neil: so many storms, so little time and we've got you covered, the latest on what is going on with hurricane ian with ashley webster. the course might have changed a little bit. the latest in helping folks out in that neck of the woods. what is first? we go to connell mcshane, we have a storm of selling going on. this is a reversal from the dow, little more than an hour and 1/2 ago. >> you might have said no big deal but your point we were up across the board, s&p, nasdaq, 1.3% earlier in the day, giving up the down movement 1%, we

have talked over and over again. everything is about the federal reserve and we get to the environment where the federal reserve comes in and it is bad news. consumer confidence better than expected. the sales data better than expected which is a big surprise, that was shocking to some people in the market starts to turnaround. charles evans's comments from earlier this morning in the market, st. louis, and the fed funds rate getting 43/4% and if we switch from stock to bond market and consumer staples stocks taking a hit today and this makes sense, interest-rate sensitive names, the 10 year treasury

yield, and and for the 10 year treasury yield, october 2008, around a 14 year high to see if it maintains throughout the day bit this is not justice, government bond in the uk in the euro zone have extended their selloff which has been going on for some time but a reversal of what we saw earlier today. to wrap it up we talked about stocks. consumers, interest rates incident gains, not just consumer staples but utilities are good example because you are dealing with competition interest rates. looks exxon mobil, it is up today. utilities, cms energy, those are lower as well because it is a competition, you have a pretty good yield from these utility names but now you have a higher interest rates. these are companies that borrow a lot of money with higher

interest rates. oil is the one thing up. the storm coming in, everything else turned around midday and in one way, shape or form has to do with rates, how people view the fed. neil: not too favorably. i want to go to ashley webster in florida, they have more pressing things on their mind, not so much the markets but a certain hurricane. how does it look? ashley: we are in orlando beach. behind me you see this kind now, a whole community on the car now at the end on the outside is the ocean. as we are watching here the boats, one by one, are being taken out of the water and taken somewhere in storage to keep them safe. that is the game plan.

this particular area is under mandatory evacuation that began at 9:00 this morning. hernando county officials saying you've got to get out. the interesting thing is the storm surge is expected to be between 5 and 8 feet. if you look at the seawall here it will clear the seawall. easily. the tide is coming up. when you put the strength and surge created by hurricane ian the water will be above the seawall and a lot of the area you are looking at is going to be flooded but i still see people around. earlier florida governor ron desantis said make no mistake, storm surge is life-threatening. >> safety is paramount when talking storm surge, historic flooding, that water is a very difficult adversary, you do not want to put yourself in harms way unnecessarily so if you are ordered to evacuate that is a decision based on what we are seeing with this storm.

ashley: the storm appears to be going further south, doesn't mean we are out of the woods by any means and the storm could wobble still. we spoke to the local emergency officials who segment they expect the weather to kick in tomorrow evening through the overnight into thursday and no question the power will be on or off, it's going to be off for several days. >> we think thursday hernando county will lose a significant amount of power based on high wind and the amount of rainfall, the saturation levels, these grounds are saturated, trees will fall down and take down a lot of powerlines, we expect power to be out 3 to 5 days. >> time is running out, if you're going to stay make the essential goods, we know things like flashlights and batteries have run out in local stores,

you can't get those canisters and gas is becoming extremely hard to find, the one local station here just ran out 2 hours ago so got to make plans now. may be too late. by this time tomorrow, really going to start feeling the effects of hurricane ian. neil: be safe yourself. we just heard it from talking about the trajectory of this, the path of the hurricane has changed, what can you tell us? >> the upper level winds will cause that slow down hitting the brakes in that wiggle we will see with that storm. still a little time to decide where it is going to go but we are getting close enough, category 3 hurricane, winds at one hundred 15 miles an hour that folks in the southern part of the state will start to see bands of rain, key west stretching towards miami and the southern tip of the state

under a tornado watch until 5 p.m. this evening, doesn't matter where you are in the state almost the entire status under a hurricane advisory at this point and we are feeling a bull's-eye in the center of the state, the western half of the state as we watch this approach. look at your timestamps, wednesday morning to thursday morning is when you see it approaching off the coast and then making landfall and it will slow down. by friday morning still sitting over the northern part of the state. a lot of time for the storm surges, wind and rain to batter the western half of the coast and there is that wiggle we are talking about, this is one forecast model but it differently slows down and spend more time in the center of the state, more time for all this storm surge and rain and wind so no surprise we have storm surge warnings and watches and the northeastern part of the stay up the east

coast because the storm moved across and start to grab waters in the atlantic and batter the eastern coast eventually also, large storm covering a huge area, we see watches, warnings, the forecasted amounts from fort myers to tampa may be as high as 10 feet, 5 to 8 feet is feeling likely as the storm makes this move, temper a bull's-eye for us but as i said and as i showed, the large area across the entire state will be dealing with this. amy: remember the great american army veteran, a lot of people in his young life, that's what he's devoted to even now, good to have you. explain, across the edge here, to wonder about where they are going to go, how do you help them?

>> it comes down to after the hurricane hits, trying to see how far we can penetrate into the hardest hit areas to bring relief so we will load up our box trucks with canned goods in diapers and first-aid supplies and water, basic necessities and try to get what we can, it becomes complicated when roads are not accessible, powerlines down, cars stuck etc. makes it tough to get into the hardest hit areas so a lot of times they set up check points on the outskirts and the national goblin tears make runs from check points and see those check points and try to restock with as much as we can get but turning south, starting to take a little bit towards where we are but trying to keep a better eye on it because you never know. i might be in the middle of this myself.

neil: is a more it tilts south and east, too soon to come to any conclusions, the more of a population center you are getting to and could be affected. in prior storms you've dealt with there was the issue of power outage, florida power & light saying they expect a good many in the state could be without power and maybe for some time so how do you do that? >> it is difficult because as you know florida in the summertime close to 100 ° with 90% humidity. the worst possible time to have power out is right now. people will be hurting for water, generators so anybody that has generators, any companies that have generators in palm beach, we will be happy to run generators, people will need them but it will be an

all-out effort, this will take not just civilians but companies, small businesses coming together like we did for dorian when it hit the bahamas and we were able to donate multiple fire trucks to the bahamas and tons of food and clothing at all kinds of help and i feel like we are going to need that assistance similar to irma as well in the keys when the keys got level and that was horrible. i feel like they are still recovering in some spots it is so bad but they are getting it bad in key west if you look at the radar you can see that clearly and we are on that, it hasn't stopped raining so we are preparing for the worst and hoping for the best, thank god we had ron desantis and we pray people are safe and he's going to take care of us. neil: it is all in for all of us in this dire moment so

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neil: and hoops on the president's plan to forgive student loan debt. according to the congressional budget office the suspension of that debt could increase the cost of the debt by $400 billion. chad program with the latest on that. this is off of the original numbers. >> students may feel savings in the wallet but canceling student loans, $400 billion to the national debt, hawks are not pleased. >> there are other ways to do it. i can't answer when people call me and say we are given x amounts for this class. how about i pay my half. why my penalized? >> the congressional budget office says its estimates are not certain, progressives argue the cancellation of debt could fuel the economy as those who

carry student loans are not tied down economically but the plan illuminates savings incurred from democrats inflation reduction act passed over the summer. >> the white house was on track to start to make inroads into how to get control of the national debt. then it was a week later the white house pivoted back into the old habits of borrowing for everything. >> the debt forgiveness came as liberals push the president to cancel $20,000 in student loans with the flip of his pen. liberals defended the move. >> i think it is appropriate to tell a younger generation that in many ways has a standard of living which is lower than their parents what -- they wanted to go to college, i talked to people. it is insane. we need to help those people. >> chuck schumer doesn't agree

with the cbo analysis. schumer and other democrats want the president to cancel $50,000 in student loans. neil: thanks for that. let's go to steve sips, the legal foundation which is suing over this loan forgiveness plan. you have more availability with this latest breakdown of this. the president as you know is still going through with it. what do you make of it? >> the program is both blatantly illegal, the president does not make laws in the converse, congress make laws. and obviously the runaround congress and it is fundamentally unjust. we are talking about a massive transfer of wealth, half $1 trillion and think of the people who have paid their loans off, went to college, did

the right thing, didn't go to college at all, and they are all chumps, don't bother to make good on your obligations, wait for the government to pay that off. it is a horrible message in times like this, divisive times like this to send to the american people. >> he would seem on good legal footing, challenging this because when the president can move or alter spending initiatives but of course congress is the person and congress has a role in this, then i wonder, let's say it goes through and find a way to dispense the funds and loan forgiveness, you went in court, how do you call the money back? it is too late. >> it is, i don't have an answer on that and that is why we file the case today, we are

seeking a temporary restraining order which essentially is emergency relief asking the court to a halt this program immediately because it is illegal and once it moves forward, frank garrison and others like him, posing this program and the entire united states, they are harmed and the harm is irreparable, cannot be clawback. this is the kind of case we think the court should put a halt on immediately. neil: justice takes a long time, making the assumption the president gets this money out, it seems natural to think that others who owe money and might be behind on mortgage payments, this will set up a series of folks, more than just a legal genii out of the bottle.

it is a mess. >> this is right, this kind of thing sets, i would put it as a legal, political, and moral precedent. you are exactly right. what are people going to say who have been paying mortgages and behind other mortgages, tons of debt out there, the idea that you step in and cancel that is a bad idea but it is doubly bad when the president does this with a sweep of a pen because when it goes through congress you have those different people, different voices that chime in and talk to their representatives and express views and congress can make a decision, that is how the constitution is supposed to work, that's why the framers gave us a representative form of government, gave us a congress and it is difficult to get laws through so these things are deliberated and

debated and we don't create this kind of inherent the where would put it, socioeconomic and intergenerational conflict and that cannot be a good thing for america. neil: it is wild but we will see how this legal battle goes. senior attorney at the pacific legal foundation here, good news bad news on the homefront. homes are selling, not like they were but they are selling. the increase is also accelerating but they were. why that could complicate things in the federal reserve and you. ♪ ♪ ♪ ♪ ♪

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neil: you are fed up with the fed i guess but explain.

>> interesting way to put it. i been angry at the fed for two years on excessive monetary growth in 2020-2021 was inexcusable in my opinion and caused all the inflation and now they because all this inflation is i think they are moving too far in the other direction, you're reporter talking about housing data, sales were okay but the housing prices, the federal index went down by the most in ten years. case shiller did go down on a month-to-month basis. home prices are going down and this has lagged two months and accelerated over the last two months. i see inflation going down everywhere in the fed saying got to be titled longer. and drag this country into a deep recession. neil: jeremy siegel is a renowned professor of finance,

economics and what he is saying is essentially that the fed owes the american people their policy here and overdoing about a rate hikes and signs that it is already doing more harm than good, inflationary pressures are easing but not for all the right reasons as we are getting indications from neil who sits on the federal reserve minneapolis, not a voting member this year but next year saying the overall stance is tight, putting downward pressure on inflation and says the economy is sending us a lot of mixed signals contrary to what the professor said and a lot of increased inflation, still in the pipeline, the opposite what the good professor had to say so if you take him at his word as a nonvoting member now but a voting member next year this seems to indicate the federal reserve will keep interest rate hikes going at for those on the homefront that could be a mixed blessing a problematic one.

the latest on how that is going. >> absolutely right, this morning, deceleration was the word folks at case shiller used to describe their weakening home price index out this morning, 20 city home price index falling for the first time month-to-month since january of 2,019. more evidence the housing market is taking head wind, index down 0. 8% in july, slight gain in june, 0.4%, high home prices have been a factor in the slowing market, a welding issue for buyers, rising interest rate at 6.29% as of last thursday. year over year basics, growth in housing market soaring to 16.1% in july down from 18 in june and well off the all-time high 23% set in april for the index. even so on a year-over-year

basis some say this registers a big increase in prices including tampa, miami, dallas. talk about curious, new home sales up unexpectedly. july sales revised higher, month over month economists expect a decline in sales but they bought higher. back to you, what may have happened here, buyers facing interest rate loss expirations surging less they lose the lower rate. neil: while you still can. thank you very much, stephanie schmidt with us. good news from her front, i hear that among the prices, lumber prices are back down and the run up we saw with covid has dissipated. is that right? prices back the way they were?

>> i will talk from the commercial construction angle. in my 40 years in commercial construction i've never seen a challenge like we have right now. it is a perfect storm, and material cost of materials, supply chain issues and workforce shortages. for example construction materials are up an average of 40% from february 2020. neil: have you heard about construction materials, and all the other stuff that goes into homes is going through? >> steel is up 100%, petroleum 90%, concrete 22%, natural gas 458%. the problem is that hits us in

the materials we use to build our buildings and transporting materials to our projects. neil: a lot of business developers, confidence is the lowest it has been so i wonder if that is done over raw or overreacting, how would you describe it? >> i don't think they are overreacting. what we see, and the cost of doing work, astronomically up, and owners building projects that are important to the communities, higher education, education, housing projects, they cannot afford the budgets are well over what they predicted.

the confidence index is decreasing and working collaboratively, looking at innovative solutions. we are an industry that builds america, facilities for communities, stalled or canceled completely. neil: you see how it feeds on itself. it is not too great. 600 point swing. now down 200.

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>> 4, 3, two, one. gosh. oh, wow. >> confirmation and we have impact. neil: they were happy their rocket crashed into that asteroid. this will come in handy in the future if an asteroid or other body is coming to the earth to destroy it like the dinosaurs experienced, this could conceivably be the hope for the future that we can dislodge said asteroid and not have to worry about it. there has been reaction from a lot of folks. please tell me charlie gasparino was on that rocket. unfortunately no. charles: use on my head just explode there. this wasn't an avatar.

neil: that is pretty bizarre. that's on the cool side. charles: i have reservations tonight and if an asteroid is coming i won't be able to go. i have some skin in this game to prevent the asteroid from hitting. so does elon musk. neil: i see what you did, brilliant. charles: i wanted to pivot to jeremy siegel who is out of his mind, but equally, a little bit of an iconoclast is elon musk, his trial is set to begin to try to back out of the twitter deal which he wanted for $44 billion and i don't think i want to buy it anymore and all these blocks, he figured out there is bots on twitter and goes to a delaware chancery

court, 5 week trial in october. everyone is watching this including the wall street trading community, twitter is down a little bit today but if you look at one month chart, it is green over the last month and one of the reasons why is traders that bet on the outcome of these mergers betting that elon musk will lose the case, have to spend a lot of money, with significant fine, it will be a settlement to twitter dragging him through the mud and yanking their chain or he might have to buy it out so the community is betting. i talked to several of them today and asked them what do you think of the whistleblower claims?

peter that go has been before congress and says twitter is hiding the bacon, they are still unconvinced by that and the reason is the simple fact that elon musk could have done do diligence and he chose not to and in that do diligence process could've talked to him and a lot of people and demanded more information and chose not to and in this, full steam ahead and publicly declined to do due diligence. these are wall street arms, billions of dollars on line but they are betting elon loses, and still betting he loses and has to buy it outright because of how it laid out and they don't think the whistleblower moves the needle. the whistleblower stuff, what

do i know. as i am speaking the market is taking a leg down. neil: it happens. could be disappointment if you weren't on that rocket but you are the best. neil: jeremy siegel criticized the federal reserve and overdoing the rate hikes. charles: he's a very smart man. and very interesting, compelling on tv. where was he when the fed was printing all the money? charles: he was against it, long track record, the fed over dozen on both ends. could be more receptive and kind. and understanding. charles: that is why i'm not on that rocket. charles: some people praying for that. neil: you are the best.

hillary vaughan, when it comes to chasing people, doesn't matter, the best at that and trying to follow the capacity of developments, leave it to hilary to say how much does this cost? it is out of control. it is a record. shouldn't shock us but a big record. >> a big record, to the midterm election on track to make history, for the historically huge amount of money on political ads. the group impact indicates $6.4 billion spent this cycle already blowing past what was spent in 2018-2020 elections, in the midterm cycle could hit $9.7 billion which would make it the most expensive nib midterm election ever lose the

supercharged spending signaling how much is at stake for both parties, democratic groups focusing their ad dollars making abortion the number one issue nap analysis found democrats have spent 124 million this year on ads referencing abortion, 20 times more than they spent in the 2018 midterm election. >> number have been talking about abortion which that is why we have to win this midterm. >> democrats warning about abortion ban, and republican say democrats want abortion with no limits. we have been asking some democrats if they would support any restrictions on abortion. i asked congresswoman alana omar if she would support restrictions on late-term pregnancies at 38 weeks or 35 weeks. >> whether i believe there should be restrictions or not has nothing to do with it. people should be allowed to make decisions about their own bodies. >> what about 38, 35?

>> all we are saying is people have the right to decide for themselves and have those consultations be made with their families, their doctors, you or anyone else should not make those decisions for them. >> democrats are putting all their money on abortion as an issue republicans are putting a lot of money highlighting crime as an issue. the past 30 days republican groups have poured $20 million into campaign ads that highlight high crime. neil: she's talking almost twee 8 months into a pregnancy. >> i talked to her. if you have 60 seconds, i asked no limits on abortion, what about abortion at 40 weeks, which would be full term. she admitted that would be killing a baby which is why i followed up and said what about 38 weeks, would you support

restrictions on that? if you are admitting at 40 it is killing a baby but she responded saying still no matter what she personally thinks she thinks it is up to women and their doctors to make those judgment calls. charles: you are in a late 7 months, almost twee 8 months versus full term. all right, thank you very much. wild stuff. sometimes we get numbers left and right, that number, that number, a little more after this. you love closing a deal. but hate managing your business from afar. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire period. he

♪. neil: the president just wrapped up a speech outside of the white house now outlining his plans to reduce health care costs part of the measure of inflation reduction act that will have medicare negotiating prices en masse, cutting to the chase that will bring down a lot of costs. even if it were to succeed, a lot of critics say it would be years off. small part of overall inflation rate, concerns it is running out of control is why we're down as much as we are, the dow off 264 points. again the federal reserve is seeing no signs at this point all those rate hikes that we have seen effectively

quadrupling them from the beginning of the year or by the end of the year have done little to put a dent in the price runup. again it is in the eye of the beholder. corner of wall and broad the selloff ensues because there doesn't seem to be any end in sight for the rate hikes. what is odd, before we got data that was surprisingly stronger than expected here, we were up about 400 points on the dow. interest rates continued backing up. we have a 10-year note in and around 4%. you know the drill. stocks get drilled big time. we'll have more after this. ♪

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♪. >> there is still uncertainty where that exact landfall will be but just understand the impacts are going to be far, far broader than just where the eye of the storm happens to make landfall. in some areas there will be catastrophic flooding and life-threatening storm surge. there will be interruptions in things like power. there will be interruptions in fuel. maybe interruptions in communications. we have 5000 national guardsmen that are act very activated. we have 2000 additional guards men from other states.

neil: governor desantis making it clear for florida's 24 million residents in the path of the storm one way or another, indications at white house they are ready with help as needed. edward lawrence on the latest he is hearing about the federal preparations for this as well. edward? reporter: neil, as you know the fema administrator was here in the white house at the briefing room briefing reporters on all of this. we can tell you ron desantis there, he has not spoken to the president. the president has into the called the governor of florida. the fema administrator said there is no gap in coordination of that. the president said he called mayors of clear water, tampa, st. petersburg, which could be on the northern around of that cone as the hurricane appears to be turning toward that area. the fema administrator said it will likely hit between tampa and fort myers, florida, on that western side. that is where they're focusing their attention. fema staged equipment around the

state of florida as well as fuel so that prompted me neil, to ask if the reserves, strategic petroleum reserve at the lowest level in 37 years. so i asked the fema administrator if she is concerned what her level of concern can we handle an emergency? she says this one is fine. they can handle it. they will reassess the level of that strategic petroleum reserve after this to find gaps to plug in when they're done, neil. neil: wondering this is much bigger than your normal state dealing with something like this. florida, third, fourth most populace state of country. whole state is under this for the time-being. one way it will be felt everywhere. are we up to speed on that? reporter: that is it one of the questions asked to the fema administrator. they're proactive. they're staging in miami right now. they will see some wind, some rain, not the full force of the

hurricane as well as staging in the northern part of the state to come at resources from both sides. they have equipment in place but she is urging everyone to get out. she says that don't be complacent in her words because you've ridden out some storms. this area, that tampa region has not had a direct hilt after hurricane in more than 100 years. people may get complacent to ride this one out. she said get out while you can. neil: i am curious too, did they make any reference what is going on in the markets again today, fears of inflation? that was ongoing as you were at this thing, less of an issue but any reaction at all? reporter: not on inflation today. they were concerned related to the hurricane. you have the gulf, the gulf of mexico is a big producer of oil for the united states. so the rigs are not being shut down as of yet i'm told but they are watching where this hurricane is going to try to make sure it doesn't take a turn back. they do have to stop the oil

rigs from going but as far as inflation goes you know the governor obviously warning about price gouging. the white house is also watching price gouging, neil. neil: gotcha. i tried to stump you edward i couldn't do it. better luck next time. at corner of wall and broad we were up 400 points. so about a 650 point swing. to charles payne to help you. charles. charles: neil, fear of the fed is real. wishes go out to all the folks in florida. thank you so much, neil. good afternoon, everyone, i'm charles payne, breaking right now. another head fake and more of it as fed is afraid of the fed. powell and company should not take it as compliment. jawboning is working, working maybe more the wrong reasons. this begs the question is jerome powell really for the common man? how much should we fed is for main street when they were created to serve big banks? ralph bostick says the