what country would you like to visit that you've never been to. i said japan. i would like to add to that list. i've never been to russia. i would like to go but probably wouldn't go now. i would like to go to south africa. i've never been to south africa. want to add to your list anything? no? no? ashley: japan and south africa. lauren: you will love them. stuart: no place you've not been? lauren: russia is on my list a little bit too in a weird way. stuart: we are out of time. it's been a great week. thanks very much, everybody. coast-to-coast starts now. neil: have a great weekend. we are following as we wrap up the month of august. we have our extremes but the way things are going now we will have down nominally to the upside. it was in record territory, not so for the time being but the

s&p and the nasdaq at least given what we've been seeing this month is a reminder that it really gave back, we went through the big swoon a few mondays ago. kind of like a wash on the month of a percentage movement one way or the other. what's been dictating this is federal reserve poised to cut interest rates and we have some ammunition for just such a move when they gather next month. grady trimble on how they are playing this. >> reporter: today's pce index is a step in the right direction pointing to its policies as part of the region inflation seems to be easing. >> this is exactly the kind of report that gives us confidence that inflation is sustainably coming back down to normal levels. we've seen a string of monthly

reports now, inflation at 2.5%. that suggests the economy can continue expanding. >> reporter: today's report shows headline pce and core pce rose slightly less than expected annually and didn't come as a surprise to investors. >> gives power to the narrative we are getting that rate cut in september and again in november and december. i think we are getting 3 of them. i don't think the report changes the narrative. >> president biden says prices are too high advice president harris and i are fighting to lower costs by building 3 million new homes and expanding our prescription drug caps to all americans, goes on to say we are allowing costs by investing in record energy production. interesting that president biden mentions the plan to build 3 million new homes because that's a harris campaign pledge along with offering down payment assistance to americans.

it's not a biden/harris administration policy. on the other side of this, the trump campaign suggesting cutting regulations will help with new home building and the affordability crisis in the housing market so even though this index gives credence to the belief the fed will cut rates next month which would lead to lower interest rates and mortgage rates, the problem still exists with housing affordability and both candidates are pitching their plans to solve that problem. neil: have a great weekend. the former world bank president, great seeing you. i was thinking from your former perch looking over the financial conditions of the world, all kind of in lockstep with a trend in most countries to lower interest rates, maybe that will pick up the pace next year. how do you see that all falling out?

>> japan is raising rates because they been too low but others are cutting. the models are different in different central banks. one of the important things is to recognize where you are using old models to figure this out. inflation is a lagging indicator. they are still using the phillips curve, the idea the job growth causes inflation which i think it's important that we switch to a model where we recognize more production will hold down prices and part of that is the cost of production is too high right now. that gives you the afford ability problem we've got in housing and everywhere within the economy. lauren: 1 of the things i noticed we are seeing in this election year is both candidates have actions and plans that will accelerate

deficits and debt whether through windowing tax cuts and a lot of republicans, conservatives say not the same as spending but on paper the debt goes another 5 trillion or more, a trillion under kamala harris, that is something not being addressed by either side. what do you think? >> these are huge problems, the government is getting bigger and bigger and bigger so whenever it sees a problem it says the government is going to be the solution, that's the talk about having the government build housing for people because of the affordability problem. we have to look at the importance of private sector companies, the whole foundation of our free-market economy is on the idea that people are able to produce better and faster and it is not the

government that can back fill one a mistake is made. that goes into the fed's model as well, really important we have a forward-looking model based on the new reality. the feds using the same model used for the gold standard. we talk about milton friedman and bill phillips. these are people from deep in the history and we need new models to make a more efficient economy. importantly on this last point capital our location is important to be done by the market and what we've gotten now is the government and federal reserve allocating capital where they think it is productive. it's not -- neil: the plan kamala harris has outlined was $20,000 for first time homebuyers, that adds up as to the cost.

it might stymie the federal reserve if it is trying to address inflation, more focused on a slowdown and trying to get ahead of that. it could complicate things. >> that's right. it would be good to know, they comment on the massive government spending and the effect on inflation. that should be discussed. i saw that the fed is starting a 5-year review process. i hope it will look for a new way to have dialogue as the debt and interest costs are going through the roof. the fed has to have an opinion whether it is consistent with price stability and what are the transmission mechanisms for that. some deep thinking would help. my deal is faster growth by having sound money and sound

regulatory policy from the federal reserve and that would go away toward helping on the supply side of the economy. ha weighing in but i found one take on it that nvidia, this was a localized event that didn't spread to a market contagion and maybe that was a reflection that accompany stumbling is hardly a day of reckoning for ai spending. seeing as that is so important for this economy and these markets and globally if you think about it what do you make of that? is that a healthy developer not to be focused on one company but to see this broughton out? >> i think that is great for the stability of the market, that we have to look at the exuberance in the s&p 500 and nasdaq.

the exuberance comes in part because the government has become one of the big risk modulators, risk taker, the treasury department is doing that by issuing short-term debt rather than long-term so they are not burdening the economy. if you're in the private sector you look at that and say they want us to take risk, the same on the federal reserve side, slowing their balance sheet shrinkage which is the same kind of support for the bond market and the stock market so if you are sitting in those markets you're getting this greenlight where the fed says it has the tools to deal with any perceived risks that come up so you are getting this greenlight from the government to take risk and i think that is what is showing up in the markets. julie: very well put. good seeing you again. >> good to see you.

lauren: sometimes ai is joined at the hip if nvidia is having a good run of it, has a net earnings report. that is not the case in the latest go around that susan lee called coming. >> reporter: after yesterday's selloff doesn't mean the ai trade is done. the chipmaker marvel doing better thanks to ai demand pushing the chip sector today. nvidia earnings were pretty blowout for any other company doubling sales and profit. remember 80% of nvidia's boom started after the introduction of chat gpt by open ai and nvidia is in talks with apple and thrive to join the latest open ai funding round that would value open ai on $100 billion.

nvidia bringing in one hundred million, thrive will do a billion, microsoft invested $13 billion owning half of open ai's for profit on, no word yet on how much apple is putting in but they invested $1 billion in 2017 and a billion into china's uber in 2018. we are in the early stages of this ai boom, goldman sachs predicts we will see at least $1 trillion in spending in the first few years. if you look at the ai arms race that continues across big tech. all the big executives that apple, alphabet and amazon that i've spoken to tell me they are accelerating their spending at least $200 billion plus will be spent this year. you can expect a lot more next year. this ai craze bringing back an old check name, dell, server business is booming now thanks

to demand for ai computing power, the naysayers say we are getting ahead of ourselves in the ai hype cycle. i did some analysis and if you look at the profit made by apple, microsoft and nvidia over the past year and compare it to their current stock valuations, the market will grow at triple-double rates to preserve the $3 trillion valuation. it only making 1/3 of the profits that apple and microsoft make. this is how stocks trade, on forward guidance, expected money to move into, nvidia is going to grow a lot in the next few years on this ai boom. neil: will have 2, have to be not only price to perfection but on steroids in the months ahead.

i want to go to gary kaltbaum. welcome, gary, i want your take on the whole nvidia issue and spending issue. it's mind-boggling the trillions that have gone into this, we can look at $70 billion with some of these others, staggering numbers. if we have a slow down it doesn't have to be a pronounced slowdown. wouldn't some of that spending, promising wide spending as it is, wouldn't that slowdown as well? >> 100%. the economy will move the needle. i don't care how hyped or how touted anything is. years back we went into recession, everybody said google was recession proof, google is about ads and the

stock got hit. let me say this on nvidia, all this talk is down, there's nothing wrong with the stock, it had a monstrous run since january 5th the breakout and needs to rest. is is in the 10th we can remember last year it had a big run and sat for five months. it is doing exactly what it should do. if it wants to go higher in the next few weeks or take another couple months. it will breakout, we've been on most of the move this year and hopefully it does it again. julie: there are 11 s&p sectors we follow, the month and particularly the latest year to date, utilities have been soaring and this month getting wrapped up today on 4% jump. a lot of that has to do with ai because it takes a lot of juice to keep these things juiced and that i get.

and that's a cheap way to take advantage of this but what do you think of this investment that used to call for widows and orphans has some sex appeal to it? >> in bull markets utility stocks go up, so do consumer staples, healthcare stocks, market stocks go up and if it was just utilities doing well or consumer staples doing well, that would be one thing but industrials making all-time highs, financials making new all-time highs, sector by sector, new york stock exchange composite index all making new all-time highs, europe, the german dax makes new all-time highs. it is a big 0. what do you have in the german dax? a lot of industrials and financials. if it was just a couple of defense of areas, that would be one thing but that is not what we are seeing. i encourage everyone to zoom out. when we talk about nvidia

nvidia is 10 x just this bull market alone, semiconductors as an index have tripled since the 2,022 lows, tripled, this blue market. let them breathe and they have consolidated, they will probably go higher because in bloom markets technology tends to be a leader. i would be surprised if we didn't have a leg higher in semiconductors. it doesn't mean it has to happen tomorrow, well-deserved digestion while other sectors around the world are leading the indexes higher. what's wrong with it. neil: something you could say is it is widening out. it used to be nvidia or bust likened to its own world i grant you but the fear that it would lead to a selling contagion in a i plays is not materialize. it might to an earlier point you mentioned but it is widening out and we are seeing smaller stocks benefit, investment opportunities but

long ago were pooh-poohed including utilities and basic industrial related plays. is that constructive development in your eyes? >> one of the best values in the business nailed it. there's not a day that goes by that i look at the new yearly high list and is separated by sectors. when i see sherwin-williams, in housing, toll brothers, kb homes and some of them and look at the industrials, these are new yearly highs meaning strength across the board. also mentioned europe is strong, i hear germany is in recessionary yearly high. argentina is on a roll, in the is at a new yearly high, most definitely it is spread out, the best. phases are the ones that have a lot of areas do in the job and it is and i will say this for

this second the semiconductors and big tech, that led so well for so long are laboring versus everything else, but that's normal out of the gargantuan moves they have with what i call the digestion, the hope is in the weeks and months ahead they make another run because i love technology and the higher beta areas. neil: i want to pick your fine brains later, just to put a cap on this from these brilliant minds it is interesting to look out the month which i told you what's happening with utilities advancing, that was going into today close to 4%. what's remarkable is consumer staples up 5%, real estate up 4. 62%, financials 3.4% and materials, that's and inflation proxy of one. 5%. technology this month, this crazy month essentially

unchanged up a point, 10%. this shifting going on is something we are keeping a very close eye on here because it could be a telling development that fuels this argument that this bull market has another leg to it after this. ♪ ♪ raising twins and as a single mother, presented, quite a few challenges. the financial aspects of oh my gosh, how am i going to provide for my family? i'm going to have to get two jobs.

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neil: you've heard the polls are tightening, 6 over 7 of the so-called battleground states where you have 93 electoral votes. kamala harris turned it all around, by the time they entered donald trump he is in pennsylvania, big rally planned for later today at 4:00 pm or so. brian is in johnstown. >> reporter: that a rally in johnstown begins at 4:30 p.m. and already there were thousands outside ready to come inside. this is cambria county, he won this county by 37 points in 2020 so it is trump country. we expect the former president to expand on what has been his initial reaction to vice

president kamala harris's first interview on cnn last night. the campaign is zeroing in on one particular phrase from the vice president in which she said, quote, my values have not changed, in how she described her policy shifts from more liberal positions to more moderate ones and already the campaign releasing a new ad in which they are using the words against her saying exactly, harris's through values are being far left, they call her, quote, dangerously left and in this ad they point out that in 2019 she said she would ban offshore drilling, band fracking out abolish ice, those are all positions that have since been moderated. before last night's full interview, a clip was released and the former president had a chance to respond to this clip at a town hall in wisconsin and this is what he said. >> we are doing it live. why are we doing we doing it live and she's doing it taped?

but, but she was sitting behind that desk and she didn't look like a leader to me. i don't see her negotiating with president 11 of china. i don't see her with kim jong-un like we did with kim jong-un. >> reporter: trump made a surprise policy announcement at a rally in michigan in which he said that if he is elected there will be free ivf, in vitro fertilization treatments for all women, either the government will pay for or they will mandate private insurers to do so. that will cost $40,000 per treatment. here's what he said. >> government is going to pay for or we are going to get a mandate, your insurance company to pay for it which is going to be great. we are going to do that. we want to produce babies in this country.

we want to produce babies. >> this new ivf policy comes when the latest fox news polling shows in the four battleground sunbelt states, harris's strongest issuers abortion, she's plus 19 on that issue and on reproductive health against the former president, paul shows harris has a huge advantage when it comes to female voters in states like georgia, she's up 11 points. this policy coming at a time you could use some more inroads to go after some more moderate and even liberal women on the issue of abortion and reproductive health and i will leave you with one last thing, he will be ending his night tonight at a moms for liberty event in washington dc, a group that is for parental rights in education. obviously they are zeroing in on the suburban women vote and particularly the mom vote in places like pennsylvania. neil: thank you. phil wakeman of real clear

politics, both sides are pandering, that's undeniable. donald trump's move to have the government pick up the tab for ivf treatment, no tax on social security thing, no tax on tip thing, kamala harris has her own plans with the no tax on tips thing, $35,000 to get your first house. there's a lot of pandering going on both these guys. >> the reason we are seeing these last minute policy changes is for the most part the fundamentals of this race haven't changed do. we know donald trump, we saw what he's promising and what he delivered the last 10 years in the white house with vice president harris, she is tied to the biden agenda. from both of these candidates, the tax on tips or the new ivf policy the hope is something

new will breakthrough because thus far this is a race that very much neck and neck and they are looking for the small advantage wherever they can find it. neil: donald trump's advantage to hear republicans advise him on the issues but can't seem to resist the childish attacks. i mention it, referring to kamala harris's answers sitting behind that desk, didn't look like a leader today. i don't see her negotiating with president xi or kim jong-un like we did with kim jong-un. what does that have to do with how she looks or appears sitting behind a desk? if you want to focus on whether her answers add up, that is one thing but in getting to issues that generally move in his favor he cannot resist the cheap insults. >> standard operating procedure from donald trump. we heard in the previous administration that trump is

going to moderate, dial it back a little bit. those hopes lasted the first 25 minutes of his speech and trump has not changed it. he's the same guy. i was struck a moment ago, the contrast where trump is making an argument about harris's appearance, the visuals in that interview. the stronger argument is what his campaign put forward noting her soundbite which says her values haven't changed and they roll tape whether it was the proposal for a fracking ban or decriminalizing border crossings, that's the more substantive issue than whether or not the shots during the interview last night looked professional or not. neil: he has great issues, the campaign illustrates that with

values versus shifting positions. this other stuff, how she looks, i don't know what is to be gained but you are the smart guy, i am not. another smart guy joins us, on the road i want to make sure he's looking at the road. jeff flock looking at record travel expected this labor day weekend. hello, jeff. jeff: it's going to be a great one unless you have road construction like this on the pennsylvania turnpike in a record number of people out here, back in a moment with all details. i will keep my eye on the road. ♪

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neil: to get to jeff flock, expected to be 8% or 9%. jeff is traveling on the new jersey turnpike. >> take a look out the window of the vehicle. it is the speed limit on the pennsylvania turnpike.

9% up to the record last year. and it is up 9%. 9%. good news for the folks driving. i'm not paying for the gas today. we are saving $0.50 a gallon compared to last year. where are we going, here's what the experts say the top destinations are, seattle, our anchorage, alaska is the top destination. or popular northeast cities.

what can i say. happy labor day. neil: your eyes on the wheel in your hands on the road, ask producer dan if he can help you in any way at all. >> reporter: i had to travel with him across country once. i spent a week with dan one day. it was incredible. neil: that is combat pay. you do a great job as always. i want to go to core thomas, the president there, you might not know the name but this could be the next airbnb, moving aggressively and that direction. good to have you. explain how you differ from those guys. >> our focus is starting in

2014 keystone, colorado. they had vision and that vision was not to bring in money from silicon valley but a focus on the small american businessman. by doing so we establish a franchise program in different markets. in these different markets the local individuals who operate them, you should know what to expect when you stay in a vacation rental because they limit every single day, tell you the best restaurants to go to and make sure your stays incredible. it is different model and we think it is the right model for the future. neil: you are working with people who own those homes and renting through you in this case. >> a property management for vacation rentals, bring the two to gather. that makes the difference. neil: airbnb reported a slowdown in the rental business. don't know if that's a

reflection of a lot of americans who want to go to europe and go way beyond the united states, but what is going on? >> i would say irrespective of financial conditions in the market americans will invest in two things, one is sporting events and the other is vacations. they both provide the same thing, and escape from the normal ordinary life. neil: whether it is a more popular destination, you are moving swiftly here but 1400 or so properties you have, where are the hotspots? >> we doubled in the last 18 months, have to mentis beach locations in florida mostly due to our operators. i encourage you to visit the embry islands. in oklahoma it is wonderful but it restarted in ski towns of colorado and will serve those people as well.

neil: any talk that airbnb could say if he should buy this guy out? >> we are not focused on bringing outside investment, and we could empower young individuals. and investment banking, in communities that is what we focused on. neil: thank you for the time. >> have a wonderful labor day weekend. neil: if you want to do that, state fair is all the rage including the big michigan fairgrounds. the food that draws that, drawn

by other developments. >> reporter: the biggest, oldest state fair in the country, not the biggest. i will tell you more after this. ♪ louis! cut! more mud! action! louis, louis! cut mud on her face! louis! okay everybody, that's lunch! (♪) (♪)

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neil: my problem is we are sending the wrong people to all the state fairs. they are good at what they do. they are all thin and fit. you need to guys like me going there. not people like kelly. no food, she is there surrounded by the best foods known to man. >> i'm going to eat a lot. neil: no you are not. >> reporter: you will see. people have been spending slightly more on personal spending, that was in july, $42

a ticket will add up if you bring the whole family. to have 5 or more. you have to think, can i spend money on all these tickets. if you decide to come, can i have the kids get all the goodies they want. the funnel cake, the corndog, and not included in the $42. we've been speaking get to a lot of vendors who told is their prices have gone up since last year's fair and fairgoers tell us they are feeling the pinch. >> it is for sure. >> $2 or $3. >> people are more conscious and what i noticed is they have children, kids go to one thing. >> we are picking and choosing

a smaller budget this year but didn't want to miss the fair. >> reporter: credit card debt is at a record high, one. $14 trillion in the last quarter, 5.8% increase, the cost of shelter up 5.1% according to the bureau of labor statistics. 4% when eating out including at the fair. there's a caricature artist and got this made based on book covers. the corndog looks like a microphone because of our line of work. i want to point out it is a corndog and if okay with you i will put this in my office because it needs artwork and this would be very inspiring to me. neil: i would allow that if somehow you can safely get one

of those funnel cakes to me. they don't travel well sometimes but we forwarded you some special boxes so hopefully we can get something. great seeing you. we've got gary kaltbaum and jc. americans are americans. even here i saw in iowa and new jersey where they are being careful how they spend their money. it is not as if they are not spending. what do you make of it? >> they are spending a lot of money. a lot of tailgate parties all over the country. it affects of a market. every year football season needs more volatility, everyone focused on football and one

steam start falling apart stock start doing well in november and december, people are focused on the market. watch those tailgate parties spending a ton of money. neil: gary goes to a tailgate party in a tweed suit. i admire that about him. if that is right, it's something we celebrate. americana and getting into football season. clips in place tomorrow. what do you make of that? >> as i watch of the markets everything gets flushed out eventually and all i do is i don't worry if it is football season. i worry about leading stocks and leading groups and the reasons why. there is a reason nvidia is the strongest stock, 400% earnings growth.

there's a reason lululemon crashed, no one wants to spend $140 per ad you can get for $50 a target. that's all i'm looking to do on a daily basis. ideal in logic. if it comes because of football season, so be it. neil: i wonder if michigan has porkchops on a stick. whoever came up with that, let me ask you, we had weird consumer sentiment numbers that show continuing improvement, the first rides we've seen in five months but each number was getting stronger showing that consumers are more optimistic than they had been. what change? do you believe that? >> zoom out, look at consumer confidence. it's near the lowest level in a hundred years come of the data

going back a long time. i'm not seeing that excessive optimism. i would look for everybody even when we had the volatility spike we didn't see expansion of stocks making lows, talk about logic, logically you can't have a correction or bear market of any kind without the price of stocks falling. if you have any concerns about the economy, recession, the election or anything else concerning you keep an eye on the new lows list, one month lows, 6-month lows, those lists have not gotten longer. they are nonexistent. are you seeing spikes in those levels? now let's talk about market deterioration. it's been the opposite. more stocks making new highs. investors of all kinds take a step back and look at those lists. when they start perking up, something's going on mathematically.

neil: it is not happening now. what does that tell you? >> the market is in good stead. let me give one warning shot that i'm watching closely. i'm 99% sure the big tailwind over the last few months has been a 10 year yield, april at 47, now at 49. a huge tailwind, if 39 start setting up to 44, it stays down. if the fed lowers rates, playing catch up. the 10 year yield, institutional money and what they think is driving the bus. watch it closely. neil: have a safe weekend. have some fun.

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neil: space x is dealing with bad or controversial caress widgets private mission, billionaire spacewalk that plans an electrical orbit, the furthest outgoing we went since apollo. put off because a separate rocker when the booster returned fell and exploded. it is not this particular rocket. this is the same rocker, not this crew, space x, the% to retrieve those astronauts, the star liner astronauts. that is still on. you never know. taylor riggs, "the big money show" guys. taylor: i am all in with space x. it is incredible. a spacewalk, i can't wait. brian: a space marathon.