stuart: earlier we asked, one year on jupiter is how many years on earth? i tell you what i'm going to do. i think jupiter is very big. therefore, it would take a wrong time to go through a year. therefore, my answer is 16. >> i'm going to, i second you on that. i think the answer is 16. stuart: scroll it up, what is the answer? we were close. the answer is 12. >> why? stuart: only off by four. >> we usual lip get a reason why. stuart: yeah, we do. what is going on with you people? come on producers. you got to give us reasons why. i'm not going to do a market check. i will keep on pressing you. i want to know the reason why. that is "varney & company." "coast to coast" starts now. [laughter] ♪.

♪ oops i did it again ♪ neil: britney, i want you to meet jerome. someone else just did it again too. his name is jerome. he can't sing like you or sell out a concert like you, but bumming people out, britney, that guy jerome, he just hit us all baby one more time. see what we did there, britney. i digress. on key, federal reserve chairman jerome powell revived oldies never goodies, getting investors selling. it is uncanny, anytime a mic before him, folks seem to run from him t happened again today. as soon as powell started keeping before the senate banking committee warning that the fed is prepared to switch back to bigger rate hikes you can almost hear investors taking a hike. we know the pattern. we'll ask crossmark chief investment officer bob doll, what is the fallout from this

latest well, body ache. not just stocks. terry duffy oversees all kinds of investments. those markets need clarity. they're not getting it today. that is a problem he says, big problem all of that and alabama republican senator tommy tuberville, he is not worried about the fed's boss, china's boss. far bigger worry, far bigger threat. very big show. i'm neil cavuto. i want to go to bob doll decoding the fed speak out there. to quote, britney, bob what are you anticipating? that is the end of my britney references by the way but what do you think? >> yeah. look, i think the fed chair is telling us yes inflation is coming down. it will not be a smooth path. we'll have bumps along the way. parenthetically, we're far from 2% a long way to do. he insisted again we'll get to two.

we have a lot of pain in front of us if he really means 2%, neil. markets are reeling a bit. perhaps out of surprise. maybe he talked them into the rally we had earlier this year that got a little out of hand as people said maybe the fed's almost done, maybe we won't have recession. look i think probability of recession with speech and market reaction has gone up a little again. neil: he has an uncanny pattern to this behavior. i always like to say there is a powell trade in there, anytime he speaks we get revelations with the fomc minutes six weeks after the fact once we hear what he is saying we sell off. we do it again when he is speaking in real time. i don't even know what is going to happen when he speaks tomorrow but is that, by design? does he like to get the market off of its things will get better and soon approach? >> yes. let me defend him for a second.

i think what he is saying, guys, i didn't give you the all-clear. i didn't tell you we're almost done. i told you we're making progress but we have a long way to go and markets sort of shrugged, we will not have recession. it will be okay. the market gets this big run in speculative things in the first of the year and i think he is basically saying, i will tell you again, we're going to 2% inflation. don't forget it that will take some time. i think he is repeating what he has been saying all along, trying to talk the market off the more optimistic view? neil: you know, we had gotten up close to 4% again. we're not that far from it again after yields had slid under 3.9% on the 10-year. i'm just wondering, when the markets have to digest what he means by getting to 2%, as you said, how long it would take to do that, how long would it take to do that? that is not a this year event. it might not even be a next year

event. >> here here. i think you're right, neil. that means the fed stays snug for longer than people think. it wasn't many weeks ago people were saying by the end of the year they will be lowering rates. thankfully that is out of the system that will get pushed well to 2024. if he is serious about 2%. it could be a long way off, a lot of economic pain. i don't want to get overly pessimistic that we'll have a nasty recession. i think we'll have a recession, neil, hopefully for a lot of reasons, consumer corporate sector, bank balance sheets, it will be a more mild one we'll not escape some sort of a economic shortfall. neil: i still notice looking at fed futures contracts especially for the meeting in a couple of weeks, it leads by quarter point to half-point hike. i haven't checked further out what they're anticipating, you're saying, a pretty reliable source on this stuff we could

see rates higher longer than we thought. play out what you think happens at this upcoming meeting and maybe after that? i can't imagine there is going to be a may pause now? >> yes. the futures as i walked into here for the next meeting are about 50-50 between a 25 and 50 basis point increase. that is a big change from a few weeks ago when people were saying 25 until they're done. so that's a snug up. that is a hawkish comment and i think fed fund futures peak has been pushed out to october at about 5.60. every time we have another inflation reading every time we have another fed meeting those numbers just keep going up and get pushed out. so higher for longer. i think is what we should keep our eye on, neil. neil: we have 4 1/2, 4 and 3/4er fed funds rate right now. say it gets up to 5.25%.

the steady rates continue i could see us going over 6% this calendar year, what do you think? >> let's hope we don't have to go there. you know it was not that long ago talking a five you sounded like you were kind of out of your mind. now we're talking about six and there is credibility to that. they will go until they see inflation falling to its knees. could we have a 6% fed funds rate, neil? i hope not but i don't think it is out of the question. we should assume higher for longer until we hear a different tune or more evidence that inflation is getting close to two. neil: got it. bob, thank you very much. bob doll following all the fast-moving developments. i want to right now to tommy tuberville, alabama senator, republican, sits on the senate armed services committee. he has bigger worries than the federal reserve, focused on china of late and their more

bellicose talk. that, senator, they're matching the defense spending with the bellicose talk. it is going up at a startling, 7%. they're a long way from our defense budget. i tell you they're closing in. what do you make of it. >> well they are, and they're our number one adversary, neil. we need to start acting like it. you said they're upping their defense spending. they're also threatening our neighbors. look at everything else they're doing. there are challenges every day. their new foreign minister comes out, gives us, rakes us across the coals. he doesn't need to be telling us what to think. look at covid they released. fentanyl coming across the border. we're being devastated by china. we better wake up. the people across this country, the white house joe biden, the democrats need to wake up because they are a threat to our society. neil: meantime, they deem what

we're doing senator, provocative behavior, providing troops for taiwan, when all said and done it will be up to 200. also the fact that kevin mccarthy, the speaker is going to host the taiwan president when they're in town. i'm just wondering what you make of what we're doing that they use as an excuse for what they're doing? >> well, there is the excuse either side. we're back in ukraine. they're back in russia. we're back in taiwan. i think we owe them $19 billion worth of military equipment. we're way behind on that because we're having to work with ukraine in trying to fund them and get them ready for this attack that they're getting right now in the spring. so, you knee, they know what they're talking about. they spy on us every day. they know exactly what we're doing but we know what they're doing. we don't need to push this envelope. we don't want a war with china. that is the least that we need to do but joe biden, all of his

soft tactics put us in this difficult situation. so hopefully we'll tighten up the purse, tighten up the strings and let china really know what's going on because we can't back down from them and we won't back down from them. neil: you know part of that refusing to back down from them, senator, is this idea that you got to remind americans, maybe all the way up to the president there is going to be some pain inflicted on americans as a result if we start chilling economic relations or trade with china obviously it hurts both countries. a lot of people think it hurts china more. we have not done that yet. we haven't reminded americans if it came to a trade wore or worse, economic battles can be quite painful. >> we have to start pushing ourself neal, off of china. we're doing that slowly. companies are moving out, vietnam, cambodia. we have to think about the future if we let it happen, the blockade that will happen around

the china straits, taiwan straits it will be deaf stating to both countries. we can afford to get it done. we need to prepare for it now. we don't need to wait for it to happen. neil: well-said. senator, always good seeing you, senator tommy tuberville in washington on these latest developments with china. also some startling developments in mexico here concerning those four americans who were kidnapped. we have now since learned two of them were found dead in mexico. one is in critical condition. we don't know the status of the other one. outside that person is still alive at least. what happened and why with william la jeunesse in los angeles. william, what can you tell us? >> reporter: mexican medical and police were headed to the location where four americans were found. two were inside of a small house on the out skirts of mat at mats and two fatalities were found in a field nearby. we believe those four will be taken to a hospital in

brownsville, texas. american officials have known for sometime about the two fatalities but how it became public was really unusual. about 90 minutes ago mexican president manuel lopez obrador when the governor called us. he put the conversation on speaker everyone to hear live word of two deceased americans. one injured with a bullet in his leg. the other one still alive this follows of course the shootout on friday. men with rifles holding the americans in, hauling them into a white pickup truck. the woman was alive at the time. the other three appeared to be dead or wounded as they were dragged across the pavement and tossed into that pickup truck. now family of the survivors and though who died in south carolina that latvia washington mcgee, the mother of six had return to mexico for a second medical procedure accompanied by three friends. she was there for a tummy tuck.

it's surgery costs thoses of dollars less in mexico than the u.s. apparently they were mistaken being part of a rival gang and attacked. one person has been detained according to the president of mexico with this abduction. the state ag is continuing the investigation to find others who might be involved. back to you. neil: william, thank you for all of that, william la jeunesse. keep you posted on further developments, details, how these unlucky four ended up in the position they were in. maybe a case of mistaken identity. we don't know. as william said still too early. we're hearing more from jerome powell speaking before the senate banking committee, beyond his concerns about a still strong economy. i say concerns because it inflationary. that will take time to address. that is weighing on the markets. he talked about the debt fight going on right now. he avoided taking sides. i simply said level of the debt in the u.s. might be sustainable now, no guarranty it will continue to be that way.

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serious allergic reactions may occur. watch me. ♪. neil: more going out than coming in. we had 16 people paying into social security for every recipient right now. that math is getting close to one-to-one now. it is not sustainable, right? >> that's, that's the challenge we face. we have demographic change. we're getting older as a society and that affects social security and medicare. health care costs are growing faster than the economy, faster than the price of other things and with an aging society we'll need more health care, more health care spending so that is driving our fiscal imbalance along with higher interests. the interest payments we face as a nation are rising sharply as well. neil: all right. phillip swagel was on this show yesterday. he is the director of the congressional budget office. they crunch the numbers, but what he was saying that my

friend maya maginnis has been saying for some time, for years prior, the committee for responsible budget. we're anything but that. give phillip swagel some kudos. he spelled it out where we're going if don't do something and soon when it comes to these entitlements. offering any number of ideas to slow the growth maybe spread the wealth out a little bit. all of which is a third rail in politics, whether you're just a budget director for the cbo or anyone else. do you think we'll ever make progress on this front? once again today, you had jerome powell bemoaning the debt. it is okay now, but could be a monster down the road what do you think? >> so, i'm concerned. i know that rather than making progress right now we seem to be moving in the wrong direction. so what director swagel has said, and people should read the congressional budget office report because it's really important to understand just how

dangerous these numbers are right now. he spells the picture where our debt is growing passter than the economy. we're going to spend over $10 trillion on interest payments alone over the next decade. neil: incredible. >> we have the trust funds. social security, medicare are going insolvent. meanwhile what did we have at the state of the union? we had the president promising not to touch these problems and try to get everybody to join me in that promise. they were all too willing to do. we have people promising not to fix programs what they know they're going insolvent. the real bottom line the politicization of these issues, partisanship this congress, unwillingness for anybody to do something which is hard, which is what budgeting is, it is toughs, has me concerned we're so weak, we have very important issues like china, keep in mind the weaker we are fiscally the stronger they are relative to the u.s. neil: you know i also look at it, maya, just wonder, someone's got to level with the american

people who are not stupid. you know they know that the math doesn't add up. they know that it is not what it was, that it is not sustainable but some of them know in history we had dealt with this before with ronald reagan and tip o'neill came together and both, you know, made some political sacrifices to at least extend the shelf life for social security by another few decades. so it can be done. and sometimes if you do it enough in advance with only minor tinkering, we're reminded worldwide, even in france where they want to raise the retirement age to 64 from 62 and by the way, phase that in over more than a decade there is hell to pay. people don't like to hear that i think people are a lot smarter than we give them credit if you step back and spell it out? >> so, no surprise, i agree with you here. what we really need is political leadership. we have need people to tell the truth and we need our citizens to trust the politicians what

they're telling them. the problem they have dishonest about this issue so long there is lack of trust. we need people to level with the american people. here's the deal in five years medicare part a will be insolvent. that means there will be big cuts to all the providers and problems getting health care older americans need. in 2033 social security will be insolvent. that means there will be across the board 22% benefit cuts for everybody, even the 90-year-old widow who totally depends on the program. these things can be averted if we make changes right away, the sooner, the better. they are not easy but they do not have to be terribly painful. the trick as you said in the past, put those changes in place immediately but phase them in really gradually. everybody vilifying raising the retirement age. some people can work a lot longer, others cannot. if we can raise the retirement agings, for people young in their 50s, 40s, going up a

month every couple years they're preparing for it. we have protections for people doing back breaking work who can't and shouldn't work longer. that is easy to reform. we demagogue. we're doing ourselves a disservice attacking anybody putting something reasonable on the table. neil: before you go i want to get your take on what the president wants to do in the latest budget to shore up medicare. he is really putting it on a tax hike on the upper income. so rather than 3.8 medicare tax they pay now it would go up to 5%, and that i think he argues, i haven't seen the full plan, maya, shores it up for another couple decades. i don't know if that is provable or right, but that is what he is saying. what do you think of that approach? >> details are not out there but so far he gets good credit for putting forth something that will improve finances of medicare. don't criticize anybody else's plan. put out your own. thank you for putting out

something out there will preserve, lengthen the length of the medicare program. there are games here. increases taxes, cut spending, want to raise taxes none of them are not easy. that is a real choice. what he does take money out of general revenues putting medicare stronger but makes the rest of the budget weaker. i really applaud the actual policy changes that approve overall finances, robbing peter to pay paul part of it, we're weaken rest of the budget which is in dire straits. that is problem. we have to make more changes, better. anybody that puts forth something improves solvency of social security, medicare, reduces our debt. let's not criticize them. put out an alternative. what is really important right now we need the budget committees to do their jobs to put out their plans. the house budget committee under chairman arrington, the senate budget committee under senator whitehouse, we need to put

forward their budget to work with and hopefully make comb promices to hopefully improve the overall situation. neil: what i love about you, maya, this is compliment, you're a non-stop pain, you love pestering them about it. very few do these days. can you still be a pain for us? we appreciate that. i'm sure i will be. neil: you will be i have no doubt. maya, thank you for sobering up to the realities we can address. we do have the potential in this country. we've done it before. we'll have more after this.

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♪. >> i have a question about the willow project in alaska. what's more important to president biden, improving energy security or reducing fossil fuels? >> so first of all it doesn't have to be one or the other.

we can try to do both. >> in 2019, i guarranty you we are going to end fossil fuels. so this project would just be dead, right? >> so here is what i can say about that. the president did meet with the alaska delegation last week at the white house. when it comes to that specific decision that is something that the secretary of interior is going to make. neil: all right. not encouraging words for alaska governor dunleavy kind enough to join us right now what he makes of this. mike dunleavy has been dealing, pushing for this new project, could mean a lot of jobs for alaskans, economic security, to say nothing about the extra amount of oil we could be getting out of our furthest northern state. governor, good to see you again. i'm getting mixed signals from the white house on this. you would be far closer to this than i will ever be. what are you hearing right now from the white house where this stands? >> so we're preparing for them to deny this. it is sad to say that but their

idea of a compromise apparently is to allow only two drilling pads for this oil play called willow, about 180,000-barrels per day at peak. instead of the three or more really investors conocophillips need to have to make this work for everybody. it is an unfortunate game that is being played between the white house, the extreme environmentalists that got him there and unfortunately the people of alaska and this country. so, neil, i right now, we're preparing, hoping for the best but preparing for the worst. i think the whole thing is unfortunate and unnecessary. neil: so the willow project as it compares to others, governor, where does it stand? this is actually statistically bigger, is it not? >> well this is, my understanding this is your largest conventional play, new play in north america. here in alaska. we're putting through 500,000 barrels a day of oil through our pipeline from prue dough bay. this is naval petroleum reserve

in the west. that would be in the pipeline as well. at peak, 680,000 barrels. we have another play that is similar, pika, that could put up 200,000 barrels. if this play does not go forward chances are pika would in danger as well. significantly increasing oil into the pipeline, certainly helps alaska, you want more production to drive prices down across the board for all-americans and alaskans. so it is problematic. again we're supposed to, we're supposed to hear word of decision here this week or early next week but hoping for the best but expecting the worst. neil: i only mention it, governor, if the administration is kind of sent a signal to the oil companies in 10 years or so we'll phase out of traditional oil, so many states will phase out of selling gas-powered vehicles, what is to say you get this and yet oil companies start saying, well you know, all this

faces out on us in 10 years, we're not interested? >> yeah. and so you're right. they will phase it out here in the united states but they will get overseas. that is the sad and interesting part of this discussion is, you know the biden administration is talking to venezuela and as i mentioned to one reporter here about a week ago, alaska probably has more sanctions put against it by our own government than our government has against venezuela. oil is not, it is not end of oil, neil. it is end of oil in america. neil: i never heard it put in that perspective, governor but i think you're right about that. mike dunleavy, very good governor. i would like updates how this gets closer to reality or not. your concern is might not be. we'll watch it very closely. in the meantime we're getting more info on the kids behind the atlanta attack in the middle of the night. now they're in court or at least 21 of the 23 of those suspects

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we got this! let's partner for all of it. edward jones ♪. neil: all right. those suspects in that cop city attack in atlanta are due in court today. i misstated to say 21 of 23 are in court. actually they're all in court. the 21 of 23 were those not even from atlanta at the time all this was going down. grady trimble has more. grady. >> reporter: no matter where they're from, neil, they're facing serious domestic terrorism charges. we're learning a little bit more about a group that is helping these folks who were arrested. the nonprofit we're talking about is called the atlanta solidarity fund and they are soliciting donations to try to pay the bails of those people who were arrested and charged again with domestic terrorism. that group tweeted, we are already coordinating a network

of lawyers to respond. please donate to help us continue this work. solidarity means nobody faces repression alone. they're calling it repression but police insist those who were arrested were violent agitators throwing rocks, bricks, fireworks, even molotov cocktails. in total those 23 people are facing domestic terrorism charges for their role in that fiery attack on a planned law enforcement training facility. the vast majority of those arrested as you said, 21 of the 23 from out-of-state, from as far away as connecticut, wisconsin, colorado, utah. even canada and france. of those two who were from georgia, one is a lawyer for the southern poverty law center. that organization says the employee is an experienced legal observer and their arrest is not evidence of any crime but of heavy-handed law enforcement intervention against protesters.

georgia congressman buddy carter calls the attack a calculated performance. >> got to send a message here. the problems that we have, keeping morale up of our public safety officials particularly of our police, there is no question we need to be backing them more. you will get some serious response from the state of georgia, i can assure you of that. we talk law and order very serious in the state of georgia. >> reporter: there are still a lot of questions about this attack. why were so many people not even outside of atlanta, but outside of georgia participating in it? we've asked the atlanta blitz department if those who were participating in this attack received any funding from other outside groups but we have not gotten an answer to our questions. neil: thank you, grady, very much for that. to my friend ted williams on all of this, former d.c. homicide detective. he is also a damn good defense attorney. ted, what do you make of this, if so many weren't even from atlanta or the atlanta area?

>> you know, neil, i got to tell you, my friend i find this deeply troubling and i think this may be a microcosm to something bigger happening and i really believe that homeland security on the federal level is going to have to get involved. neil, this was a coordinated attack. this was as far as i'm concerned an insurrection. when you got 23 people charged with domestic terrorism, they're in atlanta, and they're from all over the country, guess what, neil? also two of these individuals from france and canada. so something bigger is going on and i think that we really need to pay attention at this. this was just something that started that could light a flame for something bigger in this country and i'm deeply concerned. neil: you know it comes at a time when atlanta of course after the george floyd uprising

everything after his death, they are looking police departments go too far. the pendulum is swinging back in a lot of cities, particularly seattle, washington, d.c., maybe saying this got too nuts. i wonder if we could see more of this behavior as a act of desperation? >> you know, we absolutely could, neil, and that's one reason we've got to be very vigilant in this country as to these kind of activities. think about it, in atlanta they attacked a building that was going, when i say a building a site that was going to be used for training police officers. neil, we've said over and over, even on your show that police officers need to be better trained, and to attack an institution or a situation where you are going to have officers

trained tells me that there is something bigger here than just what took place on sunday night there in atlanta. neil: do you think, ted, the fact that even, among prominent democrats right now, at least cognizant or recognize that the concern that crime in the electorate? lori lightfoot's inability to get reelected in chicago. first chicago mayor who faced such an embarassment, that these are the kind of developments that show crime is an issue, and if a politician is just concerned with his or her hide they damn well better address it? >> you're damn sight about what you said. you cannot put your head in the sand and not look at the fact that crime is off the chart in all of these major metropolitan cities. or you have just spoken out about lori lightfoot in chicago.

she was not reelected. she was soft on crime. right now there is a bill in the district of columbia in the senate going nowhere fast where the city councilmen i believe was soft on crime, or the fact about it is, law-abiding citizens are saying we need people who are going to stand up for us. if you're not going to stand up for us, we're going to kick you out of office and put people in who are going to be looking out for us the citizen pause the one thing we want to feel in our communities, neil, is we want to feel safe and i got to tell it you, people all over america, unfortunately, are not feeling safe and secure in their communities. they believe that the criminals are winning and they are unfortunately winning. neil: you're right about that. you were the one of the first to say that when people were reluctant to go back to in big cities. it had nothing to do with covid.

had everything to do with crime. ted, great catching up with you again my friend. thank you. >> thank you, my friend. neil: all right, ted williams on all of that. "the big money show" just around the corner just about 15 minutes away. taylor riggs, what do you have on tap? taylor: going a little bit out west, neil. the north dakota governor proposed lower 1 1/2% income tax, luring you and businesses over to his state. that coming up at 1:00 p.m. first more "coast to coast" coming up next. ♪. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective.

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♪. >> my colleagues and i are acutely aware high inflation is causing significant hardship and we're strongly committed to returning inflation to our 2% goal. we continue to anticipate ongoing increases in the federal funds rate will be appropriate to attain a stance of monetary policy restrictive enough to return inflation to 2% over time. it will take time, however, for mull monetary restraint to be realized especially on

inflation. neil: all right. if you want to know why the dow is off more than 350 points let me sum up what the fed chairman said. the good ol' days are gone. they're not coming back anytime soon. that is something my next guest put in perspective,s if nating financial times piece not too long ago. terry duffy, cme chairman group ceo and all types of invests under his watch. terry, it is always great to have you but i love your opening line in the column saying well it was fun while it lasted. two decades of easy money justed by excessive rounds of stimulus spending. all over now. now what we get out of jer ream powell the reverse is going to be more common in the future, higher rates for longer. what do you think of that? >> right. i think the you know the fed had plenty of opportunities throughout the years and i said this publicly, i'm a big fan of chair powell but any they had opportunities to move rates over

the last several years so we wouldn't be in the situation we're in today and unfortunately i think politics plays a role into the fed even though it is supposed to be an independent agency. i'm not saying it is this president or past one or before on that, i think a lot have influence on the fed. hence we did not move rates when we had opportunity to do so and we put ourselves in a very difficult situation we're in today. you heard what the chair said, neil, we'll have higher rates longer than expected and what is interesting about that is interest rates play a major role in over other product and hence why the market is jumping you saw the market down close to 400 points at one point, as soon as the chair ended the market wanted to rally 100 points because thank god he stopped talking for a second but that is how jittery the markets are right now. neil: there has got to be a trade on when he speaks. some people think i was joking,

i'm really not. i traced a lot of his comments as soon as he speaks stocks sell. that can even extend to when we get the fomc minutes six weeks after a gathering. we hear what he was saying and we sell on what he's saying. i don't know if that is derive product you could offer but a steady rule of thumb. >> yeah. neil: does he wants to get the markets off the notion we're almost there because we're not almost there? >> well, and again that's something i don't want to speculate on, neil, but we do have a product that does that. it is called the fed funds futures contract. we do have the product today to give people ability to express the views what the fed will do or not do already. that is out there already. when you look at such a huge percentage of the index is controlled by high-tech companies and which know they are so susceptible to rate increases and could have massive selloffs, or massive rallies

depending what the fed does, i think that is the real reason why we see the markets move the way they do when the fed speaks. neil: do you think we have enough discipline in the markets, you talk about regulation in your piece here, where you say smart regulation is fundamental. customer protection must always take center stage and the markets like that clarity but the markets also viscerally recoil at the thought of more regulation. so how do you balance that? >> they do, neil, you're right, because if you look going back to 2010 when dodd-frank was introduced, the reason why the markets hate it so much because there was zero clarity. dead frank passed in 2010 we're talking 13 years later talking about rules implemented in dodd-frank. that is the uncertainty for regulation, because the path gets to regulation. just because congress votes something through, we have to

turn it over to regulators to write rules what they believe the interpretation of what congress voted on. it is a very sticky process. hence the market doesn't like it but if you don't have credible markets with oversight associated with them, neil, you will have chaos. there is no other way around it. you heard what the chair said today, about cryptocurrencies as an example. cryptocurrencies are a very new product. for cme we have very strict controls and we only list two products on cryptocurrency. why? because we happen to agree with the chair. these are new. we want to make certain we don't have investors in these that don't belong in them that people understand the what the rules of the road are and it will be interesting how we proceed forward but i think good, smart regulation is the key. urn fortunately as you know, neil, getting there is a very difficult process. neil: we're not there to your point. great seeing you terry duffy. >> thank you, neil, appreciate.

neil: terry runs the cme group, everything under their purview, assets that give you alternatives to stocks and crypto, two different products there. we're following that, following layoff news, maybe big layoff news at meta. maybe thousands of workers poised to lose their jobs. they could be the latest. they might not be the last.th ♪. e fetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. .. e comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with

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neil: check selling off again. meta platforms bucking the trend a little bit, but not for the news you would think, that it is intending to lay off thousands of people. what do you make of this? >> the market lead the jobs market. you start tech stocks get demolished, now you are seeing the response to that which is a lot of tech layoffs. there is historical precedent in this deal. in 2,000, tech stocks lost 30%. %. in 2000 when you saw third of all layoffs related to the tech sector, largest downsizing event ever. we will see more of this particularly the technology sector. you've just begun to see the amount of layoffs in that sector. neil: that sector was pounded as you envisioned and last year, looks like it was coming back and some were better than

others. how does this year look? >> it is what gerald ford called public enemy number one, it is inflation and it is killing high-tech, long-range investments, not just technology stocks but biotech has been obliterated. it is harder 6 month or 5 years out knowing in the last month the 10 year yield has gone from 3.3% to 4%. that's a big move and the rate of interest affects every investment in the book, all i are on chairman powell which hasn't shown anything. stuart: it is wild. start of the truncated time. we love hearing from you but with all this breaking news, thank you again, dow down 400 points, always affected by higher rates. to "the big money show". taylor: we could do higher rates all day long, back in