rick santelli. let's get to scott wapner and see what's coming up in the half. scott?ceo of omega advisers, leon cooperman. it's going o be his first interview since settling with the fcc. why he decided to settle. he has been very outspoken against the s.e.c. so we'll certainly talk to him about what the ordeal was like as he went through it and what he wants to do now with his business that did, in fact suffer. we'll talk about the markets as well. but we'll talk about what it means to him as he goes forward with his busy. >> i'm looking forward to hearing from lee. there are names we all know and have been involved with, scott. >> amazon crossing a thousand, he owes it. facebook, google. coming off a week where you heard from robert schiller talking about market going up from 50% perhaps and jeremy siegel always coming on our show talk about that juxtaposed against the warnings of singer and others. we'll get lee's thoughts. maybe he'll settle the score, if you will, on the debate of the rally and the risks, and we deal that in about ten minutes or so snow appreciat

rick santelli with the santelli exchange in chicago. arah. a lot of eye balls especially some of the ladies and gentlemen on the trading floor really scrutinizing foreign exchange this morning. as i'm talking, look at a 20 year chart of the dollar index. i find it very fascinating to take a macro look. first of all, look at the deterioration. pretty much after the tech wreck all the way up in front of the credit crisis, dollar index was soft. maybe it was giving us an early warning sign but that doesn't really help us today. what you should notice on the 20 year chart is that we failed at 100. significant. make a tighter chart. look at a two year chart. that chart is probably what you're supposed to focus on after you get done looking at the long chart and deciding as many traders have to decide at some point, is this a long-term deterioration for the dollar index? if it is, the shorter term chart will probably give you different trading ranges. let's go to the white board. this is my rendition of your 20 year chart. we know there was lo

. >> thank you very much, rick santelli. just as a note to viewers, we are monitoring fbi director comey testifying in front of the senate judiciary committee. he's already made some emotional comments defending his decision to make public that investigation before the election last fall. any further comments into russia's role into the election, the trump campaign, the clinton campaign, we'll bring them to you. in the meantime, it's 8:00 a.m. at at apple headquarters and 11:00 a.m. on wall street. l "squawk alley" is live. ♪ >>> good wednesday morning. welcome to "squawk alley." post 9 this morning. jon is on assignment. jo guys, good morning to you both. watching tech stocks closely here today. worst day for the nasdaq in several weeks. shares of apple are slipping after reports after the close last night. continued weakness in china. our josh lipton is watching all of those details. good morning, josh. >> good morning, carl. iphone shipments might have disappointed wall street but apple ceo tim cook telling me in an inter

we also want to get to the cme group, rick santelli with the santelli exchange and the dollar having s worst week in nine months. rick? >> absolutely. that's what this is all about, whether it was our conversation earlier with sean rushton or quoting economists like mandel with regard to past agreements to control fx volatility, think about it this way. for a variety of reasons, inflation in the traditional sense is low. wages and how much they've picked up over the last 10, 15 years, very low. yet the average person in this country, and the average person in europe, with euros in the wallet or average person in this country with dollars in the wallet, if their job gives them a 1%, 2%, 3% raise or takes 1%, 2%, 3% away, they notice. yet all the fluctuations we see in the value of any given piece of currency globally is really getting crazy, almost commoditized yet no one notices. business would be better off, productivity would be better off, capital investment would be better off if businesses could count on what liabilities lie ahead, what their tax rate is, what their health care c

rick santelli has the santelli exchange. >> well, thank you, mike.ld like to welcome our first friday of the month guest ed lazear, thank you for taking the time. >> nice to be with you. >> i know we have our list of things to talk about. but after that last spot by steve, i'm sorry, we have to talk about it. stan fisher, vice chair, we don't need any rules, are you serious? i mean, we don't have rules, bank of japan doesn't have rules, ecb doesn't have rules, bank of england doesn't have rules, how are investors supposed to invest, how are they supposed to invest consistently, efficiently and predictably if it just -- by committee. nothing works well by committee. that's why we're the greatest country on the planet. your thoughts? >> well, every central bank implicitly looks at rules, whether they say that they follow any particular rule or not, they're all looking at rules. for example, janet yellen spoke about this out here at stanford about a month, two months ago, and talked about a variety of rules that they look at. now, the issue is whether t

rick santelli, what are you watching? >> you know, i'm watching the markets in general.ven though rates are down today and the stock market isn't necessarily on, it's not far way. yields are still much higher than they were right around and under 180 before the election. yet, boy, it seems like there's an awful lot of bad news out there. why aren't the markets listening? we'll talk about that after the break. ahh. where are mom and dad? 'saved money on motorcycle insurance with geico! goin' up the country. love mom and dad' i'm takin' a nap. dude, you just woke up! ♪ ♪ i'm goin' up the country, baby don't you wanna go? ♪ ♪ i'm goin' up the country, baby don't you wanna go? ♪ geico motorcycle, great rates for great rides. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. >>> let's head over to rick santelli now. >> thanks, mike. how are you doing? we all remember the credit crisis really well. i'll tell you one thing. you didn't have to pick up a newspaper, li

rick santelli is there with the santelli exchange. >> good morning, mike. elcome the last guest of the week, peter, thank you for taking the time. >> thanks for having me, rick. >> so retail sales, cpi yesterday's ppi, the revisions. michigan. give me your view on the data and maybe a whiff of yesterday's ppi mixed in. >> i think the retail sales were about in line. march was a little better and net-net taken together, not much together. the inflation numbers i think continue to be an interesting story. you have the deflation, you have services inflation. one's off setting the other, but on the consumer side net-net around 2% of range and the fed has their short term rate at 0.75. negative interest rates still a remain clear story here. >> all right. now, you know since you brought that up, many analysts are really into europe. that's the place. everything about europe is better. after macron's elected there's talk of billions of dollars -- billions of euros going back on the inflow side. i guess my comment is, macron doesn't seem to potentially be -- reform

to her kevin nicholson from riverfront investment group, steve grasso from stewart frankel and rick santellirom chicago. i want to get your response on the fed minutes, rick. not a huge response, but more than we had recently. how do you read the declining yields, the dollar index after the minutes came out? >> i think it is a great question and it is enlightening even though the moves moderated a bit. the dollar index yeefr, five year down the most, three or four basis points, stocks still higher. only one way to describe that. less aggressive. somehow the interpretation is that the fed is going to move slower, balance sheet reduction will take longer in terms of its final completion of the plan that they discuss. i can't tell you the reason. it is such a rohrshack when you read statements, but the market was universal. i agree with that. is by far doing more the right things than any other central bank. however, i still think they're going to go kicking and screaming on the final tightenings balance sheet reduction. >> all right. well, how do you make moves in this atmosphere? we have not

out to the cme group, rick santelli with "the santelli exchange." k. >> reporter: good morning, thank you, sa ra. welcome my guest bob heller. today is the first of the two-day fed meeting. many don't expect very much. your thoughts, bob? >> well, i think you're absolutely right. there won't be much happening. i think most of the discussion will be about when they should start to sell their portfolio. that will be the big discussion. >> reporter: excellent. listen, the big story in my opinion is taking an eraser to dodd-frank and on the henserling bill officially named financial choice act the first paragraph is written by somebody we know and the last line of that paragraph reads "evermore complex regulations and a myriad of regulators and overlapping regulatory jurisdictions do not make the financial system more safe and sound." you wrote that, bob heller. why don't you tell us more. >> thank you, so much, for that quote. yes, some people have called it the heller plan. i think you should give banks that are well capitalized give them a break on th

let's get out to the cme group, rick santelli. >> thank you, sara. , bill isaac. thank you for taking the time this monday morning. >> good to be with you, rick. >> all right. in the macro, we have treasury secretary steven mnuchin about ready to have his debutante, his debut performance in front of the senate banking committee on thursday. one of the topics that most likely will be on the agenda are the federal housing groups and the reforms. the government sponsored enterprises. the director of the federal housing finance agency, is mel watt. he's required to sweep out a lot of the money that he said now missing is is a real problem for the ongoing operations of the mortgage entities. your thoughts? >> well, i agree with mel completely. i think that -- let's remind everybody how this thing came down. when fannie and freddie were put into conservatorship, they were -- they issued preferred stock to the government, 187 billion, they were required to pay a 10% dividend on that. so it would have been $18.7 billion on the original amount. if they had don

rick santelli.come this morning the cloud wars are in focus. stay tuned for an exclusive with oracle's mark hurd. the dow has settled into the red here. disney the big laggard. back in a moment. you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty mutual insurance. >>> the major indiss in the red, but banks are bucking the trend. finding some narrow gains. the ten year finds its way to 2.62. we'll get to "stop trading" with jim after a break. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everythin

with the dow essentially flat, rick santelli, what are you watching?m watching all of the stories about the vick. there's a group that predicted markets would have very little volatility. you know who they were? i'll tell you after the break. >>> let's get straight to steve liesman with breaking comments from kansas city fed president. >> esther george saying in a california speech she supports a path of gradually higher rates, very much in line with the center of the committee here, though she does warn policy cannot move too gradually. the reason is she focuses on the unemployment rate, 4.4% which is below the fed as long-run rate. she is concerned about unemployment. she notes other times when unemployment has over shot, hasn't gone below the long run rate, it has risked or caused rescissions. on the critical issue of the balance sheed she says the fed should reduce the balance sheet and begin doing so this year. she said the balance sheet run-off should be on autopilot. that means she doesn't want the fed to adjust the balance sheet up or down with

jon fortt, back to you. >> absolutely, rick santelli, thank you for that reminder.we come back, what's in a name? well, one chinese automaker with high hopes to export u.s. is going to find out. "squawk alley" is back in a moment. liberty mutual stood wite when this guy got a flat tire in the middle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad. is this a lug wrench? maybe? you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance. >>> several chinese carmakers have tried and >>> the suv and the production line behind me is just one of the models that gac motor plans to sell in the united states. the tiny state run company has grand plans to have the first chinese auto brand in the u.s. u, but depending on your prix, the brand name could be a problem or a reason to buy. in an exclusive interview, the president told me tha

first, rick santelli, what are you watching today? >> i'm watching the markets. the markets aren't watching washington. what they are watching is what's going on with these stable markets, boring, some say. we're going to take a top to bottom look at ten-year rates or should i say double top to double bottom look? ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smiles ahead. whether for big meetings or little getaways, member always save more at holidayinn.com approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that ta

rick santelli. good morning, rick. >> good morning, carl.many things in our lives are front page news, big blogging news, big news on cnbc. the one thing that i think at least in my world is the biggest news continues to be how central banks, not just ours, all of them, are going to exit what has been the grandest, largest, i'm not sure if it's a good or bad experiment, to try to keep the world going during and after the credit crisis. so what we continue to learn is how the fed's going to reduce their balance sheet. we are witnessing the handoff from qe, quantitative easing to qt, quantitative tightening. but exactly how will the fed slice the qt pie? that's really what we want to know. look at a chart. this is a 20-year chart of tens minus twos. pretty amazing chart when you think about it. in 2010, we're almost at 300 basis points. at 2000, we're minus 50 basis points. that's a widespread. i don't know how it's going to turn out, but there's little clues that there are rumblings of a bit of nervousness about how it will turn out. the firs

rick santelli at the cme. hi, rick. >> reporter: melissa lee, boy, twos and fives are different. we auctioned off $34 billion five-year notes. below the one issued market, that's a good thing. grade i gave it an "a" as in d apple. internals, 2.67 bid to cover, well above 4.2. in december of '16 2.72. in november of '14, 2.9. the best number since november of '14. indirects very solid. directs at 8.6 best since the spring of 2016. this was a good auction. tomorrow is the completion in supply with seven-year notes. it certainly seems as though these investors aren't thinking rates will move a whole lot lower so it's very fascinating that the shorter maturities have found so much interest. brian, it's all yours. >> rick, thank you. coming up, why one big fund manager says a part of uber's business is a ponzi scheme and its days are numbered. and the surprising new way that companies are trying to bring in truck drivers. all that and more when "power lunch" rolls on. hi i'm joan lun. >>> two big stories involving uber today. first, the company owes million in back pay and, second, a

thank you. >> let's send it out to rick santelli. rick? >> thank you. welcome our guest.rnor mark olson. thanks to taking the time. >> happy to be here. thanks for inviting me. >> i'm going to ask you what you think of today's fed meeting but couch it in terms of what you said the last several times you were on. they have good firing power in terms of 200 billion in short-term securities less than one year to maturity, plenty of firepower. do you agree and what observation for today? >> well, i definitely agree with that. i think that's on the table. it was very instructive to go into the details of the last minutes where the fed outlined pretty carefully how they're going to go about it. there were a couple key points. they said later in the year and after the increases are pretty well full in effect and will describe the manner in which we are going to do it. what the triggering events will be. that's what i would look for today. the bottom paragraph tells you what the decision will be on interest rates and i think that will be -- i think there will be no change, my gue

rick santelli in chicago. here before we reset for the hour. dow up 19 and nasdaq leading the charge. 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. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and. [phi anne.g] so those financial regulations being talked about? they could affect your accounts, so let's get toge

let's get to the pits, c me, rick santelli. >> actually one trader said it.viduals went to court and the gavel came down, thank god for double jeopardy. whether it's benghazi, what's going on with russia, a gavel needs to come down. people need to move on. there's work to be done and the markets seem to see that and see past some of the political issues that never get resolved. if you look at the 24 hour de're -- we're down a basis points or two. we did get up to the 241 level yesterday. we're hovering in the zone we basically traded five plus weeks ago. let's look at the macro look at the market. let's look at a two year chart of tens. a couple of things jump out at you. those double tops around 260 are going to be formidable resistance levels. many traders and technicians think that's very difficult to take those levels out. but should we that would be aggressive. doesn't seem like it has the horsepower. we have a ten year note auction, 1:00 p.m. eastern i'll be covering it. let's look at the short security, it looks the same. but on this chart here you hav

let's get to the cne group, rick santelli and the santelli exchange. od morning, rick. >> thank you, sarah. we had senator alan simpson on yesterday. he gave us a full rant, didn't he? basically, for those that might not have seen cnbc.com might be a good place if you want to see. what he said was he doesn't like anything about this budget but it wasn't specifically about the hot, political issues of the day but it was more because imagine a nice, big, blueberry pie. what he was upset about is that the slice we are talking about making all the cuts is a very small slice. the bigger part of the pie, things like social security, are off the table. now, that's the issue i am really trying to address today. let's go to the board. what he is so angry about for the most part is that it needs to be morphed so that more of what it pays out will be in balance with what it takes in. you have active workers and it basically goes into a fund. is there really a fund or are they just ious? it almost doesn't matter. it is important to realize that fund has to take the

but first, let's get to rick santelli with those numbers. rick? >> thank you, sara.s sigh we're expecting a number right over 5.7 million. so it definitely improved. to the large final read on wholesale inventories, up 0.2, tied with the best number in the year. you have to go back to december to get a higher number. he's one i didn't like much, though. on the sales side, goode egg, unchanged. that is the weakest number going back to the july '16. we've had a lot of positive reads on sales, so you want to watch that ratio, market responses minimal, but the dollar in rates continue to move higher as the nasdaq 100 continues to outperform the s&p over the last 12 months, as well as in 2017, thanks in part to strong earnings from the light of tech giants, apple, alphabet and facebook. joining us is david kostin. good to have you back. >> thank you. >>> in your note -- thee. >> the number one question, basically the tech giants are leading the way, and our forecast is nasdaq 100 will continue to outperform the s&p 500, but only by a modest amount. as we look out the next

let's go out to rick santelli and the santelli exchange. good morning. >> thank you.t to welcome the last guest of the week, and bob's my health care guy. bob, thank you. and even before we -- let's get right into it. rearview mirror, what's the postmortem on obamacare as we get into repeal and replace? >> well, it's in big trouble. we are seeing big rate increases we seal see substantial rate increases this year. the number of insurance companies have said they'll withdraw. we are concern about some markets not having an insurance company. but the debate is not over whether obamacare is in trouble or not, but the debate is over whose fault it is. because the trump administration has done a lot to undermine the law. it's the combination of the flaws that the law has had and the trump administration willing to see it blow up. those two things will make it a very rocky next few months and next year for obamacare. >> well, bob, let me stop you there. boy, i hate when it goes into politics and i understand why. so if trump wasn't president, would obamacare just have been

more "squawk on the street" coming up. >>> let's get over to the cme group and check in with rick santel santelli. >> good morning, carl. i want to welcome our special guest, peter chur. >> thanks for having me, rick. >> i mean this in a good way, you're my junk man. and with respect to junk, high yield should have much more credit risk in a simplified world than what is considered the benchmark of credit worthiness, sovereign paper. but as viewers are looking at the charts, three year, five year, 20 year of barclay's spreads they're very narrow, not only on investment grade, but high yield means that the price has rallied almost as aggressively as treasuries. why is this asset class acting like the darling? >> i think with support for the small companies, high yields should do well. and plus we have seen oil rebound significantly. so that helped the high yield market. there's a fairly strong market between high yield and oil. that bounce in oil really helped so we're sitting at okay levels. but my concern is how much upside is left versus what the downside risk is. >> well, there's two ways i wo

but first rick santelli, what are you watching today?you know, i'm watching how the markets continue to deal with ongoing crisis issues. i had bill isaacs on, former fdic chair today talking about government-sponsored enterprises. they might be stabilized, but a whole new promise has arisen. that's what we're going to talk about after the break. >>> coming up today on "the half-time report" what now. are the stocks just getting too expensive to buy? and one of tesla's most followed wall street analysts makes a big move today. he downgraded the stock. and citron's andrew left is with us. that stock tanking this hour. carl, we'll see you in a bit. >> all right, scott. thanks. >>> let's get to the santelli exchange with rick. hey, rick. >> hi, carl. you know, as i look at the markets, the obvious story for 2017 is there's a lot of things to look at that aren't right. but one thing we can look at that doesn't make sense to everybody that seems all right are the markets. the markets are rangish, but they're holding gains at least in terms of

. >>> let's get to the cme group and rick santelli. hey, rick. >> good morning, carl. you know, walking around trading floors, you really get to hear some interesting conversations. one of the most interesting conversations as of late has been about the weak dollar. let's think about the weak dollar in very very different terms, quite simple terms, actually. if you are looking to go buy something, and it's on sale, you may end up buying it more aggressively, buying more of them. if paper towels are on sale you get three for the price of one, you are probably going to buy six. when the dollar's on sale, we can view on sale as it's getting cheaper. there's a lot of things you can buy with your dollars. you can buy high yield junk bonds. you can buy treasuries. you can buy crude oil. it's especially important to realize that all those are denominated in dollars. their price is a real reflection, when the price goes down, the price of gold or crude oil isn't going to go down, it's going to go up to make up for that. there's an inverse relationship there. now, keep that in

that's the power of and. >>> let's get to rick santelli at the cme group in chicago and get the santelliey, rick. >> good morning and thank you, carl. i like to welcome mark skausen my special guest. >> my pleasure i'm here in salt lake city and beautiful day after memorial day. great to see you. >> well listen, beautiful day, is that going to lead to a more beautiful perception of the growth in the u.s. economy? we saw an upper revision of q1 gdp to 1.2, atlanta fed is handicapping this quarter at 3.67, so getting closer to 4%. your thoughts on gdp and gross output, another area you pay attention to. >> gross output is a measure of spending at all stages of production. it includes the supply chain and that's where it's booming. i didn't accept that low figure for the first quarter of gdp under 1%, when you saw that gross output was growing at 6%, and that's because the supply chain b2b spend something growing tremendously and that's the response the first indication that business is really pumping up and very active about the trump administration that things can actually happen that wou

more "squawk on the street" coming up. >>> it's too time to get to rick at the cme group for the santellid. i'd like to welcome my first guest of the week, jim bianco. everybody was up late watching the cubs lose. >> it just ended a few minutes ago. >> and you found something important for the markets? >> the yankees have been a team associated with high payroll, older free agents. the cubs won for the first time in 108 years. the cubs win undervalued assets. kris bryant paid $1 million a year. the yankees are winning. the best record in baseball. >> what does this have to do with the markets? >> the market is expensive. the market is old. buying this market now is like paying $25 million for a free agent and sometimes like what the yankees, it works. it seems to be working right now. >> you're rewriting an old ox yum. buy low, sell high. according to to jim, now it's buy high, sell higher. can it work? proof in the pudding? >> history shows over long periods of time if you pay up for assets, it usually doesn't work, but it is working now, and it has been working in the cycle. largely dri

rick santelli, what are you watching? >> i continue to watch the dollar index.n the reserve currency of the world seems to break away from normal correlations, there was a message being sent by that trade. it is that message we are going to discuss after the break. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. >>> coming up, a debate over whether this is a turning point over how the markets view the trump presidency. is vola

rick santelli, we'll check back with you later. hear what cheryl lansing has to say about jeff bezos. as you saw from pisani, record highs for the s&p and the nasdaq and the dow not far behind. amazon, 15 bucks from $1,000. we're back in a minute. i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise a 10-speed direct-shift 5.0transmission.ine. a meticulously crafted interior. all of these are feats of engineering. combining them with near-perfect weight distribution... ...is a feat of amazing. experience the first-ever 471-horsepower lexus lc 500 or the multistage hybrid lc 500h. 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. cal

>> just today, the ten-year yields rose, in fact, a lot of the treasury yields rose here, and rick santellid out it happened about the time the administration was unveiling the budget propose, and they were seeing maybe a market response there. the dollar went up as well as yields as well. >> exactly. we've seen a slow meltup and dropoff at the time too and eventually recovered, and now very, very close, at least for the dow, recovering what we lost last week and passed it on the s&p. you see the dip clearly in the short, but, oh, it's over. >> vix back at the ten handle there. how about those retailers? >> out the retailers. today, auto parts driving down consumer discretionary, of course, the advanced auto parts and autozone blame the tax refund delays, that you don't buy. >> i don't buy it. markets, i i don't think does either. autozone down 10%. >> a big drop, really big drop for them. i don't know what's going on there, but something maybe more than a tax refund. >> i think so. >> i think so too. >> thank you. >> you got it. >> out with a 41 point gain on the dow industrial average. co

rick santelli, anything in bonds? >> no. you need add microscope to find the moves with this once.me move in the dollar index you see on the intraday chart. look at charts, 127, up to, look at 10s, 128, arguably 228, 229, 230. maybe basis point. really what's notable today was how much buying interest we saw in 30-year bonds kind of flattening the curve a little this morning. i found most fascinating, right in the first line. they said the labor markets continue to strengthen even as growth in the economy slowed. let me see. the last meeting march 14th and 15th. one jobs report. 98,000 was my memory. i don't know how they could -- that's their favorite area they look at unemployment rate, forget all the unemployment we don't count. but that right there was hard for me to r50ed beyond that. far as the last panel, i love steve's comment. got to be careful about giving hints regarding what they'll do with the balance sheet. the problem with central banks. the word "hint" should never be used. everybody that trades markets should have an idea what the central bank is going to do. kind

i've talked with rick santelli about this and we've been doing some research on this.centage of these bad loans or the subprime loans that people cannot pay and then go bad in asset backed securities is so small and they're usually packaged in a larger asset backed securities so that even if they go bad it's not bringing down the entire portfolio. in fact, rick and itch been looking specifically at this issue and rick made a great point. it's a really small slice within the larger pie. >> and, yes, i agree with all of that. that was also true of the housing market, right? >> bingo. >> it was very, very tiny and yet all the insti ttutions wereo leveraged. >> reporter: nowhere close to where it was with housing. >> great. thank you, guys. >>> the tale of two retailers, one up double digits. a closer look at the latest retail earnings next. 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) mobility is very important to me. that

rick santelli at the cme group in chicago. good morning. >> good morning, sara.s have crept down to lows we haven't seen basically since the third week in april. they have done it in a very unexciting sort of way. but nonetheless, we're basically a few basis points shy of making new low yield closes. you see the april starts for tens. for bundzs the yields are much lower. there are lots of trades linking them together. one of the more popular ones is long tens, short bunds. you heard sara talk about high yields. like the vision of fixed income. the hyge here it's telling us there's not a lot of nervousness out in fixed incomeville or the relationship with equities. both of the statements appear to be true. at least based on current trade. let's look at foreign exchange. let's hold everything in the context of the euro currency. let's look at a euro/yen chart starting in april of '15. i picked it because that's the last time that the yen was this weak against the euro. if you look at the euro/dollar with the same time frame, you can see not nearly as aggressive as

rick santelli is tracking the action. yields hit session highs at the back of this, rick. >> reporter: nothing could make a d-plus on the three year look more important than a straight-out "d" as in dog, for today's tenure. the one issued market was spotty. we ended up with a 2.40 yield. 2.40. i didn't even see that in the range of the one issued market today. if you go through the internals of these 23 billion ten-year notes, every internal is on the weaker side unlike yesterday it was only weakness and pricing and average stats, 2.33 bid to cover. the weakest since december. tomorrow is the 30-year bond and based on this activity i wouldn't look for any bright spots tomorrow either. back to you. >> rick santelli. still ahead, concerns about espn. disney shares taking a hit. where does the stock go from here? our next guest says they're heading lower. how much next. and if you think you've seen some fiery white house press briefings today, could really take it to a whole new level. sarah huckabee sanders will face the pre

melissa lee, back to you. >> rick santelli, thank you. coming up live to the sohn conference where bill ackman is moments away from taking the stage. meta appetite control... it's your glass of willpower that helps keep cravings... ...far, far away. feel less hungry with the natural fiber in clinically... ...proven meta appetite control. from metamucil. usaa gives me the and the security just like the marines did. 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. we're the williams family, and we're usaa members for life. a used car, >>> hello, everybody. i'm sue herera. here is your cnbc news update. secretary of state rex tillerson meeting with the prime minister of montenegro at the state department. when tillerson was asked of his upcoming meeting on wednesday with his russian counterpart sergey lavrov might be an indication of improving relations, he simply replied, we shall say. >>> south african police firing rubber bullets at protesters

rick santelli here. i'll welcome my last guest of the week.ank you. >> i'm going to start off with a quote nochlt valid economic argument in favor of global disarray. multiple major currency shifts that take place every year, and this week in particular served to exasperate trades and spawn protectionism. instability does not provide any -- it is just turbulence and waste, sluggish economic growth, which contributes to rising political stresses. sean, why should we pay attention to this quote, and is there anything that could be done to stem some of the volatility that seems to be, in at least this economist's mind, a real problem? >> yeah, sure. hi, rick. the big swings in the big exchange rates has been a problem going back decades. a lot of people will remember mondel in the late 70s. he said the dollar was too weak and that was driving inflation and he wanted to appreciate the dollar, tighter money. that's what we got and that did drive down inflation. in the '80s, he became very concerned about the overvalued dollar, the dollar soaring. h

. >>> let a's get to the bopped pits and kek check in with rick santelli at the cme in chicago. >> goodrl. the horrible events of manchester may have had a bit of an effect on the market, pushing rates down just a bit, but it is a bit strange, because bund yields mostly steady but the two-year shot yields were higher. we're close to unchanged, just under 2.25. look at a one week of tens, clearly see where we're not really going anywhere but also not selling off, pushing yields back to what had been the bottom of 2.30, 20.16 2017 range. look where we're trading versus the left side and year-to-day of twos trading versus the left side. the curve flattening but it jumps out at you looking at the two charts extremes of the yield curve. year-to-date of the european two-year, this is interesting. here it sits today, minus 64, minus 65 and looks like yields have moved much higher, 30 basis points higher which really of course plays into the conversation of where's mario draghi's exit, paint brush to at least start painting in the frame. look at a 20-year chart most of that dissipates. it's har

for now, let's end it there and send it to the bond pits and rick santelli at the cme group. >> well,at were on the trading floors sad about lack of volatility today is their day. one week of two year note yields you can see the deterioration. it isn't just today. there has been deterioration since last week. one week of tens. tens failed to get back above 2.44. closed intraday last week. that's where we settled. bunds are along for the rise. they're following pretty much in lock step but not exactly in lock step. look at the separation between ten year and u.s. yields and ten year bund yields it's narrowest since november. a lot of charts are extreme to november. a lot of charts correlate. our yields are dropping a bit fast even though they're following in our shadow. one week of the dollar index, here is the antagonist that was screaming what's going to happen in the markets. it's been failing. it spent less than four sessions in positive territory and those were in early january. it failed to hold 100. and it's really backing down. we could look at the other side of this and look a

we have andy capra from post nine and news in the at lan times-union, steve grasso and rick santelli at the cme. thanks, guy, to all of you. andy, actually the full year has not necessarily ee involved the way a lot of people were positioned for it, right? you have bonds rallying the last few months, bank stops performing. where does it leave you in terms of going into june? >> think there's been a real dichotomy between expectations and result. we talked about the russell being worst performing index this month. actually one of the worst performing, everything to do with expectation. everybody talked about small-caps in u.s. seeing the next train. get real. we haven't had any reality in washington and we haven't had any progress on earnings from these small companies. where all of the action is, is in large tech companies, large multi-nationals. >> we should also mention, hillary clinton will begin speaking any moment, we will dip into that as soon as it happens, but what do you think about the russells? >> i think andy hit it on the held. everyone thought who would be most to game

rick santelli at the cme group in chicago. >> good morning.u look at the intraday of tens we had volatility at 8:30 when the jobs report came out. there was a lot of stochastic movement and we finished at 1.35 unchanged. we did jump in the range a bit. if you change the range from kind of 2.30 to 2.50 we overextended on the upside and the downside. it looks like we're kind of back in the range. if you look at what's going on with tens minus twos the spread this is important. this is starting mid april. a lot of talk that the fed was indeed the big catalyst. i think that waiting for the fed was important and when it was over, traders got back to the issues of the day where too many people are long treasuries, basically. because this spread hasn't done anything. i mean, we can talk about it being on the flat side. but since mid april it really hasn't done much. one week on the dollar that's done a lot. consider it closed last week at 108.95. it doesn't look like a le pen trade. if you look at the cac, both year to date and the 20 year -- the fre

as rick santelli says, the close is at the end of the day, the close at the end of each week matters.ven though yields have ticked up, they haven't ticked up much. and the gains have not been locked in. >> if we switch the focus to asia, stocks generally lower following the weak session in the united states. japan closing below 20,000 at 19,883. down about 0.4%. we did see a stronger yen which hurt some of its bigger exporters, like sony and toshiba. hang seng in hang sshanghai clo higher, up 0. 1%. germany showing they're outperforming growth that we're seeing here state side. german dax french equities flat as well. ftse 100 higher by 0.2%. we'll get to the pound in a second. >> for the week as a whole, the ftse up a percent. germany's basically flat. asia has been softer for the week as a whole. apart from one market, the south korean market. >> record highs. >> some 4% for the week after the election of president moon. other asset classes, oil prices have been important in recent weeks. this woke they are eek they are. they have softened a bit today, but curbed that fall from the

thank you, rick. >> rick santelli. >> well, still to come, facebook marks five years as being a publicl go back to the market debut. that was quite an action packed day. "squawk on the street" will be right back. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. ♪ ♪ welcome to holiday inn! ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smiles ahead. whether for big meetings or little getaways, member always save more at holidayinn.com whether you're after supreme performance... ♪ advanced intelligence... or breathtaking style... there's a c-class just for you. decisions, decisions, decisions. lease the c300 sedan for $399 a month at your local mercedes-benz dealer. mercedes-benz. the bes

for more, we turn to rick santelli, bob p pisani is on the floor.et's get your take, the principle maybe not the rule. >>. >> yeah, you know, i know ss o it's so fascinating when anybody in government trying tos to tackle something large. to get that one sound bite that's just as rigid, i think that's a waste of time. the collection of taxes, the revenue generated through taxes that goes to uncle sam is hugely from the individual side. much more than the corporate side. just to set that stage. in terms of modeling on the one page that was released e erele take that to the next level. modeling hasn't worked out well. we had ben bernanke on today. they never modelled the fact that much of their policy would be put in the purchase of stocks. modeling is limiting. if you talk about deficits, if you want the horsepower from tax cuts, think what what we're saying. p put the money in thands of the people making it, not the government. that has to be a deficit. that's where the kicker is. and finally, on state and local taxes, i just can't wait to see peopl

let's get to the cnbc group and check in with rick santelli with a special edition of the santelli exchange. >> thanks, carl. i'd like to welcome my special guest, half of the 2010guest, a, former republican senator of wyoming. welcome, senator. >> it's it's good to be back. i've been listening with great interest, quite dazzling, actually. i thought of an old phrase from my law practice. if you torture statistics long enough, eventually, they'll confess. >> now, interpret that more specifically for me. do you think that -- >> when you're talking about you two and three and all this stuff, i was there for 18 year, never saw a single, single projection on economic growth take place. that is a dream world. that's over the rainbow. the great oz is taking us over the rainbow. that can't possibly be and then to do this and not touch two-thirds of the american budget is a tragedy and two-thirds of the american budget is the cost of health care, forget what the hell you call it and the solvency of social security. leave those two babies off the table and you're just absolutely out of your gourd. >

first to rick santelli for today's bond report. rick? >> reporter: thanks, melissa lee.ne week shows you lots of activity. here we are doing a beeline. we failed last week to get above unchanged on the year. now we're giving that 2.17 low close from april a run. see the way it's collapsing. yes, there's relative value trade but a sprint right now in terms of dropping yield. the bunds just barely breaking a sweat but following. if you look at one week of the dollar index there's the market to pay the closest attention to and maybe the area to pay even closer attention to within that spectrum is the midair yeah right around it at 97.06 from early november. that is the bottom that is left before the dollar index potentially makes a beeline for what looks very comfortably on the charts around the 96 area. hey, don't touch that dial. "power lunch" will return. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. >>> somewhere,

rick santelli is tracking all the action. hey, rick. >> reporter: hi, melissa lee.his is the beginning of a big supply week, $62 billion. today's portion $24 billion three-year notes. yield at the auction 1.572. the high 1.565 which means higher yield, lower price. we priced out of the range. that's not good. all the other internals are actually quite average. 2.76 bid to cover. a little under 51 on indirect. 9.3 on directs. except for that pricing so it garners a "d" as in dog plus pricing is always the most important. and if the short maturity isn't going well, i can't imagine that we're going to be looking at terrific auctions on the longer end but we will wait and see. tomorrow's ten-year followed by 30s, sully, back to you. >> all right, rick, thank you. well, we are just getting started on "power lunch." still ahead the ceo of goldman sachs lloyd blankfein with our own wilford frost. plus, why hertz is hurting. a look at the two things that are slamming the car rental company in a big way. and a pie in the face and a rather, well, spirited airport brawl. the c

first to rick santelli at the cme for today's bond report. rick?porter: we're matched up at the hip. and if you're looking for a breakout to the upside, look at the bund. 50 base points. right around the lows today. foreign exchange charts, the one year, certainly looks like 1.12 in the cards. let's look at 13-month chart of the euro versus the yen. the last time the euro was this highly valued against the yen. euro/pound. this chart doesn't quite look the same. if you look at the pound versus the dollar, it looks good. it's the dollar that's weak and the other currencies stable. "power lunch" will return. my business was built with passion... but i keep it growing by making every dollar count. 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? flexshares etfs are built around the way investors think. with objectiv

. >>> to the bond market, rick santelli at the cme. rickster. >> reporter: michelle, three, three and a half weeks ago was the highest yield close if you settle above 3.233. it's where we're at now. the point is rates are creeping up. they could be at a three-week high another basis point or so. the two-day chart you can see it's clear, low 2.30s on top, 2.27ish on the bottom opening to a one-week chart. the point gets hammered home more significantly. on a year-to-date chart, if you look at that pattern, the interesting notion is that we seem to be holding and the whole market seems to be consolidating. not too dissimilar on the dollar index although it has a weaker complexion to it. so say traders. obviously there's a correlation between the dollar index. i can't tell you how much more attention is paid to the weakness in the dollar index. michelle, back to you. >>> thank you very much. exxon mobil and sabik of saudi arabia making the port of corpus christi the site for their new petro project choosing this port over other sites in t

rick santelli, two-year yields. what does that tell us? >> reporter: well, it tells us that something did move on the budget because the budget director mulvaney while he was talking, hopefully you can see two-year note yields, they popped up. when they go up, price goes down. there was built-in concession, $26 billion to be exact. $1.316 was below the market just in the last hour. if you look prior, it wasn't. we grade it up to 1:00 p.m. eastern. if you look at all the internals they were fairly strong. 2.90 bid to cover, the best since may of '16. 57.2 on indirect. if you forget the last look at 58.9, you'd have to go back to january 16 to find a better number and the best on direct. so an a-minus, tomorrow five followed by seven. they stepped in and bought. melissa, back to you. >> rick, thanks for that. david einhorn's hedge fund stepping up its fight against general motors. leslie picker has the details of the letter gm is sending to shareholders. >> einhorn has sent a few letters since launching a fight a few months ago but the timin

rick santelli is tracking action there at cme. good afternoon, rick. >> good afternoon.latility. look at two day of tens. we extend aid buff yesterday's top of the range. not by much. but we are down nine basis points. stocks add pretty good bounce. dollar index not so much. if you look at marrying interest rates to equity markets, it is darn close to testing february area which is the highest level since july of 2015 as you see opt chart and finally let's go to epicenter of activity, dollar index. foreign exchange is volatile. if you look at mid 2016 it is very significant. the lows of the year and dollar index are basically at lows since november. and one of those key bottoms was around 9705. right within striking distance. pay attention as you see on the left side of the chart there are a lot of areas to support the market. one thing we learn bed by watchg the index by 20 18, seems to dey all economic logic. >> thank you. mcdonald's stock hitting new highs. can you still squeeze some profits between the burger bun? we will chew on this next. i joined the army in july