maria: and that is exactly right. we could are have seen this coming given the fact at the democrats were pushing a 5 trillion spending package, joe biden and his $1.9 trillion covid package, then the infrastructure package p all with this massive, out of control spending. now we're talking about inflation eating into people's wages. dagen mcdowell, roh shell, great to be with you. "varney & company" picks it up here. stuart: good morning manying, everybody. another blockbuster inflation report. sound the alarms because we've hit a milestone. that would be double-digit inflation. producer prices went up an astonishing 11.2%. now, this index measures business costs which are largely passed along to you, the consumer. in other words, high inflation continues. we've not yet reached peak inflation. that would be my opinion, and i think there's a lot of people feel that way too. the president, well, he blames putin for inflation.

speaking in iowa he talked about putin's price hike. there's a big fight about why we're seeing this surge, "the wall street journal" says this isn't putin's inflation. we're going to get into it. as for the market, here's the reaction to the latest inflation numbers. the tow industrials down maybe 40 points, s&p down 3, nasdaq actually up maybe 10, 14 points. go figure. 11% inflation, very little stock market reaction so far. bitcoin dropped below -- sorry, below $40,000 earlier, it's still at 39 if,7. -- 39,7. interest rates, 2.. 72%. yesterday we hit 2.80. as for the price of oil, just above $100 a barrel, 102, to be precise, and gas still coming down but painfully slowly, down to 4.08 per gallon. and diesel still 3w06 $5 --

above $5, 5.02. there is an intense manhunt for frank james, the person of interest in tuesday's subway attack in new york city. now we find that video cameras at the subway station were not working even though the mta had been given $10 billion from the covid relief package. and according to one report, james had appeared on the fbi's watch list are. he'd been interviewed by fbi agents, he was released. he was not considered a threat. more news. the ukrainians will not be9 getting those armed m-117 helicopters that were supposed to be included in the new arms deal, but someone mt. administration evidently thought they would provoke putin. the choppers are not going. in china xi jinping has doubled down on his zero covid policy, lockdown policy, that is, despite harrowing scenes from locked down shang shanghai. xi said this morning there will

be no relaxation of anti-covid measures. a lot going on this wednesday, april 13, 2022. "varney & company" is about to begin. ♪ ♪ i'm walking on sunshine, whoa. ♪ i'm walking on sunshine, whoa. ♪ and it's time to feel good ♪♪ stuart: good way to start the show, looking at the statue of liberty. this is new york city, and you know what? it really does feel like inflation week. consumer prices tuesday, producer prices today. we got a shock from both reports. lauren's with me. you've got to tell me about thi- lauren: it's painful because that feeds into the price that you pay when you go to the store. that indicates we're likely not at peak inflation. and you can't just blame food and energy, because we all know that it costs more. if you strip them out, the core ppi rose the most ever, 9.2%

versus last year. so, yeah, the fed's going to hike rates further and faster to contain this. the mortgage bankers association out with their weekly applications, they now expect overall mortgage originations to drop about 35% from last year because of higher rates. at the same time, they're seeing a spike in demand for adjustable rate mortgages. they're cheaper now, but they might be betting that maybe the fed contains the inflation situation and rates go down in ten years, and then they save money. stuart: or five years. >> the dynamics are changing in this market. stuart: they are, indeed. thanks, lauren. senator joe manchin taking issue with president biden and the federal reserve over the subject of inflation. manchin says americans deserve the truth about about why record inflation is actually happening. will cain is here. will, is manchin splitting the democrat party again? >> yes. based upon the ever divisive fault line of reality, stuart,

joe manchin has a way of refusing to give in to insanity. you know, he says we've got to stop blaming or pointing fingers and figure out a solution to inflation. we've got to be honest with the american people also about where and when this all started. and, you know, i want to say this, stuart the, you know, joe biden and the policies of the biden administration are clearly primarily if not to the majority a significant percentage of the blame for why we're suffering from inflation with a huge amount of spending, you know, supply chain antagonism towards businesses, but this all starts with the presumption that you can shut town an economy. you just did the story on china, and we have to remember no matter what we incur, war, pandemic, there's a price for shutting down their economy. and and we're seeing some of that price. we're seeing some of that cost right now. the rest of that that cost is coming, some small percentage, by a war in europe.

but the rest lies with this administration. it has to look itself in the mirror about the policies it continues to push. it even pushes away reality-based senators like joe manchin. stuart: yeah. he's split the party all over again. i want to bring this to your attention, but about an hour ago the first bus full of my grants from texas -- your state -- arrived right outside the fox bureau washington d.c. seems to me that this marks the success of texas' policies of busing people from from texas to d.c. the motion they walk across the border. this is -- the moment they walk across the border. >> yeah. i think there's two big takeaways. i do diners for "fox & friends" on a fairly regular basis, and when immigration comes up, this is a policy suggestion i hear from average americans all the time. hey, you know when politicians would care? if these illegal immigrants showed up on their doorstep, if

they were in their district or on the doorsteps of congress, and is here they are. here all of a sudden is that policy proposal coming to reality. but the second is i've talked to ken paxton and lieutenant governor dan patrick on "fox & friends," and they said this is clearly to push a constitutional challenge. you won't do your job, federal government, then at least allow us in texas and arizona to do our job, to do your job, quite frankly. and this is a way to push that challenge. because if the biden administration, the federal government says you can't do this, you can't enforce immigration laws, it pushes to the forefront, well, then who will? because you clearly will not. the point of this is to end up, again, in a constitutional challenge. stuart: you've got it. will cain, thanks very much for being with us from texas. we always appreciate it. back to the markets. look at this, not much reaction on the market to the astonishing inflation report, 11% producer price inflation. shah gilani's with us this morning.

if inflation sticks around into the summer -- and, frankly, i think it will -- what impact on stocks? you have still got 8, 9, 10% inflation in the summer. >> first of all, stuart, i agree with you 100 percent. i think inflation is embedded. i don't think it's going away not even this summer, not the fall, not next year. i think we're seeing this probably for at least a couple of years. i think it may lighten up a little bit here and there. we saw, for example, in the last cpi numbers the price of used cars was down 3.8%, that's the biggest drop since 1969. so that helps. that doesn't mean that the price of cars are coming down. new car prices are going up, gasoline is still high even though it's come down a little bit. none of that is going to change over the summer. more driving is going to mean higher prices at the pump, period, and greater demand all around. so i don't see any amelioration in any of the numbers, and i think the stock market is on a bit of an edge because of that. this ratessize, we -- rise, we

know the fed is going to raise in may. i think the market will digest that, but if they guide that they will likely raise more the next meeting, another 50 basis -- i think the market tests its lows. stuart: so the market really is going nowhere. it's certainly not going to go and challenge new highs or anything like this, it's not going to do it. however, we're just beginning the earnings season, finding out how much profit big corporations make. if those profits are really strong enough,they're really very, very strong, could that outweigh higher interest rates and rising inflation? >> i think it could probably, unfortunately, temporarily. i think what we should have is a clear focus on earnings. but i don't think any of the pronouncements in terms of management in the form of guidance is going to be positive because everyone's concerned about what is inflation going to do to their bottom line, to the profit margin going forward. so if they don't see this

inflationary spike ameliorated anytime soon, they're going to guide negatively and at least cautiously into the future, and i think then we're going to have this narrative again, oh, we've seen peak earnings. i think earnings are going to be excellent this quarter, it's just a question of what guidance comes out as. stuart: okay, we hear you. shah gilani, thanks very much, see you again soon. let me bring in the to your attention, msnbc host joy also talking about inflation. -- joy reid. does she have a solution? lauren: more spending! there's a washington post economist, and she tweeted -- it's the bottom of that tweet by hutter long. inflation -- heather long. she went on to list these multi-decade spikes in the cost of your car, your rent, and then you have on top joy reid's response. sure would be nice if we had enough senators who might be open to doing a second cares act to help folks get true this, wait for it, russia-boosted

crisis. [laughter] two major problems. consumer inflation is at a 40 plus year high for five months in a row, you can't call it a putin price hike, and number two, that's how economics work, right? and i think the question to the fed should be not what are you going to -- doing to fix this crisis, what'd you do to cause it? if because the answer might be all the stimulus. stuart: well, yes. that was from the congress, but also the money printing, and they didn't rein it in early enough. the fed's got some blame on its should shoulders right now, i think. 31 -- 11% producer price inflation, not that big a selloff at the opening bell. one former housewife of new york telling the unfortunate truth about her city. watch this. >> i don't care how many instagram pictures of beautiful flowers and vines there are down

the exterior of a restaurant or how many pictures of vodka people want to take, new york city is not safe, okay? i think it's scary. and we have to talk about it. stuart: a lot of people feel like that in new york, and that's not all she said, by the way. we'll show you the full clip. big manhunt underway for the suspect accused of shooting people in the subway in new york city. he's got a lengthy history of social media rans -- rapts. we'll -- rants. we'll take you for a full report right after this. ♪

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stuart: all right. here's the futures. in other words here's how the market's going to hope. a minor loss for the dow and the

s&p, a minor gain for the nasdaq despite word of is 11% inflation. how about that? the manhunt continues for the person responsible for the subway attack in brooklyn. brian yen nas is there. -- bryan llenas is there. frank james was first a person of interest. now he is a suspect. what's the difference, and does it matter? >> reporter: it does matter, stuart. a person of interest is somebody they're looking to perhaps in connection with the crime, a suspect is the primary target, the person responsible for the that subway attack, and that is exactly what the 62-year-old is now. the lone suspect in this subway attack. a senior law enforcement source tells fox news they are trying to track him down based on his contacts in wisconsin and in philadelphia where he has addresses listed, and police found a key, by the way, to a u-haul van left inside of the subway car which led investigators to frank r. james who rented the u-haul in

philadelphia. now, police late rear found that moving van -- later found that moving van is parked 5 miles away from the crime scene at the 36th street subway station. the bomb squad cleared the van, and it was later towed. investigators are look into a series of youtube videos complaining about homelessness, new york city and mayor eric adams. "the new york post" reports in the videos frank jakes says he was recently -- frank jameses says he was recently diagnosed with mental illness, warned last month he was, quote, entering the danger zone and said he was, quote, full of hate, anger and bitterness. at least 23 people were uninjured, 10 shot during the rush hour attack on the manhattan-bound n subway train. the suspect fired 33 times during the attack. after panicked passengers ran off the smoke-filled train, inside police found a glock 17 .9 mm handgun, extended ammo

magazines, debt detonated and non-debt nateed smoke grenades, a hatchet and that u-haul key. we still don't know how the suspect escaped. >> we are asking anyone's help with information. cell phone video, witness information or if they can identify the perpetrator or the renter of this vehicle to call crimestoppers at 1-800-577-tips. there is a 50,000 reward out right now. >> reporter: and hampering the investigation, stuart, unbelievably, the security cameras at three subway stations yesterday including the 36th street station behind me, were malfunctioning. stuart? stuart: inexplicable. bryan, good stuff. darren porter -- porcher, i could say, retired nypd detective, joins me now. the suspect had a history of social media rants, and just

last month he was saying he's entering the danger zone. did we miss the warning signs? >> we did miss the warning signs. but this is a by-product of the close call failures in public -- colossal failures in public spaces. i felt that there was no vision but going up when mayor happened also came many d had also came in -- adams came in. criminals feel as if they can act with impunity in the city of new york. when we look at the rudership in the -- ridership in the transit system, it is clear that it's not a safe environment and more needs to be done. however, our public officials are burying their heads in the sand, and this is a by-product of their failures. stuart: and the surveillance cameras in three stations including the station where the event took place not working, that's --9 and the metropolitan transportation agency got $10

billion in covid are relief funds. this is inexplicable and inexcusable negligence of duty right there. >> this is a reflection of the consistent failures of the mismanagement of the new york city if transit system. public safety has not been at the apex. we need a standing omni if presence of officers that can provide a level of deterrence. if you have officers on these platforms and officers on these subways, you would have less of a chance for people willing to commit these horrific offenses. i'm not saying that we need to man every subway platform or every police -- or every subway car with an officer, but at the same token we do need a plausible deterrence, and that is not what's been introduced by new york. stuart: and that incident yesterday was the last thing that new york wanted when you're trying to bring people back to work in this great city. darren porcher, thanks very much for joining us, sir. >> thanks for having me, stuart.

stuart: yes, sir, you got it. now, one of the stars of "the real housewives of new york city," bethenny frankel, she says new york city's just not safe anymore. what else did she say? lauren: she's scared, and it's one of the reasons she moved out to connecticut. >> new york city is not safe is, okay? if i'm just telling you because i have a daughter, and i'm this dork key parent who doesn't want my daughter walking around the city when the other parents say we're hands off, and they uber and walk around on their own. hell no. i choose to not be in new york city, to be honest. i think it's scary. and we have to talk about it. people want to have pride in new york and make the city come back. i'm sorry, safety is more important than pride of new york. lauren: she's speaking to the psychology of the city right now that might be impossible to change or at least do so fast, and that's the battle for mayor adams right now. he has doubled the number of police officers on the trains and the platforms, but it might be too late because people were

already skittishing. they know -- skittish. they knew about the crime and now you see that, what we saw yesterday morning, and people pie paid their minds if up already. stuart: i think maybe they have. tough situation. thank you, lauren. back to the market, please. we open up in about 7 or 8 minutes' time. now we're looking to the upside from the nasdaq and the s&p. go figure, huh? the opening bell's next. ♪ my heart don't understand why i got you on my mind. ♪ why i got you on my mind. ♪ finish why i got you on my mind ♪♪ for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns.

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kidney disease affects one in seven american adults. sbut there is hope, xortxess therapeutics is fighting back, with late-stage clinical trials for two drug-based therapies to help slow the progression of acute kidney injury, and chronic kidney disease. xortx therapeutics. stuart: those markets? mixed. not much of a reaction to the inflation report this morning so far. eddie ghabour joins us to the. you still selling, eddie? >> absolutely, stuart. i've been coming on your show for years, and you know better than anyone, i am a bull most of the time. and if in november if i shared with your viewers that we started to sell out of high-risk assets because the setup is one of the worst we've seen in our career. and each day and week that goes by we continue to get confirmation of that. look, all of our clients are long-term investors, but there are certain points in time in history when it's okay to think short term. we're not telling people to stay the course or it'll come back,

not when the setup is this bad because, look, good companies can also go down by 20 or 30% in this type of setup, and nothing's going to change our minds until the dynamics change. and one of the biggest dynamics is whether the fed is going to slow down their accelerated tightening during this massive slowdown. jamie dimon just gave out some strong confirmation of what we've been sharing with viewers that profit margins are coming in really tight because of the inflationary pressure, and if you add the fed tightening on top of that, earnings are going to get worse and worse as we go through this second quarter. stuart: there's a lot of talk about peak inflation, hitting the 11% rate we just hit this morning, as if that's the peak. do you think it's the peak? and when do you think we will hit the peak? >> so i actually do think that we are very close to the peak inflation, but here's the problem. this peak from a rate of change perspective is really high than what we've been accustomed to.

so it's not going to come down. we can peak, but it's not going to come down in a way fast enough for the fed to not have to play catch-up. so we can are have is peak if inflation, but it's going to be so sticky that it's going to kill margins, it's hurting the consumer. and, again, this economic data is only going to get worse over this next quarter. so i think you'll get mixed earnings in the first quarter, second quarter as we said is really deteriorating at a fast rate and once the fed starts tightening in may, i think, is when you're going to really see this downdraft in the market. stuart: okay, eddie. we've been hearing you for some time on this, and you've been right. one last question. if i've got some money available for investing now, what should i buy today? what should i do with that money today? >> we've been buying utilities which we think is a great place to be in this environment, and we think that you can buy a diversified, long-term treasury strategy because, believe it or not, we think when this data starts to come in, the 10-year

note is going to plummet. we think the 10-year will be under 2% by the end of this year, and that would be good for a bond fixed income portfolio. stuart: it certainly would. [laughter] very good, i'll tell you that. great to see you, eddie. thanks a lot. the opening bell,, well, they're ringing it right now. we're off and running. the backdrop to today's trading is inflation, 1 112% at the -- 11.2% at the producer e level. profits are beginning to come in, and we'll have to list aha for you. we're open for trading, and so far it's an even split on the dow. 15 are on the upside and 15, i think, are down. something like that. that's about the ratio. in other words, it's not a big selloff. the s&p 500 is down a fraction, .07%, and the nasdaq has opened to the upside. not much, .02%, but there's green right there. big tech, mixed picture. microsoft is up, alpa bet's up,

the rest of them are down. this is the start of the earnings season, and one of the biggest names this morning before the bell, anyway, jpmorgan chase. what did they do, susan? is. susan: not good. they're announcing a $500 million charge from the if volatility for russia and the sanctions and made less rz profit -- profit was down 40% in the first three months of this year, and they're blaming the volatility in the stock market to one of the worst starts to the year in decades. and that's why trading volume was down. the fact that the stock stock is falling despite the fact jpmorgan just announced a $30 billion stock buyback, that says something about the tough market conditions. also you had jamie dimon on the earnings call says that he is not predicting a recession, not predicting a recession, but he says it is possible. stuart: he's worried about the economy. susan: of course he is. especially with inflation. talking about that over and and over again and it's not just for

jpm, but really for the broader corporate environment. stuart: i'm surprised it's not taking down more of the market. it's taking down jpmorgan chase -- susan: the largest bank in america. stuart: he comes out and says something like that, and the rest of the market does not sell off? susan: if you think about it, russia and ukraine, that only starts in the last are month of the quarter, so is he using this as an excuse because of his own internal jpmorgan corporate problems? if. stuart: sounds like you think he's using it as an excuse. stuart: susan: i -- to me, yes. if you look at other earning, blackrock came out ahead, and is we'll see how the rest of the earnings do. stuart: blackrock down a tiny fraction. heir no longer overseeing $10 trillion -- susan superthat came down, it's $9.6 trillion, right? remember at the edge of 2021 it was $10 trillion in as sents under management. still, though, profit went up 18%, and they attracted a ton of

money -- stuart: is that run by march ily fink? susan: yes, it is. stuart: and he's the one that wants to get us all into esg? a bad miss for bed bath and beyond. susan: yeah, look at that, down 12%. they made less money, less sales despite the fact they had to raise prices. and that's because of the lack of merchandise, and they're blaming the supply chain problems, and that cost the company $150 million. not good if you're bed bath and beyond trying to fight off your activist investor, ryan cohen of gamestop/i chewy fame. he wants profit margins to go up and get rid of these headaches of these supply chain woes. stuart: okay. well, they've got supply chain woes, $150 million not sold. susan: again, is that a problem, is that, again, blaming the dog eating your homework? because other retailers have done well in this type of

inflationary environment. stuart: fair point. the stock's taking it on the chin. delta, obviously, did very well. susan: blowout. travel demand they said was past 2019, pre-pandemic levels. i saw march rev i lieu exuding -- revenue if exceeding 2017. they had smaller losses, making money this spring, and the reason not because capacity's back up to 188 -- 1 100%, but you know why in up inflation and the fact that they could hike their airfares. stuart: i can assist to high airfares, bigtime. susan: are you flying commercial or private? stuart: commercial as i almost always do. twitter, where are we with twitter? because elon musk is getting sued by some of the shareholders. why is he being sued? susan: they're accusing elon musk in being late in filing his ownership of a 5% stake.

federal laws state once you cross that threshold, you have to file and tell the sec that. that means musk, he should are have filed, you know, once he crossed that 5% ownership i by march 24th. instead, he revealed his full 99 % ownership on april the 4th. -- 9%. and his losses say he acquired for twitter shares on the cheap, that was before that three-day rip, but that only happened after elon musk said i am the largest single shareholder on twitter. there's some analysis in the washington post that says he saved $150 million by filing late. i'm a capitalist here. i will say this, if it wasn't for elon musk, that stock would not have gone up 35% in three days. stuart, no it would not. susan: what is the problem? stuart: you're a musk supporter, aren't you? susan, no i'm a capitalist. if it wasn't for him, the stock would not be up. stuart but he did break the rules.

supersusan and he has problems at the sec. we'll see. stuart: i wonder if they can take some money off him -- stuart: susan: what, like fining him like they did in 2018? stuart: he could care less. peloton. what's this activist investor? who are they? blackrock capital having a go at the ceo again? if. susan: blackwell still wants the sale of pell top, and they said there has been no progress under the new ceo, barry mccarthy. it's only been two months since the founder, john foley, handed over the reins. he gets 40% of the decision, right? foley's onboard, so is it foley's problem or mccarthy's problem? and blackwell only owns 5% in peloton. i think you need a bigger stake than that to make a change. the stock is down, what, 80% over the past year. stuart: i just can't see buying into a company where the activists are tearing it to pieces from the inside.

susan: right. well -- stuart: what am i i missing here? susan: i would agree with you. is it worth the sale? is and who's going to buy it? apple's not, we know that for a fact, because that's not how they operate. maybe nike? maybe lulu lululemon? stuart: good luck. great product -- susan: you would know? you op own one of the bikes? susan: i do not. you know that. stuart: we've got to go. the s&p -- sorry, the dow winners headed by boeing, s&p 500 biggest winner there is american airline ares, okay? look at the airlines -- susan: travel. stuart: again on the nasdaq, bookings, top of the list there, and a couple of others too. back to the market, that's how we opened up this morning and now there's this: the ukrainians will not be getting those armed m3 117 -- m117 helicopters. four-star general jack keane is on the show and, my goodness me,

he's not happy with. look at this headline, children as young as 8 should be screened for anxiety, persons recommend. no, that's not the onion, it's in the "wall street journal," and we're going to get into it. the number of new cases in philly, guess? three. and yet the city is bringing back its indoor mask mandate. jeff flock is there with our report. he's on next. ♪ ♪ usaa is made for the safe pilots. for mac. who can come to a stop with barely a bobble. lucia. who announces her intentions even if no one's there.

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mandate. he wanted to go, this is his kind of story. [laughter] now, i will bet that the business e owners in philadelphia are really unhappy about this, aren't they? >> reporter: i know you never bet with on anything you're not sure of, and you're absolutely sure of that, they are not happy. we are in a place called oyster house, one of the preeminent seafood places in the city. you've been recovering from everything, sam mink. third generation restaurante rush -- rest tran tour, by the way. does this make sense? >> it does not. the fact that we're going back at this point doesn't feel good at all. >> reporter: just to be clear, you're not a denier of vaccines or the pandemic, you were fine with it -- you know, if you look at the numbers, by the way, stuart, the case count in philadelphia in january was terrible. you had no problem putting masks on at that point, but now? way down. >> yeah, absolutely.

i'm definitely not a covid denier, i am to-vaccine, pro-science, but at this point with the hospitalization rates as low as they are, the lowest point in all of two years of the pandemic, it makes no sense that we're putting masks on in a restaurant of all places. >> reporter: and here's the deal, stuart. the door is over here to my left. you walk in the door with a mask, and then what happens? you walk two steps to the table, now you take your mask off. is this show? >> no, it doesn't work. it doesn't make sense. to walk in the door with your mask, to take it off to eat, to drink, to laugh, to talk, those few steps, it really doesn't make much sense. and to actually be the covid police is one of the more challenging participants. >> reporter: last question to you. if people come in without a mask, you're now supposed to be the mask police again. i -- a lot of people suspect people are not going to follow. what do you do? >> that's a good question. we'll ask people to put on a

mask. if they don't have one, we will give them one, but we're not going to turn away business. not in two years of a pandemic -- >> reporter: so you'll let them come in. >> interesting -- absolutely. >> reporter: interesting. i suspect we may see more of that. stuart: good. social security entirely understandable -- it's entirely understandable, jeff. this mask rule makes absolutely no sense. please give mr. mink our congratulations, and tell him i fully support the man. i'll take a meal in his restaurant. >> reporter: we will do so. stuart: let's bring in dr. frank, we've got a pandemic, we've got a war, rising crime, are you seeing people with anxiety or depression in your surgery? >> good morning, stuart. yes, i am. we're seeing a big increase in -- i'm a primary care provider, a general practitioner, i'm not a psychiatrist, but i'm the first stop for a lot of these people. you know, it's one thing after

another. it's covid, it's inflation, it's $100 to fill your gas tank, terrorism in the subway just as people are starting to commute back to work. it's a constant barrage of crises that we're really not wired to deal with. you know, the biological response of stress releases cortisol and other hormones hard really not very good for our health. they affect our immunity, they increase obesity, our blood sugar is thrown off. so this is really not healthy for us. stuart: government-funded experts quoted in the "wall street journal" as saying that youngsters 8 and over should start being screened far anxiety. -- for anxiety. what do you make of that? >> you know, that's a tough call. i'm not a pediatrician the, so i don't really deal with a lot of children, but i do see that children -- i do see a lot of teenagers, and they're really not being taught how to deal with adversity very well. i think one of the by-products of the sort of self-esteem movement is that children aren't

taught to deal with adversity. they live in a bubble and they're coddled and don't really dealed adversity because we shield them from it. by the time they get to high school and college, the anxiety level is really high because when the real world hints and people have to start dealing with adversity, they've never had to deal with it before because their parents, teachers and society shield them from any bad things that could happen to them. oh, no, we can't let anything bad happen because it'll hurt their sell esteem when we really should be trying to toughen them up. maybe let them skin their knee every so often so when they do stumble in life, as they truly will, they'll be better equipped to deal with it. stuart: very nicely put. dr. frank, thank you so much for joining us. see you again soon. >> thank you, stuart. stuart: all right. let's get to shanghai. very interesting story. officials are threatening to punish anyone who's caught breaking the city's covid lockdown rules. could people face criminal

charges just for going outside in this? lauren: it's possible. i'll give you the line from shanghai. anyone who violates lockdown will be dealt with strictly. this is the situation on the ground, a number of infections, nearly 3,000 overnight to top 25,000. but some of those residents were in their homes for more than 20 days. they're hungry, they're bored, they're frustrated, and at times they're being price gouged, for instance, if they order food. this is a very sensitive issue in china which might be why it's impossible to find the exact punishment you disobey what they're doing. there's a fear that there might be an uprising of the people against the communist regime, which is partly responsible. when you have lockdowns like that, you're partly responsible for the global crisis it creates with inflation and the supply chain. stuart: yes. and xi jinping morning -- not yesterday or last week, this morning -- said there'll be no relaxation of the rules. stuart: it goes on.

check those markets, please. we're all in the green. dow is up 90, nasdaq's up 97. the cofounder of black lives matter says questioning their decision to spend millions on mansions is racist. jason rantz will deal with that. talk about getting stuck, do you remember this? >> oh, look, frost. >> are you okay? >> oh, yeah. i do this all the time. [laughter] zero suiter we're going to show you a woman who glued herself to a basketball court in the middle of an nba game. you will see it after this. ♪ yes, it's true, i am happy to be stuck with you. ♪ yes, it's true, yes, it's tru- ♪ i'm so happy to be stuck with you. ♪ you need to hire.

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best move i've ever made. ask your dermatologist stuart: all right. the average price for a gallon of gas is now $4.08 and, by the way, that is up $1.22 from one year ago. let's bring in hillary vaughn on capitol hill. the democrats ramping up their a blame game on inflation, so what are they saying now? >> reporter: this isn't good news for americans looking for

answers from the president as to why they're seeing rising prices month after month. president biden yesterday making the point that he -- that inflation that we're seeing is not in his control. in fact, it's not his fault east. he's blaming -- either. he's blaming vladimir putin. >> putin's invasion of ukraine has driven up gas prices and food prices all over the world. is so everything's going up. we saw it in today's inflation data. 70% of the increase in prices in march came from putin's price hike in gasoline. >> reporter: the president is getting criticism from from some if his own party. senator joe manchin responding to yesterday's inflation report saying it's not a new phenomenon and that the federal reserve and the biden administration failed to act fast enough. but some other democrats on capitol hill are putting blame on corporations for high prices, not on the trillions in new government spending that they voted for. >> corporate greed driving --

drives up cost for american workers and hurts those across the country. >> reporter: this is also as democrats on capitol hill are pushing to revive build back better which would be just billions of dollars in more new government spending. stuart? stuart: that's how you get inflation down, you just spend another couple trillion bucks. it's obviously, right, hillary? [laughter] thanks very much, indeed. check those markets, we're all in the green. still ahead for you, new york congresswoman nicole malliotakis, retired four-star general jack keane and larry elder. 10:00 hour is next. ♪ when i am with you, there's no place i'd rath9-- rather be ♪♪

.. ..

♪♪ stuart: ain't no stopping us. who was that? whitehead. lauren: i wanted to see you struggle with that. i couldn't have helped that. stuart: i need glasses. good morning, everyone. it is 10:00 eastern. you might be surprised to see

this, the dow is up 50, the nasdaq up 78. all this on a day that 11.2% inflation. the market goes up. the 10 year treasury yield, 2.68%, the yield has gone down despite the inflation news. the price of oil $102 a barrel, bitcoin, $40,500. now this. the president has not had an inflation policy. he has inflation excuses. he's floundering, blaming everyone from oil companies to vladimir putin. he says he will do everything to tackle rising prices, everything except drilling for oil, cutting red tape and getting real about green energy. where is the treasury secretary, janet yellen. she supported the massive billback better spending plan in the face of the worst inflation in 40 years.

and one trillion dollars or 2 is not or to is not a reliable inflation fight policy. where is energy secretary jennifer grannin? using inflation. and contributing to inflation. you know what is going to happen? the administration doesn't have an inflation fighting policy but the federal reserve does. that will bring on a recession. biden will have someone else to blame. second hour of varney still getting started. look who is here, wednesday morning. that is liz. what do you think?

does he have one? what do you think of it? >> what we see is a president completely overwhelmed by events. every policy rolls out to fight inflation is contradictory. what happened to made in america? what could be more made in america than oil and gas of which we have unlimited reserves in this country? if we want to fight inflation let's produce more oil and gas. biden goes out to iowa and talked about increasing the use of the 15, more ethanol during summer months which is not used in the summer because it is dirty and creates smog. here he is championing clean energy but his answer to not having enough oil and gas produced in the us is to increase ethanol use. he wants to put forward and conclude another iran deal but we are begging the saudis who hate the iran deal for more oil. there is nothing coherent

president biden has come up with to fight inflation and the problem as we saw today, the producer price index up 11.2% this is not going away and if it is vladimir putin's fault what is his answer to that? why since the ramping up supportive ukraine to the point where putin cannot continue this war. let's be more aggressive and bring us legal to this war. americans are looking for leadership. we have none. stuart: now take a look at twitter. you have an op-ed. elon musk scares liberals and twitter as he pursues free speech. you are urging him on. you want him to take down twitter, you want him to change twitter. you don't like twitter at all. >> i am on twitter and find it a useful platform but don't like their censorship or the fact that they continue bully silence right-wing voices, they played a very big role in

shutting down the hunter biden laptop story before the 2020 election, twitter's management is dishonest, they pretend to be neutral, they are not neutral and elon musk understands that. elon musk is a something of a cowboy, very hard to rein in and that is why he couldn't possibly have served on their board. what i like to see him take it over and opened up to be a fair playing ground i think we need that in this country. as he has said, free-speech in the united states is under attack and essential to democracy. stuart: stuart: elon musk is one of the most extraordinary characters in american business in my lifetime. i don't recall anybody quite like him. the man has a car company, a tunneling company, neuro-linked company, now a chunk of twitter, he's the most extraordinary man. have you ever seen a business executive like this in the past 50 years?

>> in some ways he's like steve jobs in the he basically sees solutions to the problems other people don't even recognize and he pushes relentlessly to come up with answers to those problems. is boring company is completely genius and hope he succeeds, it's a revolutionary approach to traffic, and space x a huge breakthrough, in terms of privatizing american space efforts, he's incredible, brilliant. he is divisive. i have tweeted some things positive about musk on the internet, twitter, and gotten slammed by people who hate him, i don't know why they hate him except he ruffled feathers of the liberal elites that so many people applaud.

and and sued by twitter investors. >> investors saying he didn't tell them he built a stake in twitter, they require disclosure within 10 days, he waited until april 4th when the stock popped. by law he should've told the march 24th. 24. a proposed class-action suit for shareholders who sold in the timeframe, march 24th to april 1st. where they could have sold at higher. we went here come the lawyers. and and and and some.

person, where are they? his name is adam johnson. >> thank you for giving a bull a rare bull a voice. stuart: there are not many of them around. why are you bullish? >> earnings are the highest they have ever been. unemployment is the lowest it has ever been an sentiment is completely washout. i can give you some different examples. i think that is a powerful combination. earnings, employment and negative sentiment and stocks are up today, bond yields down in spite of the highest inflation in 50 years. the worst is behind us. stuart: we've seen peak inflation? >> i think that is the message of the bond market. stuart: the federal reserve will go easy on clamping down an inflation?

>> i appreciate the skepticism and here it every day. and investors and friends. and some of our listeners, the 2 year treasury note, which is practically 0, up to 2 other half%. and and the bond market, the bond market discounted the whole thing and if there's any change in fed policy, the path of least resistance is for yields to go back down. stuart: you are really against the grain. stuart: did you really? >> no, i do because people think i am drinking my own kool-aid.

the time to be bullish is when everyone is bearish. consumer sentiment is at a 40 year low. is an amazing we feel worse than we did in the depths of covid. with employment the best it has ever been. earnings the best they have ever been. stuart: stocks are the place to be. you will be invited back. you are a very particulate making of the case. i think you are all right, the highest compliment that can be paid. >> you are a tough judge so i will take that. stuart: thanks very much. looking at the movers. as i recall. >> they were upgraded to buy, the freefall, not just there but on others, this is a freight reception fully priced

in, in the ppi report the price of transportation jumped 6.6% february to march. that is the recession. stuart: what do you have on boeing. >> a travel rebound, people going through checkpoints, 6.5 million passed through, and the stock is up, india, regulators, 90 pilots from flying the macpaint. stuart: didn't affect the stock. united airlines and delta. lauren: americans up 9%. delta is predicting profitability in the current quarter. and the best cash sales month. in the price of jet fuel, when

you look at united, pricing power, average fares double. stuart: a test to that, is crazy. apparently we are paying it. lauren: i wonder if that ends at some.. stuart: tim cook, antitrust legislation. >> the us and europe are considering to allow sideloading, letting users install unvented apps on their phones, he called that dangerous. >> we are concerned about regulations that undermine privacy and security, policymakers are taking steps in the name of competition the force apple to let apps on the iphones that circumvent the apps store that we are forced to let unvented apps onto

iphones, the unintended consequences that are profound. lauren: like malware attacks. regulators want more competition, this is way for other apps developers to bypass fees that apple and others charge which is 30%. stuart: apple at 168. the suspect in the brooklyn subway shooting was on the fbi terror radar until 2019. the manhunt for him still underway. washington post columnist and vocal critic of the kremlin has been arrested in moscow. the us planning, $750 million of weapons to ukraine. they won't send am one hundred 17 helicopters, they have been taken out of the package, general jack keane on that next.

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stuart: the mayor of bucha in ukraine says hundred of bodies have been found, putin is calling these reports fake. trey yingst was in bucha. you've got to tell us what did you see when you were there? >> reporter: bodies are being removed from the suburbs of kyiv as the capital city remains under threat. i need to warn our viewers some of the following images are graphic. the bloodied body of a man is examined by war crimes prosecutors in the town of bucha. just outside the ukrainian capital teams of investigators are digging upper mass graves

filled with civilians killed by russian troops. >> translator: during bucha's occupation by russian forces, people were shot because they spoke ukrainian, supported our armed forces. >> reporter: 400 residents were killed by russian forces when entering the town. >> you can see the damage done by russian forces to civilian vehicles. across this town of bucha there is destruction left in the wake of those russian troops who came here to the suburb of kyiv. with one thing in mind trying to take the ukrainian capital they were met with fierce resistance. grocery stores behind me, they were not successful in making their advance on kyiv.

state -- >> translator: they were coming inside our basement. thank god they didn't hurt us. as ukraine braces for further escalation in the east, kyiv remains under foret, baltic presidents came, there rare raids sirens sounding. stuart: thanks very much. here with me now is general jack keane, welcome back to the show. we are no longer sending am i 17 helicopters to ukraine. why the reversal? >> i have no idea. we had not sent them before and looks like a new initiative. they give us an answer for what that is and wait to get that answer before i pass judgment. i do know, we have increased

frequency on deliveries, we have aircraft going in, 8 to 10 aircraft a day delivering arms and ammunition and that is a healthy throughput that we have and zelenskyy has been screaming about advanced specific weapons and we are beginning to give him those as well. the united states is giving artillery, battery radar which is significant, some armored vehicles, considerable drones that are helpful to them even when dealing with some of the ships in the black sea and tanks from britain and tanks from the czech republic as well as significant addition of javelins and all the other things we've been given. the lenski's please was keep

all the javelins and stinkers coming but i need more advanced weapons to deal with the fight i am about to enter into with the consolidation of the russian forces in donbas. the terrain is more open and flat so it is conducive to combine armor operations, tanks on the move, artillery on the move. stuart: looks more like a battle from world war ii. for the first time, president biden says russia is committing genocide. roll tape. >> president biden: i'm doing everything by executive order to bring down the prudent price hikes. none of it should hinge on whether a dictator declares war and commits genocide half a world away. stuart: do you agree with the president using that word, genocide.

>> it certainly seems to be he is applying common sense to. i'm doing the same thing. he suggests they will parch the words but the facts seem to support it, what they began in ukraine with, on all four of those attack axes there was significant bombing and artillery bombing of people in cities targeting not military targets but targeting civilian populations. that means this was preplanned by the high command in moscow directed toward subordinate four generals to execute. it is organized, systematically done, to the definition of what genocide is about because their intent is to illuminate as many of the ukrainian people as they

can and that underscores what is happening here. we began with war crimes and atrocities and we met the criteria for genocide. stuart: we are out of time, a pleasure having you on the show. >> great talking to you. washington post columnist and vocal critic of the kremlin has been arrested in moscow. lauren: he was arrested after he said this on television. >> it took a large scale war in the middle of europe which led report and is not conducting ukraine to open their eyes. to the true nature of this regime. the biggest gift we could give to the kremlin would be to give up and run. stuart: he said that on cnn.

>> he predicted the end of the putin regime. twice have the russian authorities tried to kill my husband. she goes on calling their blood he wore a war. i demand his immediate release. he suffered two suspected poisoning attacks. 's attorney says the russian police were waiting in his yard when he returned from that interview sentenced to 15 days behind bars. stuart: there is no freedom of expression there. >> that happens when you say something critical or, the incursion of war. stuart: the white house is about to roll out its program for taking in ukrainian refugees. >> we don't know much and we will get details next week. the white house has committed to taking 100,000 of the ukrainians but it has been two weeks. this is where most ukrainians have gone.

poland taking in 2. 7 million. the issue is if we are promising them asylum in the us how do we do that? just 12 were taken in in the month of march and we have this goal of 100,000. many thousands of ukrainians are doing it and they are waiting at the southern border between mexico and the us and trying to get in that way. the world knows our southern border is wide open and granted asylum by getting through mexico. isn't that amazing? stuart: president biden is doing everything to bring prices down. critics don't agree, he's making the wrong approach. edward lawrence has the full story from the white house in a moment. a new poll shows high prices at the grocery store in the pump driving more women to vote. women could bring the key to a republican victory in the midterms in november. we have that story too. ♪♪ american woman

♪♪ let me be ♪♪ ♪♪

stuart: i still see green. nasdaq is up one hundred 20. dow was up 171 despite the fact we saw 11.2% inflation at the

producer price. market goes up. paypal moving, active, down 2.8%. >> their cfo is leaving the country any for walmart. strong valuation, strong brand name. stuart: the gap, or is it gap? >> people say the gap and it owns old navy, banana republic, shares are up, 13.1%. there are rumors, chatter of an activist, why is that good for stop? an outsider comes in, typically good for shareholders, the stock is cut in half in the past 52 weeks. stuart: car max. lauren: they sell cars 1.5%, jpmorgan downgraded them to neutral. they say sticker shock is a problem that will hurt sales. used car prices, fell the most

since 1969 but they are expensive and new cars coming to market. if you have a choice of two expensive cars, one result, one was new, which one would you pick? of a new one. stuart: wouldn't be a difficult choice. inflation running up levels we haven't seen since the early 80s. some economists think recession is coming. let's go to edward lawrence at the white house. is anybody going to get hurt from this inflation? >> looks like it might persist if you believe what some economists are saying as you look at the data behind what they are saying. the number of inflation have not gone in the right direction. the cpi inflation, highest level since 1981. part of the reason is producer price index, hit an all-time record high since 2010. 11. 2% year over % year-over-year

represents an increase from last month's number, to get the materials to make the stuff they sell. we've not seen the peak of inflation yet. costs get passed on to customers. president biden saying other countries are to blame for our inflation. >> president biden: the largest grain producers in the world, china and ukraine and russia are not doing what they usually do so everything is going up. we saw the inflation data, 70% of the increase in prices in march came from putin's price hike in gasoline. >> inflation was going up before the invasion of ukraine. the consumer price index inflation, president biden took office at what happened after that with producer price index levels at this level, we are hearing some economists talk about recession. the gdp said first quarter gdp

was 1.1%. a significant slowdown. the jpmorgan ceo said he's not predicting recession, and the recession coming forward, the risk of the economy inflation, we talk about that. stuart: we hear you, thank you very much. we launched a 7-figure million dollar campaign to promote free-market policies. fred ortiz joins the now. if you are going to run this campaign you are the billboard guy. do you think you will have any luck suggesting free-market policies in california, or the very badly run democrat states? >> thank you for having me. the great opportunity project

is exciting because during the pandemic we saw how democrat governors and republican governors manage the pandemic and looking back in hindsight we see republican governors did an amazing job of balancing the health of citizens. those republican states lead the recovery we are seeing, we hope and believe people are interested in this conversation, it's coming through the perspective and views and amount of small business owners in those states highlighting the great work their governors did to create an environment of opportunity to get out of the pandemic everybody was in. stuart: i wish you the best of luck. if you could get free-market policies in democrat run states we would be better off and that is a factor. republican women's groups have their best fundraising quarter yet.

good morning. start with how much money did they bring in? ashley: the best fundraising quarter in the gop group, women for women action fund. that group has raised $8.4 million this midterm campaign cycle so far. is dedicated to electing women to higher office. a new poll shows 52% of gop women say rising prices make them more likely to vote according to the survey conducted by the nonprofit women's organization all in together, 58% of female voters said the country's economy is not working well for them personally. the gop working to pin inflation and skyrocketing prices on democrats and it seems like the key issue to get people out to vote. stuart: everybody gets hurt and feels it.

the crisis in the southern border is so bad that one vulnerable senate democrat is suggesting we finish the border wall, roll tape. >> the administration needs to address certain gaps in physical barriers on the border that would be easy to address and are posing a real challenge for border patrol agents. stuart: you know it is bad when democrats are calling to finish the wall of all things. a bus full of illegal migrants just arrived in the nations capital and more are said to be on the way from texas. we have the story next.

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stuart: still seeing green. the dow is up 24 points and the

nasdaq up 95 points on a day we reported record inflation 11%. that the busload of migrants in texas arriving in washington dc. is this the first of those buses the texas governors organized to get illegals -- lauren: yes, it is, turned out not to be a publicity stunt from texas governor abbott, that bus came from dell rio, texas, gave them free transportation to our dc bureau which was block from the us capitol. griff jenkins report they came from colombia, cuba, venezuela, nicaragua originally. you see them being processed, having the wristbands cut off. they are under no legal obligation to report back to an ice officer. welcome to america. they are in and they stay. texas brought them straight to dc. made them biden's problem. stuart: florida's governor desantis taking a page out of

governor abbott's book wanting to move migrants out of his state. what is the governor of florida's plan? ashley: same deal, transport illegal immigrants placed in florida out of the state to summer, how about delaware or martha's vineyard or other progressive states as governors endorse blatant violations of federal immigration law, a similar proposal by texas has been dismissed as a publicity stunt but the transport of illegal immigrants out of florida is included in the state's budget. they allocated $12 million for that relocation. governor desantis says, quote, it's not a response ability of floridians to subsidize aliens to reside in our state unlawfully. we did not consent to biden's open borders agenda so just like texas florida says no thank you. stuart: i want to know how this is going to work out of the numbers get into the thousands

on buses going into dc. they are blocking a texas border crossing protesting the new rule that required trucks coming in from mexico that they would have to passé secondary screening. casey steagall is in eagle pass. was the latest? >> the protests happening on the mexican side, not here in the united states, important do point that out but this is controversial, trade groups, businesses, even though cbp and the texas agriculture commissioner is calling on governor abbott to rethink part of his plan when it comes to what is happening at the international border crossing, specifically with commercial trucks and vehicles coming in from mexico. texas, as you know, has several major arteries where a bulk of the nation's goods are imported from mexico, trunks that is

trucks are expected by agents but now state troopers conducting whether they call an enhanced search under the direction of the governor which officials say has added hours to the process, in many instances just to cross because of the long lines. >> it affect local businesses as well, trucking companies did 2 or 3 trips a day, crossing trailers, might only do one. it is crucial to inspect vehicles especially when they are coming from another country through texas railways. you have to make sure the vehicle is safe, the driver is safe, they have to be in compliance with state and federal regulations. >> reporter: the additional wait times caused trucks to run out of fuel resulting in loss of refrigeration and in some cases mexican news agencies reporting those protests on the other side of the border and

governor abbott by the way doesn't have a press conference until later today in laredo. we expect we will hear more of this at that time. stuart: we will, see you again later. one democrat facing a tight senate race, senator maggie hassan. what did she say at the border? ashley: the democrat new hampshire senator took a trip to the us border and guess what she found? she found a mess. take a listen. >> it's clear we need a lot more proof, it's very clear we need a lot more technology to understand what is happening at the border and the administration needs to address certain gaps in physical barriers on the border that would be easy to address but imposing a real challenge for border patrol agents in particular.

ashley: sounds like a familiar argument. hassan is part of a group of moderate democrats introducing legislation to stop the biden administration from ending title 42. a clear indication that some democrats recognize the crisis at the southern border cannot be ignored. stuart: i will do a notorious about this title 42 which maggie hassan is one of the democrat who does not want it to be lifted, she wants to keep it in place and i think it will be kept in place because i don't think the democrats want to see a surge of hundreds of thousands of people coming across the border right before the midterms. what do you think? i think title 42 will be kept in place. ashley: what is frustrating as we have seen a massive flood across the border but with the midterms approaching the optics of that is not great but a lot of damage has been done.

watching those immigrants being released in washington dc, just to walk off, where do we go from here? this cannot be great for homeland security and almost all of them -- they will not pose a problem but what if there is just one? one is too many. stuart: got the editorial in 15 minutes, see you later. airlines pushing to end for mask mandate. is this a good time to end these restrictions? i will ask former transportation secretary elaine chao. black lives matter playing defense. they were criticized for buying a $6 million mansion in california. jason rants has details on their questionable spending. details next. ♪♪ you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get

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stuart: the market shows some green especially the nasdaq, up one hundred 20 points. despite 11% inflation rate at the producer level stocks going up. as for bitcoin back to 40,000,

made it above 40,000, 4000600 is where it is and look at this. the yield on a 10 year treasury all the way down to 2. 66%. this on a day when you have 11% inflation. rates down, the price of oil up, looking at $102 a barrel for crude out of west texas intermediate. black lives matter facing backlash for purchasing a $6 million mansion the but secretly bought with blm funds. jason rants follows the black lives matter him movement. what was their response to questions about the mansion and their money? >> the former cofounder of the movement, she moved on as a result of the reporting because of your spending habits on man - on mansions which is odd for a marxist to have but she was in town speaking at an event, a master class in grievance politics, she was saying all

criticisms, all attacks are racist, not legitimate because no matter the conduct from blm activists she believes they are justified because the work she's doing is so important. she claims she and other blm leaders were victims of a right wing media smear machine but also, this was interesting, the nonprofit system that blm exists in she argues is deeply unsafe and was weapon ice against her because some folks were acting dovish asking to take a look at their irs farms that show they are complying with the law as a nonprofit and there was a moment during this event she and the moderators complain no one was asking to see the irs forms of the aclu or united way and asking for it from the blm movement is inherently racist. what they fail to realize or are ignoring, aclu and united way post their irs forms on their websites. blm does not. they have been trying to keep a

lot of this secret. part of the reason, they don't know the system that will and are learning as they are going and it isn't consistent, heaping private a lot of the mansion aspect to this maybe someone would believe them but looks like they are trying to cover up the fact that they are making a lot of money and arguably misspending on the backs of activists in the movement, this is not what we are paying you for. stuart: i can't see them getting more money, going to corporations and getting more money. last word to you. >> when the left calls out right wing grifters they are talking about themselves. when you miss spend the funds you tell people pretty quickly that you were never a true believer. stuart: jason rants, our

seattle guy. a new poll shows the majority of seattle voters have considered leaving the city, they don't like the way their tax dollars are being spent. do they ever go? lauren: this number was up 7% since august, last time came from the chamber of commerce. the reason is why? 2 thirds of people move, costs, public safety, a lot of people say we don't feel comfortable going downtown. talking about crime, they don't feel safe and don't feel comfortable going in the daytime or at night. stuart: checkout many actually left. lauren: homelessness used to be the top reason. look at the shift that has been made, public safety over homelessness. stuart: former labor secretary

elaine chao, congresswoman nicole malliotakis. if title 24 is lifted, a sudden surge of the board will be in electoral disaster and the democrats know what, that's the theme of "my take" which is next. ♪♪ stop in the name of love ♪♪ before you break my heart ♪♪ stop in the name of love ♪♪ before you break my heart ♪♪ 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. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.

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>> joe manchin has a way of refusing to give in to insanity, primarily it is not to the majority is significant percentage of the blame for why we are suffering from inflation. >> the inflation is embedded. i don't think it is going away in the summer or next year, we are seeing this probably for at least a couple of years. >> if we want to inflation let's produce more oil and gas. the producer price index up 11.2%, this is not going away. >> the worst is behind us. if there's any hookup, any change in the fed's policy the path of least resistance is for yields to go back down. time to be bullish is when everyone is bearish. ♪♪

stuart: the wanted, is that the name? lauren: another song. stuart: a performance i've never heard of. very successful operation. all right. let's get on with it. it is 11:00 eastern time, wednesday april 11th fall day. look at the markets. i am seeing green. the dow is up 90, nasdaq up one hundred 28. show me oil up one hundred $2 a barrel. check the 10 year treasury where the yield is down, 2. 66%. 11% inflation is reported and interest rates go down. can't figure that out. this is just coming at us. the cdc will extend the travel mask mandate for two weeks in order to monitor any uptick in covid cases. where masks on planes for another two weeks. now this.

the republicans and some democrats are trying to do the president of favor, trying to stop him from lifting title 42, the trump era rule used to kill illegal migrants out, end the rule and illegals flood in. sudden surge at the border would be in electoral disaster and moderate democrats know it. that is why senators mark kelly, catherine cortez mastoh, and maggie hassan signed on to a republican bill that would delay lifting title 42, they are trying to rescue their own party and president biden. just last year using title 42 border agents turned back over a million migrants using title 42. they will show up again if those migrants know they will no longer be turned back. imagine another million or two marching into our country.

moderate democrats understand if you turn a border crisis into a border catastrophe you will lose the house and senate in november. nothing grabs the attention of politicians quite like the prospect of losing an election. that is what the democrats are facing. my guess is they will blink and keep title 42. that really would be doing a favor for the president, wouldn't it? third hour of varney just getting started. ♪♪ stuart: martha mccallum joins us this wednesday morning. would dropping title 42 if they dropped it, would that cost them the election, the house in the senate? >> i think it would be part of a confluence of factors when you look at immigration and inflation and the montage you just showed, the issues will be

huge in the midterms. this seems like a gimme to me. it is a layup. look what is happening on the airplanes extended for two weeks. you have an easy argument to say this is another variants around, don't think it is on this thing yet. advising anyone on this that is what i'm going to say. you can lie of this out, we would have loved to lifted it. we can't lift it now because we are dealing with covid issues. i think they will extend title 42. stuart: electoral necessity, when you see yourself losing a big election you change course. i think that is what they will do. i want you to listen to what the president biden had to say yesterday. >> president biden: the ability to fill up your tank, none of this should hinge on whether a dictator declares war and commits genocide half a world away. stuart: do you think putin is

committing genocide? >> i think as a layperson watching, it certainly appears putin would like to wipe out the word ukrainian. he doesn't want their language to be spoken anymore. he's a border rating, and atrocities to be sure. we watched the language evolve on this from president biden. he pooled a double back around, would you ask me? and new development where it is genocide. issues that entails, that opens up in terms of the worldwide allied response has to be when genocide is underway the triggers some aspect of an article 5 type response. i will speak to the former president of ukraine and ask

what he believes using that word, triggers among the countries committed to trying to help ukraine. stuart: it is such a strong emotive word and i wonder if it is accurately used in this case. it is a strong word which will bring forward a response. we will be watching it. be careful, 3:00 eastern time, the story, thanks for being with us, appreciate it. do you remember when president biden claimed inflation hit its peak in december? role tape. >> president biden: i think you will see it change sooner, quicker, more rapidly than most people think. every other aspect of the economy is racing ahead. it is doing incredibly well. stuart: it has been four month-end inflation is at a 40 year high are still going up. mark tepper joins us. some in the markets think the

pace of inflation is going to slow down. what do you think? >> i don't think that is going to happen at all. you can add president biden's quote to the list of things that have been dead wrong. this is the same guy who said the cure for inflation is to roll out build back better and in that quote he mentioned that the economy is moving full speed ahead but we all know economic growth is slowing. when i look at inflation i am seeing inflation accelerate year over year plus month over month, if you take yesterday at cpi month over month number it was 1.4%. it sounds like 17% annualized by 12. this morning's ppi numbers continues to accelerate month over month year-over-year. i hope we are at peak inflation but the data is not proving that. stuart: i'm putting any extra

money into cash. 10% inflation, sharply higher interest rates, war over there, i can't see putting more cash into stocks. am i doing the right thing? >> i wouldn't be selling out of stocks necessarily and going to cash, i know you don't like talking yield curve inversions but the market peaks 6 to 8 months after it inverts. there should be some runway ahead. we are 17% in cash ourselves because stocks look more expensive given everything you mentioned, everything we are talking about. growth slowing, inflation ripping higher. we haven't found anything that looks worthwhile for us to locate our 17% cash. of the market were to drop another 10% we would celebrate a little bit and pick off some names we like.

stuart: i'm surprised jamie dimon's announcement wasn't an announcement, he was on call after his earnings report, raising all kinds of problems for the economy down the road. doesn't expect a recession but the economy doesn't look great. i would have thought there would be a more profound impact on the market and the market has gone up. >> the market is drunk, the market has no clue what is going on. i was so intrigued and puzzled yesterday morning after the inflation data the market over the up one%. one%. by lunchtime the market sobered up a little bit and it was negative. the market is not comprehending at this point how bad inflation is. i know eddie deboer has been on this for a while. i'm on this for a while. i'm very cautious. i would not be putting large chunks of cash to work right now. if you want to put money to work, dollar cost averaging.

stuart: see you soon, thanks for being here. movies start with winnebago industries. you want me to buy a winnebago and retire and drive across the country. lauren: honestly no. would you like to do that? stuart: no. lauren: i can't see you driving one. davidson said they are cheap. they say there

stuart: it is a supply-chain problem. lauren: they raised prices on what they were able to sell because the supply chain hit them so hard, there's not much assortment, people are going other places. the cost of all that, $175 million in the quarter, same-store sales fell 8%, they had the online traffic during the pandemic, not anymore. online sales fell 18% in the quarter. we one we have a new study, lots of studies on this program claims people who love bitcoin are psychopaths. we thought we had better talk about that. 4 million people quit their jobs in february, the great resignation in full swing. how long will it last?

former labor secretary elaine chao takes and on. a massive manhunt underway for the suspect in the brooklyn subway shooting and they say he posted racist rants on the internet for years, the latest from brooklyn new york next.

stuart: the manhunt in a new york city subway, nearly 30 people injured. what is the latest? >> reporter: the latest we are seeing images of the suspect, frank james on the day of the

attack. leaving a subway station after the attack, we don't know which subway station this happened or if it is the one where the attack happened but these are images from that day. post attack losing your law enforcement source telling david spent they are trying to track frank james based on his contact in wisconsin and philadelphia. they are finding the key to a u-haul van in the subway car where this happened which led investigators to frank james who rented the u-haul and philadelphia. police found the moving van purchased 5 miles from the crime scene on the subway station. the bomb squad cleared the van and it has been towed. investigators looking into a series of youtube videos posted by frank james complaining about homelessness and mayor eric adams, new york post reporter, videos show him saying he was recently diagnosed with mental illness,

victim of the mental health program, he warned he was, quote, entering the danger zone and said he was, quote, full of hate, anger and bitterness. nypd upped the security detail as a precaution. inside the subway end train police found three extended ammo magazines detonated, un-detonated smoke grenades, also found the glock 179 mm semi automatic handgun and an atf source tells me frank james purchased that gun used in the attack at a pond shop in columbus, ohio in 2011. the security cameras were not working through subway stations including the station where the attack happened at the mayor says they are looking into that. at the rest of the 469 stations citywide. stuart: that would be a good idea.

let's bring in congresswoman nicole malliotakis, republican from new york. last year the mta got $10 billion from the covid relief package. they got that money and couldn't get security cameras to work at those subway stations. what is your response to that? >> we had serious questions, is this a widespread problem? needs to be fixed immediately. they nypd is having difficulty catching this perpetrator, a true testament, in the city, for the last few years our leadership in new york has hindered the nypd, made more difficult to do their jobs and security cameras not working in the subway is part of the problem. the real issue is under democrat leadership the reality is they attracted crime to our city. i am so frustrated because i want my constituents, my family to travel around the city, go

to work, go to school without being attacked. this may be the most high-profile incident we are seeing but the reality is people are being shoved in front of trains, assaulted, robbed, there has been a 65% increase in transit crimes over the last year and think about this. half the ridership than it was paris covid. we want to get this economy back, get our city back, we need to be serious about giving the police the tools that they need, stop taking away their tools and making more difficult for them to do their job. and when the mayor, eric adams, blaming the shooting on guns. watch this. roll tape. >> we move 1800 guns from the street in the city think about that. in last 3 and half months and they keep coming. if we don't work on what is causing this violence and other big cities across america we have a real crisis on our

hands. stuart: crime in new york city subways of spiked 68% in the last year. who do you blame for subway violence? is it just guns? what is it? >> go after illegal guns but what about the people being stabbed and raped and robbed and the cars being stolen off our streets, people being assaulted? it's not just the guns. it is the fact that we are allowing bad people to remain on our streets, policies that have been put in place by democrats. i don't want to politicize this but it is a fact, the democrats changed the laws in our cities and states to release bad people onto the streets. prosecutors don't want to prosecute. you have left-wing judges appointed by our mayors even when the prosecutors bag for bail and have a parole board appointed by the governor that

continues to release cop killers and convicted murderers and rapists. lieutenant governor was part of the defend the police movement and was arrested yesterday. we have to start being careful about who we are putting in place in leadership positions and if we want public safety we need elected officials who will support public safety period. spiegel story. don't keep voting for the same people putting these policies in place. stuart: that's the last word and we will take it. thank you for being here. always appreciate it. markets still rallying, dow is up 140, the nasdaq up almost 200 points. i keep saying i said this half-dozen times today. the day we reported 11.2% inflation, the stock market rallied. go figure. robin hood has announced they will include four new crypto currencies on their platform. which cryptos are we talking about? tell me it is not safe moon?

ashley: it is not safe moon but you can get sheba inyou coins and com p. the added choices come as the surge in retail cravings seen during the pandemic where it has started to wane. robin hood said it considers the new coins that add to its offerings, customer demand is lifting committee, the liberates factors including on chain analysis, tech insecurity as well as legal and financial variables. last week robin hood announced the rollout of its crypto currency wallet which granted access to more than 2 million customers who were on a waiting list for that product. by the way. a new study by an australian university founded -- found that the average bitcoin investor is a calculating

psychopath, the report by, and the feast or famine nature is enticing to some, especially those who have an inflated sense of self-importance and derive pleasure from the pain of others. enjoy that bitcoin. stuart: you own any crypto at all? ashley: i do not. i am going to stick my to the pool. stuart: i bought some for my youngest grandson who is 9, 10 months old to. i bought a little ethereum for him on the ground he has 50 or 60 years ago. might show a profit in a few years. ashley: could be a multibillionaire. stuart: thanks. california's recreation task force met for the first time today talking about racism and discover nation in schools. we will get into that. the cdc will extend the travel

mask mandate for two weeks to monitor the recent uptick in covid cases. got to put a mask on a plane for another two weeks. transportation secretary elaine chao takes it on next. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

stuart: you may be wondering why i would request that music and i did not request that music. that was the hit music video smells like teen spirit. the guitar played by the late kurt cobain's upper option. the sellers think they can get $800,000 for it, it is a blue, left-handed fender mustang owned by and performed with the late kurt cobain. lauren: i think they will get $800,000. it is iconic. that music video, that album,

that song, everybody knows it. stuart: it is a banjo, it was a guitar. lauren: and accordion too. stuart: i want you to tell me where google is moving today. lauren: google announcing a $9 billion investment in us offices and data centers this year and hiring 12,000. stuart: what are they up to? what are they buying and office buildings? lauren: if you can get on the cheap looking at different cities and geographies across the country google invested $7 billion last year, hiring 10,000. can you think of any company outside big tech that has that kind of money to spend on the balance sheet? they are looking to open a new office in atlanta. they have offices in boulder, pittsburgh, cambridge, data centers in tennessee, virginia and oklahoma. if you are looking for a job, you can become a google or

which comes with high salaries. stuart: got any jobs in florida? susan: is varney looking? stuart: certainly not. paypal is down 3.8%. susan: i love when i shut you up. i love it. paypal is down after losing its ceo to walmart which wants bigger payments including third-party market places like amazon and ramp up the advertising business and paypal, the stock is hurting, 60% for the past year and that is because of stalling payment growth. stuart: that is what it is, competition as well. susan: that is right. stuart: delta. susan: i want to talk about the big travel rally, the theme on the stock market, delta says they are doing better now than 2019, better than pre-pandemic levels and travel asserting double digits in march because

they are able to charge higher prices and fees for the tickets, and also highlight airbnb, one of the most successful ipos, doubling since its debut in 2020 in december and analysts say 20% more upside because people in long-term housing because of the remote work trend and people are traveling once again. stuart: i am surprised they are traveling so much on the airlines because airline fares have gone up so much. susan: business travel hasn't come back. i wonder where the demand is coming from. stuart: travel stocks are surging a long way. susan: 5% as a surge. stuart: the pandemic is widening down. susan: a lot of pent-up demand, locked down for the past two years.

what about jet fuel costs? i'm surprised they make more money and there's more demand to overcome the highest payout. stuart: but double the price of tickets is how you get more revenue and that is what they are doing. i pay double to go to florida in a couple weeks time. susan: commercial, not private. they doubled. susan: you are willing to pay that. they got me. the administration is expected to extend the mask mandate for two weeks. former transportation secretary elaine chao joins me now. good to see you again. do you think it is time to end these restrictions, i certainly do, how about you? >> what is happening is the flight attendants who are unsung heroes in all of this is getting a lot of abuse. they are being disrespected, talked back to. that is a difficult job in

particular because they have become and forces of the mask mandate. for airline companies and airline workers this is an issue of great concern to them and if the cdc is saying there is a new variant fittings increasingly present and berland most people will want some kind of satisfaction or comfort that something is being done, which is being proposed here. stuart: you were of a transportation secretary. i want to ask about supply chain problem because it is not been fixed. don't know what pete buddha judge is doing but he's not doing much to fix it. how would you fix it? >> i was going to talk about the other unsung heroes in the transportation sector. those include truckers who have kept our shelves who, fully stocked and railroad workers, port workers and air traffic

control workers and air traffic controllers, have kept our airspace operational moving during the depths of covid when only 4% of the airplanes were traveling and 4% of passenger traffic was ongoing. the supply chain issue was linked to a host of policy decisions made by this administration. the issue of inflation the yesterday's numbers released by the bureau of labor statistics saying inflation was 8.5%, took out energy and food that inflation was 6.5%, the highest since it has been since 1980 one putting increasing demand at precisely the time the supply chain is fragile and vulnerable so because of the uncertainties in the supply chain, more people around the world, employers and companies

are ordering more than they need, in the time space they need so they order more. that increases the pressure on the supply chain while continuing to see port problems on the west coast around july of this year, every six years, negotiations with the west coast ports that come up for renegotiation and that would be a real instance in which we see how this administration will react because they will be caught somewhat between organized labor and what they want and the reality that if there is a strike at west coast ports this coming july the that would play a lot of pressure, bad pressure on the economy, increase inflation and disrupt the supply chain. stuart: i do want to have time to get this in, you are a

former labor secretary and we have 11. 26 million jobs available. they are open. this is part of the great resignation which is not over yet apparently. this is part of the great resignation. >> when i was labor secretary the labor participation rate was 64. 4% on average, now the labor participation rate is 62. 4. if you took the differential if the labor participation rate had been what it was we would have 10 million more workers than we do today and that would help us to address the workforce issue and get us out of the ballroom in terms of a more vibrant economy. stuart: we still have that problem. >> one more thing. as we talk about ukraine i want to bring out when i was peace corps director, started the first peace corps program in the former soviet union including the former republic of ukraine and ukraine at that time, the key city, kyiv, the capital city, a beautiful city,

beautiful boulevards, tree-lined roads, to see the war that is going on in the beautiful city being destroyed, and peace corps volunteers served in ukraine, and did wonderful job and all helping every way they can. everyone i knew you were the transportation secretary in the labor secretary but did not know you ran the peace corps and glad to hear and that was excellent information. elaine chao, real pleasure, thanks for being here. look at this. you really got to see this. a woman glues her hand to the basketball court in the middle of an nba game. it was a protest and we will tell you about it. electric vehicle taking center stage at the new york auto show. grady trimble is there with the show and tell next. ♪♪

♪♪ she's got a ticket to ride ♪♪ she's got a ticket to ride ♪♪ she don't care ♪♪ at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere

to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow. ♪ one thing leads to another ♪

♪♪ stuart: you are looking at port canaveral, florida lose we are playing that particular music because margaritavilla's cruise line delayed their first sailing. it was set to launch their first ship on april 30th which that was pushed back for what they call shipping delays. the first official sale will take pl. may 14th. that margaritabill. the first time we've seen that since the pandemic, grady trimble at the javits center in new york city. it is it back to normal? >> reporter: there may be fewer big debuts, but look around, this looks like a normal crowd

to me and i've seen very few masks. it feels like a very normal autoshow experience and the big buzz at this your's autoshow's electric vehicles, every major automaker including nissan, that's the lease on the market right now has an ev right now or one on the way. mike halloran, an executive with nissan. what you are positioning yourself for is an ev that is affordable. >> nissan has been in the market for 10 years, 500,000 cars already sold so we are experts in ev and can feel the energy. evs are all about the show and we are all about ev. stuart: >> reporter: prices if you look at the average transaction price is more than $60,000, that's not accessible to the

general public, car prices in general whether electric or general are higher than years past so what is the path forward to get prices back to affordable levels? >> a number of things. when you think of the nissan lease, a very affordable vehicle in the market, it is out there today, we are making changes and investing in it and the new one starting at 40,000 so affordable, yes. affordability for the industry, definitely a challenge. we are at least a year away. near the end of 22 we will see some relief. as we move into 23, supply and demand. >> reporter: every new nissan model that comes out a have

someone here, she's just over there, she sells the vehicle to make sure it is up to their standards. i covered the auto industry. stuart: i like a new car smell. i've seen cans where you can spray the new car smell. good stuff, see you later. the world car of the year award has been announced and ashley will tell us. ashley: the hunt day has been named by a panel of international journalists, the compact suv has been named electric vehicle of the year and world car design of the year. all of this at the new york international auto show. how much does this cost? and is available in a model in the maximum range of 300 miles per charge.

it is retro-futuristic pixelated and polygonal elements, it's spacious interior that includes a driver's seat, returns into a recliner with a quick writ -- don't use it going down i-95. a pretty sharp car. stuart: back to the markets showing all the dow 30 stocks, there is some buying today and prices are going up, the dow was up 173, 34,394. weise brought the story of santa monica, can't deliver mail there because of the crime, larry elder will join us, it is the carbon crisis. ♪♪ ♪♪ it followed me everywhere.

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who have found the right way to lose weight and get healthier with golo. stuart: there is one neighborhood that is so dangerous the postal service will not deliver mail. larry elder joins me now. big picture question. how do you restore a sense of order in lawless southern california? >> for years you have asked me

when will californians rethink their assumptions most notably the soft on crime attitude. i've told you it will be when crime hits the suburbs. santa monica has household income twice the average californian. this is now coming home. recently a woman, ucla graduate student was stabbed in the area where maxine waters has her $5 million mansion and the motown mogul who is retired, 80 years old, a man broke into the house and they have security on site and murdered her and he was a long career criminal, shouldn't have been on the streets and the man who murdered the graduate student was emilio holmes, a long criminal record. it is starting to hit home, very elite people, giving money

to gavin newsom and supporting soft on crime la da george gascon rethinking their assumptions big time. stuart: there is a proposal in california for a four day work week, 32 hours and you've got to pay overtime if you work more than 32 hours. i think that's a crazy idea. what say you? >> it is insane and they are reducing the 42 hour workweek but making employers pay you worth 40 hours so you can't cut their salaries because their hours are being cut down. why not ask people to leave california, ask people to leave, why not do that? people left california the last couple years, we can't get enough u-haul trucks to get people who want to go to tennessee, texas, florida and other more rational areas. it is absolutely insane. stuart: i got to get this in. california's first in the nation recreation task force

meets today, first time in san francisco. what do you make of the reparations panel? >> reparation is the extraction of money from people who were never slaveowners to give pizza people who were never slaves and why should anybody but the democrat party pay reparations? if you look at the 400,000 slaveowners according to the census in 1860, all but 10 or 12 were democrats so why should republicans are anybody other than a democrat take one dime of reparations? more republicans voted for the civil rights act of 64 than democrats. democrats pay reparations if anybody should but the idea is insane, 150 years ago, people living right now should pay for something done by other people, only in california. stuart: only in california and it will never change. thanks a lot.

a protester glued themselves, some people glued themselves to the basketball court in the middle of an nba game. what was she protesting? ashley: an animal rights protester who glued herself to the court under a basket during the timberwolves game when minnesota was shooting free throws at the opposite basket. the protest reportedly in response to the treatment of chickens at timberwolves and glenn taylor's farm, animal-rights group of cruising that accusing taylor of inhumane killing of 5 million chickens following an outbreak of bird flew. the protest caused a short delay, the woman was escorted away by security after the glue wasn't strong enough. he was trying to bond her wrists to the floor. minnesota won 109-104. we've seen this a couple times in the. premier league where protesters come on and glue themselves of goalposts.

apparently it is a thing right now. stuart: okay. got the trivia question, here it is. when was the first white house easter egg roll? 1860, 1878, 1898, nineteen ten, when was it? guess after this. ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible .. .

stuart: okay, when was the first white house easter egg roll? you want to guess ashley is.

>> it is a guess. 1898. stuart: i would go with 1910. we're both wrong, 187. it was hosted by president rutherford b. hayes. if i would have asked you you wouldn't have known, neither would i. that is a fact. >> no. stuart: i'm not sure what an easter egg roll really is we'll find out at some point. ashley, thank you for all your help. neil, it is yours. neil: stuart, thank you very much. we're looking at wholesale inflation following what happened on the retail inflation front. so we got a double-whammy. the difference today is the wholesale inflation report, even though a precursors come towing grocery aisles in stores, for us there is not nearly a worry about it. let's get right to it. see how the markets are digesting this. dow jones industrials are up 129 points. lauren simonetti following all of this. surprising good news on the earnings front. hey, lauren.