michael mckee joining us.e have the university of michigan inflation expectations which spoiled the market. >> there were some good and some bad come and ugly. if you want the good, 143,000 jobs isn't great created by -- they revised up december 307,000. so that is certainly good. and we saw the announcement rate go down. we saw average hourly earnings rise by a stronger than expected half a percentage point. and then you've got the bad from the university of michigan. the university of michigan sentiment index dropped constantly. and the ugly ills the university of michigan inflation number. up a full percentage point to 4.3% from 3.3%. looking at the possibility of tariffs, vonnie, and that scared people. the director of surveys for the university of michigan said they had lot of comments from people about the tariffs and how that might change people's financial situation going forward. vonnie: particularly in that one year reading. five to 10 years out, maybe not worried. but definitely worried the immediat

michael mckee on the latest. this story is going to change a lot. than "moana 2." this is the big story of 2025, the auction sizes. scott sent said he wanted to turn out some of the debt to remove the variability some of the borrowing costs the united states pay -- pace. does he go through with that? how does that affect borrowing costs? jonathan: and stephen mirren as well. hudson bay capital, to close out last year. stephen mirren is now in the administration and he complained about the activist treasury issuance under yellen. lisa: they were issuing on the front and where there is a lot of demand to avoid locking in longer-term borrowing costs of 4.5%, given that they expected them to go down, and if they issued it they thought maybe or costs would go up. now is the test. do they lock in 4.5% borrowing costs? if they do sell debt how much do you see that cost go up? jonathan: you have really got it in for disney this morning, don't you? lisa: i loved "moana" one. i took my kids -- let's just move on -- and i just found it disappointing. it was pu

good morning, michael mckee. mike: good morning craig last month -- good morning.unemployment rate goes down by .1%. we have revisions to the household survey. we will have to see if that figures into it. it is still showing a tight labor market. the change in nonfarm payrolls, you have to add to that 100,000 more in terms of revisions to november and december. the private payrolls go up by 111,000. manufacturing payrolls up by 3000. adp said we lost 13,000 jobs. average hourly earnings extremely strong, up .5% last month. the forecast was 4.3%. that pushes the average hourly earnings year over year up. the unemployment rate, 4%. labor force participation rate goes up a tick, 62.6, all of this to suggest maybe what we have seen is the biden administration go out on a high note. it will be interesting to see what the current white house says about all of this. in terms of revisions, payroll for november revised up by 49,000, december by 51,000. that is how we get the 100,000 total. a quick look at revisions. 511,000 below what we had for the year prior to this. that

let us bring in michael mckee. what are you going to be focused on later this morning? of news. when you and your lovely bride get invited to a party that you do not want to go to and stand in a corner, that is where the fed is. we will hear from a lot of folks but they will not have much to say. yesterday we started off with three fed officials saying we need to be on hold because do not know what will happen. austan goolsbee, the most important of those because he was a guy who was talking about another 100 basis points in cuts. he was ready to cut rates and now he has on the sidelines because nobody knows what is coming out of the white house. we have a lot more coming up this week. one of the most interesting months will be philip jefferson who is speaking twice. he has the vice chair and he does not often speak. one of his speeches is on the economic outlook. we will get a sense of where the leadership is. and then tomorrow, tom barkin stops by to stock -- to talk with the three of us. we will chat about what people in his district see and we can literally take the