socialism, who know how awful it is, who have experienced venezuela, a lot of these folks are ready to become contributing patriotic americans, and yes its got to be lawful, but there's an opportunity. maria: final word, brian? >> borders not secured it's things like this helping people see it. maria: it's not secure. thank you, dagen mcdowell, brian , and james freeman, have a great day, we'll see you tomorrow. "varney" & company begins right now, stu take it away. stuart: good morning, maria, good morning, everyone. where do you start? putin mobilizes, biden addresses the u.n., the fed will raise rates, a quarter billion dollar pandemic relief fraud in minneapolis and aaron judge hits homer number 60. i think we better start with vladimir putin because he's rattling his nukes. he says he's not bluffing, and he's ordered partial mobilization of 300,000 reserves i'd call that escalation. what will president biden say about it? he's due to address world leader s at the u.n. in new york

city this morning. putin will not be there. what will jay powell say about interest rates? he's due to reveal all this afternoon. the betting is it's going to be a 75 basis point hike. investors apparently approve if that's what we're actually going to get. the dow is up 150 points that's pre-market, s&p higher, nasdaq is up 60. here we go again, with treasury yields. the 10-year still well-above 3.5 %. the two-year, very close to 4%, you're now looking at 3.96 and the one-year, very attractive to me, 4.06%. that's what they will pay you. you better look at this too. the price of gas, oh, actually going up overnight. its been down everyday for more than three months but this morning regular up one cent at 3.68. on the markets it's about waiting for jay powell, 2:00 p.m., eastern, watch him here. in other news, spectacular fraud 47 people indicted in

minneapolis. shell companies grouped under a non-profit claimed millions, millions for fake feeding programs for children under the government's covid relief. $250 million gone. one man claimed he was feeding 5,000 children twice a day from a second floor apartment. now look at this. homer number 60 from aaron judge he ties babe ruth, and coincidentally, we'll show you babe ruth's on the road uniform. it's on the show and it's up for auction. wednesday, september 21. "varney" & company is about to begin. all right, we're going to get right at this. russia's putin is beginning a partial mobilization in russia. lauren is with me this morning. what exactly does partial mobilization mean? lauren: it means he's desperate and escalating the war. first thing i'm going to tell

you is that 300,000 russian reserves will be enlisted it's the first mobilization in russia since world war ii, and reports say one way flights out of russia are selling out. he doesn't have the domestic support he thinks he has and he might know that. second. he's holding sham elections in four regions in ukraine that are controlled by russia. these regions represent the size of hungary. he has threatened to use nuclear weapons if any country, u.s. , nato, threatens their territorial integrity so he's setting up this potential pre- text for a bigger war. its been going on for seven months now. do other countries get involved? even though they don't want to, and third, all of this is happening as president biden will address the united nations general assembly in 90 minutes and of course he's going to reiterate the west support for ukraine, but words and language and tone matter right now more than ever. stuart: okay, let's bring in congressman dan crenshaw, republican from texas. he's also a retired navy seal. congressman, how should

president biden respond today at the united nations to putin threatening to use his nukes? >> okay, i think he needs to reiterate the west's support for ukraine. this is an illegitimate war being waged by putin. they are escalating because they are desperate, because they're losing, because some of the aid we have given the ukrainian has actually worked. its helped the ukrainians match the artillery range of the russians and that's a pretty important feet so instead of sending bodies over there, we've been sending bullets and money and frankly that's been a pretty good investment because you have europe unified, nato strengthen ed and nato possibly expanding. you have europeans who are now extremely skeptical of any influence from russia and china, as well, and you now understand that russia is a shell of its former self and we can now focus our foreign policy south of the border and towards china. stuart: but he's got to come across in front of all these world leaders. it's really strong and firm and

credible. if he's going to go after putin, he's going to make it stick. can he do it? >> i hope so. obviously, we see biden fumble every time he speaks. at this point, you almost wish somebody else were speaking on his behalf. maybe a representative at the u.n., but he's what we've got rate now so i hope he pulls it off. stuart: got it. congressman we reported 2 million migrants have been apprehended at the border this fiscal year. president biden was questioned about this. here is his response, roll tape. >> on the border, why is the border moreover well amed under your watch, mr. president? >> because there are three countries that, there are fewer, there are fewer immigrants coming from central america and from mexico. this is a totally different circumstance. what's on my watch now is venezuela, cuba, and nicaragua, and the ability to send them back to those states is not rational.

stuart: congressman, that seemed to me to be just side stepping the central issue of what some would call an invasion across the southern border. what's your response? >> right. i have a few responses. first he's lying. we've always had migrants coming across our southern border from a variety of different countries that's nothing new and what's irrational is ending the remain in mexico policy. see , that would have allowed him to send them to mexico. if he thinks it's irrational send them to venezuela. we had a policy in place that would send them to mexico city. we had an agreement with the mexican government that's what would happen and migrants were disincentivized so what's irrational is not securing our border. not visiting it. not showing any presidential leadership. that's irrational. what's irrational is not enforcing our laws or enforcing our sense of serve rent think and protecting american citizens , and i can solve this border crisis really quick. you stop accepting bogus asylum claims when they illegally cross the border. you have to apply it at the point of entry or embassy or consolate in their home country

you'll end this real quick and if they don't do that you put them on a plain and send them right back to their country. it really is that easy to solve this crisis. second thing biden needs to do is, you know what? every american should know the names of the head of the cartels that are killing ten s of thousands of people a year by putting fentanyl in their drugs that they are taking we're looking at about 80,000 american deaths a year from fentanyl-laced drugs. nobody even knows the head of these cartels doing it. biden is showing no leadership, showing the people this is an enemy of the state. that's who these cartels are. they are sending migrants across to distract border patrol while they send deadly drugs and poison across our borders and kill americans on purpose. we have to address that. stuart: well-said, sir. thanks for joining us, congressman. always a pleasure. see you again soon. >> thank you. stuart: president biden is responding to reports more plane s filled with any grants could be arriving in delaware, his home state. lauren: so the white house and delaware were preparing for these flights that didn't come yesterday, as governor desantis doubled down on his

commitment to send more unauthorized aliens out of his state and texas to sanctuary jurisdictions, and here is the president on that. >> do you plan on sending migrants to delaware, do you have any comment on response to that, sir? >> he should come visit we have a beautiful shoreline. lauren: he's already leaving and dodged the question, changed the subject but the conversation has changed though because these aren't migrants from mexico and central america. they are from venezuela, cuba, and nicaragua. they are fleeing communism which existed there for ages but now it's another excuse for them to come and us to accept them in large numbers. stuart: crazy stuff. thanks lauren. check futures please, this is wednesday morning, that's right. i see green, dow is up 141 but this is, of course, fed day. shah gilani joins me. we're expecting, seems like the market is expecting a 75 basis point hike, got that. let's not speculate on that. i want to know from you, shawn

miskel gilani, how long the fed keeps raising rates after this. >> there are going to be 10 potential meetings where they can raise rates between the end of this year and the end of 2023 i think they are going to raise at least through half of this. i have a 5.5% fed funds rate pinned on my board. that's where i think fed funds are heading. a heck of a lot higher than most other folks or analysts think and that's problematic for the market. that's one of the reasons i'm very cautious on the market. the first-line of impact is on zombie companies a lot of them tech companies that your viewers may own that don't have any profits that don't have any, that have massive amount of debt , for example, and can't pay the debt service when rates go higher. those companies are going to be the first-line that fall and i think they could bring the market down and there are an awful lot of them a lot of your viewers have in their portfolios. those are the companies that worry me. stuart: would you buy any stocks right now or just stay out of

the market, the stock market completely? for now. >> i think we're coming down. i think we're going to test the june lows. i think if we get there, i'm going to start buying. i'm not going to buy full positions. i've been saying that great companies are always worth buying on the way down. don't mind averaging down, buying more larger position, adding to my position as prices come down. are there companies on sale now that i'm looking at? absolutely, but they're not quite at levels i think they can get to. as soon as they do and i'm thinking we're going to see a bit of a sell-off, it could happen as a result of this but by the end of the year, the market will probably reach a bottom, and i'm hoping to try to get in there as soon as i can and load up because i think the rebound will be pretty substantial. stuart: but we're not there yet? >> not there yet, stuart. stuart: and not there for sometime. right? before the end of the year, maybe, that's all we got? >> well, i think we can reach

the lows but again i think we can test the june lows before the end of the year, and maybe breakthrough those lows and that would create a clearing of wash out a lot of investors who come on to these recent pop rallies and are nervous because they don't really see the market moving much higher. they are probably the first to sell and i think we can see some kind of capitulation sell-off when those investors just flush out and i think there will be a clearing there and then we'll start to see what kind of earnings pictures we have after the third quarter going into the fourth quarter, and then we still have to face the fed raising rates for sometime but i think if we get that big sell-off that a lot of investors are i think looking for as a place, and most people don't move in when they see that sell-off, this will be the time to move in. stuart: man, things really change this year, didn't they? shah gilani thanks for being here. i know we'll see you again sir. futures on the left-hand side of your screen, some green, dow is up 150. coming up, president biden said the pandemic is over, but

democrats are walking back his claim. roll tape. >> he was very clear in his 60 minutes interview that covid remains a problem and we're fighting it. >> the president's reflecting is the fact that we've made tremendous progress against covid-19. >> we are not where we need to be if we're going to be able to "live with the virus." stuart: so are we still in a pandemic? who knows. then there's this. russia's putin announced a partial mobilization in russia. is the first mobilization in russia since world war ii. how should america respond? i'll ask ambassador kurt volker, next.

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stuart: 14 minutes to go before we open the market. it's fed day nonetheless the dow is up about 150 points, at the opening bell, how it closes, i don't know. president biden addresses the u.n. general assembly next hour. connell mcshane is at the united nations in new york city. all right, connell, do we know anything about what the president will say today? connell: well, i think, stuart, you're always going to hear a lot about the war in ukraine but president putin with his comments overnight probably raised the stakes even more in that regard. i mean, first there were these reports that surface that russian-backed separatists in ukraine were going to hold referendums in which they would vote to essentially become part of russia. that generated this response from the u.s. secretary of state anthony blinken speaking here in new york last night. >> let me be very clear. if these referendum proceed, and if russia purports to an ex

ukrainian territory the united states will never, never recognize it. reporter: vladimir putin then appeared over night on russian television and ordered partial mobilization, reserves in russia the first such mobilization we've seen since world war ii. the move even reportedly sent some russians scrambling to buy plane tickets to get out of the country, as putin also appeared to have the possibility of using nuclear weapons. >> if the territorial integrity of our country is threatened, we will without doubt use all available means to protect russia and our people. this is not a bluff. connell: so that's the backdrop for president biden who arrives here in new york city last night and will speak next hour to the general assembly at the united nations, while other topics will certainly be covered. the war in ukraine will be top of mind. we were told yesterday by the national security advisor jake sullivan that the president

would offer a firm rebuke of putin's war in ukraine. remember he's not the only big speaker on the docket today. the ukrainian president, stuart, president zelenskyy, will also, as we move into the afternoon session, address the general assembly that's a pre-recorded address delivered remotely later today. stuart: connell, thank you very much indeed. putin's beginning this partial mobilization. this means he's calling up reserves. that is a significant escalation kurt volker is the former u.s. ambassador to nato and he joins me now. how should america respond to putin's escalation, ambassador? >> well, thanks for having me, stuart. i think what tony blinken said last night is exactly right, that we should not recognize these territories even if they have a sham referendum and russia says they are part of russia they aren't part of russia and we have to be very clear about that. the second thing is to not be alarmed by putin saying they are going to defend their territorial integrity even with nuclear weapons if they have to. we should say great.

no one is threatening russian territory. no one is going to attack russia we are not challenging your territorial integrity. you are attacking ukraine and you should just get out. stuart: but if he goes ahead with this annexation referendums in certain parts of ukraine and turns them into russian territory, he could use that as an excuse, he could use that as an excuse to escalate to nukes. >> that's exactly what he's implying. he wants to scare us into thinking that but we have to not be alarmed or fooled here that just because he waves a wand and says okay, now this is part of russia, that anyone actually sees this as part of russia, even his own military, even his own people. i think that they know that this is actually more a measure of bluff and threat than it is an actual claim that he's going to use nuclear weapons and i think what we're seeing, with this mobilization, partial mobilization is a recognition on putin's side he has fewer and

fewer cards to play. he met with xi. xi didn't give him support, he met with mody, who rebuked him as well. he doesn't have enough equipment for these people he's mobilizing he can't give them the kit that they need. they don't have training, so this is a gesture to try to appear strong, but it's actually one that makes him look weak. stuart: mr. ambassador do you think that the united states has the nerve to give the ukrainians the weapons which would push the russians out of all of ukraine. have we got the nerve to do it? >> you know, i think not. i think that we should be giving the ukrainians the long range artillery systems they've been asking for for months now so that they can disrupt all of those russian supply lines, the fuel, the ammunition, the logistical things, and so forth. that would cause russia really to have to withdraw, but there is such a fear of escalation coming from the u.s. and other countries in europe that we give

them just enough, but not really enough. stuart: just enough but not really enough. got it. mr. ambassador, great stuff. thank you very much for joining us, sir. we'll see you again soon. >> thank you. stuart: president biden nominated a new ambassador to russia. lauren: her name is lynn tracy and she's a career tip diplomat. he was a trump appointee and just left his post in moscow because his wife died of cancer and lynn tracy is currently the ambassador. stuart: got that thanks very much lauren. look at the markets again, please. we're approaching the opening bell seven minutes away dow is up about 140. we'll take you to wall street, next. ♪

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i just glance at my phone, and there's my glucose number. wow. my a1c has dropped over 2 points to 7.2. that's a huge victory. stuart: modest gain expected for stocks at the opening bell. market watcher of the day is greg smith with me here right now in new york city. why buy stocks at all right now? >> hey, good morning, stuart. look i don't know how i'm going

to be today in telling you anything you don't already know, but first i want to give a big happy birthday shout out to my father elliott, happy 90th birthday. stuart: 90? >> 90. stuart: happy birthday. >> and my best friend and better half robin, another birthday so a big week. stuart: robin happy birthday, big week. lauren: anyone else? >> but look it's a very difficult time to tell you, i don't need to tell you what we already know that the fed got caught flat-footed. we're going to keep raising rates until we can arrest inflation, and i don't think it is a good time to buy stocks until we see signs of inflation beginning to abate, and when we see the fed begin to take their foot off the neck of the market. stuart: fair enough do you buy anything? what investment vehicle do you put your money into? >> look i joined you three months ago on june 23 almost to the day and you thought i was crazy when i began to quote the tora, i said this is a year , and in that year, you do nothing. you sit and do nothing and it ends on monday. so the year-ends on monday on

the 26th so we'll see if it's a time to do anything but right now i said you don't chase stock s you don't buy stocks, and by the way the dow is at 30, 677 back on june 23. it's up 30 points in the three months, so -- stuart: but you didn't answer the question, greg, smith, you did not answer the question. if you aren't putting money into stocks what do you do with the spare cash, leave it in cash >> i think safety is king right now. i am continuing to hold etf's that i have. i'm holding on them. i am suffering through some losses in them, but i believe that once we see signs of inflation abating, the market is going to rip. the market will want to rip higher. i don't know if that's next week or in a few months. everybody is looking for signs of inflation beginning to abate. i've looked at the used car market in the last few weeks and i've seen prices of used cars decline by 6% to 10% in the last two weeks alone from sources that i have. i don't know if those are signs of people beginning to dial back and spend less. certainly, used car prices went through the roof because there was no supply of new, but even

on the new side, dealers are telling me that inquiries are dropping precipitously. people are coming in less, so look. the fed's job is to be the big bad scary wolf here, they want to scare the markets down and scare people to sitting in their homes and stop spending money to slowdown the economy. stuart: greg i'm not sure whether i've asked you this or not but every other market watcher on the show i've asked this question. what's wrong with buying a one year treasury right now, hold it to maturity, you get 4.05% interest with a tax break involved. what's an absolute safety. what's wrong with that? >> look, it could be better than being long equities and i mean, with the s&p down what 19% or so this year, so capital preservation could be king right now and again i'd rather pay up for equities when i know that things are going to begin to turn because it's going to be impossible to pick a bottom. i'm not going to try and pick a bottom. stuart: you are determined not to say -- >> owning treasuries sure, it could be fine.

yields will keep going up. it'll pressure the prices, but look, it's better than the alternative of losing money in equities perhaps. >> [opening bell ringing] stuart: he who loses least wins. >> correct. stuart: that's my theory. greg smith thank you very much, sir. we got 10 seconds to go and the market opens on fed day. i'm surprised to see the market up so much. it's going to be up about 150 maybe 160 points at the opening bell. usually a little trepidation about how high rates jay powell will go. well this morning at the opening bell, we've moved higher right from the start up 160 as we speak. 30, 860 is your level, and i've got what 27 of the dow 30 on the upside. the s&p 500 is up a half percentage point, the nasdaq composite is up one-third of 1%. let's have a look at big tech where the money is and they are all higher. not a lot, apple, amazon, meta just headed south, alphabet and microsoft, slightly higher

across-the-board. susan li joins us this morning. susan, you know more about this than i do but doesn't, you do, but doesn't the market often move up right after the fed announces its interest rate move >> yeah, and they tend to move down ahead of the federal reserve meetings, so so far in the past, what eight out of 10 fed meetings the past 18 months, you got the s&p 500 rallying in days afterwards so i think of january, march, and june. you saw markets actually go up by 6% to 9% afterwards and that's because as i mentioned to you the markets are so tilted especially on the hawkish side, heading into these meetings, so you have any sense, any small hints from powell that maybe there's going to be a pause or they rethink some interest rate trajectories. i think that's enough for investors to go back in, go to buy, after selling off into these meetings, and we have wall street by the way predicting rates. this is what we call terminal rates. how high will the federal reserve go? they are predicting at 4.25%.

you've had tech outperforming by the way yesterday. did you see that rally in apple? apple and these cash generators are now seen as a safe haven inflation hedges if you can raise prices, of course if you have price control. stuart: i think you're as much in love with apple as i am with microsoft. >> well, you know, microsoft actually got an upgrade today. we had apple is looking cheap at 24 times, meta did you know that meta is only trading at 12 times its earnings now after falling about 50% so far this year? so morgan stanley upgrading or keeping i think calling microsoft a buy, boa calling apple a buy. stuart: i think zuckerberg lost about $70 billion. >> yeah, he's still worth tens of billions so i mean let's not cry for him at this point. stuart: okay, defense stocks. i'm sure they're up and i'm sure it's because of putin mobilizing >> you saw that spike and it's scary when you have vladimir putin threatening to use nuclear weapons and mobilizing reserves and that means a cease-fire might not be coming anytime soon

defense stocks speaking, u.s. spending tens of billions shipping weapons over to ukraine and a putin trade you saw oil speaking 2% after that putin address. nat gas was up close to 5% and that's dragging on airlines by the way which spends 50% of their costs on fuel. also you had united airlines canceling flights because they didn't expect some of their 777 's properly which is lucrative because they fly those long-haul internationally. i think i'll be on one of those pretty soon this christmas. stuart: you will be? >> no, you will be. stuart: november. >> yes, there you go. stuart: let's see. we did have one earnings report this morning, general mills, cereal folks. the stocks up 2% so i guess the report was good. >> exactly so better-than-expected sales and profits so the cereal maker is looking to make more money because they have price control. they are raising prices in this environment, and people are willing to pay still, strong demand for cereal, snacks, and pet food and also makes you wonder, stu, if in this type of environment, where you have food

prices, cereal, grain, accelerating because of what's happening in ukraine, if general mills isn't warning, why do we give the discount and the benefit of the doubt to say fedex or a ford, et cetera? stuart: yeah, we listen to fedex that's for sure. >> yeah. stuart: stich fix. okay you've gotta tell me again what they do. >> [laughter] they are an online clothing company, kind of like rent the runway, where they send you online stylists and it's not surprising because you heard the same thing from rent the runway, so stich fix had a wider than expected loss, weak forecast, number of active customers will fall, downgrade this morning as well from analysts and the same thing you heard from rent the runway in this type of slowing growth environment, high inflationary times. people are cutting back on clothing spend, what we call discretionary items. stuart: clothing items are still being sent back at a very high rate, which adds to the cost of the company enormously. >> yeah, absolutely. you're talking about returns, right?

stuart: yes, returns. >> and also the inventory build up. i think those are obvious concerns we've been talking about for these retailers. stuart: big concern for sure. now the big banks some of their ceo's are testifying in congress this morning. what's that about? >> well let me ask you this , because in this higher rate environment shouldn't these bank stocks be up if we're expecting terminal rates to go up to 4.25% meaning they make more money off their interest rates and off the loans like mortgages and credit cards, et cetera. not the case. so we are expecting to hear from a lot of these big bank ceo's jamie dimon and citi and the like talking about obviously the financial world that we live in, crypto will be discussed, and risk, but i'm surprised they aren't moving higher given that you have mortgage rates the 30 year just hit its highest since 2008 this morning. stuart: the democrats will have a go at the big banks they really don't like banks do they? maybe some negatives. >> do they like big business? stuart: oh, are you going to update me onioned meat? >> wow look at this , so we're at a record low now, stu.

sub-$16. remember we were talking about that yesterday and i remember the peak a few year ago for beyond meat was 250 and it ipo'd at $25 and this bad press continues so its coo stepping down of course after that altercation by trying to bite a man's nose and so you have another executive stepping in but the stock is down a sixth consecutive day just getting hammered. stuart: wasn't that stock at $200 a share? >> 250 as i mentioned to you, the peaks. that was back right after its ipo, but i think the world has changed shall we say? stuart: susan, see you again later in the show. back to the board, shows a gain of 135 points that's .4%, 30, 800 on the dow. dow winners topping that list, home depot is up there, chevron, apple, walmart, microsoft, two big tech stocks in the winners list. the s&p 500, general mills, et

cetera et cetera. all right, nasdaq leader fastena l, fascinating company, illumina, paycheck, csx i want to know the yield on 109 year treasury. is it well-above 3.5%? yes but not that much, 3.54% right now. the price of gold, 1,681 per ounce. bitcoin 19, 200. oil moving up that's because of what's going on with ukraine and russia, and nat gas also moving up, up 2% there. as for gasoline, the average price for regular gallon up one cent. we've not seen the price rise in three months. in california, you're paying 5.49. coming up, the governor of florida, ron desantis, takes on critics against his decision to fly migrants to marthas vineyard you've gotta watch this. >> when biden is flying these people all over the fruited

plane in the middle of the night i didn't hear a peep out of those people. stuart: okay, [laughter] we've got more where that came from. that is a promise. and there's this. the big apple is desperate to get people back into the city safely and what are they doing? putting cameras on every subway car. we'll be back. ♪ i may be close to retirement but i'm as busy as ever. careful now. nice! you got it. and thanks to voya, i'm confident about my future. oh dad, the twins are now...

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stuart: all right, where are we now on the market? well we're up 158 on the dow industrial even though it's fed day and rates are going up the dow is up 160. we need an economist and we got one. almost permanently here, john lonski is with us. john, look, i want you to forecast what the fed is going to do after today's rate increase. how long is this going to go on for? >> okay, november 2, that's the

next meeting. fed funds goes up to 3.88% call it 3.9%. then, the following meeting is the middle of december. that's where i think fed funds peaks, it peaks at about 4.13%. when i say this , i want to emphasize this point. the neutral rate of fed funds where supposedly it doesn't hurt or help economic activity is either 2.42 or 2.5% so today we're going above that neutral rate and by december, we're going to be well-above neutrality as far as the impact of fed funds on economic activities concerned. once we get up above 4% we're going to see the u.s. economy feel more pain. stuart: when you say feel more pain, pushed into recession? >> exactly. i think that that is unavoidable stuart: talk to me about inflation. a lot of analysts are saying look you'll have a 6% inflation at the consumer level for the rest of this year. do you agree with that, because you've been on this program

talking about the escalation of rents which is very important for consumer prices. we're talking about electricity prices, nat gas prices going up for the winter. could it be more than 6%? >> well i think it's going to finish the year about 7.8%, closer to 8%. we may not see it go down to 6% or perhaps the middle of next year, if then, we have to have some luck with the situation in ukraine and whatnot, but we don't want to lose sight of the fact that it's going to be the direction that inflation is moving that may eventually matter more to the fed and to the markets; however, the fed is going to be very aggressive with monetary policy until that labor market weakens by enough, so the fed is convinced that inflation is on a downward path. we're not there yet. some of the craziest things this year. i was looking at the latest forecast for third quarter real gdp. gdp now is up three-tenths of a percent. my goodness so that means that for the year-to-date it be down

by something like 1% annualized from the end of 2021 but then you compare it with the growth of jobs, and jobs are growing by about 3.54% annualized. if you have the labor market all these jobs growing so rapidly, and gdp is shrinking, then you can't help but ask yourself how much longer can companies afford to keep these guys on payrolls. stuart: oh, at that point, at some point -- >> they have to get rid of some people. you are getting horrible readings on productivity some of the worst numbers on record, with that with the faster wage growth they are getting clobber ed in terms of labor cost per hour. this is an untenable situation. you can't have the economy going nowhere while at the same time, jobs are growing briskly. companies must be overstaffed and there will be a day of

reckoning unfortunately. stuart: we consider ourselves warned, john. very forcefully warned. thank you very much indeed, your reasoning is sound very good stuff. >> my pleasure. stuart: here is another one for you. more young people are closing their investment accounts. why would that be? lauren: because they need the cash, and they are also scared "market volatility, so it's an allied financial poll that finds 21% of millennials and gen z closed a trading account in the past year. 40% said it was because of inflation, they need the money to cover the higher cost of living elsewhere and quite frankly everywhere and 31% said it was because of the stock market volatility. it just made them too uncomfortable. stuart: but one in five of those youngsters who joined the market got an investment account, they are now out. one in five? lauren: which is technically something you're not supposed to do. stuart: what an indicator that is. one in five. my goodness, me. all right let's move on. coming up, goodbye yellow brick road, hello, pennsylvania avenue

elton john will be playing at the white house. it will be called "a night when hope and history rhyme." a royal expert says meghan markle requested a one on one meeting with king charles before she went back to california. i'll ask neil shawn whether he stands by his reporting, he's next. it seems to me you lived your life like a candle in the wind, never fading with the sunset when the rain set in ♪ i've always loved building things. not just structures and skyscrapers, but teams who make it all possible. after all... we wouldn't be where we are today without them. so we made sure that like these buildings... their futures may also stand the test of time. ♪ ♪

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by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: meghan markle has reportedly requested a one on one meeting with king charles. neil shawn has the scoop and neil, the royals are denying your reporting. do you stand by it? did she really want a meeting with the king? is she going to get it? >> good afternoon, stuart, from london and thank you for having me. yeah, let me explain about that particular story. when you think about it, it makes perfect sense, doesn't it, when you look into it, because there you go, there you have this woman whose the british royal family for the last couple of years, and when you see the pictures which are very

tragic, actually, the funeral of our late and wonderful monarch, queen elizabeth ii, you can see that she's ostracized on her own and both standing alone at various points, and whichever way it's not very nice to see when it was once a close family. according to a very good source, who i spoke to, megan in particular wanted to get a one-to-one time to try and discuss with our brand new king, king charles iii the background to where they're at and i guess to try and move it forward. now, the cynics, stuart, might say, [laughter] the optics aren't looking particularly great as they head back home. we have harry's book to look forward to and megan struggling around with the podcast so kind of be an opportunistic time, but let me also point out that there's a bigger development now , since that, because this morning over here we've had reports from a u.s. tv anchor that c cbs, that is gayle king,

whose basically telling the world that oh, there was no agreements nothings moved forward and you think well whose telling gayle king that exactly? stuart: okay, no name calling, please, neil. stay right there for a second. i want to bring in lauren. hillary ford, which now she's a royal watcher on this program a couple of times she pushed back on don lemon from cnn after he suggested britain's slavery, go through it. lauren: i watched this way too many times it's really remarkable so this was last week she was completely caught off guard by the question, it was not on the topic they were supposed to be discussing, but you would never know that by her answer. >> you have those who are asking for repirations for colonialism >> we need to go right back to the beginning of the supply chain and say who was rounding up their own people and having them handcuffed? absolutely that's where they should start and maybe i don't know the descendents of those families where they died

in the high seas trying to stop the slavery those families should receive something too. lauren: he didn't answer. he just moved on, completely stunned by the facts. critics haven't moved on though. stuart: come back in again please, neil. what do the brits think about talk of repirations. how's that going down in britain >> well, you know, it's a very serious topic, isn't it, stuart? when you look at the history it's very serious but it does seem something of a bandwagon that people are jumping on and particularly as we know someone over in the united states recently who was very derogatory about our late monarch, and very vocal terms. so i mean, i think we saw when prince william as he was then, the prince of wales now, when we saw him in the caribbean with of course the princess of wales, he addressed that issue as his royal highness and king charles are working through that but the bottom line is they aren't responsible for things from hundreds and hundreds of years ago or whatever.

it does seem a bit silly to try and pin it on this , and i think also, it's nice that the topic is brought up. i think it's good, you know, that it's out in the open but it does need to be done in a more sort of professional way, rather than sort of mud slinging and things like that. it doesn't work and doesn't benefit anybody in the end. stuart: i think you're right. i like that northern accent of yours, by the way, neil. i'm from the midlands. we'll see you soon, neil. thanks for all your help we appreciate it. >> pleasure, thank you. stuart: check the 10 year treasury yield, above 3.5%. check the price of gold, you're looking at 1,681. bitcoin you're looking at 19, 200. the price of oil, where's that this morning? it's $84 a barrel up a little bit after putin announced a mobilization of his reserves in the fight in ukraine. nat gas, that's up as well, half percentage point there at $7.76. the average price for gallon of regular up one cent, 3.68 in

california, 5.49. all right, a good start to the show, i'd say. here is what's ahead. pete hegseth, congressman mark green, will cain, and lara trump the 10:00 hour is next. ♪

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stuart: good morning. it is 10:00 eastern. have a look at what is happening to your money in the stock market. the federal reserve is likely to raise rates maybe 75 basis points, the market is accepting that, dow is up one hundred 73 points. long-term interest rates, look at the 10 year treasury yield just above 3.5%. the price of oil moving up a bit today, $84 a barrel and bitcoin,