my dog is an italian mastiff, listed as the ninth dumbest. he's very smart. he knows when i have the suitcase out. it's a dog trained to disarm attackers, look at him, he's good looking. jackie: he's so cute i'm not even going to with my dog because i think she is the smartest in the world. >> my parents always had yellow labs and they are just super loyal. >> yeah. jackie: we love friday. everybody loves friday. that's why i named her that. >> you get dogs because they love you more than they love themselves not based on their intelligence, right? jackie: i've never come home and had someone happy to have me hope. lou, mark tepper, great to see you. stuart take it away. stuart: good morning, jackie and good morning, everyone. a new political fight over classified documents dating back to biden's vice president say found in a closet and at the pen biden center in washington d.c. donald trump asked, "when is the

fbi going to raid the many homes of joe biden" that's a reference to the raid on trump's home at mar-a-lago. the real point here is that the documents were found on november 2, six days before the mid-terms, but not revealed until now. why the delay? president biden's in mexico right now questioned about the documents yesterday, he refused to answer at all. today, he's meeting with canada 's leader working on a canada, u.s.-mexico trading block to encounter china and russia's new coziness. climate will also come up. the border, maybe. disney's robert iger is telling his worker toss get back to the office fours days a week starting march 1. ending remote work is a new trend meeting a lot of resistance. who wants to go back to commuting or the cost of child care? we're on it. we talked a lot about chat gpt by open eye. now, microsoft is looking to invest $10 billion.

chatgpt lets high school kids have essays written for them with a lot of other applications as well, hence the surge in value. microsoft up two bucks. to the markets, modest selling in stocks this morning. the dow down about 80 odd point, s&p down nine, nasdaq down 42. there's not much movement there. interest rates same story holding pretty steady. the 10 year yields 358 and the two-year 423, let's get that right. as i keep saying, the recession indicator is still in place. all right, harry's book, yes it has been released. it is selling well but harry's standing with the british public is sinking. meghan's dropped through the floor and the debate shifted to the coronation on may 6 and will harry and meghan be there and if so where will they be seated? if the royals or not? do you care? tuesday january 10, 2022665 days until the presidential election. lauren: oh, boy?

stuart: "varney" & company begins right now. ♪ stuart: what's the title of this song please? lauren: what goes around j. t. stuart: does that have anything to do with the documents? lauren: well it's a stretch. stuart: it's a stretch. we're starting with the classic documents from joe biden's time as vice president. they were found at a private office, biden and his team have used in the past. all right, lauren. take us through the whole thing. lauren: well, what, the timing is the most curious to me, because we're just learning about this now, but these documents were found just days before the mid-term election. documents were marked classified and they were discovered in a d.c. office at the pen biden think tank. special counsel to the president saying this. "the white house is cooperating

with the national archives and the doj regarding the discovery of what appear to be obama-biden administration records including the small number of documents with classified markings, the archives took possess ocean of the materials." well, former president trump, who had his mar-a-lago, florida home raided for documents over the summer, posted this. when is the fbi going to raid the many homes of joe biden? perhaps even the white house. these documents were definitely not declassified. we don't know that yet, but it is something that the justice department will investigate, the attorney general merit garland has tapped a trump- appointed u.s. attorney to handle it, and congressman james comer is chair of the house oversight committee is quick to point out the double standard. under the biden administration, the doj and national archives have made compliance with the presidential records act a top priority. we expect the same treatment for president biden. stuart: okay, end quote by the way. jason chaffetz with me now.

all right, jason. is this latest document story on the same level as trump's documents at mar-a-lago? >> oh, absolutely. i mean, look. i also go back to hillary clinton who had classified documents that were destroyed and then they were under subpoena, and nothing happened to her and so yes, it does, and remember, i thought the white house statement was ridiculous. it said the white house is cooperating with the department of justice. the problem is they're being held by the university of pennsylvania, a private entity. their cooperation is what's key. why are they not raiding them. if there's evidence already they were holding classified document s why aren't they in there and looking for more? how do we know this is the full universe of the documents? they should be in there doing a raid and going through every document at the university of pennsylvania. stuart: okay. um, i'm not quite sure what to say about this.

it seems like much ado about nothing. do you know what i mean? >> well, it depends how classified it is. let me give you an example. stuart: the story to me is the delay. you find these documents on november 2, six days before the mid-terms. you don't announce it until today or yesterday. that's the story here. >> i would agree with you. it's two stories. that's a political question. i don't think there's going to be any consequence to it. i think it's highly suspicious. i think it's political and it's wrong. it's curious and it is a double standard, but what is important is when i was going and looking at the hillary clinton documents , some of them were so highly classified, talking about operations within the cia that even me as the chairman of the oversight committee, i could not review those documents they were so highly classified so we don't know exactly what joe biden has. they all try to use these adjectives and say oh, they are

just, hey this is really not that important. we don't know how high of a degree these classifications are stuart: fair enough, jason. now former president trump is taking direct aim at mitch mcconnell and other republicans who voted for the omnibus spending bill. he says they need to be primar ied and voted out of office. this is a very public fight. i don't think this is doing the republicans much good, jason >> well i think it's the reality, whether or not president trump says it, i think , i mean, the amount of money that went through, the process by which it went through, the earmarks that were given. every single one of those senators is going to have to answer for that. i don't think you should just let it go. that's why we're, you know, $32 trillion in debt is the garbage that these people put through. they could have waited two weeks and they would have had a kevin mccarthy republican-controlled house of representatives and they elected not to do that. that was by choice. it was their choice to wait. they didn't wait. they had to get their pork and that's what they got. stuart: got it.

we'll end it right there. jason, thanks for being with us. i know we'll see you soon. thanks a lot, man. kevin mccarthy had a difficult time getting the votes he needed to become speaker. all right, question. lauren: yeah? stuart: did his allies have the same problems in their committee races? lauren: yes, yes, but one jason smith whose been on this program several times, he's from rural missouri, he pulled through. he had the backing of kevin mccarthy, so smith is now chair of the house ways and means committee. he replaces kevin brady. this was a three-way race. it was very competitive. it eventually boiled down to smith and then the more senior buchanan of florida, but smith was a mccarthy allie. his pitch was providing for working class americans, pursuing tax policies to incentivize domestic energy, and reconsidering tax breaks for woke corporations and that's a winning pitch for republicans in the house. stuart: yes it is a winning pitch that's for sure. to the markets, please. where are we now?

look at the futures, at the moment, please. the dow is going to be down 50 nasdaq down 21 not that much change this morning. david nicholas is back with us though. david? i know you're still optimistic. do you think we're not going to head for a major recession this year. why don't you make your case. >> yeah, stuart, i mean, companies just aren't laying off workers. the demand for workers is very strong. if you just look at the numbers there's 1.7 open jobs for every available worker. unemployment is at a half century low. wage pressures are abating so i know there's a lot of nervous investors out there but i can tell you with what's going on right now u.s. companies will see some growth but we're not on the edge of a major slowdown but here is where i think it matters is u.s. companies won't be as profitable, and that will put pressure on stocks, stuart. this is why it's so important to own the right names if you want to win this year. stuart: but it's not a lot of pressure on stocks presumably. >> well, the wage pressure is still there but it's just business cost. look in spite of this administration, businesses are still surviving, but it is

costly to do business, to do business in america today but businesses are making cuts but they aren't making cuts in labor and i think that's a key point, stuart, which is why i think we stay out of big recession this year. stuart: the market is stocks generally and they aren't going sharply up or down. it's a steady as she goes year, you think? >> that's right and this is why i think you really have to rethink where you invest. bonds are one of the worst investments last year, stuart but treasuries and bonds will be one of the big winners this year it's why we created an etf called fiax. i blame you for this , stuart, because you keep talking about the two year treasury. we have clients calling our office saying the great stuary varney keeps saying to buy the two year but my response was -- stuart: you did not. >> we did. it just didn't keep up with inflation so we created a bond fund. we own treasuries yielding 4.5% but we generated 2-3% a year year on top of the bonds to keep up with inflation so we think fi ax really wins in this environment stuart. stuart: i'm with you all the way and thank you very much for the

promotion. i do appreciate that. it was a good idea though. a short-term treasury security. >> it was great. stuart: which is you hold it to maturity, it's guaranteed to pay you back your money and you get interest which is partially tax free. what's wrong with that, you know there you go. >> it's great. stuart: thank you very much indeed. we'll see you soon, david nicholas. check futures still some red ink but not exactly a sea of red ink is it? down 60 on the dow. coming up, the media cannot handle republicans taking control of the house. watch this. >> the keys have been handed over to extremists. >> the republicans don't want to govern. >> they're locations and they feed on dysfunction and suffer ing. stuart: locusts, seems like a minor kind of meltdown to me. next though, fox got an exclusive look into border operations with a bipartisan group of senators. we have a report on that coming up next.

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call... to receive 50% off installation of your kohler walk-in bath. and take advantage of our special low monthly payment financing. stuart: on the futures market we see a pairing of losses. now earlier we were down maybe 100 points on the dow but we've come back and here is why. jay powell, chairman of the federal reserve, is speaking right now in stockholm, sweden, and one of the things he said is , we are not and will not be a climate policy maker. very interesting divergence there for the fed chair, and the markets coming back a little on that. a group of senators from both sides of the aisle got a first- hand view of how weaknesses at the border are being exploited. mark meredith is with us. he's in el paso, texas right now critics say biden saw a sanitiz ed version of the border. what did the senators see last night? >> well, stu, it was very dark but these senators were right

there up against the fenceline, where these people when they tried to come across the united states they have to get through whether or not they are human smugglers or drug cartels like you said trying to exploit some of the same weaknesses to come over the rio grande here into the united states. take a look at some of the exclusive video because we were the only crew that was there as these senators were getting briefings to see what is happening on a daily basis, talking to the men and women who were on the front lines and this is also fascinating. while we were on this tour we even stopped in the middle of it because border agents had come across two chinese national s who were trying to cross at the same time, so border agents were trying to question them, there was translation issues understandably, because of course they aren't used to dealing with as many chinese nationals coming across the border but of course this really stood out to texas senator john cornyn. take a listen. >> people wonder, well what are chinese nationals doing coming across the southern border. well the fact of the matter is these are international human smuggling organizations,

criminal enterprises that for the right amount of money will smuggle you from anywhere in the world. reporter: now these senators insist this trip is all about a fact-finding mission, that this isn't a photo op like we have seen other politicians being accused of doing. they are heading back to d.c. in a couple days and they say their idea is to turn that into proposed legislation down the line. it's not going to happen immediately but the idea is this is what gives them an understanding to see what they can do to address border security and asylum backlogs. ahead of their tour they had a chance to sit down with some of the law enforcement groups as well as the humanitarian groups that have been out here, stu. so many needs out here but they wanted the senators to listen for sure. stuart: i got it. mark meredith at the border thank you very much, mark. even cnn is calling out president biden's three-hour visit to el paso. watch this. >> that's why the president is being criticized by both sides, because of what he didn't see , so let me show you because this is one of the migrant camps that's here in downtown el paso,

and you know, the immigration advocates here in el paso and governor greg abbott usually don't agree on much but they do raise the same question. if president biden came here to el paso to see the reality on the ground about the border and he didn't come here, what's considered the epicenter of this crisis, did he leave with the clear understanding? stuart: a clear understanding good question. congressman pat fallon, republican from state of texas joins me now. congressman, president biden is in mexico right now meeting with their president today. do you expect any action on the border at all? >> you know, stuart, you can hope for the best but prepare for the worst and the thick that makes me sad about this visit, i mean, president biden has been in office for what 17, 250 hours , and he spent three of them on the border. that's not taking the issue seriously. what he should have insisted on is not getting a sanitized view of the border but real ones and talk to real victims of sexual trafficking and other cartel crimes. talk to local law enforcement

local residents to get a feel and border patrol agents that are angry at his policies, not just the ones that tell him what he wants to hear. stuart: what is the republican- controlled house going to do about the border? what can you realistically, get done about the border? what changes can you really make >> well, stuart, you make a good point that we have to acknowledge the realities here in washington which is we control just over half of one- third of the federal government. we're going to do what we can on the things that we can control which is we have a texas border security plan that has almost 40 pieces of legislation all wrap ped into a great package and we can pass that and we can put pressure because the american people ultimately is who we work for. we can put pressure on chuck schumer and the senate democrats to actually take it up and pass it and if they don't, stuart, they are going to pay for it at the polls in 2024. stuart: but they probably won't take it up, will they? you're just speculating they pay for it in the polls in 2024, there's no guarantee of that.

>> well i think that this is one of the top issues as you see in poll after poll of the american people certainly in texas it's right at the top and across the country because what joe biden has done is made every state a border state and it's our job to tell the truth to the american people because if the regular person living in a state that doesn't border mexico knew the actual truth of the catastrophe on the ground at the border, they would insist on the border being secure. stuart: what do the people of texas think about this? your constituents. are they mad as hell about it or what? >> oh, they are furious. i mean it's white, hot anger because nothing is being done and you see the results the closer to the border you are you have more of an impact but again the entire country is being impacted by it. this about this , stuart. we never had a month of over 200,000 illegal border crossings in our history and yet under joe biden this year or this past year we had eight months in a row of over 200,000 illegal border crossings because the border is wide open and a de facto open border. stuart: congressman fallon,

thank you very much for joining us, sir. >> thanks, stuart. stuart: during his trip to the border the president made yet another gaf. take me through this one. lauren: it's unfortunate that we keep doing these stories but he went to a migrant center and confused the secret verse for the salvation army. watch. >> here we have the salvation army. [[indiscernible] lauren: the man is in a salvation army uniform and shaking hands speaking about the secret service. he mixed up iraq with kherson, ukraine, cambodia with colombia, and then he said he lost his son beau, he lost his life in iraq which is not true. stuart: it is unfortunate we keep on reporting these things but they have to be reported. lauren: here and there you make a mistake but this is a lot. stuart: it is indeed thanks, lauren. check futures again, please.

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stuart: the opening bell sounds in about three and a half minutes dow is going to be down about 50, nasdaq is down about 30. that's it. ray wong is with us, he's our tech guy by the way. amazon and tesla are two of your top picks for this year. let's start with amazon. its had a terrible 12 months. where is it going from here? >> yeah, its been a brutal 12 months. they were a pandemic winner and over-invested in inventory and supply chains. they had to do an 18,000-person lay off but that's the good news coming into 2023 they are still doing amazingly well. they are the number three digital advertise erin the business doing almost about $40 billion in digital ads. they are also heart of the $1.5 trillion market by 2030 ind they are the leader also in cloud spend and so that level of growth to me is very exciting so

we see a lot of good things happening at amazon, refocusing away from devices into more profitable software and that's also going to help them going into 2023. stuart: what's your price target amazon is at 87 bucks and change right now. where is it going? >> looking at 120 for amazon. there's still a little bit of headwinds that could be regulatory on the way, but in the most part they are going to be able to resize and shape their business and they have been very resilient in terms of the big cloud players. stuart: $120 a share on amazon will give you almost 40% gain from here i take it by the end of the year right? >> by the end of the year. stuart: let's move on to tesla. they've had a hard time recently right now they are at $121 a share. nice bounce from about 102. why are you so bullish on them and where are they going? >> well its been oversold and a lot of people have been elon haters and they said look he's taking over twitter, distracted,

taking $40 billion out of tesla stock and i think that negative pressure is there, but the macro conditions are different. we're talking about a really big ev market going forward and tesla has a lot of things in their advantage. they have the model 3 and model y, that now are covered under the $7,500 federal tax credit. they have a 1.5 million back order on cyber trucks which will come out this year sometime, and more importantly, there's a lot of things on the back end we were starting to value tesla again more like an auto company than a tech company but tesla is really a tech company and when that kicks in you'll see all of the different areas from solar, from ev charging, insurance, and some of the other services that tesla is able to put together and that's why they are actually in a better shape but here is the big thing people don't realize. last quarter they generated $3.3 billion in profits. that kind of free cash flow is going to be very hard to find in this next set of quarters, and so q 4 they are expected to do just as well in terms of profitability and of course they're printing money.

stuart: okay real fast. i'm looking for stability in whatever i invest in this year. are you confident that both amazon and tesla have seen the bottom in their stocks? and there's no risk of them going down, and touching that bottom again. >> i'm pretty could be any dent but the issue is let's see where they get in terms of the q 4 earning reports and that should give you guidance of what's happening. they are both trimming staff and both in a place where i think that's upside but we are close to the bottom if there is a bottom. stuart: close to the bottom if there is a bottom. quite a statement there. ray wang, thank you very much, sir. >> [opening bell ringing] stuart: looking at wall street where they are clapping and cheering, futures are down about 30, about an hour ago we were down over 100 but jay powell has been speaking in stockholm and apparently investors like what he's been saying so far. we're open, off and running and i see winners at the top of the board there. not all of the stocks are open at this point, but to the ones

that are mostly winners, the dow is down just 30 points, 25 points, 11 points, eight points, maybe it'll go higher in a moment. the s&p 500 a fractional loss .07% the nasdaq down almost a quarter of 1%. let's have a look at big tech probably all over the place yeah that's true. microsoft is a winner, only just , amazon has now turned higher, apple, meta, alphabet down a little but alphabet is down 2.25%. i'm going to single out microsoft because they are making a very big bet on artificial intelligence technology. lauren, what are they doing? lauren: okay there are reports they are considering this $10 billion investment in open ai. that is the owner of the chat bot called chatgpt. wish i had this in college. you talk to the computer it could write your essay, take your tests for you. so i think this is microsoft trying to power the next generation of software. stuart: sure. lauren: artificial intelligence, natural language, that is why

this is high, might not actually be this in the end but open ai is valued at $29 billion and microsoft wants in on this. imagine using this on bing for instance, just talk to it. stuart: it's only about two weeks since we've ever mentioned chatgpt. i've never heard of them before then and suddenly they are worth $29 billion. lauren: i believe it was an elon musk brain child that since developed. stuart: another one? lauren: yeah i know i brought him in unexpectedly to the conversation. stuart: the musk headline of the day you have to have one. apple, in the news. they currently use a chip made by broadcom for some of their devices but that's going to change. lauren: and qualcomm, yeah, because they continue to push homegrown semiconductors in their iphones and other devices so that means eventually dropping both broadcom and qualcomm, reports say by 2025 and that's when some of their contracts do expire gives them time to develop their own chips. it's bad news for broadcom.

it's down 1% because apple is 20 % of their revenue. it's a huge customer, so losing that even if it's in the future, not a positive. stuart: not a positive. how about coinbase? earlier this morning they were, they are still up nicely 8.99%. i know they are making more job cuts. lauren: third round in under a year. stuart: is that why the stocks up? lauren: cost cutting so it's another 950 oh, jobs, in june they slashed another 1,100 the ceo brian armstrong says this points to contagion across the cryptocurrency sector because of the ftx fall out but bitcoin is holding about 17,000 right now, so this crypto winter , i wouldn't argue that it's continuing into the new year. so they're firing another 20% of their staff. the stock had been down but it opened higher and i guess investors say they are moving in the right direction, saving money. stuart: up 8% they like that. all right, bed, bath and beyond i know they had a weak report card earlier this morning so why are they up 5%? lauren: because they aren't

spending as much money. they gave their expenses $580 million when it was about $700 million a year ago, so cost cutting. stuart: i like the store but i can't see putting money into the stock. lauren: i get a text message about a 20% off coupon almost everyday. i'm not enticed to buy anything. nobody is. same-store sales cut by a third. they reported a quarterly loss of almost $400 million and yes, a bankruptcy filing is still possible. its been an active stock lately a big percentage gain or loss because it's a cheap stock but also somewhat of a meme stock when you have the retail trade coming in trying to push it higher or lower. stuart: i'm always interested in the private space business. musk's spacex is doing remarkably well, but virgin orbit is not. why is it down 20%? lauren: the british, another rocket failure. so virgin orbit uses a big jet, 747, to send a satellite into space by dropping a rocket from under the airplane wing. that's their technology.

they have tried this six times, four times successfully, two times not. this latest failure, the rocket never reached orbit. they will try again. stuart: that is sir richard branson's operation as i recall. lauren: correct. stuart: check the big board we are now what four and a half minutes into the business day and we're up 61 points, 33, 500 is your level. dow winners headed by on that list top of the list we have show me, please, microsoft all right up 1.5%, nike, dow, apple moving up so is chevron. s&p 500 winners, constellation brands, big liquor company, warner brothers is there, discovery i should say. on the s&p we've got steris and nxp semiconductor net ease top of the nasdaq winners up nearly 4% yes it is the chinese operation. lucid, nxp, and tesla is on the list up 2% this morning 122. another china stock up 2%. the opening up after covid is

helping. lauren: morgan stanley very bull ish on china growth this year. stuart: that's right. lauren: 5.7% is what they see growth being so overall the picture globally is positive this morning. stuart: you see a lot of people saying china will grow substantially this year and help the rest of the world including us we will see. the 10-year treasury yield where is that, 3.58%. the price of gold has been moving up recently, pretty close to 1,900 bucks an ounce, 1,883 to be precise. look at bitcoin. well-above 17 grand, it's at 17, 297 and oil it's $75 a barrel not much to say about that. nat gas still fairly warm in the northeast and it's only 366 per million british thermal unit s. the average price for a gallon of gas holding steady at 3.27, diesel same story holding at 4.63. coming up, remember when democrats slammed former president trump over the mar-a-lago raid? watch this. >> donald trump's very reckless handling of these documents

might have harmed our national security. >> no one is above the law. >> no person is above the law. not even the president of the united states. stuart: all right, well, how do they feel about biden holding on to classified documents? we'll get into that. and then there's this. economic issues are a top priority of the three amigos summit that's biden obrad or and trudeau. larry kudlow on that, after thi. ♪

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stuart: 11 minutes worth of business on wall street and we're all in the green. half an hour we were all in the red now we're in the green dow is up about 60 points and president biden, well he is meeting with the leaders of canada and mexico today.

he wants to strengthen trade relations. edward lawrence is in mexico city this morning. all right, edward. president biden's trying to create a trading block to take on china and russia. have i got that right? reporter: yeah, exactly, with an environmental focus on it there. so we've learned here from the mexican side, the mexican president will ask president biden for more u.s. investment into mexico. we've learned not only that the mexican president wants a coordinated investment into mexico so they can grow trade among u.s. , canada and mexico. he also wants more money for the u.s. immigration system telling the president biden that in order for president biden's new plan to work there must be investment in mexico for returning people to mexico so the central theme for the mexican president is money and spokesperson john kirby spins it a different way when i talk to him. listen. >> this is foreign aid and assistance and it's really quite frankly a down payment and an investment in regional security and trying to get at

the root causes of this very historic migration that we're seeing which is, i mean, truly unprecedented in size and scale and scope. reporter: he says there will be deliverables from this summit on immigration. it will focus on technology and information sharing to stop fentanyl from crossing the border. the president last night saying that his relationship with mexico is a growing friendship. >> this includes strengthening our supply chain to make the hemisphere even more competitive and also going to discuss our shared security including our joint action to address the plague of fentanyl which has killed 100,000 americans so far and how we can tackle irregular migration which i think we're well on our way to doing. reporter: so the president is sticking with his plan announced about two weeks ago to limit migrants from certain five countries still senior administration officials saying even if those folks come into the u.s. they can still claim asylum, on the trading block the

president wants to raise the environmental standards for mexico in order to complete that trade and have a robust climate change and sole an panel and wind manufacturing here in mexico to trade among the three countries. back to you. stuart: edward thank you very much indeed. larry kudlow joins us this morning. good morning to you, larry. i know you're a big free-trade guy. that was your big thing when you were in the trump administration along with doing all of the other good stuff with taxes. if they do get a new trade block , canada, mexico, u.s. , would it really take on china and russia? >> well, look. you already have a trade block. you have the u.s. mca trade deal, okay? so i don't know what this is all about. i mean, i don't understand it. that statement the president read was the most fake thing i've ever heard. he's worried about climate

change. the rest of the population in the united states is worried about massive illegal immigration and he mentioned drugs and fentanyl. he hasn't done a darn thing about that in two years. he has no replacement for title 42 which is a public health issue. he has no plan to deal with the drugs, he has no plan to go back and use, for example, remain in mexico, build the wall these were trump initiatives that helped dues illegal immigration and he has no plan for a merit-based legal immigration system which might well solve a lot of our problems and put a lot of order into the immigration issue along the u.s. mexican border. i mean, i don't know what. they're going to give foreign aid so mexico is going to build solar farms and wind farms? i think that's utter nonsense. the whole thing is completely in

coherent. i don't understand a word of it. stuart: good i'm going to be tuning in at 4:00 this afternoon because i want more of this. larry: [laughter] stuart: you say exactly the right things but i want to talk to you about inflation. we're going to watch this afternoon. i want to talk about inflation. thursday, consumer price index comes out. i think inflation is cooling. i'm not sure by how much, but it is definitely cooling. the trend is down. you see it that way? larry: yeah, i really do. there's no question inflation is cooling. you've had a plunge in the m 2 money supply and you've had big inversion in the yield curve in the treasury market and also the leading economic indicators so plunged as well. there's no question, i mean you look at the cleveland fed, stu. i looked this up because it came up and i do a lot of research and homework for you, whenever i'm on the show on tuesday morning. stuart: thank you very much. larry: so the cleveland now

cast for december is 0.1% for the month. the core cpi, however, higher 0.5% and for the quarter you'd wind up with a cpi of 3.4 and the core cpi be much higher of 4.7. look all basically i think you could say, you're coming down from a 9-10% range to a maybe three, four, 5% range. that's good progress but the battles not over. i think leading inflation indicators are pointing to a continued ease of inflation, a cooling off of inflation, if you will. i think the feds going to smuggle up a little more in the next two meetings and we'll see. i mean, one other thing i've got to mention here that republican policies in the house now after the mccarthy speakership battle is over, they are going to at a

minimum slowdown federal spending, which is one of the key causes of inflation as you know. that'll take some pressure off the federal reserve. i know they won't get through the senate. i know they won't get through the white house, but they will slow things down and i think that's good for a slower inflation environment. i don't see any supply side reforms, that's going to be very difficult although i like their rules to stop tax hikes but i'm just saying the fed, having come to the party very late, okay, as much as a year late, the feds now grinding inflation down to something like three, four, 5%. the big question is will there be a recession this year? unfortunately, i think the leading indicators are pointing to one. stuart: the worst thing you can do, if we're heading towards even a minor recession, is raise taxes dramatically on business, and that's what biden proposes to do. that is a bad thing to do at

this particular time. larry: yes. we need, make the trump tax cuts permanent and open the oil & gas spigots that would help and he's not doing that either, but the republicans are going to give him a really strong fight and i think that's terrific. i think they are absolutely moving the ball in the right direction. stuart: well as i promised we will be watching at 4:00 this afternoon. i want to see you pound the table on inflation and trade and anything else that gets your attention. pound that table. thanks, larry. larry: yes, sir. stuart: see you at 4:00. thank you. coming up, jimmy fallon mocked for his song about the new covid variant. roll it. >> ♪ it's a new strain, but it isn't the same, sounds more like elon musk, his name, it's scb 1.5 ♪ lauren: i think it's funny. stuart: okay, just wanted to show it to you. lauren: not a good singer,

shouldn't quit his day job. stuart: we'll deal with this next more than 7,000 nurses at two big new york city hospitals are on strike for the second day. it's now drawing attention of many other professionals who feel the same pain. a report on that after this. ♪ build this dream together, stand this strong forever, nothings gonna stop us now ♪ my asthma felt anything but normal. ♪ ♪ it was time for a nunormal with nucala. nucala is a once-monthly add-on treatment for severe eosinophilic asthma that can mean less oral steroids. not for sudden breathing problems. allergic reactions can occur. get help right away for swelling of face, mouth, tongue, or trouble breathing. infections that can cause shingles have occurred. don't stop steroids unless told by your doctor. tell your doctor if you have a parasitic infection. may cause headache, injection site reactions, back pain, and fatigue. ask your asthma specialist

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and when you leave search, duckduckgo helps keep companies from watching you as you brows. join tens of millions of people making the easy switch by downloading the app today. duckduckgo, privacy simplified. stuart: yeah, look at that. 7,000 nurses at two of the big hospitals in new york city on strike for the second day. they want better wages, and staffing levels to improve. gerri willis with me. gerri, can we expect more strike s like this? gerri: absolutely, stuart. look, these critical care workers, they are really stretched to the limit, as you say some 7,100 nurses are striking today and the loudest of them are really right behind me here. hospitals offered a 19% pay raise but so far, the nurses are not accepting that. nurses say they are underpaid and overworked.

listen. >> we came into nursing to take care of people because we care about them. we come from compassion and it's very difficult to come into the hospital every single day and know that we're not able to give them the care they truly deserve. these hospitals all they care about is their profits. >> we're doing a great job. we're trying to get through a triple pandemic now, it doesn't stop. gerri: and a study published in health affairs found that the total number of rn's across across the country declined by 100,000 between 2021 and 2020 and that's a 40-year high in terms of the drop. the same is going on in a lot of other critical care jobs and careers. we see it across-the-board and the country. other first responder workforces are hit including amt's there's 39% emt' jobs unfilled according to the american ambulance association, and even shortages. the national police association says retirements and resignation

s have robbed police forces of the people they need to go after rise in crime rates and of course there's a problem with schools as well, which faces shortage of 250,000 workers. as i send it back to you i've just got to tell you, these are the folks that i remember from when i was in care over across the city and msk. these nurses are close to my heart. back to you. stuart: point very well taken, gerri willis and thanks for being with us, good stuff. to the markets, please. 25 minutes worth of business and we're up not much but we're up 58 on the dow, 32 on the nasdaq. still ahead, florida congresswoman cat kamack, brian kilmeade, jonathan morris, all coming up, in the 10:00 hour is next. ♪

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lauren: mellow