seal skin, not seal fur. i think we should stand corrected right there. big tech, we have a market selloff. show how bad it is. they're all way, way down. my question where are the big tech dip buyers? we haven't seen them yet. it has been straight down since the start of the show. time es up for me, neil. it is yours. neil: thank you, stuart. we'll follow up on that question you asked. why is it so disproportionally on the nasdaq you feel the pinch followed with the 480 point dip for the dow. any rise in rates makes future cash flows less desirable. you can apply to other candidates but their cash flows are like steroids. the return, retreat would be on steroids as well.

high rates tend to cush tech companies growth. maybe cut into their ability to buy back their own stock. i often times think this analogy really doesn't hold but it nevertheless one of the market maxims you can't break away from, this notion that tech stocks rise the furthest. so the slightest incation of a rate backup tend to fall the furthest. it isn't always justified. and some preferred names like amazon, tessa, apple, microsoft have had heady advances and up markedly so for the year. one footnote our own charlie brady related to us, with the drop we've thus far in the dow, it is liking like a down third quarter the way things are presently going. we have only two more days of this present quarter to go. we'll keep a close eye on that. meantime what got the selling going not so warm reception

forful temp on capitol hill today. for the latest on that with all the how that is going edward lawrence. reporter: markets may be reflecting. this inflation. what wee see and feel at the store and things we buy. the white house believes inflation will come back down. now you have the head of the federal reserve, chairman jay powell saying inflation was larger and longer lasting than anticipated. the federal reserve chairman jerome powell is backed up by the new york federal reserve president he sees inflation elevated at least a year or so. now republicans in the senate banking committee latched on to that, listen. >> doesn't the inflation we're seeing now seem broader, more structural in nature than the brief blip we saw in used car prices earlier this year? >> yes. i think fair to say that it is. mainly what we've seen that the supply side restrictions that

are so much at the heart of the inflation we're seeing have not only not gotten better, they have actually in some cases gotten worse. reporter: recent fox news poll showing 82% of voters that they looked at say inflation is the biggest, number one concern. they're very concerned or extremely concerned about that and that is more than afghanistan, it is more than unemployment. so the markets are on this too. the yield on the 10-year treasury is ticking up on fears of inflation that might last longer than expected. also the fact that the u.s. is getting closer to the october 18th date. that is the date now that treasury secretary janet yellen says the u.s. will struggle to meet its financial obligations. >> even coming very close to the deadline without raising the debt ceiling can undermine the confidence of financial markets in the creditworthiness of the united states.

would lead to a debt downgrade and soaring interest rates which ends up raising payments on mortgages, auto loans and credit cards. reporter: the u.s. has never defaulted on its debt. an interesting exchange here, senator elizabeth warren, one of the progressives in the senate, releasing her feelings about how progressives feel about chairman powell. jay powell's term is up. the president will have to renominate him or select a new fed chair. his term comes up at the end of january. she says basically, powell, deregulated the banks because he is not as progressive as she would like to see. she believes he is headed toward as financial cliff again through that deregulation. she says she would not support him as fed chairman again. back to you. neil: you know what is interesting? not that if president were so inclined, reappointment chances, if you look at it jerome powell is looking pretty fallible of late. transitory inflation, moving in

the trump administration to raise rates was in retrospect remature. now a handling of a lot of these crisis getting second-guessed. elizabeth warren that would be inevitable potshot there, but his performance leave as lott to be desired when you start picking apart his predictions. >> it is interesting, if you look at the actions, things that he is saying at the news conferences the federal reserve chairman is more in line with the administration than not. neil: absolutely. >> obviously worked under janet yellen. even as the data is showing there possibly should be a rate increase, you know, cleveland federal reserve in fact released a report saying that the federal funds rate, the interest rate should be 1% right now. that report says. so he is holding rates lower which is exactly what the administration needs as they want to pile on more spending to keep those interest rates down as more debt gets aaccumulated. neil: hoping that posture might

maybe improve his chances of being renominated. we shall see. edward lawrence great reporting as usual. that october 18th deadline that janet yellen seemed to indicate was put up or shut up time to get all of this resolved or we're looking at a government shutdown or worse, let's get the read from chad pergram from capitol hill. chad, what is it about october 18th? reporter: senate republicans last night filibustered a bill to fund the government and suspend the debt ceiling. the government is funded through 11:59:59 p.m. on thursday. this morning as you alluded to, treasury secretary janet yellen said congress must act, must act on the debt ceiling by october 18th. she says treasurys resources would be depleted quickly. she said it is unclear how treasury would pay its bills. this worries senator. >> if we were to go into default basis, would it not be expected that that would cause a lack of

faith in the american government's ability to meet its obligations which in all likelihood would result in a interest rate spike? reporter: the gop balked at hiking the debt limit because of all the new spending and $3.5 trillion bill. gop louisiana senator john kennedy says democrats are weaponizing the debt ceiling against his party. >> but it is a fact, isn't it, that you just, you and your folks, just want republicans fingerprints on the democrats effort to tax, spend, and regulate america into europe? reporter: still don't even know the final size of the social spending bill. house speaker nancy pelosi hasn't kateed it may shrink. it is hard to see how they finish that bill this week. all we know the house likely votes on infrastructure thursday. fox is told at least 10 gop

medical members will vote yes on that, even if some liberals balk. pelosi has a reputation of passing big bills by slim margins. neil? neil: they can't afford to lose more than three, right? reporter: lose more than three on the democraticside. that's right. if you get 10 republicans across the other side you could probably pass it. but do the liberals balk, get up to 12, 15 nos on that side, that is where the equation doesn't simply work. neil: got it. that is planned for thursday? >> so far. this is very fluid. neil: got it. thank you my friend chad pergram on capitol hill for that. this must be the day washington hearings, the general news interest is popping, general mark milley, defense secretary lloyd austin, let's say it has gotten a tad contentious. aishah hasnie following all of that from capitol hill. ashiah? reporter: neil, that's right. i stepped out for a couple of

moments from the hearing that is ongoing, and the key headline going that the key admission from all three witnesses made a short time ago. chairman of the joint chiefs of staff, general milley and also general mckenzie just testified their personal assessment and their recommendation was to keep 25,000 troops in afghanistan. watch this. >> did 2500 troops, approximately stay in afghanistan? >> i don't share my personal recommendations to the president but i can tell you my personal opinion and assessment if that what is what you want please? >> yes. >> yes, my assessment back in the fall in august, keep a steady state of 2500, bump up to 3500. >> did you ever prent that opinion to president biden? >> you should ask him.

>> the opinion was received by the president and considered by the president. reporter: if you recall, neil a few days after the fall of kabul president biden told abc news, no one said that to me i can recall. so this 2500 troops remaining in afghanistan has been dominating the hearing from both republicans and democrats. another lingering question is what is the contingency plan to get americans and our allies out of afghanistan? thousands were evacuated during a botched pullout. shockingly dhs secretary alejandro mayorkas recently revealed only 3% of evacuees were siv holders. secretary austin admitted today the evacuations were not perfect >> still working to get americans out who wish to leave. we did not get out all of our afghan allies enrolled in a special immigrant visa program. we take that seriously and that is why we're working across the inneragency to continue

facilitating their departure. reporter: neil, we're expecting a total of three hours of open testimony, two hours of closed. it should be wrapping up here in just about 20 minutes. neil: thank you, aishah hasnie from capitol hill. let's go to james lanes ford, oklahoma senator sitting on the senate finance committee. with regard to what general mark milley were saying and defense secretary were hinting at, the president ignored the advice. someone is misrepresenting really happened. the president says he doesn't recall either gentleman pushing that view that 2500 troops is called for to stay to keep the things from going haywire. who do you believe? >> yeah. obviously i believe where i can get the facts out and actually the testimony in this and i can see what happened actually on the ground. the we watched what happened 2500 people were pulled out after milley and others said 2500 should stay.

they watched a walkaway from the embassy which meant all the special immigrant visa holders had no place to go to get their paperwork processed. we saw them walk away from bagram air force base. which led to the chaos around the commercial airport in kabul. we see the results of them not leaving 2500. the argument becomes who made the call? the issue call was made by someone. always on the president's desk to be able to make that call. we saw the direct result of that and chaos and americans that were left behind and special immigrant visas left behind and people with green cardholders were left behind by that by the hundreds and by the thousands that we know. neil: now i know they were under oath, senator but to my memory this is the first time so soon after a military, let's say calamity that the chief proponents departed and want to make it clear they parted from the commander-in-chief. what did you think of that? >> yeah.

no, i think they were trying to make it very, very clear someone else made the decision on that. they give advice and counsel. they are clear to say this is not what i told the president directly but this is my opinion and my opinion has not changed, tells me pretty clearly, that has been their opinion for a very long time that has been a clear statement for a long time. but again the president of the united states makes the decision on this. we can argue about what it was on that. the president is responsible for the calamity that happened there because he is the one that actually makes the decisions on these things. neil: to your point, senator, that is the president's prerogative. many time we've seen presidents overrule their top generals on recommendations. having said that what makes it a bit more complex here the fact that he has denied as the president he was ever advised that this might not be a good idea, that clearly seems to be you know, being argued back and forth. meanwhile with general milley, what are your views on the conversations he had with his

chinese counterpart in the waning weeks, months of the trump administration? >> all that information has to come out on that. obviously military leadership cannot undermine civilian leadership in the process. so we can't have that but i think that is really just a big distraction that is being pushed out by a lot of folks to be able to distract what really happened in afghanistan t was interesting timing for when that actually came out to try to turn the nation's attention away from what president biden has done in afghanistan or not done in afghanistan to be able to protect the american people. neil: but if that were true, would it bother you? >> it is, and that is a very serious issue. there is a reason the united states of america we have civilian leadership in the military and civilian leadership that actually coordinate what is we're having on foreign policy. it is not military leadership. military individuals follow the commands of civilian leaders. it has to be remain that way. it continues to protect our republic. neil: in the meantime you've heard as well, senator, janet

yellen, treasury secretary, former head of federal reserve, that october 18th the money taps out we'll be risking shutting things down if we don't come up with a way to increase the debt ceiling, fine a temporary measure to keep the government lights on. republicans are, you know, standing united thus far in letting the democrats handle this because they have attached so much to this. is there a way out here that republicans would be open to? >> no the only thing we laid out as republicans we want to see significant reform on the direction of debt and deficit. democrats are literally saying the most dangerous thing for our economy we won't increase our debt ceiling, ignoring the $2 trillion they spent earlier this year, ignoring the 3 1/2 trillion dollars in new entitlements they want to be able to put out. apparently they don't think those are a risk at all. they don't want to discuss additional five 1/2 trillion dollars they put out in spending

on top of the budget issues they literally haven't taken up in committee this year. we have 12 appropriations bills. none have fon through committee in the senate. they think spending five 1/2 trillion on top after budget they have not worked on is not a problem but not increasing the debt ceiling that is a problem. we as republicans, myself conservatively fiscally, when we get to the debt ceiling vote we should talk about debt. we have 29 trillion of dollars of total debt net country. we should talk about changing trajectory. they don't want to discuss on changing trajectory. we want to add on more. which can add 3 1/2 trillion without republicans. we responded we'll not help you do more debt. we want to talk about the changing the direction of our debt and get us back on a better fiscal path. neil: to be clear, you would be open to separate measure raising debt without any stuff attached to it, or no? >> definitely not. only time i supported a debt

ceiling increase when it was attached to a significant reform for the change of direction. so you go back to like the budget control act when we actually had two years in a row where we decreased spending in the federal government. that was preceded by debt ceiling conversation and a new plan to say, let's change the direction. i can support that. i can't support just status quo, add more debt. nor do i think anyone else should. the reason we have a debt ceiling to debate debt. they don't want to debate debt. they want to say we'll add more come help us and we're not goi to do that. neil: thank you, senator, very much. to the senator's point, mitch mcconnell tried a debt ceiling without funding increase and democrats voided that. the more the government spends more inflation gets to be a problem. doesn't always bear itself out, but whatever the cause is, they're very, very real right now. inflation is a very, very extensive and getting more expensive problem for this

country so we thought we would put it in perspective for you on october 13th with, a special we're planning, inflation in america. how this experience compares, contrasts with others in the past. we want to hear from you with your questions. investedinyou@fox.com. video, otherwise, we would love to hear from you the kind of things you're worried about. many people wonder about the social security checks, whether they come, whether inflation uptick means that they will see upwards of a 6% increase in those social security checks. all of this at a time if the government shuts down or defaults, guesting those checks out could be problematic. again we want to hear from you. we were talking about inflation. i want to show you something going on in inengland right now, gas lines, oil, gas, very hard to come by. they're waiting in lines that wrap around whole blocks. what does that remind you of in this country?

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♪. neil: all right, we're getting indication is right now that pfizer's covid-19 vaccine will be authorized for use in kids as young as five, all the way up to 11, possibly late next month. we don't know much more than

that. we're separately getting reports that speaking of covid, it is still rampant in some areas of the world, particularly russia who just suffered through its worst one-day death toll ever during the pandemic. we'll keep you up on expanded use of pfizer east vaccine for kids as young as five as soon as we get more data. you don't have to look for more data with oil prices, they're rocketing particularly abroad. brent north sea crude is over $80 a barrel. it dipped little bit. that is better than a three-year high. our own oil market, west texas intermediate, the favorite oil of choice has been out of the 74, 75, $76 range, it too out of three-year highs. grady trimble on what the heck is going on? reporter: brent crude back below the 80-dollar per barrel mark, not too far from the three-year

high t could approach it by the end of the year. a few factors at play here causing oil prices to climb. one is rising demand. the second is lack of supply around the other is shortages of natural gas in europe and other parts of the world. so here in the united states on the supply side we all but halted our oil production in the gulf of mexico because of hurricane ida. the opec plus countries ramped up their production in earlier parts of the summer but not nearly enough to make up for the huge slowdown we saw in the gulf coast of the united states. add to that the soaring natural gas prices i mentioned. power plants that typically use natural gas could switch to oil, helping drive up oil prices because of all of that, energy stocks, you can see right there in the green despite the broader market selloff. finally oil demand came back a lot faster than a lot of people were expecting n china, for example, some factories are

being idled to meet energy use targets set by the chinese government. they already reached their quotas for the year. important to pay attention to that because some of those factories supply parts to companies like apple and tesla here in the united states. so all of this combined leading to oil prices surging and as i mentioned they could continue to go up. goldman sachs increasing its price target, neil, to $90 per barrel by years end. neil: wow. that is a nice little uptick right there. thank you very much, grady trimble. should you be worried about this? as we indicated there are gas lines forming in large swaths of great britain. it is difficult to get the gas because it is difficult to get it shipped to stations because of the supply shortage they're dealing with. those gas lines are becoming a predominant scene in great britain, could they come back here? for those after certain age, remember early '70s, late

'70s that was quite common. are we revisiting the past? even though scott martin wasn't even alive i suspect he reads history books, scott what do you think? are we looking at same? >> i do. i did a deep study. i was born in the gas crisis. that is indicative enough. i don't believe so, the infrastructure, transportation structures here in the u.s. is much better than what we're seeing in great britain, i think we'll be okay, aside from a pipeline attack of recent note. i think things well be relatively okay, but that doesn't isolate us, neil, from the fact that as you mentioned with grady, some of the targets of crude prices is 90. our target is 90 to $100 a barrel because of demand and coming online and supply constraints. there are impacts we'll see higher oil. which is not only hurting the consumer, think about the producers, some of the companies who factor in the oil prices with so much of production.

transportation of goods and services will tick up the price and costs for them as well. neil: what is weird about it, scott, think about it, normally supply and demand, more demand for existing supply is a good indication for an economy things are beginning to fire up, both the pandemic, delta variant issues notwithstanding we're humming again or is there something more we have to worry about? there is humming and all of sudden things get out of hand with that, inflation gets out of hand, jerome powell, saying all of this is transitory acknowledging i guess it is not. what do you think? >> yes, and the music stops. i agree with you. there is a certain amount of inflation that is good, neil, we've seen over the course of many years, to my very deep studies of these matters, as long as inflation is not hyper, say it is transitory, that shows up in stock prices. that is okay. when inflation is unmanageable and crazy hyperinflation as the word is used in economics that's not so great. what i do believe is different about this time around typically

inflation is too much money chasing too few of goods. again definitions i read about in the history books. today though we have sort of a lot of money chasing way too few of goods. that goes back to the things you talked about with grady and throughout the show today about some of these supply concerns, yes, we don't have the labor to support the needs we have to facilitate the delivery of those goods and services. we need to rectify that. that is one concern we have at kingsview, how we're managing money for our clients to make sure the labor force to come online, according to the latest jolt, survey, neil, tern million jobs are ready, available taken by everyday americans are not being filled. we need to get the production back online so we can facilitate or alleviate supply issues and delivery issues we're seeing around the world. >> that inflation to your point is real. next time i will tell you about my wife and i first mortgage, 13 1/2%. we don't have time.

>> what a deal. neil: it's a great story. you probably didn't hear it under 100 times before. scott, great catching up with you, my young last. i want to pay attention to what is happening in washington trying to get the 3 1/2 trillion dollar, really super, super big infrastructure bill. they're not calling it that anymore. they're calling it a gargantuan spending plan. that is not what they're calling it. the president said if you earn under $400,000 you're not going to be affected. we're doing a little digging around, turns out you will be, sometimes all you need to do is make $10,000. i will explain. ♪.

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♪. neil: with the goal that the big spending package that democrats are working on right now without any republican support is going to be fully paid for, that you needn't worry, if you earn less than 400 grand, no need to fear the taxman coming to but our hill very tillry vaughn is doing digging. it is less than 400,000. it is a lot, lot less than 400,000 which is a topflight economic term. hill -- hillary vaughn explain. >> it could be for people making as little as $10,000 a year couldp impacted by some of the tax increases ultimately paying more in taxes every year but still even with this analysis out from the joint tax committee, a non-partisan committee that informs congress and provides their analysis, the white house is insisting at the end of the day this $3.5 trillion package will cost

nothing. >> right in the weeds of it now what the size of package looks like but i will also note, we've done this a little bit over the past couple days that this package, the reconciliation package would cost zero dollars. reporter: republicans are jumping on the math problem saying ultimately it will be everyone who is paying higher taxes. >> it is going to cost a lot of money and unfortunately so many democrats in congress don't even think about where this money comes from as higher taxes and it is going to be higher taxes on everyone. reporter: that jibes with what the joint committee on taxation is predict f the tax hikes passed out of the house ways and means committee are the final pay-fors for the reconciliation package they're forecasting that 37% of americans making less than $100,000 would pay more in taxes. for people making between 100 and 200,000 a year, 35% of those people would see their taxes go up. 59% of people making between

200,000 and 500,000 would also end up paying more in taxes. that is a lot of taxpayers that fall under the 400,000-dollar threshold that president biden promised to leave untouched by tax hikes but white house is pushing back on this jct analysis. white house official telling us this, quote, this proposed legislation includes one of the biggest tax cuts for middle class families in history, cutting taxes for 50 million families and four million small businesses, false assumptions with bigbig corporations that turn around share profits with workers fly in the face of the history of trump tax giveaway, how we ended up with the outrageously unfair tax system in the first place. neil, there seems to be quibbling whether or not raising taxes on the wealthy, raising taxes on businesses is ultimately going to trickle down to workers and people making a lot less than that. neil? neil: the administration will

say hiking tobacco taxes going after crowds that go well below the 400,000-dollar figure. thank you very much. hillary vaughn on that. this is not an eye-opening moment for gerry bake if you've been following his writings, his muses on his show "wall street journal at large," running his days at "the wall street journal," he is pretty good following political doublespeak. his column today is great example, every element of my economic plan, the president says is overwhelm ink popular, with everything happening not everybody knows what is in the plan. you just said everything is paid for but you don't know what is in the plan. gerry baker with us right now. you go on to say, you're such a good writer, my friend, you go on to say though mrs. lincoln said of that fateful 1865 ford's theater production, it was a very good play but the problem

is with everything happening not everybody knows what was in it. i thought that was a brilliant point to illustrate your point that one can't jibe with the other. >> exactly. i mean, thank you very much, you're very kind words, neil and a great pleasure to be back with you. thanks for having me. exactly, i mean, you know, alice in wonderland said i can make words mean anything i want them to mean and this seems what this biden administration is doing. president saying first of all the plan is over well mingly popular, people don't know what is in it. maybe the fact they don't know what is it in because that is the reason it is popular because when they find out what's in it they won't like what is in it. this second fiction, talking about this with hillary, jen psaki was on it again yesterday, this fiction that the 3 1/2 trillion dollar program costs nothing and the economic logic behind that supposedly is

that it is all paid for. you know, neil, again as i went on to say in the column kind of like saying that incredibly expensive dinner you had with the bottle of chateau didn't cost you anything because you paid for it. this is a massive spending problem. you can like it or dislike it. you can argue for or against it. you cannot argue that it doesn't cost anything. it is costing huge increases in taxing on corporations and primarily on wealthy individuals. as hillary points out in the report, the jct report, that those tax increases filter down many ways. companies pay high taxes. more profits will be taxed. they will probably raise prices or dividends will fall. that means people who have 401(k)s, you have, this is not, it is not "alice in wonderland." it is not free money. you can't do all this thing and say it doesn't cost anything. you can do it to say we think it's a price worth paying. you can't claim there is no price to it. neil: that is a very good distinction, whether you're paying or someone else is, lot

more originally thought will be paying for it, it is not zero cost, people will pick up the tab. what iless find without playing politics in this, whether you're right or left, this notion you get off scot-free because you're not going to be affected by this at all when we know that companies when their profits are cut or potentially their tax burden is increased thereby cutting their profits, that you know, they're not just going to keep hiring when they did when they first got the tax cuts before the pandemic. we got to a record low 3 1/2% unemployment rate, just the opposite, history bears that out quite consistently. >> that is exactly right. in the left-wing demonology, companies are companies are evil organizations that exploit their workers, to make huge fat cat profits for their owners and managers. in reality companies are what actually produce things in the

economy that make the economy work but secondly in the end, they're owned by all of us. through one way or another, some people own more than others that is true. we all have stakes in them. almost all of us have stakes directly through share holdings, things like 401(k)s or indirectly in the fact we have a stake in the performance of the company doing well for the benefit of the economy and again, exactly as you say it is like putting all of the blame, all of the cost of this on supposedly on a small section of these sort of evil capitalists but we'll all end up paying for it. and that is the equation that needs to be considered. is it worth the money? all these extraordinary things you will do, increased pre-school education or medicare or green energy spending plans, child tax credit, again, argue merits of it, but be clear how it will be paid for and in the end there will be costs for all of us in the economy, and there is a question for all of us, do

we want to make that payment. neil: another food point, this 3 1/2 trillion dollar figure, you touched on certainly "the wall street journal" expanded on that a lot more, phase out for tax credits, what congress will suddenly reverse those? what congress is going to stop those? exponentially takes it up to five 1/2 trillion. as high as eight 1/2 trillion. i had no idea the numbers are so incredibly large, if you think it is stopped there, you could tax the 1%, the study has been done at 100%, that is close to what bernie sanders would call a fair share, and that is not going to cover the cost of this puppy? >> i also point out, also point out in the column this is important too, biden goes on about billionaires and millionaires and companies paying their fair share and not paying their fair share, actually the top 1% of federal income payers now account for 40% of the total federal income tax revenues. that's up from 30%, about 33% 20

years ago. it has been rising steadily. it also means by the way, that the bottom 50% pay only 3% of total income taxes. now that is, again you can, most of us believe in progressive tax system. we believe the wealthy should pay more, contribute more, that we understand that fairness, but there comes a point firstly you're putting too much burden on a smaller and smaller number of people and secondly, i think you really are undermining the very social cohesion that joe biden supposedly is supposed to be trying to achieve because you're basically, you got almost half the population that isn't contributing anything at all. so we're getting to this situation where the government is handing out more and more and more to people who contribute nothing at all. that isn't a recipe for social cohesion. it's a recipe for more stress in society. neil: no. that is putting it mildly. gerry baker, thank you very

much. "wall street journal at large." certain that is too sighs what is people are -- sin that sizes what people are talking about. at that time in the '50s and '60s, 95% of americans were paying taxes. today half of that. that is the problem. more after this. to serve, not s. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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so, we have to continue funding st. jude, because if it weren't for the donors, my daughter may not have made it to her second birthday. now she can show everybody else what true strength is. neil: we're at session lows for the dow jones industrials, right now down about 561 points and nasdaq taking a big ol' tumble today, disproportionately affected by higher rates, this cash flow, obscene cash flows they tend to generate are less attractive when rates back up. with the dow drop, we're not only more seriously in the red for the month but as our own charlie brady, our stocks editor, the man is a genius, "rain man" of finance, definitely a bad quarter, definitely a bad quarter.

walking back and forth on the 12th floor of fox saying definitely bad because, because, with these losses the dow is in negative territory. because the interest rates are backing up. the 10-year note fetching 1.52%. to put it in perspective, early on monday, i remember this, brady might correct me we were 1.80% and in august we were 1.10%. a half-point back up a big deal. how big of a deal, after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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neil: all right. you've heard a lot about these booster shots. pfizer, the president went ahead and had his booster shot and mitch mcconnell had his. they joined about 400,000 people we're told in the united states who received this booster shot over the weekend and they're optimistic many more can sign up. right now target the at those 65 years old or older, those with extenuating circumstances, compromised immune systems, you're diabetic, obese, fit into any of those criteria, you obviously check with your doctor, he or she might recommend you get it, a good many have. dr. bob lahida with us. saint joseph's institute for

autoimmune diseases. doctor, that is a big number, i was surprised it is high, 400,000 what did you think? >> i think it's a great idea, neil. i know in fact many of my colleagues not over 65 getting booster shots, are lining up, health care providers and nurses. i think the booster is good for the pfizer vaccine. if you got the moderna and j&j you have to wait a couple weeks before you get the booster. neil: you can't mix or match. what are the guidelines on this, doctor? if i went to mine and said i need this, sort of patient by patient, right? there is no firm rock policy on this, right? >> you know, actually between you and me i think you can mix and match but the data, dr. walensky from the cdc would say well, no, there is no data yet for the moderna and the j&j but the data are around the corner. it will be very similar to the

pfizer biontech. i don't think people should worry about it. it is not an emergency so you don't have to rush out. talk to your doctor. neil: got it. you know, you probably heard about this kaiser survey that shows the dust-up and confusion over these vaccine booster shots is another reason to say the underlying vaccines have problems and i'm not, i'm not keen on getting vaccinated now, what do you think of that? >> well you know vaccine hesitancy at this point is a matter of judgment for the individual. it is being mandated as you know in many places but the words that are coming out of washington are very confusing. the cdc says one thing. the fda says another. the w.h.o. says another. you know, around i know, that i have been proposing to have one spokesperson, one person, who is very direct and very keenly tuned into the scientific data that should be speaking to the american public. i'm getting questions every day from numerous individuals who are totally confused.

neil: i can't blame them. you know, you're a good source of comfort, doctor, but i tell you everything else is wow, noise. dr. bob lahida, very good seeing you again my friend. thank you for all your help throughout the entire pandemic. keeping people calm. that is a good place to start. now you look at corner of your screen, the dow is down more than 2 and 3/4%. we'll explore what is going on after this. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!

♪ ♪. neil: this indicates good news being bad news interest rates backing up, good news is built on the view that things are picking up at the academy and that may be rates are more reflecting of a growing economy, the problem without the higher rates go it's more competition for stocks, technology stocks in general, it could be a problem because it makes their future payout slow for technology companies a lot less valuable, higher rates can inhibit their growth, i always think this disproportionate reaction to the nasdaq and tech stocks is overdone because there are not any different than any other company feeling the pinch of that but given the enormous run-up you would see in a enormous rundown, these rates hold, will have to see a nonpaid

evidence, that's logical, microsoft, apple and others to. if you're competing with a ten year closing at 1.6% you have a lot more to compete with. is this a justifiable worry at a time when the nasdaq is down about more of the month so is the dow and s&p, now there given the follow-up for the dow looking at a negative quarter, the third quarter which drops up the day after tomorrow, let's get the reed on all of this from lauren simonetti. >> september is almost over there was rocky living up to his expectation what we seen today in recent days as the rotation out of tech into energy from growth to value the nasdaq you mentioned it before the break, the bottom right of your screen is the nasdaq the worst day since may the 12th, almost 3%

416 points, the s&p 500 is down 2.1% were down 94 points, tech has a powerful punch, 40% of s&p 500, energy is 3%. the tech wreck started last week when the feds signaled a taper, for the month when you look at the big mega tech popular names, facebook down 10% this month, alpha and alphabet are down 6% each, if you take a look energy brett pierced 80 bucks, went through $6 through the thermal unit. not only higher but the hit new highs today, these are huge moves for individual stocks but when you look at the impact that a broader market is obviously much smaller because energy is 3% of the s&p 500, the tech weakness also comes at the ten year yield, you were just talking about this spiked a

three-month higher for the fourth day in around, what message is that sending to the rest of the market we can echo what we heard from the fed chair jay powell, he said supply-side restrictions driving inflation have gotten worse, if inflation sticks, longer bond investors may want work compensation, inflation hit the housing market, prices up 20% on the year and you have consumer confidence much lower there is a measure tracked by the conference board surprisingly fell this month to the lowest level in seven months and suggest that economic activity has folded in the delta variant and the fading of the pandemic relief. you have more to add in the d.c. drama with the debt ceiling impact and the urgent warning that we got from the treasury secretary that the u.s. can't pay her bills passed october 18, you've a recipe for a stock selloff that were seen today. neil: thank you so much, lauren simonetti following all of that we want to go to congressman

nancy mace from south carolina she's kind enough to join us, congressman one thing that gets lost in the back and forth with jerome powell on capitol hill today is acknowledge that he was wrong, he did not say it but it's a tragic tory inflation problem and it's more than tragic tory, it will be around a while, hardly warns of fox news alert, i do a very good impression of that alert, this is another bad fall, i'm beginning to wonder at the time that people are deciding whether he should be reappointed, what do you think? >> certainly inflation is heading home to every single american no matter how much money you make and were seen in the grocery store and at the gas pump, it's only going to continue, especially if nancy pelosi passes the infrastructure bill at 1.2 trillion and the additional 3.5 or 4.5 trillion i

don't know what it is i see numbers all over the place this week but if we have that historic spending on top of the record inflation is only going to make matters worse for the american people. neil: the goal now you mentioned nancy pelosi to vote on the bipartisan infrastructure package the lean and mean 1 trillion-dollar package before they take up the issue of the gargantuan like five and a half, how do you feel about that one. >> the $1.2 trillion infrastructure package, i sit on the transportation and infrastructure committee, i had hoped it would be bipartisan and we solve bipartisanship in the senate when it came to the house to be worked on republicans were blocked out of the process included the ranking republican member cm graves, there is 42 new taxes and that bill and the 1.2 trillion ended up being less

than 10% about 110 billion is good to go to roads and bridges of the 110 billion, 70 billion goes the public mass transit so you're only talking about $40 billion going to traditional roads and bridges and a massive historic one point to trillion and other infrastructure package. i cannot sell that to folks in my state or district, even that disregards the way they will spend this money they are using made-up criteria for social equity and environmental justice that is not laid out in law to define and determine how this money will be spent, there is a town in washington state at 30000 people that will get $92 million for a road, i don't get the math on that. neil: republicans are not helping the democrats on the debt ceiling matter, they are coming up with this without republican household and spending they are on their own on the debt ceiling, you think

americans will distinguish culp which party hit them culp, if we end up shutting the government down. >> i don't think so i think americans distrust in congress will blame republicans and democrats alike let's face it historically over the last two decades both republicans and democrats have contributed the tax-and-spend problem issues we've had and we have to keep increasing because the massive spending of the previous administration or previous session of congress, you look at what we've gone through the american people have gone through during covid-19 state and federal local shop business is down and the federal government kept going and record revenues and they haven't done anything to curb the spending problems that we had in the past, present or future.

neil: do you think that we can avoid a shutdown, we gone this way 78 times, way before we were warned, the only dodge in the graveyard because they always say the same thing, they can't possibly have them they never default on something, our credit rating was downgraded because of the theater of the whole process. do you fear that could happen? >> absolutely is hard to say what will happen this week, we were supposed to vote as you know on the infrastructure package yesterday, that got pushed back to thursday we are seeing the democrats in disarray over the spending packages and continuing resolution, it's entirely up in the air which makes for a very messy week and makes for uncertainty in the market nobody knows what would

happen this week. neil: very good seeing you again, thank you for weighing in at love the fact that your bipartisan critic that brought us to this, in the meantime there was another big story besides jerome powell on capitol hill one that's getting more headlines mark milian lloyd austin the chairman of the joint chief of staff talking about afghanistan withdrawal, perhaps the most revealing comment came from general mark milley, it was not pretty but he did warn. >> my job is to provide advice, my responsibility is for legal advice or best military advice to the president, he does not have to agree with that, he does not have to make those decisions because her generals, it would be an incredible act of political defiance for commissioned officer to resign.

neil: saying essentially earlier on he had advised the president leaving 2500 troops for the stability in afghanistan, the president refused taken that advice and we will know what happened here, congressman joined us at a california democratic congressman kind enough to weigh in on all of this, he did seem to say i gave him my advice the advice as we should maintain some troop presence and he ignored it as a president is free to do, the problem with the argument joe biden says he never got that advice from his military advisers, someone is saying something wrong, what is the deal. >> i think president biden has acknowledged it was his decision to withdraw, there have been reports that he had to overrule

surgeon general's and making that decision, i think you made the right decision to withdraw tomorrow when general milley and the committee the question we have to ask why were generals wrong in estimating the strength of the afghan army we have been fed reports that they could not find their way out of a paper bag and what i want to know why did general after general come to congress and overestimate the strength of the afghan army and were they given correct advice on that. neil: this is a very important week, for the president maybe the democratic party if you think about the fallout, the afghanistan fallout nothing of the humongous measures that are waiting in the winds. if they don't happen, let's say the three have trained other package never comes to pass or there are progressives in your party and battle moderate in your party, is a president in

trouble. >> we have to pass this, obviously we don't pass it, it hurts the democratic party, hers the country and the president. that's a matter of fact. there is large consensus and the democratic house caucus on having both the bills passed, and negotiating on what the number should be for the bill back better bill, the question is can we get senator sinema to come up with a number so negotiation can take place, you have a consensus in my view of 48 senators in the house democrats and were waiting on two senators. neil: joe manchin had said earlier it shouldn't be as big as the three and half trillion, he was talking half of that at the time, he never specified or spelled it out but if it were half that, let's say it's 1.7, 1.8 trillion, i'm sure it would be the details that matter to you but would that turn you off?

>> i have said i'm willing to negotiate obviously we started 3.5 trillion which is already less than the 6 trillion that bernie sanders started with, 48 senators have agreed on that the president has asked senator sinema and senator manchin for a number in a framework, let them come up with something with priorities and they will negotiate and i said we need to get behind the president the president has a judgment that this is the best compromise were going to get i think you find a lot of progressive saying okay, i think senator manchin who has a great relationship with president biden will, long, the big variable is senator sinema who hasn't given a number or a framework. neil: the president plans to meet with both of the senators later today. finally we want to get your take are you worried a package of

this size is certainly going to stir? >> the reason i'm not worried there he summarizes the biggest warning signs on inflation and he has said spending over ten years is not like were spending all this money this year that is productive will lean american capacity and won't be inflationary even if you think inflation is more serious as summers does, these packages are over ten years and exacerbate inflation according to him. neil: he left out the possibility that markets anticipate inflation in many of these interest rates are decided in the market, they might be in a shock reaction and rise, but you think that would be decade? >> let me tell you what i think there is two things that we could do to tackle inflation,

the easy policy of the fed that led to acid prices and plating. and getting investment in semi conductor and shortages for supply chain so we can produce more product, it seems like we cannot bipartisan agreement and i want to say representative and i have worked together all the time so even though we disagree she is one of the people that crosses the aisle and appreciate her service. neil: as do you, california congressman following this very closely congressman was referring what it could do to get ahead of this inflation problem by tapering and buying fewer treasury securities that are propped up the market and a clear indication from jerome powell that probably will happen sooner than later maybe as soon as next month the market weighing that, were pushing the yield back as a result on the belief that the fed is going to take the punch bowl away, the only issue is when, the feeling

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neil: when the federal reserve chairman acknowledges that the inflation is in transitory, i think we have gotten past the point that it is. that reality hitting home for the markets and even though oil so to speak just like west texas intermediate, prices are in and out as a three-year high regardless whether you're talking about crude use their oral crude used here, double we me and it's not easy not at all, phil flynn on what could be going on and how long it's likely to last, you had outlined all of this quite nicely a few weeks back saying this isn't like phenomenon, how do you feel now? >> i think more people are realizing it's not a party phenomenon even the fed chairman

and treasury secretary janet yellen i think we are starting to see the ramifications of underinvestment in the energy sector taking it for granted in a rush to get off fossil fuels with the green energy transition without thinking about the consequences. if you look at around the globe we have an energy crisis right now, it's not going to happen next week is happening in places like china where they can't get enough coal so they're using more natural gas, rolling blackouts, is spread to the uk where the wind isn't blowing and the windmills don't go so they don't have energy enacted by other forms of energy, europe depends on russia for their fuels and russia is being stingy with fuels and i'm afraid this could be coming into tractions what we could see in the united states if we don't get our act together right away. neil: i always worry i know history does not repeat itself

but sometimes it rhymes a lot of people raising stagflation, prices running out of control even as the economy slows, that was a nightmare of the 1970s, could something like that happen? >> i think it is happening, that is the problem and if you wanted to create stagflation our friends down in washington are doing exactly that, let's raise taxes. money and put out a bunch of new regulations and one of our strongest energies, the energy sector put on a carbon tax, drilling moratoriums, what you're doing you are raising prices and slowing growth, the uncertainty is really hitting america, look at consumer confidence people are getting concerned about their finances there looking at what they have to pay at the gas pump every day, they look at what their

heating bills going to be this winter and it impacted the academy now. neil: it certainly is but don't say nobody didn't warn us about this, phil flynn let's go to edward lawrence he is following a separate issue that might contribute to this data supply chain disruption including getting oil to all the right places at the right times. it's a multifaceted problem. >> it really is there's a lot of finger-pointing going on where the issue stand but let's look at the fact you have cargo ships that are sitting off the coast of the port of long beach and the port of los angeles in 60 of them have been there is about a three week wait time to get a dock to offload the goods that they are holding it's partly because they are operating at 1n issue in worker shortages an issue, dock truck drivers says the backlog is making the stuff

that we buy more expensive. >> when you look at shipping rates that have skyrocketed over the past 12 - 18 months, that cost needs to be passed on to consumers. because shippers are paying much more ten times the amount to move a container from asia to the united states is very possible consumer at the end of the day is going to be feeling the pinch through higher prices. >> the chairman of the federal reserve address this at the banking committee today, he says inflation will be larger, has been larger and will be long-lasting or longer-lasting than they anticipated. >> restrictions that are at the heart of the inflation that we are seeing have not only knock on better there actually in some cases worse, look at the ships with the anchors outside of los angeles, this is a mismatch between demand and supply and we

need the supply blockages to alleviate and abate before inflation can come down. neil: you added the biden administration to increase regulation on the oil industry the president limiting drilling options making the u.s. reliance, the price of gas increases that adds to the cost of everything that we buy because the goods on ships get put on trucks or trains and shipped elsewhere in the country that all takes gas to run if the gas is expensive the stuff that we buy is carried on the transportation areas that is also more expensive. again, inflation, back to you. neil: thank you very much, when we come back here we've been talking at the border, it's far from me, what is not as a drug problem that's come as a result, it's gotten so bad west virginia attorney general wanted to come here to explain that whether you're near the border or not

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neil: you see the images from the border imagine living near the border and putting up with this surge day in and day out, jeff is signing off in del rio texas indy has more. >> of the same situation repeats itself on the rio grande yet migrant group after migrant group streaming into the u.s., just today we've seen 15 different people making the journey from venezuela but in some spots along the border the river is the only barrier that separates these folks from the destination they so desperately desire. he has known the waters of the rio grande his entire life. >> i love this river miles and miles and miles and i've never

had one instance of problems. >> you notice the change in times when it comes to the river that separates texas and mexico. >> it is crazy and never seen anything like it. >> some days it's five or six and other days more but nothing prepared him for the thousands upon thousands of migrants who poured across recently seeking the american dream. >> to get me wrong i feel bad for these folks but how do you handle migration like that. >> with a steady stream of migrants folks in the rio grande really have to slow down and pay attention with so many people trying to cross the river, with politics dividing how to fit the immigration system the border crossings are showing no signs of slowing down. >> it makes me sick to my stomach to watch this, what are we going to do and how are we going to handle this, how can we handle this.

>> the situation isn't getting any better, sources tell us there could be another massive caravan around the corner authorities are tracking a group of 20000 people that crossed into southern mexico heading north could arrive along the us-mexico border within weeks. neil: just incredible, thank you very much. patrick morsi joined us right now, the attorney general from the beta posted of west virginia he's concerned on what's going on at the border but what's coming across the border as a result, not just people who shouldn't be here but drugs that no one wants here, it's got to be an epic problem, good to have you, maybe spell it out for us. >> first of all thank you for having me back on this is a great untold story, here in west virginia we feel the effects of the immigration crisis at the border, through illicit drugs that are flooding interstate, we

know some policies have changed, is becoming easier and easier for these illicit drugs to flow through the border and they ultimately will make their way up to states like west virginia, bar counties with insignificant upticks in the amount of fat no coming in and we know there's been a huge problem for fentanyl for many years we see particular increases this year, that is a big problem, what are the reasons i follow the lawsuit against the biden administration is to get people focused when you're dealing with border security, you also have to deal with the drug trafficking problem and right now the mexican drug cartels are having a field day because if you look at the numbers of people coming and, even this administration is saying they're trying to catch four out of five people to stop them from illicit drug perspective, that means one out of five can come in with a backpack in common with enough fentanyl to destroy many cities and counties across the country,

america needs to focus on this incredibly important issue, it's an untold story but it's affecting a lot in the heartland. neil: what do you hope to achieve through your suit. >> we are trying to get this administration to reverse sports and prioritize fighting drug trafficking at the border, we know there is huge problems occurring, the drug cartels see huge marketplace north and the trying to flood drugs over the border when you end up spending most of your time focusing on migration and asylum and ud prioritize drug trafficking which is what's been happening that's when you see the huge numbers we want them to reverse course we thought to remain and mexico policy was obviously helpful, there's a lot more work to be done to focus energy and resources on the border but they have to get their act together

quickly because otherwise we will not only see a flooding of immigrants coming in, we will see the death tolls from that no continue to skyrocket and we can point to the border for one of the reasons. neil: please keep us posted the west virginia attorney keeping this effort to deal with the drug, it is as synergistic significant surge that numbers do not deny we will follow all of that, following the selloff on wall street it is affecting those that used to be alternative investments when the stocks were cascading, including bitcoin, what is going on there? more after this.

neil: wall street firms are reviewing things not talking about the selloff were getting personnel back to work i'm talking about something entirely different charlie gasparino to spell it out. >> after the murder of george floyd last year every company in america particular in the wall street begin inclusion and diversity seminars to reflect the times that we were in, right now a year later and there is some rethinking of some of the seminars from what i understand these are my sources at major banks, j.p. morgan, morgan stanley, goldman sachs, merrill lynch that they worry that they started essentially promoting not just inclusion diversity seminars but stuff that was divisive and one of the problems that seeped into some of the seminars is a critical race theory that is a broad term used

to describe a way to look at american history and whether america is a racist country or not and basically have seminars at the corporate level what i think a lot of these firms found, that was causing more division that inclusion and they have a lot of complaints from employees from what i understand that is being rethought for looking at diversity seminars and trying to figure out how far do we go and whether we should include critical race theory which is a broad term there is no one definition although the manhattan institute scholar has done an amazing job uncovering the sudden american express where he showed how they were seminars where people were taught how horrible this country was, this is a company known as american express saying how bad america is if you can get your hands around that.

for all our faults we have a lot of faults that we need to better but there's a lot of good and a lot of reasons to come together, that's a theory going forward and for stories that are published at the manhattan institute website, i put several calls understating it, and something to react, he is documentary evidence which i've seen about the seminars. they have not commented they refused to comment i am sending them e-mails every other day calling them up, they obviously have their head on the desk not wanting this to go away i don't think it will go away, we live

in a difficult era, we should have an open dialogue of what's wrong with this country, the question is in the corporate training seminars do you do stuff the underscore differences as opposed to bring people together and that's what wall street is grappling with the crt stuff is on the way out from what i understand. neil: thank you very much, in the meantime nasdaq selloff it's come back a little bit not so much the dow but the fact of the matter is an awful pay for those investments where are buyers going, in the past we see it dropping in the stock market we see bitcoin pickup that is not been happening, the bitcoin foundation chairman, good to have you, is there a disconnect with what we thought as an alternative investment reaction to bitcoin on bad stock days, just the opposite of good stock days, how do you explain what is

going on. >> it certainly doesn't seem to be uncorrelated as one would expect, i suspect that will become true with time. obviously the market has performed well over time is a volatile market as everybody knows and very difficult to predict where the market is going and there's a lot of things that have happened, china has cracked down on bitcoin and crypto currency in a massive way this last month or two starting with mining and everything which is created a tremendous opportunity for the united states and the western world. neil: if you think about it even in our country, he wants to tame the wild west investment as he calls it he is raining and on the party, does it worry you? >> i thought he was going to be a positive for the industry and

someone who has spent time working in the space, i am rather surprised by the position that he is taken but we talk about the wild west it's worth remembering the wild west became california, we don't want to lose the california that in-house strobe revolution is that the forefront of innovation, i pray that we stay that way. neil: kathy what and others that recognize this is a good investment, is says in a few years ago be half a million dollar investment versus around 41300, do you agree with that? >> i do i cannot tell you when within a few years that's a real possibility not a certainty and is really depended upon the other contribute in factors we printed over $20 trillion there is a lot of concern about everything that is going on with the financial system which is

why money is running into stocks and unprecedented ways and real estate prices are booming, it is hard and there's so much complexity of what's going on in the world and the interconnectedness of the nation's financial systems, i certainly hope nothing bad happens i want to see the world upgrading the evolutionary way not a chaotic revolutionary way that we live in unusual and interesting times. neil: you saw this long before most and very wealthy as a result, are you tempted to take more off the table just in case. >> my portfolio i have a lot of real estate assets as a store of value, even in precious metals like gold and silver, not in a major way relative to crypto currency positions, lots of hard assets, i am not all in on

crypto's largest asset in my portfolio but i'm heavily invested in other areas where i view safe stores of value i am concerned, we're probably looking at substantial inflation or hypertension you cannot. this money without expecting something to happen, unprecedented. neil: you are watching your bets which wise investors would do. >> i can't say i'm wise but i aspire to be in i try to be patient and prudent and all the things that i do and purposeful, everything that i do is to make the world a better place. neil: i looked at your record, you have a good past dealing with that. the bitcoin foundation chairman he's ran into some storms but if he's right this alternate investment might get through it, we shall see.

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restaurant owner where you have to be a covid vaccine police make sure everyone's vaccinated where they will find you your also dealing with inflation and the run-up of all the prices and now you're dealing with crime the number one worry of those returning to their offices in the new york metropolitan area not so much the pandemic, the crime. you don't know but it's an iconic name sandwiches as big as me, a bit not that big but pretty close and your kind enough to join us, how is business these days? >> taking for having me on, obviously is not what it was pre-pandemic but between stores coming back to normal and online shipping business.

neil: how do you handle the whole covid thing and you have to check if customers are vaccinated you only have so many unstaffed, how do you deal with it. >> we had someone at the door when you come and you get a ticket and we already have someone positioned at the door so as compared to smaller restaurants or bars are in a position, were kinda designed to be able, it's not the easiest thing is not the most fun but you do what you gotta do to survive and hope for the best. >> they will happily wait, you have been seen, it makes it a dicier environment.

>> is the trickiest time to navigate were tried to do the best we can to figure it out and were also trying to promote shipping a little more it's getting harder and harder to visit us so we focused a lot on our nationwide and we view these partnerships, we do all these fun things that can bring the food and experience to your home when he gets difficult to get here. neil: i'm not quite get that you get away without one. you must explain. >> it actually started as an april fools joke and i guess the response was overwhelming and people were intrigued by, we spent the last summer developing

a recipe and i worked very closely in the distillery we were on calls just like this going back and forth, i will say if you looking for something boozy that's not my world i'm a deli guy and make sandwiches. neil: last question what are you doing. >> this is the longest they have all day since 5:00 a.m., i am constantly moving around, i'm carrying barrels of pickles around were in the warehouse shipping things all day. that's the secret to the test. neil: i heard about this movement thing. thank you if you have never been there is an iconic place, the

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neil: all right. still keeping an eye on inflation, and the worry there. i always had inflation sticks until we stop buying things. you might be perfectly okay paying $20 for a pastrami sandwich. you might throw up the line when it comes to everyday items to switch that off. so far the american people are dealing inflation. let's see how long the markets can. here is charles payne. >> neil, thank you very much. good afternoon, everyone, i'm charles payne. this is "making money." the 10-year bond yield is breaking out with speed to the upside. this brings back memories of march. you remember bond yield spikes, stock market got slammed. especially growth laden nasdaq. tina, the only game in town is that about to change? my market bros have ideas and how to navigate. this the electric vehicle races, it