Good Wednesday morning. Welcome to another hour. Squawk in the street. I'm Carl

Kintanian with David Faber, live at Post 9 of the New York Stock Exchange, alongside Sarah

Eisen, live from Washington, D.C. ahead of a big interview you do not want to miss at 11.

Treasury Secretary Yellen talking all things deficit,

fiscal spending, China, exit interview, and a lot more. Meantime, take a look at the markets.

They got some softness in the major indices. Russell, though, down one and a half percent as the 10-year

is partly to blame hits 473 before backing off just a bit. Busy day. We'll get a 30-year note auction and some

Fed Minutes this afternoon. Some wholesale trade data hitting the tape. Let's get to Rick Santelli for that.

Hey, Rick. Yes, Carl. Now, on inventories, these are a November final number. So minus two-tenths,

remains minus two-tenths. And that's, of course, a fourth quarter number.

And inventories being lower can have a negative effect on GDP.

If we look at trade sales, a completely different story.

Up six tenths of a percent.

That's the best or biggest increase in trade sales since February of this year and being a November number.

It's the second best number of 2024.

Now, we do see a negative revision from minus 110 to minus 3 tenths, but we want to pay attention.

We want to really pay attention to inventory and trade sales behavior in front of what may be legislation that can affect not only that, but trade balances, trade deficits with various countries.

You mentioned 473, yes, and in a 30 year, we reached the yield of 497.

Remember, in a 30-year bond, we haven't traded over 5% since the end of 2023. And you're

right. Pay attention to that 22 billion reopened 30-year bond auction at 1 o'clock Eastern.

Sarah, back to you. Yeah, a lot of focus on those bond auctions this week. Thank you very much,

Rick Santelli.

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