What one retail expert says about the future of how we shop. And shares of tesla and other electric vehicle stocks have been red hot, but there is one surprise gripe oup of stock that have been even hotter that is all ahead in your rbi on this wednesday at worldwide exchange. Im on fire, want to take it higher good morning, good afternoon or good evening from wherever in the world that you may be watching im Brian Sullivan thanks for being here on this wednesday morning. Lets look at your stock futures. They are mixed no real trend, markets of course are closed tomorrow so where he can all gorge safely apparently. But the dow trading above and closing above 30,000 for the first time ever. The index is up more than 13 this month and it is on track for its best month since january of 1987. And it will take just a half a percent more the next couple trading days to top that and give us the best month since january of 1976. Some of the stocks that have pushed us over the edge on the up side recently, chevron, that is a hint to what comes later. Jpmorgan chase, Goldman Sachs all up nicely. Small caps have been red hot, up on average 25 this quarter. The russell 2000 coming off yet another alltime high. And here is another pretty crazy stat that im sure i have not said before in 25 years of doing this job 19 of the dow 30 have gained more than 10 this month alt of tho eight of those up more than 20 all since november 1 wow. Look at this, led by boeing, boeing, if you are not paying attention, you should, up 52 this month alone obviously talking about travel next year, 737 max getting in the skies. David calhoun, Virginia Tech hokey, doing a great job there for boeing, that stock up 52 . But outside of stocks, augull yu potential home buyers out there, watch bond yields. Record low Mortgage Rates may be out. They are still spectacular low, but not as low as they were. If that were not enough, get ready also for a flood of Economic Data ahead of tomorrow hes market holiday. You got initial jobless claims out a day early. Durable goods, real not fake gdp, consumer sentiment, new home sales, Consumer Spending all out today before lunchtime somebody call steve liesman, send him a little doordash starbucks, we might be seeing a lot of him watching the overnight action in asia, japan up, main land china down today, but still been one of the hottest market for stocks this year, i think third best performing index in the world is the shanghai composite and opening up mixed as well in europe again not a big move either way. Down but france well call it flat because 0. 06. Now let us step out of the markets to this mornings top stories including a number of covidrelated headlines. Rahel solomon has those. Lets start in hong kong closing bars and night clubs to curb the increase in covid cases. This is the third time this year it has done so, more than 180 infections have emerged linked to clubs and Dance Studios but authorities have thus far declined to shut those venues down workers at walmart, amazon and other retailers are calling for hazard pay many of the companies did offer bonus pay early in the pandemic, but most have since done away with it. And Steven Mnuchin set to put 450 billion in unspent c. A. R. E. S. Act funding into the agencys general fund. This would mean that the Biden Administration would mean authorization from congress to access it, most of the money had gone to support fed emergency lending programs and youre uptodate. All right rahel, thank you and staying d. C. Related news, president elect joe bidens transition continuing to come together, the white house clearing the way for biden to start receivinging daily top secret briefings, this has President Trump reportedly plans to travel to pennsylvania today for a meeting with state republican lawmakers trump is expected to appear alongside Rudy Giuliani who has been leading the campaigns long shot legal effort in several states to reverse election results. His visit to gettysburg is not listed on the president s public schedule tracie potts is joining you with more what do we know . Reporter well, keep in mind that pennsylvania has certified those results, so well see where those meetings go and if they have any impact on again the results that have already been certified meantime president elect biden is telling nbc news that he has not yet spoken with President Trump, but we do know that the white house has approved those president ial daily briefings and they could start as early as today. America is back were at the head of the table once again president elect biden shared with nbc news as he announces his National Security team a team that will keep our country and our people safe and secure reporter his nominees for secretary of state, u. N. Ambassador and other key roles presenting a united front against President Trumps America First policies we need to be working with other countries. We need their cooperation. We need their partnership. America is back multilateralism is back. Diplomacy is back. To end this crisis, the whole world must come together reporter biden says he has already spoken with nearly two dozen world leader, reassuring allies that the u. S. Is ready to cooperate. The Trump Administration is cooperating already reaching out to the biden team on security, covid and foreign policy. Well do everything that is required by law. Well make this work reporter President Trump is taking dread for the stock market breaking 30,000 never been broken, that number that is a sacred number, 30,000. Nobody thought they would ever see it reporter as biden continues to break barriers, nbc news has learned that he is considering veteran pentagon official michel michelle floynoy a defense secretary, if confirmed she would be the first ever to serve in that role and biden saying that he wants to quickly reverse President Trumps climate orders, try to get the schools reopened and also send congress a bill on immigration within the first 100 days yeah, a lot going on. And also i guess kind of interesting that biden hasnt tapped anybody from capitol hill to serve on his cabinet. Even though there were several senators that were sort of rumored to be on his short list. Mine, this will be kind of one of those things that is noticeable by omission reporter right but here is the thing, he takes someone from capitol hill, a republican governor replaces them with a republican, and that messes up the balance of power on capitol hill. They are waiting on those two elections in georgia to determine if this is going to be 50 50 with a tie breaker with Vice President elect Kamala Harris so you know, they may be people on his short list, but taking democrats away from the senate right now may not be politically smart. He said flp nbc entin that intet he needs democrats on capitol hill too push through some of these initiatives like the immigration bill that he wants to send over almost as soon as he gets in office. The old we know youd like us, wed like you too, but we need you to stay there so we dont lose more seats two years from now got it tracie potts, have a great thanksgiving best to you and your family. Back newow to your money because it has been a heck of a month for stocks the dow busting above 30,000 and it took the dow just 46 months to go from 20,000 to 30,000 50 gain just under four years that is why you hold stocks. And the best performer is apple, no shock up more than 280 . Worst performer, walgreens lost half its value, but to be fair, it has only been in the dow since mid 2018 technology of course outshining all other sectors since the dow crossed before 20,000, up more than 140 in that time the only sector in the red over this period, what else, oil and gas down about 44 all other sectors are up 20 or more lets bring in now ryan pane, president of pane Capital Management house of pain for oil and gas stocks are you touching by the way, they have been hot lately, but are you touching any of these stocks as sort of deep long term value plays . Funfully that you said that, i like the house of pane, i appreciate that. I was on your show this summer and we talked about energy and energy was getting demolished while tech stocks were red hot and weve seen a nice rotation over this rally. Energy stocks have definitely come alive and it just speaks to what i see is that reopening trade. And tech really hasnt done that much since the end of the summer the only faang stock near its alltime high right now is google and in the meantime you have Energy Stocks going up, you have financials, good Old Fashioned value stocks so this has really been the reopening trade rally that weve had the last couple weeks which is pretty awesome and you and i were talking about that literally back in august yeah, we were and listen, ryan, there is no question why there is optimism now. The vaccine seadvantag vaccinest but have we gone too far over our skis valuations in some cases can be hard to just are guy, maybe for Small Cap Value they are easier to justify where do you see any kind of valuation gap . Yeah, the valuation gaps are huge right now and i think that is one of the best opportunities that you have as an investor because lets face it, tech, growth trades at 30 times forward earnings, and that is not cheap. And just are so much good news has been baked into those stocks this year. And meantime you look at the value stocks which just went even for the year are trading at 15 times forward earnings. So when you look at the hurdles next year from an earnings perspective, it is just a lower hurdle that they have to beat expectations whereas if im a big large cap tech company right now, where go you do you go fro. I think it will be hard for tech to keep outperforming and it speaks to it is so important right now to diversify your money. And you can look overseas as women. You read my mind or maybe i read your notes because you talk about overseas i know were my optic in the American News media. I get that but we forget 96 of human beings do not live in the United States opportunities in the emerging markets . Value is even cheaper overseas emerging markets specifically right now, they are barely trailing the u. S. Markets, the s p and emerging markets are pretty much neck and neck in performance this year, but again, the multiple is just so much cheaper overseas. And you look at markets and market penetration, like you said, 90 plus of the population outside of the u. S. , so is 85 of the Economic Activity so if you look at india for instance, mortgage penetration is like 10 of gdp where it is 60 to 70 administers in t in s and on top of it, you have a weakening dollar which is just an extra kicker to your performance overtime so not having a Global Portfolio at this point, you will miss the bet other t boat the next five to ten years. You have to have those emerging markets. Ryan payne, thank you so much and what the ceo of nick company ni nick la oig told jim cramer. And later, another day, another record for tesla ahead of its s p 500 debut black friday is here early. So get the 5g americas been waiting for. Verizon 5g is next level. announcer unlimited plans fit everyone in your family, starting at just 35, with 5g included at no extra cost. Plus, youll get the entertainment and gaming the whole family will love. 100 obsessed with the mandalorian. man i watch a lot of sports. woman it has all my favorite shows. announcer switch now and get 1,350 off our best 5g phones. Its like a gift on top of another gift. Gifts keep coming at you. Everywhere. announcer this is 5g from americas most reliable network. A lot going on today including an embattled electric vehicle maker and a tame oig of t tale of two retailers. Shares of nikola are under pressure and talks with gm on a supply of Battery Technology and build an electric pickup are ongoing, but he wouldnt comment further. Both sides can walk away if a deal isnt finalized by last week russell also wouldnt speculate on whether nikolas founder would sell off his shares. You can see shares are down about 8. 5 north control dstrom is higher e than expected Third Quarter results. The Company Expects continued momentum this quarter and into next year. Although they also believe that shipping charges and premium holiday pay will hurt earnings you can see shares are up about 2. 2 and American Eagle outfitters beat forecasts, but store traffic slumped. They say they are seeing holiday demand take place in november and it expects even more of a shift to Digital Sales this quarter. Lets stay on the theme of retail thank you very much. Because black friday is taking over more than just one day this year many retailers im sure you know see their specials, they already kicked up their holiday sales weeks ago. And for good reason. Just over half of us plan to spend less on black friday the day in year, about 480 on average. And three out of four shoppers will also spend the day onlined instead of in line of course so is this the end of black friday the day as we know it joining us know is director of Consumer Research at refinitiv good to see you again. What exactly is black friday, is it a month long sort of semi celebration of discounts good morning, brian it has definitely been an unusual year for retail including black friday were seeing that the average promotional discount is about 34. 7 . Refinitiv discovered in a collaboration with sell stage. And this is pretty of the average discount that weve been seeing even before the pandemic. It is very usual to see this average level of promotion what is different however going into 2020 is the amount of emails going out to consumers. Retailers are doing a really good job in it he willing us about the emotions, emails are up about 31 compared to two months ago and also there are a lot of new items that will be on sale, brand new products that have been introduced into the market will be on sale this year which is different in a recent survey, we found out that over 60 of americans will still be shopping on black friday and the one item that they will be buying for the entire household is pretty much clothing and apparel they said also that the amount of money that they will be spending will pretty much be determined by the average discount being offered and this bodes well for black friday sales because apparel is the highest item currently being discounteded going in going int. Im surprised by that i recognize a lot of america does not live like we do in the northeast. People have much more normal lives west of the delaware river. That said, ive been wearing the same pair of jeans for like sick weeks and im only slightly exaggerating there is nothing to do and nowhere to go. Why is apparel so hot . Because it still is a gift. There is a lot of wives that will be buying sleep wear for their husbands and kids. And also they will be taking the opportunity of the fact that the discounts are higher than usual this black friday. So therefore, apparel is the number one item that consumers are shopping for followed by electronics and then gift cards we found out in the survey who has done it well . Listen, in march the tide went out and we found out who is not wearing bathing suits if you know what i mean because some companies figure it out, other companies have not they have been exposed so to speak. What companies are doing this well that have figured out this rapid shift to not just digital, because everybody was online of course before, but this kind of volume and ability to manage through it well, the Number One Company in retail that has done this very well is nike, because nike was able to len a lot of the shoppers with their health and wellness app and health and wellness has been on the top of consumers minds during the pandemic. So by bringing in the consumers on to the free app to take free online classes, they were able to learn them on their ecommerce website where the visitors were converted into actual sales. So were seeing the retailers that have a strong ecommerce strategy are the ones doing well during the pandemic and will continue to do so. Americans are telling us, over 70 are telling us that this trend is here to stay, that even if a vaccine becomes available and the economy goes back to normal, they will continue to shop online because they learned that this is a fast and efficient way and a safe and contactless way of shopping during the pandemic. Yeah, look at that 67 . All we have to do is just start up a new box and or duct tape business and well become billionaires jarron mar take, have a great thanksgiving still on deck, bnp paribas breaking down the markets love hate relationship with faang, sectors to play in a red hot market with dow over 30,000. Futures off a tad right now. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. Lets get a check on the other top world and National Headlines including your obligatory 40 foot tall leg lamp story, a holiday tradition Frances Rivera is in new york with that and more doesnt everybody have one of those . Lets start with this, millions are ignoring government warnings to stay home this thanksgiving, some of the busiest airports are in the same states where the virus is exploding over 50 million americans are expected to travel and lines are filling up not only at airports but attesting sites across the country. And another 60 satellites are orbiting earth this morning. Spacex launch deployed dozens more satellites to connect the star ling system and now to that leg lamp, one oklahoma town found the Perfect Place for this, a 40foot tall inflatable right there in downtown. Workers were careful with the fragile lamp and of course the Christmas Tour town hopes that the tourists will stroll into catch a glimpse of that. But they need to serve some ovaltine and maybe get a frozen pole for kids to stick their tongues on and a red ryder to shoot your eye out. Of course and maybe some soap too for those four letter word droppers. Exactly dont put your tongue on a frfrn lamp pole. Weve all learned that the hard way. Frances, thank you very much have a happy thanksgiving. You too coming up, the spirit of 76, what the markets may be when ready to do, it hasnt been done since Barry Manilow topped the charts change is all around us. Shaped by technology and human ingenuity, we can make it work for you and your business. Businesses today are looking to tomorrsetting the course. Ating. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere and manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. To 30,000 and beyond, the markets close to doing something they have not done since 1976. Joe biden speaking out for the First Time Since the election laying out his first 100 day plan and strategy to tackle the pandemic nbc news exclusive ahead and teslas wild run continues, the ev stocks have been red hot, but so is one other sector that may be very surprising it is market cap madness as elon musk counts hmoney. Happy wednesday, this is worldwide exchange. All right. Welcome or welcome back, everybody. Getting a little semi disco groove there here is how your money and investments look right now stock futures are down a little bit, not going to make too much of it. Of course the day before thanksgiving, nasdaq up, dow down, well see where the markets go either way the headline is this, the dow closing above 30,000 for the first time ever. And here is a stat that you can wow your friends and family virtually or whatever tomorrow the dow is on pace for its best month since january of 1987. But that is good, but if we close above 30,164 anytime today or the next couple sessions, the dow could rightfully claim its thrown as the best monthly percentage gain since january of 1976 when the bay city rollers had america top song an awful song. 30,164 the number to focus on for us to rewrite the stock history books. Speaking of history, also check out bitcoin hitting a high of 19,439 yesterday on the new coin metrics pricing latform, up 22 intra day high how is that, 1976. But we have to get to 30,164 for more on that and where we go from here, joining us now is k450e6 m chief Market Strategist dan morris great to see you throwing all these crazy stats at our viewers just waking up drunk dri drinking coffee. How does your team rationalize this kind of move that we have had in equities . Well, i think it is important to separate what you necessarily see with the dow with a Broader Market cap waited benchmark. We know there are particularities with the dow, a price weighted index so i think that it can arguably give you a distorted picture about what is happening. Nonetheless i think the rally in the dow reflects the rnews on th vaccine. It just so happens that it overrepresents value versus growth stocks, so that is why it has done so well, but it is reflective of the underlying rally that you have seen from one to the other yeah, i know the dow stinks as sort of a measurement gauge, but you now it is getting into the general news audience as well but it has not been just the dow. Weve talked about small caps have been the stars any sectors that you see, anywhere in the world that you think is still under valued yeah, if you look for example at the ratio of the forward pes have growth to value, that gap is quite high. But if you just look at the absent valuations of those few stocks, it is not something that you will argue is cheap. So i think what we are looking for here in terms of what will drive the sectors is where on the mar begin you think you have the biggest up side potential and given through the lockdowns up to now, clearly weve had a strong outperformance. In the only in technology, but internet enabled beneficiaries so we think the expectation that they should lag a bit while other sectors that have suffered, anything around transportation, energy, fnss search with the frost penprosp e higher Interest Rates, they should have a chance to catch up yeah, they could be below 1 on the ten year for a long time, right . Were probably a little more bearish if you will when it comes to yieldses than that. Were looking for if you look at the forwards for ten year treasury, you are looking into 121. 3 by the end of next year. So i think it is not radical steepening 50 or so basis points the next 13 months, but with the prospect of reduction of the lockdown measures in the spring, not the near term, hopefully some estimate less when we get the congress installed at the beginning of next year, all that should lead to hold desly higher Interest Rates and that should benefit financials daniel morris, appreciate it. Best to you and your thank you very much. President elect joe bidens transition continuing to Gain Momentum the white house clearing the way for biden to start receiving daily top secret president ial briefings as team biden continues to announce his cabinet picks. Speaking with lester holt, biden says that the Trump Administration has been sincere as the transition begins immediately weve gotten outreach from the National Security shop, from just across the board and they are already working out my ability to get president ial daily briefs, were already working out meeting with the covid team in the white house and how to not only distribute but from a vaccine being distributed to a person being able to get vaccinated so i think that well not be so far behind the curve as we thought that we might be in the past and there is a lot of immediate discussion and i must say, the outreach has been sincere. It has not been be grudging so far. And i dont expect to be so yes, it has already begun on top of the trance is igtre partially laid out his plan to fight the pandemic and initiate return to inclassroom learning, something very important to Everyday Americans what will you do to get kids back in school, how much will you be working the phones and working with governors and mayors it takes a lot of money to get them back. The estimates are 150 billion, 200 billion a year to safely open our schools for example, we know that we have to change everything from the ventilation systems in schools, we know that we have to change the sanitary we have to make sure that everyone from sanitary workers right through to the bus drivers, they have to be clued in, they have to be protected and they need the ppe, they need the gear, they need the ability to have smaller modules of classes youve got schools closed right now in places where restaurants are open are our priorities correct i think that we should be able to do both. But look, im very concerned about the schools. Some good questions there in lester holt. All right. Coming up, tesla crossing a milestone making history in the process. Well tell you about it. Its been a tough year. And now with q4 wrapping up, the north pole has to be feeling the heat. Its okay santa. Lets workflow it. Workflow it. . With the now platform, we can catch problems, before customers even know theyre problems. Wait. A hose . What kid wants a hose . fireman . Says hose. It says horse not a hose cedric get over here now our people can collaborate across silos, from across the globe. So hows the new place . Its a 4 bed, 2. 5 bath igloo. Its great yeah, but you have to live in the south pole. Sir. Wait, are you sure . Yes, were that productive now. You hear that . the kids get twice the presents about time 2020 gave us some good news. Whatever your business is facing. Lets workflow it. Servicenow. Welcome back pcs, pastels and shares powering to new heights, those are among the stock stories to watch are rahel is back. Are we still wearing pastels . Yeah, but im dated depending on where you shop, youre right i dress like a marriott i dont want to offend marriott. I dress like an old hotel lobby. Whatever you want to wear is totally fine with me let start with hp reporting better than expected Fourth Quarter earnings and revenue, the Company Continues to get a boost there strong pc sales. And that helped offset the slump from Office Spending you can see shares are up about 5. 5 premarket. Speaking of pastels, gap Third Quarter profit falling lower than expected. Also forecasting Fourth Quarter sales to be flat or slightly higher than last year. And tesla continues its meteoric rally as investors snap up shares ahead of its debut in the s p 500 next month so tesla is up more than 500 this year and has jumped more than 30 since the s p announcement on november 16th. And brian, check this out, if these gains hold, tesla will be the sixth largest stock in the s p 500 ahead of visa and of course ahead of ahead of visa for sure, trailing facebook but also trailing the members of the trillion dollar club of alphabet, amazon, google and microsoft. Right rarefied air that it is in rahel solomon, thank you very much check this out, after urging americans not to travel over thanksgiving and millions do, the cdc is finalizing plans to shorten the recommended quarantine length likely down to 5 to 7 days from the current 14. It would also include increased testing protocols. That change has been in the works for a while, but could come at a time when more and more americans are hoping to travel for the holidays and indeed many are going to be. Joining us now with a look at how the pandemic is impacting travel this year and where we go in the future, cofounder and ceo of tablet hotels, laurel, thank you very much for joining us i dont need to tell you how tough it has been this year. What are you expecting mid next year into 2022 good morning, brian thank you for having me. Well, we hope that by then the virus will be widely distributed. You know, travel participated in the virus, but travel itself is not the problem, the problem is proximity with other people firefighter and i think tand i think the vaccine will take care of that im an entrepreneur, so im artistic by nature and we see a lot of pent up demand for travel when restrictions were lichllife flocked to hotels and the numbers are higher and were ahead of a holiday, so nothing wrong with being optimistic by the way. Ive told my friends and family, if youre going to travel back half of next year, 2022 rng, yo might want to book it now because i think things will fill up and prices will firm up a lot. Are you starting to already see demand or are people Still Holding off and they just wait and see how things shake out the demand right now is for staycations and staying in Hotels Within Driving Distance so weve built a tool to help people do just that. You know, it is called take me away all you have to do is put in th driving scans and we fidistanced hotels based on where you are. People are not looking to make plans, they are looking for a break. And so these breaks are planned on very short notice so we give them an array of experiences that they can choose from and whether it is an experience in terms of architecture, interior design, or whether it is an activity, wine tasting, so you can pick one of those experiences and well find hotels that youve never heard of probably because you may have enjoyed traveling in the past and now hotels are within driving distance in your own city so that is the demand were seeing and the driving distance, you are part of michelin, so perhaps it is roech appropriate. But is that going to stay, sort of bubble up inside within just a couple hundred miles, or do you expect americans and europeans when the vaccine is widely available, say i love america, but im going to greece, get on a plane and go a long way away. We started this company on based on bringing people together especially from different cultures so i think we cannot wait for that to happen again because that is one of the great things that travel brings to humanity and in fact, the tool take me away was initially conceived to answer a question such as if i could go anywhere, where should i go so for example wine tasting is something that you may expect i enjoy very much. So instead of being contained within the north or finger lakes, if i type in wine tasting, i get Hotels Anywhere in the world not just the usual italy, spain. Anywhere in the world. And so im sure your audience cant wait to travel internationally. It is no offense to reilings, but im down with others as well thank you very much for coming on have a Great Holiday tomorrow. Thank you on deck, it is not just tesla, we have eyepopping stats on electric vehicles that you have got to hear, but it will surprise you about a red hot sector, not a lot of people are talking about it stick around time to your morning rbi, the last before we take tomorrow off and give thanks. And investors should be giving a lot of thanks to the ev stocks because they have been hydro again powered rocketships. Look at these gains in month, nio up 75 tesla, up 43 . And why you watch cnbc, we introduced you to arsimoto years ago. It was a lot of fun and these stocks are soaring because people talk about the future of transportation and the lack of fossil fuels but even as electric cars get all the media love, guess what else has been quietly red hot this month oil and gas stocks in fact this month occidental up 83 , northern oil and gas 82 , and little old sm energy is up 185 this month. Of course you can say it is a bounce off extreme lows and you would be right, but hey, november 2020 will go down as the month humanity may be saved by vaccines also the month where they say the industry cant be saved. Oil and gas trumped the future of fuel. Random but interesting and very profitable back to the futures. Just one day after dow 30,000, something could happen that could perhaps suspicious us over the edge even more, a flood of new Economic Data. Today jobless claims, gdp, spending, consumer sentiment, october new home sales just to name a few lets bring in Ellen Zentner what a menu, they are not giving us a break ahead of the holidays of those reports, is there one you view that is more important than others . It is about the High Frequency data so it will be the allimportant jobless claims you know, there are more shutdowns happening around the country. We want to gauge how many of those Service Sector workers are now being sent back home again and i think that is what investors are watching for as well are we seeing the real economic damage from that yet and that is where you would see it show up first. So i think that first and foremost is Something Like ten data releases will dominate the morning. And then we move into the fmoc minutes this afternoon and that is what people will be keenly focused on are low rates going to be here for years you throw me a softball question this morning. Yes. That is an easy answer but i think in the near term here what investors are watching for, in the minutes this afternoon, what does it show was the discussion, the evolution of the discussion around how the fed feels about how long asset purchases might continue and also any hints of whether it would do extend the maturity of its purchases at this upcoming december meeting. In that regard, we think that it is only about a 35 probability that they do that at this meeting because financial conditions are extraordinarily easy right now and they only need to move to offset that. But, yeah, Interest Rates low for an even longer time under this new framework of theirs, absolutely okay. How about this, not a softball, a few years ago everybody said where will Interest Rates be on the ten year at the end of the year and it was like 3 . And we know that those people were incorrect are and by the way, rates moved down before the pandemic. I think inflation could run hot. What would force the feds is there anything that could force the feds hand to actually tighten monetary conditions . Well, it can. I mean, so weve had a very outconsensus and unpopular view for some time that inflation will be rising here both in the medium term and also long term instruct a structurally higher inflation. And a big part of that is also the new framework from the fed that you let the labor market gets a tight as it possibly can, you continue to support the economy for even longer, say two to three years longer than you did in the last cycle in order to ensure that inflation will rise and stayabove your 2 goal so the fed itself is going to be driving Inflation Higher as to it wil so it will resist raising rates. Could they raise rates earlier than the markets expect . Markets are pricing in sometime by the end of 2023 absolutely we didnt know exadont know how the economy will unfold say in 20 2022 but what they have to do is take the foot off the gas pedal by tapering asset purchases before they can raise rates and so there after, and this is what i think is the most important point, it is not when do they start raising rate, but at what pace do they do it i think in the beginning they will raise rates and then they will get off of zero and then go from there after very slowly i think that that is a big story that we see for em, supporting em, versus the last cycle when they went too quickly. So how do they redefine gradual i think will be very important yeah, certainly might be. And the other thing too, well talk about main street the next time you come on, because main street needs help and also workers. I see help wanted signs everywhere i go. And business oiger e owners say find people who want to work ellen, happy thanksgiving. Take care. All right, that does it for us here on worldwide exchange. Ill be sitting in with andrew and becky on squawk box next stay tuned dow futures down 73, a lot more to do for the next three hours or so. Good morning dow 30 thour,000, blue chip ind closing above the level for the first time ever. And it is now on track for its best month since 1987. And stocks arent the only game in town, bitcoin is booming again. And thanksgiving 2020 with more people preparing a smaller feast this year, and others cooking a turkey for the first time, well check in as we always do with the butterball hotline for a little bit of advice it is wednesday, november 25, 2020 and squawk box begins right now. Holiday road holiday road good morning, everybody. Welcome to squawk box. This is cnbc and im becky quick along with Andrew Ross Sorkin and Brian Sullivan nice fast change, i like it, took the jacket off and changed the backdrop and all ready to go im all squawked up and we all