markets have already reacted right? you've got a decline about 20% in stocks year-to-date as these worries intensify, and whether they will be able to pull this off. raise rates, and slow an economy but not throw it into recession. mitch roschelle, leo kelly been great being with you this morning thanks for being here and thank you for watching i'll see you tonight on wall street for fox business 7:00 p.m., "varney" & company begins right now, ashley webster in for stu ashley take it away. ashley: thank you, maria, good morning to you, good morning, everyone. indeed i'm ashley webster in today, on this friday for stuary varney and yes, all eyes are on jackson hole this morning. fed chief jay powell will offer clues into the fed's next move in september and we are there, live. also, let's take a look at the markets ahead of mr. powell's 1. same as you are, so to speak. the dow up 52 points but the s&p and nasdaq simply flat at this point. let's take a look at the 10-year

treasury yield, holding above 3% there it is barely, just above 3 % up just about 2 basis points. by the way we'll also get new developments in that raid of president trump's florida home. a judge has ordered redacted version of the fbi search affidavit. has to be released by noon today we're going to talk more about what we could learn from it, or is it going to be all blacked out. we'll find out. meanwhile, it has been a very busy week, work week for the president. yes, he came back from vacation on wednesday to give away $500 billion worth of student loan handouts, and in just a few hours, he's headed back back back to delaware for the weekend get this. mark zuckerberg admits facebook censored the hunter biden laptop story, and just wait until you hear how he's trying to spin that story. we've got all of this and of course, a big show, governor mike huckabee, congressman byron donalds, tammy bruce and steve

hilton among many others are here today. it is friday, august 26, 2022 "varney" & company is about to begin. a little party never killed nobody, we will dance until we drop ♪ ashley: and trafficking around sixth avenue in midtown manhattan, beautiful morning in new york city but guess what? all eyes are on jackson hole, wyoming where fed tree jerome powell will be speaking in an hour, good morning, lauren simonetti. lauren: hey, ashley. ashley: do you have any hints on what he might say? lauren: no but can we just get this speech over with already and move on? the most anticipated speech of i want to say the year. okay, he's likely going to say and hammer home that inflation is a problem, but will he do a

big mea culpa, because one year ago at jackson hole he said inflation was transitory, really bad call, ash, so you saw it yesterday, markets really rallied into the close. dow up 300 points, they are up a little bit today, so, investors might be thinking he appears doveish in the next hour, when he speaks, or they maybe thinking he'll sound like a hawk , but then he open reversing course and cutting rates next year. i don't know. all about the tone. he will not say, he might, i don't think he's going to say what everyone wants to know. you're raising rates to what and holding at that level for how long but we can look for hints. ashley: amen to that lauren simonetti. let's get the speech over and done with. everyone is looking in the tea leaves and says if he says more instead of somewhat all bets are off. lauren: he can't say anything because before they meet. it's data dependent. ashley: he says a lot but he says nothing but we will read between the lines.

let's bring in kenny polcari. kenny you're a great person to talk about this. is mr. powell going to remain hawkish or will he, you know, to lauren's point are we going to see a change in tone. what do you say? >> i don't think he can do anything other than be hawkish, right? i think, i don't think, i don't see how he could change the tone considering over the last week and a half we've heard every fed head that's been speaking talk about the need for aggressive, the need to stay vigilant, the need to be on top of it, so for jay powell to come out and suddenly sit in the fence and lean to the doveish side is complete contrast to what we heard and do nothing but create more chaos and confusion in the market so i see him walking the line and sitting on the fence but i see him remaining hawkish, saying that inflation is the goal, he's not going to talk about the recession, let's just be clear. the recession will be the net result of what he does, but he's going to to remain hawkish. ashley: very good.

you heard it here first, thank you, kenny. let's move on. transportation secretary pete buttigieg says that canceling student loan debt will not affect the cause of inflation. listen to this , kenny and i'll get your comments. >> well again, how people actually experience the economy in their lives has a lot to do with whether they can afford to get through life, and for many people, under a crushing burden of student debt, they have not been able to, and that's part of what this speaks to. its got an income cap so it's targeted at lower and middle income borrowers and what i see , there's a range of analysis on it, but from what i've seen, most economic observers do not think this is a major factor affecting the course of inflation. ashley: okay, i wish he'd focus more on airports and airlines right now, but kenny? what do you say about that what he had to say. >> well of course, mr. buttigieg is going to tell you, anyone in the administration will tell you this is the right move, don't

anyone worry about it, it's our obligation, our duty all that stuff so i think it's baloney. it will end up being inflationary. what are these kids, what are these people going to do with this $120 because essentially, $10,000 a month is going to shave maybe $120 off whatever payment you have depending on what rate you got on your student loan, but what are they going to do with that. are they going to invest it, run into the meme stocks, spend it? i think it's baloney and the way wrong message is sent but in fact, i do think that it will end up being inflationary and actually, the cbo tells us it's going to be inflationary. ashley: yup, baloney, rubbish, whatever you want to call it, kenny polcari as always, great stuff bringing the heat today. thank you, kenny. much appreciated. >> see you. ashley: meantime, the white house continued to struggling to answer the question of how much the , you know, the student loan handout will actually cost. take us through it, lauren. lauren: yeah, they have no sense , no sense, of the cost of forgiving student debt.

listen in. >> you could say this is how much it's going to cost everyone >> i mean, we just don't have a number to share at this time. we just have to see , it is a process that we just need to take a look before we can answer that question. we just don't want to get ahead of ourselves. >> if you don't know how much it's going to cost how can you guarantee it's going to be paid for? >> look, i think what i can tell you is this , is that we have done the work to make sure that this is done in a fiscal responsible way. lauren: wow, ash, she seems so frustrated like how dare you ask me how much this is going to cost. well the cost is estimated to be $500 billion and kari nfl jean- pierre suggests we're going to offset that by other students paying back their loans when they have to again, but if you have debt right now, ashley, and this moratorium, you know, you haven't paid your loans for

what three years at that point, are you really going to start repaying your loans or say oh, i think they are just going to forgive more, let me hold off? ashley: yeah, i mean, i love the comment we've done this in a fiscally responsible way, but we have no idea how much it's going to cost. it's just talking out of both sides of their mouth. anyway, lauren, thank you. we're both frustrated i can tell president biden returned to the campaign trail yesterday. he talked up his recent political victories. listen to this. >> since i took office, gas prices are down more than $1 this summer and we're going to keep it going down. >> [applause] >> i just signed into law the historic inflation reduction act. >> [applause] >> and it wasn't easy. thanks to our historic deficit reduction, we can afford to cancel $10,000 in student debt and $20,000 if you're on a pell grant. this is a game changer. ashley: gas prices are down because people couldn't afford

it. demand destruction anyway, look at this , biden's job approval number rising to 44% that's the highest in a year. let's bring in former governor mike huckabee. i'm sure he would like to have a few words about this. governor, good morning. i guess the question is, do you think the president is winning back voters? >> ashley, i don't. i think what's happening is the republicans have not gotten their act together on messaging. they've got a clear message they need to get out, and it's gasoline, groceries and god. that's what they need to campaign on, but they gotta keep it simple. they need to speak to the people at the waffle house, not the people in the corporate boardroom. its been a problem republicans have had for a long time. joe biden is going out there saying look, gas prices are a dollar cheaper than a year ago. yeah, they were $2 cheaper when you took office so this is classic washington talk. i raise the price $2, i lowered it $1 and instead of being ticked you're still paying $1

more, you ought to be grateful it's only a dollar, not $2 more and that's as you mentioned only because the demand is down because people can't afford it, but maybe they can now with that great student loan forgiveness that he's just given us all. well not to me because i paid for my college for god's sake. what a chump. ashley: exactly. you know, you just shake your head. already next one for you. the president is painting republicans as fascists. he said, "what we're seeing now is either the beginning or the death of an extreme maga philosophy. it's not just trump, it's the entire philosophy that under pins the , i'm going to say something, it's like semi- fascism." big words. governor, he's dismissing, is he not, 74 million people. i mean, he was supposed to unite the country that's very divisive >> yeah, heck of a job there, joe. you've really brought us together, thanks so much for the compliments and the kindness and for making me

feel that you represent people like me. 74 million of us indeed, and he just basically said we're a bunch of fascists. let me tell you what mash fascism is. it's when the government decides it's going to have two different standards of justice. one for the party in power and another for the party that's not in power. some people get across federal court house lawns because they are conservative and some people , meh, who cares, so they burn down a courthouse, torched a police car. you know, mostly peaceful protests. it makes americans mad and that kind of conversation and rhetoric only fans the flames. ashley: we'll leave it right there, but wise words indeed. governor thank you so much. happy friday to you. all right let's take a look at the futures, as we wait for mr. powell's speech. the redacted mar-a-lago search by the way, the affidavit for that will be released by noon today as you see the markets moving slightly higher ahead of the opening bell

, but back to the affidavit. will american people actually get the answers they deserve? is it all going to be blacked out? well, we're going to bring you the very latest on that issue. california's governor newsom is pledging $100,000 to unseat florida's governor desantis. listen to this. >> because i like charlie criss , and i don't like bullies. you want to ask why? i don't like bullies and people that talk down to people. ashley: he doesn't like people who talk down to people? hmmm. okay, a bully, i'm going to ask florida congressman byron donald s what he makes of that, next. ♪ ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line.

♪ ashley: it is a cloudy friday morning, as you can see. looking at a shot of old orchard beach in beautiful maine, where it is currently a very very comfortable 68 degrees, even though taylor swift says it's a cool summer, and let's take a look at the futures ahead of the fed speech today. kind of meandering a little bit, waiting to see what mr. powell has to say but the dow up nicely , up 133 points and the pre-market the s&p up a quarter same story for the nasdaq. all right, now this. the white house is dismissing criticism that the student loan handout is about getting votes in november. listen. >> this is about getting people to vote ahead of the mid-terms that the real national emergency is democrats in the mid-term election.

>> well, i mean, i disagree with everything that you just laid out. we have said we're not going to make everybody happy, and so if you're not making everybody happy, you can not say that what you just laid out is certainly cannot be the case either. ashley: well, when you handout freebies it certainly doesn't hurt, does it, when it comes to voters. congressman by on donalds republican from the great state of florida joins me now, good morning to you, congressman. is this vote-buying? what's your thought? >> it absolutely is vote-buying i don't know what karin jean-pierre is talking about. she's trying to cover for her boss. the reality is they are buying votes that's exactly what this is. this is tamminy hall stuff for the people that were political junkies where you give somebody a dollar to get out a vote for you. their agenda has been a disaster this is payback for their base and the thing about this is you want to talk about what's not

fair? two-thirds of the american people did not go to college. almost 80% of the american people either didn't go to college, have paid off their loans like me. i paid off my loans so i just want to ask the press secretary where's my money, where's my check? this is not fair. you're paying off your base. you need to get them out to vote this is rigs and wrong and it's illegal, by the way, because he doesn't have this authority. ashley: right. very good. all right next topic for you, congressman. students, above the age of 12, in d.c.'s public school, must be vaccinated in order to attend class. marabou'ser there says there will be no virtual learning so that leaves unvaccinated student s without any options. i mean, how is that not leaving kids behind? >> it absolutely is going to leave kids behind. listen, the vast majority of kids in d.c. public schools are black kids, so you have their parents who have decided not to vaccinate them for obvious reasons because we all know that you can actually have the

vaccine but you're still going to get covid-19 and you can still transmit covid-19. i mean, just ask the president of the united states and actually go ask the first lady jill biden because they've gotten it even though they are quadruple boosted and have gotten both shots or whatever the heck the new cocktail is right now. especially in light of what the cdc came out and said a week ago about how they have gotten stuff wrong. for muriel bowser to do this is unconscionable. she's going to leave black students behind because she's more concerned with political dogma than actually looking at the facts and actually looking at the science. it is insane. i feel terrible for the parents in d.c., but this is why kids need to have choices in education, instead of being trapped in just public schools where you have this ridiculous dogma that sits on top of them. ashley: very good. last one for you, congressman. closer to your home. the governor of california, gavin newsom, is donating $100,000 to democrat charlie cri ss, whose looking as we know to unseat ron

desantis as florida's governor. listen to this i'll get your comments . >> because i like charlie criss, and i don't like bullies. you want to ask? i don't like bullies and people that talk down to people. i hope others of you send money to send a message that if that's the future of the damascusn republican party this country is in real trouble. ashley: give me a break. congressman do you think gavin newsom could have any influence in this case? >> no. actually the only influence that gavin newsom is going to have is more republicans in california leaving his state and coming to the great state of florida. listen, gavin newsom is terrible at his job. he doesn't know what he's doing that's number one but if you want to talk about a bully talk about somebody who kept shutting down businesses because he didn't actually know what the science was. he was following the politics and he got it wrong. talk about somebody who continues to lead his state into the dumpster fire, that it is.

that's a bully and he is wrong again. gavin newsom, please, come to florida. let's have the debate. america's governor ron desantis will handle you just like everybody else handles you because you don't know what you're doing. ashley: congressman byron donald s always bringing the heat and thank you so much, congressman, today, for joining us to talk about these issues. we do appreciate it. governor desantis, by the way, bashing president biden's student loan handout. what did he say? lauren: he said a few things, ashley. he said the president has no constitutional authority to forgive the debt and then, he blasted the universities too. >> it's very unfair, you know, to have a truck driver have to payback a loan for somebody that got like a phd in gender studies >> [laughter] >> that's not fair. that's not right. >> [applause] >> it's very unfair to people that took out loans, worked hard and paid off their loans. if they're producing people, they went deep into debt and their degree is not worth

anything, and they're not able to make enough money to pay it back, well then that's on them. lauren: them being the universities and he suggested, ashley, that they should use those billion dollar endowments to help make tuition for affordable. ashley: [laughter] we talked about that yesterday. i think he's right. lauren thank you very much. taking a quick look at the futures, well we're kind of middling a little bit, the dow is up, the s&p and nasdaq also up slightly. guess what, the opening bell is next, stick around. ♪ money, money, money, must be funny in a rich man's world ♪ thinkorswim® by td ameritrade is more than a trading platform.

it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪ there's no going back. ♪ ♪ ♪ ♪ ♪ ♪ when you shop at walmart, you get it. ♪ you spend a little less... ♪ and you can carry a whole lot more. ♪

ashley: the market will open in just under three minutes from now. taking a look at the futures moving higher, we got some inflation numbers. core inflation numbers showing that inflation easing just a little bit in july. let's bring in mark mahaney. mark, i want to talk about this. a judge called elon musk's request for data regarding twitter, certainly, she went on to say that look, you can hand over some 9,000 documents but

this is just the latest as this thing playing out, it's supposed to go to trial what in october. how does this play out, do you think? >> well, this is one of the more complicated situations i think i've ever seen on wall street, and i didn't think i'd be spending this much time on legal issues but that said this is a no-nonsense judge. this is a five day trial starting october 17. unless there's some real skeletons that somehow got un earthed between now and then and there's a question about whether this recent whistleblower report is one of those , it seems like the legal momentum is on twitter side. there's a signed deal, musk had given up his rights to do due diligence and the judge is going to be pretty no nonsense about it, but there still could be some surprises coming up. musk is going to have to find a material adverse effect. he's going to have to make that argument there's some piece of information that twitter had that they did not give to him,

that undermines his entire reason for buying the company. that's a hard thing to come up with but it's possible. ashley: yeah, yeah, it's fascinating to follow too. i want to change gears and ask what you make of amazon shutting down its telehealth service. what do you make of that? >> i think this is, amazon has toyed, tried to innovate, tried to invest in healthcare for quite sometime. they just recently bought this company, one medical. i understand it's a big large market opportunity in the bull cases this allows amazon to grow its total addressable market. i guess i'm more in the skeptics camp. amazon does a wonderful job and a very broad array of industries just because it's a large market doesn't mean amazon should go after it so as a bull on amazon i sort of hope that amazon experiments in some of these other markets but they really taper down the amount of investments that they put into it. healthcare is a very different set of competencies than the wonderful competency that amazon has developed in cloud

computing, devices and retail, probably leave healthcare, probably leave it to other companies that's probably best for amazon shareholders. ashley: i think it's a good word to describe it as well mark mahaney thank you so much taking us up to the opening bell on this friday, thank you, mark, for joining us. they are all clapping away. >> [opening bell ringing] ashley: of course in half an hour, fed chair jerome powell will deliver his speech. will he be hawkish? the general consensus is yes he will continue to be aggressive even though the latest numbers show inflation is easing, still high, but still easing just a little bit. let's take a look at the big board, as we have just got underway and there you go. in the green, the dow up very initially 44 points, more green than red let's put it that way, verizon, amgen on the bottom, amex, and 3m on the top. let's take a look at the s&p 500 as we see the dow up about a ten th of a percent, the s&p right now, barely moving up one

point at 4,200 exactly. let's take a look at nasdaq. the tech exchange, if you like, the nasdaq down, well let's call that unchanged. it's down 3 points, 12, 635 and talking of big tech let's look at some of those numbers as well the big growth stocks as we head into this last trading day of the week. mixed bag, apple is up slightly, so is meta, barely, microsoft barely up, but as you can see , alphabet moving lower, amazon moving lower, very mixed bag, in fact more in the red than green now. let's take a look at workday if we can. that stock is soaring after beating earnings up nearly 8%, bring in susan li. what are the highlights on this story? >> great spring time for workday so profit and sales did better and you had the human resources financing software maker seeing more customers are signing up which tells me that remote work and the remote work trend continues, so as a result you have workday issuing an up beat guidance for the rest of

this year, they are going to make more money and more sales, makes sense. ashley: yeah, it does. stock up nicely as we say. let's take a look at bed, bath and beyond. some talk of a comeback strategy >> well they are going to announce a new strategy next wednesday, they say. now the company is on the verge of getting a $400 million life line in the form of a loan, according to the wall street journal. the home goods retailer we know is in trouble. the stock is down 40% this year, bed bath is losing market share, and that's after trimming back on those 20% coupons that we all know and love. also ryan cohen, gamestop fame activist investor selling off that 10% stake last week so let's see what they say next wednesday. they still haven't announced a new permanent ceo after they pushed out mark triton, and some called his term disastrous including an ill-advised for ey into private brands during a supply chain glutz, which didn't help with the foot traffic in the

stores. ashley: no it did not. let's take a look at gap. we've been talking about the inventory problems for retailers is it the same for gap? >> you know actually i thought gap and i think the stock reflects it, they had a better spring time than anticipated. they made money instead of los ing money, if you look at the adjusted numbers which exclude some of the inventory numbers, and this is become, according to them, consumers are going back into the office, so they need dressy clothes and that's why they buy them from banana republic. december fight the better spring , gap is saying they are pulling their guidance for the year. old navy still a weak spot for them, we know that. inventory levels also a concern going forward, and maybe like everybody else they are just waiting and holding their breath for what jerome powell has to say in jackson hole in a few minutes. ashley: yes, you're absolutely right. oh, by the way, elon musk, we've talked about that. elon musk partnering with t-mobile is that right? >> yeah, so it's a flashy announcement last night. i thought it was great. spacex and t-mobile offering to

connect mobile phone subscribers from t-mobile up to those star link satellites and that means that t-mobile users could get better access to cell phone reception in more rural parts of the country, so think of outside of the cities. now that means they are going to cut the need for cell towers which have been limiting since you need physical towers near your mobile phone in order for them to work. so starlink by the way, i think, is the crown jewel and a lot of people say is a crown jewel in spacex worth a majority of the spacex $100 billion valuation. i think starlink on its own is worth $60 billion and that's going to be a more, you heard that from elon musk. it's going to be an even more lucrative and valuable business than launching rockets in the future for him. ashley: impressive indeed. let's take a look at dell if we can. the computer folks. down big, i think. yup, down 8-point abby:% what's the problem? >> quarterly sales were less than anticipated. we know pc sales are slipping in

this return to work we're a. also some really tough compares when people were locked at home, so they were buying pc's and you had this resurge entertainment pc boom. you heard nvidia yesterday saying that gaming for pc's were challenging and today with all these report cards coming in, ashley, we're trying to decide whether or not people are going back into the office or are they still in that remote work era. still looking to work elsewhere outside of those big cities. ashley: right. let's take a look at ulta. stu calls them the beauty people did they raise their guidance? >> [laughter] they are. i don't know if you ever par taken in shopping at ulta. i know we all wear makeup for a living. ashley: no. >> they actually did better in the spring time, better sales, profit, upbeat, outlook on the return to work and that means you need to look good in order to see people in person once again, and that's continuing a recent trend we've seen amongst these beauty- related companies and oh, by the way, mary dillon is moving on to foot locker,

because she's been so good in boosting sales in an online e-commerce era. ashley: well good for her. all right, susan great stuff as always thank you very much. let's take a look at the big bird, let's take a look at the big board, the big board and take a look at some of the winners the dow as you can see up about 65 points, but let's take a look at some of the stocks shining in the very early going. well, salesforce.com, jpmorgan, dow, boeing, 3m, jpmorgan up 1% and salesforce up just over one and one-third percent. let's take a look at the s&p 500 gainers this morning. ea, electronic arts, is on the board up 4.5%, the gap we were talking about them the gap is up what 2%, etsy, home made goods up also 2%. now, the nasdaq winners ea again of course comcast up 1%, fox corporation, yay, up nearly 1%

and netflix up three-quarters of a percent in the early going. let's take a look at the 10 year yield. we have seen the yield come back a little bit although it has been above 3%, depending on what jay powell says today, it'll be interesting to see how that reacts. right now it's up just a little bit just over 3%, 3.04%. let's take a look at the price of gold down marginally, down five bucks or thereabouts at 1,765. bitcoin, that was pretty much unchanged for much of yesterday. today it's up a little bit, $175 at 21, 740 for bitcoin. oil, meantime, still way under 100 bucks which is good news i guess if you don't want to pay higher gas prices down just slightly of $91.85 for a barrel of crude. nat gas up nearly 3% at $9.65 and talking of gas, let's take a look at the average price for a gallon of regular across the country. yes, it is $3.86. a whole lot better than it was a

couple of months ago and oh, what about california? taxes and regulation. $5.28 that is the average price of gas in the golden state. coming up, mark zuckerberg admitted that facebook dropped the ball on handling the hunter biden laptop story. he also tried to pass the blame. roll the tape. >> i think the process was pretty reasonable depending on what side of the political spectrum you either think we didn't censor enough or censor way too much but we weren't sort of black and white about it as twitter. ashley: and at the time, the fbi was warning meta to be weary of russian propaganda ahead of the 2020 election. we'll bring you all the details on that story. the country's most popular state , california, is banning the sale of new gas-powered vehicles. we ask how realistic is that and then there's this. the ceo of jpmorgan is clamping down on remote work. the company building a brand new

multi-billion dollar headquarters and the boss wants it filled. that story, coming up. ♪ ♪ meet three sisters. the drummer, the dribbler, and the day-dreamer... the dribbler's getting hands-on practice with her chase first banking debit card... the drummer's making savings simple with a tap... ...round of applause. and this dreamer, well, she's still learning how to budget, so mom keeps her alerts on full volume. hey! what? it's true! and that's all thanks to chase first banking. freedom for kids. control for parents.

one bank with tools for both, all with no monthly service fee. chase. make more of what's yours. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections that can be life-threatening and cause death, slow heart rate, liver or breathing problems, increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels. though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia.

don't let uc stop you from doing you. ask your doctor about once-daily zeposia. (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo.

ashley: let's take a look at the quick markets as it's t minus well 17 minutes just under until we hear from jerome powell, the markets, the s&p and nasdaq down slightly. the dow up slightly. it's a wait and see market in the early going. guess what? let's go straight to jackson hole, wyoming right now. edward lawrence is there, standing by with the president of the philadelphia federal reserve, patrick harker. edward, take it away. reporter: ashley, thank you. we have some very big conversations talking about inflation, rate hikes here joining me the federal reserve president from philadelphia,

patrick harker. thank you for having us. >> thank you for being here. reporter: next rate hike in september. 50 or 75 basis points in your mind? >> i haven't decided yet until i see some of the data particularly the cpi data and some of the employment data but i want to put this in context. since 1983 we've had 86 increases in the fed funds rate. 75 have been under 50 basis points. whether it's 50 or 70, 50 still is a big number, right? historically. reporter: so what's the tipping point for you what are you looking at to say yes this pushes me to 75. >> if we don't see continued progress. we've seen glimmers of hope on inflation, liked to's data, but we need to continue to see that marching down, and if it's not marching down, we need to act. reporter: in the last jobs report we saw a beat of the estimate, a lot of jobs, in the economy. does that in your mind push you to 75 showing possibly a hotter inflation coming down? >> not necessarily. i mean, clearly, we have, we've gone into this situation with a

very strong labor market and that's why i'm not in the camp of thinking that we're going to have lots of unemployment, because we have lots of job openings still. reporter: has inflation peaked? >> i don't know that yet. we'll have to see. reporter: when do you think we will find that out? >> let's give a couple more months and see if we're making progress down and if we continue to make progress down then i'll be more satisfied. reporter: in the fed minutes it says the cause of inflation partly fiscal spending government spending as well as the outside shocks we've seen in supply chain disruptions, the spending that is being passed by this administration, does that work against what you guys are trying to do? >> the devils in the details here. look at some of my old colleague s from the warton school and their models and it depends on the exact expenditure. reporter: so as you're not concerned about all of the government spending, would you like to slow it down? i mean, inflation is getting pretty high. >> so i'm not in charge of that let's be very clear, but the kind of numbers we're talking about right now, given the size of inflation, while it

does add possibly to inflation, that's not the dominant issue. the dominant issue is the supply chain constraints, and the demand. reporter: you have a model a benchmark model that your philly fed does it shows the federal funds rate rising and then dip ping coming down at the end of 2023-2024. is that showing weakness in the future? >> so, it's a model and i take a lot of models with a grain of salt. at this point my view is we take rates up to a clearly restrictive stance. above 3.4 that was the last sep median and then possibly depending on the data, sit there for a while and let that work through the economy. i don't see going straight up and then straight down. i think we need to level off for a while. reporter: do you think we can avoid a recession or are we we in a recession? >> yeah, i'll let the nbr decide whether we're in a recession or not. whether we avoid that or not, if we had one, it be shallow in my view, and short. just given the strength of the labor market alone this is

unusual situation. reporter: how do you handle inflation then to get it down? the federal reserve uses interest rates which is a hammer can you get that soft landing? >> that is our main tool, right so we have to do what it takes to get inflation under control because we know the damage that is causing americans, and the risk of getting expectations we cannot let that happen. reporter: core inflation has been stubborn, almost flat year-over-year: is that a concern for you that inflation is sticky then? >> yeah, so two things i look at not only the core, but also the distribution of inflation. you think about when we began this terrible situation we're in we just had a few things that were autos, used cars, right? then it spread all across the economy. we like to see that pullback in so that the goods and services that are above 5%, 4% start to shrink. reporter: we haven't seen that just yet. >> no. reporter: thank you, patrick harker, president of the philadelphia federal reserve joining us at jackson hole an important debate coming up fed chairman at the top of the

hour. back to you. ashley: yes, he is. edward, thank you. fascinating conversation, and again, thank you for that. we'll see you in a couple of hours with atlanta fed president raphael bostick, so stay tuned for that and of course the fed chair himself jay powell coming up in 12 minutes. now this , a record 20 million americans, apparently, are behind on their power bills. that is a huge number, is that right, lauren? lauren: it's right, and it's what the fed officials are dealing with. inflation that has just gone wild, and 20 million, ashley, is one in six american homes. they owe $16 billion collective ly in late bills, so the average balance overdue is about $800. it's doubled since 2019. two big, big reasons why, obviously the cost of natural gas that powers 38% of our homes here, and then inflation being everywhere. so families right now have to chose. do we keep the lights on or food on the table. if you think it's bad here, and

it is, it's much worse in the uk , ashley. ashley: oh, yeah they have a brutal winter ahead of them they can't figure it out. lauren thank you very much appreciate that. coming up by the way, don't forget to send in your friday feedback. you can e-mail your questions, comments, critiques we want them all to "varney"viewers@fox.com. there you go. president biden may have raised up to 20,000 in student debt for many americans but that isn't changing the cost of college and as the cost of tuition increases , has the quality of education? we'll bring you the report, right after this. ♪ ♪ every year we try

to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com

first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ashley: president biden might have forgiven up to 20,000 in student loans for millions of americans, but that still doesn't fix the root problem. the cost of tuition itself. madison alworth joins us this morning with those expensive details. madison? reporter: hey, ashley. you know, this move, it really gives colleges the green light to expand the cost of tuition.

it's something we've seen historically. i mean you take a look back at 1971 a public school education that would have cost you $1,400 per year. today, $22,000, and if you adjust for inflation, we're still talking $10,000 for tuition. you know, when you see value, when you see costs go up, you expect value to also increase, but take a look at this. you know when you adjust for inflation, the average college graduate in the 70's were making over $69,000 when they exited college. that's roughly $10,000 more than the average college graduate today. critics argue and point out that colleges really have no financial incentive to ensure their programs result in well- paying jobs that help pay off loans. they get the money upfront whether it's from the student or from the federal government. the result? rising tuition for the same, if not worse, product. >> it's hard working taxpayers who are paying the bills for this , and it's just going to encourage university

administrators to raise tuition higher and spend more money on need less jobs like schools with 160 different diversity coordinators. this is going to hurt so many americans. reporter: you know, if nothing is done to address college costs , this one-time multi-billion, hundred billion dollar effort will be washed away in the same amount of time it takes someone to accrue tens of thousands of dollars in debt four years that's the length of a four year college education. take for example, nyu behind me if you're sending a student here one year of undergraduate education is over $74,000. ashley? ashley: that is absolutely insane. all right, madison thank you very much. they were indeed expensive details we appreciate it. let's take a quick look at the markets with the fed chairman speaking in under five minutes from now. we are meandering or , yeah, i guess that's the word? i don't know, dow jones up 48 points, s&p meandering that's it

, s&p down slightly, the nasdaq down a quarter of a percent, it's a wait and see market. that is for sure. all right, still ahead on the show, we'll have tammy bruce , gasbuddy patrick de haan, steve hilton, so many more the 10 a.m. hour of "varney" & company, coming up next. ♪ ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

(dad) we have to tell everyone that we just switched to verizon's new welcome unlimited plan, for just $30. (daughter) i've already told everyone! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable 5g network in america. (woman) for $30 a line, i'm switching now. (mom) yeah, it's easy and you get $960 when you switch the whole family. (geek) wow... i've got to let my buddies know. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon.

[ male announcer ] today, you can give a gift like no other. a gift that can help st. jude children's research hospital save lives. i think it's the most worthwhile place to put your money when it comes to childhood cancer. if it weren't for st. jude, i wouldn't be sitting here today. if it weren't for st. jude, a lot of kids wouldn't be with their families every day. [ male announcer ] join the battle to save lives during childhood cancer awareness month by supporting st. jude children's research hospital. visit this website, call this number, or scan the qr code with your $19 monthly donation. join with your debit or credit card right now, and we'll send you this st. jude t-shirt you can proudly wear to show your support. it takes a heart for somebody to say, i have this extra that i'm willing to give to st. jude so that they can help save more lives. [ male announcer ] make your monthly donation today to help cure childhood cancer everywhere.

say goodbye to multiple daily insulin injections with the new omnipod 5. the only tubeless automated insulin delivery system... that integrates with dexcom g6. automatically adjusting your insulin to help protect against highs and lows day or night. don't wait to simplify life with diabetes. get started today with no contract, and no commitment. go to omnipod.com for risk information and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes.

simplify life. omnipod. ashley: how beautiful. showing a live shot of jackson hole, wyoming. it looks like a bob ross painting. it doesn't look real, does it? all right. from that pretty picture to to me and, hello, my phone just went off. good morning, it's 10 a.m. eastern, i'm ashley weber is in today for stuart -- webster in today for stuart varney. you can see the markets are flat right now as we wait to hear are jerome powell -- hear from jerome powell. a more dovish mr. powell would see the yield go down and the equities go up. the yield still holding above 3%, 3.05%.

let's take a look at the price of oil. it's been in the low 90s for a while, and it is there now, $92 a barrel for oil. and take a look at bitcoin. earlier it was up about 175, it's up $150 at $21,715. that is bitcoin. by the way, we just with got the latest read on consumer sentiment. how are consumers feeling, lauren? lauren: pretty good. much higher than expected. it comes in, this is the final august number at 58.2, so 3 points better than the expectation. consumers are more confident about current conditions, that number rose to 58.6, and expectations of conditions, that rose to 58. ashley: that is very strong, indeed. surprising. lauren: ashley, the market just turned. the market turned on data. so if the consumer is doing better, that a might give jerome powell and the fed if more cushion to come out really

strong as a hawk. ashley: yes. which is expected. in fact, ped if chair jerome paul is now speaking -- jerome powell is now speaking. what's he saying? lauren: he's a hawk. very forceful and direct messaging, and the markets are listening. we're hearing hymn quantify the economic pain that the policies will cause so they can bring down inflation to their 2 the % -- 2% target. here's a quote. reducing inflation is likely to require a sustained period of below trend growth. moreover, there will very likely be some softennenning of lay market conditions. they will also bring some pain to households and businesses. these are the unfortunate costs of reducing inflation. but a failure to restore price saw stability would mean far greater pain. as for the pivot in air quotes that everybody's talking about,

powell says it will be appropriate to slow the pace of future rate increases. no mention of a cut. in fact, he said quite the opposite. he said another unusually large increase could be appropriate at the september 21 meeting, and that meansst likely we see the -- means it's likely we see the third consecutive 75-point move. and he mentioned the ultimate hawk, paul volcker, once of kansas city fed which is hosting jackson hole. mentioned him two times, ash. ashley: interesting. the dow already down now 190, 200 points. we expected a hawkish, i think, jerome powell, but the markets reacting to it. heir not going to get any break, down half a percent on the dow, as we say, 185 points or thereabouts. perfect time to bring in david bahnsen, our market commentator morning. i mean, look, i was just reading your notes, david. you say it's an absolute shame

that so much emphasis has to be put on one man's speech of one stupid event. this is not what makes a market. so how do you really think? >> i held back in the notes. i didn't want on offensive -- [laughter] what i said to you and the producers, so i kind of whitewashed it a little bit. it is offensive. [laughter] a market is humans acting freely, making buy and sell decisions in pursuit of a better life, meeting human needs. we know what a free enterprise system looks like. of course, there's a cost of capital that goes into that, and monetary policy has one input into a very broad economic landscape. but we act as if it's the entire economic landscape. the fed if has been empowered in our economic society to act as if they're a deity, and they're not. they make mistakes. they get some things right, but my point is more for investors. do we care about the earnings potential of the companies we buy, or do we care about the

language of a given speech at a point in time? a speech, i should add, that every man, woman and child on god's green earth knew what he was going to say today. ashley: he did. we can handle 75 basis points, can we not? >> well, we've handled it two months in a row, and the market is up 3,000 points. ashley: exactly. >> so i guess we can, yes. [laughter] ashley: david, we wanted to get to your dividend picks, but because of this news we're going to have to move on, but i'm glad we got your thoughts on the fed. thank you very much. want to bring lauren back in, looking at some of the movers. let's begin with electronic arts. dow down 240 now. lauren: yeah. selling's getting bad, but they are still up. in fact, it's the second best performer in the s&p 500, up 3.5%. there are reports that amazon will buy the video game maker. look, content providers like amazon are starting to bundle their services, so you want to

keep your subscription, right in video games can be attractive to them. it also follows their deal to buy the maker of roomba, irobot. provide providing businesses -- bloomberg reporting it's exploring selling itself. and finally here first solar, upgraded at bank of america to buy, $141 pice target. that's 15% upside. bofa credits the inflation reduction act and credits going to first solar. ashley: okay. look at solar stocks. lauren, thank you very much. the dow was down 242, still down 200. we should also look at the 10-year yield. the justice department, meantime, big day today has been ordered to unseal the redacted mar-a-lago search affidavit by noon today. tammy bruce joins me now. great to have you here, tammy. i guess my first question is are

you, are you optimistic we're actually going to learn more with all of the redactions we're expecting? >> i don't necessarily think so. it's going to look probably like somebody got ahold of the most giant marker that ever exists and is blanking out a lot of these pages. [laughter] i think that we'll certainly know more than the doj and the f fbi wanted us to know because they wanted it to be completely sealed, so we'll have a little bit. but remember re, we've seen history, and this is what my column is about today at amac.us, which is the history of the fbi misleading courts, misleading about warrants not just during the trump age, but 20 years ago, by the way, ash. there was a complaint and a headline in "the new york times" that the fisa court was complaining that the fbi misled them on 75 cases. in 2002. so nothing has really changed, and at least we'll know a little bit more.

but we know also former president trump has, is arguing, has a lawsuit to try to affect some of this including wanting a special master to look at the material. ashley: yes. >> so we'll see. but we know we'll learn more than the doj wanted us to learn. we mow that much. ashley: okay. mark zuckerberg says facebook's algorithms censored the hunter biden story for seven days. listen to this, i'll get your comments. >> i think it was five or seven days when it was basically being, being determined whether it was false. the distribution on facebook was decreased, but people were still allowed to share it. you could still share it, you could still consume it. ashley: tammy, what do you make of that? he reveals quite a lot, doesn't it? >> well, it does. this is where you got effect ily what heir saying what the messaging is is that the fbi asked hem to cut down on

election misinformation. and now we know through whistleblowers, fbi whistleblowers according to jim jordan and a few others, that they're saying that, in fact, there were orders to not touch the hunter biden laptop issue, to not investigate, to leave it alone. so when you've got partisans deciding what misinformation is and then the government telling social media to restrict information based on their arbitrary decision, their partisan decision to label the opposition as misinformation, you're giving social media and big tech permission to censor. and we now know that that, of course, laptop was real, the story was real. we know the new york post was also punished by social media with. so this is what we're fighting against, and this on the heels of elon musk, a court telling twitter that they've got to reveal to elon musk their internal workings. there's a whistleblower there. so a lot of stuff is breaking at this point, but americans are

finding out that there's been manipulation when it comes to information. and we can't withstand that, and we shouldn't have to. ashley: yes. and it was always suspected, now it's becoming true. all right. tammy bruce, thank you so much as always for joining us. thank you very much, we do appreciate it. >> thank you. ashley: by the way, in the past year facebook gave politicians 13 exemptions to their content moderation rules, so what were the exemptions, lauren? laura: -- lauren: it's a washington post report. the exemptions were for politicians, all of which not american or in the u.s. and they were for offensive posts that were deemed newsworthy and of value to public interest. for instance, the brutality by the russians in ukraine. so, you know, making exemptions for that, and some people are saying, well, why don't you make exemptions for other politician, and they named donald trump. ashley: yes. yes. good point. house democrats want twitter to respond to those whistleblower

accusations about major security deficiencies. what's that all about? some. lauren: yeah. so the house democrats heard twitter's former security chief come forward, charge the company of overlooking security flaws, pieter zatko. right? remember? so they're worried about national security threats ahead of midterms, so they wrote a letter to twitter's ceo asking for more detail about potential security lapses. look, i think elon mask -- musk has his hands all over this. he's trying to wiggle out of his deal to buy the company, and in the process you have that whistleblower, pieter zatko, coming forward. and in the court of public opinion, he's exposing twitter to scrutiny and hurting his reputation. so is twitter willing to go through all of this pain? now he was this letter from house democrats as hay want elon musk to seal the deal. ashley: yeah. fascinating to follow every step of the way. lauren, thank you very much. now this, no seat, no job.

jamie dimon clamping down on remote work. he reportedly wants all rank and file employees back at the office. we'll have those details in the next hour. house republicans are demanding the education department turn over all records on covid relief funding for schools. this after it was revealed that some districts spent the money on lavish sports facilities and critical race theory. we've got that story is ahead as well. and the administration is using the heroes act as a way to cancel federal student loanses, but lawmakers like congresswoman nancy mace are questioning the legality. take a listen. >> i don't think there's any way that you can have the president of the united states intervene in contracts for loan repayment. this will enebb up as a case in court and could go as high as the supreme court. ashley: interesting. alexandria hoff will have the report from the white house next. ♪ ♪ i think you're really mean ♪

pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon.

wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line.

♪ born to be wild. ♪ ashley: born to be wild, great song and a great city, by the way. chattanooga, tennessee the. great aquarium, a fun minor league baseball team. used to spend time there, fantastic little town. it's 77 degrees there also, which is just about perfect. by the way, if you like the music we play on the show, make sure to follow us on spotify. just search "varney & company," or you can scan that qr code on our screen, and you can get right to it. very good,en indeed. great music, i think. all right.

let's check the markets after we've heard from jerome powell and his aggressive stance, which we kind of expected now. the dow went down almost 25 the 0 in the initial shock -- 250 #, but that's worn off. the nasdaq off a third of a percent, so the markets getting some breath back. let's take a look, of course, mr. powell talking about some pain ahead. i would have thought the yield would go up, yes, it has. 2.4 basis points. kind of where it's been, 3.05% on the 10-year treasury. take a look at those big tech growth stocks which typically get hurt a little more as the yields go up and, yeah, microsoft, apple, amazon and alphabet all down right now, marginally so. although alphabet/google is down more than 2%. only facebook up about two-tenths of a percent. all right, president biden, as we know, canceling up to $20,000 in student loans, but questions remain over whether this executive order is actually

legal. alexandria of is at the white house this morning, so the question is, alexandria, is it legal? >> reporter: well, there's certainly going to be legal challenges to this. remember back in july house speaker nancy pelosi said only congress could take this kind of action. so what the biden administration is doing is they're utilizing a 2003 law known as the heroes act meant to reduce student debt for members of the military. this week the justice department said that under that the biden administration has the authority to apply this overall to student loan are repayments, and they're doing so under the national emergency caused by covid-19. here's education secretary the miguel cardona, excuse me, on that. >> the pandemic created a really tough situation for so many people. so to those people who are saying, look, i paid off my loan, or i didn't go to college, why are we doing this? we're trying to help americans. we're reinvesting this americans. >> reporter: so in terms of how much taxpayers will have to

reinvest, white house press secretary karine jean-pierre claims only to have a rough estimate, and that's based on a few assumptions. listen to this. >> so assuming that 75% of folks who take us on, on the president's student loan cancellation plan, and you look at the average monetary, average cash flow on that, it's going to be about $24 billion per year. >> reporter: so let's assume that 25 the %, as she said, of those eligible would for some reason perhaps pass on having their student debt reduced, that puts the price at $240 billion over 10 years. but the committee for a responsible federal budget predicts the actual cost to be between $40-600 -- 440-600 billion. that's manager that the president doesn't deny. >> thanks to our historic deficit reduction, we can afford

to cancel $10,000 of student debt and $20,000 if you're on a pell grant. [cheers and applause] for tens of millions of americans making under $125,000. this is a game-changer. >> reporter: you know, there are some democrats who feel that this sends the wrong message, notably ohio congressman tim ryan. he feels instead tax incentives should go to working and middle class families, maybe those who already paid off their debt or weren't able to earn their degree. ashley? ashley: yeah, very good point. thank you so much for laying that argument out for us. my next two guests, by the way, paid off $190,000 in student loans in just over two years. christina and sherman join me now. welcome. to you first, christina. what do you think? do you think this student loan handout is fair to people like yourself? >> individually, i am happy if

people get their student loans paid off $10,000 at a time. i'm happy for them individually, but we all mow that nothing's free and that there's going to be repercussions. it doesn't change what we decided that we wanted to do for our family and our lives. so we pelt that conviction strongly -- felt that conviction strongly, just a calling for us from god to go ahead and start chipping away at it. so it doesn't change what we decided to do, but it does make us a little, like, angry because i know in the long run it's the taxpayers that are going to have to pay for it. so, i mean, we're going to be -- ashley: you are not alone in those feelings. [laughter] sherman, let me bring you in. how did you pay off your debt so quickly? did you have to make a lot of sacrifices? >> oh, yeah, we had to make a ton of sacrifices. we actually started a second business as well, so more work. that's the thing, i tell

everyone we were extremely blessed starting a second business and it taking off and all of that. but those were a lot of long days, i mean, 14, 15-hour days to make sure that it happened. so, yeah, we're making a ton of sacrifices to pay it off so quickly. ashley: sherman, does it make you a little angry too? because there are a lot of people who did what you did and managed to work two, three jobs and pay off their tuition, and now all of a sudden people who didn't are getting a free ride. what do you think? >> yeah. i think sort of like my wife said, you know, it's okay for some folks, i get it. but in the long term the, i don't like it because i know it's going to cost he and my children. my children, i'm making these sacrifices so they can have a better life, and they're going to be paying for things that they shouldn't have to pay for. so, yeah, like, it's not fair, quote-unquote, fair, but we all know life isn't fair. so i think we can come up with something so that generations

aren't straddled with all these extra billions of dollars. ashley: right. exactly. well, christina and sherman, thank you so much for joining us. congratulations on paying off that massive e amount of debt, and we do thank you for your time today. if. >> thank you. >> all right, thank you. >> thank you for having us. ashley: thank you. our pleasure, believe me. all right, moving on, house republicans are launching an investigation into how schools spent covid relief funds and the impact on learning because of school closures. tell me more, lauren. lauren: so the house republicans are being led by james comer of kentucky and representative virginia foxx of north carolina. they're requesting that the department of education turn over records relating to three items in particular. first, learning loss. how bad was it during can covid? second, what communications did they have with outside groups like teachers unions when they were making certain decisions to close or not close. and then this, a financial accounting of how $263 billion

in principal funds were spent by the schools -- in federal funds were spent by the schools. any unspent covid funds, that should be put to address learning loss specifically. yesterday i got a note from our school district, and the e-mail said completely back to normal as if covid didn't exist. not doing computers, not being sent home for remote learning, none of that. back to normal. your child misses a day, you go to the front office and pick up what they missed, the actual paper. ashley: back to to normal -- [laughter] indiana. lauren: i was so happy. ashley: i'm sure you were and many other parents. california just voted to ban the sale of new gas-powered cars but republicans say the push towards electric could strengthen our reliance on china. energy secretary granholm reportedly asked major oil refineries to cut exports, but the president of the oil and gas association says our policies

are being driven by political self-interest. aishah hasnie will be along with that report next. ♪ shut up and drive, drive, drive ♪ meet ron. that man is always on. and he's on it with jardiance for type 2 diabetes.

his underhand sky serve? on fire. his grilling game? on point. and his a1c? ron is on it. with the once-daily pill, jardiance. jardiance not only lowers a1c... it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects, including ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? on it with jardiance. ask your doctor about jardiance.

- [narrator] every three minutes, a child is born with a cleft condition. without surgery, some will die. those who do survive face extreme challenges. operation smile works to heal children born with cleft conditions. we need you. there are still millions in dire need of healing. go to operationsmile.org today and become a monthly supporter, or call. (gentle music)

ashley: let's take a look at the markets. as we know, fed chair jerome powell was aggressive in his comments looking ahead to september and beyond, and the markets now sponged even more. the dow -- responding even more. we came back a little bit, but now down 300. so any if thoughts of any dovishness from the fed kind of went out the window, although that wasn't entirely unexpected. anyway, lauren, looking at some of the movers today, let's start with farfetch. lauren: look at this, up 29%. it's a luxury fashion retailer the, and they grew their revenue in the past quarter by over 10 percent, and they grew their profit margins too. that's a home run. peloton, i count 11 brokerages cutting their price target on the stock. the lowest i see is 9.75. today all say cost cutting by management is just going to cause more pain for investors, the stock down about 70% year. and finally, dollar tree.

they reported yesterday. their ceo said, look, shoppers are buying cheaper everything, they're using credit cards more than cash, so they cut their full-year outlook, but their rival, dollar general, raised their full-year outlook. and piper sandler is calling this move by dollar tree the to the downside a buying opportunity but at the same time takes their price target down. so not much positivity coming out of dollar tree today. or yesterday. ashley: no, not at all. exactly. all right, lauren, thank you very much. we'll move on to this story: energy secretary jennifer granholm reportedly told seven major oil refineries to cut down on oil exports. aishah hasnie is in washington this morning. you spoke with the president of the oil u.s. oil and gas association. i can't imagine he was very happy about that. [laughter] >> reporter: hey, good morning to you, ashley. no. he called this letter hypocritical. this letter was sent by energy

secretary jennifer granholm to major u.s. refiners calling on them to limit their exports in order to shore up domestic supplies ahead of hurricane season. now, in that letter -- which, by the way, ashley, has not been made public by the administration -- granholm writes this: given the historic level of u.s.-refined product exports, i again urge you to focus in the near term on building inventories in the united states rather than selling down current stocks and nurse increasingers -- further increasing exports. warning move would hurt our european allies as energy bills are about to skyrocket by 80%. this could also raise global oil prices. >> we have to remember that we operate in a world energy market. prices are set by the world market, not just the domestic market. so any restrictions on production or on exports from the united states actually increase prices on american

consumers. >> reporter: meanwhile, wyoming senator john barrasso, ranking member of the senate energy and natural resources committee, is also weighing in. he told me this: americaing is stronger as a nation when we are selling energy to our friends, not buying it from our enemies. we have plenty of american energy in the ground to both power our nation and help our allies. democrats are blocking american energy workers from producing it here. we have reached out to the white house, ashley, haven't gotten a response just yet. ashley: no big surprise there. just doesn't make sense, does it? thank you very much, great report. fascinating. by the way, gas prices have fallen for 73 straight days. that's good. the price is now $3.# 6 nationwide, of course, unless you're in california. gasbuddy's patrick dehaan joins me this morning. okay, patrick, i guess the first question is how low will these gas prices go?

>> well, i think, ashley, the good news is that gas prices will continue inching down, continue to get a little bit more breathing room, and in about three weeks we'll be making the transition across much of the nation back to cheaper winter gasoline. so i certainly could foresee a future that, barring hurricanes, the national average could get back into the 3.60s, maybe even the 3.50s. now, diesel prices had fallen under $5 a gallon, but diesel price is now going back up, back over $5 a gallon. ashley: and why is that? i mean, let's point out that the country's goods are transported by many vehicles that use diesel so, you know, we could still see those costs being passed on, still fighting inflation. >> exactly right. and the reason that diesel prices continue to start rallying, we're getting closer to winter with. inventories continue to tighten globally and in the u.s.

refining whats i is constrained well to the point where refiners simply can't produce enough diesel. so those yields, their trying to push as much production as they can, but there is a limit. overall, a lot of this happening because of russia's war many ukraine. -- in ukraine. like i said, inventories are extremely low in some areas of the country, and that's a problem that's going to be exacerbated by the coming cold weather. ashley: and very quickly, you know, the white house taking a victory lap on the falling gas prices, but how much of that is accounted for by demand destruction, people just couldn't afford it and tried to avoid having to pump gas? >> well, certainly quite a bit of it. this summer has seen gasoline demand below record levels and reallien even as gas prices have fallen, we haven't seen much response in terms of increase in demand. so a lot of this is natural. gas demand peaks in late july and demand starts to go down, and now that's helping accelerate to the downside

prices that, by the way, almost always go down into the fall. barring a hurricane, of course, that remains the wildcard, but the future looks pretty good for gas prices moving forward. ashley: well, that's good to hear. patrick, thank you. great information, as always. appreciate it. >> thanks, ashley. ashley: california, by the way -- thank you. california banning the sale of new gas-powered cars. what? lauren: yep. ashley: when are they going to do this, lauren? lauren: 2035. so, ash, 13 years from now you not buy -- cannot buy a new, tradition algas-powered car. you can buy a used one but not a new one. the california air resources board approved this plan unanimously. they're not making the cars. to us in is now on the automakers -- the to onus is on the automakers to source enough material to make a lot of evs at an affordable price. if you look at california doubling the number of evs on

its roads in the past two years, if they continue to double it, they can get there, to that target. and it's estimated the new regulations will cut pollution from vehicles many in california by 50% in 2040, but california often sets the tone for what other states do. ashley: yes, it does. that is very true. all right, next one for you, and i've heard a lot about, energy bills in the u.k. set to rise after regulators announced a hike. how much and when does it take effect? lauren lauren october, and your bill's going up 80%. ashley: couch. >> so here's the deal, u.k. and most of europe, they rely most heavily op on natural gas that they get from russia, and this is a huge problem. so this fall they're increasing the cap. it's at 1975 pounds -- 1971 pounds right now. that surges to $4200 in october impacting 24 million homes. that's why group warns, look,

inflation is britain's going to top 18 is % in january when it's freezing cold and people are trying to stay warm. ashley: wow. lauren: we talk about the supply chain, right in it's a problem here, maybe we can't get our peloton or something like that, but in europest about staying warm and keeping the rights on -- lights on. ashley: yeah. it's going to be a tough winter ahead, no doubt. lauren, thank you very much. now this, poor cell phone reception? elon musk may have the solution. we'll tell you what he's up to. he's always up to something, isn't he? president biden says his debt bailout program is fiscally responsible, but a new report suggests otherwise. hillary vaughn will break it all down for us next. ♪ higher, higher and higher. ♪ i said your love, your love is lifting me ♪

bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. pool floaties are like whooping cough. amusement parks are like whooping cough. even ice cream is like whooping cough, it's not just for kids. whooping cough is highly contagious for people of any age. and it can cause violent uncontrollable coughing fits.

sometimes followed by vomiting and exhaustion. ask your doctor or pharmacist about whooping cough vaccination because whooping cough isn't just for kids. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

ashley: let's take a look at the big board for you. all 30 stocks down on the dows which is now itself down 413 points. strong, aggressive messaging from the fed chair, jerome powell, saying in part, he said here: restoring price stability will likely require maintaining a restrictive policy stance for some time. the markets taking that on, as you can see, hitting the sell button. from merck all the way down to nike, all the stocks moving lower at this hour, down about 1.2 the % on the dow. all right, now this: a list of democrats are opposing biden's $500 billion student loan handout. come in, lauren. what are they saying? lauren: yeah. i want to point out these are democrats in vulnerable districts, right? kim shh. >> rye orer of washington state says this is not how i would have done it, and then she suggests, hey, why don't you forgive the debt of students you need to channel into certain

careers? like a teacher, a nurse or a mental health if professional, we'll forgive some of your death. congressman chris pappas of new hampshire says this is no way to make progress. tim ryan of ohio, senator catherine cortez masto opposing this, and you can see the list here. of course, economists are have come out from previous democratic administrations, they're against it. jason furman says it's pouring $500 billion on an inflationary fire, ashley. ashley: yes, indeed. lauren: strong words. ashley: thinking ahead to the midterms and -- yes. yes. i'm not surprised. they all made sense. now this, a nonpartisan committee says the money saved in the inflation reduction act now go towards paying off millions of people's student loans. all right. hillary vaughn is at the white

house this morning. hillary, how much could biden's student loan forgiveness affect inflation? >> reporter: well, ashley, that is a question that the white house and biden administration officials have left unanswered. they refuse to say out loud how much this is actually going to cost. >> how much does this cost? >> you know, the projections are still coming out depending on how many people take advantage of it. but let me -- >> what's the range? mr. secretary, what's the range of possibilities? >> well, like i said, those projections are still coming out. >> reporter: but the committee for a responsible federal budget has no problem calculating the cost, estimating it will cost taxpayers half a trillion dollars. the group writing this, quote: the changes announced will likely cost more than double the amount saved through the recently passed inflation reduction act, completely eliminating any disinflationary benefit from the bill. well, remember, the ira was

supposed to help address historically high inflation. now the administration says the deficit reduction in that is helping pay for this. but a former obama economist, jason furman, says the math does not add up, tweeting this: pouring roughly half a trillion dollars of gasoline on the inflationary fire that is already burning is reckless. doing it while going well beyond one campaign promise, 10k of student loan relief, and breaking another -- all proposals paid for -- is even worse. >> if you don't know how much it's going to cost can, how can you guarantee that it's going to be paid for? >> look, i think what i can tell you is that we have done the work to make sure that this is done in a fiscal responsible way, and we'll actually know more once people take us up on it and get a sense if they will. >> reporter: and, ashley, interestingly, the white house has also dodged questions, what happens when student loan debt

inevitably goes back up? they wouldn't say whether or not they will then pay off more student loans. but they may have to deal with this problem sooner than you would think. some estimations say in five years student hone debt will return -- loan debt will return to the level it is now. ashley? ashley: lots of questions, not a lot of answers. good stuff. an analyst at msnbc says canceling student debt will not address higher education costs. come in, lauren, whats he she saying? lauren: her name is elise jordan, she was a former aide to george w. bush. she also calls colleges a cartel. listen in. >> i guess what i find annoying about it is that it doesn't address the higher education cartel, and it basically is infusing money into a higher education system that is basically just corrupt at this point. you look at how much tuition has just skyrocketed over the last

20, 30 years, i mean, my college tuition i, it was the -- it's three times today what it was 20 years ago, and that's just absurd. >> yeah. lauren: she's talking about -- i thinkable move, political move by the white house will make people start to really drive home maybe you need to finally address the root cause of all this. it's the price of tuition. you've got to hold the colleges accountable if they're providing degrees that might be worthless. we said yesterday it costs $61,000 to go to columbia. great school. i went there, ashley. but is it worth $61,000 a year? ashley: these costs are outrageous, there's no doubt about it. lauren, thank you very much. president biden, by the way, lashing out at trump supporters during a dnc event last night. the rnc responded calling the president's remarks despicable. we're going to tell you what he said right after this. ♪

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think it's worth it. visit betterforthem.com

so many people are overweight now and asking themselves, "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.

we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit findahandspecialist.com today to get started. ashley: well, the fed chair, jerome powell, started speaking less than an hour ago, and, well, this is how the markets have reacted.

the dow off 415 points, the s&p down 1.5%, the nasdaq down nearly # %. the fed chair saying, yep, we're going to be aggressive, price stability is what we're about. we're going to continue to raise a rates to get that inflation level down. goldman sachs, microsoft and, who else? if home depot, those three stocks shaving 102 points off the dow alone, so there you go. the dow itself down 424. president biden painted some republicans as semi-fascists at the dnc dinner in maryland on thursday. [laughter] lauren, what exactly did he say. >> lauren: yeah, this is, i guess, they're painting the campaign message for the democratic party in the midterms. his message, republicans are pretty extreme. quote: what we're seeing now is either the beginning or the death knell of an extreme maga philosophy. it's not just trump, it's the entire philosophy that underpiny something -- it's like

semi-fascism. yeah, that's insulting to a lot of people. he also said it's not your father's republican party anymore, but i would it's not your father's democratic party either, ashley. so -- ashley: not even close. he's just taken on 47 million people. i mean, it's, that's very divisive. okay. thank you so much, lauren. this is interesting, an nbc poll found that 62 the % of college democrats say they would never room with a trump voter. wonder if it's the same the other way around? a correspondent for campus reform joins us now. alexa, good morning to you. you've gone around college campuses. are you seeing this kind coof divide among college students -- of divide among college students? >> we absolutely are. what we're seeing here is there is a growing politicization of the generation. what this study found is that there are nearly twice as many democrats that are so intolerant that they can't even stand to be

in the same room as a republican. mean meanwhile, only 28% of republicans responded that came -- that same way. it's not that surprising for anyone who's recently been on a college campus, because higher education is cultivating disdain against conservative opinion. we've been reporting on liberal bias and abuse for a decade. we report on professors that follow left-wing propaganda in the classroom. this is actually a top-down issue when administrators and professors don't respect conservatives, students won't either. ashley: that's very true. i've got 45 seconds, i'm sorry it's so quick, but you just graduated college. how do you feel about the president's student loan handout? >> well, as a reporter for the leadership suit's campus reform, i mean, we go around and talk to a lot of students on this issue, and what i find is there's a lot of students out there will that say this is unfair. those students made a lot of financial decisions deciding

whether to go to college. maybe hay missed out on going to their dream school because they couldn't afford it. ashley: right. very good. it was quick but you got a lot many. . -- in. alexa, thank you so much for joining us, we do appreciate it. still ahead, steve hilton, tommy lauren and rafael bostick. the is -- 11 a.m. hour of "varney & company" is next. ♪ -- no stopping us right now. ♪ i feel so close to to you right now ♪ ..

♪ ♪ you had me at allison® 10-speed transmission. ♪ features available on gmc sierra heavy duty. premium and capable. that's professional grade from gmc.

of hope, we need to see that marching them. if it is not marching down -- >> the fed has been empowered in our economic society to act as if they are deity and they are not. we are investors, do we care about the earnings potential of the companies we buy or do we care about the language of a given speech? >> don't think -- jay powell to sit on the fence and leaned to the other side, was do nothing but create more chaos in the market.

>> republicans have not gotten their act together on messaging. they got a clear message of gasoline, groceries, and god. ♪ ♪ i just want to celebrate ♪ i just want to celebrate ♪ ashley: sixth avenue midtown manhattan, celebrating the fact that the it is friday but not celebrating on the markets. it is 11 a.m. am on august 26th. i am ashley webster in for stuart varney. the dow is off 434 points, down and one third%, s&p and one/3%, s&p down 1.5%, the nasdaq down 2%. let's look at big tech names in the red. alphabet, google down 4% and the rest also down one. 5%, microsoft down 2%, amazon

down 2%. let's look at the 10 year treasury yield, you expect it to rise on the offensive fed speak, it has not been in the same range for a while, one. 5 basis points, 10 year treasury yield, 3.046%. let's bring in lauren. the fed chair and jerome powell spoke at jackson hole, took an aggressive stance. we expected that and inflation remains painfully high and cooling it will require forceful action to households and businesses, certainly laying on the line, the pain by raising rates is not as harsh as the pain if we don't do anything. >> you can call it frontloading, frontloading the rate hikes and frontloading the pain that will come with them in hopes of ripping off the band-aid quicker and making it less painful in this middle and

looking at fed fund futures, are we getting 75 basis point in a row? on september 21st at the meeting the answer is 52. 5% that we go, that he goes 75 basis points in september and housing stocks fall drastically, and mortgage rates, look at this, the are horton, lennar, down 3%, 4%, the real estate sector down 1.3% today, who is getting hit the hardest? 2% declines for technology, 2% decline for consumer discretionary and the yield curve further invert as wide as 36 basis points. ashley: the untrue -- other interesting thing, how far out before they stop these rate hikes or reversing or depending, maybe reducing the pace of the increases tells the

market this will go on for a while. lauren: the market was pricing in said maybe there is a cut coming into thousand 23 and maybe there is no intonation that could be something based on comments today and all the officials before powell. ashley: yes, they are all singing from the same hymn sheet. the housing stocks with rising rates making mortgages more expensive, it has been cooling off. as the selloff continues, look at these individual stocks, we are looking at our firm. >> the buy now and pay later lender down 20% so their forecast was well below estimates and their guidance, revenue growth will slow to 37% from 87%. that is a sharp slowdown, stock is down 70% this year.

general motors is not moving much down 1.5%. everything is down today. it's about supply chain. the plant that makes gmc and pickup trucks halting production starting next week because of supply chain issues and they hope to restart september 5th. a cancer drugmaker. they were expected to merge or merck would buy them to broaden its cancer drug portfolio reporting that deal has been stalled because the two parties couldn't agree on a price tag, it was reported down 7.5%. ashley: down 7. 5, thank you. california's governor newsom spending big bucks to try to unseat ron desantis on the other side of the country in

florida, just donated $100,000 to charlie crist to try to flip florida blue, take a listen? >> i like charlie crist and i don't like bullies. send money to send a message that if that is the future of the dam republican party this country is in real trouble. ashley: interesting, steve hilton, great to see you, doesn't newsom have enough to worry about in his own state? why is he so focused on what is happening in florida? >> totally out of control crime and homelessness, total disaster when it comes to people's ability to get the basics, decent school for their kids, ability to buy and affordable home, none of that is working right, all been destroyed under his policies and those of the far left extremist democrats who have taken over the state, 1-party rule in the state legislature, everything is a disaster and

he's not interested in any of that, he's focused on his own reelection this november but ron desantis, for the longest time has been very evident the gavin newsom is only focused on his next job which is, he hopes, personal democratic nominee for president and then to become president, that's what he's focused on and why he is picking fights with ron desantis, governor abbott in texas, trying to show the democrats the face of the democrats, that he is the one who's got the fight if biden doesn't run into thousand 24. ashley: the irony is he feels right at home in florida because many of his californian friends now live there. i want to get into this one. mark zuckerberg is criticizing twitter's handling of the hunter biden laptop story, listen to this and i will have you comment. >> this is a hyperpolitical

issue, depending what side of the political spectrum, we centered not another way too much but we were as black-and-white about it as twitter. >> the right way is to establish principles for governance the try to be balanced and not have the decision-making -- it is hard for people to accept that i'm personally making these decisions. ashley: bottom line, he admitted that facebook censored the post's laptop story. >> there's a lot of angles to this. angry laugh to anyone who works at meta to hear him say he doesn't believe in centralized control, he runs that company like an authoritarian dictator. the real scandal is not facebook's handling but the fbi's handling, what i'm focusing on the show on sunday night, this is a totally

enormous scandal. put two things together. what zuckerberg revealed in that conversation was that the fbi came to them at facebook as it then was in the 2020 election and told them to expect a dump of russian disinformation just as they said happened in 2016. at the same exact moment, the laptop appears in the media and of course they come to the conclusion this must be what they are talking about. the other piece of information we learned is from whistleblowers in the fbi they were told, investigators and the fbi were told not to pursue the investigation of the hunter biden laptop. even if you don't necessarily believe the fbi specifically told facebook that the laptop was russian disinformation, complete lie, we know that they were in conversation with

facebook, facebook got the laptop. why did they not say at that point we have the laptop in our possession? we know it is not russian disinformation so the minute these countries stop banning dissemination the fbi should have told them it is not russian disinformation but they didn't do it. it is a massive scandal. it is election meddling by the fbi and there needs to be accountability for it. ashley: there does, you are right. on this one california manning sale of new gas powered cars. what do you make of that? >> letterman to the context, first time was september of 2,020 by gavin newsom in the middle of some extreme wildfires earning in california and he pops up in the middle of that not to explain why he cut the budget for forest

management, he didn't deliver what he promised on forest management, cut the budget and lied about it, didn't talk about actual measures that could have helped with the wildfires going on at the moment that came out with this announcement about banning gas cars a decade from when he made the announcement as if that would do anything to help with wildfires, that's how he framed this policy is helping deal with climate change and that would deal with wildfires, yet another example how the democrats are captured by this far left climate zealotry, that help with the environment today and into the future. completely outrageous but no one to hold them accountable. he doesn't care about his reelection and no one to stop these crazy policies from being implemented. ashley: you are doing your best to hold them accountable. keep up the good work, thanks

for joining us this morning, we appreciate it and we will be watching you sunday night at 9:00 pm eastern only on fox. thank you very much. now this. on musk is teaming up with t-mobile to boost your cell phone service from space. we are on that story. tennis star novak joe coverage --djocovic cannot enter the country without a covid vaccine. northwestern facing off against nebraska in an international game in ireland. grady trimble has the preview next.

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

neil: ashley: let's look at the markets, the dow up 500 points, nasdaq gaining a lot of downward momentum. look at the airlines if we can. air travel surface complaint in the us jump 35% in june compared to the month before and overall service complaints on airlines is up 270% over pre-pandemic levels. airlines moving lower, jetblue down 3%, southwest 2.3%. you don't see a lot of smiles airports these days. now this, the 2,022 football season is kicking off and players are looking to profit off their name, image and likeness.

grady trimble is at northwestern university. how much can players profit with these deals. >> some student athletes can earn hundreds of thousands if not millions of dollars. college athletics has always been big business but now it is when student athletes themselves can make money off of. here's a look at the highest earning teams and players making money off of their name, image, and likeness deals, one unknown football report could made a cup to $8 million by the time he graduates and it's not just football players playing at big schools making big bucks. olivia dunn is a gymnast at lsu but also a tiktok star cashing in on that internet fame making more than half $1 million. there's a company called athlete branding and marketing that represents the negra ask a cornhuskers players, it says it already helped student athletes

bring in $2 million through 700 deals. one of its clients is a nebraska wide receiver named crawford who has appropriately teamed up with a local air conditioning company for his deal. >> so glad we called sos. there ac is the coldest. >> i'm always the coldest. >> the new name, image and likeness, rules are changing the game for college athletics, universities who want to recruit students now have to prove to them they will be able to help them score big deals like those that we just mentioned, we should also mention that tomorrow's game, kickoff at 12:30 eastern between northwestern and the nebraska cornhuskers is not here in evanston, illinois or lincoln nebraska but in dublin, ireland, the first

international regular-season college football game in 5 years. college football is back and kicking off on fox in ireland. ashley: fascinating stuff, looking forward to it. great report as always. novak cjocovic will miss the u.s. open, he has no plans to get vaccinated. us rules state noncitizens cannot enter the country if they have not gotten the job. by the way you don't need to be vaccinated to attend the u.s. open. what gives? >> we know at the cdc updated its guidelines saying there's no difference between vaccinated and unvaccinated individuals, the vaccine does not prevent infection or spread. to say he would be a danger to his fellow players or anybody else's absolute nonsense and

worth mentioning of he would come to the wide open southern border unvaccinated he might be able to play and maybe that is a strategy should look into. ashley: i was going to mention that but you beat me to it. democrat socialist backed by aoc won her primary in new york this weekend now kristin gonzalez claims socialism is a winning platform. listen to this. >> we really proved that socialism wins. we are not going anywhere and we will not stop until we see a socialist wave across the city. ashley: we should give her one way ticket to havana or caracas, you've got something to say about that. >> there are hundreds of thousands of people around the world who fled from socialism and communism that are hearing some in the united states of

america applauded and sadist bedding and celebrated and the hair on the back of their neck stand up as it should. the fact that we have mainstream democrats now winning elections with the aoc effect as i call it is incredible troubling. the problem is you have these deep blue districts who are more excited about people pop on social media than are actually going to work for their community and for their constituents so you see the rise of the social media star like aoc or this lady here who think socialism sounds good on social media but in practice it fails at every turn. unfortunately is going to take putting those policies in place for people to understand it and at that point it could be too late. ashley: on this one do we have time, we ran out of time, great stuff as always, thank you for joining us, glad we got the socialism one in because that speech, we played a lot this week, scares the but jeepers out of me but thank you so much, appreciate it. space x teaming up with

t-mobile to boost cellular coverage in space. interesting story. give us the details. >> the project would beam cellular networks from space using space x's starling satellites and what this does is illuminate dead zones, huge advantage for people living in rural areas. with facebook x in the past is lobbied for subsidies, hasn't gotten them. the future will be made available late next year for text messages only then it plans to expand to voice and data as well, t-mobile sews the phone you have is fine, don't need to upgrade, not sure the fcc has approved this plan yet but if you never want a dead zone in clinic 8 this is one way to do it. ashley: beam me up, elon, i think it is a great idea, we will have to wait and see. the late star trek, there is that. this story, a light -- star trek actress taking one last

trip to space. listen to this. >> you know what they say, lieutenant, be careful what you wish for, you may get it. ashley: that was michelle nichols who played the iconic lieutenant will hora --unhura part of her remains will be loaded onto a rocket and launched into deep space later this year. a fitting tribute. coming up, just last month atlanta federal president rafael bostic said the us was not in a recession. we will see if he still feels that way when we talk to him live from jackson hole coming up. the federal student aid website crashed after biden announced the loan bail out. my next guest spent a lot of time on college campuses. i wonder what students are telling him about the handouts. alex boylan is next.

♪ (dad) we have to tell everyone that we just switched to verizon's new welcome unlimited plan, for just $30. (daughter) i've already told everyone! (nurse) wait... did you say verizon for just $30? (mom) it's their best unlimited price ever. (cool guy) $30...that's awesome.

(dad) yeah, and it's from the most reliable 5g network in america. (woman) for $30 a line, i'm switching now. (mom) yeah, it's easy and you get $960 when you switch the whole family. (geek) wow... i've got to let my buddies know. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon.

aubree: i'm aubree. i went to st. jude because i had a cancerous tumor. casey: these kids, they don't deserve to have to go through this. my beautiful little redheaded girl has cancer. you don't know what's going to happen. narrator: please call or go online and become a st. jude partner in hope for only $19 a month. christen: i think it's the most worthwhile place to put your money, when it comes to childhood cancer.

ashley: what a great song, who

let the dogs out, taking a look at san francisco which was ranked the most dog friendly city in america by forbes. today is national dog day and let's take a picture of my dog named baxter, who is 13 years old, gray around the muzzle but is a good boy, loves to hang out at the beach, we work for him because he has to be kept in the lap of luxury. enough of this. as we know we have seen those markets far south after jay powell gave his aggressive comments on what the fed would be doing, the dow after i've hundred 38 points, the nasdaq to 1/2, the s&p down 2%, it is that kind of day. let's bring in susan lee, you've got some movers. let's begin with electronic arts and amazon. susan: what 13 years in dog

years are translated into human years. ashley: that would be 91. he is an old man. susan: he deserves the lap of luxury, i want to talk about big deal news. amazon tie up, usa today, a gaming website that amazon bid, ea could be imminent as soon as today so there is talk of a $40 billion price tag was. you have to remember microsoft is trying to close in on 68 alien dollar acquisition by activision blizzard, $11 billion and the and has been trying to sell itself, they've been in talks to comcast, apple, disney, and amazon about a possible sale according to previous reports and that is the future when you have gaming bigger than movies

and music combined, a lot of these companies want to expand in that industry. jay powell is more aggressive talking more pain to come to bring down inflation, big tech is leading the losses and treasury yields going up, you heard powell say they could increase rates in the future so expectations are that the fed will keep hiking rates possibly aggressively to bring down prices and that means yields go up and when you have more guaranteed money on government bonds, money needs to come out of stocks in order to chase guaranteed money on treasuries and that is why stock is down, treasury yields higher. ashley: what is interesting is i think everyone on this show has predicted jay powell was going to be aggressive. we heard from all the other fed officials singing from the same song sheet and then we get this confirmation and the markets react with a big plunge.

susan: usually a fire first and ask questions later and you talk about pain and sharp increases, it is friday, with all of these geopolitical macro events around the world, you want to be safe and close those positions especially heading into the weekend. ashley: very good point, take the cash and run, appreciate it. multiple student loan sites reported crashes on their platforms following president biden's student loan hand outs, alex boylein joins me now. you spend a lot of time on college campuses. how are students reacting to this student loan handout? >> it is great to be here and i spend more time on college campuses than in my own home. they are not talking about it at all. they are so excited that college is back, this

generation has been through a lot the last two years between lockdowns and social distancing and the fact that campuses are alive again out are deciding what club to sign up for and what organization is what internship. i am not hearing students talk, they are excited to see their friends again and be back in the university and thinking about the future ahead. ashley: it has been a long-running question, the high cost of tuition and how do you pay for it and crank up hundreds of thousands of dollars. putting the loan bail out aside, other questions being asked about how much students are paying? >> great question and that is different, 900 community colleges across the country, it will look different depending on what you are looking at. one of the things we talk about is get educated, learn the right institution for you, sit down, pick up the phone, sit down and talk to the financial

department at the university and get the degree are getting, the average salary and have some personal responsibly, doing the best job figuring out what is the best path for you and your career, look different for everyone. ashley: that is exactly right, very good point and you have a new season of the college tour coming out on amazon prime. here's a preview and i want you to tell us more about it. >> welcome to the college tour. in a series viewers will travel throughout america to get an inside look into their favorite colleges and universities from campus life to academics, sports, clubs, activities, and so much more. ashley: what can we expect? >> great season like every season of the college tour. we do our first community college episode. you will hear a lot of stories of first-generation students, our first persona is super

exciting and a big shout out to season 5 episode 5, my alma mater, what has been done to transform the university, so in many other amazing institutions. ashley: what a great way to travel, you teamed up with woody harrelson, is that right? >> he went to hand over college. everyone loves the college experience, these four years are an important part of their life so in hand over college in southern indiana, a cameo from him in that episode. ashley: not only do you get to travel the country but hang out with a lot of young people. is it keeping you young? >> at a lewdly. nothing better than being on a college campus, next-generation is incredible. what they are thinking about to make the world a better place,

they stay all the time, to be inspired by the next generation, by what america has to offer coming up, watch the college tour. >> very encouraging, thank you for taking time to speak with us and have fun. now this. wall street wants to have bankers back in person, they are worried if they don't take their seats they might lose their jobs, we are on that story. the fed annual meeting is underway, the fed president joins us for a live interview next. ♪

♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. ♪ ♪ ♪ ♪ ♪ ♪

ashley: jpmorgan she jamie dimon clamping down on remote work at his company. what is he saying? lauren: no official company policy, hybrid is the policy but the new york post is reporting he's quietly telling senior managers bankers have their buts and their desks 5 days a week just like normal. come on, they're building a $3 billion skyscraper, the new headquarters will open in 3 years, of course you wants to fill it with workers and wants and there 5 days we come dealmaking is slowing, the economy is slowing, pink slips are rising. do you think this report, that's what the big guy really wants, those people sitting at home two days a week saying i will come in all 5? ashley: when jamie dimon is your boss whispering in your ear you will do what he says. interesting to see how that plays out.

fed chair powell warned of pain ahead during his speech in jackson hole. edward lawrence is there and is joined by the president of the atlanta fed, rafael bostic. take it away. >> he did, he also talked about the neutral rate. joining the at jackson hole is atlanta federal reserve president rafael bostic. let's start with the federal funds rate, the fed chairman said we are new neutral now but we should not stop there. where do you think we should be in your estimation? >> my estimate is we should be in the 3.5 to 3.75% range but a lot of this depends on what we get in data for the next couple weeks, the jobs report coming out, another inflation report, that will tell us how much the economy is slowing down and give us a sense how much we

have to do with our policy. >> looking at 50 basis points or 75? >> i could go either way and part of this is about how much momentum we see in the economy and that will determine how much of a move we should be making, i think we should get to that terminal rate as quickly as possible but do it in an orderly way so people understand there is a purpose and we want to make sure everyone is comfortable. >> reporter: the next jobs report a week from today. is that the exciting factor? >> that the combination. we have a job number that will come out a week before the next meeting so the totality of all of those will give me a picture of how much the economy has started to slow down and we see that reduction. >> reporter: the federal reserve chairman said there would be paying for americans

and businesses with what the federal reserve is trying to do. how long do americans need to deal with this pain to get to a manageable inflation rate? >> good question. i think the chair was trying to prepare people for the possibility that as the economy slows down we might have some job loss or we might have some slowdown but we don't know how much there will be. my hope is if it happens it will be relatively mild but i don't think it is in our interests to have people be surprised if that comes to pass. >> the employment rate will rise again significant we? >> i don't think so. the models we've done, there are scenarios -- there are somewhere they move up in the high three, maybe 4% but full employment by some estimates is 4% or 3. 9 so we are already overshooting in terms of market performance.

>> what about economic growth from the federal reserve, all the government spending, that contributes to inflation, is that working against what you are trying to do for inflation and gdp? >> differently trying to accomplish things other than inflation reduction but some of those things are appropriate. don't think that so much but it is an input to how we think about policy. i think we will have to have aggregate growth lower than the lower potential but that is got to be natural if we start to see demand, i'm not that concerned about that. >> are you forecasting recession? >> that's not my forecast but i do think it is important people understand there is a supply-side component to this as well. inflation is high because demand is high at supply is not responding to the extent we get supply response, that's less we

have to do and that will be expansionary for the economy. >> is it concerning we keep seeing these coming one after another, the effect on inflation in 2024 is a head winds. >> it is a head wind but all these things do benefit the economy to help the economy be more resilient or helpful, we will do a little more but even what happened earlier this week, my projection is it is a small impact and we will do what we have to do and that is what i will focus on to make sure we get inflation back. >> the last 30 seconds or so you concentrated on gdp growth, you thing we can get back to that 3% growth at some point? >> that is possible.

the bones of our economy are sound. we've gone through something unprecedented. once we are past that i think we are in a good place. >> reporter: no recession coming out of that but we could see significant slowdowns, the federal reserve chairman is preparing us for what is to come in the future. ashley: great interview, thank you very much. let me look at the dow 30 stocks to give you a sense where the market is, it has been dropping the dow 536. it is a sea of red, mark leading losses, j and j, travelers down to salesfor selling off today, higher interest rates. what will that do? not good for stocks. having said that, don't go anywhere because friday feedback is next. ♪

hi, i'm eileen. i live in vancouver, washington and i write mystery novels. dogs have been such an important part of my life. i have flinn and a new puppy. as i was writing, i found that i just wasn't as sharp and i new i needed to do something so i started taking prevagen. i realized that i was much more clear and i was remembering the details that i was supposed to. prevagen keeps my brain working right. prevagen. healthier brain. better life. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think it's worth it. visit betterforthem.com i'm sholeh and i lost 75 pounds with golo. i went from a size 20 to a size 6. before golo, nothing seemed to work.

i was exercising for over an hour every day. it was really discouraging. but golo's so easy, the weight just falls off.

pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line.

ashley: you are looking at fire island off the coast of new york. a very nice 82 ° right now. it is time for friday feedback was come on in, let's get started. i haven't looked at these because it is more fun to respond to them in real time. this one is from peter who asks what celebrity or important person you have met that impressed you? you go first on this? susan: i have met so many. i'm always impressed by the ones that have such a business mind, recently i met katy perry and orlando bloom in the bahamas and they are so smart when it comes to crypto and investing and they know how to stretch their short-term

dollars into something long-term. ashley: someone famous? lauren: the last two i met were rude and obnoxious and no longer a fan. ashley: can you -- >> a former model, extremely rude. ashley: probably my favorite, arnold schwarzenegger, i met him once in montana and once in yuma, arizona where he was doing stuff for the movie true lies, couldn't have been nicer, he was terrific and that is why i am a big fan. when someone is rude it is so disappointing but we have to move on. this is from rick. not long ago lauren provided a live report from the oil patch of west texas. did she return with any discussable memories of the cuisine, wildlife, weather, or

local accent? >> absolutely. i brought back a bunch of candy shaped like rocks, very cool, from their petroleum museum. so there is the accent and i had a chicken fry steak. ashley: very good. all right. let's move on. >> can we ask about a texas accent? or -- >> honestly -- no thank you. sorry, guys. we 5 that wasn't bad. honestly i can't. this is from roland. student loan forgiveness won't change a single vote, says roland, those who benefit will have voted democrat regardless, those who are angered would have voted republican. i tend to agree. ashley: i agree. you know who you are going to vote for, 10 or $20,000 really change the picture?

ashley: i don't know. i tend to agree with roland to. i think he's right. next one comes from let's move out the prompter, some of the best analysis from your many top guests in my opinion comes from nigel farage, he's always on point, never minces words and gets right to it. once again he hits it out of the park. i think you are right. there are many people who agree, nigel farage, they call him in the uk, is quite divisive figure in the uk. a lot of people say he is fascist and extreme right and he's not, he just extols the same kind of points of view as donald trump who he met many times, but in more socialist england that can be very divisive. we have to leave it but he is good, a great showman and he

speaks clearly and very well. thank you, everyone for sending in your feedback, time for the ever popular trivia question on this friday. who was the youngest first lady? your choices, michelle obama, milania trump, jacqueline kennedy, francis cleveland? think about it. the answer right after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team.

ashley: 25 seconds. we asked who was the youngest first lady. >> jackie kennedy, number 2 with? . ashley: susan? >> francis cleveland. ashley: well done, the answer is francis cleveland, she was just 21 years old when she married grover cleveland who was 27 years older, they married at the white house in june 18, '86. take that away. i leave the markets down for neil cavuto. neil: cleveland was the only non-concurrent president we had. fascinating. that is my life there. thank you very much. great seeing get you again. on major selloff going, blame this on jerome powell at jackso