part of the reason why you need paychex and why i use paychex is because of things like the secure actuff happens. we are busy working. we don't know about any of this. we don't want to get in trouble with the government. this is another thing i thought was hard to understand. >> you really point to the fact of why we continue to have such strong revenue growth. that is our hr advisory solutions really resonating as you pointed out. it is complex to be an employer today. the rules are changing, it's very difficult to engage your employees and governments constantly come up with new regulations. in the case you just mentioned in retirement with the secure act we are advising small and medium-sized business owners they can open a 401(k) plan to make it more competitive against large employers in this labor market. they can get the setup feedback and tax credit and then they can actually match up to $1000 for their employees and get that money back into a tax credit. it's an excellent way in which policymakers are helping support small and medium-sized businesses who you know are the driv

i have paychex on tonight who says the economy is good. >> the question is -- i know you're a littleow. >> i am too low. don't look. they still make phone books? >> don't do that. >> what were you saying? >> actually, it's a good place for all those notes. uncomfortable? >> better than that jury seat. >> what i'm saying is the idea that treasury yield will be divorced from economic fundamentals has to be a little bit of a scary premise. it creates supply and demand on our large deaf sis funding them, an inability to find buyers at a certain interest rate. >> we know the -- all the entitlements. you have this week low moment. >> week low? >> not a week low. a we clowe. it's a book. you feel there's no way out, no exit, so to speak. that's the gloom. against that is the idea that these traezryes have moved. in april the 20-year, my favorite piece of paper because it's back was at 3.75. now it's at 5. at a certain point, you have to say isn't that an interesting piece of paper? >> you would think so, although interestingly there have not been enormous influence into bond funds. investor

is the higher interest expenses and he picked out costco, cisco, paychex and visa. >> we've got a lot of the strategists weighing in. morgan stanley's mike wilson, he's using the opportunity for not having a particularly good quarter for stocks to once again say valuations look more ex extended today. this gets back to the heart of our conversation, nominal and real interest rates have risen amid supply and demand. >> and tom lee, who is constructive as ever on the u.s. equity markets. no doubt it's been a rough few weeks for his bullish call, he says the bottoms-up s&p forecast for q3 are rising. expected to rise 6.7% x energy improving on the 3.6% seen over the last quarter. 7 out of 11 s&p sectors expect todd show positive growth in the third quarter. he's constructive and likes the negativity. >> yeah. september didn't go his way. i think he was looking for a couple percentage points to the upside at the beginning of the month. we came in down about four. take bank of america's top picks, boeing, kraft heinz, teva, you don't see a ton of tech in there. i will add some of the tacti

. >> j.o.l.t.s., which we panicked on yesterday, i had paychex on yesterday, they said, look, this thinghows the opposite to the previous month. they don't use it. they don't think it's important. they do see what powell wants. they see this marginal wage gain, 2 to 3%, they see some pockets of strength, some pockets of weakness, but they still see growth, and i think that the bond market -- forget powell -- the bond market wants to see contraction. we don't have -- we come in and see strikes, and we see ford, but they're not doing best and final. ford is offering something. we're not seeing drugstores close. we're not seeing major problems in retail. >> look at auto sales yesterday. >> oh my god. so strong. let's say the bond market is separate from what powell is doing. i think what the bond market is, they got it so wrong. we sat here forliterally even in april and said, well, the bond market says there's going to be a recession. now we're all off. now we're saying the bond market is sfwgoing to cause a recessio. they're two different things. the bond market was so wrong in april, the

doing fabulous working in the hope the government should doesn't shutrn down so that i he compromised paychex over the next few weeks and months. as you know chemicals affect our drinking water crops, the air e breathe and products we bring into our home and they contaminated more than 2300 sites across 49 states polluting drinking water of an estimated 200 million americans including thousands of households in north carolina as you know very well. these chemicals have been associated with a wide range of serious health effects including probable links to cancer, thyroid disease, lower fertility and more that we know little about what the chemicals really are. where theyal are manufactured in use and how thehe american peope are being exposed. it is vital for epa to define it in a way that will not surprise the agency, congress, state and the public of information necessary to address horrible effects efficiently and effectively. let partisan legislation twice past the house that would direct epa to use a simple definition. one fully coordinated carbon avenue. that is consistent with internat

when i had paychex on, new guy, john gibson, he's terrific, they just talked about how there's a continuedsmall and medium-size business, and i think that's adobe and intuit. they're the rubric, because my daughter's website -- >> i was just thinking of her. >> she's trying to expand to similar businesses, but you can use the website and, believe me, you're better than any of these companies that's going to be chatgpt'ed and better than you're going to be in the -- you know? you got them all there. wegovy. but it's true. you can do -- the people who do chatgpt who are big aren't doing it any better than people who are doing it small. that's really important. >> you mentioned, briefly, birkenstock, which this morning has broken $40 briefly. >> yeah. sometimes you just get had. you got had if you bought that one. they played it too high. they were too greedy. that was dumb, because they could break the streak and then gina, our person, put out an amazing piece yesterday. i'm trying to get her to isolate the chinese companies. there's some bad deals and some good deals, but there are a lot of

financial markets may be doing that, but the small and medium-size business people, as represented by paychexwhich is the payroll processing firm, i had john gibson on. he said, business is pretty good. more people being hired than bankruptcies. it's great. wage growth not exactly what you thought, but there's a lot of businesses being created. the small and medium-size business is not listening to the fed. they're listening to demand. >> how much do you think this move in rates is really basically taking the onus off the fed to do anything? >> i think that what they cared about the most was that the endless increase in housing, 40% increase since 2019, well, i don't know, what did we have mortgage rates like 8.25% and just make it so you can't afford a new home. it's really -- the interest for mortgages, i don't want to make it seem -- my first mortgage was 12%. you have all these older people that come and say, i remember when it was 18%. but the fact is that all that matters is where it was versus where it is and it was at 3.5%, and now it's at 8%, then you're not going to be so happy abou

when we come back, it is jobs week in america we will get new data on small business hiring from paychexthis break. >>> reminder, you can watch us any anyt time. just check out the cnbc app. >> announcer: executive edge is sponsored by at&t business next level moments need the next level network. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. >>> let's take a look at shares of caterpillar the stock reported in the last 20 minutes and immediately was up by about 3.50%, with a gain of more than $8. it's reversed course steadily, and the company did beat expectations and came in earnings at $5.52, and revenue beat, too. they are talking about how they see 2023 adjusted operating profit margins slightly above the targeted range relative to the expected level of sales and see fourth quarter sales and revenue slightly above the year ago numbers. >>