>> that is about the right number, and, you know, the thing i want to say is and this is a pattern getting so old turned 60 maria, that -- the democrats are always blaming people like first bush's tax cuts then stagnation, putin supply chain. maria: we've got to jump. >> the democrats in white house blaming people. sign not going great. maria: great conversation thank you so much stuart: all right, good morning, maria, good morning, everyone. oh, it was every bit as shocking as it was supposed to be. inflation hits another 40-year high. the president scrambling to explain it, it is the latest crisis to hit the shell-shocked white house. in march consumer prices were up 8.5% from march of last year. big gain. strip out food and energy, and the so-called core rate came in at 6.5%. that's inflation that's spreading throughout the economy inflation is running hot.

the president will blame it on putin's price hikes. my opinion, most of the blame rests on the fed's money print ing. congress' wild spending and the deliberate ending of america 's energy independence, and the consequences could be recession and an election defeat for the democrats. we'll have more on this a little later. now this. i don't get it. here is the market's reaction. the dow is going to be up over 200 points and look at the nasdaq. going to be up over 260 points at the opening bell. that's extraordinary to me. you've got a 40 year high on inflation and the market rallies look at this. interest rates actually moving down. the yield on the 10 year treasury hit the 2.8% level earlier this morning, now it's all the way back to 2.70%. to me, that's inexplicable, we'll with be asking our market guests what on earth is going on bitcoin dropped below 40,000 bucks per coin earlier, now it's priced at 40, 500 and please, look at this.

this is the inflation that you can still see every single day. we still have $4 gas, that's 4.09 to be precise and we still have $5 diesel. 5.03 to be precise, okay? that's the markets and inflation next case, war news. the pentagon is investigating reports that the russians may have used chemical weapons in mariupol. president zelenskyy has not confirmed those reports. a big russian build up continues , the austrian chancellor who met with putin says a big battle is coming. jen psaki was again asked if the president would visit kyiv like britain's boris johnson. again, she says, there are no plans. mascot philly, with the covid caseload rising just a little, the city of brotherly love now requires masks indoors in all public buildings. seems to me like we're going backwards. it's tuesday, april 12, 2022, "varney" & company, the inflation edition, is about

to begin. ♪ stuart: that's the way to get you go in the morning, " start me up" with the rolling stones here we go. with the financial news is dominated by the latest on inflation. lauren is here, going through the whole report. lauren: your necessities, food, fuel, housing, you can't live without that. those are the largest contributors to inflation. let me show you what else is contributing in the past year. i don't know if you want to see this. gasoline prices are up 48% used car prices 35%, protein, meat, fish eggs, 14%, shelter there you go, look at that shelter up 5%. pay attention to shelter. it's not 5%. that's the biggest component of this index and it's being wildly understated. home prices and rent hads are up double-digits, you know that

this is the agony facing a nation. consumers and businesses instead of pivoting to what does the fed do about it what do small businesses do about it? small businesses are half of the private sector employers in this country. their confidence, a study came out this morning at a two year low and what did they cite as their biggest problem? not labor any more, inflation. i can tell you that a large percentage of them, 72% of them, are increasing the average selling prices because they are battling higher prices for everything. stuart: you made a very good case there, that inflation is pervasive, all the way through the economy and then there's this too. a gallon of regular gas now costs $4.09 up $1.24 from a year ago. the white house is just announced plans to boost the production and sale of ethanol-blended gasoline. would that make any difference to prices? lauren: no. stuart: not much? lauren: at most it will cut prices by $0.10 a gallon but i want to point out that corn that goes into ethanol, that costs more too, and then only 1.5% of

gas stations sell this e-15 blend anyway, so this is a band aid. another band aid, trying to cover this great big wound of expensive gasoline. so you have the administration now cushing environmental rules that ban the use of this blend in the summer because it creates pollution. they are willing to do that. i mean they are the climate police instead of letting companies drill more. stuart: yeah, okay. that's very interesting. i can't make sense of that. i can't make sense of the policy at all but i want to try to make sense of this stock market which has gone straight up this morning, despite the inflation news. david nicholas with us this morning. explain it to me, please. record high inflation, the market goes up. what's going on? >> yeah, stuart the market is essentially pricing right now that inflation is peaked and the market is wrong. the markets been wrong before just like the federal reserve has been wrong, so i think this is a fake rally we're see ing just like 2021 was a fake recovery, right?

lauren just said it was a band aid, all of the stimulus money, the biden bucks that were flowing around the economy, guess what? that went to consumers, that money was spent. the parties over, stuart, but we're seeing that right now in prices and inflation. stuart: you think that the market believes that inflation has peaked? this is the peak of inflation? from here on out it's starting to come down. what's the regulation aisle for that, that oil prices are going to come down, that food prices, what's the rationale, i don't get it? >> you're seeing some areas decline, used car prices came down roughly 3%, food prices was up smaller than expected, so in other areas we're not seeing inflation like we thought, but why is that? it's because of what you just said because fuel is up 40% and what's killing me and just gets me so ticked off is that you see inflation running at 8% but wages are down 2.7%, stuart, so it means american workers right now are earning about 5% less than they were a year ago, so the market, in spite of all of

this , is thinking that inflation has peaked. i think that's wrong and that's why i think buckle up, because markets are headed lower this year once we realize this inflation is not going away stuart: i just want to point out one thing the new york fed yesterday suggested that one year from now, looking way out in the future, inflation will still be running at 6.6%. okay that will be down from 8.5% but my goodness me, 6.6% a year from now is still a very elevated level of price rises. last word to you. >> yeah, listen the same people that told us that inflation was transitory are the same people telling us that inflation won't be high next year. stop listening to these people. me and you, stuart, we're on the ground. we see what real people deal with everyday, it's unfortunate but as investors we have to be vigilant because this is a fake rally use these rallies to raise cash and get ready for better prices down the road. stuart: i hear it and i hear you david nicholas thanks so much for joining us see you again soon. now let's go to covid. philadelphia will become the first big city to reinstate

its indoor mask mandate. okay, why are they doing this? lauren: they don't want a surge in cases, i think, do you think something different? i mean it starts on monday. so basically for a month you didn't have to wear a mask inside in philadelphia. now you'll have to again starting next week. i can give you the case counts this is what they cite, 142 new cases a day in that city more than doubled in the past week, but how many people are in the hospital? 46, and wait. there's a new variant, the xe, it's a blend of ba-1 and ba-2. it went from the uk to japan. it's likely coming here, so as we see colleges and cities put the mask mandates back on, how do we live with this? you know, what's the future strategy for mitigating transmission? is it putting on a mask or is it, you know, get some samples of the air quality in the area. just watch the numbers. stuart: how far will they go? at the moment it's mask up indoors in public facilities. lauren: uh-huh. stuart: when do we get to the

point where they say, you've gotta wear a mask all the time, and when do they get to the point where they say you've gotta stay in your house. you can go out to buy groceries. we're not there, obviously, not there. i don't think the public will let us get there frankly. lauren: i know, i was watching local reports out of philadelphia and people especially businesses are mad because the businesses are saying you're making all these rules that affect us, but you're not giving us a seat at the table to tell you what we see what we feel customers tell us. stuart: top down author their authoritarianism, thank you, lauren, the white house knew covid czar says extending mask mandates for transportation, like making you wear a mask on planes, that is still on the table. watch this. >> ask you, does that mean that extending the mask mandate in public transportation is a live option? it's on the table? >> yeah, look, this is a cdc decision, and i think that it is absolutely on the table. stuart: okay, mercedes schlapp joins us, i need assistance on

this one because my head is exploding. it seems like we're going backwards. >> i wish happy days were here again, stuart, but it doesn't look like the case, because you're seeing cdc and administration that's obsessed with mask mandates, with vaccine mandates, and quite frankly, i think that the american people, they are experiencing covid fatigue. they're done, they're tired. they want to make the best decisions for their families and for their businesses, stuart, and so i think that i'm surprised that biden is not calculating this into the fact that he's already unpopular and on top of that then you have the cdc that doesn't even explain from a scientific standpoint why these mask mandates are necessary again. stuart: well-said. got to move on to inflation. the story of the day. the president is headed to iowa today talking about putin's price hikes and blame everybody and anything including putin. is that going to work, blaming everybody else for this crisis?

does that work in november? >> no, i've got to tell you, biden's blame game on putin is very ineffective, and you're se, reactive defensive strategy coming from the biden administration. it's too little too late to try to reduce these gas prices to try to reduce these food prices, because the biden administration from day one, their goal was to wage war war against the fossil fuels industry and by doing that they basically strengthened putin so as much as they want to blame putin they strengthened putin by making us not energy independent. just think under president trump , we were able to supplant russia and saudi arabia in terms of being able to export oil, and produce oil, and so now we're at a point that we are, we're just in a much weakened position so when we are not energy independent, that impacts our national security and quite frankly, the only one to blame is joe biden.

stuart: we'll leave it right there, mercedes schlapp thanks for being with us today we will see you again real soon. >> thank you so much. stuart: shanghai easing the lockdown ever so slightly, but my understanding is that they're actually extending lockdowns in other cities in china. lauren: estimating as many as 45 cities are locked down in china that's 26% partial or full lockdown, it's 26% of the population, it's 40% of china's gdp. that is inflationary as we talk about, inflation in america, and the world because you have hording of supplies, and restrictions on their transport. i want to give you the numbers in shanghai where they are starting to open backup a bit again. about 22000 cases yesterday but look, 130,000 since march 1 in a huge city. that's not terrible number. no deaths reported, so is that the strategy that you want? stuart: they still got covid zero covid. that's still the policy. lauren: separating families and we're telling our non-essential

government staff get out of there. stuart: yeah, but this easing of the lockdown in shanghai is only a tiny fractional easing. the details, the devils in the details. thanks, lauren check those futures again, please. i still find it inexplicable, record high inflation for the last 40 years, we've got a stock market rally go figure. the elites in d.c. and the woke democrats are out of touch with minority voters and believe it or not, that's according to al sharpton. watch this. >> we're losing people of color because they really don't get the people of color's life. if you are living in a city, in a neighborhood, that is inundated with crime and you act like that is not an issue, you already lost me. stuart: my goodness me, that is al sharpton and that's not all he had to say we've got the full video for you and we'll have mike huckabee react. devastation in mariupol,

zelenskyy says 10,000 dead. now, a possible chemical attack and we have details, after this. ♪ ♪

stuart: the present is looking into reports that russia has used chemical weapons. what more do we know about this? lauren: ukraine and the pentagon cannot confirm that but that would mark a new phase in the war. the reports that russians unleashed chemical warfare in their attack on mariupol because that's where the battle is and it's about to enter a decisive phase. ukrainian marines are holdup in a town called azafstal, between the russian controlled areas of

the east and western part of that area. if you crane can hold that they can hold the russians back from mariupol. the mayor of that city says more than 10,000 civilians have been killed and the death toll 20,000 stuart: okay, thanks, lauren i want to bring in rebecca coffler , a former defense intelligence agency officer who joins us now. rebecca, has russia promoted anti-fracking disinformation, in other words, have the environmentalists been infiltrated by russia? >> oh, absolutely, stu, and indicates that russia has been running a influence operation in order to sabotage u.s. energy markets, shave our energy policy and influence american's opinion in favor of green energy, and against fossil fuels and fracking, and that is with the intention of weakening our economy and promoting independence on russia.

stuart: well how did they do it? did they jump on websites or support various green politicians, how did they do it? >> two ways. first they run a disinformation campaign through social media. this is done through the same agency called the internet research agency, which is the one that was involved in intervening in 2016 u.s. election and every other election that the russians traditionally target, and the second way, russia covertly funds environmental organizations. it is very difficult to track the flow of money because the russian intelligence trade craft is very stealthy, and a lot of the environmentalists are unwilling who they have been funding because it's done through multiple money laundering operations through tax havens, and it's extremely

extremely difficult to point. stuart: well the environmentalists got what they wanted in terms of policy so would you say that the russian effort was successful? >> in that sense, the russians believed that they have been successful, and they have been studying our society for more than 10 years. they know what our hot buttons are and that they have figured out that there's a movement that promotes green energy and their message would resonate and ultimately the bill was being sponsored by the democrats in 2020 is playing to putin's hands the democrats have been entrapped by putin's covert influence operation. stuart: we'll have to have you back on the show at some point in the future because i want to know if we're doing that to them as they do that to us. i'd be delighted to hear that we are. rebecca thank you very much for being here, i'm sure we'll see you again soon, thanks a lot >> my pleasure. stuart: new reports and this is

a shocker. new report says ukrainian children have been forcibly deported to russia and subject to illegal adoptions. now that's a disturbing report, what's the source of information lauren: it's kidnapping if you ask me and the source is ukraine 's u.n. ambassador accusing russia of abducting the children for the purpose of adoption. they say russians have already taken more than 121,000 children out of ukraine. stuart: good lord. lauren: i know. i mean, there were those reports that the adults were being taken and brought into russia against their knowledge and they thought they were, you know, it was a humanitarian effort to get them out of the area and they were taken to russia and forced into labor, but the story of children is heartbreaking. stuart: good lord. lauren: yeah. stuart: lauren thanks very much back to the market, please because we've had this very high inflation rate report this morning and what happened? the market went straight up. we've paired those gains though, the dow was up, futures up to 200 points now we're up to 70

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stuart: all right, now, we're going to open this market in about four and a half minutes. looks like we're going up at the opening bell, 200 points higher on the nasdaq. mark avalon, market watcher of the morning, joins us now. can you explain this to me, mark a 40 year high for inflation, and the stock market goes up, explain. >> well, it is a bit counterintuitive, stuart and i understand that. i think what we were looking at was the number wasn't as terrible as it could have been. the core inflation number was a little better. we saw news like car prices finally dropping a little bit, and investors and wall street were looking for any good news to reduce the fear that we've been dealing with about runaway inflation and it looks like to some extent it's under control. stuart: where is the concern that the federal reserve will do its job and do what its got to do, like raise interest rates, and stop printing money? where is the concern that that will result in a recession?

>> well, there is that concern. the fed doesn't have a perfect record in how they engineer a soft landing. we're going to have a huge pullback in the economy because congress isn't spending this year like the drunken sailors that they were the past few years. that's going to be a major pullback, when you couple that with the fed tightening, not buying bonds in the open market, raising rates, that's going to be another way to pullback the economy. we do think the economy will slow in q 3. the hope is we thread the needle to pullback the raging bull market but not create a crash, and you see the green arrows on your screen. that's what investors right now are hoping for. they are hoping for a soft landing, and the economy is still growing while the fed is tightening. stuart: would you be buying into this market today on the hope that inflation will moderate later in the year, and the fed won't kill the economy? are you going to do that today? >> i'm looking at growth stocks , because in a slowing

economy, much like we had from 2008 to 2016 a slow growth economy, growth stocks do well. when growth is scarce, investors look for growth, so we have not taken our eye off the attractiveness of technology stocks and growth stocks, despite the common wisdom that rising rates hurts technology. rising rates hurts technology companies that don't make money, speculative companies, and they have been paying the price, but cash flowing, technology that's become basically a public utility for many people, that's where we be optimistic. stuart: can you give me 30 seconds on why interest rates on the 10 year treasury went down despite a 40 year high on inflation? on on the screen, 2.71% can you explain that one? >> again counterintuitive but all these factors i mentioned, congress not spending so much, the fed raising rates slowing things down, vent in q 3 and q 4 , the economy will slow, the

year-over-year comparisons on inflation are going to become more favorable, we're going to see a drop in the top line inflation number and all that is going to take a little steam out of this rise in interest rates. >> [opening bell ringing] stuart: well that was a nice explanation, mark, and we appreciate it. let's see how the market works out today on this news. okay, we're about to start trading, literally just a few seconds, 8.5% consumer price inflation, what happens now in the market i'll tell you we just opened trading, and we're up in the very very early going, first couple of seconds here you're on the upside, i see green, more than what, about two-thirds of the dow 30 are in the green, they're up and in the first few seconds of business, the dow has gained 121 points, that's about one-third of 1% roughly speaking the s&p 500 up two-thirds of 1%, and the nasdaq composite, that is up 1.25%, have a look at big tech please. all of them doing well. inflation high, interest rates falling, big tech does extremely

well. microsoft is up $3 look at all of them are gaining 1% or more. microsoft, apple, alphabet, amazon, meta platforms, how about that. speaking of meta, look whose here, susan is with us. now, i've got to ask you a question about this. are they proposing to sell virtual goods in the metaverse? are they going to sell these virtual goods for real money? >> yes. stuart: how does it work? >> how does it work? it's hard to explain to somebody who doesn't play video games, but it exists so if you have kids, that play fortnite you have to pay for some of the weaponry that they use in the game itself, and also for the skins, the outfits that they wear, and those , some would say, is already why a lot of people believe that nft's, virtual goods are the future so facebook, we know zuck, he's a trendsetter because about a year ago have you heard of the word metaverse before? now it's in our everyday

language right? and other companies have been valued $14 billion that sell virtual land like sandbox is an example that i know you haven't heard of it. stuart: well i have. >> this is the reality that we're in. stuart: but do they sell for real money? >> $14 billion in a token because they sell virtual land, and we're seeing half a billion dollars worth of virtual land sales over the past year. this is real money that we're talking about here, stu, and then metaverse so i would say zu ck recognizes this opportunity and now, he's willing to sell some virtual goods in the horizon world, the virtual world that meta platforms provides for you also as i mentioned you know video games is a bigger business than music and movies combined. you have to really get your head and wrap your head around how big this industry is and epic games, the fortnite maker, just raised $2 billion from sony yesterday, $32 billion valuation stuart: that's a surprise to us

oldsters, extraordinary video games. >> the virtual money that's involved. can we just talk about broadly about why the markets are going up, because i've heard you say that over and over again. stuart: tell me, what do you think? >> just reading the commentary from wall street players, core prices were actually a little bit less than anticipated. you have 94% now of traders pricing at a 50 basis point hike in may from the federal reserve, so they are thinking that the shortened, yes, the short-term you have interest rates that will spike very sharply, but then if they do all that work, and hopefully the markets and the market downturn we've seen will also help out the federal reserve and taking some of the froth out of the market, maybe they don't have to raise as much for the rest of this year. stuart: okay, well that's one explanation at least, and i'll go with it because i can't understand it. i mean, record high inflation and you've got a stock market rally right from the opening bell. i find that hard to understand, but nonetheless, that's what's happening. okay, carmax.

way down, 3.6%. now i know they have a $2 billion share buyback. >> right. stuart: pretty good earnings i think. >> i wouldn't say great earnings and carmax by the way is also a great company to talk about on cpi inflation day because you know we've seen secondhand car prices sky rocket to the highest since the 1950s, right? so that's actually cooling down a bit, which is why carmax is reporting slightly lower profit, right? they are opening what i find very interesting, because they are an online retailer but going brick-and-mortar as well, but yes, it's because there's less stimulus out there they blame, and of course prices coming down a little bit. stuart: and they are under 100 bucks a share okay let's get to the crypto, shall we? bitcoin was at 39,000 and change >> that's right. stuart: now its popped back just above 40,000 what's going on? >> we seen the lowest since march 16 yesterday when it went sub-40,000 and the reason is look, you saw bitcoin also rally along with other risk assets

like the stock markets pass $48,000 and that's because there's a company called teralun a, which is one of the stablecoins as i mentioned to you so it helps you transfer money around the world to buy different tech epidemic tokens on different exchanges and they were buying bitcoin to backup that stablecoin so remember buying has been done so that's pretty much priced into the market and coming off the bitcoin miami event and i was speaking to some of the largest players and influential players in cryptocurrency everybody recognizes how tied cryptocurrency now to the broader markets. it's a record correlation and in the past bitcoin was seen as this hedge, this anti- government kind of play, but now, as smart goes, so it goes crypto and that's pretty much standard consensus. stuart: and they are in sync, that's true. beyond meat. we used to call them the fake meat people, but of course they are the plant-based food people. expanding distribution of the

meatless chicken nugget. where can i get one of these? >> so 8,000 of pharmacies, groceries and big box retail locations, so remember that they first launched this product in july, and it hit the grocery shelves in october, so beyond meat is looking for some other hit products because we know mcdonald's expansion that partnership hasn't really lived up to expectations, so you see in the stock its been decimated but are you willing to go and maybe eat some of the meatless chicken on offer? stuart: well the next time i go to a fast food joint i'm not walking in and asking for a plant-based burger. i'm not going to do that. i font think many people do that frankly. i don't think they do. that's not what it's for , anyway, i want to see apple, please. as i understand it, susan, they are trying to add a blood pressure feature, i guess, to the watch, you know, the smart watch, they run into a snag? >> yeah, so it's not easy to do as you can imagine, building out

this new technology in order to track your heart rate, your blood pressure, and in some cases some of these new features will also help women in their health as well, so that's something they are focusing on and don't forget we do have the worldwide developers conference on june 6 all virtual event for a third time and they will be rolling out some of these new features, these new health features, and that also indicates that there will be a new device, obviously, pretty soon this year, there will be a launch maybe a new watch or so but you've heard tim cook saying the biggest contribution that apple will contribute to the world will be health and fitness , et cetera and you'll be hearing from tim cook and he should be speaking on the stage right now at that event taking place in washington d.c. stuart: i would definitely go for an apple watch if it would give me my blood pressure on a reliable basis all the time. >> it won't be ready until 202g to bloomberg, but right now if you have the watch, it can detect your blood oxygen which is important in covid times right? stuart: oh, absolutely, susan.

>> i'll make the call for you. stuart: forget blood pressure i want blood oxygen levels. >> everyday, all day. stuart: thank you, good stuff. all right let's check out the dow winners. who are they? chevron, right at the top. >> oil. stuart: almost 100 bucks a barrel this morning, s&p 500 winners headed by devon energy, apache, a lot of natural resource companies on that list, as you might expect, and the nasdaq composite the winners there are -- >> auto desk and broadcom which are chipmakers. stuart: okay, no big names on that list, i'd like to see big names. all right the big board right now, we're in business for eight minutes, and we're up 200 points , despite the inflation news. the 10 year treasury is now yielding 2.72% the yield goes down despite 8.5% inflation. the price of gold is up because you've got 8.5% inflation, you've got bitcoin correlated to stocks at $40, 200 per coin, oil

up 99.46 is your price, nat gas up 668 per million british thermal units, the ample price for a gallon of gas is $4.09 and in california you'll pay $5.74. next case. delivering mail, very serious business, remember this? newman on seinfeld? roll tape. >> you remember this , when you control the mail, you control information. >> [laughter] stuart: i remember that actually , however, one california neighborhood is not getting the mail, because of a tax on mail carrier, believe it or not. we've got the story. feeling pain at the pump? krispy kreme wants to help. they aren't going to pay for your gas but they will sell you a dozen donuts for the price of a gallon of gas which will go up and down. we know the housing markets hot. there are private equity firms like blackstone to blame for rising home prices, they could be. i'll ask our own real estate guy

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stuart: all right, breaking right now. police are investigating a possible explosion in a new york city subway station. multiple people have also been shot. police have found several un detonated devices. this happened in brooklyn last hour. there are reports that a man threw some kind of device while wearing clothes similar to an m ta metropolitan transportation authority one of their uniforms. the suspect is still at-large. 13 injured so far reported at this time. we'll keep you up-to-date throughout the show, obviously. i want to talk about the housing market. mitch roschelle is our housing guy, real estate guy, with us now. all right, mitch.

we've got low inventory, i think that's still true. we've got strong demand, i think that's still true. therefore, i think high prices will continue. do you see the real estate market that way? >> absolutely, stuart, good morning. it will continue that way. the only thing i would worry about is if there was any kind of an ebb to demand, things that could slow down demand could be loss of a wealth effect if there's a major washout in the stock market, for example, or if interest rates really double from where they are, making it unreachable for some people, but there's still a ton of cash buyers in the market and that demand-supply imbalance is the thing driving the market forward into the foreseeable future. stuart: but this cash demand that you're talking about, that's for high-end homes, right expensive homes? >> it is, but there's also buyers of more affordable homes that are putting not the minimum 20% down, putting 30, 40, putting 50% down, meaning they

could handle a higher interest rate, but as we start, you know, going through those folks we're going to see it become harder and harder. the thing i worry about more is inflation and whether or not people can really reach for a house if prices are continuing to go up because everything else in their life is costing more money. stuart: well inflation is the story of the day and that's a fact. mitch, home builders, we're told , are passing over individual home buyers so they can sell their homes, new homes, to big time investors like blackstone. do you see that as a problem and is it happening? >> you know, investors, stuart, have been a story in the market since the financial crisis and they are often looked at sort of with side eye as if they are the bad folks. let's remember what investors are doing. they are buying single family homes for people to live in that rent them from them, so it's not exactly like they're completely taking inventory out of the market for people to live in it's just that they are competing with buyers.

i think the bulk, the vast-vast majority of buyers are still individuals, but the reality is, home builders who ronald regan taking a tremendous amount of risk right now because of inventory of supplies and inventory of labor, the fact of the matter is if they have a buyer that they can count on at a specific price, they are probably going to go for them so i think you will see an up-tick in investors. remember why also. rents are going up so there's a lot of employee politico tuesday for the blackstones of this world who own single family homes to have more of their own inventory in a period of rising rents. stuart: full disclosure i do own stock in blackstone, and i'll roll with it. >> so do i. stuart: join the club. mitch roschelle you're all right , thanks very much, sir, see you again soon. you know, google celebrated their return to the office with marching bands, traffic jams as well and some politicians dropped by. we're going to tell you all about it.

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stuart: apple has just announced new privacy and data security features. hillary vaughn on capitol hill will break it down for us, won't you, hillary? reporter: good morning, stuart. well, there's not necessarily announcement about new features, but tim cook did come out publicly against competition policies that are being floated here in washington and have been implemented in places like europe, that would actually require apple to let other apps on to their iphones and have other app stores still operate on their devices. he says that is a major privacy concern, because the apple app store has very strict privacy requirements that an app has to meet before they are able to get on to the app store, so his concern is that in an effort to increase competition to level the playing field to make sure that there are other app stores, other companies, other rival app s able to compete on an

iphone is going to, infect, impact apple user's privacy in a very real way. he says they make sure that things are in crypted that apps they let on the app store are not harvesting user data and without those safeguards in place they cannot guarantee an iphone user's privacy. stuart? stuart: hillary i think you made me understand it and i appreciate that so let's bring in ray wong, he's the man of the moment on these big tech companies and what apple has just laid out, the new approach to privacy and avoiding, maintaining privacy within competition. can you go through it again for me, please, ray? make me understand what apple is talking about. >> well apple is taking the consumer-first view on privacy and it started with the fact with advertisers were tracking which users were seeing which ads, and that basically said look, we can tell you if the ads we're seeing we can't tell you who the users are and they did the same thing with e-mail and ip addresses doing the same thing with

private relay and hide my e-mail and that basically allows you to know that the connection was made but we can't tell where people were looking for their mail, or did they come from the mail and they encrypt the data in the i cloud server so everything they are doing is enabling encryption and if you want to get in the store you have to follow standards if i have to open up the store and you aren't following standards that doesn't make sense so they are trying to protect privacy at all levels. stuart: i'm looking across the field at the big tech stocks and all of them are up very sharply today, even though we've got 8.5% inflation. now, can you explain why we've got such a significant rally for the big tech stocks, when we've got such a significant rise in inflation? >> interest rates are down, this is a big sector that's still growing, if you looked at the revenues from the last quarter, i mean these companies were going 20, 30%, microsoft, apple, tesla, nvidia, alphabet, right? amazon, they have all been growing and that revenue growth

is what's driving the stock market to say hey here is a safe bet but still we don't know exactly how much further interest rates go up and how inflation is going to be going forward so are we at the peak of inflation? i think people are betting yes by looking at the core but i think we might see some more if energy prices continue to go up and we continue to have the issue and russia. stuart: yeah i think you're right actually. the investors are saying yeah, maybe inflation has peaked. the core rate wasn't as strong as we thought it might be so maybe we've got a little down. what do you think about that, ray. that seems like a very thin read to me. >> it's a thin read, what we're waiting for is can we get energy prices down, will interest rates calm down? the 10 year is at 2.7, that's like one point higher than a month ago, and we have to see if the job growth continues, so i think those are the factors people are looking at and then of course, i think the china issue with what's going on with the covid lockdowns that will slow down and of course you never know, another variant

might pop-up. stuart: yes you never know, ray wong thanks very much we'll see you again real soon. the markets are very firmly in the green the dow is up 300 points and the nasdaq is up 245. i will call that a rally despite inflation. coming up, nigel farage, brian kilmeade, morgan ortegas, governor mike huckabee, the 10:00 hour is next. ♪ welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? ..

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or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com. >> it is 10:00 eastern and we begin with breaking news. police are investigating a possible explosion in a new york city subway station, reportedly five people shot. police found several undesignated devices. this happened at 8:30 eastern time this morning. there are reports that a man through some sort of device while wearing clothes similar to an nta uniform. the suspect is still at large. quick morning to our viewers, we are about to put some graphic images on the screen. these scenes are inside the station.

inside the subway station where this incident occurred. it is a serious incident. let's get to the markets, a rally on wall street despite the news on inflation, dow is up 200, nasdaq up 254. the 10 year treasury seems amazing to me. the yield has come down. a 40-year hyperinflation and the yield on the treasury down to 2. 70 one%. one%. the price of oil going up close to one hundred dollars a barrel and bitcoin closely correlating with stocks covering a little ground back to 40,000, $400 a coin. now this. another inflation bombshell. consumer prices went up 8. 5% in the last year. that is a real shock. anyone under 50 has never seen anything like this before.

president biden laid the blame on just about everyone. meatpackers, oil companies, the supply chain, chip shortages and now vladimir putin. today he will visit iowa and use the expression putin's price hikes. that is a political excuse. it does not address the root causes and those root causes are extraordinary money printing by the federal reserve, massive pandemic spending by congress, deliberate cut in america's oil and gas production ending our energy independence and vladimir putin's war which cut the supply of wheat and corn and raise food prices worldwide. the administration not in position to do much about it. biden has big spending plans. he won't allow us to get the oil and gas that is under our feet and there is a little biden can do about food prices. this is a political problem. working people are taking the

worst hit and that is a democrat base or used to be. it is an economic problem. we are facing a recession threat and that is not good right before the election. i keep saying this reminds me of the 1970s, the last time inflation spiked. it ended with a severe recession and landslide defeat of a sitting democrat president. that was then. second hour of varney getting started. ♪♪ stuart: i promise more on the markets and inflation as we go through the show but i want to point out ms nbc host, reverend al sharpton is slamming democrats approach to rising crime. role tape. >> they are losing people of color because they don't get the people of color's life. we don't want to be manipulated

by right wing elitist billionaires or by left-wing guys that don't understand our life on the ground, that is living in fear of crime, living as a result of inflation, that is killing us, many parts of this country, limousine liberals in new york, don't live in the real world. stuart: go live in the real world. here is mike huckabee. our sharpton blasting limousine liberals? have at it. >> sitting around a table of limousine liberals is what was rich about the experience. when he talked about right wing billionaires most of the billionaires in america are left-wing. you have bill gates, the silicon valley people, the hollywood people, the new york financial committee who support these left-wing causes.

they are the ones who gave enough money to black lives matter so the lady can build a $6 million house and complain somebody didn't think that was a good idea but what our sharpton said is right, people who are living paycheck to paycheck are struck by what is costing them for greg gas and groceries and when president biden makes a speech about ghost guns they are thinking you kidding me? we are worried about gas, groceries and somebody pointing a gun at us, not necessarily owning a ghost gun. stuart: it looks to me like inflation is going to be here tuesday. the new york fed saying this time next year inflation will be 6. 6%, very high rate indeed. it occurs to me this cannot be good news for democrats come the november election. if they can't put the blame on putin or the oil companies they have to take responsibility for

what is hurting their own people. i can't see it being a plus. >> it's not a plus and american people, don't care what they make for a living, they are not stupid. they know this isn't vladimir putin pulling the chain. they know their lives were in pretty good shape, wages were going up, things were getting better and then something happened, president biden started declaring war on american energy, he opened the borders, he made us a weaker country, he took decisions and made decisions that caused prices to go up and up and up and people realize what happened. but one thing that i pray, republicans have got to get their act together. right now the only message they have is we are not those guys. they've got to come up with a better message than that, have to give people a reason to vote for conservatives, not reason

to vote against limousine liberals. governor huckabee, thanks for being here, see you soon. the rise in crime in los angeles, former republican could win the mayoral race. >> the real estate mogul, the guy behind the groves in california, rick caruso is running against karen bass. and is ahead 24-23. crime and homelessness are pushing la's woke liberals rights, saying that with a question mark, he's a billionaire who owns a 200 foot yacht, luxury hotel, will la go for him because crime and homelessness is so bad? stuart: that is a republican, can ashley go back to a guy who was a republican?

a guy who was a republican, a wide race. >> he headed a police commission during the rodney king riots. and increase the support of police officers and do the same thing now. stuart: maybe times are changing. the latest read on inflation is the financial news of the day, we had an 8.5% inflation rate over the past year at the consumer level. look at this new op-ed. covid crime may be surpassed by other concerns, food, oil and inflation. who wrote that? scott shelladdy. how is the market rallying in the worst inflation in 40 years? >> after what jen psaki said yesterday they were expecting 8.5%. this is a relief rally. not worth after the warning

signs jen psaki had to say yesterday but what is worrying is the last increase was 7.5 to 7.9. the 200.6%. it is with us for a while and is not going away. anyone who hasn't had a wage rise of at least 8. 5% this is going to cost you money. stuart: if the fed acts will we create a recession? >> unfortunately i don't see any way out of this. i think that the fed probably will end up killing the economy so they can kill inflation. there is no way to move inflation without hurting the rest by raising interest rates. i thought about the office here early this morning, can it get worse? do you know in 1971, i was around, nixon instituted wage and price freezes.

if you wanted to have your wage raised you had to go in front of a wage commission or if you wanted to change your prices you had to go in front of a price board. those things should scare americans even today but that might be the next thing they pull out of the hat. this is not going away and there are some meetings looking at this is an oil issue, the national average above $5 a gallon. i don't know what folks will do but this will probably end up killing the economy first and then inflation will come down and that is the sad state of affairs. stuart: we are glad you are on the show. >> not a great way to get invited back. of the when you call it the way you see it, see you again soon. back to the market, dow still

up 200, nasdaq up 200 and crowd strike is up 8%, cybersecurity. lauren: they are in the sweet spot of demand because of cybersecurity, already elevated demand. stuart: i didn't mean to opt -- interrupt. i saw calls moving. >> there's another bidder, the vitamin shop owner. and close is on this pop in the interest. >> >> an explosion at a subway subway station. what do we know?

>> brooklyn police, 13 people have been injured, something shot after man in a construct invest apparently set off the smoke device and the shooting occurred at 8:30 this morning, in brooklyn, new york. there is no known motive, and those police say not the case. some sort of smoke grenade or smoke bomb. 5 foot 5, described as a black male with a orange vest on, might have had a gas mask and that would indicate this could have been premeditated in some manner. no motive at this time but there have been incidences in the subway system especially dealing with fires, since covid started in 2020 motorman was killed when a homeless man set

the suitcase, a garbage can, on fire, on the subway. the motorman sadly was killed. in february there was another incident of someone sitting luggage on fire inside a subway. another fire on a subway car, this incident clearly, to a suspect, wearing an orange construction vest, passengers on the platform. having their wounds after being shot, applied to, sent to hospitals, no known motive, no full number of victims or what condition they are in, started a massive manhunt in new york city. or whoever caused this incident and why, wearing a gas mask,

detonating apparently a smoke device, in the middle of rush hour this morning. stuart: it is not what you want to hear, when people want to come back to the city to work. we will update this later. more varney after this. rs. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. stuart: we are happy to say our star reporter trey yingst has gone back to the ukrainian capital of kyiv and he joins me now. tell us what you saw please. >> reporter: absolutely. we are outside the ukrainian capital in bucha as international war crimes investigators dug up ukrainian bodies, trying to figure out how many people were killed

when russian forces advanced on the capital of kyiv, devastating scenes outside of kyiv as family members were waiting to find answers about their loved ones. we met one grandmother who watched as two of her grandsons were pulled out of the ground, their bodies cold and frozen outside of kyiv. just giving you a sense of the devastation the civilian population is facing. all of bucha is destroyed, tank units on the side of the road leading to the small town outside the ukrainian capital and authorities in kyiv fear this is the tip of the iceberg about how bad things are to cross this country. in the southern port city of mariupol, the mayor says 10,000 civilians have been killed since the russian invasion began. there is a facebook page that gets to the core of what is happening in the city. it has 140,000 members, people are looking for answers about their loved ones.

>> the us and the uk confirming reports of the chemical weapons attack in mariupol. if they use chemical weapons president biden has said he would respond in kind. what happens here? >> reporter: we remember famously when the syrians used chemical weapons during the obama administration. and we know russia is a serial, poisoning the ukrainian president back then.

and in 2020, a very famous russian dissident established, they tried to kill him, and let's not forget knowing full circle back to syria putin oversaw assad's use of chemical weapons and enabled that, when i hear people like former president obama saying this is not the putin i used to know, not the same man, what are you talking about? this is the guy who destroyed chechnya, who helped oversee the worst human rights abuses including chemical weapons attacks in syria, was pushing heads of state and foreign leaders since 2,004. putin hasn't changed. we might be naïve and continue to think democrat administrations do, that they can recalibrate their relationship with him but he is

the same man he has been since he came into power in 2,003. he has a history of using chemical weapons, a history of terror and intimidation when conducting a campaign. stuart: so what could be our long-term relationship with russia led by a man like putin? >> reporter: i have nothing good to report. what we have to do, everything we do in this situation has to be calibrated and thought of in the aspect of what is the chinese commonest party learning from this and how will they relate those lessons to taiwan. what do i mean by that? since the biden administration and europe writ large failed to deter putin from invading ukraine nato and europe have been more aligned, announced more defensemen to, more company said they won't do business in russia but of russia, if putin doesn't remain isolated, once the wars over, who knows when that will be,

putin oversaw long protracted civil war in syria for years, almost a decade, if we go back to business as usual, putin continuing to be isolated, if there aren't war crimes investigations, if we don't actually cut off their energy, being dependent on them as the europeans are for energy, we go back to business as usual the chinese commonest party will learn we will face a lot of pressure in the initial months of invading taiwan but eventually the almighty dollar, the almighty un will be too overwhelming a force to resist and will go back to business as usual. that's why the coming year is so important. of the one that is a very bleak outlook. i am sorry about that, thank you very much. putin launched a mass purge of one hundred 50 security officers. why is he doing that? lauren: to save face. he needs to scapegoat somebody

for this failed fast victory of all of ukraine so he's calling security official traders, blaming them for leaking russian military information to the west. all of this as putin may be ready to make some are saying a final push but a big south push into the donbas region where the ukrainian supply lines are short and the 8 mile russian convoy is making its way. stuart: we are told the big battle is coming. britain's prime minister boris johnson rejecting calls for new covid restrictions despite a sharp rise in cases. the uk needs to stick to its plan of living with covid. nigel farage has to stick to that. how long will china's lockdowns affect the global supply a crisis? crisis? bloke -- gordon chang will tell us next.

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and it's easier than ever to get your projects done right. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. stuart: police are investigating a possible explosion at the new york city subway station. the fire department reports 13 people injured. this happened at 8:30 eastern this morning, rush-hour time here. there are reports that a man

through some sort of device. a police force says the suspect was wearing a construction vest. the suspect is still at large. president biden has been brief, this is a fast-moving story and we will update it as the news comes in. back to the markets. it is rally time. not as strong as it was a few minutes ago. the dow is up one hundred 60, had been up to hundred, the nasdaq is up 200 points. the energy stocks rallying significantly especially apache. lauren: the catalyst is china. shanghai relaxing some of their covid 19 restrictions, china versus russia, the year but he did is drafting proposals to an oil embargo on russia. there is in full agreement but they are talking about it. oil is up. stuart: blooming brands.

lauren: the oil of outbreak, by now for a chance of double or more, they like what they invested for post pandemic world, what does that mean? partnerships -- stuart: who said that? lauren: jeffries, the brokerage. stuart: i thought for a moment -- i thought a forecasted doubling the price. if he did that, you are sued, you're never going back to the office. i digressed. at sea is up today. lauren: it is down 46%. they have $14,000 on strike because they are mad that etsy increase the commission and are asking shoppers to boycott etsy as well. workers are emboldened, organizing, two more starbucks voting to unionize. b1 stock is up. lauren: down 46%. stuart: let me update the supply chain stories.

the us has ordered nonemergency staff to leave shanghai after a lockdown was imposed, residents have been confined to their homes for up to 3 weeks. i will show you this video again. they are shouting and screaming. they want food, medicine, daily necessities and they want it now. china's lockdown raising concerns over more supply chain problems. are we going to get more price spikes? >> reporter: the concern is these supply chains will drive prices higher for americans moving forward. the lockdown reaching high-impact of 25 million people, many of entrapped in their homes for weeks at it means they can't go to work and transportation hubs don't have the workers they need to keep cargo moving. hundreds of the vessels carrying copper and iron are

not stranded offshore as truckers are forced to stay away. more than half of us multinational companies cut their revenue -- annual revenue projections. and dozens of other cities around the country follow the lockdown last month, it is a tech hub and factories making semiconductor chips, computers, to shut down and inflation read shows prices of 8.5% higher than they were a year ago, a 40 year high but these ongoing supply-chain snarls in china, they are expected to ripple around the world and economists at bank rate tell us it will keep prices high for americans here at home. stuart: we hear you and we will hear from gordon chang, our resident china expert. how badly will the lockdowns affect the global supply chain? how bad is it? >> in shanghai it is really bad, down 40%.

cargo volume, the main airport in shanghai down 97%. the factory floor, it means we will see lockdowns again. they had problems that went away. and >> it is worse than i expected. if it goes there and they shut factories down, that's a crimp in the supply chain but does it create more inflation in america. and the lockdowns in china, rippled through to the united states in other places. >> how bad as the chinese

economy performing right now, and an interest rate - the debt crisis, and >> look at last year they had 8.1% growth, and along - the last 2 quarters are very good. the lung -- the last 2 quarters are very good. this last month, march was terrible, services and the manufacturing pmis, and it dropped precipitously, that takes into account what happened in shanghai. april will be worse. stuart: what about xi jinping? does he have a public a problem? >> i think he has had a political problem for some time. he has accountability because of the power he accumulated and is being blamed for the problems. you see this in symptoms that don't occur unless there's intense political infighting.

beijing is punishing the former leader who has been undermined xi jinping, he is associated with shanghai. there is part of this rivalry, never gets good and the problem right now is being aggravated because of the -- xi jinping contest. stuart: is he going to be chairman for life or whatever it is? elected for a third term? >> i think he gets his third term but it will be closer than people think. i don't believe it is a near certainty everybody made it out to be. stuart: thank you very much, good to see you again. after two years of remote work google employees returned to the office. google went all out for its welcome home party, brought in politicians, the marching band, we have the story. tired of wearing masks on planes, trains, and buses kick you bad news for you. the white house's new covid czar said the mask mandate could be extended. we have a report on it next.

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stuart: early this morning we got news of an 8.5% inflation rate over the past year at the consumer level. a record high for 40 years. despite that, the market goes up. nasdaq is up 150, dow is up 170 points. how about masks? the new covid czar says mask mandate on planes, public transportation, could be extended. when was this mandate set to expire anyway? >> reporter: it was set to expire this coming monday, april 18th, but the white house's new covid 19 response coordinator says the cdc is

reviewing the policy, an extension of the mask requirement is among the possibilities being considered. >> this is a cdc decision and is absolutely on the table and doctor wilensky will make a decision based on the framework the cdc scientists create an will make a decision collectively for that. >> reporter: some interesting research. on average, red states perform better than blue states on health outcomes, economic performance and education during the pandemic according to a new study by the committee to unleash prosperity. in its research, which has not been peer reviewed, the right-leaning advocacy group listed montana, nebraska, and florida among the top 10 performing states despite their relatively relaxed covid guidelines, while states with the strongest restrictions including california, new york and new jersey ranked among the bottom five. in the case of florida they

adjusted for age of underlying conditions including obesity and diabetes and after that they found florida had an average risk of mortality and is able to keep its economy humming and 96% of schools remained open. stuart: where's the science behind masking on a plane? i don't get that, i really don't. you are all right. philadelphia is bringing back the mask mandate next week. i don't understand this. they are averaging 140 cases a day. lauren: it's not large numbers but a lot of people are testing at home so there's more cases not being recorded. either way the rates are going up in the city wants to contain the spread. if you look at china not sure containment works and if you listen to doctor fauci, everyone has to calculate their own risk. why put on an indoor mask

mandate. it is not just happening in philadelphia. in american universities, beer, georgetown, johns hopkins, masking up again in yet, high school students making decisions on where to go to college based on how strict that particular city is. stuart: i would want to go to the college for the university experience, not for a locked down masked up experience. i will calm down. google, one location hired a marching band. do people want to go back? >> no. a lot of people need a hybrid. you only have to go back three

days a week. they brought in the band in austin playing to what seems an empty room. mayor lloyd lightfoot greeted employees in chicago and in san francisco they were greeted by traffic plus employees haven't been together for two years so this was a first and they got to see each other three days a week maybe with a mask on. we when i gotta "my take" at the top of the next hour, hybrid system, cities are quiet on mondays and fridays, busy in the middle of the week when everybody goes to bed 3 days in the office. what is next? i want to bring up this shooting incident. it is an incident in a new york city subway. we will bring you brian kilmeade after this.

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early this morning before the inflation numbers the yield was 2. 8%, now it is 270 one. go figure. the price of gold is up $28 an ounce, bitcoin briefly dropped, it is still there, blocked below $40,000 a coin, 39-9 is where it is now. oil just at $100 a barrel again. natural gas up $6.74. gasoline edging down ever so slowly, $4.09 a gallon, in california averaging at 574. and and got to deal with this. i went get back to this breaking news, and manhunt during the shooting incident in

a subway station. multiple people were shot. the fire department says 13 people were injured. this is a fast-moving story. one thing i would like to say is this is the last thing new york wants when you are trying to bring people back to the office in midtown manhattan. this occurred at 8:30 in the morning, you don't want this to happen. could be a test of mayor adams. >> it is a test on mayor adams who is committed to bringing companies and tourists to new york city and bringing crime down and have to make them feel safe so stories and images like these don't do that. we will see how he continues to respond to this. stuart: it is not clear what happened. it never is even in a couple hours after the incident occurred. the police are telling us a suspect wearing an orange vest

with a gas mask on, he through some kind of device which created a lot of smoke. there are reports some people were shot and 13 people have been injured. that is what we know at this time. it is a very fast-moving situation. moments from now i will bring in brian kilmeade who has been following this situation and has some comment on it. kilmeade is a new yorker who knows the city very well as do we all in here he is. i know you are following the subway situation in new york. just saying to lauren this is the last thing you want when you are trying to bring people back into midtown manhattan, back to the offices and a test for mayor adams. what do you say on this? brian: mayor adams tested positive for covid 19 so he has to stay in hibernation even though he has no symptoms four or five days. he tested positive, had a raspy

voice but no symptoms but under this new rule where unless we are 98.6 °, we can't walk around anymore even though we walked through stuff that is like this, only three deaths in new york but mask up like philadelphia but seeing the shooting in the subway i think -- the subway 3 times a week, the good news is if there is a bombing you are as safe as we can be but a shooting, there is nowhere to go. you have nowhere to go. watching this footage, don't know if you are rolling it in as we are speaking but you see smoke coming out, some devices, 5 foot 5 wearing a construction vest so people thought he might have been one of the track workers or something. we will most likely find this guy but what was he planning and why are there multiple devices they are searching for, 13 hit and run no fatalities to

report and 8:30 in the morning is peak time. whoever did this to get as many people as possible, price waterhouse, jpmorgan chase, all these major companies have not demanded their people come back, guess who pays the price, coffee shops, dry cleaners, cops, firefighters, you can't pay their salary. and >> bearing in mind the situation in new york city. and and >> that allows, to bring him or her in. instead of getting right out, the same story in new york, chicago, san francisco, los angeles.

the sheriff i spoke to this morning in san francisco running for office, said blame the car for a drunk driver, of course, if you have an unmarked gun put together with parts but guess what, i could get you, you could order a ghost gun right now, you are not going to shoot anybody. i am not shooting anybody. most of our audience could get a ghost gun or not have it registered but not killing anybody. the problem is the criminal mind and the punishment that they know is not coming. the new york post today 17-year-old shoots 16-year-old, 17-year-old will be tried as a juvenile meaning they are out in 6 years. is that what you should do for murdering somebody. stuart: when the president goes out yesterday and hammers ghost guns and says he wants to go further, the result will be a million americans will go after their first gun. that is what is going to happen. there are 5 million more households with a gun as of now

then they were two years ago. 5 million households added gun for the first time because they believe democrats want to take their guns away. stuart: brian: i am not a gun owner but i am for the second amendment. they will say the first thing they did in venezuela is take away the guns. australia not allowed to carry a gun. china and shanghai they jailed 25 million people for testing positive and being a symptomatically to the first thing they do is disarm you in society and then take over your life. in australia i've never seen such a crackdown from the pandemic from what they did in australia. the american people will never be disarmed. give it up especially by a president with 36% approval rating barely with the majority in the house and senate. that's not where a lot of democrats stand like joe

manchin. we when the second amendment makes america unique country and that's one of the reasons i am here. see you again soon. the postal service suspended delivering letters to one neighborhood in santa monica, california. repeated attacks on mail carriers since january. the postal service is delivering packages but it is unclear when the suspension will end. up next, nigel farage, carol markohwitz. so you only pay for whatchya... line? need. liberty biberty— cut. liberty... are we married to mutual? only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

>> we begin with this breaking news. 13 people are injured after the shooting, this is happened in brooklyn, the suspect was not caught. police described him as a black man wearing an orange construction vest. several devices were found. police say none of them were active. president biden has been briefed on the shooting and we will bring you more information on it as it comes in to us. i will call it a rally. down go straws up one hundred 50 points, the nasdaq 120 points higher. show me oil back to one hundred

dollars a barrel. show me the 10 year treasury retreating from the three or four your high in terms of the yield, down to 2.7%. we will discuss this, we had record high inflation, stock market rally and interest rates down. now this. on mondays and fridays in new york city there is noticeably less traffic and fewer people on the streets. welcome to the flexible work schedule. two days working from home, mondays and fridays usually, three days back in the office, tuesday, wednesday, thursday, big change in the way we work and it is popular. 9-to-5, 5 days a week for everyone isn't going to fly anymore. it is the cities and the office buildings in those cities which will take a big hit. workers may be happy's but businesses and city governments are not. in new york the largest private employer, jpmorgan chase, has only half of its workforce back

in the office full-time. ceo jamie dimon is not happy about that, he's not keen on remote work but if you wants to recruit top talent he cannot insist on yesterday's schedule. in a very tight labor market businesses have to accommodate a mobile workforce whether they like it or not. as for city government all those workers not in the city, not spending money, not paying sales tax, all is abandoned building not paying property tax, it's tough financing the city when its workers are not in the city. this may be one of the more profound changes brought on by the pandemic. it can be considered liberating, three years ago just about every office worker was locked into a rigid five days a week, 9-to-5 schedule but lockdowns and technology changed that. the flexible work schedule is here to stay because a lot of people want it that way.

third hour of varney just getting started. mike murphy joins us this tuesday morning. let's do a nonmarket subject to start with. do you think the flexible work schedule is here to stay? >> with a short time their short-term yes, but long-term employers like jamie diamond are paying the same wages will demand workers to come in and work and be as productive as they were in the past. it's a great idea to say stay home and be as productive as you were in the past but very few people who can be as productive being at home. being in the workplace people migrate more and more back into the office and we are seeing at already. stuart: it's a great time to be a worker in america. you can choose your job. all kinds of jobs available in this likable work schedule, not a lot of people like 3 or 4 day weekend. >> as an employer, i know you

are being a little facetious but as an employer for your business to run the ends have to meet. if you can't make legals meet there's no business and i can no longer pay you for your 3 day or 2 they are one day work week if i'm not bring enough money as a business. as a business owner you have to get a return from your employees. stuart: an extremely tight labor market, you might want to attract quality labor by telling them you will have a long weekend, flexible work schedule. >> you may but ultimately will get what you pay for and if you pay someone for 3 days of work you will get 3 days of work. at some point we talked, segue back to the market, companies that make the best earnings will trade higher. you make the best earnings if you get the most from your employees. a small percentage of the workforce will give you a great return for your money being remote or being on an island somewhere. you need people to be in the office because that structure

leads to better results. stuart: let's get back to the market. something i don't understand. a 40-year hyperinflation, the stock market goes up and interest rates go down. >> we have this massive number coming out on the top line inflation number but if you take out the volatile food and energy sectors and look at core inflation it only rose by 0. 3% versus expectations for 0.5%. your pay more for gas. the longer-term inflation number, is going up at the same rate. >> basically 6. 6%, we can live this for another year and the market will go up really?

>> what the fed is saying is you have to be careful. a few months ago the inflation being a year out was transitory. it wasn't going to last. let's look shorter-term, look at what we have in front of us. any down tick in inflation, you have to realize this isn't hurting the ultra-wealthy people but is having a major impact on the middle to lower class of the united states and we need those people and want them to have an opportunity to do well, $7 a gallon for gas they don't have a great opportunity. stuart: this is true. the market is still rallying in the face of high inflation. it has got me worried. >> don't be worried. the market has gone through recessions in the past. the market has gone through rising interest rates. will it be different this time? it will not be different. stuart: you seem so long, you don't member the 1970s.

i was there. it was awful. inflation took off and the stock market really came down big time and never went back up. >> i have younger analysts working for me, 60% interest rates, why didn't you just put your money and collect the 16%. %. stuart: some of us did. apple has announced new privacy features, the stock is up 1%. all right, what will apple do to enhance my privacy? can you explain it in layman's terms? >> the way i think of it, go to a bigger picture level but there are two technology co. 's, hard to understand because all the technology companies talk about privacy. apple is better equipped to respect customer privacy because their business model is about charging you money for the products they sell you, the old-school business model.

that's fundamentally different from social media companies that have a different business model of making products available for free and the way they charge he was having access to your data. that is the choice consumers face. they own the product and decide what laws do and don't exists and charge you the dollars in return. in return for data privacy features consumers will pay more. i personally think that is okay. i prefer transparent model to one in which consumers get a product for free by paying in terms of data and lack of privacy. that's a high level where apple is in a good decision to do this with many other internet companies that do it for free are not. stuart: finally somebody arrived on scene on our show and tells me how things really are. musk says he will remain engaged in twitter's strategy on a range of issues, quote, without limitation. what does that mean is what do

you want him to do? >> i think elon musk will be more effective off of the board of twitter than on the board. i was happy when he took the 9% stake. i was disappointed when he ended up deciding to join the board because the managerial class tends to co-opt any insurgents, give him one of 12 seats on the board, nullify his voice that way. what he's realizing at the top shareholder by far he can do a lot more impressing management for change from the outside without a board telling him what he can or can't do, how many shares he can or can't buy. i rooted for him to drive change and be successful as a shareholder bringing a voice to the table rather than as a board member muscle by the managerial class but runs twitter's work today and an opportunity to do it and what i would like to see is a new shareholder movement across corporate america doing to every major comedy what elon

musk is doing to twitter, disney, nike, airbnb, every company in america that been the need to one end of the political spectrum to actually see new shareholder stand up for the voices of everyday citizens and the actual shareholders of these companies aren't being represented in the board room and the voice of the shareholder staff today. stuart: glad to see that kind of move. appreciate it. let's have a look at tesla. chesler is down. it is up 1.5%. lauren: i would expect them to be down, their shanghai factory has been closed for weeks since the end of march because of covid and the lockdowns in china. that has to impact their second-quarter production numbers. every day it is a shot analysts say 3000 deliveries are in jeopardy and tesla is expected to deliver 340 vehicles in the second quarter. down from previous estimates.

stuart: the stock is up $13. i have been doing it for 45 years. lauren: a $40 million market cap up in a big way yesterday, up again today. the fda related -- greenlighted their trial for people who suffer fluid in the lungs because of covid. of the one lulu lemon, fascinating company. lauren: they have a resale program where they sell used gear and are expanding that to all their stores. i'm not sure that is why the stock is up 5% but that is what they are doing, target doing something similar. stuart: we are going to update you on the situation of the brooklyn shooting incident, an update shortly, the latest details. nigel farage will join us later about boris johnson. we will be back.

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stuart: the search for a suspect is underway, and eric shawn joins us. >> 5 people were shot, 13 injured and a subway car in downtown brooklyn this morning, happened during the rush hour, 8:30 this morning. on the in terrain, gunfire suddenly erupted, the suspect has a smoke bomb or canister that filled the car with smoke. you see the pictures of the passengers on the platform after the train pulled into the

station at 36th st. and people frantically flee the subway car as they got out. the gunman described as a male black, 5 foot 5 wearing a construction vest, may have had a gas mask, this is being considered a premeditated potential type of incident, not known what sparked it or what the motive is. as of now the suspect in the shooting, not caught. there's a massive manhunt in new york city underway for this shooter who was wearing a gas mask and orange construction vest when he detonated a smoke device. you see the smoke pouring from that car, 5551. the third car in the in terrain in that subway station. there were several incidents in the past several years, a motor man was killed when homeless man set a garbage can on fire.

a piece of luggage set on fire, and a man had a gallon of gasoline that spilled and that was quickly injured when that was set on fire. expect a news conference shortly from authorities. as of right now no motive, no suspect in custody at the moment. and and all the cameras on that subway line as well, and the incident in brooklyn, new york. and your reaction to this news later.

>> it is awful and terrible. we don't know the cause of this. we just had a jury in this country convict and islamic extremist, a member of parliament, to find out this counterterrorism isn't going away. we will let's move on to the war. ukrainian troops just shot down a russian drone and used a british missile. this comes days after boris johnson was seen walking around the streets of kyiv. this seemed like a big success for boris. willett bail him out of his political troubles? >> domestically he is doing disastrously and in the last two hours we learned he's the first ever serving prime minister to be fined for breaking the law, for holding social events and parties on

downing street when the rest of us were told not to leave our families. on ukraine very interesting. britain freed from the european union has its own voice on the world stage. he spoke with great clarity over ukraine in support of ukraine, military support for ukraine, training of ukrainian troops and let's be frank, the courage of the prime minister through the streets of kyiv and the contrast between that and president biden, the leader of the free world, who spent most of the weekends in delaware, reluctantly came to brussels to meet with the other nato leaders. i was over in america last week, at mara lago, if trump was president, i have no doubt he would be to kyiv, in brussels very quickly. i have no doubt he would even

have tried to meet and negotiate with vladimir putin. that is what leadership is about. that is how peace deals arrive. i have to say full marks to boris for going to kyiv. stuart: not long ago the brits didn't have a strong or good opinion of donald trump as president. has that changed at all? >> i've seen a very marked change in london as to how people view donald trump. firstly the understanding that peace comes through strengthened not through weakness. ever since the catastrophic withdrawal from afghanistan last year, america is back, biden said, he has run away from the world stage and secondly that particular united nations speech in 2018 where he said germany -- russia for its energy, the germans laughed and said, a lot of people in this country are seeing that, if donald trump came to london he would have more support than he

had before. stuart: back to boris johnson. he is rejecting any idea of new covid restrictions even though there's been an uptick in cases, needs to stick to living with covid. is boris doing a florida? opening up and staying open? >> he has been forced into it. he used the word emergency four times. covid rates are high. last week, one in 14 people had covid during that week but he is on the right course and he knows the british public have had enough. we are not going to surrender our freedoms indefinitely. it is a strange prime ministership at every level. a couple things he's getting right and florida is a beacon i think to the rest of the world

that shows you with sensible precautions normal life can continue. stuart: what do folks in britain think? you've got a sharp rise in cases by the sound of it. 14% of the population have it in a 1-week period. >> one in 14 people in one week. stuart: they don't want to go back to masks and social distancing, they don't want to do that. >> it has been two years. we cannot live the rest of our lives like this. i've noticed there are more people, older people out and about in supermarkets and gas stations that voluntarily decide masks may help them. most of us are carrying on. we cannot live as prisoners indefinitely. stuart: give us back our choice. if i want to wear a mask because i'm not sure about going into that supermarket i should be able to wear a mask. don't have the government tell me you can't go into the

supermarket unless i wear a mask. >> boris johnson gets the message and that is -- i am pleased to because the rest of europe was busy restricting restricting and now traveling is getting easier, back to normal at heathrow airport, 3 hour delay, total chaos. we want sarcasm is a low form of with but really works well sometimes. you definitely are all right and hope to see you again soon. latest company to announce pulling all business out of russia, nokia, they are gone. that's the stock, no impact on the stock. show me know -- novartis. they combine their pharma and oncology business and there will be layoffss. al sharpton calling out woke democrats for ignoring real

problems. we must see this. >> if you are living in a city, in a neighborhood, innovated with crime, and that is an issue. stuart: that is all sharpton, the man himself, showing the full video. and carol markowitz, spent most of her life in new york city. she will join me next.

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the yield dropped to 2. 69%. 9%. susan is with us. start with big tech. why are they moving? >> it is the highest since 2018.

bank of new york's is one year from now inflation will be 6.6%. susan: it is not 81/2. this is not how wall street works. the federal reserve is going to react. near 100% certainty they will hike interest rates by half next month and that is where you frontload the interest rate increases and that means investment banks get less through the year. stuart: i accept that. we have a rally. susan: let's look at the electric car company. i will ask if you're interested in spending 6 figures on this electric vehicle. lucid debuted its tesla rival. a new luxury addition of its air sedan which is a 46 mile range, 1000 horsepower which is very impressive, price tag

$179,000. you can afford it obviously but that depends on whether you want to buy it. tesla offering a model wide standard, a modest 60,000 in comparison. for the staff, you get as staff and employees, you get the initial option to buy in. before even you will have to wait. stuart: just get elon musk on the show for me. susan: i will work on that. they are up because oil prices are higher today. gas prices, i want to show you boeing since we are on the transport theme, first order plane deliveries, 76 met orders here, 95 deliveries, 15 cancellations in march because talk about problems in ukraine which reduced a lot of

backorders and backlogs in planes, russian airlines cannot by us planes from boeing. stuart: we have a rally, interest rates are down, inflation is up, 260. very strange. thanks very much. a manhunt is underway after a shooting and possible explosion in a new york city subway station. the fire department reports 13 people injured, at least five being shot. carol markowitz lived in new york city and you fled to florida. now we have this news on the subway in new york. >> it happened in sunset park, an area i am familiar with, a train that i would take all the time. i grew up, my teen years,

before we moved close by, a real tragedy. i hope they find this guy and figure out what happened here and i pray for the victims. stuart: another terrible thing to happen when you try to get people into new york, back into the office building. this is rush-hour, many people are headed into midtown manhattan, a terrible thing to happen at this time. >> the fact they don't have him in custody yet means nearby schools were ordered to shelter in place, the atmosphere of fear, when new york desperately needed to be lifted is continuing on. really unfortunate, terrible overall. stuart: more details on this shortly. i want to move on to our sharpton of all people. he is slamming democrats over their approach to rising crime in big cities. you've got to see this. roll tape. >> black voters are more

conservative than you are, white woke leaders in washington dc. >> they are losing people of color because they really don't get the people of color's life. if you are living in a city, in a neighborhood that is inundated with crime and act like that is not an issue you lost me. that is an issue. stuart: isn't our sharpton the man who was behind defund the police and so many actions against the police? >> i would say if you lost our sharpton you are in a bad place is a leftist because he is fairly far on the left. joe scarborough says the black community isn't as liberal as the media commentators but al sharpton was. the fact that they have lost him is how crazy things have gotten but i hate defending our

sharpton but he did say defund the police is something the lottery liberal would say in his last year. she doesn't want to defund the police. he realized that is a step too far. a lot of these ideas stem from previous positions which were very far left and anti-police and these leftists are picking up his cues and running with them and gone too far. stuart: they are on a losing political issue come november. here's another one for you. you've got a piece in the new york post, new jersey gender identity lessons for first-graders prove parents were right to worry. you escaped to florida. how does this look to you from florida now? >> the ron desantis signed into law recently parental rights and education bill was called the don't say day bill by leftist activists and parents understood there was nothing in the bill that that you can't say gay or the kids can't know

about gay families. it was literally just to not have kindergartners, first-graders or second graders learn about gender identity or sexual orientation, straight is also a sexual orientation so what is all of them so the idea this isn't happening in the schools parents know it is, they see it all the time, the idea that gender is malleable is sold to kids who have a social contagion with a lot of transgender issues especially among girls, preteen girls, it is happening. parents know and this new jersey thing is evidence of that. everybody who said this law in florida, ron desantis signed, wasn't necessary, new jersey proved that it was. stuart: thanks for being with us. we like your reports from the south of florida. >> i am waiting for your visit. stuart: i will be there. the entire town of mid-town in california was just sold. we will tell you who bought it

and how much they paid. jackie deangelis visited oil-rich areas across the country to find out why we are not drilling our way to energy independence. watch this. >> he is asked, the heart of this nation right here is oil and gas. stuart: the oil industry versus the administration. jackie will be here with her fox nation report after this. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation.

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>> waiting for an update on new york city subway event situation, jackie deangelis is with us. >> it -- i'm watching this unfold morning. as a new yorker who lives here and tries to get around and go to work, this is the kind of

nightmare scenario you fear every single day and it is why i don't take the subway. i've not written the subway in two years despite the spike in crime we see here, people being pushed, it's not worth your life if you can work around it but some people can't. you see how many people were packed on the train car this morning at the terror on their faces, the blood everywhere. eric adams was elected to fix the crime problem in this city. i'm waiting to see what he will do. he has tried to clean the subways and then something like this happened and it breaks your confidence with respect to trying to navigate the city. that video was horrifying. of the what if you were there you would feel that. >> i can feel it watching it and it is terrifying. stuart: we will get details later. i will move on to your special. out today on fox nation a special from jackie called bone

dry, the war on american oil. >> it is a war on fossil fuels and energy industry in general in this country. since day one that the administration came into office they essentially said we are going after our energy industry, we want to promote the green energy climate agenda at the expense of america and now you are seeing prices at the pump have gone up, drillers in this country are not drilling and what we do, we went to the powder river basin in wyoming and we talked to the drillers themselves, we get it from the horse's now the next lane this isn't corporate greed or unwillingness to drill these lands like jen psaki says it is. it is bone dry because of the policies and lack of investment in exploration and drilling in this country and one soundbite i want to play for you. >> everything is regulated. oversees there is no control on

that. someone in venezuela, and. >> they want to protect the environment, doing this in our own backyard. >> to think the regulation pieces the reason we do that is not necessarily accurate. we want to be as clean as possible anyway. the cleaner our operations are, the more efficient the more we can move hydrocarbon out of here and make a profit for us and have it available for everybody. >> reporter: the workers explained to you we have the cleanest energy with respect to fossil fuels in this country and we should be doing more instead of asking venezuela and iran and opec and relying on russian oil, look at the trouble we have gotten into, the administration attack fossil fuels and dig into what is happening here and what

folks can expect because gas prices are over $4 a gallon, need to get pumping and drilling again. stuart: can we watch that now on fox nation? >> it is streaming on fox nation today. stuart: interesting situation. a man in pennsylvania arrested and charged after those i did that stickers on gas pumps, has been arrest. what are the charges. >> disorderly conduct, criminal mischief, resisting arrest. you can see, they are tackling him in the parking lot of this gas station. don't know if you can hear but he's shouting i did that meaning he put the i did that stickers on the gas pump. and he sprayed them with a coating that makes it hard for the gas station owner to take the stickers off multiple times a day because people are putting them on the station to make it harder to take off.

that is where we are. stuart: i see them all over the place. >> they are popular and he sprayed them so you couldn't take them off. we went back to the market, show me the dow 30. a sense of where the market is heading, up is the effective word. 3 quarters of the 30 stocks of the dow industrials are in the green and the dow is up 250 points. public schools in california lost 100,000 students. general it has not been this low since the 1990s. our politics to blame for this? we will deal with it next.

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(announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. stuart: we get an update, you see the microphones on that side of the screen, an update on a situation the new york city subway event, we bring the details of the update whenever we get it. enrollment at california public schools has dropped by 110,000 students this year.

matt shupe is the republican chair. what happened to the students. did they move out of state? did they drop out of school? did they go to private schools? what happened? >> reporter: my heart goes out to everybody affected. the education crisis is multifaceted. california was one of the first states to lock to lockdown and keep students out of the schools and the last one to open it, we've seen the quality of education has dropped, a study was released that showed eighth grade students are performing at 1/5 grade level in math and distance education has failed this generation of students and a lot of parents took action to putting their kids in a private school, and next year, the enrollment in first school doubled, the private school in the bay area which tuition has $40,000 a

year moving to homeschooling, feeding alternatives to get kids out of public school from here which if it is open is failing the students and to add insult to injury there is a bill right now but would require every student in california to get the covid vaccine. a lot of school district implanted that. the mask mandates were not lifted until a few weeks ago. the entire quality education deteriorated. stuart: you need a change of regime internodes of politics - in terms of politics. i want to get to this. you went on a road trip through california recently. did you see premium gas at nearly $10 a gallon? >> i did. i saw this remote gas station on the central coast. it's known to have higher than normal gas prices.

in the strip from the bay area to san diego and back, the average gas price i was paying was $6.50 a gallon. the california average is $1.50 over the national average but i will tell you are i sautéed in every metropolitan city i stopped in. we went out of our way to go to costco gas stations and a member of the group in the 60s said the line from costco, the carter administration, on top of that the gas taxes we pay are the highest in the country and recently the republicans in our state legislature introduced a bill to suspend the gas tax for 6 months which is $0.51 a gallon. not only did they get democrats kill them in committee but stripped the language out, replaced the language to introduce a new gas tax to increase the price. to quote gavin newsom there's a

lot of intentionality in what is going on. stuart: i can't take it anymore. you are killing me. i have one suggestion. there are planes leaving every single day from california direct to florida. it might cost you an arm and a leg but it is worth it. see you later. you see the time? california, there's a town in california and hours drive from las vegas that has been sold again. who bought it for how much? lauren: a group out of vegas for $2.75 million, we don't know the recent sale. around that, 80 acres, 15 people listed. stuart: probably a bargain. look at the time. 11:55, the tuesday trivia question. interesting to say the least. how many jellybeans do americans consume during the easter season?

that would be holy week to easter sunday. four, tweeight, 16 million? how many jellybeans? the answer after this. because we were created for officers. but as we've evolved with the military we've grown to serve all, who've honorably served. no matter their rank or when they were in. a marine just out of boot camp or a petty officer from '73 and even his kids and their kids. usaa is made for all who've honorably served and their eligible family members. are we still exclusive? absolutely. and that's exactly - why, you should join. your record label is taking off. but so is your sound engineer. you need to hire. . . visit indeed.com/hire

stuart: all right. how many jellybeans do americans consume during the easter season. lauren, take a guess. lauren: haven't a clue, number two, 8 million. stuart: i will do that as well. what have we got? 16 million.

there you go. if you ray out jellybeans, more worthless information, if you lay out the jellybeans end to end they would circle the earth three times. i want to tell a quick story, the beatles at the height of beatlemania made a mistake saying our favorite candy is jellybeans. from there on out whenever they appeared in public they were pelted with jellybeans. george harrison eventually had to say, knock it off, people, they hurt. neil, it is yours. neil: i don't know how to top that following that with all the developments on the inflation front. numbers we haven't seen since ronald reagan was president. the big story in new york city, this train station attack, where 13 are injured, five shot. this happening at a time when it was the busy morning commute. the fbi is now assisting the new york police department on this. waiting for an update from the