ontario. 2.2 million-acres. now that's land. that really is. susan, ashley, thanks for being with us. as we close out i just want to show you this the national average for a gallon of regular gas is 4.98. i guarantee by monday morning when we go back on the air it'll be a $5 national average for a gallon of regular. times up for me, neil it's yours neil: everyday another record, 13 days in a row thank you, stuart varney a great weekend. right now we're in the middle of a major sell-off because inflation is back haunting us, so prior to the release of the cpi report, the consumer price index report for the latest month, we were seeing a trend where the rate of increase was slowing down. that has all gone right now. we are running at a retail inflation clip of better than 8.6% year-over-year. that's the highest its been in about 40 years. you've heard, there's a lot going on on the 40 year front,

not only are we seeing most of the dow stocks effected by this , 28 out of 30 of them, but the 40-year itch as i like to call it has spread not only to retail inflation the highest in about 40 years but consumer sentiment about the lowest in about 40 years. the cost of living adjustment, new social security recipients likely will be the highest in about 40 years. meat prices the highest in about 40 years. gas prices the highest in about 40 years. it's something about this 40 year thing here. bottom line give or take a year , we have not seen these type of levels and this type of inflationary pressure since jimmy carter, ronald regan were president, first jimmy carter, he got heaved out of office and ronald regan was dealing with all of this. a lot of people say, you know, the same pressure now applies to , well, the present occupant of the white house and here's the real conundrum. i'm sure you would prefer to be in the ronald regan position, because reagan went on to come

through the lows of this , and get re-elected president even though republicans got a shellac king in the mid-term elections that year. jimmy carter, of course, did not that was then. what happens now to edward lawrence on how the white house is handling this hotter-than-expected inflation news. edward? reporter: there might be some of that 40. i've been around about 40 years, so maybe there is something to that 40, but this inflation is really spread across all sectors it really effected everything throughout this report here, and in fact let's look at some of the places where people spend their money, and it just gets ugly when you look at these numbers here, all food, for example, is up 10.1% year-over-year. within that some big increases. eggs are up 32.2% over the past 12 months. overall energy up 34.6% but look at all types of gas, up almost 50% year-over-year. nothings immune. something close to me, men's suits are up 22.3% year-over-year. now from the white house perspective, an official here telling me that they see

inflation falling, and finishing the end of 2022 lower than in 2021. we're not at the peak though, if you look at this report here. the white house official telling me that they believe the cause for this is gas prices. they believe here at the white house that it seeped into the core number through the jet fuel and the rise in airline tickets went up about 38% year-over-year. now the white house blaming fuel prices on the invasion of ukraine. so treasury secretary janet yellen at a policy forum last night saying she can't understand why people don't like this economy. >> you look at opinion polls and you see what households have to say. it's amazing how pessimistic they are, given that we have about the strongest labor market we've had in the entire post-war period. people can easily find jobs. reporter: republicans are saying the president cannot blame anyone else but his own policies >> the inflation. people are suffering when they

go to pay their weekly or bi- weekly grocery bill. it's becoming unaffordable and gas prices have doubled since joe biden took office on every metric the democrats have failed reporter: now, what this does is it puts pressure on the federal reserve for next week to possibly move a 75 basis points i've heard some economists talk about rather than the 50, that they talked about going forward for the next two meetings. neil? neil: i've got to wonder too this idea of maybe taking september off and not hiking rates. i guess that's out the window now too, right, edward? reporter: that is from a non- voting member we heard that floated from raphael bostick, the atlanta federal reserve. the voting members never really went that far and yeah it definitely puts that in jeopardy neil: you know all these guys on a first-name basis so they are all doom and gloom and they are worrying me. thank you, my friend, as always. by the way as he was talking i'm not going to blame this on edward, a two-year note now over 3%. that's a jump of almost 20 basis points, a fifth of a full

percentage point in a single day a lot of people follow that, because it is the sentiment building as to what the federal reserve will do so the expectation with this puppy over 3% they satisfy rates going higher and higher and we'll get into that in the meantime all in response to inflationary pressures that are building. not any news to jeff flock whose been sort of traveling the country taking a look at what's happening on the energy front. his latest stop, collegeville, pennsylvania, where he's looking at drivers now having to adjust to still higher prices. every single day this week, and for weeks after, before, here we go, jeff, what's happening? reporter: you said it, sir. up only a penny today. wow that qualifies as a major headline, doesn't it? yeah, up what is it, a penny today, $0.22 in the last week, $ 0.60 in the last month. $2.12 up since the last presidential election by the way , if anybody is keeping track of that.

i made the point the other day that we still haven't hit the inflation adjusted high for gas prices. despite that, in 2008 we had a precipitous decline in gas prices. this year not so much. 17 straight days of gas price increases through may and then another 14 days now and it's still running and that has even the energy secretary jennifer granholm admitting it's not going to change anytime soon. >> this summer is going to be rough, i'll just be honest with you. the energy information agency has said that by the fall, it should be down to $4.27 a gallon , and by late this year, early next year, it'll be down to four maybe under four, maybe three, high $3 a gallon, so there will be some relief on the horizon but during this summer driving season, it is going to be rough. reporter: underpinning this of course, neil, is the price of oil, which remains high,

although -- neil: all right we've apparently lost jeff flock i hope to get him back soon but the upshot of what he is saying is the prices go up and up at the pump and anything having to do with energy, one of the reasons why we have the dow cascading in case you're keeping track this is the tenth week out of 11 we're looking at a down week for the dow, the averages following suit right now, to put it in some perspective, we're seeing all the major averages week-to-date down anywhere from four to 6% in the cases of the transports which a lot of people use as sort of a proxy on where we could be going, down about 7.25%, that is just this week. let's get the read on all of this particularly on the food front, the grocery front, where a lot of people are feeling the impact as they have been for quite sometime. she's in wrongers in new york. lidia? reporter: hi, there, neil. yeah, food prices are a major

driver of the inflationary number that we're seeing right now. grocery store prices are up almost 12% over a year ago and there's really not a lot of places you can go to escape paying for food. we all need to eat to get some additional insight on this. we have the stu leonard of stu leonard's grocery stores. >> hi, neil. reporter: so great to have you. when you hear grocery store prices are up almost 12% over a year ago, you're in the food business. what do you make of that? >> well it depends on the retailer whose doing that. one of the things our family decided to do is do like a 50/50 split with the farmers and the ranchers and try to eat some of the pricing ourself. like i was saying earlier, it's almost like when you go out to a restaurant with some friends, like who picks the check up? right now, i think a lot of retailers are picking the check up and we're doing that at stu leonards right now. reporter: let's show folks at home how some of the prices are going up across the country on

average, on today's consumer price index. eggs, for example, are up more than 32% in price over a year ago, milk up almost 16%, coffee up more than 15%. you're also talking to your suppliers of a lot of these products. what are your conversations like about the direction of food prices? >> well, look, obviously prices have crept up, but selectively we've raised some of them. we've held the price on eggs right now. we're eating that increase you just talked about. ground beef, we've held the price, people want to make hamburgers. right now between now and the 4th of july is like the fourth quarter for the meat industry as far as ground beef. everybody is out grilling and everything, and we've held like our rotisserie chicken like costco has done, they've held their price so we're selectively holding some prices on that. the things we're finding that are tough are the things we have to put labor into. like we're making hamburger patties, we're baking bread, mere making soups. those , we've had to increase

our labor rates and we had to pass a little bit of that on to the customer. reporter: and we know that customers are feeling the pinch. there's actually a recent poll that just shows nearly nine out of 10 are bargain hunting for cheaper products. have you senior consumers changing? >> oh, yeah good for the customer today. i think what they're doing is buying what they need, not what they want. we're seeing things we have on special, we have porterhouse steaks and new york strip steaks those are going to double what would normally sell people will buy them and freeze them, and we're seeing people are shopping these apps more because there's a lot of good deals on the apps that you can get out there, so people are definitely on the high wire as far as looking at the price tag. reporter: some really good tips there, stu, thank you so much for being with us. neil, the news here is that food inflation doesn't really show any signs of slowing down. we're at almost 12% for food at the grocery store over a year ago that's the most recent reading is telling us. last month, that read came in,

around 10.8% so we're just see ing food prices going up it seems. neil? neil: yeah, and it doesn't seem to stop. thank you, very very much for that, lydia, thank you stu leonard trying to cushion the blow by going in with halfs with suppliers and his own grocery chain to minimize the damage. i should point out you're hear ing a lot of companies trying to do creative things to get around this. the one that struck me as the most interesting is mcdonald's. apparently now it is looking at frequent, but smaller price increases, because it's discover ing that if you try to do it in one fell swoop, consumers will revolt and find it a little revolting. now what they're doing is having small increases but more of them that kind of echoed what we heard out of campbells, of course saying that people are kind of getting that sticker shock but it's trying to ease the blow. campbells, of course has been saying as bad as this is, and we keep harkening back to where we were 40, 40-plus years ago, not as bad as prior inflationary

cycles. i don't know if this keeps up whether they can continue to say that but two very different companies trying to handle this and for their customers in anyway they can. to gary kaltbaum on that, mitch roschelle on that. gary, to you and you've been sort of telegraphing your inflation fears and what we're going to do. the latest argument seems to be that if anyone was harboring any thoughts that the federal reserve might ease up on things, that this is now reinforced the notion they're not, that if anything, they could be way, way behind the curve, and we're going to see them hiking interest rates. some even factoring in a three- quarter point rate hike next week. that seems a little surreal, but what do you think? >> well, my worst fears is that jay powell be forced to do what he doesn't want to do and that's raise rates and tighten and that's what we're going to get. neil, he's still two percentage points below with a real market, as you said earlier, the two- year note is above 3%.

he's still below 1%, so all this talk about him fighting inflation, he's so far behind, i can't even begin to tell you. it is stunning that he just sits around and will wait until the next meeting. they should have an emergency meeting this weekend, come out with a point on monday, and tell the world that we are dead serious about this , because we know consumers are being crushed , and this talk about 8% inflation? it's really in the teens, and for me the bigger number today was michigan consumer sentiment at an all-time low. it was 83 last year, it's 50 today. we don't have to worry about stagflation. i'm worried about contraction-fl ation, and if they don't get their act in gear soon we will see reported numbers in the teen in inflation and those bad 70s we may just get there. neil: as long as we don't include the leisure suits we can get through this but mitch roschelle i know both you and

gary are way too young to remember but i certainly remember the 1970s i remember the long gas lines and remember being the kid in my family who had to bring the cars on odd- even days to fill up and at that time we were rationing gas. do you see anything like that happening? >> i don't know that we get to the big government solution of gas rationing although it did have a summer intern job and my job was to wait in line for the boss' wife's car so i'm older than you think i am, neil, but the fact of the matter is, let's sort of fast forward to how we got out of it, right? and because i think all the stopgap measures it wasn't until the reagan administration started putting some tax policy in place with both sides of the aisle. remember dan rostenkowski, a democrat from illinois was the chair of the house ways and means committee and put forward a tax bill in reagan's first term to stimulate what the supply side of the economy,

trickle down economics, so here 's what the problem is. this administration you heard it on jimmy kimmel, keeps talking about fixing the economy from the bottom-up and middle-out. the fact of the matter and poo pooing trickle down economics. the fact of the matter is we need supply side stimulation, we need business to be working to solve the problem, as opposed to this administration villifying it, so yes, i agree with gary 100%. powell should have an emergency meeting over the weekend but there's only so much that the fed can do. it really needs the oval office and congress to come up with prudent fiscal policy to fix this problem. neil: oh, we're not at that point. gentlemen i want to thank you very much. i apologize we have fast-market moving developments the dow down about 755 points it's an awful week for the markets if they maintain this pace. we're talking too about the pressure on the federal reserve to do something dramatic we were talking about paul volcker, then the chairman of the federal reserve. he used to raise interest rates oftentimes one full point at a time, we're so used to quarter

point increases, half point increases, but he was addressing double-digit inflation, and thought you know what? rather than be piecemeal about this , i'm going to dramatically hike rates. he had the full support first of jimmy carter that kind of doomed jimmy carter but then when ronald regan took over he was not interested in picking any fight with paul volcker, instead , he did cut taxes, so you had the two men working hand in hand, paul volcker to get rid of inflation, it worked, ronald regan to stimulate the economy, it worked. but that was then. what the heck happens now? stay with us. 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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with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. neil: all right, we always try to look for where is money going if it's not going into stocks, not going into cryptocurrencies, we'll have more on the latter in just a little bit here. so where is it finding a haven, or at least a flight-to-quality whatever you want to call it? i guess not too surprisingly, you're seeing it in gold, you're seeing it in silver-gold prices up better than $20 the ounce right now that works out to a little bit north of 1%. silver is up a little bit today about two-thirds of a percent. what i do find interesting is the rush into agricultural commodities what they call them food in the market, wheat, for example, up about half a percent , corn up about 1%,

looking on here, soy and soy meal up 1% and 2% respectively. that has been actually as an investment group, the strongest performer this year, up way into double-digits here, as all the major averages, the equity averages, even gold and some of these others, have kind of put tered along here, but again, it's food and you're seeing it at the grocery store that goes up but remember it starts in these markets as they're effect ed by these increases and raw commodities, grocers then pass that along to you. so that's why we're seeing double-digit increases in things like meat and eggs and fish and milk and cereal prices and dare i say it? bakery goods. that is more, my friends. in the meantime we've got bob barr joining us love having him on the former house manager during the clinton impeachment trial and i'm sure, bob, you were looking at these hearings last night on the january 6 committee, and no doubt,

wondering as some republicans are, some for political reasons, to say the focus should be on all this economic stuff going on the run-up in prices, the run-up at the gas pump, the run-up in crime, and that's what's going to resonate. what do you think? >> i do think that when the election comes in a few months, those are the issues that you've just enumerated, neil. that will be on people's minds. nonetheless, what the hearing last night, the kickoff hearing illustrated was something that i saw the very first major hearing i was involved in, when i was in the house, which was the hearing on the waco tragedy. the democrats then, as now, they are masters of theatrics. they are the real drama queens because they understand that drama and movies and hollywood productions resonate with some voters. republicans, on the other hand, we think that we can talk about

cerebral issues and civil and it doesn't get anywhere, so what the democrats are doing here is they're trying to make a play to shift attention from what you talked about and which are the issues on people's minds, away from that, to rehashing the january 6, 2021 incident. neil: i always wondered too, bob , i mean regardless of your point of view on these hearings and what they'll achieve, i probably think if you're a trump hater, you still hate him. if you're a trump lover, you still love him but maybe part of the strategy here is to wound him, should he entertain running for president again, and that some of your old republican another interesting thing, is if you look at the house resolution

that established this select committee, the january 6 committee, that is, trump's name doesn't appear anywhere in it. most of it, in fact, has to do with trying to figure out what went wrong with law enforcement agencies, the administrative side of the capitol and intelligence agencies and so forth but the hearing last night had nothing to do with that. it was all about trump. so here you have a house resolution that is supposed to t went wrong and what can be improved, and then you shift to last night and it's all about trump. it is simply a method to try and wound, as you say, wound trump, to weaken him, going into this election, but more importantly, in 2024. i don't think it will work, and it's a real shame that congress is wasting its time doing this. neil: all right, well, obviously , some of the democrats those two that sit on the committee, the republicans

obviously disagree with you but i do find it interesting, i want to get your thoughts. very few people know washington and how they say one thing publicly and are doing quite the opposite privately, so we were weary months ago that people like kevin mccarthy were very concerned, vice president pence's staff was very concerned that they were entertaining, and we're to believe betsy devos former education secretary exploring the possibility of forcing the president out of his job, and yet, things change. maybe just the way the time went and everything. all of that disappeared. now it was all resurrected in a lot of these redone conversation s and audio and video recordings that were made public, but what happened do you think? what changed, even among those that were alarmed by those events? >> really, i don't think much has changed at all. i mean, as we saw last night, in

the opening statement from chairman tom son and ms. cheney, it has nothing to do with anything that is at all relevant to anything going on in the real-world or that will go on in november. everybody, except this committee and the democrat leadership, which has nothing else to run on , they've moved beyond this. republicans have moved beyond this. putting bill barr up there saying the same thing he's already said publicly in his book isn't going to shift the needle one way or the other , yet the democrats are sort of lashing around trying to find something to draw people's attention away from the problems that are going to be on people's mind in november, and i think republicans hopefully will realize that as well and not take the bait that was offered up last night and start, you know, rehashing themselves what happened in the

2020 and 2021 elections here in georgia, if republicans fall into that trap, then it could affect us republicans, that is, poorly in the fall. neil: you know what i also, real quickly, bob, think is a difference here certainly when you were the house manager during the clinton impeachment trial, bill clinton was still in office at the time, and ronald regan was still in office at the time. watergate, richard nixon still in office at the time. we've got a different president right now. this is 18 months after the fact i'm wondering if that is sort of taking away the umph. >> it does, because people who pay attention to this , other than as you say, people that already hate trump or people that already love trump, they're going to look at this and they're going to say what's the point here? you're not talking about removing a president who has done something really wrong like richard nixon, or bill clinton. you're talking about going after a former president and the only

conclusion that thinking people can draw from it is this is a partisan attack on a former president, not to remove him from office, he's already out of office, but to try and prevent him politically from coming back into office. neil: bob barr great catching up with you have a safe weekend. >> thank you, neil. neil: we have a lot coming up you know about the sell-off at the corner of wall and broad but it's worse for crypto anything. susan li on what is driving that arena from a different perspective. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.

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that they're a great haven and they have been for quite sometime. susan li following the digital side of all of this , with a big pow wow going on in austin, texas. hey, susan. reporter: yeah, so the future of money means that in a digital economy, you're going to need future digital currency, and believers here, attendees, still believe that crypto is the solution, but yes, we are still selling off so let's get insight from the man i would say probably one of the four most names when it comes to crypto investing, one of the largest crypto hedge funds on the planet, $6 billion worth, and dan you bought bitcoin, when it was $65 in 2013 so when looking at prices now falling 50 % from those november peaks what do you say to investors? >> well so bitcoin average has gone up 2.5 for 11 years, and it's now 70% cheap to that trend line so i think this is one of the most attractive times to buy into crypto. reporter: so you have 40,000 percent returns to the exception of your hedge fund that's incredible. so is it buy and hold strategy,

because you told me that people have bought bitcoin, over four years, tend to make money. >> yeah, most important advice is only put in as much as you can afford to lose because it's very volatile and hold it. anyone that sells bitcoin for four years has made money and if you can hold it for 10 or 20 years, i think that's where the real value is. the internet is 50 years old, and it's still creating a ton of value. bitcoin is only 13 years old. reporter: what should i buy, bitcoin? ethererum? what do i hold? >> i think you should buy a basket of things, bitcoin, ethererum, solana, a dozen or more of the tokens so that hey, some are going to work, some aren't going to work but the whole basket should be there reporter: if i buy bitcoin now am i going to make 40,000 percent returns in a few years? >> that one might be tough but you'll make way more than you are able to make in stocks, bonds, real estate. reporter: also i should point out, neil, that dan actually saw we're going to see this type of sell-off and rates would go up to 5% from here, right?

and you're saying that bonds will sell-off, stocks aren't doing well but crypto should outperform. >> so we very incorrectly called it at the bond market on december 4 that the bond will pop, and i think rates are going to 5% short rates, long rates, but crypto got killed at the same time, which is not something we predicted and i think of the next six to 12 months i can see a world where bonds go down, stocks go down, real estate goes down but crypto performs very well like commodities or gold or other non-interest rates. reporter: how much can i make right now if i put money into crypto in a year's time, two year's time? >> for 11 years its gone up 2.5 x a year on average there's been some really amazing years and some bad years but if you hold it, for four years, i think you'll make five times your money or more. and you just can't get that else where. reporter: that's right so there you go. one of the largest crypto hedge funds says you could make 2.5x times in crypto. back to you. neil: yeah, but as he points out

also, with really volatile swings. thank you very very much susan li. that was fascinating. another fascinating guy joining me now alan nuckman, chief market strategist an uncanny read of these markets. good to have you back. you heard what this crypto proponent was saying, 2.5% annualized returns, of course you and i know these are very volatile wild swing markets so that's maybe what it is averaging in the last four years but a lot of people look at that and say 2.5% man what happens to the heavy days you could get double-digit increases. are those days gone for the time being? regardless of the investment? >> well i think there's always opportunity. it's not what you trade it's how you trade. markets move up, markets move down. for me, i'm looking at the make macro market and i don't think it's broken. we've seen a pullback after a big bounce and this is the first time we've been below 4,000 in the s&p in three weeks after that big bounce. we held, we consolidated now unfortunately, we're breaking down one more time but we're

still significantly off the lows but more importantly is i want to talk about emotion. you know how i always get into psychology. neil: right. >> the investor emotion right now is much-greater than the actual fear factor in the market. the vix right now is at 28. it was below 25 yesterday. the high for the year is 38, and let's go back to 2020 the high in the vix was 85. neil: that's a fear index, so we don't have the panic sense that you would think, right? >> exactly. that's my point here. so from a price standpoint, what i focus on, we were near unchanged in the s&p here just last friday for the one year time horizon. put that in perspective. we've got a war going on. we've got a lot of things happening, but i think people are losing track to the fact of how well the economy is doing. people are making more money than ever and they are spending more money than ever, so that's what's driving prices right now. it's a reflation, because people have the money. neil: now, the wrinkle there is

they won't have the money much longer at this rate. they won't have the clean balance sheets they had if we keep going at this rate coming out of covid. how do you respond to that? >> well i don't necessarily agree, because everybody is making more money. wages have gone up dramatically. this is the largest wage gains we've ever seen. neil: and prices have gone up dramatically more, right? >> well, i was going to get to that point. we've also had inflation in home prices, so everybody that owns 70% of americans own a house they had 20% inflation in that asset, so there are sectors that have done very well. now to get back to the inflation that everybody is very concerned about, we see prices come back and you adjust crude oil from the 2008 hyatt 150, for inflation it would have to get to 200. if you look at natural gas in 2005 we've got up to 16 we're at 8.5 right now if you adjust that high, you would have to get to 21 so we're still a long ways

away from where we've been in the past. it's uncomfortable, but again, like i said, people have the luxuries of getting the job they want, or the job they don't want. neil: this isn't the 70s again to you, right even though you weren't even around but this isn't that. >> i was around, neil, but -- neil: all right >> if you again take those prices and sugar, coffee, those record highs from the 70s were nowhere near that right now. i still believe the stock market , i still see a lot here. the pe ratio was down to 16 down to 10 year lows recently so corporations right now is called capitalism, really. this is all about capitalism. we love capitalism. guess what? corporations are using this as an opportunity to make record profit. maybe on the backs of the consumer, but they are making, they have pricing power, and oil companies are making record profits. exxon went from $50 to $100 in the last year. no one wanted exxon two years ago, so you've got to look at things, things sometimes are bad

enough to buy. neil: you know that's why i love having you on because you zig while others stag but you do so with the great historical perspective so we wanted to hear that view because it's always one view here but part of fair and balance of business news is to look at the bullish and bear ish side as well, thank you very very much. go ahead, finish up. okay, sorry, peter tuckman is coming up with us, the new york strange iconic figure as soon as you'll see him you'll recognize the face, he's probably the most photographed human being on the floor of the new york stock exchange, of any exchange, ever. so he's been through a few of these cycles. wonder what he's thinking right now. it's coming up.

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neil: all right, saudi arabia

just crashed the elite party of the world right now, the pga not too pleased with that its already suspended 17 golfers for playing with the saudi-backed i guess it is, i'm not a golfer, myself, lucas tomlinson strikes me as a golfer , probably a very good one he could explain what's going on here because it's getting nasty, lucas. reporter: it sure is, neil, imagine, going to a brand new league, or fox business, a new startup. that's what's happening in the world of professional golf. welcome to the new liv tour, couldn't are jersey with its financial backing from saudi arabia. the new league offering astro nominal sums of money to defect phil mickelson was paid a reported $200 million, dustin johnson the 15 ranked player in the world 125 million that's more than tiger woods made in career earnings on the pga tour, yes he's earned hundreds of millions off the course, neil, the purse on this new tour is enormous.

there are team competitions, a shotgun start. yes it's different at a press conference earlier this week phil was asked about taking millions from the saudis. >> i don't condone human rights violations at all. i don't think nobody here does. i've also seen the good that the game of golf has done throughout history, and i believe that liv golf is going to do a lot of good for the game as well. reporter: the new saudi-backed tour started yesterday in london and arrives in the united states later this month. portland, oregon, bedminster, new jersey, boston, chicago and off to bangkok in saudi arabia before returning to miami before the season-ending team championship, not tour championship, team championship. the commission of the pga tour wasting little time suspending the 17 players who joined this new tour hoping to stop further players from jumping ship, however those who have already qualified are exempted from playing the u.s. open next week will be allowed to compete will be run by the u.s. pga.

if you're wondering what liv stands for it's the roman numbers of 54 the number of holes this event will be a regular pga tour stop is 72 holes, of course. neil. neil: do we know what their rules are in getting it through the clown's nose on on the 18th? oh, that's miniature golf. >> greg norman lost many major championships on the last day playing 72 holes there's some people indiana golf circles saying that's why it's 54 holes and the champion those are had 4 hole event, neil. i can go on and on and on. neil: it's already way over my head but thank you for explaining it lucas you're the best, lucas tomlinson in washington d.c. the corner of wall and broad is down 776 points on to the dow jones industrial the rate we're going we're down in excess of about 4.25% right now. you think things are bad there the transports down close to 8% just this week alone, a lot of people focus on that, because it is sort of a study called the dow theory, that says as these stocks go, so will the

rest of the markets and they're not going, except south, after this. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist neil: you know, all of this started with a bad inflationary report and we were

looking for pretty bad numbers. that inflation, the retail level , are level, what we buy things at level, would increase about 8.3% year-over-year, was far-worse than that, more like 8.6%. we're expecting month over month to see prices surge seven-tenth of a percent more like 1%. the core rate of inflation we were looking at something that be maybe 5.9, 5.8%, taking out food and energy but instead a little bit higher than 6%, so you know the drill, stocks get drilled, it reignited fears that the federal reserve is going to respond to this by not only continuing to hike rates but maybe dramatically hiking them at that. peter tuckman with us right now the new york stock exchange trader and iconic figure to see him is to know him, automatically even if you don't. i have the pleasure of having known him for quite sometime. peter, what do you make of today and the reaction, it's like i don't know if this is capitulation and it could certainly change as you've taught me over these many years,

don't necessarily buy the snapshot, but they're not buying anything. what's going on? >> neil, look. i kind of think it's a reaction. i don't think the story has changed that much today than we had a couple of days ago. i was sort of trying to analyze last weeks rally we had after a number of weeks of really down market the market, the turnaround felt a little different than it felt like people were, you know, the buyer s were buying with some soundness to them and the seller s sort of had some fatigue, and then jamie dimon came out and gave us his weather report and that kind of spooked the market a little bit with the hurricane story, and then the market responded a little more favorably and we bounced back a little bit, whether it was a bear market rally or a little relief rally and then obviously, yesterday, look. the media has been and i blame a little bit on the media, because they have been pumping the recession story. they have been pumping this cpi release today, more than i've seen it for a long time. i know we have federal reserve coming up next week, and in the coming weeks, and i know

we've got inflation issues, and obviously there's a lot on the table here, but i think after yesterday's sell-off, today, i'm hoping this is capitulation. i would love to just sort of everyone shed what they don't want to be in, get out of that and get back into a bounce mode. neil: is that how we've come through these in retrospect, having covered a few sell-offs in my quickly aging life. i remember it's always after a t umult, and maybe people say the hell with it, i'm getting out, i'm getting out, that things start quietly moving up from there. we only see it in retrospect. if we hang around these levels, is that what you're sensing? >> well, look. you know, look, we've seen in markets we see a slow bleed and then we see a fast and furious sell-off. when you see a fast and fur sell-off and we call it capitulation everyone feels we've shedded all of the sort of darkness and get a bounce back and feel like we're building some level into like a bid in

the market, you'll remember that old terminology we used to say i see there's a bid in the market. buyers start to come back. right now the aggressiveness on the sell-side, look this could be coming from a lot of different places. this interest rate story has been on the table and the inflation story for a while, okay? we, look, and we know there's anxiety and the media has been instilling a lot of fear in people. we're seeing probably a lot of margin calls coming into a friday. my gut is look this week has been a rough week, a rough and tumble week and to think this number they had been built up so much for this friday, that there was no way we could have satisfied it anyway in a positive way, i'm disappointed that the numbers were weaker- than-expected. i'm fascinated by the sell-off because it's quite aggressive after yesterday's huge sell-off, and let's be clear. it's also a friday afternoon, after a rough week, the numbers not fun, so my gut is let's hope that we get a break from this

sell-off after today. neil: you know, peter, i don't see the 70s experience here. it might get to that, but i think we're in a lot better shape than we were back then. your thoughts? >> i agree 100%. look, we have to realize where we came from, neil. the last two years, right? we got back to even after the covid by august, which was an exemplary move, we had a wonderful 2020, up 20%, 2021 up 28%, so should we have ever been at that sort of high level frothy mark? no probably not, but that's why it makes the sell-off seem so much more exaggerated, do you know what i mean? it should have never been. netflix shouldn't have been at 700, if they weren't there, then the levels they're at today would not look as bad as they are and i think that we can say that about the whole market, so i think we need to put everything in perspective of where we're coming from. there's no playbook for coming out of a pandemic, right?

we've got a lot going on, the wildcard being the war in ukraine and what's going on with oil, so there's a lot of moving parts. i think we're in way better shape, the consumer and the bank balance sheet are not anything like the 70s. neil: keep at it, my friend. you're remarkable peter tuchman, new york strange trader joining us on there. we'll have more after this. living with metastatic breast cancer means being relentless. .. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe,

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♪♪ neil: apropos that we are featuring this song, they ruled the charts four decades ago or more. to speak of the times and numbers with got because the inflationary data pickup points we've got, the consumer sentiment numbers, the meat price surge in and around the highest they have been in 40 years. we've got team coverage on all of this including kelly o'grady awaiting the president's comment on how to deal with this and the supply chain issues that are making retail inflation worse. aishah hasnie is in las vegas with how businesses are dealing with ongoing inflation that is tougher than the heat and jeff

flock in pennsylvania on how drivers are dealing with pain at the pump. we had jeff going to various gas stations to see where he turns up. let's go to kelly o'grady at the port of los angeles. >> inflation is the story of the day and it is every time americans do something, the consumer price index revealing inflation is that a 40 year high, 8. 6% versus last year, 1% versus last month. we are seeing higher hikes in other things, gas prices and at the grocery store, eggs up 32%, coffee up 15. 6%. if you are like me and have a grocery budget, buying less and spending more, president biden shifting the blame for inflationary pressures to vladimir putin at invasion of ukraine. >> president biden: the pain went just in time supply chains

break down, we had a bottleneck. putin's unprovoked war in ukraine has started economic disruptions affecting the entire globe and that is not hyperbole. >> reporter: while the war in ukraine has made things worse inflation was a challenge well before, the majority of these increases taking place prior to putin's invasion, now the president is blaming shipping companies amid his visit to the port of la, he will reiterate his frustration the market controlling shippers have raised prices 1000% in some cases but it does beg the question why inflation needing to hit a 40 year high before price increases came into focus and rising shipping costs have been an ongoing problem throughout the pandemic, september of last year saw 1500% price hikes versus march 2020. we are waiting the president's remarks, speaking in less than an hour, we expect him to tout improvements in the supply chain that is it ministration has made but with inflation numbers today i think we can

also expect some of that blame game. neil: we will listen closely to that. to nevada, aishah hasnie on how some voters are getting more than a little hot under the collar, nothing to do with the weather. what is going on? >> reporter: there is a heat advisory in now fat, las vegas area, one hundred 6 degrees, pretty insane but behind me you see early voting is underway, we are four days from this big primary i have been talking to of voters, some are working two jobs to make legals meat, some are thinking about getting a second job because of the rising prices. no matter if they are democrat, republican, independent nobody seems to believe it will get better anytime soon. >> this thing doesn't -- it is 25 gallons, take up one hundred 55.

>> are you frustrated with the status quo, you feel there should be a change? >> yes. i feel like it is not fair that people who go to work and bus to their but every day have to live paycheck to paycheck. >> reporter: do you feel let down? like it doesn't matter? >> i feel it doesn't matter. there' s nothing you can do. >> reporter: that man is not alone, voter enthusiasm in this state is poor when it comes to really voting, according to secretary of state's office on the 111,000 nevadans cast their ballots in the first week of early voting, that is not good. people are so fed up with the politics they are abandoning their parties. nevada independent unaffiliated voters are now the majority has more people are shutting their ties to the democratic and republican parties and these are huge challenges for those

incumbent democrats, not just inflation, not just gas prices but also those that are being primary aid because some folks believe they didn't do anything to get anything done in congress in the last two years. neil: they are getting restless and angry. let's go to jeff flock. he never gets angry as much as he steps back and looks at the big picture and makes you get angry. jeff is in collegefield, as pain at the gas comes. kaimac-making people angry again. you haven't seen angry. i don't know why people are upset about this. it went up one penny overnight, what is the big fuss about. 20 states are now selling gas for $5 a gallon on average, the most it has been and no end insight and no matter where we go we hear the same story at the pumps are paying it but not

happy about it. >> $45-$70. >> got to think about gas, is it worth it to go out there, extra money like you go to the bar or something you got to send money to have fun and gas as well. >> they need money to go to the bars but they are looking for electric cars as we mentioned yesterday. look at these numbers from autotrader, interest an electric car searches up 73%. hybrids up 25% and people are doing something they never used to do. the whole fill her up, you fill up your tank, not so much. the ceo of murphy's which is a convenience store chain says,

polling his people, they want to fill up a certain amount in dollars and it doesn't go as far, back to the days of remember that texaco -- don't think texaco exists anymore, commercial with jack benny, the cheap comedian trying to get him to philip and he would say i will take a gallon. maybe we are back there. it will cost you $5 a gallon. neil: we are the other ones who remember that commercial let alone jack benny. >> big star. neil: you are the best. i remember those days and i remember you too. so great with the storytelling without pontificating. daniel turner will spell out the numbers, the future founder and ceo, kills me you were

right about every curve in the energy story, more curves, more increases to come. i believe 30 of the last 30 one days gas prices have been hitting records, diesel prices hitting records. it extends to the whole energy sector. how long does this go on? >> i wish i weren't right. i don't want to be right. i want prices to be back to normal. we are getting so accustomed to oil in triple digit numbers that even if it dropped $20 the biden administration would count that as a win but one hundred dollar a barrel oil is still absorbent lehigh. if you look at this industry the only thing that will bring down numbers is more domestic drilling. despite the record price where we are now, the secretary of the interior, the secretary of energy coming, biden, john

kerry, gina mccarthy, you add the entire biden administration the regulatory climate they created. their investment, $50 million investment to start drilling that money is well spent other places. nothing to do with patriotism with loving the country or dollars and cents. there is no reason to invest in industry if you know the government will punish you every step of the away. neil: some flashers across that. oil and gas and refining, use the challenge created by the war in ukraine is a reason to make things worse for families with excessive profittaking are

price hikes. no proof of gouging going on or them trying to force prices up and i know they looked into this under democratic and republican presidents the last 40 years a dozen times and never found that to be the case yet it always comes up when we see something like this. >> if we could separate ourselves which i know was impossible to do, so operate ourselves from partisan rhetoric and who was president when and where, go back to 2018 regardless of who was president, if we go back to that year ask objectively why did this industry invest hundreds of billions of dollars in development, exploratory wells and refining, when oil averaged 70, $75, 60 at one point a barrel. why were they investing so much more when oil was half the price it is now and it has everything to do with the

climate, not climate change, the environmental climate, the regulatory climate, the financial climate and the markets new this is a two, three, four, twine viewer investment, the markets don't invest. the entire climate created by the biden administration dealing with the fcc, the climate is don't invest. a simple cause and effect and markets respond in kind. neil: thank you very much. how much, they dovetailed whether the fear is justified and not minimizing, out of the university of michigan show sentiment dropped 50.2 from 58.2 in may, that is another 40 year low in that, a 40 year low

in fat, the cost of living adjustment, social security at 8.6%, a potential high in that meet price, a 41 year high. what is it about the 40, 41 years? that fuels the argument. even though i want to stress here very different times, extremely different times to spell that out.

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>> there is no room for debate. those who invaded our capital and battled law enforcement for hours were motivated by what president trump had told them, that the election was stolen and he was the rightful president. neil: the january 6th committee kicking things off with a primetime presentation, slickly done presentation. there are a few more scheduled, it wraps up a few weeks from now. the former federal prosecutor knows a thing were two about how such investigations do, the independent counsel for the whitewater investigation, great to see you again.

>> nice to be with you again, real pleasure. stuart: neil: i remember you in those days. it was concurrent with the guy still sitting in the oval office. this investigation, the commission, the committee, that guy is gone. i wonder how it resonated. >> i think the difference this time around, and it has been clear from congresswoman cheney as what the object of the select committee is they intend to make a referral of donald trump's conduct to the department of justice of the name of which is not to damage him but to disable him from ever running for office again by bringing felony charges that would result, under the constitution, as a prohibition against being a candidate for office. i am not making that up.

that is what congresswoman cheney and others including democrats said the aim of this work is. having said that i am prepared to keep an open mind. i will view the hearings. i am interested to see what evidence they bring forward and so yesterday, last night was a beginning. lauren: i don't know if anything new is here, new video, new elements, recordings and what the president was saying to key players as the are solved on the capital was going on but something i want to explore, the legal implications of this that the intent is to file criminal charges not only against the former president but other key players and see where they go. if the makeup of congress changes and republicans take over and they dismiss all of that are say the committee's

work is done with those charges go away as well? or do they get a life of their own? >> they would get a life of their own if the referral, made by this existing select committee while they are still in power, before the results of the 2,022 election and the new congress takes office in january of 2,023, they aim to conclude which is why these hearings are happening this summer well before the election cycle so that a referral is made by the department of justice and the ball is in merrick garland's court to make a decision as to whether to prosecute and that will survive even if there is a change in congress, through the end of the biden administration, at least this first term. it will be the attorney general's decision about whether to bring further charges against whom those

charges might be brought including for example the former president. that will be his call to make. stuart: if charges are out there likely like they could be could someone still run for president? >> it would require a conviction. i don't think the mere existence of a charge would be disabling, but it would be damaging in the political context and raise all sorts of things in an already polarized country i think it would become even more polarized but that is separate and apart from whether the evidence would sustain such a charge. the committee has talked about even in its opening presentations yesterday about a conspiracy to commit sedition, a conspiracy to obstruct the lawful proceedings of the congress, to interfere with the vice president's roll before the congress. there is no evidence to suggest at least at the moment there

was any agreement that involved donald trump and that he was coordinating those activities. if he sits on the sidelines and cheers them on, that may be reprehensible conduct and i criticize him for his delay in acting in those three or four hours on january 6th. i don't think it was a betrayal of his office as the forming attorney general suggested but i do think it was reprehensible. nevertheless that doesn't make it criminal. absent some proof that he intended to coordinate all these activities and new at least the aim was to prevent congress from acting i don't think there would be a criminal charge that could be brought. neil: very interesting. we will watch it closely. robert ray on all of that. the biggest issue for democrats and two republicans on the

committee is what they are competing with. all of this, the rise in crime, rising prices, nothing takes the wind out of your political sales and distractions like that after this. ♪♪ ♪♪ 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

neil: different depending on the size of your business, mcdonald's is going to raise

prices in small spurts rather than one shot for customers. campbell soup and other foods saying it is weathering all this because it can, shifting different products to different folks but when you are small business player it is a different battle. you don't have the flexibility, thought we would gather small business people and how they are dealing with this. and dickey's barbecue ceo, no matter what you are doing, matt eckert joins us. and coney island lunch owner sort of gets the sage of all of this. you are not immune to the higher costs but wondering how

your customers are reacting. >> i keep the prices as close as i can, it is only one unit so we don't have a big supply of stocks. every time we buy stuff things go up and i have to decide whether to carry on the price i've got or change up a little. having all the pricing removed, it changes all the time. neil: customers are sticking with you. you must be doing something right. >> the customer base is solid. we will be 100 years old next year. it is slower than it has been. neil: the good thing is you don't look 100 years old.

very bad joke on my part. you've got stuff that people want, delicious food but i am sure there is a limit to how far you can push up prices so how do you adjust to that? >> we have wonderful loyal guests but we are edging closer, consumer, oddity index last year. 15% to 20%, over the line of possibility and we are 81 years old, with these locations nationwide. chicken is up 103%. we are focusing on other things now.

any relief we have, anyway to produce fuel costs, the majority of the issues we are saying, wildly aerobatic, but less erratic, all based on fuel, fuel costs. we are seeing pricing of individual items, what it costs to ship because america runs on trucks. everything that comes to local restaurants comes on a truck. we could use any help we could get. anyway for washington to help reduce fuel costs which all of us are feeling. we are going to keep doing it but it is at the challenge point. neil: the difference with you, math, you have a successful waterpark and kids have fun and add in fireworks and good food

but your destination, the gas thing is probably more of an issue for you than your colleagues. how do you deal with that? >> original destinations. prices are not more, prices at the pump. to beyond both sides. costs are going up. those prices, all of our commodities, sunday shopping and retail for partners, going to the plan there. a difference from a different perspective.

neil: you are offering a one thousand bonus for lifeguards and those who can monitor rides et cetera. what kind of response are you getting? >> as you said that is one of the biggest challenges, finding enough employees, we employ 2200 employees a year so making sure we have enough to operate our park is essential so we started off with $1000 bonuses, there are parameters they have to meet but we are looking at ways to solve the problem rather than just say we have a problem. we are looking at housing of 138 employees from across the nation, international employees, have a bus transportation system traveling up to one hour outside our park to go bring them here so we are trying to go after that and work the benefit. neil: how do your customers

respond to this? the consumer is tapped out but i don't see signs of it, restaurants around me are very crowded. might wait a while to get some service but most people seem to be very understanding. we are seeing record bookings on holiday flights, hotels increasingly booked even in this city, where they have other issues like crime but it is not holding them back. what are you seeing? >> business is pretty solid. right before college and school finish up and everybody starts going on vacation we get a lot of vacationers and seasonal things like carnivals, fire departments and a lot more hot dog eaters in those places cutting it back a little but summer is pretty good for us.

neil: i imagine the same for you, right, laura? >> it is barbecue season. the best time of year as far as we are concerned, so fun to celebrate and great that we are seeing that again. folks are coming back to family gatherings. memorial day, the fifth highest holiday of the year for sale so usually very good. neil: very good. you are all making me hungry. i hope of the wind is at your back. i wish you much success. you are the salt of the earth, guys trying to deal with this. good times are ahead. that is my read. have a safe weekend. we are looking at this selloff, not a ton for buyers but 752 points. the dow looking at a losing week, the other average is in a similar bind.

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neil: wrapping up the 3-day summit of the americas, one of those events, the president of mexico wasn't there how much could get accomplished. mexico has offered some issues to deal with what is happening at the border but not enough. in her dog go, texas, more. >> fentanyl continues pouring into the country. cvp is able to get some of it, seizures up 20% over the same time last year and one bust happened a couple yards from where we are standing. this is the port of entry where agents stopped a vehicle coming from mexico and found 22 pounds of fentanyl in packages to be smuggled in. that is enough lethal doses to

kill several million people but certainly not the only bust taking place this week. arizona, cvp agents making back to back major fentanyl bust, the first photo, 208,000 fentanyl pills found hidden in the transmission block of a car, and a separate bust, 184,000 hidden inside a compartment outside the rooms. 400,000 fentanyl pills in a 24 hour span. and human smuggling, 60 illegal immigrants hidden inside the belly of a dump trailer. if we could pull up the second trailer ended tragically, this is the body of a man found deceased inside the dump trailer, human smugglers have no regard for human life.

it is incredibly dangerous for these incidents. these photos out of the rio grande valley sector, border patrol encountering three large groups totaling 547 illegal immigrants, you break that group into 300 family members and listen to this. 153 unaccompanied children. since this fiscal year first started october 1st they have encountered 350,000 illegal immigrants in this sector and back here live it is not slowing down. dhs telling us in the last 24 hours there have been more than one thousand 600 illegal crossings in -- and 98 got aways. neil: the former acting deputy chief of staff, we are getting word from the white house even though the mexican president wasn't at the summit that it

already agreed to expand existing border worker card programs including upwards of 20,000 additional beneficiaries and mexico will launch a new temporary labor program for 20,000 guatemalan workers per year to encourage them to come to mexico and not proceed much further but if i am making my way north, however enticing that offer might be on the heart of mexico to help me out i could get more bang for my buck or whatever, going further north to the united states if i make it. >> you are right and the administration can talk about creating more legal paths to come to the us but until they stop the illegal immigration people are going to continue to choose that illegal path. it is easier, faster and there is no consequences for it and that is what we will see and the cycle won't end.

neil: do we know, you know a lot more about it than i ever will but it seems when i see shots of pictures, video, and after 15,000 strong just walking through, i see mexican authorities standing on the sides letting them continue walking through. what do you make of it? >> this will be an optics problem. the biden administration does not like media attention on the border crisis. back to be fall, 15,000 migrants amassed under the del rio international bridge, that was a real headache for the administration such that they created border patrol, horse patrol whipping, fake story to get the attention away from that visual, that optics problem. this administration seems to be

doing nothing to stop that caravan but their plan is to process them into the us and transport them to many points north throughout the interior and allow them to apply for asylum most of which will be fraudulent. neil: not just at the border but well into the country for processing wouldn't that increase the are that they wander? >> it increases what we are seeing, keep the loan coming north because despite the administration's worries that the border is closed and doesn't come, when migrants succeed in reaching whatever town they want to go to in the interior, they tell friends and family members i made it in now is time to come north and this pattern continues and the crisis will continue and with

that comes the historic numbers of overdose deaths from the drugs. bill gave shocking statistics regarding the fentanyl, that's coming to every community across the country and killing our young people. americans are fed up with this and have to ask when will it get the president's attention such that he will change course and start securing the border and enforcing our laws. neil: watching closely, thank you very much. just want to draw your attention to something we are not showing on the screen, bedding what the next one will be in light of the inflation report, they are expecting a half point hike in interest rates, another half point hike after that in the month of august i should say and after that in september where there

had been expectations the federal reserve might take that month authentications now for 1/2 point hike again. in a 3-month period interest rates will go up 1.5 points on top of the nearly one point we have raised rates today. stay with us. ♪♪ lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member,

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neil: we are down 659 points. we are well in excess on the dow, much stronger than expected retail inflation running at an annual clip close to 8.6%, not close, at 8. 6%. most expecting 8. 3%. the federal reserve will pounce on this and raise rates. i misstated the number of fed meetings planned and that is where they hike every six

weeks, the next one is next week so the vetting is 1/2 a point at that one, in july they meet again. i think i said august. another half point hike than. symptom between the first another half point hike then, november 12th we would see half a point than and the end of december we would be getting middle of december we would be getting another half point hike. if you follow all of that, what it would mean is by the end of the year with one% federal funds rate we have now we would conceivably be at 3.5% for overnight bank lending money and that would be a dramatic jump. it might not end fair. gary, what do you think? do you see things that way? >> i think the fed is so behind, they have to play catch up as much as possible.

it's not just about the interest rates but the message they are sending the american people and the markets. markets have years. the institutions that meet every morning with the portfolio managers. what should we do next? when they see nothing done on inflation, no activity done what do they do? four letters, they sell and that is what you are seeing now. . what the all bets are on the fed to handle this. whether they are up to the task or not, we are monitoring the president right now, in los angeles talking about ways to deal with the supply chain juggernaut and all the problems there. but it is a little bit after the fact. already out of control and now we have economic pressures to further that. >> my worry depends on one man and the whims of one man that has no accountability or

oversight able to print upwards of $9 trillion to put into the economy and we have to depend on him to rollback again therein lies my major league worry. i wish we didn't have to talk about the fed. i would rather talk about great american companies on their earnings and sales growth and businesses, the spots that will double and triple. they became too big for too long with too much and what we are seeing is the unwind and the sooner they get cracking the better at this point but my other worry is the administration, they are talking about how they want to talk about our windfall tax on oil companies. that is what we need, higher taxes on any companies at this point in time, they need to get

their act together and start getting cracking or we talk about the 70s. we will get there. we are not far from another leg up in inflation so i'm hoping and pretty sure we will see 3 quarters of a point on the next meeting. i'm hoping for one. i don't think they have any choice. they are that far behind. i'm pretty sure you will hear it leaked in the next few days, 3 quarters of a point if not more because again this is about markets. we have lost $30 trillion of wealth affect globally. the economies around the globe and here have been helped by this wealth affect, you lose that and it is a double and triple whammy that can turn things more south than they are. i expect 3 quarters if not more. neil: i am not hungry now. >> not my fault. neil: you are the best and

appreciate your guidance on a lot of this. we talk about the federal funds and sometimes we jump into the weeds here. it is supposed to reflect whatever the ongoing inflation rate is. if we've got 8. 6% all bets are off, don't expect to go that high but maybe 3.5, by the end of the year but allowing for that if it hasn't slowed inflation, still running 8. 6% annualized clip they would have to keep hiking and biking and hiking it and that is why stocks are selling and selling and selling. more after this. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community

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so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. neil: the president is talking about the supply chain disruptions at the port of los angeles and ways to get that under control. too little, too late right now as prices continue to soar. charles payne right now. charles: good afternoon, everyone, i'm charles payne. breaking right now, stocks are sinking bigtime amid plunger consumer sentiment. -- plunging consumer sentiment. inflation rocketed to its highest level since 1981. president biden pointing the blame at shipping companies for higher costs and, of course, vladimir putin. we're monitoring the speech. so far you've heard it all before. jim paulson, brian wesbury here to the break it down. the reopening trade, it's kaput,

but what is out there for