access to the us treasury building.ers still have access to the us treasury building. they're trying to work out the _ treasury building. they're trying to work out the impact _ treasury building. they're trying to work out the impact that _ treasury building. they're trying to work out the impact that this - treasury building. they're trying to | work out the impact that this breach may have had. to put into context, why is this significant? the may have had. to put into context, why is this significant?— why is this significant? the thing is this comes _ why is this significant? the thing is this comes off _ why is this significant? the thing is this comes off the _ why is this significant? the thing is this comes off the back - why is this significant? the thing is this comes off the back of - why is this significant? the thing i is this comes off the back of what's known as the typhoon hack that was discovered by microsoft in the summer, which was an attempt by hackers who have been linked to china to penetrate and

treasury and for the computing company involved.n it has come out is because of the formal process of having to notify lawmakers when they are made aware of such a hack taking place. >> think you very much. we will see what this has once business opens tomorrow across america. thank you very much. families of the victims of south korea's worst aviation disaster in decades are calling for more support from the government, all but two of the 181 people on board died as the airplane crashed after landing. our correspondent has more. reporter: the bereaved are at a breaking point. these outbursts come every few minutes. a day on from the crash, they are still at the airport, waiting to be reunited with their loved ones bodies. why have only five bodies been released, this woman yells. you are useless. a police official spares heard no details. they are too badly damaged, he says. forensic teams are still piecing them together. it is disturbing to hear. for her, it -- for this person, it is worse, his two teenage grandsons have not been

the us treasury department has a choose. the chinese state sponsored hackers were stealing documents for its workstations . treasury officials have declared the bridge to be a major incident, live in phones congress, saying the hack only extended to unclassified documents and has been contained. in addition to financial regulation, the us treasury department is responsible for enforcement or sanctions measures around the world. will see hubbard, tennessee joins us now from washington. d. c. c. have. what can we make then on this latest occupation of the chinese state sponsored a cyber attack? and it's true. we do get them pretty regularly and because we can never really necessarily verify the veracity of all these these obligations. but obviously this one is making headlines today, monday in the us because the treasury center that is of the leadership of the senate banking committee. as it was in house to, in the sort of an occasion saying that based on the available indicators, the incidence is of an extreme intent to a chi

is 7-10 year treasuries and if you really risk averse like warren buffett an want to hold treasury bills> and tips are the way to go? >> yeah, tips are a pretty good value relative to regular treasuries and you could buy like tip or stip, and they are attractive given where breakevens are right now. >> thanks, appreciate it. up next, andrew, ben, and elizabeth name three over priced stocks to dump and tell us wha customize and save with liberty mutual. customize and sa— (balloon doug pops & deflates) and then i wake up. is limu with you in all your dreams? oh, yeah. only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ your best defense against erosion and cavities is strong enamel. nothing beats it. i recommend pronamel active shield because it actively shields the enamel to defend against erosion and cavities. i think that this product is a game changer for my patients. it really works. >> one thing that investors always don't understand is that it's not necessarily the best companies that have the best stocks. it's the companies whose performance beats expectations by th

is 7-10 year treasuries and if you really risk averse like warren buffett an want to hold treasury billsan buy etf's like bil. >> and tips are the way to go? >> yeah, tips are a pretty good value relative to regular treasuries and you could buy like tip or stip, and they are attractive given where breakevens are right now. >> thanks, appreciate it. up next, andrew, ben, and elizabeth name three over priced stocks to dump and tell us what (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) you can't be that different. (fisher investments) we are. we have a team of specialists not only in investing, but also in financial and estate planning and more. (other money manager) your clients rely on you for all that? (fisher investments) yes. and as a fiduciary, we always put their interests first. (other money manager) but you still sell commission- based products, right? (fisher investments) no. we have a simple management fee structured so we do better when our clients do better. (other money manager) huh, we're more diff

even with the treasury market. the in go function on the terminal and you can look at the global aggregate doing better. treasuries are up .6%. oil is down year to date again. brent crude, the global benchmark is off 3% and change. 10% the year before that. it's not good for everybody. gold, the dollar, most of the assets that we follow have been on an absolute tear. as a result, people have gotten far wealthier to an amazing extent. as we talked about earlier the 500 richest people of the world reached a combined net worth of $10 trillion in 2024. paul: solid. it's all in the stock market. elon musk is far and above the wealthiest person on the planet and now he is an camped down at mar-a-lago. we will see how he spends his 2025. taking a look at the absolute change in net worth over the last year, a 200 $13 billion increase in net worth. sonali: doubled and not only that there is a gap between him and jeff bezos on december 17. that was the largest ever gap ever recorded between the first and second rank names on

we don't know how long, but the treasury offset and it's less have to be. but the, the sort of the banking committee, the based on the available indicators, the incident has been attributed to a china state sponsor. m as in capital letters volumes for system thread, a p t at say the treasury say china, it was behind. but that's about all we there right now. the, we all promise more of a stories congress is from this more information at a later date. chinese officials have prosecuted 39 members of the notorious main crime syndicate for crimes targeting civilians. the suspects based in northern min, more faced multiple charges, including telecom fraud, homicide, and drug trafficking. the case marks a major crack down on cross border criminal activities. officials say several 1000 more suspects are set to face prosecution across china. the south korea's judge you air has ordered the inspection of all its boeing 737800 fleet after sundays crash that killed 179 people. the jet burst into flames after an emergency landing in the southern city of milan. i'm just h

we had a loss of nearly 10%, 30-year treasurys. it's very unusual, the situation that the valuation has gotten that out of whack during a fed rate cutting cycle so, yeah, the market is clearly overbought the p.e. ratio is up at 38 i mean, these are high valuations and there is a lot of overbelief in the market because it's been so good. and unfortunately human nature is to project forward what's happened in the recent past. and particularly when it goes on more than a few months so there is a lot of overinvestment that, a lot of profits to be taken. let's put it that way. and so it's not surprising that what -- everyone expected the so-called -- it's an oxymoron, the hawkish cut. i don't think they expected so much uncertainty to come out from that press conference on pretty much all sides of the future outlook and what you are seeing, there is a lot of uncertainty and who knows what might -- the economy might have to experience i think that all kind of explains that there should be some sort of at least a short-term repricing you

treasuries. sonali: speaking of the treasury market, up in new york, down in washington, the gop are fighting with each other and elon musk is weighing in. this conversation months ago would have involved much simpler math, right? this idea that maybe tariffs could get in the way with inflation, but now it's getting more complicated when you are worried about what the debt limit looks like at the end of the day. when you see what's happening in washington, how does that complicate further the picture for next year? >> it injects uncertainty, of course, but it's nothing new, we have seen uncertainty in washington for a long time. key items need to be resolved. we will have the expiration of the tax cuts, the spending issue, and then the debt ceiling . bond investors will be watching those closely to see if there is any big movement from what we have seen in the past, but frankly i view it as more of a bump in the road for the time being. i don't see a real seismic change as it pertains to fixed in

treasury spokesperson says once treasury was alerted by the service provider we immediately contactedcurity and security agency and worked with law enforcement across the government to ascertain the impact. the compromise has been taken off line and no evidence indicating the threat has continued access to treasury systems or information. the breach comes as state affiliated chinese hackers go forward on a spy campaign against the u.s. so far nine telecommunications companies have been affected. the white house said chinese officials gained entry into the private texts and phone conversations of american citizens. >> our understanding is that a number of individuals were grew owe located in the washington, d.c., virginia area. we believe it was the goal of identifying who the phones belonged to and if they were government targets of interest for espionage and intelligence collection of communications of texts and phone calls on those particular phones. >> u.s. officials have a name for chinese government's espionage unit. salt typhoon and unclear if the most recent treasury incident i

finally, look at the 30-year treasury futures in isolation, monthly chart.his is so important. garner notes this has been the worst multi-year stretch for treasury holders in history. she thinks there's a window of opportunity for the bears to keep low on prices because existing trends tend to continue and get overextended at this point in the year as i said at the top of the segment however, the 30 year is still holding up above its uptrend line near 116 where it yields 4.6. at the same time, when you look at the cftc's commitment of traders data, large speculators have one of the largest net short positions all-time getting against 10-year treasury futures. they're betting we'll sea bear budget deficits on more inflation, on tariffs, which will tank the bottom market. the last time trump took office, it was more than 1.5% lower than now, 3%. peak at 3.4% 2.5% when he left office garner's betting treasury prices will have a strong floor in 2025 if we do get an uptick in bond prices next year, she says the yield of the 30 year needs to fall below 4.1 before

treasury department in a moment. we begin tonight with the outpouring of tributes to late president jimmy carter. his life dedicated to public service before and long after his life in politics. president carter died in his home in plains georgia at the age of 100. president biden declaring january 9th a national day of mourning. when carter's funeral will be held at the national cathedral, the president delivering his eulogy. mourners are paying their respects, many leaving flowers outside the carter center, some driving for hours. president carter's work as a global humanitarian elevating the role of the elder statesman. he'll be laid to rest near his wife rosalynn carter. abc's senior national correspondent steve osunsami leading us off. >> reporter: at the top of biddings across america and across the world, there are lowered flags paying the greatest respects to jimmy carter, the humanitarian, the statesman, the president. >> minute of silence in memory of president jimmy carter. >> reporter: from the halls the

the treasury, secretary _ term in history. the treasury, secretary has _ term in history.ry has been _ term in history. the treasury, secretary has been echoing i term in history. the treasury, l secretary has been echoing joe secretary has been echoing joe biden �*s remarks. donald trump's desire to impose imposed taxes could derail things. we will have the inflation figures for november a few hours from now. it could go from 2.60 2.7%. some fear the donald trump's protectionist policies could have some immediate impact. he is have some immediate impact. he: is leaving and economic tailwind for the president—elect. the us is clearly moving in a more protectionist direction. it will lead to higher prices. it will lead to higher prices. it will lead to higher prices. it will lead to higher inflation. meanwhile, donald trump is continuing to announce his economic policies. he has promised to speed up permits for those investing $1 billion in the united states. here is our united states correspondence. our united states corresondence. , , correspondence. this requires federal

on monday, the treasury sent a lesson to the senate banking committee. it said that based on available indicators, the incidence of attributed to a china state sponsor a votes for assistance press act, a or a p t. however, the treasury was informed about the cyber attack on december, the 8th, one of its 3rd party vendors had said that the heck is obtained a security key. the vendor had been using it on to remotely access some workstations. uh, the treasure rate is not clear there from the information that we have publicly available that lease has to be extend to the impact of the bridge. however, the treasury says that the compromise service has been taken offline and there is no evidence of the chinese state act to still have access to treasury information. we don't have any information even as to when exactly this breach of cards and for how long the chinese for that part have denied any such cyber attack that they were responsible for a spokesperson for the chinese embassy in washington, said the badging quite firmly, opposes the us smear attacks agai

to the treasury center that into the leadership of the senate banking committee. as it, as a house doing the sort of an occasion saying that based on the available indicators, the incidence of an exhibited to a china state sponsored advanced system print a p t actor. but in fact, from the latter, what we understand is the treasury was notified on december the 8th, the 3rd party vendor, to the treasury, and somehow managed to get hacked itself in the state. but the chinese embassy said that we have the reject and the responsibility for the hacked quite early and aging firmly opposes the us, is mere attacks against china without any factual basis and, and create a, that's pretty normal. we often get to get with with them room upwards of hours. the accusations of chinese hacking, followed by chinese. chinese denials, as a few weeks ago was the so called soul tie food. the hack which were told resulted in us citizens having bad telecommunications that text messages and some voice calls, apparently being intercepted by allegedly try these hackers. but it's rather diffi

now, the treasury department spokesperson said in a statement that treasury takes very seriously allinst our systems and the data it holds. over the last four years, treasury has significantly bolstered its cyber defense and we will continue to work with private and public sector partners to protect our financial system. the compromised software has been taken offline and there is no evidence that the hacker can still access treasury information. brian, i think it's a question at this point, could something like this happen again, what is being done to prevent this from happening again, and what if any anything information did those hackers get? and i think a lot of those are future questions that we're only going to learn the answers to in time. >> it feels like a big story. emily, thank you very much. >>> in more good news, bird flu impacting everything from egg prices to cattle supply. 66 cases now confirmed in humans so far this year. and there's actually a new worrisome development. genetic samples from a patient hospitalized in louisiana showed that mutations could make bird fl

treasury had pushed into the market over the last two years.e bigger reason why yields are rising. but we've got to get through this soft patch in the first quarter of 2025, which we think is going to hit. there's going to be a shortage of treasuries entering the market. shorts are going to have to be very cautious about maintaining positions with yields at these levels. there's a lot of risk that yielded deliver drastically lower. >> i guess the good news is you're not talking about inverted yield curve between the 2s and 10s anymore. >> that's true, with the cut still likely to cut at least two more times next year. even if they only deliver one more cut, you're looking at 2s around 4%, so 2s 10 spread should still be positive in 2005. >> the point you made about janet yellen and the treasuries that had been issued to this point, you're saying that's the biggest issue for the roons right now, because of the length of duration? >> it is as of today. if you assume we're going to be running trillion dollar plus deficits beyond 2025, that will ov

you saw that in the moves, down for equities, down for treasuries.lds were up 10 basis points on the benchmark 10-year and the s&p having his worst fed day since 2001, with a drop of 30%. ripple effects across asia are being felt. european future is set for a challenging day, stocks pointing lower by 1.6% a corporate story in europe, vw nearing a deal potentially around a walk out from workers. we get the details, this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity

china issues a response after the us treasury says it was hacked by a chinese state—sponsored actor int's being described as a "major incident." relatives of those lost in sunday's deadly plane crash in south korea demand answers from the government as the anxious wait continues for the recovery of their loved ones. i'm helena humphrey. a state funeral will be held forformer us president jimmy carter onjanuary 9 at the washington national cathedral as part of a national day of mourning for america's longest living president. mr carter, the georgia peanut farmer turned naval officer, served as a one—term president from 1977 to 1981. he would later go on to expand his legacy after his presidency as a leading voice for peace around the world, being awarded the nobel peace prize in 2002. he died on sunday at 100 years old. and world leaders have been paying their tributes, including presidentjoe biden and president—elect donald trump, with biden saying that mr carter "embodied the very "best of america." flags are flying at half mast at the white house in honour of the former president's l

treasury is where the sanctions are, treasury is where the currency issue is discussed. i'm surprised they didn't hack treasury even earlier. cheryl: samantha dravis has a question along those lines for you. she's on the set with me. go ahead. >> i wanted to ask you, clearly it seems we don't have what we need to deter the threats. they're very concerning and i would like to know what are your thoughts on sisa, the cyber security infrastructure agency. there's been a lot of criticism that this is an agency in need of dire reform. there were reports that the agency was weaponized to go after disinformation on social media and it was really weaponized into an agency that strayed from its true purpose and so i actually took the time to go to their website and their twitter. i don't see them posting anything about this. what is their response and do you have concerns that this agency needs reform? >> yes, you've identified a really important problem that different parts of our governments are alert to the china threat to different degrees. and it's ironic sometimes the peopl

treasury. >>> first, what we're learning about the events to honor jimmy carter. the plans for him to lie in state at the capitol. president biden remembering carter as a dear friend. now set to deliver his eulogy. former presidents and world leaders honoring carter for his humanity. mourners placing flowers at the carter center and his home in plains, georgia. his legacy cemented by his four decades of service after his presidency. working to eradicate disease and poverty. steve osunsami with the latest from georgia. >>> the details just coming in. the major breach by chinese hackers. able to access some treasury department files. >>> the mystery surrounding that deadly plane crash in south korea that killed 179 people, nearly everyone onboard. american investigators now on the scene. images of an apparent bird strike just moments before the crash, now part of the investigation. what we're learning about the 737s final minutes. one of the two survivors speaking out about what he remembers. britt clennett from south korea. >>> dangerous cross-country storms, as th

it could be a significant of treasuries. there is bipartisan as financial services that i think comes close to what we would want to see. they couldn't play a positive role in our financial system. without adequate regulation akin to a bank run that kurt can create panic. we seen that the number of stable coins that has broken the buck so to speak. fortunately the connections between stable coins and arm banking system there are some and some of the problematic but they are not very extensive in this point. so the problems of not really spilled over to the broader banking system. without proper regulation they could one day for. >> next question for a virtual audience. clarksville take our next question. >> thank you very much. madam secretary it is a great honor to ascot. >> i cannot hear you. >> can you speak up kuester. >> can you hear me can you hear me all right? >> no it's too low it's not loud enough. >> hello hello can you hear me? hello can you hear me? [inaudible] can you hear me now? there you go at. [laughter] >>

treasury secretary i believe so. and the following says look of the donation of uh mr. investment strategies. secretary has these investor fears about a president elect. donald trump's trade. there is claims um, you know, the choice of investment that right? why? right? i saw him last months describing stripping barriers as maxima list of positions is being taken by investors as a sign the president for large policies may be moderated. see along the campaign, mr. trump alluded to 2 possible pass, one of them was simply the open trade war by lifting terraces and so one and the other one was when he made reference to establish plans as they were shooting tactics. so in this sense, that on the nation of a mr. bassett, as compared to mister like house, for instance. yeah, points toward the direction of a more use most likely of terrace. as the negotiation. see of course the fears were on name because after all, the treasury secretary is not necessarily the main person. i won't design and define or, and details of the str

treasury hacked. the u.s.chinese state backpackers gained access to unclassified documents using a third-party provider. china denies the claims. china services activity jumps, but manufacturing struggles to gain traction. president xi jingping is set to touch on deepening economic reforms in his new year's speech. and global stocks are set to notch a second year of gains powered by wall street. the dollar closes in on its best year since 2015 while gold surges. a very good morning, happy new year's eve, these are thin volumes and this time, but we are looking at futures pointing a touch lower on both sides of the pond. you have this cloud of uncertainty hanging over the turn of the year as we await the inauguration of donald trump. but if we flip over to the cross asset picture, the dollar has been having a roaring end of the year. the best since 2015 ruled by trump's reelection in the fed's less dovish policy pivot as well. you looking at euro-dollar, a touch weaker. two year treasury yield of 4.24 percent.

treasury revealing this in a letter to the senate banking committee writing, quote, treasury was notified by a third party software service provider, beyond trust, that a threat actor had gained access to a key used by the vendor to secure a cloud based service used to remotely provide tech support for treasury department offices. the incident's been attributed to a china state sponsored advanced persistent threat actor. it's unclear what hackers were looking for, senior officials think it was a h espionage operation. this comes as the biden administration is dealing with the fallout from the salt typhoon hack, one of the most extensive and damaging chinese operations in history which impacted at least nine u.s. telecom firms. maria spoke with the chairman of the house foreign affairs committee, michael mccall, about this. watch. >> clay's been trying to hack into -- china's been trying to hack into public officials' homes for quite some time including mine. they've gotten into sensitive data. that's about all i know. but they've constantly been trying to get into members of congress' esp

and do not tell me that treasury told you, because what they dictate, treasury follows. >> thanks for question, chairwoman salazar. as you know, decisions about sanctions are made with inter- agency consultations, the sanctions are administered by the treasury department, and they make the announcements on them. >> state tells treasury what to do. do not try to fool me, mr. sullivan. we know that the state department is the one that dictates foreign policy and if the state department did not want chevron, and the others to have a general, or individual, or specific, whatever kinds of license treasury would not have granted, am i correct? >> we continue to review -- >> yes, or no? why did you, the state department, renew the license for chevron, our company, 33 days after maduro did everything you guys described. there has to be a reason. did the white house put pressure on you? did they call and say, "hey, we need cheap oil?" >> well, as i mentioned, chairwoman salazar -- >> yes, sir. >> the u.s. government coordinate on these issues, treasury issues the licenses, and we continue to r

chinese hackers targeting the treasury department.we will bring you the full report of what they may have gotten access to. a retired u.s. general's warning that elon musk poses a national security risk. lieutenant colonel weighing in on musk's level of influence next. chinese hackers targeting the treasury department, hacking into workstations we are told and unclassified documents. grady is live at the white house what is the administration saying? >> they are calling it a major incident. a hacking group associated or affiliated with the chinese communist party got into the treasury department systems and got a hold of unclassified documents and got into those workstations that treasury department employees use. the treasury department was notified about the hack on december 8 and then sent a letter to the senate banking community alerting them to the hack yesterday. the letter says they remotely access the info one of the departments third-party cybersecurity companies called beyond trust. the compromise service has been taken off-

treasury department hacked by a chinese state-sponsored actors.icials calling it a major breach. fox team coverage on deck to react. first, grady trimble is live from the white house. grady, what did the hackers get access to? >> the treasury department says this hacking group affiliated with the chinese communist party without access to the workstations of treasury employees, as well as unclassified documents. the treasure was notified about the breach on december 8th, and then sent a letter to the senate banking committee, alerting them to it yesterday. the letter says the hackers remotely access to the info on one of the departments third-party cybersecurity companies. the company is called beyond the trust. the treasury tells us the compcompromised beyond the trust service has been taken off-line, and there is no evidence the hacker still has access to treasury systems or info. experts say government agencies are particularly vulnerable to this kind of cyber attack, especially the treasury department. >> they are the ones that are levying and

the treasury said the compromised service had been taken offline and there's no indication the hackersation. our correspondent rowan bridge has more. what appears to have happened as these hackers got hold of a security key which gave them access to a cloud computing service used by the treasury, and from there, they were able to bypass security measures and access workstations of a number of we will be appreciate that. we will be keeping an eye on the news conference that rupert mentioned earlier, saying it will be pushed back until later this afternoon. we will keep an eye on that on bbc news for you. in what it describes as a major incident, the us treasury says it's been hacked by chinese state—sponsored actors gaining access to staff workstations. a spokesperson said unclassified documents were also compromised in the attack earlier this month. the treasury said the compromised service had been taken offline and there's no indication the hackers have continued to access its information. our correspondent rowan bridge has more. what appears to have happened as these hackers got hol

treasury yields eased lower after weeks on the rise. shifted from stocks into bonds, after equity outperformance all year might have been out of work at the open. the 10-year treasury yield remains above the threshold. it recently surpassed the day after this month's so-called caucus rate cut by the fed, which brings us to the talk of the tape. rebalancing at the end of another strong year for stocks or sending a more cautious signal about the economy in 2025? here to take on that question is mohommad -- he is chief economic adviser, and always great to see you. welcome. >> thank you, mike. >> so, here we have obviously very strong year for stocks, sure, skewed toward the very largest in this rise in treasury yields, which i guess has been perplexing to some. it has really taken flight since the fed started cutting rates. it doesn't seem specifically about inflation expectations. and the big question is can the real economy handle it. that's what stocks care about. what's your read on that element of the market action? >> i think the re

to shell. >> i would refer you to ofac and the department of the treasury with respect to speedy treasury follows state. did you advise treasury, yes or no, on shell? >> and speeded i will make it easy for you. shell, a when gc, global from the united states, petroleum from chinese pic because a thing is that everyone every, the international community since they don't want a problem with the united united stateso the united states government and say hey, , could i do business with venezuela? he will not be upset if they do come right? so that's what we have to grant licenses. two other people who are not americans. some asking again chevron and the rest, 50 companies. how many licenses have you granted? and the only reason why i'm doing this is because if you grant a license, maduro has money and he can beat maria machado supporters on the street and rate people and your peculiar state come right? money means repression. no money means less repression. my right? what russia where am i wrong? what you think i'm wrong? >> chairwoman kahn in terms of specific license applications, i really

a treasury spokesman said in a statement that treasury takes very seriously all threats against our systems data it holds and says over the last four years the treasury has significantly bolstered its cyber defense, and we will continue to work with both private and public sector partners to protect our financial systems from threat actors. guys, of course, this is not the first time that we have seen state actors hack into u.s. systems or target government employees, and i think that at this point we're still waiting for additional information on what, if any, type of information or type of data they might have gotten from this potential hack. and of course, larger question, i think as to the future of cyber security here in the u.s. guys? >> yeah, emily, yeah, the chinese are unrelenting when it comes to cyber espionage whether it be the treasury, the salt typhoon hack, which we continue to learn about into telecommunications networks and listening in on telephone calls. amazing stuff and will obviously be a key consideration for the incoming trump administration as well. emily, thank you

rj gallo on his 2025 outlook for the treasury market.versation as we watched the long end of the yield curve march higher and higher. we begin with stocks trading, higher on track -- trading higher, on track for the second straight year of gains. stuart kaiser writing, "our preferred vehicles are large-cap tech, quality and growth given the higher for longer nature of the s&p forecast. looking further ahead payrolls are a major catalyst given last month's data, the sep update on the market is pricing just two cuts in 2025 and a 10% chance of a 25 basis point cut in january." stuart joins us now. great to see you in person. i want to talk about higher for longer traits. we are back to top -- trades. we are back to talking about that after powell's performance. stuart: it is the right conversation if you believe the fed. you are probably worried about the unemployment rate rising little bit. inflation is stickier than we would like but it will come down. they will do a couple of insurance cuts next year. it sounds like the front half of 20

treasury.hacker was able to get the keys to the u.s. treasury desktop and laptops. the treasury says as of now there's no reason to think they have continued access because they're no longer using the beyond trust service, but, again, it is setting off alarm bells with the u.s. government the target of another chinese hack. >> from my reed of dan de luce's department it sounds like they may be trying to go through treasury or get to contractors that work with the u.s. government. did i read that right? >> or vice versa which was the case here at the u.s. treasury, where they targeted the third party vendor and got to the u.s. government levels. >> china denies responsibility for it but it is not the only time it has happened, even in the last month, right? >> with regard to the u.s. treasury, the chinese ministry saying overnight they oppose all forms of hacking and describe it as groundless accusations. but there were at&t and verizon where they were able to hack high-profile officials. >>> th

the lines around china and its plans to issue more treasuries, more sovereign debt in 2025. across the benchmark, gains in asia of 0.4%. the csi 300 mainland china currently up 0.8%. decent session for mainland stocks despite the news that president biden and the team at the white house are looking at have started an investigation into so-called legacy chips that will end up at some point on the desk of incoming president trump. the nikkei currently at 39,000, down 0.2% in japan, and a focus on what the finance minister has been saying around the currency. teeing up speculation that there will be more intervention. there is verbal intervention at this stage, the japanese yen currently up at 157 versus the u.s. dollar. to the politics of france, we have some developments on that front. we have been waiting for it, of course, french president emmanuel macron appointed eric lombard as the finance minister. the experienced finance professional will be tasked with passing a 2025 budget and lowering the deficit. let's bring in claudia cohen in paris. what does the new cabinet look