coming, it is looming, this president and the democrats will not agree to spending cuts even as republicans say we won't raise the debt ceiling until you do. >> the debt ceiling is a huge risk. the good news is everyone agrees it has to go up but they can't get a deal on spending to let it go up. i worry about that as one of the near-term risks to the economy. maria: no risks in the mind of investors today, dow jones industrial average up 307, nasdaq up 127 in the s&p higher by 45. a consumer price index report largely in line with expectations except for the core which was hotter. douglas holt he can, michael lee, cheryl casone, thank you, we will be back tomorrow with more.

"varney and company" takes it over now. stuart: status reports on inflation, the banking crisis and what is happening to your money. inflation running strong, the numbers for february show consumer prices went up 6% in the last year. just like down tech from the rate in january. the dilemma for the federal reserve, keep moving rates higher to beat inflation or ease off on rate hikes because of the banking crisis? it is a dilemma, the fed meets next week, let's look at the banking crisis. look at regional banks, making gay comeback. i say some of them are up, need some more. after yesterday, massive declines, today a modest bounce back. does that mean the crisis is winding down? 3 points to make on the crisis. number one to how come a senior executive at sp be set on the board of the san francisco fred

-- fed which regulate that bank? second, how come senior executives cash their stock holdings when the banks crashed. 3, how come the author of that regulation, barney frank, sits on the board of the now closed signature bank. how are investors reacting to inflation in the banking crisis? dow industrials up 340 points, s&p up 50, nasdaq up 141. interest rates plunged yesterday, flight to safety pouring money and the price the yield down, different today, the 10 year yield back above the 3% level, it is 3.56%. the two year is upping 24 basis points, that is the market. now, politics. florida governor desantis says, quote, while the us has many vital interests, being entangled in a territorial

dispute between ukraine and russia is one of them. he's in line with donald trump on that issue. trump went to iowa. he tried another nickname for the florida governor calling him ron desantis. he doesn't have a nickname down. we will bring you the latest on inflation, banking crisis and the market's response. march 14, 2023, "varney and company" is about to begin. ♪ stuart: we need some money, don't we all? we have the latest read on inflation which consumer prices up 6% from one year ago. good morning.

what else have we got? lauren: the eighth straight month of declines from the june peak. at the core level, take out food and energy, the fifth consecutive, inflation is covering his name. rent and hotels accounting for 70% of the increase in inflation. clothing is up 3%, shelter up 8.1%, used vehicles, prices fell a bit. the bottom line to this report, this news, inflation coming down plus the bank scare, jay powell and the fed. stuart: let's have a look at futures, see how they are shaping up, dow still up 300 points, nasdaq 130.

a pretty good rally. a question for you, will the fed because the rate hikes because of today's cpi? >> you said last time i was on market guys don't take stances, no way the fed is doing that. the cpi print is too hot, 6% inflation in the world when the fed wants 2%. there's only one or 2 areas that were actually down year-over-year. gasoline down 2.5%. if you look at the price of eggs, transportation, hospitality and leisure, they are up double digits, there's no cover for the fed to say the inflation is under control. i don't see it. investors have no short-term memory. last week we were talking about powell accelerating the rate to 50 basis points and we've not only gone to pause or go in

reverse, goldman saying it is a pause, the fed will cut rates next week. i don't know what to make of it, just delusional nonsense. stuart: no cause for 6% inflation. stay there. more for you later. the latest on the silicon valley bank, the federal reserve is review its oversight. what happens now? lauren: michael bar is leading this view, publicly they will release the report, these are the questions everybody wants to know, what are the blind spots and who's responsible for this? the blind spot would be sp be doubled its deposits during the pandemic. 9 and 10 are insured, wise that okay and who's responsible for this. senator haggerty points his finger at the san francisco fed. that regional bank is responsible for the day today supervision and ceo mr.

greg becker sat on the board until a few days ago. stuart: all right, thanks. the regional banks are bouncing off of huge losses yesterday. is that to you a signed the contagion may be winding down? >> a great sign, banking is a confidence game. with silicon valley, you had a fear over the weekend that it would spread. we saw this happen quickly unfolding but now you see this bounce back, the fed did the right thing, stepped in, the fdic's stepped in, restored confidence in the system. i don't want to say they were isolated, the contagion will continue in the venture capital world. they had a lot of repercussions coming, a lot of self feeling, this model had great marketing

but not the best results and they have to answer for that. stuart: we are in the same position, don't purchase stocks, purchase short-term treasuries, we agree on this? >> we still agree that is a boring strategy? treasuries -- let's forget about becoming banking experts and look at opportunities in the market. prevention is at $7, it got bought out from 25 so there is undeniable value but you got to be balanced. stuart: thanks for joining us on an important day. president biden tried to reassure the nation the banking system is safe and secure. let's bring in jason chaffetz. the president stated 24 hours ago, did he instill confidence in the financial system? >> i don't think so in real time. the market was going down. i don't think anybody believes

the president has his finger on the pulse and understands what is happening, most people understand he just read a script but he said some things most people know aren't true, to suggest there's no taxpayer funds will be affected. if the fdic's going to cover every single deposit fees are going to go up somewhere and it is going to be average people that pay those fees along the way so i don't think it instilled a lot of confidence. stuart: let me change the subject, florida governor desantis says defending ukraine is not a vital interest for america. he and donald trump are aligned on this issue but the republican party is clearly split. are you surprised by what desantis had to say? >> no. i think it is a sweet spot where today's republican party is and in line with independents and a lot of democrats as well. he didn't say it wasn't vital,

just that it was a regional conflict, he wants to supply the arms but not proactive arms that will make this into a third world war. he was a naval officer, served overseas. i think he's in the right spot if you want to be the republican nominee. stuart: there's a political split not just within the republican party but between a lot of republicans and a lot of democrats, democrats support pushing ahead with ukraine. republicans don't want to give them much more. is that an accurate statement? >> when you give ukraine and what you give ukraine, not giving american service men and women -- that's the right spot. biden was terribly laden where he did and what he didn't is taking a position now that is way out there in front. i think there's a good vibrant

debate this country needs to have but most people don't want to get involved and engaged in an endless war. stuart: he said the vital interests of the united states. thank you very much. thousands of ukrainians displaced during the war were authorized to remain here in the us for one year. that authorization is set to expire. are they going to get an extension? lauren: yes, this is for 25,000 ukrainians who came through mexico at the southern border when the war started a year ago. they can stay here one more year. 300,000 ukrainians fled to the us under humanitarian parole. that 20 or so thousand came through the southern border, they can also stay two years but dhs says they will review those on case-by-case basis. stuart: you can't send them back, flooding across the

border -- lauren: to review them on a case-by-case basis. stuart: we open the market in 19 minutes, dow up 270, nasdaq up 230. the security record, roll tape. >> translator: mexico is safer than the united states. there's no issue traveling safely to mexico. we when is mexico safe for americans? here's what we are dealing with. 6% inflation, ongoing banking crisis, the state of the economy. we will deal with it all after this. ♪ ♪

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my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: hot stuff is the name of the song. that an attempt by our producers to link hot stuff with hot inflation. i think it is a bit of a stretch myself. that a shot of gatlinburg in tennessee. all lies on the fed after that inflation report, inflation 6% exactly. grady trimble my how will these two items, inflation in the banking crisis affect the fed's decision on rates? >> reporter: the decision is more complicated than it was

before those bank collapses. now has to weigh these two. inflation came in where economists were expecting at 6%. looking at two of the categories where americans are getting hit hard, shelter, rent is up 8% from a year ago and food both at restaurants and grocery stores. food is up 9% between those categories, meet is up 2%, eggs came down slightly from a month ago but still up 55% from a year ago, fish up nearly 5%, milk, fruits and vegetables, coffee, all of those costing you more than they did a year ago. energy, we've seen gas prices come down slightly, prices are year ago just started their climb into the summer months, gas prices down 2%, electricity, utility, gas, and fuel oil all up substantially

from one year ago. the question, what will the fed do next. >> the old saying that rates keep going up until something breaks. here's the first thing that broke, the question, will they stop up here? will other things break or will they keep going. >> reporter: 6% is nowhere near the 2% inflation target. the question is are rate high enough now where the fed holds them, inflation will gradually come down over the next several months to a year or will it have to keep aggressively hiking rates to bring down inflation and how will that affect banks? a lot of big questions as we are rate the fed decision. stuart: endless questions. thank you very much indeed. john lawn ski, and economist, joined us, 6. 0% inflation over the past 12

months. i think it is still running fairly hot. >> it's running fairly hot, too fast for the average american where the average wage is growing by 4.6%. we had nearly two years where the year-to-year increase by the cpi has been faster than the year-to-year increase for the average wage. stuart: two years straight worse off. okay. what do you think the fed is going to do? >> the fed will hike rates on march 22nd, hike them up 4.8%, fed funds futures currently just over 80%. that could be the last rate hike of the current series of rate hikes according to the treasury bond market, two year treasury yield is under 4.3%, the one year treasury yield is 4.6%.

that's less then 4. 88, they baked in one rate cut by the end of the year. we one put up one more rate hike but what about the banking crisis, one more rate hike to the end of the year? >> that is what the markets are telling me. this has is been all over the place. blue one what about next week? >> we will be looking at fed funds picking at 5.6%. depends on the strength of the underlying economy. we are getting report on february retail sales. after a strong january we look for retail sales to decline by 0.4% january to february. that tells us higher interest rates are beginning to take their toll. the faster rate of growth is beginning to introduce -- redo spending pointing towards a gradual slowing of inflation.

stuart: and after that gradual slowing, the increase in interest rates? it is so unclear. >> this could be it. we try to take the 10 year yield above 5%. we have problems with housing. we might find out given the weaknesses in the financial system, the loss of purchasing power, depletion of excesses from covid spending, inflation goes down, the us economy is not strong enough to shoulder 4. 8% fed funds rate. stuart: is this a lehman moment? >> absolute the not. we not. i don't see any comparisons. this is a widespread mortgage crisis. we had problems with smaller banks. it is how they mismanaged their

liabilities the they have too much in terms of longer-term treasury whose prices have declined. acid quality still pretty good. household credit, business credit. stuart: i would call that a positive. the market is higher this morning, the dow some 330 basis points. the banking crisis it mortgage rates, they came down last week. why did that happen? they came down. neil: we saw a dramatic move in the 10 year. these are rates, 6.57% but last wednesday 7%. way down. is this enough? is that decline enough to help the housing market as we are on this? i will play this. goldman sachs is 99% of borrowers have a mortgage rate

under 6%. if you look into that, 70% people are 4%. if you're lucky enough to have a 3% or 4% mortgage rate are you going to put your home on the market and get yourself in a 6% or 7% rate? you stay, maybe become a landlord and rent out. most people will stay where they are and things might stay the same. stuart: check futures again. just a few minutes from "the opening bell," looks like a pretty good rally at "the opening bell," we will take you to wall street after this. ♪ ♪

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stuart: 3 minutes to go to the market opening, the dow is up 350, solid gain over 1%, nasdaq is it better than 1.1%. keith fitzgerald with me this morning. inflation 6%. i think it is pretty warm if not hot. will the fed be able to pause next week? >> they should pause because

they give the opportunity to reset. they are like a 5-year-old child, they push on the button, don't get different results and slam it anyway. stuart: if they did nothing next week but stay where they are the markets and the economy, you get more inflation, wouldn't you? >> you would, and inflation will continue on its own. this report that everyone is says is a sign of cooling, it is not. we still have supply-chain problems, trillions of dollars sloshing around from covid stimulus. it will still be higher prices for a lot longer. stuart: i see the regional banks bouncing back, but i understand that you want to purchase more jpmorgan. explain yourself. stuart: absolutely. it is the biggest, strongest bank run by the brightest ceo in the business. he doesn't make mistakes often. is not the kind of guy the

bullet was christ take his bank down. if you look at how all the banks fell, his bank, jpmorgan fell less, that's a sign of strength, don't care about the small stuff. stuart: you don't see this as a lehman moment extending toward big banks? >> i see it potentially a contagion risk for regional players, that's where big guys, i don't see it is a lehman moment, this is liquidity, not a credit crisis. stuart: ever have any interest in treasury? i ask everyone about the stock market, what about the 6-month treasury but don't think i ever asked you. what about the 6-month treasury? >> i do have an interest. i was looking at that. i think those are very attractive and they should be brought back into the portfolio. thank you very much. we are up and running and we will see some green on the

board shortly. right now the dow has opened and we are up 300 points. look at the dow 30. most of them in the green. i hate see two losers. see bx. that's the dow opening up 1%, the s&p 500 opening up just over 1.3%, the nasdaq opening up 1.5%, gradually getting higher. pretty good rally in the early going, big tech white across the board, look at meta. alphabet, amazon, microsoft all up 1%, apple up 0.8%, 151. i want to start -- look at the big banks, a key indicator, they are bouncing nicely. now show the regional banks,

there's a strong balance coming up, 59% up for first republic, susan is with me, do these banking numbers suggest crisis is winding down. susan: there's some recovery. things have columns down, and if you listen to western alliance and first republic the stocks are surging today and said outflows have been there's been no panic, no indications of a bank run and that is positive. regional banks recovering a little bit in the opening minutes. first republic them and you count that? 20 trading calls because of 60% you might see on the opposite end. there is debate whether government actions, whether that was the right move.

the ferc optioning off the second round of options. indications are that apollo and blackstone stepped in looking to purchase the remnants. stuart: telling about credit suisse was a major bank, just two bucks a share. susan: they bought first boston in the 1980s. that's a big concern for the next bank run for the record low and they say withdrawals are up significantly. they saw customer withdrawals, 110 billion in those 3 months to end last year, they say withdrawals of stabilize, they've not gone down which is the concerning part but they've not pulled the annual report on accounting concerns, the sec said we need to look at

2019-2020 annual reports report, they lost $8 billion after losing money arctic ocean, the hedge fund blue up. stuart: what has can griffin had to say? susan: a bailout, bondholders got wiped out in silicon valley bank but can griffin says the backstop guaranteeing his deposits, us capitalism breaking down before our eyes and spp, a great lesson in moral hazard, losses to depositors he thought was immaterial in the broader scheme, systemic risk of the financial system and risk management is essential, he's blaming the ceos and executives and says the economy could have withstood a silicon valley bank collapse if we were at full employment and credit losses were minimal. stuart: his letting them go. susan: a lot of people said

after lessons of lehman's. stuart: got to tell me about charles schwab, they were caught up in a downdraft but not now. susan: it was down 32% since wednesday's close but billionaire investor, tesla investor ron baron city stepped into pickup charles schwab shares, charles schwab is up, i didn't know he was still around. she he lost almost $2 billion or $3 billion worth in financial worth. stuart: i have to get this in. i did the first ever tv commercial for charles schwab 50 years ago in san francisco. i've got to get this in. meta, there's no tape of it, used to be two inch tape in those days, just got confirmation of more job cuts for meta-blooge and the stock

is straight up. susan: we are talking 10,000 jobs and closing 5,000 job positions that will no longer exist, they don't need to refill those, on top of 11,000 job cuts they announced last november. a huge cut down in head count. i think they are following twitter. stuart: let's go straight uber and lift, they are got a huge boost from a court ruling in california. susan: they won that vote to reclassify or classify their drivers as contractors. stuart: they don't have to be employees. >> the court said we are upholding the fact that these are contractors and not employees that you have to pay with benefits. that is why stocks are up including door-dash. boeing, big deal us out

airlines. susan: dreamliner planes that were sold, i think united was a bigger story, that stock is down 6% because all of a sudden they said they are losing money in the first quarter of this year because they signed a pilots union early and jet costs. stuart: how many planes? 78? that a lot. susan: no one pays the sticker price. stuart: see you later. op-ed, china's quiet landgrab threatens our most valuable resource, the author, i'll congress when randy finnstrna. i will ask if he's willing to ban chinese purposes on our land. childcare marketplace, startup winning has been a client of spp for 7 years, the ceo says they picked the bank because they thought was say. we will hear from her and see if she was able to get her money back, we will be back, president biden pledged to do whatever is needed to help banks. is he talking about a possible

2008 style bailout. ♪ ♪

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stuart: we've got 6% inflation and still an ongoing effect of the banking crisis but the down distro's are up 335 points and the nasdaq getting off of 2%. senate republicans received their own briefing about the collapse. i thought all members of congress got everything, why do republicans get an extra or separate one? lauren: they were left off last minute briefing list, treasury didn't invite them or forgot to

invite them so last night a group of republican lawmakers got their own briefing. senator jim scott was one of them. he is the top republican on the senate banking committee and another is senator john kennedy his on the committee. stuart: they didn't get the first briefing. . 2 it was put together pretty fast is the excuse. stuart: whatever you say. president biden tried to calm fears about our financial system. he said he will do whatever is needed to keep the system secure. >> president biden: the bottom line is this. americans can rest assured the banking system is safe. your deposits are safe and we will not stop, we will do whatever is needed. stuart: larry kudlow is with us. he was around in 20 oh 8 for the last financial crisis. when the president says he will do whatever is needed, does

that include a full-scale bailout like in 2008 and is that what we are going to get? >> i don't think anybody knows. i hope it is not going to come to that and i don't think he knows. the biggest question we have today is contagion. silicon valley bank, is it going to spread, you saw what happened to the regional bank stocks yesterday. they got killed. that is the issue. is there going to be contagion. another key point, why hasn't the fcic and other regulators, why haven't they? if they sell the bank, which is what they are supposed to do? guarantee the deposits, guarantee the uninsured deposits, i'm not carried see about that but they did okay at the moment, if you sell the bank, the new buyers will cover

the cost of all the deposit assistance and taxpayers won't have to pay a dime. but it has to be a private-sector solution and we thought it was going to come sunday night and then we thought it would come yesterday morning, nothing. i haven't heard any discussions by the authorities so what's happening? cell bank. that would do a lot to reduce fears of a nationwide banking contagion. i habel you the blush stuart: i hate to turn this into a fed watching segment but we've got 6% inflation reported today and still an ongoing banking crisis so what's your opinion on what the fed does next week? do they pause, do they go up $0.25? what did they do? >> if we didn't have this banking problem i would say the fed should raise their target

rate by 50 basis points but we do have a banking problem and it has not been resolved and silicon valley and other banks are threatened. i think the fed funds rate is going to 6%. we still have a bad inflation numbers. today's numbers were not good, the decline of these monthly numbers stopped, the year on year is still 6% and the core cpi was worse than people thought. we have an inflation problem. but just right now if i were the fed i would pause with a come back, if this contagion issue is resolved favorably they could come back in a month or intermeeting this and resume their inflation fighting, but

the better part of wisdom is pause. i vote for a pause. stuart: i wish you could all vote on the federal reserve because we can't. stuart: we should have a public election of what the fed would do because it would be better than what the fed does. stuart: we always wanted to go to 0 interest rates because we love 0 interest rates. >> not necessarily. those phds with her phillips curve and keynesian models always get it wrong. i put my confidence in the public. markets are smarter than the federal reserve. stuart: your voice is getting lost. you are the guy for growth, free markets and capitalism. ken griffin says we are looking -- the exact quote, looking at the end of capitalism. capitalism is breaking down before our eyes, you agree with that?

>> can griffith is a real smart guy etc. etc. . i would say this. i would think the tide is going to turn. free-market capitalism is going to make a return. i really love what house republicans are doing, hr one energy view, they will stop these insane tax increases, the budget of biden is going to be done on arrival. they are free-market guys, every one of them are free-market guys. stuart: can they get rid of all these tax increases? can you get rid of them all? >> every single one is dead on arrival, the house is the power of the purse, between the appropriators and ways and means committee this is dead. i had speaker mccarthy on the show thursday. i was there in the capital, we were salivating hr one which i

proposed so brought me to make the announcement to reopen the spigot but this other stuff, capital gains, unrealized capital gains, income, small business, slaughtering the economy, entrepreneurs but it is dead. house republicans will stop everything so keep the faith, help is on the way. we one that is my stuff. you are all right and we are watching you at 4:00 pm eastern on fox business, thanks very much. president biden approved a scaled down willow projects but in a separate move the white house locked up millions of acres set aside for oil production in alaska. the governor of alaska will join us later in the show. northern new jersey is the place to be if you love snow. nor'easter will dump 8 to 12 inches in the garden state, we are tracking the snowstorm report after this.

♪ let it snow let it snow let it snow ♪

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you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: a nor'easter is set to hit northern new jersey hitting

residents with heavy wind, rain, maybe a foot of snow. nicole valdes is there, what else can we expect? >> reporter: snow rapidly falling here in new jersey, one of 5 counties under an emergency declaration as we expect to see intensified conditions as a result of this nor'easter, you're looking at snow not only falling quickly and heavily but blowing around with strong wind gusts, every few minutes creating those white out conditions and poor visibility which is one of many reasons we are seeing travel and speed restrictions all across not only the state of new jersey but the state of new york, several major interstates including iad, i 280, those drivers are told to take it

slow, tractor-trailers in particular really being asked to be careful if they need to be on the road recognizing the dangers, schools delayed opening by 2 hours. power outages remain top of mind and a laser focus for officials, something governor phil murphy and new york governor kathy hochul have been focused on. con edison tells us 400 workers from other states of come to be on standby and prepared to respond. some say drivers need to be on high alert prior to that. take a listen. >> you have to slow down and really look out to make sure no one is around you. you could slide. the extra cautious. hopefully people will be, fingers crossed, where we are

going but i don't think there will be many people out and about. >> reporter: this is potentially a dangerous situation, hundred national guardsmen positioned in the state of new york and several thousand utility workers, some even coming in from the state of canada. stuart: there with it, see you later, good luck. check those markets, 25 minutes worth of business, the dow is up 70, nasdaq up a strong 183 points. goldman, american express and boeing are leading, look at goldman go to%, american express 2%, still had. brock pierce, the bitcoin guy, brian kilmeade, brian bremberg, the 10:00 hour of varney is next.

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