maria: all right, that'll do it for us want to thank dagen mcdowell and steve forbes great to be with you both this morning >> great to see you. maria: we got a lot happening the federal reserve will be at 2 :15 p.m. eastern stay with fox business when we get that at 2:00. "varney" & company begins right now, with the market, and that is rallying stu over to you. stuart: all right, good morning, maria, good morning, everyone. where do you start? stocks, cryptos, interest rates, mortgage rates, the primaries, a blatantly dishonest speech from the president. we've got major news stories all across-the-board. so, i'm going to start with the fed but believe me folks i will keep this short. we find out this afternoon how big a rate hike jay powell will impose. 50 basis points, 75, 100, don't know but the markets will move when we find out. here's a market in crash mode. cryptos. bitcoin came close to dropping

below 20,000 bucks this morning. it has been dropping everyday for more than a week, and bill gates came on and dismissed crypto. he says it's based on the greater fool theory. a trillion dollars being wiped out of the crypto crash and the inquiring minds around us want to know if that effects the economy. we'll tell you. here's a spite that hurts. mortgage rates, suddenly moving well-above the 6% level for 30 year fixed rate loans. 6.28% now, it was 5.5% a week ago. mortgage rates are up because the 10 year treasury yield is also up. it hit nearly 3.5% yesterday, right now it's 3.38%. retail sales figures came in this morning down .3% in may that's an important indicator. does that mean the economy is slowing and if it does mean it's slowing, will that effect the fed's rate hike? don't know and i'm not going to speculate. here's the market. reaction, i guess, the dow industrials up maybe 200 at the

open, s&p 30, nasdaq maybe up 140 points. modest rally. gas prices sticking just above the $5 level. 5.01 to be precise, but we've got another new high for diesel. we're at 5.78. all right let's get to politics. a very big win for myra flores, a mexican-born trump conservative in a district in south texas. the democrats may have thought an open border would bring in a hispanic vote. they got that wrong. adam laxalt won the republican primary in nevada. he's widely expected to win and possibly give the republicans a majority in the senate. it was a good day for the republicans and mr. trump. we'll run through all the results in just a moment. there is sharp reaction to the president's speech at the afl ci o, he was wrong about inflation, consumer debt, and the economy. i have an editorial on this. the president delivered a

dishonest speech, and has lost the confidence of the markets and voters. that's my opinion. wednesday, june 15, 2022, "varney" & company is about to begin. ♪ stuart: i don't recognize this song fill me in, tepper. >> it's the weekend. stuart: is that the band or the song? lauren: the band, the guy. >> it's one guy. lauren: a man. >> multiple days but he's one guy. stuart: okay, i'm just getting a little old. i'm going to, [laughter] i really am old. we're getting into the cryptos let's start there. bitcoin, down again. now, hovering around what 21,000 bucks. good morning, lauren. lauren: good morning. stuart: bill gates has got something to do with this. lauren: he said cryptos are 100% based on greater fool theory.

he's used to asset classes that have like actual output, and then he made a joke about nft. he said they are expensive digital images of monkeys that improve the world immensely. stuart: oh, sarcasm. lauren: and then elon musk, so he responded this tweet. it was by dogecoin's create or and it shows a meme of death basically knocking on real estate's door because it already killed off stocks, which you see on the left and then the middle door, which is crypto s. he also called them cryptonite. it took me a long time actually. stuart: [laughter] you got there eventually. lauren: i asked for help. that was difficult, but the point is, the crypto sell-off has really accelerated. the market value of all of them is now under a trillion dollars, remember how it was 3 trillion just a couple months ago? bitcoin fell 28% since friday. it's wednesday. i mean, come on. stuart: it's a crash. lauren: there's one more thing getting a lot of buzz. there's rumors the crypto hedge fund, three arrows capital, is

facing rumors of insolvency. stuart: speculation as opposed to rumors. never report rumors. mark tepper is here, poor devil has to stay for the entire hour. >> [laughter] stuart: we've already seen huge losses in crypto. i call that wealth destruction. what's the impact of that? >> yeah, i mean, obviously, investors overall are just taking a bath over the course of the last several months, with regards to crypto, i believe bitcoin peaked at i don't know, maybe 69,000 in november. now it's around 20, 21. i would say there was an article in the wall street journal, november 8, the day before it peaked on november 9 and the article was basically about how rich millennials are sunning financial advisors saying we don't need you, keep your free golf. we're not interested. we're not going to pay you. it's easy for us to plow 90% of our money into crypto, and the other 10% on our robinhood app is simple to manage with

less than one hour a week of work. unfortunately, those people are hurting, so i would say this is probably disproportionately effecting younger investors. stuart: okay, quickly to stocks. have we hit bottom yet? when will we hit bottom. close? >> no, not even close. so unfortunately, the average bear market, the length of time from the top to the bottom is about 20 months historically. we're five, six months in right now, and then beyond that the average drawdown is 39%, so i would say at a bear minimum we have another 10% to go. it's possible we could drop another 15-20%. stuart: all right thanks for being with us for the entire hour. we will keep you around despite what you've got to say. thank you, mark, seriously. we've got the retail sales number at 8:30 this morning about 40 minutes ago. there was a drop .3% what's the story? lauren: a surprise drop and the first drop of the year so let me show you what happened. auto sales were down 4% in may, sales at furniture stores, electronic and appliance stores, all fell, because we're shifting

from goods-to-services. sales rose at bars and restaurants, and obviously, they rose at gas stations, up 4% there, as fuel prices started to hit record highs last month, and the question now being asked and is this is a result of inflation , you know, higher prices, or demand destruction? and if it it is the latter, that actually makes the case a little bit easier for the fed in a sense because demand destruction naturally lowers prices. stuart: okay, we'll ask a couple of economists later in the show. is it demand destruction and what it did mean? thanks, lauren. turning to politic, oh, please. yesterday, president biden gave a speech about the economy and inflation. you'd think we were living in two different world's. watch this. >> since i took office, families are carrying less debt nationwide. they have more savings nationwide. under my plan for the economy, we made extraordinary progress and put america in a position to

tackle a worldwide problem that's worse everywhere but here stuart: okay, [laughter] let's get into this. liz peek with us this morning. is the president seeing something that we're not seeing? what's he talking about? >> well i think it's unfair that you missed the one thing he said that was actually true which is they are changing people's lives, that was his great claim and they are changing people's lives, as we saw, retail sales are down, why are they down? people are terrified. i mean, i think the most stunning statistic from last week, including the big inflation hike, was consumer sentiment, which is off the charts low. it is the lowest-ever recorded. i mean, that really is very meaningful. it went from 58.4 in may to 50 in june. the experts were estimating 58. i mean, 58 is already recession- level, people are worried. 50 is unprecedented and why is this happening when basically, people can still get a job? what worries me is now the labor market is beginning to fray around the edges, we're seeing h

hiring is slowing down, stalling at meta and other companies. when people all of a sudden can't get a job i don't know how they are going to react, because an awful lot of americans have never seen a recession. they've never seen inflation and they really have no idea what to expect but that consumer sentiment number ties in with the mortgage. i mean the retail sales number we saw. i think people are incredibly alarmed and that is going to bring us into a recession. stuart: i call that a dishonest speech. >> oh, yeah, without a doubt. stuart: you think that's legit? >> yeah. stuart: i'm saying the president of the united states was dishonest in his presentation. >> he was, and he made the same speech virtually out at the port of los angeles last week and used the same data points. i don't know why his staff, and by the way i wrote about it on monday, not that his staff is reading probably editorials on fox news, but it isn't like i'm the only one saying no, these are fake numbers. why isn't anyone correcting them it's because i think they think the media is just not going to

call him out on it and maybe because the people in that room were like oh, yeah that sounds good. the president is telling me this , and so i must believe it, and that is scary to me, when you lose confidence in our president, by the way, his approval and ratings on honesty used to be very high, when he took office. now he's under water by seven points. more people think he's dishonest than honest. it's because of speeches like this. it's because he says that build back better, spending another three to $5 trillion, is going to bring down inflation. nobody believes him anymore, and the more he continues with this , i think he is just torch ing himself and his party. stuart: got it. liz, thank you very much for being here. i'm sure we'll see you again soon. let's get to mortgage rates. they're surging. 30 year fixed rate loans now well-over 6%. what is going on? lauren: if you just look at the weekly move you went from 5.5 to 6.28% in one week, that according to mortgage his daily a year ago you were at 3.25 so say you have a mortgage

$400,000 home, 20% down you paid $1,400 a month in january, now you're paying $1,945. that's what it means to the average person. lenders are getting crushed, mortgage demand down big time, and now realtors you were talking about, layoffs. you have compass and redfin cutting between 8-10% of their staff respectively. stuart: man it just rolls on. come on into this , mark. mortgage rates at 6.28%. what do you make of the housing markets right now? >> the housing affordability is obviously coming way down. i think mortgage rates have basically doubled over the course of the last year, and the average mortgage payment is up like 50% from where it was a year ago, and all of this is happening at the same point in time where you're starting to see price reductions go up and bidding wars come down so i think the housing market is cool ing. we heard, i believe earlier today, that a lot of real estate agencies are now engaging inlay autographs, which is not good,

so look, i think at the very bear minimum, the housing market is cooling. stuart: it's another part of the economy that's slowing and cooling. >> yup. stuart: anything more? lauren: yeah, prices have not come down drastically. >> right. lauren: so you still have the average person really being hit, because the prices are still -- stuart: unaffordable. lauren: the rates are going up. and they might be out of a job. stuart: 18 minutes to go before we open the market and we're going to be up modestly at the opening bell. the president claims its putin and only putin, who caused gas prices here, to soar. roll tape. >> just since he invaded ukraine, its gone up $1.74 a gallon, because of nothing else but that. stuart: we're going to set the record straight, i promise you. florida congressman byron donald s says when it comes to the economy, margaret thatcher had it right and joe biden has it wrong. you've gotta watch this. roll it. >> joe biden, frankly a president who has no idea how an

economy actually works. the late, great margaret thatcher said better than any of us ever could. joe biden and the democrats prefer the poor be poor so the rich are less rich. stuart: anybody who quotes margaret thatcher favorably gets my vote and byron donalds will be here to receive it, after this. ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest.

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lauren: um, "steal my sunshine" stuart: oh, okay. >> we'll move on. stuart: that is by the way, fairly sunny charleston, where it's 90 degrees today, yesterday 's primaries in nevada and south carolina tested the influence of former president trump. lauren, out of the president's picks do? lauren: let's start in south carolina because there it was a split decision for the former president. the house republican who voted to impeach trump, which was five -term congressman tom rice, ousted by trump-backed russel fr y, who commanded 51% of the vote and let's flip it to another race in south carolina where congresswoman nancy mace defeated the trump-backed katie errington 53-45, trump went on to congratulate mace, so that ended fine. let's go to nevada the race for the gop senate seat, trump- backed adam lixalt beat sam brown, 56-34 and will face

democratic senator katherine cortez masto in november. stuart: and likely to win. lauren: republicans could flip that seat and in texas, wow. the wife of a border patrol agent, the daughter of mexican migrant workers mayra flores, she defeated dan sanchez by eight points in this special election, biden won that district by four points, that's huge, the latino voter turning republican, because they don't like what's going on at the border where they live. stuart: fascinating. hispanic voters turn republican in texas, my goodness me. president biden is once again playing the blame game for soaring inflation. watch this. >> republicans in congress are doing everything they can to stop my plans to bring down costs on ordinary families. that's why my plan is not finished and why the results aren't finished either. stuart: there he is. i was dying to see him this morning that's byron donald

s republican from florida. congressman, the president is blaming you. what do you got to say for yourself? >> i would say the president has no idea what he's talking about. surprise, surprise. democrats are the ones who control the house and the senate it's democrats who are blocking his agenda, because his agenda is crazy. listen, joe biden has brought us the inflation we have. he created a labor shortage. that was his plan. he's created a issue where you have $5 gasoline throughout the united states and california $7 a gallon. that's joe biden's plan. he's now going to blame republicans because his plan isn't done? blame your own party, joe, because they aren't following you anymore, because you've screwed up the economy and everybody knows it. excuse me, mr. president. stuart: okay. congressman, you invoked margaret thatcher's name and you said the trickle down economics do work. that's money to the top of the pyramid and it trick ens down to the rest of us. do you think it works? make your case. >> it absolutely does.

our economy works on trillions of voluntary decisions and transactions. people spending money, earning money, and doing it without government telling them where to place those dollars. every time we have an economic issue, it's because government decided that there's some outcome that they wanted to see , and they either inject stimulus or massive regulation and it distorts economies. you want businesses to thrive, because they have to hire people in order to make production, in order to make production work, they hire people, people make money, it's a circle that constantly flows. that is trickle down economics. i know the democrats love the buzzword but i love to use it too because they are flat out wrong and the american people know it today. stuart: congressman, anyone who invokes the name of margaret thatcher favorably certain gets my vote and you've got it as of right now. hope to see you again real soon, sir. we always appreciate you. thank you, sir. >> thank you. stuart: the president sent a letter to major oil refiners. sounds a bit like gemagogery to

me. lauren: okay so the letter went to seven refiners and the president wants to know why, i'm quoting, "at a time of war they're seeing refinery profit margins well-above normal being passed directly on to american families." he calls that unacceptable and writes "the crunch that families are facing deserves immediate action." your companies need to work with my administration to bring forward concrete solutions that address this crisis, and they explain why their refining capacity has dropped. i can tell you why. there is underinvestment for years in this sector. go back to 2019. major explosion at the biggest refiner on the east coast in philadelphia. they don't want to build it and then on the west coast, you have several refineries completely shutdown or reconfigured for renewables. so that's what's going on. stuart: you can not build a refinery, or even renovate a refinery in the united states today, because you can't touch fossil fuels. that's it. that's it. lauren: it is literally

unpopular. stuart: futures suggest that we're in for a modest gain at the opening bell this morning. there you have it up 200 for the dow, 140 for the nasdaq. the opening bell is next, and we'll take you there. the good ones go ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. stuart: looks like a modest rally at the opening bell this morning. let's bring in shah gilani, market wapper this wednesday morning. shah, why can't the bull market , why can't the market return to a bull run? >> pretty straightforward answer, stu. i think the worry about increasing inflation and the fed combating potentially increasing inflation with higher rates is what's keeping investors on the sidelines, and those two narratives have now the third narrative which is that's likely to happen, therefore, the market has lower to go, 10, 15, 20%, and as that narrative has taken hold, investors are less likely to buy this dip and may want to see the market fall another 10, 15, 20% before they think it's time to step in so that's what

we're up against now it's going to be very hard for the market to turn around here and start to move higher, given those pretty ugly narratives. stuart: at this moment are you taking money out of stocks? >> no. i've got a substantial cash position, we're looking to actually apply money, we're looking to buy companies, again, as i've said fortress balance sheets that are on sale including the likes of microsoft , apple, nvidia, amazon we're not fully committing to new positions. we are buying maybe 25% of the allocation we want to have in some of these great companies with balance sheets and i think they have lower to go, but no one really is sure where the bottom is going to be, when it's going to happen. it could happen within a couple of months, maybe sooner, and if you aren't in position, i think the first leg up is going to be 10, 15% within a matter of a couple of weeks and unfortunately, a lot of investors are probably going to miss that turnaround. stuart: wait a minute. you're saying it's going to be a leg up for the market in the

next two or three weeks? >> no, no. i say the next couple of months. i think we'll see a bottom the next few months. i believe we will see the bottom before the beginning of the fourth quarter, and i think it may get a little ugly. in fact maybe some panic selling , maybe some margin selling but i think that's what a lot of investors, certainly traders, are looking for. some sort of capitulation where the panic button is hit and people throw in the towel and generally speaking that's always a good time to start to buy but because the markets are so reactive, i think when we get there, the turnaround will be very quick and a lot of investors will get caught in the headlights not sure whether that's the bottom or not. that's why we're buying on the way down. stuart: buying on the way down. all right, shah gilani thank you very much for being here. we'll see you later. all right, mark, what do you think? right before the opening bell. what's going to happen this afternoon when the fed raises rates? >> oh, i think the knee jerk reaction is the market is going

to be up, especially if there is a 75 basis point hike, i think that at that point, investors would believe that the fed does have some credibility. >> [opening bell ringing] >> but i think that rally is going to be short-lived. stuart: by the way i just got a message from a relative of mine who thinks you look like prince harry. lauren: [laughter] stuart: let's get serious. it is 9:30 eastern time, on this wednesday morning. caught you by surprise. >> you did. stuart: the market is now open, they pressed that button, here we go. we're off, we're running and right from the start we are on the upside, well we're all on the upside, the vast majority of the dow 30, 29 of them, are in the green. the top performer is boeing at this point. all the rest of them are higher and the dow industrials up 287 so pretty good rally to start the day. the fed day, by the way, and the s&p is up better than 1%. the nasdaq composite, i believe is also up better than 1%, 1.3% to be precise, pretty good

bounce today and we're showing big tech because all of them are on the upside. all right let's get the big picture here. we've got the fed decision coming out at 2:00 this afternoon. susan? is an aggressive rate hike already baked into this market? >> pretty much look at the green across your screen so we've already taken profit to start this week, given that it's fed day, yes, we are in for the sharpest interest rate increase in 28 years. 75 basis points pretty much baked in the most aggressive single move that we're seeing since 1994, however you have fund managers and billion dollar fund managers bill akman, they want even more. akman says look you have to go 75 at least to restore confidence and credibility, maybe even 1%. you just get it out of the way. gunlack wants 200, preferably 300 -- stuart: what? >> basis points. stuart: but this is a well- respected wall street guy. >> like the bond king as he's been called. he just says well everybody is

calling for it, just get it out of the way, however i would say that if they do something more than 75, it could scream desperation and panic and probably not a good signal for wall street, but 10 year treasury yield already at the highest since 2011 and the point that the market is making here, anticipating the fed to flex, let's just get this over with and start this steep, aggressive rate hike cycle and get interest rates above 4% by next year. stuart: okay that was a very interesting report. gunlatch, 200 basis point? >> preferably 300, let's rip the band aid off. stuart: let's talk cryptos. no bounce, no recovery at this point, susan. >> yeah, okay so the reason is you have bitcoin by the way closing in on 70% down from the record levels back in november and it's close to cracking 20,000 and the reason is because there are rumors, reports, that a multi-billion dollar crypto hedge fund called three arrows, might be going under. the next shoe to fall. they have highly-leveraged bets and collateralized against their

ether holdings and with this price slide they have been reportedly offloading assets in a hurry, trying to make those margin calls. now i know the founder of three arrows. i spoke to him in the bahamas at the ftx event and he tweeted something cryptic last night that we are in the process of communicating with relevant parties and fully committed to working this out so it suggests there are some issues there with some liquidity, possibly some trades. look, we have the crypto lender celsius blowing up earlier, they have hired advisors to try to help them avoid from going under but i think you have the bears, like bill gates and the like, saying that crypto nft's are 100 % based on greater full theory, but it's interesting that despite gates saying that he doesn't have a short or long position on any of the crypto stocks, whereas he has a half a billion dollar short against tesla so wouldn't you want to put your money where your mouth is if you have doubts about a certain industry and asset class stuart: i don't know. i can't read bill gates mind but he ain't in bitcoin, he ain't in

cryptos. >> so bill gates, warren buffett, of course said he wouldn't take any. all of the crypto in the world for $25, and so i think it depends on your time horizon, what your beliefs are, but there are some, not a young guy on friday says he believes in blockchain of the future, doesn't own any cryptocurrency but then you have buffett and gates. stuart: where are we now 21,000 and change that's bitcoin as we speak and ethererum 1,200 is that? >> i think the takeaway from the crypto markets is leverage is deadly in this environment, and i think a lot of these funds have been piling on with borrowed. stuart: we'll bring elon musk back on to the show. musk shared some thoughts on competitors, lucid and rivian. what did he say? >> well okay and then do you take it with a grain of salt because he says they could go bankrupt if they don't cut down on costs dramatically. now, remember, the tesla almost went bankrupt a few times, between 2008 and also recently

2018 during that infamous funding secured tweet saga. also by the way, a few minutes ago nitsa says tesla reported 275 crashes involving self- driving just over the past 10 months. ford this morning also recalling 2.9 million vehicles, over concerns about detached shift cables which might result in accidental car rolling. now, let's get back to rivian and lucid in this electric car race, because i would argue that ford and general motors is part of this domination race as well in the next 10-15 years and who dominates the ev market rivian says they are still on track to produce 25,000 cars this year. they have orders for the million s, but it depends on whether or not they actually do have the technology because it's not easy to be a car producer. only two car companies, tesla and ford, have never done bankrupt, and ford has been doing this for over 150 years stuart: okay i want to move on to apple because they apparently , they made a deal with major league soccer. please remember, susan, major league soccer, is not premier

league. >> of course, oh, i know that very clearly, stu. you're going to bring that out, but apple is a deep-pocketed tech giant. if you're a traditional broadcaster would you be concerned about trying to bid against these tech giants for major sports rights in the future so to me, apple is paying $250 million a year for major league soccer, 10 year deal, right? it's getting exclusive rights. i think it is a first small step to try to test what this means in terms of driving subscribers for them and apple tv plus. by the way apple reaffirmed this morning by morgan stanley who is one of the top apple analysts katie huberty calling it overweight reducing price target to 185 but if amazon is going into bid for nfl sports rights, apple has $200 billion on the balance sheet wouldn't you be concerned if you're cbs? stuart: yeah, i would, but also if i was in the golf business and watching saudi arabia invad ing golf with a few billion dollars. >> yeah. cash is king, in this

environment. stuart: netflix. they are doing a real life squid game? yeah, so we have other streaming headlines here so they are, yes, we know how popular squid game one was, drawing of course some of the most eyeballs ever for any netflix series but netflix says, they are planning a squid game two series, and they are going to up this with some more engagement with a real life squid game and the top prize is $4.5 million. no deaths involved by the way, we don't want any homicides there to make that clear. also netflix is up for sale probably the biggest streaming headline this morning the ite is what it's called $7 billion reported price tag, they have 100 million subscriber s in china, that valuation $7 billion, might sound a lot to you but that's been reduced from what they actually sold shares at a few years ago and it's owned by china's google baidu, and they really haven't done a lot with it. stuart: so google owns china's netflix and china's netflix is

for sale. >> china's google owns netflix which is up for sale. stuart: got it. thanks very much, susan. tepper, you're with us for the hour and you've got some stock picks that you like i presume? start with diamondback energy. >> all right, so the ticker on this one, you know, in my opinion, one of the best energy plays you could hold. you could make the argument that energy is a bit stretched right now, but you still want to have exposure. diamondback is a low-cost producer in the permian, great dividend yield. stuart: tj maxx, they are a retailer and retail sales were down in may. >> yeah, a brutal brutal industry to be in retail but tj maxx is probably the best of the bunch. the next big catalyst for retail is going to be back-to-school shopping. it's amazing to say at the beginning of summer we're already talking back-to-school but that's the next main catalyst for retail. i suspect that most of the retail back-to-school shopping will happen at off- price retailers like tj maxx

as opposed to full-price. stuart: full of bargains at tj maxx. >> that's it. stuart: as gas prices climbed to record highs biden's climate czar, that's john kerry, insists we do not need to be drilling for more fossil fuels. roll tape. >> energy security worry is driving a lot of the thoughts now about we need more drilling, we need more drilling of this , we need to go back to coal. no, we don't. we absolutely don't. stuart: i beg to differ. i think we do need to drill for more fossil fuel. it's a first for musk. he voted republican, we'll tell you who he voted for , and who he likes in 2024. a gas station glitch turning into a gift for california drivers. watch this. >> accidentally put a decimal in the wrong spot and began selling the $6.99 gas for just $ 0.69. >> turned into a circus within a matter of minutes. >> i started looking around and everybody had a smile, like everybody had a big smile. stuart: yeah, but not everybody

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stuart: the fed's rate hike decision, i presume it's a hike, comes at 2:00 eastern this afternoon. edward lawrence is with us. now, your our fed watcher of the day, edward. have you any idea what the fed is likely to do? reporter: yeah, this ones an easy one. they are going to raise rates. this is the same federal reserve chairman who said that the 75 basis point move was not even on the table at the last meeting, but over the past six days, we saw one-two punch leading up to the decision the federal reserve will make today. now, first, the cpi inflation report came out that was red hot 8.6%. this is not a favored measure of inflation for the federal reserve, but there's no denying the trend of the increases here. now, then the producer price index showing 10.8% increase in

the amount, the companies are paying to get the materials they need, so some or all of that as you know, is passed on putting pressure on inflation, so as the fed tries to handle inflation, one small business owner telling fox that he's frustrated with the president's policies that sparked it. >> we had to first deal with the pandemic that put a lot of people out of work, and then what the people earned not working was really struggle to get them back to work and we're still struggling with that. then on top of it, put fuel prices on that have almost doubled and then on top of it, it's just it seems like it's one thing after another. reporter: small businesses are getting squeezed so just about every analyst looking at the meeting today, believes the federal reserve will move 75 basis points and look together see if the fed speeds up the shrinking of the balance sheet which also maybe a way of gradually slowing down the money supply to fight inflation. we haven't heard a lot about

that but that's something we'll be looking for , stu? stuart: 2:00 eastern we'll find out watch fox business thank you very much edward. there was an extraordinary, not extraordinary but a report on retail sales out at 8:30 eastern this morning. there was a surprise drop in sales, down 0.3%, down, john lonski is an economist. what does that drop in sales tell you about the economy? >> the economy is slowing down sharply. worse yet, let's take into consideration, the cpi rose by 1% in the month of may, so that after we adjust for inflation, that is a decline of 1.3%. it's ugly, we're going to see real consumer spending fall for the month of may. and moving forward, we'll gdp growth, by the final quarter of this year, will do very well if it can grow by only 1.5% year-over-year. stuart: are you saying that a recession is inevitable, but it's not going to happen this year? >> i don't think it's going to happen this year. we're going to have a decent

second quarter but after the second quarter we'll be looking at quite a slowdown and that's why i can't help but look at what the fed funds futures is telling me about fed funds at year-end they're putting it at 3.63%, with gdp lucky if it could grow by 1.5% annually. so watch the interest rate side. if the fed gets carried away, if the 10 year treasury yield tries to breakup towards 4% maybe that recession might arrive by the end of this year. stuart: one quick question on the stock market decline and the crypto crash. that's taking enormous amount of wealth off the table that is wealth destruction by the trillion. what effect is that on the economy? >> you're talking about the stock market. last time i looked i think the year-to-date drop, in the market value of u.s. equity was about $11 trillion, that's almost half of gdp. that is definitely going to hurt consumer spending, hurt confidence.

worse yet businesses are going to see their share prices sharply lower and they are going to approach capital spending and staffing, much more cautiously. stuart: this is a grim picture across-the-board. you're saying the economy is slowing, there's evidence of it right now. one thing you need to address is housing. mortgage rate, well-above 6%. housing slowing too? oh, of course. if you look what happened to the 30-year mortgage yield as measured by the mortgage bankers association from the start this year to where we are now, that equates to a 75% increase in the monthly mortgage payment. that's got to be hurting some potential homebuyers. stuart: i'll say especially first-time buyers. >> they're out of the market. with high-priced housing and higher mortgage yields, forget about it. stuart: wealthy people, they've got the money for the high- priced homes. they still got the money but everybody else does not. >> you're so right, stuart. if you look at the data what you'll find is those homes that are priced above the median are still showing double-digit percentage increases but if you

go to the lower, i'll take new home sales. that's down by 54% from the year ago. stuart: all right john lonski you delivered an important message not a great one but an important one thanks, see you later. saying goodbye to an icon. microsoft officially retires the internet explorer today. its been around for 27 years. could nuclear power be the solution to the energy crisis? jeff flock is at a nuclear plant with the full story, right after this. don't take fame, don't need no credit card to ride this train ♪

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know, you took it on the chin for a while and of course, nat gas prices were so low, you couldn't compete. now, you can, and people want nuclear. >> yeah, that's correct. the carbon-free attributes of nuclear power is starting to see a lot of value in the industry and from the media right now. reporter: i want to put up the numbers, take a look at this , stuart. when you look at the grams of co 2 emitted coal, 924 grams, nat gas about half that, wind and solar less, nuclear the least. >> zero. the energy that we provide here is carbon-free. we provide about 40% of the power for the state of new jersey and 90% of the clean energy in new jersey with just these three reactor s here. reporter: are we doing enough in the u.s. right now because i know china is expanding their nuclear capabilities tremendously. we need energy right now. you put up the numbers on china. in thousand megawatts of power,

their plans for the future are tremendous. are we doing enough here in the u.s.? >> there's a lot of countries right now that are investing in nuclear power over 50 reactor s being built worldwide and definitely more we can do here. reporter: we're going to talk about that all day with eric car r here at the salem nuclear generating station in new jersey stuart something to think about. stuart: nukes just got bad pr, that's what it is. thanks, jeff. tepper is still with me. do you have a nuclear stock ordinary folks can invest in if we do expand nuclear power? >> i do it's ticker is ccj, so they are north america's number one producer of uranium which is obviously what you need if you want to utilize nuclear power. stuart: do you own it? >> i own it, my firm owns it, clients own it. yes. stuart: and a good run with it so far? >> absolutely. i mean, look, from my perspective, nuclear is the future, and i mean, its gotten a bad rap over the course of the last several years, due to probably the three major crisis, three mile island,

chernobyl, fukushima but at the end of the day, it is the best way for us to maintain a strong power grid. stuart: okay look, before we leave you, or before you leave us, i want to show you something stick it up on the screen, please. >> oh, come on. stuart: that's prince harry on the left i think. >> [laughter] stuart: that is mark tepper. i think he's a dead ringer for prince harry. >> i've got better hair than that. man oh, man. stuart: a ringer for prince harry. out of time but thanks for being with us. all right still ahead the mayor o of miami francis suarez, last time we talked to him he was big on cryptos. is he now? governor mike huckabee, kt mcfarland, mercedes schlapp, the 10:00 hour is coming up next. born to be wild ♪ careful now. - thanks. -you got it.

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stuart: good morning. 10:00 eastern. this is wednesday june 15th. we have a nice solid rally for the dow industrials up 350, nasdaq up 150. the big fed rate hike decision at 2:00 this afternoon. the market is rallying before you get that number. the other story is the

continuing decline of cryptos, bitcoin is down 25,500 at this moment, earlier attested 20,000. the 10 year treasury yield in the news, almost 3.49% yesterday, right now 3.39%. just into it the latest on homebuilder sentiment. >> the reading is 67 out of a 2 year low in june, traffic slowing, rates rising, affordability. stuart: real estate has a problem. back to the markets, look who's here now. the man himself, quite a reputation by being right, his name is eddie ghabour. we have the kickoff's decision this afternoon, do you blame the fed for this inflation? >> i think they played a big

role in this being too late and they are so far behind the curve there is nothing they can do to get inflation down. the biggest fear i have right now is they will be aggressive in tightening and i believe that is reckless. this accommodates -- this economy is extremely fragile. we are at a tipping point. they come in with 75 basis points today and signal they will do it again next month i think you will see a major leg down even further the cause economically the consumer, the bond market is hurting, the wealth effect, the amount of money lost is hurting the economy and this will make it worse. it is reckless to be this hawkish when the economy is struggling so bad. stuart: you consistently said we've not seen the bottom of the stock market. okay. still saying that? still a long way down to go? >> yes.

we are oversold, it will continue to happen. expect to see a bear bounce today in the start of it but i can't emphasize enough these bear bounces for those who haven't risked anything need to take the opportunity and take some off the table if they are trying to protect their capital. we are very active with our portfolios, these bear bounces will come but we are going to take the next leg lower each time after these bear bounces. stuart: you talked about the market going lower if consistently. you've taken your clients money out of stock largely. where did you put that money? >> we have a pretty sizable cash position. there's nothing wrong with holding onto cash when the environment is as shaky as it is in this is something i don't understand why some people feel they have to stay fully invested. there are times in history when it is okay to sit on the

sidelines, how can you buy a dip if you lose a third or half of your assets on writing this thing all the way down and there are people who will learn the hard way. this is not trying to time the market but an economic cycle and this economy is spiraling downward and earnings are going to continue to get worse, the last thing, real estate is the last major asset that has held its prices, you will start to see a correction in real estate and that is where you could see a major major kind of economic scenario if the fed puts the pedal to the metal, nothing wrong with being on the sidelines right now into being patient. stuart: come back and see osuna to tell us what you think at the end of this week or next week. the president claims that gas prices only went up because of vladimir putin's invasion of

ukraine but we have some numbers that tell a different story. lauren: the fact checker today, let's hear the spin we heard from the president. >> i've done everything in my power to blend putin's guess i, just as he invaded ukraine, it has gone up one dollar and $0.74 a gallon. because nothing else but that. lauren: january 20, 2021. go to the other full-screen you can see gas is cheaper, $2.39, it rose 9, it rose 48% to $3.63 the day before russia invaded ukraine. the next day, the day after the invasion $3.54, it went from $3.54 to $5.01 for a gain of 40 one%, 42% in that short time, it was up 60% before the invasion and since the invasion another 41.

stuart: the president doesn't recognize that. the dow is up 372 points. now this. the president's speech to the afl-cio was nothing but political spin. i think it was dishonest and that is putting it nicely. his statements on the economy and inflation were unbelievable. he won't when the confidence of the markets or voters if he's not honest about the crisis we are facing. he said america is doing better than anyone else on inflation. that's not true. we have higher inflation rate than germany, france, china, japan, italy and saudi arabia. where is the president getting this inaccurate information? on the economy he said 20 million americans have lost their jobs under the last guy, that would be trump. he didn't mention that the whole country was shut down, out of work by covid. he said he created 8.7 million new jobs in 16 months, no he didn't. that was people going back to

the job after the pandemic. he said families are carrying less debt. credit card debt is exploding. he doesn't want to hear what he calls lies about reckless spending, gives you inflation. he was saying all of this the day the administration announced a shocking 10% inflation rate in business costs, record high for diesel, $5 gas nationwide. working people suffer the most from this inflation, biden's inflation. i think the jig is up. it was a dishonest speech, voters know what the president's credibility is done. mercedes schlapp with us. how does this translate into november? >> i want to stand up and applaud you. you are so right. you are understanding the fact that 80% of americans blame

biden, not putin, not trump, not the republicans. when you are looking at these poll numbers and seeing americans saying the country, 70 one% of americans think the country is on the wrong track, this president, democrats are in big trouble. they ended up honing in more so on climate change, putting more burden on our energy industry leading us to oppose it and where we are energy dependence, where he has to go to saudi arabia to plead for more oil and go to other rogue nations like venezuela and in essence you are finding the american family is suffering, they are the ones who come november are going to send a clear message to biden and the democrats that we can't continue to move the country in this reckless direction. stuart: another subject i want

to bring up, the house approved the supreme court security bill, 27 democrats voted against it. how come it took so long to get security past for justices and what is with democrats voting against security for supreme court justices? >> some of these democrats are radical like congresswoman rashida tlaib. she makes it clear she is anti-police, she will take care of her own self when it comes to security but in essence they are not ones to be able to protect our institutions, our justices. this is very problematic. i cannot believe we are having situations where you had an assassination attempt on one of our supreme court justices and it would have been an attempt on a liberal judge or conservative judge it doesn't matter. we have to have the duty, the

obligation to protect our justices, to make sure that they are able to do their jobs and sadly what you see coming out of the democrats is a message of violence, of bullying and using scare tactics to stop these justices from doing their work. stuart: i wanted to stand up and cheer when you were staying that. i approve. thanks for being here, see you again soon. here's the section of the show we get to elon musk, there is always a section on musk. he's making headlines again. >> republican politics, this is what he tweeted, i voted for myra florez -- mayra flores. first time i ever voted republican and he predicts a massive red wave in 2022. he said he is leaning toward ron desantis in the presidential and road i supported yang last time but desantis has a better chance of winning in 24.

4-man -- trying to guess what he was, saying off a lot lately. stuart: he put ron desantis's name in black and white, in writing, he said it. let's get back to the market, should be some pretty good movers, up 375 on the dow, boeing is up $6, 5%. >> boeing will resume 787 dreamliner deliveries in the next few weeks, they've not delivered any 787s in a year. regulators wanted them to fix production issues. stuart: tapestry, coach, democratic luxury. >> got an upgrade. the margin and sales growth looks better. luxury goods hold up better during recessionary periods abate that say the stock is going to 45. stuart: people were crowding around luxury stores and buying big in new jersey.

spotify up 6%. >> wells fargo think it is going to 124 which is a 20% gain. they upgraded them people wait, they had this investor day and they laid out a more profitable apps for the company which prioritizes market share, user growth, sales growth over margin extension. stuart: thanks very much. a homeless man in seattle through an elderly woman down a flight of steps and what is the state of washington doing about it? paying him, in my opinion, the criminal, $250 a day, that is outrageous. we will tell you the full story. a gas station in california accidentally set the price for premium at $0.69, cost them tens at $0.69, cost them tens of thousands of dollars and now there's a go fund me to make up for the loss. climate czar john carrie says we absolutely don't need to drill for more oil and gas. watch this. >> energy security worry is driving a lot of thoughts about

we need more drilling, we don't. we absolutely don't. >> reporter: penciling a congressman lloyd smucker from a fracking state will sound off on the climate czar next. ons h! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

stuart: president biden central one a letter to ceos of big oil companies about gas output, gas production. grady trimble is with us. what is the president demanding of these loyal companies? >> telling them to refine more oil, he sent that letter to 7

of the largest oil refiners, in a time of war, refinery profit margins well above normal being past directly to american families, i'm prepared use all tools my dispose including emergency authority as appropriate to address barriers to providing americans affordable secure energy. there you see the president suggesting oil companies, in the speech yesterday and in this letter, russia, are responsible for high gas prices. >> president biden: i've done everything in my power to blunt vladimir putin's gas price hike. just since he invaded ukraine it has gone up one dollar and 74 gallons. because of nothing else but that. >> it is true that us refineries are making less fuel than before covid because some refiners have shutdown in the last couple of years but look at this number, they are

operating at 94%. almost 100% capacity. democrats in congress continue to blame oil companies for making too much money. the senate finance committee chair ron wyden will introduce a bill to tax what he considers excess profits of big oil company, over 10%, they would be taxed at 21% in addition to regular income tax those companies already pay. the industry doesn't take kindly to that proposal to tax them more saying a new tax will discourage at investment when we need oil companies to invest in more drilling if the white house will let them. stuart: just wait till we get to price controls which i think i just around the corner from democrats. john carrie says the country

does more drilling for more oil and gas. >> the energy security worry is driving thought about we need more drilling, we need to go back to call, no we don't. we absolutely don't. we have to prevent a false narrative or again -- stuart: we got that wrong, john kerry, climate czar does not want any more oil and gas drilling, with us is congressman lloyd smucker, republican from the great state of pennsylvania. your state is a big fracking state. of the president's policies hurting pennsylvania? >> there's a few things we know, the president was just in philadelphia talking about his policies, we know the price of oil is not set by the gas companies. it is set by the world market and president biden from the time he came into office was restricting supply coming out of the united states.

we also know we have some of the largest oil and gas deposits in the world including right here in pennsylvania and the oil and gas companies are ready to go to work, what we need from this president is not blaming them for what is happening but making it easier. we need a sort of operation warp speed which is what donald trump did bringing all the companies together to create a vaccine. this is what the president should be doing now instead of blaming them for what is happening. stuart: that is a solution or partial solution for energy price inflation but you know the president is not going to do that. he will never go for more oil and gas drilling, the green, the left, john carrie won't let him. >> you are exactly right and i think what carrie said yesterday tells the story of this administration and at the same time the president sent a letter blaming the oil and gas companies for not producing more, like that used to but he didn't pull him away quickly

enough because everything his administration is working is working towards restricting the supply and making it more difficult to drill. stuart: it seems to me there have been some moves in congress among democrats, in the executive branch as opposed to in congress to organize the groundwork for price controls. there is a rule that says the energy crisis is a health crisis, it should be treated as an emergency and that sets the groundwork for price controls. what do you think? >> we saw what happened with democrats policies and the president on inflation, on rising prices, they believe more government involvement, price controls, handing out money, raising taxes, whatever it may be leads to a better outcome. we say that with inflation, the

policies this administration put in place from the time they took office, the trillions of dollars that were spent that led to rising prices that are affecting every american, them shutting down the gas industry, putting roadblocks in place for development has given rise to a national security crisis we are seeing now plus $5 gas per gallon gasoline. we when i guarantee your constituents are talking about $5 gas at not january 6th, just my personal opinion. great to have you on the show, hope you can come back soon, thank you very much. a california gas station manager has been fired over a mistake that cost the store tens of thousands of dollars. i know the story but you take it. >> the man is my hero. he put premium priced at $0.69 when they should have been $6.99. >> i hit that button and it started pumping at a $ stay low. >> turned into a circus in a

matter of minutes. >> started looking around and everybody had a big smile and were like not looking at you and your eyes. >> cost the store $20,000 and cost him his job. he set up a go fund me page to pay back the company. they should use this as good pr. $20,000 is a lot of money but maybe get more customers because of it, you all had a nice discount, $0.69 premium. stuart: i'm sure that made quite a splash in the neighborhood. >> the lines were huge. stuart: thanks very much, check the markets please, the market has been open for almost an hour and we have a modest rally, even before the fed announces their rate hike this afternoon, the dow is up 300. we are seeing the crypto crash. is the mayor of miami losing confidence in his city's crypto investments? i will ask him because he's here next hour. rising rates, and economy

headed to recession, seems like the sudden and perfect storm for the housing industry. the chief executive of the homebuilders association joins us next. ♪♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. 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: leading up to the fed's announcement of a rate hike leading up to that, the markets are positive, dow up 300, nasdaq nice again, up 200. a look at the movers, chipotle is moving her -- what is the story? >> more avocados are coming in and that should help them in the second half of the year and look at that, the main ingredient. stuart: did you know chipotle has the best profit margins in the entire industry? lauren: i believe that. stuart: their business model really works. hurts, what have they got? lauren: a billion-dollar share buyback. that happens, you restrict the shares on the market, prices up.

stuart: $2 billion is a lot of money. netflix. lauren: they are up 5%. a reality competition series based on their hit series sweet game, the prize is $4.5 million, gaming, new revenue stream for netflix. a when i wonder if the squid thing is enough to move the stock that much. lauren: it is more about a new way to tap into subscribers. be when it might be a balance off of a true bottom but i am not calling a bottom by any means. homebuilder confidence slowed for the sixth straight month in may. the ceo of the national association of homebuilders, is this a clear sign of a real slowing in the housing market? >> i'm afraid it is. six straight months going down

in the leading indicator, traffic and our job sites, is down below being the equilibrium mark. i'm afraid it is a sign of a real slow down. today we have a thousand members on capitol hill trying to warn policymakers housing leads us into recession and if they don't do something to change their policies this country could be heading into another recession. stuart: sound like a perfect storm, the 30 year mortgage rates urgent. it is $6.28, it was, it was $5.50 last week. i've never seen a surge like that. this is a perfect storm for homebuilders. you guys are in trouble. >> no question about it. the cost of capital has gone up for the consumer the cost of capital has gone up are the builders, cost of labor remains high. availability of labor remains high. the cost of building materials has gone up 19% year over year.

it is a perfect storm. stuart: i am told that homes in the very high end are still selling well and you can even get some bidding wars on high end stuff, but lower down the food chain that is where prices are softening, demand is drying up. is that an accurate statement? >> it's more than an accurate statement. it adds to a warning, the first-time homebuyer market which drive the housing market period. first-time homebuyers are priced out the rest of the market will follow except for the very high end and those people always have cash flows to buy homes if they want to but that is not the part that drives our economy. stuart: we've come out of a pandemic and now we are hit with an energy price inflation, we have been hit with it. when you build a new home for customers are they changing the kind of homes they want or the size of home they want?

>> during the pandemic we saw for the first time in many years demand for larger homes go up. it made sense. people were in their homes, needed more space. we haven't yet started to see that reverse itself though it could. right now the main thing we are seeing is we have to put us collator clauses and everything so builders have to be able to cover costs which we can't foresee because gas prices are going up on a daily basis adding to the builders cost. right now we affect the size of homes although we could. what we are seeing an effect is the way we do the transaction. stuart: let me get this straight. you sign a contract to build a new home, built into that contract our escalator clauses which the buyer of the home may have to pay if triggered by various inflation events. is that accurate? >> yes, sir. stuart: what kind of increases are possible?

>> increases in the cost of lumber, increases -- stuart: it would be a 10% escalator clause? 15%? 20%? big numbers. >> they basically say you have to pay what we pay and we will verify what we are paying. stuart: a timely performance and appearance today, thank you for that, good luck in washington. see you later. thanks very much. all right. okay. the housing market is cooling, parts of our cooling. my question is, our cities beginning to see property prices come down. lauren: a little bit depending where you look, the steepest drop according to realtor.com was 18.7%. in dollar terms one hundred $15,000. . in toledo, ohio, followed by russia to new york, detroit, pittsburgh and there is one city on the west coast that had a price drop. los angeles.

it dropped 5% but in dollar terms, $985,000. imagine that, chopping off basically $1 million off of a home. that's considered a small bit. stuart: that is home prices, not commercial property. in those cities. stuart: it is all levels starting to feel this slow down. in the housing market. stuart: take a look at the market please. that is our bread and butter. the dow is up 300 points. that is a bit better than 1%. have a look at the s&p winners, down -- what we got? the winners are -- stuart: going, goldman sachs, cisco, american expect, microsoft. stuart: read for me the s&p 500 winners. lauren: boeing again, penn national globe, life, netflix and dish network. stuart: nasdaq winners. amy: fx again, starbucks, cross stores is no longer on the board, just changed. we went still ahead, disney is offering a special world tour, fly around the world and visit

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stuart: check the markets, thou is up 300, nasdaq is up 150, modest rally in advance of the fed's rate hike decision. the 10 year treasury. yesterday the yield went close to 350, this morning at 340, still elevated. the price of gold, $18.23 per

ounce, up $9 this one, the crypto crash is big news, bitcoin is at 21,200. earlier it tested 20,000. oil slightly lower, $117 a barrel, natural gas is lower. there' s a reason for this. it is not lower but it is back to $7 billion per million british thermal units. i will explain why it is only $7 later. the average price per gallon of gas $5.01. many people spent their stimulus checks paying down credit card debt and boosting their savings but right now credit card debt is back to record levels. madison allworth has the story. we are using our credit cards more. >> reporter: we are back at record levels. this is a consumer story we are taking a look at. according to the credit card report on revolving credit which is most the credit card

balances america has a credit balance of one. one hundred $3 trillion, that is above the pre-pandemic record of one. one trillion dollars. for the first three months of 2022 america's credit card balance was $841 billion. this is all after period of pandemic savings or similar checks pay down debt, people weren't going anywhere to save their money so that pay down $83 billion in debt but we are back to a 40 year record high inflation level, credit card balances are back up year-over-year and the unfortunate thing is they carry the largest interest for borrowing money above 16% and some experts are saying rates could hit a historic 19% by the end of the year. if you have that debt on your credit card we could be at the beginning of a bigger problem. >> i don't see any large-scale caution but i know things change fast and we are talking

significantly higher interest rates. the stock market is down. a lot of people worried about a recession. there's only one way for these things to go. >> reporter: we are seeing signs of consumers adjusting, we talked earlier on the show, retail sales numbers came out today, economists were expecting a 2.4% increase, we were down by negative 0.3% and that was something that shocked people, high interest rates and weaker consumer confidence and clearly debt that has been accruing. stuart: amazon prime members not happy with whole foods delivery and taking legal action. >> reporter: klain have say why are we paying $139 a year for amazon prime when we also have to pay $9.95 each time we order whole foods and have the whole foods delivered? amazon bought whole foods in 2017.

in the beginning grocery delivery was free, one of the perks, that changed in october 2021, operating costs rose. they have a point but you get your food yourself. stuart: here come the lawyers. that the message of the story. >> one hundred $40 for free delivery and $10 each time. stuart: i guarantee if they win the lawyers will get the cash and whole foods customers will get a discount coupon. that's what they did with the airline. they sued them over price-fixing, the lawyers got $50 million worth of cash and the customers got discounts on future airline travel with those same airlines. lauren: your member how much the discount was? i remember i worked for retailers who got sit with the class-action suit and what i got was $25. lawyers always win. stuart: didn't you go to yale

law school? >> undergrad, one degree. stuart: better move on. something for baby formula changing shopping habits. lauren: if you have a baby to feed you would. moms and dads, going to as many as they can get to and getting what they can get for themselves and whoever needs baby formula, stockpiling, hoarding and cash make the situation worse and the out of stock levels improving a little bit, 21, 22% out of stock rates on shelves, it is a little better but if you are buying are you can it can seem worse to the person after you. stuart: margaret thatcher hoarded plastics and paper products before the great inflation in britain in 1979, she had an entire room and hoarded all kinds of -- lauren: random information. stuart: you live and learn. lauren: could write a book

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stuart: you have to move up from the dow, it was up 300 a few minutes ago, nasdaq is up 150. the 10 year treasury yield moving up this morning entered actual he is 340 as we speak, down from yesterday but elevated at 3. 4%. of the white house announced president biden will be making a trip to the middle east in july but 1-stop has lawmakers on both sides scratching their heads. jackie heinrich has the story. biden is headed to saudi arabia despite labeling the country a pariah. >> reporter: when the white house claimed a couple weeks ago they were toying with the idea of a sit down of a sitdown between president biden and the saudi crown prince, karen

jean-pierre subtle oil production would not be part of the agenda. that is changed to. john kirby said oil production will be part of the discussion which includes climate change, counterterrorism and iran. despite gas prices being where they are top democrats are saying the president should not be having this meeting. >> i have mixed feeling on this. of the president called me i would say you can't trust these people. their standards are not our standards. >> reporter: republicans say the president was wrong to box himself and from the get-go not only with unfriend unfairly energy policies at home but also after the murder of washington post contributor jamal khashoggi that he would make saudi arabia pay the price. >> he did not have called them a pariah state to begin within the campaign. we've had differences with the kingdom over the decades but they've been an important partner of the united states and the middle east, and to promote energy security across the country but even more importantly he never should

have gotten america in the position we had to go to any nation for energy security. >> reporter: new, this morning, and effort to bring gas prices down, the president telling oil companies, and there is a disconnect between the price of oil and gas writing the last time, the price of gas at the pump was $4.25 since a gallon. gas prices are $0.75 higher and diesel prices are $0.90 higher, that difference of 15% at the pump is the result of historically high profit margin for refining oil and gasoline and diesel and other products. the president vowed to convene an emergency meeting between the energy secretary in the national petroleum council in the coming days. stuart: thank you very much. here with me now, kt mcfarland, our go to person for foreign-policy. may be president biden is doing

the right thing with his visit to saudi arabia because he is going to saudi arabia and israel and the gulf states. is he not tightening up an alliance of those countries and us against iran? is that something to cheer on? >> that would be great if that was what he is doing but that is not what he is doing. he had good relations with iran from the very beginning. the obama administration and the biden administration both of them switch sides. instead of being pro-israel, pro-sunni, gulf arabs like saudi arabia they switched sides and side with iran. as a result the saudis are not going to do us any favors. why should they pump more loyal to their economic detriment in order to help president biden was letting iran get rich and get nuclear weapons. biden is looking for yet another excuse, and the dog ate my homework excuse and he will

be able to blame the saudi's for high gas prices. stuart: is there any area of foreign policy where the united states at this moment is scoring a win? >> that's a tough one. in one place if i am going to be generous is the one place the biden administration has talked about strengthening the alliance between the united states, japan, australia, new zealand, those countries in asia to stand up to the chinese but they haven't done much more than talk about it. that may be is kind of a win, at least it is a good intention. stuart: the rest is a loss. what about ukraine? it seems to be, vigorous fighting the forces seem to be at a standstill over a long period of time. that could add up to a russian win. do you think at least a partial win. that is what president biden

wants. >> i think what he has talked about his he wants to bleed russia and have this war go on as long as possible in order to bleed russia. the problem is china is not on ukraine outside. russia is going to do a couple things. they are going to use oil and they are weapon icing them politically. the other thing they are doing is slowly but surely grinding ukraine into the dust so that there will be people will leave ukraine, even more so people will die fighting ukraine and there will not be one stone left on top of another stone in ukraine. that is what the russians it and putin personally did in chechnya. they are playing the long game. they figure the united states and the west will get tired of it, no longer in the headlines and so they are going to grind this one out. stuart: is a pretty negative picture when you scan the rest of the world but thanks for bringing it to us, we appreciate it always, see you

again soon. still our head, governor mike huckabee, doctor marty makary, mayor francis suarez and jason reads, the results are in from tuesday's primaries and the republicans to be happy because if these primaries are any indication of november the republicans and trump will win big, that is "my take" after this. ♪♪ trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor.

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stuart: off a lot of americans have never seen a recession, never seen inflation, and they have no idea what to expect. people are incredibly alarmed. >> i can't help but look at what the fed funds future is telling me. of the fed gets carried away maybe that recession might arrived by the end of this year. >> i believe we will see the bottom before the beginning of the fourth quarter. when we get there the turnaround will be quick and a lot of investors will be caught in the headlights. that is why we are buying on the way down.

>> it is reckless to be this hawkish when the economy struggling so bad. >> blame your own party, they are not following you anymore because you screwed up the economy and everybody knows it. excuse me, mr. president. ♪♪ of the heat is on ♪♪ the heat is on ♪♪ the heat is on ♪♪ stuart: is 11:00 eastern time. it it is wednesday, june 15th. straight to the markets, three hours to go before the fed delivers its interest rate move. of the dow is showing a modest gain of 200 points. big tech this morning all over the place but as of now all of those big tech stocks are on the upside. that coin, crypto crash has been the big news in the financial markets, $21,180. earlier it had tested 20,000. as for the 10 year treasury

yield, back to the 341 yellow. it was nearly 350 yesterday, 340 one now, still as i said before elevated. now this. the results are in on tuesday's primaries, it is especially in south texas where the republicans flipped a democrat seat. in a special election, heavily hispanic district, myra florez, democrat dan sanchez, supports trump, she was born in mexico, her husband is a border patrol officer. what does that tell you about the hispanic vote. elon musk tweeted for the first time he voted republican, predicted a red wave in 2,022. in south carolina russell fry

easily defeated tom rice. trump backed fry because rice voted to impeach him. also in south carolina nancy mason won even though she criticized trump after the results came in mr. trump congratulated her. in nevada adam lacksalt won the primary by a wide margin. he goes up against democrat senator cortez master in november and is widely expected to win thus delivering the seat the republicans need. one last result from the democrat primary for congressional district in nevada. diana titus wiped out amy got letter. i bring you this because she was backed by bernie sanders. the left lost big. of these primaries are any indication for november the republicans and trump will win big. third hour of varney starts now.

governor huckabee with us this morning, great to see you again. elon musk predicts a red wave in november. is he on to something? >> i think he absolutely is. he is a pretty smart guy and he will peg this one right. the race in south texas is significance. the first mexican or in person to be elected to congress, it is significant she is republican in an area that went for president biden by 13 points. this is a huge flip, not just barely eked out in a close district it is purple this is a blue district, voted big for biden and had enough of president biden's policies, realize how destructive they have been and we are seeing at all over the country. stuart: i don't think democrats were expecting anything like this. they thought you opened the border, spanish beloved and they will vote democrat. seems to be the opposite has happened.

stuart: they don't know the hispanics of south texas, these are americans as much as you, me or anybody else they love this country and many of them are multigenerational americans but even the ones who have come recently came legally, worked to become american citizens, they love america, pay taxes, protect their families, go to church, these are great people, they believe in law and order, these radical left-wing democrats who are radical abortionists, believe in open borders, which minimizes the wages for people who are already here, that it is an automatic front, that is proven to be wrong, i hope they don't.

stuart: i have been talking about the president's speech to the afl-cio. i khaleda dishonest speech. he made this false claim about inflation. roll role it. >> president biden: under my plan for the economy we made extraordinary progress, to tackle a worldwide problem that is worse everywhere, inflation. stuart: the us has a higher inflation than germany, france, china, india and saudi arabia. my question, how does he get his facts? where is he getting his statistics from? >> somewhat is handing him a script, his like ron burgundy, he reads whatever is put, how offensive it is. how absurd it is and what he said yesterday was absurd. it was a dishonest speech, let me put it this way, when he is

making progress that's like saying he is the captain of the hindenburg and they had an interesting landing, this is insane, you can't make this stuff up and why he goes to the podium and talks about how great the economy is, people scratch their heads and say how am i paying $5 a gallon for gas, groceries are 20% higher and can't get a mortgage anymore. people are not stupid. stuart: i agree with that. you have the best analogies of any guest on this program, good stuff. very inventive. we hope to see you again soon, analogies and all. back to the markets, i call it a modest rally for the dow in advance of the fed's decision this afternoon. david's grandson joins me, market watcher of this morning. believe it or not i do read your stuff and you are saying

the recession is possible but not until next year. why the delay? >> markets tend to be forward-looking so seeing market pullback the way we've seen it it would indicate we are getting into first 1:45,023 but i must say with what we have seen more recently we could be a tipping point. at a precipice. why do i say that? when the markets into their territory, monday and tuesday, the bunker traits, utilities the last few days have been down and money starts to flow into bonds a little bit because rates have gotten high enough, that becomes a self fulfilling prophecy, 30%, 35% that is the

reverse of the wealth effect for brokerage accounts, they will spend less and we create that recession. as of this week we have more than the fed creating a recession to worry about. stuart: on the precipice, i caught those words, a precipice, heaven for bid we go over it. i know investors and regular people should focus on dividends. is that how you ride out the storm? >> it is part of it. our cio in charge of equity from his portfolios were in the back on monday, he actually sarvis inflation being a lot worse, when the white house, it is transitory, it will not last

that much longer, companies have the best shot in -- to the consumer. with higher dividend equities, the second benefit is with interest rates going up they drop a lot less. stuart: you've got to be defensive. unless you are very brave person. david's grandson, thanks for joining us, first time on the show, see you again. come back in again. i want to see some movers, looking at robin hood down again. stuart: underweight, the price goes down 30%, $5, they are concerned about deteriorating revenue trends and potential recession and the return to pre-pandemic lifestyles, not as many people using their service.

blue one show me snowflake. i like the name of that company and it is up today. lauren: they say it is too cheap if you take the management target in the future they can grow their revenue $10 billion from products alone. stuart: what do you do? thank you very much, delta. are they up or down? they are up a little. stuart: they are hiring a lot more flight attendants. they expect 4100 new flight attendants this year and they have a new hiring that starts today. stuart: we could use more people on the airlines, all these delays are killing people. you should go to europe and see what is happening over there. other chaos. under other chaos. unbelievable. riots in some of those places. shortage of staff, delays, lauren: when you are paying an arm of of the lake for your ticket. stuart: number chaos is used.

diesel, record high of $5.78 a gallon, that is up to dollars from last year. how can farmers keep their tractors running? they should ask me about that because i closed my tractor down. police leads police on a high-speed chase through seattle and call the cops to tell them to leave him alone. watch this. that suspect was referencing a new law that bans most car chases. jason rants will cover that. and fda advisory panel recommends mode dharna's covid vaccine for kids. does doctor marty makary think they need the jab? the doctor is next ♪♪ we are the kids in america ♪♪ we are the kids in america

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stuart: that is the millennium bridge in london, 81 ° and sunny in britain, london in particular. we are showing you this, the british have seen an almost 60,000 new cases in the last week, positive cases up 65%. that is because they have a new strand, a new variant, ba 4 and ba 5, doctor marty makary joins

us. there seems to be a new wave of repair. should we be worried? >> i don't think so but this is something that is real, we are seeing an increase in northern islands driving up the uk numbers, double the case is tracked, many more cases at home. this is what we should expect long-term, we are going to see slight variations in the virus causing an increase in cases but not hospitals overwhelmed. this may be the new seasonal phenomena in. a study out of the university of tokyo should the new homework on variants are likely to infect the lung tissue. omicron general stayed in the upper airways and that is why people generally were not as sick. it is less dangerous and this speaks to why we need a vaccine better design against variants sitting at the fda awaiting approval. stuart: it seems like just the flu, a new variant every year. is that what we are dealing with?

>> exactly right. if you look at rsb, influenza, they have similar case fatality rates to the current rates of covid because with population immunity that infection rate comes down. stuart: the fda as you are mentioning, the fda can be recommended mode dharna -- moderna's shot, would you recommend it to patients? >> no. i recommend young people take the pfizer vaccine if they've not had covid in the past, these are vaccines for the original wuhan strain, they don't work against wuhan but offer some protection against severe illness in people who haven't had covid, who haven't had omicron in particular. omicron is ubiquitous and almost inevitable and the moderna vaccine has higher rates of myocarditis. this was try to your go, the fda was considering the vaccine

for teenagers. in parts of europe, moderna is restricted. stuart: in lockdowns, reportedly hurt our children's immune systems and now some kids are being infected with three viruses at the same time. is that accurate? >> lockdowns have ignited a mental health crisis, we are seeing mortality and all sorts of issues far worse than the virus itself. it is not clear why kids are coming into the hospital in the united states in the summertime with two or three infections like rsv and influenza. sometimes 3 or 4 infections. one theory is they are living and what immune bubble that are more susceptible which another is the viruses interact, that is why you are likely to get the. ripple infected. stuart: i get the feeling among the people i know that they just want to get through this, they are done with covid, done with the pandemic, they want to

move on, live with it by all means but move on. is that what you are seeing? >> absolutely. people are feeling they have been lied to by public health officials and are ready to move on. we when doctor marty makary. i often get your name wrong, i'm surprised you keep coming on the show but you do and we appreciate it. >> it works. stuart: listen to this. the authorities in china have stopped a planned protest by bank depositors, looking to access their frozen funds. they stopped it. it sounds serious to me. what happens. stuart: lauren: ashley: big brother in beijing, health apps telling them when they can travel or not. a green coat says you are free to go. yellow means you are restricted, red means a 2-week quarantine. some angry bank customers in central china who planned to protest to get access to those

frozen funds say the government turned their health apps red, they couldn't get out of the house, there's been an almost 2 month block on the money which left companies unable to pay workers and individuals unable to access savings. right's group says the digital handcuffs are being used to stifle dissent and without a green code citizens whose access to public transport and spaces like restaurants and malls as well as the simple right to travel across the country. of course with the apps they fall you every step of away. welcome to china. stuart: you were right to say big brother, that is what it is. heaven forbid you think about doing that in america. good stuff, see you later. back to the markets. the gains we saw at "the opening bell" for the dow have been pared back aware up 100. nasdaq hauling onto a gain of 140 points. show me big tech.

with the nasdaq doing well big tech is doing okay. all the tech stocks are in the green this morning. back to you, ashley. microsoft retiring the once dominant internet explorer browser. are they replacing it with anything? ashley: microsoft explorer has been on death row for a year after the company said we are moving on and pushed users to its edge browser launched in 2015 but explorer is not going unnoticed on social media, some referring to it as bug ridden, the top browser for installing other browsers. in the early 2,000s explorer's market share was 90% because at the time microsoft required computer makers to use its browser as a condition of using windows. the company was sued for antitrust violation and that went away. the chrome browser dominates with a 65% share of the worldwide browser market

followed by apple safari with 19%, edge lagging behind, 4%. stuart: if you thought disneyland was unaffordable wait until you hear this, disney is offering a tour around the world in a private jet visiting all 12 parks, it is a 6-figure price tag. the price of bitcoin at an 18 month low. the mayor of miami went all in on cryptos. does he regret taking his salary in bitcoin? francis suarez is next. ♪♪

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it is a big studio. i can't get close enough. quickly to the markets. the dollars up one hundred 30 points, up 300, big fed decision this afternoon. 21,200 earlier, it challenge $20,000 a coin. susan is with us. you been digging into the cryptos. >> everyone guessing which fund or company might be next to blowup. one of the biggest ripped oh hedge funds on the planet, 3 arrows being margin calls right now. and pretty much confirmation, liquidating assets. we are in the process of communicating with relative parties and working this out. that is why bitcoin is trading

down 70% with record november peaks. we offer an analysis how bitcoin is trading, 40,000. your almost down. in a year's time. ethereum the same thing, close to half, the summer of 2021. the weight of this crypto collapse. a $40 billion stable coin, the largest stable coin denying in the past our, fears for them tied to that. you see the collateral damage taking place. what was impacted, what they are going under. stuart: bill gates didn't do much for cryptos. susan: bill gates said crypto

and nfts are 100 base. a man that bought heat for his grandson, gates, the fact that he said that, doesn't have a long or short on crypto. it is worth nothing, why not shorter. buffet said he would not take it for $25 and it is a great learning lesson. if you bet on margin, on leverage and being margin called with rates going higher we should have known that ahead of time. stuart: it was on your advice, but ethereum for my youngest grandson and we are down 60%. susan: tell me your time

horizon, the largest crypto player, we have major money about that. buyer beware. you sign a contract about that. stuart: he's only when-year-old so has a lot of time to make a comeback. susan: so do you. stuart: what is next. the mayor of miami, francis suarez, you know what i'm going to come at you with. you are big crypto fan. are you still taking your salary in bitcoin. >> the price is significantly less expensive. i remember when it was at 60,000 and people say i wish i bought 20. you have an opportunity to buy in at 20 and at the end of the

day, the technology, fundamentally changed, that's the question and the answer, crypto and bitcoin is different in terms of its impact in inflationary pressures, monetary policy pressures and fiscal policy pressures and impacting a variety of tech stocks in this particular moment. all of these are very young. what was previously stated. stuart: does the success of your miami crypto corporation and you bet the farm in miami on crypto. does the success of that operation depends on a rebound of crypto? >> we created a good ecosystem, $200 million made by the are reno, 50,000 person conference

of bitcoin and hundreds of high-paying jobs, and we transfer $2 trillion in assets under managed company in miami which are financial companies because taxes are significantly lower, and -- stuart: you are crypto cheerleader, nothing wrong with that. crypto is way down. are you worried about the reputation of the city because you have gone so big into crypto? >> it is influenced by macro factors outside the city's control, the biden administration's excessive government spending managing the supply chain, in a variety of other sectors. we can't control their factors.

and focusing on quality-of-life. and the crypto capital of america because i'm convinced it is the next generation of technology but a generation, that's not two years or one year but a generation of disruption that is inevitable. stuart: is a pleasure to be on the show and you let me understand what you are talking about. that is good stuff. i didn't realize you were a republican either. i know we will see you again soon. i want to get back to this disney round the world tour of all 12 of their parks and a private jet. this cannot be cheap. how much do they want for it? ashley: how about starting at $5 under one hundred 10,000 so the big question is what do you get for that?

you get a 24 day private jet tour that covers 6 countries and all 12 disney theme parks as well as three iconic landmarks, the taj mahal, india, the pyramids of giza and egypt and the eiffel tower. the vip configured boeing 757 is operated by icelandair to carry 75 passengers around the world. i don't call that private when i have 75 people with me. it includes world-class accommodations. when they say private i wanted to be private, the trip start on the west coast in la and slowly moves to tokyo, shanghai, hong kong, india, cairo, paris, all ending in beautiful orlando. bookings will be open to the general public on june 28th. who can afford that? people don't have to ask.

stuart: you won't go along -- ashley: calling me elitist? you know the meaning of true private jet travel, i don't. stuart: i am going to move on. now this. a viewer named lauren sent us this photo of $5 eggs in florida, one of dozens of examples of inflation in your neighborhood. you will see a lot of this. we showed you this video. a homeless man pushing a woman down a flight of stairs in seattle. the state is reportedly paying him hundreds of dollars a day. jason rats, our seattle guy, will explain next.

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stuart: markets coming back a bit, we were up 300 and now up 160. we have two hours before the fed announces its rate decision. show me the seattle-based real estate company. not enough work for agents and support staff because the housing market is cooling. now this. and alleged kidnapping suspect in seattle called the police during a car chase. wanted to make sure they, the cops, were breaking a new law passed by democrats that prevents car chases. roll tape. >> illegally chasing me. it is illegal to pursue. not supposed to be able to chase. stuart: the new bill state law enforcement can no longer pursue vehicles for any traffic

offenses with the exception of vehicular assault, vehicular homicide and driving under the influence. jason rantz, our seattle guy, made the trip across the country just to see me. >> i wasn't - it wasn't a private plane. of the when you are not the elitist here. what is the outcome of this guy suing the police because they chased him? >> he is not quite suing yet. 9/11 gets a call, a woman says her friend had been kidnapped by this suspect and he might have a weapon. he might have a gun. spd makes contact with him as he is at cemetery in his car, living there with his girlfriend. the girlfriend, we don't know if she's a hostage but the guy just bolts, drives away and ends up calling 911 once he realizes the cops were pursuing because they are not supposed to pursue according to the law. there is a little bit of a wrinkle. washington state law compels

investigation into a domestic violence situation. on top of that because he had a gun, all the officers i spoke with said this is in the gray area we might have more leverage to pursue so they are not sure they were breaking the law but they might have been. that's the problem with this nonsense bills that keep getting passed. stuart: he called up cops during the chase, you are breaking the law, you are breaking the law. of >> a lot about the criminals. stuart: there is another one. i will show you this again. it is a homeless man in seattle, he runs up some stairs. you see them running up the stairs, gets to the top, turns around and pushes that 62-year-old woman down the stairs in broad daylight. the case went to trial but instead of getting punished, a judge ruled he was incompetent and should receive treatment. he has yet to be treated so he's getting reportedly $250

for each day he does not receive mental health treatment. what is going on here? >> people making $17,000 at the end of this. he has to go to western state hospital, the only hospital that can handle this kind of violent case. they don't anticipate having a bed until august 15th through august 17th, at their best guess. now he gets this money from the judge. stuart: is and he also accused of stabbing another woman ten times, 30 minutes after throwing the lady down the stairs. how is he allowed to be out of jail? >> he is not out of jail yet, decided to pay $250 a day. i give kudos, very odd we have to say thank you, you are doing your job. they decided we are going to keep him in jail, we will pay $250 a day because we realize this person is a huge threat, the nurse who spoke up, you can't let this person go. he is going to do this again and once -- you can't and see

the surveillance footage of the stabbing. it is so graphic. stuart: what you do for us is to show the coddling of criminals all over the place with disastrous results. that's your value. good stuff. thanks very much. i want to censor the market at 11 coley 45 eastern, the dow 30 stocks, two thirds are in the green again. this is a couple hours before we get the fed's rate decision. inflation is putting huge burden on farmers, fertilizer, fuel, chemicals, cost more than they did year ago. i'm talking to up peanut button cotton farmer in florida. how does he deal with record inflation. ♪♪

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>> president biden: i don't want to hear anymore lies about reckless spending. we are changing people lives!

stuart: the president is indeed changing lives and a lot of you feel he is changing lives for the worse. scott and maureen on long island paying $8 for 1/4 of a watermelon. the same product was between $3 and $4 last year. frank is shelling out $43 for a 15 pound bag of dog food which costs $34 in 2020. wild bought a 5 pound bag of chicken breast for $26 in pennsylvania. the same pack cost $10 last year. keep sending us your inflation photos please. varneyviewers@fox.com. they are pouring in. i am a farmer, a tree farmer. i have a contract to cut down 1400 trees on my property. that contract has been delayed because of high diesel prices and the ongoing labor shortage.

up peanut and cotton farmer, infield rose farms in florida. welcome to the show. are you seeing the same sharp rise in input costs that i am? >> we are. thanks for having me on the show. diesel fuel, herbicide cost is up, fertilizer and all that. stuart: can you make a profit? >> we can. you've got to put a lot in it to make the profit. the more you put in it, the more chance of making a better profit. too much rain or a drought and these high inputs you already put in it. stuart: would you say the cost of diesel and fertilizers doubled in the past year. would that be accurate?

>> i want to say, we are paying $1.50. in march, $4.60 and pushing 5. stuart: you were a tiktok star and youtube star. >> i want to document what i do on the farm. showing what we do, grow peanuts and cotton, how we do things. stuart: are you in any danger of going out of business because of the high cost of inputs. >> my father started this farm in 1974, hope to god we have a great year, 12 the 18 we had a hurricane. that is always a threat.

pennies are pinched this year to come out ahead. stuart: do you hold anybody to blame for the high import costs? >> how to get into politics too much but that is something i stay away from. who knows? stuart: i tried. i'm a high political person. that is okay, just describe your situation. that is what you did for us. jim macarthur, thanks for joining us. love that accent. you must be from the northern part of florida. check markets, 2 hours to go with the net increase announcement, up 140 points on the dow industrials. wednesday trivia question.

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♪. stuart: best of my knowledge of america, how many u.s. cities have a population larger than one million? ashley, come on in to this. i tell you what i got ash, so

far. i've got miami, d.c., new york, boston, chicago, los angeles, san francisco, houston, phoenix and dallas. i got 10. what have you got? ashley: all of those. i would have thought it would have been 13. but i can't think of them now. did you say miami? that is close. stuart: i did. i put that in there. give us the answer. what is it. varney wins. ashley: very good. stuart: not bad for a poor foreigner fresh off the boat. new york is the most populace city in the country, not necessarily the most popular, but most populace. it has got eight 1/2 million people. next is los angeles. nearly four million live there. we did okay with that one. thanks, ash for all you do for us. quick check of the market. dow is up 183.

nasdaq is up significantly. that is 180 point gain. nasdaq is doing pretty well at this point. only wednesday but we're looking ahead to friday. send in the fan friday videos. record yourself, tell us your name, where you're from, say you're watching "varney & company." if you do, if you're really lucky, see yourself on tv. simple as that, folks. my time is up. neil, it i yours. neil: thank you, very much, stuart. we're two hours away hearing from the federal reserve has not done since the late '90s, raise federal funds 3/4 of a point. there are whispers in the "new york post" it could be a full percentage point. that might be a leap here. you know the drill, the fed responds to inflationary pressures. often time leaks information what might come and the fact that sew so many newspapers were