>> this inflation number will hurt sentiments. it will hurt president biden's ratings and i hope help republicans come out with a simple message in november, stop the spendathroughon. >> markets under reacted. to be affected they have to get the funds rate above the rate of inflation. we are a long way from kansas. the market is vastly underestimating how high we have to go. >> what we are going to do is a

deleveraging process. it is painful, you will see companies with major revisions to earnings, this soft landing. >> there is no solid reason to buy. there will be a terminus buying opportunity. we haven't got to that point. stuart: i make no comment on the music, higher and higher, the market is up a little bit. 11:00 eastern time, wednesday, september 14th, the green on the left-hand side of the screen not much, we were down yesterday, we bounce back a little this morning, the nasdaq is up 70, show need big tech, crushed yesterday, not exact the coming back strong today, apple back to 156 but meta down 2% lower. check the 10 year treasury yield, at a 3 month high

almost. 340 right now, 340 for a few moments ago. now this. electric cars are expensive and probably going to get more expensive in the future. cording to kelly blue book the average price is $66,000. that puts an easy out of reach for many people. only 2% own them but the administration has decided that we must go electric. like it or not we are gradually being forced to abandon the gas pump cutting carbon emissions is the main goal. you and definitely your children have no choice. you won't hear much about being pushed around when the president visits the detroit auto show to tout electric vehicles, bring with him $900 million for electric vehicle infrastructure. he will promise new charging stations on major highways and transportation pete buttigieg will claim great success for

his green energy vision. i'm expecting victory lap style speech, yesterday a celebration of the inflation reduction act, the very day inflation, in the run-up to the midterms the president will gloss over all the problems. the affordability of evs, shortage and expense of vital materials. a lot of smiling faces today as the president forces us all to go green and if all countries met their ev car sales targets in 2030, met ambitious targets, the temperature of the planet might be reduced by 0.0002 ° fahrenheit. a minuscule gain for an awful lot of green paint. third hour of varney starts right now.

mark tepper joins me this morning, great to see you. what is this about evs? the president pushing us into them, forcing us to go to electrics, out of gasoline powered cars. >> as if everyone can afford them. but when what i don't like this force. >> the onus is on the american taxpayer to save the planet because china is not helping, russia is not helping, india is not helping. i think president xi cut off all climate talks with us when nancy pelosi went to taiwan. the american taxpayer has to foot the bill, these cars are incredibly expensive, we don't have enough charging stations and how do you supply the electricity to the charging station, to the energy. stuart: not going to abandon this. the dies cast lose the money is going to be spent, the charging

stations will be built. >> this will make us more reliant on china. they have rare elements, lithium-ion batteries and all that stuff. we are empowering our adversaries which is not a good move when we know they want to crush us. stuart: i will move on from that subject. we have a huge selloff yesterday, tiny rebound today. is there another big selloff to come? >> it is ping-pong ball between 3200, 400, we got saved by the bell yesterday and after that, one heck of a gut punch. the markets catch you get to breath today which is nice. i expect is to bounce between 3900, and 4200 for the near term but if we drop below 3900 we will retest june lows at 36-thirty six. stuart: that was below in june, the s&p is 39.

to test those lows you've got to drop 300 points by 10%. >> jeffrey done lock expect another 25% drop down to 3000 which is incredible. i'm not that bearish but despite expected interest rate hikes the market is expecting two cuts at the end of 2,023. i don't see that happening. we've learned from our mistakes we've made in the past, we know what happened in the 70s and 80s and it led to a double dip recession and stagflation and we don't ease off the brake too quickly. we when i can't see rates coming down next year. they've got to go up so much to beat inflation. your with me for the hour, back to you later. now this. thousands are gathering outside westminster hall to pay their

respects to queen elizabeth. martha maccallum's there in london. how long will some of these folks have to wait in line to see the queen? >> could be as long as 30 hours, there are thousands of people lined up, many have these wristbands they are given with their number on it. it is well-organized but there are some concerns about how long many of them might have to wait and whether it is going to work out but we are seeing now some staff members make their way through westminster hall. the public will be let in at 5:00 pm this evening but we witnessed something beautiful, profoundly moving as we watched the queen's casket move from buckingham palace to westminster hall with all her family, main numbers of the senior royals of the family walking a step behind them. i imagine it might move your

british citizen heart to watch what we saw play out today. stuart: it does. you can take the english out of england but you can't take england out of the english. a part of me says she was my queen and i feel strongly about it, the funeral is monday of next week, a national holiday in britain. what is the guest list for the funeral? >> many heads of state expected to attend. i would imagine it is the event that is most desired in recent history for the past 50 or 60 years people would want to receive an invitation to, only one us president was invited, current president biden. my understanding is that is the easiest way to cut it off, to just bring in current heads of

state from around the world. it is an interesting list. the expected people you would imagine who are part of the commonwealth including justin trudeau of canada. we expect the australian prime minister will be here as well, the french president as well, macroin, very good relationship, heads of state from all around the world, that is one of the biggest concerns they have in terms of security getting in and out of here, there hasn't ever been a gathering this many heads of state, probably in modern history because people can get here. it has been 70 years since we've seen this kind of funeral anywhere in the world. as i said many times, it strikes to the core of this for me. there isn't anyone i can think of who is even a close second to this funeral at this event

in terms of honoring globally. it will be quite a massive monumental historic event monday. stuart: is harry's forthcoming book hanging over everything? >> reporter: that's an interesting question. you do sense in the past couple days we've seen two public appearances. william and their wives and you wonder if it is a genuine far that has been brought on by this mournful event for the family or just for show and we will see what happens after that. you have to wonder what is going through prince harry's mind as he looks at the continuity and stability of this family and all it stands for. i looked at what he said when he and megan broke away and it was pretty harsh stuff. he said my father and my brother are trapped and i was trapped. i wonder if he has a change of

heart watching this and whether he will decide to take some of those things out of the book or not put them in the book and will that make the publisher unhappy, these are questions that will be dealt with in the coming weeks but they are real questions in terms of his own future. stuart: the publisher paid a lot of money to get some dirt on the royal family. that is the way it is unfortunately. great stuff. we will watch you throughout the weekend and into next week. see you later. back to the marketplace, that would be stock market and the movers, apache up 7%. >> the sectors of 3%, gasoline inventories and the latest inventory report fell more than expected, that is number one on the s&p 500. stuart: i want to know about wind resource. >> when is one of 7 companies

betting on a gaming -- gaming permit to operate in macau but macau has struggled with covid lockdown didn't investors are saying maybe you won't get as much bang for your buck. stuart: it is central to the gambling industry, down 5%. that is interesting. nicola, the electric hydrogen truck. >> 5.5%. they are upgraded to buy on accelerating hydrogen adoption. they have a price target of $5 up one hundred 40% from yesterday's close. stuart: a tough market to get into, stocks go up and down and down and up. lauren: a new truck coming out next year, people are excited about it i suppose. stuart: thank you. tesla cars will be smarter than humans in the next decade. it has to do with their microchips. senator lindsey graham proposed a nationwide ban on abortions after 15 weeks of pregnancy,

dividing republicans just ahead of the midterms. a thousand irs workers have not paid their tax bills in full or on time. hundreds of them are repeat offenders. senator joni ernst leading the charge to audit the irs, the senator is next. ♪ ♪

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stuart: it is a beautiful day.

you are looking at osceola, iowa. doesn't that look beautiful, 75 °? that is a nice day. it is not much of a rebound, down 1200 on the dow, backup 100 this money, nasdaq up 100 and a very modest rebound. a new report found 1250 irs employees were willfully delinquent on their own tax bills. let's bring in senator joni ernst, republican from the state of iowa. you asked the treasurer to audit the irs and you just heard back, what did they tell you? >> they said yes, they would audit the irs and they do see this as a problem. as you noted, 1250 employees were willfully delinquent on those tax returns. they hadn't paid their taxes

and there were 300 of them that were repeat offenders. even one of them is an irs, investigator. if we are hiring 87,000 new agents maybe we should make sure they are policing their own agency. stuart: what were some of the excuses for them not paying taxes? >> the most egregious was they didn't know how to use turbotax. other excuses was they couldn't figure out the forms. these are folks who work for the irs. they are investigators, agents that are hired by the irs to dig into other people's finances, it is inexcusable. stuart: we heard producer prices, business costs up 8.7% in the past year, that was in the month of august.

it was 9. 8% increase in july. the inflation rate is slow a little. what is inflation like in iowa? >> inflation is difficult in iowa. being in the center of the country, it costs more to transport goods into the state of iowa and other midwestern states so the folks back home are experiencing a tough time as their kids go back to school. they bought new football plates for their kids or school goods and it is hard. many iowans have taken second jobs for additional income to support their families. food costs have gone up. energy costs ratcheting up. once winter rolls around, heating expenses are going to be through the roof. i hear about inflation and affects on our families everything good day and i will. stuart: is at the number one issue or are people talking about climate change or the

border or trump or whatever? is it about inflation? >> it is all about inflation. we hear about the southern border because of the fentanyl crisis and drugs being trafficked into the iowa communities but obviously inflation impacts everyone. it could be exacerbated if railroads do go on strike, that will stop goods from moving. there are so many issues as farmers are facing harvest and increased fertilizer cost. the cost of drying our grains once they are harvested will be additional energy consumption. all of these things with an administration so busy celebrating additional spending and the federal government instead of caring about what americans really care about. stuart: that press conference yesterday was something of an embarrassment. senator joni ernst from the great state of iowa. appreciate it.

show me tesla, $300 a share. what is this about getting into solar power? ashley: tesla looking at building a supercharger station in yuma county, arizona along interstate 8. the report is this new station will have 40 stores, generate electricity with its own solar panels and have on-site energy storage in the form of a meta pack that could charge 40 battery evs. musk has stated in the past but having charging stations produce and hold their own electricity is a priority but the rollout is not the quickest. maybe this project is starting to ramp it up. it sounds good but how many of these are around the country? stuart: good question. mark tepper with me. do you take a position on tesla stock at $300 a share?

>> it is a stock that has a cultlike following until this day. it can deify gravity better than most stocks. with elon being the great innovator despite his volatile comments i think would, we don't own has a, valuation doesn't make sense for us but i see other people on it. it has always been too expensive. i should have owned it. after the split, hundreds and hundreds of dollars ago. stuart: let's get back to ashley because i want to know about tesla becoming smarter than humans. tell me more. ashley: how about computer chips that could be smarter than your human brain? tesla says that could happen in a decade. the company's new microchip

already managers 362 trillion operations per second, 36% of what the human brain can achieve but it is gaining fast based on the growth of tesla chips 2016-2,022, it will take those chips 17 years to have the processing power of a mature human brain much sooner than the actual human brain which takes 25 years to mature. sounds like a sci-fi movie where things go terribly wrong. stuart: one more for you. ferrari. they just unveiled a new car. what is special about it? ashley: it is an suv? for purists it is sacrilege but ferrari has unveiled a crossover vehicle, how much does it cost? 390,$000, the company's most utilitarian model in its 75 year history of 4 doors 4 seats, one hundred 25 gallon trunk, it will hit the showrooms next year so is it a

sport utility vehicle or not? ferrari says don't dare call it an suv because it isn't. it is a ferrari. when asked if the luxury automaker would consider producing a crossover the ceo at that point quipped you would have to shoot me first. it will only be powered by a combustion engine with a modest 750 hp v 12 automatic transmission, top speed of 192 miles per hour. stuart: tepper is still with me. you are not in that market. >> 389 grand. i will pass on that. but you look at the porsche cayenne, 55% of porsche's production in 2021 so there's obviously a market for these. stuart: there is indeed,

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stuart: why you cry. i love that song. that is connecticut, a very nice day in the northeast, 73 ° and if you like the music, i love the beatles, you can follow us on spotif in, scan the qr code on your screen, new playlists every week, unlimited free music. check those markets. i keep saying it, that is an extremely modest rebound from yesterday's losses. what are you starting with? susan: cloud communications company truly a that helps you make automated calls to make

your car on uber and other services they provide cutting 11% of their staff, the latest tech company to layoff workers including snap, netflix and division fund coupled with bank layoff, goldman sachs and some call this the white-collar jobs recession that is beginning. they will incur $90 million as a result of the layoffs. stuart: you find your car? susan: cloud can indications come to, they provide calls when you can't find your car on uber. they help you provide that. stuart: tepper is laughing at me. you did very well. move on, johnson & johnson. i met you made me repeat the same thing. stuart: johnson & johnson up 2%. susan: a $5 billion stock

buyback, companies are trying to get these programs, spending underway to avoid that 1% tax and inflation reduction act. stuart: technology? susan: apple is 1.5%, you're at 156. just a week ago, we saw some recovery. apple and tesla, two of the most popular bargain buys, two tickets to buy for everyone to sell. tesla is surging today because there is a report they have passed -- postpone their plans to extend to the german plant which means saving more money just in case of cash. we went couldn't they get the juice to run that factory? is that the story? susan: they've gotten the juice, to get the factory up and running, can't get any more juice but you are trying to say

the german government halted electricity supplies. but when the cost of electricity in germany is astronomically high. susan: so are tesla cars. stuart: they might have situations with energy supplies. i'm wondering if they came into tesla's decision. susan: i don't think so. they have always had problems with cash. it has been hard to accumulate cash in these economic times with high inflation. they are trying to preserve this. of the one stock surging at 3.8%. queen elizabeth lying in the state at westminster hall until monday of next week, she was carried by horse-drawn carriage, 38 minute procession. flights were delayed at heathrow airport to ensure total silence. 5 million people tracked the queen's final flight from edinboro to london last night. that makes it the most tracked flight in history. charlie langston joined me now.

prince harry's book looms over the royals, said to be released in november. piers morgan says spike it, get rid of it. what do you say? >> i think as a sign of respect for his grandmother, the most sensible and kindest thing harry could do would be to get rid of the book altogether but i don't think that will happen. at the very least, he should absolutely delay the release date. it is slated for november publication. there was talk that harry had already hoped to delay it so he could connect it with the release of his and megan's netflix series but i don't think this book should see the light of day. at the very least until his father has been correlated officially. stuart: is harry popular at the moment? >> absolutely not. that -- there has been an outpouring of sympathy for him

in the same way there has been for the other members of the royal family because at the end of the day, he is a grandson grieving the loss of a grandmother he was very close with but i think harry's involvement in the proceedings thus far has made clear that ongoing tension with other members of the royal family. they put on a brave face, there's been no clear sign of public arguing or anything like that but i don't think there has been any real connection between him and the other royals. that is devastating for royal fans to see and also reminding everyone of this dark cloud that continues to hang over the monarchy's head in the form of the magnet harry scandal. blue one i'm told the bricks will support king charles as long as he stays out of politics. do you think he will stay out of politics? >> i really do.

i will be completely honest. i have been thoroughly impressed with king charles the third thus far, and the way he has handled himself and his duties all while grieving the loss of his mother and at the end of the day he is a 73-year-old man. this has been a tough schedule for him to get through. charles has been more of a controversial figure in the past than his mother ever was but from what i have seen so far it is clear to me he has learned many lessons from his mother about what it takes to be a good leader and a good monarch. one of those things is connected with the people. that's not something we've seen charles do in the past but in the past few days he has been putting himself out there greeting member the public, shaking hands, showing emotion and a few more intimate moments. additionally i think he made clear during his first address to the nation that he will no longer allow his own political

beliefs to get in the way of his duty. he said in his address that certain causes and organizations he supported in the past will no longer be able to have his focus because he needs to get on with his response abilities as the king. of the one he's got to be the king. stuart: we will see a lot of you for the next few days. programming note, october 17th, we are holding special programming in the 11:00 hour. live studio audience, tickets are free but you must register online, scan the qr code on screen and you can submit questions to fox.com. look at this. yankee star aaron judge could soon make history. he's just four home runs from breaking the american league record. a new analysis shows 20% of

members of congress trade stocks influenced by the committees on which they serve. is that a conflict of interest? connell mcshane has the report from capitol hill next. ♪ as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities...

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stuart: that is phoenix, 84 degrees. °. i'm pretty sure it goes about that later on. we are showing you phoenix, because inflation is hitting record highs. according to the bureau of labor statistics, consumer prices jumped 13% in the last year, the most of any city in america. a new report shows many

lawmakers have bought or sold stock in companies over which they have direct congressional oversight. connell mcshane on capitol hill. how many members of congress are doing this? >> 97 members over a 3-year period, analysis done by the new york times found maybe they have a conflict based on the committee's in which they serve. there are a lot of examples, california commerce and, democrat alan lowenthal. his wife shifts sold shares of boeing on march 5, 2020. the next day the committee released a damaging report on the boeing 737 max. we couldn't reach lowenthal but we got comments from 11 members mentioned in this analysis. they defended their actions in one way, shape, or form. tommy to refill from -- tub or fill -- tuberphil, they are university football coach make no apologies. >> you don't make a lot of

money here, 174,000, i could have made more money. i will take my money and let it work in capital markets, invest in the country and that is all i do. >> reporter: tuberville says someone else managers that but tennessee congress when john rose tells me he does do it himself and claimed he was trying to avoid conflict rather than create it. >> i had the position in wells fargo and other banking stocks that i own for some time before i ran for congress and i sold them in november of 2,019 because i wanted to alleviate any appearance of impropriety. >> congressman rose sits on a committee investigating wells fargo. nancy pelosi's husband is under scrutiny because as speaker of

the house she doesn't sit on any of these committees. the speaker has yet to bring a bill to the floor that could bend trading stocks by members while they are in office and that brings us to a larger point. banning stock trading by members of congress is popular with the public, it pulls very well, we have spoken to numerous members who are against it and the argument they make is if you do that to stock trading you might not get qualified candidates running for congress in the first place because you wouldn't be able to own and still stocks. stuart: two sides of that argument. i want to talk baseball because yankee star aaron judge is close to setting a new record, you are the sports guy, give us the story. ashley: he had home runs 56 and

57 against the boston red sox, he's inching closer to a piece of history, the triple crown, or leading the league in home runs, judge is way ahead in the home run department, he also leads the league, and runs with wanted 23 and is 0.09 points after leading batting average behind minnesota first baseman louis ras. only 14 players won the triple crown. there is controversy because the actual leader, the most home runs in the season was by barry bonds who hit 73 in 2001, mark mcguire did it, he had 17 homeruns, sammy sosa hit 66, 6463, that was in the area of steroids, some people say 61 by roger mirus was the real

homerun measure. that is controversial. we will see. as aaron judge inches closer you can hear more about that. stuart: you were a baseball player in college. could aaron judge break a record, and be free of the times -- >> he could be the first legitimate new homerun champ which would be pretty cool. when you look at what he is doing it is absolutely incredible, the triple crown in baseball is one of the most elusive awards in all sports, happened one time in the last 50 years with miguel cabrera. one of the coolest part of this is aaron judge turned down a $213 million contract in the off-season, he bet on himself. he stuart: he figured he would have a good season and get more than 200 million. ashley: and he will. maybe 400.

stuart: democrats spent yesterday afternoon celebrating the inflation reduction act. watch this again please. >> your extraordinary leadership has made this glorious day possible. that's an applause line. stuart: they cheered eventually as markets were plunging. byron york on that next. we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready.

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stuart: the white house touted the inflation reduction act just as markets were plunging. watch this. >> president biden: four weeks ago today i signed the inflation reduction act into law. the single most important legislation passed in congress to combat inflation, one of the most significant laws in our nation at history. >> this is a great interrogatory day. >> orcs ordinary leadership has made this glorious day possible. that is an applause line.

stuart: look who is here, byron york is with us. that was the worst possible timing for a celebration of the decline of inflation. are you with me on this? >> republican senator kramer called and beyond tone deaf, hard to understand what was going on here because the so-called inflation reduction act is not going to reduce inflation but this appeared to be a democratic doubling down on the idea that it would. nancy pelosi said the bill was, quote, beautifully named. nobody made any mention of the fact that just that morning we got news that inflation was going to be a persistent high-level problem that won't go away anytime soon and at the

same time the markets in the act of plunging. the dow jones industrial average would go down 276 points. if you can imagine a worse time for partying you couldn't do it. stuart: it fell very flat with everybody i know. another one, senator lindsey graham proposed a nationwide ban on abortions after 15 weeks of pregnancy. not every republican is on board. if the republicans are split does that hurt them on this issue going into the midterms? >> it could. the fact is democrats are very optimistic about being able to use the supreme court decision against republicans. a number of local and state races and they may be able to do so and remember this is what conservatives and republicans wanted with the repeal of roe versus wade, they wanted the issue of abortion to go to the

states where the states, political branches, elected representatives decide what to do about abortion. that is what we are seeing and some states have banned abortion while others made their laws more liberal. this is the kind of debate the repeal of roe versus wade was going to bring about and if it hurts republicans politically in some states that is what they wanted. stuart: inflation is still the number one issue. terribly sorry but we are out of time, we will see you again soon. thanks very much. look at the time. 11:55, the trivia question for this wednesday. where is the highest point in the united states? visit in colorado, california, alaska, utah? the correct answer after this.

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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. 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. stuart: okay, did you know, trivia question, where is the highest point in the united states? you percent, ash. your guess. >> is going to be alaska, mount mckinley but i could be wrong. stuart: mark tenner? >> ash is probably right. i go with krol. >> i think you're wrong, i think ashley is right. the answer is alaska, denali formerly known as mount mckinley.

that is 30320 feet. that is highist point in the united states. 20,000 feet. >> that's high. stuart: it is. thanks very much, mark, ashley, great stuff. thank you very much for being with me today. i hope you come to see us again. not much of a bounce on wall street. the dow is up 79 after losing is 200 points. neil, it is yours. neil: you're right, we're not making up much ground we lost yesterday. only 82 points of that made up today. slightly tamer wholesale inflation report if you consider prices moving up on the wholesale front, 8.7% year-over-year. given some of the numbers we've seen of late, that is down, the lowest since we've seen in in this particular case since august last year. the battle goes on back and forth. what are we dealing with here and how bad does this get? edward lawrence from the