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. .. maria: great to see everybody this morning. "varney and company" begins right now. take away. stuart: good morning, everyone. inflation won't fade. it is temporary. interest rate hikes not until 2023. that is how fed chair jay powell sees it. the great experiment rolls on, the fed keeps printing, democrats keep spending, tsunami of money will keep

rolling into the economy. the markets response, investors going along with the theory that inflation is temporary, not that much selling. down yesterday, down this morning but not by much. the dow will be up 70, s&p down 12, nasdaq down 50 points. that is not heavy selling. the yield on the 10 year treasury has moved back up one.55% is the latest yield read there, not the dramatic rise in interest rates. as for bitcoin it didn't hold the 40,$000 level, it is pegged around 39,$000 where it was yesterday at this time. there we have it. reaction to the fed meeting, the fed great reveal somewhat muted. president biden back in the white house. the summit is over. the president taking heat for his limited challenge to putin and his bad temper when trying to answer an unexpected question. we will bring you donald

trump's response to the summit. he's not happy. the governor of texas, greg abbott, is not happy with the border crisis, so he is going it alone. texas will complete the wall and he raised $250 million to start the job. june 17th, 2021. "varney and company" is about to begin. ♪♪ stuart: let's get right to this. donald trump responding to the biden/putin summit in an exclusive interview with sean hannity. role tape. >> we gave a very big stage to russia and got nothing, we gave up something that was

unbelievably valuable. i stopped the pipeline, the pipeline was stopped and given back and nothing was gotten for it. it was a good day for russia. don't see what we got out of it. todd pyro watching what is going on with donald trump. what else did he have to say? >> a lot of that was about energy specifically the nordstrom to pipeline and energy independence lamenting why the biden administration has got me opposite of the trump administration ignoring it and doing away with energy independence and to being dependent on foreign oil focusing on why did donald trump, why did president biden allow a pipeline to go on overseas but not the keystone pipeline and lamented we could have gas at 5, 6, $7 a gallon before all is said and done. germany one of the beneficiaries of the pipeline,

the president nailing them, one of those countries, germany doesn't contribute what it is supposed to to nato. the big take away was you heard the mainstream media going through how president biden will be so much more tough on vladimir putin than donald trump, take a listen to donald trump. >> i got along well with him. he would say that. nobody was tougher on russia. a lot of things could have happened. i had a good relationship with pruden but nobody treated him tougher. >> reporter: that is one of the major distinction points between president biden and donald trump. one interesting thing i took away, he called the current administration a bernie sanders dreams that not even bernie sanders would have envisioned.

stuart: president biden's approval rating has dropped below 50% for the first time since taking office according to a new monmouth poll. this poll was conducted before the summit with putin. i don't suppose you want to speculate on where the approval rating stand now. >> my guess is it went lower but the reason you saw this dip, all the leading experts say this is because of the situation at the border. when you think about it over the course of that time, the month of may is when the mainstream media started taking up what was going on on the border. more of the country got to see the situation is not a good situation, a deteriorating situation that could have ramifications for our country and where does the blame go? on whoever is in the white house. stuart: thanks very much for being with us. i always thank you for getting up so early in the day and coming with us at 9:00. >> a pleasure. stuart: see you later. let's get back to money.

we are going down it "the opening bell". that's not a strong reaction to yesterday's said announcement. our stocks down just a little? are they down because the fed says rate hikes are coming? >> that played out in the afternoon session of the markets. we are down 200 points. the nasdaq did recover. the federal reserve is saying they will see interest rates rise sooner than anticipated. a third of the fed numbers say rates should go up next year in 2022. also majority penciling in two rate hikes in 2023 and the reason, higher inflation, prices have been higher than anticipated but you heard chair jay powell in the press conference walking back several times doing his best during the press conference saying

inflation is only based on temporary factors that will reverse and give ample warning before pulling back on the stimulus punch bowl and tap back on the monde purchases but higher prices are a sign of a growing economy uping the forecast due to 7% gdp, the fastest since the 1980s at a strong jobs market into the fall. stuart: incredible, looking for 7% growth and trillions of dollars in an economy that is expanding. >> the stock reaction, is this a big surprise that there has been a cut back in stimulus with that type of growth. wall street might be a little bit on edge about that. stuart: still on edge. thanks. let's bring in the guy we always called bullish, brian belsky. did the fed make a mistake by plowing ahead with very very

low interest rates and still printing some money. is that a mistake? >> i don't think it is a mistake. i think mister powell is the smartest person in the room. a lot of economists and strategists think they know what is going on and i don't want to know what is going on. let them do what they need to do. the fed has done a wonderful job in the market -- investors really want this tantrum to happen because the -- think about why they want to the tantrum to happen, they missed the market and want another buying opportunity so we think stocks are the best inflation hedge anyway, we are going to see inflation longer term, we will see rates go up longer term but there are three steps to get there. we have to stop buying and we have to start selling and raise rates. that is going to be a year or two away, that is a long runway for stocks.

stuart: a year or two. if you are so confident are you buying this dip? it is not a very big dip but are you buying into it right now? >> we remain invested. we run nine mandates, 6 in canada, 3 in the united states away are at market positions with respect to stocks. on big tech big tech in particular has been underperforming the last 6 months, the last two months, we gained in our tech positions by maintaining those positions so we maintain strong equities across the board. stuart: and you are saying that way. thank you very much, standing by, holding on to his guns is the expression. see you again soon. even some reporters at cnn of all places are waking up to the fact that president biden is protected by his handlers. listen to this.

>> i have never seen a president who was so protected by his aides in terms of often not wanting him to answer some questions. stuart: that man is from cnn and he said that but here's my question. what are his handlers protecting the president from? joe concha joins us in the next hour. governor greg abbott taking matters into his own hands. he will spend $250 million to complete the border wall in texas. he is asking for donations to get this thing rolling. texas congressman kevin brady reacts next.

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stuart: double shot of denver, colorado, 74 degrees but it will warm up going to 90 a little later. treasury secretary janet yellen says inflation will be higher than the biden administration estimated. what is her inflation projection. >> what you think of 3%? that is less then the federal reserve, 3.4%. if we do 33.4%, that would be the fastest inflation rate since 2007 and treasury secretary yellen says they will have a midyear review, wouldn't you say 3% would be conservative, 5% in may.

stuart: yes. i would say so, yes. we are checking trillions into an economy that is already rolling. >> yellen says the reason we get 3% inflation which we say is conservative is what he calls pent-up demand and similar to what jay powell said yesterday but from the gop side they say all the money printing from dc, hundreds of billions in bond purchases each month and stimulus of course. stuart: i think it is going to be higher than 3% but that is just me. kevin brady, republican congressman joins us now. obvious question. will inflation plus tax hikes which are probably coming create recession? >> i hope we have a strong

economic recovery but the white house is in denial like with the border crisis and the struggles small businesses have finding workers, and they have two huge economic problems. despite all the advantages the president has from a recovering economy, huge to me this payments, inherited life-saving vaccines. in his first five months, 500,000 jobs short of what was created the last five months of 2020 and because inflation is at a 13 year high, real wages for working families has declined since president biden took office. how do you explain we have fewer jobs than expected by a half-million in your paycheck is shrinking? stuart: would you put a number on it? secretary yellen says 3% inflation this year. jay powell is looking at 3.4%.

i'm not sure who will be right. what is your number? >> i think it is higher than that significantly. it is going to be in the 4% or 5% range, wages won't be keeping up. i don't believe with that. it is a real challenge and will be too if the president it insists on crippling tax increases in the infrastructure package which the public opposes, the majority of americans oppose you're going to see even further soaring of hiring, more stagnant paychecks. the president is sabotaging this economic recovery with crippling tax increases and antibusiness policies. stuart: back to the 70s, that old expression, stagflation? >> the 1970s called and want

their economy back. it looks like the jimmy carter days here. april, may were such a disaster on the job side. now we are seeing inflation, businesses still can't find people to go to work, labor force participation is back in the 70s. at that rate we are seeing already the fruits of this really damaging economic leadership. stuart: governor of texas, your state, greg abbott spending $250 million to complete the wall in texas going it alone. do you approve of that and will you go to the wall when donald trump visits on june 30th? >> i don't know about that schedule. governor abbott and the texas leadership, i don't think they have a choice. i have been to the border recently. i have never seen it this bad ever and the crossings are 6

times higher than they were under donald trump and we are seeing huge amounts of fentanyl that kill americans, sex trafficking, drug trafficking, more crime and property crime along the border. the governor said this is president biden's job, he's not doing it, we have to protect our neighborhoods and communities. stuart: real fast, economically, could this influx of illegals be good for the economy in the sense that it provides cheap labor and fills a lot of those unfilled jobs? i am being rather cynical but isn't that a possibility? >> i don't think that type of uncertain labor force is going to get us what we need. you need to shut the back door on immigration to keep open the front door of illegal immigration. we do need a better bigger workforce to one, stop the federal unemployment bonuses, 2, fix the front door of illegal immigration and 3,

there is bipartisan support for legal status but frankly unless you shut the back door of illegal immigration you don't solve the problem. it just continues. stuart: job one is closing the border. in my opinion. kevin brady, thank you for joining us. see you soon. a sidebar note. the governor of florida, ron desantis is pledging support for texas. he is sending florida's law enforcement to texas to help. watch this. >> when we have emergency situations state help each other out. we've got a lot of help over the years responding to hurricanes. this is a disaster. it is an emergency for people like texas and arizona. they ask all governors to send support. florida is the first to answer the call. stuart: we are still waiting to

hear from vice president harris as to whether she will or will not go to the border before or after donald trump's visit. new york city's mayor bill deblasio sheltered thousands of homeless people in hotels. now he is kicking them out. he wants tourists to fill those rooms now that new york city is open. the mayor however has not revealed a plan to cope with rising crime. futures showing a modest series of losses pretty much across the board following from yesterday but those are minor minor losses. "the opening bell" will take it to wall street shortly. ♪♪ i will take you there ♪♪ i will take you there ♪♪ i will take you there ♪♪ the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer. [sfx: psst psst]

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stuart: bitcoin is under pressure this morning up from whatever price they had previously, in the 30800,000 level, can't quite get to 40,000 and hold it. i call that a negative side if i was a technician, 38-7 is the current quote. futures for the stock market that opens and we and -- 3 and a half minutes, those are limited. dr barton joins us with 3 minutes until "the opening bell".

inflation is rising, rates are going to go up. how do i play this market? what do i invest in? >> there are several places to invest right now. as long as we keep things rolling like we have, cash and savings accounts at all-time highs, as long as we see inflation stay where it is without exploding and earnings keep coming in, we can put money to work in inflation friendly areas like the banks and like industrials. those places will be great places to be this year. stuart: are you buying the argument that inflation, we do have inflation now, is temporary? it is just a blip and it goes away? you bought that argument? >> i've not bought into that argument. here's might week on that. i believe the market is treating inflation as a no

quantity for the next 3 to 6 months the we priced in what inflation is going to be doing to the market in that timeframe. i think the longer-term inflation story has not been priced into the market. it's not really good but it is going to be good for some sectors. i am a buyer of a broad market to the end of the year unless something else happens and i am long-term going to be watching for cautious signs on inflation but for now it is full steam ahead. stuart: you are brave guy. one last one. you like caterpillar. what is so great about caterpillar in this environment? >> there are a bunch of things to like. a nice 2% dividend just pulled back 11.9% from its high and

they are manufacturer of earthmoving and other construction equipment. they are going to benefit from anything that comes from any sort of infrastructure bill. i believe they are long-term play right here. stuart: inflation not a problem for caterpillar long-term? >> inflation could hurt some particular areas like this but not particularly big equipment manufacturers who are going to see a benefit. one thing inflation tells us is we have demand coming and with demand coming in construction equipment it is going to be the place to be. stuart: i was just looking sideways at the chart which is on the screen right now and that has gone pretty much straight up for the past year, a dip of 11% recently that you think is going to recover. dr barton is buying the cat

dip. dr barton, thank you for joining us, we appreciate it. seconds from now the market will open and as we have been saying for the past half hour we will open on the downside but that is by no means a huge selloff. far from it. we had the fed chair yesterday say inflation is temporary. it fades. it is going away. evidently investors are buying that point of view and interest rates have not gone up that much so you are setting the stage for minor lies at "the opening bell" and who knows when we will close? we are up and running and 9:30 and we are down, no, we are up 15 points, this is the first couple seconds worth of business, 17, 18 points, 11 points up. i will call the dow pretty much flat with a slight bite on the upside. the s&p 500 also opening dead flat and the nasdaq composite is moving to the downside by a 12:45%.

that may be because the yield is 155. that may be hurting the nasdaq at this moment. let's move to microsoft because they have named the ceo chairman of the board and it was a unanimous vote. microsoft has achieved a value of almost $2 trillion. he is now chairman of the board. next case, cure vac, german drugmaker, big news this morning at a big draw for the stock, disappointing results from the vaccine trial. their treatment showed only 47% efficacy in the clinical trials. pfizer, the rest of them above 90%, down 46%. let's look at the other vaccinemakers on the upside. what is the story with the rest of them? >> when there is one less vaccine to use that means more demand for the ones in the market.

pfizer's european vaccine development partner already approved for use in the us and recently 90% efficacy, back to microsoft, interesting how microsoft makes leadership changes on the same day because in 2014 you had steve ballmer stepping down, then bill gates handed over the reins of the chairmanship to john thompson as well but microsoft's second-biggest company behind -- stuart: apple. apple is well above 2 trillion, microsoft at 1.9 trillion. if it goes up a couple bucks it will be at $2 trillion. >> all cloud. stuart: give him credit. next case, hospital operator tenet healthcare on the upside, 2.5%, they announced the sale

of 5 hospitals in florida, steward health is buying them, the price, $1.1 billion, 10 it up to a half%. the honest company, jessica's company they make household products. that was their first earnings reports and they went public and they are down. what happened? >> they had a wider the next exit loss in the first 3 months of this year. jessica alba is a leading name in this company but when you're losing more money than anticipated that is not a good sign for growth for the company. sales were better with higher demand for cleaning products during covid but what happens afterwards and how long does that star power last if you are not producing goods and products people are buying and want to use? stuart: a good his -- rhetorical question. another one for you. the match group, online dating

expanding into asia, the stock is down a fraction. >> they are completing the virtual base dating apps call piper connect which is a media company, to billion-dollar acquisition already preannounced but what i find interesting is it is no longer a favorite of the hedge fund community. they are cutting their holdings in match group and dating is a competitive environment these days. there are a lot of apps out there. you wouldn't know but i'm letting you know people use things like bumble for instance and tinder etc.. stuart: i have no response to that whatsoever. moving on to look at some real hard news. the dow winners, who are they? leading by coca-cola, $55 a share, american express jump to the number one spot, the dow

winners on your screen, left-hand side. left-hand side now s&p 500 winners headed by lennar homebuilder and look at ford motor company up their too. mgm resorts. interesting 500 s&p winners. the nasdaq composite, advanced micro devices and paypal i see on the list that no huge moves by any stocks on the list of winners. you are looking at the rest of the movement. tell me about forward. >> strong numbers this morning and very bullish, sales in springtime will exceed expectations significantly better than a year ago, profit will be down a little bit because they are investing in self driving argot which is positive and if you look at the bronco reservations, 190,000

reservations for the full-size bronco, 100,000 reservations for the f 150 lightning pickup, the hybrid model. forward has multi-year highs. stuart: it is. you and i used to talk about look at ford, it has reached 12, 13, 14, $15 a share. what do you have on delta? >> they have a shareholders meeting taking place, here is a good look at recovery in corporate america, the delta ceo, leisure demand expected to recover 100% plus in june. that is 12 months after the pandemic struck. the fact that more people are getting back on planes at a higher rate than they did last year is very positive sign. stuart: if they could just bring business travel back and international travel back you would have a boom in the stock but that might be a ways away. the last one is kroger.

they moved heaven and earth to get people to come into their stores. what is the latest news? i see them down a bit. >> they are down of it. a strong report card here and results for the world, america's largest grocer by retail exposure and they are saying digital sales went up, a growth rate of 108%. walmart is the largest by volume sales in terms of groceries and grocers in america because they have digital sales of kroger is playing catch-up. let's talk about another electric car name, a long-term partnership with the supplier in canada. when the chip shortage time if you have a shall we say confirmed supply chain is good for your stock and your business. stuart: back up to 100%. thank you. check the big board, we are up

34,058. big fat announcement yesterday not affecting the market so far. the 10 year treasury yield yesterday at this time below 150, now one.55%. the price of gold and inflation hedge but moving way down below. this morning gold is off $71 down 3.8% way below $1,800 a share -- an ounce. bitcoin moving back to 38-8, the latest quote on that one in the wheel $73 a barrel, $72.21 to be precise. now there is this. victoria's secret going full woke, replacing their angels with activists. sheikh jumping on the electric bandwagon. we will show the plug in jeep wrangler with our car guy gary

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stuart: you are looking at now is the market reaction after the big reveal. chairman powell says inflation is going to moderate, will not raise rates into the couple years away, there is no heavy selling this morning, the nasdaq is up 20. a big year for electric suvs. gary has been driving the new plug in jeep wrangler, it is a hybrid and you qualify for the $7,500 tax rate with that car. tell us how you like it.

>> it is a plug-in hybrid, and electric motor and 4-cylinder engine so you can drive as far as you want. in the backseat, enough energy to go 21 miles on electricity and it is not just about being efficient in the city. this is a real deal 4 x 4 in all electric mode. the benchmark rubicon trail where it tests all its vehicles and the entire trail with electric power. this is the second most powerful jeep behind the v-8 and there is a bonus there, 49,$000 after the tax credit which costs the same as a v-6 powered jeep wrangler. it is a big hit so far. may was jeep's best month for the wrangler was 25,000 sold, 20% of them were the new plug in hybrid model and it can do just about everything the

regular jeeps can do. i was there a couple weeks ago doing the same trails with this. big difference is no noise. i get to enjoy mother nature a little better without engine failure and can sneak up on mother nature as well. a lot of advantages to this and not many disadvantages especially when you consider the federal tax credit. that will last a while. eventually they will have to bring the price down to go with the internal combustion engine model. the new ford bronco next week, jeep is the king of the hill and this is one of the ways they are trying to stay there. stuart: as gary disappears into the woods. during the solo press

conference listen to what he said before taking approved questions. >> as usual they gave me a list of people i am going to call on. stuart: another prepared list of reporters to call on. his handlers are protecting him from the media and fox news has never been on that approved list of questioners. joe concha joins us next. new competition, southwest, can you blame them? the weather is not bad either. we will take you to phoenix, arizona. ♪♪ ♪ ♪

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stuart: here's a trend. a lot of manufacturing jobs moving to nevada, arizona, new mexico, texas and the southwest, the states have added 100 new manufacturing jobs between 2017-2020. grady trimble is in phoenix. what makes the southwestern united states so appealing?

>> available land, tax incentive and a talented pool of workers in this area. at benchmark they electronic boards and other products for all sorts of industries. i'm with chris from the greater phoenix economics council. tell me what makes this area so attractive to businesses and how much growth has experienced? >> after the third year in a road is the fastest-growing place in the united states and coupled with that, labor, arizona state university is one of the top universities in the united states, 25,000 engineers coupled with community college, it is about labor for the high-value enterprise. >> reporter: this is a brand-new facility down the road from arizona state university which is where you can find skilled workers. >> we are in the heart of metro phoenix and you are surrounded by advanced industries. over the last 2 years, the policy that supports companies as they try to expand growth in the united states and our focus

is to make it as easy as possible to do business and governor doocy has led the charge. >> reporter: you going to keep going? >> we we one of the top places in the united states to do business and put in modern infrastructure and key transportation systems. >> reporter: those 100,000 jobs you mentioned across five states in the southwest, that represented 30% of manufacturing jobs growth in the united states so it is not the midwest and the southeast anymore that has become the manufacturing hub. it is in the southwest. stuart: it is certainly not new jersey or new york. grady trimble in phoenix, thanks for joining us, see you soon. we are as a program, really interested in the space business and we will cover it right now. i want to show you maxar technologies, goldman sachs says that stock will be in for a 5% rally. the possibility of a big rally of their technologies.

dan jablonski joins us now. lots of space for growth in the space sector but you guys make space infrastructure. did you make that robotic arm? >> good morning. we do make robotic arms. we made six of them, they are on mars, all six robot arms on mars are made by maxar and additional robotic arms will be on the space station when it gets put on the artemis program and the program for robotic manufacturing in space in the near future. lots of neat stuff we are doing. stuart: you make the neat stuff not only for nasa but do you make it for the private space ventures we have seen from elon musk and jeff bezos? >> we do make private venture

spacecraft. we don't make anything for elon musk or jeff bezos right now that we have launched satellites on elon's rockets which will provide broadcast coverage for all of north america as a satellite radio provider. we make our own satellites, building our new constellation of earth observation satellites, those will provide a tremendous amount of coverage for the planet, 15 times a day for satellite imagery of the planet which will add to our vast archive, 20 year history of the earth. stuart: so you are up your play in space infrastructure. >> maxar is one of the few pure plays in space infrastructure and we do everything from national missions like the artemis program where we are building the power propulsion element. our own satellites as i mentioned, we are building things for the infrastructure that will be used in space for national security missions

going forward as well. stuart: thanks for being with us. we wanted to get an intro and a view of your space plays on the stock market and you have given it to us. thanks, see you again soon. staying on this subject, the chief at nasa, bill nelson, is calling for, quote, vigorous rules before commercial spaceflights take off. what else does he want? >> this goes back to private companies like space x, blue origin, virgin galactic getting into spaceflight, especially when you are sending non-astronauts into space there have to be some rules and regulations. jeff bezos taking that 11 minute flight to the edge of space on july 20th, branson getting on board as virgin galactic testify as well, possibly this summer and the future of space travel you must want to send people to mars and nasa themselves are opening up the iss to space tourism.

nasa, a national security risk when you send a nongovernmental non-astronaut professionals up there. i found this really funny yesterday. 10,000 from what i saw side the profession to keep jeff bezos from reentering earth when it comes back down from that test flight. a lot of haters. stuart: it is just a snarky joke. i am dying to hear what bill nelson will recommend for safety precautions when jeff bezos goes into space. i am dying to hear that but don't expect an answer anytime soon. i will tell him what is coming up on the show. charles hurt, joe concha, larry elder, the second hour of varney coming up next. ♪♪ 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...

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>> ♪ stuart: well that's a new one, not heard that song? not too bad. i like the sunshine though, the empire state building in new york city. good morning, everyone. it is 10:00 eastern, straight to your money, please. this is the day after the fed big reveal, and we're seeing some selling develop for the dow industrials not the nasdaq still doing okay but the dow is down about 120 points, that is not a major sell-off after what the fed had to say yesterday.

look at this the yield on the 10 year treasury now at 1.54% again that's not exactly a spike in yields, after the fed's big reveal. so, 154 on the 10 year right now as for bitcoin, 38.6 that is your price, its been bumping around 38-$39,000 all morning. breaking economic data. here it is. good morning, lauren, good morning to you and great to see you. leading economic indicators what do you got? lauren: this is for the conference board and the number coming in as expected at a rise of 1.3% i'll see if our control room can confirm that for us so as expected 1.3%. it's interesting though, because back to that pre-covid level that we saw in april so good news, stuart, for the economic recovery i guess you can say it continues to roll on. stuart: because they look to the future. those indicators are future- looking, so when they

perform like that they go up. i see the dow is moderated its loss just a tiny bit, but what i'm interested in, and you know this , lauren, mortgage rates. where are we? lauren: all right so 2.93% if you're looking at the 30 year, that moved down a bit from last week, the 15 year, that moves up a bit to 2.24%. look, both numbers, less than last year, but freddie mac knows despite affordability concerns, inventory concerns, this summer remains a seller's market. crisis mostly unaffected by those challenge, stuart. stuart: one thing that surprised me yesterday was that there was not a single question about the real strength of the housing market posed to fed chair yesterday. lauren: i'm glad you said that i noticed that too because that's where we are seeing so much inflation and not a single question. stuart: exactly. exactly. all right, dow is down 105 that's where we are, thank you very much, lauren now this. yes, he is a brave man, and

stubborn too. no retreat for jay powell. the fed will keep interest rates way down for another couple of years, so he keeps on printing, and he's getting the full support of the treasury secretary janet yellen and by extension, the full support of the biden administration. what a combination. the guy who handles the money, in sync with a leftist administration. that means the tidal wave of money will keep flowing. this is a huge experiment and we're all right in the middle of it. there's real risk, great danger. when we linked the printing presses with the white house on what the white house wanted back in the 1970s it was a disaster, run-away inflation and then a real serious recession. the risk is that we repeat the process 40 years later. the danger signals are already there. we've all seen rising prices. the fed says, it'll pass. he keeps printing and the administration keeps spending. we have never chucked so much

money into the economy before, and we've certainly never done this kind of stimulus when the economy is already growing rapidly. it was the fed's paul voelker, great guy, he ended the great inflation of the early 80s. the danger now is that jay powell's fed and joe biden's administration set off the great inflation of the 2020s, that is the danger. second hour of "varney" & company rolls on. all right, the markets show a mixed picture dow is down 100, anthony chan, right hand side of the screen with us now. the fed chair has moved up when we'll get some rate increases. moved it up. i think he's moved it up to 2022 i think that's what he was saying trying to read the tea leaves there. when do you think, what's your opinion, on when we get the

first, the very first rate hike, when will it come? >> stuart, i think that some time in early 2023 is a strong possibility. what the federal reserve did, you're spot on, stuart, is basically, like once a year, we move up the clock by an extra hour, so we can enjoy more sunshine. well the federal reserve was, in fact, somewhat influenced that they were bullied by the prints and the cpi, ppi higher, housing prices higher, commodity prices into thinking that if they just let these go unchecked that somehow inflation could get out of control, but, stuart, there's one thing. there's 15 million people that are collecting unemployment insurance, there's 7.6 million people, on payrolls that have not been made up since the pandemic. another 3.5 million people that dropped out of the labor force, so there's still a little bit of slack in the economy, so i think that they have some breathing room, but there is definitely risk on the inflation front.

stuart: so let's let things clear here. is fed chair powell right when he says look, inflation is going away, don't worry about it over the long term. is he right to say that? >> well, obviously, stuart, history will tell us that, or certainly the future, but right now, when i look at inflationary expectations, if i look at the tips market, long term inflation expectations from the bond market are saying that he's right. when i look at the consumer surveys, university of michigan, the conference board, those inflationary expectations numbers are coming down but is he right in saying there's no inflation? absolutely not. we are going to see inflation this year and inflation this year will see what the federal reserve would like to see of about 2% and probably when they say that core personal consumption, it may go up to 3% this year, i think they're wrong i think it'll be much higher than that but remember, stuart since 2012, they've been targeting inflation at 2% and

they've been wrong on average, every single year, inflation has come in below the target, so they do have a little flexibility to overshoot, because they've been wrong since 2012. stuart: so, they've got some flexibility here. they're not totally totally wrong. okay. anthony chan, it's complicated stuff. thanks for taking us through the mind field, we appreciate that. anthony, see you soon. >> thank you. stuart: how about this one. the department of education just approved $500 million worth of student loan relief. 18,000 borrowers will have 100% of their federal loan canceled. charles hurt is with us. charles? seems to me that that was kind of snuck under the wire, snuck under-the-radar, when everybody was looking at putin and biden over there. they kind of snuck this one in on us, right? >> yeah, they really did, and of course, they also snuck it in , you know, when you're spending literally trillions of

dollars, it's easy to tuck in that kind of money, especially in a place like washington, where nobody knows the difference between a trillion dollars and a billion dollars and a million dollars, all of these numbers just sort of, they are sort of dizzying but it is complicated and i'm the last person you want to be in charge of balancing your checkbook but it doesn't take a genius to know that if i have dollars in my pocket and you keep printing an infinite number of more dollars, that makes the value of the dollars i have in my pocket less valuable, and so that is an attack on workers , and so it does kind of come up to this question, because it's sort of a more of a moral question than a financial question, and that is, should we be spending money that we have not earned? should we be spending money and sticking the bill to our children and grandchildren and for a lot of people, you know, all of this is theoretical but when it comes to student loan forgiveness, this is one of

those rare places where people do feel it, and it's incredibly unjust. think about all of those people across this country who have put in just enormous amount of work and blood and sweat and tears into paying off their student loans or to saving their money to pay for their tuition, or their parents have sacrificed in measureably to pay for their children's education, and government wants to come along and just sort of make all of that worthless by, you know, by issuing all of the student loan forgiveness? the real problems here, real moral problems here and i don't think that our federal government is anywhere near equipped to deal with those moral problems and it's going to wind up making people mad because people know, people may not understand monetary theory and i certainly don't but people know what's unfair, and they know when they're being cheated. stuart: have you got time to deal with this , vice president harris launched a campaign for

voting rights, met with texas democrats who blocked the election bill there. is that something else that was snuck under the wire, while we were all looking at geneva and europe? >> absolutely, and talk about another area where i don't have any faith in these people and i think a lot of people don't have faith in kamala harris and joe biden to deal with this issue. when you have joe biden talking about sensible voting, security regulations and he refers to it as jim crow legislation? either he has no memory or no understanding or no appreciation of what jim crow laws were look in this country, or he's just lying now, and i think it's probably a combination of both of those things, but whatever the case is, it doesn't give me any faith whatsoever that kamala harris is in any position to handle, to stand up commission like this and do anything like this , with any amount of wisdom or actually, with any amount of honesty, quite frankly. stuart: we shouldn't have taken our eyes off the ball there, looking here, as opposed to over

there. no kidding. stuart: charles hurt thanks for straightening us out, we'll see you again soon. >> great to see you. stuart: lauren let's get back to coverage of money. are you looking at the financials i see them all down today. lauren: they are, in fact the second worst performing sector today is financials but right before they opened, stuart , these stock were higher, because the fed signaled yeah, we're going to likely raise rates in 2023. they are bell weathers for the economy, they benefit when rates rise because then they can charge more for their loans. obviously, so, some doubt this morning, these stocks moved to the downside. also take a look at the chip stocks, there are chip wars going on, google cloud has tapped advanced micro devices for its latest data sensor chip, what is that? it's a chip that supports services, so it's google using a md and not intel, for instance that's good for amd. amd shares up 3% on the news. stuart: how about walmart invest ing in, wait a minute, i'm

reading from the prompter here, just like joe biden. it says going for on demand drone delivery. lauren: it's here. it's here. you're going to get your item in minutes, not hours, so they are starting to build in the coming months infrastructure at one of their stores in bensonville, think drone launch pad, really cool stuff so soon customers can order a light item whether it's let's say earphones or medicine and it will literally be dropped at their doorstep minutes later. it's that profitable last mile delivery, and this is important, because walmart has what, nearly 5,000 stores. a vast footprint, so when they compete with amazon, they can really compete on speed, if they can, you know, get you your item via drone almost instantaneously from one of their stores. stuart: let me make sure i've got this right. it's not here yet? lauren: no. stuart: walmart is moving towards on demand drone delivery lauren: they are teaming up with

drone-up, another company and building the infrastructure at at least one of their stores so they can offer it soon and then make it more widespread. stuart: i find that fascinating. thanks very much, lauren. i want to alert this , just coming at us. the supreme court has upheld the affordable care act, obamacare, for a third time, rejecting a challenge by republican-led states andd okay, got that. one cbs anchor says a brazen walgreens shoplifter in san francisco probably had a good reason for breaking the law. really? watch this. >> that is an act of desperation. you're not getting rich off what you take from a walgreens you're getting probably something you need. stuart: he was referring there to the walgreens shopper who loaded up a sack of stuff and just cycled out without paying. nothing happened. larry elder has got something to say about that he's from california. did you see this , snubbing his

sponsor, coca cola that one move cost billions, and there's another soccer star doing the same. we'll tell you all about that too, coming up. first though, president biden getting testy with the press in geneva. roll tape. >> he down downplayed human rights, so how does that account to a constructive meeting? >> if you don't understand that you're in the wrong profession. stuart: joe concha says now we know why we did not see a joint biden-putin presser. concha is here and he's next. >> ♪ obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for

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>> i'll take your questions and as usual, folks they gave me a list of the people i'm going to call on. >> i've never seen a president covering the last four of them, who is so protected by his aids in terms of often not wanting him to answer some questions. stuart: yeah, he's got a list of approved questions, and then we've got this headline in the hill. now, we know why biden was afraid of a joint presser with putin. joe concha wrote it and joe concha joins us now. welcome back to the program, why was president biden afraid? >> it's interesting, right? the guy who got more votes than any u.s. president in history, 81 million, is afraid of a friendly, at least mostly friendly press and meanwhile you can trash that, stuart, with the russian president in putin who spoke for more than 55

minutes took more than two dozen questions he did not use a tele prompter, biden did in the beginning for 11 minutes before taking questions from the press but then when he was taking questions, oftentimes he would look down at notes and read them verbatim, and the fact that the leader of the free world shared them again, he can't call on reporters randomly because that means going off of a very tight script, of course, meanwhile you have a murder thug like putin who literally jails and kills journalists he called on reporters at random so the reason why we didn't see a joint press conference it be like a heavyweight fight where one side knows he's superior to the other in terms of ability to communicate so putin would have kept biden out there if they were both on that stage, for an hour, two hours, just to display some sort of superior mental endurance and i think the presidents handlers knew that and they decided not to do the joint press conference because they knew that biden wouldn't be able to exit the stage after only taking certain questions where putin he'd take 40-50 questions. stuart: ouch i want to show you what happened when an

unauthorized question was shouted at the president. you seen it before. maybe our audience hasn't, roll tape, please. >> all right >> he denied any involvement in cyberattacks. he downplayed human rights, and refused to say navolny's name, so how does that account to a constructive meeting as president putin. >> if you don't understand that , you're in the wrong profession. >> look to be a good reporter you got to be negative and have a negative view of life, it seem s to me the way you all, you never ask positive questions. stuart: you know, joe, that doesn't look good if you lose your temper, because of one unauthorized question. i think that's what his media handlers are trying to stop him doing. they want to keep control and on that occasion, they lost control >> i like the word you used there, unauthorized, as if you, know, a free and pair press needs to ask a authorized question approved the white house, and then from the president, you're right, to go complete, full, total grandpa simpson yelling get of my lawn

basically and i can't even say it because i never use the term, of course, he said to that female reporter, by saying if you don't understand that you're in the wrong business, i mean that's so dismissive. what a chilling attack on the free and fair press, at least that's what they would have said if donald trump displayed that sort of behavior but again stuart in that one moment biden displayed more toughness than he likely had with putin during the summit and it's like political debates you takeaway one or two sound bites from a summit, from those sort of meetings, and i have a feeling that future news cycles are going to be dominated for the next couple days talking about how joe biden couldn't answer a simple question, given to him by a reporter, it was fair, kaitlyn collins, and now, look, we have somebody in the oval office who is completely and totally package and that only will work for so long before hopefully the american people start to catch on exactly what's going on here. stuart: give me your reaction to these headlines, washington post first. biden's strategy of pessimism ee

ks out a few gains with putin. new york times, after putin meeting, biden stubborn optimism shows itself again. how about that? >> wow those are feelings, right? those are emotions. those aren't actual tangible things. what does the united states get out of this summit exactly? i know that vladimir putin just got the nord stream pipeline, which makes him a major player in terms of energy with russia and europe, meanwhile, you have a president in biden who took away the keystone pipeline in terms of new construction, in terms of our ability to use our own energy, or to export it to the world, so, if we're calling balls and strikes here, and it's like a baseball game and i'm looking at runs putin had many more runs than biden did and if we're looking at tangible things not things like biden's optimism. that's not reporting. that's cheerleading, stuart. stuart: all right, got it, joe, thank you for being here, we will see you again, real soon. thanks a lot. >> absolutely, see you soon. stuart: back to money, the dow industrials bottom right hand corner we're down a half percentage point that's 168

points. have a look at mattel toy maker, obviously, reported getting into the nft game, with hot wheels digital art. didn't do much good mattel stock is down 2.25%, okay got that. now show me lennar, home builder they are also reporting earnings lauren, i presume that sharply higher home prices gave lennar a nice boost am i right? lauren: to their sales, to their bottom line, to their margins. the average price in the quarter , $$420,000 helps their net earnings rise by 61%. look, it's great news, but it does stock those fears that the affordability component to all of this could dent the recovery and it's like what is the top question you asked when you're building a home, or getting work done on your home? is it affordability, how much is that going to cost me, or is it when can i get that? because there's such a supply chain issue, with so many of the input costs and the

materials. stuart: lennar still up 2.5%, $ 93 per share. lauren, it really is an understatement to say that china has been reluctant to investigate the origins of covid my next guest is introducing a bill, he hopes will force their hand. congressman rob whitman will tell us what action he proposes, after this. >> ♪ centrum multigummies aren't just great tasting...

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stuart: all right, that's a bit of a slide for the dow industrials, the day after the fed's reveal, we're down 162 for the dow, but, we're up 85 on the nasdaq. that's two markets right there. caterpillar and goldman sachs, two dow stocks, both down, taken together, they are shaving about 77 points off the dow industrial s. our next guest introduced a bill that would sanction top chinese health officials over the origin s of covid. congressman rob whitman is with us a republican from the great state of virginia. congressman we want to get at the truth. how will sanctions on chinese

medical personnel actually help us get to the truth? >> well it will hold those chinese officials accountable. i want to make sure there are repercussions from those officials who have actually obvuscated data in order to figure out what is necessary for their efforts to prosecute scientists and citizen journalists in china. all of those are opportunities, stuart, for us to get to the truth, and what they've done is to stop us from getting to the truth. the way we addressed this is to make sure we hold those individuals accountable and make sure too, we have the full scope of intelligence from our intelligence community on exactly what happened and who did what to keep us from the truth on what happened with this virus there in the wuhan lab. stuart: how far do we go with this? former president trump says look if you don't come clean, then beijing, we're going to hit you with $10 trillion worth of repir

ations, and or we will hit you with 100% tariffs on everything you export to america how far are you going to go with this , congressman? >> i think we need to be very aggressive and i think we need to stop all u.s. funding from our universities and colleges that go to the national health commission of the people's republic of china, to make sure no more money goes there. i want to understand too, exactly where did money come from here in the national institutes of health that went to this research in china? i want to make sure we hold the chinese accountable. i do not believe the world health organization has done that. i think that their investigation was completely didn't get to the truth. i want to make sure that we get to the truth and there should be accountability and consequences for what china has done to obvsucate and i think we need to go to the highest extent possible to make sure the world knows exactly what happened. first of all, stuart, to make sure that we hold people accountable but second of all to make sure this never happens again. 3.4 million people have died

because of this. i want to understand exactly how this happened, and how we keep it from happening again. stuart: face reality for a second. do you expect china to come clean, make medical people available, go to the records and show them and bring them over here and testify and all of the rest of it. do you really expect them to do that? >> stuart, i don't, but i expect them to be accountable and i expect the world to put pressure on them to be accountable. i want to make sure that they give us the information necessary for us to make a determination about what happened. listen, i don't think on their own they are going to do that but i think if we put enough pressure on them there is a possibility for that to happen. stuart: okay, we live in hope. congressman we wish you the best of luck because we really do want to get to the truth and you're part of that and we appreciate that. thanks, see you again soon. show me curavac. it's a german vaccine company it's a sell-off down 42%.

lauren, what's the reason? lauren: they gave us results from their two-dose covid-19 vaccine and the efficacy rates, stuart, 47%, so that gives investors and quite frankly citizens of the world, little hope that they can take on the rivals pfizer and moderna, who had much stronger results. even novavax they just said stock is up today that their vaccine had over 90% protection against the new variance, so cur avax got a ways to go. stuart: 47% doesn't make it in this world and that's a fact. students at a college could face a fee if they aren't vaccinated. the fee is $1,500. okay, lauren, you know the story which college and what's the response to that? lauren: it's rose college in tennessee and that health and service fee is $1,500 per semester for students who do not want to get vaccinated. let's listen to one of them.

students are facing a dilemma in my school either pay $1,500 and undergo weekly testing or take a new vaccine that has a lot of valid concerns. each person should be free to decide for themselves and not be punished. there's no need to impose vaccine mandates on your people especially when the alternative imposes a hefty amount of money that most college students, let's be real, don't have access to. lauren: well that student, actually did get the vaccine but he feels bad for students who can't afford it and who don't but you can actually get out of the fee, 1,500 per semester if you can cite a religious reason or a medical reason that exempts you, so we're constantly seeing no ones mandating it but they are making life pretty difficult or expensive if you don't get vaccinated. stuart: yeah, i think that's the way they are going here is another one for you. the nfl updated it's covid protocols for vaccinated players break it down please? lauren: if you are fully

vaccinated, you can play without restrictions in the pre-season that means you don't get tested daily you don't have to wear a mask you don't have to social distance and you don't have to quarantine yourself after a potential exposure to someone who had it so that's back to normal, right? here is the rub. if you're unvaccinated, you have to do everything i just said, or be fined tens of thousands of dollars per violation, so again, that message is strong. get vaccinated but if you don't, you're spending money and then you can't even socialize with your teammates. stuart: try to find the middle ground. don't defend anybody, don't go to court just get vaccinated, please, somehow or other, i think that's where we are. all right, lauren thank you very much indeed. this story for you. victoria's secret ditching its signature angels, replacing them with activists. we'll tell you why they said, we'll tell what they said they did it, i'm going to get this

right. we're going to tell you what victoria's secret said why they did it. i think i got that right. all right, plus, the summer season yet is upon us, you know what that means, for some at least, camp. enrollment is booming. we'll take you live to camp lenn ox after this. >> ♪ “cracked windshield” take 1. ♪ you say ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app. ♪ that makes me wanna say... ♪

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gerri willis is at camp lennox, that's in otis, massachusetts. first question, gerri. are they raising prices there, just like everybody else? gerri: well, stu, i've got to tell you, no, and here is why. all these kids were pre-enrolled before covid. the summer before covid, right? so they just rolled over their tuition. now, down the road, might they raise it? absolutely but these kids right now are not paying more to get in even though demand is high, and that is the big thing this year, right? demand is high. if you want to go to a camp like camp lennox and i know a lot of parents out there want to, we're in otis, massachusetts, well you better hurry up because spots are limited. listen. >> when we got the green light that camps were going to open like the end of january, there was like an explosion and the flood gates just opened up. i think we did a year worth of recruiting in four months. gerri: yeah, so this high demand

, i got to tell you it's a welcome change from last year. these camps and there are 15,000 across the country, lost some $16 trillion in revenue last year, because of the closures, only 18% of sleep-away camps were open, 60% of day camps, so it was really tragic for these properties and many of them are owned by moms and dads. mom and pop operations, but the reopening, i have to tell you, is not coming without some setbacks and it has to do with hiring counselors which is very very difficult, even this camp is having trouble getting enough counselors, and across the country, you see some camps are changing what they're doing and what they can offer, because they simply don't have enough staff. this camp will have 150 counselors for some 350 campers, so it takes a lot of people to run an operation like this throughout the summer. i got to tell you, stu, as i send it back to you, there may be some hiccups along the way, but everybody here is super excited to get back to work, get back to camp, and i've

seen some of the kids, they are thrilled to be back, absolutely. back to you. stuart: [laughter] i'll bet. great to have you back as well, gerri thank you very much indeed gerri: thank you. stuart: straight to the markets because we really cut the losses , especially for the dow, we're down close to 200 points just a few minutes ago now we're down 91 and look at the nasdaq, powering ahead up 109 points please remember that this is the day after the fed's big reveal. when the fed chair powell said what about inflation? it's transitory, apparently, investors believe that. we've got lots of people moving, lots of stocks really moving today. how about lordstown motors not that much but it's in the news. lauren: it has been down sharply i think it's coming back as this market tries to come back. i don't know where to begin with lordstown motor so okay, obviously they are an electric truck maker and they just said in an sec filing, stuart, that they have no binding orders from

any customer. that reverses what their president said just a few days ago. it's a rollercoaster, fake it until you make it and do you have orders or not, do you have cash or not, they had a shareholder meeting, it was set for today. now it's at the end of august. let me show you ford, an established auto maker. stuart: yes. lauren: they expect their stock -- stuart: i'm sorry i just noticed that lordstown was down 6% and now along with the rest of the market its turned around and gone up a little and is moving up as we speak, sorry i interrupted tell me about ford because it's a big story. go. lauren: they expect their second quarter earnings to be stronger, why, suv demand, pick-up truck demand and also spending money on what else electric vehicles so that stock up a little bit right now and then this one. honest company that's jessica al ba's company they actually swung to a quarterly loss in their first report card as a public company, they went public in may, stocks down

almost 9%. there's many reasons for the loss, but one reason is diapers. their biggest seller yeah we're still buying their diapers but we're not stockpiling them any more, because we can go to the store without a mask on. stuart: [laughter] i've forgotten that. lauren: yeah. stuart: you stockpile what you can get easily and that's a fact thanks lauren. let's take a look at l brands the parent company of victoria's secret rebranding, ditching angels in favor of activists. lauren: and athletes and actors and investors. basically, women famous for their achievements and not their proportions. major u-turn, major risk for victoria's secret so they are going to use soccer star megan rappino, and tech investor to redefine sexy and seven women in all will also advise the company, and the board of directors. they are going to split from l brands become their own public company later this summer and this is a risk because look, they had missteps.

we get it, but they still have a fifth of the overall market here , so they do still have customers, well this new strategy turn off those customer s? is it too risky or is it right what the market and the brand needs right now? stuart: is it going in the right direction to attract women to those stores? that's an interesting question. not supposed to say this lauren but only time will tell you know that one. lauren: i know. stuart: how about tiger woods i believe he's been spotted first time back in la i think, since his bad car crash. how's he doing? lauren: he was seen on crutches, there he is, his leg is un in a brace. he arrived in la since the first time since that horrific crash back in february. he shattered his right leg. he says his number one goal right now is walking. walking on his own, and these injuries, he called them, he had four back surgeries but these, he said, were the most painful of his life, so there he is. he is with his girlfriend, he needed help getting in and out,

but first time in la since that crash. stuart: we wish him well. that's a fact. for a while that man was unbeat able at golf. absolutely unbeatable. all right, thanks lauren. a new poll finds a majority of americans against critical race theory so why are we still teaching it in some of our schools? larry elder will take that on for us, plus, another sign of return to normal, the flagship applebee's restaurant in times square reopening. the owner, zane tankl ex joins me after this.

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>> ♪ welcome back welcome back welcome back ♪ stuart: welcome back to the traffic on new york's sixth avenue. it's picking up some life right there, nothing like it was a few months ago, it's coming back and it's 70 degrees and sunny. perfect weather, midtown. just a few hundred feet away, applebee's reopening their

flagship times square restaurant , zane tagler is with us, owning about 25 applebee's in the new york area, a welcome return to "varney" & company. >> hi, stu. stuart: i think you're taking a big risk. you're reopening times square, international tourists are not back with us yet, the office workers around there, they've not returned yet, you've got a crime spree all over the place, and you're hiring 150 people for your big restaurant. you're taking a risk, zane. >> thank you, stuart, but i think i cornered the market on risk about a year ago when the pandemic struck and we set a strategy to keep all our manager s in place of which there were hundreds, keep them on the payroll, and set a strategy to get from there to here, so i always respect, in fact it feels great to be on with you again. it brings a fact of normalcy to those and i think we have 23 opened in the burroughs, and

stuart i can only tell you they're killing it, they're killing it because of the pent-up demand, the resurgence in sit-down dining, the consumer has been standing online for either fast food or takeout or fast casual , and this is the way that they're going and so far, we've been open for several months in the burroughs and we are on waits from the time we turn the key and open the door until we close at night. that was -- stuart: that's really good news! that is really good news, but you tell me this. did you have any trouble bringing workers back? we just said that you've got 150 people hired, i think for the times square place, any trouble getting them to come in the door? >> yeah, it's difficult. we're competing with the federal government, as you well know, so we used to compete with other concepts, other industries, now we compete with government

itself. he's bidding up the pricing; however, we've had a loyal group of people. i've been here for two weeks now doing our job fares and our hiring, and we've had to work harder at it. i won't say we haven't, but it looks like, feels like, smells like we started yesterday and was our first day, that we will be okay on the hiring piece. stuart: that's great. they say look, thanks for coming back on the show and great to see you opening up for business again right on the flagship times square store. good stuff. mr. tankel, be well and be safe and we'll see you again soon. >> thanks so much. stuart: show me deagio, the until drinks people, they just made history with the nfl. lauren? what do they do? lauren: the first-ever spirits sponsor of the nfl, so what brings people together? football and booze, right? the nfl, they used to ban booze

advertisements that was a few years ago and now they are continuing to broaden their appeal, broaden their marketing base, so you will see advertisements from some of the brands, right? johnny walker, smirnoff, they've got a bunch. stuart: you forgotten the rest. lauren: i have. i'm drinking. stuart: [laughter] if you can advertise beer, why can't you advertise spirits within the nfl? it's all alcohol. lauren: i know. there will be handcuffs on this though, there are still a lot of rules for how long commercials, for instance, can last and the like. i guess they don't want to encourage too much bad behavior but this is, i don't want to say the right direction but in a different direction, because you make a good point. stuart: alcohol is alcohol. that's the story here. i'm sorry i keep interrupting you. lauren: it's dangerous, i will say that. you're better off if you stick with the clear stuff that's what most people say, right? stuart: whatever you say.

i mean, i'm staying out of this one for sure. thank you very much, lauren. all right, i've got to tell everyone, we got a big hour coming up. look at this , liz macdonald, larry elder, and more, plus, what are president biden's handlers protecting him from? because they really are protecting him. we'll deal with that, next in my take. >> ♪ 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. ..

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>> they miss the market and they want another buying opportunity. we will see rates go up longer term. we have to stop buying and start selling and have to raise rates. >> the federal reserve would go to%. if it goes 3% this year they are wrong. they are targeting inflation and they have been wrong on average every single year. >> the president sabotaging the

economic recovery with tax increases and antibusiness policies. >> like the banks and industrials. the market is treating inflation as an unknown quantity for the next 3 to 6 months. >> new york city is what you're looking at, thursday june 17th. straight to the markets. another dip south, we are close to 200 points, the nasdaq holding onto a gain of almost 100 points. the 10 year treasury yield around the mid-150s but we have come down a bit. when we opened at 9:00 it was 155, now it is 152. that may be why the nasdaq,

bitcoin at 39,$000 a coin, now this. the president has a squad of handlers. it is their job to keep him away from the media and when he has to answer media questions, they do what it takes to stay in control. classic example yesterday's presidential news conference. before it got started his handlers had decided which questions he would answer and sure enough he took those questions. he wasn't thinking on his feet. those questions were approved and he knew how to handle them but his handlers cannot stop shouted questions and that is when the control broke down. the president wasn't ready for those questions, he snapped back angrily telling a reporter you are in the wrong business and subsequently apologized, still complained the reporters

never ask positive questions. is he forgetting all those questions he got about ice cream flavors and cats? how quickly he forgets the endless pounding donald trump went through which helped president biden get elected in the first place, now he is complaining about the media, we want the president to look strong on the world stage, to confront our enemies and rivals forcefully. that press conference did not leave that impression, putin completely different, he answered a variety of questions apparently without a teleprompter, stood in front of the podium for better than an hour. he was arrogant and smug and he got away with it because biden would not stand next to him. a joint press conference is something biden's handlers could not control so they next it. i will end this from cnn's jeff zell any. >> i have never seen a

president who is so protected by his aides in terms of not wanting him to answer questions. stuart: what are they protecting him from? himself? the third hour of "varney and company" starts right now. come in, elizabeth mcdonald. what is your take on the president and the media? >> i thought it was a bad look, a bad moment for the president to basically walk away from caitlin collins's question, she was asking about cyberattacks in human rights abuses and the president didn't answer her question. president biden was kept under

wraps from the media, from that term in office, president biden moved off of the media stage, this happens when you protect the president and he's not answering reporters questions so when you saw the president give putin the list of critical infrastructure projects and say to russia don't you dare hit them, that felt like obama's red line in the sand, felt like an empty threat, you are going to be back at the trading group if you go through brexit. you can bet they did, but about that, the us has been inside russia's power grid in 2012 and donald trump made it clear to russia, we are going to come

after you. that is what president biden is working on. we may not hear about the us shutting down parts of russia's power grid because they may not report on it. in the digital cold war. stuart: a digital cold war, that is accurate. did you see this? louisiana just became the first democrat run state to end federal unemployment benefits, 29 republican states and now one democrat state says no. could this be a turning point? >> that is us turning point for a democrat governor to say no because the unemployment benefit has been the modus operandi for the biden

administration's bailout, centerpiece number one. louisiana democrat governor saying we are not going to do this, 25 or 26 states say no to extra federal jobless benefits. do we need it? the country has reopened, plowing into a system where we are getting people back to work, 9 million job openings and a record number of people quitting. this is turning the democrat idea to rescue the economy turning around in that strategy. stuart: they won't go back to work, workers raising wages, raising prices, all mixed together. we are going to be watching you on the evening at it on foxbusiness.

straight back to the markets, to the southland on the dow industrials off 250 points after the big reveal. ryan westbury. the fed says we are going to delay raising rates and probably keep printing some money in the near-term. when do you think of the fed will come out with the first rate increase. >> it won't happen this year but you think about it we through everything but the kitchen sink at this economy. once we shot it down. now everything is in our favor, the fed is still supereasy, the

government stimulus checks are going out so this economy is exploding. there is no way today, i could justify 0% interest rate in $220 billion a month of bond buying, the fed is supereasy. they want to run the economy red hot but what they will get is inflation. i've gone back and read every economic report of the president that comes out of the council of economic advisers every. i read them all during the 60s in 70s what is fascinating is back then the fed and the white house kept saying inflation is picking up but it is transitory, temporary because of opec and oil prices, the dollar, this and that in this and that and every time they said that they put off

tightening and we had higher inflation. the market went down yesterday, gold is down $80 an ounce today but that's not going to last because inflation is here and money is flooding the system. >> 70% of people worry biden's spending planes lead to inflation, that is intriguing to me. 71% of the people think you are concerned about inflation and here we have the fed printing of the government spending and we are turning point here. maybe the market is beginning to realize all this massive spending will create inflation, the dow is down 250 points. where is the market coming

from, the first reaction was jay powell has it right. maybe he's got it wrong. >> i personally think they have it wrong. jerome powell told congress we have to unlearn the link between the money supply and inflation which is what milton friedman, the winner of the nobel prize, one of the greatest economists of all time taught all of us and said we have to unlearn milton friedman. that shows a federal reserve that is completely out of touch and once inflation gets embedded in the system and the money supply was up 24% last year. it will be up 10, 12, 14%. we've not seen that kind of money supply growth since world war ii.

we had the inflation of the 1970s with less money supply growth, the ideas that printing money doesn't cause inflation, i'm going to use the word delusional. you have to be delusional to believe you can print 25% money and not have the value of that money decline in the us economy. stuart: it is against everything i ever learned in economics 101, got to see you again later. another pole shows a majority of people unfavorable interview of critical race theory so why are we still teaching it, larry elder has a lot to say. donald trump speaking out against rising gas prices. >> it was one dollar and $0.87 a gallon for a gallon of gas,

it is going to go to 5, 6, $7, mark my words. stuart: we mark your words but i'm not sure you are right about that. that's an awfully high price for gas but we will get into it. a snowstorm crippled the power grid in texas, a heat wave threatening to knock power out again. is texas doing enough to prevent these widespread blackouts. here with that next. the lexus es. every curve, every innovation, every feeling. a product of mastery. get 0.9% apr financing on the 2021 es 350.

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>> yeah. stuart: texas residents worried about the state energy system. casey steagall with us in dallas. is there a plan to fix this before summer demand overwhelms the power grid? >> that is the hope. temperatures have been soaring and as a result texas set a new record for the most electricity ever used in the month of june, 70,000 megawatts. the grid's capacity is 87,000, but on monday 12,000 megawatts was off-line for repairs or maintenance to get ready for summer so statewide conservation alert was issued. millions of texans set their thermostats to 78 degrees, turn off cool filters and other things to avoid controlled blackouts. >> when i am working from home

and have a dog who needs power, very frustrating to not have any answers. >> millions of texans experiencing trauma over that historic winter storm just four months ago. the system came close to complete failure and left more than half the state without power. lawmakers have passed new legislation aimed at reforming the agency responsible for managing the grid here. experts argue it is not enough and energy companies, simply put, are not doing proper expansions to accommodate texas's boom. power demand is growing in texas as our population is increasing 2% to 3% a year. we have lots of businesses moving here from other parts of the country. we have a huge tech sector which consumes a lot of electricity. >> reporter: the question everybody has, could this be a summer of blackouts and brown outs in the lone star state

amid sweltering heat. experts say no but argue that the reserves will be tight. texas governor greg abbott contends that all the problems have been fixed and it is not uncommon for conservation alerts like this to be issued when it gets hot. stuart: it is hot, thank you very much indeed to. let me check the price of oil for you, we are at $71 a barrel as of right now but there are frequent forecasts that it will go to $100 a barrel, big investment made that prediction the other day, $100 a barrel for oil. the gentleman on the right-hand side of the screen is the expert on oil, daniel jurgen who joins us now. what do you make of that? $100 a barrel? don't know when that is supposed to arrive but is it possible in the foreseeable future? >> it is quite a change when people predict 0 price a little over a year ago.

no question demand is coming back. we had unprecedented drop in demand last year, this year we have an unprecedented increase in demand between february and august as these economies rebound, the us growing at 7.4% this year but $100 a barrel oil is a lot of unused oil held back from the market right now so if something severe happened possibly but i think we will see oil in range 60, maybe 75, 80 or something like that. above that not very likely, people are making bets on it. stuart: we need lots of domestic supply. are we restricting that supply by taking action against tracking? what is the state of fracking at this moment? >> it is looking better. i was in houston and you can

see sentiment is changing, prices are up and people are able, companies are returning money to investors giving them cash to reinvest so we will see demand go up a few hundred thousand barrels this year and if we remain on this track it will go up next year. you have point to something important which is the big unknown which is the hand of regulation. how big that hand is going to get in the next year or so, we've seen some indications of that. stuart: is it true to say that president biden's green policies restrict the supply and production of fossil fuels in the united states and that will lead to higher prices? is that an accurate statement? >> the shale industry is stabilized and production increased but there is a question whether it is about

leasing in the future, other regulations that will be put in place so i think there will be a battlefront overregulation, that the cost of doing that is the us is energy independent now. if you ban fracking policy, and whether it is an import policy and the administration wants to be stuck with that. stuart: would you venture into forecasting gas prices, $3 a gallon gasoline as we speak, any chance agosta $4 this your next year? >> summer was not as strong, it was wet memorial day but over the summer months, americans take to the road in large numbers and prefer to drive rather than fly and with the economy growing at 7.4% we

could see gasoline prices get towards that $4 which will then be a political issue and the blame game will start again. the summer is coming back strongly. stuart: yeah. $4 a gallon gasoline, we've not seen it in 10 years but if you see it that is a political problem this year and next. daniel jurgen, good to see you on the show and thank you for being here. the chinese tech company making a push to get driverless taxis on the road in china. good morning, ashley. how many are we talking about and when do we see it? ashley: good question. how about 1000 over the next 3 years leading to commercial robot taxi service across china. they are partnering with state owned automaker be a ic group, so-called apollo moon cars will

be made under the electric vehicle brand, will provide the autonomous driving system and software. the vehicle will be made for a little over 72,$000 each but that is less than half the average cost for an autonomous car. they have already been testing these robot taxis in a number of major cities across china including shanghai. they are coming. stuart: i would love to know how it is going but i can't go to china to find out. car rental prices could double by august. there is a headline. this is because of a shortage of vehicles. the daily median price to rent a car is nearly $115, up 147% compared to pre-pandemic

prices. not sure where we get the idea they could double by august but that is a little confusing. we will sort it out. gavin newsom, governor of california, says a vaccine verification program is coming but don't call it a passport. larry elder takes that on shortly. ♪♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪

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stuart: that really is a beautiful bridge. the golden gate bridge, used to drive across it every day, 68 degrees there right now. governor gavin newsom says a vaccine verification program is

on the way. he won't call it a passport. listen to this. >> not a passport, not a requirement, not a mandate, simply people have expressed frustration like their drivers license, i lost it, lost my vaccination card, what do i do in this will provide an opportunity to download it. stuart: he spilled it out. larry builder is shaking his head. for the life of me i don't know what your problem is with any electronic vaccine verification card. what is the problem? >> not sure how it will work. a lot of people are not sure how it will work. supposedly all these mandates have been repealed. i talk to a restaurant owner yesterday, and osha is requiring any staff server who serves indoor dining to wear a mask. he's confused whether or not to require his employees to wear masks or not and the overwhelming reaction is what took so long?

why did we shutdown so long? there are two other problems. number one, they are having a helluva time buying staff because we encourage people not to work by making the benefits so generous and the second one is theft. crimes of year-to-year, theft is up year to year and basically if you have less than $950, not it get out of jail free card, you won't go to jail free card, that is what is going on here. we have huge problems in this state by far. stuart: i still don't see what is wrong with any electronic vaccine verification card. it is not going to be used as a passport, no mandate that you've got to be vaccinated, just any electronic card, put it on your phone to say i have been vaccinated. what is wrong with that? >> if there is no mandate then what is the point?

what is the evidence why requires this? i don't understand it and a lot of people don't understand it. the governor says everything is open. you don't need a mask. we have this mask program we don't really need. i find it confusing. stuart: i think you knew that already. back to this, we had harmeet dhillon on the show yesterday, senior republican lawyer who lives in san francisco. in san francisco and the whole state you can walk into a store, load up with $950 worth of stuff and walk out and nothing happens. you might get a ticket but that is your loss and that is absolutely it. is that the law in california? >> that is absolutely the law and why so many walgreens and other retailers are closing up

and getting out of dodge. it is ridiculous. at one time, fueling an amount that high was a felony. it no longer is a felony, it has been reduced to a misdemeanor. you get a ticket if you get that and only if the police observe you engaging in the misconduct is it something you can get arrested for so literally people are going in the stores sometime with their smart phones to edit the amount of money they put in the basket and literally walking out and also to video showing people doing this on a loop. you can look at it over and over again. it is outrageous and why just because the covid mandates are lifted we have huge problems not least of which is shoplifting. stuart: why is governor newsom's popularity rising? why am i reading in various publications, doesn't have to worry about a recall after all? the state is in such a mess and such terrible things going on how come his popularity rate is rising? >> most people are not watching

foxbusiness, have no idea the fiscal trouble the state is in. we have huge unfunded pension liabilities that are not being addressed and if you read the la times it is as if gavin newsom is a conquering hero, that is why his poll numbers have gone up. gotten amazingly good press despite the fact that in my opinion we have all these structural problems with california. the democrats can always count on good media from places like the los angeles times. that is why in my opinion gavin newsom's poll numbers are rising. stuart: deal with critical race. as well. we have a poll showing a large majority of people are very critical of crt as it is called, a large majority, very unfavorable. why is it still being taught in some of our schools, notably los angeles? >> i will tell you.

one of the reasons critical race theory has been embraced by the left is the same reason the left of embrace reparations. it is number 4, six, eight, 12. 4% is the percentage of republicans, the first time obama ran. 6% is the percentage of republicans the second time he ran having governed over the worst economic recovery since 1949. 8% is what donald trump got in 2016 when he said what have you got to losing 12%, 50% increase is what donald trump got into thousand 20 so those numbers are going the wrong way so democrats are doubling down on telling black people they are victims and white people they are pressers because they are scared those numbers are going in the wrong direction and that is largely why things like critical race theory and reparations in my opinion are being embraced by the left. stuart: and they will stay in place in california. >> in 1991 a man named orlando

patterson, he said america despite its problems is the least racist society in the world, provides more opportunities than any country in the world including all of those in africa. that was 9091. in 1958, the first time gallup ever asked would you vote for a black person for president, 37% said yes. now only 3% said they would not. racism has never been a factor in american life, never been more important for the success of the democratic party. stuart: coming on strong in california. thank you, we appreciate you being here. good stuff. back to the markets, we've gone down almost 200 points for the dow industrials and still up 150 points up for the nasdaq, tale of two marketplaces. maybe it has something to do with the yield of the 10 year treasury which is one.54%. bitcoin, 38-9. ethereum, $2,000, both of them up a little today.

then we have mattel jumping into the nft world, auctioning off this digital picture of a hot wheels car. the new york times reports they plan on making more for their other toy brands. soccer stars including cristiano ronaldo snubbing the sponsors. we will tell you what those players did and get into detail and how it is sponsoring that is costing sponsors a great deal of money. lumber prices are coming down. obvious question will they stay down in this inflationary era? jeff flock is handling lumber. we will be back. ♪♪

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78 degrees. lumber prices on the decline, and a record run up. obvious question, lumber prices stay down. >> they are down some and i know you know your wood. this, we have one x 10s, this is all pine. it is coming down slowly. if you look at the futures, cme, dramatic drops but there were dramatic jumps. acme lumber, small lumber yard in chicago. the big boys got in and bought a whole lot and squeeze you.

stuart: >> at the end of last year they thought they would run out of lumber so they bought a tremendous amount and took the pricing up so the demand is not there so they are strapping down on the wholesale level. >> reporter: let's see what else you've got. the prices are not coming down fast. either to you and like you said you bought this number at a high dollar, they are not reducing prices. >> everything is hanging where it is and it will for a while. they paid at a higher price. >> reporter: they can't sell it for a big discount. there you go. everyone is talking about prices coming down but they are coming down slowly. be careful when you get out there. stuart: i promise i will, thank you very much indeed. the moratorium on homeowner evictions is coming to a end.

how many households are facing eviction? ashley: a big number. 8 million total by some estimates, 2.1 million people are behind on their mortgages. many more renters are in financial distress leading to concerns about an impending wave of evictions. according to a harvard university report most of the homeowners at risk of foreclosure are either low income or families of color. congress dedicated $10 billion to help homeowners get caught up on payments but if it is unclear if that funding will make it to families before mortgage companies begin sending out those dreaded foreclosure notices. the cdc order stopping some evictions also federal limitations on foreclosures for federally backed housing both expire soon at the end of this month june 30th. we could have a very large wave

of evictions if nothing is done. stuart: a big political fight about it too. how about this? japan stands to lose hundreds of millions of dollars if they don't do this one thing at the tokyo olympics. we will tell you what that one thing is. my next guest made history become the first wounded veteran to find all of the 7 summits, benjamin breckheimer is telling his comeback story after this. ♪♪ ♪♪ always going to be an uphill battle ♪♪ ntains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry.

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♪♪ an american soldier ♪♪ an american ♪♪ like my brothers and my sister ♪♪ stuart: some tourists back on board the intrepid. the old aircraft carrier in the hudson river, some tourists beginning to arrive. it is 70 degrees and sunny.

my next guest was injured in an ied attack when serving in afghanistan, spent four years in recovery, he endured severe depression at as he says something snapped. benjamin breckheimer joins us now. what snapped? as i understand it, that is the point you turned around and started climbing the 7 peaks, the highest mountains on each continent. tell me more. >> reporter: thank you for having me on. it was a long four years in my recovery process and i ended up picking up the bottle. when you are already depressed and drinking, usually not the best answer to solve that problem but one night i really had enough dealing with my own personal pain. sitting at the edge of my bed contemplating suicide, seconds from putting the guns my head i

looked to my left, my sweet little dogs were sitting there and immediately something went off in my head that i needed to do something with my life. i no longer wanted to live this way. instead of taking away my pain i was creating more pain for the people that i love. i didn't want to live like that anymore so i had to find a goal and it got me into climbing summits for the past we 7 years. stuart: that is what inspired you, to go and climb these 7 summits. that is what inspired you and that is how you help people with ptsd. >> that is correct. what we learned through the outdoor community and the nonprofit that i am a part of is when you give a veteran a goal in their life they usually excel.

being outdoors in the outdoor community you step outside your comfort zone and accomplish something incredible and i learned so much the past 7 years. my goal is hopefully in the next year to help get the first female to the summit of mount everest. stuart: good luck with that and i am sure it can be done. you are an inspiration, fantastic stuff and congratulations, great to have you on our show, come back again and tell us how you are doing. >> thank you so much. an honor to talk to you. stuart: thank you very much. let's get to sports, specifically soccer. we have that story of soccer stars snubbing their sponsors. take us through it. this is your story. ashley: it is indeed. the press conference before portugal's game against

hungary, rinaldo moved two bottles of coca-cola out of view as he sat down to take questions from the media, pick the right there a bottle of water saying water, encouraging people to drink that instead. coke is one of the sponsors of the european soccer tournament but after rinaldo's actions the stock dropped nearly a dollar causing the company's market value to plunge by $4 billion. that is all it took, that movement of the two coke bottles. french star named man of the match after france beat germany removed a bottle of nonalcoholic heineken beer, i don't want that. heineken is the sponsor of the tournament although its stock wasn't hit. is a practicing muslim who did not drink alcohol even though that particular bottle was nonalcoholic but what these stars do have an impact on the products that are supposed to be promoted. stuart: clearly. when rinaldo moves the coke

bottle aside. really. let's get back to the market. we have not a plunge in the dow industrials but they are down 228 points. not a huge rally for the nasdaq but it is a rally up 126 points and the nasdaq is on pace for a record close if it keeps it up like this. i think we've got the trivia question for you. which country produces the most coffee in the world, colombia, vietnam, india, brazil? who is it? the answer after this. 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. ...

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on the 2021 rx 350. experience amazing at your lexus dealer. stuart: so, which country produces the most coffee in the whole world? the answer is? brazil. that country accounts for about 40% of the global coffee supply last year 2020, brazil produced over 7.8 billion pounds of coffee. that reminds me of the coffee song, i think frank sinatra sings it, the line is " they've got an awful lot of coffee in brazil" okay? this afternoon, important news coming up, president biden will sign a bill to make june-teeth a federal holiday, commemorating the end of slavery that be june 19th. this will create the world's, i'm sorry, the first new federal holiday inn decades. it means a day off for federal

workers with full pay. maybe everybody else joins in, don't know at this point but for federal workers you have the day off. check those markets, please, because we've got the dow down 275, the nasdaq up 100, exactly. i would call that a split decision. dow way down, nasdaq way up. look whose here, david asman in for neil today, david, sir it is yours. david: let me get this straight, stuart we have 9.4 million unfilled jobs and the solution to that is another federal holiday? i don't get it. do you? stuart: [laughter] no, i don't. david: stuart thank you very much. welcome to cavuto "coast to coastment" i'm david asman in for neil cavuto. some of the top stories and guests over the next two hours, americans surveyed on inflation and many say they are worried, how biden's spending is affect ing rising prices. why is top treasury lieutenant is just brushing it all