it is october. okay. john adams, rut they are ford hayes, chester arthur, theodore roosevelt, jimmy carter, dwight eisenhower all born in october. we are calling it varney and you. tickets are free. you must register online. to do that, scan the qr code on your screen right now. my time is up. neil is here. neil: stuart, thank you very, very much. pray and hope for the best of queen elizabeth ii. doctors say she is being monitored very, very closely. there is outpouring of emotion, good wishes and prayers for the queen around the world including buckingham palace and balmoral estate in scotland. remember only couple days ago she officially greeted the outgoing and incoming prime ministers of great britain, her

biggest task of late. she has gone through so many of these officials if you think about, seven popes, 15 prime ministers, 14 u.s. presidents. she is nothing short of a survivor a consequential figure of history. ashley webster more on what we know thus far? reporter: hey, neil. it is very strange. the queen has always been there, certainly for me growing up in the uk for 20 odd years, she was just there, always a symbol of permanence i think and a symbol of stability but perhaps at times taken for granted but now today the realization is you know, she 96 years old. when you hear a statement from her doctors saying they are concerned that is a significant statement. we heard from her doctors before in recent times.

she contracted covid earlier this year. we knew she was deteriorating a little bit. she had what we call mobility problems. her brain still sharp and intact by those who encountered her. recently we've seen prince charles, the heir apparent filling in more and more. the other side, the statement, very unusual, they're very, very private about these things to say they are concerned is a big worry but the pace which the four children, the queen's four children have all gathered, headed most of which are now at balmoral, that is another indication this is serious. we've seen large crowds gathering outside of buckingham palace in the pouring rain t fits the mood, does it not. pretty damp outside the front gates of balmoral castle in scotland. there is no way to quantity tie how long she has been in power and what she's endured. the longest, oldest serving monarch in british history. prince charles of course is the oldest and longest serving heir

apparent in british history and you know, it will be interesting to see how this all works out. obviously there are some signs. the bbc suspended all of its programing today until 6:00 p.m. local. we heard from nigel farage earlier today saying that they expect some sort of announcement at 6:00 p.m. we're not sure what that could be. whether it could be an update on her condition and how she is doing. but again, we also learned that harry is going to be there. harry and meghan by the way have been in europe doing some charity work and some other issues and then this news broke. so harry alone will go to balmoral. i don't think that is a huge surprise. of course prince charles will be there, prince andrew, princess anne, only daughter of the queen will be there. prince edward the youngest child and his wife sophie and prince william the eldest son of prince charles and second in line to the throne. balmoral has always been the

queen's favorite place. i was reading a quote earlier that said she, she has never been happier when she is at balmoral. she has been there quite sometime. it is their summer holiday home. that is where she is right now. so, neil, i think more will come out obviously in the preceding hours but a lot of concern from a lot of people. accolades have been coming in from around the world. i was reading one from the canadian prime minister justin trudeau, the thoughts of all of canada, which is commonwealth country which the queen remains head of the commonwealth is praying for her and her family. neil. neil: ashley, that statement from the palace or update expected from 6:00 p.m., i think you're talking british time. london is five hours ahead of us. >> 1:00 p.m. neil: could come roughly in another hour. reporter: correct. neil: we follow ad lot of statements that triggered all of this concern and family members flying into balmoral when the

british buckingham palace released the following statement, this was early this morning, following further valuation this morning the queen's doctors are concerned for her majesty's health and have recommended she remain under medical supervision. the queen remains comfortable and at balmoral. this again a statement from buckingham palace. then there were these developments that ashley touched on from the bbc 1 when it suspended its regular programing and the channel's chief presenter, hugh edwards was shown wearing dark suit, white shirt, black tie in accordance what some interpreted bbc dress code in the event of a member of the royal family passes away. there is no way to make this connection at this point but the fact that family members are flying in from all over the world to be there including as we prince andrew, you know flying in as well with all the back and forth there. get the read from charlie langston, "daily mail".com female editor. charlie, so much going on that

you get a sense that there's worry building, there's concern building. i'm just wondering, reaction of the british people, you prepare for moments like these, you fear moments like these, you hope she passes through moments like these as she has in the past but your sense of what's happening right now? >> you know i think the very important thing here we do not get ahead of ourselves. the situation is certainly serious. the palace would not have released a statement about the queen's health if they didn't have real cause for concern but i think the important thing to keep in mind here is that everyone who is gathering to pay their respects and to be near the queen, they are doing so because they want to try and help her through this difficult health stage in her life. they want to send well-wishes, they want to send prayers. all of the tribute we've seen pouring in from around the world are in order to really help the queen through this difficult

health period that she is going through. yes, i do think that the situation here is severe. it is certainly more severe than we've seen in the past and the fact that her family is gathering at balmoral gives an indication of severity of her condition however, the important thing right now, the real kind of feeling certainly amongst those in the uk is one of just sharing as much support and well-wishes as we possibly can. that is certainly what i'm doing, and what i hope everyone around the world will continue to do. neil: you're quite right to remind me and our audience not to get ahead of ourselves. i have noticed in the last few months in particular prince charles has taken up a lot of the duties normally filled by the queen. he was the first, we're told at balmoral castle he has been with her for a little while now and i'm just wondering how with all of the family members in place, i know the four children are in place, more of the grandchildren

coming in place including i'm told very shortly both of the princes. i am wondering how that goes about. a long time since we've seen anything like this and for brits who are now seeing a new prime minister sworn in and this was something that the queen officiated a little more than 48 hours ago how are they digesting all of this? >> you know i mean how can you digest this? i think no matter what is ever wrong with the family member you always feel concern, you feel heartache and that is something we need to keep in mind here. yes the queen is the queen. she is the monarch and has been more than seven decades to now. for the world she is an incredible figure who performed her duties well above and beyond what anyone might have expected of her but she is also a mother a great-grandmother a grandmother and a valued family member and a valued matriarch

and that is what all of her family members are thinking about right now. they are not thinking about what might happen or what could happen, or what might happen to the monarchy. certainly advisors behind the scenes will be going you there the motions you know, always have to be done whenever a leader is you know, sick or whenever anything like this happens but when it comes to charles, william, harry, all they are concerned about is supporting and being there for one of the closest family members and you know, i think the fact that harry and william will be there together with their father, thing like this always bring family together. i think i'm sure the queen will be hoping that william and harry come together at balmoral and support each another mo matter what happens in the coming days, the coming hours. the important thing that they are all together there as a family to support the queen and to share their love for her. neil: i don't want to go into deep family issues here but i

notice meghan markle is not with harry for this, family gathering at balmoral. are we to read anything into that, what? >> you know i think the most important thing here is that the immediate family members got to balmoral. obviously anyone else who may be able to join will do so. kate middleton also did not travel up to scotland. she chose to remain behind at home in order to get her children through the first day of school. i don't think it is worth reading anything too seriously into it. i think the key priority to make sure the queen's immediate family members could get up to scotland and any other supporting members of family, no matter how large of a role they play within the monarchy they can join later a little bit down the line once the immediate family members have made their way to scotland to be my her majesty's side. neil: do we know what she was experiencing, that is the queen, that prompted this medical

emergency or this watch on her health and that doctors were becoming especially concerned? what changed over the last few days? >> you know we know that she has been suffering from some mobility issues for the past few months. those also prevented her from taking part in all of the platinum jubilee celebrations. she was only able to join a few of those. i would imagine it is the same mobility situation she has been dealing with. we also have to keep in mind she 96 years old, obviously a health condition when 96 years old is more concerning than when you're 26 or 46 years old. doctors will take every single precaution possible in order to make sure she is in the best of health and when you're in your '90s those precautions become more serious than they do when you're a little bit younger. neil: i see you're right. this bbc correspondent was

criticized that the queen had cancer. went on to support she was suffering through a gradual deterioration. do you know anything about that? >> i think there is going to beo be a huge amount of speculation, conspiracy theories regarding the queen's health. really until you hear it from buckingham palace there isn't anything can be trusted. nobody knows what is really going on behind those closed doors other than the people who are privy to the queen's situation right now and to conversations with her doctors. as i said i think people are going to come up with all manner of different theories but out of respect for the queen and her family i don't think it is anyone else's responsibility to come up with theories regarding her health until she and her family decide to share that information with the public. neil: fair enough. charlie, thank you very much. charlie lsnkston we can update you who is with the queen at this moment.

obviously prince charles is there. he had been there we're told for a number of days. others say it was early this morning he arrived. he has been back and forth. camilla is with him. the monarch's daughter princess anne. she has been there over the last 24 hours, princess andrew and edward landed in scotland early afternoon london time. the immediate family, the immediate children are with them. we're told now that prince william has now joined them and prince mary very, very shortly. we'll keep you posted on this. keep you posted on american markets, foreign markets as well on a busy news day. stay with us. you're watching fox business.

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♪. neil: all right, we have not had a formal updated statement from buckingham palace on queen elizabeth's condition. on that earlier report, 2 1/2, three hours ago, when the world was notified she was dealing with some medical issues they left it at that. about another hour we're told we'll get a follow move up statement. it is about 5:17 p.m., london time. that statement expected to come around 6:00 p.m. or 1:00 p.m.

our time eastern time. a number of prime ministers have sent messages of support to the queen. remember she had 15 prime ministers during her monarch risky here. that continues obviously today. some of those prime ministers are taken to tweets and emails of her own to wish her well. david cameron, we're told is actually a distant relative of the queen, said i send my heartfelt thoughts and prayers to her majesty the queen and the roy family at this worrying time. tony blair, one of the longest serving prime ministers in british history, in and out of office, deeply concerning to hear the news from buckingham palace. my thoughts and prayers are with the majesty and the queen at this worrying time. we're getting world reaction from global leaders. keep in mind not only did the queen meet with and talk with 15 prime ministers but, went through the course of 14 u.s. presidents dating back to dwight

eisenhower. the only one she did not meet in person was lyndon johnson we're told. all others she met but it was considered a scheduling problem with lyndon johnson at the time. i don't know the real details on that but the only president who did not actually meet face-to-face with her majesty. we'll keep you posted on that. also not oblivious what is going on here back at home where the markets are sorting of testing reacting or trying to understand the consequence of remarks from fed chairman jerome powell who was at a moderated discussion today which he said that the fed will raise rates to fight inflation, quoting here, until the job is done. now that isn't really worthy after fox news or a "fox business alert" but a lot of people sort of seized on this sort of stuff. you draw stocks up and then you draw them down when they reassess it. we've been all over the map here. we've been up about 200 points, down as i say close to 180 points right now. edward lawrence following all of these crosscurrents we're getting from fed officials in

washington. edward. reporter: hey, neil, before we get to that i can tell you president joe biden right now is on a conference call with european allies. on that conference call is the united kingdom prime minister, the new prime minister and president biden we're told from nsc spokesperson john kirby offed his thoughts for the queen and prayers for the queen on the conference call to the new prime minister. now to the federal reserve. it appears we're going to see more aggressive rate hikes through the end of the year if you listen to what the federal reserve chairman you said today. he had a more hawkish tone, the same tone he had in jackson hole about 10 days ago. >> history cautions strongly against prematurely loosening policy. i can assure you that my colleagues and i are strongly committed to this project and we will keep at it until the job is done. i can also assure you that we never take into consideration

external political considerations. reporter: so with the size of the federal debt democrat was like interest rates to get lower because it could become more expensive to pay back the national debt. the committee for a responsible federal budget says if the fed raises interest rates 75 basis points, that would translate into higher deficits of $190 billion per year for the next 10 years because of the increased debt payments. cme fed watch tool shows 84% of the market believes we'll see that rate hike because of comments like this today. >> longer that inflation remains well above target, the greater that the concern the public will start to just naturally incorporate higher inflation into its economic decision making and our job is to make sure that doesn't happen and we're committed to doing that job. reporter: that decision by the federal reserve coming in two weeks. next week we get another cpi inflation reading. we'll have to see what that

says. back to you, neil. neil: thank you very much, my friend. i want to go to eddie ghabour, key advisors group owner. i thought it was interesting the fed chairman went to the lengths he did they would not be affected by whatever the external political calculations are. i'm paraphrasing here but i assumed that was in response to federal spending, all of this and back and forth republicans versus democrats where we go here but this is not the first time he has done that. what do you make of that? >> no and i think one thing the fed is trying to make crystal clear that they are serious about getting inflation down, staying extremely hawkish. last thing they wanted to see what happened after the july meeting when they raised rates and asset prices went through the roof. that is the last thing they want to happen. they're trying to create this environment whereas asset prices are going down.

they're putting a hard-line and stance so the market doesn't misinterpret where they are. i think ultimately this economy and markets will force them to have to pivot sometime next year but they're hell-bent on slowing this economy down. i think personally with all due respect it is a mistake how aggressive they're raising rates, doing qt at the same time. we never seen anything like this of this magnitude happening this fast and my biggest concern they are going to shock the financial system by doing that. neil: you know i was intrigued, eddie, by lael brainard's comments the fed vice-chair. she said all the right things, we'll remain vigilant keep hiking rates, i am paraphrasing here and fed will be vigilant on inflation but she did caution near the end of those remarks they're not immune to this talk they could overdo it. that they're very cognizant of the risk to the economy and do their best, oversimplifying what she said not to go too far.

but that is the big conundrum for the markets. they think the fed will go too far, right? >> yeah, traditionally speaking they have. i would argue they have already gone too far. they have not given the economy time to absorb these rates hikes. it takes months for tightening to go into the economy, continue to tighten, tighten while things are already slowing down when they overdo it. that is the position that they're in right now, again in my opinion, but they're definitely going to raise rates in september. we'll have to see what they do the rest of the year. but the thing i'm watching more closely is the fed balance sheet f they stick with that 90 plus billion dollars a month, in my opinion that will be more problematic to the debt markets than the actual raising of interest rates. credit is already tightening. lenders are getting tighter with their lending standards as well too and that just makes the situation even worse from an overall economic standpoint which is why we think we'll be in recession next year for sure. neil: all of that selling in treasury securities from bills

to notes, to bonds, and they have indicated they will pick that up. obviously that increases the supply of all of this out on the market and could drive interest rates up still further, right? >> that is exactly right. and look, how the bond markets are reacting today. we think the bond market will continue to go up on rates as they flood the system with supply to your point. so that is going to cause even more problems for margins because look, the entire world runs on credit, whether we like it or not. when you raise the cost of capital for businesses and families, whether it is mortgages or any type of debt, that is something that is going hurt the economy, hurt margins and earnings reports will have to get revised down if they continue on this path. neil: that is a very good point, eddie, we're so focused on rate hikes, we don't look at something that could have a bigger impact on those rates, dumping all the securities on the market, seeing what happens with that eddie, i always learn a lot. thank you, my friend.

>> thank you. neil: eddie ghabour on all of that. at corner of wall and broad, the dow industrials are down 177 points. we're cognizant what is happening half a world away perhaps the longest living rule iron the planet right now is in a world of hurt, a world of medical hurt and the family is gathering. we hope all will work out but right now for britains, those across the planet there is a mute mutual concern and worry over the one of the more historic figures of the last century. stay with us. ♪. riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center? the commute here is brutal. denied. how do we feel about getting a quote to see if we can save with america's number one motorcycle insurer? should flo stop asking the same question every time?

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neil: yesterday, susan li was all over the big apple announcement. apple testing the waters to see if people buy their pricey products. say the backdrop is not all too great. susan can tell you from san francisco. we've already got china warning of supply chain disruptions and worse.

maybe not a hospitable environment for selling anything technology related. susan what are you hearing? reporter: yeah, and also to make sure that we have the technologies and the chips that are needed in industries here stateside. that's why we're focusing on the chips act which we know is $52 billion in cash but then you also get 25% tax incentives as well. this is to counter what washington sees as advanced technological threats elsewhere around the world. they have also outlined where the $52 billion will be going. most of that building chip manufacturing facilities. $10 billion to make sure we still have some old chips still used by the way in a the lot of smartphones, pcs. $11 billion in research and development. we know that biden of course is going to ohio tomorrow to help intel break ground on the 20 billion-dollar facility. it is not just intel. other companies are flooding in cash as well. tmc which makes chips for apple devices spending around 12 billion doors la in arizona.

samsung is going up to billion dollars in texas next few years. idaho based micron is pouring money into their own state as well. the administration is spending more to make sure we have enough chips here for all the industries, cars, the like, making sure they're not exporting some chips overseas mainly to see china what they see nefarious activities. nvidia, amd, have been told to stop selling advanced chips for artificial intelligence and also facial recognition f you get any money from the 52 billion-dollar chips act, note this, commerce secretary raimondo says there are certain rules in place. >> they're not allowed to use this money to invest in china. they can't develop leading edge technologies in china. they can't send latest technology overseas. if they take money and then do any of those things, we'll claw back the money.

reporter: so the administration will take applications through february next year and hopefully start stoling out some of that money by the middle of 2023, neil. neil: susan, don't mind while i have you, regarding great coverage on the apple announcement yesterday. they did not raise prices on the latest iphones. reporter: no. neil: you often tell me subsidized by the major telephone carriers. >> telcos. neil: what do you think about that? reporter: tells me a few things about their concern possibly for the consumer here in the u.s. with the slowing growth environment, higher rates. strong dollar effect and not raising rates, not raising prices here in the u.s. and china, their two largest markets but they are raising prices in japan, in the uk, in germany, in australia because of the strong dollar. the u.s. dollar hit highest in almost 40 years versus the japanese currency but you're getting pretty generous

subsidies as well. $800 back on iphone 14 from some of the telcos. they need to drive consumer demand for expensive devices to give out more money to lower the price. neil: thank you for that. get home safe, susan li, san francisco, california. a great backdrop, a beautiful scene. the whole world sees us a haven, but if you're a multinational, intel, some of these others, that means when you have to translate foreign revenues and earnings getting back less u.s. dollars. ray wang is that a concern for you? >> it actually is. you're seeing a strong dollar. you're seeing a lot of earnings reports people are reporting the fact that the dollar currency exchange, foreign exchange issues are impacting revenues. so we're seeing that pop up all over the place in for casting guidance especially in this last quarter. neil: what are we looking at here for technology companies specifically? you have the china slowdown to

worry about. the china apparently concerned the chips act is going to hurt it. then maybe hurt the entire chip industry. they don't like the fact that it is dissuading people and companies from doing business with china. where is all of this going? >> well, in the long run actually what is going to happen we'll be less dependent in asia being a region for chip production, right? that really should be distributed across the world. i think you're going to see more investments there. seeing europeans are trying to make the invests with the u.s., trying to have chips being built out here in the u.s. you're seeing the, going to actually fur the chinese to build their own internal chip capabilities because they will not get for investment. the longer run issues are what is happening in the broader chinese markets. you see a run on the property markets. you see a run in terms of their ability to actually control the yen and parity against the dollar. almost at seven at the moment. that means china will face a crunch in direct foreign

investment if the technology sector starts moving more and more out of them especially for manufacturing advanced areas as china continues to create a closed wall to the rest of the world. neil: that looks like a serious headwind for technology stocks? >> it's a headwind especially for the manufacturing side, for the chips side on the short run and long run it is actually better in terms of how chips will be used around the world but there is something that people aren't realizing right now, we have a chip glut, not a chip shortage. if you look around the world companies arerd whoing chips. we're at a point where chip manufacturers don't have a good sense of their forecasts. we started to see that with conversations with some chip manufacturers do they really know how many chips they have on hand and how many will be consumed. neil: thank you very much, ray wang. as we continue to follow the selloff not as much of one. in the meantime when billionaires for want of a better word bitch. mark cuban the latested add

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♪. >> i don't mind being taxed more. i wrote a blog 20 years ago the most patriotic thing you can do after military service pay your taxes that allows everybody to live and to prosper but yeah, the idea of just soak the rich, billionaire tears that fill that cup, screw you, elizabeth warren. you're everything wrong with politics. neil: that is nice thing about being a billionaire, you can say pretty much everything you want to. mark cuban the latest to rail against those in washington to say they're not paying fair sure or worse, greedy, selfish s.o.b.s, elizabeth warren targets them including like mark

cuban yesterday started targeting back. if this rings a bell, keep in mind what jeff bezos had to say about same critics in washington. ouch, inflation is far too important for a problem for the white house coo making statements like this. this straight ahead misdirection or deep misunderstanding of basic market dynamics the elon musk was a bit more piths think. please don't call the manager on me, senator karen, referring to senator elizabeth warren. so these guys, even though they have all the money in the world they can get unlike what i call my level. get the read on all of this with the tiana lowe "washington examiner" reporter, luke lloyd, ininvestment strategist. neither of these two fine folks ever gets down to that level. but sometimes. neil: tiana, i can understand them doing so. they do a lot for this country. hire a lot of people. a lot of jobs count on them. you could make a very good argument they do a lot of paying back here.

what did you make of what now cuban is saying? >> i think it's important to note that cuban talks about patriotism there. i mean the best act of service that mark cuban has done is being a job creator and now we're seeing him massively innovate in the medical industry with his cost plus drugs initiative. it is a website that uses radical price transparency to get lower prices on generics. that is something that is looking at the problem at the source of it, not just the list price that american consumers are on the hook for. compare that to what elizabeth warren has done about the cost of prescription drug prices. punt to biden to hope for executive action? you know what? i get mark cuban's anger at this because elizabeth warren and politicians like her engage in this petty demagoguery while not just failing to solve the actual problems they say they're going to but in some cases actually making them worse like elizabeth warren pushing forward

inflation by cheerleading on biden doing this executive action to cancel so much in student debt. we know that is inflationary. mark cuban is someone who doesn't want inflation to happen. why? we all know it is bad for the economy. it hits everyone. yes he has every right to be ticked off. neil: all right. you know what is interesting too, i thought the one who put the best spin on all of this, jeff bezos a while back, blaming the powers that be in washington are doing more deflecting than criticizing. remember when he treated this, squirrel, this is the white house's statement about my recent tweets. they understandably want to muddy the topic. they know inflation hurts the neediest the most. unions are not causing inflation, neither are wealthy people. remember what the administration tried? going on to say this is their way of getting your eyes off what is really going on, pointing to another shiny, easy object and target and not really addressing the underlying

problem. what did you make of that? >> yeah. i'm not a billionaire but i still say what i want to, neil and i don't think you have to be a billionaire to be fed up with american politics and especially far left progressive agenda elizabeth warren has been pushing. they only deflect, never get anything done. you sometimes have to look at the past to take a look into what our future looks like and you have to remember the foundation that america was built on that made us the strongest, richest economy in the world. america was built on work ethic, competitive drive, betting on yourself. that is what we used to call the american dream. now progressive democrats are trying to take these qualities away. they don't care about work ethic. they don't compare about competitiveness. they don't care about betting on yourself. they have been trying to pick who wins, who loses. take a look at student loan forgiveness, who wins, who loses? who actually wins and loses when you raise taxes? i tell you who is not?

progressive billionaires don't lose. democrats based entire party relying on somebody else's competitive work ethic and nair drive, that somebody else is the government. when did the government become involved in our life? it happened under the radar. the american economy is more socialistic than ever f we continue down the path of government reliance america won't be the richest, strongest economy in the world anymore. neil: i find it promising that the richest people on the planet can really get it out there, state what is on their mind, whether people relate to that or not, but if they're amply ticked off. they can get nasty. you have to nasty. we heard a billionaire comment, i'm rubber your glue, it bongses off me and sticks to you. i made that up. not that whole line. i thought it was funny. we'll have more after this. the dow barely moving now after

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neil: antony blinken making is surprise visit. jeff paul. reporter: two billion dollars going to ukraine and partly 18 other european countries they believe are being threatened by russia. beyond the dollars and cents in these aid packages, u.s. officials part of these two aid packages are hoping it sends a message that message is that the u.s. is committed for the long haul. uss secretary of state antony blinken making what is described as an unannounced visit to kyiv today, he mete with ukrainian president volodymyr zelenskyy and other officials. he took time to visit children in a local hospital. blinken said the administration made it clear that support the people of ukraine aslong as it

takes. ukraine union forces are continuing to push russian forces back in the south and the east. secretary blinken says the world notices those advancements and is watching closely. >> into russia's war of aggression against ukraine as your counteroffensive is now underway and proving effective. that is of course mostly a function of the incredible bravery, resilience of ukrainians. we see that on the battlefield every day. reporter: now after the money is calculated from today two mentioned aid packages, $15.2 billion have been pledged to ukraine during this war since president biden took office. neil? neil: thank you for that. jeff paul. let's go to congressman kong mike call waltz of florida, former green beret. from the beginning you were

concerned about continuing support, how much we would see throughout the duration of the war. now this country accounts for about 90% of that financial aid and keeps on coming. >> right. neil: but i'm just a little you are is priced congressman we make up that much of it? where are the others? >> neil, from my meeting with president zelenskyy over a month ago, two main takeaways. number one is the europeans are talking a big talk but delivering actually just a fraction of what they're promising. and what they're promise something just a fraction of what the united states is actually delivering. so the europeans have got to step up here this is settling into a long slog. i do think it is important to send a message to putin he can't just grind this out, he can't just outwait us. what i fear these lines settle in this winter, he licks his wounds, right back at it next year or a few years from now but

the europeans have got to do more than just a fraction of what we are doing. we also have just a couple other points. one, we have all the gas being cut off finally to europe, to germany specifically by russia. they're saying they don't know when they're going to turn it back on and i think this really could send europe and germany into a economic crisis and we still have the outstanding issue of europe's largest nuclear plant stuck in the middle of this fighting. my understanding is that the ukrainians have tried to take it back device. if putin is successfully able to cut off 30% of ukraine's electricity, god forbid we have a nightmare scenario, some type of a leak, that cotake this crisis from bad to worse. so those are two critical points still. neil: they are very good points, congressman. i always get the feeling that suddenly it is vladmir putin trying to see if europe blinks first.

by cutting off nord stream, maybe indefinitely so, sort of bringing europe to its knees, certainly making them rethink of the support they have had for ukraine, that he will wait there out. he still has that oil, natural gas and all that money, other willing customers are willing to take it from him. he still has the currency to finance this brutal war? >> that's right, neil. the main reason he is able to do that is number one, there are massive holes in biden's sanction regime and number two, the chinese have stepped up and in terms of importing russian oil and gas and minerals and they have increased their imports, the chinese have, over 50%. so that is what gives putin the flexibility to completely shut europe oaf. and i don't see biden raising that as an issue in his up comings and meetings with his calls with xi. neil: i don't see it either. congressman, thank you very. row mind people of your incredible, brave service to this country.

former green beret. they don't get much tougher than that we're up 25 points on the dow. we're still waiting for an update on the queen's condition halfway around the world, across the pond as they say. prayers and good wishes coming in from all over the world on that. more after this. ♪ ♪ we all need a rock we can rely on. to be strong. .. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? ♪ ♪ ♪ ♪

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neil: the markets have been strange if you think about it jumping on the prospect of inflation looking like it is not as bad reassessing that. the fed governor, district president saying the opposite, but still further interest rate hikes. we heard that from the vice chair of the federal reserve, the fight inflation vigilance will continue. the chairman of the federal reserve, they are not giving up the fight. between investors weighing that and the course of economic numbers, slowing down a tad the backdrop is a political junk ball. in the middle of this everyone plan for the midterms. tweeight weeks away.

jackie heinrich following how the white house is addressing this. she is at the white house. >> reporter: the president's midterm efforts began in earnest on monday for his labor day stops in wisconsin and pennsylvania where democrats have two senate seats. the democratic senate candidates declined to meet alongside the president and in pennsylvania, lieutenant governor john federman running for a senate seat, offered to attend one of the president's three events in the state over the last week or so. a continuation when biden visited cleveland and congressman tim ryan declined to attend and senator mark kelly in arizona dodging questions about whether they want president biden to join them on the campaign trail. republican say it is not just biden's policies repelling candidates, his style on the

campaign trail recently attacking amaga republicans. >> 8.5% employment, 8.5% inflation. then the big gas prices. >> that aspiration is revealed in independence hall in philadelphia and claim 75 million americans are deplorable enemies of the state, they are desperate right now. >> reporter: rhonda mcdaniel says they are seeing signs voters will come to the republican side in november and officials telling us on background, with two months until the midterm election the rnc surpassed a historic milestone hitting 50 million voter contacts. the president is heading to maryland for a dnc event but we don't have any details who is going to be there.

neil: the author of the draft, kevin unger, what i noticed yesterday when barack obama and michelle obama at the white house for the hanging, i noticed not once, while he has heralded other acts on the part of president biden, for example and inflation measure that probably won't reduce inflation and the chips act, he never says word what about the student loan and wondering what to make of that. >> reporter: president obama has broken with past traditions and i see it with the donald trump in that they are extremely partisan. if you go back and look, you and i are old guys, think about how bush and clinton would work together or herbert walker

bush, supported the next administration regardless which party they are in. biden obama are playing our ruthless, i guess, organize, recruit organizer playbook which says when biden came in every single person trump put in a position, got fired. and obama is a partisan person, in the office and frankly. stuart: what is odd about president obama. he did commend president biden for pulling these legislative victories out of his hat and getting the inflation reduction act through, even though it is an oxymoron, to say nothing of the large chip attack, the computer chip, semi conductor industry, not a word about the student loan relief. president obama -- this is not a winner on the stump. what did you make of it?

>> not talking about it is sort of interesting but so many things he did talk about but we talked a little bit about this before, when we were looking to see debt relief that could be considered we were told it was unconstitutional covered by department of education statutes and a legal opinion from the department of education that said it is not in the statute so there is no legal basis for student loan relief. my guess is it will be joined by a court and tossed out at some point. it could be president obama loves the idea of it but knows that it is something that will be tossed out because it is unconstitutional and not consistent with statutes with the department of education. neil: presidents can delay such matters but not finance them.

let's talk about the federal reserve, the backdrop today, 3-quarter points in canada, europe, one could be forthcoming in britain where inflation is out of control, presumably in the united states where we expect to see our third 3-quarter point hike when the fed gathers again. jerome powell was talking about this. i want you to react to this. >> it is our view that we need to act strongly as we have been doing and keep at it until the job is done. history cautions against loosening policy. neil: are they overdoing it? >> not yet. i was at the jackson hole conference meeting all over the world, everybody understands inflation goes out of control.

you have great graphics, most of the world is at high inflation not just the us so the second bankers meeting jackson hole to coordinate policy and everyone is convinced they have to move up a lot. my views the market doesn't understand how serious they are. if you look at jay powell's ruthless speech, he's going to keep raising rates. we are looking at 3 quarters in a row and then they -- neil: i am sorry. on top of what we already had. >> getting close -- close to 5%. >> that is right. we will be 5% with the federal funds rate with 30 year or 10 year and i think that is going to happen because the fed will

have rates with inflation under control. jason furman, my predecessor, doing a lot of thoughtful nonpartisan stuff lately hannah great piece in the wall street journal i commend to people. if they want inflation under control, they have to accept the employment rate. inflation has been so out of control. that is the kind of stuff the fed is seeing. there was an academic paper, where somebody basically said the reason inflation is out of control is everyone has decided there's not going to be any deficit reduction so feds have to monetize the debt and that is why markets have gone crazy so the point is everyone serious about this, we know it is going to be painful at times. inflation is going to get worse and that is something powell

said. she is not signaling a change in policy. as you approach an election it is common for americans to go but nervous and nancy. i'm nervous about markets between now and november because the normal political volatility is likely to start kicking in and that will happen when markets are learning they will raise rates faster than that. neil: they seem to be waiting but this great pivot, i don't see any pivot. always good having you and thank you for confirming that. kevin, always enjoy, tell me about it. another part is the backdrop, energy prices out of control, looking for alternatives but in europe, we are seeing it play

out where the whole green future they are talking about, putting it on hold. we have the latest, jeff is in pennsylvania with more on that side. >> reporter: hello to you. speaking to hold, what is old is beneath the surface of where i walk and an abandoned coal mine beneath where i walk, the history of the generation of electric power, on the surface now, these are solar panels at the solar farm in western pennsylvania, call country. we have pictures that show the and normally of this installation. renewables going strong here, 460 acres of solar panels, 237,000 of them in total. it is amazing. the inflation reduction act, having an impact and a long way to go.

the truth is we still get most of our energy these days from natural gas, coal, nuclear, wind is about 9%, solar less than 3% and solar installations are down. this one and other ones have been delayed by supply-chain issues. so the company that developed this, competitive empty ventures are not only developing solar and wind, but they are doing natural gas as well because they say wind and solar won't be enough. >> don't have enough manufacturing solar panels to meet demand. the inflation reduction act moving us in the right direction. manufacturing of solar panels, wind turbines take several years. to be reliant on the global supply-chain. >> the company, competitive

power ventures, the ira requires at least 10% of the folks that install this must be union folks and that number increases over time. these are already up. they are yet to be plugged in but these panels are in place. solar installations are going to be the future but will they provide all the power we need anytime soon? most people would say -- neil: jeff flock on this. we are waiting an update on the queen's condition, we are told the royal family is gathering by her bedside. she's under intense medical supervision in scotland. this is what prompted the concern earlier today. a statement from buckingham palace with further evaluation, the queen's doctors are

concerned for her health, recommend she remain under medical supervision, we are supposed to get updated statement. what we know in the meantime, they were all either with them or on their way, andrew and dan, were already close or their. we will keep you updated on all of that after this. ♪ i'm a performing artist. so a healthy diet is one of the most important things. i also feel the same way about my dog. we were feeding her dry, triangle shaped ingredients long as the yellow brick road. we didn't know how bad it was for her until we actually got the good food. we got her the farmer's dog sent in the mail. it was all fresh, when she started eating healthier, she started being more active and smiling more, running more, playing more. i want my dog to have a healthy and long life. the farmer's dog really helps that out.

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and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. neil: doctors were concerned for queen elizabeth's health, family members quickly converging on her vacation home. many family members are already there. we are learning about her condition. >> it has been quite a day in the uk. a lot of people around the world in the wake of this bad news, the 96-year-old reigning monarch. following further evaluation doctors are concerned for her majesty's health, it does say

she remained comfortable at her estate. the queen was most recently seen tuesday when prime minister liz truss, the 15th prime minister to serve during her reign. the queen had to cancel a meeting with government officials, a virtual meeting, first sign there were problems. she was hospitalized last october, had to cut down her schedule, speculation here today, the condition is much more serious. they rushed to her side. charles, andrew and edward, the eldest grandson, prince william, prince harry is on the way as well. we saw the queen in a big way remembered during the platinum jubilee in june marking 70 years on the throne. she had to cut back appearances then. she was there and smiling, her service, a lot of attention

given to her today. prime minister liz truss saying the whole country will be deeply concerned. my thoughts and the thoughts of people across the united kingdom interested in the queen and her family at this time. the thought of a lot of folks in the states as well. her reign has taken in 15 presidents, she has met 14 of them. president biden has been briefed about the queen's condition, his thoughts are with the queen and her family. back to you. neil: thank you very much for that. martha maccallum, 3 p.m. eastern time on fox news. good to see you, such a royal experts. i am not. i am wondering, talk about the longevity. 14 or 15 presidents, 15 prime ministers, twee 7 popes. it is remarkable.

>> it truly is. that is why it has the attention of the world today. there's no one else on the world stage who is this present in the minds and experience of so many lives around the globe. whether you are supportive or not supportive she has always been this symbol of strength and continuity and been a real grounding core for the united kingdom and the rest of the realm, ups and downs as history provides but the fact that she has seen so much, she was a child during world war ii, went with her parents, with winston churchill to look at bombed out sites in world war ii, you go all the way through the 60s, the vietnam war, incursions they have been part of those

years, the number of part of the round that have gone by the wayside used to cover 1/3 of the world and now 14 members of the round, not a ruler but a rain are over all of this and a constant ear to all of these prime minister's who could turn to her in confidence because she would not share what was discussed in their meetings and bounce things off of her and have the wisdom of her years to guide them at times which has been very instrumental in the history of england. neil: i wonder, she met a 70 presidents and prime ministers, what she thought. she never showed her hand, she enjoyed the humor of ronald reagan, was intrigued by john f. kennedy, she kept her counsel tight. you never knew, she was a constant, remains a constant. this week with the new prime minister showing the old one

out the door, boris johnson, liz truss coming in. there is a ritual to that job but sort of secure foundation. >> she has been the queen for 70 years which is the longest reigning in the united kingdom and only the second, longer than this. an extra ordinarily long rain and those relationships, i would have guessed it was very meaningful for her to have that moment with liz truss, and to form a government which happens in that moment. neil: it is sort of ceremonial. i don't like you, not going to let you form it. >> the interesting balance, we rebelled against the royal leadership of the united kingdom and form their own country and there's a relationship between the two

after these years, but the role for her has been one where they were allowed to open up with her a little bit. don't know which one she liked or didn't like. she sought to find common ground with everyone so she could be helpful. she sees it as her role and to keep it together during the jubilee, almost the national flag and we don't have that, by design intentionality, the person who can be the patriotism, and left politics. neil: you know better than i, i remember after the death of princess diana, and -- she somehow got through all that. >> she keeps a steady hand.

she doesn't show her hand. she misunderstood the moment in terms of outpouring for diana and what diana established. she learned during those moments this is where we are now, this person has become an important symbol and needed to show and warn her in a way that people would find appropriate. the rules are the rules, no longer in the royal family so the go to spot was to say she's not in the family, this is how we perceive, that went out the window. and -- neil: many decades ago people didn't think of divorce or breakups, that are increasingly routine and in the royal family as well. we've got to think about the family gathering now where we

heard william and harry will be there. not respected spouses, is that by design? >> her children and her two daughter in laws, kamala and sophie are there and when you go to the next generation you have william and harry. how much they have been in contact with. they were saying -- they are staying close to each other, on windsor property, no plans to see each other and megan and harry were supposed to leave this weekend, it will be interesting to see if that will be a catalyst in any way. neil: i think of the three bears. >> you call that the summerhouse.

it is not a college. where william and kate live is not that big. neil: how big a beverage? >> that's a good question. neil: i always notice that. >> just like that. thank you so much. we are waiting to get more details. i can tell you all of this occurs as the prime minister takes over and we get word liz truss is ready to pull the trigger on what will likely be a freeze in energy prices. that is upsetting a lot of conservative brits. there are nuances to it, superseding headline has nothing to do with a freeze on energy prices and everything to do with the fate of the longest ruling leader on the planet after this.

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neil: it is the time of the year the government is up against a deadline and, the shutdown threats seem real and closer to the deadline there is a rescue aura hail mary pass, and the beginnings of it. chad program will join us on capitol hill. >> it is far from clear what could wind up in the spending bill but a problem could be brewing overpromise to get joe manchin to vote for the tax and climate bill last month, manchin secure promise that expedited energy is part of a government funding bill. some liberals are bulking over environmental concerns. >> i rise this morning to express my strong opposition to

the so-called side deal that the fossil fuel industry is pushing to make it easier for them to pollute the environment and destroy our planet. we have got to have the courage to finally tell the fossil fuel industry that the future of this planet is more important than their short-term profits. >> reporter: senate majority leader chuck schumer said permitting provision would be in the spending bill. manchin defends the trade-off. >> there is no side, only one, we looked at we need energy, energy security, and reform. >> the top republican on the appropriations committee says permitting needs to be evaluated. he worries about add ons. >> fund the government, nothing else. there will always be something thrown in but the more you put

on the truck the harder it is to move. >> the provision on same-sex marriage could be part of the bill or become a stand-alone bill if they have the votes to break a filibuster. expect a band-aid spending bill through december at a broader omnibus bill to run the government through next october. neil: i want to alert you, said news to share with you, queen elizabeth ii has died at age 96. her eldest son is the king of the united kingdom. let's go to ashley webster for the latest. ashley: this is the statement, the royal family said she died peacefully this afternoon, the king and queen consort, kamala, will remain this evening and will return to london tomorrow.

charles immediately becomes king on the queen's death. the question is what name will he pick, he could be charles iii, he could pick one of his christian names, he has charles, fluck, arthur among the choices. those are the things that will be decided later on. now it is the remembrance of queen elizabeth ii dying at the age of 96. she was the eldest, the oldest and the longest reigning monarch, 70 years on the throne, her father george vi died in 1952. she became queen, officially coordinated the following year, 1953, and has ruled ever since and looking at comments about the queen, she loved her father george vi and like her father was always very understated, she knew the role of queen was to be uncontroversial, provide quiet stability and operated under a couple mantras, one was set an example.

do your duty and she lived by those mantras for 70 years but she certainly lived up to those, were very important as a monarch. it is the end of an era. she has overseen 15 prime ministers, met 13 of the last 14 us presidents, lyndon johnson was the only us president she never actually met in person but i think back to the war. she was a mechanic, believe it or not in early 1945, world war ii came to us legal in september of 1945 but she lead by example even then but it is the end of an era. there will be a lot of heartfelt outpouring as we take pictures there of buckingham palace outside, small crowd gathering, i suspect more would

follow. this is the news we dreaded. she has been in failing health for several months. this sad news as you are surrounded by her children. i understand harry was on his way, not sure if he made it in time. all of that will be revealed. neil: even this week, a couple days ago, to say goodbye to the outgoing prime minister boris johnson, the 14th and 15th prime minister's with whom she has gelled and there cabinet and say goodbye. a procedure here, bringing up to date, attend a period of morning and then charles taking over as king of england. i don't want to put you on the spot, can you illuminate what the process will be like?

>> there will be an investiture ceremony, ten days, heads of state from all around the world will pay their respects and following that prince charles who has been the heir apparent for so long, 76 years old and will officially take the throne. his wife will be the queen consort. the platinum jubilee speech earlier this year said that kamala would be the queen consort, as her husband is the reigning king, he will -- he will be the queen consort, then there will be a ceremony which will make charles officially the king and those questions i mentioned earlier. it could be charles iii, could

be king arthur to be honest which would be very interesting indeed to. i'm sure he has had a long time to think about it. i am sure this will be revealed in due course. all the accolades will be coming in for elizabeth ii. neil: i'm getting appreciation for how you grew up and these things are meticulously planned, they have been waiting for this sad location and the planning that comes for it and after it. it was codenamed london bridge by buckingham palace. the events that dominate all radio, television broadcasts for the next ten days. we know that large crowds are expected to pay their respects, global leaders, the likes of which attending a funeral will rival that through the assassination of john f. kennedy in 1963, that period of world leaders coming to the united kingdom and she will be

buried in windsor castle. the home of britain's kings and queens, more than a thousand years, i always forget the depth and the history of great britain and the fact that we measure things in a couple centuries, they go back well over a thousand years. neil: let's not forget her husband, the duke of edinburgh at windsor castle, he died 18 months ago. so she will be with her husband of so many years at windsor castle. looking at this video from the jubilee. questions about her health back then, she did have to cancel one or two events but overall she did terrifically. look how great she looks in her green outfit with all those

crowds celebrating her 70 years plus on the throne. i would not be surprised to see a similar outpouring of love for the queen. we are both oldo remember when her popularity was teetering after the death of princess diana, she seemed detached, didn't appreciate the magnitude of that event but she righted the ship and got through that. we have seen divorces and breakups within the royal family, charles and diana, that was a huge deal but now, sadly, more common, but she got through that. the focus is on charles. could he do the same thing. >> i would hope so. certainly the family problems were front and center and made a lot of money from the tabloids, she went through a lot of tough periods.

62% of brits support the monarchy, down from 67% in june 2020. a 70% approval rate, the order, citizens of the united kingdom, very much in favor of the queen and overall her respect no matter what age you are people do respect the job she has done, the sense of duty and she did manage to write out some difficult times that played out so publicly in front of everyone. must have been mortifying for her but she got to work. neil: and and kidding aside, it is different, the grandma taught his mother has to build

that. less popular, bristling relationship with the press with public persona and i see to some. there's a period of rally around the castle and royalty here but might have a tougher go of it. ashley: he has an incredibly dry wit which the brits are famous for but he will say something that if you think about it is quite funny but people don't seem to get it. is a lot more political. he is very much about the green agenda, very much about the architecture of london, calls the new buildings an abomination, quite liberal with his opinions which as king, how

much he holds back, had a long time to learn from his mother but he does come across as a bit of a cold fish, looks a little awkward sometimes but i've seen him give speeches, very clever, don't know he wrote them but were very clever and well delivered and hysterical so i'm hoping some of that personality will come through. he has it in him. the perception of him is not as great as it is for his mother. neil: you talked about the popularity of the royalty. a low point after diana's death. fascinating for older brits there is no question that they need the monarchy, serve a useful purpose, something that gives them a foundation that unites parties but i am

wondering in this environment, with all the scandals and everything else and the controversies and family squabbles, if you had a dime for every time they say this is it for the royals, the royals survive. survived. what does your gut tell you now? ashley: it is a question that has been bandied about a lot, republican government movement if you like that is die hard, they usually get 20% of the vote, often younger people say why are we paying taxes to maintain these giant castles and the roof repairs and all of those things and there are still going to be those but overall the general consensus in the uk, they are proud of the royal family, they love what it stands for, brings in a ton of people for tourism, people are fascinated by it. does it belong in today's society? more than half in england, they

represent something that has been stable and part of the culture if you like for centuries and centuries and they would hate to see it go. neil: thank you for the expertise. this goes beyond your fake accent so i appreciate that. is the original deal. don't want to give anyone credit. for those joining us, 44 minutes after they are, queen a lizbeth ii has died at 96. undisclosed illness. she had not been feeling well and apparently had been very fatigued, meeting with liz truss to officially allow her to form a new government, the prime minister meeting her just about ten minutes after the queen said goodbye to boris johnson after three years, was forced out by his own party. she is skewed the politics of all that, no hint of that, she had a good relationship with

tony blair, in his second coming as prime minister before the raucous dbase where he was earlier so soon after world war ii. the big concern about how the country handles all of this, there is as you would guess a process and time-tested one at that, ten days of official morning to kick off today and coordination of the new king charles, formally that right now but we are fascinated by this as well. you can remember the queen not only in this country but talking to 14 us presidents, only one since eisenhower not formally had a face-to-face with queen elizabeth, that would be lyndon johnson. i know there are scheduling difficulties but she had a great attachment to the united states and united states

presidents and the american public to her. chad program on that side of the story on capitol hill. >> reporter: there have been 79 speeches, by foreign dignitaries, queen elizabeth is one of them, she came here in may to speak to a joint meeting of congress, you had winston churchill speak to a joint meeting of congress in 1940 one but she was the first british monarch and you have to remember the context of when she came to washington in the shadow of the first gulf war and she said at the time, quote, the best progress is made when europeans and americans act in concert and you have to remember this was the coalition president george h w bush put together to fight the war after the iraqi invasion of kuwait in 1991, that was significant, she spoke from the same spot in the house chamber where the president of the united states delivered the state of the union, the second on the 3-level dais inside the house chamber. prince philip was seated next

to her during this address, she spoke for 15 minutes and got three standing ovations and they didn't have the podium up as high as they should have, you could see the top of her head and her hat and she alluded to that during the remarks here. she was remembered this morning on capitol hill. we learned the news of her passing in the past few minutes but mitch mcconnell, senate minority leader took to the senate floor with opening remarks in the first thing he said is she said she was, quote, an exemplar of steady leadership and she changed the world, mitch mcconnell said the thoughts and prayers were with her family and also with the united kingdom. neil: we are also learning this is an event they well planned for in britain, with this tragic nature when someone passes a leg, the unexpected assassination of john f. kennedy in 1963. at that time, you are a great

student of history, jackie kennedy kept her own forces to make sure he would have a funeral befitting his brief but promising presidency, passing on that it carried abraham lincoln, world dignitaries from all over to attend his funeral. we are told a number of world leaders are likely to descend on london for a goodbye to her majesty but there's a process to that. it is a lot more scripted and well-planned, well and precisely years in advance. what about that side? >> you can see a scenario where the white house indicated, the president himself would go. often times the vice president goes, you see where the speaker of the house might take a delegation of bipartisan bicameral members especially

for the funeral of this magnitude. you have to pick this against real politics, what is going on in washington. we were talking just before the news broke about funding the government in washington dc and they need these members present. they don't have remote voting in the senate. in the house of representatives, even if you have high-ranking dignitaries overseas, and top leaders have to be here to negotiate that spending bill to keep the lights on in washington dc. it is a process but because of the special relationship between the united states and the united kingdom you can see a scenario where you have a lot of people go over there or steps taken on capitol hill. i put out a question to the leaders, and to see if there's any way to honor her on capitol hill. i alluded to the speech in the joint meeting of congress in may 1991 and not heard anything back yet. you talk about the process of this.

i was intrigued. you mention london bridge, the codeword they talk about implement these things, when the queen dies overseas. if you go back to the crown, if you watch the crown, the first episode is called hyde park corner because that was the language they would use inside the castles and the royal family so the telephone operators pick up on what was going on. that was the code when george vi died. there's always a lot of planning. you mentioned she was in scotland. i spent a lot of time in scotland. in the highlands, she would spend, her family would spend most of the period from july to late october 1st in the scottish highlands so there was even a plan if she passed away in scotland about going back to london after her death. neil: thank you very much. i want to go to edward lawrence

at the white house, the president's reaction to all of this, queen elizabeth ii passing away about 15 minutes ago. again, now the 10 day morning period is on, the british flag is at half mast. what are you hearing from the president? >> reporter: we are going to hear remarks from president biden later on about queen elizabeth. he was briefed through the entire day, exactly the situation that is going on, but he did get a brief as to what the progress happening with the queen in the united kingdom. this morning he was on a video conference call with european allies talking about ukraine but the new united kingdom prime minister was on the call so president biden expressed to her their thoughts and prayers were with the people of the

united kingdom at that point. then, during the press briefing, which you broken when the announcement was made the queen died, the press secretary karine jean-pierre was in the middle and answer when the room erected, basically told her the queen had died, it was confirmed, she did say the president would talk about it, she immediately said obviously the thought of the white house and the first family of the president are with the people of the united kingdom, the royal family at this moment. last time president biden spoke to the queen herself was in june 2021, when the president and his wife went to the united kingdom, met with the queen at this point. this morning the president spoke with the new prime minister of the united kingdom about this, we expect comments from the president shortly, he was supposed to have an event ongoing right now, but trying to scramble and pivot on that

event behind the scenes, something the president can say about queen elizabeth. neil: of interest to fox business viewers, the queen's role in the burnished financial system that might seem a little arcane but goes back more than 70 years, she was a supporter of financial institutions, opened normally the london stock exchange and had a long relationship with the financial community not only with support for financial institutions coming out of world war ii but through other times, runaway inflation period with and a lot of people thought the british economy would sink into a long depression. it never did it outside the worldwide depression we had but one was constituted in 1970s. this is coming from baron's. one place where a new sovereign is proclaimed as the city's royal exchange where crowds

gather in silence to mark the ascension of queen elizabeth in february of 1952. that was among the so-called stops for an incoming royal to make their impact known. you talk about prime ministers come and go, pay their loyalty to royalty, the financial community offers the same way, big undertakings on the part of financial giants, a host of others, the queen put the stamp on that and routinely feature dinners with the financial mightiest. the royal family and royalty, so it used to be a day of the royal family could get their hands on any amount of money, the decline of the royal family itself, she was able to keep

powerful financial connections. when royals are short on cash and there was a buildup particularly after the death of princess diana, whether they needed to spend this money supporting the supposedly arcane institution she was crucial in getting financial powers to rally around her and warm links with the london stock exchange. anyone's guess as to whether that can continue right now. we have ashley webster with us. thanks for helping us out with of this. i didn't realize the degree she was quite savvy at keeping royalty afloat and the monarchy as we know it, and connections with some of the country's financial interests. ashley: she was very savvy. she was privately educated by a tutor, she never went to proper school, didn't go to

university. she made her connections through her position and made very good connections in that regard. she was probably her biggest love of her life, her kids and grandchildren, was horses. she absolutely loved horses, she would often travel to america incognito and she raced, had a big stable fool of horses and would -- the big event of the year and a picture of her with a horse she loved. yes to get back to what chad pergram was saying about balmoral. it was said she was never happier than she was at

there is 10 days of mourning. day 10 of the mourning period. it will be held at westminster abbey. including a two minute silence midday. a committal service at st. george's chapel at windsor castle. that is where she will be interred. there may be a period of public viewing. not sure if this would happen or not. there was suggestions that the queen's body stays at buckingham palace and move to the palace at westminster on day five so the public can pay their respects. this is all subject to change. this is the belief as part of operation london bridge. as for charles, he will now become king. don't forget prince william is now heir to the thrown. he is 40 years old. charles is 76. camilla will be queen consort. for many people in england they have never known anyone else

other than queen elizabeth ii. she was a real part of the fabric of national life in the uk and she will be missed. you kind of take people for granted sometimes. that could be the case with the queen. she is no longer there. neil: it is a big and changing seminal moment. ashley, thank you very, very much. >> yes. my pleasure. neil: a lot of people weighed into her politics, her way of thinking. she was there at historic times including the london school of economics in 2008 at the time of the financial meltdown. she wanted to get to the bottom what was causing this in her words awful turbulence. she asked a professor why nobody noticed the credit crutch was well on its way. she put it like this, why did nobody notice it? he had no answer. so in a few words she echoed the concern and the fears and anger of the world. something broke and she was there to help fix it or make

damn sure that her majesty's kingdom wouldn't make it worse. queen elizabeth ii, now dead at age 96. fox business continues. charles: good afternoon, i'm charles payne and this is "making money." right now, queen elizabeth ii is dead at the age of 96. we will have details as we mourn the world's longest serving monarch. meanwhile the stock market showing moxie after getting spooked by jerome powell's aggressive vow to keep rate hikes until, quote, unquote, the job is done. i got to tell you the bigger question though, why doesn't the market really believe powell and what are the measuring sticks? what does powell need to see