what is kevin hassett saying about that? >> when he was asked about that he said there are a host of other economic indicators that have led to volatility in the markets. the second point that i would is that inside washington the chatter around the treasury department has been that anyone who covers the treasury department, the treasury secretary calls frequent folks up on wall street and financial sectors across the industry. the just part of the job question becomes why that report raised such turmoil in the last 72 hours. this morning it seems the administration is much more back to speaking on the same page with regard to the market. seems they are breathing a sigh of relief from a lot of questions on christmas eve. taylor: certainly a sigh of relief. thank you kevin cirilli. mainstay welcome capital management chief investment strategist david coul. we are talking about the noise coming out of d.c. we also want to look at fundamentals. fundamentals seem good. how much of the market volatility really is just coming out

kevin hassett, chairman of the council of economic advisers: "the fundamentals remain extremely soundking to calm jittery investors the chairman of the council of economic advisers said wednesday recent declines in the stock market are not signs of a slowing economy.kevin hassett, chairman of the council of economic advisers: "christmas sales are through the roof."kevin hassett says g-d-p growth in the fourth quarter appears to be solid at near three percent or higher. kevin hassett, chairman of the council of economic advisers: "so i think that the momentum we saw this year is carrying into next year."but experts say the government shutdown, a trade war with china and other global factors all played a part in the biggest christmas eve market sell off in history. president donald trump"they are raising interest rates too fast that's my opinion. i mean the fact is that the economy is doing so well."for his part the president is blaming the federal reserve for pushing up interest rates.but hassett said wednesday the fed chairman's job remains safe. that appeared to ease worries on wall

kevin hassett, chairman of the council of economic advisers: "the fundamentals remain extremely sound."seeking to calm jittery investors the chairman of the council of economic advisers said wednesday recent declines in the stock market are not signs of a slowing economy.kevin hassett, chairman of the council of economic advisers: "christmas sales are through the roof."kevin hassett says g-d-p growth in the fourth quarter appears to be solid at near three percent or higher. kevin hassett, chairman of the council of economic advisers: "so i think that the momentum we saw this year is carrying into next year."but experts say the government shutdown, a trade war with china and other global factors all played a part in the biggest christmas eve market sell off in history. president donald trump"they are raising interest rates too fast that's my opinion. i mean the fact is that the economy is doing so well."for his part the president is blaming the federal reserve for pushing up interest rates.but hassett said wednesday the fed chairman's job remains safe. that appeared to ease worries on

kevin hassett. appreciate it. susan: let's get reaction. bring back in our panel, james freeman, liz peek, adam johnson. adam i was kind of encouraged by the positives when it comes to china trade. >> i'm glad you mentioned that. i've been listening to myself speak because people tell me i'm far too optimist i can. i think there are reasons to be optimists or optimistic. the fact they're working through the holiday says a lot. the fact that the chinese have given ground on several different occasions says a lot. quite frankly both trump and xi need a win. politically they're facing headwinds. they need some sort of a deal and i think they get it done. i'm long way bow and alibaba. susan: that makes sense. kevin hassett agrees with the rest of the world and markets they would probably make a lot of headway if they actually met face-to-face? >> i think mr. powell could probably make a pretty good case that the fed is confident raising rates because the economy is strong and i think that is largely the result of president trump's policies. i t

could have have been my interview with kevin hassett. am impressed what we're seeing. >> if you want to tell you that the computers were in charge, last couple days computers are in charge. people are saying it is taking up almost 85% of the activity we're seeing. we talked about this before. consumer strong. there are a lot of fundamentals do suggest if we're seeing a correction now, which we're due for a correction, it will not a bad one. i think that 2019 is going to continue with volatility but it shouldn't be a replay of 10 years ago. charles: david? >> i would agree to a large extent. we actually went negative on the day briefly. like you said the consumer bails us out every time we have one of these events. we all know where this started, how this started. a at some point these things end. you could make the case right now the valuation we're under 1times trailing earnings. that is a good level to be. draconian maybe down to 2100 would be all you can take. value players would have to step in there. dividend yields would be still h

the comment came from kevin hassett, who also said the u.s.t face a hit in liquidity crisis. vladimir putin what the final test of his country's hypersonic weapon that will be used to overcome -- the so-called avant-garde can carry conventional and nuclear weapons. 30 in sudan are dead after a demonstration on rising food prices and shortages. the protesters are demanding that the president step down. onhas blamed the violence foreign countries and so-called mercenaries. and in asian authorities are asking people to avoid the coast -- indonesian authorities are asking people to avoid the coast. remainnds and heavy rain a threat as government workers continue to monitor mount krakatoa is a ruptured. -- krakatoa eruption. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am the vienna hurtado. this is -- viviana hurtado. caroline: still with us is, all sri-kumar. i want to take your fed perspective a little bit further , because a key aide to trump saying ov

was it something that the white house chief economic council adviser kevin hassett saying yeah, powell is safe as chairman of the fed? >> the latter might be a little bit of it, lauren. the market was looking for an excuse. monday was pretty dismal by any imagination. we were way oversold. we needed a spark. perhaps this whole thing with the fed was one of the unknowns that was out there that was hurting the market. perhaps that cleared that particular air and you know, maybe that's what we needed. they opened up stronger, we sold off. they were looking pretty dismal around 11:00 this morning, but clearly, we have rallied and let's just hope it continues. lauren: keep talking. hitting session highs right now. dow up almost 680 points. what's the catalyst for the green today, larry? >> well, i think personally, just a normal bounceback. it was such an oversold environment on christmas eve. you had twin vacuums of lack of liquidity and you really don't have any news to keep the market from stabilizing. i think it's that simple and reverse is true today. we don't have any major data comin

here is what kevin hassett had to say. >> probability of recession over the next months is about zero. i think that is the right read given the momentum in the economy. connell: kevin is in the erin gibbs plant. probability is zero is pretty low. many people would disagree with that. we have market trading down. are we pricing in a different probability? what is your take? >> i think the probability is significantly higher. i think when you look at the market, the markets are telling you there is a problem. we know they never announce themselves so what i would expect to see, i would expect a recession. if you want to by me a bet on zero i will take all he wants. there is a lot of issues here including rising wages and rates are going to rise no matter what the fed says today, they're signaling there's a problem. connell: let me ask you about stocks in particular, todd. the idea of rallying into the end of the year, it has become this annual thing. there are numbers to back it up. usually the market rallies towards the end of one year and first couple trading days of a new year. avera

at post 9 and he has brought a special guest, the chairman of the council of economic advisers, kevin hassett let's bring kevin right in did the president know you were coming on the big show so you'd have to answer for his comments? >> you could put liesman in a cowboy hat and call you hoss >> do you think -- >> the president speaks his mind but of course we respect the independence of the fed, that's why we appointed such great independent guys. >> i'll move off of should he be doing it to whether or not you think he's right you're going to crow in just a minute and i'll let you crow about the 3% growth this year. do you still think we should have a 0 fed funds rate? >> the thing that i can say is when you and i were talking about the tax cuts last year at this time, i said if we passed them, we'd get a capital spending boom which puts downward pressure on prices because it's a supply shift. that's exactly what we're seeing in the data. we've had a capital spending boom for independent business up 16%. if you give us the fourth quarter, we're up about 10% nationwide and that's the kind of t

kevin hassett, chairman of the council of economic advisers: "the fundamentals remain extremely sound"seeking to calm jittery investors the chairman of the council of economic advisers said wednesday recent declines in the stock market are not signs of a slowing economy.kevin hassett, chairman of the council of economic advisers: "christmas sales are through the roof."kevin hassett says g-d-p growth in the fourth quarter appears to be solid at near three percent or higher. kevin hassett, chairman of the council of economic advisers: "so i think that the momentum we saw this year is carrying into next year."but experts say the government shutdown, a trade war with china and other global factors all played a part in the biggest christmas eve market sell off in history. president donald trump"they are raising interest rates too fast that's my opinion. i mean the fact is that the economy is doing so well."for his part the president is blaming the federal reserve for pushing up interest rates.but hassett said wednesday the fed chairman's job remains safe. that appeared to ease worries on w

finally, hallie, on the shutdown, he indicated -- kevin h hassett indicated there wouldn't be long-term effects of a government shutdown, saying for at least a couple of weeks there's no effect to the overall gdp growth. that's an indication the white house is prepared to go of longer on a potential shutdown, and it could be weeks if not even months. hallie. >> and, hans, in your conversation with what we call the stakeout of the driveway there with kevin hassett, he seemed kind of relaxed it sounded to me from reading it. >> reporter: kevin hassett is always upbeat and cheerful. i don't know what he will look like if he has to deliver bad news, but i think it is part and parcel. this is a serious parcel about him, is he has his finger on so much economic data, he is very circumspect about betraying that in public. when he has, say, the jobs numbers the night before, he won't go out in a public forum where people might be able to read his mood. you don't want to tip anything off to a bunch of traders on wall street that are working hard over the long weekend or this holiday week, trying

kevin hassett, chairman of the council of economic advisers: "the fundamentals remain extremely sound."seeking to calm jittery investors the chairman of the council of economic advisers said wednesday recent declines in the stock market are not signs of a slowing economy.kevin hassett, chairman of the council of economic advisers: "christmas sales are through the roof."kevin hassett says g-d-p growth in the fourth quarter appears to be solid at near three percent or higher. kevin hassett, chairman of the council of economic advisers: "so i think that the momentum we saw this year is carrying into next year."but experts say the government shutdown, a tre war with china and other global factors all played a part in the biggest christmas eve market sell off in history. president donald trump"they are raising interest rates too fast that's my opinion. i mean the fact is that the economy is doing so well."for his part the president is blaming the federal reserve for pushing up interest rates.but hassett said wednesday the fed chairman's job remains safe. that appeared to ease worries on wa

one day after kevin hassett dispelled rumors jay powell's job was in jeopardy. the red on wall street, there are many opportunities to be found, where you should think about investing. we'll talk about that before this market closes. i have great experts to weigh in. a whole lot more straight ahead but first let me get to this linkedin cofounder reed hoffman, issuing a public apology for donating reportedly up to $750,000 to a group linked to spreading false information in the alabama senate runoff election. reed says, well he claims he wasn't aware the group was tied to a project that used the same tactics used by russia to interfere with the 2016 election. he said quote i have funded a organizations to truth discourse in the united states. i would not have knowingly funded a project using such tactics and refused to interact with any such organization that had such conduct. alabama attorney general looking into whether the it could violate campaign rules. liberal groups quick to denounce all things about russia. i wonder where is the outrage from americans wit

you heard kevin mention that. of thekevin hassetticials and the administration. all of this happening as the government shutdown continues and treasury secretary steven mnuchin makes an attempt earlier this week to calm the markets that did not go so well. we are joined by bloomberg finance reporter john allen bostick. hello. great to have you here. take us inside wall street. obviously, investors but also big banks trying to gauge what they are hearing from the secretary of the treasury, and the president. what are they saying? >> for one thing, we have been talking about it all week, no bank ceo was happy to have a statement out there over the weekend that said that the treasury secretary called them about their liquidity. no one was worried about their liquidity. what stood out to me was the statementmnuchin's which said the treasury department is open during the shutdown. something that was supposed to lote even markets caused a of volatility. the volatility we are seeing at the end of the year is stopping people from trading in

you were there when we were hearing from kevin hassett. what do you make of the statement? kevin: trying to smooth the markets. telling reporters the fed chair is 100% safe in his job. what the administration was blaming the volatility on, he pointed to many reasons like uncertainty in europe and asia markets. i asked what their response was to u.s. companies in the auto blaming the president's trade policies to hold back in the u.s., he said in the long run it will work itself out and the trade policies will benefit u.s. businesses. this comes as the president has dried to shift his tone as the markets have been increasingly volatile. saidweek, steve mnuchin the financial stability oversight commission might be looking into high-frequency traders as a reason why the volatility has occurred. this comes as dave -- day five of the partial government shutdown continues. kevin hassett says it will ultimately be worked out and those on back pay will receive payment. caroline: and a time frame on when this may be ultimately worked out? trump has been digging in his heels. kevin: h

a perfect time to bring in kevin hassett. chairman of the council of economic advisors. n, i have to ask you about your reaction what president trump said about the fed. roll the tape for the audience. get what you make of night they're raising interest rates too fast. that's my opinion. i think it will straighten. they're raising interest rates too fast because they think the economy is so good. charles: that was a more subdued commentary if you will for president trump on the fed. we know he is seething. he tweeted about it. he voiced opposition to the rate hikes. what do you make of all of it? >> i think the president is what you see is what you get kind of guy and what you saw in that clip is basically the way he is when we discuss things in the oval. the president is genuine, authentic person. that is what people expected of him. my job at ca, respect opinion of the fed and not give them advice. the president's perspective the fed is lifting rates because the economy is really solid. it is really confirmed in the data. i talk to the president almost every day what is

. >> you finally got a good message from the white house with kevin hassett. >> right.use he came out and started talking or the president stopped talking? >> look, the history of the first two years of the administration, does anyone think this is last word on the fate of jay powell or the end of the stock market gyrations? there are people in the political system who believe the financial markets may be the one force powerful enough to force the president to compel the president to change or temper his behavior. clearly he is unnerved by the decline in the market which is an argument for re-election. i think the markets can force him to change his behavior since the november election. congressional republicans have not joined, in effect, from the market. without that, what you see is what you will continue to get. i don't think this is the last time you hear the president criticize the fed chairman and last time the markets are unnerved. >> he has so many times talked about how much things are better under him than obama. this is the worst year for stock investors in

. >> this is right on from kevin hassett, not a major economic event. this is not much of the government shuts down of the most of us don't notice it when not operating at full, fearsome capacity. also probably not much of a long-term political impact either. look at history of shutdowns, they generally get forgotten fairly quickly. blake: here's my read what heard from president trump yesterday. he is taking aim at jay powell. we heard from the president who said yesterday, you might want to buy the dip. if you have money in the bank, rate increase is not necessarily a bad thing because your money will not make more money. are we getting realization of president trump this is kind of going to be the way forward here and you got to deal with it? >> it is good news for savers. they have gone through an ear a where they weren't getting any return on their money. sparse mr. powell, hard to argue the federal funds rate should be zero in real terms. he has come up slightly above that. historically it is still very low. this is a weird era we're in because of

report asked him, we've seen these indications that powell's job is safe, here is what kevin hassett is trump not going to fire him. job is 100%hairman not in jeopardy by this president. >> let's say that maybe donald trump is going to back down a little bit. another question is, this self inflicted damage, the president doesn't want the stock market to go almost into a bear market, but the concerns about the impact on the economy, will it cause the fed to pause in their rate hikes? , former president of the fed isk fed said waiting to see if the stock market downturns as well and curbs consumption. decline, markets financial conditions tighten. the fed was raising rates and they were tightening. look at a a quick chart from our bloomberg ivory. it shows just what i said, the screen mounds or when the fed a lot ofpurple line, easing financial conditions are suddenly lying down. we got some tightening, but it could be what the fed wants to arguee, but it may not quite as strongly for the path as the president like to see or is some economists expect it could. downad: so we have to shu

chairman kevin hassett saying the president is happy with the economy going into tend of the year. >> the president thinks that the economy is doing well that the economic fundamentals are sound and i think he's very pleased to see that the markets are moving to sort of where they belong given fundamentals. lauren: follow-through, upside for all three markets on your screen. asian markets mostly higher as well. nikkei, the you lier here, it is down a third of 1% and negative for the first time on a year in 7 years. well, day number 7 of the government shutdown in washington and does not look like it will end before the end of the year, new poll shows more americans blaming president trump for shutdown. we will break it all down for you, outside there's wicked weather, millions of americans hit by blizzard conditions and we will tell you where this storm is heading next. plus, did you look outside, blue skies at night in new york. we have details on what exactly what happened and more of this pretty incredible yet beautiful video. aliens, maybe. all right, deadline day for sears, strug

joining us now is kevin hassett chair of the council of economic advisors.ets. it has been a wild ride in recent weeks and looks like another one this week. what does the president have to say when he had so much to say on the markets all year. we saw so many records and now those gains are gone. is he concerned about what the markets are telling us? >> right, well i think the markets have fluctuated a loot this year. i can tell you what we talk about what it all means. basically what's going on is the u.s. economy is booming. we got data on friday that jacked up our growth estimate for fourth quarter all the way above 3%. we're rocketing along at 3% growth and the markets haven't reflected the good news. if you dig into it the big reason is the chinese economy is in deep trouble. chinese markets are down 30% last i checked. european markets are also having trouble. the european economy is really close to recession. in part because of insertty of brexit. there are uncertainties in europe and asia. u.s. multi-nationals make half their profits outside of the u

most of monday's woes were wiped out after one has economic advisor kevin hassett said powell's job is 100% safe and the president has no intention of firing the chairman of the federal reserve. kevin hassett defended mnuchin decision to question the banks. >> secretary mnuchin is in constant contact with the financial community. he's friends with most of those folks. he himself operated in that space. it's very normal for the treasury secretary to call people up and say hey, how was christmas looking? they have credit card data. how are sales? also do you have problems? >> he told fox business that president is happy with the treasury secretary. retail giving the markets a boost with u.s. sales growing 5.1% this holiday season according to mastercard. it's the biggest increase in six years. you also had a release from amazon stating that they saw an increase in sales for their own products, selling a million eco dots as well as fire sticks. they also said they added tens of millions of new subscribers to prime and people signing up for free trials. on the new york stock exchange floor

we had kevin hassett saying there are more upside risks.ill looking at 3% growth this year, the best since 2005. >> if we get 3% growth i will be happy but keep in mind economists are lousy forecasters. that's not an idealogical point. doesn't matter what type of administration you have. i think there are significant risks, not only externally, china debt, italian fiscal crisis, but also, trump i think with his trade stuff is really destabilizing the economy, and there's one other thing, although i don't blame trump for it. we have had years and years and years of easy money policy from the fed and i think that's what's creating a lot of volatility in the market right now. susan: so what's your outlook then on economic growth? we're not growing at 3% this year? >> we're doing fine right now. the question is are we in the tail end of a bubble. economists don't have 20/20 foresight. we don't even have 20/20 hindsight. all we can do is recommend policies that will help. i'm very glad for some things trump has done. the corporate tax cut is ver

kevin hassett is white house council of economic advisors chairman. thank you for joining us. >> thanks for having me. melissa: let me start with the wage growth issue because that is one thing that took a while to pick up. >> sure. melissa: we've seen an annualized rate of 4.9%. 3.2, 3.2, 3.7 over the last four months. looking like very positive. the only challenge with that, it could be a harbinger of inflation. do you worry about that? >> oh, in this case know because what is happening is there has been a capital spending surge. capital spending drives up productivity and that drives up wages. something i have to disagree with the previous discussion. we're starting to see this really big positive news today on retail sales and industrial production. what we're seeing wage increases are feeding through into economic activity. atlanta fed gdp went from 2.4% in the fourth quarter to 3% because the big news. the 3% number i think is little low. the idea growth is slowing next year is not super in the data right now. melissa: how do you explain more pe

top trump adviser kevin hassett with nbc's hans nichols. >> is the fed chairman's job safe? >> of course, 100%. >> 100%, the fed chair's job is not in jeopardy by this president? >> absolutely, yes. >> that was a signal that politics wasn't going to take over economic policy and investors liked hearing that. >> reporter: fears of an impending recession eased for today. >> how significant is it? that remains to be seen. when you get this kind of a snapback rally, you wt out if it's going to be confirmed by even more rallies down the road. >> reporter: a new survey of cfos show half believe we will be in a recession by the end of next year, 82% by the end of 2020, kate. >> kristen dahlgren, thank you. >>> as the stock market was rebounding, president trump was making a splash overseas. the president and first lady took their first trip to a combat zone visiting troops in western iraq at the al asad airbase. chief white house correspondent hallie jackson has more. >> reporter: a standing ovation for a milestone two years in the making. president trump personally thanking troops

kevin hassett who i had not seen before do you wonder why they do not put out to people more often whocommunicators. representing the administration very well and was very clear with the policies and giving americans the cash in the park at that they can go out and shop. we have talking a number of times on the couch and on your show as well about how the administration needs good communicators out in front of what is going on there when you have an administration stock of people not from a political background or communications background, but good ones that you have have them out there all the time. and they get rid of the bad ones that go into trouble all the time. >> i want to ask about this, because just because absolutely right, they are positive thing still happening with the econom economy. and that dow has a pretty substantial drop, just about 25% since september. and still the other areas when you talk about gdp growth, confidence, and unemployment rates, and are we on sound economic footing and are those the things that the administration should be focused on and telling the

this was a somewhat more successful attempt by kevin hassett.he problem with an unpredictable president is you never know what will happen next. with this president, what is he going to say? how is he going to react to the next setback or bit of bad news? he has been sitting in the white house residence watching television and tweeting at enemies and that does not reassure anybody. >> and reacting to what he hears from conservative pundits. always good to talk to you. happy holidays. >>> more more ahead. we'll be right back. >>> more more ahead. we'll be right back. still isn't "to-done". but hey, at least you still have time to get the ford vehicle you've always wanted. just get to the final days of our holiday sales event. see you sometime between now and january 2nd. so you can end your year on a high note. ford. built for the holidays. it's time to get our best offers of the season. makeup now optional. new aveeno® maxglow™ infusion drops with kiwi to lock moisture. and soy to even skin tone. unleash dewy, glowing skin from within. new aveen

the chairman of the economic council of advisors kevin hassett says he's 100% sure that their jobs are >>> more than a year after disappearing from the public amid sexual misconduct accusations, actor kevin spacey has released a bizarre "house of cards" inspired video drawing parallels between his character and real life. >> despite all the pop coopycoc the headlines and impeachment without a trial, despite everything, despite even my own death i feel surprisingly good. >> in the piece called "let me be frank" spacey channeled frank underwood and is apparently defending himself in the court of public opinion. spacey was dropped from the hit series after the accusations surfaced. he's scheduled to appear in court next month on indecent assault and battery charges. >>> breaking news from the north bay. sky 7 is over an apartment fire in san rafael on larkspur street. we do know the building was evacuated, and the fire was initially reported around 10:40 today. knocked down very quickly by fire crews. they said it was out by 11:03 or the majority was. we learned from fire officials there

apiece.6 to 9% the markets got an early lift om kevin hassette who told nbc new nas despitehe harsh criticism of federal reserve chairow jayl powell's job woss was 100% safe. macy he is and the other stores sharply in the green after the strong holiday shopping season. keep in mind the dow and s&p 500 are still on pace for the wor losses since the great depression. it signals more seller exhaustion than buying enthusiasm. regardless it might be tough to ball a market bottom yet but it a good srt. for "nightly business report" bob pisani at the new york stock exchange. o a big day in the oil pits where domestic crude had the best day in two years. the u.s. benchmark c wsed up nearly 9% above $46 are b helping to push energy stocks higher exxon chevron, marathon oil and hess led higher todaes butte the surge oil prices are still more than 40% below the most recent high back on october 3rd. >>> and as bob pisani mentioned earlier, fed chairman jerome powell got a vote of confidence from the winte house a to the bullish sentiment on wall street. butev as liesman tells you now, the president's iss

nerves and the future of the chair of the federal reserve.so reporter: tely, this was remarks from kevin hassett, who chairs the council of economic advisers.ed he was ay reporters at the white house whether federal reserve chairman jay powell isb safe in his d he said absolutely 100%. the concerns about this came from reports in the media in recentays suggesting that president trump was thinking of trying to fire mr. powell for his role at the fed the roles -- the world's most important central bank. whether president trump tried to fire him will be a question of the independence of the bank, because it would stoke concerns that the president is trying to intervene. but this comes at a time when president trump had probably -- had probably -- had broadly been interfering in federal reserve policy, raising questions about the way it is conducting its policy interest rates. there was another increase just last week, the fourth this year. edpresident trump is conce that the federal reserve is raising interest rates too quickly and that that might have a negative impact on u.s. economic growth. it

, started up but as we have so many times dropped in the middle of the day and prior to 10:30, kevin hassette head of the council of economic advisers basically said calm down on powell. he's 100% safe and the market stopped dropping it took about an hour for it to start moving up. i think we saw some selling exhaustion as a result of this can you see we're just off the highs for the day. we noted at the close yesterday and the open today, really i call them stupidly oversold reading. very rarely will you see 89% of the s&p below their 200-day moving average 38% in 52-week lows. usually we're at 15, 16, 17, 13.6 and the dividend yield is higher that's a good piece of news at 3% it's a 3% day right across the day but some of the more beaten up sectors like banks and energy up 3%. tech is up 3% and healthcare is up near 3% if you take a look at some of the subsectors, it's individual stocks and beating up sectors like energy, the high beta names in some of these groups. bank of america, key corp, regent financial, all on the upside, 3%, 4% there eats banks, and if you take a look at the energy

joining us, kevin hassett, white house council of economic advisers chairman.ed. there were a few small revisions but the fact is we are looking almost certainly, we will have a 3% year and that's something people really thought was impossible. don't forget, go back to 2016 gdp growth was only 1.6%. to have another 3% quarter, fourth quarter right now our models have about 3% so we really are in a sustained 3% pace. i was listening to the segment before, sure there's a lot of volatility in financial markets but the economic data continue to even surprise on the upside a little bit. ashley: is it getting a little softer? certainly when we look at the global economy right now, the fear is what's going on, europe on the brink of recession, the slowdown in asia, all of that will wash up on our shore and it's going to drag us down. what are your thoughts there? >> you're right that it's going to drag us down at least a little. but the fact is that our exports to those places aren't exactly raging, because we have all these bad trade deals that we made. so when their

you don't need to be kevin hassett or michael strain to know that. and yet that is not, by and large, how drug prices work in america. if a company lowers its price for a given drug, the drug can actually become less desirable vis-À-vis its competition. obviously, consumers wouldn't look at it that way, but they don't decide which drugs are available and at what cost, that is decided by insurers, employers and pharmacy benefit managers. all of them are paid as a percentage of a drug's list price. if a drug's price drops, many patients will save, but those actually negotiating for the patients make less money. here, we have another example of how the way we finance care is driving up the cost of care itself: the only way we ended up with the huge gap between drug'' list prices and the net prices negotiated is because there is a third party in between the consumer and the product, just as there is in so much of healthcare. ideally, the patient should be at the center of this system. but in many parts of healthcare, we do need to support patients to wor

you don't need to be kevin hassett or michael string to know that and yet, it's not by and large how the drug prices working america. is a company lowers its price for any given drug, the drug could actually become less desirable vis-@-vis, it's competition. obviously consumers would not look at it like this but they don't decide which drugs are available and at what cost which is decided by insurers and employers and pharmacy benefit managers. they are all paid at a percentage of the drugs list price and the drugs price drops, many patients will save but those actually negotiating for the patient's may lose money. here we have another example of how -- for how this is driving up the cost of care itself. the only way we ended up with a huge gap between drugs and list prices and the net prices negotiated is because there's a third party in between the consumer and its product just as there is in so much as the healthcare. ideally the patient should be at the center of the system but in many parts the healthcare needs to support patients with navigators to make the right decisions and

what kevin hassett did yesterday is what investors want to hear. we will see what happens. >>> other news is the sad story south of the border. the second death of a migrant child. one agent tells cnn, we're not designed to hold all these people. a complete overhaul needs to happen. we're overcrowded and under staffed. no one thinks you lose a life. you give them food and water. if they complain, they flag it. it is sad. >> kirstjen nielsen announcing changes. all children in custody have now received what she called a thorough medical screening and she says going forward, children will get a medical assessment whether or not the adult they are with asks for one. >>> the mother of the 8-year-old guatema guatemalan boy who died in custody is in despair. local groups in el paso are adjusting to the faster pace. 522 people were set to be dropped off last night. the migrants are released through a network of hospitality sites through church connections. >>> the trump administration appealing a judge's order blocking asylum restrictions on the southern

and kevin hassett was on fox business, and it's 100% saf safe.ou have the fact that there are some concerns, and consumers are heading to the shopping malls and we've seen some really strong numbers. so it depends on where you are reading the numbers and who you are speaking to. >> steven mnuchin, the treasury secretary is getting so much flack for calling the plunge protection team. has that been forgiven on the floor? but they were worried about tha that. he just said, why would they call and create a problem where no one was worried about the liquidity in the financial sector. so you are on vacation with your family on calling the bank ceos, this must be something that we are all missing. they want on the attack against the federal reserve and you don't want that happening, you don't want politics to mix and route the reserve. if you don't want the fed to start swinging their opinion about interest rate hikes just because the markets have been down for the past little while. and it seems like the fed it may slow down. >> you wonder how much of

central bank is the only problem for the economy but most of monday's was were wiped out after kevin hassett said powell's job is 100% safe and the president has no intention of firing the chairman of the federal reserve. he also defended steve mnuchin's decision to question the banks. >> steve mnuchin is in constant contact with the financial community come his friends for most of those folks and operated in that space and it is normal for the treasury secretary to call people up and say how is christmas looking? they have credit card data, how did sales go. and also do you have any problems? >> also telling foxbusiness the president is happy with the treasury secretary. meanwhile another big mover today is the retail sector, giving the markets a boost with us sales growing 5.1% this holiday season according to mastercard, the biggest increase in 6 years and also a release from amazon stating they saw an increase in sales, their products selling 1 million ago.and fire sticks and tens of millions of new subscribers to prime and people signing up for free trials over here on the stock exchang

white house economic advisor, kevin hassett, called it a short-term problem. >> they might miss a paynment shutdown, but in the end, even if they are not working, congress has decided to pay people for the whole time. >> during previous government shutdowns, the estimated cost of lost productivity climbed into the billions. but the president's economic advisor claims there is no threat to the economy this time around. >>> the government shutdown is affecting a wide range of offices here in the bay area. one group that will be hit particularly hard are federal contractors. people with skills in tech or high-end construction will not work. will not be getting paid. will not be getting back pay, and will not be able to make up those last hours, or assignments. >> i think these are totally avoidable circumstances. that just have the enormous implications on the government employees and contract employees, and more importantly, have a significant impact on the american people. i would like to find a way to avoid them in the future. >> thanks to the shutdown, passport offices inside federal

kevin hassett says yes, of course, 100% yes question, again 100% the fed chairman's job is not in jeopardysident hassett says absolutely, that's correct, yes president trump did continue his criticism of the fed on christmas day saying it was raising rates a little too fast but maybe a little softer saying he was confident the fed would get it pretty soon here are the president's complaints about the fed he said rates are rising too fast actually they're running at half the pace of '04-'06 hikes. some of what's going on in the markets could be in response the president is claiming it's not supporting fiscal plans. actually monetary policy is independent of the fiscal authority. one problem with president trump is his problem is not just with jerome powell, it is trump's fed to a large degree. five of seven seats filled, four of them are trump appointees, four of them in december voted for the rate hike and a good number, though we can't know for sure, support additional rat hikes next year. lael brainard also voted for it. investors claim the pace of the hikes combined may be too fast but

when i think what really happened with larry kudlow, kevin hassett and steve mnuchin, you have the threegiving the president advice. what couldn't be better? connell: powell doing a great job at the fed. you better check your twitter feed. >> i love the president dearly. he tweeted my book out by the way. connell: i saw that exactly. >> how is that for cool? connell: those are great stories about president bush. thank you so much. art laffer. thank you. cheryl: a little scandal there, art laffer. connell: that was great story. cheryl: really good story. we'll of course have more for you on today's market selloff, what we can expect to see from stocks this week again. trading is closed tomorrow for national day of morning. stocks will be back open on thursday and of course friday. we'll talk about that next. connell: so with this big selloff on wall street, down 799 points on the dow, some saying there are now doubts about the trade truce that was supposedly struck over the weekend between the united states and china. now our next guest says the g20 deal wasn't such a deal after all, wasn

take a listen what white house advisor kevin hassett told fbn last night. >> you know i've not been involvedons but i can say that i think if they did meet it would be a very favorable thing. that the two of them are very great guys that would get along if they were to meet and talk things through. the president loves to listen to reason, to arguments, to analysis and jay does too. so i think they would have a very productive dinner where they meet. right now i don't have any news to break on that. charles: well, let's bring in our panel because they do. joining us visions four fund vice president, heather zumarriaga, lido isle managing partner jason rotman. heather, start with you, potential meeting, federal reserve chief, president trump, should it be televised? >> televised? you threw a curveball in there, only on fox business, if it is. look, it is not unusual in the past for fed chiefs to meet with presidents. for example, green green, who served as fed chair for over 20 years met with four different presidents, charles, but i don't really like the idea because i support the notion that

chairman of the federal reserve, we know that the president has alluded to possibly removing him, kevin hassett"the wall street journal" that the president has no intention of firing jerome powell, so these are all positives for the market this morning. >> julie: we like positives especially the day after christmas when we spend that money and we want to see our investments not going down into the toilet. thank you very much. grim new details on the search for a missing colorado woman who police believe is dead. evidence linked to a 29-year-old kelsey berreth's disappearance has been found. 800 miles away. in another state. claudia cowan is live in the west coast newsroom with more on this. >> hi, julie, authorities will not say what the new evidence is only that it was discovered in idaho near the location where her cell phone ping to after she went missing on thanksgiving, some 800 miles away from her home in colorado. police have confirmed their right around the time that she disappeared a text message was sent from her phone to her boss saying that she would not be at work the following wee

just last week the president's top economist kevin hassett telling me on the fox business network thathe ball has been moving forward including over the christmas break between the united states and china and then we learned over the weekend that president trump and his counterpart, the chinese president xi jinping had a phone call and this was the readout from president trump on twitter. he had said the following, quote: just had a long and very good call from president xi of china. deal is moving along well. if made, it will be very comprehensive, covering all subjects, areas and points of dispute, big progress being made. now, a spokesperson for china's foreign ministry appear to be optimistic as well, saying that china is willing to engage with the u.s. to, quote: expand cooperation on the basis of mutual benefits. see where this takes us in 2019, charles. >> charles: all right. thank you very much. by the way, happy new year to you as well, my friend. of course, new year's right now in russia. where we are right now, look at that, fireworks display. we are seeing it all over the w

at the white house, econom advisor kevin hassett said most likely to receive back-p later, and he playedn the overall effects. >> ithe end, it's not-- it's really just a short-term problem, not a long-teve problem for ment workers. about two-thirds of the national parks are still en, and so the kinds of things, the services that people get out the government aren't really affected very much. >> brangham: hassett also said the jobs of federal reserve chair jerome powell and treasury secrety steve mnuchin are safe. the president has repeatedly criticized powell, and mnuchin has taken fire for his comments this weekend that unsettled the ock market. in afghanistan, the election commission has postponed the presidential election that was set for april. officials gave no new date. they said they need to fix technical problems that marred voting for parliament last october. the delay also comes as attacks from militant groups continue. also today, congo delayedec ons in three cities where a deadly ebola outbreak is centered. the cities are considered opposition strongholds, and the delay will

>> actually, kevin hassett is probably right in the main. of course, that's the general economy.a federal worker who is going to work every day and not getting paid. his or her economy's not going to do so well. look, there's one thing everybody keeps forgetting. this shutdown will get tiresome for the republicans in congress at a point, and when it does, they will pass a budget, they will send it to the president. the president won't sign it and congress will override that veto. that's how this is likely to end up. >> if i may disagree with rick, as a former federal worker and someone who still has many friends there, what most of my friends who are still in were complaining about was if they got designated as being an essential employee which means they still had to work. everyone else is pretty excited because they know they get paid and get the time off. we love our federal workers but they have seen this song and dance before. there's like a shutdown almost every year now. they know it will be fine. but here's what i have seen. hold on one second. here's what i have seen so

caller: kevin hassett has lost his mind.loyee youal have to come in and you are not getting paid. it's very easy if you work in an administrative office you can sit home and just wait until the government opens and get your back pay in the next couple of weeks. the difference is when you are an essential employee must come in and i will say that i'm more than irritated because i had a vacation that was scheduled that was starting today through january 7 and i have to come in. i had to cancel my vacation. i had no refund on my airline tickets and my family has been their firstr christmas vacation that we earned in 11 years of working for the government. so people think that this is some type of temporary inconvenience. because donald trump has an agenda. these are people's lives and we planned our year for this and now to not have to report to work and not get paid and my kids are home on their holiday break is unacceptable. this president and this congress needs to find a better way to work together because this is they will

kevin hassette joining us at the white house.e commission, his new criticism, this time not through twitter. back in a minute. what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. ♪ the greatest wish of all... is one that brings us together. the lincoln wish list event is here. sign and drive off in a new lincoln with $0 down, $0 due at signing, and a complimentary first month's payment. only at your lincoln dealer. maria: welcome back. elon musk is speaking out again against the securities and exchange commission. cheryl casone on headlines now. cheryl: speaking indeed, maria. good morning, tesla's ceo says that he is not a fan of the s.e.c. >> i want to be clear, i do not respect the s.e.c. i do not respect them. cheryl: musk reached a settle

and turns thank you for the update >>> last hour chairman of the council of economic advisers kevin hassett here on the show he weighed in. >> if the government were to shut down it would have a negative impact but, you know, think about all of the turmoil we have had over the years looking back on it it seems like we tend to overreact and economically it is not something that has a big long-term effect. if we had a long government shutdown it might show up in the jobs report and so on. >> i guess for the market it is one other thing right now. >> right we have had shutdowns before tends not to have lasting impact it plays with some of the economic impact. you're right once you're in the position of plays defense all of the time the market goes down for any reason it was inescapable that we did get the headlines. you did see acceleration to the downside >> i mean we are done for the year, right? >> not in terms of idea fiebl news catalysts i think where investors are how much will it have to come down and it is kind of a drawn out process often. >> yeah. i think the earnings is the next big