stuart: it is the rose is national flower of england. we don't share it with anybody. the americans stole it from the brits. president ronald reagan made it official during a ceremony in the white house rose guarden, 1986. america's national flower is the rose. >> i like yellow roses if you're interested. stuart: if you buy roses it will be yellow. time is up. stuart, thank you very much. neil: high noon at corner of wall and broad. we're getting more buyers than sellers. so many names are reporting this week. we'll get a clear direction at least where they think these things are going. a lot of stocks are well off the lows here, in the case of the nasdaq itself, 12% off the lows. s&p 500 close to 9% off its lows. we'll be picking apart what we can expect in techland. man, you talk about big guests to have on board to talk about that? tim armstrong, former aol ceo.

his take what is happening with elon musk, battles, takeovers, layoffs. should be a very, busy couple of hours. let's go to edward lawrence with the other big news of the week. on thursday getting the gdp report for the second quarter and if it contracts, edward, you know the drill better than anyone, that would be your classic definition of a recession. what do you have? reporter: technical recession at that. we're looking at tuesday, wednesday, thursday big economic news, consumer sentiment and federal reserve interest rates and culminating with the thursday, gdp. new message out of the white house we're in a transition now. it is appropriate in that transition that we have slower economic growth. that is a way to lower expectations from this white house. it culminated last week, the end of last week, white house economic advisors trying to define what a recession is. arguing that we cannot be in one because unemployment is record lows.

>> multijobs, you have to work more than one job a living s job as really good indicator? >> here what i say, we always talked about the strength of our economy. we always talked about how historic it has been. the economy created 1.1 million jobs in the second quarter. and around 375 jobs per month. those are historic numbers. reporter: treasury secretary over the weekend also saying we're in a transition and we should expect a slow down but not saying we're in recession. now republicans say the first step to fixing what is wrong with the economy is admitting you have a problem. >> we can't fix a problem that we don't think exists and we have to stop redefining terms. it's been clear over history you have two downward negative quarters. that's a recession. that's where we're headed. that's where we're going. reporter: so the first government read of the

second quarter gdp comes out again on thursday, neil? neil: for that let's get a read what is happening at the corner of wall and broad. the dow moving ahead here. this has been unless something goes cataclysmic this week, this is one of the strongest markets. nasdaq is up 7 1/2% for this month with a few trading days to go. s&p up 5%. the dow up 4%. so the wind at the back of the markets right now. david nicholas joins us, nicholas wealth management ceo, david levy. david to you first, the market is telling us something? you never like to get ahead of yourself saying a rally is anything more than a bear market rally you about it is gaining some traction, when do you think? >> neil, i think the market put in a tradeable bottom in june.

sellers got exhausted. we've seen this from time to time we see enough selling it gets overwhelming so buyers come in. from a technical standpoint we still haven't gotten to that day 200 moving average. that is big technical area. until we get there they're moving sideways. we have a lot of damage to undo before i say it is all clear for these markets. neil: jared, another event, federal reserve pulls trigger again, raising interest rates, the assumption or bet is 3/4 point hike s that what you're looking at? >>5% believe in 75 basis point hike. a quarter of folks looking for a point. i believe there could be a point hike. i tell you why. there is thing called the phillips curve. the phillips curve has been around for a while. the relationship between low unemployment generally means high inflation. that puts the fed in a weird position with the two mandates. as opposed to keep prices low,

right? at the same time stimulate employment. so what i think has to happen, they just mentioned it before, i think the fed needs to trigger, they said this a little bit of a recession, back people up a little bit. we're already seeing tech start to lay folks off. that is why i'm leaning a little towards the point here. i hate to say that with consumers in such a bind i think that is what they need to do if we'll see inflation come down which is critical. neil: david, if they move a point, wouldn't that freak the markets out too? >> you know, it is interesting i think we've seen the markets rallying on bad news. i think it would. i think the market is pricing in a 75 basis-point hike. it is hard to know. this market has done things that even surprised me but i think a point this week would be a sign hey, maybe things are worse than we think we are. who do we blame for this recession? i think the white house is trying to get them out of the way for for taking blame on thi. they say this is federal reserve induced inflation.

i agree the fed needs to work sooner than later, i don't think the worse as far as the economy probably doesn't happen until next year. this is time they get aggressive, they do it you no. i don't think they do it this week. next month i think. mo toward 1%. i still stick to my 75 basis points this week. neil: jared, the administration goes back and forth it might be a recession technically but with all the job growth it is at best a shallow one. they're not saying that you about in this environment you don't associate a recession with jobs numbers this strong. do you buy that. >> all right, so you and i were around right ahead of the great recession. we were talking a lot when the housing market was exploding, you know, we talked about this in depth, these things can change quickly. you know this, be okay, everything will be okay, not really recession. two months from now could be catastrophe. i'm not saying it is going to be catastrophe. the point these things can change on a dime.

you have to be careful about getting comfortable, yeah, you know what, we're all right here. it will be a little dip. they have got to get agrees i have s we've got to address the issues. one issues, general mechanics how the markets run ask a whole another story. this thing could turn quick. i'm not in a happy place. i'm looking at some value plays. i'm not all in on the market. i think there is unfortunately some pain to come the next quarter or two. i think this gets worse before it gets better. neil: we have the covid issue to deal with, right, gentlemen? joe manchin is the latest to test positive for covid-19. the ba.5 variant as it has called has prompted a 19% jump in cases over just the last couple weeks. china is having rolling shutdowns again. europe is seeing about 3 1/2 million new cases over the last few weeks. i'm just wondering, while these are not nearly as severe as the height of covid, we've all,

always seen this sort of thing before we get something like that. are we getting ahead of ourselves? is it a worry to you? is it is not? how do you look at it? >> neil, i think that speaks to sentiment, right? as covid rears its head, the economy is fueled by are consumers confident to go out and spend. i think this nonsense term of shallow or technical recession. when americans feel like they're in a recession that will impact spending. almost like the chicken or the egg, which one comes first. we start to induce ourselves with fear we're in a recession. if americans take one less trip or don't go out to eat this weekend because of fear of a recession, that sends out ripple effects into the economy. you're right, covid is part of that as well. we were at our favorite breakfast restaurant saturday. i asked the owner about the business. now that covid is spiking our business is down. we're starting to see it. sentiment is the biggest thing going into the next quarter, how

bad or shallow this recession is. neil: what is interesting, guys, you follow this far closer than i, some of the, i think we get earnings, we're almost 20% through this process but about seven out of 10 companies are beating expectations and furthermore, not giving totally unnerving guidance. in other words rather than say things are going to hell in a handbasket said we'll see. things look relatively okay. i'm sort of simplifying it here but that's enough to have kept the buying enthusiasm going. do you agree with that sentiment, jared? is it getting a little bit too, you know, giddy? >> there is a weird thing going on right now. so last quarter was like, you know, just warn the heck out of everybody. get everybody prepared for panic. you're right, that has been tempered. the data i find interesting, the index of consumer expectations is, at lows we haven't seen since the great recession and you know i don't think we'll enter a great recession. i don't think we'll have a

full-blown housing crisis. so i believe what is going on right now, neil, is that folks are pretty, feeling pretty cautious already. we're pretty scared already. i think we bake ad lot of that in. so believe companies that can in decent enough position, you know what? we're okay. we'll take the bait as it comes. take each month f they felt we would fall apart as an economy we would hear more of that. that is good news. there is the argument for the shallow recession. we have have to be careful calling it. i think expectations are really low. i think that is a good thing because we can surprise more to the upside. i will see what the rest of the earnings look like and obviously what the fed has to say. that will help us all out whether we feel better or worse about the near-term future. neil: what the guidance is always a danger. thank you, gentlemen, very much. another proxy how the markets are feeling can be found in the 10-year note, back in the 2.80

neck of the woods. that is people buying that things are slowing down. the offset there you will have slowing if not recessionary economy because of that in the meantime we're following big developments in the food commodity business. i know what you're thinking, all right we seem to get this inflation thing under control. this one you actually could blame on vladmir putin because just after signing that deal with ukraine to get more wheat outside of ukraine and on to the european markets he bombs odesa, one of the key ports which that wheat would leave. so what's that about? after this. ♪

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putin. lucas tomlinson following it all from kyiv, ukraine with more. lucas. reporter: first russia denied the strike then it launched cruise missiles from the black sea. president zelenskyy was outraged. >> translator: russia's missile attack on our port in odesa is a cynical one. it turned out to be a blow to russia's own political position. reporter: the russian strike on ukraine's larger port hours after the deal was signed opening up ukrainian ports to ship out some 20 million tons of grain which had been blocked for the past five months by a russian naval blockade, neil. the ukrainian foreign ministry says the strike was a spit in their face. the interior ministers who signed the agreement in istanbul. they say the strike will not change the terms of the agreement. the first shipments out of ukraine are expected this week. secretary of state antony blinken condemned the attack to

bring food to unhadry around the world. ukraine's capital bipartisan delegation from house armed services here met with president zelenskyy. mike sherrill asked to the news of russian attack on odesa. >> this is critical for the world food supplies. the fact after a day after negotiation russia in bad faith did what they agreed not to do. the day after is really shocking and quite frankly quite depressing. reporter: congressman mike waltz said they support u.s. military advisors coming here to ukraine to deepen military involvement but not serve on the front lines to help with logistics to keep tabs on billions of dollars of weaponry flowing here from the u.s. and. neil: as lucas was reporting the first ships meant to export a lot of that grain from ukraine

are delayed, not denied they will begin moving that grain within the next few days. damage to that odesa port notwithstanding. vanessa grant, independent research and fox news contributor as well. doctor, if we accept the news at face value that the grain will get up so far the markets are not bidding up prices as we speak. they're very doubtful this is going to happen. are you? >> i think this deal will go through and here's why. it was outrageous and very sloppy of russia to keep odesa on the target list while the talks were going on but, neil, i think putin and russia want this deal because they want to be sure they can keep access through turkey's bosporus straits in order to supply their military bases down in syria. to me this is the backstory. russia has been cheating by

shipping military car goes out on commercial ships. turkey knows all about it. i think they agreed to the deal not to be nice, to be sure they keep access for themselves through the bosporus. neil: you might be right, doctor, i'm always reminded in the case of russia, fool me once, shame on you, feel me twice, shame on me, feel me 100 times shame on the world. give enfact that the russia, vladmir putin to the point done this so often to renege on safe agreements, safe passage for ukrainians out of an area might be getting bombed, then to reverse themselves, this latest deal a reminder of that, we can't get ahead of ourselves. if this is a sign how he would continue conducting business we can't expect a near end to this war. what do you think? >> well, exactly and that's because he doesn't really care about what targets he strikes and you can't trust him for a minute but i think it's the real question is he just so, is there command-and-control so sloppy

that they did this by accident or are they really going to let this go and the next week or so should tell us. it's a very complicated plan to have ukrainian harbor pilots leave the cargo ships out through the sea mines that both russia and ukraine have put there. it should work. hey, nato ought to be really grateful that ukraine is willing to try it and the u.n. actually tried this step and it helped and it is critical to the agriculture commodity prices not just wheat but corn, sunflower oil, hey, would i even say, china put as little pressure to see this go through because they're a big buyer of those commodities out of ukraine. neil: a lot of people, doctor, say looking at the 9.1% inflation rate in this country that is the high-water mark. it is down from here. it might take a while but it is down from here. they cite improving gas prices, by that, lower gas prices, 39, 40 days running, the fact some

of these agricultural items today and friday not with standing are actually down year-over-year. what do you think of that? >> i think it depends if there are anymore surprises coming out of the russia-ukraine problem. is europe going to be really harsh the way they crack down on russia oil imports? is there going to be a problem with the black seaport opening? what if a ship gets blown up by a sea mine? all those things are potential wild cards that could affect commodity prices. i hope we see inflation, commodity prices oil go down. i think that international chaos has a role to play. we can't entirely rule out some of this will be caused by putin. neil: we'll watch closely. dr. rebecca grant, good seeing you. thank you very, very much. in the meantime seems like no matter where elon musk goes he seems to generate more controversy and not the kind he would be welcome. the latest charge he had an affair with a google cofounder's wife back in december.

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♪. neil: "new york post" headline says it all, musk rat. alluding to a alleged affair musk had with google's cofounder and his friend but there is a lot of details that are being left out and to mare the world's richest man tell it, a lot of this just isn't so. susan lee following it all. susan. reporter: a stunning story from the "wall street journal" this weekend which musk denied and called bs. i want to note a few hours ago the "new york post" has now, has now posted a story and a picture of elon musk with google's cofounder sergey brin at that party last night.

he is calling it character assassination. as to the journal report which pretty much circulated all across the internet musk had an alleged affair with google's cofounder sergey brin, karen shanahan. that led to brin's divorce filing from shanahan. they had already been separated but were still living together with their young daughter. brin ordered his wealth managers to sell all of his hold national musk's company. the journal says musk begged foreforgiveness from brin at a recent party, getting down on one knee to apologize. musk says in a tweet says it is total bs. sergey and i were friends. we're at a party twice. i've seen nicole twice in three years both times with many people around. nothing romantic. zerggy win extended a half billion dollar loan to help save tesla. their friendship has been

disrupted. he is showing this picture of them last night. he is calling it character assassination. as for tesla itself they would be opening up entire ev fast charging network across the country they say if tesla gets government money and subsidies. you can charge your fords, gm cars, et cetera, at these tesla charging stations. california talked about giving tesla six 1/2 million dollars. texas considering it. biden white house as you knower marked 7 1/2 billion dollars in the trillion dollar infrastructure bill for building out charging stations. staying out on tesla. they lost $170 million on their bitcoin holdings in first six months this year. gaining 64 million from tell selling 75% of that stash. they have $22 million worth by the end of june. they plan to invest 8 billion into their business. as you can imagine with all stories, neil, elon musk suckses up all the oxygen across the

internet and media. neil: let me ask you about this, nicole shanahan, brin's wife, i don't know if they're formally divorced has she commented on this? reporter: that's right. in the "new york post" story which elon musk has provided the picture, picture of him and sergey brain hanging out at a party last night, the story goes on to say it might be a case of broken telephones since sergey brin, nicole shanahan commented to "wall street journal" on this report. maybe this is a case of broken telephone where you're going to second and third sources. with "wall street journal" reporting they have a pretty high standard here, neil. you would imagine, hope they had their sources intact and facts straight before printing this type of salacious story. neil: at the risk of pursuing this more than is necessary, i would be curious, susan, whether this story of musk getting on one knee to apologize to brin, i mean, there were reportedly

other people in the room when he did this. reporter: yes. neil: do we know that to be the case? reporter: i haven't read it. i haven't seen some of these reports but we know that it took place in front of many people at a party according to "the wall street journal." if it did happen there should be other witnesses but i'm going off some of the other reports that just printed a few hours ago with actual photographic evidence of elon musk with sergey brin. neil: very discretionary reporting, susan. i always expect that from you, susan li, thank you very much. more on this, not to get into salacious details here this has not been a good spate of news certainly for the world's richest man given his ongoing battle to take twitter, then to walk away from that deal. some of these tweets come to light and allegations on this. tim armstrong, joins me, you remember him, former aol ceo and

float coat founder. mr. armstrong, good to have you. >> neil, good to see you again. neil: when you hear stories like this, it happens in corporate america. you hear about these things maybe disproportionate interest when it involves someone obviously of elon musk's wealth and temperment, do you pay any heed? does it affect whether you're an investor in his company or any of his undertakings? >> i think this is a sideshow frankly, and whatever happened personally for the situation which i have no comment on, i think it is, i think we're in a period of time in business where it is super interesting time period. i think some of the stuff that elon obviously done with tesla and spacex, focus he has had there, pretty amazing. i think moves on the google side have been pretty strong with things like youtube tv and those things. i don't see any, you know, i don't spend personally anytime on the areas that you're discussing. i focus more on what is

happening in the real world and the business world and i think from that standpoint there is a lot of activity happening. a lot of the areas that changes media, changes in social media, changes in web3, i think it is probably one of the most exciting time periods it has been in a while in the last six months. neil: do you think any of these other charges that, you know, even the poop emoji that he used in bidding for twitter and then unbidding, that he should just cool it, stop it? that the better part of discretion is not to say or tweet much at all? what do you think of that? >> you know elon has done an amazing job of driving the press cycle and i think from the standpoint, if you go back three months ago, i think a lot of people in the business world have probably digested more elon news than almost any other news. so for his, for his brand and his companies i think they have been a major part of the dialogue. i think on the twitter side, twitter is a very powerful

platform and, i think twitter could have a lot more usage. i know they're working on a lot of the planning for new products in some of the areas that have been raised in the press in the last three or four months but you know, is twitter a platform that could probably increase its usage and monetizaton substantially? i think the answer is yes. and, whether it is with elon or twitter on their own, i know both groups are working on that. but i think a bigger storyline here is, you have one of the most powerful social media platforms on the world where everyone can see and knows that have not monetized to the full ability of that platform, the audience could be probably a lot bigger on that platform. so i think whatever comes out of it, my guess twitter will take some kind of a leap forward in terms of product. whether that is elon, twitter team, both of them together, i think that is really where the story is. can twitter be a billion plus

user platform? i think the answer, maybe the answer is yes. the real question is how. neil: interesting, because you wouldn't see it in the stock. you became a big success not necessarily playing to the markets tune. you know a thing or two of what you speak but i am wondering, you kind of hinted both sides are working at this, for twitter, those who support musk in this battle, that someone else might emerge? we're not seeing it reflected in the price. others seem to think this is musk's way extracting a better deal for himself at a better price? where do you see this whole thing going? >> you know, neil, i think anything is possible right now. i think from the standpoint of where the world is right now, i think valuations have dropped substantially across the board. i think you have the platform shifts happening with where content is going, starting to go to the ott platforms and you have social media which has, some of them are doing really

well like tiktok, other platforms have been struggling. i think right now in the next 12 months, 18 months you will probably see a fair amount of changes in terms of landscape with m&a. would somebody jump in the middle of the twitter deal? it could be possible. it seem as messy to jump in right now. i would tell i think the drive for audience, the drive for online activations for both content and social media are going to be really, you know, a big pursuit area. so i could see, you know, a fair amount of deals getting done in the next 12 to 24 months as valuations have gotten hit. there is a real drive to put more things into digital content. neil: you talk about valuations. as bad as they are right now they are a lot better than they were. i was mentioning nasdaq is back i believe 12% from its lows. you would know this better than i would. a lot of technology names taking a beating, still well into bear

market. tesla is still down in excess 30% from its highs. that recently technology stocks. it's a mixed bag today ahead of all these earnings next week, that they're clawing their way back. do you believe that? do you think we have a ways to go? >> yeah. i'm really bullish, neil. i think the stripe, payments company came out with a report end of march thing, 15% of the commerce done in the world was online and 85% was still off-line. so as much as demand has gotten pulled forward, in the pandemic and in the digital companies v really grown i still think room left to happen in the online world and off-line world. even though the valuations have come back a little bit, even though in the next 24 months you will see a lot of the big moves getting made to have these companies securitize themselves for the future and if you go back to the financial crisis

these companies left the financial crisis with $50 billion in cash. they now have about $500 billion in cash. so you're going to see aggressive strategies i think to move that off-line experiences to even more online over time and that's a big opportunity. that is what we're doing at flowcode as well. i see it day-to-day in our business. i think, let's put it this way, i think it's a lot less risky to buy stock today than it was a year ago even though people felt very comfortable buying the tech companies a year ago. when you want to buy them is when they're down and right now i think you're going to get a much better deal on the companies today than you would have a year ago. neil: real quickly while i still have you, tim, and i appreciate your time, everyone seems to think the federal reserve will indeed hike rates again this week. some difference whether 3/4 of a point a full point, but it seems to dispreportionately batter

technology stocks. i keep wondering if the fed keeps an unabated assault on inflation going doesn't that act as an anvil over these stocks? >> i think the hurdle rate for a company to get investment every time the interest rates get raised is much higher. so if you have a, you know, $100 billion in sales, all of sudden you have to do 104, 105, $106 billion in sales to attract the market into your stock. so i think there is a dampening effect but i will tell you this, neil, at flow code we've been partnering from everyone from major tv networks to sports leagues to the internet companies and web metaverse companies and i think there is a lot of energy inside these companies to keep improving analysts and data, transition the economy to a digital based economy. i don't think when you take a step back from the interest rate hikes you go forward, 12, 24, 36

months in the future i think you look back in this time period, even if they get hit a little bit with interest rate anvil the trend is still your friend over the long term. i think that is what i've seen in the market overtime and i saw it in the last two cycles every day at flowcode. we're helping companies transition from off-line to online. we're transitioning. i remain bullish because i'm not just an internet person but i see companies and behavior and we have most major partners with ours and i sigh what they're doing as well. neil: you were the first to see possibilities of companies and individuals getting their own qr code and the like but a lot of that, excuse my naive is built on business coming back, retail, those making that migration online coming back. it's still an open question with a lot of folks. you've been very successful zigging while others are zagging

but do you worry about that? is much of your bet at flowcode seizing on this business in general returning? >> you know, neil, i'm betting on two things, every consumer on the planet or most of the consumers on the planet who are high household income consumers and really drive the economy are walking around with a smartphone and we're building ability for that phone to eat things in the off-line world for consumers and for brands. the second one is we're betting on the fact that from the industry construct standpoint the direct to consumer business that flowcode say we like to direct everything, economy that put trillions of dollars into a handful of the companies, the "faang" companies, that needs to get redistributed. consumers need to get their own data. brands need to get their own economics and from the standpoint of what we do we take somebody with a smartphone, we give them the ability to

directly consumer, directly connect with a brand. direct fans to brands and all economics go back to the consumers and the brands and that is what i'm betting on. i've made a career of zigging while everyone else is zagging as you said. this is a big zig i see potential. i see that and happy with our team at flowcode. happy with the consumers and creators we have on the platform. neil: you're seeing hope where a lot of people don't thus far. again you built a pretty nice career on that. we'll follow closely. tim armstrong, good to see you again. >> good to see you, neil. neil: corner of wall and broad, the dow is up 80 points. stocks holding their own. unless something is cataclysmic this week it will be the one of the best months we've had for stocks since covid if you think about it. we're looking at appreciable gains for the certainly the dow jones industrials. s&p 500 close to 8%, for the

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out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. ♪. reporter: welcome back to "cavuto: coast to coast." i'm peter doocy at the white house where president biden remains in the residence recovering from could have individual. we have a update on his condition. the why says the president's symptoms almost completely resold. he passes along the letter. when question he only notes some residual nasal congestion and minimal hoarseness. pulse, blood pressure, respiratory rate remain normal. oxygen saturation continues to be excellent. on room air his lungs remain clear. so far there is no new guidance who got the president sick. >> that the press secretary was answering can we look back and figure out who infected the

president? very difficult to do that but it happened several days before obviously. he developed, he developed a positive test and the president has been out. he has been meeting with people. he has been meeting with americans. it will be very difficult to trace back to figure out who gave it to him. reporter: officials say the president is taking steps to protect secret service agents and resident staff that must come in contact with him but that line is in conflict with their claims that the president is adhering to cdc guidelines because there is nothing in the cdc guidelines that say it is okay for staff or anybody to go into a covid patient's residence to take his photomaskless or to go in. neil: set up a live stream so he can give virtual remarks. so there are obviously special accomodations being made for the president to keep him safe, keep others around him safe. it is just not consistent with the cdc like they have been saying, neil? neil: peter, thank you. dr. tom price, former health and

human services secretary, again a doctor by training. tom, very good to have you. a lot of people are looking at the president's mild condition, joe manchin testing positive for a mild case queer told of covid. a lot of people are getting this thing. they're spiking in europe. they're spiking in china again. do you worry? >> i think we all need to be worried about those individuals especially who have underlying illnesses, comorbidities at greater risk and seniors. the president turns 80 this november. so him turning positive is a significant thing. we're all glad that he seems to be coming through this with flying colors but this isn't over but we're moving into a new phase, a phase where it appears to be differentiated by the fact that it tends to exacerbate underlying disease as opposed to causing significant respiratory disease like it did at the beginning. neil: so many people are so, you know, sick and tired of the mask thing, threats of a shutdown or

rolling lockdowns, that they don't want to hear it, don't want to have it. what do you think of that? does that imperil our coming out of this? >> well there is definitely covid fatigue, no doubt about it but remember a pandemic is a new disease that is widespread geographically and we're still in that phase. it doesn't speak to the severity of the disease. i think folks, pandemics tend to end when people say i'm okay with the risk. i either have been vaccinated or have i have natural immunity. i feel healthy and i'm okay with the risk. so that, society tends to decide when these things are over. the interesting question when does the public health emergency end? that is where government gains other authorities and powers that they normally wouldn't have, whether it's in insurance premiums or telehealth rules and

regulations, other kinds of rules and regulations. i promise you that the emergency won't end until after the fall election because that would be too disruptive from a governmental standpoint. neil: you mentioned the fall election. i would be remiss as a former cabinet secretary to president trump whether all this back and forth on the january 6 committee hearings is putting a dent in the former president's popularity and whether you have doubts? >> well i think like the pandemic folks are ready to move on and look through the front windshield as opposed to rear view mirror. i know that we've got a whole from a republican perspective a wheel breed of individuals out there who are anxious to demonstrate their ability to lead and move forward. neil: so does that mean you would look beyond donald trump? >> oh, i think it's important for the nation to move forward and look beyond the past president. i think there is baggage that the past president brings to the

table that, can attract some individuals but on the other hand turns off other individuals and again, i mentioned that president biden turns 80 this november. former president trump is certainly up there in years in a similar way. so, i think it is important to have younger individuals get involved in the political process and move our nation forward in a positive way. neil: secretary, dr. tom price, very good seeing you again. we'll have more. >> thanks, neil. take care. ♪ bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles.

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♪. reporter: welcome back to "coast to coast." i'm aishah hasnie live at the capitol where the senate is expected to pass a massive chips plus bill this week by midweek, send it over to the house but there are things that could happen along the way to trip it up. this 280 billion-dollar chips plus package is aimed at beefing up semiconductor manufacturing here at home. it is vastly bigger than the original 52 billion-dollar bill because a group of bipartisan senators voted to include science and technology research related provisions from another package. now last week the vote brought out 64 yeas, more than 60 needed for today's procedural vote. but senator joe manchin has come

down with covid. if any four of the other senators in favor of this also get covid, this bill is in big trouble there is no more voting that happens in the senate. now if it does move to the house as expected it will face a major pushback from house conservatives and a few democrats. critics are weary spending more money amid record inflation and they say there are major holes in this bill. the republican study committee claims that manufacturers who get some of this money will be allowed to expand operations in china. even some senate republicans voted no to move it forward because they feel senate leadership is rushing this legislation to the floor. >> even the so-called skinny tips bill we have gotten three different texts in 24 hours, constantly changing the bill. it is really just ridiculous. there is no way anybody knew, or could have known what we were voting on yesterday because consumer said he hadn't made up his mind what he would put on the floor.

reporter: speaker pelosi says there is bipartisan support for this measure. that is it for "coast to coast." check back here tomorrow, neil. neil: thank you, aishah hasnie following all those developments. advanced forward for dow ahead of major market earnings and gdp report that could confirm inflation or a recession and of course the fed move itself later this week likely to hike rates again. we're on it all after this. i have moderate to severe ulcerative colitis. ...

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♪ neil: well, anytime my staff with utilize the services of taylor swift, who sort of kicks off the second hour over my personal favorite adele, this is a young people's show i'm just fronting it welcome back everybody i'm neil cavuto and we're atop of a lot of fast moving developments in the summer of trouble depending on where you're looking for the trouble because you're not seeing it at the gas pump we'll have more with gillum yankees turner and how the white house is doing those consistently ratcheting down gas prices that doesn't apply to everything because grocery prices and for your favorite foods continue to rocket ahead as does what we're seeing going on with the nations higher temperatures, and over half the country dealing with the record heat and how that could really put your utility bill to the test and, well, the price you're paying for that air conditioning to the test as well. michael bradley will also be joining us his take on how all

this is factoring in and maybe what the federal reserve decides to do later this week. let's go to gillian first at the white house, specifically on those gas prices that, i guess, continue drop, drop, dropping away. what's going on? reporter: yeah, so wheel, the president is still holdup here in isolation at the white house but putting on a sort of full court press to to the those decreasing gas prices you just mentioned. he tweeted this , take a look. "for american families looking for a little more breathing room , these savings matter, current prices the average driver will spend 35 bucks less per month, or 70 bucks less per month for a family with two cars , than they would if gas prices stayed at their peak." now, on saturday, the president again went after the private sector and what's become a pretty common refrain for him. he said the big energy companies need to charge americans less at the pump, no matter the cost. saturday, he tweeted, "industr ies margins are much higher than what's typical for this time of the year.

oil prices are dropping, gas prices should too." meanwhile, former democratic vice president al gore argued the biden administration should be going even further in its efforts to stymie domestic energy production. take a listen. >> measures already declared it a global emergency. we could stop allowing oil & gas drilling on public lands and we could, he could appoint a new head of the world bank instead of the climate denier that leads it now appointed by his predecessor. reporter: republican leaders though say that tamping down production is exactly the wrong approach. take a listen to kevin mccarthy. >> we've got an energy emergency right now. we need to be producing more american energy, not less, but that's what they have been working time and again. reporter: so president biden and his entire administration is continually been touting this

climate emergency and while they're declaring to pull that across the finish line and actually declare an official emergency, republicans are adopting that phrase for themselves. now, declaring a "energy emergency." neil? neil: all right, thank you very much for that, gillian turner so the administration might be saying that it's helping give americans a little bit more breathing room. that might be the case right now on gas prices and everyone hopes that that continues. quite the opposite though at the grocery store, you're seeing it up close in a very personal way, as lydia hu in new york city with the latest. lydia? reporter: hi there, neil. we are seeing prices of bread absolutely skyrocketing. i have a couple of examples for you here this price of dinner rolls 24 ounces, $10.19 here at the supermarket just behind me, and a bag of baguette s and bread $7 each, now granted these are maybe artisina l categories but we do see the prices of regular wheat and white sandwich bees also

soaring according to the consumer price index. white bread up more than 10% over a year ago, wheat bread speaking more than 11.5%. now, consumers are feeling these price increases and they're adjusting their spending accordingly. iri is a consumer data group. they say consumers are buying about 1.6% less in bread staples like sandwich bread than they did last year and they're buying about 6.5% more in specialty bakery items. iri speculates perhaps shoppers are thinking that if they are going to be paying more for bread they might as well buy something they like and splurge a little bit but various factors have contributed to the rise in bread prices. the cost of key ingredients, for example, neil, absolutely spiked as well. flour, eggs, milk. that's driving the prices for bread producers, also russia 's invasion of ukraine up ended the global wheat exports and caused a surge in prices for the commodity. there was some optimism last week as russia and ukraine enter ed the deal to allow

ukraine to resume its wheat exports. a big deal because it's a major wheat exporter, but the american bakers association tells us that they don't expect to have an immediate or even a meaningful impact on bread prices here in the states because there's a lot of uncertainty around how that deal will be executed considering that russia also bombed the port in odesa, ukraine, impacting how bread or wheat is exported from the nation and other input prices like energy and fuel and labor, they are so high, they expect bread prices to stay high through the rest of this year, and into 2024, neil. neil: got it. to your point, lidia, wheat prices are up about 3% today, taking a lot of agricultural items with them. try to stay dry you're in the middle of a rain storm, thank you, lidia. want to go to casey stegal where a lot of people are concerned about whether their air conditioning will just go out on them. they are rolling brownouts, a lot of utilities way of trying to control the situation before you get to a blackout, or just

no power at all. casey stegall in dallas with more. what do you have for us, my friend? reporter: well, neil, it could be worse case scenario if you've got a day liked to and then of course your air conditioning goes out. they are comforts that we think of but north american electric reliability council, or nerc as it is called, warns that over half of the united states is currently at an elevated or high-risk of these blackouts. >> there's no question that extreme weather events are creating greater demand for electricity in this country, primarily through air conditioning load. >> jim mathia s's son is a former utah congressman and current energy cooperative executive. >> you've got the circumstance for reliability being put into question by this increased demand where at the same time we're reducing our supply. >> the combination was flagged in a power utility watchdog's summer reliability assessment.

>> this reentertainment report highlights the need to stop shutting down existing capacity. >> big and small stakeholders are working on short-term solutions to raise capacity and reduce risk. >> some of the short-term steps we could take is there are limits in terms of number of hours per year at certain facilities can operate for environmental purposes. the secretary of energy or the epa could wave some restrictions to allow for greater use of existing assets to meet these periods of shortfall. >> utility companies know the stakes are high. that's why western suppliers are pooling data and entering a new binding agreement in hopes of mitigating risk. >> all of these member companies have agreed together to use the same data. use the same assumption. reporter: now officials say the upper midwest, also california and texas here, stands the greatest chance of these potential service

interruptions. neil? neil: casey, yeah, just going to say casey thank you very much, in texas, with all of that. michael bradley joins us now, the energy market strategy partner. michael, great to have you back. what do you make of this relief on one side at the pump, with gas prices, quite the opposite when it comes to natural gas prices up in excess of 50% in the last month, and now, concerns growing concerns about utilities handling this heat wave. what do you think? >> yeah, you said it right, neil. you've got gas prices are near the highs of the year. right now about 850 per mmbtu, so they rallied quite a bit over the last week or two, and the reason why is just scorching weather right now, and we have u.s. supplies that are about 12 or 13% below average this time of the year and what you've seen in europe with lng forcing a lot of lng into that market, that just straining our supply and it doesn't surprise us whatsoever.

we think natural gas prices are going to stay elevated and guess what? consumers are going to be seeing it in their bills over the next couple weeks and months so it's going to be a tough run here. neil: when you're talking about natural gas too i'm wondering whether this country could go the route of germany or for that matter the entire european union now recommending that member countries kind of cool it on their natural gas usage. maybe rationing out down about 15% or so, easier said than done. i'm just wondering if something like that could happen here. >> well look, i think we could but look it's going to be tough and we'll skirt by this summer but what has to happen is the u.s. has got to start drill ing, and our production needs to increase, where our demand every year goes up by two to three bcf a day and we have to increase supply by at least that much. we have to get out of the deficit we have right now. i don't think we're going to ever get anything like uk or europe, but it's going to be

tight this summer. neil: so looking at the entire energy picture, you have the good news on the general gas front. not so good on the natural gas front. coal is being phased out. the administration to this very day is pushing for that. i talked to a number of white house representatives who are still keen on doing that. that's not a good combination. >> yeah, that's right, neil. i mean, one of the things that we see , coal is at an all-time high prices, gas is near, you know, 10-year highs, and so we're just going to need these base load type commodities. we can't rely on wind, perfect example is ercot. they have around 80,000 megawatts in demand, roughly 35,000 of that is wind at the peak, a couple weeks ago, less than 10% of that wind was actually operating so it's intermittent type of fuels. it's not reliable all the time so we need to stay with natural

gas, we need to stay with colas long as we can as we get these other wind forms and solar, we can go that direction but right now it's going to be very very tight and we've got to be very smart on how we phase these things out. neil: got it. michael bradley, great seeing you again thank you very much. >> you bet. neil: a lot of people like to invest in stocks, but should there be rule for someone whose spouse so happens to be the speaker of the house? well, we're all over that, after this. ♪ alright, limu, give me a socket wrench, pliers, and a phone open to libertymutual.com

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neil: to hear a lot of folks tell it, nancy pelosi's husband has the touch when it comes to investing in stocks and certain stocks that invariably went up soon after he committed some dough into those stocks we'll have more with charlie gasparino in a second. first to hillary vaughn on the push right now to get a ban going on such activity. at least by insiders in congress , but hillary, that doesn't seem like it's going anywhere, what's the latest? reporter: it's not going anywhere, neil, but really, it's just waiting to be brought up for a vote, which is something

speaker nancy pelosi can do, which is why some lawmakers that are pushing for this effort to ban lawmakers and their spouses from trading stock while they're in office are wondering what the holdup is. speaker nancy pelosi's husband paul just made about up to $5 million, bought up to $5 million in stocks in a chip making company last month. that comes ahead of a critical vote expected this week on a bill that could give over $50 billion in subsidies to u.s. chipmakers so if this bill passes, and the president signs it, mr. pelosi's big bet could pay off in a big way, but it's the timing of that stock buy that is now sparking some questions. >> it's about the timing. >> yeah, the timing is that a long time ago, or a year ago, my husband bought some silicon valley areas so yeah, we have been following technology for a very long time. these were options that were purchased a long time ago if

you're asking about time. that came due now. reporter: there are also questions about why bipartisan efforts to ban lawmakers and their spouses from trading stock s while in office are sitting stagnant not coming up for a house vote and there's bipartisan support like congresswoman alexandria ocasio-cortez and senator josh hawley who both support the idea but despite being introduced months ago speaker pelosi has not brought it up for a vote. >> one person that controls the whole house could determine what bill comes out of committee , what bill comes to the floor is the speaker of the house, and paul pelosi and nancy pelosi made $5 million the last time this happened. reporter: speaker pelosi spokesperson telling me last week that the speaker does not own any stocks and she also has no prior knowledge or involvement in any transactions that her husband makes, but some lawmakers say whether speaker pelosi knew about this transaction, she still stands to profit from it, and

that trade has been very profitable, so far, nvidia stock has been up about 10% since paul made his purchase, which means he could be making or be, you know, making as much as half a million dollars depending on how much he actually bought of the stock. neil? neil: and she wouldn't know a thing about that? reporter: apparently not. [laughter] neil: all right hillary, thank you very much hillary vaughn on capitol hill. charlie gasparino with us right now. wrote a great piece on this whole phenomenon in the new york post but charlie, that does , you know, sort of test credentials here but where is this going do you think? charlie: we should point out that the sec and justice department has brought pillow talking insider trading cases in the past, i don't know if you're old enough to remember but do you remember it was a wall street kind of a star, he was a star investment banker on bank mergers, and he was given inside tips to his porn star girlfriend , and it unraveled this huge web of others that

were involved in the sort of insider trading scheme, and so they've gone after this stuff before. i think the problem from a legal standpoint here, neil, is that this probably isn't quite insider trading. it might be material. it might be non-public. clearly, wasn't really stolen from the american people, because that's -- neil: and this is options trading, the speaker said he had , paul pelosi had. charlie: not that that means much. neil: i hear you, but it doesn't look great. charlie: it looks horrible, because his timing was impecable and it's like he knew when to hit the button on those options, and he knew it was when, and he hit it right when it was clear that this chips act, this payment, i guess 50 billion , $75 billion worth of money that's going into subsidizing the chip industry which would help investment in nvidia was getting bipartisan support there was apparently buy -in from mitch mcconnell, so it's kind of hard to believe there's no pillow talk between the two, oh, what's going on?

oh, nothing i can't tell you. that doesn't sound right, right? that said, it's probably not insider trading and you know here is the other thing, neil. i think this new bill that i just heard hillary say that aoc supports along with josh hawley is going nowhere and here is why because in reality aoc has been quite muted on this. it's funny that the left, the typical left wing class warfare types like aoc and elizabeth warren have been pretty quiet on this whole issue , this whole scandal, i mean, warren hasn't said anything since april based on our analysis and she really hasn't said anything, aoc hasn't since like january so without them pounding the table and getting op-eds written in the new york times, it's probably not going to go anywhere in a democratic congress and it's probably not going to make msnbc, you get the picture. it's not going to, it's not going to be a ground swell up

for this bill to pass from the democratic side, and republicans, to be honest with you, like having it around j it's to kick nancy pelosi. it's a great talking point for them as the mid-terms approach but again, you know, neil, the passing of bill that stops spouses from trading, where do you stop with that? that's another thing. so paul pelosi can't trade but how about their daughter? how about their cousins? all these are people that are susceptible to the sort of inside information edge that nancy pelosi could provide people, so maybe the best remedy here is disclosure and the bait, which is what we're doing right now and embarrassing people into doing the right thing. i mean, the cure might be worse than the disease on this one, but it is quite remarkable. paul pelosi is up there with the great ones. george soros and stevie cohen and paul pelosi. neil: but it does show an

appreciation of capitalism at work, right? so you could say to a crowd that might get sort of disparaged for not appreciating that, when it works their way, maybe that's a sign that they do. charlie: that was the point of my column. what was interesting is that we see all these people that bash capitalism, bernie sanders has a couple vacation homes, and teddy kennedy was for busing except for this own kids back in the day as you recall and nancy pelosi, you know, is always out there pounding the table about however ill corporations are and low and behold, paul pelosi gets to trade and by the way, when was the last time nancy pelosi said anything about the carried interest deduction which is a perk tax perk that venture capitolists, like paul pelosi, get. i mean, it's really, the best part about this story is the hypocrisy. it almost writes itself. neil: you're very cynical and jaded young man. charlie: of course i am. neil: thank you my friend good seeing you again charlie

gasparino following all of that. well the one thing you learn about this whole coming out of covid is how resilient the well- to-do are, that continues to this day, and we're seeing it up close and personal at nieman marcus, because, while other retailers are having their troubles, it does not extend to nieman marcus, after this. uptown girl, you know i can't afford to buy her pearls ♪

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we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones neil: what is thought the rich are very different and on to the great gatsby where the same argument was held well you see it again and again generation after generation and nieman marcus is proof given its strong sales, that the well-to- do, are, well, doing just fine, not that their clientele is always the well to

do but right now, a lot of folks looking forward to when their earnings come out because of the latest pair back in the last quarter their sales were sprint ing ahead in the middle of everything going on in this country at a rate of 30%. we are joined right now the nieman marcus group ceo. very good to have you, jeff, thank you for coming. >> hi, neil, pleasure to be with you. neil: let me get a sense of business now. i know it's a little too early to start telegraphing what we'll get later this summer out of earnings and sales, but obviously, your stores are crowded, people are going in there and that flies in the face of higher prices, higher inflation, higher rates, or is your clientele resistent to all of this? >> well, we're seeing that our stores as you mentioned last reported are up 30% compared to pre-covid in the last quarter and this is a tough up 70% and i think it's because we have a

differ en differentiated business model. we believe that the customer can engage with us in-stores, online , or in remote selling, and that when they engage, it doesn't need to be a sales, it can be with the assisted model where there's an associate and we have 3,000 of those can guide you for what's best choice for you. neil: then what are they doing now? i mean, we're told even the most savvy of wets it investors and shoppers, i wouldn't say they are pivoting and you'd know this far better than i, but they are not naive when it comes to what's happening on the price front. they are just refocusing. what are they doing? >> well, we see them by brands that are really strong and that's why our top 20 brands outperformed the rest of our brands. i think we're also seeing that the market has expanded. i'll give you two statistics. if we look at the customers who spend more than 10,000 with us per year, the one we recruited post-covid is six years younger

than the one we had pre-covid which indicates a younger generation is really significantly engaging in luxury and then we are also seeing new customers are spending in their first transaction somewhere around 20% more than pre-covid so i think they are really coming to the luxury providers and focusing on the luxury brand that we offer. neil: all right so what luxury items are they particularly interested in? >> what we sell a lot is shoes, handbags and then we've seen a really massive acceleration up 60% compared to pre-covid in mens and it's all about the fashion for us. fashion is the core and it's all about the newness, the brand that has the best integrity in their design and the best appeal in the value. neil: a lot of this was driven by people going back to work from their homes. they had to get clothes for that , so how long do you see that going on? >> well, i believe it will still last for a little while. we haven't had the ability to have a normal year yet.

this is the first summer that americans are going back to europe. this is the first time where we're seeing peak season in wedding and so i do believe that back to the lifestyle that we want is going to continue for a little while. neil: you mentioned those who spend $10,000 or more. are they a big chunk of your customers? >> they almost have. i mean, they account for almost half of our sales. neil: is that right? half your sales, i'm sorry just to be clear, half your sales come from those who spend at least $10,000 a year? >> that's correct. neil: so they're very rich. >> they are very loyal to us and very engaged in luxury, yes. neil: got it that's a very good answer. what do you think of where we are then, that presumably if the federal reserve keeps raising interest rates they expect it this week, the market of course has been all over the map we're putting in a good month and a lot of your customers, you know, use that as the backdrop for

whatever they plan to buy. does it worry you if the federal reserve keeps raising interest rates and the markets keep staying so volatile? they had a good month. looks like they will finish a good month but does it worry you when you look at the screen and see the markets and their volatility? >> well we see the volatility and the volatility existing across all sectors including retail. right now, we're not seeing this translating into our sales and we continue to see healthy growth. historically, what's really impacted luxury is big drop in our price, big drop in the market, and that's usually what drives the change in behavior. neil: so consumer confidence, it's interesting when you see it broken down, it's the least- impacted in the upper income a reasona now we're see ing some numbers out today the wall street journal has been reporting the financial times, investors business daily, that the wealthy are borrowing more than they used to. now, one could interpret that as a sign that's how resilient and

confident they are. others could interpret that to mean well, they are running out of assets, so they are borrowing to makeup for the money they don't have. what do you think? >> well, i see different number s. i see that the number of high net worth individuals has increased and their wealth has increased so i think there's different numbers. what i can tell you is what we observe, is when we have the right brands, when brands create unique activation, excitement for our customers, the customer is truly longing and leaning long, and buying, and so i think customers are really desiring to treat themselves to enjoy life to the full extent in a world that is a little bit more normal covid- wise and i think we continue to see that in the demand that they are providing us. neil: i'd be curious, jeff, whose more cognizant of a price of something? men or women? >> you know what? we don't see the price sensitivity for the right item,

and then when the fashion is not the right one, when the item is not the right one, then the demand is not there, and so we really see items that will fly out and be sold out in three weeks. we see events where we sell million dollars before the product hits the floral in pre-sales and we see products that don't come in that the desirability so it's much more about desirability than it is about price which is a version of price value if you want. neil: and it goes across both sectors here. jeff raemdonck, thank you very much for coming. >> thank you, neil. neil: that's a resilient customer base there to put it mildly and speaking of resilient right now, the markets kind of holding their own here. this is going to be a big week to test those markets right between the federal reserve decision on wednesday, likely to hike interest rates, confirmation that we could be in a recession as soon as thursday, when we get the gdp report for the second quarter, and then all those tech earnings in between and spilling over

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>> [indiscernible] neil: she's pretty good at this , right? this guy shouting "your husband is the worst president we've ever had" and she's thank you, thank you, jill biden trying to carry her own and ignore the nastiness, if you will, but it tells you a little bit about where things are right now with this president, that his wife doesn't get any break and that's unusual because first ladies always tend to poll higher than their husband's, and she, of course polls higher than her husband, but not that much higher right now, a lot of controversies back and forth where folks are just dumping on both of them. kelly mcgee white joins us from the washington examiner. kelly you don't see that often where a first lady gets an

earful from crowds but maybe if this speaks of the times we're in. >> it is certainly unusual and you're right. she has experienced a more than 20 percentage point drop in her approval ratings over the past year alone. that's really significant, especially for a first lady, and it really does seem like people are just waiting to find a moment in which they can start disapproving of anyone associated with the biden administration, and for jill biden that came at an event last week in texas, when she compared members of the hispanic community to breakfast tacos so for a lot of people that was sort of the last straw. neil: yeah, i remember that remark. i don't know, i just understood what she was saying but again in the past, we would grant a little bit of slack but in these times, it may be given the frustration a lot of people have they took it out of her but i'm wondering how long this continues because normally in the past even first ladies whose husband's were wildly unpopular, for example, jimmy

carter comes to mind, rosalynd carter remained well-regarded by the american people and i just wonder if this is a preview to coming attractions. in other words, that if they're going after your wife, mr. president, they're going after your entire network of your entire white house. where are we going with this? >> absolutely, and i think something that could help jill biden moving forward is if she did sort of launch her own particular initiative, most first ladies do have something that people can readily identify with them, which is separate from what their husband's do, separate from what the rest of the administration is doing, and right now, there's really nothing that, you know, jill biden has set herself apart with yet, and so that might help her moving forward, but i think you're right. i think that people are just looking for an opportunity to really take out their frustration on everyone associated with the biden administration and even much of the democratic party at large. neil: yeah, i'm beginning to wonder if the democratic party itself is turning on the first

couple, if you will, and this is the first clear sign it's now going beyond the president. we've seen the vice president picked apart oftentimes for very good reasons she brings it upon herself but the jill biden thing is amazing, because it feeds this narrative that six out of 10 democrats aren't keen on this administration getting another run at it in 2024. >> yeah, and it's not a coincidence that you're starting to see plenty of op-eds and anonymous sources speaking to media outlets saying that they don't want biden to run again in 2024 and right now, they are using his age and his health as an excuse to cover for that, but really, it boils down to the fact that he's unpopular and that his administration has not accomplished nearly as many of the things as he set out to do when he first took office so democrats across-the-board are very frustrated and we're starting to get hints across the

media. neil: one thing that's different and i can remember this and the time that rotundas and jimmy carter, jimmy carter was personally liked in polls, but the voters disparage him because they felt he was in over his headment maybe they think the same way of this president that he's in over his head but they don't personally like him, and that is, i think, different. >> it is, but joe biden is also different in the way that he approaches the public. he's not a very familiar president. he doesn't have that sense of familiarity that people can, you know, sympathize with. he's very out of touch. he doesn't do a lot of press conferences. he's pretty reserved in the comments that he does issue and when he does issue public comments they are often littered with verbal gafs, so it's really hard for the public to sympathize with a president who really doesn't seem to be making an effort to sympathize with them. neil: we shall see. kelly mcgee white great seeing you again, the washington examiner, her read on that.

meanwhile want to take you to what's going on in california right now where at least the state government is saying any travel to states with anti- lgbtq laws are no longer allowed. the ban that's on, and the controversy it's generating, william la jeunesse in los angeles with more. william? can you hear me, william? okay, we're going to take a quick break here suffice it to say this ban on the part of the state now, to go after those states and forbid travel to those that are deemed to have anti-lgbtq laws will no longer be tolerated. some who even support that type of approach says it could back fire, in the golden state. we'll have more, after this.

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neil: all right, when a state proposes a ban to travel to some states you you usually like to think it's for a very solid reason. this is generating some controversy what's going on right now. william la jeunesse in los angeles with more. william. reporter: well, neil, sacramento lawmakers had this attitude, our way or no way, so when it came to specific states it disagreed with on gender-related policies well they banned taxpayer funded

travel to those states but the policy or the boycott is really backfired, right? isolating state workers, the universities, and academics, north carolina not good. north korea that's okay. >> the state of california does not sanction discrimination against anyone in the lgbtq community. >> canceled by california almost half the u.s. is off limits to state officials, and employees, even university professors and sports teams are banned from visiting 22 states in tax money is used. >> this is part of the sort of weird california arrogance which is increasingly not justified. >> for five years california has banned travel to any state it considers anti gay or transgender. in north carolina, it's access to bathrooms. oklahoma, who can adopt. tennessee and ohio who doctors and therapists treat. kansas who can belong to a student group.

arkansas, florida, montana, west virginia, because they bar transgender women from competing in female sports. >> might not care about these things but here in california, we do. >> but the law maybe doing more harm than good with professors complaining they can't do research and athletic recruiters having to book hotels in neighboring states. ucla and cal sports teams have to use private funds to play pac -12 competitors, utah and arizona, and when ucla officials joins the big 10, they will face restrictions playing in iowa, indiana, and ohio. >> this is something that epitomizes and reflects what is becoming in the same political culture in this state. reporter: so, neil, in the last five years, ucla has not scheduled a game in a banned state. joining the big 10 that's going to be a problem, purdue, indiana and ohio state and it's okay if you go to china where same sex marriages banned or are illegal

but you can't go to columbus, when the la times says a policy is foolish, ineffective, and ill -conceived, that's saying something. back to you. neil: wow william thank you very much william la jeunesse. in the meantime, looking at the markets right now, it's sort of like hurry up and wait because with the dow up this amount about 21 points, other major market averages aren't doing all that much, volume is a little bit less than you would have, of course given all the big news developments later in the week including what we'll get on the gdp front for the second quarter, come thursday. that's when we could learn we are officially in a recession. we'll just see then, ahead of that of course the federal reserve will likely be raising interest rates another three- quarters of a point so there's a lot out there to deal with the inflationary pressures that we're told the federal reserve is still determined to stamp out. jonathan hoenig with us the capitals pig hedge fund manager, fox news contributor. jonathan we're already taking action into our own hands here when it comes to the great pivot no matter what happens with rates and no matter what happens

on the inflation front, many of us are already finding ways to try to get around it, aren't we >> yeah that's what's so frustrating, neil, unbelievably frustrating is whether or not in washington they decided to call it a recession yet, i mean, investors are suffering and americans are suffering. there's no reason historically gerald ford called inflation public enemy number one, carter talked about it creating a malaise in the country. this is the type of thing that really destroys civilizations and it starts by simply destroys people's quality of life. you're right, neil people are trading down because of the inflation, they are picking inferior beer, inferior soap, inferior coffee, and you might say well, these are what's the big deal but these are the small luxuries that especially poor americans have worked so hard to achieve so washington would never raise taxes 8% on poor people, but that's exactly what inflation is doing and hurting them most of all. neil: going to boom the store brands rocketing through this , understandably they tend to be

cheaper might not taste as good or if you're getting a food item or another item that you're not supposed to eat or drink but that aside i'm wondering what you think of this story that's out there that the 9.1% inflation rate we saw last month is our high. it's all downhill from here. what do you think? >> oh, historically really, neil that's not been anything of the case. in fact historically, if you look at the numbers-to-numbers apples-to-apples comparison that 9% inflation rate should be more like 12 or 13% so the current rate is being under reported. inflation as it has been said neil, many times, it's like toothpaste. you can't just stuff it back into the bottle, and especially when we're seeing more inflationary policies coming from washington, even the so-called chips bill, hundreds of billions of dollars all that is inflationary so we haven't learned in washington what created the inflation so my tear is this isn't transient that we might see ebb and flow if you will, commodity prices come down a bit, but i think we're in for the long-haul

unless washington realizes it's their spending causing the inflation in the first place neil: now i don't know whether this past month has been a case of investors climbing a wall of worry but in the face of the retail inflation, the wholesale inflation, everything you pointed out, they're buying stocks again, not in droves and not nearly enough to get even the nasdaq out of bear market territory or some of these issues that have been cut in half, but it's steady as she goes. what do you make of that? do you buy it? i guess we'll get a better sense with these technology names but what do you think? >> again look to history, neil. it was a bull market stocks went up 60% from 1970 to 1972, and then a year later, they fell 50% , so it's very likely that we could have some very dramatic bull and bear markets over the next couple years but that's my fear is that because of this systematic problem, this inflation, those gains are going to be short-lived. what's working right now and you're right a lot of names have come off the bottom. they aren't the tech names, not

the pie in the sky, the apple, facebook. it's really much more the steady eddie, pharmaceutical stuff of course have been real winners, oil stocks have come down but not out by any means, so inflation makes it more difficult to be a consumer and an investor, neil, but investors by and large are not being served by those growth aggressive names which basically worked for five years prior to this year. neil: all right, thank you, my friend you weren't even alive in the 70s and yet you can expound eloquently on the magic of those days jonathan great seeing you again jonathan hoenig following that. i was alive and i remember well, stay with us, you are watching "coast to coast."

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