. >> 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

let's get over to the cme group, rick santelli and the santelli exchange. >> thanks, carl.to talk technicals. i'll tell you why. so many, whether it is on the trading floor or on tv said that, fincke ir prints. in treasury market, maybe some of the most predictable prints, behavior patterns an one would ask why. why is that? how can you say that? because the time of investors that play, especially in the treasury cash market, they have certain behavioral character t characteristics that really don't change over time. leet l e let's go to the charts. beginning of 2013 to present day. the one thing that's most notable object treasuries is they love double tops and bottoms. you can see. in the 2013 era sh we had a 3% double top. when was the last time you saw 3%? never since then. the other interesting fact is double bottoms. now, i didn't start the chart far enough because i like the look of this chart, but if you remember, july of 16. also remember july of 2012 because guess what. they were also double bottoms. in the mid 30s, which brings me to the point and the reason i br

rick santelli with the santelli exchange in chicago.sarah. 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 l

let's get to the cne group, rick santelli and the santelli exchange.ood 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 th

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

we also want to get to the cme group, rick santelli with the santelli exchange and the dollar havingts 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

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

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

as rick santelli pointed out the five-year note was the one that reacted the most. we saw decline in yield on the five year note. we saw the biggest declines in the longer date of maturity. dollar index also moved lower when the fed minutes came out, signaling that they're taking it very slow and steady as they get ready to begin the normalization process in ernest. we have earnings coming out. i'll highlight it with my friend bob pisani. welcome back. a lot of companies reporting after the bell tonight. >> we are getting a bunch of retailers. obviously what happened with tiffany's was not well greeted by the market. i want to start with the s&p 500 because normally fed minutes don't move the markets, but about 10 minutes after it did. we have a big balance sheet, 4.5 trillion. they're not buying anymore, but the fed essentially saying they're going to cap the limits of how much they will allow to roll off. it is a little complicated but basically the fed saying we're going to be very slow in how we deal with that balance sheet. we're not going to be selling anythin

rick santelli is there with the santelli exchange. >> good morning, mike.welcome 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 -- refor

out to the cme group, rick santelli with "the santelli exchange."ck. >> 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 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

santelli.n "the halftime report" an exclusive interview with leon cooperman, omega advisers ceo. you'll never want to miss what lee has to say. something tells me he'll be bullish. you always want to hear him and his lists. stay with us on "squawk on the street". ♪ ...you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ parts a and b and want more coverage, guess what? you could apply for a medicare supplement insurance plan whenever you want. no enrollment window. no waiting to apply. that means now may be a great time to shop for an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. medicare doesn't cover everything. and like all standardized medicare supplement insurance plans, these help cover some of what medicare doesn't pay. so don't wait. call now to request your free decision guide. it could help you find the aarp medicare supplement plan that works for you. these types of plans have no networks, so you

more "squawk on the street" coming up. >>> let's get over to rick santelli at the cme group for the santelliood morning. >> good morning, and thank you, sara. i'd like to welcome my special guest, dr. judy shelton. being a trump adviser, economic adviser, but also co-director of sound money project, you're very qualified to answer the first question that's for sure. at the hoover institution at stanford this week, stan fischer, vice chair of the fed, really knocked down the notion that there should be rules and a rule based fed. he's offered discretion. your thoughts. >> i can't imagine anything more important than having a unit of account and a store of value for someone to say the value should be seubject to discretio of fallible individuals shows a little bit of hubris. >> being an adviser for the president, is their a path to bring more rules to the fed. is it something that can be tackled in your opinion? >> well, i must say, i just served on the transition team and i was part of the landing group assigned to the treasury. i won't quacall myself someone is whispering in the president's

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

rick santelli, good morning. >> good morning, sara.he treasury's not exciting but exciting when you think of not only are they sharing the quality of sometimes going long stretches without a -- like the equity markets but they're holding very significant areas both with higher and lower yields. case in point, look at an intraday of tens. we're holding kind of the low 230s that we held on friday as you see on the two day chart. but something bigger here. the failure on friday and indeed as sara pointed out earlier the reversal of rates that occurred from thursday's close close to 240 to where we closed at 233 on friday was a reject of 244. 244 is where we settled last year. and no matter how you slice it, not getting back or at least giving more trade to where we settled last year is significant as you see on the year to date chart. the pattern isn't aggressive but it's nonetheless making some traders a little bit nervous with the double top. but the market still seems to be holding. blur your eyes, 230 to 260 is what most traders conti

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

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

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fidelity, where smarter investors will always be. >>> rick santelli with the santelli exchange. morning, sara. ira harris back from phoenix. it's probably like it was before you left. it's winter here still. >> it's home. >>> ira, post french elections,s give me your observations. >> it went pretty much as expected, except she got more votes than hire father. her father lost to 82%. so make of that -- but the results were the results. that's. interesting, because if the right wins parliament that will force macron to move further to the right in order for him to govern. that will have strife democrat traces in france, guaranteed. >> i guess in the end if i'm agnost agnostic, is macron going to be the doorway to reform in any way in your mind? >> well, he better be, but merkel has already told him, hey, we're not going all out for fiscal stimulus. we want you to restructure first. that will be the theme up until and through the german elections. >> just make sure macron don't stalk to the greeks, he might get an earful. we really don't have any details, but i can tell you what th

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

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 wou

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

. >> guy, thank you very much, mark, you, too, michael, santelli. >> that does it for "closing bell. >> "fast money" starts right now at a rally in full force. we have the dow soaring tripping digits climbing back from what was the worst day for stocks. what that initial hit, wall street questions circulated by the future of the trump administration. the markets are ending nearly flat there week, so could anything stop this rally and if you are putting fresh money to work right now, where do you put it? bk. >> i tell you, in you closed your eyes and doesn't look at this all week long, you would have think, nothing happened. earlier this week, we said, you know what, this sell-off probably has a little more room to go. don't do anything. b.k. was wrong on that, nothing has changed on the political front. the market has ignored it. so what do you do if you are sitting there and you want to put money to work? what i'm doing, i'm simply saying, i'm going to buy a breakout. make sure there is not another political bomb coming out over the weekend, if we get that breakout that will put mon

a shareholder, paul from fairfax global markets, steven from the street.com, and sarge, and rick santellit the cme in chicago as well. robert, i mean, you must be a happy shareholder, do you worry that it's over extended, over valued, you know, what -- how do you assess amazon right now? >> yeah, i mean, bill, you pu h punched me in the nose if i complain about a gain on a stock we held for the last year. a happy shareholder, but, you know, this is such a dominating company. i think kelly said they create their on conglomerates. they are playing a larger and larger role in people's daily lives, and there's an efficient company. look at the interpret of things, talking this morning about a potential deal with dish network to leverage that platform, and if you're somebody like procter & gamble, imagine the value of when your last gilette blades is down to one, amazon ships directly to your door. nobody has that ain't to monetize interpret of things or anything gathered in the cloud like amazon right now, and for a half trillion company growing at over 20%, hard not to own this stock in the

santelli. >>> some eye opening comments from steve ballmer. in with carl at the code conference when "squawk on the street" returns. what you have released is unlike anything we've ever faced. the ultimate evil. [ sinister laugh ] [ dramatic music ] [ screams ] the mummy. rated pg-13. >>> welcome back to the code conference. last night, kicking off the event, steve ballmer talked about how microsoft allowed other players to encroach on microsoft's dominance. he said in large part it came down to hardware. hardware is really the new expression software in his words we should have build that capability earlier than we ever did. suggesting perhaps that the nokia deal was too little, too late. as many have said. he talked about his life as investor post microsoft and how twitter has cured him of being a more activist investor. take a listen. >> in retirement, you say, what am i going to be now? investor phase. i'm out of that phase for those of you who might be looking for money. i'm not in that phase at all anymore. but when i was in investor pha

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. >

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

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

let's get to the bond pits and rick santelli at the cme group in chicago. >> good morning.l, as we look towards last fed meeting -- not the last one, but the one in mid march that's the last time we saw two year note yields in the 133 camp. if you look at the 24 hour of tens, as we start the roll into the time zone the little bit of slippage that carried overnight ended. so yields are now up a basis point everywhere on the short end up a little bit more. you can see what i'm talking about. but let's stick with more of a macro view. you can see it looks as though we're -- now hang out in the range we hung out in earlier in the year but let's compare it to europe. especially not only after the french elections but think italy, think germany. they still have all of this yet to come. our chart with regard to the two year euro minus 66, big negative there. but it wasn't that long ago it was minus 76. look at bound, not as much horsepower. the euro versus the dollar getting a lot of pub listy after the macron win. there was a lot built in. and open it up to november 1, you can se

santelli.g up next, we'll have fed vice chairman alan blinder weighing in on the better than expected jobs report and what it can mean for fed policy. "squawk on the street" will be right back. 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. containing this information. read it carefully. at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. time's up, insufficient we're on prenatal care.es. and administrative paperwork... your days of drowning people are numbered. same goes for you, budget overruns. and rising costs, wipe that smile off your

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

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

let's get to the cme group and get the santelli exchange. >>> good morning. thank you.morning my first guest was jim bianco. he always has interesting ways to look at things. i liked his baseball analogy between the yankees and the cubs. cheap players that perform versus old-timers that are expense ive. he compared it to the stock market. indeed, i think this is the type of market that fits the new interpretation of an old anal y analogy. we also talked about rates. many out there believe there's one to two quarter point hikes this year and in 2018 there will be four. that's an overnight range of 2250 to 250. let's look at a couple of charts. i could show you yield curve charts but there's distortions. central bank holds a lot of securities. i'm not sure the signals of the past and trying to handicap with the yield curve is telling us means what it used to. if we look at a one-year chart, we can garner important information. we're currently at 1.33% that's about the highest since march when there was a fed meeting in mid march. four basis points away. 1.33 currently. a

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

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

gran it investment advisers, and kevin and next to him is john, and our own rick santelli.ohn, what gives? i mean, this morning, futures were up 30, 40 points, now up 175. >> you know, this market has no memory. what we went through on wednesday was quite unique, but we did talk about is they are going to be following through, how do investors react and how does the market react? interesting to see the rally yesterday, got strong at the end of the day, and continued into today. i think investors are shrugging off news out there. saw it before. go back, six, eight months, negative headlines ignored kwigly. a lot going on next week, normal economic data, trump budget coming out, president trump traveling overseas, we have fomc, opec, g7, a lot over the long holiday weekend. >> tim, what's the market action this week telling you about how much, what the market's been doing has to do with washington, was the market ignoring washington before, wednesday a test of that, and we came back for it? how do you put it together? >> well, for us, as value investors, it's november most of

. >>> 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

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 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 pr

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

. >>> 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

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

as always, mike santelli. >> that does it for "closing bell." "fast money" begins right now. >> "fast money" starts right now with breaking news on the markets, the dow sink about 375 points losses accelerating into the close, ending the day near session lows as the d.c. drama rocks the stockmarket status. they are having their worst day since september. the nasdaq down more than 1.5% haveing its worst day since june last year. all of this as volatility surges in about a month. the utility sector managers ends the day in green. the banks crushed, turning negative for 2017. all of this as the political turmoil in the white house over the events surrounding president trump's firing of fbi director claims just a momenty seem to have reached a fever pitch. eamon javers is live with more on this story. >> reporter: hi, melissa. right now the white house is trying to find a new fbi director. the president behind closed doors to my left in the west wing is interviewing several candidates for that position. former oklahoma governor frank keating emerged

. >>> let's get to the cme group, get the santelli exchange. morning, reick. >> like to welcome my guest. biedermann, charles, thank you for taking the time. >> good to be with you again. >> listen, let's look up at all the news stories of the day. the biggest story that continues to be a big story for good reason is how the heck can the stock market still be up here, various indices, you heard scott wapner's tease, i know what the answer is. do you have any technical or fundamental observations to back up the moves and the lack of volatility at these lofty levels for equities? >> it's called the central banks of japan and europe keep pumping money in, in essence there's someone underneath the markets called the central banks who are giving enough money to investors to keep stock prices elevated. add to that a u.s. economy that's doing better in realtime. the data i see, than i had expected and it seems like trump's presidency has recreated a bullish atmosphere amongst small business people who are doing more and we are seeing it in our realtim

as always, mike santelli. >> that does it for "closing bell."ey" begins right now. >> "fast money" starts right now with breaking news on the markets, the dow sink about 375 points losses accelerating into the close, ending the day near session lows as the d.c. drama rocks the stockmarket status. they are having their worst day since september. the nasdaq down more than 1.5% haveing its worst day since june last year. all of this as volatility surges in about a month. the utility sector managers ends the day in green. the banks crushed, turning