dagen: stuart varney, go. stuart: okay. [laughter] it's right on 9:00 eastern time. thank you very much, dagen. that was a fine pitch, and good morning to you. good morning, everyone. for the first time in a generation, we have an inflation problem. just about everywhere you look prices are rising. now, it's the job of the federal reserve to make sure inflation doesn't get out of hand. they meeted today, and everyone -- they meet today, and everyone wants the know what are they going to do about it? watch out, everyone. jay powell and will move the market.

we've got this indicator about a half hour ago, retail sales down 1.3%. also out this morning, the producer price index. up 3-7b9 8 if, but over -- .8%, but over the past year up a very strong 6.6%. the fed will factor all of this into their inflation calculations. as for the stock market, not doing much ahead of this two-day, big fed meeting. the dow industrial is in the green, s&p up 1 point, nasdaq down 5. that's not a lot of movement. and look at the 10-year treasury, it's moved back up to the 1.50% level. again, that is ahead of the fed meeting. as for bitcoin, gotta cover it, briefly dropped below $40,000 this morning, bouncing back as of right now. no new betweens from elon musk. -- betweens from elon musk --

tweets. biden on foreign soil, he's overseas, attacks the gop, attacks the republicans saying they are a vastly diminished party with a fractured leadership. but he described putin as bright, tough and a worthy adversary. the two meet tomorrow. meanwhile, america's dynamic recovery continues from coast to coast. business is booming, but as "the new york times" reports, it's very different in asia. why is that? well, america has highly effective vaccines. asia does not. the times will not say it, but i will: thank you, president trump, for the warp speed if vaccination program. the booming sports message probill ya, boy, we have soccer cards from the stars worth a small fortune. we've got them for you right before the auction. it's tuesday, june 15th. "varney & company" is about to begin. ♪ ♪ i'm a soul man, i'm a soul man

♪♪ stuart: it says something about the times, doesn't it, when we lead our show with the cryptos. that's what we're going to do again. no new tweets from elon musk, as we said, but there's a company called microstrategy, a stock, it's very much a crypto stock, and it's doubling down. good morning, susan li. [laughter] >> good morning, stu. they're selling another billion dollars in stock in order to raise cash to buy bitcoin. microstrategys' ceo going all in, tweeting that it's better to have a bitcoin and not need it than need a bitcoin and not have it. so that billion dollars is on top of the extra half a billion dollars that they raised last week. so microstrategy could hold more than $4 billion in bitcoin on

its books, two and a half times what tesla has. did you know, you member mc hammer, the '90s rap star, you know, can't touch this? stuart: yes. >> not exactly an institutional investor, but he's noting that the $4 billion purchase is a big deal. it's going babb to that say -- back to that saying that when your uber driver or shoe shiner talks about it -- stuart: do you think when microstrategy announced the billion dollar bit with coyne buy, is that what moved it from 39 to 40,000? >> i think it was elon musk when he said tesla might be close to accepting bitcoin once again if we have 50% renewables in mining, i think that's what probably pushing the stock higher at this point. stuart: okay. let's wring in luke lloyd, market watcher of the morning. >> hey, stu. stuart: you with say bitcoin is a hedge against inflation,

right? make your case. >> i get this question is a lot, and the best answer is, yes, if it becomes what it's supposed to become. but it's not a hedge against inflation yet. bitcoin is too speculative at this point. there are too many other factors that move it. heck, even elon musk can tweet something and move bitcoin up or down 10%. that doesn't sound like an inflation hedge to me. first, bitcoin needs to become more adopted. once it gets through those hurdles, then inflation is going to be the number one reason bitcoin moves. bitcoin, essentially, was made to be the world inflation hedge against all currencies, but ironically the only way for it to become that is if it is acknowledged and accepted by the masses. stuart: but you say inflation is here to stay the, don't you? you think this is a problem, ain't going away, the fed is wrong, it's not transitory. you think it's here to stay. okay. if that's your case, what is an

effective inflation hedge? if it's not bitcoin, what is it? >> yeah, stu the, stocks are the ultimate message against inflation. that's what they are meant to do. the companies with pricing power are going to do just fine whether inflation is hot or not. remember the toilet paper craze during the pandemic? if toilet paper goes up 10, procter & gamble make 10% more revenue on that segment of the business. we've had exponential gains over the past decade. that's why everyone is worried about inflation in the stock market. that means higher interest rates. here's the thing, stu, inflation is a tax on the middle class. those that own real assets in stocks will be able to worth the storm. those without stocks and real assets will feel the pain. it's just another example of how the middle class always gets burned which is why we need to make sure we do controlled inflation. stuart: you've got me worried, luke. if rates go up, stocks often go down. we'll get back to you later on this. i've been talking about the meme

stocks lately, amc, gamestop, but there's a whole list of stocks which are now considered meme stocks. the list just keeps on growing. what have we got on this, susan? >> we told you about petco, we were ahead of the curve. shares changing hands and now wall street bents/reddit trade. we also saw shorts on amc, losing over $400 million on monday. so i guess we haven't learned the lessons from the end of january. gamestop is still a hot trade, workforce has over 40% interest, and virgin galactic is in there. here's a sign of capitulation, you know fred wilson, probably the most famous east coast venture capitalist, he says i've decided that i am going the stop ignoring and dismissing meme investing and start trying to understand it better. i think it is not something that is going away anytime soon and may turn into something even more interesting. now, when a man who saw the

early opportunity when it comes to twitter and it comes to etsy and he capitulates and says there's something to this, i think you have to pay attention. stuart: absolutely, susan. and absolutely. you've got to pay attention. it is not going to go away. >> right. stuart: retail investors can pick any kind of stock and go into it as a group and make it into a meme stock. doesn't have to have a big short position. it could be anything that retail goes big on. it's a moving target, isn't it? you never know what's a meme stock and what's not. so let's bring luke lloyd back in geffen. i want to ask you are there any positives coming out of the meme stock play? >> absolutely, stu. there are absolutely some positives. the reddit crowd is literally saving these companies from bankruptcy by allowing them to refinance their debt at a higher valuation. now it's up to those companies to invest that capital to change their failing business models. personally, i think it's great. people are getting involved with

the markets more, and i think it's actually bullish for non-meme stocks in the long term. the more money flowing into the market means stock multiples rise which means higher valuations and higher stock prices. here's the thing, stu, many traders and investors began their journey making mistakes and investing in high volatile stock. heck, i was trading penny stocks in the middle of college classes. those experiences turn into lessons that make traders and investors experienced and disciplined. now i get to help others grow their wealth with my lessons learned. stuart: okay. it's not going away. they pick on one stock after another. luke, thanks for being with us this morning. >> thanks, stu. stuart: see you soon. goldman sachs expects the price of oil to skyrocket. all right, it's at $71 a barrel now. where do they think it's going? >> what do you think about $100 a barrel? what does that mean for filling up your gas tank in. -- tank?

we have goldman sachs doubling down on $80 a barrel pretty soon, at least in the summertime since we are in the midst of the summer driving season. people have been vaccinated, they're going out more, going back to work so, yes, commodity use is going up. and we're expecting that to filter through inflation numbers as with well. stuart: yeah. and if the president's going to restrict oil production inside the united states of america, then you've got a supply problem as well. if you've got a heavy demand, the price goes up. i see the point right there. all right, susan, thank you very much, indeed. not too long ago president biden was called president putin a killer. now he's changing his tune right before that face-to-face meeting. watch this. >> he's bright, he's tough, and i have found that he is a, as they say when i used to play ball, a worthy the adversary. stuart: a worthy adversary, says our president. by the way, president biden will hold a solo press conference

after that meeting. former president trump held a joint presser with putin. more on this throughout the morning. did you get the jab? if so, you no longer have to wear your mask at disney world, but you still have the mask up the -- to mask up the children. how about that? one more check on futures, no price change of anything significant so far this morning ahead of the fed's two-day, all-important meeting. we'll be back. ♪ ♪

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa centrum multigummies aren't just great tasting... they're power-packed vitamins... usaa. what you're made of, we're made for. that help unleash your energy.

loaded with b vitamins... ...and other key essential nutrients... ...it's a tasty way to conquer your day. try centrum multi gummies. now with a new look.

look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month.

$30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. ♪♪ don't stop thinking about tomorrow. ♪ don't stop, it'll soon be here

♪♪ stuart: 57 degrees, you are looking at suppose e cane, washington. there you have it. breaking just right now, right at 9:15 eastern time, industrial production numbers up 0.8%. no impact on the market, we've till got very little price change for stocks thus far today. here's the news, disney world and disneyland dropping their mask mandates for fully vaccinated adults. they're not requiring proof of vaccination either. however, youngsters under 12 still have to mask up. disney still -- the stock at 178. all right, on the reopening theme, goldman sachs employees returned to the office yesterday. it's not the case with all the banks nor the investment companies. for example, citigroup. what are they doing? >> well, citigroup says july is when they hope most of their employees will come back. but you can adopt a hybrid work model in the future if you can

meaning part of the group can stay home. there are some contrasting wall street bank mentalities in terms of work from home, back to the office. citi has entirely different thing. morgan stanley's ceo, james gorman, says he would be pretty disappointed if he didn't see workers back in the office by september, jamie dimon telling u.s. employees to prepare to return early next month, but new york headquarters will be cap at only 50% occupancy. there is debate, stu, in the wall street offices especially with goldman sachs asking workers to declare whether or not they have been vaccinated, part of the mandate in order to get back into the office, and is this really legal and what about privacy issues? stuart: i smelling lawsuits budding in the future. but here's what i think -- >> yeah. stuart: i think that between 10-15% of the workers in those huge office buildings in new york city stay remote.

10-15. >> oh, i think it'll be much larger than that. you talked about it, the upcoming quit rate because people want to stay home instead. i would take that number probably closer to 30-40%. stuart: if that's the case, then big city interiors, the center of big cities are not going to be the same again. with that kind of the drift of the work force away that is a huge drift. all right, susan, we'll see how it plays out. retail sales figures came out about 45 minutes ago. down in the month of may 1.3% compared to april. peter morici joins me now. what does that mean, peter? a drop between may and april somes like consumer spending may be slowing down. is that the case? >> oh, i think so. that's something we need to analyze today in terms of our second quarter gdp report and so forth. we've been getting a lot of signals that consumers, after a big burst, are slowing down and

becoming more cautious. the other thing is they're dealing with these higher prices. that's causing some pause. i mean, it's the reverse of what you would expect. you'd expect them to be the running out and buying all they can so they wouldn't have to, you know, need more detergent for the next year as the price goes up, but instead, they seem to be becoming more cautious. stuart: okay. which implies they're responding a little to inflation. my question is, the big debate at the moment is about inflation. we know we've got it, but is it going away as the federal reserve thinks it's going away? you know, if the fed makes a mistake and prints money for too long, too much, what's the result of that this. >> you're seeing it outside. we're seeing inflation. we printedded $3 trillion last year for the very same kind of reasons. essentially, there was a big push from the white house, you had the pandemic and so forth. but right now they continue to print a lot of money because mr. powell has to worry about making a new monetary here to --

theory white house happy, and it's very similar to what arthur burns did for richard nixon, you know, in the '70s, and he's making the same kinds of stories. arthur burns had all these special categories of prices that one by one were added to the list to justify an easy monetary policy. he said mobile homes were going up because of special circumstances, toys, jewelry and so forth. he went through an entire list over a period of four or five years until they got down to a cpi that was 15% of the total. inflation ramp commented up, and poor jimmy -- ratcheted up, and poor jimmy carter inherited this. there are a lot of prices that are going up now that are not of a transitory nature. they're not rental cars rebounding. for example, the silicone that goes into solar panels and the shift to green energy are classic examples. chips in cars.

do you think general motors is going to lower the price of their cars after they raised them because of this chip shortage or that procter & gamble is going to lower the prices of -- i'm talking about household goods, not food. cleaners and things like that. i really doubt it. stuart: so are we in for a serious bout of inflation? i mean, really serious like the late 1970s? if the federal reserve doesn't reverse course soon? >> a loadstone of central bank policy after the great inflation, after paul volcker tamed inflation and his counterparticipants did it in britain -- counterparts did it in britain and canada was other central banks should be independent. look how often mr. powell is on the same page as treasury secretary yellen in the real problem is that mr. powell doesn't understand he is not in a political position. and as a consequence, he's looking for reasons to keep the pumps going, and that a really concerns me.

stuart: got it. peter morici, thanks very much, indeed. the two-day meeting starts today, the federal reserve. peter, thanks very much. let's get to the pandemic hangover. there is such a thing. corporate debt ratcheting up to a total of $11trillion. susan, that's almost half the size of the u.s. economy. that's corporate debt. >> yeah. it's more than half right now since i think we're, what, roughly at $21 trillion for the u.s. economy? if you're getting money at very low interest rates, can you blame the companies for trying to raise cash right now? we're sitting at record lows when it comes to interest rates for corporate debt. but, look, you've seen a surge in new bond sales as a result of taking advantage of these low rates. non-financial companies issuing 1.7 trillion in the past year, nearly $600 billion more than the previous high. and it's the companies that need the cash like cruise lines. carnival, the world's largest,

had around $33 billion worth of debt as of february because they were trying to get through the pandemic, almost triple what they had at the end of 2019. boeing more than doubling, $64 billion worth, and delta airlines doubling to $35 billion. so you see it's the travel companies the ones that need to weather the storm that have been take advantage of the low rate. stuart: wow. corporate debt bond coming in the -- debt bomb coming in the future, i don't know. >> one note, you were talking about the late '70s, but the early '80s saw the highest gdp growth in, what, since forever almost. stuart: yes. but that came after the great inflation. the timing is important there. all right, susan. our next guest says we're going to see a jump in corporate profits, big jump. super stock market bull michael lee and the opening bell coming up next. ♪♪ come and get your love.

♪ come and get your love ♪♪ shingles? camera man: yeah, 1 out of 3 people get shingles in their lifetime. well that leaves 2 out of 3 people who don't. i don't know anybody who's had it. your uncle had shingles. you mean that nasty red rash? and donna next door had it for weeks. yeah, but there's nothing you can do about it. camera man: actually, shingles can be prevented. shingles can be whaaaat? camera man: prevented. you can get vaccinated. baby, call the doctor. camera man: hey! you can also get it from your pharmacist! 50 years or older? get vaccinated for shingles now. the lexus es.

every curve, every innovation, every feeling. a product of mastery. get 0.9% apr financing on the 2021 es 350. experience amazing at your lexus dealer. that building you're trying to buy, get 0.9% apr financing on the 2021 es 350. - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: baby crying [sfx]: foot strikes ball [teacher, in asl]: “two whales swimming together..." [sfx]: whale sounds

[sfx]: woman shrieking with joy. [sfx]: lock click [sfx]: happy screaming [music ends] nobody builds 5g like verizon builds 5g. thousands of engineers taking peak performance to a new level. that's why in parts of many major cities where people can use massive capacity we added verizon 5g ultra wideband, the fastest 5g in the world. it isn't just a step forward, it's a leap forward.

because the more you do with 5g, the more your network matters. it's us pushing us. it's verizon vs verizon. and who wins? you. bigg digital assets, a cryptocurrency sector leader, has established two exciting companies. netcoins, the most trusted way to trade cryptocurrency in canada, and the blockchain intelligence group, with products to stamp out crypto crime. bigg digital assets. ♪ stuart: look who's here, the superbull on the stock market named by michael lee. all right, michael, i want to get straight into this prediction of yours that there's going to be a huge jump in

second quarter profits. we're in the second quarter right now. how much are profits going up according to your estimation? >> so -- hey, charles. sorry, stuart. [laughter] so it's not so much my estimation, it's versus wall street analyst estimates. december 31st the analyst estimates for first quarter were at 15%, and they came in at 52. on march 31st, analyst estimates were for 52% gain for the second quarter,52%. now, that number's already jumped to 62, so i say estimates for the third and fourth quarters are simply too low. for the last 14, 15 months we've had an awful economy for many small businesses, not so much for the biggest businesses in the world. so those large companies, by and large, drive the major indices.

those companies are absolutely killing it. think your amazons, moths, facebooks -- microsofts, facebooks, googles. they've dramatically increased their market share, and i believe analyst estimates are simply too low going in for the rest of the year. stuart: okay. you've got a huge jump in second quarter profits, that's your forecast. give me a level for the s&p 500. 4200 now, where do you think it's going? dow, 34,4 now, where's it going? >> so i'd say 4600 target for the s&p 500 by the end of the the year, and i could easily see the dow getting to 37 and a half. i think there's a lot of run to go for the major market indices. we're going to have a tremendous profit growth next year and have lower terms, but we are an improving economy, and that rate of change is slowing. i think much of the inflation --

i think the fed is right when they use the word transitory, which i think is a stupid word. it's temporary. that's what happens in an economic expanse, but the rate of change is going to slow, and the money printing is going to continue, and big business is taking a tremendous amount of market share that they're not going to give up for a long period of time. stuart: you heard it right there. michael lee, superbull, just as the stock market opens tuesday morning, june 15th. here we go. we're off and running to the upside. we haven't got all the dow 30 open yet but now we do. two-thirds on the upside, and the dow's up all of 30 points. not that much price change for the industrial average thus far this morning. you've got that two-day fed pleating all about inflation. -- meeting all about inflation. the nasdaq, i'm pretty sure that's the same story, the nasdaq is, actually, down a tiny fraction, .08. and there's this: jpmorgan

making a big prediction for their top pick, which is amazon. what is their prediction, susan? >> saying that amazon going to overtake walmart or in 2022 as the largest retailer in america. is it all that surprising? i don't think so. amazon's growing at 40 whereas walmart is growing at 10% each and every year. i think that easily makes amazon get there pretty quickly. amazon already dominates over 50% of the u.s. e-commerce online shopping market, so i don't think it's that big of a stretch to say next year they're going to be larger than walmart. already larger in market cap, we're talking about sales and growth merchandise value. stuart: amazon's got 50% of online selling? >> yeah. that's correct. too. stuart: good lord. [laughter] all right. now, i'm looking across the field, and i'm seeing all kinds of stocks, big moves. i'm looking at draftkings, down nearly 10%. what's this about? hindenburg research?

>> yeah, they're a short seller because they took down lordstown motor recently, and trevor milton and nikola, and now they are targeting draft kinkings. some pretty -- draft kips. some pretty strong accusations accusing mundt laundering -- money laundering. also they have questions over promotional spend and the highly competitive sports gambling landscape. they're not holding back here, and draft kinks is down 10% in reaction to the news. stuart: yes, it is, that's quite a drop. hindenburg, here they come. other movers, amc. what have you got on that? >> the meme stocks trade because monday you saw amc killing the shorts, they lost around half a billion dollars. and, you know, you wonder whether or not they're learned their lesson at the end of january. i guess the answer is, no, not at this point. gamestop is still up there. checking through the wall street

bets page this morning, they're still talking about contact logic which owns wish.com and, of course, the clean energy deals. petco, we were ahead of the curve, stu, want to talk about this, because we were looking at high, short-interest in stocks, and it looks like the wall street bets page is now saying and betting that petco might be a short squeeze play. stuart: got it. the list keeps on expanding, does it not? next case, bitcoin. gotta cover bitcoin. 40 grand right now. what else do you have on them? >> bank of america and their survey of investors that oversees around $60 billion says bitcoin is no longer the most overcrowded trade. that belongs to commodities, think lumber and oil. however, four in five of these investment managers say bitcoin is still in a bubble. when that bubble bursts, i think that's still a question. goldman sachs offering an ether trading option, but they say blockchain might not be a long-term, viable investment technology.

so you have one hand saying we're going to offer more product because there's demand out there, but on the other hand, is blockchain something sustainable for the future. stuart: but it is another big name getting to some degree on the bitcoin train, and that's helping them. $40,200 right now. >> yeah. stuart: uber, i think they're down this morning. is there a special reason? they're down 2.5%. >> they're just selling more shares at this point. but i think uber is something to watch when the china uber is set to ipo at some point this summer, they're going to raise multibillion, maybe 5-7 billion, and uber owns about 12%, the second largest holder in china's uber equivalent. they had to basically give up the stock and its business in china in a winner take all market back in 2017. stuart: 64 was the high on uber, and it's now at 49. not that much movement there.

all right. thank you, susan. there's a company called sage therapeutics, tanking, down 11%, after releasing results for their experimental depression drug. the treatment showed improvement in symptoms, but it could take up to six weeks to befective and maybe -- be effective and maybe needed for months. the stock is down 11%. how about ford motor company? production of their 2021 bronco underway, we understand. >> yep. stuart: stock is close to 50. why is production of the bronco such a big deal? >> think about the chip shortage. they were idling plants and making cars without the necessary components. the fact that they are now producing and shipping the 2021 bronco, that's a big with deal. bronco has been long delayed. i don't know if you're going to buy one of these, you were eyeing the hummer instead. but the bronco family of vehicles is expected to be the flagship model for ford going forward, isn't that interesting? almost viewed as one of the most

critical non-electric products for ford in years, so the fact they finally got it out there, you know, i've had a producers complain they haven't received their broncos yet, and they ordered them months ago. stuart: that's a delay and a half, but if they're going to solve that, that's good. and look at the stock. >> wow. stuart: ford was under 10 for a long time, now nearly $15 on ford motor company. >> amazing. stuart: the dow is down 13 points, but i'm going to show you the dow winners on your screen. boeing is up there again, $248 a share for boeing, that's up over 1%. chevron, another oil company up again. here's the s&p 500 winners. i see a couple -- i see valero energy up there. again, oil prices going up there, but we've got a forecast for a much higher oil price later. nasdaq winners, fox corporation up there at the top, micron,

csx, there are some winners on the nasdaq. all right. by the way, facebook and google, they have also hit all-t highs. 338 on facebook, google was getting closer to 2500. all right, the big board now shows a loss of 26 points. 34,3 is your level. the 10-year treasury yield has gone back to 1.51%, that hurts the nasdaq. the price of gold moving further away from $1900 an ounce, 1867. and oil still around $71 a barrel. yeah, 71.81. but the price of gas, national average, actually dropped one cent overnight to $3.07. california, you're still paying an average of $4.22. louisiana, absolutely the cheap with an average for regular in the state of louisiana, $2.17. how about that? a north korean defector says her woke ivy league education

reminds her of the oppress i kim jong un regime that she escaped. she claims in order to get a good gpa and graduate she had to shut up and do whatever her professors said. she joins me later on the show. it's the great debate for the next two days, is inflation here to stay? the i'll ask my friend and colleague larry kudlow next. ♪ ♪ shake it up, shake it up ♪♪

♪ welcome to allstate, ♪ ♪are you down, d-d-down, d-d-down, d-d-down♪ where we're driving down the cost of insurance. ♪ ♪ are you down, down♪ ♪d-down, down? are you♪ drivers who switched saved over $700. ♪ allstate. here, better protection costs a whole lot less. you're in good hands. click or call for a lower rate today. among my patients i often see them have teeth sensitivity as well as gum issues. you're in good hands. does it worry me? absolutely. sensodyne sensitivity and gum gives us a dual action effect that really takes care of both our teeth sensitivity as well as our gum issues. there's no question it's something that i would recommend.

living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tubeless, waterproof pod. and the best part.. no more daily injections! plus, omnipod is covered by most medicare part d plans. get started with a benefits check today. go to omnipod.com for risk information, and instructions for use. consult your healthcare provider before starting

on omnipod. simplify diabetes. simplify life. omnipod. ♪♪ stuart: now, that's what i call perfect weather. port washington, wisconsin, 71 degrees and sunny. take me there, please. i love that kind of thing. next case, jamie dimon, he

runs jpmorgan, and they are holding on to a serious amount of cash waiting to invest, i guess, in higher interest rates. >> yeah. stuart: how much cash are we talking about here? >> a lot. $500 billion in cash just sitting there on the balance sheet. jamie dimon thinks that inflation is going up. now, he said this before, remember when he said he thinks inflation will be much higher than 1.6 percent? so jpmorgan, they're hoarding cash instead of buying treasuries, because they think that the fed will be forced to raise rates even faster and higher because of inflation and higher prices that we're seeing in the economy. now, bank of america in a survey this morning agrees with three-quarters investors believing that inflation is just temporary. transitory is the new word, by the way, for temporary, and over 60 expect a taper signal in either july or august when they pull back on the bond purchases each and every month to support

the economy. stuart: susan, thanks very much, indeed. you put it in the right context there, this is the great debate. we do have inflation. is it, as the federal reserve says, temporary and transient and going away? or is it not? let's bring in larry kudlow. let's see what he's got to say. he's been at the very center of this kind of action for the last three or four years, and the other 30 or 40 years before that too. larry, welcome to the program. [laughter] you settle the debate for us. >> i'm glad you put -- stuart: -- when the fed says, look, inflation is temporary and transitory, are they right? if they're wrong and they keep on printing, we could be in for one enormous problem, couldn't we? >> i'm glad you put this last 30-40 years. i appreciate that. [laughter] look, i don't -- at the moment, at the moment i'm very much aware of the inflation risk. but i still am leaning towards

temporary inflation. a lot of one-offs coming out of the deflation of the pandemic, okay? and, in fact, a marvelous analysis by schwab's jeff kleinkampf. the port of los angeles, they couldn't unload the containers. all that stuff's been unloaded. it went from 40 ships, 30 ships, 10 ships now, it's quite manageable. that's going to break down some prices. the commodity boom, stuart, which a lot of people watch including myself, now, oil may run up a wee bit more, but most of the grains, wean beans, corns, certainly lumber, that has come back down. in the bond market, the tips break even, the treasury tips break even showing a slight move up to about 2.25, 2.5% from 2,

but nothing really large. futures markets are not showing massively higher i interest rates. so at the moment, i'm calm about it. but, but, but, but, but, it's very important here, if mr. biden's package, if the fiscal package goes through and we have these massive spending and, most importantly, massive tax hikes on businesses and investment and so forth, then that's going to choke off the supply side of the economy next year. and if the fed keeps printing free money in great volume, that's going to damage the dollar. and that combination would be lethal for higher inflation. so a lot of it's going to depend, i think, on what the legislative calendar produces. the fed, i think, is going to probably start to slowly change its tune. not necessarily its policy, but i think you might even see a little tune-changing at the meeting this week. stuart: yeah, because they issue

a statement tomorrow afternoon at the end of the two-day meeting. >> yeah. stuart: that's when you might see a little hint. it might be like the last time around, they're thinking about maybe looking at maybe discussing tapering, reducing the money prohibiting. i mean, it's a circular argument. you hear it all the time, they're thinking about it. you might get the same tomorrow afternoon, in which case the market probably won't react that negatively, right in. >> no, i don't think the market's going the react. look, the stock market is being driven by record profits, and profits are the mother's milk of stocks and the life blood of the economy. look, this is still, this is still the extended v-shaped, vaccinated, trump rules economy. i mean, the biden stuff mostly hasn't had much of an impact yet and, of course, the really big stuff has not yet gone through. so you're till living on an incentive-oriented economy whering season is rewarded,

where productivity is rising and corporations are quite profitable, and investors are quite happy with the incentive to take risk. if that all changes later this year when they get around to the final legislation, as i say, that's going to be an inflation problem. you can have supply-side inflation by choking off of of the supply of goods and services simply because of the disincentive on work and investment and risk. i will say one thing, i still think former federal reserve governor kevin warsh, who wrote an op-ed in the journal i think about a week or ten days ago is right. why is the fed still buying $40 billion of mortgage bonds each month? i don't get that. housing prices are way, way up. the housing sector, home buildings has done very, very well. i see no -- all it does is distort it. it makes it really hard to issue private label paper. it makes it really hard to finance paper because the fed is gobbling up everything. that i don't see.

and i think they ought to tart to realize and say -- start to realize and say something about it. you've got a housing boom, basically. you've got a commercial boom coming on. why are they buying mortgage-backed papers? doesn't make any sense at all, they should get out of that game altogether. stuart: all right, we hear you. larry kudlow, 4:00 eastern time, right here, fox business. "kudlow." larry, see you again soon. thanks very much, indeed. you herald president biden -- heard president biden praise vladimir putin, calling him bright and tough. but listen to what he had to say about republicans while standing on the world stage. >> the republican party is vastly diminished in numbers. the leadership of the republican party is fractured. stuart: well, there you have it. our president biden chose to go after republicans. not so much russia or china. on your screen the latest

tsa numbers. very important. 1.8 million people traveled yesterday. a monday, for heaven sake. jeff hartman's our travel guy. he helped create priceline, and he says demand for leisure travel is all pent-up. we'll be back. ♪ holiday, celebrate. ♪ holiday, celebrate ♪♪ with better than ever deals at cvs, you can save big to make your summer...

crunchier... yummier... happier... and together'er. get up to $15 extrabucks rewards when you spend $45 on select products. now at cvs. in business, it's never just another day. it's the big sale, or the big presentation. on select products. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are.

stuart: airlines seeing a real rebound. more people clearly are breaking out. got the new numbers. nearly 2 million people passed through tsa checkpoints yesterday with. actually, 1.8 number. very high number. jeff hartman is with us. look, jeff, in terms of domestic travel the, is the pandemic over? >> stu, here's the good news and bad news. the good news is, as you saw friday, 2 million people passed through tsa. that's the highest number since march of 20. that's actually 74% of the same time period this month in 2019. so the pent-up demand is there. people are traveling. but, stu, we have to give our viewers an important advisory or warning here. stuff is still not open. so the pandemic is partly over

meaning we're traveling again, but what we need to tell our viewers is you have to do your homework. we have a labor problem now. the travel industry's laid off tens of thousands of people, and so many of the small business owners -- many hotels, for example, stu, you can't get breakfast because the restaurants are closed. amusement parks, cedar point has to close two days a week because they can't find employees. so before you travel, do your homework and make sure the things you're planning to do are actually open until this labor shortage is solved. you can fly there, but you want to make sure the things that you want to do when you get there are available, and they're not yet. stuart: very interesting, jeff. we are duly warned. we may be flying, we may be driving, but we're not sure it's open when we get there. all right, jeff, thanks for joining us. we'll get back to you shortly. get back to that market,

we've taken a move to the south with the dow. still at 34,200. small loss for the s&p and the nasdaq. coming up next hour, florida congressman byron donalds, former u.s. ambassador to nato, kurt volker, brian kilmeade is back and so, too, is bjorn lomb burg. -- bomb lomb berg. the second hour of "varney & co." coming up for you next. ♪ ♪ back to your heart. ♪ oh, darling -- ♪♪ . .

♪♪ [laugh] dad i got a job! i'm moving out. [laugh] dream sequence ending no! in three, no! two, keep packing! one. if you have risk factors like heart disease, diabetes and raised triglycerides,... ...vascepa can give you something to celebrate. ♪ vascepa, when added to your statin,... ...is clinically proven to provide 25% lower risk from heart attack and stroke. vascepa is clearly different. first and only fda approved. celebrate less risk. even for those with family history. ♪ don't take vascepa if you are... ...or become allergic to icosapent ethyl

or any inactive ingredient in vascepa. serious side effects may occur like heart rhythm problems and bleeding. heart rhythm problems may occur in more people... ...with persistent cardiovascular risk or who have had them in the past. tell your doctor if you experience an irregular heartbeat or other heart rhythm problems. possible side effects include muscle and joint pain. celebrate less risk. added cardio protection. talk to your doctor about adding protection with vascepa.

new projects means new project managers.

talk to your doctor about adding protection you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. ♪. ♪ "we built this city" on rock and roll ♪ stuart: there it is. sunshine in new york city today. just those big, tall, office buildings, trying to welcome the workers back. see how that is going. it is 10:00 eastern. get straight to your money. earlier this morning the s&p 500 hit another all-time high. it backed off a little from there. across the board stocks are down this morning. not a huge selloff in advance of the two-day fed meeting. retail sales down in may, 1.3%, lower than in april. producer prices posted their biggest gain since 2010, up 6.6%

over the past year. two interesting economic indicators, we have the 10-year treasury now moving higher. the yield at 1.50%. we got some inflation. that is reflected right there. bitcoin, well they're back to $40,400 per coin. that is where we are. just coming at us right now, the latest read on homebuilders sentiment, very important for the real estate industry. what is the number, lauren? lauren: fell to 81. that is the lowest level of builder confidences suns last august. the reason, inflation, higher material prices, supply change shortages what we continue to see. they're restraining budgets of many perspective buyers, pushing them away entirely. they're hurting the builders. they're trying to get access to construction loans and properly value them as well.

stuart: nice to see you back for a second day, lauren. lauren: i came back. stuart: stay with us please. ceo of the national association of homebuilders jerry howard joins us now. jerry, you should be really happy. you can sell anything you can build. so why is builder confidence at the lowest level since august of 2020? >> you touched on it. the supply chain issues are getting builders concerned about the short and intermediate range future for the industry. lumber prices, you and i talked about them past several months have led the way. they're coming down some, i don't know why they are exactly but thank goodness, other commodities, other components going into house a very high. prices are high but supplier rat tick.

builders are having a hard time with that. stuart: is the price rise putting off a lot of prospective buyers. >> yes, for everyone thousand dollars increase in the price of a house, 150,000 potential buyers are priced out of the market for that specific house. to the point that was made earlier, when you go to get it appraised now, a house we could have built last year for x is now x plus, whatever and the appraisers don't know the difference. it is very difficult to get not only construction loans for us, but it is starting to impact the ability of consumers to get the mortgage loans. stuart: i would have thought a lot of people would retreat from buying a brand new house and retreat back to the house that they have got and improve what they have got. i don't know whether y a lot of remodeling as well. the remodeling side is going very well.

people are making a decision to expand our improve or modernize their existing home or they're moving away. one thing the pandemic did demonstrate very effectively is that you can work from home. you don't have to live in new york city and pay new york city housing prices. you can live up state. you can live in vermont. still work for a new york office and telecommute. once a while go into the city. a lot of people are doing that. a lot of building going on, stuart, is in exurban and rural areas. stuart: what is the hottest market, hottest region today? >> i would carolinas, texas, parts of the rocky mountain west. stuart: still moving there. jerry howard. always appreciate it. we'll see you again real soon. >> yes, sir. stuart: i want to bring in lauren back again. specifically the price of lumber. i think it is coming down.

lauren: it is. the reason why is interesting, it is twofold. supply is coming back, so many builders hoarded lumber so they could do jobs and build homes, they're starting to sell lumber. we're starting to see price come down from the may record. some lumber firms stocks, they are down 10%. let's also talk about lower copper prices. look at this, down 4% today. that is a seven-week low at 435. the market is preparing for potentially china to release some state reserves here. look at freeport-mcmoran shares. they are down as a result of that, down about 6% today, stuart. stuart: so bottom line, lauren, is some commodity prices which ratcheted way up are beginning to come down. lumber down 40% i think. >> since the may high, 42%. that is coming back down to earth. stuart: yes, back down to earth in quotes, thanks very much.

lauren, thanks a lot. now everyone, this. there is a very sharp contrast between america in full pandemic recovery mode and asia which seemed to be doing so well way back when but not so much now. listen to this from today's "new york times." quote, while americans celebrate what seems like a new dawn, for many of asia's 4.6 billion people the rest of this year will look a lot like the last with extreme suffering for some and others left in a limbo of subdued normalcy. that folks is accurate. america booms while countries from china to australia really struggle still. the reason is clear, america has highly effective, well-distributed vaccines. asia does not. now "the times" won't say it but i will, thank you president trump. if it were not for "operation warp speed" america would be in the same position

now as asia. of course the media dismissed trump's vaccination push. they dismiss everything he ever said. when joe biden took the oval office he said trump had bungled the covid response? i guess he bungled his way to vaccine leadership. what is it with democrats and h the media? that love affair is dangerous. now anyone in america who wants vaccine can get it. the vaccines we developed work. they work against these variants as well. as of now in asia, vaccines are in extremely short supply. china's product is not as effective. the result as "the times" says, there is another six months at least of covid misery for four 1/2 billion people the media got impeachment wrong twice. they were wrong on misery at the border. they were wrong on trump's photo-op in lafayette park. they were dangerously wrong to

dismiss the wuhan lab theory. i think it is time to give credit where credit is due. thank you, president trump, without warp speed vaccines we would still be in lockdown misery. that is my take this tuesday morning. let's bring in the man himself, scott shellady. will the man ever get credit he deserves, scott? >> absolutely not. everybody is so quick to forget, you're exactly right, he is the one with "operation warp speed" brought the vaccines into the fore. if it was president biden, it would be operation school zone and we would be still going 20 miles an hour. there has to be given to, at least all of the credit for vaccines given to president trump. here is the problem, because of the media. number one would you rather have a nice guy and no vaccines or a guy with big ego makes people mad every no and again with vaccine. i think most people would rather have the nice guy with no

vaccine. that is an issue. big tech is basically media. if we're not allowed to talk about where the virus started for a whole year, it is quashed, can't have it out there with the general public that gives china a chance to wipe away any evidence. how many lives could have been saved if we were allowed to talk about this 12 months ago? that is what our media and big tech forget about in this country. there are other countries, the president of brazil called this out six months ago. they have been talking about it all over the world except in america we can't talk about it. so i think it will, big tech has to be careful. they have blood on their hands. given a year to get rid of all the evidence it will be difficult to hold china to account for this disease or this virus. i think that is directly due to the fact that we couldn't talk about it. stuart: scott, let me go off on a tankent for a second. you're a farmer. do you think the farmers were the real essential workers or one group of real essential

workers? that is your op-ed today. >> you're right. give me green acres any day. you know it is funny, when we had all the stories of these people cowering in the corner underneath their desks shaking what might be happening and being scared about this virus, we were, last year we were arresting people, stuart, for walking in parks unmasked or even masked by themselves because the parks were closed because the parks were dangerous yet we expected our farmers to walk out in the fields. we expected farmers to make sure betsy had to be fed and milked. we expected farmers to put all the crops in the ground. they were doing everything people a, were getting arrested for or b, deathly afraid of doing all year last year without anybody saying a word. that is why i love that group of people. because guess what, i kid a trip between here and omaha, nebraska, and back, through indiana, illinois, iowa, and nebraska. you know what is really great stuart, how you say it feels to be in florida, those people

never really missed a beat. they couldn't stop doing what they were doing. you can't stop milking the cows because of the virus. you got to do it. they're still probably the last bastion of normalcy in this country. they have their heads screwed on straight. they know value of a dollar, they know what hard work is. it was such a breath of fresh air to travel those two days through the states. made me feel good that i wrote the op-ed about it. stuart: good for you, scott, good for you. you're absolutely right on all counts. scott, thank you very much. we have something coming at us. the u.s. and europeans made a break-through on their boeing and airbus trade fight. boeing's stocks i see is up. do we have any details on this, lauren? lauren: the fight was going on 17 years over the aircraft subsidies given to boeing and airbus rivals. that is over. the u.s. and eu agreeing to a five-year truce. they're working together.

why? to counter china. china is also making big jets. they don't play by the rules. they want to be a really big global player in commercial aircraft. the u.s. and europe says, you know what? we'll counter your ambitions by dropping these subsidies. stuart: okay, they're drop being subsidies, boeing's stock is up, away you go. thanks, lauren. the ceo of morgan stanley telling employees there it is time to get back to the office. watch this. >> you can go to a restaurant in new york city you can come into the office. if you only get paid new york rates, you have to work in new york. stuart: tell you what else he had to say. that is just ahead. critical race theory, all a quote, right-wing conspiracy, according to former governor of virginia terry mcauliffe, tell that to outraged parents around the country. we have sound on that one coming up for you. florida congressman byron

donalds just met with former president donald trump. he is here to tell us what they were talking about. ♪ my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. centrum multigummies aren't just great tasting... they're power-packed vitamins... that help unleash your energy. loaded with b vitamins... ...and other key essential nutrients... ...it's a tasty way to conquer your day.

try centrum multi gummies. now with a new look. stay restless, with the icon that does the same. the rx crafted by lexus. get 1.9% apr financing on the 2021 rx 350. experience amazing at your lexus dealer.

♪. stuart: some of our viewers have been asking to see what we call the dow 30 board. left-hand side of your screen. there are all the 30 stocks that make up the dow industrials. put that up more frequently, you get a sense of the market. at the moment most of the dow 30 are down. exxon, chevron, boeing, just a few of the names that are in the green moving up. the dow is down 125. look who is back with us,

congressman byron donalds, republican from the great state of florida. congressman, i know you just met with former president trump. did he offer any hint that he might be running for any elected office in the future? can you tell us? >> no, he didn't give a hint. i will tell you even if he did i can't tell you. that is something really for president trump to decide and release on his own time, but the president was in good spirit. he is in great health. he was looking wonderful. he shot a 71 the day i was with him. i never shot a 71 a day in my life so i'm jealous. we talked about foreign policy and things in the country. stuart: hold on a second, congressman, former president trump, i believe is 74, 75 and he shot a 71? not many people can shoot under their age when they get into their mid 7. did he really shoot a 71 for a

fact. he said it clearly in the room. he had confidence and swagger to back him up. who am i to challenge it. every governor shot i hit on the tee shanks right. i will not say a word about it. stuart: can you tell us what the main discussion between you and former president trump? >> we talked about policy. 12 members of congress who were there. every policy from dealing with election security, taxation policy, immigration was a big topic of conversation, looking at the disaster we have on our southern border. we even got into energy policy, a lot of our issues. the president is very concerned about what is happening to the country. even in spite of covid-19 we're really on a trajectory for our economy to be more bold going forward than it is right now. this administration in power right now is a disaster for economic futures here in the united states. stuart: since we last heard from you, which was literally about 10 days ago, we understand that the congressional black caucus is not letting you in.

is that accurate and can you tell us why they won't let you join? >> it seems accurate. can't really tell you why because they have not talked to me directly. the only thing we ever gotten out of them some statement given to the press after somebody leaked a report that i was leaked a report from inside i was being blocked. the truth i don't know what is going on over at cbc i had conversations with them my first week here in congress. i would be interested in joining. i was in the legislative black caucus in the florida legislature. okay. we'll get back to you. i have heard nothing since then. then this news report. stuart: you know what is going on? congressman, you're a nice guy, you're a diplomat. you know exactly what is going on. the congressional black caucus does not admit republicans black or otherwise. that is a fact, isn't it? >> i let me set the record straight. mia love was a member of the congressional black caucus. alan west was a member of the

congressional black caucus. this is far more tribalism up on capitol hill when they were here as members of congress. my broader point, my support for president, my votes on january 6th, those are a portion of who i am. i'm still a kid who grew up in brooklyn, new york. i made something of myself because i grew up poor. i don't have a silver spoon in my mouth. i didn't come up with a political family or wealthy family. i made my way in life. those perspectives as a black man in the united states, even though i'm conservative, are attributes and ideas at the table should be allowed in the congressional black caucus. stuart: how old were you when you settled in florida? i know you were born and raised up in new york city. >> i was 17 years old. i enrolled in college at florida a&m university in tallahassee, florida. that was the first time i saw florida. i didn't pay much attention to geography. when i got to tallahassee, i was

looking for beaches but they weren't there. i said wait a minute i might have messed this college thing up. stuart: you are not going back up north, are you? >> are you crazy? their tax policy in new york is a joke. i would never go there. i have a lot of love for my former home state, my former home city but the economic, governing policy is atrocious. so many businesses and families who have the ability to leave are leaving. most of them come to the great state of florida. we're the "land of opportunity" and freedom in these united states. government kind of gets out of your way. we let you operate and let you enjoy life. stuart: you're a congressman representing fort myers and naples, florida. i don't need to ask you, have you seen expansion going on down there because you obviously have. i never seen such an explosive economic growth rate and a housing market so explosive as the one that i'm seeing in fort myers and naples.

that's your territory. >> it is my territory. it has been expansive. we've been taking people from all through the northeast corridor. when they came down to fort myers and naples they were shocked. what is this place? i tell them it is freedom land usa. it has been one of the best places in the country over the last year under the leadership of america's governor, ron desantis. i got to tell you there is another governor who might become realtor of the year in state of florida. that is because of andrew cuomo. his handling of the coronavirus pandemic is why so many people are buying property in florida. stuart: congressman, you are a rising star indeed. great to have you on the show. come back soon, sir. we appreciate you being here. >> anytime. stuart: please. california, easing covid restrictions today. however, lauren, come on in here. lauren: yeah. stuart: masks are gone but still required in some settings, is that accurate? >> you need to wear a mask on

public transportation in a hospital, a school, or working indoors although maybe the other realtor of the year, governor newsom, may issue an executive order to exempt that. we'll see if you're fully vaxed. other than that, today is a huge day for california. about 40 million people can ditch the mask, ditch the social distancing, ditch the capacity limits. if you look at the entire population, so this is including teenagers of california, 57% have had at least one dose of the vaccines. businesses and schools however, they can still require masks. it is the whole mask confusion thing. it is here too, stuart. i don't know about you, but i always have my mask with me. i never exactly when i can put it on or should put it on. you walk into a store. if i see a lot of people with a mask i will put mine on. i'm always confused. i try to be sensitive to other people. stuart: well, lauren, i spent a lot of time in florida recently, and i can tell you the masks are

gone. most stores you walk in, no masks. restaurants, bars, no masks. you wouldn't know you were in a pandemic if you were in florida. that is a fact. that is the way it is in florida. >> we were there three weeks ago, they looked at me funny i had my mask on. i had come from new jersey, at the time you had to wear a mask everywhere. oh, sorry. i will take it off. stuart: that's right. day and night, night and day. that is the way it is. extraordinary stuff. lauren, great to have you back, by the way. breath of fresh air. good to see you. all right, one north korean defector says she never expected ivy league schools could be as oppressive as the country she fled. watch this. >> columbia was told us what we cannot talk about. >> yeah. >> and i am so concerned. like if america is not free, i think there is no place else that is free. stuart: park, that is who she

is. she joins us in our next hour. president biden goes ad-to-head with russia's putin tomorrow. who has the upper hand? i will ask former nato ambassador curt volcker after this. ♪. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

♪ na na na na ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na ♪ na na na na... the world's first six-function multipro tailgate. available on the gmc sierra.

discomfort back there? instead of using aloe, the world's first six-function multipro tailgate. or baby wipes, or powders, try the cooling, soothing relief or preparation h. because your derriere deserves expert care. preparation h. get comfortable with it. nobody builds 5g like verizon builds 5g because we're the engineers who built the most reliable network in america. thousands of engineers on one nationwide mission; to make the best, even better... for millions of people and businesses across america. no one else built this bold... because no one else thought this big.

thousands of smarter towers, with the 5g coverage you need. next-generation servers with superior network reliability. broader spectrum for faster 5g speeds. because the more you do with 5g, the more reliability matters. the more your network matters. the more going the extra mile matters. this is us...pushing us. it's verizon...vs verizon. and who wins? you. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't...

oh, actually... that looks pretty good. see it. want it. ten-x it. yum! >> we've been accused of all kinds of things, election interference, cyber attacks, so on, so forth, not once, not one time did they bother to produce any kind of evidence or proof. just unfounded accusations. stuart: all right. that was vladmir putin dismissing any responsibility for those cyberattacks. this is just ahead of tomorrow's meeting with president biden. connell mcshane is in geneva where the meeting will take place. connell, president biden is expected to bring up the ransomware attacks, got that. any reason to think they might make some tangible progress, that the russians will quit? any reason to think that at all? reporter: hard to believe there would be, stuart. i think that is the big question on so many different topics

heading into the showdown between two leaders. there is no shortage of things to talk about, cyber will be a big part. climate control, human rights, all kinds of different ways. in terms whether progress will be made, tangible outcomes or deliverables as state department types like to say. that is an open question at this point. we were at a news conference with president biden at the nato summit. he was asked, asked really multiple different ways how he planned to handle president putin at this get together. this is what he said. >> i will make clear to president putin that there are areas where we can cooperate if he chooses and if he chooses not to cooperate and acts in a way that he has in the past relative to cybersecurity and some other activities, then we will

respond. reporter: i will is a this, the city of geneva is used to doing this type of big events t appears ready to do it again. playing host to president biden, that begins right now. you're looking live at the ah airport of geneva. the door of air force one open a few minutes ago, air force one touched down in geneva. president biden leaving meetings in brussels where he met more european leaders is on the ground here in geneva. before he left brussels there was one piece of news. the u.s. and european union agreeing to suspend the boeing airbus trade dispute. that is getting attention, suspending tariffs realed to that up to five years that was then. now the focus squarely shifts to here in geneva moments from now the president will emerge, walk down the steps. motorcade here into the city. president putin is not here yet. i was talking about the city is ready. so beautiful here, i'm sure you

have been here in geneva before. lake again navy have. they have flags up from both countries. the type of international city is used to host these type of gatherings. stuart: they know how to put on a diplomatic show. that is a fact. connell mcshane is there, thank you very much indeed. left-hand side of the screen, air force one is open. it is in geneva, we're waiting for president biden to walk down i call it the gangplank to put feet down in switzerland. the gentleman on the right-hand side of the screen, former u.s. ambassador to nato, curt volcker. mr. ambassador, who do you think holds the upper hand in tomorrow's meeting, biden, putin? i think we may have a audio problem too. may have a video problem. looks like the frame has frozen. left-hand side of the screen we're waiting for the president to emerge from air force one put

feet on the ground in switzerland? do we have contact with curt volcker, yes or no? we're wait towing hear if we can hear me or see me? no. let my digress to the market real fast. we have the dow down 128 points. we have the vast majority of the dow 30 stocks like to put this on the screen on the downside. we have six up and 24 down. that's the state of play on the market at the moment. remember, the federal reserve is about to start a two-day meeting. they will be discussing inflation. what to do about it. the convention hal view, their view, is that this inflation, which we are all seeing is temporary, and will not exactly go away completely but will recede. that is the fed's point of view. so at the moment, they're continuing to print money. if they make a mistake, and print too long, and ignore the inflation signals, they have made a serious mistake which will have dire consequences down

the road. so that is the big debate on wall street. is the fed right about inflation or wrong about inflation. and what is it going to do. you will find out, not exactly conclusively, but tomorrow afternoon, wednesday afternoon, the fed releases its minutes. they will tell you what they are talking about. the tee leave readers will look at anything. that is the debate at the moment. do we have ambassador volcker? we do. excellent. ambassador volcker is back with us. good morning, sir, great to have you with us. >> good morning. stuart: who do you think has the upper hand in the putin-biden conversation here? >> i think this is more risky summit for president biden because putin is denying all the things he is doing. unless there is a real show of force to push back on those, a summit that looks normal, stability, predictability and in

some areas where we can put together, putin will use dough most i cannily, use with the neighbors to show he can get away with everything that he is doing. stuart: did president biden give vladmir putin the upper hand when he allowed the building of the nord stream pipeline that will supply energy to europe from russia? surely that gives the russians an advantage in advance of the meeting? >> well, i think that is already behind us. i think there are some other issues that are still on going. occupation of crimea and occupation of georgia. especially cyberattacks coming out of russian territory against the united states. these are things that putin needs to pay a price already. it is not about future behavior. about what he has already done. we need to be seeing a change in behavior from vladmir putin, not just saying that just starting

again. stuart: i have just got a few seconds left but do you expect to see any change in putin's behavior in the future? >> not at all. i think that the fact that he continues to deny it and continues to do it means that he feels that he can continue to act with some impunity. stuart: got it. ambassador volcker, thanks very much for joining us this morning. sorry about the audio difficulty. but we fixed it. your contribution was terrific. we appreciate it. thanks very much. coming up on the show momentarily, morgan stanley talking tough about getting back to the office. we'll tell you what that bank is demanding. first though milk prices on the move rising with inflation. we're talking to dairy farmers about the price pop live from the farm after this. ♪ the

jason, did you know geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save. uno, dos, tres, cuatro!

[sfx]: typing [music starts] [sfx]: happy screaming [music ends]

re-entering data that employees could enter themselves? that's why i get up in the morning! i have a secret method for remembering all my hr passwords. my boss doesn't remember approving my time off. let's just... find that email. the old way of doing business slows everyone down. with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo.

♪. stuart: that, ladies and gentlemen, is philadelphia where it is 76 degrees at 10:41 a.m. look, we've talked a lot about the uptick in prices on this program, inflation, rising prices for everyday goods including the price of milk. well our only yaw hue is at a dairy farm in pennsylvania. lydia, i know you've been talking to the farmers. what do they say behind the rise in the milk prices? reporter: they say a lot of factors are driving the price, the cost to feed the cow, raise them, transportation, bottling of milk, all that is affecting a price of a gallon of milk at a grocery store. what hasn't changed over the past year, how hard the cows are working the farmer tells me they are milked twice a day.

they produce 600 gallons of milk. the price on your grocery store average is 3.51. that is up from $3.21 a year ago. many experts tell us this is a symptom of national inflation. they say it isn't just the start. it is not just milk. we can look at the statistics, bacon is up about 13% over year ago. citrus fruits up by nine. a lot driven by the same factors. gasoline costs going up. logistics and shipping all of that going up as well. like i said, back here at the farm, the cows, they're still working just the same, still producing same amount of work. the cost to get the milk from here on the farm to your kitchen, it is really rising. back to you. stuart: hats off to the farmers, by the way, who have to milk 24/7, twice a day in the milking season. that ain't easy. they are essential workers. lydia, great report. thanks so much for joining us. check the markets please.

we're still down triple digits for the dow. nasdaq slipping 83. the s&p is down 10. show me draftkings, please. come back in again, lauren. tell me why it is down so much. lauren: 7%. they were hit by hindenburg research and what they say for their short position on the stock, draftkings systematically skirted the law and hides some black market operations. that is tough talk. it is hitting the stock. spirit airlines got an upgrade to buy at citigroup. leisure demand continues to improve. that stock is up. oil, 32 month high for the commodity. exxonmobil up 2.25%. they are benefiting from the higher oil prices. also cost cutting going on at the company and bank of america says, exxon is going to hike its dividend this year, stuart. how about that?

stuart: a hike from the oil company. ceo of morgan stanley, lauren, james gorman, he is telling the new york staff when he expects them to return. when does he expect them to return around what else is he saying to the employees. lauren: it is by labor day. let's listen. >> if you can go to a restaurant in new york city you can come in the office. if you want to get paid new york rates, work in new york. by labor day i will be very disappointed if people are not not office and we'll not have a very good conversation. lauren: not good news for those from the low-taxed states like florida. no mandate you have to head into the office but the message is getting louder by the day. morgan stanley is doing two things, they are working to find away to vaccinate workers at the office and james gorman said look, real training especially for the junior staff that happens in person. that doesn't happen on zoom. his message is the message from

a lot of companies right now. they are keeping real estate. they want you back, want you commuting in, spending hours and hours a day at your real desk. not your bedroom desk. stuart: the only question is, how many of those employees will want to leave good weather, low taxes of florida, get back to the high taxes and the city of new york? lauren: the old cliche, time will tell, stuart. stuart: you know not ever supposed to say that in the news business. lauren. i know which is why i said it. september, everything will look different. it will be a slow summer. come september, we'll get a real feel what the new corporate office is going to look like. stuart: okay. welcome back, lauren. good to see you again. president biden says, global warming is the greatest security threat to our country. but environmental bjorn lomborg is skeptical about that, very skeptical. bjorn is next.

one big democrat says critical race theory is a right-wing conspiracy theory. brian kilmeade addresses that next. ♪. stay restless, with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $449 a month for 36 months. experience amazing at your lexus dealer. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this neverending trap of interest and payments and debt. ♪♪

among my patients i often see them have teeth sensitivity as well as gum issues. interest and payments and debt. does it worry me? absolutely. sensodyne sensitivity and gum gives us a dual action effect that really takes care of both our teeth sensitivity as well as our gum issues. there's no question it's something that i would recommend. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo ♪ ♪ look, if your wireless carrier was a guy

you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network.

♪. stuart: financial markets, stocks down all across the board. investors worried about the fed's response to inflation. as for the cryptos, watch bitcoin carefully. $40,000 a coin right now. up and down, either side of the 40,000-dollar mark. my technical friends tell me about it coin needs to get to 40,000 and stay above it for a couple of days or else you might see a nasty decline. all right. it is 10:51. you know what that means. brian kilmeade is here. all right, brian, north korean defector warns against wokeness in america's classrooms. she says even north korea was not this nuts after attending the ivy league. she went there. i know you've seen this, brian, i will show our audience again what we're dealing with here. roll that tape, please. >> for me to get a good gpa to graduate i had to shut up and echo whatever they said.

without guns to the head, most kids we have to do it to survive but i don't get it why a lot of americans are choosing this path. stuart: talk about oppression? what do you make of all of this, brian? >> oppression. the other definition of repression is what is happening in north korea, maybe china, in the area which they're keeping the uyghurs in a cones operation camp. she escapes from there. goes to china. walks across the gobi desert. is taken in as a sex slave for $300. her mother, $100. they find a way to get out. escapes to south korea. transfer to columbia university, she is horrified by the hatred americans have for america which in their mind pretending to be repressed unequal. professors are the ones who are pushing forth that message. in her outrage and disillusionment got her a book deal. got her on our show. she was on sean last night.

"fox & friends" first. you should have her on, there are so many facets, shades to this story we can learn from. my hope we snap out of it eventually. i'm loving what happened to this country because we're getting involved in the board of education, school board in our own towns. we're pushing back. we've been watching bill maher, hbo, as liberal, push back on the whole cancel culture along with kevin hart. i'm getting heartened we had enough as a culture. stuart: yeah. pushback, please. by the way ms. park is on the show about a half hour from now, this program today. next, next brian, terry mcauliffe, wants to be governor of virginia again. he says concerns about critical race theory are a right-wing conspiracy. watch this, please. roll it. >> it is another right-wing conspiracy. which is totally made up by donald trump. this is who they are. it's a conspiracy theory.

stuart: you know what, brian, tell that to the parents. >> stuart, it is so distanted from donald trump. donald trump commented on 1776 as opposed to 1619. that is something different. it is in the curriculum. 1619 is infiltrated in. you get incentives if you put it in to the school board from the federal government. that is hideous. however, nothing to do with donald trump. easy to bring that up, terry mack cough live. you should be smarter than that. virginia has been blue over the last 10 years, have been sitting around from loudoun county and others. what is happening to my kids. what are they learning? i think democrats are on board with this too, really, because you're whiter, or black, oppressed or oppressor, telling that to a 8-year-old? telling that to a 6-year-old. you may be telling 17-year-old it will be on the test. you think donald trump is making this up? he is missing the boat here. you know what? the republican is a lot closer

to terry mcauliffe than he realizes. this could close the gap entirely. virginia seems to be the tipping point with critical race theory. not a myth. not a conspiracy theory. stuart: why don't i see this any place else? it is just fox and fox business. we're the only ones pointing out the problems with critical chris race theory and the woke generation that in our media and critical universities. why will we be alone? will we always be alone? will the rest of the media see the light at some point? >> i'm not sure. i've seen the enemy and it is us. our country is shooting so-called inside the tent. we used to have the enemy, we have the enemies like russia, china, competitors on the outside but they're nothing compared to us. i believe china is playing a role in that, using their huge pr machine to infill trail our

schools and sow division but i think we're our own worst enemy. this generation of americans coming up because they have been trained in this, are the most ungrateful, egomaniacal, themselves centric that i can imagine. to the point where no one, everyone is looking around saying where did they come from? hopefully people will sober up. you realize this is the best country ever and our past is our past. we learn from it. we grow from it. we study it. we don't judge it. stuart: you're right. you're right. the sooner we all realize that the better. brian, good stuff, sir. thank you very much indeed. we'll see you later. >> go get em, stuart. stuart: that north korean defector, ms. park, we told you about her, she will be on this show live in our next hour. president biden european trip full of great photo-ops, happy talk. does this give russia and china an advantage? that is my take coming un.

... right? go with us and find millions of flexible options, all in our app. expedia. it matters who you travel with.

municipal bonds don't usually get the media coverage expedia. 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 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. 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. 1-800-763-2763. that's 1-800-763-2763 >> bitcoin is too speculative at this point. there are too many other factors that move and even elon musk can tweet something and move bitcoin up or down 10% that doesn't sound like inflation hedge to me , stocks are the ultimate hedge against inflation. >> the real problem is that mr. powell doesn't understand, he is not in a political position and as a consequence, he's looking for reasons to keep it going and that really concerns me. >> if the fed is right and they

use the word transitory which i think is a stupid word, it's temporary and some prices stay higher, but that's what happens in an economic expansion, but the rate of change is going to slow. >> and if the fed keeps print ing free money in great volume, that's going to damage the dollar, and that combination be lethal for higher inflation. the fed, i think, is going to probably start to slowly change its tune. not necessarily its policy. >> ♪ ♪ stuart: 11:00 eastern time, and this is tuesday, june 15, straight to the markets with dow across-the-board in terms of stocks, that is. dow is up 160, nasdaq is down 74 , and it's not a huge sell-off , but it is a retreat, just as the federal reserve begins its two-day meeting discussing how to respond to

inflation. that meeting is crucial. one of the most important fed meetings in a long, long time. the 10 year treasury yield moving up to the tune of 1.50%. that's some acknowledgment of the inflation threat. now this. the europeans are very good at issuing high-minded communication talking unity and progress. president biden, well, he's only too willing to go along with the happy talk because it makes such a contrast with the confrontational president trump. we've seen great photo ops, a lot of feel good talk but what happens when the talking is done and they all go home. any follow through? hard to imagine what action, action i mean, real action, the europeans or president biden will take if china stone walls any investigation at the wuhan lab and the origins of covid. they have already given china a pass on climate.

they are the world's largest co 2 emitters and they didn't know anything about that until 2030. we talk, they just laugh. same with russia, it's hard to imagine what action we can expect if the hacks against our vital industries continue. after all biden has okay'd the russian pipeline so the europeans will be heavily dependent on energy, from russia no wonder putin laughed off the allegations that russia is behind the hacks. interesting, that president biden chose to go after the republicans in his press conference yesterday. he dismissed them as vastly diminished and a vastly diminished party with a fractur ed leadership but he described putin as a worthy adversary which is bright and tough. truth is, the autocratic government of china and russia have been gaining a lot of ground. they're playing offense and show no sign of retreat on any issue. the democracies are playing defense, putting a smiley face

on their collective weakness. that is quite a reversal, and it's not good. the third hour of "varney" & company starts right now. let's bring in jason chaffetz on this and ask, what happens when the talking is done and president biden comes home? have you any hope of serious action against china or russia? >> i don't, but you know what, stuart? i give you an a plus on that analysis of it, because the smiley face, as you talk about it, on the happy talk, that's about what they do. look, joe biden put himself in the position of not having tools to negotiate with. unilaterally disarmed when he got rid of this nord stream pipeline.

why do that when you're going into the negotiation. you use that as a tool and a bargaining chip to do something, but there's nothing in joe biden 's background that suggests that he actually knows how to negotiate and knows how to do things, and how you're going to put the screws to china? i don't know. they all do the happy talk, but it was, remember, it was donald trump who actually went to nato and said, you've got to pay your fair share. if you don't pay what you agreed to and guess what? billions and billions of dollars went into strengthen our unified nato allies, and make it tougher on russia, but now, they're doing just the opposite with joe biden, and the other one i would just add to what you said, stuart, is iran. they made things a lot easier for iran. they have disparaged our allies. they have not, they don't even acknowledge the abraham accord. they are trying to change the name of the abraham accord. that's what this administration is currently doing. stuart: okay, so, not much

action expected when they all get home. got that. now, house republicans, i say, house republicans, they put forward a resolution to censor the so-called squad. michael waltz says this group should be censored for "defend ing terrorist organizations and inciting anti-semetic attacks across the united states." what the republicans are doing is highlighting a dramatic split between the democrat party and i don't think there's much chance that this sense of motion will pass but it'll make its point, right? >> it will. i want to see those democrats vote. when they go after republicans, they are all, they are happy to do it, but one of their own compares the united states of america to the taliban, compares us to hamas, and puts us in the same category, that is just flat out anti-american, and there should be a resolution not only to censor her, but to move her

off, this is congressman omar, move her off the foreign affairs committee, but they are going to -- stuart: but they can't, can they they can't do it? speaker pelosi cannot remove, well, she could, she probably won't remove her from the house foreign relations committee, because they need the votes of the squad. they need a unified party where they've only got a tiny majority in the house. they can't take real action, can they? >> they can't. nancy pelosi only has a four- vote majority and there are more people in the squad than that, and she can't afford to lose those votes, but for joe biden to say the republicans are on the run, there wasn't a single house republican who ran for re-election last year that lost, not even one, so it's as tight as it can be. stuart: got it. jason, thanks for being with us this morning. do you miss politics, by the way >> um, i like the politics. i don't miss congress.

[laughter] stuart: thank you. that's what i was looking for. jason, thanks for being with us today. we always appreciate it, good to see you. all right, let's get back to the markets because we've got, i'm not going to call it a sell-off but it's certainly a sharp down side move, dow is up 160, nasdaq is down about 70. mike murphy is with us today. do you think the market needs some kind of pullback? i thought you were the super bowl. >> good morning, stuart. yes, but to be clear, still bull ish, but you know, we've had a really nice move in the markets recently. you saw the big tech the nasdaq market play some catch up to where it's now up 10% for the year, the s&p is up almost 14% for the year, and stuart, there's going to be some sort of a pullback, but the main reason i want to point that out is that almost anybody at home watching your program right now should not be trying to pick a top and sell the market and look for a pullback and get back in because that trading is not going to work well for them. they should realize that if the

fed comes out in the next couple of days, and says something that spooks the market, we could be in for a short-term correction which is simply a buying opportunity, not something to sell into because we all know that at some point, rates are going to go higher, bond buying is going to stop, because the economy is very strong right now. stuart: but how do you know it be a short-term correction? how do you know that? because look, i go way back. i go back to the 1970s where we were printing a lot of money, borrowing a lot of money, interest rates went straight up, and the market went into a nasty decade. how do you know that we're not going to do the same thing now, because we've got the same money printing, the same massive amount of money going to the economy, and we've got the beginnings of inflation. >> okay, so great question. so, you go back over the last hundred years, stuart. you can pick that one time in the 70s where the market just didn't work for a number of

years. any other time you look, if you pull that out a little bit, those 60s, 80s, 90s, having your money invested in the market is the place to be so i say that it's short-term because history tells me more often than not, it is short-term, so i'm going to have a little bit of faith in the fed and what they're doing and i'm also going to have a lot of faith in the united states economy and u.s. businesses both private companies that are growing very quickly, and coming public, and the existing public companies. we have a lot of innovation in the united states right now, so i don't know for certain it's short-term, but if i'm betting, i'm betting that it's short-term and the main reason, stuart, is because that bet has been a winning bet forever. 100% of the time, so when i get a 100%, that's something i want to go with. stuart: okay, i find it hard to argue with that. you're very persuasive this morning but i've got one last question. >> thank you. stuart: have you guys, i know you almost always invest totally

in stocks. have you put any of your money, your company's money into any crypto? >> we have not invested in any crypto. we will not be investing in any crypto, and i think unless there's people watching your show unless they really understand crypto, and bitcoin and ethererum and any other coins out there, they should invest in things that they understand. they shouldn't invest just because they see new highs being hit or pullbacks coming, because from i don't completely understand the bull case, that's why i stick with what i know. stuart: fhomo is very important here. mike murphy thanks for being with us, we appreciate it and as mike was talking about, i see that bitcoin dropped back below $40,000. next case, the ford motor company. the ford bronco, their suv, they are now rolling off the assembly line, as of today. this comes during, i think,

during as opposed to after, but during the worst chip shortage in history. jeff flock has an exclusive look for us at the plant in michigan, where they are rolling off the lines. has ford sold the chip shortage? reporter: well, they've solved it well enough, stuart, so that they can launch this and begin shipping them out today. that's the very latest ford bronco you see coming off the line about $40,000 worth but that single-doored one which is of course the iconic vehicle, they say 200,000 reservations for this vehicle, and over 100,000 people have already actually fully ordered one. yeah, the chip shortage though is big. its hit ford particularly hard. if you take a look at the number s on the vehicles that have been impacted, it was obviously, the best-selling vehicle, got hurt the worst, about 100,000 f-150 trucks cut from production because of a lack of chips. jeep chair a key also highly

impacted, and a couple models from gm as well and the coo of ford north america says on the record that it's literally devastating. she said that the fact that we didn't have the u.s. manufacturing to fall back on also hurt a lot. back live here maybe you see with the modules in there with all of the chips that are now in an engine for pretty much any vehicle, but particularly the higher-end vehicles like this , what ford has done in terms of a plan, part of the plan is to actually build some of the vehicles without the chips, and then what they do is go back and once they get the chips, you know, they got ahead of the game a little bit, but its been a mess. the chip thing has been a mess for all of the automakers but this actually is a pretty good looking vehicle, mr. "varney." i know you're a ford f-150 guy but maybe you might want to think about one of these as well stuart: who knows i might be a

ford f-150 electric ford f-150 in the future. you just never know. >> reporter: oh, that'll be the day that i die. stuart: let's hope not. thank you, jeff. we'll see you later. now take a look at this. this is kind of shocking. border patrol finds more than 100 migrants crammed inside a home in texas. the so-called stash houses are growing problem on the border and we've got a report on it for you. a woman who was leaving north korea has a warning about ivy league schools roll that tape again, this is important. >> columbia told us what we cannot talk about and i am so concerned like if america is -- stuart: she has an incredible story and she will tell it to us later this hour, today. first though, president biden says the greatest security threat to the country is global warming, and environmental it's

bjorn lundborg calls that an irresponsible exaggeration and he's here next. >> ♪ incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer.

i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right: that's what we're made for. usaa. what you're made of, we're made for. get a quote today. centrum multigummies aren't just great tasting... they're power-packed vitamins... we're made for. that help unleash your energy. loaded with b vitamins... ...and other key essential nutrients... ...it's a tasty way to conquer your day. try centrum multi gummies. now with a new look.

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

>> ♪ stuart: ronnie atkins, it's america and that is the empire state building in new york city where it is 76-degree, a little sunshine, a little clouds, not such a bad day. now, do you remember exactly what president biden said about climate change? if you have forgotten we'll refresh your memory. roll tape. >> you know, i went over to the tank in the pentagon when i

first was elected vice president with president obama, and the military sat us down to let us know what the greatest threats facing america were and the greatest physical threats. this is not a joke. you know what the joint chiefs told us the greatest threat facing america was? global warming. stuart: well let's bring in bjor n lomborg who wrote this book, hurts the poor and fails to fix the planet. there's an indictment for you, and bjorn lomborg is with us, is global warming the biggest security threat facing america? what do you say? >> no. no, not by a wide shot and look, it's not me saying this , the chairman of the joint chiefs of staff came out after biden repeated this phrase, and said no! it's russia and china. it's not really very rocket science, right? yes, global warming is a real problem. yes at some point we should fix

but it's by no means the biggest challenge that the u.s. faces, and biden, unfortunately, has been doing this quite a bit. the biden administration, for instance, the climate advisor, gina mccarthy came out and said global warming is now the most significant public health challenge of our time. no it's not. you know, it's a quarter of all deaths come from cancer, a third come from cardiovascular disease , heat deaths only makeup about one-third of 1% of all deaths in the u.s. , vastly out weighed by cold deaths which is about 20 times as higher at 7 %, so again, yes it's a problem but making it into this end of the world story actually both make people lose trust in public officials, but also panics and makes us make very bad decisions stuart: okay, so bjorn, so spell it out the other side of the coin what is the threat from climate if we fail to reign in c o 2 emissions as much as the

greens want? >> well the main challenge is actually the fact that our infrastructure is not used or setup to the temperatures that we're likely to see , so we will get more heat problems, we'll have to make more cooling available to a lot of people. we'll have less cold. we'll have a lot of buildings especially in the north that are wrongly adapted and we'll have to pay for that. we'll also have to pay to adapt for sea level rise so for instance in miami, you will have to have bigger dikes, you'll have to have more seawalls and so on. these are costly. sorry, these are not free, but they are very very small, so all of these studies show that you can deal with this at very very low cost, so the overall cost of global warming is probably in the order of maybe two or 3% of global gdp, by the end of the century. that's not nothing but remember, by then, we will be 450% as rich as we are today, according to

the u.n., so global warming will mean instead of being 450% as rich, we will only be 434% as rich. yes it's a problem, but no, it's not the end of the world by any means. stuart: i wish we heard more from environmentalists like you because you spell it out very accurately and you're kind of a lone voice. we'll give it to you, bjorn lomborg thanks very much for being with us we do appreciate it, thank you. going to get back to the market because i see a lot of red ink on the left-hand side of the screen there. dow is up 150, nasdaq is down 77 couple of economic indicators came out at 8:30 eastern this morning. retail sales down 1.3% in may compared to april. that may suggest a little slowing in consumer spending, and then we had producer prices, that's the wholesale price index , posted its biggest gain year on year since 2010

wholesale, producer prices up 6.6%, and that's inflation, the federal reserve is meeting as we speak to discuss it. urban outfitters and express and j. crew, they are reportedly going to start selling products from third party sellers on their website according to the journal, the company's think it'll help them compete better with amazon both stocks are down express down nearly 6% and the national retail federation calling on president biden to fix port congestion issues. good morning, ashley. what are these port congestion issues and how are they going to fix them? ashley: well that's a good question, good morning, stu. the nrf says a log jam at some key ports have added days and weeks to supply chains, creating inventory shortages, and adding significant costs to transportation and warehousing. the nrf says it is threatening to disrupt the group's recent forecast for retail sales, and the broader economy that they

predict a boom this year. now, a recent survey by the trade group shows that 97% of retailers have been hurt by port and shipping delays. more than two-thirds say they had to add two to three weeks to their supply chains, no surprise this is having an effect. the nrf says the biden administration must take steps and quickly to help u.s. ports improve the movement of goods. stu? stuart: i want to hear more on amazon opening a full size cashierless grocery store. i'm intrigued, where is it? >> yeah, bellviue , washington, and the store opens on thursday and it features that walkout technology is the best way to describe it where you don't have to go through a check out register to pay for your items. the store also, by the way, offering amazon package pick-up and returns, and alexa kiosks

and amazon one, that's the system that attaches your account to your palm print, all very futureistic. by the way you could also use traditional check out registers if all of this frightens you and you want to pay for your groceries in the usual way, but there are more than a dozen amazon fresh stores around the country. it's changing the way we do business, stu. stuart: yes it is and by the way , ash, 3:00 p.m. eastern this afternoon, france plays germany, and i know, you will be watching. ashley: oh, yes, we're on it. stuart: you've got to take a look at this. a baseball bat used by the legend, lou gehrig hitting the auction block we'll tell you how much it's likely to go for and then this california democrat is cashing in on your tax dollars, we'll break down those numbers for you, you're probably not going to like it. we'll be back. >> ♪

nobody builds 5g like verizon builds 5g because we're the engineers who built the most reliable network in america. thousands of engineers on one nationwide mission; to make the best, even better... for millions of people and businesses across america. no one else built this bold... because no one else thought this big. thousands of smarter towers, with the 5g coverage you need. next-generation servers with superior network reliability. broader spectrum for faster 5g speeds. because the more you do with 5g, the more reliability matters. the more your network matters. the more going the extra mile matters. this is us...pushing us. it's verizon...vs verizon. and who wins? you.

[laugh] dad i got a job! i'm moving out. [laugh] dream sequence ending no! in three, no! two, keep packing! one.

that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. >> ♪ stuart: now that is a beautiful shot, is it not, the golden gate

bridge, san francisco, 59 degrees, early in the morning lovely day, by the looks of it, and california, by the way, is a big winner in the house transportation bill. they won a lot more funding for community projects than any other state. hillary vaughn has been digging through the numbers. hillary, tell me. what projects are we talking about that california gets the money for , please, please, don't tell me that the bullet train is back. is it? reporter: the bullet train is not in this , stuart but i'm sure california could certainly use the money to try to finish that train that really hasn't been built completely yet and is getting more expensive by the day, but there is $31 million for other green energy projects that california wants to put the money toward. a lot of those are for electric vehicle charging stations, $4 million for that, and electric car sharing program, $120,000 for that. $19 million to put electric buses around the state and also,

$8 million for other green energy infrastructure but there is some money for things that people might do a double take on $6.5 million to put a suicide safety net at the golden gate bridge that you saw in that bump shot earlier. $6 million for a bike trail in menlow park that's where facebook is headquartered, $3 million for another bike trail through napa's wine country and $3 million for new toilets and lights at san francisco bay area metro station s, but here is the catch. california has the cash to pay for this stuff if they wanted to they had a $76 billion pot of tax revenue to spend, but instead, stuart, they're hoping to cash in on this federal taxpayer money that's being approved through the earmark process, through the house highway bill, and they actually took away the grand prize in terms of pork spending in this bill, stuart. over 200 projects in california

got earmark approval in this bill, that's more than any other state in this bill. stuart? stuart: it might not be in that bill, but governor newsom has announced that the u.s. , the feds, will restore $1 billion for california's troubled bullet train. i knew it. i knew it. hillary, thank you very much indeed. great to see you. i'm telling you, bullet train. now, this. a north korea defactor says attending a woke ivy league school here in america reminded her of the oppressive regime of kim jong-un and she joins me now welcome to the program. it really is great to have you with us. i want you to tell our viewers who have not yet heard your story, tell us what happened when you went to a woke university in the united states. what happened? >> thank you, mr. "varney", for having me on your show. so first thing that my mom told

me when i was growing up in north korea was they couldn't hear me and she told me that the more that i had in my body was my time and if i said a wrong thing, actually the three members of my family could be executed for the crime that i commit. going to columbia i never imagined going to a higher education place, i thought it was a place where you are searching for the truth and we debate ideas and instead of the name of safe place, they told me, you know, if this triggers you, don't even come to the class, and don't even do the readings. instead of telling the real-world, actually the real-world doesn't work this way but they said if this triggers you don't come, and i'm not being exposed to any truth and if you're to say the wrong thing the professors were telling me you're brainwash ed and eventually, i

had to show up up so i can get a good gpand a graduate from the college. stuart: how are the other students responding to the kind of lectures and talks that you were hearing? what were the other students doing? >> this is the most surreal thing, right? people were asking, oh, in north korea how was it, how many people believed in the propaganda and i'm saying well it was more like living a true man's show nobody knows who is acting, right? and everybody has to survive and at columbia the same thing. everybody just has to echo whatever the professors or other people are saying so nobody actually is speaking out and i was the only one raising my hand, like i have no problem studying western civilization, i have no problem studying this subject and they were like looking at me as if i'm an alien and the fact that i refused to hate white men, and they were like, you know, you are so

systemically brainwashed. stuart: good lord. now, you've come out with this story, i believe you've written a book about it. you're with shawn hannity last night, on fox earlier this morning and you've come out in public, making your statements. what's been the reaction to you? is there something like a backlash to you? >> well a lot of so much "f-you " and like the marxist has been the biggest target for me, because north korea is the only country that holds ideological socialism and it's literally called a socialist paradise, so this is someone from north korea now pointing out what they are doing to this country is a similar thing. i remember in north korea when i was born, my fate was determined because it was migrate great grandfather did and coming to america, talking to a white kid

it's like you are not responsible for the slavery that happened hundreds of years ago, right? like that's the one thing that you cannot change as a human being. nobody chooses your ancestors. stuart: true. look, it's great to have you in america. it's great to have you on this program. you're a shining beacon of truth and we really like that you can come back anytime you like. thanks for being here today, see you again soon. >> it's an honor. stuart: how about that? it's great stuff. all right, i'm moving on. a house republican thinks vice president harris should be banned from traveling overseas until she visits the border. we've got that story for you, after this. >> ♪

welcome to allstate. ♪ ♪ you already pay for car insurance, why not take your home along for the ride? allstate. here, better protection costs a whole lot less.

you're in good hands. click or call to bundle today.

>> do you have any plans to visit the border? >> we've been to the border. you haven't been to the border. >> and i haven't been to europe i mean, i don't understand the point that you're making. i've been to the border before. i will go again. i've said i'm going to go to the border. >> when are you going to the border, vice president? >> the administration has asked -- i'm not finished. i've said i'm going to the border. stuart: look, the vice president keeps brushing off questions about the border, and keeps laughing too; however, a republican congresswoman, ashley henson, says enough! she's pushing a bill that would prevent the vice president from traveling overseas until she visits the border. not sure you can actually do that but she's pushing it and democrats are indeed rejecting that proposal. but the congresswoman is making her point. meanwhile, thousands of migrants enter the country, most turn themselves in, some choose to hide from the border patrol, in stash houses.

bill malugan is back in texas in la joya, just visiting a stash house. how many migrants were hiding there, bill? reporter: stuart, good morning to you. more than 100 according to law enforcement there on the scene. it's pretty remarkable footage exclusive and we're going to show it to you right now. take a lack at this in alton texas, appears to be an abandon auto shop or garage but inside, we're told more than 100 migrants were being held there in the sweltering heat completely crammed together, of course no air conditioning, and what law enforcement tells us is these human smugglers once they help these folks come across the border from mexico into the u.s. they keep them there bunched together in these stash houses until they decide to move them further into the interior of the united states. these are incredibly common out here in the rio grande valley. border patrol reporting earlier this year they had hit more than 200 of these already and that number certainly has been going up but there was trash mounted all over the place, incredibly dangerous for these migrants not

just because of covid but the sweltering temperatures but another active morning here, take a look at the video where we shot within under a minute of pulling up we saw this group of 42 just walking on the road and giving themselves up to border patrol here. these are people who are not trying to runaway. these are moms with their kids unaccompanied minors that sort of a thing. had a chance to talk to guatemala, el salvador, or honduras. now the issue with this is what border patrol tells us is cartel s and smugglers will send these family units across to just give themselves up, so they present themselves to border patrol. border patrol agents go process them, their resources get sucked up and while they're busy doing that the smugglers then send runners and other people on other parts of the border, those are the people who do not want to get caught and unfortunately, for border patrol , when their resources are sucked up, they just don't have the manpower to catch everybody running across the border elsewhere, so it's an ongoing crisis down here at the border, and it's a crisis that's out of

control, and it's not showing any signs of slowing down any time soon. we'll send it back to you. stuart: telling it how it is, bill malugan, thanks very much indeed, sir i'll switch back to the market because we have a bit of a sell-off, i use the expression carefully, a bit of a sell-off dow is down 160, nasdaq is down 100, at issue here is inflation. the fed is meeting about inflation now. it stretches into tomorrow. what they do about it will move the market. early this morning we got the report that producer prices, that's at the wholesale level, up 6.6% over the past year. that's a record. dow jones down 160. then we have flying taxes, right , this one on your screen. it could be a reality by the end of the decade, really? two major car companies say they're serious about getting that project off the ground. look at this. a basket full featuring lebron james and zion williams which

could sell for about a half million dollars. why is this card so valuable? we will tell you, next. >> ♪ ♪ obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for $379 a month for 36 months. experience amazing at your lexus dealer.

look...if your wireless carrier was a guy, $379 a month for 36 months. you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds.

>> ♪ ♪ stuart: acdc have always been a little hysterical for me, i'm looking at the las vegas strip right there, where it is already 89 degrees and sunny, and by the way, vegas is back. can't wait to go. sports memorabilia up for auction, that means ken golden is back with us. all right, ken, welcome back. great to see you. let's get right at this thing. start with the autographed erling harland card. he's a soccer player. i didn't know you had soccer player cards with any value? >> yes, in fact, he's not only a soccer player, he's nicknamed the terminator for his unbelievable goal-scoring ability. this card is a one of one which means it's the only one in the world that exists, as of

today, it is already the most valuable soccer card of all-time , and we are three days into the bidding. we expect this card to exceed 750,000 and there are many in the industry who expect it to be the first million dollar-plus soccer card which is revolutionary from my industry considering soccer was lightly regarded just five years ago in trading cards. stuart: well-said. i think you've got a lionell messy rookie card how much is that worth? >> yes, we do this is very much in demand of perhaps the greatest soccer player of all-time there are only 20 of these known in a perfect psa 10 grade. we expect this to exceed $300,000 when the auction closes at golden auctions next weekend. stuart: greatest soccer player of all-time. think you might get a few arguments on that one but we'll move on. >> certainly up for consideration. stuart: [laughter] okay, lebron james, zion

williamson, a dual rocky card. how is that worth nearly a half million dollars? >> because again, this is a one of one, so what they did was they took the logo man, the actual logo of the nba off the game used rocky jersey of zion williamson and off a game- used championship season jersey of lebron james and put them together as the current nba and the future nba, with lebron james and zion, and it's only one of a kind, which means this is out of all of the cards kind of like out of all of the possible cards there's only one of these in the world which is why we expect it to hit or exceed $500,000. stuart: one of a kind makes all the difference. how about this? a lou gehrig game-used bat and that's only one oh, two in existence is that accurate? >> yes, for this particular style bat there are more than two bats total but for this style this is a very rare style. the other one was photo matched

to one of his record breaking seasons, so this is one of only two of this style in existence. it is game-used, it is graded by psa as a 9.5 on a scale of 1- 10 and we expect it to go in excess of $250,000. stuart: last one, it's a holograph ic pokemon card. this is all new to me, how much? >> didn't you see mayweather fight logan paul and he was wearing this card around his neck, it is the most valuable of all of the pokemon cards it's a limited production card and this is graded an fqc 10 in 10 it's very desirable among pokemon collectors and we expect it to exceed over $100,000. stuart: i don't to how you do it ken golden but you get the best stuff. you really do, i don't know how you get it altogether but you do what is it, golden auctions, tell me that website again if i want to join. >> sure, thank you so much, it's goldenauctions.com, and the

auction is live now through june 26-27 and also, if i can mention, i want to thank you over the years for not only for your support. i made the cover of this weeks's business week so everyone pick it up. they can't put my picture, unfortunately, but the trading card king is on the cover and it's a nice story about myself, goldin auctions and the industry. stuart: well you mention me in the article, okay? ken goldin, you're all right thanks for being with us over all these years good stuff. i've got to break away as we've got other stuff here. fedex teaming up with nuro they are a self-driving vehicle start up operation. they are testing autonomous multi-stop delivery vehicles which would help fedex deliver more convenient times, could also tell people exactly when the package is going to arrive. delivery is everything these days, and the new report says hyundai and gm are serious about

flying taxis, flying cars. the big question, ashley, is when am i going to be able to see and fly a flying car? ashley: as soon as 2025 although i don't think you've hailed any former transport have you ever, stuary varney? maybe a london bus, anyway, hyundai and gm say they are pushing ahead with developing flying cs and air taxis that indeed, could become reality within the next four years. a gm executive says wait a minute, technical and regulatory hurdles could push the flying taxi schedule back to 2030 and the zero emissions aircraft which take off and land like helicopters can carry passengers and cargo that are being developed by a number of start ups as well as plane and automakers, hyundai is developing air taxis powered by electric batteries that can transport five to six people from highly-congested urban centers like new york city to airports and by the way, gm unveiled a flying cadillac

concept in january. so it's all apparently going to happen. stuart: just a question, all right, ash thanks very much indeed. here is the trivia question this tuesday. i got half of this right. in feet, what is the height that the tallest tree in the world? answer when we come back.

. . keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find better bedtime stories. you'll find a better life is in store at miracle-ear, when you experience

the exclusive miracle-ear advantage. it starts with our free hearing assessment. plus innovative products that fit your needs and budget. with free service and adjustments for life. we're so confident we can improve your life, we're offering a 30-day risk-free trial. call 1-800-miracle today and experience the miracle-ear advantage for yourself.

♪. stuart: fascinating trivia question. what is the tallest tree in the

world? the answer is in feet. the answer is, the tallest tree in the world is 380 feet tall. taller than the statue of liberty taller than big ben in london. this particular tree is a redwood. it is named hyperion. it is in redwood national park in california. the exact location is hidden to protect it from damage or vandalism. what does that tell you? redwood, gorgeous tree like that, don't touch it. david asman in foreneil cavuto. david: i went to that park, it is one of the most beautiful parks in the world, redwood park. i'm david asman in for neil cavuto. one the stories we're watching, beijing is blasting. united states amid a growing push for a probe into the origins of covid. former cdc director, robert redfield sounding off exclusiv