we need supply side reform. so instead of whining about saudi arabia not pumping as much oil as the white house wants, the president needs to go for a drill baby drill strategy in the united states right now. maria: he's not going to do it. he can't. the overlords of the progressive party will get mad at him. >> well, sounds like we need to change in leadership through our political process. dagen: how about voters getting mad? how about voters mad as hell because their standard of living is in decline? maria: and i'm not going to take it any more. dagen mcdowell, michael lee, and james freeman, great show good to see you all. we'll see you tomorrow, same place same time have a great day , everybody. keep it right here "varney" & company picks it up. stu, take it away. stuart: good morning, maria, good morning, everyone. it's all about inflation that moves the fed and moves the markets and yes we all feel it. today it's prices at the

producer level that is prices paid by businesses up 8.5% over the past year. that is up from the previous month's reading. month-over-month, producer prices went up .4%. the previous reading it actually showed a decline. this is really important because it shows the pace of inflation. at the producer level it appears to be speeding up. my reading of all of this report is inflation is still running hot. i'm quite surprised at the market reaction, however. it's kind of mixed. the dow up about what, 30 points , nasdaq up maybe 40. that's not a very strong reaction to what i think of as negative inflation numbers, but now look at interest rates on the rise. the 10 year treasury getting awfully close to 4%, 3.95 at the moment, and the two year coming in at 4.31, so, interest rates up there. let me show you real energy price inflation. oh, watch out truckers. diesel now averages 5.16 that's

up $0.04 overnight and a whopping $0.30 in a week. the price of gas unchanged today at 3.92. california is down a little 6.24 governor newsom still blames big oil. politics, the president sat down for an interview with the new look cnn, not much different from the old look cnn. biden said, "a very slight recession is possible." he said he didn't beg the saudis for oil, but the wall street journal reports this morning, that his aids did at least plead to hold off on production cuts. jake tapper did not ask a single question about the migrants or the border and there wasn't much about crime either. gee, i wonder why. cognitive ability has become an issue in the pennsylvania senate race. democrat john fetterman had a stroke earlier this year in an interview an msnbc reporter suggested he had trouble with words and following what was being said. we'll have more on that for you. question? do you have an original iphone

from all the way back in 2007? it has b to in its original packaging and unopened. we found one up for auction with a price tag of $35,000 or perhaps even more. wednesday, october 12, 2022. "varney" & company is about to begin. ♪ and here we go, one more time, everybody is feeling fine, here we go ♪ stuart: here we go, okay, good morning, everybody. president biden sat down for primetime interview with jake tapper on cnn last night. good morning, lauren. lauren: it was a very confident biden who praised his son, his record, and talked down recession. >> i don't think there will be a recession. if it is it'll be a very slight recession. think about what's happened. we have done more, we're in a

better position than any other major country in the world economically and politically. >> so you think democrats have something to run on? >> oh, i think we do. i know we do and here is the contrast. we know, what's the republican platform to run on? lauren: crime? stuart: [laughter] lauren: jake tapper didn't mention it and the border was not mentioned once which is crime. stuart: i hate to be pajorative here but i wonder if there was a deal done. biden goes on cnn if cnn says oh , we won't ask you questions about the border. lauren: the timing is perfect. stuart: a real charge of unprofessional behavior. lauren: with the new lineup, and the mid-terms just weeks away, perhaps. stuart: that's what i think anyway. i'm sticking to my story. here is that clip of biden warning the saudis. roll it. >> do you think it's time for the u.s. to rethink its relationship with saudi arabia? >> yes, and by the way let's get straight why i went. i didn't go about oil. i went about making sure that we made sure that we weren't going to walk away from the middle

east and what was going on, but we should, we should, and i am, in the process when this house and senate gets back, they're going to have to, there's going to be some consequences for what they have done with russia. stuart: jason chaffetz with us this morning. jason, the president begged the saudis for oil and that didn't work. he's now threatening the saudis. will that work? >> um, no, it's not going to work. he doesn't come up from a position of power, unfortunately imagine if president biden would take that same passion to increase oil production. if he did that here in the united states of america, we would have solved the problem. inflation be better. the world be better. remember what the world looked like in the middle east under donald trump. things were much calmer, peace was abundant, and we were you nighted against iran. unfortunately, that's not what this president wants to do. the sub-text here is he wants to deal with iran in the saudis

don't like it. stuart: got it. next one, a new report from politico. it says the white house wants to downplay president biden's 80th birthday, which happens to be next month. looks like the white house knows his age is a problem, jason. >> yeah, i don't engage in age ism. there are a lot of sprite people in their 80s. joe biden won't be one of those people. it's the lack of cognitive, it's cognitive decline. you wouldn't want to get on an airplane that he's flying and a lot of people are worried he doesn't have the ability to run the country. you only see him down in the white house about two hours a day, according to insiders there, and his rapid decline in cognitive capability will continue to be an issue. stuart: we're going to leave it right there. jason thanks for joining us we'll see you again soon, i promise, thank you. let's get to the wisconsin senate race. lawrence jones is actually in wisconsin. hey, lawrence, it's a very tight

senate race between democrat man della barns and republican ron johnson. what is the state of play and what are the big issues there? lawrence: that's right, good morning, brother. i had a fascinating time with the folks here in wisconsin. getting the really lay of the land and what issues matter to them. like nationally, stu, the top two issues are inflation and crime, but crime is really taking center stage here, because mandella barns who is the current lt. governor whose running for senate as you noted earlier wanted to defund the police, wanted to release criminals back on the street, and as a result of that, when you had the political pundits and consultants saying this race was over, ron johnson is now up by four points, so again, crime is a major issue. also when you look at the shut downs they really are upset with the democrats in how they ran the state. this is why you see evers now in a dead heat right now in his governor's race. stuart: so ron johnson, senator

johnson, is up four points in that race in wisconsin right now that is the state of play. lawrence? always good to see you in a din er. we see you again soon, i hope thanks a lot, man. lawrence: thank you, brother. stuart: i love it when he says thank you, brother. let's get back to the inflation report. it is very important. it's the producer price index. lauren: uh-huh, it shows inflation pressures are still in the pipeline. eventually being passed on to consumers, that's the number we get tomorrow so you're looking at it, this is at the producer level prices rose .4% month-over-month and 8.5% on the year both more than expected what else is going up? mortgage rates now at a 16-year high. stuart: where are we now? lauren: 6.81%. as a result applications for mortgages fell 2% last week, fell 39% from last year, and activity in the housing market is now at the slowest pace since 1999. one example, because interest rates have a lagging effect on

the economy, they've hit the housing market. last year, if you had $2,000 a month to spend, on a mortgage, you can afford a $500,000 home more or less. now, that same 2,000 gets you a $330,000 home. your affordability has been completely squashed. stuart: times change rapidly at this point as well. thanks, lauren. check futures again please now we've turned mixed. the dow is down 30, the nasdaq is struggling to hold on to a small 9-point gain. shah gilani with us this morning look, i thought that that producer price index was very negative for the market, because it might seem to point the way towards a bad consumer price report tomorrow but i'm not see ing a particularly negative response on the market so far. what say you? >> i think what's holding up the market so far, stuart, is the idea that globally, econom ies aren't doing well and that's going to translate into u.s. economies starting to slip and moreover probably in more

than likely i think possible, some sort of systemic hit somewhere will cause the fed to pivot and that's what the markets are hanging on to. that's why they aren't sinking on the producer price news and tomorrow when the cpi comes out it's expected to be about 8.2% year-over-year according to the cleveland federal reserve's inflation now statistics which are pretty accurate. so that's a negative and we'll see how the market holds up there. i think it'll probably sink a little bit and if we get worse than 8.2 the market can drop 5% in a couple of days but the only thing that's holding up right now, stuart, really, is the prospect that the fed, at some point, is going to have to pivot because things are starting to break. stuart: so the pain suffered by investors and the economy is so nasty that people will think that the fed will ease off on its aggressive tightening. that's the theory here, is it? >> no, it's not so much what we are feeling, what the market is

feeling in terms of the equity markets sinking and making new lows, it's what could happen to a major hedge fund. a big bank. what could happen to a system here in the united states, a financial system, or some under pinning whether it's a clearinghouse or something, as opposed to everything running smoothly, because if you look at what's happening right now, currently, in the united kingdom , we're seeing a systemic hit to the economy based on ris ing rates and i think investors are thinking the bank of england can't step back from what's just happened and they're saying they are going to step back, because then the pension system in the uk is probably going to collapse, so everyone is looking towards the u.s. and saying the fed can't do what the bank of england is doing. they are going to have to step up if things get weaker here economically they just aren't going to allow the economy to sink based on some financial structure imploding. stuart: shah gilani just didn't

seem really keen on jumping back into the market at this point. i don't think you are. we'll so see you again soon. futures, there's not that much going on dow is down 30, fractional gain for the s&p and the nasdaq, god bless you. lauren: thank you, i apologize. i tried to hold it in. stuart: coming up lauren, the view's dismissed inflation and immigration concerns, watch this >> i reject the framing that the issue here really is about immigration, and that the issue here is about inflation, because that's a republican framing. stuart: [laughter] we'll tell you what the she thinks the main issue really should be. if republicans take back the house, they plan to target obama era officials with a hunter biden investigation. ohio congressman jim jordan is here and i'll ask him who he wants to investigate. that's next. ♪ you've been hit by a smooth

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♪ stuart: is this ready or not? that is oh, "boom", got it. that's dayton, ohio, 62 degrees. little cloudy right there. if you like the music we play on the show follow us on spotify. lauren: like this? stuart: search "varney" & company or scan the qr. you don't like this one do you? that's a qr code. lauren: got it. a lot of people scan that. i got the numbers yesterday. stuart: really? lauren: uh-huh. i'll tell you later. stuart: well that's very good. check futures, why not? we turn south for the dow and not much change for the nasdaq

or the s&p. there you go, but we do have new revelations from the john durham investigation of the steele dossier. what's this about the fbi offer ing money to christopher steele? lauren: an fbi senior official testified that christopher steele the author of the infamous opposition research with allegations of selacious misconduct between the trump campaign and russia was offered $1 million to validate those allegations, and this agent, his name is brian au ton, said steele couldn't do that. steele, the fbi used the dossier , to get a warrant to surveil trump campaign aids like carter page. stuart: got it. i do understand that. it's complicated but i've got that one. let's bring in congressman jim jordan, republican from the great state of ohio. what do you make of these new revelations, jim? >> well, remember, stuart, the fbi was paying dan chenka, the guy on trial right now, lied to the fbi, so such a deal for the taxpayers. we're going to pay someone to lie to us. he was the primary subsource for the steele dossier , which of course they

used to go get the warrant to spy on trump's campaign. the dossier they knew was false, and christopher steele we now learned they were willing to pay him to validate something they already knew was false. i mean, you can't make this stuff up, but i think it just underscores how out of touch and political the fbi has become. you couple all that with what we now have had with 14 fbi agents coming to us as whistleblowers, what the they did when they raided president trump's home, taking the phone of a sitting member of congress, kicking in the door of a pro-life leader, arresting him in front of his wife and seven kids, on and on it goes, so this just i think further validates what the we all know, which is the fbi is purely political now, going after their political opposition stuart: that's shocking. now, if the gop retakes control of the house in november, you become chair of the judiciary committee. whose the first person you're going to investigate? >> well, we got to look at what's happened on on the border we went from a secure border to

no border so everything going on there is critically important and what i talked about this political nature of the fbi this is the same fbi who we learned a year ago was using counterterrorism measure to spy on parents so that has to be investigated as well. not to mention the fact that two years ago, about this time, in october two years ago before the most important election we have, 51 former intel officials wrote a letter saying that hunter biden laptop was russian disinformation. we know that's not true. we knew at the time it wasn't true but 51 former intel officials write that letter which became the basis for suppressing that story, which we all know had an impact on the election. maybe if they don't do that, we don't have joe biden as president and if we don't have joe biden as president, we don't have record crime. we don't have a border that's no longer a border. we don't have a 41 year high inflation rate. we don't have $2 gas that went to $5 gas. we don't have the fbi attacking your first amendment, second amendment, liberties and being weaponized against us so that's critically important.

i want to know what those 51 intel officials, what they were basing that letter on. we need to find that out and so those are people we need to talk tok figure out and get to the bottom of that story that was completely false. stuart: you can do it if the republicans retake the house in november. one last one. what do you think of the jake tapper interview with the president last night where not a single question on the border was asked and those pressures with long crime. what about that? >> yeah. well, i mean just typical for the mainstream media. that's just how they treat democrats. it's a whole different standard but i do think this election cycle, this campaign is really about four issues plus freedom. it's about we went from a secure border to no border. we went from stable prices to a 41 year high inflation rate, from $2 gas to $5 gas and from safe streets to record crime and in addition to doing all that to american families and communities and to your pocket book, they have also come after your first amendment rights second amendment rights due process rights and they weaponized government against us

and then just think about this. the only person whose retirement plan has increased is dr. fauci. everyone else i talked to, look at your 401 (k). everyone else is going down in the last two years. the only one whose went up is dr. fauci. i think that weighs on people's minds as well, so that's why you see all our senate candidates doing so well. i was in wisconsin last monday night with senator johnson. he's winning, laxalt is winning, dr. oz is close, jd vance is winning so i do think you're feeling this momentum in our direction which is such a good thing and i do think in 27 days, republicans are not only going to take the house we're going to take the senate. stuart: you're going to be very busy if you win. jim jordan always a pleasure. come see us again soon, thank you, sir. lauren simonetti back. i want to know what president biden said last night about his son, hunter. lauren: look, he's first and foremost a father and he's proud of his son, he said hunter is on on the straight and narrow, i'm quoting there, but he also downplayed potential charges that hunter could be facing.

>> i'm proud of my son. this is a kid who got, not a kid , he's a grown man and he got hooked on, like many families have had happen, hooked on drugs he's overcome that. he's established a new life, so i take confidence in my son. i love him, and he's on a straight and narrow and he has been for a couple years now and i'm just so proud of him. lauren: and i just kept thinking about all of the drugs, the deadly fentanyl coming across the border more than 100,000 americans have died, because of it, in the past year. wouldn't you think that president biden would use that as a way to close the border and stop the drugs from coming in? stuart: wouldn't you think that jake tapper would ask a question about it? lauren: that too. it's just mind boggling sometimes. stuart: it is actually when you look at it. quick look back at the markets where are we going to open? a little bit higher on all of the major averages. the opening bell is next.

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stuart: three minutes to before the opening bell and we've got a modest tiny gain for the nasdaq and the s&p, a tiny drop, no we just went up, eddie ghabour with us. you have been out of the stock market for a long time now but i understand you may have started buying something. is that accurate? >> it actually is, stuart, so don't fall out of your chair but last week i told you that if we got a hawkish number in the labor market which is what we expected that we would hit new lows and yesterday morning, we hit a downdraft. we bought some healthcare. that was the playbook that we had that i shared with you last week. i want to stress this. this is a trade. this is not a long term buy because the trend of this market is downward over the next six months but we felt like we're oversold right now in this market. there's a lot of pessimism and

could potentially get another downdraft of the cpi data tomorrow. we would buy that again. again as a short-term trade, but i'm amazed at the amount of e-mails and calls i've gotten with investors that have lost one-third of their assets. the only way to play this market in my opinion is have a lot of cash, trade in and out of positions, because we're going to hit multi-year lows next year in my opinion. stuart: so we're still heading south. at some point we still head south from where we are now. >> we are. it's an unfortunate reality. look, this is something that's happening globally, okay? and the dollar just continues to strengthen, and with the problems in europe, think about these mega cap tech companies. they haven't taken a 50% hit yet like a lot of the other smaller companies have. they have a tremendous amount of exposure to europe, so you have a recession there. it's a deep recession. you've got a strong dollar. earnings revisions have to come in and look i want to stress this. everyone is begging for a fed pivot. the fed pivots when everything

has started to get to a point where it's broken. they come into save the day, so by the time the fed pivots, we still have more downside after that. that happened in 2008, it happened in the tech bubble burst and this is bigger than both of those because of the market cap of money that's ban lost by investors. stuart: well eddie i'm not going to argue with you because you have been right so far this year i think you've saved your clients a lot of money. didn't make me very much money. you just killed microsoft, but that's another story entirely. >> i tried to help you, stuart, i tried to help you. stuart: you're a good man. thanks eddie ghabour, you're all right >> [opening bell ringing] stuart: when you see them clap ping like that you know it's about time to start trading and we're looking for just a tiny amount of green at the opening bell. i'm surprised of that because i thought that inflation report was negative. it's kind of hot inflation. >> but it's down from march

when you had wholesale hitting 11% so you go with the trend. 8% from 11% i think is pretty significant and as you know, you go with the trends and the trend is down right now. stuart: what about the month-to-month trend. that's up for producer prices, signaling higher consumer prices , not tomorrow, but in the next few months. i thought that was a negative. >> i don't know. it did come in hotter than expected but it depends on how you look at it. stuart: entirely. we're off and running the dow is down 36 points, and there's only a few winners on that list of dow 30, the s&p is down a fraction and the nasdaq composite is also up a tiny fraction. let's have a look at big tech the damage is absolutely awful. apple 139, amazon 112, meta all the way down to 127, alphabet 97 , microsoft is at 224. now, pepsi, they reported before the bell today. >> yup. stuart: they are up the stock is up 3%. what's the story? >> it also tells why some companies are trading higher today as well so great results from pepsi, and this means that

companies that can continue to raise prices in line with inflation and keep their sales growth, you're getting rewarded in this market. sales jumping 9% and that's despite the fact that volume sales dropped in frito lay so people are more health conscience not buying chips, still drinking pepsi and this tells you that pepsi, despite the fact that you have volume sales declining they are charging more and that means consumers continue to buy, so they raise their forecast for this year, in a high inflationary environment. pepsi says the consumer is very healthy in their view, and oh, by the way this adds to lvmh's results yesterday because that really woke up wall street. did you see that? high end luxury retailer, they said sales were accelerating and recovering in asia, in a slowing growth higher rates, high inflationary environment and oh, by the way that's good news. the takeaway good news for apple , other retailers that people are still willing to pay up for as they continue to raise prices. stuart: you got pricing power, you're a winner. >> exactly and lvmh, i was

looking at the margins they are basically a saas software company with incredible margins of 30%-plus because that's what apple makes on their services and devices stuart: i thought they were just a luxury goods item. they are, they are selling for their bags and items for at least four figures but how much do you think it costs to make those items? and the difference, i think most of that is marketing right? stuart: i've got it. okay, you've gotta tell me about meta. zuckerberg came out with that new virtual headset. seems to me like he's bet the farm on this and the stocks not doing very well. >> so i was watching the entire meta connect events and thinking about you because at some point, it went full avatar, so people that were just virtual and they announced this new quest pro reality headset, $1,500 is the starting price so not exactly for mass market. it's more for business enterprise, not meant for average folks. you have microsoft ceo making an appearance because microsoft will be working with meta on the

business software capabilities, and overall, i would say there was some cool tech right? a lot of folks there are doubting that this kind of new computing technology will be mainstream for sometime, and i was thinking about somebody like you, looking at this , given that meta's plowing in $10 billion-plus a year into these virtual reality headsets. the stock is down. when do you think somebody like you will be putting on one of these virtual reality goggles? when do you think it'll go mass market? stuart: you said that with a straight face. [laughter] >> no i'm trying to figure out the next computing technology in the next 10-15 years. stuart: i'm not an early adopt er, obviously. >> no [laughter] stuart: unlike adopting the goggles. >> but do you see this technology going mainstream in 10 years? stuart: i don't understand it. if i don't understand it, i'm not going to invest in it and i'm not going to try to explain it. do you understand it? >> i do. stuart: do you think it's a real big deal? >> yeah, i was having this debate yesterday with younger folks, and i think the younger generation, of course you'll grow up with this

type of technology like those that grew up in the internet age, but for average folks like you and maybe those over the age of 50 i don't think so. stuart: my grandchildren i'm sure will be delving into this big time. intel laying off thousands. i don't get this. i thought the chip business was doing extremely well. >> yeah, so again, chip business is doing extremely well not for personal computers which is unfortunately where intel has made their money and their legacy and they missed the mobile boom, right? so thousands of job cuts according to reports because of the slow down in pc sales and this comes a few weeks after president biden was in ohio touting that great intel $20 billion investment to build-out a few of those plants in the states, but also remember that intel is also being subsidized by that $50 billion chips act. as for the business itself, it's struggling because as i said to you, personal pc's are slowing and they missed that mobile boom , so for companies like intel and amd, bit of a headwind there.

stuart: it's more of a dividend player at the moment. >> correct, yes. stuart: i presume is safe. >> which you actually pointed out. i think it pays about 4% now all of a sudden. i never thought of intel as a dividend play until now, where the business is struggling in order to keep their investors happy they have to pay out more which to me doesn't indicate growth by the way in the business. stuart: understood entirely. quickly, yesterday, uber and lyft, the so-called gig economy stock they just fell out of bed. they were slammed. today? what's the story? >> okay so a bit of recovery here because you had lyft and doordash hitting record lows, and the reason is because you got an upgrade, a brave upgrade from gordon has kettering this morning upgrading lyft to a buy, believe it or not and they didn't give a price target but they are saying it's attractive ly valued right now improving drivers apply other factors as well, but you saw yesterday where there was a warning that these companies could be hit by 20 to 30% off their business. now this is just a preliminary

proposal. there could be some negotiations it's not a done deal but you can imagine they went through this in california with ab 5. remember that struggle and that ballot vote? this time around they are still negotiating with the white house , but we'll see. it's not a done deal. stuart: we'll have more on this later in the show. >> but look at uber technolog ies? remember it ipo'd at $42. you're only getting 25 right now stuart: ouch. such a great company in my opinion and what a brilliant idea. >> but didn't lyft go out at $72 or something? stuart: it was way up think i remember that. >> so wow almost a tenth of the stock. stuart: we expanded our timeframe there. we gaveled on but i think it's okay. >> great, we gaveled. stuart: susan you're all right check that big board, up 45 points. not that much of a gain. take a look at the dow winners headed by coca cola, walmart, proctor and gamble, apple is on there and so is disney. s&p 500? >> coca cola think about this , pepsi, coke, some of these old school type of plays. stuart: yes, yes, nasdaq winners

, no, s&p winners moderna , nice gain, pepsi, top of the list of nasdaq winners now up 3.25%. coming up, a new op-ed warns democrats that "the red wave is coming." liz peek wrote that and she's here to make her case. the world's richest man elon musk, yeah, another musk headline. he's launched a perfume. yes, you heard that right. it's called "burnt hair." he says he's already sold a million dollars worth of it. >> what? stuart: okay let's get into that we're just 27 days to the mid-terms. a reporter for msnbc expressed concern over democrat senate candidate in pennsylvania john f etterman's health. roll tape. >> just in some of the small talk prior to the interview before the closed captioning was up and running it did seem that he had a hard time understanding our conversation. stuart: okay we've got a little bit more on that later in the show. he says he's fit to serve as a

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stuart: all right we are what, 12 minutes in. dow is up 60, nasdaq is up 23. pennsylvania senate candidate john fetterman touts his success as mayor of braddick, but lauren the residents have a different story? lauren: you know, most residents describe him as having the celebrity appeal. i think he does, right? he brought an upscale restaurant, superior motors, set it up in an old chevy dealership in that town. both are now closed. that's cool. he put braddick on the national map and did late night tv about it, as he tries to work his way to washington but reality is biting because this former city has not even 1,700 residents, it

used to have 20,000. people continue to leave because they can't find work, even the local hospital and the 600 jobs it had closed. the streets and crime is speaking and you look at data between when he was elected in 2005 and 2018 so before covid. crime actually rose in that city , so what, he has the celebrity appeal. he has the dates of all of the residents that died of violent crime tattooed on his arm, along with the zip code of the town. but look at the numbers. stuart: does that make him attractive or a celebrity? he's got rich parents. that's what he's got. got to listen to this one. an msnbc correspondent dasher b urns says john fetterman is suffering from auditory issues after his stroke. listen to this. roll it. >> we had a monitor setup so he could read my questions, because he still hasslingerring auditory processing issues as a result of the stroke. you'll hear he also still has

some problems, some challenges with speech. just in some of the small talk prior to the interview before the closed captioning was up and running, it did seem that he had a hard time understanding our conversations. stuart: kellyanne conway joins me now. kellyanne, his health i think should be a big concern for voters but in the polls it's a dead heat. what's going on? >> it is a big concern for voters, and it ought to be. he's not transparent about his medical records, and look, if you're not bothered by john fetterman's obvious unfitness for this job, united states senate, which takes a great deal of focus and energy, then you ought to be upset that he's lied about it. he was off the campaign trail for months. he obviously has so much to hide , and the people both excusing his conduct in this interview and it's hacking the reporters, stuart, because

she works for msnbc and nbc news, they presume she should be helping john fetterman and trying to elect democrats. that's not her job. she's one of the few mainstream media reporters out there doing her job between her and a c cbs reporter ed o'keefe last night on twitter calling out john fetterman saying pennsylvania doesn't this trouble you, he got attacked. another hispanic reporter said hey, ed, you're hispanic you need to do better especially since its been a rough week for us. i think he's referring to the racist comments by la councilmembers in california. listen, their job is not to get dr. oz, is to get the story and the story here is the complete lack of transparency, hypocrisy and out right lying of john fetterman now if his health doesn't bother you, and it should, his records certainly should disqualify him. stuart, here is a guy who has the number two, across pennsylvania, lt. governor, missed about 33% of all of the

required meetings that he had as presiding member over the state senate. he never really missed a pardon boards meeting though. they was always there to make sure criminals got back on the street. he's pro-criminal, anti-fracking and energy-rich pennsylvania. his salary this year of lt. governor is triple that the of the average household, he has a private security detail and he's being taken away when he debates oz we'll see the real deal and he does have something out of the back of his neck. people ought to know what that is and stuart, last point. all these arm chair psychologist s who don't have medical degrees diagnosing donald trump from afar, this reporter was in the room with john fetterman. she was interviewing him telling us all what she witnessed which is this guy could not process information. he's staring at a computer to get to just answer basic questions about himself. stuart: i just don't see what or how the polls are the way they are. we just put on the screen we just put it up that fetterman is

leading dr. oz. >> i don't believe that. i don't believe that. stuart, i don't believe it for this reason and by the way -- stuart: that was september 22 to september 30. that's ancient, we should get that off the screen. i've seen polls where it's now a dead heat. that's what i don't understand. here is the guy anti-fracking in a state which lives on fracking for heaven sake. he's got a health problem. i don't get it. i don't get this. >> so stuart, i have an op-ed being posted on foxnews.com in the next two or three hours, and it talks about the problem with the polls, and you will see in that op-ed, i'll preview a little bit for you. in 2020 five senate races were all wrong for republicans. joni ernst in iowa, steve danes in montana, tom till is in north carolina. susan collins never had a public poll, lindsey graham won by 10 points these weren't squeekers but the polls show them losing

or not winning as they did. i think in all of these states, stuart, you're going to continue to see both the republican democrat candidates within a few points of each other and under 50%. that's bad news for the democrat s, because they need to be well-above 50%, republicans are enthusiastic to turn out, largely because of what you just said. people know we're in a recession doesn't matter what joe biden lies about. people know energy independence is gone. they know they feel insecure, unsafe, and life is unaffordable stuart: kellyanne, i'm out of time but that was a very good explanation of the polls. i will read that op-ed. thank you very much see you later. thanks a lot. >> thank you, stuart. stuart: let's don't forget to send in friday feedback. e-mail questions and comments and critiques and anything you like to "varney"viewers@fox.com. the mayor of new york eric adams , whoa he's really angry at city council members who refuse to house migrants in their districts. roll tape. >> everyone is going to see asylum seekers. this is a city-wide crisis and

all of us are going to be impacted. no one gets a pass during an emergency. everyone must do their share. stuart: will cain is going to join us shortly. he's from texas. we're going to find out what he thinks about texas busing migrants to the big apple. ♪ we're all in this together and we can make our dreams come true ♪ a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

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stuart: producer prices up 8.5% in the last 12 months. to me that sounds like inflation is still running hot. let's go to edward lawrence. edward? you've got the full report. take us through it. sounds hot to me. reporter: yeah, it does, and that shows it's higher than inflation. cpi inflation so there's pressure for companies to pass that cost on. you know out of messaging at the white house we're hearing this beep, beep, beep and it's not that construction truck down there. a year ago the president way sag ewith would not be in a recession. about three months ago, the messaging changed, to we would not likely have a recession. now, it's possible there could be a recession, but it be shallow. listen to the president. >> we just said that it's a slight recession is possible. >> it is possible. look, it's possible. i don't anticipate it.

what i do think, look, we talk about the impact on families. the families are, they have reason to be concerned about energy prices. they have reason to be concerned about a whole range of issues. reporter: well the international monetary fund director of research says the u.s. economy will stall next year. the imf in a new report released says inflation is the reason we could have a global recession. you could see what happened in the u.s. to inflation, under president biden. so i had one simple question. so i'm wondering if the president bears any responsibility with his policies for the inflation and what they're calling a stalling economy. >> okay, we got to step back here and look at what the president walked into here, right? when you think about the , we've been here for about 20 months. when he walked in, businesses were closed. small businesses were closing down. schools were not open. why did this all happen is because of the global challenges that many countries, countries

ink across globe have been facing. reporter: that's a very long answer for basically no. they don't feel like the president bears responsibility and no change in policies, no pivot from this white house. stu? stuart: okay, edward, we'll leave it right there. okay, check the markets we're in business for 25 minutes, the dow is up 76, the nasdaq is up 17, despite what i think is a hot inflation report. markets going the other way. still ahead, kt mcfarland, arizona congressman andy biggs, martha maccallum, and lara trump the 10:00 hour of "varney" & company is next. ♪

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stuart: good morning. it is 10:00 eastern. let's get to the money. we have an inflation report 8:30 eastern time but the market has gone up, dow was up one hundred 29, nasdaq up 26