. >>> still to come, paul tudor jones. that exclusive interview coming your way at 8:30 a.m.astern time "squawk box" returns after this. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. (♪♪) i take you, body in sickness and in health. (♪♪) through good times, (♪♪) bad times, (♪♪) and all the in-between times. (♪♪) for as long as we shall live. (♪♪) (♪♪) >>> welcome back to "squawk box. ge just reporting. phil lebeau has the numbers. >> andrew, this is a beat on the bottom line with ge earnings $1.15 a share in the third quarter. one cent better than expectations revenue coming in shy of expectations at 8.49 billion i want to talk about the numbers within the numbers operating margin in the third quarter 20.3%. free cash flow of $1.8 billion up 5% versus last year total orders up 28% compared to q3 last year commercial engine orders up 29% versus last year defense offorders in the third quarter up 19% i got off the phone with larry c

. >> do we need to start planning for a so-called reflation trade like paul tudor jones told andrew ross sorkin this morning on "squawk box" that he was doing? in the context of that i want you to listen to what he said ptj did about one particular trade that he doesn't like listen >> i am clearly not going to own any fixed income and i'm going to be short the back end of fixed income because it's just completely the wrong price >> in other words, plan for the reflation trade, rates are going to continue to go up in the manner that people didn't expect, so that's what he wouldn't do. >> i have an agreement and a disagreement. >> okay. >> my agreement is that duration is just not my favorite place to take risk. i agree that rates risk especially in the long end is absolutely there, especially when you have a binary event in the election that might drive market expectations one way or another. what i'm saying specifically is that if you have a sweep in either direction the likelihood of more government spending, more inflation risk is absolutely there so we prefer in credit taking shorter

how else do they get money >> on that point, both paul tudor jones and paul cohen said the path of least is to let expire the personal tax cuts in 2025. >> wrong, wrong, wrong, wrong, wrong. >> you know the deficit situation. tell me the path around it then? >> listen, if they want to do that, and there's no growth in the system, we're all going to go down together trust me because there's no way and, here, you want to really talk about thinking outside the box? okay the federal reserve is lowering interest rates these are not unintelligent people what does the market do? it's flashing back that central banks can't control everything the point is here is maybe central banks are going to lower rates for reasons that they can't say outloud because it would be here say. >> if they do -- >> we all know there's only one way -- >> they can try. >> there's only one way to grow out of this and that's to inflate out of it in addition to tax changes. >> what's what tudor jones said. gold and bitcoin he said exactly this he said exactly this. >> my classmate from uva, paul tudor jones. thank you, r

. >> paul tudor jones last week on "squawk box" i want to say sam druckenmiller the week before, stanw on rates going higher. what are your thoughts on that? >> maybe a little bit higher, it's tough to see yields going substantially higher at this point. i think you need a huge spending plan out of trump. trump to win, republican sweep, if trump talks up another percentage point or two in the deficit, maybe that kind of thing would spook the markets, but they've run so much already, pricing for the fed has gone up by 70 basis points i think in terms of terminal rate, it's pretty spooky. i can't see a heck of a lot more from there. >> you heard steve talk about the possibility of us not knowing who controls the house and potentially who controls congress, maybe even the actual presidential election until the end of november because california is such a slow vote counting state. in that scenario what sort of volatility should investors be bracing for and are investors actually positioning for that heightened prolonged volatility? >> i think investors are not positioned for heightened vo

. >> speaking of that, we're going to hear what paul tudor jones and larry fink have been saying about the race for the white house, election day, of course, two weeks away already 15 million americans have voted early look at the premarket as we said, got some pressure as the ten-year back above the 200-day moving average dollar up almost 4% in a month best gain since 2022 stay with us (vo) memory and thinking issues keep piling up? it may seem like normal aging but could be due to a buildup of amyloid plaques in the brain. the sooner you talk to your doctor, the more options you may have. learn more at amyloid.com. >> i had 20 years of experience as an hr professional and i had reached a ceiling, so i enrolled in umgc. i would not be the person that i am today had it not been for the partnership with umgc. i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i

so the question comes from the interview with paul tudor jones yesterday.s have gone up almost every single day since they cut on the 10 year. >> i don't know if you can hear us, esther but we were discussing the idea that rates continue to climb despite the cuts and what does a jay powell make of that and think about that >> good morning. i think this is a very unusual time when the fed is cutting rates and this is not a weakening economy. i think part of what we're seeing in these longer term rates is the fact that markets are adjusting to the expectations that they've had for some time about the path of interest rates and i think beginning to take note of the fact that we are financing some pretty big deficits as we go forward with really no end in sight at this point. >> and so, when you get to a november, post election. if you were on this board, what would you be telling jay powell to do? >> so the fed has taken a big cut already. and i think my inclination would be to proceed with caution here. clearly this is a committee that must commit to a foreca

. >> i don't know if you saw paul tudor-jones saying gold and bitcoin.not for him. >> i have a lot of sympathy for that essentially what i think he's saying and the way i'm looking at this as well is i think bond yields generally speaking are in a trendless range. they will move sideways over a period of time it will be dictated and governed by the fed policy and the fed is expected to cut rates. the yield move is likely to be contained at some level. in reality, if you are trading in the markets and trying to, you know, have an allocation to bonds, you have to ask yourself what am i trying to capture? really, what you are trying to capture is just the coupon just the yield you are really not going to get a directional push or return to contribute because i think in reality a lot of the movement is priced based on fed policy expectations >> jim, i want to thank you for joining us this morning for your perspective on all of it it's a wild situation of what this is trying to telling us thank you. >> thank you >>> coming up, nvidia still trailing apple in t

. >>> tomorrow, don't miss the interview with paul tudor jones.e market and economy and the politics and election and so much more. all that ahead of robinhood investor conference which is taking place in new york city. it's torw omroat 8:30 a.m. eastern time. "squawk box" coming right back. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out >> announcer: squawk planner is presented by ameriprise financial. love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. how do i keep my protection against covid-19 up to date? with a covid shot this season. you can get your covid-19 shot when getting your flu shot, if you're due for both, as recommended by the cdc. ask your healthcare provider an