panelists here, rick santelli >>> welcome back. panelists here, rick santelli from cnbc. helene cooper, pentagon correspondent for the new york times and auth are on of this book "madam president." a fantastic book. stephanie cutter and columnist for the new york times david brooks. let's dive into politics. rick santelli, you're a free market guy, where are you on this and where are you on the plan? too much obamacare? too little obamacare? >> it's a mess. you can't have that discussion unless you know what the service costs. i go to the doctor, and i have a daughter that for a while didn't have insurance. she gets a different price than people who have insurance. i think we need more market spirits in competition. i certainly don't see it in this bill, but i do understand that repeal and replace would have been easier if there was a mandate. president trump won. we can argue about the mandate. >> right. >> there's a problem here. if you deal with the reality of politics, i understand phase one and phase two. if we want to fix it the correct way, i just think the politic

rick santelli, you are a free market guy. where are you on this?you know, i think health care is a mess. i think that as a free market person, you can't even have that discussion unless you know what the service costs. i mean, i go to the doctor. i have a daughter that didn't have insurance. she gets a different price than people who have insurance. i think we need more market spirits in competition. i certainly don't see it in this bill. but i do understand that repeal and replace would have been easier if there was a mandate. president trump won. we could argue about the mandate. >> right. >> there is a problem here. if you deal with the reality of politics, i understand phase one and phase two. if we want to fix it the correct way, i just think the politics are impossible to accomplish that. here we sit. >> yeah. what do you think of that, david? we may be in a position that we can't fix this if neither party is going to participate in the other party's bill. >> we just had an election about the working class, election where we learned a lot of

thanks. >>> let's get to rick santelli in the meantime, get "the santelli exchange." rick?anks, carl. you know, let's continue our topic of value. value's one of those intangibles. you know, you go buy something at the store that costs 99 cents, but on the way out, if somebody wants one and offers you $3, it's worth $3. but the next person when he's done using it most likely will have a harder time finding another person to pay $3 or more. so, what is value? value is what the next person is willing to pay. the problem is, as you take that to the nth degree, now you're talking about bubbles and tulips, because up-to-the-minute ultimately, that dynamic can get out of control. what's worse is when they're not in control, it gets out of control, so hence, we arrive at tomorrow's ecb meeting. mario draghi is going to cut quantitative easing but extent t extend the window. we can debate how much tightening or loosening that is, but initially, the facts are less buying. now, negative interest rates. believe me, in all the months that i've been following this topic, i have yet to b

and "the santelli exchange." rickarl. you know, today's common denominator is, you know, thinking outside the box. i would like to add one word in front of this, that's leadership. leadership and thinking outside of the box. when it comes to politics and getting things done, my memory was shaken this morning. there's plenty of hope for tax reform in today's "wall street journal" op ed. david schmidt, john mueller, made me think back to 1986, when reagan and the administration finally did some tax reform. it's been a long time. i remember trading those days. i remember how much like today, there was a lot of tug-of-war as to won't be able to get this done. and it also reminded me of another president, but not necessarily jimmy carter, the first lady, rosalynn carter. throw it up on the screen, please. a leader takes people where they want to go. a great leader takes people where they don't necessarily want to go but ought to be. think about that. now, listen, i'm not saying president trump is the greatest leader of all

let's get out to the cme group, check in with rick santelli, "the santelli exchange." ou know, we all fondly remember our peer and fellow co-worker mark haines. eight years ago, of course, he called the bottom. the haines bottom. there's a lot of important things, though, about bottoms. like many traders on this trading floor, i started out trading commodities -- gold, pork bellies. and what we learned about commodities is that there was a lot of vs, okay? and there was a lot of upside down vs, meaning that commodity prices could move in very fast ways and they can correct in very fast ways, creating "v" bottoms and upside down "v" tops. but what's really fascinating is how that word now describes so many markets. how many times have you heard the commodityization of the stock market, of the bond market? because now many of these markets kind of move like commodities. now, let's go to the whiteboard here, and i'm going to actually start out with nasdaq. and mark santoli did a wonderful job on this earlier in the day. we all know the 5,000-plus top was made in 2000 and h

thank you, rick santelli.we come back, assessing snap's runup and get an ipo watchers take on the road ahead. market off the initial lows down 48, but breadth is pretty weak in all ten sectors down at the open. back after a break. during the lexus command performance sales event, experience our most thrilling models ever. including the exhilarating is, gs and rc coupe. ♪ experience amazing. the power of a low volatility investing approach. the power of smart beta. power your client's portfolio with powershares. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for the prospectus containing this information. read it carefully. distributed by invesco distributors inc. >>> s&p down about ten points. dow 50, but as you can see big majority of the stocks are in the red. we're going to discuss this and more with jim when we get stop trading after a break. across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to u

. >>> but first, rick santelli, what are you watching on this jobs friday?u know, i'm just watching the markets. the response is fairly interesting. the number actually had some very significant opponents to it. and who better to talk to about those components than ed lazear, right after the break. guys, what's happening here? hey nicole, this is my new alert system for whenever anything happens in the market. kid's a natural. but thinkorswim already lets you create custom alerts for all the things that are important to you. shhh. alerts on anything at all? not only that, you can act on that opportunity with just one tap right from the alert. wow, i guess we don't need the kid anymore. custom alerts on thinkorswim. only at td ameritrade. uh, yeah. what is?r, larry. the whole wheelie thing. what do you mean? i just got this baby to get around the plant floor. right, but now ge technology monitors every machine. yeah, it brings massive amounts of information right to you. so you don't need that. well, it makes me look young and uh..."with it." time to move on.

let's get out to the cme group where rick santelli has "the santelli exchange" and a special guest. good morning, rick. >> good morning, kelly. indeed i do. former president of lily usa, alex azar. mr. azar, thank you for taking the time this morning. >> well, thanks. i'm glad to be with you. >> all right, you've been listening to the ongoing conversations pretty much all coming to very similar conclusions. it's not exactly the perfect plan. if you're a pragmatist, you say, well, this is the best we can do for now. if you're a purist, you want to do more. how do you weigh in, just superficially, on the issue of passage of the bill? >> well, i think that's really well said. it's important to remember, there has been such a vitriol, even within the republican party about this piece of legislation right now, but the amazing thing is the freedom caucus and house senate and white house leadership, there's really ideological agreement about the end outcome, which is obamacare made the hhs secretary and the national government the insurance commissar for the united states, and they want to

let's get to the bond pits as well check in with rick santelli. y over at the cme in chicago. hey, rick. >> it is a big day. it's a big day. and i know all of my compadres all seeing how midday and fed speak plays out, but i have to tell you it seems like so much wasted energy. you know, we've had a huge run in stocks. think about back in the day of qe trying to raise the level of financial assets on somewhat of a faux premise. now at least we have a premise that things can happen. we have the right makeup to get it done. these opportunities don't come along and the dollar's taken a bit of a hiatus even after yesterday's run it's backed away from unchanged on the year. they should have just done it. they should have done it yesterday. two days ago. but to put all this focus is really taking away in my opinion from some of the trade that's going on in the markets for more fundamental reasons. the fund game is getting old. get on with business. if you look at a one-week of the two-year you can see it's up about a dozen basis points on the week. at th

first, rick santelli, what are you keeping your eye on today? >> i am watching all markets, you are absolutely right, equities being key. what we will talk about is one market that is bucking the trend today. tune in after the break. y nicol. hey! y nicol. i just wanted to think your support team well, we're all about educatint peop ooptions strategies. won't let this accomplishment thinkorswim,d.get ooptions adih only at td ameritrade. >> scott walker coming up today only the halftime report, walk's drama hits wall street as the president's proposed agenda called into question by congress, the industrials are taking the brunt of it this hour. plus, bernstein's annual analyst joins us exclusively on that stock, it hits new highs a. stunning reversal rich 14field on facebook. we are talking about his call, one on disney, carl, we'll see you soon. >> that was an interesting call, see you soon. >> scott wapner. let's check in whether the santelli exchange, rick. >> thanks, carl. this will be an exciting day to have the exchange. the dollar index re

let's get straight out to chicago and rick santelli. rick. >> well, thank you.ad on wholesale inventories preliminary read minus 0.1 gets tossed out. number down 0.2, that is the smallest month over month change since february of 2016. next let's look at sales. down 0.1. smallest month over month change since july of 2016. of course we are continuing to test a very significant technical level between 2.60 and 2.62 in tens. haven't quite gotten the 2.60 handle but everyone continues to monitor. carl and the gang, back to you. >> rick, thank you very much. the president planning to meet with a group of infrastructure business leaders at the white house later today. our ylam mui is there. >> big name out there, elon musk, as you remember he got pushback when he joined the president's economic advisory council, but he will be here this afternoon talking to the president about infrastructure, some of the other names on the list include steven routh as wel as richard lafrak and lynn scarlett as well as other names, what strikes me about the people who are coming today

let's get to rick santelli now for the santelli exchange. ck. >> good morning, david. i'll tell you what, this is a guest i've been waiting to have on. bob, my health care guy, thanks for taking the time today, sir. >> good to see you again, rick. >> listen, bob, i've been reading your output. you seem to be much more aligned with rand paul and senator tom cotton about repeal and replace and having a separation that you think in order to do this right you need democratic support. on november 23rd you said it was three things, repeal, replace, transition. why don't you dig in now that you see the plan what your thoughts are. >> well, the republicans have kept their promise. the house republicans have their plan to both repeal and replace. it's run into enormous difficulty both on the far conservative side of the republican party and amongst moderates. the congressional budget office scored it said that many millions of people would lose their insurance. so as i said earlier, the house republicans, republican party generally and president trump

rick santelli at the cme in chicago. good morning, rick. >> good morning, carl.at an exciting day in the marketplace for a variety of reasons. you know what, it was just 24 hours ago when we were bringing out numbers on consumer confidence. well, i made a comment, seems like everybody's e namerred. seems like that may have changed. carl was talking this morning about the two-year note, there it is in all its splendor, august 200 last time yields were at this level. but let's dig a little deeper. ten minus twos yield curve spread, well, it had been flattening. that makes sense especially if the fed and fed should be in play for march, should be in play for several meetings in 2017, but today it shot back the other way. the tens are playing catchup. as a matter of fact right now you have a light bit of steepening going on. you see on the right side of that chart. one-week of the tens shows you why. we've traded and priced all the way down in yields all the way up to unchanged on the year. now, benchmark that against the net change on what's going on in the equity m

. >>> let's go to rick santelli at the cme. hey, rick. >> good morning, carl.s pretty amazing when you consider the inflation data that we've had. granted, it has been hotter. when you look at the macro entirety, the year-over-year numbers are definitely on the luke warm side but yet the market doesn't pay attention. maybe that's because in front of them there are a lot of hurdles, whether it's the f1-c committee even though march is, for all practical purposes, built in, french elections, dutch elections. so when i look at one week of 10s, i see a range. it's the crowning achievement of changes because it's at the top of the range. you know like a nail on the top of a chart that's significant and then look at all of the other markets in a relative fashion. let's do that right now. let's put up july 2014 as the day. let's look at our ten-year note. you can see there's a lot of important tops here. this is such an important boundary line. now, how did two year look in the context of this? wow. they have come up. makes sense. and when you consider we're going to

rick santelli, what are you watching?m watching a lot of action in the euro/dollar option pits after yesterday's fed rate increase, but hey, you remember the three musketeers, all for one and one for all? well, stocks, bonds, and the dollar were all all for one. things have changed. that's what we're going to talk about after the break. ♪ hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500,

let's get to the cme, rick santelli and a special guest, rick. >> i'll tell you what, this is a big day me, but it is certainly a huge day for this gentleman, who happens to be chairman of the house ways and means committee, texas congressman kevin brady. chairman, thank you so much for taking the time today. >> thanks, rick. >> listen, today it's all about timing, really in many ways, the first big test of having both houses under the arc for republican with a republican president. how might the timing be changed considering last-minute negotiating regarding the big vote. >> yeah, it is a big day, as you say, and i think that's what contributes to this. look, a lot of the timing for this vote depends on the meetings that are occurring today. the president with the freedom caucus members, leadership, those of us putting this bill together with other members in the conference working toward a solution. as you know, look, i think there's 95% agreement on this bill, but in washington, that last 5% really matters, especially if you're ripping up a huge entitlement, making huge replacement d

rick santelli with the santelli exchange. >> thank you.ple i talk to whether it's sources, traders, people on cnbc that are in the news business, market timing. trade timing. this is a huge issue. i'm not talking about that kind of market timing. i am talking about literally timing markets. i'll tell you what i mean. we've talked about time and price 90% of most of the research whether you do it the old fashioned way which i still try to do or you have computers with all of your various models, it's all about price. time is every bit as essential. i'll give you an example. i look at interday as less important than closes and weekly and monthly more important than daily closes. it's about time. what i'm getting at, say when you get to certain areas where markets have big moves, you almost time how many hours are trading days they spent in certain price ranges because many times that's the key. so if markets like the dow lately and all of the stock markets had this big move. if we had timed it and it lasted two or three days and then started

rick santelli in chicago at the cme group.ood morning. >> sarah, i'm not sure if it is the euro is on fire to the upside or the dollar is on fire to the downside. wow, the dollar is really getting hit here. down almost 0.75 cent. haven't seen these levels since the end of january, early february. let's get to the charts. one week of ten-year note yields, the drift continues. you want to know what's going on? get to know and befriend the word consolidation. look at all the times in the last four months the stock market has been in a tight consolidation with no retracements. it always seems to compe back t the notion, the trend is your friend. one week of guilds, upward buys. i'm doing a lot of uk instruments because march 29th, they'll trigger article 50. nobody knows how it'll turn out. you hear tough talk from brussels. i guarantee it won't be easy. definitely an upward buy is there. ready to overtake 130. if we look at the pound versus the dollar, definitely firming up. these aren't huge moves but they are establishing upsid

rick santelli, what a block.our pulitzer prize winner jim stewart looking ahead to 2020 and which ceos might run for president. dow up 43 points to start the morning. back in a minute. dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia but i keep it growingby making . built with passion... that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet? >>> markets off the initial high but still pretty good breadth today. a lot of tech leading, but you just mentioned energy. >> yeah, energy just can't hold the bid because there is -- the inventories have to be worked off which

. >> rick santelli at the cme has a big interview coming up in a little bit. t, it's just going to be an exciting day. i know some of what's going on gets a little messy, but, hey, that's the process. you know what fraternal twins are, right? i'm going to show you seven fraternal twins here in the form of charts. all these charts start on november 1st. look at the similarities. okay. a two-year note yield. now, grant it seems to be rolling over, i get it, we've hit important resistance. if you look at the 30-year, the other end of the curve, look at how similar. maybe various degrees of intensity on the correction based on history, but what you're supposed to garner from these charts is we've covered a lot of ground right below where we're trading yield on all maturities. that should act as shock absorbers after hitting what is very big resistance levels. now let's look at tens minus twos. there's a lot of talk about the flattening curve. and i get it, financials don't like it. but it isn't quite the flattest since november. there's one day right at the end of

cnbc market analyst steve grasso and rick santelli from the cme in chicago. joe, let me just begin with you. you know, early days for assessing the impact of this budget on a lot of the stock market. what impacts do you foresee from that and for other aspects coming out of the administration right now? >> i think what you're seeing is some questions about how difficult it's going to be to get his policies put in place. and what you've seen with the affordable care act, with his executive ban on travel, we're seeing that it's not going to be that easy and that as long as it takes some time or we're seeing some push back from congress, that implementation of whether it's the new budget or anything else, it's going to add uncertainty. and some of the optimism that's been priced in might add to a little bit more volatility. so i would just caution everyone who's priced in very quick implementation that it's probably not going to be that quick. that's going to add some volatility. we're at a seasonal time where april has been quite a sensitive time in the markets

let's get to rick santelli with a lot more macro data. rick. >> absolutely.h our leading indicator read, that's for february, that's up 0.6 leading economic indicators, a bit stronger than expected and follows an unrevised 0.6. to the meat of the matter. let's look university of michigan, this is a march preliminary read. we'll drop this off in about two and a half weeks, that read is 97.6. now, we were expected a number around about 97. this is a strong number and follows an unrevised 96.3. and before 96.3 for january we had 98.5, which was the highest read since january of 2004. so this is a strong read really on both of these. and confidence indices have been running on the hot side. i don't see much market movement on this, but the dollar index once again has shifted negative. and it shifted actually right before these numbers came out. sara, back to you. >> maybe the market is getting used to those better confidence reads, rick, thank you. rick santelli in chicago. cnbc today highlighting a pillar of president trump's economic agenda, that would be dereg

rick santelli and the cme in chicago. hey, rick. >> good morning, carl. know, let's start in europe because of course many eyes were focused in europe. it was mario draghi's big day. it's come and gone. a bit of a yawn actually. but it doesn't mean it's not important. it's just not necessarily important right now. look at a 24-hour chart of euro versus dollar. look at all that volatility. look at a one-week chart puts it in better perspective. but here's the real perspective and it's the same for the dollar which is basically the mirror image of the euro versus the dollar, dollar index, because it's such a significant portion of the dollar index as a valuation. this a year-to-date chart, keep it simple. see the low there, basically 1.04, see the high, basically 1.08. what's the middle? 1.06. where are we? we're basically at 1.061 right in the middle. and the dollar index is sort of in the middle as well. these aren't markets acting as though they're either very nervous or expecting big things to happen from these central banks, but our central bank is the

first, rick santelli, what's on your radar today. >> the first day of a two day fed meeting.t is baked in the cake that we will get our third 25 point basis increase. what will it do in the markets? those are questions we'll discuss after the break. hey! i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias. get help on options trading with thinkorswim, only at td ameritrade. >>> it's that time for the santelli exchange. >> the first day of a two day fed meeting, this one like the last two decembers, has a lot of traders with intensity that we'll see in a move from the zone from 75 to 100, right? we may know that, but how are you supposed to drad it. when you look at the yield curve and you look solely at the two-year for the two year, just started out around 50 basis poi

rick santelli is at the cme. any signs of shorting there, rick? >> not a sign of shorting. who would have thought we would have had such an aggressive auction at the time that rates are moving up to the top of the range? hold your hearts, i gave this auction an a plus. apple plus. doesn't get much better than this. nine-year, 11-month security, first reopening of a ten-year yield note opened in february. 2.56. that does happen to be the highest yield at a dutch auction since july 2014. here is what's interesting, all right? go through the internals, you'll see what i mean. when we look at the percent that went to primary dealers, only 18.6%. 2.66, cover well above 2.45. the only metric that isn't like awesome is 65.8 on indirect. still better than the 65% average. and, last, directs. more than double the ten auction average at 15.7 best since may of 2015. i don't disagree with mr. tepper on being short. but i'll tell you what, somebody better be buying to take these people off the hook on what they paid for this auction. back to you. >> thank you, rick santelli. stocks off

bob pisani and rick santelli. bob, we lived in a world where dovishness was the rule. if we got the threat of a rate hike, everybody said the market would fall. is it fair to say we have flipped where if we don't get a rate hike, a somewhat hawkish tone, that would be the negative scenario? >> yes. the market is set up for the fed to be hawkish. the market tends to drift up going into the fed meeting. it's a well-known phenomena. i see continuing resilience. look at sectors that have been beaten up recently. energy. pharmaceuticals, real estate and utilities. guess what's leading today. energy, pharmaceuticals, real estate and utilities. this sector rotation keeps going on, the market keeps holding up. that's why things have looked so well. s&p, march 1st, the day after president trump spoke, we're down from that historic high. yes, we've been talking about the weakness in energy. it's been weak 8% in the last couple of months. bouncing today and maybe there's some hope that oil can stabilize in that $40 to $55 range. stalwarts like humana, cigna. health has been a sta

stories and we love those names again without a particular play on crude oil and i would add hearing rick santelli say he's on my track is just something that is happening every day between rick and i. we're on each other's track on all of these issues and more. >> there you are. get you guys together for lunch sometime. sarge, broadening out just a bit. do you see the jobs number tomorrow moving this market one way or the other? it's been sideways for a few days now. >> no, they could give us 25,000 tomorrow and negative wage growth and they would go ahead with this wage hike. pretty much every member of the fmoc, they've all lined up like ducks. they've told us we're going to get an increase in the feds fund rate increase. we're going to get three to four hikes this year which is really silly. you can't tell me we're going to hike in june if we get two months of poor macro. they should take it one at a time but i do believe these markets have priced in 3/8 of a point. >> do you think they're wrong about that, sarge? do you think the market has this wrong by saying, hey, the data looks pretty goo

as rick santelli pointed out. the yield on the ten-year is flat.the year. >> the important thing here is, even though the yields have moved up a little bit in february, banks are doing well, we talked about fund flows today. was the retail investor coming back. put up some numbers on etf flows. s&p 500, gold, midcap. that's the corporate bond index at the top, all with significant inflows in february. this is an indication that retail investors are putting money back into the market. january and february fund flows numbers together. $87 billion combined. that's the best two months of inflows for etfs as they started keeping record. some of it is obviously the trump trade. some of it people coming back into the market in general. good sign. 350 new highs today on the nyse. haven't seen that in a long time. >> records galore for the major averages today. dow up 300 points. now we wait for the snap ipo pricing. it will be a big day tomorrow for that one as well. stay tuned for the second hour of "the closing bell" with kelly evans and company. see you

we've got greg sarian group, cnbc market analyst steve grasso and rick santelli at the cme group in chicagock, i want to start with you. of course coming ahead of this fed decision, we can't seem to meaningfully break above that 2.6% level in terms of the ten year note. what's the reason for that? >> well, my guess is that there's two dynamics at work. we have a lot of outside issues going on just beside the fed meeting. we have dutch elections down the road a bit, french elections, and i do think that is something and other central banks, of course, but the meat of it is, wilford, i think you have this quarter point built in. that gets you that 2.60 level. the real key will most likely be to some extent the press conference, more likely the q and a afterwards. are there going to really be three for 2017? and i think the more convinced traders become of that, even though it is showing up in the markets, i think that will be enough propellant to rocket us over this 2.60 to 2.63 area. you really picked the key part of the curve. the only maturity today whose yields higher than yesterday, two-

back to you. >> rick santelli, thank you so much. >>> stocks soaring.he board. dow up 300 points above 2,000. all the angles are covered on this rally. and the big names keep on coming. wisconsin governor scott walker will join us. what he wants in tax reform from president trump. >>> plus, exxonmobil planning to boost spending. what it may mean for the stock. i love how usaa gives me the peace of mind and the security just like the marines did. at one point, i did change to a different company with car insurance, and i was not happy with the customer service. we have switched back over and we feel like we're back home now. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children, and that they can be protected. we're the williams family, and we're usaa members for life. call usaa today to talk about your insurance needs. won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. wi

. >> hang on as we bring in rick santelli. what's your take on a 50 year bond.oes it make sense with rates low as they are now to lock in financing to pay for example for some of the infrastructure potentially that might have a lifetime of 50 or 100 years or more. >> i think mike hit a lot of the key points. listen, first of all, it is a trade. okay. anybody who has had a floating rate mortgage or 30 year that acted like a five year until you got to the fifth year pup lock in. we don't know what rates will do. to give you and example the spread between 30s and 10s over the last 20 years has been positive 25 to positive 140. it's a trade. the one thing i don't agree with mike on it might not be a liquidity issue. believe me. if you offer 50 and 100 year bonds investors who have long term liabilities would love to match it up with the long term paper. plenty of liquidity. real circumstances we have a fed meeting this week. that's where all the securities are hiding out. granted, the blended complex pl of these securities is shorter than 50 years. but longer maturi

let's get you right out to the cme group, where rick santelli has "the santelli exchange." . >> hi, mike. you know, when i look up and see how the dow's up 260 points and remember back not only to the conversations before yesterday's presentation in front of congress by the new president, but all the issues of the day regarding details, the complexity of legislation, but one thing really has been true, in my opinion, since november, you could even argue since a little before the election. but certainly, after the election, cemented it in stone. i still believe what's going on in equities is what we used to call the old thermostat trade. it's a repricing more than it is really a move. and repricings are very difficult. they're easier in commodities where you can just gaap move prices right out of ranges. but for the most part, the interesting thing about the equities is they usually pick off right where they left off, and i'll use the analogy again, like a thermostat. if your room's 60 and you want it 80, you can turn it up to 90, but you're going to pretty much go through ev

sandy pomeroy, kenny pulcari and rick santelli checks in from the cme in chicago.ny, first to you. another day here where it feels like we're waiting for a bunch of key events to come later this week. >> that's exactly what we are doing. we're waiting for the fed and three or four other central banks. central bank, swiss bank. there will be a lot of bank news that's coming out wednesday and thursday of this week. the market's waiting patiently for that. it's also waiting patiently today. no eco data. tomorrow ppi. wednesday cpi. empire state manufacturing. that's going to start impacting. today feels like volume is low. it feels like a day of waiting, right? no reason to make any major move one way or the other so, therefore, we don't. the market's traded very tight. plus or minus $1.50 on the s&p all day long. there's not a whole lot going on. that's not necessarily bad, that's just kind of the market in waiting. >> kenny, there's also the bank of norway. i can't believe you left that off the list. rick, i want to come to you in terms of kenny saying the market is

rick santelli in chicago.ome back, exclusive with philadelphia fed president patrick harker, talk about the road ahead for monetary policy and the economy in the age of trump. as we said, oil and financials dragging the dow down ten points. i am benedict arnold, the infamous traitor. and i know a thing or two about trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) >>> investors paying close attention to comments from federal reserve officials following last week's fed rate hike. our steve liesman has more for you from philadelphia this morning with a special guest. good morning, steve. >> sara, thanks very much. i'm here at the philadelphia federal reserve with president patrick harker for his exclusive interview and inaugural cnbc interview. thank you for having us. >> thank you for coming to philadelphia. >> you voted to raise rates. >> yes. >> why? >> i felt coming into this year i thought thre

stephanie cutter, former campaign manager for president obama, rick santelli and helene cooper, pentagonthe new york times." welcome to sunday, it's "meet the press". >> from nbc news in washington. the longest running show in television history celebrating its 70th year, this is "meet the press" with chuck todd. >>> good sunday morning and congratulations for remembering to set your clocks forward an hour. who knew that health care could s replace version of repeal and replace of obamacare to decidedly mixed reviews. president trump offered qualified support allowing that changes could still be made to the bill, but the proposal got hit on all sides by freedom caucus republicans saying the bill didn't go far enough to moderate republicans who say it goes too far and to democrats folding their arms and just saying "no." the brookings institution predicts 15 million people will lose coverage under this republican plan. many powerful health care organizations came out against it this week and the white house is already casting doubt on the expected cost estimates to be made by the congress

. >> something we can ask rick santelli about in a moment here. thanks, steve. see you later. good stuff. >>> speaking of which, let's get to our "closing bell" exchange for this friday. james bianco of bianco research, mark lehman from jmp securities in san francisco, jonathan corepina of meridian equity partners at post nine and we will talk with rick santelli -- let's start with you, rick. what did you think of the market response to the fed chair? the yield on the 10-year has been hovering around 250, went to 251, now back to 2.49. what did you think of how the market responded to what she said? >> well, i think every observation steve made is right. i just think that he's given kudos to the wrong entity. yes, the 2s, 10s, 30s, the stock market, no, it's not a ba zillion points but it's been hovering and it's been hovering near unchanged. steve's right, but listen, janet yellen, i give them an a a-plus, they took off the glasses and see the reality of the world behind them. they don't talk to us -- you need a decoder ring and they acknowledge what the market acknowledged m

mike santoli, back to you. >> all right, rick santelli, thank very much.a look at what's coming up on "squawk alley." hi, jon. >> good morning, mike. adobe ceo going to join us from adobe's summit conference to talk about their new push, further push into the enterprise with the cloud. also tom mcclellan is going to talk to us about what's going on with apple, markets overall and timing. and finally byron wien frrks u from blackstone. also that coming up on "squawk alley." i am benedict arnold, the infamous traitor. and i know a thing or two about trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) >>> with the health care debate raging in congress and the president's tax reform agenda slowing, markets seem to be doubting the promise of a pro growth agenda. joining us this morning, samir seman is wells fargo's global strategist and we have ariel investments' vice chairman. good to have you both with us. charles, there's policy expectations, we'r

so as we wait for our first indications on snap, let's get to the bond pits and check in with rick santellit the cme. hey, rick. >> good morning, carl. well, we are continuing to watch the dollar index and treasury rates and for that matter most sovereign rates melt up a bit right now. one-week of tens gives you an interesting view. we've basically covered about two-thirds of the closing range in a week from low 2.30 to around 2.5%. but here's where it gets interesting. let's look at tens minus bunds. we've always looked at this as a barometer somewhat differentiating variety of issues, whether it's growth, future outlook between europe and the u.s. now we see that it's been hovering right around 2.16, 2.17. on this particular chart notice the high end december 2.75, notice recent low at 2%, exactly half way back is where we sit. that's important, especially in the context of the rest of these year-to-date charts. look at tens basically up 2.5 basis points on the year. dollar index is within striking distance of unchanged. euro versus the dollar, within striking distance of unchanged. then

let's check meantime on what's happening in the bond market and rick santelli is at cme. rick?r. we're down about five base points on the day. we're up about 8 basis points on the week. we did click off that 262 intra-day. such a significant level. we'll book end it for you. the fall of 2014, the exact date, september 17, 262 close. we may not close there. rates back off a bit. maybe the big action. by the way, the loan today is basically where we had the auction on wednesday for the ten-year note, which was a yield of around 256. that's significant. may be to some extent if we look for a yield drop. talked about it a lot. it's big. today, goes to the euro versus the dollar. november 1st, 108, anyone? seems to be post ecb meeting, getting a bit of strength for variety reasons. pay attention. traders say many are short the euro and it could pop more gres you have aggressively. >> adding 235,000 jobs to the economy. barbara rhinehart at voya and chief management officer at pnc. i don't want to read too much into the market that is unchanged. what is interesting that came out of t

. >>> bond market, rick santelli is tracking it all. rick?ll, even though the markets seem to reverse, the trend of higher rates continues, albeit not fast, but at critical junctions. june 1st, two year, in 2009, last time at these levels, close to 135, intra-day of ten, yes, up a handful of basis point. year to date chart, yes, down on the year, price up in yield, 245, but here's something fascinating. five weeks to the day, five thursdays ago, last we settled at 250 wabecause because we jus touch 50 again. finally, a week of the dollar index, not only elevated in coming back, making since, but as it sits right now, it's pretty much exactly unchanged on the year. michelle, back to you. >> extraordinary. okay. thank you, rick. >>> they make millions of dollars, and all too often we hear about nfl players going broke in retirement. what the miami dolphins are doing to change that. we have dolphins' owner and pro-bowler joining us live in studio. next. >>> welcome back, making millions of dollars, yet all too often, we hear about nfl players go

let's get to the bond pits and rick santelli. rick. >> hi, carl.teresting session, very similar to yesterday where we spent a good deal of time unchanged or thereabouts fairly similar today. twos are up one on the day, down six on the week. tens and 30s both highly unchanged as they sit down eight on the week. so there's some curve implications. you can look at that one-week chart of ten-year note yields, really tightly packed. most of the move was earlier in the week. if we look at another very interesting chart, i always like to talk about the basis point difference, subtracting our ten-year note yields from bund yields, knowing that mario draghi and the issues of europe may be changing from many perspectives including central bank, qe is going to take a taper. tens minus bunds, overlay that note on generic ten-year note yields there's a correlation on direction there. many traders look at it. so as that starts to hold under 200 basis points, for the moegs part maybe yields will continue to move lower. we want to pay close attention to that dynam

rick santelli, as always, in chicago to you, rick? >> i'll tell you what. never have i seen so many people enamored with the flash of headlines based on janet yellen's texts. three hikes this year, met most of the fed's objectives, faster normalization in 2017 than in the past. resilient u.s. economy. hip hip! you heard me earlier. i'm giving the fed a real high grade. from this point forward, forgetting the past, this is wonderful. the fed has confidence, investors have confidence. how can we prove it? let's look at some charts. look at fed funds, two day and one week, what you'll notice is that fed funds started a rally. see that? they went right back down after the testimony. when it goes down, that is pricing in more fed. what isn't happening with bad things in the other markets. dollar index, yes, it's down but not much before the text. twos and tens are going a bit lower. but, by far, the piece de la resistance is the dollar. not only can the u.s. economy handle normalization, it needs it. kudos to the fed. let's forge ahead with more tightenings. >>