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varneyviewers@fox.com. coast-to-coast starts now. ♪ adam: we were hot when it came to inflation yesterday. a lot of people didn't like stocks and felt interest rates were backing up. and inflation report, welcome news, cold inflation level, thought to be a boon and turnaround for the markets. whether you are a fan or not doesn't matter, the selloff continues no matter how good the news looks. the wholesale inflation report could be deemed an anomaly when it comes to poor inflation year over year. where are we on this inflation argument. the betting seems to be the ppi

report did little to dissuade people, going to cut rates, may be not so fast and possibly this year still with its report, not at all. tim anderson, managing director with us, tim, to you first. it looked like this report would ease those tensions. what do you make of it? >> i think you will have a lot of back-and-forth on the inflation issue as well as when the fed will cut rates. we've come significantly off the lows from 10:30 this morning. there's a couple fed speakers that just took the podium. i don't know what they are saying but stocks have been rallying in the last five

minutes or so so i would bet that they are probably giving people the idea that there is still a likelihood for june cut. neil: a lot of them saying it hasn't changed the basic trajectory. that trajectory could get put off a little bit. we might see cuts this year, one or 2 times. what do you think of that, the market can wrap itself around that. >> successful investors are like a great athletes on the field. in the words of wayne gretzky, escape when the park is going, the park is inflation and the trend is headed in the wrong direction. after yesterday's consumer price inflation report and today's wholesale inflation report there is little sis suggest the fed will fulfill goldilocks dreams of aggressive rate cuts and it gives investors where things are

headed, headed the wrong direction. since these reports were compiled oil prices were going up. if you go to the gas station inflation is not getting better, gas prices were higher than a year ago so the war against inflation not making a lot of progress, food prices are higher, not lower. investors recognized these were big concerns. as we get closer to the election there's anxiety how to pay for these deficits. as the debt is going up by $1 trillion worries about higher taxes on the horizon and fiscal policy, all those coincide with seasonal concerns when the market gets choppy in the spring and summer and you are seeing that play out and people worrying about the next report. neil: it looks like we are well-off the lowest levels of the day but it could be a down week and we have come off our highs. the s&p is up 8%, 9% on the

year but it will be tough sledding with technology stocks had corrected and corrected it is in the eye of the beholder. a technical correction from its high, these were rockets a few months ago. how do you play technology? >> you have to look for those companies in tech or other sectors that are growing faster than the cost of capital and growing faster than inflation or risk-free rate, maybe a 10 year note. it's easy to say the market can't go higher if the fed doesn't cut, sectors of it can still perform well as long as they have a growth rate better than their cost of capital and

better than 5% or so to take on that risk of beating a risk-free rate. a lot of companies, a lot of companies won't fit that bill. you have to look at material stocks, industrials, some energy names but certainly, the market could get more selective than it has been. neil: i didn't mean to jump on you. we will have tom siegel here, the chairman and ceo famous for saying there's going to be a weeding out here, we could be seeing, separating winners and losers, how that plays out, i will raise it with the internet boom, certainly survivors of that.

how do they play a i as a theme. >> you can look beyond in video. before nvidia there was apple and tesla, and before that it was kodak and xerox, those names, the ai technology boom, the anti-china trade is very much alive. people who implement ai, companies in manufacturing, in japan, the best in 20 years, looking at india, lots of high-tech startups with technology from us companies, china, india and japan's again, those are ways, you can just buy nvidia and chase the valuation. we have it great here.

the sexy trade, there were a lot of things in this economy. neil: it will be sorted out of the markets. let's not focus on a day or two. i want to get the impact we are seeing, and market rates, the backup with the rates, with the backup in that and what's happening on the 30 year fixed rate fund. it moved 6.88%, over 7%. what do you think, bill? >> i think inflation is here to stay. mortgage rates will be high and housing prices will go up. president biden said there might be a tax cut, not a tax cut, a rate cut. if that happens i think you could see housing prices go

higher. neil: a rate cut, whatever people think of the justification of that could be inflation. what do you make of it? >> could be very inflationary. if you don't own a home you will have a two pronged problem, inflation, by time going by, inflation in the house, the cost of the house will go up. if the federal reserve comes in and helps out a politician before an election it reduces rates even with high inflation print you could see those home prices go up, 5, 10, 20%. you could have a buying frenzy like during covid. the good the thing is mortgage rates are high but if they lowered those rates, those prices could skyrocket again. neil: i caught up with barbara corcoran, some of the

inflection points, this is from barbara? >> rates go down a percentage point, prices go through the roof. everyone will come out and buy it, there are ten buyers on the sidelines waiting for interest rates to come down that are active in the markets. everyone will charge the market. neil: if they come down a point that would bring us to 6% level from the 7% level, that might be a tall task now. >> i am saying if you add 1% decrease in rates, that will go so high, we talk about affordability. i talk about zoning, there are so many regulations, whom developments, if rates go down, housing prices go through the

roof and you have a flood of people getting into this stuff and that i see it everywhere. we see inventories pickup across the united states because these mortgage rates going up. if they lower those rates, they are inventories again. stuart: the we will watch closely, the political fallout with karl rove with the chief of staff, best-selling author. i saw the headline in the financial times that said the surge in inflation has become a big issue looming over the biden white house bid. for keeps researching, i guess, he is in a heap of trouble, what do you think? >> even if it moderated a little bit he would still be in trouble because people are having a huge difficulty adjusting to the new reality of prices. we had prices rise since he came into office, 19%, median household income by 5% and that, the problem of dealing

with that in a household, when you pay the rent you pay the utility bill, pay your mortgage, go back to school, take kids out for a happy meal, go to the grocery store. people are dealing with that each day and saying i'm paying a lot more today than i used to and finding it hard to make ends meet. the number draws public attention. don't kid yourself, this is something ordinary families feel whether there's a report coming out about cpi or whatever, they are feeling it. neil: you could make the argument the federal reserve would cut rates even in this environment, the markets would revolt at that if acting maturely in the face of numbers that are stubbornly inflation, that could cut both ways. donald trump was suspicious of president biden, whether he's working in cahoots with the federal reserve, that might do his bidding but, and act like

that would be counterproductive. >> absolutely. people looking at this, judgment on these matters. it's unlikely the fed will do any cuts this year. the number one responsibility is to reduce inflation and have it at a reasonable amount and we are not there and we are a long way from it. neil: i wonder what you made of the latest terror threats, the fbi director spelling quite a few of them two hours from now on capitol hill. i wonder politically if that has the potential of getting people to say i didn't know it was so widespread of the terror threat is here or have we become so numb to this news we don't attract -- react at all? >> i worry about that being the

case. whether it is iran, or the far pacific, we should be concerned people come across the southern border we don't know, a lot from china and other parts of the world, we should be concerned about the uranian's being very open about their desire to strike us or their allies to strike us, we should be concerned about the bellicose language out of the kremlin and vladimir putin. we should be concerned about what's happening in the pacific, the chinese attempting to control the south china sea and north koreans saying they are no longer looking to live in existence with the south but reunification with the south by whatever means necessary. these are all dangerous tipping points in the international fabric. neil: my friend karl rove,

thank you. we are waiting to hear from the fbi director and to get a better sense when the so-called attack on israel from iran, no way of knowing. we've got indications from benjamin netanyahu that the attack on rafah is a date of his choosing. he's not sharing that with us. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts.

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neil: it's one thing to be anxious about interest rates or inflation returning but another when it is life and death cherishes the fbi director is going to outlining pretty detail on capitol hill. lucas tomlinson has more on that. >> reporter: might be more serious than interest rates. i don't need to tell you about the threats, we go through the list, iran, the israel hamas war, china, russia. isis even. the fbi director on capitol hill in two hours, we have a readout of what he's going to say. the fbi director says this is the most dangerous time in history. looking over my career in law enforcement i would be

hard-pressed to think of a time where so many threats to public safety and national security were so elevated all at once but that is the case as i sit here today. he says the fbi opens a new investigation to china every 10 hours. those investigations may be coming right here with a surge of chinese nationals crossing the southern border near san diego, home to the third fleet, two marine corps bases and west coast seal teams. this is a 6000% increase in the last 3 years. recent days, and 18-year-old american teenager from idaho was arrested and charged with a plot to kill his fellow churchgoers in the name of isis according to court documents. cases like this where foreign entities are involved, christopher wray says he needs the national security tool to solve them. open remarks talked about national security, and absolute

indispensable tool. congress can give us in our fight against foreign adversaries and reauthorization of section 702 on the 4 intelligence act. it could clean securing our nation and we are in crunch time. let me be clear. they reauthorize 702 from getting it to a new warning requirement would be dangerous and put americans lives at risk. christopher wray due to appear on capitol hill in the next few hours, faces a house panel. republican house lawmakers fired up about those considerations they voted against yesterday. . 20 their argument was they didn't want to use americans essentially but they also didn't want to do it because donald trump didn't want to do it. >> reporter: many national security officials say it's a critical tool to americans being surveilled they are talking to terrorists overseas

and would help to know about those conversations that we saw this week. a lot of the attacks we don't hear about. neil: we hear about the ones that work. thank you. great reporting as usual. i want to go to rebecca heinrich. and the pfizer thing, trump had said, it was illegally used against me and others and might have been, unfairly targeted. should that be justification for many republicans are some who are holding back on this. >> it's not justification. understanding the president's concerns is why speaker johnson tried, working with his democrat colleagues, to put

greater penalties on the fbi if they abuse these provisions. when this was initially part of the patriot act i was working on capitol hill and i remember the oversight hearings in 2008 and congress worked hard to balance the concerns of civil liberties americans at home with no kidding threat that is persisting against americans with adversaries abroad and there are many but if they are talking to americans the fbi has to have a way to thwart those, donald trump used this during his administration to take out terrorist plots so it is an indispensable tool when we had this precipitous withdrawal from afghanistan and isis is reconstituting all these places and we don't have has good ability to see where they are and what they are doing so we've got to have the tool 702. neil: i was surprised to hear

the fbi opens an investigation every 10 hours. >> china is, presents the most serious, grave, chronic, and acute espionage challenge against the united states. because of the problems at the southern border were incentives to cross illegally and president biden not taking, has to close the border, we have chinese nationals crossing the border which is at rates higher than it has been, the we've seen. we got to wonder with china is the most sophisticated techno-authoritarian state in the world and hard to believe the chinese government doesn't know who these people are who are leaving china and coming across the border so we are in a really unprecedented threat environment so understanding many republicans who follow donald trump have concerns about these things you can't

deprive the us government of the tools it needs because you aren't happy with how they implanted before. you've got to fix them but you have to have the government to protect the american people, first and primary duty. neil: the timing of the fbi director's remarks, i don't want to be cynical about it, he can now say i went on record saying don't say i didn't warn you, that he is laying the groundwork for what could be a serious terror attack on this country or am i overanalyzing? >> i think christopher wray has consistently done a good job trying to sound the alarm in a measured way because it is the right thing to do and his response ability and so he has been consistent for years now explaining what foreign actors are doing at the inadequacy of the us government being able to see what they are doing. neil: to your point about the

party voting on this issue but this is one thing that should be uniting us. >> not just frustrating with people on the far right who are prohibiting reauthorized and amended, and we cannot weapon eyes law enforcement agencies for political purposes. and we want continuity across the american people so that should be a hard lesson we've got to learn. lauren: 20 rebecca heinrichs, senior fellow, a lot of the stuff -- it was in this environment a long time ago before the latest threats, saying that defense does a booming business, rapidly growing business. i will imagine since he made those remarks months ago it has

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the fbi director is going to spell out in 90 minutes. this is not news for my next guest, the chairman and ceo, this is not a political issue for me. it's not issue for republican or democrat or biden or trump issue, this is defense being a concern about safety and bigger concern kind enough to join us right now. good to have you. let's get your take on what the fbi director will outline, the real threats that are alive and well with defense being part of what you do. a growing part of what you do, so we have sort of maybe we are numbed by this but i'm wondering about the reaction we tend to get threats very soon, we are hearing it again, no big deal.

what do you say? >> i think the threats from rogue states, bad actors, particularly the ai involved in social media to disrupt society, create civil distress, to interfere with democratic processes is very real. it certainly happened in the 2020 election cycle and will happen in this election cycle, something we need to be concerned about. the attack vectors are wide open, broadly utilized, we have nothing going on to defend ourselves from these attacks. neil: i think of the potential of ai, all kinds of areas we wouldn't have expected and i was thinking of extending that and so are the bad guys. does that worry you?

>> ai is being used in huge ways. with generative ai we get into deep fakes, you will be are today, it will be impossible to distant which real news. it will be impossible to distinguish the fake joe biden from the real joe biden. we will be confusing the electorate my confusing our citizens. this will be very artfully done. the risk is unbounded. neil: step back and take a look at ai and how you treat it. the internet boom that went bust, that wouldn't mean every internet player went bust but a good many did. i don't want to mischaracterize your comments that we could go through the same with ai. can you explain that? not everyone getting a lot of attention now will be around.

>> we could argue the internet was overvalued in 1999-2000 when we had the dot. com incident where the market corrected itself. yet today the internet is two or three orders of magnitude larger, it is bigger than you could imagine. now you have this excitement about ai. it's not ephemeral. it does change everything, changed government and changed defense. will there be a correction at some point in markets as relates to ai? absolutely, will be this year or next year or the year after? i don't know. in the long run ai changes everything and every piece of information technology we use, be it broadcast, print, internet or phone, manufacturing processes, we will be driven by ai. it will correct at some point

because it's what markets do. in the long run this market is measured in trillions of dollars of revenue. neil: we are seeing the high flyers like nvidia, apple which has a tangential relationship where they have fallen 10% or more from their highs. does that worry you? >> wouldn't bet against apple in the long run. neil: what about nvidia? >> anybody who bet against them will stand on the tracks. neil: what we've been seeing in those issues, we are 80% this year, quadruple over the last year. you don't worry about what we've been seeing the last couple days?

>> i don't look at the market in days, weeks or hours. the stock price on your screen in weeks. i am thinking years you think a decade to come what's going on in ai, it is orders of magnitude larger in five years. will the market corrected by 15%? it will, it does, we all focus and it comes back and it's all good. it is going to be very much the real deal, it is important and changes everything. a lot of it beneficially but make no mistakes, these warnings we are hearing from the fbi, these are very real, we should be concerned, to get these things under control.

neil: not looking at your stocks so much, that's part of your wealth and who you are but you are not obsessed with or have so much money? >> we have 3 quarters of $1 billion cash in the bank or something like that. i don't want to be glib as we pay respect, i don't need the market as a source of capital. i'm here to take care of my employees. if we do that, turning the lights off by the stock exchange for five years, you turn them back on all the investors will be happy. making 5 or 10 years and on the road, our mission is to build one of the world's great companies, the leading company

in enterprise ai. neil: good seeing you. thank you again. a lot more coming up including this sensation for forgiving college loans, for those behind on them. mike road is saying there are other options for kids drowning in debt. we have other educational opportunities after this. ♪

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at sandstormgold.com. the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh.

if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. her uncle's unhappy. 1-800-217-3217. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...”

so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. adam: we don't need education, you might think floyd was writing and read billion but it was really the group was rebelling against needing a college education, but i do love that song and it is very apropos for my next guest, mike rowe. a ton of great email. good to have you.

what you've been pushing, decades ahead of this trend, long before there were college loan situations and tens of millions of them, there were alternatives and we ignored them and we are realizing might have made a big mistake. >> i have always thought you could walk back just about every major issue you discussed this topic to the day someone decided to take shop class out of high school. the unintended consequences of doing that can explain one. $7 trillion in outstanding student loans, 10 million open positions that don't require four your degree but rather training and the schizophrenic relationship with the definition of a good job which is one of the true things that under control, we get to decide what that means and a lot of other stuff the concerned

parents can't do much about the stigmas and stereotypes and myths and misperceptions that keep people from exploring careers in the trades, they are starting to get a little wobbly. people are looking at it again. and i have nothing against the four your degree but i was quietly thrilled, won't take a victory lap. to see the tuitions, the enrollments going down and trade schools go up. neil: the past weekend other countries, love the trade skills in place, electricians in europe, it's very different. i joked about having people in my house if he comes. >> not just make 200 grand as a

plumber or these countries are desperate for plumbers. now it's about how long do you want to wait for the electrician? so you get 300 million people involved in the conversation it goes beyond the cost of college and lost opportunities. my toilet is not flushing and i don't know how to fix this, how long to i want to wait? it used to be ours, then was days, now i challenge you to find a general contractor in the midst of a project that's going to come in on budget and in time. they don't exist. neil: many of them are italian. just have reversed attitude. i kid. have to be up to speed, you have that deep voice and it scares me but looking at what salaries are in some of these

college professions, construction manager considered means the top 10% salary in any given field makes 172,000 a year, and electrician 140, auto mechanic, 77,000 plus. my guy is two loan debt a vacation home he can't find yet. show this to a kid and it is game over. >> the evidence demands a verdict, don't want to look at the evidence because it was inconvenient and created a kind of cognitive dissonance to the prevailing narrative which is the best path to the most people, in south korea and germany and so forth. higher rid needed a better campaign in the 60s and 70s, need more engineers, the push

toward that occurred but it went too far. we weren't content to say look at where this path can take you. if you don't take this path you will be stuck over here turning a wrench being the aforementioned electrician or plumber. we use the trades as a cautionary tale and use trade schools as the place to go if your kid wasn't cut out for the ivys and treat up a bottomless pile of free money and put an obscene amount of pressure on when generation of kids to borrow whatever it took to invest in their future. those salaries are half the story. the other story is a lot of those people are not saddled with $300,000 in debt. neil: finance and debt

forgiveness -- >> 2000 people have gone through my foundation. none have a four year degree. all of them are working, chosen vocations, many are making six figures every year. to ask those people to their face, nobody is suggesting to pay off the lease on their f one hundred 50 euros have have to hundred 50, the tools of their trade are there burden but the tool hanging on the wall, the diploma also known as the receipt is something we need to pay for. that doesn't pay. jack:'s are benefiting, any of them could get someone over to fix the toilet which is very important. >> i've not committed to the indoor plumbing, we keep things simple. if i can't fix it i don't want it.

neil: what happens at the roja and stays there. >> $1 million right now, work ethic scholarships given it away, go get some. neil: anyone want guidance on the municipal bond market, realize it. >> thanks for having me in person, nice to be here in reality. . 20 good luck. mike rowe. more after this.

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>> donald trump is down to billion dollars the neighbors looking at a week ago. dj t has been taking it on the chin but they are

back-and-forth as to where this is going. charlie gasparino with us on this. all the makings of a meme stock. charles: give a campaign contribution, don't buy the stock thinking it will go up because it's a company with a lot of problems. they disclosed it all. ask your self, it's not exactly 0. it is way up from when it was trading with digital world acquisition. and double digits. neil: there's a downdraft, who buys on these notes? charles: a lot of people believe in donald trump but the other thing is technical. there's not a lot of stock

outstanding but if you want to short this stock and make money as it goes down in the future you have to pay up for that, pay extra money because it's hard to find the stock. you have to get it from someone, sell immediately and replace it. hard to find that borrow. what you have now and i've spoken to several marketmakers, people buying the stock thinking they could make a lot of money, a chunk of change is unbelievable. do you get more pay lending it out then you might have experienced when the price goes down and we could do that because there's still not a lot afloat. as more people, as donald trump says -- charles: as soon as he can sell it.

charles: the stack -- neil: special allowances made for him. charles: there are ways for product placement that would be interesting. neil: you prognosticate on this stock or do the amc thing. charles: a slow drift down every now and then and eventually fundamentals do matter and we see who is burning cash, it was not a $30 stock, why are you saying that? you have this, this, this, and this including massive amounts of debt. it is now a $0.28 stock if you factor in -- neil: a wild ride. charles: i don't like