and rice mixture was frozen by packing it into snow. so now you know. italy gave us gelanti. that is ice-flavored ice. there is not any dairy. china got the rice and milk thing, gave us ice cream. thank you, china. thank you very much indeed. i love it. ash, you're all right. thanks for being with us. neil, it is yours. neil: did you just downplay italian's role in this? stuart: yes, i did. neil: wow. stuart: i did. sorry. neil: okay. stuart: can i still do the show tomorrow? neil: you can. i mean but i mean, i don't know if i will show up but, wow, all right. just let me relatives know stuart didn't mean it. thank you, my friends. we're focusing on this minor selloff here. a lot has to do with the federal reserve ending a two-day meeting two hours from now. we're looking at at least

finally some guidance from the federal reserve, what it is going to do. yields are still paltry at 10-year, barely fetching 1.44%. we'll get some indication how they go about tapering or speeding up lowering securities they kept buying at 120 billion a month and kept going higher and higher. talk they would shade it 15 billion, then 30 billion. could be wrapped up in a few months rather than a year and how much signal of a rate hikes. i look at fed funds futures contracts over the next year or so, they seem to be factoring in as many as six rate increases going right through late 23 and 2024. that would bring the fed funds, the overnight bank lending rate up to 2.5% level. that is historical norm. the only reason i throw this out to you, we don't know the

details. we don't know how agrees civilly they will move -- aggressively they will move. they will change a posture etched in stone for the better part of a decade. that includes even the runup in rates we had early on in jerome powell's first term. continues as federal reserve chairman. it has been an uninterrupted wave of the federal reserve, keeping the party going. today they will take the punch bowl away. we'll see the impact of all of that, once we get the details. meanwhile, we are following on issues that are far more important to those in the south right now, particularly in kentucky. particularly in mayfield kentucky. the president seeing the area for damage from tornadoes, considered the most damage we've seen for december ever, not just in recent years, ever.

grady trimble with more. reporter: neil, the president wrapped up his aerial tour on mayfield in marine one. he is meeting with low-cal leaders at the airport. he will come to mayfield and see the damage from this vantage point on the ground. it is absolutely horrific as you see the next several days. i'm with marti janes. he lives in this house. he and his wife were home at the time of the tornado friday night. first of all we're so sorry for all of the property you lost but so happy you're okay. tell us what you went through. >> it was like a bomb went off. i got trapped in the house. my wife was trapped in the other. there were bloody handprints trying to get to my wife. it is unbelievable. we need all the help we can get. emergency housing. people, you know -- thank god we're alive.

that we lived through it. i mean -- reporter: as you watch this, we've seen crews over the last several days taking debris, loading it in dump trucks, getting it out of town. to you this isn't just debris. you just said to me while we saw this machine pick up some of this, you saw your christmas trees get put in the dump truck? >> my christmas tree is in the top. reporter: 16 grandkids, all their presents gone. >> five great grandchildren. they're gone. my presents, my kids, my dad's they're all gone everything. my car is totally destroyed. that was our only vehicle. reporter: no insurance on the house? >> no. reporter: you told me you need all the help you can get along with everyone else here in mayfield. >> correct. reporter: the president is here right now. what do you hope he takes away from his visit today?

>> i hope he realizes how devastating this is, how dramatic to live through it. i am thankful i'm alive. man. you know, i pray, pray for people. we need all the help we can get immediately. reporter: what about long term rebuilding? >> i have no idea what will happen with that. we've got to rely on fema and the government to help us. but like my wife and i, we're homeless and there are some people out there in the same position. so -- reporter: marti, we wish you the best of luck. we hope you get all the help you need. i can't imagine you being in this situation right before christmas. >> i don't wish this on anybody.

unbelievable. reporter: that is the message time and time again from the people here. they hope the president sees the destruction first-hand and begins to understand how bad it really is, and all the help that they need. where do you begin? that is what they're trying to figure out here. hopefully that is where the federal government will be able to step in and help, along with the outpouring of donations, gifts. we mention it is christmastime. all the gifts in these houses are gone. anything people can do to help is appreciated. neil: to put it just mildly. thank you, grady, so much. grady trimble, these are very real stories going on with real people who are in real world of hurt right now. and again, this is the a long way from over. keep in mind, even with the reports of 74 dead in kentucky, better than 100 are still unaccounted for. much we don't know. robert ray, fox news meteorologist on what he is

seeing in mayfield. robert? reporter: neil, good afternoon, behind me the remnants of a fire department here in mayfield and a lone fireman's boot here lying on the slab that once was a group of very brave men and women here. thankfully they are okay and they have been doing search-and-rescues all week here in mayfield. i will tell you this, it is very breezy here today. it is not sunny like the past few days and president biden when he starts this tour of this region will have a rude awakening, the same awakening all these people have been going through since late friday night. this town of about 10,000 people, so much destruction in every direction. the national weather service, neil, is on the ground surveying, trying to figure out exactly what the category of this tornado is, whether it is an ef-4 or a rare ef-5. if it is an ef-5, we know the

winds are well over 200 miles an hour and no one stand as chance, nor does any structure. yesterday i was about 60, 70 miles away in dawson springs, another town about 2600 people. 75% of that town wiped off the face of the earth. i spoke to one woman, crystal downs. let's listen. >> it was devastating, devastating. i was one of the very fortunate ones. i didn't lose any of my furniture. my car is totaled but i can replace that. it might rebuild but it won't ever be the same. i think they have lost too much. reporter: she lost one of her neighbors in the storm the other night. terrible tragedy. i should note that there are new numbers out from the state of kentucky just moments ago, neil. they are reporting that 71 are dead, not 74.

there are still 59 people they are actively looking for, missing souls here in this tore tornadic outbreak stayed on the ground 200 miles ripping across this region in western kentucky, southern illinois and the border of tennessee, neil. president biden on the ground here shortly taking the tour. he will see a lot of devastation. hopefully the funds come in. and we are seeing as grady just reported volunteers from around the country here trying to console and give whatever they can to give to the poor folks here in this part of america. neil? neil: thank you, my friend, for the update, just to to be clearo we're all on the same page here, robert, i appreciate the update, 100 plus thought to be unaccounted for more like what are you saying, 59? reporter: 59 according to the state of kentucky. that just in. they have downgraded the death toll to 71. neil, as you know this is very fluid. all those numbers could change

yet again any moment. neil: understood. great reporting. robert ray in the middle of all of this. the president will be there shortly. he had an aerial view how it looks. he will be making remarks as he is there, as he wraps things up later this afternoon. let's go to the american red cross spokesperson seeing clearly for herself how things are looking there. what is the rod crest doing, kelly. what is the first thing that you are trying to address right now? >> thank you for having us. the red cross and our partners have been on the ground for several days now. we are offering shelters, feeding and other support for these families and peel that are so of stated by this response, not only has been kentucky been affected but other states as well as many of these have been small, rural communities and many pockets of communities we

know where there is lots of damage. and so red cross and our partners are eager to be able to get into some of all of these areas. but again, it does take a little bit of time because you also need to be able to have safe passage into some of them. but our red crossers as you can see behind me, one of our emergency response vehicles, they are delivering some food and snacks here in mayfield at the moment. we're working with our partners. so we mr. just doing everything that we can do to help support these people that desperately need, comfort, hope in that important disaster relief. neil: kelly, thank you very much. keep us posted. you're doing the lord's work there. it is not easy work. especially given the fact they have no power. pretty cold conditions right now. kelly edwards, the american red cross. we are still following these developments also in the markets right now. they are kind of on tenterhooks. volume for example, much less

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♪. neil: it is not only the stock market waiting on tenterhooks to hear from jerome powell, the cryptocurrency market is nervous what this could portend and signal. charlie gasparino on all of that. hi, buddy. >> see how aggressive he is explaining about monetary policy. if he is very aggressive, i screwed up, he will not say it in these exact words, they never admit they are wrong. i screwed up. it is not transitory. we'll do all to fight inflation going forward. neil: how much does he spell out? >> this is a balancing act. usually with greenspan during these things he was very cryptic. he wasn't cryptic in this his

policy, you kind of knew. if you saw a bubble, the problem with greenspan is the end. he missed the financial crisis. he basically kept interest rates too low towards the end. then it fueled the housing crisis and everything. but during his long tenure he was masterful at pricking bubbles, at figuring out when it ease, when not to ease. he was really good. you kind of knew what he was doing. knew what was in his head. he used to give speeches, stock market is overvalued, irrational exuberance. we're taking that into account. this is a balancing act. my guess is he will come under so much pressure in con aggressional hearings from republicans maybe joe manchin, not saying he would get confirmed because the alternative is more dovish, definitely not acceptable to republicans or manchin, he will have to be pretty clear what he thinks is going on with inflation. neil: well the markets seem to be factoring in six rate hikes

next 2 1/2, three years. that is probably minimum. that brings up back up to 2.5% funds. if he doesn't do that -- >> the market is treading water. they are waiting for his detailed announcement. neil: he will not detail, he will not announce raising six times, is he? >> you have to see how he gives obscure language. and to the congress and to the senate, if not he will get roasted like there is no tomorrow. neil: the hit for the crypto guys is what, they don't seem to be beneficiaries of inflationary environment. you wouldn't know it of late. >> crypto is a inflationary hedge. neil: a hedge, the tougher he gets, worse they look. >> why you see bitcoin trading off, ether and some of the others. think could trade off a little bit more. that doesn't mean there could be a relief rally. crypto is at 46.

it was high as 66. neil: almost touching 70. >> people thought it was going to 100-k. that is where you know this thing, people are worried about the fed. it will be interesting to see how the meme stocks act on this because that is another big bellwether. neil: right. >> listen, the two most frothy parts of the market in my view have been crypto and meme stocks. i mean amc, which is losing money, is trading at some astronomical level. neil: i had a viewer say you're anti-theater. you're not a renaissance man. don't like to go to the theater. they suspect you don't like to go to broadway and you don't like to go. that you resent your anti-amc view and extend it to the fact that you're not a cultured person. >> cultured? so if you go to movies you're like cultured? neil: yeah. >> "spider-man." neil: "spider-man" is cultured. >> have you seen "spider-man" yet? neil: not yet.

>> how many brain cells might you lose for sitting through that movie for two hours. neil: really did you say that? >> i'm -- neil: you're not anti-theater, the amc model, you're not quite convinced? >> i actually like the ceo. he is a smart guy, a resourceful guy. neil: that is not what i asked. >> the company, the valuations i would like amc at $5. if you told me it's a 5-dollar stock, i'm all in. neil: you did like the chairs and the popcorn? >> the popcorn, adam aron ceo showed me, they get like the, apparently the best kernels out there. neil: right. >> they think -- neil: you cannot to this. you go to restaurants with tassels on the menu. >> i went to a great place last night. fresca by scotto. neil: sure. >> she is sweetheart. i met her mom and. the food there is so festive. they do a good job. neil: they part the sea for you. >> not really.

they are nice to me. i have known the family and late great father. neil: i went there, said i know charlie gasparino. i got a great seat. >> the father was amazing man that passed. that is what make new york, scotto. they are great people. neil: doesn't make up the fact you were an elitist snob. >> i was born in the bronx. amc's guy is born where? neil: you doth protest too much to me, that is what it sounds like. thank you, charlie. he is not any of that. >> we used to go to drive-in movies. neil: we would watch for hours, only ones get this. >> austin powers. neil: we'll do that another time. we have scott martin here right now to see how much further we can get the lawyer's attention. scott is the kingsview asset manager, cio, fox news contributor as well. scott, charlie and i bounced around the idea what the fed will line up, maybe not line up but i'm just wondering what you

think the markets do in response? the more specific jerome powell is, maybe the more wore referred they get, the more general alist tone, maybe the more worried they get on top of that. this is a no-win situation for them, isn't it? >> yeah. he has been specific, neil. that hasn't worked out too well for him as you and charlie just discussed. what is interesting when you talk about the market's reaction you have a tale of two cities. stocks are generally weak, meandering at best. bonds are up in yield, down in price. if he does two or three rate hikes next year, one of my best friends says, the market has a funny way showing they care because the rates are down since the fed projected more interest rates hikes down the pike instead of interest rates going up correlated with the fed. neil: what does that tell you? normally you glean from that they're looking at a slowdown? >> yes, i think you're exactly right. they're also looking at the bond market, looking at inflation

possibly getting a little tamer in 2022. so maybe the feed is seeing a slowdown, seeing inflation may get more under control. it is slowing that the pace it is on right now. we may have less rate hikes than we projected thus far. neil: the market, whether it is rich, that is always a debate. i talk to some analysts given strong earnings the multiples are not nearly out of whack as you would think. where are you on this? >> market is high but not extremely overvalued you're right. if you look back in 99 and 2007, the market trading depending on the index 25, 30 times. right now it is 22. it is up there but from the up where it was in past bull markets. in our opinion if we get strong earnings, expansionary fed maybe they hike rates in 2022 i still see you market recover and rally at the beginning of the year. neil: taking a look at where you would put your your money, you t

of wait this out, how do you play this? >> yeah, we've been moving stuff around a lot the last couple months because the market has been kind of ebbing and flowing. we see certain sectors outperform some days and underperform other days. we put money in some inflationary affected areas. we look at materials and energy specifically to take advantage of what is still largely increasing inflationary environment. neil: got it, my friend. thank you very much. scott martin. we'll be hearing from you a little later in the show right now. as you can see tepid goings on at corner of wall and broad. trade something happening. don't want you to think it is not. but it is. >> i will move -- neil: normally see. we'll keep an eye on that. keep an eye on something ending as today. the last of the child tax credit payments are going out to about 36 million families and unless we get build back better done, that all ends. now some people look at that and say it should end, a lot of people anticipating those

payments have not gone to work or back to work, this could push that, maybe solve the labor crisis. others are saying that this could add to their woes and it won't be a favorable event. we report, thought we would let you decide. ♪ 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.

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♪♪ ♪. neil: all right. this could be the end of the gravy boat we hear. republican critics of the massive child tax credit program tell it. the last of the checks go out to i think it is 36 million families. a lot depend on the regular checks they have been receiving that end today. unless again the build back better program is miraculously

rest you are recollected approved, done, signed into law and continue months and months following. hillary vaughn following all of that for us on capitol hill. hey, hillary. reporter: neil, you're right. if congress doesn't act the last checks went out today to those people who are eligible to receive this expanded child tax credit. >> they're taking money out of the pocket of hard-working taxpayers. they're bringing it to the federal government and then the federal government is saying, this is what we're going to let you have back. reporter: some analysts say that the changes that democrats made to the child tax credit making it paid out monthly, making people who don't even pay taxes eligible to cash in discourages work. a professor at the university of chicago harris school of public policy saying in a "washington post" op-ed this.

our calculation, 1.5 million parents would leave the workforce without accounting for reduction in work, the benefits increased made fully available to families up to 150,000, would make the child tax credit the least cost effective anti-poverty program in the united states but speaker pelosi tells me she disagrees with this analysis that not having a work requirement for the readies courages people from working. is this policy to pump this into the economy not tied to work higher inflation and labor shortage? >> if they're paying rent, they're paying for food. they're paying for school supplies. they're paying for things they need. they're not paying to sit on a beach someplace because they don't want to go to work because they get this credit. i think that comments like that are disrespectful, condescending to america's hard-working families. reporter: some democrats in

congress are fighting to extend it, they see it as election issue in the midterms. congresswoman cori bush tweeted this, cutting off child tax credit at start of election year. we're warning you now. don't point finksers in november. free cash is a popular policy. eligible family of five is getting 900 bucks from the irs every month. it is also an expensive policy, the cbo says to extend this over a decade it would cost $1.6 trillion. neil? neil: that is one program. all right, thank you very much for that. hillary vaughn, capitol hill. go to the "washington examiner," editor-in-chief, big cheese there. former editor-in-chief of "the hill," much, much more. hugo, great to have you again. if this program goes by the wayside, tax credits, argument from employers looking desperately for workers this will provide that opportunity. do you think it will? >> you know, sure, to the extent

that if you pay people to, when they are not working it is obviously, whatever the program is, it is a disincentive for them to go back to work. it is certainly the case that this extended child tax credit is a disincentive particularly when combined with other welfare is a disincentive for people to join the workforce. so, yeah, i'm sure that if it were cut there would be more people flowing back into the, you know into the workforce. there are 11 million job vacancies at the moment, which is nearly double the number of people looking for jobs. there is a need to increase the labor force. even if everybody looking for a job got one, it would not fill all the vacancies. i have don't think that is the best way of looking at it, neil. if congress wants to pass the child tax credit, it could do it tomorrow. it could do it this afternoon. the trouble is, what happened the democrats put it into the build back better bill. it is a way of twisting the arm behind senator joe manchin's

back. what they want to do is try and apply moral guilt, moral pressure for people to pass this. this is one of those hard cases you don't want to cut child tax credit over christmas or be seen to be doing it. it is aware of them using that as leverage to build back better bill passed which is $5 trillion of extra spending. i think that joe manchin knows that the build back better is spraying fiscal gasoline on the inflation fire. he will not be fooled by this kind of frankly rather cynical tactic by the democrats of putting the child tax credit into build back better. neil: do you think that build back better will get a vote this year, let alone a pass? >> you know chuck schumer promised that it will. you know it is difficult to see him going to a vote which he knows he is not going to win. so unless joe manchin and perhaps to a lesser extent

signals right from krysten sinema, unless they know they will get 50 democrats to vote for this, to have kamala harris you know, cast her tie-breaking vote and push this through, i don't see him setting this up for failure. i guess there is a chance if they absolutely believe they're not going to get it done, they just want to put republicans on record voting against it, but you know, that is presupposes the public supports this. the public put the economy at the top of their list of concerns and they know that inflation is pinching. they know that extra spending will push, producer price index was up by 9 point something percent. that will feed into more higher consumer prices fairly soon. the public knows this. they don't particularly want this fiscal splurge by the biden administration. neil: are you surprised consumers are spending to the degree they are? i always argue, talked to you before, inflation stops, we stop

paying higher prices and we're not doing that. i wonder how long this goes on? >> you know, i don't suppose there will be any restraint on spending between now and sometime in the new year. when the cpi comes out i think more than 7%, is more than three times the supposed target. people are feeling the pinch. what happens they're getting a pay cut from the biden administration. when people get pay cuts they start to retrench. at some point that will happen. exactly when i can't really speculate. neil: i would buy your speculate over anyone's. next time you want to come here to speculate. have at it. hugo, great seeing you again. thanks very much. >> thanks, neil. neil: interest rates holding their own, the remarkable we keep following, the bond market worried about inflationary surge, big one, all of sudden tightening that could happen,

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that very fancy smancy jewelry. there is a -- there are trying to pay it forward a little bit. 12 days i christmas they're trying to help people out. very good having you. explain what you're doing here? >> thanks for having me. i really appreciate it. the giving gives on is a campaign we're doing this holiday season to give back $100,000 to womens and children's charities across the country. we partner with several celebrities to do that, to your very point, this is not part of the holidays. this is the core of our foundation as we started the company 20 years ago. neil: and how does it work. >> what the giving gives on, we partner with several celebrities, jennifer hudson being one of them, jonathan davis, ralene. they give $50,000 to their

charities, we matched that. to this year-to-date, we have done 13,000 events in 119 stores across the country, helping individuals and foundations in need. you mentioned the tornadoes recently. we're also giving back to that to help. everywhere we can in the local communities. that is kind of what we do. neil: how are your customers getting intoth? >> yeah, so it is really interesting, neil. it happens on a store to store level, person-to-person level. anybody that has somebody in need or friend in need, they can come to any one of our stores, contact us via the website and help. which round out to nearest dollars. we have lots of different philanthropic options buying jewelry for people in your lives that go back to doing good every single day. neil: when you do that, pay it forward theme, more get into it hear about it, create good buzz, i'm wondering how this year then stands out for you?

>> yeah. so the giving gives on is the first time we've done an actual campaign around it for the holidays. it definitely made a difference. we tied in a lot more celebrities to shine a light what we do every day and made a really nice impact this year. look, we've all been through the world in the last couple years. if the world needs help and it is now more than ever. we really, we really lean into that. kendra as a person and our brand has done more this year than we ever have in the past and it has been tremendous return so far and we see it every day, you're quite right. we see people continue to spend this holiday season, even though six out of 10 americans polled, right now they have pandemic fatigue but they have not had it with higher prices. i'm not talking about your jewelry, talking about in general, they're still buying because they want to, feel in the spirit and mood to do that. how long do you expect that lasts? >> you know, last year we had as

hard as it was living with a business perspective we had one of our best years of. we're having another terrific year this year, neil. we're in a really nice space so much about giving jewelry is touching about somebody's lives, caring enough. it has special meaning to it. we're in a sweet spot. we have high value proposition with our company and the quality is really good and doing a lot of good for the community. i am anticipating, there is a lot of headwinds, we heard about rate hikes, potentially, inflation is a real thing, but for companies like others with a real value proposition doing more than commerce we have the wind line our back and see it heading into the holiday season and into next year. neil: that tom, is very uplifting. let es now how you proceed. tom nolan, kendra scott ceo. a lot of other things, we're

mentioning what is going on now, particularly kentucky, the president visiting there to see for himself the damage there and all the help those folks need, lots of help, after this.

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versus rodan. i don't know who would be godzilla, who would be rodan. it is getting nasty, senator elizabeth warren and elon musk going back and for the over taxes, this is doing more for the country. susan li with the story. >> i thought mothra versus godzilla. neil: sure. who were the two little singers, you remember? >> i have no idea what you're talking about at this point. this is way past my godzilla knowledge. if you're taking a shot at elon musk you better make sure you're wearing a bulletproof vest. that is what elizabeth warren learned. she started this off. after elizabeth warren tweeted out eel lon musk is a freeloader. we need to change the tax code. >> to that, elon musk didn't take kindly to the words. let's bring up the tweet thread. elon musk actually if you open

your eyes for a second i will pay more taxes than any american in history this year. then that continued, don't spend it all at once. oh, wait, you did already. calling her senator karen. yeah, i know it is biting. elon musk is the richest man on the planet. he is worth $250 billion. most of that wealth is tied to stock options and ownership in tesla and spacex. he takes no salary. so he hasn't been taxed until he executes his compensation package or his stock compensation which expires next year. so right now he is going to raise around $10 billion to pay uncle sam this year in taxes. $10 billion is a lot. that is an effective tax rate of -- neil: the stock, depends when he does it. this argument whether he is doing enough. the she made a claim senator warren, hillary vaughn, we have a debt incurred because

guys-like him are not paying enough. i think we have the debt we have is spending, not getting enough money from these guys. >> what about these corporate titans that built trillion dollar companies, 2 trillion or 3 trillion-dollar companies. think of thousands of jobs they brought to america. also increasing the value of the economy which you would imagine trickles down and benefits most americans, right? i think, you know, a lot of people would throw it back to the politicians, saying what have you done for america? increasing value and capital. neil: you jess went there. >> very mothra, wasn't it? neil: it was. riddle me this. he is the world's richest man. that haircut. >> i love it. he does it himself. i again think is very discount, don't you think? it is very -- neil: i don't know if you do it yourself but you see the finished product. >> i like it. it is very nouveau. it is very modern. the fact that he is worth $250 billion. he cuts his own hair.

owns no homes. lives in a 50,000-dollar motor home in austin. neil: is that true? >> yes. that is admirable. where do elizabeth warren and bernie sanders live? how many homes do they have? neil: where he said bernie sanders i didn't know you were still alive. he likes to stir the pot. >> bernie sanders has four homes and mill dollar palatial escapes for him. if you're going to talk -- neil: goes into the space. >> worth $100 billion. pioneering. revolutionizing. neil: very, very true. susan li, thank you. try to get her to weigh in, say something very controversial. she is very good at that. scott martin joins us, he always says controversial things. he is good at what he does, as does susan. >> by accident. neil: by accident. i hear you, buddy. very nice hair. scott, the most important question with all the money why does, why does elon musk cut his own hair?

what do you think? >> well, from a guy that doesn't cut his own hair i think he feels like he can do anything he wants. as susan says he is the richest man in the world. a lot of that is stock options. he created a lot of wealth for others, like employees and investors. neil, he goes to the beat of his own drum. obviously depending who he is attacking on twitter over any particular day he tends to win those arguments too. neil: susan raised a good point, we tend to look at these things lynn early, turns out he is paying quite a bit taxes, thank you, if you confiscate all the funds of the richest, it wouldn't come close to addressing the 23, $24 trillion of debt we pile up. that is not a result of not taxing them enough. it is really the result, this happened to republican and democratic administrations alike, spending much, much more than we have? >> that's right. it is not a tax problem. it's a spending problem. obviously if you look at the treasury department, receipts over last several years we're at record levels.

that tells you they have the money. they just overspend. will they ever get it together, as far as democrats or republicans? no. because the government likes to spend. whether they spend on things worthwhile, whether it is waste, fraud and abuse is up to anybody's debate. the regardless of the point, they do overspend. they have the tax dollars to actually be a little more responsible but they're not. neil: long before you were born, probably, when we had the bill clinton internet boom going on, we had surpluses for a while, it really took something like that to pare our, our debt down to size, certainly the deficits went away and started surpluses. short of something like that, do you ever think we'll get this solved? >> i don't. neil, because it is kind of funny money. the dollar is the world's reserve currency. to add an increase in the debt ceiling as we just recently did, or to add numbers to a balance sheet at the treasury department, is a whim. it is not take anything that takes a lot of work.

there is really no adult in the room when we get spending out of d.c. therefore i don't think they will stop. neil: we'll watch it closely. scott martin, thank you very much. as soon as i was mentioning haircuts and elon musk, carol writes me, cavuto, are you serious? you are criticizing someone's haircut, mr. lego snap-on head? that is very hurtful. that is very, very hurtful. yes i am criticizing it. we'll have more after this. ♪ i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. ...

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>> ♪ she works hard for the money, so hard for it honey ♪ neil: well you probably never connected donna summer with jerome powell, but that's what we do on this show. we push that envelope, and then we rip it to shreds but everyone watching, what this guy is going to do with our money, and see what i did there, with our money, and whether we're going to have to work harder for it, in terms of paying more for it, as interest rates go up. okay, that is how i explained that song, and fortunately, some

better, smoother figures are now going to help us sort out where we stand right now on what the federal reserve will unveil in a little more than an hour, from now. edward lawrence, we are expect ing now a pivot on the part of the fed. its been hinted for a long, long time, the accommodating days are over but what are folks telling you? reporter: yeah, and that pivot is already started to show itself, especially when the federal reserve chairman was testifying two weeks ago. now we will know in one hour how fast the federal reserve plans to increase the tapering. some economists say the fed is already behind the curve and tapering should have been stopped, or the buying should have been stopped. now the market consensus is that the fed will increase tapering by 30 billion a month, right now , we're buying is being reduced at 15 billion per month, so this would mean the accommodation will be removed from the economy by mid- march, three months faster than the original pace. now the president is saying inflation falls on the federal reserve to control the white house press secretary also

blaming corporate greed. >> it is the prices are higher, that is in his view, and the view of our secretary of agriculture, because of you could call it corporate greed, sure, you could call it jacking up prices during a pandemic. reporter: but if you look at the input data, companies across-the-board are paying more for the things that they need for their products, input costs up 9.6% over the past 12 months, some of that being passed on, raising costs on all of us up 6.8% over the past 12 months as cp i'm inflation. now this is what the federal reserve is looking at and it also does not comment on fiscal policy but looks at historical data, republicans though are blaming the president. >> prior administration we saw unprecedented growth across-the-board. our economy was doing well, we were net exporter of oil, things were going well. from day one, joe biden and his minions have taken us in the

wrong direction. reporter: so we will have the decision of the federal reserve right here in about one hour, then the federal reserve explaining why he took that action, right here. back to you, neil. neil: all right thank you very much, my friend, edward lawrence following these developments and by the way, here, this rapid, you know, easing up on the number of securities you buy as edward was saying you're buying about $120 billion a month, let's say you cut that by another 15 on top of the 15 billion already cut, so that's 30 billion, getting it all wrapped up and stopping buying period, by what, march at the latest? that be tightening and we're also expected to hear federal reserve might layout, without being so specific, the pattern for rate increases in the year ahead. if you look at something called fed fund futures contracts it's a way of sort of playing and betting on how short-term interest rates will play in the future. right now they seem to be betting on interest rates going from essentially zero to about

2.5% within the next year and a half. how that plays out anyone's guess, they have been wrong before but that's what they are factoring in right now. chad pergram meanwhile following developments on capitol hill and is back and forth on inflation and what the federal reserve does, what's happening right now with build back better, chad? reporter: good afternoon, neil. democrats are still stymied trying to advance the build back better bill. joe manchin has spoken to president biden twice about the bill in the past two days. he's worried about inflation and the cost of the bill, democrats are trying to tamp down inflationary concerns. >> inflation and in fact this bill will undo some of the supply chain and the constraint on workers, there will be more workers trained and everything else so we believe it will not increase inflation at all and in fact, will probably reduce it. reporter: there is nothing new on immigration or state and local taxes. democrats are touting higher taxes for the wealthy to pay for

the bill, but the gop says democrats must empower the irs to investigate tax records of some middle class americans. enhanced enforcement could help pay for the bill. >> trust them, and why would you trust this army that the democrats are calling for in their weaponized or supersized irs? we already know the abuses that have occurred in the past where conservatives in particular were targeted by the irs. reporter: democrats say it's all about everyone paying, what's required. >> every american wants a level playing field. they play by the rules, they want the big guys to play by the rules too and right now, we, as a nation, are losing that as a lot of people are avoiding taxes and requiring them to pay it, sends a message. we're going to enforce the law and make sure it's fair.

reporter: the gop says propublic a released private information from wealthy taxpayers, republicans want to know how the group got the en to the gop says this demonstrates the irs can not protect the returns of taxpayers regardless of status. neil? neil: chad thank you very very much. all right just think of the environment we're looking at right now, rising prices, likely rising interest rates. it's not a good combination. chris campbell is the chief strategist former assistant treasury secretary for financial institutions. chris, good to have you. assuming the federal reserve does make official this pivot to be a little bit more spartan, when it comes to attacking this inflationary environment and hiking rates and doing all that sort of thing, what do you think the fall outs going to be? >> look we certainly anticipate that the federal reserve will suggest that they are going to end the tapering program more rapidly, which i think is probably warranted, and i think

probably signal a rate increase; however, neil, as you know i worked closely with chairman powell in my time at treasury and i think that it's a little bit nuanced in the challenges that i think the federal reserve has, 2022 is an election year, and chad laid out some of the challenges that are taking place on that. the federal government is just poised to spend about $9 trillion this year, and raising interest rates makes it really difficult because you really quickly eclipse all of the discretionary spending the federal government has just to service our national debt so what congress is doing if spending is at the rate they are really hampers the chance, the choices the federal reserve has going into next year, trying to find a way to tamp down the run-away inflation that we face. neil: what you're saying is the more they spend, the pressure on the federal reserve to keep hiking. >> well, i think that the federal reserve is going to actually have to be very creative because again, any rate

increase, it's interesting we're in a position to wherein population is, but so is raising interest rates, revolving lines of credit and mortgages become more expensive for the average american and the other issue is i think that it's interesting to note that there's a lot of retail investors now in the market that perhaps went into the market earlier, and they've never faced an inflationary period or a period of higher interest rates, and so there's a lot of comprehensive challenge that the federal reserve has to take and account this entire basket of things as they go into trying to find ways of tamping down inflation so i believe that probably means they are going to become creative. in 2007 we didn't know what quantitative easing meant, and i think that perhaps we'll learn new language from chairman powell and others as we go through this process of trying to find a way to tamp down the inflation we're facing. neil: do you think that and i raise this with another guest.

the part of the markets, the bond markets response to this would lower rates is a signal that it sees lower economic activity, that it's not so much higher prices that concern it, or the rates be a lot higher. it's a slowdown. >> well you're talking about effectively stagflation, which we've seen before in our country , which can be really really dogmatic and pervasive and real challenging, so i think that there's, again, i'm going to try to be optimistic here and hopefully bet on america and make sure that i really think that our markets are vibrant, and they continue to defy gravity and have, for almost 10 years now, and so i think that we're in for still a good time ahead but i think that the government has to be creative and certainly the federal reserve, although independent, is not completely independent of politics as we enter into next year and election year, and so yeah, taking in all those things into

account, we are in for some interesting times and certainly, certainly, certainly, hoping that there's not a stagflation period ahead. neil: all right i hope you're right about that, chris campbell , the former secretary of financial institutions, following these developments as we've been showing you markets are flat. the bond market, if anything, is keeping sort of a low profile in this , but throughout all of this inflation, i keep saying, rates continue to hold their own if not go down. that would not happen if they were expecting inflationary spiral unless with it they are expecting something else, stay with us, you're watching fox business.

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comcast business. powering possibilities. neil: all right, the president has arrived in mayfield, kentucky. he is touring the damage here, where we got revised reports, 71 are dead, 59 still unaccounted for , so those numbers went down a little bit. we'll keep you posted as he tours the area and promises help that is on the way. in the meantime, we're also

looking at developments in washington including a pow wow with some of the biggest airline ceo's remember all of those flight cancellations and thousands of passengers stranded , it was adding when a lot of people realized the industry got more than $50 billion in taxpayer aid, and this is what came of it, so it stands to be a nasty session on capitol hill. reporter: hey there, neil. good afternoon to you. you're right. it might get ugly here on capitol hill, later today. anyone who flies is going to want to watch this hearing because democrats and republican s are really ready to go all-in on an industry that really doesn't have any oversight, so today we're going to see executives from airlines like delta and american, united, and southwest the top four airlines are going to face some pretty tough questioning over staffing shortages, canceled flights, and the billions, as

you mentioned, in federal assistance that they got to create a payroll support program because of covid-19. they got this during the pandemic so senator ron johnson says he's actually going to hit the ceo's really hard on vaccine mandates. this comes as united just won big time in a federal appeals court. the court rejecting an appeal to stop the airline from enforcing its vaccine mandate. >> what is the point of these divisive and freedom-robbing mandates where we are forcing people to make just gut wrench ing decisions, do i keep my job? my livelihood, do i keep providing for my family? i'd like t hear to what extent the ceo's of the airline companies that have gotten billions from the american public, they continue to push these mandates themselves. reporter: and the hearing comes just one week before holiday travel kicks into high gear, in just days after democrats introduced their airline fees bill. it's to tackle the rising costs of travel, so expect democrats

to hit executives really hard on the rising cost and fees we're seeing. >> they are literally commit ting highway robbery, except it's robbery in the sky, taking fees and charges for stuff that costs them nothing. reporter: neil, it's going to be a fiery one and it all starts at 2:30 we love these hearings. neil: bring the popcorn, right? all right, thank you very much on capitol hill. we told you about the outgoing new york city mayor bill deblasio in that bombshell he dropped on requiring vaccination s for everybody in private businesses, as long as two people or more, you'd have to be vaccinated. it's not going down well, particularly when a lot of people wanted to know the details. today, the mayor who has what about two weeks left in office, maybe a little bit more than that, providing those details we

have lydia hu with the latest. reporter: that's right the mayor spoke a little while ago unveiling the details of this vaccination mandate that applies to every private sector employee in new york city, so this means, starting on decembee barred from working in a new york city workplace if they are not vaccinated. now, companies are required to check the status of their workers and maintain records, so those records can be inspected by the city when asked. the fines for not comply complying on the businesses will start at $1,000, and then escalate from there. now, workers can seek exemptions for religion, or health reasons , but importantly, there is no testing option which makes this vaccine mandate the most encompassing in the country. now there's concern that the mandate will hurt return to office efforts and worsen the cities unemployment rate which currently stands at 9.4% but today, the mayor disagreed.

watch. >> every single time we put a mandate in place, it was the decisive factor in getting people to move so i do not expect people to be losing their jobs, when it's really the moment of truth to make the decision to get vaccinated. reporter: other states and municipalities are also tightening their covid rules due to the omicron variant. california, for example, reinstates its indoor mask mandate today. new york state started mask requirements monday. some critics say these policies were enacted and arrested judgment about omicron and in spite of mounting evidence that the omicron variant causes less severe cases of covid. now, not everyone is following suit. the democratic governors of connecticut and colorado and republican governors of massachusetts and new hampshire say they are not going to bring back state-wide mask mandates but neil, you can see the patch work of local requirements is surely complicating business operations particularly for organizations and businesses that straddle state lines, or operate in

municipality cities, say for example, in new york state. neil: yeah it's very big there, lidia, thank you very very much. to a governor who is defying, you know, party labels on this and just trying to do what's good for the residents in his state, now there's a crazy concept, with us right now is the governor of the beautiful state of colorado. governor, very good to have you. >> always a pleasure, neil. neil: you are very resistant to the vaccine, even the mask mandate push. in a recent interview you'd said of those that have been un vaccinated it's kind of on them, at this point if you haven't been vaccinated, it's really your own darn fault. explain that. >> you know, i think at some level this becomes a matter of individual responsibility, individual freedom and form choice. we tried to provide science- based information for the health and safety that we all need from doctors, we know and trust, with of course the individual freedom and local

control that we deserve, so put the information out there. i think the evidence is overwhelming, neil, the vaccine helps protect you, reduces the death rate significantly 15 times is what we're seeing here in colorado safer. if you're fully vaccinated, and it looks like the booster is even more important given the omicron variant so we put that information out there and do my best to help people make the right choice and informed choice. neil: a lot of your colleagues in other states are not quite so convinced that maybe they can force those unvaccinated to get vaccinated. what do you think of that approach? >> well, look. you can't. at the end of the day, force people to do something they don't want to do. i think you have to look into why there's this resistance: i think some of it comes out of misinformation and some of it comes out of the fact some people just don't like to be forced even if it's something good they want to be informed and make that decision on their own. i think we've gotta get the right data in front of people to see the overwhelming evidence. this isn't even close, neil, the vaccine pro pro protects you , the booster is important not like it's a marginal case

we're talking 15 times so just i think people are fundamentally rational, we need to cut through the misinformation get them the right information and make an informed choice. neil: you're very blunt and clear on this but i love the line you said you don't tell people to wear a jacket when they go out in the winter and force them to wear it, if they get frostbite, it's their own darn fault. i understand what you were saying. people who worry about the spread of the virus, sir, say the difference there is that the person who doesn't wear the jacket in the cold harms themself. the person who doesn't get vaccinated is a potential harm to others. what do you say? >> so do you know what some if you want to protect yourself, if you want an actual level of protection, you could wear a medical grade mask. they are available now and when this started in march of 2020 nobody could get a medical grade mask not even the hospital s, we didn't have them. you can wear a n-95 a surgical mask. that gives you a high level of protection, and you know what? my parents who are 77, they are

boosted but when they go out, they wear n-95 and i'm glad they do because they are medically vulnerable, at risk for the virus and it makes sense for them. neil: you also said that the covid-19 emergency is over. others had resigned themselves, again you talk about the scientific community, governor, that this will be with us, and maybe for quite a long time, but we have to move on. was that what you were saying or did you jump the gun? >> yeah, it's like when do you stop saying something is an emergency and when does it become something that you deal with and integrate into our everyday lives. look, is this omicron variant scary? is it an unknown? yes it is. are there more variants in the future? with the prevalence of the virus across the world there almost certainly will be but we're in such a different place than we were in march of 2020 neil. do you remember at this point in time there were no gowns, no gloves, the hospitals didn't know what to do, we had no treatments. the truth is we now have monoclonal antibodies, there's pills coming online, so far the evidence looks great. there's highly-effective vaccine

, reduced hospitalization s and deaths by 15 times, so we got all these tools that we didn't have in march of 2020, and it's time we realize we need to integrate these tools into how we live. of course the health and safety we deserve, but fully respect the individual freedom and local control that we also deserve. neil: what's the reaction you've been getting, governor? >> you know, i think it's generally been positive and i think its been mixed, obviously there's some people that want folks to wear mask, you know, forever and for a long time, and i encourage those people if they want to be protected by all means wear a mask. your freedom to wear a mask is absolute and protected, but you know, respect the fact that some others don't feel they need to wear a mask. they have been vaccinated and boosted and the risk is low and that's a reasonable choice as well given we're going to have this virus for the foresee able future. neil: well-said, governor very good have you on thank you for taking the time. >> always a pleasure, neil. neil: all right, governor jared polis, beautiful state of colorado but do you

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neil: you know, when it comes to tragedies there's nothing like seeing it for yourself the president of the united states is getting that chance as he tours the devastation in kentucky, in mayfield, kentucky more to the point. the kentucky governor and first lady there are showing the president around and giving a sense of just the magnitude of the damage. grady trimble has more from mayfield. grady? reporter: neil, you really can't appreciate the scale of this damage without seeing it first-hand, and that is exactly what president biden is doing right now. not too far from where we are in

downtown mayfield. you mentioned some of the people he's with, governor andy beshear , as well as the first lady of kentucky. he's also with former governor steve beshear, and jessie perry, he's a graves county judge, we're in graves county and the people here have been through so much over the last several days, and the scope of this damage is just hard to wrap your head around. this is after several days of trying to cleanup. we have seen around every corner here, dump trucks, excavators, construction equipment, trying to demolish all of the buildings here in downtown mayfield to clear the streets, to try to begin the rebuilding process. the president has vowed over the last several days that whatever kentucky and the five other states impacted by these tornadoes whatever they need, they will get. he mentioned that that doesn't just mean immediately hat that they will get them food,

clothing and shelter and think about it. some people lost their homes, think ev no clothes so they are relying on the goodwill of strangers, community groups, churches, for those types of things, they are also relying on whatever the federal government can do in the short-term, but the president has also vowed long term, whatever comes up that they might not even know of right now, that they will be able to provide that as well. listen. >> there's a lot that are going to need help and a lot of business people are going to be wondering what's going on. there maybe things available that'll be helpful six week, six months from now, that you're unaware of, and so i've instructed my team to make you all had aware of everything that is available from a federal level. reporter: so the president will go from here in downtown mayfield, which is primarily businesses and government buildings to a neighborhood where he'll see much of the same thing but instead of these types

of buildings, it'll be people's homes and so many people have lost everything. there has been an absolute outpouring of support from people all across the country trying to help out. at last check governor andy beshear said that the donations came in from 66,000 people to the state's official fund. the total near $10 million. the state has also started a toy drive. remember, this is so close to christmas and so many christmas es are ruined. they won't be the same because of this tornado, so they are hoping to collect as many toys as they can for kids and teenagers, monetary donations, visa and mastercard gift cards, those types of things to make sure that christmas is special in at least some way, even if they are still dealing with this tragedy on december 25 this year. also want to mention the famous bourbon distillers here in kentucky. they are offering up rare barrel s of whiskey that will go up for auction online starting

tomorrow and they expect that to break records as people pour into donate to that fundraiser as well, so out of this absolute tragedy, neil, we're also seeing best side of humanity, people coming together to help out, not just the federal government but everyday citizens pitching in anyway they can. neil? neil: we always see it, particularly this country, thank you so much, grady trimble in mayfield, kentucky with that, so the damage itself, fairly extensive to put it mildly and they are still trying to keep track of ever-changing number, fox weather hunter davis with more on that. hunter? reporter: hi, neil, good morning very similar to what grady was just saying a lot of these communities are still working to pick-up the pieces, while trying to look forward to christmas so they can give all of these people that happy holiday season i actually want to show you where we are right now, and this should put a smile on your face, and its been a long time, i think, since we've been

reporting on this for five or so days now, its been kind of difficult to get that smile on everybody's face but look at these toys. this is all from the community, walmart, local churches, one gentleman actually came with his family. he said they just wanted to help and we talked to him a little earlier today as he was dropping off toys. i want to let you listen to what he had to say from that interview. >> me and the family was talking to grandkids and my children and about the disaster that happened and they decided instead of buying them gifts take all of the money and buy gifts for the kids. reporter: and just talking to family as they were unloading those gifts like i said was probably the first moment that i have smiled since covering this damage, and hopefully that's a reflection of what all of these kids will see as they come here to pick out these donations later this week. they are basically setting up a point system allowing families to come in and shop with points, so that they can kind of spend

money and help their families have that christmas holiday. those looking to donate can actually head over to fox weather to do those donations and i think that like i mentioned, this is just a moment to smile and i think we should kind of let that sink in because we haven't seen a lot of smiles around here in days. neil? neil: you're very right about that hunter, thank you very much , hunter davis following all of that closely just to bring you up-to-date on what we're learning about kentucky and this is coming from the governor ' office andy beshear, touring on mayfield, with the president of the united states. they did bring down the death count as they know it, now to 71 from 74, there were apparently duplications in earlier reports, what looked like 100 has been widdled down to 59 as we reported a lot could be doing with the fact that with no power and no cell phone service so there was simply no way to account for those considered missing, as power revs up again and authorities are able to go out into the affected areas,

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neil: you know, during the holidays you hear so much about inflation and you hear so much about bickering in washington and we at fox business, we're very, you know, keen on covering stories like that but also balancing them out to say that there's far more good going on in this country and in the world than you often hear, but we are determined to make sure it gets covered because good deeds are contagious and doesn't my next guest know it? decorated war veteran, brigadier general, john bray jr. in charge of operation homefront, the president and ceo and what they do is they help our military families out with something like holiday meals, with just support, with just a thank you, but i'm understating the general kind enough to join us right now. very good to have you general, merry christmas. >> hey, merry christmas to you as well, neil. thank you for having me on your

show and of course your personal interest in our important work. neil: well it's just very uplift ing and explain what you're doing, general? >> well, you know, when you think about it most american families right now are gearing up to enjoy the holidays, but sadly, many of our military families are really struggling to make ends meet and oftentimes , you know, away from their loved ones, and they maybe faced with decisions such as or questions such as hey, do i feed my family or do i put presents under the tree and our holiday meal for military program is designed to make that decision a whole lot easier. neil: how do you go about this , general? how do you find these military families, how do you let them know we're here to help? >> well we have a wide network of locations across the united states, and we go to each one of the regions, each one of the local areas and communities and say hey, how can we help you out and how can we take care of these military families so we

open that up, we open up our website to have people register for our holiday meals program, and we're going to be serving 16,000 meals this year at 135 events across the nation. neil: so you heard about the inflation stuff, general. i know you've been following that, and obviously, it makes it even more cost prohibitive for you to do this. how do you play that? >> well, it's interesting, you're absolutely right. the price of our meal, which generally feeds a family of four to six and we provide all of the fixings and all that other stuff to make it a real wonderful celebration, the prices have gone up over the years, and we have continued to keep pace due in large part to some wonderful donors that continue to support our work. neil: so how can average folks get involved in this , general? >> well, i think at the end of the day, if people want to learn more about what we do and all the good that we do it's not just simply about holiday meals. we take care of our rent and

mortgage payments, car and home repairs, groceries and utility bills and a variety of other programs. if people really want to know about what we do please go to operationhomefront.org. neil: general, your verse to this country you could have upon retiring just hang it up, maybe golf enjoy yourself, but you devoted yourself to this. it's very inspiring. general, thank you. >> thank you, neil, appreciate you having us on. neil: it is a reminder as if we need it with everything else going on the good of the american people never ceases to amaze me and remembering those who put it all on the line for us, can we put a meal on the line for them? i think so. stay with us. ♪ limu emu... & doug ♪ ♪ superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance

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neil: well, time and again, huawei, the big chinese telecom said all this stuff that we spy on people that we're snooping on them that's all just urban legend. well apparently not some documents that the have fallen into maybe the right hands now, that prove the connection between the telecom company and the chinese government is more pervasive than we know. gillian turner has more from washington. reporter: hi, neil so there is some shocking new evidence that the chinese telecom giant huawei

has been secretly helping the chinese communist party spy on and control china citizens, a bombshell washington post investigation has turned out over 100 classified documents in which huawei claims it can help the communist party surveil pretty much anyone. now the national security council at the white house tells fox news today, "president biden and the administration continue to believe huawei is a national security threat, dozens of other countries share these concerns and have taken steps to exclude huawei from their 5g network." now these huawei documents include powerpoint presentations in which the company promises over and over again they can help the government identify individuals by the sound of their voice. citizens who are of political interest to the communist party and perhaps most alarming, manage the re-ed you caution of prisoners enforced labor camps. the spokesperson for the company denies that all to fox news claiming huawei has no knowledge of the project's mention in the

washington post report, and the chinese embassy here in washington is calling new report groundless, but the biden administration though has had its own suspicions since at least the beginning of the year. take a listen to jake sullivan. the united states has expressed its concerns about huawei, and the relationship between huawei and elements of the chinese government and military apparatus. reporter: also breaking now, neil, chinese xi-jinping is handing down a new mandate to chinese artists and musicians announcing that all art and music must follow new guidelines , they are going to be set by the chinese communist party. the government is setting new standards of "morality and decency and patriotism." neil: let's go gordon chang, i would imagine, gordon, you're not surprised that huawei and chinese surveillance going on is a shocker here.

>> no, you know, and we've had evidence, so for instance between 2012 and 2017, china was downloading data from the chinese headquarters of the african union and they were doing that through huawei server s. there is voluminous evidence that huawei participated in this and also the other thing is that huawei is actually 99% state-owned. it says its employee-owned but only 1% is, so we should not be surprised by any of this. neil: what are they spying on and tapping into? >> everything. everything is of importance. you know, once you have artificial intelligence system, they are actually improved by data. the more data you put in, the better these things work, so china is trying to scoop up all the world's data, and that's why huawei is so important for beijing and that's why beijing subsidizes huawei equipment to the tune of maybe

$75 billion from the beginning. maybe more, and that shows you that this is part of, this is actually an instrumentality of the chinese party state. neil: it's a weird kind of a relationship though, right? i'm not talking about china and huawei, i'm talking about us and huawei and shutting it down trying to ostracize it people discover low and behold that we're kind of dependent on huawei, on a variety of issues such as 5g and all of the rest. could you explain that? >> well, we let huawei into our systems and we shouldn't have, but now, the fcc is actually mandated that ripping out of huawei equipment will probably occur finally be completed within a couple years because it takes sometime to do this , but obviously, we've known about these dangers for a very long time, and we were slow to act and this is not just biden slow to act this was trump slow to act. neil: and we should point out that getting rid of those systems and moving to alternatives will delay our own 5g rollout in this country,

advantage still then to china. >> well, yes, but also if you look at the way the telecom business is moving, it's moving away from these systems like all huawei or all erikson or nokia and they are going to sort of mix and match with software and that means the u.s. actually does have an ability to compete in this area, and especially because we got al qaeda come which is really important in 5g, so you put all of these together , and it really says that the u.s. is able to compete huawei has reached high tide and i think that from this point forward, it's going to be a very long and maybe even slow, but a long slide down. neil: you know while i have you gordon, much has been made of this virtual chat between vladimir putin and xi-jinping of china, and that they're more connected than ever, these days. i'm just wondering what you make of this relationship and whether one plays off the other in

different regions of the world to keep us off balance >> yes, well they definitely are supporting each other, because after the virtual summit , we had russia talk about supporting china's legitimate cause to take over taiwan, and the chinese said look, the nato should not admit ukraine, which is a russian demand so they are supporting each other's acts of aggression, and when you put those two large aggressor s together, this is going to be very difficult. many u.s. foreign policy experts have a nightmare scenario of moscow and beijing cooperating. well, that's been true for sometime, and now, it's becoming even more evident. neil: now, they also are playing off of europe, and in the past the criticism as you had said, talk tough they don't follow-up acting tough, maybe that's what the russians are calculating by these belicose moves along ukraine, maybe that's what the

chinese are counting on with the belicose moves in the south china sea and the potential invasion of taiwan or taunting taiwan. what do you make of all of that? >> that's certainly true. so for instance, you have biden talking about russian troops on the ukraine border, but biden never mentions the budapest memorandum where we have an obligation to defend the territorial sovereignty of ukraine. he doesn't mention it. when he doesn't mention it, putin just notices and realizes that he has basically a free ride. now, this is going to be dangerous, because we see the same sort of feebleness with regard to taiwan and clearly the chinese are seeing disarray in the american political system and in the foreign policy establishment as well, and they are thinking maybe they can get also a free grab of taiwan. this is exceedingly dangerous, neil. neil: to put it mildly, gordon, thank you for bringing us up-to-date on all of this. it is worrisome gordon chang following those developments we are about five minutes away from

hearing from the federal reserve wrapping up a two day meeting, jerome powell will outline what seems to be a very big pivot in fed policy, not only speeding up all this tapering and easing up on all the buying and treasury and mortgage back securities, but perhaps minutes away from announcing when the first rate hikes are going to be coming, and i did say hikes, didn't i? after this. . .

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for those you love. vanguard. become an owner. neil: all right we're about to hear from a very different federal reserve. what will it decide to do about inflation? how quickly will it act to deal with inflation. charles payne to take you through all of that right now. hey, charles. charles: neil, thank you very much, my friend. it's a big afternoon. good afternoon, everyone. i'm charles payne. this is "making money." lights are squarely on jay powell as he prepares to address the nation. major indices trading in a very narrow range. that will probably change big time in 30 minutes. with raging inflation it might see his choices are obvious but there are extenuating circumstances including inability to corral a virus and our own government's determination to keep printing their own money. in the meantime all the grief powell has taken over that word, guess what? the majority of fund managers

around the world still say inflation is transitory. what will the fed call it today? there is bonified market crash in much of the tech sector. the question now, megacap names are increasingly looking vulnerable. we're holding it up. we have you covered from every angle, the market, the economy, your wallet an pocketbook. now to washington, d.c. with edward lawrence. port board two-day meeting wrapped up. the federal reserve is keeping the fed funds rate inchanged. as expected the fed is increasing 20 billion tore treasurys and 20 billion for mortgage-backed securities. they are buying a 60 billion a month for mortgage-backed securities. this ends accommodation by mid-march three month ahead of the pace if they stay at this place. the federal reserve is projecting three rate increases next year if you look at the.plot and go up by 25 basis points and move and at least