will be hit with the drop in the market value of common equity, the market may have gotten ahead of itself. i think the market is overlooking the fact the reason why the fed might be cutting interest rates by nearly two percentage points because were going to have a much softer labor market and slower rate of growth for consumer spending. >> i'm so glad when you said softer using the

maria: so let me bring john lonski in here. like to add that we have to pay attention to what is driving inflation lower and at the same time what's driving treasury bond yields lower and that is expectations and evidence of a slower economy. so we could be in a position where on the ebbing which you at equity side we areover estimatie revenue growth and earnings growth for 2024. the consensus call has real gdp growth slowing from about 2 and-a-half percent in 2023 to something just over 1% next year, consensus also sees a notably higher unemployment rate. to me, this doesn't necessarily add up to a positive outlook for corporate revenues and earnings. >> it's a great question and that's going to be the debate. we could see of course with significant later effect of rising rates, slowing the economy, president but we're bug productivity improvements and corporates where they still have some pricing power so when you look across it really comes to the consumer which is two-thirds of the economy, the consumer still is not strappe

john lonski is with us.es right now, we've got a mixed bag here, the dow is down by 62, nasdaq is higher by 37, s&p is down by a quarter point. final two days of the year, the dow has its sixth record close last night and then for the year this is the bigger discussion here, look at these returns, folks. dow up 13% for the year, nasdaq 44 and change, s&p up 24 and-a-half percent for the year. tech has been a big part of this, the magnificent seven. all up year-to-date. it's been a great year and we're going to take two seconds to celebrate the great year we've had before we start to get into 2024. but if you look back to the first half of '23, so many people were -- you know, we're going to have a recession, the dow will be down 20%, we're all going to die. it hasn't happened. >> universally, right? we've never been in such agreement with each ownership. everybody knew exactly what was going to happen. we have no idea what's going to happen, right? the economy's resilient. it's unbelievable. the economic eng

management senior vice president brenda owe conor monis and dennis gartman and john long schism gr--john lonskint to kick things off with you with futures under selling pressure. take a look. stocks are lower across the board ahead of the jobs numbers this morning, dow industrials down 50, nasdaq down 59, interest rates have come down. the 10 year treasury right now is trading at around the yield is around 4.1% ahead of the federal reserve's two damon tri policy next week, we've got key inflation coming out next week and the november jobs report in about hour and 10 minutes. economists are expecting 180,000 nonfarm payrolls added to the economy in november, unemployment rate is expected to stay at 3.9%. give us your expectations and your assessment of where this economy is headed in '24. >> first of all, let's talk about the employment numbers, to me one of the things that nobody seems to talk about is the birth, death adjustment which added 551,000 jobs to the nonfarm payrolls last month, going to add 21,000 this month and that number is egregiously revised from one month to the next that i le

that's why we brought in lonski group president john lonski.use the fed is -- look, i was on "the big money show," and dagen mcdowelling you know, she said people are too exuberant, too giddy, she laid out these extreme emotional -- irrational for this market move. the fed though, does it find itself in a bind when the market reacts the way it does? i mean, i don't think jay powell thought the it was going to send the market and bonds higher. >> yeah. the fed must be thinking right now because of this very positive response by the equity market perhaps the economy is stronger than many think. and if you go ahead and cut rates say in may, you might go ahead and stoke the domestic spending to such an extent that inflation returns, rising inflation comes back. if. charles: we were talking about just now with danielle, she kept going back to jobs. we get the bug jobs report next week. 1.9 million, 1.927 million continue toous job claim, up 86,000 in the last week. the focus always seems to be on initial jobless claims, but this seems to be a red fl