cash offer. those first time home buyers are finally going to get an opportunity to find a place to live. maria: well, we'll see. i mean, 6% is nothing to celebrate in this market for sure, but we'll be watching the impact of higher rates. we'll be covering the fed tomorrow, dagen mcdowell, mark tepper, have a great tuesday, "varney" & company begins right now stu take it away. stuart: good morning, maria, and good morning, everyone. so what's it going to be, a rate hike of 75 basis points or 100 or what? it's all speculation. jay powell reveals all, tomorrow the betting this morning is for a 75 basis point hike. got that. now, in advance of the official number, interest rates are ris ing. treasury yields are up look at this , the yield on the 10-year treasury has moved well-above 3.5% and the two-year that is getting really really close to the 4% level. that's not helping stocks. the dow this morning look at futures. we're going to be down about 200

points. the s&p is down and the nasdaq is down about 80. higher interest rates not helping stocks. bitcoin back back to $19, 100 slightly higher this morning. on the markets today it's all about the fed and what the fed watchers expect. politics much more interesting. it's official. two million illegals at the border and they are still coming a sheriff in texas has launched a criminal investigation of florida governor desantis for his shipping migrants to marthas vineyard. he says they were coerced and mislead, nonsense says desantis. they were told where they going and given names and numbers of agencies to help them. the migrants are here, we're paying for them. there's a chronic labor shortage , why can't they work? only half of big city office workers have actually returned to work. that's not good for cities or employers, but millions of people are very happy to work-from-home. remote work is a permanent

consequence of the pandemic. tuesday, september 20, 2022. "varney" & company is about to begin. ♪ stuart: well they are trying to get me up and going this morning with some upbeat music right there as we look at sixth avenue , we are getting ready, yes we are, the fed kicking off its two-day policy meeting today lauren is with me. i understand that the betting this morning is for a 75 basis point hike. lauren: did you check the fed funds futures? they are indicating. stuart: i leave that to you. lauren: 84% chance the fed goes 75, a 16% chance they go 100. did you see the two-year? nine days in a row it continues to creep up towards that 4%. it's up 3 percentage points this year and that has clipped

equity valuations, but there hasn't been this complete shock, this complete collapse of the market. it could happen. at what level does that happen if the fed continues to hike? stuart: well that's a fine way to open the show, predicting a crash, or getting close to it? lauren: but at what point does that happen? so far, i thinkequitys have absorbed higher rates. stuart: i'm looking at the one year on the screen right now yielding 4.06. i keep saying what's wrong that as an investment. there's another one for you. world leaders have gathered in new york, the u.n. general assembly it starts today. lauren: yes, traffic alert. stuart: well-said. you could expect some fireworks i think. perhaps from president biden who addresses the congress later on this week. lauren: yeah, tomorrow. push today because he was in england for the queen's funeral. so 157 headings of states and their representatives gathering in the shadow of the ukraine war so biden will address the assembly tomorrow, likely focusing on putin's aggression

and climate change, but really what's notable to both of those subjects is whose not going to be attending the general assembly. the leaders of russia, but also china and india, so not only have china and india failed to join this western alliance against putin's aggression in ukraine, but they have failed to scale back on their own use of fossil fuels, so how effective is the u.n. when the key players , the ones who haven't condemned putin are not present? stuart: that's a fair question. president speaks tomorrow, u.n. in lower manhattan. now let's get to the border. over 200,000 migrants were encountered last month alone and for the first time, over 2 million migrants were encountered during this fiscal year. senator ted cruz, republican from great state of texas joins me now. mr. senator, 2 million are here. we've got a chronic labor shortage. why can't we let them work? >> well, many of them are seeking jobs.

the biden administration when they come in, they're releasing them into the country. they are practicing the policy called "catch and release" which is when they catch someone they give them a court date sometime in the future, they ask them please show up there, and the vast majority of them never show up, and the biden administration is giving them papers that allow them to work. they shouldn't be. it's against federal law for them to be doing so, but -- stuart: is this a good idea, senator? i mean, they're here, we're paying what 10,000 per-person, per-year. why can't they work? >> it is a terrible idea, stuart, because what is happening at the southern border and i would encourage everyone to go down and see it first-hand as i have many times. it is a humanitarian disaster. there are tens of thousands if not hundreds of thousands of children who are being physically assaulted and sexual ly assaulted by human traffickers. there are thousands upon thousands of women who are being violently raped by human traffic

kers. you can go down to south texas and you meet with farmers and ranchers they will show you picture after picture of dead bodies they find on their property day after day after day , where the traffickers abandon people to die. right now, there are thousands of teenage boys in every city in america working for the drug cartels and criminal activity to pay off the thousands of dollars they owe to get here illegally. right now, there are thousands of teenage girls working in forced prostitution in cities all over the country to pay off the thousands of dollars that they owe the cartels. this is not humane. it's not compassionate. it's not a response to our needs of unemployment. this is modern day human slavery it is horrific and it is wrong and joe biden and the administration, they know and they simply do not care. they are the cause of this misery. stuart: there is a sheriff in texas who is demanding a criminal investigation of governor desantis of florida on

the grounds that he mislead and mistreated those migrants that he flew up to cape cod. what do you make of that? >> i think it's really silly. i saw that headline and you know , look. we have elected sheriffs in texas. sometimes you see someone who wants to make a newspaper headline, but let's be clear. there's nothing illegal about offering to fly people voluntarily in a private jet to a billionaires playground like marthas vineyard. the reason why it was so important to send illegal immigrants to marthas vineyard to d.c. and new york and chi is it has illustrated the utter hypocrisy of democrat politicians. a year ago i in introduced legislation proposing we send illegal immigrants to marthas vineyard. the county executive in marthas vineyard responded by laughing saying we would welcome them here. we want marthas vineyard to be a haven for them and he went on to say, cruz doesn't worse, he doesn't know what he's talking

about when he says there's a border crisis. well you know what, stuart? 50 showed up and they immediately declared a crisis. they realized suddenly what the challenge was. now they're not wrong about it being a crisis, but the state of texas, we have dealt with 4.4 million illegal crossings since joe biden became president we are seeing thousands and tens of thousands a day flooding our community. tiny towns, del rio, texas has a population of about 35,000. i was down there when in one day , 15,000 illegal immigrants, most of them from haiti, were trying to cross in. half of the population of the city, and yet, these left wing politicians pretend that it's wonderful. it wasn't until the illegal immigrants interfered with buffy 's tee time that suddenly they noticed and said something and sadly, for much of the corporate media, they are in the same boat.

they ignore it when there's suffering and chaos and death on the texas border but when someone disturbs some left wing billionaire, suddenly, it's news stuart: senator cruz, thanks for joining us, sir, always appreciate it. >> thank you, stuart. stuart: check future, please. it's tuesday morning. looks like we've got some red ink on the screen, down 200 for the dow at the opening bell. mike murphy joins me. all right, is the fed going to crush the economy, mike? >> short answer, stuart, yes. unfortunately, i'd love to tell you something different but they are in the process of doing that right now. stuart: crushing the economy. you'd go that far? you'd use those words? >> i would, and you know, i would also, to expand upon it, i don't see a reason for it. i think these recent rate hikes that we've seen that they should let them work their way through the economy. they're going to just crush the economy. look, you know, look back to last week. we heard from fedex. that, to me, is a proxy for what

could happen to the entire market. when people, as the fed keeps raising rates, companies stop doing as well as far as business goes. they start laying off workers. people don't have money to go out and spend money. it becomes a self-fulfilling prophecy and i don't know what the plan is from the fed. to "stop inflation", they're going to crush the economy, and there has to be a better plan around it, but what they're doing right now isn't working and it's not going to work. stuart: if they are going to crush the economy why should i put money in stocks right now? >> well here is the thing. at some point, like so the bet be , stuart, that they're not going to use the term "crush the economy" and make it disappear, so you're seeing them bring the market, because they're now getting more aggressive and because of the words that powell put out in his last speech, you're seeing market coming down to retest recent lows.

the market is cheaper than it was, and the only reason as i would, you would put money to work in this market right now is because you believe at some point, cooler or smarter heads are going to prevail and you'll have the economy back on the right track as it was just two years ago we had an economy that was doing great, right before covid, so we'll be back, but just what the fed is doing right now is crushing the economy short-term and i will argue that it's unnecessary what they're doing. stuart: all right, mike, we hear you. i'm still putting my money into one year treasuries and getting 4% and i know you disagree with me but we'll have that argument sometime later. >> yes, sir. stuart: murphy, you're all right see you again soon. futures indicate about a 200- point loss for the dow and 100-point loss almost for the nasdaq at the opening bell. coming up, the president declared the pandemic is over. roll tape. >> is the pandemic over? >> the pandemic is over.

stuart: okay, the pandemic is over but the emergency is still with us. that means biden can still handout taxpayer money. new fox power rankings show that the gop still has the advantage in november, but democrats are building momentum. does the gop need to change strategy? ronna mcdaniel will be here. ♪ ♪

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so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. ♪ i started singing, drove my chevy to the levy but the levy was dry ♪ stuart: okay, "american pie" great song, i remember it well must be 50 years old. we like to see you scenes from

all over the country, so now you're looking at independence, missouri, where it is currently 81 degrees looks like a nice day there. if you like the music we play on the show follow us on spotify, search "varney" & company or scan the qr code on your screen right now. check futures. it's tuesday morning. i've got red ink for you down 200 on the dow, down 90 on the nasdaq, and look who is here with us. in new york city, no less, rnc chair, ronna mcdaniel. ronna, good morning. >> always good to be with you, good morning. stuart: sit tight for just one moment because i'm going to run through good news and some bad news. here is the good news. i think you'll think this is good news. a new poll reveals a majority of people are more concerned about the socialist left gaining power in america than they are about m aga republicans. i think that's good news for republicans. here is the bad. the latest fox news power rankings show republicans are likely to take control of the house, but, democrats are gaining momentum. they have a pathway to victory,

we are told. that's an interesting expression on your face right there. i want to hear what your strategy is going to be. what's this coming up on september 23? is that big announcement of how you are playing november? >> yeah, kevin mccarthy and the house republicans are going to put out their plan, similar to newt gingrich's contract with america. it's going to be the commitment to america and highlight what republicans will do when we govern. we're going to close the border, stop drugs coming across, focus on parental rights, unleash our economy and our energy independence, and so he'll unveil that and really preview for the american people what republicans will do if we're given the senate and the house. stuart: the big reveal is september 23. it's three days away that's it. >> it is, it was going to be yesterday but we had the queen's funeral. stuart: yes you did. we all did. >> we all did. stuart: that's right. so are you going with a traditional republican approach, tax cuts, border control, anti- crime? what are you saying about abortion? what are you saying about those

issues because the other side will raise this. >> well the democrats want to run on abortion and make that the whole focus because they don't want to say oh, we have the white house, the senate and the house inflation is terrible and crime is terrible and education is suffering so they are going to try and do that. our candidates have to address it and talk about the issues voters care about and the economy is the number one issue stuart. people are going to the store. they can't afford eggs and milk and all of the things. it's insurance. it's rent. it's death by a thousand cuts. people are dealing with so much on their family budget right now they are really struggling and they know that the democrats have missed the mark on their priorities with 87,000 irs agents with student loan forgiveness and they really want to hold democrats accountable and we need to make sure they do that in november. stuart: i think the president gave you a small gift the other night on 60 minutes. >> yeah. stuart: when he suggested inflation is dead flat the last couple of months, ignoring 8.3% consumer price inflation. that was very much in your favor i think. >> it was, because he's kind of

turned his back on people who are really struggling and when people watch the president right now and he's patting himself on the back and congratulating himself as the markets falling, they think he doesn't understand what i'm going through. i run into people all the time that are like i'm on a fixed income. i can't make ends meet. i'm deciding do i pay for gas or groceries. this is a really hard time for a lot of americans, and the economy is the number one issue on people's mind, crime being the second. stuart: number one economy, crime number two. >> correct. stuart: what's number three? >> and border states, immigration and then education for parents who are still dealing with the aftermath of the pandemic, with their states being closed down and kids still dealing with deficits. stuart: will you admit to being a little nervous 49 days to the mid-terms? >> i shouldn't be party chair if i'm not nervous but i'm very confident and optimistic. i feel really good about our candidates, the trajectory is really strong in our senate races and our house races. i get to travel the country. i just flew in from texas so i feel good but we need everybody to go vote, go on gop.com,

volunteer. i'm not take anything for granted. stuart: okay. ronna always a pleasure. >> thanks for having me. stuart: now there's been a lot of speculation about whether gavin newsom will run in 2024. what are we hearing? lauren: so the wrap is reporting and they cite two fundraisers for the governor who say he will and i'm quoting undeniably run if president biden chooses not to. so after the mid-terms let's say president biden comes out and says i'm not running, then newsom will say absolutely, i am look, we know his intention is clear. he wants to debate who he sees as his big opponent in the presidential, ron desantis, and you know all those abortion and aunt-pro-choice ads he's running. stuart: i just got this i'm just hearing about this breaking news as we speak. new york's mayor eric adams has just ended the vaccine mandate for the private sector. do we know anything more about this? lauren: well the office buildings are empty so mayor

adams is just saying now, for the private businesses, you don't need to be vaccinated. stuart: we've got the story yesterday. you reported it. i'm going to do more this morning. only half of office workers have returned to the office. lauren: isn't that crazy? stuart: that is crazy. lauren: yeah. three years into the pandemic. stuart: yeah. lauren: and continue to work-from-home and touting that as good news. that's a big up-tick. stuart: that's very bad news i think for the cities and for employers who have to rent very expensive space and they can't fill it. anyway that's my look on it. lauren: how do you get a city back? he hoping dropping the mandate will help some come back. stuart: the market is going to be heading south at the opening bell this morning down 200 for the dow and just over 100 for the nasdaq. more red ink today. we'll be back. ♪ take the money and run ♪

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now it's an important fellow. he's the head of goldman sachs personal financial management. welcome to the show, joe. >> it's good to see you in person. stuart: that's right. first time ever. >> yeah. stuart: let's get serious. if they raise interest rates, 75 basis points, tomorrow afternoon what's the market do? >> very little, whatever is priced in already. there's a small group of people that it might be a hundred, it's unlikely. i think it's more about like how soon and how much happens next and we think that there's a high likelihood we'll end up at 4% by year-end which means another -- stuart: federal funds rate. >> yeah, and that again i don't think will surprise anyone. what people are looking for is signs that we're near the end or at least hitting a pause moment , and certainly, you're starting to hear a lot of other people saying it's time, after this , to hit the pause button. i don't think that's likely to occur because we won't get enough readings that would suggest that things have cooled off, even though there's a lot of markets that say inflation might be past peak point. stuart: i hear that a lot. >> it's not happening now.

stuart: why should i put my money into stocks right now? if i've got spare cash, wherever it comes from, why should i put it into the stock market? >> well one thing you should know is if you look back at 20% declines from the market, the average recovery is around a 23% recovery over the next 12 months on average, so that doesn't mean we won't go down more but the likelihood from here is that we put era round at these levels for a little bit longer and we'll start a recovery. now, we are likely going to see a recession in the next 12 months but the market has priced that in already, so you have to remember, when you're investing you want to think about the long term. you don't want to do anything rational, and almost always what you feel like you want to do which is in times where it's tough, put your money under the mattress, that's usually the worst thing to do. you want to do what feels -- stuart: wait a second. you see that yield on the screen 4.08%? >> it's fantastic. stuart: there's an awful lot of our viewers in their 70s like me

, and their long term perspective is maybe two or three, but you know the long term outlook is a couple of years. what's wrong with putting money -- >> nothing at all. that is the truth. the reality is we now have a good alternative to money and stocks which is why pricing has come down, why stocks are more reasonably priced. the reality is a 4% yield for a lot of our clients like this is a good place to be. sit with a 4% yield. know that it's probably temporary, that this time next year, we might be headed down, who knows and the reality is you don't need to rush into stocks. what i would suggest is you need some exposure because over the long term, stocks do outperform treasuries and everything else. that is the one asset class that outperformed during inflationary periods. stuart: do you advise your people in personal finance to put anything into cryptos? >> no, we don't. again of course some clients like to dabble in it. the reality is it's still an un tested asset class, it's not clear what its value is in

your portfolio. it doesn't really allow you to buy anything. small universe of things. it's not protection against inflation as we seen, and it's not contrary to stocks so it doesn't diversify risk away so no, i would not suggest, if you want to dabble that's all good. >> [opening bell ringing] stuart: i'm glad you like my idea of the 4.08% return on a one year treasury. i'm gratified, joe, a man like you approved of that. thanks for joining us, sir. >> happy to be here. stuart: the market is now open and we got red ink as expected. the dow jones industrial average in the first few seconds of business is down a couple hundred points and i see but one winner on the big board, no two, boeing and united health. there's two winners among the dow 30 the rest are losers. the s&p 500 is open and it's down .8%. the nasdaq is off and running and it's down .86%. big tech a mixed picture this morning. no, it's not mixed at all. they are all down. apple, microsoft, amazon, meta,

alphabet the whole lot down, not huge down, but down. how about ford? they're warning on inflation. they are looking at i believe this is the case. susan, they're looking at an extra $1 billion in costs because of rising prices? >> yeah, and supply chain clogs as well. so the supply chain, inflation, that means part shortages, but they are keeping their full year guidance intact. despite the shortfall in the summer, so ford will be short 45,000 partially-built cars so if they are keeping their guidance intact for the full year, it's just, is this temporary summer slowdown, that's the thinks right now. you also have inflation, continuing to filter into company balance sheet so you have ford, fedex, ge, mcdonald's all pointing to slowing demand and supply chain problems, and they are pointing to the possibility of a recession, but i did see morgan stanley despite the fact you had this warning from ford they are keeping it at a hold still worth $14 in their view so you aren't going to get much from here, however, did you read that microsoft, you

were just pointing out big tech stocks, microsoft just bumped up their dividend so stu gets an extra 10% payout, to $0.68 a share from $0.62. stuart: i'll take it. >> i'd be very happy for you. stuart: you put that in just for me. >> of course i did. that just broke a few minutes ago so i had to get that in early for stu. stuart: you're all right now show me, please. they're all up and i know why. because some covid restrictions in china have been lifted and that's good for macau. >> that means you get more visitors because look, its been three years, and at its peak, macau was four times the size in gaming revenues in the las vegas strip but macau along with hong kong have been of course clamp ing down on travelers meaning you had to quarantine in hotels for days before you were released. those hotel quarantines are being lifted, less restrictions for chinese travelers, and that's good news for las vegas sands win in the like which by the way has built a lot in macau over the last few years. also you have gaming revenues

tracking 30% higher so far this month, because of those. stuart: 30% higher? >> higher, because of the less restrictions. stuart: by the way hong kong lifted that quarantine restriction. >> they haven't officially lifted it but they are discussing that and that's going to be pretty soon. not in time for me but okay. stuart: the prompter says peloton is introducing a new product. >> yes. stuart: what is it? >> maybe too little too late so we're still talking about a $ 3,000 new rower. it's available -- stuart: a what? a rowing machine. exercise, stu. so it's available for pre-order delivery started in december just in time for christmas and you have to remember that peloton is struggling trying to restructure, founder john foley left the company, layoffs, store closures, plant closures also you have the ceo trying to turn the stock around which is down 90% the past year. six straight quarters of losing money, those losses are widening and sales are falling. stuart: would you bet on a recovery for peloton sales?

>> no, i would put my money elsewhere right now. there's so many discounts the tech stocks have been beaten down so much, might be a bargain stuart: let me guess if putting your money elsewhere it might be going into ethererum orbit coin? >> maybe apple? stuart: you're a big apple fan and i know it. >> i just seen some of the orders and the analyst calls and i just think that it's going to do better-than-expected. stuart: you have two iphone 14s, right? >> i have a few, yes. stuart: you have a few? when are you going to get yours? stuart: we're going to move on. show me amazon, please, paying $1 billion per year to stream thursday night football. i bet it paid off too. >> well here is the thing is that what does this also mean for traditional broadcast linear as well? i think that's a big concern so they are paying $1 billion for the game. they said that it's the biggest driver of new prime sign-ups even bigger than prime day and the holiday season. can you believe that? all because of the football game , so they promise at least 12.5 million viewers to advertisers for the game.

i think indications that nielsen numbers will confirm they are pretty much tracking at 12.5. remember they have prime members of 200 million around the world, 143 million in the u.s. , but some other amazon users from what i saw, you had morgan stanley reiterating amazon as overweight this morning, and they are heading strong into the holiday season. stuart: its not been doing very well recently, but nice bounce today i guess. nike down what, 35%, this calendar year. i think they just got more bad news, what is it? >> barclays just downgraded nike to equal weight meaning it's a hold to them. it's only worth $110 and barclay s is justifying this downgrade because of what they see as wholesale sector demand weakness, also china and volatility and excess north american inventory. stuart: okay, so what do you think joe duran. that's how we start the show when the market opens up in the morning. what do you think? >> it's a lot of fun. it's great energy, and it's a good way to start the day even when it's quite sad outside of

wall street. stuart: this is a brilliant opening to a financial show. >> i'm sorry. i corrected myself. stuart: you want to come back on this show, son, you better learn >> i'd say microsoft a lot. stuart: yes and be positive, please. okay thanks, susan. thanks, joe. check the big board, we're in business for what, six minutes and we are down 289 points. that, ladies and gentlemen, is a slide almost 1%. are there any dow winners? let me check. yes, there is one it's boeing. it's up a mere, no it's down all the winners on the big board are down. wynn resorts, las vegas sands, moderna, norwegian cruise lines, cruise lines are back again but the gaming stocks are doing well okta, marriott, zoom, vertex, activision blizzard all on the upside on the nasdaq. the 10-year treasury yield that's a key indicator today. look at it go up. we're now at 3.58%. price of gold, not an inflation hedge. it's down to $1,670 per ounce,

bitcoin is back to the 18,000 level. oil $84 a barrel. nat gas, where's that this morning? 772 per million british thermal units. the average price for a gallon of regular down to 3.67 in california though you'll still pay 5.45. here is an op-ed to look at. mad about migrant flights? open border liberals should look in the mirror to see whose really breaking the law. tom homan wrote that piece and he's on the show and i'm going to ask him too. why can't the migrants work? honda accidentally overpaid some of their employee bonuses and they want some of the money back we'll tell you all about that. britain's prime minister liz truss in new york for the u.n. summit. she announced tax cuts and a return to drilling and fracking for fossil fuels, praise the lord. is she pointing to the way for america? i'll ask larry kudlow, he's next ♪

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stuart: 11 minutes worth of business and we're down straight down, 350 points to the downside for the dow and 124 for the nasdaq. britain's prime minister elizabeth truss is in new york for the u.n. summit. now she's announced tax cuts, and a return to drilling and fracking for fossil fuels. how about that? larry kudlow joins me now. larry? wouldn't it be wonderful if she were pointing the way for america? larry: yes. this story, she is my kind of gal, stu. stuart: yes, exactly. larry: that's all i can say. she is my kind of gal. i'm reading the articles. she is cutting the personal

income tax. she's raising the thresholds at which you would pay the higher rates for like a second tax cut. she's reversing a corporate tax increase that boris johnson had put into place. she's cutting the payroll tax, and she's opening up a whole bunch of tax-free enterprise zones, i call it. we did the same thing during the trump years, and as you said , she is going to reopen fracking which is so important because britain and europe, you know, their green policies did so much damage now. they're in the throws of massive inflation and they're all falling into a deep recession, so the u.s. should learn from her leadership. it's fantastic. we need supply side tax cuts here to rejuvenate the economy. we need fracking here to get all gasoline, natural gas prices down, help the families, help the kitchen table discussions. i don't know if you saw this , one last thing, stu.

it's running up on fox news website. in northern new mexico, the interior department, the secretary is denying a fracking permit, all right, and i believe actually is leasing and fracking. in any case, she says it will have environmental damage to the native american lands and parks, but the native americans are up in arms. they want the fracking because it gives them jobs and royalties for their reservations, so in this case, this is crazy stuff. they are going against the native americans for heavens sakes. stuart: going against common sense. larry would you just hold on for a second into. larry: yes. stuart: i've got important breaking news here about new york city dropping the vaccine mandate, which i think could be an important thing for our cities. what do you got? lauren: may in eric adams say private sector employees do not

need to be vaccinated, starting after halloween, november 1 but it stays for city employees, so if you are a teacher, in a public school, you must be vaccinated. new york city has terminated more than 1,500 city staff since this mandate, but there is a green light, a silver lining for parents here. it used to be that you didn't have to vaccinate your child to send them to school unless they were high risk but they needed to be vaccinated to be in an extracurricular activity or a sport. that changes so now you can play sports after school without having to be vaccinated. stuart: let me get back to larry i thought this was a very positive development but if they've not lifted the mandate for city employees, government workers, then it doesn't make that much sense to me. what do you say? larry: yeah, it's kind of goofy. i mean, it's just this control thing, central planning thing. i mean look, the most important

aspect of this is natural immunity and i think that's the most overlooked aspect from the cdc and dr. fauci all the way down. these blue cities and blue states, i don't know what their problem is. they aren't abiding by the science so you're right. so it's partially good news as- reported but it's not totally good news. they are hanging on to stuff they need to hang on to. i want to go back to england, stu "varney." maybe you'll go back to england now because it's going to be on the supply side. here is the thing. liz truss. i knew her when she was trade minister. she's also a free-trader. she wanted a u.s. /uk free-trade agreement. the trouble is the biden administration has shown no interest in that initiative. it would benefit both our economies, so she's like margaret tacher. she's running like market thatcher, ronald regan, cut taxes, go up, you know, more fracking, enterprise zone.

it's a growth budget. do you ever hear joe biden talk about growth? stuart: never. larry: once? growth. stuart: but to the greens, larry growth is a dirty word. they don't want economic growth. more emissions that's what it's all about. they want to control the down trend. that's what they want to do. i just want to tell our viewers -- larry: we're going to talk about this on our socialism, you're going to do it? stuart: yes. you're going to compete directly with me, larry. i'm not going to forgive you for this. larry: oh, no. stuart: yes, yes, some of our viewers will no doubt choose to watch your live action summit, the unauthorized history of socialism. it's tomorrow at 11:00 eastern. i urge our viewers to watch, because larry's a good man and he knows what he's talking about good stuff, larry. larry: thank you, stu, thank you, stu, i appreciate it very very much. stuart: see you tomorrow. coming up, a republican grandmother from utah is running

for state senate and to get the word out she dropped a rap video. watch this. there's a new name on the ballot for the senate this year. my name is linda paulson, republican and awesome, love god and family and the constitution stuart: well there has been some reaction to that and we will bring it to you tik toc no longer a place for viral dancers , gen z is using it as their primary search engine. what does kennedy think about that? does she use tik toc? she's here. ♪

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stuart: the price of natural gas is down a little bit today but over the past year, the price of nat gas has doubled. there is a global supply shortage. that's bad news for your electric bill. grady trimble is with us. how much more are people going to have to pay this winter? reporter: stu, on average, it'll cost about $1,200 to heat your home this winter. that's $175 more than last winter, and depending on where you live, how you heat your home , home heating bills could

be even higher. the biden administration right now is touting that americans are "saving" $70 a month on fuel at the pump since prices have come down from record highs, but that could be offset by rising natural gas prices. >> in texas where we look at the fuel cost adjustment factor being up 50% compared to february. that's going to add over $100 per-month to the consumer. reporter: and i heard you talking with larry about the department of interiors plan to finalize a ban on oil & gas leases near a native american historical site in northwest new mexico. a lot of the natives there support drilling for oil. one nation sit done said we're not destroying anything. we're native americans ourselves nobody is destroying the park. it just seems like they are listening, the biden administration, listening more to the environmentalist people.

meanwhile the biden administration is also extending the timing of its plan to release oil from the strategic petroleum reserve. that was supposed to end next month in october but now, the administration will deliver 10 million-barrels in november, which is conveniently the same month as the mid-terms. not a coincidence, stu. stuart: so it is. grady thank you very much indeed i'm seeing a ton of red ink on the market. in fact there's been a slide just in the last few minutes. the dow is now down close to 400 points, and the nasdaq is down well-over 100. more selling today. sean duffy coming up, as well as brian kilmeade, kennedy and morgan ortegas. it's 9:54. the 10:00 hour is next. ♪ let's get down to business, let's get down to business ♪

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♪ i'm still standing ♪ better than i have ever been ♪ looking to survive ♪ feeling ♪ stuart: i sometimes think of myself as the last man standing, whether that is legitimate or not i don't really know. what are you laughing at? lauren: it is the song of the movie sing. stuart: never ask me a question. it is elton john. nice day in new york. good morning, it is almost 10:00 eastern. look at what is happening with your money. the dow industrials are down 375 points, 1.2% and the nasdaq is down 9.94%. we had a modest day yesterday and we are sliding again. here's one of the reasons why. apart from speculation about

rate hikes from the federal reserve look at the tenure treasury yield, 3. 58%. when it went above 3. 5% the market sold off, now it is well above 3.5% and selling off. the 2-year is yielding almost 4%. oil down this morning, 2% lower at $83, bitcoin is back to the $18,000 level, 18-9 to be precise. office workers are returning. there has been a pickup since labor day. the media sees a trend. wall street journal headline, work in office rates jump to highest level since early 2,020. that is true. 47% of office workers are back in 10 urban areas but surely that is no reason to celebrate. stated another way, only half have returned. even if you just check the three mid-weekdays, tuesday wednesday thursday