pulling back today. volatility index, vix up 6.6%. if you look at the intraday you will see it had been up 9% earlier. a slight bit moved race on a day where we got very strong retail sales numbers which pushed yields on treasurys up, fed funds futures, the bet whether the fed will cut rates in march have dropped precipitously. tomorrow we're back with another all-star lineup. the wolf of investing is he now calling himself, author jordan bell forth, yes the original "wolf of wall street," spent prison time, redeemed himself. galaxy founder ceo and bitcoin enthusiast, mike nova is here and frank mccourt, jr., all of them joining us. you do not want to miss it. we are the best in the business at least according to charlie gasparino. [closing bell rings]

s&p, nasdaq down two days in a row. dow on a three-day losing streak. that will do it for us. "kudlow" is next. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right president biden meeting with congressional leaders at the white house right now to talk about closing the southern u.s. border, and, financing ukraine. just a few moments we're going to talk about this with donald trump's latest recruit, vivek ramaswamy, and then jim jordan wants to stop the government snooping and trump campaign advisor corey lewandowski will tell us how it looks in new hampshire. first up, fox news white house correspondent jacqui heinrich standings by at the white house. thank you, jacqui, what can you tell us? >> reporter: larry, unfortunately not very much. it is pretty unclear what progress might be made in this meeting because the president wants the focus entirely on ukraine.

he want the to impress upon the top congressional leaders and chairman and ranking members of these relevant committees that u.s. aid into ukraine has got to come back up and impact the absence has on the battlefield but house republicans are really not wanting to talk about ukraine at all until the border policy reforms are hammered out. the administration has been sort of touting the progress of the bipartisan talks with senate republicans over these border policy changes but they haven't revealed what's under consideration and have repeatedly characterized the house republicans and getting in the way of border reform. and when weigh were asking the white house in the in the briefing a while ago how the president will navigate this conversation when he wants it to be about the very thing that house republicans won't discuss until you get the border issue figured out she seemed to imply the press secretary, that the president would lean into conversation with other congressional members in the room other than mike johnson. take a listen.

>> he is not the only congress person in the room today, he's not, he is the not the only person that will be in the room. there will be other congressional members. the empty has been very clear. he wants to talk about ukraine. urgency we keep assistance to ukraine what that means not just for the broader world of national security and not for us. so speaker johnson will not be the only person in the room. >> reporter: there seems no love lost between the white house and how the republicans. in fact the white house repeated its claim that house republicans voted to eliminate 2000 border patrol agents even though "the washington post" gave them three pinocchios for that, because the bill they're referring to had no specific cuts in it. congressional republicans vowed any cuts would not impact border patrol, since this bill was passed in may, more bills have been asked would have increased the number of border patrol agent but the white house refused to acknowledge that. that is spin. that is false. they refuse to take down that

statement and refuse to amend a separate statement, that texas officials were responsible for three migrant deaths. when in fact that was not true. a number of outlets had to issue corrections and editor's notes because of false information in phrasing in that white house statement but they are not backing down from either of those claims. larry. larry: three pinocchios, good day's work, i like that, three pinocchios. jacqui heinrich, we appreciate it. folks, joining me now, great fun, vivek ramaswamy, former 2024 republican presidential candidate, old friend. recently paused his campaign and has signed on with donald trump who was very pleased to have vivek. vivek we're very pleased to have you back here on the "kudlow" show. vivek, i want you to weigh in if you would. you heard jacqui heinrich, president doesn't want to deal with speaker mike johnson. the president and the democrats are opposed to hr.2 which i

think is a very decent, trump-like plan to close the border. what do you think of this? what kind of advice would you give the gop and the senate and or the house? >> my advice to the gop would be let's restore some common to our foreign policy. many are sooner concerned about protecting ukraine's border than they are about protecting our own border here at home in the united states of america and i would certainly encourage everybody to vote for more military resources on our southern border than we're shipping over to ukraine. as it relate to ukraine, there is no clear plan or argument what the next 60 billion is going to do. that the first 100 plus billion did not already do. so what we need is a plan and path to diplomatic resolution in ukraine while actually securing our own border where we do have an invasion. you're not supposed to say it that way, but if there were three million chinese on the west coast or 3 million iranians coming on the east coast we

would call that as an invasion and it has qualities of an invasion on our own southern border. that is perfectly appropriate use of our own defense resources to protect our own southern border that should be table stakes before discussing protection of anybody's else's border especially being in a 34 trillion-dollar debt crisis ourselves. so that would be my advice, larry. larry: listen, vivek, as we talked down through this past year and president trump has said, former president trump has said, there is plenty, i don't know what the headcount is, there could be at least 100 terrorists or more who have crossed over into our border because of the biden open border and the illegal problem. that is point number one, point number two, vivek, it astonishes me republicans still have not succeeded in getting a mic crow scope or spotlight on this ukranian money, how much of it is really necessary? how well is it being spent?

and why no one is attempting some sort of diplomatic response, diplomatic effort to stop that war which as you know is something president trump has talked about, you yourself have talked about that? why the heck would you go into a lousy border deal, point number one, and point number two without any sensible discussions of ukraine? >> well look i think actually we need to focus first on the border. seal the border with our own military. end federal funding for sanctuary cities. end federal funding to central american countries require them to build their own border walls from venezuela to the southern border of texas. ending birthright citizenship of illegals in this country, we have our border crisis mostly solved. let's turn to ukraine. one of the thing worries me about ukraine, larry, we're escalating the risk of world war iii by driving russia further into china's hands. i will be very specific on

republicans what we need to be pushing for as a diplomatic resolution of that war. require russia exit military alliance in china and in return make reasonable offers we should offer any way, that nato will not admit ukraine to nato. a reasonable discussion what happens in the east of ukraine. that is a reasonable path to resolution. that decreases of the risk of world war iii and financially, i would say military responsible thing for the united states of america. and so yes, that is how we need to lead this country with common sense, with basic norms that say we'll protect the invasion on our own border while peacefully resolving a path in ukraine that i think is going in a direction that isn't in the u.s.'s best are interests, i don't think is in the best interests of the western world more generally, but it takes someone willing to speak common sense to bring that level of leadership to our republican party which is at times lost on this issue. larry: vivek, i heard president

trump many, many times talk about the need for a diplomatic solution to ukraine as soon as possible. have you spoken to him about the idea of keeping ukraine out of nato? >> i have not spoken to him specifically about that but if i were, we'll be spending more time together on the campaign trail i do think it is vital he become the next president. i dropped out after getting 8% in iowa because i want all of that support in new hampshire and elsewhere to go towards president trump but i would lay out some detail on exactly how we can do that. james baker made a commitment to gorbachev in 1990 nato should not expand one inch, one inch is what he h he said, past east germany. we have not kept that commitment. by doing that we can pull russia apart from china. that is the single greatest lever we have to reduce the risk of world war iii. i think sensible foreign policy for the republican party to

embrace, avoid world war iii, declare economic independence from communist china, but use our own military resources to defend our own homeland including the southern and increasingly the northern border of the united states. that is true america first policy. it's common sense. i think many centrists and some democrats should be able to get behind that. that is how we move our party into the future. that is what i will tell president trump if he and i talk about that on the campaign trail. larry: let me shift a little bit, not a lot, but a little bit. after the resounding victory that president trump had in iowa, the people in davos, the leaders in the world economic forum in davos, i know they're not your best friend. that's a joke but it's serious, they're all kind of dirtying and pooping in their plants now that the thought donald trump may be reelected president which is dirtying and pooping i love actually. it would be great fun. but i have got to read you the latest one that came out.

i see you have a smile on your face. thank you for that. they're demanding, you will love this, vivek. they are demanding that we have an international criminal court prosecution of, wait for it, of something called ecocide. this is coming out of davos, ecocide. i don't know what they think they are talking about. mr. trump or president trump will never buy into that. what is this crowd want? everything they want, global warming, john kerry, it's freezing out in iowa. nobody seems to understand that, big government solutions, big corporate solutions, not small government, small business, entrepreneurial solutions? you know, vivek, if you stay with trump you go into his government i want you to go after davos. you will be the special emissary to go to davos and quiet that crowd down. i won't say blow them up because

that would be wrong but quiet them down, give them a is facelift or -- >> we'll not quiet them down. we'll shut them down, that is what we'll do, larry. you ask what is motivating them, like every three letter agency atf, department of education, multilateral solution, wef, my solution acronyms shut them down. they want old world europe. they want revivallal of old world monarchy that was skeptical of self-governance. that is what king george believed. we fought a revolution in 1776, for better or worse, we the people, citizens of this nation engage in self-governance. we decide how we fight climate change or racism whatever the alleged challenge is. we the people make those decisions at the ballot box, not in the mountaintops of davos. this is the ugly monster of the

old world rearing hits head again of klaus schwab, larry fink and others that speak old world vision. we should say no to that vision. we're a constitutional republic and that is what it means for being an american around what is stands for 1776 ideals for this country. you know i will stop at nothing, talking about peaceful means, stop at nothing, legal and to make sure these people are put back in their place that we have true sovereignty in the united states. larry: i don't know if it is possible but it is a noble cause, it is a very noble cause. i hope you stay with it. i'm going to ask everybody today on the show, vivek you will be campaigning in new hampshire. how does new hampshire look for mr. trump? >> look i was there, what, just last night, feels like a long time ago. i was side by side with trump. we spoke to a large audience. i do think it is pretty good. i think a the love libertarians

in new hampshire come in this direction. i want to throw in trump's direction with my endorsement. i was attracting a lot of libertarian support. my case to the libertarians would be, want to go in direction of old republican party of dick cheney that forks over money to fight foreign wars and surveillance at home that ties your internet profiles to our social media accounts to your government issued i.d., that is a wrong vision. nikki haley and other republicans may stand for that but if you want to vote for liberty the last best chance in this race is donald trump. i will do everything in my power over the course of this year, over the course of next four years to make sure we stand for liberty-minded principles. that libertarian support shifting donald trump's direction especially in a state like new hampshire should make a difference wide enough to end this primary in new hampshire as i believe it should, then reunite this party and reunite this country. i will do everything in my power to make that happen.

larry: great message. vivek ramaswamy, class act. good luck on the campaign trail. thanks for coming back on the show. >> thank you. larry: folks i want to talk about an entirely different subject, for a moment, lend me your ears, not too long. i want to talk about the economy and i want to talk about federal reserve monetary policy, okay? stay awake, please, hang in there with me. here is my point, unless jay powell's federal reserve wants to completely politicize monetary policy and slash interest rates in order to juice the economy and reelect joe biden, unless they want to do that there is absolutely no reason right now for the fed to take the foot off of the brake and slam down the accelerator, no reason whatsoever. fed governor christopher waller said yesterday the fed should not rush into rate cuts. he's right. why is he right? well just think of this, prices still rising, inflicting

significant damage to middle and lower income affordability. in fact over the past three years typical family wages are about 4% below the increase of inflation. the inflation rate itself still above the fed's 2% target. the unemployment rate still less than 4%. retail sales came out today, at least through the christmas holiday season are holding up nicely. the biden administration still running a huge, roughly two trillion dollar budget deficit, driven principally by spending the gdp rate nearly over 24%. compare that to the 50 year average of 20% as they poured five trillion dollars into the economy since coming into office. there is no recession at the moment. this could change but the atlanta fed's gdp now q4 estimate is currently 2.4%. it's not a boom but it's not a bust either. there are chinks in the economic

armor for sure, most especially a long slump in manufacturing output and jobs but if the demand side of the economy via retail sales is growing than the supply side manufacturing, that's a potential inflation risk. the fed should be leery of this unbalanced economy. meanwhile the top line cpi in december, 3.4% year-over-year. the core rate is still 3.9. services 5%. services excluding energy 3.5%. every one of them well above the fed's 2% target and over the past three years biden inflation, groceries up 20%, emergency up 26%, new and used cars up about 20%, mortgage rates up around 7%. you need $1.19 today in order to match the purchaseing power of dollar pre-pandemic. that is a 19% loss in the value

of your money. the dollar price of gold is still very high. it is over 2000 bucks. wall street keeps jabbering about three, four, five rate cuts but wall street loves easy money. main street working folks do not. the federal reserve projections, well they show three or more rate cuts this year but no particularly good reason ever given. a recent fed survey shows however, here's the rub, over 90% of the central bank's economists are democrats but i'm going to make a different bet, hear me out. i'm going to suggest the fed head jay powell is an honorable man. he will not seek a third term as chair no matter who wins the presidential election and instead he wants to establish historical reputation as the guy who got the inflation back to the central bank's 2% target. it is not exactly volcker because powell as sleep for the first inflationary year but i'll

bet jay powell wants to redeem himself. so caveat emptor, all you wall street doves, be careful. that's my riff tonight. by the way "breitbart"'s john carney and our very own taylor riggs will talk about this very subject later in the show. first upcoming next house judiciary chair jim jordan will tell us how he wants to stop the non-stop snooping of federal agencies into our financial, political, religious, private lives. i say drain the swamp. jordan says drain the swamp. trump says drain the swamp and stick with "kudlow." we are swamp drainers. and we'll be right back. ♪ (♪)

(♪) (♪) (♪) (♪) (♪)

get over here kids. time for today's lesson. wow. -whoa.

what are those? these are humans. they rely on something called the internet to survive. huh, powers out. [ gasp ] are they gonna to die? worse, they are gonna get bored. [ gasp ] wait look! they figured out a way to keep the internet on. yeah! -nature finds a way. [ grunt ] stay connected when the power goes out, with storm ready wifi from xfinity. and see migration in theaters now. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

♪. larry: all right, let's stop the non-stop snooping into every aspect of our daily lives. let's go to congressman jim jordan, chair of the house judiciary committee. mr. jordan, first of all happy new year. have not seen you in the new year. >> you too. you too. larry: now there is another issue. all this nonstop snooping you have been covering, fbi, cia, justice department,. >> yeah. larry: you have another one i wasn't aware of. the treasury department is now snooping and looking for key

words, and whatever. >> yeah. larry: can you just quickly give us the lowdown on this? >> yeah. at the request of government you got banks searching private transactions of their customers for key search terms, key words. it looks like without any warrant, without any legal process and what were those key words they were searching? did they purchase religious texts. did they shop at cabela's or bass pro shop. were they purchasing a firearm. you go through this, larry, that pretty much describes the vast majority of the people in the fourth district i get the privilege of represents for goodness sakes. this is financial surveillance at its worst, it looks like to us. we're just getting into this. we'll do transcribed interviews, depositions, we'll get documents. we'll find out how extensive this was but looks like big government, big corporations working together to go after, to financially spy on american citizens. larry: can i ask a dumb

question? what did dix's sporting goods do wrong? they're on the list? >> they're on the list. cabela's. they're not looking at them. looking what people bought. oh, they could be a violent extremist if they're buying a firearm at dick's sporting goods or a fire army at cabela's or purchasing religious text at some bookstore. this sounds like, if you read through the few documents you got this far, it sounds like exactly the memorandum in the richmond field office we discovered pro-life catholics being described as violent extremists. sounds just like that document. remember the fbi said no, no, that was one-off. this was one field office. we have this discovered much broader working through treasury, fbi working together to with corporations to target american citizens. larry: can you work with donald trump, please, and, end

the swamp, drain the swamp, stop the -- you know, you and i have been talking about this. cia, fbi, justice department. now you got the treasury, home lan security, career civil servants who always oppose what conservatives want to do. >> yeah. larry: come on. this swamp has to be drained. i think this is a hidden but powerful election theme, jim jordan? >> i agree. did some polling out in iowa where president trump had the huge win on monday night. polling suggests that the vast majority of republican voters agree with the statement that the government has been weaponized against them. that is why they went out to vote for president trump. they know he will fight that, change, that drain the swamp as you just said. that is on the voters mind, they believe that because it's true. we've seen it, remember they tried to set up the disinformation governance board at the department of homeland security. a few years before that when it

democrats said when it came to the border issue we should abolish the department of homeland security. when they get joe biden into office, we don't want to abolish it, that they wanted to create a censorship board. that is how it has gotten. i think he is going to win the nomination. as vivek just said i think he will be our next president. larry: couple of quick things. will hunter biden grow up at least for one day and actually come and get the deposition? >> yeah he's coming. we've been talking with his counsel. our chief counsel and the committee has had numerous conversations with mr. lowell. hunter biden is coming. we have to figure out what the date will be. we have scheduled tomorrow, kevin morris, rick swear ring, jim biden and we want to talk with hunter biden. that will happen. three of those have already been scheduled. larry: that's good. i didn't know all of that. last one, chairman, this whole

fani willis story down in georgia, you know it has become a public mockery except she is involved in some very important things and lives are at stake and everything she says is lies. everything she says is phony and she is blaming it all on racism. i read someplace you yourself and your committee are looking into this? >> yeah. we sent a letter to nathan wade. we want to know what kind of communications he had with the white house. we want to know what kind of communications he had with the white house and january 6th committee. looks like he came a washington a couple of different times based on his billing records. frankly the state of georgia should look into the whole arrangement with fani willis and nathan wade with state tax dollars and federal tax dollars went to the district attorney's office, 14 something million dollars of money they got from the federal government. one of the things we're looking into this. never forget she charged all these folks, mostly president trump, a bun. of other people, she was

contemplating charging three united states senators and one of those senators was the top republican on the judiciary committee for goodness sakes, going to rope those into this crazy deal she is doing. that is how ridiculous this all is. we learned this aspect of it with mr. wade. we're digging into this. larry: finally, she and her boyfriend spent a lot of time in the biden white house before they brought this crazy lawsuit. >> right. that's right. larry: that shouldn't be lost in the discussion. i'm sure it is not. >> absolutely right. larry: jim jordan, you will be a busy chap. don't fear get you have to drain the swamp. let's not lose sight of that drain the swamp. >> that's right. larry: jim jordan, thanks very much. coming up, unless jay powell wants to blatantly juice the economy to rye elect joe biden there is no reason he should be cutting interest rates. we'll talk about it with "breitbart" john carney and our own taylor riggs.

campaign advisor cory lou when when -- cory lewandoski will ask you that with us. we're draining the swamp . ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ jardiance ♪ ♪ it's a little pill with a big story to tell. ♪

♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee. ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar! and known heart disease, jardiance can lower the risk of cardiovascular death, too. including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪ jardiance is really swell, ♪ ♪ the little pill with a big story to tell. ♪ with the majority of my patients with sensitivity i see irritated gums and weak enamel. sensodyne sensitivity gum and enamel it relieves sensitivity helps restore gum health

and rehardens enamel. i am a big advocate of recommending things that i know work. before you use ai to transform business, accelerate growth, predict trends, you need to begin with trust. introducing watsonx governance. helping you govern any ai, as data, models, and policies change, so you can scale it responsibly. let's create ai that begins with trust, with watsonx governance. ibm. let's create.

you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

♪. larry: all right, recent economic numbers don't show a boom exactly but there's no bust either. so let's turn to our own edward lawrence for all the details. edward, good afternoon. >> reporter: it does show, larry, in december people bought basically what they wanted for the christmas shopping season. retail sales month over month is up .6%. that is more than expected. year-over-year they were up 5.6%. this comes as the federal reserve that americans own 1.78 trillion record in credit card debt. the ceo of is not concerned yet. >> the consumer is spending at a good level. come down during the course of the year, mid 23 on they're in good shape.

>> reporter: so these retail sales numbers will give the federal reserve argument to continue the rate pause. if consumers continue to spend, the jobs numbers continue to be strong, if inflation rises or moves sideways, that could fit the fed's message of higher for longer no rate cut in march. considering of buying things i smoothie. last friday the president was at a coffee shop in pennsylvania, and he seemed to be the surprised that the smoothie was six dollars, how expensive it was. i'm curious, so is the president now realizing the cost that americans are bearing. >> look, when he went over to you all to, to the, to the press corps he was having a good time, right? you all saw that. >> reporter: was he surprised the cost was so expensive. >> he was joking around. he was joking around to the press corps. he offered to buy coffee, that's what he did and pastries. i think that the most important thing about that trip he was able to visit a small business. >> reporter: she said he was joking in that but that smoothie

probably less expensive three years ago, larry? larry: it was $6 yesterday. three bucks a couple years ago. but who is counting you know edward lawrence? who is counting. anyway, thank you very much, for more on this let's talk, taylor riggs, co-host of my favorite show "the big money show" and john carney, "breitbart economics and finance" editor, coauthor of the "breitbart business digest" which has a cult following. thank you both for coming on. so i'm just going to say, you can agree or kiss -- disagree, john, other than goosing the economy to reelect joe biden which is a very cynical and you know very depraved idea for the federal reserve supposed to be independent there is no reason to cut interest rates period, right now. not a single, show me, no recession, there is no jump in unemployment. their inflation numbers are way above their targets.

the recent data points, i know manufacturing is lousy but the demand side, retail side, there is no reason to do what everyone is talking about doing. >> that's right. there is no catalyst for a rate cut right now. it would be a total optional rate cut and i actually think the option being taken away from them. if you look at this retail sales report it is highly inflationary. because remember what retail sales are? it is sales of goods. that was supposed to be the source of disinflation right now but people snapped goods up. also we didn't get to report this just now but if you look at the import prices they were supposed to fall because goods were supposed to be disinflating right now. they're not. they were flat for december which means that we will have a lot nor goods inflation than people are counting on. larry: you know that's an interesting. taylor, retail sales risingstronger-than-expected christmas, that's demand side, manufacturing, however, continues to fall.

that's supply side. we're demanding goods but we're not producing goods. now if i were the fed i would keep an eye on that. >> and i think you saw in the new york manufacturing survey i think we had earlier this week, if you take out covid that was the worst on record. that survey was worse than the 2018-2009 recession. what is that showing you? like you said we're not quite producing things. my only concern, and i agree with you, inflation has been a huge problem. horrible news out of china overnight, gdp some of worst in three decades. if you don't, you look at nominal gdp, massive deflation, not just disinflation, but massive deflation coming out. if they export that deflation to us, which i agree starting to see that in the goods prices i wonder if that starts showing up if that's what the fed looks at, guests nervous at but so far we have not seen that yet. larry: your hypothesis not only will the fed juice the economy

to reelect joe biden the fed, they will juice the china economy to reelect xi xinping? i'm sorry, i john, i meant to address that to you. do i have to worry about china? i'm not unhappy if china is in bad shape, i want to say that. what do they do for us except finance two wars by importing oil from iran and russia. >> they're in bad shape pause their own citizens don't trust their government. their government kept shutting down their economy. people are protectively saving. a big problem, i'm not worried about what china will do to global inflation. i'm worried about the red sea. we're about to have a massive supply constraint that will be felt all over the globe as ships go around africa, adds 20% to the shipping time. guess what? that is one out of five ships gets absent from the total supply of shipping that will hurt global supply at a time where demand for foods is rising. guess what that equals, larry? it is more inflation.

larry: it is. >> the fed can't cut honestly right now. larry: there is not one single reason but, taylor, i'm going to take, i'm going to take the over on jay powell. a lot of people don't agree with me. i know the guy. i don't always agree with him, disagree with him but i think he is a straight-shooter. he was asleep at the switch in inflation in 21, but since that time the fed mounted a pretty strong inflation fight. i'm saying they need to stay on that course. >> yeah. larry: i don't believe he is going to run for a third term as fed chair. therefore i don't believe he is bound by political considerations, whoever wins the presidential election. and therefore i think he will exercise common sense and not hurry to take the foot off of the brake and slam down the accelerator and start cutting rates. i'm going to bet on him. i mean it. >> i agree with that i think the market has been severely overpricing the amount of rate cuts. i think six or seven rate cuts

is absurd. that is what the markets wants. you saw that initially. i think that is nuts. to get six rate cuts you have to understand how bad of economic shape we're in. larry: you would have to have 10 or 12% unemployment rate where the fed thinks to do that. >> we're i don't think will get anywhere near there. you heard chris waller. larry: a good sensible guy. a good sensible, conservative economist but, john, you think i'm being naive about jay powell? >> no. larry: i don't think a he is that political. i don't think he is political. >> i think he will take the stance chris waller laid out in the speech which he said there is no rush to cut. there is not a downturn we need to avoid. usually when the fed switches to cutting it cuts very rapidly in succession because there is a downturn they're fighting off. that is not the case now. there is no rush. they can hold off. waller said this to us. waller is per situation sieve. he is one of the smartest guys they got. powell will listen to him.

larry: we have to jump. john carney, taylor riggs. catch taylor on "the big money show" along with co-hosts brian brenberg and jackie deangelis 1:00 p.m. eastern on fox business. thank you very much. john, thank you very much. joining me old friend corey lewandoski. let me get your cake president trump said last night. get your take on it in a second. please listen. >> as you know nikki haley in particular -- >> not coming here. artificially boosting her numbers here. larry: what do you think? you're from new hampshire. you run new hampshire primaries in the past.

how do you assess this boston suburb, liberal, left democrats independents voting for haley. what do you make of it, cory? >> larry, look new hampshire has changed. it wasn't that long ago we were the beacon of conservativism in new england. those days are now over. what we're seeing in the trump race, when you look at the suffolk poll that came out today, if you just polled the republicans donald trump beats nikki haley, 37 points, 61-24. when you add everybody with opportunity to vote in the primary next tuesday, which are independents or what we call unaffiliated in new hampshire, donald trump maintain as 16 point lead, 64% 34%. ron desantis five, undecided at six. what that means, the bump that nicky was supposed to get coming out of iowa has not transpired. vivek drops out of the race. by and large his voters will support donald trump. we saw that endorsement last

night in atkinson, new hampshire. so donald trump is poised here in my home state of new hampshire not only to win the primary by a massive margin but to get over 50% which should finalize the haley campaign to an end. larry: cory, what's, how do you read the voters now, biggest issue? turns out in iowa, economy very, very important. immigration and catastrophe at the border. what is the biggest issue in new hampshire you can see? >> immigration is still clearly the number one issue. we have a border state. we're a northern border state. the crisis isn't as severe there but we have seen multiple occasions where people come across the thorn -- northern border because it is not closed to do harm to us. we don't have any idea where they go, if we happen to stop them, we give them a response come back in five years, so we have a court hearing to decide what to do with you.

the issue of illegal immigration continues to resonate across the country. it is single biggest crisis facing us. we don't do something to close our northern and southern borders, we won't be a country much longer, larry. larry: if trump wins new hampshire as we reckon he will, i guess nikki haley goes to south carolina and after south carolina she will drop out? i don't want to get too far ahead of the story. at that is what it looks like to me. you're the political advisor. what do you think? >> look i think donald trump does win in new hampshire. here in the state of new hampshire we apportion our delegates. there are 22 delegates available. you get the delegates based on how much of the votes percentage you get. donald trump will win the plurality of those delegates for sure. he will go to nevada which is next. he will win there in the caucus. we'll see if nikki haley has any strength in her home state of south carolina because if she doesn't, the vast majority of elected officials in south carolina are with donald trump no justification

staying in the race. even john kasich, larry you remember in 2016 won his home state. the way polls look like now, nikki won't have that luxury. larry: a big problem for her. vivek helping you out in new hampshire getting libertarian vote out? >> you bet. vivek made a great endorsement of president trump last night. most people supporting vivek are trump supporters in general. now he is on the trump train. you're going to see his team to continue to come on board. those people who liked his message, loved the trump message. we'll see them coming over to the trump campaign. that is going to impact us on election day. vivek was at about five or 6% in new hampshire. i think all of that goes to trump. the poll today clearly indicates donald trump as the runaway favorite. larry: he was just on the show. he was my lead guest on the show. he is a terribly smart guy. i'm glad he ran, corey, i'm glad he finally withdraw. i'm glad he is campaigning with president trump. i think it is very constructive,

very positive. corey lewandoski you are as smart as you always were. >> thank you, larry. larry: take care of yourself. coming up here on "kudlow," will the supreme court stick it to federal agencies and stop their regulatory power? fox news shannon bream will give us the lowdown on a very returns. so you can get back to your monster to-do list. -really? -get a quote at progresivecommercial.com. in a rocky mountain setting? spanning over 280,000 acres, three forks ranch is the destination for luxury and adventure. enjoy private skiing with 23 runs for every level. kick back

for intimate performances from the best in country music. enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat. discover the west kept secret. go to threeforksranch.com to book your luxury experience.

that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy.

here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

larry: all right, today the supreme court heard the all important chevron deference case which many believe is a battle between federal regulatory agencies and private business. fox news chief legal correspondent and host of "fox news sunday," the great shannon bream, is standing by with an important update can. shannon, thank you for this. >> i am glad to be with you, larry. you and i talked a little bit about loving this wonky thing that actually makes a lot of difference in people's lives. i mean, there are more than 170,000 pages of federal regulations, so even if you're not really thinking about it, everything you touch during the day -- the car, the iphone, your shampoo, the food you eat, everything about your life is touched by federal regulations. so that's why this case is so important, because the question is who decides how far those regulations go in your personal

life, is it, these federal agencies that are staffed with unelected bureaucrats you can't vote out, or should courts be the ones who are able to look at these regulations and say that actually goes too far? larry: and, shannon, a lot of people are saying, look, federal regulatory agencies can't act without a congressional mandate. we've seen this west virginia v. the epa and so forth. is this similar to that? >> you do look at that, because when a statute is challenged or a regulation is challenged and it winds up in court, they do look to see, hey, did congress specifically say that this agency can do this thing? it's not as ambiguous, then generally there has been this chevron deference to the federal agencies saying it's ambiguous. several justices today said why wouldn't we leave this to experts? wouldn't you rather have decisions made by, say, a medication, wouldn't you rather have hhs or the fda handle

something like that versus this question going to judges who don't have a medical background? again, it gets to how much power these agencies have. larry: all right. we appreciate it very much. folks, shannon bream. you've got to see her, "fox news sunday," every --

larry: well, apparently the white house meeting on the catastrophe at the border and the ukraine funding, nothing happened. that's what we gather. much more to be revealed. we'll report on it tomorrow evening if something does happen

at all.