big losses we were seeing in the dow started to reverse themselves. they yet to make up ground from the beginning of the week. they're trying to make it a positive week. charles payne to take you through all that. a fellow who believes with mayor de blasio that we should be taxed more. charles: sounds great. mr. president, here we come. the market picking up on yesterday's amazing intraday reversal. the question is this the calm after the storm, time to buy or will these markets actually dive again? i have some great experts to help us with this. plus when the trade war shifted to a currency war spooked investors. what happens if the next move is an arms race? we'll have the latest from the white house and hair from china expert michael pillsbury. we will hear from former white house communications director, anthony scaramucci,

the mooch, what he thinks about presidential candidates calling president trump, his former boss, a white supremacist. all that and more on "making money." ♪ charles: it has been one heck of a week for the markets, right? this is an impressive rebound. the question are professional investors trading momentum? could the major averages retest the lows? i want to head down to the new york stock exchange to our own jackie deangelis what ask going on the floor. jackie. reporter: one heck of a week indeed, charles payne. i lived it. we have a little bit of a relief rally on our hands. the dow is up 295 points. it is just off the session highs. there is strong momentum to the upside. a strong combination of positive earnings. lyft after the bell, yesterday, high hopes for uber after the bell today. also the fact that investors, traders alike are looking at the market, saying are there buying opportunities? something has been beaten down a

lot t could be a good time to pick some up. meantime i want to talk about the 10-year yield. stabilization with respect to the 10-year certainly helped this market out. it is trading 1.75 right there. it is up about seven basis points. add to the fact that chinese imports for the month of july were up. so china stablizing somewhat alongside with its currency. you don't have any headlines that will cause massive market gyrations. meantime i mentioned uber earnings. taking a look at that. we are expecting a loss for uber of $3.20 a share, revenue 3.95 billion. i will also follow news corp earnings this afternoon along with cbs, charles. charles: jackie, you have a full slate. we always appreciate your help. i want to bring in money management experts the keith fitz-gerald and paul schatz. paul been a long time. want to start with you. last time i saw you you were optimistic and bullish about the market t has been through wild

gyrations since then. the rebound started earlier in the session. it was a little stealthy at first, when it was clear buyers emerged you could see momentum to the upside. is that all we're in a trading range or could we have some sort of sustained rally? >> short term we're thrashing around putting in a bottom. i wouldn't rule out one more test down in august but i'm not waiting for it. i didn't wait for it. i think this will ultimately resolve itself with the dow 28,000, if not 30,000 by january. listen, it is an old and aging bull market but it's not dead. volatility normally increases as you get into it. another single-digit pullback. the world gets panicky. we bottom so quickly because we panic so quickly off a top. charles: keith, from the macro level, the bounce began early yesterday in the session, picked up momentum, i think the dow was still off 22 points, is this

just another bounce in volatile uncertain market? or is there some sort of message about the long-term prospects of this rally? >> yes, to both answers. here is the thing. this is like an eight second buzzer at a rodeo. doesn't matter if the bull is going up and down, it matters if you make it to the buzzer and to me this is an opportunity to buy stuff otherwise you haven't gotten your hands on. you can get a great at a whole lot less money and we should be focused on this. charles: i know at the rodeo, a lot of people are saved by the clown. i don't want to say the bond market is the clown. the bond market yesterday is what spooked equities. there was a lot of things going on before the open. three central banks lowered rate as lot more than anticipated. bond yields swooned. i'm wondering, does the boned market, is it still a canary in the coal mine?

should we look to the bond market as level-headed thing out there whereas the markets are emotional? it feels like bonds are more emotional these days than stocks? >> certainly in my 32 years in business we've been told the bond market is smarter than the stock market, the bond guys are way smarter but remember, you saw bond yields this low in 2012. that led to a great economy in 2013 and markets ripped higher. in july of 2016, we saw the all-time low yields in the 10-year. in 2017, the economy accelerated and markets ripped higher. i don't think the economy is going to have the same result next year but i think we put way too much emphasis on what the bond market's doing. look, the 10-year, frankly it is hard to believe at 1.7, 1.6 where it was yesterday, given where global yields are it is somewhat of a value. people are coming into the dollar, coming into the bond market because you have $13 trillion of negative yields in europe. charles: it is not necessarily a proxy or some sort of harbinger for things to come for our

economy as it might have been in the past, more or less a safe haven? that is what is driving the bond markets. >> the bond market predicted the 10 of the last four recessions. you take it with a grain of salt. old adages don't appie of the they say don't fight the fed. in 01 and '07 you should have fought the fed because you would have won. charles: keith, i wrapped up the show, as much as we talked about looking for value, buying dips, it is momentum names that continue to rock. i gave a list, roku, adobe, oled, every single one of those stocks today outperforming the market. when investors are saying i want to get in there, i know volatility crazy, the dips are intriguing but do you stay with the winners? >> i think you stay with the winners. the point about bonds versus stocks, bonds are about risk, stocks are opportunity. as long as you have that straight, you know what it go

for. these are bigger names, companies changing the world, 63% the of the time-out perform the broader markets no matter what of conditions are. it is not large cap, small cap, it is about who has quality right now. charles: what are your names right now, paul? >> i look at stocks continue to be in uptrends, had good earnings, were not tied heavily to an index. hmsy, spsc, in the logistic space. i looked from last week, gwph. this is takeover above 300. i looked at more idiosyncratic opportunities that remained in healthy uptrends. that is pretty good bang for your buck. >> some of those names are tethered to the u.s. economy than outside the u.s. s that by design as well? >> it wasn't by design but think about it, what is healthy uptrend? with less exposure to europe and asia.

oke, the old oklahoma energy, that is special situation. find stocks remain leaders. are not really talked about by the pundits, anything but fang. charles: all right. two of the best. appreciate it. paul, good to see you. keith, to you as well, my friend. thank you. we know the fed is also causing a lot of anxiety with this market. investors are worried about where rates are going especially donald trump who continues to tweet about the fed. he did it again moments ago. he says we have the greatest companies in the world. there is nobody even close. unfortunately the same cannot be said about our federal reserve. they called it wrong every step of the way and we're still winning. can you imagine what would happen if they actually called it right? joining me the author of "collusion, how central bankers rig the world, quote nomi prins. thanks for coming on the show. a lot of people are feeling the way you're feeling central bankers have a race to the bottom. are you concerned about this? or how concerned about this is a

better question? >> as we've seen, i am concerned, yes. as we've seen over the past few month, really since the financial crisis, central banks particularly led by the fed taken tremendous power role in terms of dictating where the markets are going, sort of being caught behind where the markets are going as well. they're trying to have it both ways. what happened recently with the latest fed cut of 25 basis point, that is coming into a point which the economy is still doing well but it is also slowing down. we do have anxiety. we do have worries throughout the world with respect to trade wars, other types of economic impact. so they're kind of trying to figure out how to have it both ways. pretend they're being independent, also trying to get involved in the economic cycle. charles: i have got three bones to pick with the fed. ones i think they made a lot of mistakes last year. october 3rd off-the-cuff remark by jay powell sent the market tumbling lower. i think rate hikes were a mistake and i think this year,

may 1st he made a mistake when he talked about low inflation being transitory. having said that i'm also concerned about the press conference he had, nomi, seemed like maybe his situation with president trump may be playing a role in fed decision making. what do you think? >> no, i agree. what he has been trying to do is step away from what president trump is saying he wants the fed to do, so that he can, you know, continue to act if the fed is an independent body. charles: isn't that dangerous, if you hike rates just to thumb your nose at the president? isn't that dangerous? isn't his job much greater than that? >> absolutely. i think that is what happened last year. happened particularly in december last year. that rate hike should not have occurred. the reason for that, the reason it occurred is because president trump was so insistent it should not occur. on rate cuts that powell felt he had to go the other way.

i think that is also what happened last week, as he just came in with a smaller cut to go the other way, basically say, look, i'm not going to have the white house dictate what the fed does. but the problem, the danger in that, what happened then is that the white house is to an extent contra dictating what the fed is doing when the fed should be watching data. the fed should be ahead of the data. let's be honest, the fed gets data from banks, from economic components before the rest of the economy does. it should know these things. charles: they should have much greater insight than we do. again you wrote an amazing book about the fed. you're a critic of the fed. nevertheless they're playing a greater role in our lives. they're taking more power with the payment system. what do you think the next move will be? wall street is anticipating a 50 basis point cut, even before the meeting next month? >> i don't think we get a 50 basis point cut before the meeting next month, specifically because of the way in which

powell is throwing out words. so after last week, when the cut happened at 25 basis points, and the fed also stopped tightening, they stopped reducing the size of the balance sheet, before that they said we would continue to let bonds go off of our balance sheet, reduce the size of our asset base. now they're stopping that. on one hand they're doing that. on the other hand he is talking about inflation being low. on the other hand is watching the data. i think he is trying to play both ways. i don't think that translates into 50 basis points of a cut before the fomc meeting in september because there is too much other things to allow him to kind of stay the course right now. i do think if more trade wars happen, if more economic anxiety and uncertainty, markets get more upset as we've seen them do on this monday, there will be a cut then but i don't see it happening before that. charles: we'll see. nomi, thank you very much. coming tomorrow i will be talking to the fed with perennial critic former congressman ron paul.

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charles: hundred of u.s.

immigration agent arresting 700 workers in plants across mississippi. the agents fanned out across the plant to prevent workers from fleeing. i want to bring in border patrol security council president, nelson barreto. >> nice to see you. charles: anytime you have a situation. there are images, someone will be falling an panic and fear, maybe children who get posted. the negative publicity is going on out, heartless administration in the mainstream media. explain to the audience don't understand that why this is happening what is necessary? >> the optics are never good anytime this has happened. people have to be held accountable. what you don't show up, cross illegally into the united states, and you don't show up for immigration hearing, you claim asylum or credible fear, one of those things, then you seep into the fab prick of america somewhere in the united states to get a job, those folks are working illegally, either

with a fake social security number a fake i.d., sometimes. then you have obviously unscrupulous employers, obviously give meese folks opportunity to work in these areas. people have to know, when you come into the united states illegally, don't show up, don't follow the rules, sooner or later you will get caught and going to be held accountable. charles: nelson, you're someone who understands immigration, border laws and securities and commerce. what is it about this country, america, americans won't take on these jobs? what needs to be fixed in this country? i find it amazing 7.4 million job openings, yet have months where hundreds of thousands of people leave the labor force? it's a frustrating thing. it feels like we're creating a vacuum filled by illegal workers? >> i do think that we have a lot of entitlement programs in the

united states. it may have have to be curled down or tapered or reformed. in other words if you get a benefit from the united states doing nothing, you should be doing something or giving something back. the other thing how you solve this, you could also expand the ht-b, h 2-a programs for temporary workers. there are ways to come here legally in the united states, certainly go back into their home countries, but that has to be looked at and reform. certainly i think that the trump administration will certainly look at that. it is something that congress needs to look at. the question do we have the stamina in the united states congress to even start addressing those issues or do they still want to continue talking aabout the same old hack we have today. charles: let's be honest. you talked about the businesses at the top of this interview. feels like they never pay a price. they can pay illegals to do the job cheaper than americans. how come american businesses never have to pay a price for that? >> well you know, you have a

system called e-verify instituted in 1996 for the first time and these businesses have the ability of using e-verify. charles: but they're not, nelson. they're not, they're hiring illegals. >> i agree. they're not. charles: what is the punishment? if i have a factory in a town where people need jobs, i don't give them those jobs because i can save a few bucks, where is the punishment for that? >> they have to hold these employers accountable, absolutely. that is one of the issues. that we're not holding the folks that empower these illegal immigrants, these illegal folks come here to work, we have to do something about that. charles: right. >> that is what needs to be reformed, first and foremost. if we don't give them the ticket to work, then they will seek somewhere else or they won't come to the united states at all, or seek a legal way of doing it. charles: nelson, always appreciate it. >> thanks, charles. charles: the stocks, the markets rallying in part, beijing signaling this morning a stabler

iran. there are fears this currency war could actually turn into an arms race. why this debate with rick ungar and david webb on yesterday's show, having twitter issue a warning for viewers. ♪ do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

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charles: stocks trading higher, in large part to china's central bank this morning setting the yuan at stronger than expected rate against the dollar, ease are fears of a full on currency war, however new development causing concern we could be headed for something far worse, an arms race. go to edward lawrence at the white house with more. edward? reporter: mixing in with all this, new export numbers with china. the deficit between china and the united states got a little better between june and july, also helping the market here

rebound. the deficit, those numbers show the deficit shrunk from june to july by $2 billion, the total year-to-date number is kind of a big one, $168.5 billion. good news for china's economy in there, exports overall increased 3.3% from june to july facing escalating trade tensions. on thursday the chinese central bank indicated they could have future weakening. the central bank set the dalery reference point, .06% weaker. they are stablizing today, making it weaker for that point each trading day in the month of august thus far. if the currency weakens too much, it could cause other asian countries to cut their interest rates even more. thailand, new zealand, india cut rates more than expected. this morning white house economic advisor peter navarro playing that off as just an adjustment. >> what happens when china

devalues their currency in asia, the competitors like the philippines, thailand, south korea basically have to follow suit so they can continue to have a strong economy. so that is just an adjustment that we're seeing in asia. reporter: that adjustment could strengthen the dollar making our products more expensive in other countries. if that is not enough, china pushing back over more than just trade tensions. national security advisor john bolton saying today, saying this week, that the u.s. deploying intermediate ballistic missiles in china is a defensive move. >> we're talking only about the defending our deployed forces, our allies in south korea, japan, elsewhere. it is china built up its military forces and posed a threat. reporter: you heard that specific threat to japan and south korea. the chinese pushing back there. their minister, director general of the department of arms control in china says, that if

the u.s. deploys missiles in this part of the world, at china's doorsteps china will be forced to take countermeasures. still the defense sector, the new one, mark esper in the united states, says any operational missile will still take a few years to get going but again, tensions rising, not just economically but also militarily. back to you. charles: edward, thank you very much. for more i want to bring in hudson institute senior fellow, michael pillsbury. author of the 100 year marathon. it is interesting we're using the term sabre-rattling with respect to the trade war, the currency war, and now use it with respect to a new arms race, at least more military tensions. how does this change the dynamics of everything? >> it changes the dynamics. i thought ed lawrence's report is so good. the hudson institute needs to double his pay and come with us. we have been deploying missile

defense at the request of japan and south korea. the chinese are very angry about that. they made all kinds of threats about two years ago, when president trump deployed missile defense into south korea. now there is something else being advocated that is a way to, to show the president trump is doing something quite different than the previous two presidents. he is taking this chinese missile deployment very seriously. they have gone almost no medium range missiles to way up over 2,000 now. that threatens, puts in range a lot of our military allies. one way to answer that, deploy the same kinds of missiles within range of china. so they can see that the military balance remains stable. actually another problem which is, our main treaty to limit nuclear weapons expires in february of 2021. so the president has proposed twice now that china should be involved in our talks with the russians. the chinese say, we only have

300 warheads. you and the russians have many, have over a thousand. when you come down to our level, all three countries have parody in nuclear weapons, then we'll show up at the talks but that is too tricky for words, charles. they really should be at the talks now. as congressman list cheney and senator ted cruz are picking up cosponsors on a bill that says the united states should not get back in the talks with the russians until and unless the chinese join in. you have three arms races going on here. the missile defense race, the medium range missiles deployments by us to match the chinese race. then these three-way talks the president has proposed, that i strongly support him on these. charles: we know you're a trump outside advisor to the administration. i do want to ask about events in the last week. we chronicled them very well here, from the president trump's tweet, september 1st

potential tariffs to counter action by china. the central bank said they will be a little less than 7.1 ratio. is that a olive branch? is that a pivot that can build momentum to the september meeting? >> yes. one of the last signals they have sent out the last two or three days, that talks are still on, a deal is still possible. they probing to see if is any weak point in president trump's position. their main problem, you covered, charles, you had a number of shows about chinese history. their main problem they apparently thought this could be an agreement in principle, and it wouldn't be legally binding in occurs inside china or inside america. bob lighthizer said, no, this is legally binding. we'll have an enforcement mechanism. you will get tariffs, other measures against you if you violate. that seemed to shocked the chinese, charles. they're used to getting away with really lose agreements that are statements of intention rather than legally binding that

could be resolved in september. charles: let's hope so. listen, they should be used to it. they have gotten their way for a very long time. they're still considered an emerging economy according to the world trade organization. michael appreciate it. thank you very. >> thank you, charles. charles: the miami dolphins owner poised to go on defense when there are boy cats called for his businesses. former white house communications director anthony scaramucci is here, the mooch. weighs in next. ♪ liberty mutual customizes your car insurance,

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♪ charles: firing back at anti-trump activists who say they will boycott equinox and soulcycle. ross is defending his plans to host a fund-raiser for trump tomorrow. we have former white house communication director anthony scaramucci. big money. stephen ross kind of money. what do you make of this, this at act on people -- >> first of all the boycott is ineffective t will not get the required result. the other problem, look at the companies they're boycotting, they're amazingly progressive

companies. tons of those sort of progressive values, why do those? beverly hills hotel boycott it because of the sultan of brunei who could care less. they have a great hiring program and bonuses for their people. i think it's a mistake. there is other way to express your political opposition than boycotting something. neil: we're hearing this over and over on both sides of the political aisle. oh, man, boycott, boycott. maybe they're ineffective. feels like they're taking us in the wrong direction. >> michael jordan said are you democrat or republican, hey, both side buy sneakers. he didn't want to get political. we are in politically divided country now. i wish we could be neutral related to commercial and aspects. neil: -- charles: this is another thing that bothers me. joaquin castro's brother

decisions to out republican donors and one of his own campaign as well. here is what bothers me, anthony. this list was tantamount in my mind to a hit list. in other words, say, you first of all preface it saying donald trump hates hispanics. that he wants to physically harm hispanics. these are people that back him where they work. it, all takes one or two nuts, or someone who is really angry to see the list, show up at that business. >> i would say that on both sides. charles: i haven't seen anyone, particularly an elected official go out, that is irresponsible. >> i think it was irresponsible. i think also that whole demonization thing they're doing to each other, okay, they're trying to two dimensionallize, demonize the president is totally unfair. they're trying to demonize his supporters. it is in that genre of boycotting. why can't we battle it out in the intellectual free marketplace of ideas as opposed to start shaming each other and call each other names.

charles: they did that in the free market of ideas. it was called the election and the deplorables won. now they show up at their job to shame them or maybe even worse. >> that is terrible actually. charles: give you an example. a group of these 2020 democratic candidates, they're labeling president trump a white supremacist. this is not a nationalist. they have moved to a different level. elizabeth warren, beto o'rourke, latest to do so. joe biden said the president fanned the flames of white supremacy in this nation. i don't hear anything about obstruction or collusion. >> again it is, if you really look what the president's done, you look at his policies, particularly african-american, hispanic-american communities he is not a white supremacist. he is the president for all people. i think he needs to be careful with his rhetoric. if you want the president to win re-election, which i do, we have to get independents and moderates on the train as well. you will not get there with the trump base. charles: we understand what that is about, what else would he do?

he retweeted something on saturday, i was saying black participation, not unemployment rate, the participation rate was up, i thought it was good news. people went nuts. that was good news for all americans, particularly black americans. >> you're black, charles, you're supposed to be liberal, i don't know. just unfair. charles: are why are people upset with good news? >> to me would i like it to stop. i got news for you, it will get way worse going into 2020. charles: one ever people i see you go everywhere, you talk to everyone. we need more voices to articulate this all side. >> i like being a yankee if fenway park. but right now i happen to be at fenway stadium. charles: 2020 presidential hopefuls about to descend on iowa. that is where everyone goes to woo voters. we'll go there as well. we'll go to the ground of the iowa state fair right after the break. ♪ so ...how are you feeling?

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charles: joe biden just hitting the podium to speak as 2020 democrats descended on the iowa state fair. they're looking to woo voters ahead of the iowa state caucus. all of the presidential candidates will visit the state this week. they want to raise money, pick up endorsements, talk about their position on the national stage. correspondent hillary vaughn at the state capital with the latest. hillary. reporter: charles, former vice president joe biden son the soapbox making his pitch to iowa caucus-goers. this is the third time campaigning at the presidential candidate at the iowa state fair. earlier the first presidential candidate from the 2020 field to take the stage, governor steve bullock. he gave iowans a first look at

2020 field. we got a chance toly ski ball before he took the stage. he said progressive policies like "green new deal," "medicare for all," show candidate in washington, d.c., are out of touch for everyday americans. that is where he season edge for himself as governor of montana. >> gut out of the twitterverse and talk to people. i'm not sure people have spoken to the obama, obama-trump voters. people don't want free everything. they want a fair shot in this economy. reporter: senator elizabeth warren is also here in the hawkeye state today. earlier visited a family farm where an iowa farmer told her that some progressive policies she and others are pushing for, might be hard for some in the hawkeye state to swallow. >> i would like to see you be our next president. i think, i think. i'm afraid that what rural,

especially rural people hear that single-payer health care and forget -- forgiving all student debt. reporter: biden is on the soapbox. he is the final candidate today. all 20 more candidates will be here throughout the weekend and into next week. charles? charles: hillary, thank you very much. i'm getting a lot of reaction, by the way, about yesterday's segment about congressman joaquin castro tweeting a list of names of employers of prominent trump donors. a debate so passionate that twitter is now warning viewers about it. we'll explain next. he has put these people in danger, physical danger. the lives of these people are they now in more danger than they were yesterday. >> listen to what you're saying. no. ♪

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>> why are you telling people where to get this information? , no, let me finish. public information the government insist we print all of sudden -- charles: forget it. forget it. he put those people in danger. he is trying to hurt those people. >> oh, please. charles: because they back trump. it is irresponsible and should retire right now. >> if they published elizabeth warren contributors, would you do the same thing? >> yes. charles: listen what he said. listen to what he said. he said you want to harm hispanics. you're smarter than that, rick. charles: backlash on twitter after the heated exchange yesterday on making money, including this warning, look at that. american university executive in residence capri cafaro. former advisor to president george w. bush, brad blakeman, two folks who are always civil.

>> we try. charles: what do you make of this world we're in, it feels like, hey the lines are beginning to be erased with respect to civility? i was upset more a lot of average folks on that list, where they work, where they live. if you want to say something about george soros, even if you want to boycott stephen ross, these billionaires, that is fine. >> billionaires are human, charles. charles: they can deal with it a little better suffer from one match into another. >> fair. charles: i don't want to be retired guy, someone shows up at my door because i donated to a political candidate. >> this is the real crux of this issue not as much as about the disclosure, the fact we now live in a culture where, you can potentially be put in harm's way due to your, you know, political affiliation, who you contribute to, who you vote for. this has been brewing for a while now. i can even tell you, just back in 2016, with the yard sign wars. we had people taking down trump

signs. then people literally shooting at hillary clinton signs. so you know, we're at a point now while i, i am, mixed mind in regards to what castro did as far as tweeting this information out, because it is public, i think reality is, it could put someone in harm's way. people's duty to think twice. we need to think about the kind of world we're living in america where people's political views can put them in harm's way. charles: you know, brad, there is a theory about the stock market, there is never any surprises because all the information is public. i always say, you know what? 1%, of 1% never read it. how many people will read nike's earnings report when it comes out, even if they own the stock? having said that the erasing of the lines of civility, it feels like this slippery slope will take us somewhere where we will regret as nation. >> absolutely. a public official, congressman, whose brother running for president. what does he do? he weaponizes public information. he uses public information not for public purpose but in order

to intimidate. this is thuggery at its best. i have to say if it was republican i would be hear telling you the same thing. this is wrong. it is intimidation. it is not as if these individuals are using their companies for political purposes. not at all. this is their own personal contributions. the only reason to make a disclosure is to shame them at best, or to hurt them at worse. >> this is about intent is issue. that intent is -- charles: we're a little tight here but no more obstruction or collusion is out the window. we switched from nationalism to white supremacy. is that the right tact for democrat to go down? >> i think always the right tact is talk about actual policy and not get in the weeds of incendiary baiting type remarks. obviously some think this is a shinier object right now, particularly, in the climate that we're in. i happen to think it is the opposite. we are in such a difficult

climate. >> if joe biden is nominee, should he run on the platform? he gave a big speech. >> the speech he gave was similar to the release video whatever he launched. the big issue i have, if you want to get trump voters cross over, you are basically calling people supporting them also racist and white supremacists that is not a good look if you want to get their votes. charles: capri, brad, wish we had more time. you guys are fantastic. thank you both very much. >> thanks. charles: the market keeping gains so far as we head into the final hour of trading which is always explosive so we'll set you up for it next. -driverless cars... -all ground personnel...

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charles: stocks are broadly higher today but it's obviously been an extremely volatile week.

escalations on the u.s./china trade war, bond yields really getting crushed yesterday, coming back sharply today. a lot of confusion. want to bring in the boston group's cio to help us hash it out. david, earlier we talked about the credibility of the bond market which feels more emotionally driven than even the stock market. your thoughts? >> emotionally driven and central bank driven. you have central bank accountors all over the not country, world, that have such an interference in the interest rate market and the currencies that it's naturally elevating volatility in the bond market and it makes us susceptible to false signals. charles: now conversely, a lot of investors are thinking hey, you know what, with these yields so low, i read one report where about 55% of publicly traded stocks have higher yields now than bonds. so you're someone who talks about dividends, someone who talks about a more conservative approach to the market. is this something that investors

should be considering, if you are a bond investor or have been eyeing bonds? >> i think that people should think about it all the time. just when bond yields get this low and stock yields become elevated from weakness in stock prices, it just adds to the attractiveness. even in a normalized environment, and this is obviously not been normal the last call it week or so, even in a normal environment, why would anybody want inferior income from something that cannot grow when they can get superior income from something where the income stream will grow, rising dividends which you know is what we do and believe in, and the underlying asset price can grow? i think it's an incredible opportunity to rethink your risk profile and get better income, better cash flow and of course, better upside opportunity. charles: i know there's some names you like. i want to just talk about two in the last minute and a half we have together.

amj, you were really hot on mlps coming into the year. it's been a rough ride for some of them recently. what do you tell investors who are in them? the yield is 8.8% so that's a hefty field. >> yes. the mlp sector, that particular index, is up on the year but it's come back about 7% with this market weakness so you have roughly call it an 8% yield, but what you own is underlying assets that are hard assets. they get paid fees for volume of oil and natural gas. if there's anything people can say about the trump administration and the management of the economy, it's that they have been very pro-energy. they have a wonderful strategy for i think the future around oil and gas and our ability to export it. this is a way to play it without taking on the risk of the underlying commodity price. charles: all right. we don't have time for the rest but i know you like broadcom as well. thank you very much.

always appreciate it, david. we will talk to you again real soon. folks, dow is up 288. that's about where we started the show but one thing we have seen, not just for the last two weeks but all year long, the last hour of trading is dynamite one way or the other. liz, i got a feeling it's going to be another one. liz: that's why i have the battle gear on. got to be able to see all the tick by tick moves. thanks, charles. breaking news, an all-out currency war between the u.s. and china is actually pulling back from the brink. that threat seems to be subsiding as investors rush back into equities that had been trashed earlier in the week. heading into the final hour of trade, the bulls look unshakeable as the dow holds on to gains of, as charles mentioned, about 288 points. all day long, investors have been moving out of safe havens like bonds and gold after china's central bank stabilized its currency rate just above that key seven yuan per dollar level, and chinese exports showed a surprise. we will tell you more about that

in a second. but the fear of the tra