neil: one way or another you will find some direction to these markets. we've been down, we were trading in tight range. there's a lot of confusion as to whether the weakness we are seeing and will be seeing in corporate earnings translate into easing of upward ticket rate on the part of the federal reserve. it does respond to data and if it is data dependent, we've got some inflationary news over the last two weeks or so that seems to show a slowing in the trend of upward prices and wages, we've seen it in job growth and broad and places like france and the european union where inflation is coming down. doesn't mean we are over the hump, but we are looking at it in a different way because all of this couple weeks after the federal reserve meeting.

ashley webster, the betting is on for 1/4 point hike in interest rates, that's baked into the cake but what else are you hearing? ashley: to your point, every day the market his prisoner to where the investors think inflation is headed and how the fed will react. in in the last hour, federal reserve governor michelle bowman expect more interest rate increases ahead with higher rates to prevail until inflation is subdued. the market has turned lower on that statement but they thought more of the same and they came back, it is what we, chomping session, the dow and s&p and nasdaq close to half a point. investors are waiting for the latest consumer price index to be released on thursday and big bank earnings friday, see how they are performing. as for market movers, the woes continue for a struggling

retailer bed, bath, and beyond, reporting earnings of missed estimates just one week after revealing the company was considering bankruptcy because of its financial struggles. it is $1.80. stock showing dating site bumble moving higher after analysts upgraded the female founded dating apps saying, quote, the competitive environment appears stable, that means the dating world, the business world, economic pressures are easing, the stock up 6%. in a crypto world shares of coin base gained 5% after they said they would cut 9000 jobs as part of a restructuring plan. the third round of layoffs since last year. southwest airlines trying to win customers back after the holiday meltdown, thousands of passengers stranded along with their luggage. the carrier is offering limited

sale for at $649.01-way. travelers will be required to make the purchases 21 days in advance. ashley: could you imagine? come on back again. amazing, thank you very much. they are coming back in washington, house republicans passing a lot of the things they said they would. whether it translates to getting picked up by the senate is a different ball of wax. aishah hasnie joins us with how they are faring. >> reporter: let's talk about the first bill house republicans passed, the irs bill, looks like senate democrats are vowing to kill this in the senate. house republicans say they are ready to play hardball and

fight back. in a partyline vote republicans passed the family and small-business protection act last night that aims to rescind 70 one billion dollars democrats sent to the irs to hire 87,000 new employees. a cbo analysis of this bill revealed it would reduce revenue by one hundred $85 billion, and add one hundred $14 billion to the federal deficit over a 10 year period. democrats say it is a handout to wealthy tax cheats and they will block this. >> what republicans are doing, playing & is helping their friends, the multimillionaires, who pay no taxes, from being audited. we are not letting it happen. >> reporter: we are likely to see the same thing happen with a series of ready to go messaging bills republicans put out in the next two weeks but they say they are ready to go

at it with the senate. >> they can't just ram a bunch of things down our throat like we can't to them. there is going to have to be some give and take. >> reporter: it is setting up what we expect for this new session. what will certainly cause waves are the committees that republicans are about to create including this afternoon they are going to vote to create a select committee on china and a judiciary panel to investigate the weaponization of federal agencies like the fbi, the cia. get ready for a battle between house republicans and senate democrats. neil: here we go, thank you for that. congresswoman luna joins us from florida. always good to have you. how is it going thus far? how do you think the republican house is faring and kevin mccarthy, more to the point?

>> reporter: we are united. what you saw last week according to the mainstream media, they didn't like it, we shouldn't have had discussions on the house floor but within the conference we are united, the american people deserve this and i really appreciate speaker mccarthy, addressing those changes. as we heard earlier senate republicans -- senate democrats are not fighting on behalf of the american people, they are doing the opposite. we did an amazing thing by voting to repeal the 87,000 irs agents and now you hear the senate wants to deny that. we will fight and i think speaker mccarthy will do that. neil: a lot of it is tough to pass even among democrats in that dominated body but even some republicans not keen on what your coming up with. is this a preview of coming attractions warehouse republicans and senate republicans are going at it? >> it is possible but i can tell you a majority of us were

sent here because the american people realize the system is broken. as you saw over the last couple days, there are those of us in the republican congress that are willing to stand up and have hard discussions and anyone watching this network would agree that the american people deserve that. we cannot continue this runaway spending. i can tell you right now the cost of eggs have gone up significant to the point we are going viral with these topics. we can't afford this. we have to streamline some of this pork spending and i look forward to having those discussions with my colleagues and to be moving forward as united conference. neil: we had a chance to talk to your colleagues who were holding out for these changes, saying they are glad they put down the prospect of a government shutdown in their arguments over spending, that is now out there and on the table as a negotiating tactic. what do you think?

>> i was one of the 20 who stood up and had those conversations and i do support that. what we are finding is the democrats are making this political. if we have to rock the boat to bring change, i am there for it. i want to remind viewers the scare tactics that people won't be getting paid, social security and medicare checks are still going to go out but we do have to do something differently. i stand by, it's going to be a wild week. . 20 your more moderate members in the republican party say that's a dangerous thing because it sets up almost a guaranteed government shutdown and because spending has been tied to renegotiate the debt limit or extending it, it is inevitable. is it inevitable we are looking at a shutdown on these measures the speaker agreed to? >> i hope it doesn't get to that but i'm willing to support one and i think the speaker made the correct decision in

insuring that we do cut some of this pork runaway inflation and spending and i am willing to have those discussions and support a shutdown and he made the correct decision. neil: the other side is the spending part, you want spending next year, at the level of this fiscal year. we have inflation, population growth. many of your colleagues said it amounts to a cut in overall spending including defense. if that is indeed the case, are you open to everything shrink a little bit including defense? neil: i was in some of those discussions. in no way, shape or form was defense brought up. i would like to say the estimated streamlining we are looking at is one hundred $32 billion and there's a lot we can do to ensure that we are not wasting tax dollars. i want to bring something else up. a lot of the money we've given to support ukraine we are not

-- we don't know where is going. we need to have this discussion, sit down and evaluate. what i realized in my short time in office is a lot of people spend money appear the way they would never touch their own bank accounts. i want to bring back that common sense to washington dc. we 20 appreciate your sticking to what you said you would do. you recognize defense, like other programs, whether it is ukraine funding you want to follow closely is fair game as well. in deciding ultimately who gets what. >> what i'm interested in seeing, i'm not going to say i want to cut defense spending but i think it is important we are looking to make sure we are getting the best deal especially on the stuff we are spending money on. we need to have those discussions but what i heard in these negotiations is we are talking programs that aren't going to the necessities we the american people need,

protection, some of these woke ideology, funded programs and salaries for additional weapon eyes irs agents which we tried to pass, yet the senate and even the biden white house is pushing back. taxation is theft and i don't want more irs agents than you do. neil: just to review, when it comes to future measures, funding ukraine, kevin mccarthy, there is no blank check for ukraine. is it fair to say the amount of money we spent this year is not going to be the same over the past year this year. in other words, there is room to cut back the funds we are providing ukraine. >> absolutely and i would say that is my personal perspective. i think we've gone above and beyond. right now i'm more concerned about the american people and ensure we are taken care of at home.

neil: thank you, florida congresswoman luna, who held kevin mccarthy's feet to the fire and spending as well as defense. stay here. ♪ force ♪

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neil: you learn something new every day. some of the things we heard from congresswoman paula luna, one of the never kevin original members in congress, she was able to extract a number of concessions including across-the-board cuts in spending, the idea of a single congressman being able to oust the speaker, that return to pre-nancy pelosi days, a good deal of fuss was made of that for no reason but i want to bring in the for wisconsin congressman, i am sure it will be a hit show. the bottom line coming up on the 23rd. good to have you. one thing she said that struck me that i heard from other

members including those who are very open to shutting down the government as a negotiating tactic to extract spending concessions. what she said about funding for ukraine, ukraine is not going to get this year what it got last year. she's made that quite clear. what do you think of that? >> i think with the four seat majority, a small group of republicans have a lot of power. what is important is republicans in the house have to get a backbone but they have to work together. you have hard-core conservatives from texas, ohio, florida, and a lot of republicans in seats that president biden won. they have to come together and those moderates have to go as far right as possible and those conservatives have to recognize

and given a little bit too. you will see a real standoff because i think americans, republicans specifically, are frustrated with the massive spending, $30 trillion in debt, lack of border security and ukraine spending, they will dig in and you will have a real fight. we had those fights in the past, they are concerned we default on our data. i don't think it was ever more serious than it is because only two republicans have left in spending from back in the days when i was in congress, absolutely exploded. you have the omnibus bill that happened on top of it. these members are beside themselves. trying to save the country. this is real this time. neil: it might be real, the negotiating tactic like the nuclear option, vladimir putin throws out and scares people. a lot of people hearing this, the market says of my gosh, they are going to shut the government down.

what do you think? >> look at what leverage you have, democrats control the senate, the white house, you can negotiate with all sides but i don't think republicans feel there's going to be a fair negotiation between republicans and democrats. i don't think democrats are in the business of cutting spending, stopping funding ukraine. this is the only are leverage the publicans have. neil: gingerly, you endorse that. let me switch gears. >> i do think you have to use it and you have to know what is enough. get some concessions, make some progress. don't ruin the american economy. we 20 there is a divide on how far you go with defense spending. house majority leader steve scalise not open to discussing

cutting defense spending but jim jordan says there is room to cut. how do you think this goes down? >> that is an internal family conversation but if you ask me what is going to happen, people want to cut military spending you will see those who want to maintain military spending joining democrats and you will have a coalition of republicans and democrats, 218 voters that will maintain spending, the bottom line is republicans are frustrated with this woke veering the military has gone on and they wanted to pay a price for that. that is a dangerous business with real threats from china and russia. cutting their military is a disaster. neil: i picked the former congressman side of your brain. i understand one or 2 kids, maybe you will relate to this. grady trimble is in chicago

following what is going on with the seattle school system, they are suing tiktok, snapchat, instagram, don't know if i let anybody out, they are contributing to a lot of youth mental health crisis they say we've got. where is this going? >> reporter: might not be going anywhere depending which legal experts you talk to but there has been a lawsuit filed and the allegation from the seattle school district is the largest tech companies on the planet are causing or contributing to the mental health crisis in kids that you mentioned. it involves tiktok, instagram, facebook, youtube and snapchat. they are blaming those platforms for the growing mental health and behavioral disorders and district students. it says the number of students with anxiety, depression, eating disorders, has increased in the last ten years since the advent of social media and made it more difficult to teach

those kids and forced to the school district to hire more mental health professionals. the lawsuit goes on, section 230, shouldn't shield the companies in this case. that law generally protects social media companies from liability over third-party content. attorneys for the district alleged the platforms themselves are getting kids hooked on harmful content. some legal experts, while they say there might be a connection between social media and mental health problems, this lawsuit doesn't have enough to hold up in court. >> the law is limited in many ways. it is more of a cultural problem that needs to be faced and acknowledging it and the novelty of the lawsuit while it may not be viable, it does bring good attention to something most people would absolutely agree with. >> reporter: here is part of snapchat's response to this

lawsuit. we can't comment on specifics of active litigation, nothing is more important than the well-being of the community, we will keep working to make sure the platform is safe and give snapchaterss, to help them deal with the challenges facing young people today. we reached out to all the companies involved in this lawsuit and they all said it is a priority to keep people and kids more specifically safe on their platform. they cited parental controls and screen time limits and resources they make available on the platforms for people who are struggling with mental health problems. as you alluded to social media and parenting is a huge concern today and a lot of parents directly draw the link. neil: interesting report, thank you. back to sean duffy, as a dad, do you make that call or should the government?

>> that is my call, when they get their phones, i made mistakes with the first four, in eighth grade or freshman year. a freshman in high school doesn't have a phone, they will not have phones because it is so addictive. they added nicotine to cigarettes to get the more addictive. these social media companies are making these platforms addictive to young minds, spending hours on hours, they are more isolated and depressed and have attention span issues. i like to see this go forward. as a parent, they are standing up for kids but no one can be the parent of my child but me. parents who made mistakes, don't give your kid a phone. make them get it in college

because they can't manage these things. their minds are too stupid, the power from the phone, the crack cocaine of a kid, they can't do in and parent have to take it away and you manage the phone time, they find ways around it. they get someone else's phone. it is nasty stuff but our society has to figure out what to do because it is affecting the next generation in a profound way their ability to study and focus and be healthy human beings. neil: i am older than you and kids are now collecting social security. i gave that stuff too young. they did say hello to me at christmas time. really excited about the show, the bottom line, 6:00, 7:00

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i'm so glad we did this. edward jones >> walking back to cavuto coast-to-coast. i'm i miller yvonne. the consumer product safety commission says a ban on gas stoves is on the table. they have concerns gas stoves emit too much pollution, making it a health hazard. the commissioner of the group says my guiding duty is protecting consumer health and safety. gas stoves emit dangerous levels of toxic chemicals even when not in use. us cpsc will consider all approaches to regulation.

the commissioner walked that back after getting some blowback saying to be clear, cpsc is not coming from anyone's gas stoves, regulations apply to new products for americans who choose to switch from gas to other trick. democrats on capitol hill are putting pressure on the group to take action on gas stoves, saying, quote, these emissions can create a cumulative burden to households that are already more likely to face higher exposure to both indoor and outdoor air pollution. calling for a number of new rules including requiring gas stoves to be sold with range hoods and automatic shut off valves and mandatory performance standards for gas stoves that address health impacts and emissions but some house republicans say this shows the commission has too much unchecked power. gary peters tweeting unelected bureaucrats should not have the power to even consider such an action. it is time to rein to reign in the biden administration and

their desire to control americans's lives and decisions. some people pushing for this ban say that a ban on gas stoves is like the new cigarette, trying to regulate something they say increases pollution and toxic chemicals and is bad for your health. neil: others are just fired up about it. they're working on it for a while. hillary vaughan, great job as always. edward lawrence, waiting to see what the leaders of canada and the united states and mexico will do about border issues, that is what they are talking about. edward lawrence in mexico city on what we might expect. >> reporter: a very hot topic. three leaders will meet, the leader of mexico and canadian prime minister meeting, the

trilateral meeting will culminate those individual meetings between each of those leaders. in the last hour president biden finished his bilateral meeting with the prime minister, justin trudeau. in that meeting those leaders, biden says the two countries can be a clean energy powerhouse. >> president biden: what we should be doing, what we are doing is demonstrating unlimited economic potential that we have when we work together. and to help the entire hemisphere. there is a lot we will be talking about including energy. we should be the clean energy powerhouse of the world. >> reporter: later though three leaders will make remarks together, then take only one question each from reporters. there will be a joint statement with deliverables from the summit.

those include creating a specific trade block with emphasis on the environment, the president wants to have semiconductor supply chain's and increase information sharing to stop fentanyl from crossing the southern border. representative pat fallon says the president need to expand his focus from illegal drugs to illegal crossings. >> our job to tell the truth to the american people. if a regular person living in a state, mexico, new the actual truth of the capacity on the ground at the border, they would insist on the border being secure. >> reporter: tonight president biden will be back at the white house, a quick trip for him in and out of mexico. neil: rich lester is with us, the global chair of consulting group, what amazes me, you are a chemical engineer by trade. that is a great perspective. >> things like climate, technology and health issues come to the 4.

neil: they are the issue more than border issues. >> there is enormous technology opportunity right now. to illustrate the magnitude of what we are talking about, we did a study published in the fall that looked at where the us could be competitive. we identify we 6, electric vehicles, part of the electric vehicle chain, green hydrogen, long-duration energy storage. we have opportunities, just those 6 technologies alone have a 9 to $10 trillion domestic market over the next three decades and $60 trillion market in countries where the us can export. neil: you raise a good point because we tend to look at it as a right or left issue but it is a real money issue

especially in areas you alluded to but leaving that aside i wonder about the commitment governments afford to make in this environment. >> we have to recognize the convergence, we thought about energy security and energy reliability and climate as being related issues or it was in an esoteric way. what europe is living with is a recognition that climate has to -- climate technologies being less dependent on gas from russia, building other technologies, those are part of energy security and managing to have cheap and reasonable energy prices. neil: what about those who have gone back, in germany, more natural gas and all that, to get them through this patch where they are not ready. where does this go? >> you have to distant was short-term and medium to long-term.

in the short-term europe is going to do what it needs to do to keep the lights on and keep plants operating. we are going to see carbon intensive fuel as a meaningful part of getting through the next few years. at the same time in the medium and long-term, the emphasis on renewables and building a hydrogen economy, the emphasis on other elements in addition to gas and alternative gas sources, the production has been incredibly fast. neil: i always wondered why we can't be all in on everything for the time being? >> even people who are very pro-climate, in the short term we need all of the above. and the longer term we will be able to manage transitions. depending which technologies turn out more cost efficient, fossil fuels may have some role, particularly less cold,

but oil and gas -- neil: -- >> things like direct air capture which is one of those technologies from our report. if you can put carbon back in the ground in a cost-effective way which we cannot do today, but if you can get the cost down on that, suddenly the viability of gas as a long-term source, you can put the carbon back down. this idea of investing massively in technology innovation and recognizing in the near term we need to keep a variety of options and fuel sources and then -- neil: smart money options. the big picture question for you, your expertise at boston consulting, the recession argument. what do you think? >> i am on the more optimistic side of the equation on this. those -- there is a chance. how the fed calibrates, how aggressively they need to raise

interest rates to bring inflation expectations -- neil: are we overdoing it? >> not yet. they have a big expectation change to make and this move into four and five we will see a few more moves. with they had to reset expectations that had been set with the media. everyone is talking about prices and everyone thinking different, consumers are price increases and should just expect that and my wages need to keep up. we need to break those expectations. i do think there is a reasonable chance that we are seeing those expectations. as an example, core inflation in the us in october and november was 2.5% per month. 3% annualized. that's less then half what it was was in the year that proceeded that. neil: could the fed risk overdoing it? >> they could but i don't think they have done it yet.

my view next year, first we could have more shocks, a year ago we weren't expecting russia to invade ukraine. neil: we were at 0%. >> we should be humbled in the face of a very uncertain world but there's a real chance we will see expectations from producers on pricing power and consumers on wage expectations drop faster than unemployment goes up and thread the needle so i recognize there's a lot of uncertainty but i would be more optimistic. even europe, a great stat, german industrial production in october and september was up meaningfully. even as gas utilization was down 10% to 20%. for all we hear about germany, and i think the odds of germany being in a recession are very real. i'm not trying to be overly optimistic but they are more

resilient than we would have expected when the day of the invasion happened 10 months ago. it is quite encouraging. . 20 the ukraine war drags on and on. >> i hope for something different. it is hard to be optimistic on that. particularly for the people of ukraine who are suffering so much. the world's ability to be resilient against that backdrop i think is better than we might have anticipated a year or 10 months ago. one last point. in this environment, even if you're optimistic about the economy, the need to be resilient and agile as a company could not be higher because it is not just inflation or recession or weather risks or the pandemic and all the uncertainties in geopolitics. the message we hear from

clients and we engage with clients, the world is brighter than people are saying but you need to go to your own capabilities to be resilient. neil: just in case. thank you very much, boston consulting group, global chair, big cheese. we are up 97 points. trends many corporate chieftains acknowledging our real including layoffs. announcing 20% more are going to be jettisoned. they are the latest, might not be the last. you are watching fox business. who's looking? there is no time. they will kill you....but my daughter. mama. trelegy for copd.

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price of bitcoin which is stable at 16 or $17,000 but the rest of the industry is reeling. the overall industry which is over $1 trillion is down to $800 billion. it is a steep decline in valuation add those are the main coins. here is what is interesting what is going on here. coin base is preparing for this, there is a case known as ripple versus the sec. sec believes ripple operated a digital coin, sold it illegally as an unregistered security and if it wins that case, and some people are betting it might, it could lose as well and than the opposite will happen but if it does when that case, it opens the door to massive regulation on all these coins. if all these coins are out there and should be registered at the top of regulation gary gensler called for, that has a direct impact on the ecosystem

of crypto including these exchanges. you can't trade on exchange, why you need and exchange. if bitcoin is the only thing that can trade on the exchange, what is coin base's overall value? it is a public company. that's what everybody is grappling with. this is interesting and cataclysmic time for crypto. you don't see it too much here but you do see it in the rest of the industry. if the sec prevails, and by the way, coin base ceo has been blaming the slowdown on the implosion of ftx and sam bankman-fried, that is another factor but you do see the sec prevailing. these companies, valuation of the exchanges themselves because the coins won't be able to trade on them in the us. you could say they are all valued at these levels, coin

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neil: we don't know the details, the president says help is on the way at the border. victor has some ideas, us border patrol, kind enough to join us, thank you for doing so. what do you want to see at the border because there always seems to be a lot more migrants than people to police the migrants. i'm sure you are looking for more to do. >> absolutely. the last two years, a shortage of resources and personnel to deal with this flow and it will become larger as time goes on. neil: where you satisfy the president would deliver the goods? he talked about increasing asylum cases to 30,000 a month.

that there will be a process, and orderly process. some say this is opening a trojan horse that will lead the way to many more getting in the country using asylum as the means to do so. what do you think? >> i do believe the process for asylum will continue to be exploited. we have seen cubans and haitians as well as the nicaraguans. they are focusing as they did in the past, and earlier process there's another category that gets introduced and another category that introduces this and the only process that does not provide much hope, the removal, it could have an impact the problem with that, the resources that actually do it.

neil: you need resources to lock the border down. that can't come from more personnel or any gaps in that wall. how do you deal with that? >> you have to stop the flow and that is the problem. we transition from a human crisis to a man-made disaster. it is because of the perception that it is easy to get across and you will be eligible for asylum. you have to slow the process. by slowing the process means you dedicate enough resources not only materially but the messaging that goes to other countries that says if you cross there will be a consequence. the reason at this point. neil: we are watching closely, thank you for taking the time. after we hear what the president will do with the mexican leader and the canadian leader to tighten border enforcement maybe we will have

a better idea to pursue your reaction. we are going to go to a break, the dow is 72 points holding its own after this. . . .

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neil: all right. i leave you with the dow up 106 points, if this next guy doesn't screw it up. charles. stuart: i will try my best but i can't make any promises these days, neil. neil: charles go to it. stuart: thanks a lot. good afternoon, everyone, i'm charles payne this is "making money." stocks are trading in a tight range with inv