ashley: what do you say? >> i like following you to take your lead to. i will go with number 4, 1826. ashley: i was going to go with 1801. unless it is number one. number one. 1777. just one year after declaring independence. civilizations that are celebration's were held across the colonies, there is a 13 gun support. the sons of liberty set off fireworks. >> give that to stuart. ashley: that's it for "varney and company" today. thanks for joining us. coast-to-coast starts now.

david: i am david asman in for neil. markets digesting comments for jerome powell, who said we are in a disinflation. market analyst francis newton stacy. what do you think of this? i am surprised the markets didn't rack more favorably to suggest inflation coming down. >> reporter: they didn't act more favorably, it would take a lot more data, inflation is not something. we have unemployment above 4%, that's not out of control, growth trending around the 2%. inflation is coming towards 2%, there wasn't a catalyst although the labor market,

there isn't a catalyst. what he fears is if he preemptively lowers rates, that could cause reacceleration of inflation. some fun comments where he said you could do it too soon or too late. the risk is on both sides of doing too sooner too late and also particularly said they ask about political policy and trade tariffs, they asked about the new rate. one of the most effective communicators. david: i love your adverb cheekily, he does have that. he's doing it based on history. in the 70s, when the fed is making progress against inflation. they lowered rates too soon.

it went into the election year 1980. two years of tightening by the fed which led to a big recession. there are suggestions, a slow down might lead to recession. >> people living paycheck to paycheck, and unemployment goes up dramatically, default on credit could cause problems. if there's a meaningful breakdown that's an incentive to move slower. there is another thing to consider, catching bits and pieces, we need demand for debt because we are running deficits

and we need the world to purchase bonds, that is incentivized by keeping those rates higher for higher returns on fixed income. the fiscal debt is not a problem. i don't know if i agree with that because the debt service is onerous on that but the deficits, we are not on a sustainable path. that's not a controversial issue. the close of fiscal spending is going to reduce liquidity in the system and that will be the tightening. he's weighing these various risks. neil: mention how necessary it is to keep the government working, it's getting more difficult is it not as a lot of investors in bonds worry about that debt and the fact that debt service is over $80 billion a year.

and to distillates bonds. >> if we didn't have the us dollars, our balance sheet is headed toward that, with the brick's influence and that's another conversation but absolutely. ashley: thank you for being here. now to politics and the white house where the biden campaign is trying to weather the storm. and tackling questions at the white house briefing since then. jackie. >> a new suffolk university paul, debate did have an impact. and they were tied at 37% each

and since the debate trump has edged out biden 41 to 38%. internal polling, that with some media outlets. they are virtually unchanged where they stood in may, 36 to 45. when you consider the internal polling that shows the president losing to trump, plainly that's an okay thing. according to actio's this is part of an 8 step survival plan. dismiss the bedwetting aligned from dylan that donors reportedly, donors ripped aid to prep biden after the call to the national science committee. when they were not asked live

but recent knitted by campaign ads, claiming debate prepper is didn't sit well with jen psaki who tweeted the notion at the debate, and with many candidates, biden was bad, if you're directing your irad prep, not talking about the right things. step 8 is to ignore the media calling for biden to step aside in one campaign surrogate said the editorial board of a big swing state newspaper engaged in election interference. >> disappointed with the atlanta journal-constitution. as we talked about making sure we are protecting elections and that there is no undue influence. this is undue influence by the atlanta journal-constitution, voters should be able to make

the decision the same way they did in primaries. >> reporter: there are discussions happening now about restoring confidence in the president by having him do some things he has shunned for a long time, sit down interview or press conference. he could come to the briefing room and take our questions anytime he wants but next week is the nato summit and traditionally that's when presidents hold hour-long solo pressers, no word from the white house whether that is in the works. david: so tightly orchestrated these pressers where he has the name of all the reporters and suggested questions. good stuff, thank you very much. quick to react is hans nichols. before we go into what's happening next, have to go back a couple weeks to a piece the wall street journal ran. my colleagues work for the same umbrella organization idea but

it was an impressive piece about the president's performance in the debate written before the debate suggesting all the stuff that we saw with our own eyes is what was really going on with president biden. didn't they get that story right despite the fact that it's belittled by a lot of people in the media? >> i know and respect the reporters that wrote that and i refrain from being there and saying get what they got right and what they got wrong and we saw the president in the debate, how he performed and for many of us watching closely we weren't that surprised. there were some surprises but we weren't that surprised. we don't have that much access to him. this is jackie's point. reporters tend to want more access than they get, that's it with every white house particularly circumscribed with this white house. i take your broader point.

moving forward the question is what is the campaign going to do to disprove this narrative? david: i love the journal and i think they got it right. what do they do now? they are so many aspects in which they painted themselves into a corner particularly regarding kamala harris. >> they need to prove to donors and elected democrats that president biden cannot just run the campaign but run the country. that's what you are hearing unanimously a privately from senior officials and big dollar donors. the question you are raising is a second-order question. who comes next? that really is down the line. first question for democrats is do they think president biden is the best candidate to defeat donald trump. they are talking about big donor call trying to assuage

concerns and calm nerves but there was information that was conveyed. the big step is they know biden didn't do well and he needs to demonstrate to the american people and donors that he can do better. brian: one of the leading guys in terms of collecting donors, one of the few moderate democrats left in new york city. he was on with neil cavuto. he talks about the donors he talked to after the debate. >> many black entrepreneurs saying they are done. this is embarrassing, it is unwinnable. his job was to make a case for a second term. brian: quick reaction to that. >> that is what everyone, not everyone but nearly every donor

i talked to says privately and private conversations burst out in the open, will there be public calls from elected officials especially in leadership for joe biden to step down. that hasn't happened yet but everyone is watching the polls. david: appreciate you being there. donald trump is looking to overturn his hush money conviction after the big supreme court ruling and we are learning manhattan da alvin bragg won't oppose delaying trump's july 11th sentencing. want to bring in andrew church asking for more details on this. the news of the moment, what was yesterday's happened with the bragg case.

>> presidents enjoy immunity, more than that, you cannot do certain things they do while in office. with discussions with advisors and other information from personal records. as well as the commentary and the evidence that cannot be used, they are going back to the new york case complaining that case used evidence from when he was in office. much of the conduct from before he was in office, actual charges from after the time continue for a year when he was in his first year. he has to confront this issue, signaling before the trial. david: everybody knows the july 11th sentencing date, four days before the convention and

charges election interference already leveled are even heightened because it is so close. do they want a breather to avoid charges of election interference? >> alvin bragg needs time, he should have been thinking about this for a long time. the defense has asked the judge allow them to file a motion requesting that. alpha and bragg conceding that's going to be permitted. he needs time to respond. he's looking for a later date to hear the motion. david: the key case everyone was looking at, dealing specifically with january 6th, prevented a charge against trump.

does this delay jack smith's case? >> absolutely. what has to happen is the trial court has to go to review and determine whether immunity supplies. if there is something that falls outside the scope of immunity the defense will have an opportunity to go to circuit court and the supreme court which goes to trial. david: very few people doubt there's a lot of politics intertwined with these cases. some call it lawaffair. is this the unraveling of lawfair is a strategy against trump? >> it is a big win for trump in that regard and it signals -- david: is that healthy for the united states that our system of law and order is stronger than these attempts to undermine it?

>> due process is something we use but don't understand in terms of what we talk about. this is due process at work. we can see things go against a criminal defendant in ways that might seem unjust or improper. it takes time to rectify that. donald trump promised he's going to fight this to make sure it gets right. this is a signal to those who use lawfair that it won't always go well for them. in the end when they lose those efforts, blows back on them ten times harder. david: appreciate it. hurricane barrel strengthen to become the earliest category 5 storm ever to form in the atlantic, betyl headed toward jamaica and ripping toward the caribbean. more on this when we return.

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why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. david: at least 30 people were injured after a boeing get planes hit severe turbulence. nate foy is here with the latest on the incident. looks horrific. >> launched one man into an overhead bin during the flight. you see his feet sticking out on the other passengers helped him down after that.

30 people suffered injuries because of the turbulence. one passenger described it like this. >> translator: one moment to the next the plane destabilized and went into a dive. people who didn't have seatbelts went up and hit the ceiling and got hurt. those who had seatbelts on, not so much. >> reporter: what appears to be a bloodstain on a seat in business class in economy. pictures show the tire seat collapsed. emergency responders carried one person off the plane on a stretcher. one passenger talked about the chaos on board. >> translator: passengers with injuries to their arms, face and legs with a horrible feeling. we felt we were going to die. thank god it didn't happen. >> reporter: the injured, most of them suffering bruises and contusions, were treated in various hospitals in the area. at the moment only six

passengers remain in the hospital. the flight took off from spain, the boeing 787 dreamliner emergency landed in brazil. the airline confirms external conditions caused turbulence. all the seven of the passengers were at their final destinations, six in the hospital, one passenger anticipated it. brian: hurricane beryl the earliest category 5 storm to form in the atlantic. and nicole valdes was the latest on the storm. >> the situation for the nation is grim. he confirms two people were killed, hurricane beryl making

landfall monday, did so as a category 4 storm, the impact widespread, the prime minister reporting and islandwide blackout, immense damage to homes and businesses, movement across the island is nearly impossible. emergency teams working to deliver supplies to those who were devastated but agencies like the coast guard say they are delayed as marine advisories remain in place. the island of barbados reporting significant storm surge come massive waves along the southern coast as the storm moves through and left some communities underwater. and eerily similar seen in st. vincent, ralph gonzalez announced 90% of homes on the island were either damaged or destroyed much of it concentrated on the southern grenadine, at least one person

killed their. power and water are resources that are still scarce today. airports have been badly damaged on several islands. officials say they welcome emergency aircraft with any sort of resources they can bring in despite the impacts we've seen so far. david: oil inching down after hitting a 2-month high on summer demand for gas and hurricane beryl. let's get to senior analyst phil flynn. it's inching down but it is 83. when i woke up, $84 a barrel. how soon before that translates into higher gasoline prices? >> i would go to the station soon because i think it will happen almost immediately. we see prices go up as a holiday demand season kicks into high gear.

in the futures market, prices are going to go higher over the next couple months. definitely the hurricane has had some impact on prices even though the track of the storm is missing some of the major production platforms. it is still going to slow down important exports and that creates confusion. the main thing, everybody was telling us the demand for gasoline was going to be horrible, we are going into recession. that's not happening in supplies are tightening up as we speak. david: before beryl prices were going up, it's not just the hurricane, it is exacerbating it but not just the hurricane itself. it's a political year, president biden has done this before and did before the midterms in 2022. if prices keep going up, he may selloff dwindling oil reserves to get prices down.

>> he's a politician and will do anything he can. even more disturbing, a report tuesday the biden administration reopening talks with venezuela. we put sanctions on venezuela, took them off, if they promise free and fair election. the by that menstruation was perforce to put sanctions back on. they are talking about taking it back on. they seem to be a political move to try to keep oil and diesel prices back down. brian: our production is up a little bit, but it is basically where it was in december 2019 at 13 million barrels a day, domestic production. be closer to 14 or 15, but it is stuck at the level, opec may be cutting back. they are using more fossil fuels and yet we are not

producing up to the level the demand is. >> absolutely. that's because of bad regulations. i'm hopeful that can change. they will stop crazy regulators who it hurt investment and confidence by people in the oil and gas industry, we heard reports the lng band is pulled back as well. people in the oil and gas industry have confidence to do their job to meet demand and not worry about the government slapping them on the hand when they turnaround. david: thank you, good to see you. a new setback for the biden administration's climate agenda. david mallpass left the world

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david: a new setback for the botnet menstruation's climate agenda after federal judge ruled against the president's pause on liquefied natural gas

exports. the president of the world bank, after being tagged by the groin -- david mallpass joins me now. we are using mall -- more fossil fuels, the world is using more fossil fuels, that may change if we are in a recession if you would like to talk about that but lng is such a vital component of the world's energy needs. isn't it absolutely the wrong time for a pause in our export of lng other places in the world that need it? >> it was, the us is facing inflation and this drives up prices. when you reduce the amount you are producing you get higher prices. in this particular case it helped russia which is making up for some of the gas that's going into europe and natural

gas is important for multiple reasons, on climate itself, it is the reason for the reduction in greenhouse gas emissions, emits less than the alternatives. if you stop allowing the us to have the growth in those exports you are driving up greenhouse gas emissions worldwide and there were multiple international meetings, fertilizer, the way to make the most valuable fertilizer is with natural gas as availability has gone down, that hurts africa massively, you have food shortages across africa because the fertilizers not coming in and they can't grow the crops they need. david: it really is a matter of life and death for a lot of people on the planet.

>> is and families and children are really at risk facing higher prices because of the higher interest rates and reduced production in the us and europe. this is, energy is one of the critical components of how people survive especially in poor countries. the strategic petroleum reserve, they drained it at the wrong time and cut off lng exports at the wrong time. david: looking at the green agenda around the world, europe has the green agenda. $4 trillion on green energy. on wind and solar energy. it hasn't performed up to

expectations. we need more fossil fuels and if we are going to cover the energy needs we have you can't do it with green energy despite trillions of dollars we spend on it. >> that's one of the problems at the world bank. there's a giant climate industry, driven by china pushing windmills and solar. without any regard to the cost so it directly subtracts from the money you can put into child nutrition, building education and small business jobs. the drumbeat to spend as much as possible was strong and are we getting impact in terms of greenhouse gas emission

reduction or lives saved, that was completely lost in translation and the idea was maximize the spending that goes into the climate lobby. david: i went to get into what's happening with the economy, world class economist, head of the world bank, do you think jerome powell say that we are in a disinflation right now? do you think we are moving into our recessionary period, we are in stagflation, us growth in the first quarter was 1.4%, europe is in trouble as far as the output. manufacturing isn't coming back. the regulatory overlay is daunting for businesses. they need a clear picture the government isn't going to block them from their investments.

we have to think of it as a slow growth period or stagflation period or recession of some kind, the softening of the labor market, manufacturing and labor softening and prices. david: we are short on time. does, do the recessionary, world economic slowdown have anything to do with the election results in europe, specifically france, and will that continue? >> europe is trying to find its way. the election might point them toward stronger economies? they are really mad at the elites for taking all the money and leaving them without jobs and competitiveness but dominant is this fiscal deficit

in the us. people shouldn't lose sight of this. we have the biggest deficit. it doesn't make sense because the economy doesn't need government spending money but private sector investment money. the dominant thing in the world right now is out of control spending in the us. david: not too much common sense. that was unfair. thank you very much. appreciate you coming in. tesla sales are falling for a second straight quarter. what elon musk can do to turn things around after the break. ♪

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david: market surge the first half of the year. does that include the fed chairman charlie gasparino? he writes in a recent piece, quote, talk to enough wall street executives and you come up with something very unsettling. no one knows what will happen with markets and it is scary.

but you do have your contacts, are they as afraid now as they were leading into the 2008-9 recession? charles: wall street is good at prognosticating. right before the financial crisis even as stock hit an all-time high in october 2007. 13,000 is a record high. people saw problems on the horizon. in hushed tones. and they bet against the financial markets and banks

themselves internally were roiling. it was a credit crunch. people saw what could happen happen. they saw it. what's different about this right now is legitimately no one knows the future and here is why. make a case the fed will raise rates and the fed should cut them. brian: when he sees disinflation. charles: you could make the case that inflation is too high, not close to 2%, raise rates as need to happen. into the economy or began with trump, and the media, mainstream media adding much more, comparing apples and

oranges, the trump economy had to stop six months because of covid. if you look at cbo numbers the trajectory was stopping. -- david: a lot of spending is temporary, did not keep the covid spending too long. up to the baseline of spending by 20%. charles: by the end of his term. david: it was phasing out. charles: it was unnecessary. biden is trump spending on steroids. if you put all this together you don't know whether nvidia is a life-changing thing or a blip?

you could make a case that nvidia, this is amazon 2000 where it is priced like any stock level or you can make the cases life-changing just going up. pulling that together you have one of the weirdest scariest situations forecast. not only the american consumer. david: the smartest people like jamie dimon is very nervous. we got to go. a terrific piece in the post. thanks for explaining it. tesla sales falling for second straight quarter despite price cuts. nicholas wealth management affidavit nicholas is here. is it something wrong with tesla or something wrong with the economy leading to slower sales. >> sales are down in china,

they are facing stiff competition, they saw ev sales increased by 20% in the quarter. china is a big market for tesla, 21 billion, 20 one% of total sales, china is a big market. what elon musk did was he sifted the conversation to the future opportunities for tesla, robotics, ai, energy storage. tesla is so much more, there are robotics, they are in ai company. you are not buying it because of ev sales, but what the future of tesla will look like. hard to stomach but that's how to look at it. david: something else with regard to evs, people are having problems with the range and during cold weather coming in chicago and elsewhere we saw a lot of ev owners say they

would never go back. we had a mckinsey study, 46% of ev owners are, quote, very likely to switch back to gas vehicles. that must be a big head wind for ev makers. >> a good point. what we are seeing the market trend towards is hybrid evs. i can put gas in my car if i want to but if i want to plug in my car i want to the ability to do that. tesla doesn't have any hybrid models. that's a negative to tesla. you will see other competitors have hybrid models but tesla is bigger than this. our eyes are on the robo taxi. when i can get in a vehicle, it will take need to work, to a restaurants. i don't have to own it. they are self driving. that is the future. it's years off but that's what is light is pointing towards, so much bigger than buying a vehicle whether you put gas or electronic in it.

that's a big move for tesla. david: markets, what powell was saying earlier, don't know if you heard charlie gasparino but a lot of investors are worried about what might happen. what will happen to the market? >> there is political insanity, markets do well when there is certainty. if you are an entrepreneur, why do you invest? if you believe the future would be better, you hire one more employee, same for corporate companies, they won't invest. if they believe the climate out of washington is not going to be one that's great for business, it's very uncertain for businesses. you won't see markets go anywhere until the election and there's two paths, one towards economic freedom, regulation or path tells businesses that want to tax you more, we will regulate you out of business, it's a tough environment and the clear choice but we won't

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david: america's first smart highway has been completed in michigan. >> reporter: fast track automation in america's cars, we need to do more than create vehicles, we need to create smart roads. congestion, traffic, deal lays, could be a thing of the past.

>> tyler devol would have told you 20 years ago when he was a transportation official. they could big driving headaches disappear. >> he will probably have 20 to 25% of the vehicles sold have this capability. >> reporter: company pilot in the world's first smart hwy. in michigan. the project paid for stretches three miles along i 94 connecting detroit to ann arbor, michigan. polls and the median outfitted with cameras, radar sensors and waterless radio equipment. the company will eventually be able to communicate with every car along the core door. >> cars talking to each other, they will allow these vehicles to operate more efficiently. >> reporter: they essentially act like a router connecting to

each car and creating a network of information. what one car sees can be instantly communicated to cars behind them. all drivers are safer. >> you can tell when there are hazards in the airspace that need to adapt to. >> reporter: this isn't something that is really neat. it's about making infrastructure safer. brian: it worries a lot of people you are talking to me while driving. i hope you are careful. >> reporter: i am just really talented. david: thank you so much. that does it for cavuto coast-to-coast. brian brenberg and "the big money show" will take you through the next hour a little bit early. all yours. brian: you didn't distract kelly. she was focused on the road. hello, i am brian brenbe