when i graduated from the wharton school of finance, we did not study being indicted, getting arrested, going to jail. they never taught us that. under the presidential records act, which is civil, not criminal, 1977, civil. i had every right to have these documents, personal belongings in document. joe biden didn't. even mike pence did not have that right. because i was present but -- was president but they weren't.

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to just sell a little >> that's cool let's bring in our headliner, professor jeremy siegel at the wharton school professor, welcome back. are you a believer in this rally? i see a headline that you believe the stock rally will end soon is that what you think >> nvidia i think is selling for 123 times earnings let me finish. i think the s&p should be at 20. if you're a long-term investor, your to take that into account being one of the older people i think that you interview but i think most of the people on your panel we've lift through the '90s and the internet and it went much further in terms of dispersion of growth and value back then than now can it get higher? absolutely is the momentum there? there are probably more momentum players now than 20 years ago. in terms of whether you're a long term investor, momentum is with those and any sign of a recession, last week people asked me what was the most boring thing i was looking at, cpi could come in nice, the fed will pause they may actually be -- i think it will be startling to people i think a number will raise their race projections

we'll ask the wharton schooschool's jeremy siegel. inflation read comes in lighter than expected. stocks reacting almost immediately and it's a broad-based move for the s&p 500. the index pacing for its best half since 2019. a strong week for energy, industrial and financials and some more cyclical industries. nasdaq on the way to its best first six months since 1983. an incredible 31% gain apple, big part of that. hitting 3 trillion in market cap. going for its first close above that level we'll track it as we head towards the end of this session. brings us to our talk of the tape the broadening rally and what it says about where your money will go from here let's ask jeremy he is the wharton school professor and as usual, he's live for us today down in philadelphia professor, welcome nice to see you. >> good to see you, scott. >> we're putting a good first e crossed over that for the year and really, the economic data, the economic activity, real growth has certainly exceeded the fed's expectations, everyone's expectations. i think what's going on with tech, tech investors, it's

so a penn wharton budget model reexamined the implementation of the inflation reduction act and foundll add$50 billion to the federal deficit over 10 years. the reason, because the law doesn't cap the amount of tax credits that can be given out. that coupled with the liberal way the administration set the guidelines for who gets tax credits and it ballooned the cost. the white house pointing me to this answer by the white house press secretary about the increase. >> that is a good thing. it means, it means more private sector investments, more american manufacturing, more jobs, more secure supply chains and lower costs for american families thanks to cutting-edge technologies. >> reporter: the white house insisting that the inflation redoes, act will eventually reduce the deficit but it could be outside of the 10 years that the penn wharton model looks at. economist steve moore not surprised the inflation reducker shun act will add to the deficit, democrats tend tond estimate the cost of programs they want to add. >> we're seeing new estimates these programs -- remember that song by b

i know interest to you on the stock of industrial wharton. austin was off sheet on shit. the product had hipaa part of who they hit the from not shown on wednesday. and then i turned on coffee thought in his books, dental, and lots of the history professor gives us the analysis of the reasons that brought gemini to change the state plan to dodge it as soon singles the board, the oh, good bought me paid for the i'm a saw initial one, a port, a lot of elements in britain and france and the united states were pro fascist sympathetic. so hit learn to miscellaneous american business was in bed with the with the nazis throughout most of the thirties and into the early forty's . the stand and oil companies send crude oil to the germans on a monthly basis and collaborated with. i g far been the conglomerate of the producers design clone big seems the gangs to people sent into the gas chambers. the about half of the amount of vehicles. what produced by total, which was owned by the american company, general motors before 1940. the ford supplying the gem anatomy with motor cars and

and the mach supports from occupied east jerusalem away from the welsh wharton tourist traps of east jerusalem's old city. a peaceful scene plays host to a historic legal struggle for 97 decades notice of lavonne has lived here on a could be tended the but not for the 1st time. she now faces fullest expulsion, an elevated stress, that's the issue, the clothes that i get to this, i become more agitated. i should take a sedative once a day in the last 15 days. i've taken the morning noon at night because i can feel my heart pounding. a lifetime of personal, china just represents the plight of palestinians and occupied east jerusalem. where is ready, settlers have publicly sought to reshape the city's identity. her landlord, allied with that settling movement has tried to expel her through recurring cold cases because before her but he says this funds owner was jewish. it's outrageous that is, that even today in 2023 is using this a discriminatory law against palestinians only to pick a policy means from houses and homes and east jerusalem based on the solution that is right and active.

this invention of dentist william morrison and confectioner john wharton was first presented at the 1904ir in st. louis under the name nitfey, cotton candy right history of russia 1.200 in 1706 peter established this title in russia and was the first to grant them boris sheremetyev for the suppression of astrakhan rebellion if i'm not mistaken, baron no. maybe it's the count? this is the correct answer. and how much less for golovin, you ask. but menshikov and golovin were counts of the holy roman empire, please, the history of russia for 1.500. he personally decided to send nicholas ii, who had abdicated the throne, to tobolsk, but kept the route secret until the last moment, the royal family was sure that he would leave for the crimea . his father, a famous poet in china, was declared a right element and forced to leave for the provinces. and he managed to sit. under arrest, already becoming a world-famous artist. 1.500 historian sergei solovyov said about him that not a single sovereign was distinguished by such a hunt and such an ability to talk to challenge on the people's square at

wharton professor jeremy siegel is here. >>> let's look at your score card dow getting a nice boost today from united health and chevron and caterpillar and american express. tech an interesting story. some of those ai names reviving a bit. pretty good day for apple as well energy, the worst sector is leading today. it leads to our talk of the tape can you trust and depend on this rally? let's ask the professor siegel he's with us today from philadelphia professor, welcome back. >> happy to be here, scott. >> new month are we going to have the same story? do you believe in this market right now? >> i think the market loves the -- i was surprised there's talk about a pause or a skip you can name it what you want, but i think that's a major source of the rally. i've been warning about the fed going too far, the delayed effects of monetary policy copolicy if they can pause, this lowers the probability we'll have a recession. >> you think they're done? when you saw pause, presumably you're suggesting they don't go in june, but that doesn't mean they're fully done i think fed members who have

wharton professor jeremy siegel is here. >>> let's look at your score card dow getting a nice boost todayn and caterpillar and american express. tech an interesting story. some of those ai names revivin

> and let me remind you -- thank you for that "closing bell," 3:00 eastern time today we have the whartoneak with him. gene munster, as well on that apple $3 trillion market cap cameron dawson will join us, too. so see you then. steve weiss, final trade >> i'm going to go with jacobs this is a long-term trade. it will go to $4 trillion by next week. a nice, steady trade jimmy is going to buy this eventually when it's above 30% >> what do you have? >> visa. people will continue to swipe and earnings kick off in the next two weeks and visa has an 8% holding >> farmer jim? >> transocean. i've been talking about this more this year this is the highest way to play oil. >> liz >> small smcaps, profitable one. >> good stuff, everybody "the exchange" is now. ♪ ♪ >>> thank you very much, scott i'm dominic chu in for kelly evans today. here is what is ahead. from fomo to gerf. we're joined with what it stands for and why now is not the time to embrace it as a market strategy and where he sees the biggest opportunities in the second half of the year. >>> the supreme court ending joe biden's student

p penn wharton budget model said this legislation would reduce federal spending not including interestabout $1.3 trillion over the next ten years. >> right. listen, over ten years? that's a drop in the bucket. >> harris: you are not impressed? >> i would have voted against it. i would have definitely voted against it. this was the opportunity right now to take -- >> harris: even up against a june 5th deadline. can i ask you a question? why is it that janet yellen last week said i'll move it from down 1 to june 5th? >> well, she wanted to keep the pressure on. she had to acquiesce. >> harris: is that a fair question? >> it was part of a negotiating ploy. put pressure on everyone. going -- she knew it was too late june 1st was the real x date we were in a world of trouble. >> harris: okay. >> you have to fight these things. these kind of opportunities only come up. -- >> harris: do you think there was enough time to fight? >> i think so. president biden was the one who didn't want to negotiate and stalled the negotiating process. he came out and said i'm not going to negotiate. it won't

. >> reporter: republicans also not mincing words how they feel but ashley, the penn wharton budget modelon act overall is expected to add $750 billion to the deficit, something that republicans argue will make inflation worse and inflation is something that fed chair jerome powell told lawmakers this week is something that hits the middle class and working people the hardest. ashley? ashley: certainly does. a lot of harsh words being thrown around. hillary, thank you very much. appreciate it. what do you expect in politics. joining me now, trend macro chief investment officer don luskin. don, great to see you. i want to get your reaction to hillary's report. i would say to put it mildly there seems to be disconnect between the white house, gop lawmakers and the fed, right? >> i mean i'm just trying to get over what i just heard okay? mr. president, you have to try harder not to suck. i mean it doesn't get any better than that. what can i say? ashley: [laughter]. i know. just leave it right there. >> the positioning here is obvious. so the democrats are trying to create the idea that the

joining us is wharton school professor of finance jeremy siegel you have been so focal on this fact thatke you're going to get your wish in june, but the price for a hike in july and they might sound hawkish. >> . >> i think that's going to be too high interestingly enough, you know what the most important data next week might be, it might be thursday's initial flames report which comes after the fed meeting. that was quite a jump last week and i don't want to make too much of it because it's a volatile data point, but i always have taught and, you know, stated that initial claims is a sensitive early indicator we had kind of a false a month ago when we found out there were fraudulent claims from massachusetts and went up and went back down they claim there was no fraudulent claims in that last report, but we'll see if it's repeated as far as that's concerned. i believe, you know, going in, western going into political season they have to be sensitive to what's going on in employment. if we see any faltering on that labor market, they are going to give up their rate hikes. >> i don't kno

the wharton central africa of republic was initiated in 2013 by group of mostly most of rebels.ave forgotten the history. before it was a french colony to the 1900s, powerful muslims alternates who ruled in the french defeated the powerful sultantes. when the french took over, people forgot about the muslims but the muslims have not forgotten. they made a bid to reclaim the glory they had lost to the french. it took over the country briefly but they were defeated again. unfortunate, that defeat led to the ethnic cleansing of muslims in the central african republic. the muslim popation was reduced from roughly 15% of the country to about 9% by some accounts. enormous, hundreds of thousands of people, of muslims cleansed from the country. the number of dead in that war has still not properly been counted. but what it tells us, the central african republic tells us is that many countries are looking back to their past before the west ruled over them. looking back -- looking to reclaim their identities and past glory. though this rebel group took power only briefly, they did succeed

both the congressional budget office and the wharton school of business models both show that the estimated affect on inflation will be statistically indistinguishable from zero. it will accomplish a lot for the environment and not increase inflation. the recent acts to take away irs enforcement will lead to higher deficits and higher inflation. the chair of the committee tells us we don't need regulation of our well capitalized banks why are they well capitalized? because of our regulation. i do want to focus on whether our banks really are well capitalized. mr. powell, our banks are well capitalized, if you value today's assets at today's fair market value where we have experienced higher interest rates and the value of the debt declines and are they well capitalized even if you assume the depositors are not just going to leave their money lying in the banks but the obligation the bank has to its depositors is valued at full face value but the marketable securities and loan portfolio is priced at today's interest rates, do we have a well capitalized banking system >> i think you have to t

we'll ask the wharton schooschool's jeremy siegel. inflation read comes in lighter than expected.mediately and it's a broad-based move for the s&p 500. the index pacing for its best half since 2019. a strong week for energy, industrial and financial

struggle that has lost the decades villain marks reports from occupied easters away from the welsh wharton tourist traps of east jerusalem's old city. a peaceful scene plays host to a historic legal struggle in ne 7 decades. notice of lavonne has lived here on a could be tended the but not for the 1st time. she now faces fullest expulsion, an elevated stress, that's the issue, the clothes that i get to this, i become more agitated. i should take a sedative once a day in the last 15 days. i've taken the morning noon a night because i can feel my heart pounding. a lifetime of personal china just represents the plight of palestinians in occupied east jerusalem. what is ready? settlers of public consort to reshape the cities identity. her landlord allied with that settling movement has tried to expel her through recurring cold cases because before her but he says this funds owner was jewish. it's outrages that is that even today in 2023 is using this a discriminatory law against palestinians only to pick ballast emails from houses and homes in east jerusalem based on this nation that is right

i would point out that both the congressional budget office and the university of pennsylvania wharton school of business' models both show the estimated effect of the inflation reduction act on inflation will be statistically indistinguishable from zero. so it will accomplish for the environment and not increase inflation. republicans taking away i.r.s. full enforcement will lead to higher deficits and higher inflation. the chair of the committee tells us we don't need regulation of our well-capitalized banks. why are they well-capitalized? because of our regulation. and i do want to focus on whether our banks really are well-capitalized. mr. powell, are banks well-capitalized if you value their assets at today's fair market value, where we have experienced higher interest rates and the value of the debt declines and are they well-capitalized even if you assume that depositors will not leave their money lying in the banks but the obligation the bank has to its depositors are valued at full face value but the marketable securities and loan portfolio is priced at today today's -- at tod

when i graduated from the wharton school of finance, we did not study being indicted, getting arrestedy never taught us that. under the presidential records act, which is civil, not criminal, 1977, civil. i had every right to have these documents, personal belongings in document. joe biden didn't. even mike pence did not have that right. because i was present but -- was president but they weren't. they scoundrels and flags, they only go after me. they did not go after the many many other presidents that had documents. you know about it. many others. you look at the bush family. if you look at, even jimmy carter and i would say he's innocent. jimmy carter is innocent but they went afterme. -- after me criminally. and it is not a criminal violation. it is not even a violation under the presidential records act. what could be a more accurate statement than presidential records act? that is what we are talking about. not espionage, not espionage. the legal precedent is laid out in the clinton socks case. after leaving the white house bill clinton kept 79 tapes in his socks. i put mine in b

toltod anybody outsidee th the biden circle for monthsd after they had been first found at the the pen wharton university pen with his name on it. that that place at the campus. and then two of his homes and then it was like an easterek egg hunt. i mean, everyplace you look, there were more documents. the president isn't wrong about complaining about that and saying that this is not thisdocument. no, no. and the other thing that donalns trump also has on the side is he was president. he could have declassified these document he couls that tht is going to have to be, i guess, litigated now. but also, you know, they were negotiating with the national archives. they were trying tg to to resole this situation. >> and so it's very frustrating. ting, i' for thi'm sure, for the presidel and his team to think that they were resolving this represidential records issue. and all of a sudden the fbi comes in and raids and now we have a special counsel appointed by biden's attorney general, reallyiden's t appears to be doing political work underyou kn the auspices of a special prosecutor. it's it is you kn

we think, based on what we hear from fire fighters that this compensation issue is in an wharton issue. the other thing we are doing on our infrastructure is we are looking at how we classify wild and firefighters. it's been a contention in the agency for years and that wild and firefighters want to be recognized as professional wild and firefighters and the way our position classification framework has been for many years, we call them wild and firefighters but when they look at their position description and responsibility, that's not what they are called we have been working jointly with usda forest service as well as office of personnel across the federal government and have established a new wild and firefighter, professional series and that we are in the process of implementing that so that wild and firefighters have that professional title as well as we are addressing sort of all of the qualifications and establishing clear lines of career development so when someone comes in and enters the workforce as an entry-level firefighter, they have a clear path to becoming a senior mana

. >>> the wharton school's jeremy siegel joins us with his take on markets for the trading week aheado chair of the council of economic advisers jared bernstein for the latest out of washington on psintrede biden's plan for the economy stay tuned you're watching "squawk box. this is cnbc complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions. i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i would always be the kid not cramping, ready to go. fast forward 20 years and i go from eating salt out of my palm to drinking lmnt. >>> futures at this hour continue to indicate very modest declining es at the open in this final week of june our next guest says economic risks are to the downside, but cyclical stocks are priced for a moderate recession let's bridge in jeremy siegel. professor, good to see you this morning. so i guess you're suggesting, look, we're sitting on 13% gain in the s&p on a year-to-date basis as everybody has remarked, it has been largely driven by a lo

coming out of the wharton little did they see the horrific distillation of 48 coming was the employment minnesota and hawkins of california decided to amend it in 77 and 78. i had the clearest memory of this being controversial but mike mckee it was done at a time when the chairman of the fed rarely spoke. today we have massive communication. what is the value this morning of humphrey hawkins testimony? michael: the prepared testimony of jay powell is out. nothing new in this statement. cut and paste from his opening statement at the press conference last wednesday. if you pick a line out of it you might say inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. he repeats the phrase we use is our key quote last week, nearly all fomc participants. expect it is appropriate to raise interest rates by the end of the year but at last week's meeting considering how far and how fast we have moved, which i should prudent to hold the target range study -- steady. his diagnosis of the economy the same, labor market remains tight and in