it is 5:00 a.m.e1 here at cc global headquarters. here is the top "five@5." you can still put your money to work. it turnsñi out jay powell - what janet yellen told lawmakers to send stocks in a tailspin. r

selloff could pave the way for future hikes. and shares of coinbase sinking as s.e.c. says the firm may have broken the law. and looking to invest in struggling space company virgin he is coming up in anjf exclusi. today, marche1 23rd, 2023. welcome to "worldwide exchange." i'm frank holland. thank you for waking up with us. let's get a check on the futures at this hour. thisis green across the board. dow could open 150 points higher. this after a wild wednesday which all of theñi major averag deep in the red and clockedñi t worst day in two weeks. the selloff right here on the this followed the comments after jay powell and janet yellen.ñi we will get to that in a5a■

pac west is sinking double digits. a look at the yields. the 10-year treasury at5a■ 3.48. 2-year treasury at u creeping up after the fed decision. we are watching oil as we÷lq■ energy and oil especially. oil prices depressed if you are worried about the rate hikes. now wti cross the$70ñ]/í barrel. brent crude at $76.50. space and the s.e.c. taking p,■ action. silvana henao is here with more. &háhp &hc% coinbase. under pressure in the pre-marke1 after s.e.c.5a■ issued a warnint will take enforcement action.

coinbase says assets listed on the exchange and wallet service1 impacted. adding to an 8% drop during yesterday's session. in a separate case, the s.e.c. charging the founder of tron as well as eight celebrities withe crypto violations. the agency claims ite1fá engage fraud by manipulainge1 the tokens.c u$e othez■k celebritie lindsay lohan and jake paul. six of the celebrities agreed to pay a combined $400,000 to settlexd the charges. frank. >> a lot of news when it comes to cryptocurrency and celebrities and endorsing them with ftx. silvana, thank you. see youfáñr later on. turning ttention backñi to

the markets and trying to bounc] back. investors digesting the lateste 25 pointe1çó hike and the comme from janet yellen andr washington will go to backstop deposits.e1ñr >> this is knotçó something we looked atok with systemic risk. the systemic risk exception. >> her comments come one day after the fdic was weighing ways to backstop 100% of allv deposits. joining me is >> thank you, frank.5a■ >> we heard janet yellen's 5a■6■

comments. the highest rate since 2007. powell said we will likely see another ñihike. which situy(u=9■ is the catalys for the steep selloff we saw yesterday? >> you and i were on the phone as this was happening doing the pre-interview. chair powell was doing5a■ a ver conference. str■+ong a fine line of and acknowledgingñ inflation risk stillu■ existing while still acknowledging that there are stresses in the banking system. i thought'c■ markets wereu■ act positively until janet yellen made her comments with çófdic insurance. it shows yoj1 how fragile sentiment is within the banking regional banks.

that wase1lp enough toñi puti everythinge1 into a sharp sello. u doing finee1 and reacting well with the increase by chair powell,tuá ended by the secretary's comments. kg cf1 o >> the comments now digested. something to watch.çó let's talk about portfolio management right nowxd in lightf the news of the hike and whate1 janet yellen said and how arefá you judging companies? what are the metrics you are looking at before bond yields jumped? >> look, you can'te1 be reliantn the capital markets to access capital if they are burning cash right now. it is unreliable. the coç(l of capital has risen dramatically and ite1 will rise further particularly as banks pull back on lending.e1

generating a lot of free cash flow.ok we targeuk companies thatxd generate over ñi100% free cash flow to the net income. free cash flow conversion. we are looking at companies with under leveraged balanceó[■ e1sh. our belief is you deploy capital withg ñ can be added to earnings and agree throughñi a macrook landscape that might be slowing down. then those5a■ companies will ju standjf down a lot better. >> you gave us they picks.lp ame ande1 fde. all havexd a dividend under 1%. let'í■ talk about the valuation of the companies and how important the valuation is with the picks. >> all three companies are

important and i mentioned them when i was here with6z■ you@he(n january.5a■ re. i'll note we are focused more on dividend growth and less yield. they grow diviáxez above average.fámr(t&háhp &hc% it is the free cash flow conversion that gives themé@■ options and having a soundxd capital deployment plan is important. >> dan veru, thank you for being here. $e come back on why the worldwide exchange." why ceo jane frazier says mobile apps are a game changer with the the ceo of tiktok is setñie testify on capitol hill ami)rá % charm offensive. we will see if the press paid off. later, in a "worldwide exchange" for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs.

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welcome back to e1"wex." another developing str4v virgin orbit backed by billionaire richard branson may getñi a new linee1 ñiline. inject $200 million intoe1xdi]

company. now the stock worth over $200 million. brown hasçó investments in spac and an investor in open a.i. he joins me in the exclusive. matthew, thank you for being here. >> thank you for having me. you are investing $200 millione into virgin orbit. can you confirm you are making are youxd going to get controllg interest? lookinge1e1 at the market cap oe stock and it is $220 million. >> yes. we are inñr active discussions. in fact, final discussions with &háhp &hc% &háhp &hc% plan on transacting with the company within the next 24 hours. >> just to be w3ht■clear, you su are in discussions to níest

$200 million or more? >> yes. active discussionsxd tçñr injec enough capital to make them cash flow positive. i understand there may be áhu)u$ the exac i have to ask on thet( run-up before injecting $200 million, why not just buy $100 million of stock and you have the same controlling e1interest? are you a space 5a■enthusiast? you are saying youxd believe in the company and believe in the thought of not only space as a business, but space tourism? >> great question. ase1 you mentioned, i have positions in over 13 space companies. i view them all as neighbors as a way. i believed

special. i believe theyçó have the abili launch within a few hours notice. whereas, you know, groundxdçó b systemsxd take days ande1 calculation and people muchxd smarter than myself. ilpe1 definitely believe a larg part is spacee1 enthusiast. >> do you have planse1 to go in space yourself? are you now -- if this deal goes through, will you be the owner of virgin orbit?q will you go into space? >> e1no, no, i don't. >> willçó you be the owner?

if thise1 investment goes all t way through? >> yes. >> let's move on. you are a vc investment outside of space. including open a.i. we have seen a lot ofi] headlin witvd a.i. in recent weeks. salesforce and microsoft with theçó big name with chatgpt. for the regular investor, obviously, you are a sophisticated investor. could you givew3 insight which place would you invest with a.i. with the average retailw3 investor? >> i would not -- i can't give retail advice. i wouldxd say that -- >> not a stock, but area. >> yeah, yeah.ko■ i many opportunities right now in a.i. i mean, it started with openjf

a.i. i have5a■ 40 to 50 differentu■e investments. these are very powerful machines. i think the evolution of open a.i. opened the advent for these other companies. so,5a■ i would just -- i would heavily involved in seeingt( th■ companies. >> understood. before we let you go. a lot of news with regional banks and svb. you have a lot of hands in startups rightx■vnow. how big is thexd impact of svb the vc landscape right now and what do you see it going forward

especially with the i0qectation thatçóó[■ we will see loanq tigg and other things to make it harder for vcs? >> great point. simply put, the credit point is the greatest that çósvb was onef thee1 largest credit providers. i think you are seeing a large portion of the big banks pick that up. what is interesting is we look back at 2008 and axde1 close fr, dic,p fuld, from lehman,zyeu se thingse1 happening in 2023 that didn'tñi happen in 2008. so, where does it end? that is the question that i would ask most regulators and congress and ask the fed.

literally where does it end? at what point are we açó nation bank? i thinkçó a lot of my portfolio companies would agree with me on that. they feel comfortable. they are okay. >> is it añi concernñie1 if we quote/k.)uote, a national bank. you are talking consolidation. there won't be the same conditions with thew3 banks havg the same u"s&ingness to take on risk in vcs and startups? is that your fear? >> that is one possibility, yes. matpuu t(brown. thank you very much. hope you stay in touch.u■ let us know if the deal goes through and we can officially call you the owner of virgin orbit. thank you for your time. >> thank you. ñr coming up on "worldwide xd exchange," the ceou■ of tiktok taking the hot sat before e

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over town promising a safe platform. the ceoç!ñshou says tiktok make safety a top priority andu■ denying the allegat//m■ it is a national security risk. joining me to discussfá is sara morrist morrison. >> good morning. >> a lot of people are hearing about grandstanding. i have to ask isfá there a real chance that tiktok will be banned in the united states and is this hearingi] a catalyst fo that effort? >> therer tiktok willçó be banned here. obviously, people say they want to do it. i think a year ago, i would have said there is no way this will happen. i feel it is $e)e likely now. i still think it is unlikely. u said, this hearing is a chance for lawmakers to try to make the case for why they

should take an extreme step. it is a chance for ceol shou to say why they shouldn't. depending on what happens today, we could see the dial move ae1 little bit. i think a lot has been done already. thisçóe1t( is mostly grandstand. >> for people on the radio, we showed a map of half the country taking some typelpñr ofehbction against tiktok. estimated 150 million americans use tiktok now. that is half the country right now. one of the things that people seem to be concerned about is data collection because it is owned by a chinese company. people believe the information goes to the chinese government. where does that stand with othe1 apps like facebook or 'v'q or snapchat? >> all of these apps areñi collecting a lot of data. that is how they make money.

they collect data about us andñ sell advertising space off it.ço tiktok collects as much as all of the others. there have been storieswq itñiuy was caught collecting more. honestly, they all do this. i don't think they are doing anything worse thant( what the others are. the problem with tiktok, obviously, is who owns it. that seems to make tiktok different from the others. we know there are efforts to wall off that data and development in texas. ée to watch the hearing and see what happens. sarah, thank you for your5a■ ti. coming u here on5a■xd ñi"wee s.e.c. charging a who's whoñr o celebrities with cryptocurrency disclosures. .xarjun is covering it for us from

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ñ5:30 a.m. in theu york city area. we are just getting started on "worldwide exchange." here is what's on deck. the fedfá chairman warning of n the economy. ae1 developing story on pr'base.developing story on the s.e.c. warns the firm of looming legalñi action.

a week long look of the housing market reset. we talk to the ceo of the toplp home builder on what he ise1e1 seeing with demand. it is thursday, march 23rd. you are watching "worldwide exchange" here on cnbc. welcomee1e1 backfái] to "wo exchange." i'm frank holland. futures righte1 nowñi firmly in green across the board. however, off thee1e1 highs of e this morning. dow up 80 points at the open if lñjnow.n was right this comes after the averages endinge1e1 deep in the red yesty chairmançó jay powell and janet yellen. looking to backstop, temporarily, all bank deposits. listen. >> this isi] not something we he

looked at when such a failure is deemed to create systemic risk which i think of as the risk of likely to invoke. the systemic risk exception. >> the comments got the attention of investors. more on the fed in a moment. a quick check on the bond market reacting. 10-year treasury at 3.47. 2-year treasury at r inching higher as we lead to the rate decision and now post decision. fed stick9 hiking and projecting one more increase the rest of the year. a warning from fed chair powellñr onñr credit conditions have spooked investors. the banking sector is strong, but recent failures could cause ripple effects. >> we believe, however, events in the banking system in the

past two weeks are likely to result in tighter credit conditions for households and businesses which would effect (áátáy it is too soon to determine the extent and too soon to tell how mon=+cryxdñi policy should resp. as a lpresult,g >>p,■ actions by powellu■ follo0 basis point hike bypu$e ecb last week as we await the latest decision from the bank of england due out at 8:00 a.m.xd let's bring infxygina smylak. the fed takes on a5a crisis. gina, thank you. we are having another crisis as we speak. let me get your sense of rate hike decision and the janet yellen comments that many people

were not expecting. >> i think it was a crazy day yesterday. ie1 think the market reacted positively to the fact that chóan powell leftw3ñi all optios one1 the table. tried to keep the options open and acknowledged we are ine1 th uncertain period where the fed doesn't know what will happen next. tw7k are approaching that with caution. janet yellen came oue#óñi andçór cold water on the hopes toxd backstop the uninsured deposits across the banking system. the treasury did not announce they were interested in doing that, but reporting suggested that it was coming. you know, i think we saw@pt one-two bunch yesterday. >> we did. jay powell said the fed considered ae1 pause, butxd rat cuts were not in the base case. there implies another rate cut.

not in the base case. how do you thinke1 the markets d economy and everybody read the comments by jay powell and people tend toe1 read more into them. pñ think they were trying to communicate that the fedok is a projection and everything that they had told us over time. i think the message was very much they think the bank crisis is going to matter for the economy. they think it will slow things down and do work for them0l■ th they don't know how much at this everything is on the table at this point. if this blows over and it is not 5■5a■ continuing to raise rates. if it is a big deal and slowing the economy,i] you could see whe they areu■ done now and hold steady. if you look at that recession o■ looksñxd like it will go toma■ recession, you could see a cut in interest rates. that is not the case right now. that isu■ not their standard

expectation. we areñi just waiting to see /s this plays e1out. >> that is a great comment. a lot of uncertainty in the world. i want to talk broadly about central banks. we saw the swiss central bank hike 50 points despite what they saw withp,■ credit suisse. bank of england decision coming up. they haveu■ high inflation ther. how does this impact our decision and united states? >> i think foreign central bank increasesu■ don't matter as muc in thexd respect that the federo reserve is relatively ahead of the curve. banku■ of england is fari] up t, too. in e1general, we are not playin catch up. what does matter is central banks are combining the same çó problem. the inflation problem and the bank of england was hit strong by the inflation report. that is a common themee1 across the markets. we all thought inflationçó woul

start to fade if supply chains started to heallp and goods that is starting to happen, but we are seeing now the sticky inflation. services inflationñr has beensáu that is a common challengei] across the central banks. ing -- something they are eyeing. >> and fightingq the inflation s priority. ryou. turningq attention to developments in the crypto space. including coinbase. shares slide in the pre-marketç as it■ç■ faces aok fresh warninm the s.e.c. over action.w3 looking at shares now down 10%. arjun khapal joins us from paris. arjun, we see cryptocurrency up right now. what is going on with ftx ande1 other things and crypto crash egultory actions and >> reporter: i'll tackle the

questions first. the banking crisis has struck fear into people according to people i have spoken toxd here. they are putting money in bitcoino0árr(r they see is safe. secondly, the fed could slowdown the aggressive rate hikes which would be beneficial forñr bitco and other risk assets.u■ now to coinbase. violations of securities laws. violations of securities(iis isd be a pre-cursing. coinbase believes this relates to the companies markets and wallet products. coinbase says the s.e.c.u■ has t been fair or reasonableu■ with engagement on digital ñrcurrenc. that is the viewpoint here on the ground ati] paris blockchai week from the people i have spoken to. ■ joseph t(.

co-founderht■ of ethereum. i asked if he is frustrated with the s.e.c.ñip çd=y=y >> i think some of usq believe many of thefá actions are right and reasonable.r again, more clarity. >> reporter: now the s.e.c. is ramped up enforcement over the previous months since the ftx collapse in part to flex muscles and show it is serious aboute1 t letting another ftx situation happen. it is in the battle with the regulation of crypto. s.e.c. should work more with crypto companiese1 rather than . >> i have to ask you. we have another situation with a lot ofçó celebrities involvede1 the crypto controversyr crypto coinse1 without doingr their research. what is the issuee1 here in

will we see that going forward? >> reporter:« is interesting you say that. there is a stand in another room in theçó conference from a compy star, advertising. the celebrity endorsements continue. we will see more caution going forward. specificlpñr allegationrk aroun way that these celebrities were involved in the promotional campaigns accordingñi to the s.e.c. for unregistered securities. that is the allegation the s.e.c. is making at this e1poin. i think there will be more celebrities. on the celebrity spot, they may be cautious about getting involved. the overall sentiment,lp frank,s a few things. frustration from companies toward the s'u/c. in particular and they are not happy that the s.e.c. is doing regulation byu■

enforcement rather than say we want to work with you and figure out we the other thing is crypto is5a■t going e1away.ok blockchainok technology is not going away.$x■ the u.s. needs to learn how to regulate it or itt(jf could be behind like regiov&8 here in europe. >> live in paris. arjun, thank you. coming up here on "worldwide coming up here on "worldwide exchae," theng

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welcome back. with the latest read on home sales this morning, a report of higher demand. cnbc's real estate correspondent series on the housing market is set for añr reset this spring. diana. >> reporter: good morni frank. the drop in mortgage rates in january gave the home builders a boost in sales and builder confidence to start the year. building permits rose in february,fá but single family housing starts wereq flat as rates now rise again and builders are in a5a■ tough spot like çóphoenix. at arizonañi based taylor morrii

homes, sales fell in the quarter and higher mortgage rates had to do with that. >> we have seen itq impact our customers coming in looking for a rhome. it is a concern of affordability. ■: the company offered incentives like home upgrades ande1 mortgage rate buy downs. >> the moste1 impact theçó cust will receive is rate. that is where you see the bang for your buck. we offer both and it is community specific. >> reporter: that helps melissa home. >> i received $50,000 in upgrade,( for free. an interest rate buy down opportunity of 4.99%. it was amazing. it wasq hard to say ñino. >> reporter:lp she had been $r'gjf last summer, but it fell through. now she is getting ine1 on a ho

>> new builds are a hot foekd8c. if you don't move quickly, you would lose a lot. >> reporter: the builders are benefitting from low supply of existing homes for sale. there is more builder supply that doesn't mean there is no competition in the new home market. housing starts are still below historical norms because builders are nervousñr "ut wh is ahead in the economy, frank. >> everybody is nervous. uch.t( speaking of what is ahead, we caught up with alanq wkk■merrilh beazer homes. we talked about the market and oneñi he described in february which was challenging. >> that was a very tough quarter. it was a6z■ reset that our home buyers had to do adjust to a

different rate environment. we talked about in january and february we sawçó resumptionu■ demand and we have been happyxd that has continued throught( th spring. >> allan, given the stress on the banking p,■system, i5a■ won builders are reliant on regional banks. perhaps not e1beazer, but other builders. dop,■ you think it makes it difficult for construction loans and squeeze pricing? >- you know. it is hard to speculate about other builders. weé@■ don't have that on thee1 n builders. the fed is trying to slow lending and that will make credit difficult. the current circumstances will not help that. i probably will comment onu■ ho it will affect other builders.e] >> we qzuok a rush of the homes away from metro areas. what do you see away from the

pandemic? 5■ for the communities and subdivisions furthest away from city centers. i'm happy we didn't chasee1 a l of that activity to those furthest out markets. we are 9ò9 with worklp from home abilities. that hasn't changed as people are starting to make their way back into the office. mostte hoping and planning some part of the jobñi willçó b able to be donee1 at home. >> you said it was surprising given rates were bouncing higher in february and people were still coming through the door. we hear that from other builders. we hear incentives and buying down the mortgage rate. that is cheaper for you than actually lowering prices more. how will that affect your margins going forward? >> it will have some effect. it is interesting. we have a variety ofw3 differen kinds of incentives.

we are big on letting the customer choose what is bestlp r them. we areçó not seeingok significa demanded for rate buy downs. you know, the short-term buy down of rates is comfortable from'c■t( the cash flow, but cr perspective, the qualify at the full xdrate. we see theçó design center or b a bigger home. that is part of the mix, but it is really not sometv)surp+e seen significant participation. ■builder, stewart miller, said in the earnings report that buyerslp were getti used tonb@■ new normal with mortgage rates.5thr(t&ho if we are ove;÷ 6% compared to % a year ago,5a■ do you think buy are really ready for the5a■ new normal given affordability and prices are still high? >> it is fair to say some6z■ bus are. certainly as you change affordability with and higher

rates do changei] affordability there are a portion ofñi buyerss much as they might want to adjust, they can't af it. there is no question that it effects the size of the market. we have a hugelp shortage of housing in the country and there are a lot of buyersu■ in thelp process of adaptingp,■ to highe rates. i generally agree with what stewart said. >> how is inflation impacting your business for the commodities you usexd to build houses, but checks from consumers eaten up by food and % oil? >> we see lumber which has been helpful to allow us to reduce build cost toxd address the environment with the higher there are a couple of things going on withñi home buyers. home buyers are benefitting from higher wages which is helping

combat highere1 household costs. >> for those who areeq$ju ablev" afford a home, we see m]rgt( demand fore1 rentals. especially single family rentals. the build-to-rent market. is it something you like? >> it is not something we participate in. we sold a number of homes to rental operators. we like being a home builder and like the for sale business. that is our plan for the future. >>qxd the multimillion shortage homes here in the united states. how long do you see the deficit lasting and how does that impact your business? >> long-term, it puts a floor on demand for the new homes. we had the structural deficit and i don't see the mechanisms in place to likely close that shortage any time soon. certainly attain ability and affordabilitye1 is a restrictio to serve the demand out there. in terms of building the number

of homes we identify as being sh7yz1jñ justok don't see it fr the entitlementçó standpoint org labor standpoint that we make a dent in that over the next several years. >> thanks to allan merrill and diana olick who will be bap with us ñtomorrow. diana will be here oné@■ "worlde exchange." looking forward to that report tomorrow. v is -- we celebrate women'sñ heritage month withvmn meg tirr. >> women are under represented. whether it is running research divisions and women are doing amazing things in the fi%&"áy from winning the race for covid from winning the race for covid vaccines to pioneers science an(

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welcome back to "worldwide exchange."lpu■ time for the ht■wrap-up. six stories you may have missed. coinbase shares tumbling on the warning from the s.e.c. thatu■ñe crypto exchange was inu■xd violn of law. the warning will not change any of the products or services. the s.e.c. also reveals ñ over two offerers. confidence in u.s. banks saying recent failures were

isolated incidents. >> the banking system is sound and we're talking about a few banks.g we heard from chairmanq powell today. thise1 is not something that is spread across the banking system. this is not like it was last time. this is not a credit crisis. thisçó is a situationlp where a banks have some problems. it is making sure --■ mix e1tha. >> mobile banking appsçó are a gamee1 changing with fuelling o bank runs. another report ise1 coming soon. adani group wiped outxd xd$150 billion from thee1 market value earliere2r this year. a.r.m. is looking to boost revenuequahead of the ipo. fitch downgrading first republic bank intó■ junk territory as they shed deposits and loadsfá debt.

fitch says there could be more 1 downgrades. first republic up in the pre-market. turning attention back to the pre-market and post-fed trading day. let's bring inñr jeff kilburg. founder and ceo of kkm. jeff, great to have you here. we have to go no huddle. first reaction to what we areñi seeing in the pre-market. the pre-market futures are up right now. >> e1e1frank, we saw m messaging. if you look at janet yellen over what jay powell said, it was two signals going the other way. i agree with frazier. this is not a crisis. this is a bunch of novice át othe. i think as the markett( continu to try to measure whatçó we actually have on our hands, iú agree it is not a crisis. we did see a late day selloff.ñi

vix under 25. it is fascinating to see the opportunities as we really try to measure the input. that is how much our banksu■ a borrowing to stabilize the balance sheet. this is mismanaged treasury. novice traders who don't know how to pair. i thinkg with the federal reserve and jave is isolated. otherwise, janet yellen would haveu■ said we would blo. insurance. comments. indicating one more rate hike and inflation is the top priority. a lot of times people real into what jay powell is saying. right now, do you believe we have one more hike and that'se1 it? he considered a pause.

balance those ideas. >> what i took awayçó is the beauty of the qfmoc press conference. what i take is we're done. the fed is done. they will not pause. why? because they can't measure what actually is the ripplñl effect andñi tighteningñr effect of th banking situation.çó therefore, i think they are onia pause. just like looney tunes.çó they say that-that-that's all. they will take a pause and sitç back and measure. the beauty of what isñr(t)jt on they don't know what to measure with. they are having a harde1 time quantifying óhrt happened. look at oil, frank. that is downi] year to date. the only sector up on the one-year look ñrback. what about tech? you were here about theq nasdaq and nvidia and tesla and lucid.

>> tesla and lucid and nvidia. that is still working for us. we re-balance and reposition. yesterday was a tremendous opportunity. look at boeing. they picked up a 21 order from japanese airline. that is a big deal. when you talk about a headline name like japanese airline, boeing is an opportunity. lastly, lockheed martin. similar line. >> jeff, we have to call it a day. lookxd a i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything!

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we will have a full rundowne1 o the fed moves and what it means for your money. i think it had to do with this. treasury secretary janet yellen not discussing5a■ a boost of insurance on banklpu■ deposits. ñi coinbase is falling after the s.e.c. is preparing5@0 well notice. it is thursday, march 23rd, 2023. 3/23/23. >> that was good. >> "squawk box"ñrñi begins righ now.u■lplplpñi