and the answer to all those questions are where we'll be in three months. charles: right now we're rocking , again, shana congratulations and david, always appreciate having you on, folks, pretty good hour, you know, we're sort of edging our way up. you gotta understand, there's so much happening over the next 72 hours, you know, starting with the fed, ending with the jobs report, but i've gotta tell you liz claman, right now, i'm very impressed. liz: well, are you impressed with avis, charles? charles: no i'm not because i sold it last month. stop rubbing it in. liz: dummy. i mean, its moved up 138 spots to the number three most mentioned stock, and we'll show it to you in just a second but i've got a question for you guys do you think we'll close above dow 36,000 for the first time ever? the new record could be cracked in 59 minutes right here, the four other majors on your screen, also on track to close at never-before seen heights and by the way for the transports they're up right now, is that

correct? 1,007 points if the dow transports gain just a quarter of a point, that will be the first record for that index since may, but will the market gods be as generous with records starting tomorrow? that's when we're expecting jay powell & company, the federal reserve, to announce its plan to pullback on its $120 billion bond purchase program. our floor show geniuses are here to game out the exact scenario and perhaps just as important, what happens right after, to bonds, to stocks, and everything else. meanwhile, president joe biden going to hold a press conference this hour, after signing historic climate change agreements at the u.n. climate summit in scotland, as we carry it live, what you're going to see , because we've set this up for you, is is that you will simultaneously see which stocks and sectors are jumping and which ones might be dropping on this news. coal burning utility ceo turned clean energy pioneer david crane knows both sides of the emissions debate.

he's going to hand down his verdict on whether president biden's plan is bulls or a bust and cryptocurrency investors never saw it coming, the squid token scam that just blew up in their faces and wallets, might now give the securities and exchange commission gary gensler the exact ammo he was looking for to crackdown on what he calls the wild west of crypto. what happened and how many millions of dollars have suddenly disappeared and could regulation have prevented that? but first, we've gotta start with a fox business alert folks we're about to show you a realtime short squeeze. take a look at shares of avis budget group right now they are jumping 100% at the moment, to $342.15 the car rental company, up an astounding jump here today after strong quarterly results including a record adjusted pre-tax profit of $1 billion and very bullish outlook for the rental car market but is that worthy of

this kind of jump? in fact, avis has been so volatile that shares have been halted numerous times surging as much as 218% during this session alone. now, why are we calling this a potential short squeeze? well because short interest in the stock has risen sharply since july, going from 8 million to 13 million shares, indicating that what we're seeing is a short covering frenzy. avis budget is also a member of the dow transports by the way and is contributing no doubt to its 1,000-point leap into record territory. we're keeping an eye on that because again what did i just say to charles that it is one of the most chatted about stock names in the meme stock chat room. transports, yes let's get to that because it is joining the major averages in the land of records. we begin with a fox business alert as we kickoff this final hour, the melt-up momentum is on , but at this time tomorrow, the federal reserve, let me use my new favorite one here, may officially rug pull the punch bowl, aka pull it out,

taper, after more than a year and a half of stimulus in the form of $120 billion monthly bond purchases, the fed may have no choice but to start tapering or trimming as early as november 15 because all this stimulus is contributing to inflation. hard evidence, folks, some sher win williams stores quietly tacked on a 4% supply chain surcharge on paint purchases due to climbing raw materials prices. tesla citing supply chain blockages and increased demand has raised prices on its model 3 and y by $2,000 a piece and hiked model s and x price tags by 5,000, as consumers rush to horde toilet paper, manufactures charmin also raised prices on the household staple and the cost of your cup of joe is heating up, nestle asking consumers to shoulder its higher cost on its brands. so will doug's cry tomorrow at the hawks as they take over at the fed, joining me now andy bre

nner, and a very very close fed watcher, along with phil flynn of price futures group. guys, fed voters drink coffee and paint their houses too as last i checked. they see this inflation, they must so andy, game it, what will the fed announce tomorrow, specifically. be very detailed here. >> first of all, you're absolutely right, liz. inflation is out of control. it's going to continue to be out of control for the foreseeable future. what the fed is going to do tomorrow is it's a doveish taper what they are going to do is announce the tapering, it's going to be 10 billion a month for treasuries, 5 billion a month for mortgages, it's going to start november 15, we think the fed may or may not remove the word transitory from their verbage but we do not see the fed doing anything about anticipating rate increases. now, we pointed out yesterday, and we pointed out again this morning, that goldman sachs raised their target for when the fed starts to raise rates, from july of 2023 to july of 2022.

you know, we had a couple of other people come in and we now see a couple of rate rises, in 2022, but i don't think we're going to see evidence of that in the bond market tomorrow. in fact if anything, if the fed does not say anything about raising rates we expect a rally, we seen five years which got to 125, now at 115, we think they could go to 92, but liz, you heard it here first. within a couple of months tapering is going to push bond yields significantly higher, significantly higher. liz: okay we're at 1.55% at the moment for the 10 year. how high, andy and then i'll get to phil. >> well the first thing you've gotta do is go through 170 and 176, you could go through there as quickly as friday, with a great unemployment number, but i think you're eventually going to go to 2, 210. liz: whoa all right phil what do you predict the fed will do and why does it matter if they take out the word transitory?

isn't that just crying uncle, the truth is, we are seeing inflation and it is hanging around. >> well i think it's going to acknowledge the fact that what everybody knows, liz, is that they have a problem right now and this problem could be a situation where it's going to force them to raise interest rates a lot sooner than what andy thinks and i think andy is absolutely right. i think this is one of the most important fed meetings, because the way that they nuance this , really could impact not only bond yields but what's going to happen with the stock market as well. right now, the stock market is in happy land right now because they think that the fed is going to taper, i call it the turkey taper, right, right before thanksgiving, it starts to taper a little bit, but then after that, they have to acknowledge that the supply chain issues are having big problems. look around at energy prices right now, you've got president biden in glasgow scotland talking about reducing methane emissions, sounds great, right? good for the environment but the

problem is it's going to raise prices for oil & gas at home that are already rising and andy hit it on the head. when are we going to see the demand destruction come in. where is this going to hurt consumer spending? already consumers are angry at rising gasoline prices. their heating bills are going to be double or triple what they were a year ago and it could be worse if we get a cold winter so the fed has to acknowledge the fact that they have to reign in some of this inflation and do it as quickly as they can. liz: andy we've gotta run i do need to ask you if you're writing the history books five years from now, will you be writing that the fed was behind the 8 ball when it came to getting rid of tapering and tightening rates? >> fed is so far behind the 8 ball, liz it's embarrassing and i hope they catch up as soon as they can, but i just don't see it happening tomorrow. liz: andy brenner, but he says it's going to start november 15 for tapering at least phil flynn great to have you both and fox business is going to have all the fed action tomorrow, folks i

can't stress enough what an important day it will be to watch us and the stock market, 2:00 p.m. eastern, the announced fed decision comes but then, 2: 30 p.m. all the way to about 20 minutes into the "clayman countdown", fed chair powell will hold his november press conference and that is where the markets could really start to juke. we'll carry it all and have complete post-game analysis on the "clayman countdown" beginning 3:00 p.m. eastern. crypto fans listen up. beware, the rug pull. that is the latest verb sprouting out of the shadowy and sometimes dangerous world of crypto investing. wait until you hear what happened to buyers of the squid token, the latest shiny digital currency object, when the rug was pulled out from under them yesterday. it ain't pretty. we'll tell you what went down and whether it hands regulators the very weapon they needed to regulate the wild west of crypto closing bell ringing in 51 minutes, dow, nasdaq, s&p,

russel and the transports all at records right now. charlie breaks it, next. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com ♪ ♪ there are beautiful ideas that remain in the dark.

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liz: breaking news, we are going to scotland right now, where president joe biden is about to speak at this very moment to take questions from the media at the cop-26 in glasgow talking about brand new rules regarding climate change. let's listen in. >> back in the paris agreement raising domestic climate ambitions and demonstrating the commitment to support the rest of the world particularly those countries that are on the front lines of the climate crisis. today, today i spoke with leader s about island nation, developing countries, my message to them was the united states is going to be their partner as we make this climate crisis, and i want to thank the united kingdom and prime minister johnson for hosting the world at a critical moment as well as i met with prince charles whose put together a very significant operation over the last six, seven years, to try and bring in the private sector and to work on a number of these issues.

glasgow must be a start as you're tired of hearing me say it but a decisive decade of action, so we can keep the limit of 1.5 degrees within the reach of us and the rest of the world. we have to keep accelerate accelerating our progress, today 's agreement by more than 100 countries, representing 85% of the world's forest and reverse deforestation by 2030 is a great example of the kind of ambition we need indiana and the united states is proud to have initiated and supported it. for our part, the united states is going to keep raising the ambition and delivering the goal that we are reducing u.s. emissions by 50-52%, as secretary kerry talked about from the 2005 levels by 2030. this decade we have to make significant progress and by the way, i can't think of any two days or more has been

accomplished dealing with climate than these two days. overall, in the past two day, i've announced a series of initiatives that are going to make sure we hit the target of including today two new rules to reduce methane losses for new and existing oil & gas operation s, and from natural gas pipelines. thanks to the effort of our joint effort with the eu, we've grown global methane pledge and remember i raised it when i spoke to the united nations from nine countries signing on to that pledge in september at the united nations more than 100 countries have signed on, it's about half the world's methane emissions, 70% of the world's global gdp. we made commitments to promote climate smart agriculture, spur innovation, catalyze private finance for clean economy and to drive high standard clean climate resilient infrastructure through the build back better

initiative. we had a great meeting today where we sat and talked about the whole focus of my build back better initiative which is adopted by the g-7, was that everything should be focused on as we help the infrastructure and the rest of the world which needs it badly, focused on climate. climate. the example is if you build an oil well, assuming you build a gas or oil refinery, you're going to have that for next 30 years. well why not invest now if we're going to provide for the help for the united nations and solar capacity or wind capacity, so the point is, although we also brought through the new president's emergency plan for adaptation and resilience, we called it, i'm getting tired of acronyms but it's called a prepare. we're going to support climate adaptation efforts to more than half a billion people worldwide. we also released our overall long term strategy to outline

how we'll get to netzero emissions by 2050. you know, we know that this must be a whole society effort and also want to thank the representatives from the private sector and from labor and philanthropy and civil society who dead dedicate themselves for the climate action we're making here. that leadership together with action by state and local and tribal governments has been essential in the united states. that's why despite the previous administration's pulling us out of the paris agreement, and refusing to even acknowledge there was a climate crisis, we still brought down emissions during that period. i also want to acknowledge the passion and power of the young people and the activists who were doing such vital work to remind us of our moral obligation to future generations. but look as i said yesterday, it's not just a moral imperative it's an economic imperative as well, investing in our clean energy future is an enormous

opportunity, enormous opportunity for every country to create good paying jobs, and spur a broad based economic recovery. as i've said you've heard me say it before, when i think of climate crisis i think of jobs, and that's what the build back better framework will do for the american people. it's going to bring historic investment in clean energy, addressing the climate crisis, it's going to cut greenhouse gas emissions by well over a gigaton by 2030 it's going to save consumers money on their energy bills with tax credits for things like installing solar panels of their own and it's also going to provide manufacturing credits to make sure the united states is competing in energy markets of the future like solar panels and wind turbines and also accelerate electric vehicles and electric school buses and build a nationwide network of 500,000 charging stations to power them. it's about jobs, it's about competitiveness versus come

place come place ensemble, it's about making the world safer, cleaner, healthier and place for our children all around the world to look to the future in a way they can't now and so there's so many other things that have happened today that i feel good about, but let me start, if you will, by i'll be happy to take your questions. phil? you got a question? watching on tv a lot. reporter: thank you very much, mr. president. you noted your disappointment with chinese actions on climate in rome and also the lack of willingness from choice xi-jinping to show up at the g- 20 or cop-26 but i wanted to ask more broadly when you assess where things stand right now in u.s. china relationships after your first 10 months in office, your diplomats have had difficulty engaging in substance of manner with some of their counterparts you have a chinese military that has tested a hypersonic missile this summer

and building its nuclear capability. what is your general assessment of where things stand and are you concerned that the potential forearmed conflict has grown over the course of your first 10 months in office? >> well, let me start off by addressing the first part, of not the question, the statement, and that is that i indicated that china and russia not showing up in saudi arabia was a problem. we showed up. we showed up and by showing up, we've had a profound impact on the way i think the rest of the world is looking at the united states and its leadership role. i think its been a big mistake, quite frankly, for china, going back to china not showing up, the rest of the world is going to look to china and say what value additive are they providing, and they've lost an ability to influence people around the world and all the people here and the same way i would argue with regard to russia. with regard to the more profound

question about am i worried about an armed conflict or some of that accidentally occurring with china. no, i'm not, but i have had as i've said before, i think we've talked about this , i maybe mistaken, that i think, as i've said, i look at china, and i've had hours of conversations with xi-jinping, both in pes person when i was vice president and since i've been president, at least five or six hours worth of conversation s on the telephone, and i'm going to be having a virtual summit with him. i've made it clear. this is competition. it does not have to be conflict. there's no reason there need to be conflict but i've also indicated to him and so i don't, i'm not reluctant to say it publicly, that we expect him to play by the rules of the road. we're not going to change our attitude toward international air space, international sea

lanes, et cetera. we also have made it clear that we have to work on dealing with things like cybersecurity and a whole range of other issues, but i'm not looking for , i don't anticipate there will be a need for , there be physical conflict , but you know, as you've heard me say this before, my dad had an expression. he said the only conflict worse than one that's intended is one that's unintended. one that's unintended, and so in my meetings with him virtually coming up, we haven't set the exact date yet, i want to make sure there's no misunderstanding. it's competition not conflict and so there's no unintended. peter? reporter: mr. president, your touting on this visit your 1.7 abby: trillion dollars plan that includes climate but your party is still not united behind it. senator joe manchin yesterday

called it budget gimmicks, shell games and a recipe for economic crisis. today he said he never signed off on the framework so do you have a specific commitment from senator manchin to support your build back better bill, yes or no, and how do you respond to those criticisms? and i have a quick follow-up. >> number one, i'm not going to talk about the specifics of my conversations. he will vote for this if we have in this proposal what he has anticipated and that is looking at the fine print of the detail of what comes out of the house in terms of the actual legislative initiatives. i believe that joe will be there with regard to the issue of whether or not he thinks that he's worried about this being inflationary or negative impact in the economy, i think that i've made it clear to joe and will continue to and we will, that i apologize for repeating it, peter but 17 economics that

is going to lower inflation, raise wages, increase competition, create 2 million jobs a year, et cetera, and so i think that i understand that joe is looking for the precise detail to make sure nothing got slipped in in terms of the way in which the legislation got written that is different than he acknowledged he would agree to, but i think we'll get this done. reporter: you mentioned the word inflation there, you recently said you have no short-term answer to bring down gas prices but as you know it's not just gas prices now, rents are up, the cost of everyday items are up, inflation in the u.s. is at a 13-year high so when specifically should americans expect those prices to come down >> well, look. first of all, the significant reason why prices are up is because of covid affecting the supply chain.

i'm not trying to be, i know you know this , number one. number two, if you take a look at gas prices, and you take a look at oil prices, that is a consequence of thus far the refusal of russia or the opec nations to pump more oil, and we'll see what happens on that score sooner than later. number three. i think if you take a look at what we're talking about, you look to this coming thanksgiving we're in a situation where we find that we are in a very different circumstance. last thanksgiving, as i've said this year, we're working on supply chain. well last thanksgiving, i sat down with my wife, my daughter,

and my son-in-law. this thanksgiving, we're all in a very different circumstance. things are a hell of a lot better, and the wages have gone up higher, faster than inflation and we have generated real economic growth. it doesn't mean these dislocations aren't real. they do affect people's lives. for example, one of the reasons why i decided to talk about the need to deal with the operation and the gouging in some of the pricing of beef and chicken and other things is that that's why i think that's why i indicated to you we're going to look at whether or not there's a violation of anti-trust laws, and what they're doing, so there's a lot to look at but the bottom line is that i think that and anyone who would prefer as bad as things are in terms of prices helping, hurting families

now, trade this thanksgiving for last thanksgiving. jen epstein, wall street journal excuse me, i beg your pardon. reporter: bloomberg. >> i got it especially since my granddaughter works for you guys under a different circumstance, so i'm in trouble. reporter: i'm going to ask a very bloomberg question to begin , which is have you decided who you'll nominate to chair the federal reserve board and if not can you speak a little bit about what you're thinking about as you consider your choice for fed chair and the other seats that are open, and the latest that a president has gone without nominating somebody the year before a nominee needs to be selected and are you concerned about potentially having a short timeline, especially if you aren't going to renominate jay powell. >> no, no, and no. no i'm not going to discuss it

with you because we'll be making those announcements fairly quickly. its been in training for sometime, number one and number two, i also would indicate that i think we're going to have plenty of time to make sure all the major nominees are able to be cleared in time, where their terms would expire and number three, i've given a lot of thought to it and i've been meeting with my economic advisors on what the best choices are we have a lot of good choices though i'm not going to speculate now. nancy cbs. i think you had your hand up i'm sorry, did you? reporter: thank you very much, mr. president. some of the commitments you made here won't happen unless congress passes future legislation. how do you convince republicans and even some democrats to get behind more spending, if they look at this conference and

say china isn't meeting these global goals, russia doesn't intend to meet global goals, india doesn't plan to, why should we? >> because we want to be able to breathe and we want to be able to lead the world. look, i mean it sincerely. i think, talking for another leader but the fact that china, china, understandably, a new role in the world as a world leader, not showing up, come on. the single-most important thing that's got the attention of the world is climate, everywhere , from iceland to australia. it just is gigantic issue and i've walked away. how do you do that and claim to be able to have any leadership now? the same with putin and russia. his tongue is burning, literally

, he has serious serious climate problems, and he is mum on willingness to do anything, and so i genuinely believe, and i mean this from the bottom of my heart. when i said at the g-7 that america was back, people wonder ed whether well is that really true? well we're able to change the dynamic of a lot of things coming out of the g-7. i think, what i'm about to say sounds awfully self-serving. two world leaders came up to me today and said thank you for your leadership, you're making a big difference here, you're moving people. i think you and i talked about that with one of the folks talking with us, and so i think the fact that america showed up, america showed up and decided to layout clearly what it wished to do.

for example, as i said the mere fact that we were able to go from seven or eight people or countries talking about or maybe it was 14 i don't remember the original number, to deal with the whole notion of methane. now, 100 nations have signed on. 100 nations, 100 nations have signed on to reduce methane by 30%, by 3030 and methane is 25 times more toxic to the environment than co 2. so we're making real progress, with the deforestation issue, look what we're doing, look what we've been able to put together and in addition to that, one of the things that i feel the best about, and i don't claim unique ly any unique credit for it but i think that we've gotten it for the first time, a combination of in dealing with international problem of that

circumstances affect all nations that we've not only gotten countries off the side line in terms of making significant financial contributions but literally, literally, trillions of dollars worth of the private sector jumping in knowing they've got to play and they're going to play an incredibly positive part in dealing with these problems. it's real. it's genuine and so i just think that that old bad expression, proof of the pudding is in the eating. i feel confident we're going to get done what we have to do at home in order to deliver and lastly, if you take a look at what economies growing, united states. it's growing. it has problems, mainly because of covid and supply chain but it's growing. we've created over 6 million jobs, we're leading the world in terms of the fastest-growing

economy, major economies, so i think we're going through a difficult time in the world because of covid, because of supply chain consequences, because of the environment and all that's occurred the way it's in fact imploded in the mid-term , but as i said to you earlier and i really mean it i think it presents a gigantic opportunity, an opportunity to a sense press the restart button and move in a direction that i think the vast majority of countries and look, i'm sure you interview other world leaders that are here. the vast majority think this is an opportunity, i'm not quite sure exactly what to do, exactly how to do it, not that i have all the answers, i'm not implying that, but they know that. they know that growth rests in dealing with the economy in a way that affects the whole

notion of what we're going to do about climate change. it's a gigantic opportunity. okay, i call on the wall street journal, katherine, i've got the wrong one, sorry let's try the real wall street journal. reporter: thank you very much, we are the real wall street journal. mr. president, you tweeted earlier asking virginia and new jersey residents to vote. democrat terry mcauliffe is struggling in a state that you won by 10 points. do you see his problems as a reb uke of your presidency and could this signal your real losses for democrats in the mid-terms? >> we're going to win. i think we're going to win in virginia, and you know, you reported it being close. the race is very close, so it's about who shows up, who turns out, and granted i did win by a large margin, but the point of the matter is that i think that this is going to be who we all knew from the beginning it's going to be a tight race and it

is tight and you get down to turnout, and it's going to, my guess is i'm going to be landing at 1:00 in the morning east coast time, that's probably about the time we'll be hearing what the final results are. i think we'll win new jersey as well, but look, you know, the off year is always unpredictable, especially when we don't have a general election going on at the same time. that's been the case up and down for a long time especially as virginia turns more and more blue, but having said that, i don't believe, and i've not seen any evidence that whether or not i am doing well or poorly, whether or not i've got my agenda passed or not, is going to have any real impact on winning or losing. even if we had passed my agenda, i wouldn't claim we won because biden's agenda passed, so but i think it's going to be very

close. i think it's going to get down to as you all know, turnout and i think that based on what i have heard so far, it's awful hard for me to be prognosticatin g, which i don't like doing as president anyway from overseas, but i hope that every eligible voter in virginia and new jersey shows up and votes and the more that do the better off i think our chances are and i think we're going to win. okay? all right npr. scott? reporter: you mentioned climate activist before and i want to ask something about them. you're touting agreements other world leaders have touted agreements but the atmosphere around the conference is skeptical and it's pretty angry. climate activists feel like decades and decades have led to broken promises and they feel like even if all those goals are

reached you're talking about the last few days it's just not enough right now and i'm wondering what you would say to the people outside who are really angry at this conference especially at this moment where joe manchin has expressed, has created more doubt that your climate legislation will pass and you've got a very conservative supreme court about to take a look at whether your e pa can regulate greenhouse gas emissions whats your message to people outside who is worried this isn't enough given the crisis. >> first of all, i think anyone who is focused on the environment should be worried. we've got a lot more to do beyond what we've done. we've done more than we've ever done though, that's the point, and more has to be done, and i don't find, i didn't have a single member of the , of this conference, come up to me and say, are you going to pass what you have and how is that going to affect it and what are you going to do? what they're looking at is what in fact happened in terms of everything from dealing with deforestation to what we're

going to do on build back better and how we've been able to focus now. i mean when's the last time you heard world leaders sit down together and say what they are going to do is when they deal with the needs of the infrastructure of other countries they are going to focus first and foremost on whether or not what the climate impact is on that, so i think, look. this is a, there's a reason for people to be worried. i'm worried. i'm worried if we don't continue to move forward, and make the kind of progress we're now making, that it's going to, i mean, we've thrown to jeopardy the prospect that we're going to be able to keep the temperature rising above 1.5 degrees celsius , but i'm optimistic because i think there's, how can i say it? i guess maybe the best way to say it to you, scott, is what i

feel is that the populations of each of our countries have a different perspective than they did at cop-25. i think there is, i mean, not because of necessarily any of the leaders of any of our countries including mine, that all of a sudden, people are seeing things happening, they never thought would happen. you're seeing people drown in their basements in queens, new york because of flooding and rain. you're seeing more territory burned down in the united states just since the first of the year than it makes up the entire land mass of the state of new jersey. they've seen hurricane with top wins of 178 miles an hour so they're looking at these things and seeing more the waters warming. they're seeing a whole range of things occurring around the world that haven't happened and it's sort of like whoa, whoa

, because i don't get what i used to get when i started, there's no reason why anyone would remember this , but back when a fine republican, i guy named dick luger from the state of indiana, and he and i were either the chairman or ranking members of the foreign relations committee. this was over 20 years ago, we ended up proposing and it worked , but it got no enthusiasm , a thing for debt for nature swaps. people looked at us like what in the hell are you doing? why are you forgiving the debt so brazil won't burn down more of the forest, or why are you doing that so they will do it. now, everybody goes whoa, what else can you do? what else can you do so i think there's a whole different attitude that's out there, and i think this is being led, i'm not being solicited here, i think this is being led by my

granddaughters and their friends , that generation. i think they're out there going whoa and they have a profound impact on their parents and their grandparents about what's happening, and then all these cl imactic things happened that people are now paying attention to like they never did before, so there's a lot more to do, and it's going to determine whether or not we are going to be able to fund what we're talking about, but for example, even if the funding didn't come from some of the governments, you had the private sector now engaged because we're talking about investing literally the need to invest over trillion s of dollars off the sidelines. it's bankers that are now deciding, i talked a long time ago with you all about you have major corporate america pricing in the price of carbon, it matters so things are changing.

we used to have the right stewardship and enough sense as world leaders to get it right so thank you all so very much, appreciate it. liz: a very widespread discussion right now, from the president in scotland. first discussing some of the new rules that he plans to put in place, regarding climate change and regarding emissions specifically as they pertain to methane gas, but perhaps for our business news audience some very big headlines here. number one, the president did not specifically say that he would support jay powell for re nomination as head of the federal reserve that was one thing he talked about and he said that he just simply wasn't going to talk about it ahead of the decision, which he said he would make fairly quickly. i also want to just quickly mention a couple other things. he said that joe manchin, the c entrist democratic senator from west virginia "will vote for build back better" his plan, the president's plan, the president said he understood

that joe manchin was looking for precise detail and that's why he's holding it up or at least taking his time, but"i think we will get this done" and he pitched, basically, that build back better is something that will bring down inflation and make good paying jobs, let us get to edward lawrence whose been right there, following the president every move in scotland joining us live, edward reporter: yeah, it was very interesting, liz, on the jay powell on the fed chairman he said we have some good options meaning multiple options, he's been talking to his economic advisors about that very interesting. the president also believing that this trip here was a success, saying just showing up, shows that the u.s. was leading the world and that could be a response to the pressure he's seeing as to why he came to a climate conference when we have these crisis going on back in the united states, and the president just moments ago touting he's getting aggressive with the oil & gas industry and i want to look at some of the takeaways and show you exactly how the takeaways from this conference and this speaks

directly to that and directly to what the president was talking about. the big takeaways the president directing the epa and department of transportation to add regulations forcing oil & gas companies to cap all methane leaks as well as forcing the companies to inspect and reduce leaks from natural gas pipelines. the president alluded to that in his press conference, president also trying to shift the debate to climate change in the news conference saying that all of this is actually a good thing when it comes to inflation. listen to this. >> it's not just a moral imperative it's an economic imperative as well. investing in our clean energy future is an enormous opportunity, enormous opportunity for every country to create good paying jobs and spur a broad based economic recovery. as i've said you heard me say it before and my colleagues as well when i think of climate crisis i think of jobs. reporter: so he's trying to shift the debate there, he did that again as you heard in his news conference, said this is

about jobs going forward, trying to get the american people to say hey it's going to be tough right now, and that's what we're seeing but in the futurity l be better. he did, as you saw, struggle with some of the answers it was a very long conference for him and at one point he was caught on camera sort of dozing off, but an aid woke him up before he actually sort of fell asleep with this but again a very long conference, the president clearly believes that spending more on social infrastructure bill will turn the corner for the economy but that's not what we're seeing right now as you know in the data. back to you, liz. liz: edward lawrence, live from scotland, joining us now the man who brought electric car charging company ev go public via his spac, climate real impact solutions, what's equally of interesting is that he's the former ceo of nrg, which of course was a big utility, that had a lot of emissions. david crane joining us in a fox business exclusive. okay, david, first. we look at this through both the prism of investing and the prism of let's make sure that we have a clean planet,

that continues to live and grow and prosper. do you believe that these rules that he has apparently laid out are going to be a bust or are they going to be a success? >> well, as long as they're effectively imposed, the methane leakage issue is a huge issue for climate change, and what business craves, liz, from our politicians is a consistent set of guidelines, so if the rules are put in place and kept in place, i think it creates a frame work where people can use capitalism to make money green ing up the planet. liz: i think what's interesting we were just showing joe biden with boris johnson, the uk prime minister, and boris johnson said "be like bonds james bond" we have the opportunity, we have the duty to make this summit the moment where humanity final ly began to diffuse the

so-called climate change. that's boris johnson, so he's on board, and it's an interesting analogy, certainly, but you also have what joe biden just reported, 100-plus nations signing on, brazil included which is really interesting because brazil is a company that has been deforesting and that's really been a driver for their economy, but now they see that it is ravaging their country. >> well, liz, i actually think from a climate perspective the most devastating aspect of the trump adminitration's non- support for moving forward on climate was the impact that it had on other countries. you know, the trump adminitration pulling the united states out of paris made it very easy for other important countries like brazil, china, russia to take their foot off the pedal, so i actually do think that the most important thing about glasgow and cop26 is

as joe biden says, the fact that the united states is back ready to assert leadership in this area. liz: it makes a case though, david, for our investor audience , and i say this because coal stocks have been far outperforming and i'm just talking year-to-date, quarter to date, year-over-year, far outperforming any clean energy names and some of them are doing really well as well but you've got to look at some of these other companies that are considered opportunities for lower emissions, whether it's occidental petroleum they really talked the talk, aptiva, these are companies saying we're in, we're changing our shift, our message, and what we have normally done in the past. you tried to do that years ago at nrg, and there was so much resistance to that. >> well, the ironic thing is, liz, one of the reasons i was

fired at nrg back in 2015 ultimately was because the share price was under performing and over the past year, and for all that i was trying to turn nrg green, nrg stock usually traded in sympathy with near term natural gas prices so yes, you see coal prices, coal stocks going up right now because we're in an energy scarcity period but that's short-term value creation and if you're an investor that invests for the short-term that'll work for you, but longer term, i don't think you see too many long term buy and hold investors who think that coal is a good bet over a long period of time, and you mentioned occi dental petroleum, i think vickie, the ceo over there is doing a fantastic job and she really gets it in terms of trying to transform a major oil company, using its existing physical infrastructure into sort of a zero carbon, so i'm a

huge fan of her strategy. liz: i would give props to bp and shell too. they're definitely looking ahead saying this is our decision, we see it as good business building out electric charging stations which is something you are doing with ev go. david crane, thank you very much >> thank you, liz. liz: tomorrow is the day but will the markets throw a taper tantrum, the way they did, back when former fed chair ben bernan ke began tapering in 2013 we'll take a walk down memory lane as today's countdown closer tells us what he's predicting and which stocks come out winners no matter what the federal reserve announces tomorrow. closing bell nine minutes away folks we're above dow 36,000 if we close we've never done that before, you've gotta stay with us to see if that happens.

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♪ say it's all right ♪ and ask your doctor if ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪

♪. liz: okay, we're about to get really nerdy here but it's important because people are losing a lost money. smart people on wall street. take a look at the two year treasury yield. it is at .45%. now flip it over to the 10-year yield. the 10-year yield right now is at 1.54%. so there's a distance between those two, however, they started to get closer together. i wouldn't exactly call it a flattening. yeah, by 13 basis points recently. that is enough, charlie gasparino says, to really put feet right over the fire. >> where we go, this way, right? oh, the 10 -- liz: look at me. take the shot, please. it is going like this, getting closer together. >> the bottom line -- liz: very high-tech. >> by the way because of the taper you were talking about before. liz: yeah. >> we'll hear about tomorrow -- liz: right. >> we have a interesting

situation in the bond market wreaking havoc among hedge funds. i don't think this is a long-term capital situation. i don't smell it like that. a lot of traders are hedged with a lot of stuff. stock market is up. they're hedged with stocks. clearly a bunch of funds took it on the chin last week. millennium capital management, big hedge fund suffer some losses. steve cohen at point 72 suffered some los angeles. there is bunch of other ones. what is clear the era of easy money is basically coming to a possible end and hedge funds were caught flat-footed. can you imagine if jerome powell did, what people are saying raised rates to squeeze out all excess liquidity, allowing amc to trade like it is apple and amazon? that is what we have going on in the market. we have massive speculation.

hedge funds are trading off of it. when you end the speculation, whenever it happens it will be nasty. just a little taper, we get that. we get massive losses. that will be pretty interesting. i'm interested to see what happens tomorrow. does powell go through with it? if you notice biden did not give a big show of support for powell. liz: he said we're still deciding and we will let you know. >> that doesn't mean he will not appoint him. my point is that he wants a taper while the whole democratic party wants to spend. it is hard to spend if the fed is not subsidized the spending some way buying excess bonds in the market. there are some buyers out there. you don't have a lot of u.s. buyers. china is probably not buying so much debt. the fed has to go in there to buy it in the in the secondary market to create demand from others. that is why you need the fed possibly not to taper and that's why i think if you're betting, liz, let's have a bet -- liz: okay. >> i say he doesn't get

reappointed. liz: i was going to bet he will taper by november 15th. >> he will taper but won't get reappointed. see what sam stovall thinks. >> i bet he agrees with me. liz: sam stovall, what do you think. we're records away from the dow, s&p, transports. you're at fra chief strategist looking at all these things, what do you think happens with taper and whether jay powell gets renominated. >> hey liz, good to talk to you again. hey, charlie. when you were introducing nerdy i thought that was the introduction for me. basically i like to look to history back to 2013 when we had the so-called taper tantrum. when you look at the data the s&p fell less than 6% from peak to trough, basically what we just went through and if you look at the actual tapering itself, meaning from late december of 13 until october of 14, the s&p was up 16%, all

sizes, styles, sectors and 90% of the subindustries were higher in that 10 plus month period. so history basically says that the economy is strong enough to with stand tapering it is strong enough to push earnings and prices higher. liz: is powell strong enough to with stand other candidates when we know that joe biden just said during his glascow, it wasn't glascow, edinburgh, scotland, his announcement asked about jay powell, said i'm not quite sure. he said i'm not going to announce it. that is what he said. i will announce it now and i am looking at other candidates and there are other positions up. >> it reminds me of steinbrenner or billy martin. who knows whether we end up having to get powell reappointed but the feeling is i think he would probably end up going with it and the reason he is not making mention of it right now he doesn't need anymore pushback. when the time comes i think he

will probably reappoint powell and just move on from there. liz: how about these records? sam stovall, i think you sprinkled a little bit of fairy dust here, a little bit of nerd dust for all of us here. [closing bell] liz: we have records for the dow, s&p, nasdaq. i will quickly check the russell. what do we say? no, it is not. yes it is. maybe. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so president biden today reporting on all the anti-growth mischief making and the climate conference in glascow, scotland, the whole thing is a scary thought to me but we have edward lawrence there to report on it and tell us all the good stuff. good evening, edward. reporter: good evening, larry. you know the president just finished, just wrapped up a news conference. 30 minutes long by his standard. he took six questions and he was