Live in the NASNAC market site in the heart of New York City's Times Square, this is fast money.

Here's what's on tap tonight.

A software surge, the IGV, hitting four-month highs with Snowflake gaining more than 35% just today.

What's behind the big bump in these long-langing stocks and how much more room is there left to run?

And elsewhere in the tech trade, Dell, soaring after a monster earnings beat,

we'll talk to one top analysts about the next move for this stock. And rapidly rising car prices

are sending auto loans to dizzying new heights, the latest eye-poppy numbers,

and the surprising makes and models seeing the greatest demand. I'm Melissa Lee. Come to you

a lot from studio, Be at the Nazak on the desk tonight. Steve Grasso, Dan Nathan, Guy Dadehami, and Danny Moses, host of On the Tape podcast and co-author of What Are We Doing, Contrarians at the Gate, on Substack. All three major averages closing on records today with software names some of the biggest winners. We'll get to that in just a moment, but first a controversial call from a former top economic advisor to President Trump. Joe LaVorna, who's now chief U.S. economist at

SMBC, contends the inflation numbers out today, reinforce the need for the Fed to hike

rates. Get this. By at least 100 basis points. Of course, Trump has been calling for cuts for years. This morning's

release of Core PCE, the Fed's preferred inflation gauge showed prices rose at an annual rate of 3.3

percent in April and nearly three-year high. Let's bring in Joe LaVorne. He most recently served

as Treasury Secretary Scott Besson's Economic Counselor. Joe, great to have you with us.

Great to be with you. Thank you.

Why at least 100 basis points?

Because if you look at core inflation from where it was before we attacked Iran, it's going

to be up at least 100 basis points.

So in simple basic math, your real interest rate has collapsed 100.

You'd want to offset that by raising the

funds rate at least by that amount. And of course, as you said at the highlight the beginning of the

show, these equity averages are all-time highs, the credit spreads are super tight. The dollar is,

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