this is what happened in the treasury markets. we started rising, the curve, just across the board, sending yields higher. the 10 year, the 20 year, the 30 year, all back to october of 2023 levels. taking a look at the 20 year, we are well above 5% right now, flirting with 5% on the 30 year with 10% up. where it is a go from here? it depends on what the market says the fed is going to do, right? pushing out the cuts right through september and october now, with banks and strategists changing their opinions, no rate cuts at all this year. goldman bringing their forecast back to two from three with citigroup saying there will be five cuts this year. >> is a fair value for mutual, 20%. looking at the 10 year for value mutual, that's around 4%. treasuries trade 50 basis points above that, 4.5%. that is your starting point, fiscal deficit. inflation issues are off. the economy is doing ok. ambition from the coming administration to cut taxes. it's all in the mix. vonnie: yields rising above 5%, that looks a lot more likely just in the

we have a big drop down in the treasury yields this - the treasury yields this morning on the back ofa. on the back of the strong something in the banking sector. i still think about the ten year treasury yield, those long—term rates. it's been controlled by many different market forces and if we think about the structural pieces of that ten year treasury yield, things like inflation, growth, there is a lot of pressure across the board all those things. from an inflation perspective, there are a lot of things, like the continued housing shortage. although we have some relief in the past year on that front, in the past year on that front, in the next few quarters, we are seeing that supply, back off and we are still dealing with a structural undersupply of housing and that's a big part of the inflation number. we'll continue to be a bit higher. what is the premium driving interest rates higher? we are not seeing a structural reason for those ten year treasury yields dropping at the moment. thank you forjoining us. now to germany where the economy shrank last year, for the second year i

the treasury department says it was hacked by cyber criminals backed by the chinese state government. cbs' nicole sganga joins us from washington. >> reporter: america's treasury department says it was hacked by cyber criminals backed by the chinese state government and that the hackers managed to steal unclassified documents. a treasury official said attackers breached federal workstations but did not provide details on how many or what sort of documents they may have obtained. in a letter sent to lawmakers monday, a treasury official said the cyber criminals gained entry remotely using a key stolen from a third party vendor to override security and called the attack a major incident. a treasury department spokesperson said it has taken the service offline, adding in a statement that there is no evidence indicating the threat actor has continued access to treasury information. the breach follows a slew of chinese-linked cyber attack, including a hacking campaign by a group nicknamed salt typhoon. hackers targeted at least eight u.s. telecommunications companies, according to u.s. off

we are seeing a bit of calm when it comes to the treasury market.t's an early close for jimmy carter's funeral taking place in washington later today at 2:00 p.m. eastern time close. lack of liquidity perhaps we will see a bit of calm when it comes to the treasury market today. eyes on the 30 year old -- 30 year yield. some other markets have not found calm yet. tom: there are links between what's happening with the treasury market stateside that's now on a bit of a pause and what is happening globally in the u.k.. we are on the fringes of a market crisis in the u.k. >> the market is strong analogies to what is going on now to what happened in the liz truss episode in 2022. unless we hear change of direction from rachel reeves, we saw this weakness gripping markets yesterday, the 10 basis point rise in the 30 year old -- yield rachel reeves come out to reassure markets in the coming days? we saw such a big reaction when it comes to the currency, down from 1.3% during the session. we did hear reports a market trader saying there was large downside op

i want to share the chart on the ten-year treasury.t is very interesting there is nothing better than context really we have the yield trading at 4.675% we have seen the highest level actually hitting 5.02% in the month of october of 2023 i'm showing this, james, because i want to understand we are not that far from the highest level ever what is going to take? are we going to test that 5% threshold in the near future >> the drawdown in u.s. treasuries is still at the worst level since the u.s. war of independence in the 1780s. that reset in yields does, in theory, make bonds more attractive and less risky. the issue we've had in september with the trough of that curve a few months ago was at a time where there was certainly risks from the employment space with the labor market looking like it was potentially weakening in that space and responding to that with the potential of cuts over the 12-month period looking back at september, the interest rate priced in for june this year was for rates to come down to 3% in the u.s. if we look t

people steal father treasuries -- still fought the treasuries. there is always a need for them. yeah. it will not look like what happened in the u.k. but people might start avoiding u.s. debt a little bit if budget deficits are not approved. scarlet: let's talk about the 10-year bond option, the reopening. is creating an existing 10-year note with a fixed interest rate of a belief or .25%. this is an added wrinkle to what we usually get in an auction. it is notable given where yields are. how significant is this? how much should we read into this bond auction result? ira: today will be a little dicier than tomorrow. tomorrow we have a 30-year bond auction. that's a lot of market risk added. the liability-driven investors like 5% yield. when you look at where 30-year treasuries are, they are at or close to 5%. tomorrow might be a little better than today. today with the 10-year preopening, we know with the bond is trading at. we are trading where we are, 4.7%ish on the 10-year. today a lot of times what we have seen is the market not doing very well or the bond auction not doing

our correspondent at westminster, helen, it is a reprieve for the treasury, but for rachel reeves itminister, that is undoubtably going to be the focus of pmqs today. certainly that is the _ focus of pmqs today. certainly that is the widely _ focus of pmqs today. certainly that is the widely held - that is the widely held expectation is that the leader of the opposition will raise with keir starmer and she has this morning posted on social media that she believed it is clear at the weekend that tulip siddiq's position was untenable. she accused prime minister mac of dither and delay and weak leadership, so i imagine that is what we expect her to be levelling at the dispatch box when pmqs gets under way in the next few minutes. it will be trying to move this back to the prime minister and hisjudgment in minister and his judgment in firstly minister and hisjudgment in firstly appointing tulip siddiq to the treasury and in particular to that role, the exchequer secretary of the treasury which has that responsibility for anti corruption.— responsibility for anti corruption. responsibilit

the pressure telling and the minister now resigning from the treasury in the last little while. more reaction to that in the next few minutes. now two events in los angeles. the wildfires has dominated for around a week now with those firefighters are battling with those blazes and three blazes they are still having to cope with, they were worried about the wind speed picking up today and tomorrow, with red warnings in place. those warnings keep being repeated by officials on the ground. we can get the latest now with our reporter on the ground will grant. as the wildfires in los angeles enter their second week, they keep burning, and the stories of destroyed lives stack up. amid the ruins of his block, michael soto was incredibly fortunate. his home survived while his neighbours were left with nothing. now, he stands guard to protect what he still has from looters, patrolling a devastated neighbourhood. i moved to this area, you know, for my kids — to have a better upbringing for them and for them to have a better future. it was a beautiful community, you know, it was mixed, it

-- or the fed still owing 6.5 trillion of treasury.here's no easy way to look through this. you saw on new year's eve dr. slok put out one of his daily notes, the term premiums moved up 75 bases points. i think for it to go to where it used to be, the median level pre-qe, it has to go up another 75 bases points. still we have some real serious head winds in the treasury market. on balance, treasuries are still overvalued even at these levels and they're not going up because of growth, kel. they're going up -- you can see this in the swath spread widening, term premium going up, they're going up because of the supply issue. >> yeah. it's kind of poignant or perfect to have you on today, kind of casts a little bit -- i don't want to call it a bearish tone for the year, but when i read the surveys that say, fund managers -- i don't think it was -- i don't know who it was, 70% of people are bullish on the stock market for 2025. and it is reminiscent of a couple years ago when it was 100% conviction on the recession call that also turned ou

. -- 10-year treasury.d down, and we've got a yield now at 4.666% on the 10-year treasury. the price of gold, that's going up along with just about a everything else in this rally. you're now hooking at $2, 700 per ounce. and bitcoin, well, has it hit $100,000? not quite. 99,2 is the latest quote. price of oil, that's up as well, $78 per barrel. nat gas, that's up over $4. the average price for a gallon of regular up just one cent overnight at $3.008. look at car, $4.39 per gallon. it's a rally, sports fans. >>> still ahead, liz peek on biden leaving the left in ruins. border czar tom homan wants to create a tip line to report illegals. border guy chris oliveraz coming up on that. pennsylvania congressman dan meuser on trump's plan to make the u.s. energy dominant again. and bill hemmer responds to the laiders of "the view" who say you can't love america and support donald trump. oh, really? the 10:00 hour is next. ♪ if. ♪ if. ♪ ♪ ... (♪) years of hard work. decades of dedication. committed to giving back.

what i mean by that is revenues are coming into the treasury. those revenues of more than enough necessary to pay that. the issue they have is the revenues are not enough to pay the federal government spending on the rate of all the obligations that have been made. now you have a question about timely payment of some grant at the department of health and human services. the point is no, this is a fake deadline they have bought into. one of the reasons why i'm concerned about the parameters of what's being discussed is because it's almost worse than a clean debt limit. they are going to say these are the spending levels we're going to put into place. once washington d.c. has that consensus about where the appropriations process is, a matter where the house wants to be they're not going to be any lower than those caps. this prejudge is the appropriations process later in the year in such a way in some respects it's worse than a clean debt limit because a clean debt limit would not addenda. >> host: help people understand, with these caps been disc

we focus on the treasury.ay be some movement around treasuries and how much volatility there will be around the inflation data as investors adjust or readjust their views on the federal reserve and rate cuts. 4.77. the pound softer again in the session. down at 1.22. brent trading higher by .0% and gold is gaining just shy of .2%. yoon suk yeol has been arrested after a raid in his residence. he's agreed to be questioned over his short-lived martial law declare ration. >> today, when i saw them break into the security zone with firefighting equipment, i have decided to accept appearance of the corruption investigation with high ranking officials in order to prevent an unsavory bloodshed. although it's an illegal investigation. i do not approve of this investigation by the c.i.o. anchor: editor danny joins us. what's the latest? there were some pretty dramatic pictures in terms of the dawn raid on yoon's residence. where do things stand now? >> this was unprecedented in korea's history. now where we are is that

treasury department.re are multiple dimensions to consider as we ought to think about national security in the united states. jonathan: and it focuses cap -- lisa: it focuses the efforts on the efficacy of government agencies and goes to the heart of the promises of president-elect trump. jonathan: coming up, dan ives of wedbush and what he sees as the top 10 tech winners for the alley revolution. that conversation is right around the corner. ♪ jonathan: equity market curve bouncing back from four days of losses. buyer .6%. a lot of people will talk about the big yearly return. it is a monster your return of more than 20% following in more than 20% return the year before. we should also reflect on how week december was. the s&p down more than 2%, the worst month for the s&p since april. on the russell we were down 8% on the small caps and that is the worst month back to 2022. lisa: which raises the question of whether we see tech leadership as the ongoing dominance in this market, the idea use on a per 4%

why would we buy reiths when you could buy treasuries? what's the appeal? reits, you get growth and you could have mid single-digit growth in alternatives and -- earnings and rents. that's the appeal right now. and including like mid america is an apartment company as well as the warehouse companies which were in favor now. >> how's cash looking? has it lost its luster around after a fabulous run? what are money markets done? >> i think cash is a good asset class, 4 plus yields on money market if funds. treasury yields are particularly attractive, you get a tax benefit right now and etfs like ticker bil or sg with or v which offer good access. >> i like those t-bills so much, and that's all i really want, t-bills and stocks and nothing in between. >> that's the warren buffett approach to investing, about $300 billion in cash and $300 billion in stocks and almost no bonds. i think bonds have a place given that yields are not terrible. you get 4-7% yields and if the economy does weaken in 2025, bonds might ballast. jack: i'm going to go with mbs also, that is

where are we in terms of this market correction on the selloff of treasuries? and i think it's the million-dollar question that nobody knows but to me it feels like the yield rises have been to the point where it's becoming more difficult for the market to sustain their valuations. and i think some of the strategists were talking about this as we approached 5% yield on treasuries. we will be focused on how long-term term valuations in equity markets will reflect that and i think so far in 2024 the market has been so resilient and we have seen a rise in rates since september and equity markets have been ignoring it but i think we are getting to the point where it's the danger zone so pullback is something that is not surprising for me. i think volatility will stay here and for active managers it's not a bad environment, something i'm doing on a day-to-day basis now but in terms of the equity pullback may be i'm waiting for some levels where we can get back into equities but it is too early. >> so we are close to that danger point. what are the levels we are look

treasury, commerce, etc. this time there was reportedly, it wasn't unanimous consent. reportedly, treasury, state, and the pentagon all agree that there was no national security threat. so that is what it was surprising that the white house did say there was a credible national security threat when the pentagon itself said there isn't. that is all we know publicly. host: here is the response from the u.s. steel predent who almost served as ceo. president biden's action today is shamefully corrupt. gave a political payback to a that is out of touch with its members while harming our company's future, our workers international security. he insulted japan, a vital all, put erican competitiveness at risk. the chinese communist party leaders are dancing in the streets and biden did it all while refusing to even meet with us to learn the facts. our employees and communities deserve better. what do you think of that response, what is interesting about response to you? guest: both sides are going to be making their statements now. it's look, when the steel was first announced

so this could be the way to get to me through the treasury department. so how do i keep me away from the treasury department or away from the chinese hackers? right. it's those third party apps, the things that we download onto our phone, whether from a text message that seems innocuous or even an app we don't know when we download an app or use an outside piece of software if it's able to prevent a hacker from getting in, and if it gets in through an app, it can get in through our devices. so the best way is really don't go into anything or download anything unless you trust it and have some idea maybe that it's a major company with some major security, which is really hard because in the holidays, you know, a lot of times you're looking for stuff online and it might be like kind of through another offbeat company and you think, i'm going to get it from there instead ofomething that you might trust, like let's say anthropologie, which is a big company which could also be at ri, but more of something like this niche type of store that you look at. is tha

the chief secretary to the treasury darren jones told the chief secretary to the treasury darrenjones chief secretary to the treasury darren jones told the bbc that the economy is on the right track, but more needs to be done. i economy is on the right track, but more needs to be done.— economy is on the right track, but more needs to be done. i think the lan more needs to be done. i think the [an for more needs to be done. i think the plan for change _ more needs to be done. i think the plan for change is _ more needs to be done. i think the plan for change is working - more needs to be done. i think the plan for change is working on - more needs to be done. i think the plan for change is working on the l plan for change is working on the fact that inflation is coming down is a sign for that. it's good that inflation is broadly stable around the 2% target, it's good that it's starting to come down. there's no denying the fact that many people at home are still struggling with a cost of living and we know we have got more work to do to help them get more pounds in their pockets at the

treasury department., janet yellen, in her final interview. we have her thoughts on what has been an historic ten year as secretary, and on the future, what she expts fm ecro the administration , from inflation and the economy, and much more. so i'm going to go back to last week and buy a winning lottery ticket. -can i come? -only room for one. how am i getting home? sittin' on my lap like last time, ronald. fine, but i'm bringing this. [ whirring ] alright. or...you could try one of these savings options. the right money moves aren't as far-fetched as you think. there it is. see? told you it was going to all work out. thanks, future me. dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading without fingersticks. dexcom g7 is the most accurate cgm, so you can manage your diabetes with confidence. ♪♪ power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social se

today at 25 times. 10 year treasury yield yield 5.8% today up 4.6, so much like in 2022 if you say "welltions going to goback to where he they've been literally" you could see losses in bonds and stocks exactly what you saw in 2022 in that situation cash looks pretty good. with guaranteed yield money market funds over 4%. >> hmm, good point look at yield 4.70% right now on 10-year is this about the inflation worries dan? what are your thoughts on the impact of this yield because i am wondering if this is going to show up as bond losses, for the banks when they report next week, and guidance for next year. or this year '25. >> remember we've been through a banking crisis back in 2023 with failures of silicone valley bank volunteers with credit suisse, forced in that marriage with ubs bone through banks have gone ahead cleaned thing up dramatically that is why looking at banking etf the other side of this is that you've got yield curves steep so banks can i know give you and me, a pretty -- when we put money in savings but give you higher rate based on shape of the yield curve where 10 yea

treasury market, while also promoting more competition.ntum, there's still things to be implement it over the next 18 months but i know this, our $28 trillion treasure market is congruent in four years, it is going to grow 25%, so we need these reforms to make sure the markets work smoothly and taxpayers can have the confidence their government can borrow in liquid markets that the international community trust. >> gary, what do you think the biggest risk in the market is today? >> look, i think we have a presidential transition and democracy has spoken but there is policy uncertainty, there always are around these transitions, some of those policies will be sorted out over time but, there's policy uncertainties for sure. i have spoken over these last four years, there's also pockets of capital markets that have a lot of leverage, a lot of borrowing and low margin and that is usually in this sort of space between the commercial tax providing leverage to the macro hedge funds, and lastly, i do think that artificial intelligence is transform

i was the head to the treasury _ either? i was the head to the treasury select _ either?d to the treasury select committee . either? i was the head to the | treasury select committee at that time and had plenty to say about it on the public record that people can have a look at. but reality is, when this government took over... reminds us what you _ government took over... reminds us what you set — government took over... reminds us what you set about _ government took over... reminds us what you set about liz - us what you set about liz truss' behaviour when it came to the economy?— truss' behaviour when it came to the economy? growth in two can six months _ to the economy? growth in two can six months has _ to the economy? growth in two can six months has actually - can six months has actually contracted. the problem that means, combined with the spike in bond yields, additional spending billions of pounds servicing an ever increasing national debt, which is money which is not going into public services. and it is a result of these policies.— these policies. you said yo

the treasury minister tulip siddiq — who was tasked with tackling corruption — has resigned — followings of corruption. father of bangladesh. i'm pleased to say that they are here in the chamber today, listening to my maiden speech. back then, keir starmer was at tulip siddiq's side, but in recent weeks he has been forced to defend her. tulip siddiq has acted entirely properly by referring herself to the independent adviser, as she has now done. many of the allegations relate to the fact tulip siddiq's aunt is sheikh hasina, who fled bangladesh last august, after a long and controversial time as its leader. today, tulip siddiq conceded to what some in government always thought was inevitable. in her resignation letter, she wrote, "that while the ministerial adviser has confirmed i have not breached "the ministerial code, it is clear that continuing "in my role as economic secretary to the treasury is likely to be "a distraction from the work of government." sir laurie magnus, the standards watchdog, had concluded in his report, "it is regrettable that siddiq was not more alert to the po

by trump to be the next treasury secrary. he founded the key square group investment firm previously raised money for democratic presidential candidateal gore, hillary clinton and barack ama. and served as a chief iesent officer for soros fund management. more rently, he raised more than $57 millionor donald trump's 2024 campaign. if confirmed, he would become the second guy person to serve in a presidential cabit after pete buttigieg. nextsct bessent in his own words. we start with his remas a conservative economic policy suiteld on the sidelines of the 2024 republan national convention. he talked about penal economic priorities for a second trump aintration. ond trump administration. >> let me start with you. you are one of the leading financial minds in america. have made a lot of money in the financial markets. have been a strong supporter of donald trump. you talk to him all the time. you see scott on fox news all the time, fox business news, as well as jason and charlie, of course. you're talking to trump. what do you t

the treasury on the ten-year. up 4.7923. of analysts have started to wonder whether we are going to test that 5% evel later this year. speaking on "squawk box europe," the former chancellor said rising concerns in the uk. >> markets are re-ing their view in a methodical way. this is against the back drop of international data which is also pushing markets in the same direction. we have a wave of international reasons for interest rates looking as though they will be higher for longer and on top of that, we've got some specific uk reasons that are making the markets nervous about the uk economy and about the uk government's ability to manage its fiscal affairs. so, i think, you know, we're dealing with two things happening in parallel here. i don't think this is a short-term markets crisis of the sort that can be solved by intervention by the authorities. i think this is a longer term issue around confidence in uk economic growth and confidence in uk fiscal stability. >> let's discuss the comments with our next guest at insig

ministerfor treasury minister for anti—corruption treasury minister for anti—corru ption measures, treasuryand one of the things that clearly the lori magnus says in his letter, she should at least be relieved of responsibility as part of a brief come up with the prime minister has decided to go further. he has been polite about it, so allow tulip siddiq to say it she hasn't broken the ministerial code and actually the prime minister very generously at the end of her letter —— his letter says he hopes she will be back at some point in the government. i think that's politeness rather than a real prospect of a return. we politeness rather than a real prospect of a return. we will leave it there, prospect of a return. we will leave it there. but _ prospect of a return. we will leave it there, but thank _ prospect of a return. we will leave it there, but thank you _ prospect of a return. we will leave it there, but thank you very - prospect of a return. we will leave it there, but thank you very much | it there, but thank you very much for your time. thank you. here in england there's a warning

we'll be closely watching treasury yields this morning and this year. bond markets may be in for a rude awakening. there's 3 trillion of u.s. debt expected to hit maturity this year and some investors think the market will not be able to absorb a massive treasury issuance. congress has to navigate a $2 trillion budget deficit, troy. >> yes. so the exact opposite or inverse of equities. the trend is not your friend, obviously yields bonded out in 2021 it's been a rough environment for fixed income for some time. you have stickier inflation and you have a fed that's already cut. yields should go higher on the 10 and 30 year. to your point, on the supply side, as frightening as the technical picture, supply picture is this year, meaning 2025, over the next 10 years we're going to issue clearly over $20 trillion in treasuries. buyers will emerge. but we think at higher yields and if you go back to that supply or flow versus existing stock, next 10 years we're going to issue 7% plus of all the treasuries that were ever issued that are held by the public so i

treasury. it's it says a state sponsored chinese hacking operation tapped into the computers of treasury employees. in a letter obtained by nbc news, a treasury leader says the office learned of the breach on december 8th. the hackers bypassed security measures to remotely access the desktop computers, and the letter mentions the hackers did get a hold of unclassified documents. the u.s. treasury has been working with the fbi and other security officials to understand the full impact of the breach. meanwhile, china has denied the allegations, saying the u.s. is targeting china for, quote, political purposes. as americans remember former president jimmy carter. details are emerging now on how people can say goodbye to the 39th president. he died sunday at age 100. nbc's susan mcginnis has more on plans for carter's remembrances, and how washington is preparing for several important events in january. there will be many opportunities for anyone hoping for an in-person good-bye to former president

the 10 year pushed the treasury yields a little higher, the treasury yield on the 10 year up to 4.58,towards 4. 6% and all of that the 2 year treasury yield is also higher. higher treasury yields tends to be a head wind for equities. can we hang onto those impressive gains we are seeing so far? we will have to find out, stick with us. it is now 10:50 one on the east coast and guess what, that means brian kilmeade joins us. greetings to you and your listeners. i want to get to this. months ago, fbi director christopher wray voiced his concern about isis ties to human smuggling networks at the southern border. listen to this. >> blinking red lights analogy about 9/11, all the lights were blinking red, obviously all of us missed it. would you say there's multiple blinking red lights? >> i see blinking lights everywhere we turn. we are concerned about the risk of inspired attacks inspired by the same calls for violence from the middle east. ashley: that was back in march. there had been warning signs. should we have been on more heightened alert? >> it doesn't matter. new orleans is not i

the concern about treasury supply. but because of prior deficits. jonathan: u.s. bond yields moving lower ahead of the december cpi report due out less than one hour. gregory peters writing, "odds favor stable to lower yields ahead which bodes well for fixed income returns, whether they come from carrie or from total return. -- carry or total return." let's talk about this backup and bond yields. what is driving it? a lot of it is about supply. do you think it is? greg: there are a multitude of factors. it is part growth. it is mostly been real yields. that is a growth change, which i don't quite fully comprehend. some of it is productivity through ai and other means. other is supply with the deficit. some of it is the policy uncertainty and factoring in more inflation. it is a combination of those things. what is driving the move ultimately is the change in the fed. if you look at the pricing and probability of rate cuts and rate hikes, it is completely flat. if you go back to september, the probability of a rate cut

this is a time when we are wondering what is driving treasury yields.hat is taken off the table that can keep ripping. jonathan: sonja joins us. how good news is that ppi data? sonia: very good news but to be clear we actually expect with ubs and we have been saying this for a while, inflation to be temporarily a little bit sticky in q1 of this year and then continue to decelerate. jonathan: what is it about q1 because we did this in last year. what is about the first quarter? mike: the seasonal since -- sonia: the seasonal since covid have just been off. lisa: how much do you see an actual disinflation because numbers have been noisy and ppi is something that people look through is not indicative of what will come out in the cpi. what is the other data really saying when you look at them? sonia: the ppi is more relative -- relevant for pce which is relevant for the federal reserve. the federal reserve said that they see the core trend in inflation as the core pce trend. the cpi is important and that is what the consumer pays at the register so to speak

the treasury minister tulip siddiq — in charge of tackling corruption — resigns.er he was named in a corruption investigation, awkward but she has always insisted she did nothing wrong and the prime minister's independent adviser says she did not break the ministerial cold. code. code. police issue the names and cctv images of two teenagers they want to speak to after a 14—year—old boy who was stabbed to death on a bus in london last week. hello, welcome to great failed prototypes of our time. and the comedian tony slattery has died at the age of 65. and coming up in sport on bbc news: a pivotal night in the premier league title race — third placed nottingham forest take on the leaders liverpool at the city ground. good evening and welcome to the bbc news at six. the princess of wales has revealed that she is finally in remission a year after doctors discovered she had cancer. the 43—year—old says she feel relieved and remains focussed on recovery. princess catherine has been visiting the royal marsden hospital in london today, where she received cancer treatment

treasury department, the u.s.y accusing chinese hackers of remotely accessing workstations and unclassified documents, gaining access through a third party software provider. meanwhile, that incident comes as u.s. officials continue to grapple with a separate fallout of a massive chinese cyber espionage campaign known as salt typhoon. that campaign gave officials in beijing access to private texts and phone conversations of an unknown number of americans. the u.s. is investigating the most recent event as a major cybersecurity incident, and it's not the only 1 or 2 that we've seen this year, as cyber attacks in various forms continue. in fact, 2024 is projected to finish as the worst year on record for ransomware attacks. >> and concerns are growing about 2025. for more, let's bring in james tergel, the vp of cyber risk and strategy at optiv. let's talk more about the threats, the trends and how everyone can protect themselves. appreciate the time, james. we'll talk about that treasury attack a little more detail

that will create an opportunity to trade treasuries.ake advantage to use short-term selloffs associated with rate rises to to exposures in equities and other risky assets. >> we mentioned the opportunities you see in microsoft, qualcomm and. it extends to amazon and cisco and benefits from another upgrade on the street today. >> well, those stocks -- and i'm not the person who focuses on individual stocks. but we would observe that the magnificent seven stocks are magnificent companies. they are fully valued. while what we want to have exposure to those companies in our portfolios, we see the opportunities away from those companies that we think are fully pricing in the good news that is out there. we want to look elsewhere in the market where we think that valuations are bettered on the cap spectrum, smaller company stocks. we observed this dichotomy where high yield spreads are secular at the same time. small-cap stocks have been underperforming and relatively more attractively valued. that, we think it creates an interesting opportun

yield and watching the yield and this treasury yield has not lied. it showed that inflation has been stubbornly sticky, the fed might not cut as many times and it hasn't as we've been suggesting. stuart: bad news for big tech. >> valuations are so stretched you have to bring them back down to account for this. it's bad news for the economy because borrowing rates are higher. it will suppress that. i think all rate cuts are off the table barring some disastrous jobs report friday. stuart: you say off the radar companies who use ai in their products. which companies are you talking about? >> companies like mts i which is a semiconductors that makes data center chips that helps move data quicker for ai applications, companies like sound hound which is a 6 or $7 billion market nvidia is invested in. nvidia is invested in. other names out there. i think apple, some of my friends disagree but never bet against apple, it doesn't lose but there's a lot of names that we don't want to mention on the air because they are small and more speculative but do your r

the us treasury announces some sanction release for syria, but key restrictions were made against the new administration. more grief and gaza and the 17 palestinians, including a child killed and is rarely attack donald j. trump, of the state of florida has received 312 votes. pamela harris, for us, congress certifies the 2024 election results on the victory of donald trump. i intend to resign as party leader. as prime minister kenneth has made adjustments, criticize he will resign is prime minister off the weeks of political turmoil. and in sports, the surprise package of the primary lead this season, a nodding em forest are looking to continue their title. push the currently in front against walls is a into go level on point. the 2nd point starts to the home, the and they walk into the program. the us treasury has announced functions really for syria and says, well, most economic restrictions remain in place. it wants to ensure the provision of a central services like electricity, energy, unable to the treasury department, has authorized sets and transactions with the energy sector

the treasury secretary janet yellen has talked about insurance and countering the ambitions of china. do you have the provisions and the efforts to strike a relationship with our allies -- >> it is not about japan. it is not you have watched this president really, last four years, strengthen his you have watched this president in the last four years and strengthen his relationship with our allies obviously a broad and we have worked certainly together to strengthen our economic partnership with japan. we have been touched with japan and conveyed our thoughts directly to them. this is about the need . you heard me talk about now us steel, american owned and operated and that's what's important to this presidentand he has been very clear about that so this is about continuing back, making sure we are strong domestically , operating an industry and for our resilient supply chain and how important that would be. and i also say at the top if you look at the work this president has done over the last four years, the steel industry is the strongest it's been in years because of the actions t

treasury minister tulip siddiq resigns, after growing pressure over an anti—corruption investigation. an official us report states donald trump would've been convicted of trying to overthrow the 2020 election had he not been elected president. the princess of wales announces she is "in remission" from cancer — as she visits staff and patients at the hospital that treated her. also coming up on the world today: and — a blow for british ex—pats? spain say it's planning �*a100% tax' on properties bought by non—eu residents — in a bid to solve its housing crisis. welcome to the world today — an hour of international news from the bbc. what's been described as the final round of negotiations on a deal for a ceasefire — and the release of hostages in gaza — has been continuing for a number of hours in qatar, but with no outcome yet. both israeli and hamas officials have expressed hope that a deal can be achieved. we have some detail on what that deal on reaching a ceasefire is thought to include with the initial release of 3a israeli hostages, including women, children, the wounded and the

officials to the post, treasury did not respond to our request for comment on that but on the topic of commerce moving today to hit 28 u.s. companies with new grade -- trade controls over arms sales to taiwan. you can see them listed mostly in the defense space, boeing, lockheed martin, raytheon, a few others. china now stopping all experts to these companies effective immediately of all companies that have dual civilian and military uses. all these developments underscoring rising tensions between the u.s. and china. all of that taking place before any tariffs have yet to take effect. guys? >> we appreciate it. thanks, megan. in washington. >> let's get the latest on terror attacks. they are terror attacks. nbc news jay gray joining us now. j? hey, brian, kelly, yeah the fbi saying this morning that they are 100% inspired by isis. that these were in fact terror attacks carried out by suspect. a lot unfolding in this investigation, the latest is the reopening of bourbon street. pedestrians after that terror attack that killed 14, wounded at least 35. the driver of the truck and gunmen

they have suspended treasury bond buying pushes yields higher.he pboc is pushing this for the move. for more, check out cnbc.com. >>> now the uk chancellor rachel reeves and bank governor andrew bailey will continue with the trip to china although there were talks about cancelling about the pressure of gilts. sam vadas filed this report. >> reporter: rachel reeves trip to china is described as a curious time as beijing welcomes the push for reengagement and there are questions if things will change particularly with the spy allegations which beijing denies. mean point out it comes at a time when both economies are facing challenges. in china, officials are desperate for more foreign investment. at the same time, they are skeptical with western trading partners like the u.s. and eu given tariffs and export controls. what is interesting is there is extensive coverage in british media, few details in china. there's been no shortage of state media commentary since starmer took office indicating an independent plan to boost trade with china. the polic

they punted on it sending into treasury and punted on them and gave to biden.ing to happen here? >> well, in the committee that was responsible for evaluating that security risk became politicized instead of just looking at national security risk and of course there's none. it's an ally of japan that's going to invest in america and make steel here in america. build here in america. i hope president biden will say that this transaction goes forward and if not, i hope president trump will reconsider for the workers of pennsylvania, that nearly all favor this transaction moving forward. everybody but the senior union liberal leadership favors this moverring forward and good for the workers and community and the valley and i hope they'll awe see this is good. we want to build things here in america, president trump has said this repeatedly, and nipon steel -- nippon steel agreed to invest billions in pennsylvania to do that. makes total sense for american national security and american steel to be produced here at home. larry: maybe the only way to save u.s. steel

well, you know, we just want to sit down with the treasury and. oh policy. they've just got the numbers wrong. >> yeah. i mean, do you have hope?i >> yeah. i mean, do you have hope? i mean, you've got the beacons of hope. so presumably you do have hope that in 2025 the government might see sense on this policy. what do you think? >> i think so, yeah. i mean, some of the people that advised the treasury thought there was nothing wrong with the policy. after the first week or so, they quickly realised that it was wrong. and, you know, defra, nfu, everyone's figures are different to what the treasury were working with. they didn't have the best of data. we've got better data. they can still achieve what they want to without destroying family farms, you know. and we've just got to keep the pressure on, keep the heat on. there's other things planned in the new year, but this is just just to see out the end of this year. >> well, you know what, oli? i wish you all the luck in the world and a very happy new year's. and i hope 2025 does bnng year's. and i hope 2025

ceasefire and also injecting caution because after so many false dawns in the past few minutes, treasurytious. in the past few minutes, treasury minister tulip siddiq resigns, after growing pressure over an anti—corruption investigation in bangladesh. trump's pick for defence secretary — pete hegseth — vows to restore a "warrior ethos" to the military — but is grilled by senators over his views on woman in combat. we can no longer count on reputational deterrence, we need real deterrence. for thank as she visits patients at the staff of the hospital that treated her. negotiations to agree a ceasefire in gaza

the yield on the 10-year treasury is now right at 4.7%.hat will be close to the highest level since april. as for the 2-year, that is approaching 4.3%, 4.27, to be precise. an elevated level. investors don't like it. bitcoin, it's sinking. now quoted at $95,000 a coin. oil though, that keeps moving up, and that has the inflation hawks worried. you're at $74.57 a barrel right now. gas, no change from yesterday, $3.06 for regular, $3.54 for diesel. that is up one cent. all right. on the show today, the president-elect wants to to expand america. he's not ruling out the use of force to control panama, the panama canal and greenland. he sure knows how to keep the world off balance. we have common sense legislation on migrants. the laken riley bill has passed. if an illegal migrant commits a crime, he or she will be chargedand placed in custody. common sense if. and brett stevens, "the new york times" columnist, outlines why biden lost the election. it is an honest assessment of biden's failed presidency, and he's in the new york times. wednesd

here's the problem, the 10-year treasury yield going straight up.e at 4.76 right now following a very strong jobs report. the price of oil, check this out, $76.96, almost $77 a barrel. forget about cheaper gas. gas prices are going up. >>> back to the fires in los angeles. first responders still having trouble trying to contain the flames. bill melugin joins us from pacific palisades. please, describe the devastation, bill. >> reporter: stuart, it looks like the the area was carpet bombed. honestly, it looks like the pictures we saw after hiroshima in world war ii, and i'm not exaggerating. i'll step out and give you a look at what we're seeing. pacific palisades, just one single street where every single house on this street has been completely wiped out on both sides. we are talking multimillion dollar homes. we've got melted cars. basically, the only parts of these homes that made it through are their brick chimneys. just rubble all over the place. take a look across the way, stuart. just in the last 15 minutes, this new random, i don't know if i

the yield on the 10-year treasury not much change. you're at 4.79 now on the 10-year, has moved up a bit and the yield on the two-year coming in at 4.38 also ever so slightly higher. bitcoin, we're looking now at 96, 300 and oil, we're looking at $78 a barrel, 78.35. regular gas moving up the average is 3.07 diesel is up $0.02 at 3.57. let's get to politics. in a half hour the senate hearing for defense secretary nominee pete hegseth begins. in his opening statement he says it's time to give someone a chance with dust on his boots. hegseth is not a general. he's not an academic. he's a decorated combat veteran. reportedly a hostage release deal is imminent in gaza. trump is pushing hard for this. he has said there will be hell to pay if hamas keeps the hostages beyond inauguration day. that is six days from now. on the show today reports china is considering selling tiktok to elon musk. china says that's pure fiction. tiktok says why comment on pure fiction? carrie underwood will perform at the inauguration ceremony and the garbage tr