that is the high bony way you slice it. the average adult male femur is 18.9-inches in length. that is the longest gone bone in your body. got it tepper? >> got it. stuart: we appreciate you. >> thank you. >> with the market up 500 points on the dow industrials this is appropriate moment for me to hand it over, jackie, here you go. it is yours. jackie: stuart varney, i gladly wake that. hopefully we raise it more. good afternoon, everybody, welcome to "coast to coast." i'm jackie deangelis in for neil cavuto today. we have a lot to get to in the next two hours. is inflation really cooling? prices are lower than expected and market is jumping on the news but are americans feeling less pain in their pocketbooks? we're learning more about the raid on monday night. fox is told that the fbi would

not allow president trump's attorneys to be present for the raid. asa hutchinson says americans need answers. what does elon musk have up his sleeve? he sold $7 billion worth of stock in the company last night. we'll look where all of this is going, the elon saga. we have a busy show. let's get right to it. consumer prices up year-over-year but easing ever so slightly. edward lawrence is live at the white house. edward, what's the reaction this morning? reporter: jackie, obviously the president is pleased with this number. he is sort of patting himself on the back, 8.5% year-over-year. when you take out the food and energy prices, the core inflation is 5.9%. that is what it was last month over the past 12 months. that's the problem now for the federal reserve. it puts pressure on the fed to move another 50 basis points possibly into the september meeting. let's put this in perspective. this is the rate of cpi inflation over the past several

years. you see where president joe biden came into office. inflation 1.4%. it is now 8.5%. when you look inside of the numbers, food is where a lot of inflation remains in very big numbers. all food sup 10.9% in the past 12 months. eggs increased 3% over the past 12 months. cereal, baking products double digits. meat, poultry eggs, up 9.6%. milk up 15.6%. we expected energy prices to come down month over month. that is what they did, but still big numbers year-over-year. gasoline of all types up. fuel up 70.6%. piped in natural gas up 30.5%. so here is the president's reaction. president biden: we're seeing a stronger labor market where jobs are booming and americans are working. we're seeing some signs that inflation may beginning to moderate. that is what happens you build economy from the bottom up and

out. reporter: can't deny wage gains with being eaten up by inflation. average hourly wages up 5.2% year-over-year. inflation up 8.5%. people are still making very difficult choices what they can buy and what they decided to leave on the shelves because of that inflation. back to you. jackie: real wages of course are negative when you look at all things considered. edward lawrence, thank you so much. meanwhile as inflation roars and recession worries worsen, more companies cutting back on spending. fox business's kelly o'grady has details for us. hi, kelly. >> reporter: jackie, more companies are cutting back particularly in the tech sector. many of the pandemic darlings are enacting layoffs or cutting costs in reaction to recession fears. microsoft may be one of them. "wall street journal" is reporting that they are asking teams to rein in employee expenses on travel company gatherings. microsoft did not confirm when we reached out. they have shown signs of controlling cost.

earlier this year the company planned layoffs of less than 1% of staff. cuts were made to the modern life experiences group. another company tightening it belt, hootsuite, that raised 300 million in funding so far, laying off a third of the staff in an attempt to refocus. in a statement to fox business the company says quote, we announced internally we made a difficult decision to restructure the company, reduce the global workforce by 30%. indicative after change to our business that realigns our strategies with to be successful. we need to refocus to drive efficiency, growth and financial sustainability. groupon is also cutting back. during the earnings the company announced 150 in million in cost tract sister savings with 500 layoffs. our overall business performance is not at the levels we anticipated. we're taking decisive actions to improve the trajectory in financial cycles. more news for snap after dismal

earnings call, losing 75% in the stock price this year. there are report that the company may be early stages of planning layoffs though the company declined to comment. jackie, layoffs in the tech sector as companies brace for the times ahead. jackie: these are data points we need to watch. kelly o'grady, thanks for being on top of that for us. with the inflation and all things economy, kingsview asset management scott martin, strategic pelt warters in investment strategist luke lloyd. scott, i want to start with you. the white house is taking a victory lap. i get it. inflation has come down but having said that before we peaked at 9.1%, there was a previous month ticked down a little bit, then went higher. might not do that because fuel prices have come down. there are problems in the cost. housing costs are up substantially. food costs continue to rise. these are things every average american has to deal with. the pain at the pump has not gone away completely. so this report is better but

we're not there yet. >> we aren't and that is the thing, jackie, i think we still have a ways to go with some of the fed's help with couple more interest rate hikes coming down the pike. that is the difference with recent spikes we've seen in inflation now you have the fed fully on board tightening reducing demand. so look, i think the idea here though the market kind of knows, we're obviously seeing a big rally today, the market knows where inflation is going. it is topping out, it will turn over. at least so far with regards to some pricing pressures you mentioned yes, they are relieving but still food and housing still very troublesome for the average consumer. jackie: luke, let me ask you this do you think the market is rallying reading the inflation number, this is good news, investors see the numbers declining, the white house is on the right path or is this one of those moments where investors are looking at the fed and looking toward september and jerome powell saying he will probably not tighten as aggressively, maybe not 75

points but half a point and investors and the stock market, they cheer for that? >> i think everybody that says 8.5% number is good is completely oaf their rockers including the stock market. the fed is completely failing at one of their mandates, that mandate is price stability. no matter what headlines are coming in that who cares cpi data came in 0.2% lower than expected. wall street cheered. i think it will be temporary. while wall street cheers, main street who is the driving force of the economy now needs two jobs instead of one to pay for their lifestyle because of 8% inflation. people having two jobs is one of the reasons that the jobs report was so good last week, two jobs, doesn't sound that good to me. honestly i don't think it is sustainable through this current environment. look, labor costs are rising taint that productivity is the lowest we've ever seen. any smart business owner is not hiring another employee for more money when productivity is essentially negative. inflation will come down

eventually. i think you will see inverse relationship with unemployment and inflation. as inflation comes down, unemployment will rise. so the fed will trade one failing mandate for another. jackie: that concerns me. i look at fundamentals as student of market. i look at core cpi, 5.9% year-over-year. the white house loves to strip out food and energy. the core number really wasn't that impressive this go-round. what is happening here, with respect to fuel prices for example, demand destruction. speculators are trading the price of oil lower because they anticipate that we're in a recession, moving deeper into recession, there will be less demand that to me is sort of like the wrong reason to cheer the price going down, right? >> well, one way or another, yes, jackie, but we did need demand to destruct a little bit, demand was high driving up prices, therefore crushing supply as well. i guess to get prices down we need to get there a few ways but demand destruction was one of them. this will be i think shallow

recession. we see two negative quarters of gdp growth. q3 flat to slightly up. q4 should be a bounce back. we have recession out of the way. demand destructed. still going forward we have to unkink the supply chains, that will be next driver of price especially as demand falls off here. jackie: look, what do you think about the spending bills we've seen? the chips bill, 230 billion, 740 billion likely to pass the house. so-called inflation reduction act. many actually say that will contribute to inflation and that the next two years could be really tough. those thinking we're on a steady decline here may have another thing coming to them when you get the surge of stimulus into the economy? >> the government doesn't have a spending problem. the government has, doesn't have a revenue problem. it has a spending problem, absolutely. the thing is they completely spend all of our money and don't think twice about it. the more they give the harder could tut back on sugar. sugar is very addicting

especially to politicians who are power hungry. the crazy part outside of ridiculous spending in the inflation reduction act, which will not reduce inflation, will increase inflation, hiring of over 80,000 irs employees. the government isn't coming after billionaires and millionaires. they're absolutely coming after middle class america. elon musks of the world can hire the best tax attorneys to pay the lowestest amount of tax legally. the middle class american can't do that the government is completely overstepping boundaries right now. think of all the venmo transactions people do, paypal transactions people do, that people don't have too much oversight. they're going after those kind of transactions. jackie: that is definitely a valid point to make. we had economist mark zandi on yesterday. the fed has the tool. the administration doesn't have the tools to reduced a administration. i didn't have time to go there, the counterargument, they have one big tool, stop spending, scott, luke, we'll have to leave

it there. coming up we're learning new details about the fbi's raid on mar-a-lago. arkansas governor asa hutchinson is calling for answers from the doj and he is here next. ♪.

♪ ♪ ♪ ♪ ♪ ♪

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♪. jackie: former president trump invoking his fifth amendment right in new york city today during questioning from the attorney general's office as part of a long-running civil investigation into the trump organization and his business dealings. david lee miller, live outside of trump tower with the latest for us. david. reporter: that's right, jackie. after months of court challenges as well as postponements the former president donald trump today pled the fifth rather than give testimony under oath about his business dealings. the former president left his apartment at trump tower this morning to appear at the offices of the new york state attorney general letitia james. james is investigating whether trump and his company inflated value of certain properties to inflate loans, tax deductions and derive other financial benefits. after arriving a the ag's office

trumping issued a statement on the social media platform i did nothing wrong why after five years of looking the federal, state, local governments with the fake news media have found nothing. accordingly under the advice of counsel, for all of the above reasons i decline to answer questions under rights and citizens afforded every citizen under the united states constitution. the former president released a video of new york's attorney general, edited to show the ag making disparaging comments about trump calling him a illegitimate president who she wanted to file suit against. in another social media post the former president wrote, quote, at the very plush, beautiful expensive ag's office, nice working conditions as people are being murdered all oaf new york, and she spends her time on getting trump. three of mr. trump's children, ivan car, donald, jr., eric have already been questioned as part of the probe. the ag's investigation is a civil matter but it could result in fines against him and his

company. new york's district attorney is conducting a separate criminal investigation into trump's business dealings and if trump had decided to testify under oath instead of taking the fifth today his deposition could have been used against him in the criminal matter. in a statement today mr. trump cited monday's raid at his home in florida, mar-a-lago and accused the current administration, in his words, many prosecutors around the country of having lost all moral and ethical bounds of decency. jackie. jackie: david lee miller, thank you. we're also getting a more clear picture when took place during the fbi raid on former president trump's mar-a-lago home. ashley webster live in palm beach with the latest. >> reporter: jackie we're getting a few more details. we're learning that the search at mar-a-lago was divided or

centered if you like on three particular sections, a bedroom, office, a storage area that was padlocked that search lasted nine 1/2 hours and began 9:00 a.m. on moaned morning. according to an attorney for donald trump to who was not allowed to witness search for the evidence, the fbi eventually removed about a dozen boxes of documents. documents that investigators believe belong in the national archives but the scale of the raid continues to generate outrage. critics saying it is not unlike sending in a s.w.a.t. team to try to retrieve an overdue library book. as for politicians, senator paul rand, senator from kentucky says in his mind no doubt law enforcement agencies are being used as political weapons. take a listen to this. >> this is the fbi being used as a political weapon against your opponents and do i think the director of the fbi knew?

absolutely. do i think the attorney general knew? absolutely. i can't vouch how far it weren't up. they may have tried to keep the white house at arm's length. but i wouldn't be surprised if the white house knew. reporter: that was senator rand paul. senate minority leader mitch mcconnell not a best friend of donald trump issued pa statement that says in part the country deserves a thorough and immediate explanation he says what led to the fbi's raid but any chance of seeing a copy of the search warrant or any comment from the fbi or the department of justice has so far, has not materialized, let's put it that way but as we are say getting more details of the scale of the search that took part here on monday. jackie. jackie: many people wondering and wanting to know exactly what was in that warrant. ashley webster, thank you so much. i want to get some reaction now from arkansas republican governor asa hutchinson.

governor, wonderful to have you on today. with respect to the warrant, we know it was issued by a federal judge. to get that warrant you need to show probable cause. to show probable cause you can't cite incidents that are old. that it is ongoing, happening right now. you say this has all come out in the open and the way this raid was conducted that the american people deserve answers with respect what that probable cause was. what were they going in there for? >> absolutely. it has been two days now, silence from the department of justice on a matter of great national interests where you have a former president's home being searched. as you said based upon a search warrant but we have to have information. now the department of justice can be restricted in it. they could be very sensitive and careful about it but you cannot be silent. you have to speak out on this matter of grave concern because when you don't then the

skepticism, the cynicism of the american public escalates and there is too much at stake here. not just presidency, former president in his home but the institution of the department of justice which i worked in when i was u.s. attorney, when i was head of the dea and you have to have respect for that rule of law and so we have to have information and so it has been two days. the department of justice, the attorney general, needs to speak out and address this, if it is limited you can say, this is what we can say now. we will have more information later. the affidavit that supports the, the probable cause for the search warrant, that can be unsealed, it could be redacted if need be to protect sources t needs to be released. jackie: let me ask you, nancy pelosi responded to all of this saying in two parts, the fbi director was appointed by donald trump. in one breadth she is taking a shot it was his own appointee

even though the fbi appoints to the department of justice and merrick garland is a biden appointee. she says facts and truth, facts and law. that is what it is about. if it is about facts and truth and law what do the appointees have anything to do with it? i find her response to this really interesting. >> i agree. i know chris wray as director of the fbi, he served with me in the bush administration, in the department of justice. he is a career law enforcement officer and, you've got him. obviously you've got the attorney general that, merrick garland and he is the one that needs to speak out. it is not here about which party you are, who appointed you, the question is what are the facts that justified this kind of extraordinary, unprecedented action on behalf of the fbi and department of justice. the fbi's carrying out the

directions of the search warrant that was obtained and so it is really a department of justice issue and merrick garland needs to address it. jackie: okay. i want to get to you on tax cuts in your state as well, really quickly on this civil investigation happening here in new york. president trump taking the fifth and he says i once asked if you're innocent why are you taking the fifth amendment, now i know the answer to that question. when the family, company, all the people in the orbits become targets unfounded motivated witch-hunt by prosecutors, and fake news media you have no choice. he wrote that in a statement. i wonder what your response is? >> anytime you claim the fifth amendment you're saying there is criminal, potential criminal liability on your part and so i can understand the president's frustration with the investigation. the fact is it is a civil case filed by the attorney general of new york that most of american doesn't care about but when you

elevate it by asserting the fifth amendment privilege, it raises a lot of questions. it is not a particularly good look. i understand it. i understand the frustration, but you know, that is part of what you know, american citizens go through when there is a civil case that's involved. jackie: i want to move on to arkansas, your home state. you're calling on lawmakers there to caught taxes right now, to help consumers and your residents and your constituents to deal with inflation. many say that is what we should do across the board in the country rather than pass the massive spending bills. tell us how you view it in arkansas? >> well it's very important what we're doing. so we have a special session of the legislature, it is meeting, has gone through meetings but we're returning $400 million to individual taxpayers this year that will help them to overcome the challenges of inflation and high energy costs particularly. and there is a lot of different

way as government can do this but we're in essence collecting more taxes than we need for the state services so let's return that to the taxpayers. it helps them. it is needed. that is why we're having a special session for it. we're lowering our tax rate down to 4.9% which was at 7% when i became governor. so, this should help our taxpayers. it should help our economy. that is what we need to do in arkansas and i know other states are looking at it as well to provide that kind of relief. jackie: sir, great to be with you today, thanks so much for joining us. >> thank you, good to be with you. jackie: democrats supersizing the irs. so who stands to benefit? some say it might be the democrats. we'll explain that next. ♪.

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jackie: with the irs set to gain an 80 billion-dollar boost from the democrats inflation reduction act people are warn this could put cash in the pockets of democrats passed this spending bill in the future. gerri willis joins us. >> reporter: circular like the ultimate crackerjack box. this has a surprise for the union that represents irs employees. national treasury employees union represents 150,000 federal employees, and when the irs gets its share of ira dollars it could represent another 87,000, that is the number the agency act supports. that is not all, on top of that the union gives 97% of pack money to democrat campaign coffers, raising 288,000 in the

2019 campaign cycle that according to americans for tax reform, which says of the 609,000 in spending on federal candidates, overwhelming proportion, 97.04%, people, went to democrats, listen. >> call it inflation bill. it used to be called an environmental bill. they changed the name but the whole point is fund the modern democratic party, political machine at the state level, at the local level through unions. >> reporter: digging deeper atr found that beneficiaries of the union's largesse include house speaker nancy pelosi, representative pramila jayapal, maxine waters, sheila jackson lee, dick durbin and jon ossoff. the irs employee union prioritized political donations to democrats who happen to be in 2022 battleground races including 5000 to rafael warnock, 10,000 to maggie hassan, on and on it goes. all the money going to the

candidates. as i send it back to you i would say, jackie, top republicans say the mar-a-lago raid could be a sign of what a ramped upirs could be like as the agency expands, those figures are draw dropping figures. i'm so glad you shared them with us. gerri willis thank you so much. let's bring in missouri skate treasurer scott fitzpatrick who is worried about what all the irs beefing up means for his state and i'm sure, scott, americans in across the country share your concern as well. lay out your case why this is problematic? >> only the democrat party of today come up with the idea to pass a bill that doubles the size of the irs, increase taxes and gaslight the american people telling them it is called the inflation reduction act. when you look what this actually will do, anybody who is subject to audit by a government agency of any kind, even if you're doing everything exactly right it's a tremendous amount of

time, especially for small businesses to invest and producing documentation that is necessary and supplying it to the auditors. then you're also talking about, really only people who should like this are certified public accountants and tax attorneys who are going to be much busier in the next several years as the irs ramps up this new auditing regime. you're talking about an agency, by the way, which just last year leaked taxpayer information on high net worth or high income individuals to the public, to journalists, exposed that information. you're talking about an agency who with lois lerner several years ago has proven it is willing to target conservative organizations for harrassment. this is something that everybody should be concerned about. jackie: i think you're right, scott. there are many people, that are low or middle income that will be targeted by this, who essentially say, we don't have the money to pay those cpas, the tax lawyers. the rich people who can fight back.

i can't fight back. you're right, it causes a lot of anxiety. if you make a simple mistake, for example on your return, if they really start digging into the details and the nitty-gritty, there are fines associated with it as well. it is not just about reconciling the number and the bottom line, but people ultimately end up paying substantially more as a result of audits and investigations like this? >> yeah. i mean the tax code is what, 30,000 pages? and it doesn't matter how good of a job you do, there are going to be mistakes people make especially in the business world talking about small businesses. democrats say they will make this about high income individuals, those making more than $400,000 a year, they had the opportunity when the senate voted on this legislation last week to actually change the law that they were going to pass this could only be used on high income individuals over $400,000. they voted against it. jackie: right. >> if that doesn't tell you what their motivations are, i don't know what does.

jackie: that is an excellent point, they continue on that mantra. jared bernstein on fox news people under 400,000 will not be audited or see increase in bummer of audits. that is not true. it will be across the board, rich, poor, everybody in between. appreciate your time breaking that down for us. thank you. >> thank you. it is good to be with you. jackie: coming up elon musk selling a near 7 billion-dollar stake in tesla. we're going to look at some of the reasons why after the break. ♪.

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jackie: welcome back. elon musk getting his finances in order, selling nearly seven billion dollars worth of tesla shares. back with our market panel, scott martin, luke lloyd. scott, i will start again with you. when it comes to elon musk and twitter the saga never ends. now he is selling a huge steak in stake in tesla, and people that he knows he may have to buy tesla, the court will make him do it. >> maybe he is taking some profits off the table as well but he is about halfway a quarter of the way there committed to personally, 33 billion of that share buyout. so look, regarding his moves i think he got what he wanted out twitter. scared some people, created internal fighting there. so far if he sell as few more shares of tesla, rallying here, not that big of a deal with him. jackie: i agree with you. that is a perfect set is up for my next we to look, standing back i think elon musk is smart

like a fox. i think he doesn't want twitter anymore. mission accomplished. he ignited the conversation about the bots what is happening on twitter, exposing the company, demanding some accountability. i don't think he necessarily is look forge a discount at this point but it's a great cover because he sold so much stock but not just the last tranche he did in preparation for the deal, luke. when ceos sell stock in a company usually investors worry they're losing confidence, even just for profit-taking purposes it is really hard for them to do it this is a great cover for him to do that and not have to explain. >> so elon musk is absolutely smart as a fox like you mentioned. another thing is, i know elon musk is all about having 10, 20, 30 children. he has been very prominent about that. you have to remember tesla, and all of the companies he is building are basically one of his children, right? he built it from the ground up. these are his babies he put all the time and effort into.

the thing is he started to get away from tesla. i think he is trying to focus on other ventures like twitter, maybe spacex, maybe neurolink, maybe all the other companies. i think twitter is a means to, means to an end and another opportunity down the road. all the data twitter has i think he is thinking 10 steps ahead. one of the things i mentioned earlier about the government, the government has a spending problem, not a revenue problem. look past world war i, world war ii. government spend wag 10% after world war i and 2011%. imagine if he gave 20% back to the american citizens where entrepreneurs like elon musk to create jobs and innovate. elon musk knows how to create jobs, that is what he is bound to do. jackie: he does, i think you're right, spacex, tesla are his babies, scott. twitter could be one of them. you have to wonder why he would be making the bet with twitter

when especially the administration pushing forward green agenda, electric vehicles are a large part of that some say even though this is his baby, still has room to grow, something you might want to watch and we're just speculating what his motives are with respect to this because it is tough the way it unfolded to understand what he is thinking, sort of like getting into the mind of a madman. >> yeah, 100%. i think teslas has a great future ahead of it. twitter became a pretty big distraction, jackie. maybe it was the data he wanted or shake up the company and walked away which is proving more difficult than he thought. tesla is obviously the leader in the industry. it has its reputation well-built. tesla can some degree can't carry that out without him or his focus on company. if you look going forward what will happen with twitter this is a fun court battle and something i think will go against him in the end and therefore he will have to pony up. jackie: i said there is appetite for really good court battle for

husband news hounds because after the amber heard, johnny depp trial that was explosive. some people say this may be the business version of that. we'll see. gentlemen, we'll leave it there. scott, luke, great to see you, thank you. >> thanks, jackie. jackie: home prices they're near record highs, they're staying there but buyers could soon have a little more negotiating power. we'll explain how after the break. ♪ i've always loved building things. not just structures and skyscrapers, but teams who make it all possible. after all... we wouldn't be where we are today without them.

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and asking themselves, 1-800-763-2763. "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. jackie: welcome back. taking a look at homebuilder stocks today way up along with the broader market. lydia hu with the latest housing headlines. hi, lydia. reporter: hey there, jackie. we're seeing inventory on homes grew at record pace for the month of july. this is third consecutive month for inventoriry of hopes grow at a clip. it's a sign borrowing costs are

starting to cool on the housing market. that is some encouraging news for buyers. number of active listings in the u.s. soared more than 30% from last year according to realtor.com. that means buyers they have more options but also note here that prices remain high. so competition is largely in the seller's favor. now following the fed's interest rate hikes, the average rate on a 30-year fixed mortgage was most recently reported by freddie mac just last week at 4.99% after it climbed to nearly 6% in june. in response last week, we did see gains in applications for refinancing. they rose 4% for the week as some were trying to take advantage of the drop in rates but mortgage applications, jackie, in this arena to buy a home, they were down about 1% for the week, down about 19% from a year ago. a year ago of course we were seeing mortgage rates that were well under3%. now sellers responding to the

reese selldown by cutting trieses. to be clear prices remain at all-time highs. it seems, jackie, prices are not continuing to climb. today's cpi report call as cooling on inflation in july. that gives confidence that maybe the fed might not have to be as aggressive hiking interest rates which would be good news for mortgage rates. we could expect to see mortgage rates continue to decline. the next read on mortgage rates from freddie mac is out tomorrow. but in the meantime we're already seeing homebuilder stocks, that sector doing extremely well in the markets today. so some encouraging news there. jackie: lydia hu, excellent report. so many moving parts of the story to keep track of. we'll dig into them. thanks for laying it out for us. >> thank you. jackie: economist mark zandi warning on this show yesterday that a housing correction could be coming. take a listen. you've been warning a housing

correction could be coming. many people are thinking the same thing. >> the most interest rate-sensitive sector of economy is housing. most people whether they buy a home they need a mortgage. that mortgage cost is higher because of higher interest rate. home sales are way off than new existing sales. jackie: reaction from empire state properties founder, president, suzanne miller. suzanne i'm so glad you're here to help us parse through this. we're watching the inflation number to see how the fed will react, what will happen to interest rates. a certain segment of the population jumping into the drop at 4.99% but what i think is happen something different than anything we've seen before. interest rates are on the rise, inventories are building but not that quickly, right? builders cannot get labor. they have stuff stuck in the supply chain. they're worried about recession coming ahead. i think prices while they have come down a little bit they are still elevated. i'm wondering where do we go from here? >> you're exactly right. it is complicated because what is happening right now the inventory is increasing but the

sales price is not. jackie: right. i'm noticing that. it is fascinating. >> it is fascinating. the sales price is up from last year up 14% than it was. just because the inventory is up doesn't mean prices have come down. jackie: right. >> what happens the sellers, they're adjusting but really good opportunity for people psychologically think because there is more inventory this might be a good time to jump in. jackie: we were talking about during the break, you say in certain areas, new york city, other metropolitan areas fled earlier because of covid-19. there is some desire to come back. the markets might hold up because there is pend-up demand that will be coming? >> i don't think you can look at the sales market without looking at the rental market. in the urban areas where people come back to work, people want to be there now. so the increase of rentals is red hot. jackie: you take this city -- >> take this city. jackie: insane. >> insane. the average price is $5000 in

the urban areas to rent an apartment. so as long as the rents are high, i think sales are going to stay high you might have more apartments on the market or houses but i don't think the prices come down. jackie: this is interesting about the rentals. i see prices sky rocketing. i see them stay on the market longer. the demand is there. they may sit for a day or two on street easy. this is the dog days of summer. maybe we pick up in the fall. it is hard to dig into the psychological mind of the real estate investor and how people feel two years after covid-19? >> the people that had to leave left because of pandemic and come back. foreign nationals because of shortage of labor are coming to urban cities to work. tech, coming from india, japan, coming from south africa. they're taking up a lot of inventory. that is why the rental market is continuing to stay strong. the sales market, the inventory

is increasing but the prices have not come down. i think soon the sellers will adjust to the new market but i think this might be a little blip of time where it might be the perfect time to jump. jackie: i think that is interesting too, international buyers, for a segment of time were blocked from traveling to this country because of the ban and travel restrictions right? you used to have foreign buyers come in with suitcases of cash in new york city, scoop them up with all cash offer before anybody had a chance to take a breath. that hasn't been happening for a while but seems that is picking up. that gives you sort of a sense what the sentiment is. >> really at empire that what we do we sell to for ininvestors. they're calling. they want rent return. they're looking for an apartment where they want income. i think that market will come back an already has. jackie: that is new york city. in other two minutes i have with you let's talk about other markets across the country. where are you seeing strength

and shifts in balances of peoples buying patterns and behavior? >> i think across the country. boston, phoenix, california, these markets, wherever you have urban cities that is coming back. that is the strongest right now. jackie: wow, it is so interesting to me. i just want to get your sense on where you think interest rates will go. nobody has a crystal ball to know what jerome powell will do in september and there is so many data points he has to reed probably before he makes that decision as well but we saw rates almost go up to 6%. i saw friends trying to get into the housing market. they were freaking out. my payment is substantially higher than it would have been last year. the math doesn't make any sense anymore. do you think we stay around the 5% range or do you think the rates are headed higher? >> the average rate for 30 years is 7%. when i purchased my first home it was double digits. i don't think anybody purchased their home over the last 20 years will ever lose money. you will not time it perfect but it is very hard. that doesn't scare me. jackie: suzanne, good to see

you. thanks so much for coming in. >> thank you. jackie: let's look at the markets. we're watching the dow on pace to exit correction territory up 476 points. we'll be right back. ♪. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits.

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jackie: red-hot inflation did drop in july, not by a lot and not on the things that you need to live like food and housing. welcome back to "coast to coast" i am jackie deangelis and for neil cavuto. the second hour of team coverage wiki inflation news. hillary vaughn live without parts of the so-called inflation reduction act are making things worse for one industry, plus lucas tomlinson has a scoop from washington on how the same beefed up to cost the middle class a bundle. first we start with the white house set to vote this week,

hillary vaughn joins me now. >> the coal industry feel like they got stiffed by the inflation reduction act $300 billion in investment to their competitors the clean energy industry $10 billion to them the whopping $300 billion for climate and clean energy is the largest investment in the industry in u.s. his industry coal company said the put them at a billion-dollar disadvantage. >> do you wish those numbers matched? >> we wish coal would've received a bigger piece there has been uneven tax measures in the pool as well, we think greater incentives with more even playing field with renewable energies would and should even a bigger priority. >> there are benefits in the

bill aimed for the coal industry and $5 billion and financing for environmental and efficiency upgrades. among other incentives but the west virginia call incentives say those benefits do not outweigh the 300 billion-dollar payday to the industries, it's not just uneven spending that's bothering coal companies, the bill would revive a black bond tax on the coal industry that helps pay for healthcare for minors to contract black lung disease on the job, the black lung tax has been in place in the past four decades but it went away last year giving coal companies temporary tax relief under the bill it would bring the tax back which the west virginia coal association says any extra tax to pay for a good thing still puts an unnecessary burden on u.s. coal and makes u.s. coal less competitive price wise in the global market.

jackie: hillary vaughn, thank you so much the white house denying that more irs funding would increase audits on lower income americans. lucas tomlinson is live in washington with the latest on that. >> the irs has 70000 employees adding 87000 agents over the next decade would double the agency, 87000 more than the u.s. army is trying to recruit this year, the white house defended this expansion. >> i think this reporting has been pretty convoluted, i want to quote something from the commissioner of the irs, these ira resources are not about increasing audit scrutiny on small businesses or middle income americans. >> nearly $80 billion of spending the agency is six times the current irs budget of 12.6 billion more than half of

irs audits targeted taxpayers with incomes less than $75000 only 23% of those were aimed at people making over 200,000, the bill says $45 billion will be for enforcement the irs has bought more guns than ammunition purchasing 700,000 ammunition early this year earlier tim scott pushed back on the white house claims. >> the nonpartisan organization congressional budget office says 90% of the revenue generated from the new irs agents will come from people making less than $2000, that is the exact opposite of what you just heard. >> 400,000 georgia republicans did not vote in senate elections last year they picked up by democrats a big reason the vent until legislation passed adding $80 billion to the irs. jackie: taking the budget six times what it was, many people

wondering why were not funding the border or the state department in that way, a lot of questions thank you for laying that out i will begin our all-star panel to react to all of the above cio erin gibbs and cofounder dan geltrude, great to see you both this is the first time i'm having two people on set. this is very exciting let's talk about inflation is hitting americans hard into the reporters, very difficult weather it's actual or a tax increase has applied as irs expansion it's tough for people to swallow. i would start with today's number 8.5% year-over-year was better than what we saw last month 9.1%, some of the basic staples up 38% coffee up more than 20%, milk up more than 50%. housing prices are still rising when it comes to rent, people

are still struggling and because gas prices have come down and hear from the record high does not mean we're out of the woods. >> not by any stretch, 8.5%, but has only gone up 8.5% everything that we look at has gone up far more than that. on top of that if you look at how much wages are increasing, how much more people making versus how much things are costing, things are costing a heck of a lot more that is the issue that difference. jackie: i want to get your read on how you think the fed will react the market is cheering in september maybe we'll see jerome powell be as aggressive but he has data points, he has to wait for the job reports and see what those numbers look like in the labor market as well are you in the camp that he goes three quarters of a point or he brings it down. >> when we look at the core even though the main cpi was down a

little more that's also number the fed likes to focus on because that's the stickier park. that would mean it's more likely, the market is rallying completely. >> the number was not good we have one more month before they meet in september we have one more month that maybe it'll come down. i think i'm going to make my bet when that number comes in but certainly wall street thinks it's a good thing. jackie: we were talking about interest rates, housing, people getting into the market it almost seems like there are two pieces to this economy, the supply side, companies, earnings all these things were focusing on in the data as well but as things seem to be okay and we are in a recession and slowing down and the fed continues to hike and has an impact on the housing market which is been holding up then the whole "house

of cards" collapses a little bit. >> when you look at what the fed is doing let's assume they will raise interest rates because they said they're going to until they can get a soft landing with inflation, here's what i said you are raising interest rates, there are consequences to that, it's not just will raise interest rates, by doing that what happens you are slowing down the economy in a recession. it makes very little sense. jackie: that's a great point i was watching the readout and everybody talking about it this is demand destruction based on forecast for what people think is coming and that's what we see with gas prices. with demand destruction it is not genuine they're not fixing it from a supply-side, engineering the demand to go down is not the way it's fundamentally to see a strong

academy, what say you. >> no matter what the fed does there always going to complain about something there in a tough position. a lot of it is coming from goods and services and obviously the services is the largest part of the u.s. economy. how do you slow that down without hurting and putting in a recession that is a nuance and they can reverse course very quickly. jackie: maybe they will next year. having said that were waiting for the inflation reduction active past the house, it probably will that the huge amount of spending, $740 billion and the chip act was passed 230 billion, a significant amount of spending added time and put less pressure on the fed and kept things more balance.

i'm not an economist and i'm not jerome powell but it doesn't take a rocket scientist to see that. >> the most disingenuous thing that's ever come out of the government is calling this the inflation reduction act. that is absolutely the opposite. think about what they're doing yet the fed on one side increasing interest to bring down demand then you have all the spending going on to increase demand. we are in this boat water is coming and and were bailing on the other side, where do we get, nowhere until they wake up and address the supply-side. we are not going to get improvement. jackie: all this money going towards the climate agenda and green energy will weaken its advice are oil producers to produce more, that would bring prices down the right way and allow people to keep the demand as high as they would like it.

we are out of time, great to see you both. jackie: farmers up against inflation and regulation, they are now worried that climate initiatives could threaten the u.s. food supply, we were talking about how the food prices move higher, madison alworth is in chapel hill tennessee. >> we are inside the dairy parler it is thunder storming this is the first i've been spending all day with the farmers it touches on about of what you guys are just discussing. farmers are concerned about the environmental policies and what the climate policies could do to farming in the u.s. we are at nash family farms the fourth generation farmers they have been doing this for quite some time they have 1800 cows on this farm they actually moved from california to tennessee because of government policies there what they're worried about is what we seen around the world

several countries impose regulation on agriculture industry such as lemon on nitrogen emissions that is a ton of backlash we seen protest in the biding a administration has indicated they will be pushing changes to tackle the climate change. i spent the morning with stephanie and her father steve nash both third and fourth generation and they have a lot to say what could happen in the farming industry and food supply in the future of the farm. take a listen. >> the bring the climate change issues to america and i let them know that we can have supply shortages. farmers and ranchers are scared. >> it will be quite devastating. if you see what happens in the netherlands the looking at a high percentage of their farmers going out of business. we are fourth generation and we worked our whole lives to build up our farm.

>> was interesting about the current farming situation the average age is 60 years old, this is an aging population but we are reliant, the fear if there is disincentive within industry and agriculture how will we fill the gaps when the farmers leave. on top of all of this increase cost fertilizer up three or four times this year alone. >> this is what happens to big oil more regulation for those companies to increase supply same thing will happen to the farmers and the food cost will rise. good to see you. jackie: more buses. migrants from the board arrived today in the big apple and the texas governor is not backing down national border patrol branded judge ways in next ♪

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>> new york is a sanctuary city, mayor adam said they welcome men illegal immigrants. once they have to do with the reality of it, they suddenly cannot handle it. they are now getting a taste of over having to deal with. jackie: that was greg abbott, abbott translated the problem of the influx of migrants at the southern border to the north, literally by the busload as more buses of migrants come from texas and they arrive in new york city, national border patrol council brandon judd, it's astonishing to me mayor adam's reaction only a couple of buses coming up with an unlimited number of people he cannot handle the busload of 40 people that he's declared a sanctuary city. he won't go down to see what governor abbott is dealing with in his state. >> and consider what's happening in texas if you look at eagle

pass texas last week we apprehended 8000 people in eagle pass texas alone, yet were sending a couple of busloads to new york city 4000 people in the last month and mayor adams is complaining about that as city of 30000 people are supposed to deal with 8000 illegal immigrants that is the height of hypocrisy, that's what we can expect from mayors like eric adams when he's going to get pressure. what is funny about this, when all of these flights were flying to the greater new york area, you never heard anything from mayor adams because that was the government, the biden administration. now that is being done in the light of day and done by governor abbott, now you hear eric adams complaining, again that is not going to solve the crisis and help anything. we've got to talk about policies and that's what governor abbott is trying to do he's trying to

shine the spotlight so we can sit down at the table and what needs to be done later border this a administration. jackie: i will respond governor abbott said he will not back down to mayor adams and he will continue to do it and to make the point it's an important point it's not just his state that is bearing the brunt of this but it's american general and everybody should have their share. i think you should come down to funding, eric adams saint we want to be a sanctuary city but federal government that the reason for you to give us more money. >> you're absolutely correct and he wants the federal government to pony up and fix the problem as far as money goes he doesn't want to stop the illegal immigration all he wants is more money for his city that's the problem we are seeing. jackie: people are really concerned and his declaration of the sanctuary city status we already have a problem and we know there is a lot of crime

that crosses the border and the cartels are sending people. what better distribution hub for drugs, fentanyl whatever they are pushing then here in new york city, better than a rural area for sure. people on the ground are saying this is good to be a lot for the city to take at a time that's very pivotal. >> that's why we scratch our heads would you look at the rise of that no one or street to correspond with illegal immigration if eric adams wanted to protect his citizens in the city of new york he would want border security and the drugs to stop flowing into his city he would want the cartel to stop having control of stretches of our border on the southwest he comes from a police background. he turns into a typical politician. jackie: that is what he promised us he said he is not going down there it would be a photooptical and he does not want to

participate and see how the states are overrun by migrants coming into the country. always great to talk to you and get your perspective. thank you. jackie: coming up as today's slightly cooling inflation will the fed chill out in the rate hikes, the former vice chair who worked under jerome powell. you do not want to miss it. ♪

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jackie: welcome back the market port will cause the federal reserve tes off of rate hikes but if inflation takes another turn will powell find himself in the economy back on its heels

former vice chair randall quarrels is here to explain more what we are seeing in today's report is great to be with you we know before jerome powell had to make an ultimate decision there will be data points, a cpi and an appointment report there is something to consider but based on the numbers that we got today in the court inflation number up 5.9% year-over-year. >> the fed has to navigate because of the effects of the monetary policy change for significant period of time slightly cooling inflation number that we just seen through the reflection of monetary policy well before this is not a reflection of the decision that they just took. it has to determine what it expects the most recent decisions and we don't know what

those are when it comes time to make the next decision at the next meeting. it you would expect given in the current environment the interest-rate policy would be very effective, you would expect the strong moves recently taken would have strong results in your beginning to see those results from the easier moves taken in the cycle that gives the fed room to think about moderating increase or two. but it's a difficult decision because there always acting not knowing the effects of the recent decisions because of the lag. jackie: that makes a lot of sense it's a very difficult spot to be an in difficult decisions

being made. let me ask you this with the inflation reduction act another $740 billion in spending and the chips act $230 billion in spending. how can the fed not take into consideration that that's going to be spurring demand and the economy when at the same time the fed by raising interest rates is cool demand, the people that say that these spending bills or get a reduced inflation make the argument that will happen over a long period of time but looking at the next couple of years it doesn't seemed like likely given that spending. >> i think that is correct i said for some time even though inflation is quite a high rate given the nature of this

inflation it does appear clear that principally an overstimulated demand driven inflation that is a fairly straightforward if not painless but straightforward process for the fed to get on top of. the job will be complicated significantly at the same time it is trying to constrain the overstimulated demand another part of the government continues to stimulate demand and they worry about fiscal policy. what should've been a fairly straightforward process over the course of the next several months much more difficult. >> and might turn out to be more complicated. i really appreciate your insight. jackie: moving onto elon musk he sell enough $7 billion of tesla shares in a effort to raise quick cash. charlie thinks he's doing this because he anticipates they are going to force him to execute the twitter deal? >> i don't think anything of elon musk i talked to people who report to know or have a good insight into what he might be doing.

my sources are involved in the financing for its initial bid to take twitter they are on the sidelines right now whether this plays out on twitter in the courts, to this day they will be a negotiated settlement in the next couple of months, they believe this is an advance to raise money, they're going to have to buy or the court's going to have to make them via it's going to play out over the course of six months or eight months if you do the legal route if they reach a settlement, my people that i talked to think is going to be a negotiated settlement sometime around labor day, that is the date that they keep using at a lower cost and where it is now. by the way the market is suggesting that the market is not saying there is not going to be a deal. >> the market is saying there will be a deal, they don't believe it's going to be 5420

the initial bid but they believe it's the deal and that's what these bankers are saying. the crazy thing about elon musk you can't take anything at face value he changes all the time, no strings attached best and final, no i don't i'm knocking us all tesla stock he sells them take it for what it's worth, and telling you people close to the deal are telling me i want to switch gears to trump, why does a business reporter like me care about this raid, i do care about civil liberties in a also care about white-collar crime and i cover some of that stuff. this to me and a lot of people struck us as a bizarre thing. we took some boxes out of the white house that had papers in it his love letters to kim jong-un and they wanted back. the national archives so you can see how much trump little rocket

man. then they wanted back and he says screw you, not on your timetable my timetable and all of a sudden they raid his house and they just didn't do it like we want the stuff, can you give it to us, they went for lawn terrorists mode i'm getting this from people who were there they would not give them the subpoena apparently or the warrant, they would give it to us so we can see exactly what the terms are looking at. from what i understand they made them turn off the security camera so you can see with the fbi guys were doing obviously we know they were rifling through melania is closing. it's disgusting it's not funny, according to my source they put a professional safe cracker in there to blow up the safe.

so he gets in there, apparently there is it much in that safe because trump does not collect watches he buys real estate and put his name on buildings and they found instructions how to set the safe. this is what i heard. whether it's true or not my sources are really good as part of the trump team but in my view i'm in a say this as an american if they don't find a note that says i want the capital to be invaded, this is insane this is like banana republic stuff. >> it's a progression of overreach. ashley webster was reporting they went into the bedroom, the office, the storage area,.

>> they went through donald trump's underwear. jackie: that's what it sounds like. what fbi agent signs up for that. if i go to the fbi mob guys i don't want to search the underwear of the ex-president of the united states and his wife's closing. jackie: they could've issued a subpoena and forced him to comply with that and turn the documents over. >> how many were already in negotiation. what could he have taken, pictures with macron? eating french food. >> does the whole thing, it just strikes me as a bizarre time. >> we are in a bizarre time. >> the new york attorney general letitia james trying to bust trump saying he did not put the right dimensions of the water

cooler, he heated on tax abatement that's where it's coming down to the dimensions of certain things on the trump tower were properly measured. >> whatever they could get. >> this is after going on they campaign trail if you go for me and get a bus this dude. i've been critical of donald trump and i had to be. >> this is banana republic. >> we will keep watching and not the clothing store. >> hopefully in the next few days people will demand answers and they want to know more. >> why the market goes up 480.78.5 inflation read. what is that. jackie: they think powell is going to be more friendly to the market september is a long way away. always great to see you. coming up the governor's race in the swing state of wisconsin heating up as the incumbent ramps up his effort to defeat the crowned trump act primary

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jackie: welcome back democratic wisconsin governor tony evers is taking his bed into high gear now the trump endorsed and pony michaels has won the gop primary. grady trimble is in madison wisconsin. >> devers is out of the gates wasting no times in his reelection bid, he has ten campaign stops across the state of wisconsin today alone. his first one in madison he showed he's already on the offensive going after the now republican nominee for governor. trump endorsed businessman tim michael's one big last night in a rural part of wisconsin. >> without many blue-collar workers in the number of homes. second of all if he portrays

himself as i've seen him as an outsider, that is one of the biggest jokes of this campaign to michael's one by a wider margin against rebecca clay fish, she was backed by former vice president mike. in michels' victory speech he thanked president trump and turned his sights on november. >> we feel like were on a slippery slope toward socialism and its behind all the social issues but we know what is happening and we could see was going on and we said we will do everything that we can to stay in them to in the way of tearing down of america the america that we know and love. last night kleefisch called on her supporters for the election and those keeping track, this is

the third time trump has endorsed candidate different from mike pence in a republican primary, so far twice trump's candidates, one for mike pence. jackie: grady trimble, thank you you are the hardest working guy i saw you last night and said grady is like the energizer bunny. thank you so much. fury over the rate over president trump's mar-a-lago residence is uniting republicans are doing like never before congressional correspondent aishah hasnie is live on capitol hill with the details. >> they are absolutely right republicans on the hill are uniting over their outrage because of the raid they are calling on everything from resignation to briefing, intelligence briefing and defunded the fbi and now they are calling on the former president to push up at 2024 announcement.

last evening jim banks led a dozen lawmakers from the republican study committee to bedminster last evening to meet with the former president, he said everyone in the room encouraged the president to run again and run soon, as he puts it the sooner that trump gets out on the campaign trail, the better the chance the gop has to take back the house and it's only then that they can investigate properly. >> i really believe if he gets out and hits the campaign trail he's going to fire up republicans yet nontraditional republicans to come out to the polls in november to fight back against the corruption of this administration to tear america apart to weaponize the department of justice in an un-american way. >> senate minority leader mitch mcconnell who has long been at odds with the former president waited more than 24 hours to finally comment on the raid but

he did not mention trump's name or the word raid he said the country deserves a thorough and immediate explanation of what led to the events of monday attorney general garland and the just issue the provided answers to the american people and must do so immediately, jackie, democrats on the other hand are really playing it cautiously choosing their words carefully. senate majority leader chuck schumer refuses to comment about this at all, speaker pelosi said the raid proved no one is above the law but she was having the news conference a few moments ago, several reporters tried to ask her whether the d.o.j. should come out and explain why they rated the former president home she would not answer the question she refused to answer any of those questions. >> aishah hasnie thank you so much. i would bring in for the republican congress to bring in

to talk about the raid that stock about the raid and were aishah housley left off. this completely backfired and in fact president trump spaces is more angry and rallied around him than ever and he should be announcing that he wants to run in 2024 this would put wind at his back a pending investigation is a pending investigation it is not a criminal conviction, he could run again do you think he should announce sooner rather than later? >> i think the president should announce sooner rather than read until later and we need to be told by the fbi in the administration what conversations they had politically about when they were going to execute their raid in politics was a part of their plan for executing the raid my money would go one it was part of the conversation it is in green republicans and conservatives and supporters of president trump across-the-board it is rallying and reminding us that this did not begin with the

raid on president trump's house and that the democrat party, there was comey, hillary clinton's e-mails, hunter biden's laptop and before that there was the irs and the red lynch on the tarmac targeting conservatives, this did not just start with this raid it was going on when it was vice president biden and now is going on under president biden. jackie: people do want answers but i'm not sure the department involved will be forthcoming with those answers, having said that is there any other way that congress can hold them accountable? >> i think it's a certainty they will not be forthcoming with information that we will be requesting or the judiciary or the oversight committees they will not be forthcoming they will probably lie to us that would be where my money would go on that when. how do you actually combat this or 87000 irs workers that have

to come before congress and say what do we do with their funding we are not going to fund you at the same levels you refunded before if this is how you're going to execute the business of we the people. >> thank you for bringing me back to the point, there are many people standing back watching the raid in the same time the irs is been expanded when the house passes the inflation reduction act which is likely to do people are saying the feeling and the sentiment is that government is getting too big, too controlling and if they could execute a raid like this on a former sitting president and imagine what the irs could do to you average mom-and-pop taxpayer. >> and what they have done they weaponize the irs and we can anticipate they will weaponize again let's talk about government, the irs is funded at about 13 and a half billion dollars and they are adding $80 billion to the irs.

if you do the math on that customer border patrol officers, there is 20000 of them, 160,000 irs workers after the bill oi them do the quick math thehee n,y' to makeur tui ice iceorthceth dslis oon n oyhu auhen tinhen tinhi is there going to use that to make sure that you buy in ev. if you don't buy in ev they will use those workers to taxi with a carbon. jackie: that the big pass with this bill green energy push that the administration is making, they will come back added to the irs avenue as well. good to see you this afternoon, thank you. >> all the best. jackie: coming up, can the u.s. get ahead in the global chip race now that congress is giving domestic semiconductor a cash prize, our next guest how he plans on delivering 2 billion

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jackie: big-name chipmakers wording of weakening demanded lower sale when president biden signed off at a $52 billion cash infusion into the chip industry,

jeff shealy joins me now you are a semi conductor you will be applying for the money that the administration is offering to chip companies, talk to me about how you would bolster semi conduction here at home that is what are the most important things. >> the first thing to understand we've been manufacturing in the u.s. for the last five years in upstate new york what is been excellent for us we've been able to invest tens of millions of dollars to capacity that limits how much the consumer wireless devices that we can ship chips into given limitations of capacity. what we believe that it does the ability to apply for this investment and ramp up production to penetrate the smart phone. jackie: i think to a certain degree american consumers took the semiconductors for granted. not understand how important and

how impecunious they're not to smart phones there managing your car systems and a lot of other things that we need to function, the supply chain can crunch coming on the pandemic was able to put a light on in china light for issue or people. tell me how semiconductor manufacturing will help alleviate some of the pressures that we've seen, that's what most americans see we don't want to rely on semiconductors from taiwan forever and ever. >> number one the supply chains that are been tested and being able to make those chips in a very short cycle time we spend close to eight weeks of shipping back and taking them overseas and getting them back. having the supply chain to the u.s. allow us to get product to the market faster and allow the security of supply that we need and i would just point out 92% 94% is out of taiwan.

jackie: that could be an issue. you have any clarity or know the process how easy will it be you have any idea of how much red tape there is. >> we currently contract with an agency it is a familiar with how applying for funds with the u.s. government looks like it'll take about a month for initial feedback into the department of commerce, rfps, rescues. jackie: you're not scared of the process, you can handle it. >> that is correct. jackie: we are out of time. we will be back. encourage one another... i can buy gold for this?! you can buy gold for this. and talk about life's wins and misses. responsibly sourced like my gold . .

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jackie: stocks surges after lighter than expected inflation report. the dow is out of correction territory, up 498 points. that will do it for us here on cavuto "coast to coast." i will send it over to charles payne next. >> jackie d, i take it from here. i'm charles payne. this is "making money." investors are celebrating inflation coming down slightly below consensus, main street, face it, real world misery continues but shouldn't we lose hope? shouldn't we lose optimism has been cornerstone of american exceptionalism. i'm really curious. the rally train is leaving the station. if you've been sitting on your hands, sitting on the sidelines, now it is time to get onoa