in the morning and the producers weren't having it. they saw right through it. nearly 40,000 retweets for sugar , good job, great acting. dagen: francis, real quick. >> should we try the new jack and coke and speculate on who sugar is voting for? dagen: i've got a jack and coke on deck and four seconds, francis and joe, thank you. "varney" take it away. stuart: all right, i will, good morning, dagen and good morning, everyone. we were warned about a double-digit inflation rate and at the producer level, that's what we got. to put it clearly, this is how much business costs have gone up in the last year. here is the number. 10.8%. that is actually a very slight down trend from march and april but it is double-digit inflation for businesses, so what's the federal reserve going to do about that? their meeting starts today and there's now speculation that the fed will hike rates by 75 basis points. that be three-quarters of 1%.

now, what's that doing to stocks after all the selling friday and this monday, we are in a bear market. not much of a rebound today. the dow industrials will go up maybe 100 points at the opening bell. down 800 yesterday. same with the s&p. huge loss yesterday. minor bounce this morning, maybe 20 points and look at the nasdaq it was down 500 points, 4.6% just yesterday, backup this morning at the opening bell at least about 100, not much of a bounce. how about interest rates? the 10 year moved above 3.35% monday. that did not help stocks, especially big tech. this morning the yield is 3.32%. now the crypto crash and i use that word, i think it's legit, a crash. no recovery. in fact, more selling. bitcoin dropped to the $20,000 level earlier. it's now at 22, 125. bad news from inside the crypto industry. coinbase, that's a big crypto

exchange, will cut 1,100 jobs, 18% of the workforce. the ceo sees a recession coming. coinbase stock moving sharply lower again this morning. all right that's the markets. politics, next. president biden will visit israel and saudi arabia next month. the white house says he's not going to beg for oil. today, the president addresses the afl cio convention in philadelphia. he's got a tough job speaking to the very people who have suffered most from biden's inflation. it is also primary day in various states, key races. the key race in south carolina, where trump-backed katie arring ton goes up against republican incumbent nancy mace who is out of favor with mr. trump. it is a very big day. any sign of a bottom for stocks, any sign of a comeback for crypto, any sign of a slow down in gas price inflation, we'll cover it all, tuesday, june 14, 2022. "varney" & company is about to

begin. ♪ stuart: gets you going doesn't it? its got a good pace to get the show going so let's get right to it shall we? inflation and the markets reaction top of the show today. producer price is up 10.8% in the last year. that's the big number, the big picture, take us through it. lauren: that's the eye popping number but i want to focus on the monthly number and here is why. this is what the fed is going to be discussing tomorrow the direction of inflation so it rose .8% at the producer level in may from april. that was double the pace in april, so inflation is not calm ing down. if you look at the annual number s as you said, 10.8% inflation, you take out food and energy, 8.3% annually. that is not low enough to convince us to convince the fed that high inflation is starting to go away. stuart: lauren i missed that

month-over-month, the rate went up. the trend is up month-over-month lauren: it's double. double from april-to-may. every now and then i'll get one. stuart: okay. look whose with me now? an economist for heavens sake. brian westbury. all the headlines and speculation suggests that the fed is going to raise rates by 75 basis points. three-quarters of 1%. now if they do that, would that lick inflation? >> no. you know, we wrote back in march they should go 2% right away. now -- stuart: you said that? >> yes, we did. stuart: what was the reaction of your clients to that? >> well they understand. the federal reserve, what we did during the pandemic, the word is unprecedented. that doesn't mean in a long time , that means never have we done this. we never shut the economy down. we've never spent that much money in such a short period of time and we never printed that

much money, and so what's fascinating is this was all predictable. like, to me. we started writing about inflation in june, july of 2020, and our clients have been buying commodities, they've been buying oil companies, and commodities and materials companies and so that's one way to protect yourself from this , but you can't just raise rates and get out of this. then you throw the economy into a recession. what you have to do is slow down money growth. stuart: okay, is a recession inevitable if we now engage in a systematic increase in interest rates? >> yeah, basically it is. stuart: when does it happen? some are saying a couple years down the road. when do you think? >> you know, people are yelling at me because i'm bullish all the time. that's not true, but i still think we get out of 2022 without a recession and the reason is, we're opening up, so top gun

sets records. cruise ships are filling backup. we just took the testing mandate to get back into the country on an airliner. you know, so services are 70% of the economy. they're going to grow this year, in spite of all this other stuff , just because we're opening up. next year, and the year after, i think the odds of recession are 50% or more. stuart: all right we'll leave it there for the moment you're with me for the hour so back to you in a second. staying with us, more on inflation. i really do call it a dangerous spiral, but lauren? the white house does not seem as worried. lauren: no, the press secretary says president biden is really aware of inflation and the stock slide by the way that's erased all of the dow's gains since he took office and you know, it's no big deal. >> the american people are wele challenges because of the economic historic gains that

we have made under this president, under this president in the last 16 months. lauren: just this continual brushing aside of the reflation that eats at our pocketbook. stuart: she's saying you can afford it. you've got the money. lauren: in a sense. well, some people can afford it, but -- >> i was just going to say, whenever they say they've created new jobs, that's not true. stuart: that's a lie. >> i'm going to call it out. it's a lie. we still have less people working today than we have in february 2020. these are not new jobs. stuart: have we got the post, the cover of the new york post. lauren: what a cover. it says it's looking grizzly. bear market has economy running scarce, and then there was the bank of america fund manager survey, stagflation expectation so that's high inflation, no growth, the highest level since the financial crisis back in 2008. that's the mood of america. stuart: all right, what a way to open the show. wouldn't be complete without looking at bitcoin now would it?

lauren: more bad news. stuart: the crypto crash. it dropped to the $20,000 level earlier this morning. what's the problem lauren? lauren: well, higher rates, right? the fallout from that crypto lender celsius pausing withdrawals. now you have layoffs, coinbase is laying off over 1,000 workers that's 18% of its staff. crypto.com, 260 workers, why? they say it's the macro environment and the possibility of recession and the crypto winter. so, you know, investors are getting burned in all of this. stuart: it's a crypto winter all right, mid-summer. all right, lauren. it is primary day in four states , maine, nevada, north dakota and south carolina, and look where lawrence jones is. of course he's at a diner in south carolina. all right, lawrence, welcome back. you visited diners all over the country. in south carolina, where you are now, is inflation, again, what everybody is talking about? lawrence: you know, it's interesting, stu, because i

always say that these diners are the heartbeat of america because you get to see what's really happening in the country. the good, the bad, and the ugly and although every state and city is different, the running theme is that inflation is hitting everybody, whether it's the gas prices or the basic goods that you need when you go to the store, and it doesn't matter if you got a little money , you had saved and you were doing good under the trump economy. it's hitting everyone and i just find that interesting because it's the first issue. you know, i'm so used to getting a little bit of different concern from every state, but this one issue, it's killing all americans, stu. stuart: yup, i can see it. now it's an important republican primary in south carolina today. katie arrington backed by trump against incumbent nancy mace, who is not backed by trump. how is that race looking? lawrence: you know, typically,

stu, i'm able to make a call on these races, but it's just too close to call. there's a lot of people that are backing nancy mace. there's a lot of people that are backing arrington but there's also a lot of people that i spoke to in this diner today, it's election day and they are undecided. they are going back and fourth so again this race saw a lot of outside influences and if you know anything about the south, they don't like outsiders coming into determine their vote and there's been a lot of negative a ds on both sides so i think a lot of the people here are still trying to sift through that and you can tell they care about this vote, because they're literally saying i'm undecided until i go into the voting booth stuart: i was watching you earlier, because you appeared several times on "fox & friends" on fox news and i noticed that some people, some of the folks in the diner, were anti-biden and anti-democrat. is that the sense of where you

are now? lauren: brother, you cut out just a little bit. stuart: okay, if you can hear me now i'll repeat it. i saw you earlier, lots of people in the diner seem to be vigorously anti-biden. is that an accurate summation of the scene? lawrence: i mean, to be fair, stu, it's not just this diner. it's all the diners that i've been visiting, and you know, for those that say this is just conservative people that have this point of view, i was in dallas, texas, with my man on the street. dallas is traditionally very liberal. the outside counties are pretty conservative but even liberal dallas which went over 60% for biden, all the people that i talk to said they're not happy with him, so again, this is a running theme. i mean, we were able to focus antoine and tenor whatever was going well in the previous administration. you could talk about his tone as the president of the united states but when gas prices are up, people are paying more for

basic items at the store, the border and the crime is out of control. the crisis just continue to mountained so tone and tenor no longer matter. people just want the bleeding to stop and this administration not just from the president but the white house press secretary. no one is providing a solution for the american people. she was just asked about the baby formula and she didn't have an update. i mean, this is not something you should have to look through a white house binder for an answer to. there should be something on the top of your head where you have talked to the commander-in-chief to say this is the solution for the american people. they just aren't getting a lot of solutions from this administration. stuart: they just want the bleeding to stop. quote, lawrence jones at a diner in south carolina. gotcha, lawrence, thanks a lot we'll see you soon. all right, i keep saying bad expression, back to the futures. the dow shows a gain of maybe 100 points at the opening bell. that's not much of a bounce after the huge selling we've seen recently. the owner of a trucking company says diesel prices rushing his

industry to the brink of collapse. it cost him 20,000 bucks to fill up three trucks for one week. he's on the show, shortly. president biden quick to demon ize oil companies for the energy crisis. he says they won't drill. roll tape. >> oil companies instead of everybody says biden won't let them drill. they have 9,000 drilling sites they've already owned that are there. they aren't doing it. you know why? because they make more money not drilling and buying back their own stock. stuart: is that true? i'll ask one of the world's best -known oil analysts, daniel gergen, after this. ♪ ♪ ♪ wow, we're crunching tons of polygons here!

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♪ good vibrations ♪ stuart: why not play the beach boys when you're looking at the beach? lauren: [laughter] stuart: it is seaside, new jersey, 68 degrees on this tuesday morning. going up from there, i believe. president biden preparing to meet with the crown prince of saudi arabia next month. is he going over to saudi arabia to beg for oil? lauren: um, yes, but the white house says no. here you go. [laughter] >> to view engagement with saudi arabia on energy security as asking for oil is simply wrong, and a misunderstanding of both the complexity of that issue and our multi-faceted discussions with the saudis. of course, he will be, they will discuss energy with the saudi government. i think what i'm trying to say is to look at this trip, as it being only about oil, is not, it

be simply wrong to do that so we just wanted to be very clear on that regard. lauren: okay, but the president will be there, july 15 and 16. so initially, he shunned saudi arabia and its crown prince for human rights abuses, right? now he's going there, hat in hand. i loved the atlantic article on this. they say, the president should go, here's why. "he's sacrificing his values in the interest of something we haven't seen much of in the past two decades, realism." isn't realism the fact that we need cheaper oil and wait, we have it here in the u.s.. stuart: yes. lauren: we have it here. we don't have to go there. stuart: can we please go get it? lauren: that's realism. stuart: all right president biden, he is really demonizing oil companies, accusing them of choosing not to drill more, so they can raise prices. look whose here. daniel jergen, joining "varney" & company again.

daniel, is there any truth to the president's claim that the oil companies refuse to drill so they can get the price up? >> it's not, i mean, i just am shaking my head as i listen to this. the only place in the world where oil production is going to really increase this year happens to be the united states and it might be by 600,000 to 1 million-barrels a day, which is more than saudi arabia or anybody else could put out. the other country that could add four or 500,000-barrels a day is canada and so that should be on the agenda too. i don't understand why, you know , there's not a dialogue and work with the oil companies to help them solve their supply chain problems and their other issues that would facilitate more production, but these sound bites should really be retired. they aren't doing any good and biden wants, he's in a crisis. the country is in a crisis. the people you have on are in a crisis. we should be solving it not trying to solve it with sound bites. stuart: the president goes to saudi arabia, we believe, to fill the gap in oil production.

will the saudis fill the gap? >> well i think the saudis will do more oil, but what people haven't noticed is not a lot of what's called spare capacity in saudi arabia, so it will get much-lower and by the way, as it gets lower that's your last security blanket that you're pulling away from the market, at a time when we're in a global energy crisis, so it will help. words from the saudis would help , but the fundamental thing, stuart, is we're in a global crisis and the markets are not in good shape. they're disruptive. stuart: we've got the price of crude oil, west texas intermediate, 122.90 as we speak where do you see that price going, up from here? >> well, i think unless the fed really, unless we go into a recession, i think looking where the market is we'll see higher prices. we have a highly-dislocated world market and the sanctions on russian oil will start to go in place, and russian oil

production is going down, not up , so i think we're in for a tough time this summer in terms of oil prices and gasoline, and that's why we need a cooperative framework to address it, and not just political language. stuart: daniel yergin, you know what you're talking about. if only we could just get the oil back as ours. mr. yergin, thank you very much for being with us, much obliged. let's bring in brian. the price of gas did not go up overnight. it stayed right at $5.01 per gallon as the national average. brian, is it possible that we've actually reached a peak in energy prices? >> i guess that makes it a good day, right? no, i'm with daniel yergin. i'm amazed that you had him on. not amazed. stuart: he's a celebrity. >> well he is. he wrote a book called "command ing heights." it's out of print, i'm sure, but read it, because he talked about

how things work best, when the government is the commanding height or you let business like work their magic, and that's why we have these problems. we shut down business. we destroyed the supply chain. we printed too much money, and i think gasoline is going to go even higher. until we have a recession and the fed stops printing money. stuart: all right, brian you're here for the hour, stay right there, please. let's get a quick check of futures we've got what, seven minutes until the opening bell. i'm going to say that is not much of a bounce, up 160 for the dow, after an 800 point loss yesterday and 800 down on friday. i'll say it again, not much of a bounce but we'll see how the market opens in seven minutes from now. we'll be back. ♪

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with us this morning. mark, are you seeing signs at all that we may have hit a market bottom? >> well, we're getting closer to it. the type of furious selling on friday and yesterday are signs of early capitulation, and that's why the head fake we had two weeks ago when the nasdaq was up 6%, it just looked to easy. bottoms are a little messier than this and certainly friday and yesterday, we had a little bit of a mess, a little bit of capitulation as they say, so i like the market a little more today than yesterday, but to paraphrase, not as much as i'm going to like it tomorrow. stuart: okay, what happens if the fed raises interest rates by 70 basis points? >> well, i think counterintuitively it might actually help the markets. i think at this point, inflation is replacing the fed is the story, and if the fed can tackle inflation, even with a bit of aggressive policy, it could be taken from stock market

investors as a positive, especially on the tech stock. if tech investors see that inflation is under control, that could begin to put a bottom, at least in that hard-hit area. stuart: there's a very well- known investment analyst, jeremy segal, i've been following him for years and years and years, and he suggests that if we get a 100 basis point jump from the fed, 100 basis point, up one point, that we'll have a stock market rally. what do you say to that? >> well it's the same concept. so i'm not going to disagree with it. i think we're more likely to get 75 and 75 but what he's saying is the big enemy of the investor right now is inflation, and if the fed says we're going after it as public enemy number one, that will give investors confidence. what hit hard last week was that inflation, the month-over-month number didn't pause. the only problem i see is the fed doesn't control the price of oil, and oil is the big catalyst right now. it's not just what we pay at the

pump. it's the prices throughout the supply chain and everything that we eat, places we go. it's those underpinning costs so until oil gets under control it almost doesn't matter what the fed does. stuart: we just had daniel yergi n the expert suggesting oil goes up from here >> [opening bell ringing] stuart: mark thanks for joining us this morning a very interesting day shaping up and in three seconds we'll find out how this market opens. i'm betting on a very small gain for the dow, the s&p, and the nasdaq. let's see. it's 9:30, we're off and we're running. they have opened this market and most of the dow 30 are in the green. i've got chevron, with a top score, up $3 now, so energy stocks are doing well this morning, and overall, the dow is up just 100 points, again have to remind you, we were down 800 yesterday. the s&p 500 has opened on the upside, just a gain of a half percentage point that's it. check the nasdaq, down 4.5%

yesterday, up .7% this morning. let's have a look at big tech. all of them creamed yesterday. all of them up slightly this morning. now, got to get back to the crypto crash. my opinion, no recovery this morning. susan is our expert. what is it? >> well okay last night it was below 21,000, so at 20,000 and you're up around two grand i think that's a bit of a recovery so this morning not surprisingly we're hearing that some of these crypto companies are cutting jobs. coinbase ceo brian armstrong in a company-wide memo says they are playing off 18% of their staff. that's roughly a thousand jobs or so, and armstrong is predicting a recession, a crypto winter, which means crypto prices will stay deflated for sometime. not just coinbase, cutting 10-20 % of their staff, crypto .com cutting 5% and confidence has been shaken. we've had big blowups already when investors can't take their money out of big lenders like

celsius that's a really bad signal for the markets. we know that cryptos benefited from stimulus money and higher rates draining that liquidity means there's no money to spend on fast money reseptemberrables like cryptocurrency. micro strategy again a billion dollar loss on the 129,000 bitcoins that they bought since they bought at an average price of $45,000 or so. stuart: $1 billion loss? >> yeah. stuart: that hurts. show me twitter, please, because musk plans to address employees. i don't know when but he's going to address them. any idea what he's going to say? >> great question, i think we're all waiting to hear what he has to say on thursday morning and you have to remember that staff, they have been really concerned over job cuts, this impending musk takeover, what this means for free speech, whose allowed back on the platform, & company culture going forward and musk says the deal is paused until he gets more information on the number of bots that actually use the platform, so how many of that 225 million daily active user number is real, active

human beings that you could platform. twitter management says we're going to force that deal through which is agreed upon at 54.20, however you look at the markets and the spread right now one of the widest spreads between the actual how the stock trades and the offer price, a lot of the people in the markets don't think this deal is going through especially with the 20% bear market and where tesla is trading. speaking of tesla stock because obviously musk is using some of that tesla stock as collateral. still, maybe he'll have to sell some in order to raise that $44 billion to buy twitter. he's rallying his troops to finish the quarter on a high note and he wrote a company-wide e-mail talking about a super- tough spring when it comes to the supply chain, finding the right parts whether it's lithium or a chip but that is typically what he does at the end of the quarter to say let's get going, guys, and usually he's been able to rally his troops as you've seen over the past year or so, year and a half. stuart: okay folks, take a close look at the bottom right hand corner of your screen that's the dow industrialsment we

opened 100 points higher now we're just up 20 points after a big sell-off yesterday. okay, what else we got, oracle. big gain, and i think i know why susan. >> okay, go ahead. stuart: i think i know why. their cloud business is doing well. you made me understand the cloud >> that's right so larry elli son's oracle had a much-better first quarter thanks to strong demand for cloud as more businesses are transitioning to remote, hybrid workplaces, and they are working away from the offices and those physical servers so they need to work up here instead in the cloud, better sales, better profits and they say they are making gains especially on the cloud leaders like aws and google, and the like, and you're microsoft azure. so he's part of the twitter take over deal offering about $1 billion in cash for that $44 billion offer, also of course he was sitting on the board of tesla, so you know, he's a close advisor to elon musk. stuart: is he a bitcoin guy as well, larry ellison?

>> i'm not sure. i know he's a hawaii guy. stuart: he's got one. all right, continental resources , i know them as a huge energy company. looks like somebody is trying to take them private. >> well the founder himself, billionaire harold hamm. stuart: oh, he's the fracking, the horizontal drilling guy. >> yeah, that's right so oil and natural gas, that's what continental does and it kind of makes sense he wants to take it private especially when oil prices are sitting at record levels expected to go higher from here because of what's happening with ukraine and china coming back on line so harold hamm and his family are offering $70 a share to take the company he founded private. now the company will establish an independent committee, they say, to evaluate this proposal, so as you know, harold hamm, yes , he is majority owner, but they will have a separate committee to look at whether or not going private is the best solution. i just want to know fedex. if you want to look at out performance, first of all continental is up 15% after that

huge sell-off yesterday. fedex is close to 10% higher, so it makes you wonder if the market just wants to rally. stuart: i know why. >> yes, go ahead. on fedex you know why? stuart: activists have gotten a hold of the board and they are going to get three board members on fedex board. >> that's right so talking about d. e. shaw, who used to employ jeff bezos by the way, the hedge fund, getting three independent directors on the board. they have been activist investors in fedex but also, as a result, fedex is increasing their dividend by 50%. that's, your stock usually goes up when you get that kind of pay o stuart: i'll definitely take that. general motors show me, please, because they're at 32. down 7% yesterday, down 45% this year and i think that price , $32, is below the ipo price that they went with after bankruptcy. >> right, okay, so i think there's a caveat to this because remember coming out of bankruptcy was after 2008 so when they did that, that ipo

back in 2010, they ipo'd at $33 so the fact that you're sitting at 52-week low, by the way it's not just general motors have you looked at the other car stocks as well? they have really gotten hammered along with the rest of the bear markets we've seen and this is the first time by the way you see gm drop below that mark and the stock is down roughly around 45% so far this year, so under performing even the 20% drop that we've seen for the broader s&p 500 but in these type of environments would you rather buy the gas guzzlers who still might lead the electric race or do you want to buy the electric car companies like the rivian, lucid and tesla? stuart: i'd buy electric if i thought i would get a recharge everywhere i wanted to. >> in the middle of the country coming back from austin i did see a lot of electric cars and a lot of electric super charging stations, really surprised by the infrastructure buildout. stuart: okay, thank you, susan, all good stuff. check the big board. we are what, seven minutes into the session. we're up a mere 62 points.

look at the dow winners, please, on your screens right now. see if i can read them. mcdonald's, yeah, top of the list. right there, honeywell, 3m, goldman, chevron on your list, s&p 500 winners fedex, oracle, c h robinson, twitter, cf industries, see i can read it and the nasdaq winners, monster beverage, at the top there? love that story, qualcomm, csx, comcast, starbucks, i don't see any big tech on the nasdaq list, unfortunately. the 10 year treasury yield right now, 3.34%. ouch. the price of gold down 13 bucks at 1,818. bitcoin struggling 22, 300 bucks per coin, oil going up 122 is your price. nat gas going down sharply down. i've got to get that story, down 14% at 740 per million british thermal units. the average price per gallon of gas is $5.01 unchanged, but

california? holding at a mere $6.43 per gallon. coming up, families of 9/11 victims say phil mickelson is betraying america by competing in the saudi-backed liv golf series, mickelson responded like this. >> i would say to everyone that has lost loved ones, lost friends in 9/11, that i have deep, deep empathy for them. i can't emphasize that enough. stuart: that's not stopping him from taking a reported $200 million from the saudis. jake paul, he's been on this program a couple of times. influential kind of guy. he's squaring off with president biden, yeah, he's a boxer, and he's blasting the president for gas prices and inflation and even crypto prices too. one white house advisor says they have not missed much when it comes to inflation. i wonder what larry kudlow has to say about that. larry is here after this.

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stuart: president biden's economic advisor jarod bernstein defending the administration's handling of inflation. watch this. >> what did the white house miss? >> i don't think the white house missed much, at all, in the following sense. we have a team, and i know you're pushing in a different direction, but i think looking forward, this is what's most- important. we have a team of seasoned people here, led by a president who believes that we have to do everything, we don't sit on our hands and hope these forecasts

for stable growth and inflation slowing down come true. stuart: where's president trump 's economic advisor when you really need him? oh, there he is, larry kudlow joins us this morning. larry? we've got a 40-year high inflation, wages falling way behind price increases. would you say the administration, jarod bernstein, missed anything larry: [laughter] well, look, jarod bernstein is an old friend of mine but i think he's got the story wrong. basically, you never hear from any of the advisors whether it's janet yellen or jarod bernstein or deese from the nec, my successor. the fundamentals here were far too much government spending. there were no pay-fors, and then they sold bonds, they borrowed and then the federal reserve bought the bonds and pumped up the money supply, which generated this record-breaking inflation, and we had a bad inflation report this morning from the ppi, so i don't think

of that is really settling down. the other point you'll never hear from them because of the climate change mania that goes on in that white house, is they threw a wet blanket over fossil fuels and we're not producing enough oil and we're not producing enough gasoline. we're a million barrels short on oil production pre-pandemic. i mean, the demand has soared, but the production is still a million short and we're also about 700,000 barrels short on gasoline supplies right now, so, you know, between bad fiscal policy, bad monetary policy, and terrible energy policy, that's a witch's brew that created this record-high inflation. i'm sorry that the white house and my friend jarod, whose an awfully good man, i'm sorry they won't fess up to that. stuart: what would you do if you were in a position of real authority where you could change things, what would you do right now to change the inflation

outlook? larry: well, i think that on the fiscal side, stu, i would have a domestic spending freeze. no more spending, okay? that's point number one. point number two, i would de regulate and open the spigot for energy, for heavens sakes. we need much more crude oil & gas o lien and we've got to open the regulations, lift the regulations on permitting and pipelining and so forth, and then finally, i would just, you know, let the federal reserve do what the federal reserve is going to do. they are going to raise their rate by 75 or 100 basis points at the meeting tomorrow, but the key point from the white house is freeze spending and open the spigot, drill, drill, drill, tell the energy producers that we're not at war. tell the energy producers we're not going to punish them, and then you'll see them positively

react to that, and start supplying the market. the market is under supplied. both gasoline and oil. stuart: the president will not do any of that, and i think we both know it which means inflation is here for sometime to come. larry we will be watching you this afternoon, 4:00 eastern on the fox business network. thanks for being with us this morning, larry, appreciate it always. thank you. >> cavalry is coming. stuart: that's your expression. it's a good one too. next case, one msnbc host criticized for tweeting about a restaurant financial hardships, who said what? lauren: it's meta hassan, and he tweeted this. i went to pick-up food from a local restaurant yesterday, and to the owners, did you guys survive the pandemic craziness and the owner said yeah, we did but now we have this new craziness, the recession. then the host says, there is no recession. the u.s. has been breaking records on growth and jobs, but you know, vibes.

okay, he took that tweet down. he later apologized for seeming out of touch. stuart: well he is out of touch. lauren: and that's the problem. stuart: in the first quarter of this year, the economy contract ed 1.4%. that's not growth. lauren: technically it's not a recession, but it feels like a recession for the owner of a restaurant who got through the pandemic and is now dealing with slowing growth. stuart: we got an economist what do you say? >> [laughter] all right this is, i'm a, i'm optimistic about this year. not that things are great. the inflation is massive. the first quarter was negative because of imports, and i think the second quarter probably will be positive. this full year 2%, nothing to write home about. we have that stag, 2% is stag, but remember in the late 70s, we had 13% unemployment and 13% inflation. this time, we have 3.5%

unemployment. it's going to go up. stuart: okay. >> we will have a recession. i just don't think it's this year. stuart: you're putting a positive spin on it. we'll take it. we'll take it. relax, you've got another 10 minutes to go. >> [laughter] all right stuart: rents, and this is, rents are going through the roof. madison alworth will have the full report on this right after this. ♪ for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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stuart: the rental market, it's becoming unaffordable for many many people. madison alworth joins us. could this be another sign of a growing, a brewing housing crisis? reporter: i think it is absolutely a sign, stuart. you know, we're already dealing with a homebuying environment where people are being priced out and now, those same people who can't get into a home to buy it are being priced out of the current homes that they rent this all because of these rising rates so take a look, according to redfin, we are now at a median rent of over $2,000 per month here in the united states. that's a 15% increase year-over-year, and unfortunately, this problem, is not going anywhere.

>> many people who are living in an apartment, they haven't been faced with this increase yet. they may still be on the same, so by the time they go out to find a new apartment or get a lease renewal they are going to get hit with an increase of more than what they would like and we're going to continue to see that happen for at least the next year. reporter: you know, so that's something i'm anticipating when my rent comes up. my lease comes up in december, and of course, you know, when we look across the u.s. , some areas have it worse than others. so you take a look at the top five cities, you really are see ing cincinnati, seattle, nashville, at 32%, austin all these people moving away from california to the great state of texas, rent there up almost 50%, stuart. stuart: that's huge. that is astronomical increase. madison thanks very much indeed. i still have brian with me. you're from the midwest. what are you seeing there? >> same thing. you know, since 2008 we've under built homes. we need 1.5 billion new starts, we only crossed that number in

the past year or so, for 10 years, we were under that, so we have a shortage of houses on top of all the money printing that the federal reserve did, on top of the reopening from the pandemic, it's a disaster for rents. they are going to keep going up. by the way that's a key input into the core inflation. stuart: yeah it is. >> that president biden was crowing about the other day. stuart: well, brian, great performance today, thanks very much for being with me for the hour. >> good to be with you. stuart: still ahead, lara trump, brian kilmeade, charles payne, pete hegseth. what a lineup, the 10:00 hour is next. ♪

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call a local agent or 1-888-allstate for a quote today. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. stuart: good morning. it is 10:00 eastern, tuesday, june 14th and the markets are in focus. we had a huge selloff yesterday and last friday. we opened with a small gain. that is where we are now. half an hour into the trading session, the dow is up one hundred 40 points, that's not much considering the selloff we've seen recently. the 10 year treasury, let's look at the rate, 3.3% drags

down the nasdaq, 335 on the 10 year treasury. the price of oil 123. natural gas, the decline in the price, i don't get it, bitcoin, we would have had a crypto crash and the downside, but going back to 22,400. at one stage it was a $20,000 level. we are about to see a generational change in our political leadership. the old guard won't be in power much longer but don't ask the president about it. watch this. >> does the president have the stamina physically and mentally to continue on even after 2,024? >> you are asking me this

question. he is the president of the united states. i can't even keep up with him. we just got back from new mexico, california, that we should be even asking. stuart: those questions do have to be asked. the president is 79 and shows his age. he will be 82 if he ran into thousand 24, 86 at the end of a second term. voters will not reject the question nor should they. the president's health and ability to do the job is a national issue especially with kamala harris waiting in the wings. there are 7 senators who are at least 80 years old, the largest group of octogenarians ever to serve together. bernie sanders is 80. could he run for president again in 2024 when he will be 83? steny hoyer, majority leader of the house is 83.

jim clyburn who engineered biden's nomination, democrat kingmaker is 81. speaker pelosi is 82. that generation of politicians is about to leave the stage but donald trump's it. is it. he is 76 and will be 78 in 2024. he doesn't mind if you ask him about his health. i want to see sean duffy, a crypto guy and we will get a crypto momentarily. let's start with generational change in our political leadership. i think it is time. >> 100%. so many democrats have been waiting not just for a decade but two decades to move up the ranks in the democrat party.

nancy pelosi, since 2003, for 20 years, when you don't have this flow of people, you don't get new blood or new thoughts or let people rise up the ranks. a lot of democrats are interested in new blood coming in. the question is what kind of blood do you get? a left-wing liberal until we see aoc, nancy pelosi looks like a moderate. who knows what the next generation will look like. octogenarians, it is too many. when she says i can't keep up to the president, does anybody believe that? nobody in america believes someone in their 30s, 40s and 50s can't keep up with the president because he's just dogging at not just in his schedule but his language. stuart: tell me how you feel at some point. let's check cryptos. we have bitcoin at $22,000 barely holding on.

i know you are a crypto guy. i will call it a crash. are you still a believer? are you hoping for a rebound? >> when i came into this, i was a long-term investor in crypto and long-term believer. big run ups and crashes. i had to put my seatbelt on, i am still a believer. buying on the way down, the problem with crypto, it is my wife who is getting frustrated for buying crypto. i'm still bullish on this. stuart: you must be getting worried. a crash by any other name, anyone in bitcoin has got to be worried. >> i am but we've seen it before. i saw you on sunday or saturday, fox and friends, this doesn't look good and it

doesn't feel good, when you see your portfolio drop 40%, 35%, it is tough. i believe we will get through this. the stress in the crypto infrastructure. there is growing pains. i think as a global community, you talk about problems of the fed eloquently, they are missing the mark, we would be better off saying, we decentralize as opposed to rely on that and the value of the dollar crashing with interest rates. i don't have faith and a lot of countries doing the same thing. where do you go? you can buy silver and gold and crypto is a place to play and grow. if i had a cell, i would not be selling, i'm a long-term, 10 year guy.

i'm going to ride this out. stuart: i admire your faith in crypto. stuart: i see it. thanks a lot. there are growing fears a recession is coming. the ceo of morgan stanley, powerful guy, james morgan. >> he doesn't see a hurricane coming like jamie dimon but the 50/50 chance. >> we fall into a massive hole, the federal get hold of inflation and it will be bumpy. we are unlikely about a deeper, long recession. with 50/50 yards.

stuart: talking about this year? >> it seems so. i read those comments at the banking conference, nobody can pinpoint it. people say it is inevitable as the fed has to combat inflation and high prices and spoke about the fed and said they have less room to maneuver. stuart: the fed meeting begins today. scott she'lladdy. what happens if we get a 75 basis point hike, 3 quarters of one%, what happens to the economy and the market? >> it will make it harder on everybody. markets are looking for that. they will do half. they could do 3 quarters. if they do, that will go against what jay powell said so he might take some flack about in front of this inflation inflation will be stronger than one in 3 quarters of 1%. they only have one real tool,

they will use interest rates and with the interest rate hammer that will not be good enough. this is the first time in my career i can remember every single other asset has gone up in value. every time you pull your wallet out of your trousers you are paying for something that has got more expensive over the last 18 months. take that in aggregate, not just food, not just fuel but everything else, that's almost like a synthetic rate hike in its in itself. you take into consideration the wealthy people, the bottom spiegel is not saving. credit card usage has gone up. they think it will be a short-term problem. they will write it out with savings and their credit card but that's not going to happen. layoff starting to come around the corner.

the economy is struggling but what we are putting in the gas tank is not coming out of the exhaust. the biggest problem, we have 3.6% unemployment rate at that level. 6 million people looking for a job and this is the opportunity to fall into a recession. how do we have negative growth last quarter and 6 million people looking at an unemployment rate of 3.6%, doesn't make sense. they asked me not to believe my senses. stuart: thanks for joining us. the market shows a 40 deck again for the dow industrials, some stocks moving sharply.

>> it was the worst yesterday, cutting oil production in may, the demand forecast, this year, at pre-covid levels. stuart: solano therapeutics is up 16. lauren: only $0.20. it is experimental treatment for rare genetic disorder so positive drug data will move your stock. stuart: even a tiny stock like that. coin base, bring us up to speed. lauren: not only is the crypto exchange laying off 18%, jpmorgan gave him a $68 price target, that is up from $50 but the previous price target was 100%. cryp cris here. here.

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stuart: look at those markets. that is not much of a bounce. huge losses yesterday and last friday. the dow was up a mere 18 points. gas prices at a nationwide average of $5.01 per regular but residents of one city are facing the most extensive gas in the country. ashley, how much and i've got to believe it is in california? ashley: you took my first line, your neck to be surprised it is in california but you won't believe the price, gas station about 3 hours north of san francisco selling premium gas for $9.94 almost $10 regular,

$9.63 and the current gas prices reflect what the owner pays for gas which is over $6 a gallon after paying employees and bills the worker says they had to charge higher prices otherwise they would have to close down, the gas station in question is independently owned and has been there for several decades and has reportedly received some angry calls accusing the owner of robbing customers. stuart: our next guest is the owner of a small trucking company warning about the dire consequences of high diesel prices. the national average for diesel is $5.78 a gallon. let's bring the owner of iron river express, austin smith. you have to spend $20,000 a week to fuel three of your trucks. that's a lot of money. i have to assume a lot of

trucking companies are going under. is that accurate? >> yeah, that's very true. it is sad because so many folks are going under left and right because we can't afford to stay in business. this crisis we are facing in the country is worse than anything i have ever seen in my life. stuart: what is your prediction if diesel prices either stay where they are, over $5 a gallon or go even higher to 6, 7, and 8, what happens to our economy? >> this is my humble opinion but i foresee we are going to have empty shelves. there is going to be larger companies that can stay in business, they have the funding or have prepared for this but all of these small trucking companies which is a good

portion of what moves freight across the country as independent owners they are going to go under and if we go under and can't afford to move freight you will see a lot of empty shelves. this is just myopia indian but we will see a lot of panic, a lot of chaos because people not be able to get basic necessities. blue when can we go back to your business? $20,000 to fill three trucks, and enormous amount of money. do you passed that price increase on to your customers? >> we don't set any prices for the products we move. my business strictly is in the agricultural industry so we move agricultural products. we don't set prices for that whatsoever. we walk a fine line here. if we increase our prices for

transportation to the farmer or the dairy manner or with whoever it is we are hauling for there is the potential we could put them out of business and if we put them out of business we are hurting the economy even further. stuart: how much longer can you stay in business with diesel at $5.78 a gallon? >> i try to do addictions on where to shut my doors. if we get up in the mid-6s or between $6.50, and $7 a gallon, i will have to close the doors. i wouldn't be able to afford to keep my trucks moving. stuart: that is bad news. i live in the northeastern part of the united states, $6 a gallon for diesel where i am. i hope it doesn't work out that way for you because we would love to see you stay in business but we feel your pain. thanks very much for being on the show, appreciate it.

>> thank you. the national average for a gallon of regular is $5.01. has got to be a lot of people can't afford to fill up the tank and some people are running out of gas on the side of the road. ashley: yes they are as jackson browne saying, running on empty. according to aaa more drivers are running on fumes and some are running out of gas prompting more emergency calls to the auto service. there has been a 25% increase in empty tank calls in some parts of the country. running on the the can have other consequences. in most cars the fuel pump is inside the gas tank and needs to be submerged in gasoline to be cooled. if you are not careful the fuel pump may overheat and that is going to cost you upwards of $500 to replace. keep your tank at least 1/4 full. i know it is painful but could save a lot of extra money in the long run.

stuart: back to you later. our programming note for everyone. it is tuesday. there will be an all new episode of american built on fox business prime. tonight's episode is about the transcontinental railroad, an engineering marvel. here is a preview. >> like a war. stuart: racing rivals -- >> a lot of crime. stuart: a dream to link east and west. >> some people call him crazy judah. >> the steel spikes and the bound american. the transcontinental railroad. stuart: that was back in the days of can do america, it was completed in 1869.

american built tonight at 8:00 pm eastern. coming up on the program, jake paul calling out president biden's supporters calling them part of the american problem. a lot of trouble. luna, celsius, finance. does that worry bitcoin investors. i will ask a bitcoin investor next. ♪♪ meet jessica moore. jessica was born to care. she always had your back...

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stuart: it didn't last. the markets turned negative. we had a modest bounce after one hour of trading we have turned south, dow down 60, nasdaq down 17 following enormous losses in the last two trading sessions. there is a dow stock, bowing way down. lauren: the news is part of

her, dave calhoun said demand for airplanes is strong, airlines are replacing their -- not enough to increase the direction of the stock, in part to repair relationships with customers. i want to show you the united states natural gas, it was healthy a few times and down sharply. the plant in texas went on fire, it is not until later this year. you would think natural gas prices would be up but they are down, think the thinking is it would be exporting, they export a lot of omg, it would make it cheaper here. stuart: that sure through me. the take a look at best buy.

lauren: might have turned with the direction of the market. consumers are pulling back on discretionary spending. it is in the green despite that. stuart: after the brutal selloff and it has been brutal, it could get worse, jackie deangelis has the story. >> reporter: the short answer is it will get better if you have time and time is the element everybody worries about. it took a minute for the markets to digest the damage done to the economy. they did hope it would be transitory but that is not happening. 20% drop, the dow is down roughly 16%, the nasdaq down 30%. your 401(k) is ugly. let's look at what history tells us. early 2000s, the nasdaq took

deep and fast plunge 37% within 52 days, march to may before experiencing 30 pounds, that was due to the technology boom, very different from what is happening here. into thousand 8 during the financial crisis the s&p fell 46% from october 2007 to march of 2009 but recover all of its losses by march of 2013 where time comes in. the dow hit its lowest .54% at the lowest peak in march 2009. it took four more years to recover and that is the result of the housing bubble leveraged by banks. a different scenario than we have here. what are the issues, incessant government spending leading to persistent inflation at 40 are high. producer prices up 10.8% in may. that means the producers pass the cost to you. gasoline at a $5 historical high. average companies morning a

hiring freezes, target, walmart, a barometer of what is happening out there. are we headed for recession? some people say we are already there. it would take another negative quarter gdp but given how the economy is, more likely than not to add insult to injury the white house telling us buckle up it is going to be painful refusing to reverse course nondestructive policies. people are suffering. stuart: we've been saying this for some time, why not reverse course. thanks very much but it doesn't look like we have hit bottom today because the dow has turned south. we are down 40%, 50 points after a huge selloff yesterday and friday. checking back on the cryptos. i call that a crypto crash. bitcoin's investor nikki has been with us several times on the show previously entered joins us today. tell me, are you now underwater with your crypto investments?

>> thanks for having me. my portfolio is pink, part of it since we last spoke. and partly due to everything happening in crypto but i see crypto as a long-term investment so i am keeping on my portfolio. stuart: if you look under the hood of the crypto business you can see some real problems which i am sure where you. luna, celsius, finance. you have to be uncomfortable at this stage. >> i would say i am nervous and uncomfortable. in the history of crypto you always see these dips happening however they recover in the long-term. i hope in the long term this will be an investment. stuart: any point at which you would sell out and get out of it. >> hard for me to sell out especially since it is going

down so much but i would sell one crypto backup. stuart: that is interesting. you will wait for it to go back up and then you get out because you are worried about the entire industry. that is accurate? >> yes. >> have you sold anything? >> i haven't but i should have. stuart: when you are at your high when you made the most money how much would you make? would you tell us? >> tens of thousands of dollars. stuart: somebody was in my ear. what did you make? >> tens of thousands of dollars. >> tens of thousands of dollars and you are now down to several thousand dollars and that is it. is that true? >> something like this. stuart: we feel for you. but we worry about all those younger investors and you are one of them who a lot of money into cryptos with great faith in cryptos and experiencing the real pain of the crypto crash.

thanks for coming on the show. you are honest about it and we respect and admire that. i hope there's a rebound so you can sell and get out. you are all right, see you again soon. still on crypto. a look at coin base, huge crypto exchange. the ceo is brian armstrong, has a strong message for his employees. lauren: to take a no-confidence vote against the chief operating officer. what did brian say to that? the buck stops with me. if you want to do a vote of no-confidence you should do it on me and not blame the execs. who was running this company? i was a little offended not to be included, he continues. second, if you have no confidence in the executive why are you working for us? quit and find a company to work that you believe in. because today coin base says they are cutting 18% of their

staff, 1100 jobs. earlier they rescinded job offers that were made and employees are saying that is bad in general. stuart: trouble under the hood. coin bases drop below $50 a share. >> compare them to the pandemic and all of a sudden it stopped and reassess valuation. stuart: crypto goes up and up and up. one station owner is refusing to sell it. i did not make that up. we will tell you about it. prices for used cars up 16% in the past year. exactly how much more are you going to be paying? more on that next.

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stuart: as we cover so often gas prices soaring and so was the cost of a new car on screen. lydia is with us, not just new cars, used cars are up, are used car prices up more the new car prices? >> they are. used car prices up 16%, the average price for a used car, $28,365. average price for a new car, 47,148 lose that is the second

highest price for new car on record. it is a limited supply, and we are in here in new jersey, we only have two cars on display because they don't have the inventory to display more. at the start of the month their 850,000 cars across the country for sale on lots. a year ago, there was a million. the high prices could be impacting car sales. most data projects 13.1 million vehicle transactions will happen this year. some sadie's slowing sales will put pressure on making some cars more available and affordable.

>> as sales, inventories go up, that will cause an easing of prices. automakers want as much inventory as people will consume. they don't want to have the inventories and as they move toward that there will be an easing of prices naturally. stuart: i have to say other analysts disagree, they might stabilize but not necessarily cheaper by the end of the year. buyers are above msrp, the owner of the dealership tells me he sold one of these lexus suvs for 50,000 over list price. stuart: 50,000 over the list price? just to get it? my goodness. you saved the best till last. thanks. check the market, we have

turned south. we have great increases from the fed, the dow is down 177 and the nasdaq is down 40. i should point your attention to the 10 year treasury yield which is below 3.9%. the yield goes up, stocks generally go down especially big tech. back to politics. bernie sanders and lindsey graham faced off in fox nation debate. how did it go? >> when a conservative trump republican debate to democratic socialist, fiery. the two veteran politicians debated a wide range of issues including of course crippling inflation that senator graham says is the result of democrat policies. >> shutdown the keystone pipeline, your policies are leading to a surge in gas prices.

this inflationary death spiral is being driven by policy is the don't work. >> i am sure you know we are looking at an international phenomenon. we can create millions of jobs transforming our energy system away from fossil fuels, energy efficiency and sustainable energy. >> the president has got a call those oil companies, those executives into the oval office and say stop ripping off the american people. stuart: ashley: bernie sanders saying his explanation, he blames the supply chain, the war in ukraine and corporate greed. it was quite an evening of debate between these opposing political identities. stuart: i found senator sanders's comments on inflation just laughable. that's all i can describe it.

youtube sensation jake paul has 20 million youtube subscribers, 4 million followers on twitter. he's blasting president biden over inflation. what did he say? ashley: does he ever. the influence are ripped into the president for his 4. 3 million followers on twitter and here's what he posted. biden accomplishments, highest gas prices, worst inflation, plummeting crypto prices, highest rent prices ever created, no encumbrance of the language. if you voted for biden and don't regret it, you are the american problem. paul tweeted the report that says 20%, 28% of the youngest democrats strongly approval job biden's job performance down 31

points since he took office. jake paul pooling no punches. stuart: he has been on before, let's have him on again. the saudis kicked off their new golf league met with considerable opposition including from 9/11 families. i will ask brian kilmeade what he thinks of the live golf tour next. ♪♪ your shipping manager left to “find themself.” leaving you lost. you need to hire.

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stuart: the market did turn south. we've been in business one hour and 20 minutes and the dow is down 40 points. that is the markets. it is $10.51 meaning brian kilmeade joins us now. i want to talk golf. the saudi's kicked off the golf lead, with anger from 9/11 families. live golf it should be ashamed, they are helping saudi regimes, in return for tens of millions of dollars, at the same time our government is rolling out more damning evidence of the saudi culpability in the 9/11 attacks. they don't like the live golf tour. where do you stand? brian: a couple things. saudi arabia has never been a

pure country, they don't say i'm glad to be dealing with the saudis. compared to what else is going on in sports, the president of the united states planned a trip to saudi arabia because -- to pump more oil and gas. newcastle is being bid on buyer prints in the saudi arabia. does that mean newcastle fans should stop going? the oligarch won the championship. how do people feel about an oligarch best friends and buddies with vladimir putin. why were we going to chelsea games? manchester city is owned by one of these billionaires from the uae. going to the world cup overseas they were using slave labor to build their stadiums, they were drinking horribly, a lot on died building the stadium so in china on a regular basis the uyghurs are being tortured and

destroyed. it is a genocide. we still see nonstop interaction between the nba, the nfl, major league baseball, everybody. greg norman heading it up, who is extremely popular and sergio garcia and others, not just mickelson. stuart: there' s big money to be made in this tour. greg norman is breaking the pga monopoly. that's the big picture story. where do you stand on that? brian: my goal was to have some control and we -- he felt he never had control. the pga set up his nonprofit but the only game in town. you wouldn't know this firsthand about the usfl gave a run at the nfl, the best players, herschel walker, steve young and others.

you've got changes in the nfl as they assemble outside the marriage. the aba pushed the nba to be better with julius irving and larry brown of the san antonio spurs, made the sport better. they get their come, that might be a lot of this. i'm not speaking to the 9/11 families. no one has done more on the war on terror. they are back in relations with saudi arabia combining with them to wipe out isis and al qaeda. it is complicated but don't make the stand this tournament. you moved to the pga out of donald trump's courses. the live tournament is being there, you want to boycott our president, the pga does and no one is supposed to have a problem with that. stuart: at some point the pga

has to back away from its threat to suspend all those players who go to the live tournament. they have to back off and accept there are two golf authorities in the world. pga dominates still but they are coming on strong. last word to you. brian: don't forget dustin johnson. the pga wants to defend itself and the 9/11 families have every reason to speak out. jamal khashoggi was a brutal murder but everywhere you go you have a russian owning the new jersey nets and the new jersey nets for about 15 or 20 years no one spoke out about that. stuart: the money talks. stuart: i will watch you on one nation the saturday night at 8 p.m. eastern on fox news channel. see you later.

still had, larra trump, charles payne, pete hegseth and in moments the president will address what should be a friendly audience, big labor's national convention in philadelphia. union leaders very much in sync with the administration. what could go wrong? plenty. that is the theme of "my take" next. ♪♪

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>> the only place where oil production will increase is the united states. the country is in a crisis and the people you have on it are in a crisis. we should be solving it. >> big enemy of the investor is inflation. public enemy number one. that would give investors confidence until oil gets under control it doesn't matter what the fed does. >> what we did during the pandemic, the word is unprecedented. you can't just raise rates and get out of this. you have to slow down money growth. >> bad fiscal policy, bad monetary policy and terrible energy policy. that created this record high inflation.

>> brutal out here. stuart: what is that line? brutal out here? welcome, it is 11:00 eastern, tuesday, june 14th and look at the market, we are down 20 points on the dow after big losses yesterday and friday. modest, small game for the nasdaq. remember the nasdaq was down 4.5%. is back up is backup a fraction this morning. the price of oil moving up. show me natural gas, trying to explain this one. it is rather difficult. you have an explanation. we will try to figure it out later. the 10 year treasury. this is what is moving. 3. 39% is the yield on the 10 year treasury. that has got to be a 5-year

high but a sharp rise in interest rates and stocks don't like it. mike murphy, are you with me on this, 3. 9%, spike 9%, spike on the 10 year yield, not helping the market. >> a lot of things in the market, not much helping the market. that is why we have sold off but as rates keep moving in that direction that is bad for leadership on the market which was big tech for the overall market in general. stuart: the fed is meeting today, they will raise rates. if they raise rates by 75 basis points. >> to quote mr. t, pain. a lot of pain. the 75 basis point hike. the fed will look like they are

panicking, more behind the new are. you know that hike is coming. stuart: don't think you are near the bottom of the market? you are always searching for the bottom. sold off 20%, closer than you were 6 months ago. some sort of clue that the fed. to raise interest rates randomly, the market drifts lower. the nasdaq up 31%, chopped in half. the bottom and big tech and a nice bounce comes in to? >> absolutely. look at apple, look at amazon, look at microsoft. the stocks of come down

drastically but they are still innovating, still creating strong earnings but we have this inflation that continues and rising interest rates and that leads to recession that will eventually hit apple and microsoft's bottom lines. there earnings per share are lower, stocks are no longer cheap but they are priced correctly. we need teeth the macro picture solve because the underlying companies, big tech is innovating, they will lead us out of this but the question is when. we one just one last question. suppose the fed raised interest rates by 100 basis points. what happens? >> market sells off dramatically. stuart: 500,000 points down. >> not sounding dramatic anymore. it will drop. we need some sort of

leadership. you should not be selling when you are down 22 or 23% on the s&p so hang in there. it is not pretty. we will come out of this as well. stuart: give us some hope. appreciate it. the market is down. now this. today the president addresses big labor's national convention in philadelphia. he is addressing them right now. should be a friendly audience. biden has supported union interests and the afl-cio contributed heavily to his campaign. union leaders are in sync with the administration. what could go wrong? plenty. for a start, the rank and file, the people who get their hands dirty who suffer most from biden's inflation. how will he handle that? so far he has played the blame game. it is letter put naps fault, it

is big meet or oil. those excuses haven't worked. working people, getting worse off as inflation canceled wage increases. there will be people and the president's audience who know they are worse off today than they were in the trump years. a majority of union households voted for trump, majority. with inflation raging, winning them back. don't forget the money. unions spent money to get president biden elected, will they pony up when democrats are likely to lose control of the house and maybe the senate? the president is desperate. aoc won't endorse him for 2024. hispanics have walked away from him and younger voters think he is too old. today's speech is almost a hail mary. he needs the labor movement but

won't get their support while inflation continues to rage. lara trump with us, good to see you again. the president is speaking to union workers, we showed a second ago, they are some of the people i think are hurting most from inflation. do you think he will get away with blaming putin for price hikes? >> he has tried to blame putin for everything he can. i don't think the american people are buying it. people are smart, savvy, they know we started seeing gas prices going up before the war with ukraine and inflation going up before the war with ukraine and people are not going to buy these excuses any longer. one thing changed, in january 2021 we started seeing prices across the board going up. donald trump left office and president biden took over, democrats took control of the house and senate. people can very clearly see where this started and when it started.

this today is a hail mary. the january 6th nonsense the democrats show they are desperate for people to care about is a hail mary of sorts because no one has any faith in the democrats, aoc will not say whether she will endorse president biden but no one thinks this guy is running as we head to 2024. stuart: it is not just president biden. donald trump's age is under scrutiny as voters wonder if he will run into thousand 24. trump will be 78 and biden will be 82. the government is run by older people. pelosi 82, twee 7 senators in their 80s, don't people want a new generation and that would include donald trump or exclude donald trump? >> first of all, if you know and i think you do, my

father-in-law is known to watch this show and it is his birthday today so happy birthday to my father-in-law, donald trump's 76th birthday. people can clearly see the difference between donald trump and the way he acted, the way he led this country, his mental acuity, his fitness as president of the united states compared to president biden, a man undrinkable scrutiny, how many times did we see the white house doctor trotted out in front of the press and the questions about two scoops of ice cream etc. that he continued to have thrown at him. people are like crickets when it comes to president biden but you don't have to say anything. it is obvious this is not the joe biden of even 10 years ago or 5 years ago. you are right, people are looking to perhaps younger people to lead this country. there is something to be said for someone like donald trump should he run who has done the

job before and done incredibly well at the job. we need somebody as we head into 2022 and 2024, people who will dagan and help us dig out of this disaster america has found ourselves in. stuart: we need energy in our leadership and at the moment we don't have it. thanks very much. back to the market. looking at some movers, they are up nicely. >> 3.7 person. instructing them, because of safety defects, cause the car not to move. top carmakers asked washington to lift the cap on the number

of evs, and it is easy. they probably would. stuart: musk is going to participate, all hands on deck. >> he gets to speak to twitter employees. they don't want him as boss. what they do to free speech. i would love to be there and what he hears from twitter employees. stuart: musk back off? lauren: trying to get the deal for under $54.28. but does he walk away? stuart: you messed up. he runner lousy company. i hope he says that.

>> lahren mentioned free-speech. he wants to allow free-speech on the platform. there are a lot of twitter employees who want free-speech for the political side, doesn't work that way, trump, musk will lay down the law and don't believe he will pay for the markets. stuart: i think you are right. phillips 66. they are up nicely. lauren: raised the price target to one hundred $27, the upside of 27%. energy is strong. stuart: i would take that if i could get 28% gain. now this. the first time in two years, preschoolers can take their masks off in new york city. from never experienced school without a mask. a viewer named scott sent this

photo of $7 gas, dozens of examples you have been sending us of inflation in your neighborhood. getting into it with charles payne. a new survey shows we are losing confidence in the fed as they debate the biggest rate hike in a long time. edward lawrence has the report from the white house next. ♪♪ you were so good to me. you worked hard to save for my future. so now... i want to thank you. i started investing with vanguard to help take care of you, like you took care of me. te quiero, mamá. only at vanguard you're more than just an investor you're an owner. helping you take care of the ones you love. (mom allen) value of ownership. verizon just gave us all a brand new iphone 13.

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stuart: producer prices up 10% in the last year. a slight slow down from the rate in march and april but it

is doubled dig it inflation for business costs. what will the fed do about this? >> the fed will raise rates. how much will the fed raise rates? the white house is happy to push the solution for inflation onto the federal reserve from the president's perspective, he sees rainbows in the sky but when you talked about at the producer price index at 10.8% year over year, month over month was 0. 8% which is double the increase from last month, this is the cost businesses pay to make the stuff we all by. generally some or all of that is passed on to the consumer and could be in inflation that has not peaked. many watchers of the fed believe the fed could go 75 basis points tomorrow, cme is saying 94% chance the fed will

move 75 basis points. the indicators are leading in that direction. >> the president believes as you heard from him multiple times that the federal reserve needs to have their independence and he wants to give him space to make their own monetary decision to deal with this inflation. >> you are looking at a life picture of the president speaking to the afl-cio, officials telling me the president will highlight, is highlighting the strength of the economy, due to the american rescue plan and infrastructure bill pushing for more spending and the solution for all of this. brushing over the fact that inflation is near 40 year highs. a lot of union workers in the audience will go back and fill up their pickup trucks, go back to work and have to deal with higher gas prices.

interesting to see how this message is received, the president saying the economy is looking bright for unions. stuart: thanks very much. we have been asking you to send in pictures of how much inflation is affecting your everyday lives. carlos bought a pack of oatmeal last year for $2.79. today it is $3.99. can took this picture of a gas of milk in hawaii, it was on sale for $9.69. alicia sent this photo of the produce she just bought, cherries $11.98, onions $8.48, blackberry $3.50, $24 for three items. another viewer sent this from the dollar tree which charges one dollars and $0.25, a package of storebrand oxley wash which is on the right used to be 16 ounces, the new one on the left is 15 ounces.

charles payne with me now. that is ugly. seems to me that inflation is a personal economic experience and we are all feeling it. charles: you cannot -- every time you hear president biden speak it is insulting at this point. you've got a lot of apolitical folks who don't pay attention to this but they do when they go to the supermarket and walk out with fewer bags, packages are smaller, they've got to fill up the tank and it is eye-popping. people feel this and are upset about it. we've known historically a direct correlation to gasoline prices and presidential approval. it has made and broken presidents. he will keep telling us, don't believe your lying eyes or your lying pocketbooks. stuart: keep sending your photos to us. inflation photos, varneyfewer's@fox.com.

the fed meets today. speculation is they will raise rates by 75 basis points. how will the market react? >> i think the market will go up. i think one hundred basis points would go up. what is interesting is i had so many experts on my show, i love my guests but none of them believed it would be 75 basis points. this happened in the last 12 hours when jpmorgan and goldman sachs, i think you are right but here's what happened, the new york fed has this consumer expectation report, so fascinating. what the fed is trying to do is to curb our expectations. if we expect to pay more we pay more. if we expect to pay more we buy it now because we think it would cost more and we make these things a self-fulfilling event.

spending, this redline, spending is that an all-time high, 9% up from where we are. inflation at a record high and at the same time income to go down. this combination is deadly. it is deadly. the federal reserve looking at a country that is going to be in economic turmoil. people expect that much money there is no confidence, another part of the report that is really fantastic, your financial situation somewhat worse or much worse all-time record highs. you've got to go 75 basis points. powell could go one hundred basis points come wall street is concerned about the credit markets or fixed income markets, main street, greenspan has to decide, is the end of job for wall street or main street? we will find out tomorrow. stuart: making money with

charles payne at 2:00 eastern, we will be watching and the dow has turned around 170 points. there will be two new episodes of my fox business prime show, american bills, will look at the wall worth building. here is a preview. >> he set out to make his mark on new york. stuart: the all american entrepreneur. the ultimate american dream. >> in his mind he always wanted to do that. >> the daring, the drama, the danger. >> there were no hardhats, no safety equal in. stuart: the king of the dimestore built the cathedral of commerce. >> it was a church to the dollar. stuart: the will worth building. stuart: two new episodes of american built tonight, 8:00,

transcontinental world word -- charles: i love the wall worth building. i want people to know, i am a history buff. i love rags to riches, the show was fantastic. stuart: you can chime in any time you like, sit next to me. look at the markets, lots of red ink. if we are searching for a bottom we haven't found the bottom yet, the dow is down 120 but the nasdaq is up 11 points higher. fedex, nice performers, 13% higher, three new directors on the board, activist investor put them on. maybe he or she will do something with fedex and they raised the cash dividend, you get $1.15 per share. the crypto market has lost 2 thirds of its value since peaking in november and the

crypto collapse costing jobs. susan will have the report. the us dropped covid testing requirements for international travelers coming to america and will we see huge boost in tours or will inflation keep people at home? we will deal with that next. ♪♪ put your arms around me ♪♪ put your arms around me ♪♪ i just want to fly ♪♪ ♪♪

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♪♪ america ♪♪ america ♪♪ ♪♪ i love you america ♪♪ stuart: i love that song could. that is sixth avenue. we are playing this song because today is flag day. it works anniversary of when congress passed a resolution establishing 13 stripes and 13 stars on our flag. a great song, love to play it for you on flag day. the markets not doing great. the dow industrials down one hundred 50 points, fractional gain for the nasdaq, we are down again on the s&p.

i want to get to cryptos, down again. ethereum slightly higher. this is costing people jobs. susan: it is less then a third of what was in november, less jobs and ripped oh exchange in the us, coin base ceo brian armstrong tweeting he made the difficult decision to reduce the size of the team by 18%. the broader market downturn means we need to be more mindful of costs as we head into a potential recession. coin base joins others cutting jobs, and a crypto lender chopping 20% of their workforce, laying up 5%. the winkle voss twins, 10%.

it is interesting when i spoke to one of the largest crypto exchanges in the world founded by sam threes of the crypto emperor by the new york times, his company and us president brett arison told us in austin they are not cutting jobs. >> could so prices going down. we are continuing to expand and look at either acquisitions across the state, doing that in times like this. susan: the crypto world has been shaken by that blowup. when you pause, transfers and swap, looking at a bank run in crypto currency and concerned who it is next. what they bought, average price

of $45,000 so $20,000 later one billion dollars underwater and there are concerns of 1/$4 billion large loan that they have to put up money for wares this money going to come from? does that mean more bitcoin drags on the price and will they raise that cash? stuart: they've got to be hoping desperately for a nice rebound. susan: it makes sense prices are falling because they have been fast money receptacles and all the stimulus money going on the last few years and you ask if they changed their mind compared to last week, if you are one of those lucky ones but raise enough cash before the downturn, maybe you can weather this and maybe even grow in this environment. stuart: it is not over yet. thanks very much.

royal caribbean submitted filing with the fcc. they want to become the first cruise line to use elon musk's times link internet service on their ships, signing a deal with hawaiian airlines to provide free wi-fi to passengers, starling doing nicely. susan: you will on the plane. stuart: travelers are no longer required to show negative covid tests upon entry. are we going to see a big increase in inbound foreign travel? >> we will see its increase and need it. tourism is significant to the economy which is why mayors, at the white house. we need the tourism back and international tourism. since sunday, searches for inbound international flights are up 8% so we will see an

increase, it will be tempered by other travel problems. i will text you a picture of my airline ticket. they are up 30%. bookings went down for the second consecutive month. the fair issue is significant some of the flame and we have but it will be good for us now. we will pick up international inbound travel. stuart: i am in new york city, walk around the city every day. usually in the middle of june these streets would be packed with travelers from europe. they are not today and i suspect some of them are put off by the strong us dollar. you come here with euros and yen your money doesn't go far.

that is inhibiting foreign travel. >> it most definitely is. a lot of people look to see where they travel and they are picking countries like that. in addition to inflation and the cost of the dollar, i am hearing people from other countries worried about our labor shortages. i was on a plane this weekend and this is the first time this ever happen, the pilot came on and said there's a labor shortage in the tower. not enough air traffic controllers to land these planes safely so we have to sit here. families in the airport said they had been waiting two days from the vacation, people are concerned about planning their vacation if they don't think they can get home and if there dollar won't go as far as they were hoping. stuart: hope to see you again

soon. the average price per gallon of gas $5.01, one gas station owner so discussed that he stopped selling gas protesting the high prices. today is the day, fox and friends weekend cohost pete hegseth out with his new book battle for the american mind, the left has weapon eyes the classroom as a means to control the political sphere. pete hegseth. hand delivered. a class act. pete is next. ♪♪ america ♪♪ neck we don't always get it all right ♪♪ ♪♪ when safe drivers save up to 30% on their auto insurance for not answering their phone while driving,

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stuart: the first time since the covid pandemic began young toddlers in new york city could attend preschool without a mask.

i got to believe there's a lot of smiles. ashley: you could see them. a case of better late than never. mayor adams lifting the mask mandate and nancy masks would be optional for youngsters age 2 to 4 in public schools, day care centers and other facilities but it comes when some programs were done for the school year and they had days or weeks left. adams was under pressure to ditch the masks. many are relieved their children can finally breathe properly again. others call the mask policy unfair, excessive, annoying. k-12 students have been permitted to ditch their masks sincerely marge, two to four-year-olds with the mask on all day and some of these kids have never been to preschool without a mask on. stuart: it is about time they dropped that and i'm glad they did.

pete hegseth is with me. he has a new book called battle for the american mind. this is all about progressives infiltrating education. >> 100 year progressive takeover of the educational pipeline. it is the hidden history of k-12 education i never learned and most viewers never learned because progressives write the history, they write the textbooks, ronald reagan bad, fdr good. automatic across the board getting 1-sided view of what is considered worthy of being taught to kids. any recovery the first step is understanding the depth of your problem and it is the type, so deep the digging out requires a reorientation of how we consider educating our kids and that is why david goodwin and

my co-author focus on the solutions as well, this is not just here's what is bad. here's how bad it is and what you can do about it. stuart: first thing i would do would be de-unionized public schools, get them out because public schools are failing but that is not going to happen. your alternative would be voucher systems, home schooling and charter schools. is that your alternative? >> part, all of the above approach, first step is getting parents and grandparents to realize protesting at the school board is not enough, that won't change the curriculum, the teachers college, the standard, the tests all of which are pumped down on industrial educational complex. pull your kids out, pull them out of government schools and find alternatives that work for you. we advocate classical christian school the way our founders were educated based on western traditions and biblical values and it created the most

brilliant generation you can imagine, didn't come out of nowhere. there are hundreds of those schools across america but homeschool options, online options, co-op options and parents woke up to the since covid 19 when the lunacy came into your house. stuart: i know you have a new fox nation special called the miss education of america putting this book on television. >> putting a sliver of this book on television. you are not allowed to just watch the miseducation of america, we wanted to update them. we wanted to update them but i submit you take this as a summer read you will learn how bad the problem is but you are motivated to do something about it. if you want to save our public it starts with our most fragile and precious minds. stuart: you know what is coming

next because pete hegseth is a bitcoin guy, we are in the middle or have seen something of a crypto crash. you've got to be worried. >> i don't feel good. will i spin a 60% drop since the high 6 months ago? i still look at this as a long-term revolutionary investment. i'm still up overall. i didn't put in my life savings but i'm still confident in the revolutionary nature of the technology, the weight liberates individuals to transact and the ecosystem is sorting itself out, there will be more regulation that comes but bitcoin, ethereum, other types of coins are here. stuart: you look under the hood and what do you see? trouble with luna. they collapsed. celsius, what is the other one, begins with a b, finance.

>> that came from firms pushing the envelope outside the regulatory parameters and became liabilities for themselves that the crypto world adapts to regulation in ways that is helpful to the space, bitcoin being one of those places as taxation becomes bullish. stuart: long-term, it took years. trish: took years to get where we are. stuart: you are a true believer. >> never been accused of being anything else. i am a true believer. stuart: you are all right. thanks. show me the dow 30, the dow on the downside. i want a sense of a market, half cup, half down, that is where is on wall street.

a new warning, california deals with a severe drought, if things don't get better the hydroelectric power could be cut in half, higher prices and maybe blackouts. our report from los angeles next. ♪♪ your record label is taking off.

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stuart: we opened up this morning hoping for a bounce after the big selling waves of last friday and this monday but it disappeared. the dow is down 150 points, slight gain for the nasdaq. average per gallon of gas, $5.01 but one station owner in massachusetts refusing to take part in this price escalation. what is he doing? ashley: he is quitting. he is calling the skyhigh gas prices a rip off. he has owned a gas station in massachusetts for 50 years but now is walking away because he can't afford to drive. he emptied the pumps at his

station saying he could no longer go along with an industry taking advantage of his customers. he accuses exxon mobil of driving up the prices adding it seems like according to him the oil industry is in it to get them but there has been a response. exxon mobil says service stations are individually owned and price based on local market competition and other factors including the price of crude, inventory levels, storage, transportation costs, but gladyou is calling it the biggest ripoff that has ever happened to people in my lifetime. he is out of it. stuart: that is his solution. the energy department warns that severe drought in california could cut the state's hydroelectric power supply.

our blackouts are possibility? >> reporter: they are and i'm worried about my electricity this summer but the senate is meeting to address short-term and long-term solutions to one of the worst drought on record and how the bipartisan infrastructure bill funds earmarked for drought are being used. behind me is the hollywood server are commander year 3 of the drought, turning out to be the driest on record and that spells trouble with living rolling blackouts. hydroelectric is 15% of the state's power but the eia predicts that could drop to 8%. california will need to import more electricity and increase natural gas usage translating to a 5% bump in wholesale electric power prices. senator manchin called for increased demand management. >> water and energy are 2 sides of the same coin, takes a lot of energy to treat the water we

use in everyday lives and substantial amounts of water to produce energy. given the current drought and high energy costs across the board, water conservation, the lowest hanging fruit to managing our demand. >> reporter: to address the drought extreme usage restrictions are in place but spelling trouble for farmers as well, regulators ordered those in the central valley which produces 1/4 of the country's food to stop filling water from nearby rivers but some are forced to plant in limited areas and others leaving the industry altogether as they don't have enough water. last year's drought cost the agriculture sector $1,000,000,010,000 jobs. this is coming as high temperatures are coming as well as the fire season looms. it is the perfect storm. stuart: it always is. thanks a lot. i am going to move on because it is 11:55, time for the tuesday trivia question. who was time's first person of the year? was it albert einstein?

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stuart: here is the question, who was time's first "person of the year"? any guesses, ashley? ashley: well i was going do say einstein but i will go with lindbergh, number four. stuart: yes, me too. i'm going with lindbergh. we're right, ashley. it was charles lindbergh.

the aviator of course. the man who flew from america to paris non-stop, first guy to do that he was "time"'s "person of the year" in 1927. i'm guessing right after he actually made that flight. he was quite a celebrity in his day. ashley, great show today. thank you for all you do. my time is up. look who is here now, neil cavuto. it's yours. neil: you got the first interview with lindbergh if memory serves me right. stuart: absolutely. neil: you and i can go back and forth on this thing until the cows come home. stuart: why not. neil: thank you, stuart. big slide in stocks right now. we're keeping a close eye what the two-year note is doing, 10-year note is doing. suffice it they're backing up a lot. the two-year is getting close to what the 10-year is. yesterday they were going back and forth. the fact of the matter looking at those securities they have