RUSH TRANSCRIPT Maria welcome ░░░░░░░░ Time now for the ░░░░░░░░ on Wall Street Top ░░░░░░░░ watching your money Join ░░░░░░░░ me is chief inve ░░░░░░░░ Matthew tuttle also with ░░░░░░░░ is John Lonski Thank ░░░░░░░░ for joining the conversation ░░░░░░░░ to start with apple ░░░░░░░░ like apple stock right ░░░░░░░░ saw the worst day ░░░░░░░░ August yesterday after reportedly ░░░░░░░░ the top smartphone spot ░░░░░░░░ China falling behind Chinese ░░░░░░░░ Apple the worst performer ░░░░░░░░ the magnificent seven stocks ░░░░░░░░ year The stock reversed ░░░░░░░░ morning it is up ░░░░░░░░ fraction What s the ░░░░░░░░ on the smartphone race ░░░░░░░░ China What did you ░░░░░░░░ of that So I ░░░░░░░░ I think obviously short ░░░░░░░░ it s a problem ░░░░░░░░ we run a 2x ░░░░░░░░ etf I m a ░░░░░░░░ apple bull I think ░░░░░░░░ I is the most ░░░░░░░░ investment theme of my ░░░░░░░░ and apple has a ░░░░░░░░ chance to be a ░░░░░░░░ winner You know imagine ░░░░░░░░ I fully integrated into ░░░░░░░░ of iphones and nobody ░░░░░░░░ got rich long term ░░░░░░░░ against apple So I ░░░░░░░░ the dip yesterday Maria ░░░░░░░░ They have to execute ░░░░░░░░ mean they definitely have ░░░░░░░░ execute But they ve ░░░░░░░░ the potential to be ░░░░░░░░ huge winner in a ░░░░░░░░ Maria and of course ░░░░░░░░ has been a winner ░░░░░░░░ the backdrop here is ░░░░░░░░ rates isn t it ░░░░░░░░ 30 year mortgage rates ░░░░░░░░ 7 for the first ░░░░░░░░ since may dimming hopes ░░░░░░░░ a housing recovery We ░░░░░░░░ a spike in the ░░░░░░░░ year in the last ░░░░░░░░ months We have housing ░░░░░░░░ and building permits out ░░░░░░░░ morning and they re ░░░░░░░░ housing starts to be ░░░░░░░░ 2 3 month over ░░░░░░░░ and permits to fall ░░░░░░░░ 3 What s your ░░░░░░░░ on rates and the ░░░░░░░░ that mortgage rates are ░░░░░░░░ 7 again Boy that ░░░░░░░░ got to hurt Maria ░░░░░░░░ s got to hurt ░░░░░░░░ you re a first ░░░░░░░░ home buyer my goodness ░░░░░░░░ remains a major stumbling ░░░░░░░░ for those people that ░░░░░░░░ to buy a home ░░░░░░░░ the first time so ░░░░░░░░ tells me there s ░░░░░░░░ limited upside for housing ░░░░░░░░ mean if we have ░░░░░░░░ strength in housing it ░░░░░░░░ to be I think ░░░░░░░░ s a new home ░░░░░░░░ where you have the ░░░░░░░░ income Americans that can ░░░░░░░░ afford to pay higher ░░░░░░░░ to assume these higher ░░░░░░░░ yields But for the ░░░░░░░░ income and lower American ░░░░░░░░ a home is next ░░░░░░░░ impossible and this may ░░░░░░░░ become a political issue ░░░░░░░░ this year and some ░░░░░░░░ in the future Maria ░░░░░░░░ with fannie mae and ░░░░░░░░ mac right We ll ░░░░░░░░ what happens this morning ░░░░░░░░ how the market looks ░░░░░░░░ have crypto this morning ░░░░░░░░ want to show you ░░░░░░░░ Bessent faced tough questions ░░░░░░░░ on Capitol Hill during ░░░░░░░░ Senate confirmation hearing here ░░░░░░░░ what he thinks about ░░░░░░░░ digital currency central bank ░░░░░░░░ Would you end the ░░░░░░░░ Administration project to create ░░░░░░░░ U S based cbdc ░░░░░░░░ see no reason for ░░░░░░░░ U S To have ░░░░░░░░ central bank digital currency ░░░░░░░░ my mind a central ░░░░░░░░ digital currency is for ░░░░░░░░ who have no other ░░░░░░░░ alternatives If you own ░░░░░░░░ currency you have to ░░░░░░░░ something to invest in ░░░░░░░░ s very little to ░░░░░░░░ in if you want ░░░░░░░░ hold the currency You ░░░░░░░░ hold Chinese government bonds ░░░░░░░░ you hold U S ░░░░░░░░ you could hold a ░░░░░░░░ of very secure U ░░░░░░░░ Yeah Maria Matthew give ░░░░░░░░ your reaction there You ░░░░░░░░ crypto I love crypto ░░░░░░░░ I mean I love ░░░░░░░░ bessent said Central bank ░░░░░░░░ currency is like potential ░░░░░░░░ be 1984 type of ░░░░░░░░ so it s great ░░░░░░░░ re not pursuing that ░░░░░░░░ ve got a president ░░░░░░░░ administration that s rabidly ░░░░░░░░ crypto s E c ░░░░░░░░ s pro crypto You ░░░░░░░░ got companies that are ░░░░░░░░ to emulate micro strategy ░░░░░░░░ strategy We re big ░░░░░░░░ of crypto here Big ░░░░░░░░ of bessent I mean ░░░░░░░░ lot of the other ░░░░░░░░ have gotten the buzz ░░░░░░░░ all know who bessent ░░░░░░░░ But I think America ░░░░░░░░ introduced to him yesterday ░░░░░░░░ he knocked it out ░░░░░░░░ the park Maria you ░░░░░░░░ we ll have a ░░░░░░░░ year in the economy ░░░░░░░░ markets I think now ░░░░░░░░ ve got some people ░░░░░░░░ are competent which gives ░░░░░░░░ a much better chance ░░░░░░░░ still worry about the ░░░░░░░░ I think the Fed ░░░░░░░░ way behind the ball ░░░░░░░░ is what the bond ░░░░░░░░ is telling them But ░░░░░░░░ re getting competent people ░░░░░░░░ thank God Maria do ░░░░░░░░ agree with all that ░░░░░░░░ agree with most of ░░░░░░░░ I think the first ░░░░░░░░ of the year a ░░░░░░░░ of volatility There s ░░░░░░░░ to be a lot ░░░░░░░░ uncertainty with tariff proposals ░░░░░░░░ other new proposals the ░░░░░░░░ Administration might have and ░░░░░░░░ ll see how the ░░░░░░░░ reacts There s still ░░░░░░░░ worry about the size ░░░░░░░░ the budget deficit and ░░░░░░░░ s one of the ░░░░░░░░ why this 1 s ░░░░░░░░ year 10 year trea ░░░░░░░░ moved higher by a ░░░░░░░░ point despite the fact ░░░░░░░░ funds dropped by a ░░░░░░░░ point That is highly ░░░░░░░░ Maria bessent seemed a ░░░░░░░░ put off by the ░░░░░░░░ of eliminating the debt ░░░░░░░░ all together by the ░░░░░░░░ yesterday And that s ░░░░░░░░ we need a strong ░░░░░░░░ 35 of treasuries are ░░░░░░░░ by foreigners and the ░░░░░░░░ thing you want to ░░░░░░░░ is have the dollar ░░░░░░░░ If that were the ░░░░░░░░ foreigners would start dum ░░░░░░░░ treasuries which would mean ░░░░░░░░ mortgage rates and yields ░░░░░░░░ the United States I ░░░░░░░░ write up another thing ░░░░░░░░ I can t help ░░░░░░░░ think the affordability issue ░░░░░░░░ not be resolved until ░░░░░░░░ go through some episode ░░░░░░░░ home price deflation Hopefully ░░░░░░░░ a repeat of what ░░░░░░░░ in 2008 2009 but ░░░░░░░░ people are going to ░░░░░░░░ out I think this ░░░░░░░░ taking place in Florida ░░░░░░░░ place in Texas that ░░░░░░░░ prices have become unsustainabley ░░░░░░░░ Maria they sure are ░░░░░░░░ re high We know ░░░░░░░░ Matthew thank you so ░░░░░░░░ for joining the conversation ░░░░░░░░ to see you.