On cnbc. Im wilfred frost alongside seema moody. Great to see you. A continuation of how we ended last week. By that i mean buying off stocks and the dollar higher. We had a weekend to pause and consider whether that is the right move and markets seem to think it is. They are continuing in that direction, albeit more muted than the huge moves immediately after Donald Trumps election victory. We are higher just shy of 100 points on the dow, 94 to be precise. The s p by 8. The nasdaq by 14. Huge moves last week to the tune of 5 to 6 as a whole. But it is worth pointing out there was differentiation within it. This was not just a move that growth will be higher in all sectors and they will all benefit. It was based on the fact that yields moved higher and with that the sector rotation was clear. Financials are up a huge 11 for the week. But utilities were down. Well have a look at the tenyear note. We are 2. 28, sorry, 2. 22 moving higher. You can see that stock shutting higher in the last week in itself. We ended the week just below this, so we are continuing to carry that trend today. The european stocks are following suit here. As we see the global rotation out of bonds and into stocks, the german dax is up. 80 . Its interesting to see their reaction in the bonds with germany hitting a ninemonth high. Across the board in euro, france and italy, the ftse 100 is higher by 1 . But it was interesting to see the change in the momentum around the u. K. Pound. And in asia, a lot of questions about what a Trump Administration could do. Japanese stocks are opening higher by. 40 . The main reason the nikkei has been so strong internationally, the dax was the leading performer next victory. Because those two have been doing well in light of a stronger dollar and weaker yen and euro respectively. And that continues today. Well have a look at the broader markets searching for union. The most muted last week of all the hifactors ending 1. 5 softe. It was moving around all sorts of factors aside from the election, 43. 2 down, down. 40 . Well look at the dollar board, the mexican peso enjoys a slight bounce be back. It will continue weaken that broader Dollar Strength that continues, particularly with the 1 yen. Gold prices quickly to roabreak fourweek win streak. You would think the uncertainty that the Trump Administration brings to markets would result in more people seeking shelter in a safehaven asset like gold, but that didnt happen like other factors near the dollar. The first two or three hours we saw the planned trades, the riskoff tape, but this happens quickly in the bond yields. At the moment the bond yield moving higher benefited the u. S. Dollar. The fact that youll have a yield and pick up in inflation might come higher. However, if you spend more and real quickly it could lead to a strong dollar. It will continue, but we have a long ways to go to see the policies affected. And now the focus on who he brings as part of his cabinet. Speaking of that, a Trump Administration just said that Reince Priebus is now the new chief of staff. Trump releasing a statement saying, steve and reince are highly qualified leaders who worked well together on the campaign and well have more political news coming up. And bank of japans kuroda said the japanese economy is sustaining memory to the 2 inflationary target. But there are risks due to econom economics. They are looking into how Donald Trumps economic policies will affect the markets. For wednesday through friday, many regional fed leaders are expected to speak including voting members like bill dudley. Retail Sales Numbers are key on thursday. And on friday watch for the Consumer Price index and industrial production. Thursday our eyes are on the Consumer Price index. Heres a look at the earnings agenda for the week. Tomorrow well hear from home depot, wednesday it is lows and targ target. And the realtime deal is valued at 4. 5 billion to put into testing both sides of the market. Samsung electronics is acquiring auto parts displayer harman. It is valued at nearly a billion dollars, a 20 premium. This is samsungs biggest acquisition. And more stocks to watch today after plans to handle the trump lawsuit up to 3. 4 billion according to court papers. The pickups and suvs say they didnt have enough protection and that could lead to corrosion serious to move the numbers. Bmw has been offering more factorypowered models and is up 2 today. Novartis is considering the sale of their alcon division. They say alcon hasnt developed over the past two years as the drugmaker expected and shares are flat in swiss trade this morning. And american will file for the second bankruptcy in just over a year. The retailer faced heavy competition and a rocky relationship with the company. And American Apparel files for bankruptcy. And the european markets are rallying to start the week. Well head to london for a look at the biggest movers next. Stay tuned, youre watching Worldwide Exchange on cnbc. K s 35,000 fans a cutting edge game experience. Or the network that keeps a leading hotel chains guests connected at work, and at play. Or the it platform that powers millions of ecards every day for one of the largest greeting card companies. Businesses count on communication, and communication counts on centurylink. Welcome back to Worldwide Exchange. Good morning to you if youre just waking up. The Market Action is continuing in the same vain we ended last week, albeit slightly more muted fashion. Equities are higher around a half percent. We just hit triple digits on the dow, 102 points to be precise. Last week was unreservedly positive for markets and risk assets for the whole by the end of the week. But there was differentiation in the sector because of the rally we saw predicated out of money coming from yields rising higher. And the Sector Performance was expected around that. Utilities, the worst performer, down 4 for the week as a home. Either way, over the course of the weekend, investors are still expecting similar moves as you can see this morning in the futures market. Well look at the oil prices as well that moved more complicated last week. It was not a simply risk on risk off around the election. Wti ended down 1. 5 at 43. 3. A little bit soft this morning but not too much as you can see. Brent is flat just shy of 45. Lets also have a check in on what is happening in european trade this morning. Louisa bojesen is joining us from london with what is happening there. Louisa, good morning. Good morning, wilfred. Good to see you. Precisely on the point with yields moving higher, it also begs the question of when do the rising yields prevent the equity markets from continuing to steam ahead. Because we have seen this pretty awesome rally over the course of this past week. And we continue to see quite a bit of green here on the screens this morning in europe as well. The polish wig going just a little lower, but the markets are hanging on to gains across the board. With all of europe higher somewhere near half a percent to 1. 5 for the markets, the ftse 100 just over 60 . Where is the market going and what is pulling us higher . The Financial Services are still rallying. You have the banks on both of the sectors higher by 1. 5 to 2. 5 . The resources are stealing the limelight up by 2. 5 . Real estate and utilities, both the sectors are seeing switching. We are still seeing the sectors that were benefiting last weekend and continuing to benefit this morning. But when looking at the stock specifics out there, its not so much linked to the sectors. Its more down to some of the specific stories out there and just briefly to mention that siemens agreed to buy the Software CompanyMentor Graphics. Not sure if you have been talking about it this morning, but a big deal, 4. 5 billion. And over 100 Million Euros within the next four years or so. And this transaction itself is supposed to be closing during the Second Quarter of next year. But one of the key shareholders of mentors Elliott Management supporting the siemens deal said the shares were deeply undervalued. Thats one of the bigger stories making the rounds here. Louisa, thank you for that. The dax was up 4 last week. Nmpb in other global news, nigel farage is the first foreign campaigner to meet with donald trump. He said he needs to mend fences with the new incoming president. And i just got back from the u. K. Over the weekend, this got huge attention. Not only is mr. Farage not a part of the u. K. Government or teresa mays party, therefore questioning her authority here, an outsider in that sense being the first to meet with president elect trump, but hes the first foreign politician full stop. And an actively antieuropean campaigner. So not just in the u. K. But across europe theres huge concern that there might be now a u. S. President against further integration within the eu. A lot of questions around europe based on the fact that trump chose this as his first foreign politician to meet. On sunday there was a special eu Foreign Ministers meeting to talk about president elect trump. And the french and british didnt attend. So theres a lot of fear about what this could mean for the future of the europe. And the future of the u. S. If he continues to seek the guidance of farage, is there a cabinet position for farage of some sort . That is a question. That would be an enormous surprise. Well, yes, at this point. The board of mone dei paschi is expected to meet on debt plan. They are going to lay off a tenth of their staff and sell assets. And italys largest bank may look to raise between 11 to 14 billion dollars. The aim is moved to dispel p persistent concerns on the capital base. This comes as the unicredit chief is conducting a Strategic Review of the assets. Coming up, more on the stocks on the move, but president elect donald trump putting together his white house team. The latest announcements straight ahead. First as we head to bank, heres todays National Forecast from the weather channels kelly cass. Hey, good morning, seema and wilfred. We finally got rain in atlanta but it was only a trace. And we saw a little rain in charlotte yesterday, but not nearly enough to put a dent in the drought and the wildfires continue to be a big story across the southern appalachians. The smoke has been making the air quality just awful across eastern tennessee, Western North carolina and even as far south as the Atlanta Metro were starting to smell some of the smoke out there as well. 61 for a high in new york city. A goodlooking travel day from boston to new york all the way down to d. C. We are tracking a little bit of rain for the eastern sections of virginia and north carolina. Otherwise, the mild temperatures continue to be with us. Minneapolis was actually in the 60s yesterday. Warmer than atlanta, georgia. And we have a system moving into the Pacific NorthwestHolding Temperatures in the 50s in seattle. Thats a look at your National Forecast. Well be right back. Our special today is the seared ahi tuna. Dont you hate that . When they dont tell you how much something costs and you have to ask . Maybe thats why i always make sure to. Bring up the costs associated with your services. I know. Transparency about costs. Just one way edward jones makes sense of investing. Welcome back to Worldwide Exchange. Well get you up to speed on the Market Action. It was a big week for the stocks with the dow gaining 5 . The best week since 2012 as investors increasingly bet that the economy under the Trump Administration will lead to lower taxes and a boost to grow them, perhaps also focusing on the infrastructure plan under president elect donald trump. That sent industrials higher by 8 on the week. Here on monday, investors position themselves to the buy side here with the Dow Jones Industrial increasing or higher by 90 points, the s p higher by 8 and 16 higher for the nasdaq. Well look at currencies, though, because the move in the dollar has been a big focus for investors. Putting a lot of pressure on the emerging markets that have their debt, that is dollar denominated. Right now we are looking at the u. S. Dollar higher against the japanese yen. Lower against the pound, which is an interesting move to watch. And something to keep an eye on in the coming days. And for a quick focus on oil over the weekend, some comments from saudi officials ahead of the opec meeting on november 30th that they are once again willing to cut back on production here on monday. Oil prices are lower. Ice brent at 44. 64. Wilfred . Indeed the dollar is continuing its march higher. Meanwhile, Global University teams are looking at the damage in new zealand today after a strong 7. 8 quake hit yesterday. This prompted Emergency Services to warn people along the coast the move to Higher Ground to avoid tsunami waves. All right. Well get to the u. S. Political news. The trump transition is in full swing. Tracie potts is joining us live from washington with the latest announcements. Good morning. Reporter hey, wilfred, good morning. President elect donald trump said he made some decisions about his cabinet, but hes not announcing them yet. What he is announcing are two key positions in his administration. We started out in the exit polls reporter the trump Team Announced that Reince Priebus will be the joint chiefs of staff and a wideranging interview with 60 minutes donald trump says he wont completely replace obamacare. Are you going to make sure that people with preexisting conditions yes, because its one of the strongest assets. Also with the children living with their parents for an extended period. Youre going to keep that. Very much striking. Reporter republicans say part of trumps wall with mexico could be a fence. And that millions of immigrants will not be quickly deported. That is not what were focused on. Were focused on securing the border. Reporter as protests continue, democrats are concerned. I caution anyone who in their protest becomes the very thing that theyre protesting against, meaning turning to hateful speech, violating principles and ideals sacred in this country. Reporter back to the campaign promises, president elect trump will appoint prolife judges and same sex marriage is settled law and is okay with that. But hes still thinking about a special prosecute forhillary clinton. Remember the lock her up chants during his rallies . Now he says the clintons are good people and doesnt want to hurt them. So he has not decided whether to get a special prosecutor on the case. Tracie, explain the two roles given to bannon and priebus. One sort of represents candidate trump and one represents a little bit better the postelection victory mr. Trump. Who has more power witness his white house . Well, both of them have a significant amount of power. The chief of staff is essentially the person who runs things for the president. Hell have a significant voice in terms of who gets hired for positions and how things are in the white house. The chief strategist is someone who talks policy with donald trump in terms of how they get his positions to be accepted here on capitol hill. Okay, tracey, thank you very much for a in washington. Moving on to sports news, sunday night football the seahawks hold on to the defeat of the patriots 3124. Seattle lost to new england in the super bowl two years ago. Last night the Seattle Seahawks stopped the patriots on the goal line. Tom brady failed to connect with Rob Gronkowski after first down after a first and goal from inside the seattle 2. A great game. Still to come, the top stories including the Global Market rally to start the week. Stay tuned. Youre watching Worldwide Exchange on cnbc. Is it a force of nature . Or a sales event . The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. bing good morning. Ready for a rally with green arrows around the world. The stocks are looking to start the week strong. Washington watch. Donald trump is putting together a white house team. The president elect selecting Reince Priebus as his chief of staff. Plus its a supermoon. The biggest and brightest in almost 70 years. Its monday, november 14, 2016. Youre watching Worldwide Exchange on cnbc. A very good morning and a welcome to Worldwide Exchange. Im wilfred frost alongside with seema moody. Last week a strong rally around 5 for the week as a whole. So we are higher. There was risk on the confirmation of Donald Trumps election victory, but there was differentiation within it. For example, financials are up some 11 . Goldman sachs leading the charge up 16 . But utilities suffering and they were down around about 4 . Were higher again today by about. 4 to. 5 . Well look at european trade right now, last week the main gainers were the exporters, the likes of the german exporters, the dax was up 4 . The french index was up 2. 5 . The ftse only up. 5 . We are continuing in positive fashion with france up just over 1 . Asian trade the best performer last week was the nikkei and it is again this morning. Excuse me, because we have had japanese correlation between the nikkei and the yen up 1. 7 this morning. Another week for commodities with copper gaping 10 . Gold was lower. Oil interestingly enough settling at the lowest level since september 19, 2016. And here on monday, the Energy Markets are calling for lower wti crude trading at 43. What is in focus . The external factors like the move in the dollar, but also the upcoming opec meeting on november 30th. If we switched to the treasurer market, the tenyear yield is now at 2. 238 . This is the first time its been above 2 since an of this year. And same for bonds across the world. A lot of this in reaction to what a Trump Administration would mean for the economy and also inflation. The dollar against the japanese yen at 1. 07 right now up by 1. 2 . As we were saying, the move in gold has really transfixed the attention of investors. Right now it is lower by around 2 points or so holding on to 1,222 an ounce. Well see if that changes. I have popular trade in 2016 on the hope where the expectation that rates will stay lower for longer. Still up to about 13 over the past year. I think the thing to continue to watch is the dollar pickup. And as we move forward, the key thing will be whether any spending which is driving the bond yields higher will be inefficient. If it doesnt lead to higher growth, very quickly we could see the dollar turn around. For now the dollar has marched the bond yeels and maintained the strength, which has also helped. All the currencies are trading to the downside today. Including the mexican peso down. 5 this morning. And we are jampacked with key economic data. Today hell hear from richmond in san francisco. The vice chair Stanley Fisher is here. Many regional leaders are expected to watch the Consumer Price index. Heres what is on the agenda, tomorrow we hear from home depot. Wednesdays lowes and target. And on thursday, walmart, a big retailer. In deal news this morning, siemens is buying Mentor Graphics for 37. 25 per share. The deal valued at 4. 5 billion including debt. Mentor sells software and auto design tools and electronic em syste systems. Sam sung buying Harman International for 112 a share. Harman will operate as a standalone subsidiary and plans to keep the companys workforce headquarters and facilities. Stocks to watch today, pfizer celebrex drug shown to treat arthritis is as safe as ibuprofen and does not cause heart problems. Barrons has beaten investors numbers 20 quarters in a row and supported in annual research and development spending. And german power utility our watching the nuclear funds. We are looking to see what songs took top spots. Ticket sales are up 5 thanks to a boost from the veterans day holiday. Disneys dr. Strange takes the top spot for the second week in a row raking in nearly 45 million. Trolls came in with 35 million. And a scifi thriller made a betterthanexpected arrival. Arrival brought in 24 million versus the 16 million critics anticipated. The Box Office Results is a shot in the arm for the studio after a series of flops like zoolander 2 earlier this year. And it gives them vision to leave the company out of the doldrums. Arrival looks good. If i had an opportunity to see a movie, i would go. Its done well in the first weekend. And switching to politics, a Trump Administration is taking shape. The president elect Reince Priebus as chief of staff and steve bannon as chief council. He says steve and bannon worked well together on our campaign and led us to a historic have victory. Obama biden memes show president obama and Vice President biden and the imaginary conversations the two might have leading up to trumps arrival to the white house. Saw a Common Collective not to mock president elect donald trump. Obama says, joe, no. These have got a lot of attention. I saw another one of the two packing boxes and being distracted. Good to have a nice lighthearted moment. Absolutely. And Donald Trumps victory may have shocked much of hollywood but not Dave Chappelle and chris rock. Their Election Party sketches are still trending. Chappelle warnings clinton viewers about celebrating too early. You never know, guys, alaskas still out there. We are now calling alaska for donald trump. Oh, my god. I think america is racist. Oh, my god. You know, i remember my great grandfather told me Something Like that. He was like a slave or something. I just, i cant believe it. Like, why arent people turning out for hillary the way they did for barack obama . And this marks chappelles return to television after a long hiatus from the chappelle show. This one was politically charged, as expected after that surprise election outcome. And it continued to trend this morning. Its gotten much more attention than the alex baldwin sketches. The final check on the brightest moon in almost 70 years is lighting up the sky this week. The phenomenon reaches its brightest point in north america this morning. You can expect to see it 30 brighter. The last time a fuel moon was in 1948. Is it worth staying up just to see the moon . Well, it is disproportionally worth me staying up later. But maybe. You have social media that will cover it. And im sure the supermoon will be trending. Coming up on Worldwide Exchange, we have the mustreads. But first heading into blank, heres a look at the european equities. A strong week last week. Stay tuned, youre watching cnbc. Could multiply. Hello, all of you. Get organized at voya. Com. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Welcome back to Worldwide Exchange. Well get you up to speed on the Market Action. First up a look east, what is happening in asian trade. Its mixed this morning, but the outstanding performer is the japanese nikkei up 1. 7 . It was also the best performer in asia last week. And that is mainly predicated on the fact that the yen has been softening. The dollar has been strengthening. And that continues to the tune of 1 this morning. We also saw japanese gdp slightly better than expected. But it is really the move in the yen south to allow the nikkei to move higher. Well look at the european equities. Last week the dax was the best performer up. 83 . We have around a 1 gain for the markets. And we saw 5 of gains for the broader indexes last week with the financials the best performers of some of them. Tech performers were down 4 . Lets finish up by looking at the treasuries. The move that we have seen in the yield curve has been a big factor behind the reason we have seen equities higher, in particular, the rising yields that lead into the sector differential. Thats the tenyear note, 2. 25 . The tenyear and longer have seen yields not seen since january. The shortterm has moved up less and less. Only in highs since may or just before that brexit vote. The banks, most of them have a shorter end of the curve. The whole curve has moved up but not the whole thing. A lot of fed speakers this week, Stanley Fisher,ester george, who will comment on the fed policy. But does this suggest that a 30year bond market rally is over . Thats the big question confronting investors. We saw the relocation out of bonds and into next week. It doesnt mean that the ideas are cement ed. That is right. If in six months time and trump is firmly in as president and the bond yields continue to move higher but not a pickup in growth, only inflationary presses, so stagflation as opposed to renatiflation, then could see this. A huge contradiction sits at the core of trumps economic a general day. He wants faster growth but his proposed policies would elevate economic uncertainty. And uncertainty hurts growth. The president promost poses tax cuts, but who will benefit . At this heart it seems like investors are focused on that tax cut and less on what donald trump has opposed. But there are good tariffs on the china goods. We have to keep both into the interview here. But we still dont know exactly what hell unveil. It deaf fitly feels like the markets are sort of in the rosiest possible Trump Presidency so far and continue that after the weekend this morning. Miss reid comes from the Financial Times and a book stating the end of the era of central bank independence. The first of these conditions is broken, the second is under a cloud, he writes. And it is a really interesting perspective that is quite detailed and quite technical. But interestingly suggests that the central bank most likely would keep its independence and Monetary Policy focusing on inflation targets for the longest. Its the one that likes it the least, the ecb, to require a treaty change to change it. And while he doesnt say well see outright changes in the mandates for the bank for the fed, the point is they are more political and are starting to change their tune a bit. And it becomes more of the government offsetting fiscal policies, which well see a massive change on. Always an active discussion between the independents, government and the central bank. Of course, when you focus on that, given these new questions around what a trump election means for central bank policy, will it be more hawkish and the push to raise rates faster than expected, especially if inflation tends to rise . Absolutely. Coming up, a new focus on the Global Market rally. European stocks are edging higher. And well hear from Jurrien Timmer at fidelity investments. Stay tuned, youre watching cnbcs Worldwide Exchange. Welcome back. We are approaching the top of the hour meaning the team is getting ready for squawk box. Joe kernan is joining us with a look at what is coming up. Hey, wilfred. I was wondering about that mustread segment that you do. Any thought of reconsidering that . Think about the main stream media and all the analysis that we got every morning in that segment. And how much of it was actually accurate or predictive or helpful in any way for the past six months. Well, i think that is a fair point for the main stream media generally, but i would like to think that the picks sara and i have made are balanced over the course of the year, joe. If you consistently pick from the Financial Times, usa today and look at the record of the institutions providing anything helpful or predictive or accurate, it just i dont know. All right. I did see something today i would use, wilfred. And that is when i use you and the horse you rode in on, it is usually horrible. But anyway, harry reid and the horse he rode in on, harry reid has done as much as anyone to pave the way for a donald trump victory. Then i realize, theres no more you dont need, for appointments, you dont need to do it the old way anymore. He killed the filibuster for nominees. And then also used reconciliation for obamacare. So both of those precedents are going to live on and maybe karma is not always a great thing. Anyway, the rally continues to roll on this morning, which is interesting. And if you think about it, if youre at zero Interest Rates and you want the market top continue to go up, sooner or later there has to be a decoupling from the global bond markets and the equity markets. Or else how do you do it . How do you ever get back to normal Interest Rates if you dont decouple from equities . And were seeing the tenyear move higher in yield as the bond market sells off. And how many days in a row, lets see, it was a couple of alltime highs last week. Another one is indicated today if we were to stay where we are. And best week in five years, as predicted by many of the main stream media people last week, if trump were to be elected. Absolutely. Everybody got it wrong. Everybody. But i still read articles that were writing and others are writing and still going to the same people. Im still reading the same people and its like, i dont really care what theyre saying at this point when you can be so wrong the first time. But anyway, its a monday. Michelle is here. That is cheering me up. Kayla is here. Joe, we look forward to that awesome trio coming up in eight minutes time. Its an awesome tree oio. In fact, back to an awesome twosome here, about to become a trio here on Worldwide Exchange. Well talk about what joe just mentioned there with jurrien timer, equities are moving higher. Can that continue much longer . Yes, it can. This is all about growth. And joe and i have had many conversations the last few years about the fed trying to raise rates in the absence of growth and then the market has a temper tantrum because if you do evaluation, youre discounting the earning stream by a discount rate. And if the earning stream is not growing but the discount rate is rising, you have a problem. So i think the idea now is, with the election, well get a progrowth policy that will stimulate growth. And that will allow Interest Rates to rise without damaging the market. I think that is the basic premise were seeing right now in terms of this decoupling between the tenyear and the stock market. And jurrien, if we rewind the clock six years, ten years, everyone knew you could try to spend your way out of the Global Financial crisis and try to deliver growth that way, but there was a very strong consensus view that that wasnt affordable, that National Debt across the developed world was already too high. And the National Debt hasnt fallen since then, so why are we pulling this tactic . Well, first of all, six to seven years ago we saw deficit spending in 09 and 10. The government was running 10 gdp deficit. And then the hawks came into power with the show down. Since then we have had basically fiscal austerity, but Monetary Policy stimulus. But gdp is now higher. The rest of the world has equal or greater debt problems than we do. So were kind of cleaning the dirty shirt here in the u. S. From a global perspective. And Monetary Policy has kind of run its course. One of the reasons weve had this populist uprising is because of the benefits of monetary stimulus, zero Interest Rates qe has not accrued equally across the country. Its only gone to those who own financial assets. And i think it kind of makes sense from if youre a populist that you want to transition from monetary to fiscal, especially where monetary is already kind of done everything its been able to do. You can see in europe and japan, whatever they have been trying lately hasnt worked anymore. So i can kind of see why you would have a transition to fiscal, even though it might increase the debt, at least over the nearterm. Jurrien, back to stocks, the election in the u. S. Seems to be the big catalyst behind the big global stock rally. Its remarkable how quickly the president elect has won the confidence of investors. Have you formulated an opinion as to whats next for the stock market . To me this all comes down to this tugofwar between growth and inflation. Escape velocity meets deregulation. Or escape velocity meets full employment. Thinking back to the last seven years, remember the fed would always talk about escape velocity. Once we get escape velocity, this move into the higher growth range out of this secular stagnation we were stuck in, we could finally get some momentum. And it looks like we may now actually get it. But at this point the economy has reached full employment. The Unemployment Rate went from 10 to 5. So at this point if we have escaped velocity and get growth to 4 , 3 real at full employment, well have inflation. And inflation tends to be a headwind for evaluation, typically evaluations go down as inflation goes up, but Earnings Growth accelerates and that is good. Thats the tradeoff here. Jurrien, thank you so much, Jurrien Timmer from fidelity investments. Squawk box is next. Good morning. The rally rolls on with futures indicating a higher open on wall street following the dows best gains in a week since 2011. Weve got a rundown of this mornings biggest movers. And on this merger monday, two multibillion dollar tieups. Siemens buying Mentor Graphics and samsung acquiring Harman International. And president elect trump making his first staff picks. Well tell you who is in and who could soon be named to top positions. Its monday, november 14, 2016. And squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning and welcome to squawk box on cnbc. U. S. Futures are pointing to yet another strong open, the dow opened higher by 76 points. The nasdaq by 12 and the s p by more than 6. Overnight in asia, pretty decent gdp. Thats why the market is higher by 1. 7 . Hang seng and hong kong lower by 1 . And shanghai was flat. European equities, the yields are moving higher. Germany and france are higher. Italy and spain are lower. Well see what is happening with the u. S. Treasuries. The tenyear yield is rising and solidly