yet again, you know, the answer was 3:00 p.m. that time was chosen because it's when many americans are enjoying their freedoms on memorial day. now we know. lauren: traffic time too. ashley: yes it is. let's check the markets very quickly once again upward in a titanic shift to get the markets higher and it worked as the clock ticks down, neil cavuto, take it away. neil: thank you very much, very good seeing you again, ashley have a safe weekend let's take a look at the corner of wall and broad right now we're dashing ahead at 350 points we're going to get into the particulars in just a second here suffice it to say this is the get-away day for the long weekend, the un official kickoff to summer , as you've probably know by now. jeff flock is following what's happening on the roads, and grady trimble what's happening at the nations airports. let's first go to jeff flock what he's seeing on the pennsylvania turnpike. jeff? reporter: neil, i just switched over to the atlantic city expressway, actually, as we head

down to the shore, with a lot of other folks, perhaps you see the picture from out on the road not too crowded at the moment, but going to be a busy day. that said, let me let you in on one new piece of information from the energy department, which subjects maybe gas prices are getting high enough to discourage demand. this is something called the , well it could be called demand destruction, the part of the energy department they say the demand, this week, and a rolling average down 2.7%. it's the lowest this time of the year since 2013, accepting the pandemic year, so maybe, we're getting to the point of pain. today, gas prices actually declined by one one-tenth of one cent the first time since may 10 that we haven't had a new record in gas prices. 39 million people expected to travel in some form this memorial day holiday. 35 million of them by car, and

the triple a says right now, people are still going to travel despite the high gas prices. >> folks are wanting to get out and do something, and i think that's why despite record high gasoline prices, 4.60 per gallon nationwide, we've never seen that price before. that's why folks are getting out and doing things. reporter: and as we roll into atlantic city, mr. cavuto, i look at the guy ahead of us, this is a fellow that could only afford three wheels apparently, this fellow here, so maybe he's trying to save money on gas, i'm not sure, but welcome to atlantic city, sir, either way it's a gamble. neil: it is at that, but man oh, man, those roads don't look too crowded that's kind of interesting in and of itself. yeah, i was struck by that as well jeff flock thank you very very much. maybe we just cut out.

grady trimble at chicago's o'hare international airport, what are you seeing for those taking to the skies and some pretty big numbers too, at least the biggest in a few years, right? reporter: definitely, neil. if you're going to be flying this memorial day weekend, you're going to be paying for it not seeing demand destruction as jeff called it at the nation 's airports today. triple a is expecting around 3 million people to take to the skies across the united states this memorial day weekend. that is a 25% increase from 202m 2019, but still a huge improvement as the airline industry continues its rebound. take a look at the tsa line here at the american terminal at o'hare airport, one of the busiest in the country, behind the likes of dallas, lax, denver, the usuals, so be a little patient because you can see the lines are pretty long this friday before memorial day. these folks have paid a pretty penny to fly.

take a look at prices right now, because even though there are not as many people flying as 2019, they are paying a lot more. 28% more, in fact, the average domestic round-trip is around 400 bucks right now, but the people we've talked to say things are getting back to normal and they are willing to pay up because for two years they've been couped up. listen. >> the political environment could do a little bit more about creating lower gas prices. >> i think everybody has been trying to get by with moments like this , with the mask mandate coming down i see a lot more people happier, and they just kind of want their life again. reporter: even though fliers want a normal travel experience once again, the airlines might not be ready for it just yet. over the past several months we've seen those mass delays and cancellations with most of the major airlines dealing with either pilot shortage, flight attendant shortage, ground crews , they are having issues

getting flights off on time or getting them off at all so to try to deter any day-of cancellations delta and some other airlines have canceled flights in advance, and cut routes this summer. delta has cut 100 flights each day this summer in the united states and latin america to release the pressure as they put it on the system. neil? neil: grady thank you very very much for that. well the big question with a lot of this stuff is how many people will be feeling the impact of these higher gasoline prices, higher energy prices in general. there are anecdotal signs at least that they're not running at the clip that they were. in other words, they are still getting higher but not as aggressively higher, in other words those increases and the rate of increases slowing. so what are we to make of that let's ask mike bradley the energy market strategy partner. mike what are you to make of that. we tend to cling to whatever good news we can find and for some the good news is prices still going up, but not at the clip they were. what do you make of that? >> yeah, we're already seeing a

little bit of demand destruction and it's probably on the order of a half million to a million barrels a day of demand destruction, so yeah, that's helping lower prices a little bit, but unfortunately, i think what you're going to see is we are just starting that summer driving season, demand is still good in general, and i think what you're going to see is instead of 4.50-type average nation all gasoline prices you'll be moving up to closer to $5 and in fact, i think given where inventory levels are on the east coast, you might actually see some gas shortages, you might have jet shortages so i think that's what we have in the future in the next three or four months. neil: so are we at the peak? how would you describe it? >> look, i think we're still going to see a little bit more pain to the upside because we are obviously entering the summer driving season, and people, you know, disposable income, personal income is still pretty good. today we had some really good numbers there so balance sheets

for consumers are still pretty good and basically not taking vacations for the last two years and they are going to get out there and so the next two or three months are really critical. we do think gas prices are probably going to go up. are we in the third inning or the fifth inning? i think we're probably in the seventh or eighth inning of gas prices and diesel prices going up but we still think they are going up over the next two to three months. neil: are we ready though for this summer? apart from just gas prices, but when it comes to natural gas, and some of these others. what are we looking for on that front? >> yeah, on the natural gas side, what you're seeing is that obviously, europe is short of natural gas and lng exports for the u.s. last year at this time, we were exporting about 9.5 bcf a day, now we're exporting close to 14.5 bcf a day. unfortunately, you know, gas production is up around 2-2.5 a day from this time last year, so

there's 2 dcf a day deficit for age right now in the u.s. is around 15% below average, and so what europe experienced going into last winter, we're probably seeing that right now. you see natural gas prices are close to $9 and mmbtu. that's near 15 to 16 year-type highs and so we do have, you know, a gas issue here as well. neil: all right, you're so smart when you use all these acronyms i just assume it's all related to energy. so let me ask you stepping way back, about the overall economy. i marveled at how resilient consumers have been and how a record number of them at least in recent years close to 40 million plan to take to the roads and skies and travel even with these more expensive airline tickets, and surcharges and gasoline pumps and all the rest. and that that is sustaining us, that people really want to get out and had it not been for the covid experience, maybe they wouldn't be so eager and happy and willing to pay these

higher prices, but because they've been couped up they are getting out. what do you think? >> i think that's exactly right , neil. i mean, we've had people couped up. guess what, like i said disposable income, personal income, the stock market its been down over the last couple months but the amount of wealth accumulated because of the fed basically juicing the system, it's in people's balance sheets right now, and so yeah, they still have disposable income, but guess what? they're going through that disposable income pretty quickly right now, because of inflation, so i do think they are going to have a pretty good, you know, summer driving season, but i think where we're going to see the pain is going to be probably in fourth quarter of this year. i think there's probably some really good chance you might actually see a recession. you're going to see a very very big slow down because consumers are going to start feeling inflation in a big big way, stay back in disposable income right now, so that's going to be a problem. neil: you know, mike you're one of those who i consider scary smart so i appreciate the insight and trying to explain this to me. mike bradley, the veriten

energy market strategy partner another guy that's scary smart is gary kaltbaum looking at this come back week in the markets. gary, if we hold on to these gains and then we have to plummet a lot to have a down week at this point, and for the dow, this would mark the first up week after eight weeks in a row of sell-off. i think for the s&p seven weeks in a row at sell-off. what do you make of that? >> the nasdaq was down 25% and the s&p 18% in less than two months so eventually, you get some sort of counter-trend rally, and it's just finally happening. it's about time. i will tell you personally, i bought stock yesterday for the first time. i can't even remember how far back it was. neil: what did you buy? what did you buy? >> i just bought a diversified of the s&p, just to keep it, without having to worry about individual names right now. neil: were you bottom fishing?

do you think the s&p has gotten as low as it's going to get for a while? >> for now, yes. i'm not sure we've seen the ultimate low just yet. i have not seen a sign and one of the worries i have, when i see speculation and froth already, they're buying up gamestop and some of these meme stocks, i worry, but you do get counter-trend rallies in bear markets. sometimes they go for 20% sometimes they go for a couple months so i took a shot, so far so good, but i can tell you, i'm looking over my shoulder every minute because as you're discussing right now, i deal in reality and the cost of doing business, the cost of the consumer in business, continues to go higher by the day, and that's got to eventually weigh on things and i'm not so sure this rally has legs but, you know, you always want to be hopeful. neil: you know what's interesting, we're closing out the week with a 10 year note at around 2.74%. oil prices have been holding relatively, you know, within

that 103-104-barrel level here but well off their highs, certainly significantly off their lows. i'm just wondering, if the inflation sensitive areas of the market are telling you something, the 10 year comes to mind but there are other rates that seem to be telegraphing a slow down, that could, could, put a lid on just how high the federal reserve will go, or how hyatt least market players think it will go. what do you think? >> let's start with the fed, not by accident, they sent out two fed heads this week to talk, stopping of raising rates or actually lowering rates in a couple of years. again, not by accident, but there are a couple of things that are worrisome. the crb index is at an 11 year high, that's 19 commodities, a basket of them. that's not good news, and oil prices, i have to tell you, in march right after the invasion, oil prices went vertical and they pulled what i call the

eiffel tower, straight up straight down but now prices are getting into that vertical move, and if they keep going higher, again, we'll not be good news and just to put the numbers to it, neil. let's just use 2019 pre-covid numbers. average gas prices were 2.60 we're at 4.60 now that $2 represents $275 billion approximately out of the consumer and business' hands that could go towards spending and saving and again, i just don't think the economy can stand if it stays up here, and i'll tell you if we start heading towards that 125-130 again all bets are off, recession city, if that occurs. neil: all right what other aspect of the inflation data out today, personal consumption and all this other stuff is that the rate of increase is slowing, and it's certainly month-over- month and all that, so it's still awful numbers, inflation-wise, but i asked a prior guest about this i'd be

curious to get your read on it. are we over the worst of the inflation part? in other words is the trend potentially the consumer's friend? >> the main trend inflation is higher. short-term, you always are going to get pullbacks. you can see it in the 10 year and that's the most indicative thing that i watch. we were at 3.1. it's now 2.7, so yeah, i think that is the case, but still, very very elevated, still way away from what the economy is used to and what consumers are used to over recent years, so again, if it just stays up here bad. if it keeps coming down good, and just watch the 10 year. if we start heading towards 2.5, that'll be telling me a lot that maybe we're going to come down some more and maybe the fact that prices got so high, knock the demand and price down and maybe that's a good thing. i'm just not so sure if we lose demand that's overall good for the economy, but we'll take anything at this juncture on the

good side. neil: all right, there's a lot adding on the good side there especially when it comes to people not only taking planes as you know, gary, but packing movie theaters again i do want to pick your brain a little bit on that phenomenon, gary kaltbaum on all that. we're monitoring meanwhile authorities giving us an update on that texas shooting earlier in the week. again, the big concern seems to be how could they have missed so much, so fast, and the controversy over why it took so long to penetrate and get into the school when the gunman was firing and killing 19 kids and two adults. we're monitoring that also a read from the former fbi assistant director on what lessons we could learn here, after this.

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>> there was not an officer available. >> no. >> [crying] >> i had to protect my children

>> and i could tell you that those agents did everything they could to make sure that they neutralize that threat. >> they were saying anything they could to the police to let them go get their kids, so we didn't do that because he's still in there. that's all he kept saying, he's still in there. >> they need to start having a lot of security more than what they have right now, because my grandson didn't have nothing to do with this and look what happened. i mean, we lost an angel. neil: the confusion and the anger over what transpired in texas earlier this week, with one of the worst school shootings we seen in american history, so much we don't know as we continue to monitor local authorities there, conducting recent right now and outlining some other details that maybe a lot of folks were not aware of including how it is that we saw salvadore ramos get into that school, apparently a teacher had propped open the door after hear

ing, in his case, you know, ramos crash his vehicle outside that school. again, many more little details to come, but i don't know a better person to make sense of them than the former assistant fbi director chris wecker, kind enough to join us now. there's a lot of monday morning quarterbacking and reassessing and double guessing and i understand how that goes and we in the media maybe over do that myself included, but i am curious what you make of the timing and the sequence of these events, and obviously, people are caught off guard by what's going on, this is a small community, this kind of thing doesn't happen, i get it, but a mixed response and clarity that we're still waiting for. what do you think? >> yeah, a couple things going on here, neil. one is, you know, the security of the school, which i do security assessments so i kind of know that area fairly well. you're talking about the response of law enforcement. the security of the school is on

the prevention and deterrence side. the response is things have really gone bad, law enforcement is there, they've got to respond and go straight to the sound of gunfire, so we don't have all the facts, but it does sound like to me that there was a school resource officer that got there fairly early, and inadvertently drove past the shooter because he was between two cars and went to the end of the parking lot and accosted somebody there and it turned out to be a teacher so you've got the response of the isd, and i think he probably came from a nearby high school or middle school which is close by. then, the police show up and they go inside fairly quickly, because he's already inside when they show up. here's the big question, neil. two officers go down pretty quickly. the shooter is barricaded inside this classroom. they pulled back. if shots are still being fired inside that classroom, i'm sorry , but second guessing or not, armchair quarterback or

not it has to be the charge of the light brigade they have to go in. even if officers are down, if there's still shooting inside and we're not sure if that is the case here. it may have been at that point the shooting stopped, and never restarted and that's why it's so fact-dependent but, you know, we know now, everybody knows this. you go to the sound of the gunfire, and you go in as long as shots are being fired , and children are being exposed, so i think there's still some information we need to know, but that's the standard neil: yeah, and by the way, that doesn't apply to guys like you, chris, sort of assessing what information you're given, and examining it, in far more detail and thought than i could, but i did want to sort of ask you this ever since columbine when there were police and swat teams surrounding the school, you're hearing the shooting going on, they don't enter, they were waiting for reinforcements i guess they were waiting for a tactical unit so the same thing, parkland in florida, saw it play out again in this particular

case, where they're waiting, you know, for more help to arrive, we were told that there were 19 officers on the site, the commander decided to wait for better equipment, so there is a pattern to this , one way or the other, and i'm just wondering, coming at a time when so many are recommending we have armed personnel in the school to deal with something like this. here we had a lot of armed personnel outside the school, and they were holding off dealing with something like this , so what do you make of that? >> yeah, so here's the thing we're looking at the spokesperson as a dps officer, they all wore the cowboy hats. they weren't there. they are doing the investigation they look sharp, they are sharp, they are well-trained. here is what i'm going to say and this is no disrespect to the uvalde police department but it's a very very small department. not many officers, probably don't train for this at all. they don't have the equipment, they probably didn't have ballistic shields in their cars

which they should, because a ballistic shield is a must on every shift in this era of mass shooting, but if there is an unacceptable time lapse here, if the shooting was still going on, i would attribute some of that to lack of training, and the shock of being involved in a shootout, which never happens with a small department like that. if you ever been in a shooting there's initial stage of sort of denial and then you get tunnel vision and i think in this case, what their tunnel vision is two officers are down, shots are coming outside and they forgot the rule and the rule is you just keep on coming. neil: incredible. just in credible, chris, thank you very very much. chris, we are continuing to monitor this presser going on right now but they are trying to get a better sense of the tik tok and the order of events that allowed the shooter to eventually enter the school and stay there for the better part of an hour before he himself was gunned down, but that tik tok and getting a

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>> the recession, no recession this year. >> not this year. >> next year? >> no, i don't really think so, that's not my base case. neil: well obviously, you see a rebound, but when is it coming? >> i don't think we're going to see a recession. i don't think we're going to see a terrible world. i think we're going to see a world that's slow growth. neil: all right, well, a lot riding on those two gentlemen and whether they're right here because it runs counter to the consensus certainly on wall street that we are going to see at the very least a slowdown , and are already getting hints of that right now, and inflation remains stubbornly high. now what they seize on is the fact that the numbers we got on inflation including a whole swath of them today are showing a slowing from the increase we had seen you grasped on to

anything you had. kevin hassett is the former chairman of counsel of economic advisors under president trump. kevin good to have you. >> thank you for having me. neil: the inflation crisis still out of control, looking at the core pce, without food and energy, with food and energy, but the rate of increase is slowing. do you buy that as a positive development or is it a short- lived one? >> well, i mean, i hope it's a positive development, but i'm very skeptical that it's not going to accelerate from here. you know, there was a weird blip with gasoline prices going down in april, and they've more than recovered that ground in may, and the thing that i look at really is that the consumer is really pessimistic, so the michigan survey came out and told us that people are as pessimistic about consumption as they've been going all the way back to the financial crisis, and one way you can see that is the savings rate has dipped to below 5%, which is the lowest its been since the

september of the lehman crash and so the consumer is ses thinking whoa, you know, i've got to take it easy. i think the optomists are, you know, one, hoping that inflation reverses quickly but i think that they are believing april too much but they also are making a mistake of looking at the numbers like the retail sales. so it used to be that a .5 retail sales print was a great number but now with inflation so high it means there's no real growth. the bottom line is first quarter was negative. second quarter right now gdp now has it at about 1%. if it comes inner, then we're at a recession right now, so i think dismissing that probability is a mistake. neil: now, then the issue becomes, what are we to make of a sometimes very resilient shopper? very different, you know, from walmart and the gap and target and best buy, dick's sporting goods all of whom indicated that things are slowing down, and the guidance wasn't very much to write home about yet costco and

macy's, the dollar tree, dollar general, they're doing just fine , so it's not a consistent read and then we're reading about these record bookings and the likes of southwest and delta and jetblue for summer travel nearly 40 million americans taking to the road, even in the face of higher gas prices, so that consumer seems pretty resilient, what do you think? >> you know, as you know, and you're a real student of economic history, that's been the history, is the consumers smooth through recessions and really, it's capital spending and inventory so they give it to you but if you look through this week, the s&p retail index is down about 39%, maybe it's backup a little bit in the last couple of days but retail has really underperformed which, you know, i usually don't disregard this for the market so when i see people as pessimistic as they've been since basically the financial crisis, i see the savings rate go way, way

down which means that people are eating into their savings already. then i have a hard time thinking oh, and i know that gas prices rebounded like crazy in may and are going up from there in the summer. i have a real hard time being bullish about consumption and i stay with my recession call that i think right now we're in a recession. neil: all right, you're a pretty smart guy i'd pay attention to that but kevin, one of the other things i see going on here and i just want to get your thoughts on it is whether the higher prices themselves are going to be the cure here for what ales us that you get to a point where those in all income streams say, the hell with it. i'm not going to go crazy and keep buying at this pace, i'm done move iting from port to something cheaper, and normally that is the signal of a slowdown , worst case scenario, a recession, where you're in a deep funk, the stagflation you hear so much about. is that what you're seeing now, and could that, in a flip sense,

be what cures these higher prices, a recession? >> right, well, that's a really great point but there's a race between the dismay about the price, and the insisting with your boss that your wage go up to keep up with inflation, and if you look at the wage measures, you know, wages haven't kept up with inflation. real income has been declining but wage growth has really, in nominal terms, ticked up quite a bit, and so the wage price spiral is the risk that goes the other way and there are quite a few signs that wages are almost keeping up with inflation , which is what you see at the start of a wage price spiral, so i still think the base case sadly is very low growth, recession level growth, and inflation, and if i read the fed it puts me in a difficult communication spot because you want to say yeah, i recognize we might be in a recession. you figure like given the history of gdp now, it's the second quarter is negative we're in a recession for sure, and there's probably at least a

5,050 chance of second quarter is negative so if you're at the fed you say there's a 50/50 chance we're in a recession people say why the heck are you hiking rates? and so they really are in a communications bind, and my view is that it's not going to be an easy out, but i know there are a lot of people especially in markets this week that are hoping, you know, there's a lot of happy talk at davos and i think it's a little bit of effect on markets but my guess is over the next week or two that'll just, we'll get all that back. neil: that whole crowd at davos concerns me, kevin, but i always enjoy having you on. very good seeing you, have a safe weekend my friend. >> thank you. neil: kevin hassett former chairman of council of economic advisors. one area where consumers are proving resilient not only flying out having fun getting to the roads and having fun but going to theaters and taking in tom cruise. don't ask.

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that's life well planned. neil: all right, with the surge we're seeing in the dow, we are technically in positive territory, for the month, and who would have thunk, right? and that's something that accelerated just the last four, five trading days and it's picking up some steam right now, at the very least at the rate we're going, we are disrupting what had been eight weeks in a row of sell-off for the dow, and for the s&p 500, seven weeks in a row, all those market averages are up and up smartly today, technology stocks going along for the ride here, but they are still a good majority of them in bear market territory and then some. so that's a separate story we'll get into but you take what you can get that's a lot of taking here, for investors that now are seeing at least for the fifth or sixth trading day in a row some gains, something again that heretofore seemed impossible or at least unlikely. we'll see. also, once unlikely was the idea

that people be coming back gangbusters into theaters, but that is exactly what's happening , and it's post-covid world and, more interestingly, for the right movie and top gun is proving to be the latest blockbuster that could be drawing in record numbers this very weekend. let's get the read on all that from gerri willis in new york city, gerri? gerri: hey, there, neil that's right. it's top gun maverick, that is the sequal coming out this weekend. it's expected to be record box office, $130 million that they hit those numbers it's going to be the biggest open ever for tom cruise, who stars in the film as maverick. of course, the navy pilot with the need for speed. it's going to be exciting let me tell you so over the weekend paramount expected to generate 85 to 100 million in sales on saturday and sunday and by monday, those numbers should punch up to 130 million. the way they're doing this they are opening in as many theaters

across the country as they possibly can, some 4,700 theaters. that's the biggest open ever, and of course americans across the country then sitting on their sofas streaming movies for the last two years, many are eager. they say to get back into the movie theatre. we spoke to some, listen. >> i haven't been to the movies forever so this is going to be good. >> can't wait to see it. >> its been a minute. i've been waiting a long time for a movie. i'm just very excited. >> everybody is getting back out. getting back to normal. gerri: big hopes pinned on this sequal, and the other summer movies coming out, i believe you're seeing a list right now. typically, over the summer, hollywood generates 40% of its overall annual receipts or $4 billion, but during covid that number fell dramatically. in 2020 movie receipts were

176 million, so big fall in receipts. it's starting to recover now, but it has a long way to go and as i send it back to you, neil, i'm going to say there's one group that is no fan of this movie, and that is the chinese communist party, according to the wall street journal, the company tencent with a 12% backer in tom cruise 's movie they backed out because well, it's a pretty patriotic american movie, they don't want to be part of it. back to you. neil: interesting, all right, don't give away anything. don't give away anything. great, thank you very very much gerri willis on all of that. gary kaltbaum movie buff and stock market buff and just all around buff. let me ask you, gary. that's a lot of interest, you know, they don't crowd theaters for any old movie obviously blockbusters lead the way and theaters and amc beneficiary of that trend. how long you see that going on? >> i think for a while. look, covid, i think, we are now in the mode of get me the heck

out of the house mode and they are putting out some movies that people are jumping on. the big movies of the last few months are batman, dr. strange, spiderman, something called " fantastic beats" i don't know what the heck that is and for the kids"sonic the hedgehog" so people just want out and a little bit of fantasy. you know, we've all been involved with this covid thing, the big pain in the you know what and enough is enough and this movie with tom cruise, i mean, arguably is the top movie guy in the world, and they are going to be out in droves for it neil: that guy is not aging by the way it kind of bugs me. >> amazing. neil: you know, gary, with a lot of these movies like the case of jurassic world i can remember taking my daughter when she was little to the first one and she turning around to me said well you were around when the dinosaurs were around what was that like? we haven't talked since, but,

but, it doesn't matter. i mean, for a lot of folks, they really really, you know, want to get back to big entertainment and all that, but it gets back to something you and i were chat ting about earlier i was raising with kevin hassett. some people just want to have fun and they are willing to pay for it, and maybe it is the covid breakout feeling. i don't know if it lasts, but i look at it, theatre receipts and i look at it in airline industry revenue, southwest and delta and jetblue saying that it's off the charts. i see it in some restaurants that's hard to get into. i barely got into the olive garden the other week so i'm just wondering, gary, what you make of that. >> i think people are realizing that everyday that goes by they don't get back and i think people are realizing that they lost a lot of months and a couple of years, and enoughs enough and let me just add one thing to you, neil. try getting a ticket to any of the four disney theme parks in the next few days. you can't.

they're sold out. i think maybe monday you can get into epcot and by the way, for june, two-thirds of the days there are two theme parks that are sold out everyday, into june , so without a doubt people just want to enjoy themselves, smile a little bit, eat some turkey legs, pay $9 for popcorn at the movie theaters, and i think it's just a matter of enoughs enough and i think what the movie people are doing they're feeding them the right type of movies at the right time even jack ass the movie did 60 million, you know, a little bit of knocking heads and having some fun, so it's that moment in time, and it's good to see , and hopefully it lasts. the worry is it's emotional and it doesn't last because eventually, you got to pay the price and by the way, credit card usage has sky rocketed in the last couple of months that's something to watch closely. neil: got it. the read from orlando and our man there, gary i'd just say if i want to get into the disney

parks i say i know gary kaltbaum and furthermore he's treating me to vip guides and they nod their heads and say "right this way." >> hey, i have friends. neil: thank you my friend very much gary kaltbaum he's the best we are taking a look at what right now, wouldn't call the best rally but certainly, better than what we've seen of late, we are completing a week in whichever are single day was an up day, we are loose looking at the first positive week we've seen after eight down weeks in a row for the dow, seven down weeks in a row for the s&p 500. all that likely disrupted today in about three hours, and, and, a positive month right now, you're up in may. more after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this.

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neil: all right, no deal, that's the read right now we're getting from ukraine, rejecting a food for sanctions deal, where the russians were saying that they were going to open up some key ports that they have total control over, right now, to allow ukrainian agricultural food stuff to get out and it is the breadbasket of europe after all, but what vladimir putin wanted in return was an easing up on some of the sanctions, and essentially, ukrainian president zelenskyy said go to hell that's

not going to happen, and the western world said pretty much the same so we are joined with the independent women's forum former policy fellow, wall street journal moscow bureau chief, she's a brave woman, and she's been through some hairy situations. claudia, i'm just wondering what you make first off of the quick ukrainian reaction essentially " go to hell" vladimir putin. you can try this , a strong strangle hold on food but we aren't going to blink or tell our western friends to blink on these sanctions. >> i think that's exactly the right reaction. you don't start giving russia things to appease russia as it invades ukraine. it's vital. i think president zelenskyy is up against the problem that in the west, we are hearing more and more voices arguing for some kind of settlement. give russia something. neil: that's what henry kissingeringer was saying you don't think it's a good idea,

right? >> no it's a terrible idea that says keep doing this and it's an invitation, this is how we got into the situation is by kind of backing away, backing down, saying it's okay if you threaten us, we'll back off. neil: that's a very good point i thought of that, just discourage this behavior and of course he does have a history, it's putin violating those agreements. i'm just wondering where you see this all going i like to catch up with you on these issues, claudia, because there's some foreign policy study that was done this past week, maybe the week before, that said this lingers not only through the end of this year, but into next year, what do you think of that? >> look, this is the way the russians fight. it's crude, it's brought all and they keep coming. putin has carved out more control over ukraine than he had before he started this , at great cost to the russian military, yes, but putin himself is surviving russia has not collapsed and i think where this

goes, unfortunately, is i think the next big thing maybe in asia, taiwan or some provoca tion by china which i think putin has made a gift of this to xi-jinping. neil: hadn't the chinese and the russians resumed military exercises as well? i think that's the first time since before the war, right? >> yeah, and that's been going on for years. this is the trajectory, neil, the important thing is keep in mind the big picture and we have u.s. secretary of state tony blinken celebrating as he said putin has not achieved a single one of his strategic goals. well, fine, look at what's happening on the ground. putin is normalizing the idea of an invasion of unprovoked war in europe, and it's dropping from the headlines because we're sort of getting used to it, and at the same time, for china this is

a game. russia is more dependent on china at this point. they aren't, i don't think russia will come around to being our friend, so we're dealing with both of them, russia with its oil, china with its huge understanding of military strike power, influence reach across the pacific and so on. this is actually a big problem, and what president biden isn't doing and needs to be doing, two big things. one is stop making this present to putin that we opt produce it as much as we can ourselves and second, the downsizing of our military which after inflation is shrinking, and is being sent off in woke directions. that's what we need in this big picture, because neil, if you don't want war, you've got to deter it. neil: it's well-said claudia thank you very much and for your insight and for your bravery. claudia rosette. dow is up 351 points these fears are registering the market has a

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neil: this is looking like a week we could snap in a week losing streak, nasdaq is still in bear market territory but not nearly as deep into bear market territory as it has been as it too advances in technology stocks advance as well. good many of them had fallen

50% or more from their highs. there's the traction view that this is different from other rallies and you can add days to them. one day up, the next day down, this seems it has lost some power or at least that's how i'm interpreting it, the latest catalyst is inflation is still a problem but the jump in inflation we are seeing not as much of a problem as we thought, the rate of increase appears to be slow depending on the inflationary numbers you want to look at. the fact of the matter is stepping back from all of this, this is a pricey memorial day weekend, we're looking at record high prices for record number of goods and services and the first time you see it is when you go to the gas station to fill her up and try to book the hotel or fancy restaurant, places charlie gasparino likes to go, edward is at the white house with more on all of the above.

>> reporter: looking at the markets, the president has an blaming anyone and everything else for the rise in inflation. in a statement today on the latest numbers that came out with inflation the president is passing the buck saying my plan is to give the federal reserve the independence it needs to do its job, lowering family costs and lowering the federal deficit. pce inflation is coming in at 6. 3% from a year ago. court, without food and energy costs rising 4. 9%, both of those numbers well above what the federal reserve's target is but down from last month, the cbo believes inflation has peaked and these numbers could be an indication of that, consumer sentiment, how consumers are feeling at 58. 4% is a record low for president biden's presidency so when all the fox news polling president biden gets low marks on the economy, 67% of voters disapprove of his handling of

inflation, republican numbers of congress more vocal about the problems they say this president brought. >> when you have a leader who declares himself king, rules by fiat and on day one declares war on american energy there's going to be casualties and those casualties are american people's dreams and their budgets, all for the sake of worshiping at the altar of the green new deal and you are seeing the manifestation of it right now. >> we would love to ask the president about these inflation numbers or the press secretary, the president leaving this morning from the white house without taking questions, spending the night in delaware. the new press secretary had three press briefings in the last two weeks, today was not one of those days. neil: were you there alone? was anyone else in the room? >> a few people in the room but that is about it.

neil: it is a party, edward lawrence, back to jeff flock, great thing about jeff's reports, he is driving as he is doing them which is or dangerous following what is happening with prices as americans take to the road. how are we looking? >> reporter: i have been talking and driving my whole life. there you go. take a look at the road ahead of us, it wasn't too backed up but the garden state parkway and new jersey. at the moment it is backed up. if you look at the numbers it is supposed to be backed up actually, 39 million people, that is what is going to travel this year, up 8% compared to last memorial day weekend, up most is the bus, train, and ship crowd, mainly cruises coming back to one. 3 million there, 3 million in the air and 35 million or so by

car and then we have been despite high gas prices people have the money it appears to continue to spend it on gas and go where they need to go. robert sinclair with aaa, we like to report something other people have missed. government has released new numbers on auto fatalities suggesting, aaa says, we are driving again and we drove badly during the pandemic but there weren't as many cars on the road, bad habits continue. here's what they told us. >> some states upwards of 30% increase in fatalities in 2,020 when compared to 2,020. a lot of bad driving habits we got into during covid seem to have stuck now the traffic is back on the >> reporter: my driving is as bad as it ever has been. i haven't had an accident in a

long time. i should knock on something, give you a picture out the front of the vehicle. not moving that fast. neil: a camera looking at the road, a camera looking at you. is it distracting? you are doing a great job but that would distract me. >> reporter: i don't know how much more distracting can be than drive with my wife. neil: you are going to so hear from that, thank you very much, have a safe weekend and watch the road. tampa international airport is a beautiful airport. if you're going to be stuck in an airport that's a good one to be stuck in, good to have you back with us. how is it looking? a number of airlines tried to curtail the number of flights going into the summer so we don't have people stuck and waiting when they are going to get out of there but what is it like?

>> reporter: thank you for having me on the show. we are very busy. memorial days the great american holiday, as one of your guests said people want to get out of the house so we are going to see 70,000 passengers per day over the weekend, 440 daily flights so it is busy but it is calm and i would recommend if you are traveling this weekend by air, get out early, enjoy yourself, have a drink or something to eat and don't put yourself under any stress. neil: what are the recordations for the mystic flight? >> two hours, there's plenty of things to do at the airport, not like the old days where there's just hot dog, you can have a pretty good lunch and good dinner, maybe a drink, sit down and relax, enjoy yourself. neil: how are people adjusting to the new crowds. it has been that way since covid subsided.

people with frayed tempers screaming at people in security lines to keep moving, how is that going? >> tampa airport people are pretty happy because they are in florida and it is a great place, we are not seeing that, people used to the crowds, people are used to more people out there. ever since spring break last year. we've seen large amounts of passengers and they are moving along great. neil: what about those security lines? they are particularly fast at your airport but invariably i am behind the person who is having problems and issues and doesn't know about the liquid rules and all that, what are you noticing kick you how do you recommend people get through that to expedite? >> people should look into being part of tsa pre-check,

you can get through the lines quickly, register with the federal government. airlines are not bad like you said. we try to monitor them and the feedback all the time to tsa as to how we are doing, we have good teamwork and cooperation between airport management and vote tsa. neil: the weather plays a part, looking at thunderstorms, a pervasive effect that links up in other areas and connecting flights, what are you looking at this weekend? >> no problems in florida at the moment but as you know the weather can turn things upside down. we hope that line of showers moves quickly from the northeast and we have a pleasant weekend. neil: how are passengers dealing with -- plan flights that are curtailed or outright canceled? i wonder how the carriers convey that to you and other

airports that they are cutting back? long-term interest is to cut down on the craziness we've seen in prior busy travel weekends but how are they dealing with that? >> they feedback to was on a regular basis what their schedule is going to be over the next week, two weeks, months. we monitor that all the time. they convey that to our customers, the plans we need at the airport if they are going to cancel flights, we try to have extra customer service reps and so on. they communicate with us and we try to coordinate. . 20 you have some fancy restaurants in the airport. where did people gravitate? >> they go to our local concerts like the cuban restaurant and get the best cuban sandwich in the country. don't care what miami says. we have lots of local options.

people get a taste of tampa. come on down and enjoy us. neil: thank you very much, have a great weekend. i want to go to the trump senior economic advisor, best-selling author. he flies private so the whole commercial brouhaha means little to him, kidding, by the way. what do you make of what he is saying and what we heard from restaurant proprietors, the be theater owners and those watching, people don't like the high prices and higher prices but for now more than willing to pay them. what do you think? >> i was listening to your conversation about the airlines. i am i'm in denver, colorado right now. had to take a flight last night from dulles airport in washington to denver, not only was the airport completely packed with flyers but i got stuck in a middle seat which is the bane of my existence.

it is completely packed with passengers so people are getting out, they are spending money. the real question is whether the bubble is going to burst. we did as you just reported, we did see the new numbers on inflation and they were a little better a little bit but we are still talking 6.5% inflation and that's not keeping up with inflation. where are people getting the money to go to restaurants, movie theaters, travel with their families all over the country, don't know how long it can go on if we continue to see 78% inflation. neil: if it is trending down or the increases are slowing down, that has some thinking we are through the worst of it. are we through the worst, at least of the inflation part in your eyes? >> about two weeks ago i did a piece in the wall street journal where we looked at the 1970s, that period with a

decade long high inflation where we found during that period you would have periods of high inflation and then it would bump down but then go up again, the trend over that period was higher inflation so i wouldn't get too caught up in these numbers, they were a slight improvement but not a big improvement, what you been reporting is correct, the gas prices continue to go up so that will reverberate throughout the economy so i'm very nervous where the economy is right now. neil: not more nervous than being in the middle seat, how did you endure that? >> sometimes people recognize me, i said that is somebody else, not me. neil: i am steve moore, let me have that seat, thank you very much, be safe, steve more following -- key economic

advisor to donald trump, we are up 360 points and doing okay, stocks rallying for a third day, inflation fears are fading. charlie brady, our senior editor reminding me the major averages up 5.5% for the week, the dow turned positive for may, not worries to be dismissed, don't want to lock in on something and look at it as a snapshot beyond that but this is something we don't routinely see, day after day, 5 days running, gains and major averages, that is something we've not always seen, whether that holds and whether this just adds to it, the market will take what they can get. after this. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how?

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it was not the right decision. it was the wrong decision. neil: you don't often hear that but now we are hearing from the department of public safety director where things were screwed up and why and provide a backdrop for that in the confusion around that, the parents of those children and relatives and teachers who died in the attack earlier this week in texas wondering what could have been done and more should have been done. in the meantime on capitol hill, facing a long break for the memorial weekend and beyond there might be progress on some of these issues, the gun issues that split us in the past, you don't want to get your hopes up one way or the other but there are constructive developments, don't know if they are game changing to elements, but chad program follows us on capitol hill.

>> reporter: a mass shooting hasn't spurred discussion on a bill to combat gun violence in years, mitch mcconnell gave gop texas senator john cornyn the go-ahead to engage in talks, mcconnell wants a bipartisan solution. it is possible negotiations could focus on mental health. what the sides are working on is vague. >> there's a whole list of things we could consider but i think particularly mental health treatment is high on the list but this is not normal and i think we need to be open to wherever the evidence leads us. >> other gop senators involves our susan collins, lindsey graham, pat toomey and bill cassidy. chris murphy is leading the charge but he remained skeptical. >> i don't want to overstate,

like charlie brown, up until now the football has been pulled out from under me every single time. maybe this time is different. >> reporter: senate majority leader chuck schumer is giving talks 10 days to find common ground. otherwise he will call a vote even if it is doomed to fail, people are impatient. >> we are late. senate is late. congress is late. people are dying and we are trying to figure out when is the right time, we are late, the time is now! >> this boils down to the math, the sides will lose the most conservative and liberal senators but they must find a group in the middle, the bill needs 60 votes to overcome a filibuster. neil: when we talk about it possibly being different and couch that is truly as he should, we come close a lot of times but they seem to each recognizing, both parties, you

can't get everything you want, republicans seem open to tighter security check, background checks, even a weapon is taken away, there could be due process for those be. the other side with democrats a willingness to sort of address guns themselves in the future. where are we going with this? >> politics is always the art of a possible. if they give a quarter loaf or half a loaf that's what they are looking at. john cornyn was clear yesterday when he said we are not going to go back to the days of an assault weapon ban, that was part of the 1994 crime bill written by judiciary chairman biden passed in august of 1994, had the assault weapons ban for 10 years and it was sunset and they couldn't renew it because they couldn't get past 60 votes, nothing like that and that, i talked to chris murphy

at the capital and conversations are vague, they don't know where they are going on this, background checks or what. after sandy hook in april 2013 they put several bills on the floor in response to them and a couple of them got more than 50 votes, the key was you needed 60, they subjected each of those bills to a 60 vote threshold, it wasn't an issue of overcoming a filibuster but this deal with the devil that mitch mcconnell made with then senate majority leader harry reid to make sure nothing would pass because what the republicans wanted was anathema to democrats and vice versa so 60 votes knowing they are not going to get there so if they can find that sweet spot in the middle, 60 votes, lose people at the margins, bernie sanders sent people like that don't like things. one of the reasons john cornyn is involved in this is he can get people to the table beside susan collins and lindsey graham and people like that, he used to be the republican whip so to get the coalition

somewhere in the middle, 65 to 70 votes and lose 10 people on both sides at the margins maybe they can get something and it was interesting to watch the house of representatives, nancy pelosi, to some degree punting to the senate because she knows if they can get something through the senate then she can probably move it in the house because she's nancy pelosi and she passes things with small margins all the time so she's deferring to the senate but this is why chris murphy said he is skeptical, feels like it is charlie brown and they pool away the football once again. neil: it is the math and if you are a democrat or you are chuck schumer you need 10 republican votes at a minimum. how likely is that? >> that is where i come back to john cornyn saying maybe there's that coalition and it is broader than bill cassidy and lindsey graham and others, they are looking at maybe a

range of 15 to 20 republican senators who might be willing to play ball here, that's the key and again looking at stuff on the margins, not going to get the most liberal members because they want to oppose the assault weapons ban or something a little firmer so they get over the 60 vote threshold they are in business. amy: thank you very much. we are learning the deep 7 is urging opec to raise output to tame the oil market d's, no response from opec yet but they had petitioned in the past and got nothing. china's industrial profits and just fallen for a second month in a row so the lockdown pain spreads there but the flipside of this. i know this sounds, trying to make lemonade out of lemons, that puts a lid on how high prices can go, activity can go and for now the market seem to be interpreting this as a mixed retail news, mixed momentum

news as a sign that may be even with the trend down, that will help stock prices and for at least the sixth day in a row in the first time in two weeks for the dow, that is exactly what it is doing, stay with us. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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neil: looking at the markets they are all advancing nicely right now. last time to reverse would be one week after another for all the major averages which every day this week they've been up, the market has been up and we are seeing a couple of them turned around for the month so got to ask yourself, had these headaches before, nothing like distraction day after day but for the most part it has been mostly selling after a good round here. charlie gasparino has talked about eric adams, the mayor

meeting with business leaders in new york but i would be remiss if i didn't want to pick your brain on what the sane business leaders are telling you about this market and whether they are buying all this buying. what do you think? >> i've been talking to traders and investors about this. the interesting thing is the bond market is sensing something the stock market doesn't and the bond market is usually right on. i remember right before the financial crisis hit, but for the bear stearns implosion and bailouts that occurred after that markets traded up. but bonds were saying something different, the bond market was skittish, selling off and it was essentially pricing in real problems, a recession and bank collapse, there might be a fight and we are getting that now, not saying there will be a financial collapse, far from it but the bond market, bond investors i know say bonds are trading higher, starting to

discount that inflation is going to be a long-term problem, the inflation will come down soon and the fed is going to stop raising interest rates by the end of the year and not because of good things, because we are likely to go into recession, we go into recession stocks generally sell off and bonds go up and the yield is up a little bit today but that's below 3%, pretty amazing particularly if you think there is rampant inflation so bond say there's a recession coming, not inflation and that's not good for corporate earnings or stocks and you have these head fakes all the time in that scenario, markets are arguing with itself, we will see what happens. i'm telling you what people are telling me. or else i wouldn't be sitting here. i would be making a lot of money on wall street. neil: you could make a lot of money on wall street.

this is what you love to do. it's not about money. it it is as good is going to nice restaurants for you. >> i was at some nice restaurants yesterday and a lot of the talk at the restaurants was about inflation whether it is here, recession and the ceo meeting with eric adams. bleakley how did everything go? >> i would say it is a work in progress. i would say here are some details i am getting now, new details, david solomon, ceo of goldman sachs told eric adams his employees just don't feel safe coming to the office and working in new york. is that a sign? we should point out daniel and rick is the gentleman that was mu smuense s lseasly go sachsloyee,e,ototot some msoosmet mllt s areet t superr pe rr th and t twoheobhesob ty inve banntki b janobd job

eytheyeyotre s nafotd d lomamopomoint mo dilyma tyoo intereglyglglnough,noore getti gng ge city des amd peee h cory aree heypd w be ramping up presence in subways, good thing, ramp-up presence everywhere is what they are saying particularly in high crime areas, they will do something about the homeless, doesn't say what, there's a question, is he going to take the homeless, put them in shelters, forcibly commit them? we don't get any of that but he admitted the homeless is a problem and a lot of these random attacks are committed by homeless people who have mental illness. this is a serious problem. adams also again shifted the blame not to the police but judges and prosecutors.

the other impression i got from everybody in the room is it is not just the cops, you got to have judges that put people away, prosecutors to prosecute crimes, unlike alvin bragg, the manhattan da but where, eric adams using his bully pulpit, that's one of the things that people kept coming back to, this is a guy who has no problem showing his face at fancy restaurants, parting with celebs and all that stuff a wise and he up in albany raising hell about bail reform that allows people to walk the streets? we can't forcibly commit crazy people that are on the streets the commit crimes? it is almost as if he is tone deaf is what people are saying and as a new yorker i try to be objective but as a new yorker -- neil: a quality-of-life issue

in life and death issue. appreciate it. charlie gasparino. i want to go to the backward trends, on the market and what we started talking about with charlie and whether the pro-plaps are buying all of the buying, are you? >> a little bit on the margin. what is happening is the pce number came out today and that put an exclamation point on what traders are thinking, inflation is slowing down. is still here, greater than wages but the pace is slowing down so that is a good sign. the other thing, the pce is the fed's preferred measure of inflation may be that has the fed thinking we don't have to be as aggressive and the thing that i think the market is most focused on isn't the interest

rate increases but scale down of the fed's balance sheet and if the fed is more slow in scaling down the balance sheet that will probably market. remembered fed chairman powell said we will keep our eye on, quote, market conditions and i think the fact they may be a little slow in winding down the balance sheet basically creates liquidity in the market and the market has been hooked on the liquidity coming out of the fed. neil: you mentioned the market liquidity, focusing with charlie on the 10 year note and slightly under 2%, it was raising to 3 print - 3% not long ago. is that the market's way of saying we will avoid this inflationary spiral getting out of control or the market's way of saying we will have a recession doing so? >> i think the market is saying it is more likely we will have a recession than we will have long-term inflation but if you look a lot of the market bests

of many years throughout our lifetime most of them are caused by an asset bubble whether it is housing or technology stocks and everybody is looking for what is the asset bubble and i've been saying it is bonds because interest rates have been so low around the planet that as they go up you will pop the bubble because as yields go up prices go down. the fact that all on its own the yield on the 10 year treasury is coming down may signal that the bond asset bubble isn't going to burst and that is what has the stock market investors more excited. it is possible but you got to look at all the markets, not just one and they are talking to one another. we 20 i want to bounce it off of you, elon musk taking to twitter to ask his 95 million users who is less trustworthy, billionaires or politicians? i don't want to spoil the ending but it is politicians by a mile.

3 quarters of those asked this question believe politicians are the real problem. what do you make of that and whether the trust issue is a problem for the politicians and not nearly so much for the billionaires? >> i think it has been a trust issue since they nicknamed a president tricky dick. this is not something new and we can go back farther than that, that there has been trustworthiness out there with politicians but the fact of the matter is politicians need to remember that elon musk's microphone is probably louder than theirs and when they start picking on him he is going to punch back and potentially punch back harder so it will be very interesting, their reaction to him trying to go to war against censorship and support the first amendment to the constitution is an interesting thing for democracy. i'm watching the story unfold. .

20 what if you are a billionaire and a politician like donald trump? it is a draw i guess. >> they go after you. neil: we want to talk about the availability of homes, people putting more homes on the market, that is another interesting develop into and we have doctor bob coming up, you heard about monkeypox and long covid and spikes in cases of all sorts that are raising concerns that we may be in for what they are dealing with in asia. he is next. financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me.

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did what a good doctor does, look out for his patients, look out for americans, look out for their safety and always calm. if you go in and you have weight to lose he would kindly you say you have a little weight to lose, just a little and thinking in his mind 50 pounds is a starter. great to see you, how are you doing? >> good to see you. how are you doing? >> i'm doing fine and appreciate your kind words and support when i wasn't so fine but let me ask you about where we stand with covid? i want to get into monkeypox but i'm seeing spiking cases in china, still seeing shutdowns scattered across the country and what is getting to be our problem in taiwan, north korea, don't know what is going on their number should we worry about that? >> we shouldn't worry about that. has been a fivefold increase in infections but the good news is the hospitalizations and

critically ill have plummeted to practically nothing and the story, when you've been infected, when you've been vaccinated you can be infected over and over we are realizing that now. that is immunity and with the vaccine plus people be infected, there's hybrid immunity for the masses and so what we have now is a concept of herd immunity but the coronavirus is related to the common cold and you can get that over and over again. >> the over and over again part worries me because we are seeing more repeat cases and now talk that you need additional booster shots which i often wonder getting to the .10 booster shots, a dozen booster shots, where are you on this, what can we look forward to or get a little anxious about? >> i wouldn't get anxious at this time. there is always the possibility of a new variant popping up, god forbid, however this virus

is endemic meaning it is going to be with us forever and some of my colleagues say all of us are eventually going to be infected with it and here's the kicker. in the poll when we usually get our flu vaccine we will probably be getting an annual covid vaccine and it is going to be tweaked to cover all the potential variants. neil: monkeypox, few cases across the country, across the world but always worry that is how it starts, what do you think? >> it is a little bit different, that is a contact virus, it is related to smallpox, it is a cousin associated currently in this country with sexual activity, it is transmitted by these skin lesions and the skin lesions occur two days before fever, rash, giant lymph nodes, muscle aches, chills, and then and most people it is a mild disease which goes away, no need to use antivirals except

in those people as with covid that have comorbidities like heart disease, lung disease, immuno deficiency, on chemotherapy etc. so people shouldn't worry about that at this time. neil: i want to thank you, you've kept everyone calm, not play politics with all of this. even in your profession that is unusual so my hat is off to you. have a safe weekend. i told you what is going on in the real estate front, it could explain why we are seeing many more homeowners put their homes on the market, may be go for getting good while the getting is still good after this.

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it is an interesting development, what is it telling you? >> let's remember it is the typical homebuying, home selling season in spring when you see most of the activity and last year people didn't know where things were going as prices were going up really crazily if that's a word the last year wasn't a good year but now they are thinking of getting out while the getting is good. let's sort of crunch this, you have the empty nesters looking at the cost of owning a home and all the maintenance and other attendant costs especially the energy and fuel prices going up, they are thinking we don't need this space, things are expensive, let's get out and people who want to trade up, now's a good time to sell the house but we have this big gain in it and flip it to something better and interest rates go up, now is a good time to do it so they are putting houses on the market all of which is good because it is paving the way for

first-time homebuyers to find homes so maybe what we will see is a slowdown in the year of year increase of home prices because that is really choking the first-time homebuyer out of the market. neil: the mortgage rates themselves are a problem, 30 year fixed mortgage is down to 5. 10%, we've gotten 5. 30% so how do you see this playing out? >> if the 30 year fixed rate mortgage stays in the 5 range, that's good and that won't freeze people out, i do think the other costs in homebuyers lives are reading into their wallet. inflation in and of itself is taking $600 a month or $1200 a month out of their pocket depending on their means, that becomes a problem for

affordability of the mortgage on a monthly basis so that's part of the calculus first-time homebuyers have to wrestle with, the good news is this market has been so supply constraints, so 9% increase in supplies the best days and i've been talking about this on the network for a while before the other guys got around to reporting it so you heard the story here first. charles: the florida phenomenon thing. these superhot markets, still -- how do you see it? >> when i talked before about the empty nesters a lot are moving to other states that are more tax efficient but the increase in inventory we are seeing an increase in inventory in florida because there are people downside for the same reason. my block in florida where there

is no inventory for sale except the house i bought, two homes for sale, you went to dem me off-line i can tell you what they are but the unrealistic asking prices. that people were off the charts. neil: did you tell your kids? i didn't say a word to mine, your mother and i are going to the grocery store. >> they were more excited than we were and they are not stupid. neil: i wouldn't wander far from that. have a safe weekend. mitch rishel following those developments, untimely prescient on what was going on, we will have more.

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neil: upward 30 points, see if charles payne can keep it going. he's been here for 20 hours, here at the crack of don, the man doesn't rest. charles: i think i had to leave. thanks a lot, have a great weekend. i am charles payne. you heard it. here's the question. is it still up bear market? after 7 weeks of losses the s&p making a statement. of history as a guide this could be the beginning. we are navigating the twists and turns.