Good evening. This is John Bachelor. Tonight the show begins in the stock market,

watching a rally at Christmas time. Why? Because the Federal Reserve Speaker,

Mr Powell, and his Federal Reserve Open Market governors have reversed themselves.

We think in these last days.

We think is a collective we.

The expectation is that rather than another hike to control inflation and reach the 2% inflation target that the Fed set out in the spring of 2022. The Fed will now watch the data for

cuts in the Federal Reserve interest rate charged the best customers.

Three cuts in the new year, we're told, or is conveyed to us.

Elizabeth Peek joins me to say that she's heard the outlier of eight cuts, which is surprising and would take

the Federal Reserve rate way down into the threes.

In any event, the market is rallying because of cheaper money the expectation of

cheaper money because it's bored at the end of the year. I then turn to the

mystery of Elon Musk in the administration.

Why does the administration continue to pick,

what you'd have to say, Quarros, with Elon Musk in as many innovations, SpaceX, Tesla, the Boring Company, all of his activities.

It is odd because Elon Musk is the least of the partisans I can imagine.

A man that well to do you would expect to be either this or that.

He's not.

He's none of the above.

He's an outsider.

He's a delight to watch and celebrate and for reasons that will emerge later, the Biden

administration has decided to be, if not hostile, obstreperous to Musk's enthusiasm. And then Andrew McCarthy and Thaddeus

...