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neil: the top of the hour on the east coast of the dow at the lowest level of the day, 198 points. but an interesting item coming across from the financial times that citigroup is scaling back the amount it lends asset managers including private equity firms, to meet these new tough capital requirements, tougher is the rule of thumb here, not all the banks have to make onerous adjustments to prepare for this but it is scaling back. the reason i mention that, might sound arcane, the less money you give asset managers the less they put into the markets to keep them going or to buy stock, you can be short with that money by the way.

that could be another wrinkle which one wrinkle we are watching is where is money going in this environment? it used to be almost nonsensical to go into the bond market where you are getting 0% returns and go for that over stocks, and easy trade to do better in the stock market and then treasury notes and bonds but now that you can get a 4 year or one year just about touching 4% and a 10 year, i had a 15 year high, you can start saying to your self sell it, lost a lot of principal, a lot of buying. i don't want to lose it. you can make that argument that in real terms with inflation you are still underwater but it beats losing the principal entirely so this is another battle that plays out and the 7 stock market crash, if you

will, evaluation contagion, stocks hit such a point that everything is hitting the fan everywhere on the planet, there is this move as interest rates rise and all those examples if you please, that is not an inflationary problem but in the cases where in 1987 you had rates appealing enough after a downdraft in the market for people to say you get full protection and support, i am going there and if people do so in droves at the anemic levels, anyone's guess but this is the noise we are following as we keep you aware of things, citigroup as well is part of that noise to take back money from asset managers and deploy it somewhere else.

that would be a meltdown. lahren seminary here, looking at the picture. lauren: this feel of capitulation, as i say that we are not at lows of the session but down 550 points and at one point touched bear market territory this stems to the fed, the message heard loud and clear, they don't care if they break things in the process of pulling inflation by taking rates and promising to go 125 basis points, sky is falling type message and the market is listening. let's look at the dow, 29,536 below 30,000, decline of 7000 points from january. the biggest decline or is chevron down 7%, west texas

below $80 a barrel, twee 8 month low in the us dollar spiking, 20 year high. what the higher dollar has, freeport mcnamara, major copper producer, alcoa, aluminum down sharply. there is this fear the world enters recession and won't need as much from industrial demand but what about consumer demand, travel stocks getting rough today, you know what that is? some have to move out because of the weather, hurricane fiona, adds another wrinkle to the problems we face. i want to show you it is pretty ugly, the dow is down 41/4%, the s&p down 5%, nasdaq, 140 stocks hitting fresh 52-week lows, the momentum names,

alphabet, facebook, intel, but it is friday, pizza night. neil: your razor night. lauren: it is a 31/4%, no pizza fatigue and they upgraded that. neil: we may have that. neil: thank you very much. neil: hate to break this to you but the globe sticks business everywhere, and pay more attention in the world bank, the international monetary fund, from new york city what they are saying is in this environment, going to raise prices on the shipping vote we

do presently, a double edged sword for a lot of folks. that is the latest. >> reporter: obviously hard for them to make dough which is a reflection of how much don't we are willing to send. we are seeing fedex pullback, less deliveries, clothing stores and grounding planes because the globe they are shipping less, these people want to spend less. we heard their q1 earnings from fedex, they saw the profits fell 20% from a year earlier and operating income at fedex express fell by 69%, important point to make because that shows americans were opting for shipping longer amounts of time rather than paying for that speedy delivery. to make up for the losses, fedex is going to raise shipping rates by 6.9% in january. last year fedex lifted shipping rates by 5. 9%. that was the first time in twee 8 years the increase had been about 4.9%.

certain categories like freight shipping could see more, looking at an increase of 7.9%. at the same time the company expects to generate between 2. 2, and 2. $7 billion in savings by taking measures like suspending sunday delivery, closing some offices and grounding some of those planes. this comes a week after fedex ceo warned of a world ride recession saying fedex is a what back reflection of everybody else's business which makes sense, people are buying and shipping and sending from other businesses and using fedex. not every one feeling the effects of slower consumer spending, look at costco, they bested wall street estimates thanks to strong demand for fresh food, candy and gasoline, that is not a surprise. people of costco gasoline after prices surge over $5, tends to be below average across the us. costco benefits from those who pay the membership and they

choose to budget spend a lot more at one time but to buy in bulk so it lasts longer time. here's the thing. not even costco is immune to inflation. sbp bob nelson says never should rate hikes could be coming in the near future. neil: thank you for that. a lot of you have heard the term stagflation which refers to prices going up the economy going nowhere. that is something we could be visiting where a number of banks are fearing it. last time was in the 1970s. the only distinction for the time being and it is a big one is jobs are very strong, gains month in and month out have been strong. doesn't mean it is guaranteed to last forever and it could melt fast. edward lawrence looking at that. >> reporter: you look at that definition of stagflation, the inflation part of that, high

inflation and the federal reserve is predicting the unemployment rate will rise to 4.4% by the end of next year and that gets to the unemployment side. the other side of that definition, the ceo of jpmorgan says he sees wage inflation and housing inflation with prices. >> most important thing is to avoid stagflation. stagflation is damaging to every part of society and the industry, all income levels and import to get our hands around inflation. >> reporter: federal reserve projections looking dire for the economy projecting 0.2% gdp growth for 2022 and the employment rate to rise to 3.8% for this year. here's the change in tone, the fed chairman from may 2nd this week, listen. >> we have a good chance to have a soft or soft dish

landing. i will give a couple reasons for that. one is households and businesses are in strong financial shape. always understood price stability while achieving relatively modest decline or increase in the unemployment was very challenging. >> reporter: everyone in the building behind me pointing to the inflation reduction act as a solution for inflation but yesterday climate envoy john kerry said i'm not sure how much it has to do with inflation. that is okay. he went on to say there's a lot of climate change in the bill. neil: when he says that is okay that can be worrisome. the remarks on what is happening in the markets, fears that interest rates go out of control. following the president at a dnc event in washington dc, he's talking about climate change, importance of addressing that.

the disconnect that has come up on the part of the white house, to refer to the fire that is going on, and this is the selloff built on fears that inflation is so out of control the federal reserve has to keep raising interest rates to get a handle on it, monitoring these remarks closely but this is something that comes up a lot by bad timing to be talking about things that seem out of sync, including a couple weeks ago as many of you recall, celebrating the inflation reduction act on a day we learned inflation was getting worse and markets at that time, 1200 points. the backdrop is the selloff that might or might not continue. not saying you should necessarily do that with whatever the markets are doing but there's a growing concern that this president who prides himself on not looking at the markets like his predecessor, might want to take a peek.

it would be a tad disruptive. let's get the read from douglas holtz eakin, former budget director. i am looking at the markets, the environment producing the selloff and has all the major averages in bear market territory, goes in and out. what do you make of that? >> reporter: the market is catching up with the reality that the fed has to be aggressive to get this inflation under control and jerome powell made a clear case that it will take a long time for that to happen. he said it would take several years to hit 2% target, i don't think people paid enough attention to that. he said they would get to neutral as expeditiously as possible, people realizing if you have inflation somewhere in the 6% to 8% range, even 3% inflation isn't close to neutral so there's a lot of

work to do, do it quickly and stay up for a sustained period of time, not a bad scenario for the financial markets and they are realizing that and there is a trip drip drip of other bad news, russia is calling up a million additional troops, the ukraine conflict will drag on, europe is facing a tough economic outlook, china dead in the water, not a lot of bright spot in growth in the global economy and that is what you are seeing. neil: climate change, whatever people's views on that, we all want a clean planet, clean water, clean air, but it is expensive and we are already hearing from former barack obama energy official saying we got to pivot a little bit. we could be all in on oil -- all energy including what we have an abundant supply, britain is making the move to explore more north sea oil production, not shying away from climate change and all the other things that come with it but reprioritizing for the time being.

i am not following word for word what the president is saying but he is saying it is a front burner and big issue, not the markets, not inflation, climate change and i'm thinking of all of these other nations particularly in europe that have pivoted, that have moved to the reality of the moment and we are not. >> i have been baffled by the at ministry should's approach to climate change. if you care about climate, you care what comes out, you don't demonize what fuels go in. the strategy is built on taking valuable energy put sources off the table. that's not a rational strategy. all the deep research on the economics of climate change show natural gas and other fossil fuels would be in the mix for decades to come even as you made the transition to cleaner fuels and control the emissions from the economy. that the research. the strategies not based on anything approaching the research reality. it is a very risky that on

solar and wind and doesn't make sense from the perspective of the broader social goals we have, sustained rises, and ability to get people to work and you can do those at the same time. strategy doesn't allow it. neil: the inflation, they attribute to all of the trillions of dollars in government spending, jamie dimon was pounding that on capitol hill appearances, many liberal members took offense to that. i'm not here to debate politics as much as let's say this has sapped available funds from the american people. jamie dimon's message is the federal reserve's mission is trying to unwind the balance sheet trillions of dollars and the government piled on

trillions more so money being shut out as they try to get money shoved back. >> we talked about the inability of congress to get the fiscal situation under control for a long time. even while they are praising themselves for inflation reduction act, they are passing chips & bill with $300 billion of deficits, veterans packed bill, $600 billion of deficit spending, business as usual, doesn't matter what you do in one bill but overall and overall congress continues to suspend and pay for it later, fundamentally inflationary and this has to lean against it. they are in conflict, not working together and it is time for the administration to clean up their act. that is long overdue. of the 20 good seeing you again, thank you for pivoting yourself with the news of the moment. doug struck on something interesting we are following, could a lot of this be pegged

to uncertainty, growing anxiety over flattery putin and his next move? he's calling up hundreds of thousands more reservists and soldiers on top of one hundred 37,000 a couple weeks ago to fight what he calls the good fight in ukraine. and certainly the rest of the globe, because he likes to explode things near nuclear facilities. add it all up and stocks are going down, not again just on this but on concern of dangerous international lawyers. the latest from ukraine, the other factor after this. with my hectic life you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned.

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nuclear option is on the table and that has investors running far from the investment table, part of the reason we are told for the selloff, the market, worries of wildcard or what they used to call a black swan for the markets out of nowhere to get some unexpected development where russian soldiers, mistakenly or even deliberately bomb nuclear facilities. it isn't out of the question. more is a nuclear weapon. outlandish as that sounds, and into the panic that is seeping into the markets where they can't find any good news, whether they are overreacting is anyone's guess. they are taking this seriously. >> the russians are doing what they can to secure what territory they have left after a massive counteroffensive a few weeks ago.

on annexation referendums on ukrainian territory, last effort by russia to convince at least the community around vladimir putin that they are making some gains in this ongoing war. >> local man cast his ballot, for the next four days moscow backed officials are holding referendums in occupied areas of ukraine about becoming part of russia. we want to return home as quickly as possible the voter says all we want russia to take us under its wing. these referendums have been condemned by the ukrainians and their western allies who say president putin will use the annexation of this territory to garner internal support. the russian leader facing mounting pressure after announcing mobilization of 300,000 people to fight in ukraine. one russian newspaper believes the number could be closer to 1 million. new video shows russian men boarding buses after being drafted into the military.

i have never served in the army, 32-year-old victor explains. i was never a conscript, i have no military experience. russian border crossings with finland and kazakhstan were lined up as people fled the country. in large cities like moscow and st. petersburg, anti-mobilization protests erupted with 1300 people arrested. all signs that putin's war continues to lose what support it had to begin with. that mounting pressure on russian president putin that has the international community growing the concern about what could come next in this war. there's an understanding that as putin paints himself into a corner he may escalate this conflict. stuart: let's go to the former special operations, we can't take it lightly these remarks,

they might be just -- crazy dangerous stuff. >> when you watch who and talks about the nuclear option and repercussions of damaging the territorial integrity, the referendum, if they take those regions, he gets to say any attack by the ukrainians on those regions is an attack on territorial integrity of russia and countries build nuclear weapons for deterrence and putin said he will win at any cost. do i think that he's ever going to employ tactical nukes? i don't, we will see chemical attacks, strong indicators but we have to recognize russia is a nuclear power backed into a

corner. the danger of this referendum, he gets to escalate and mobilize these troops and convince the rest of the russian community that they need to defend these territories. neil: i don't know if they are all building it with finland, but they want out of the country. don't know at what point putin shut down the order or prevents them doing so. we know he rounded up 1400 protesters in st. petersburg yesterday so he's clamping down. what do you make of that? >> he can call up the troops all he wants but can they support these troops logistically before the impact of winter which will exacerbate the major equipment and factors that constrain operations, and russian soldiers on the

battlefield had to use. a lot of the russian military don't want this mobilization. in the last 24 hours, flights out of russia were completely sold out, citizens before they got drafted to, were normally dormant in kazakhstan, overwhelmed by the influx of russians on the way out. it is an indicator the country doesn't want it to push that. it comes down to one man and his madness. if we help push back on that, on putin's war efforts, you might back down. neil: thank you very much. under these circumstances. we are monitoring the dnc event where the president is talking climate change and addressing that, also taking prescription

drug prices, legislation that passed the inflation reduction act as medicare, negotiate in masks even allowing for that possibility, it would be years in the offing and drug prices are the smallest part of that inflationary run-up, more severe, 5 items, energy prices that effectively doubled even with the down tick in gas prices and utility bills that are approaching two decade highs. something we are exploring. not the politics of this but the disconnection of this. other people saying maybe this time you should but this is a pattern because he was talking up the inflation reduction act the same day a couple weeks ago, news that it wasn't

reducing, it was getting worse the same day, the dow fell 1200 points. that was then, happening all over again just like this, playing out again.

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neil: crime getting to be a big issue in this country especially in chicago and we talk about events happening at the same time, worries about ukrainian crime and prices out of control and sometimes the worries pileup and can prompt a mood that produces more selling, not that chicago is doing that but there are things that fuel people's angst and in chicago it is safe to say the crime is a big part of it. the latest from grady trimble who is there.

>> reporter: is causing problems for businesses. mcdonald's's ceo drew super criticism from mayor lori lightfoot, the city is in crisis and time to face facts about crime here. >> there are large companies more in chicago this year than last year, to recruit and employ into mcdonald's, to join us in chicago than it does in the past. >> he didn't site-specific crimes, it is blocks from here, in a random drive-by shooting and there was an attempted kidnapping. violent crime is up 37% in the past year, 63% motor vehicle

theft is up nearly 70%, dismissing his concerns. >> what would have been helpful, for mcdonald's's ceo to educate himself before he spoke. i will look at productive engagement. >> reporter: mcdonald's's ceo made those comments economic club of chicago luncheon, the same organization that can griffin, in the city of chicago, we know what happened after that. he moved sit it out lapse headquarters to south florida. if you don't make changes and yes crime under control we do have other options, we do have governors and mayors across the country calling us about potentially relocating. neil: he doesn't need to educate himself. he can look out the window and

see the robberies and everything. who have been held up. >> reporter: if he did look at the statistics which i just rattled off, he is right. neil: sometimes, you separate the truth from the craziness, you don't get formal education here to see what is happening, the numbers that arrive, charlie gasparino, that is a big reason. people are nervous about going to work. charles: without formal education but the upside, don't mean to crack a joke but this is serious. she didn't say he got anything wrong but needed to educate himself. lauren: the education in the rearview mirror. charles: i have breaking news but i would contrast her with what eric adams is doing.

we have a crime problem in new york city, domicile, and instead of attacking someone who speaks up about it eric adams is doing outreach, speaking with the business community, that these measures allow recidivists to go back on streets, he is engaging and we have a bad situation and the rubber has got to meet the road. but at least he is not doing what she is doing which is obvious gating. neil: using a lot of big words. neil: continue. charles: the university of missouri taught me well. it is foreshadowing a lot of hearings with senate minority and the house minority, where

will they go in terms of economic pushback by the biden administration and a new front in the war to stop the environmental social governance push, being mounted. pat toomey, senator from pennsylvania leading this effort, he's out obviously, retiring, if republicans, if they pick up the senate, what he's doing is not replicated and one thing he will do is focus on vanguard group, the money manager pushing this and black rock, what he is exploring is both of those companies should be made bank holding companies instead of asset managers accommodate both push esg, both will passively purchase shares of banks. they can influence the banks

own corporate governance. by making them bank holding companies they scale back on those investments. another bank can't by a bank without various approvals. they could own a bank via passive investments. neil: support from that. charles: if republicans take the senate, if they take the house there's hearings on this. the final determination is the fed. if republicans get the house and senate, caved to us, i don't know, jerome powell has his hands full with inflation but this is where you see pushback on the biden economic agenda particularly esg and larry fink who runs black rock, have a lot of respect for him but what he has to do and the people who run vanguard have to

show what they believe and i know larry think believes in more of a transition to esg. 's views have been distorted. they are coming for you. i can tell when i listen to these guys. neil: making money for the customer. charles: they want the esg stuff but it becomes a problem with their clout, and force esg on other companies. they become a government regulator. neil: thank you. being well educated, the best business reporter, not being well educated, you can guess. we are not guessing. we have a selloff down 645 points, in and out of bear market territory, first time

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neil: the market selloff continues. it is better than it was, dow down 630 points. you heard this notion that interest rates are going up higher and longer than we thought and there doesn't seem to be any sense about whether you are catching a fall night so in this environment which can be overdrawn and some people have a capitulation, a lot of market technicians look at a day like this and say this

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neil: the dow is down 100, it takes a little getting used to in and out of bear market territory. more than half of the s&p 500 stocks deep into bear market territory. the fact is the nasdaq is down 35%. so what do you think? >> the direction we are going looks like it will get pretty

bad, a bloodbath out there. neil: the colleague and friend up 20%. >> he might be right. people in washington would get the memo, and start dealing with these issues on the supply side, something i've been saying from the beginning and until we start doing that, fixed supply-chain's i think we are in for a tough time. neil: the average investor, we call it capitulation, don't know how it looks or feels but some feel it is not this. >> we are getting some of it now. yesterday, 1800 spots hit new yearly lows and that is how you know the indices will break into new yearly lows but it

follows, the average stock. it is what is yearly lows and the greatest companies on earth. they were in a lot of that. is that overdoing it? >> everybody talked about facebook, it is now meta. earnings and sales have dropped big time, and it flicks the same even though they may have something with add support. there's rhyme and reason as i mentioned earlier, targeting fedex. we are talking serious stuff, fedex that delivers everything i can promise every analyst is saying what are they delivering most? at those numbers we have to take the numbers down on those other companies or industries and that is why the market is doing this. one plus one does equal 2 in the markets. when institutions start doing their work, these bright people get together and manage billions of dollars getting the lay of the land and the lay of

the land is south and as far as how far down the not so sure but a lot of leverage and valuations, the market has been used to 0%, that is gone and that changes the playing field and if interest rates go higher from here, every time i am on tv watch the 10 year yield going up bad coming down good and it has been relentless and the rate of change in less than a year has been staggering. >> we were talking before. >> we were talking about food. >> talking about jerome powell. you are not a big fan but one thing he was right about, pain and that is what we are looking at. if you look at -- >> wasn't that mister t? neil: you could be right, the

second or third rocky film. >> pay is what we are talking about. since president biden became president the average american has lost $4200 worth of buying power so you have people who can't buy the stuff that used to with the same number of dollars. neil: the backdrop, that is where he goes on, that is the big distinction between the 70s. >> look at the board to. at the border. people watching their 401(k)s and they are literally disappearing. neil: probably watching the stock market more. do you think he should? that is not mainstreet. >> every president when the market is going up, is because of him and when it is down it is crickets. that is the marketing of the presidency.

i don't blame them. neil: the fed has a sense of it. >> that is just people with opinions and unfortunately $9 trillion created this gigantic mirage of valuation and the most ridiculous moves we've ever seen and we have the opposite side. neil: you pity the fool. >> a heck of an impression. neil: those movies are all over. we are down 650 points. takes some getting used to. than again you think of 6000, perspective is everything. stay with us. dad, we got this. we got this. we got this.

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and new adventures for you to embark upon. they say when you reach the top, there's only one way to go. we say, that way is onwards. viking. exploring the world in comfort. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments

that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. neil: all right, i really dug a deep, deep hole for charles payne. let's see if he can dig out. to you my friend. charles: i'm starting thou though, neil, i have a whole weekend. good afternoon, everyone i'm charles payne this is "making money" and breaking right now global markets dodge as inflation battles and recession realities have created a toxic both for fear, but fundamentalists are making big time adjustments based on demand , also, how do you model for higher rates, right? they're going to be higher for longer meanwhile technicians are watching for a critical support points hoping that the they hold. so far she are believe it or not. i have the best in the business folks to help you through the day, jim