larry: welcome to kudlow and iay

powell spend jusco political, born ask john carney wall street * scott in just a moment, but first up, of course our own edward lawrence live in the federal reserve right edward, explain this one to me. [laughter] [laughter] edward: while this is the first time out of the federal reserve is made to move in eight consecutive meetings is 50 basis points and talk some in america's this was not a vote, he had back board of governor shall moment, voted against this thing that she should been 25 basis point cut and appears with the federal reserve chairman said that they need to make the perfect. >> it is a process of recalibrating or policy stance and away from where we had in a year ago when inflation was high point was low and would place that is more appropriate given where we are now where we are now we are expecting to be so the process will take place over time and there is nothing in the

sep this adjusting committee is in a rush. edward: that shows a forecast of tumor rate cuts this year if they were to move 25 basis points of that for rate because next year and to in 2026 and big numbers are very close and in fact, one that away from only one more cut this year, and one been away from three because next year, the fed chairman is saying that every member voted for some type of cut during this meeting any also answered, if there were political motivations. >> yes and so you know is my ford presidential election at the fed and it's always the same and there always going into the meeting in particular asking with the right thing to do for the people we serve and we do that we make a decision as a group and then we announce it is always what it is never about anything else nothing else is discussed. edward: the next meeting us after the election in fact there

tomorrow when in november and one in december and again, after the election larry. larry: that is the first descended i don't know how many years and is been a very long time. edward: the last one i can remember is st. louis federal reserve the former st. louis federal reserve present when they were going up. larry: will yes will look, she's probably heroic take away all of her staff and their expense money but hurt and tourism instead of first class for next flight all right edward lori thank you so much we appreciate it is so the feds 50 basis points get to kamala harris, that's a subject of the rift. ♪ ♪ >> forty days before the election coming it was like pentair jay powell just get kamala harris and 50 basis point gifts by slashing the target rate one half of one percentage point is my wealth of the central bank smack in the middle of residential politics somethig they pledged not to do now in lt

of them honest commodity prices and long-term interest rates and a softening the labor market, and 25 basis point would seem to be justified in economic terms. no political overtones that was alert but super cup well this sounds kind of like the ultra democratic senators elizabeth warren and they're all the fed to lower interest rates by 75 basis points and into the economy is growing above the feds 2 percent growth target, while your dear inflation how soft commented to have percent remains above at the feds 2 percent inflation target and the problems those of it affordability crisis in consumer prices throughout biden here is term, having traced faster than wages and across the living index is up about 20 percent weekly wages is up about

16 percent. the working families have lost about 4 percent in declining real wages that now during the trump years, they rose by over . in contrast with a 4 percent drop, during that biden harris years and conference real wages rose up $6000 for typical family, during the trump years it was nearly five times the roughly 1300-dollar increase under biden harris many prices groceries and gas is interesting in homes and interest rates, autos, all of that's increasing significantly more than 20 percent now is offensive doing several years ago when they started monetizing all of the biden harris spreading excesses and essential praying coming it is continue to pump inflation until late in 22, when finally, their argument is the price hikes were temporary or transitory, he proved to be

foolhardy and it wrong now the affordability crisis always has been the achilles' heel of discredited biden economics works kamala harris economics whatever the case may be, then we, that includes high borrowing costs for home mortgages and car loans and especially credit cards and these are reasons why kamala harris is unable to answer the simple question, are you better off now and you work four years ago she could not answer during the debate are one and only interview one-on-one interview with a local adelphia tv station, when the recent appearance before the national association of journalists, cannot answer it now perhaps the fed is information that the entire economy is about to collapse and that's whether lunging for 50 basis points super cut nesn area just kind of seems unlikely and while biden harris government spending continues to roar, that is risk entire future inflations by

pushing more money coming into the economy even worse, if kamala harris were elected president, with the roughly 5 trillion-dollar from across-the-board tax hike, that would suppress economic growth in the fed continue super cycle of monetary easing and you'd have the classic super inflation definition of too much money chasing too few goods in a seems to me that mr. trump has a better idea of cutting taxes deregulating and spending restraint and drill baby drill oil prices along with a stable dollar and now that would promote rapid growth without inflation and and the biden and harris affordability crisis and that is the rift and 20 me know john carney economic and finance editor co-author of the breitbart business digest scott founder of t-square group and gentlemen welcome to send a very

interesting day. scott to begin with you, just what you make of this and can you tell me. scott: sharply divided that, we had first december you governor since 2005, and looks to me like jay powell, push this through pretty hard. he managed the market pricing and so that you get a walk into the meeting until the governors of this what the markets expecting which of disappoint the market and i agree with you, that i think they should've started with the 25 and going from there and less jay powell as of you in the economy, is not evident in the course of data, this was too large and this was the first rate cut this close to an election and 75 years and if you are trying to give the appearance of pumping political, this was just the wrong thing to do. >> it makes me think that john carney, i'm going to put this into the rift when we publish

the thing for the fact is that by could not they have waited until the day after the election in november why did they have to do 5448 days before the election some point a member and it won't impact the economy next month, they got acquainted and therefore been totally nonpolitical and no i think they're going to be subject to some you know fair amount of criticisms and i don't know what mr. trump will say the feeling is not going to be happy with this. >> absolutely should wait until november the snow economic. that is you cutting in september, and changes the path of the country rather than waiting until the day after the election printed they have the next meeting and the other danger of this 50 basis point cut, is what happens if donald trump is elected and they decide they want to do 25 november and guess what it would look like they economy for kamala harris they decided to stop being as an restrictive double trump got elected so there actually walking themselves into a series of 50 basis point cuts i don't

even realize it and they said no set path don't think that this is been a way forward and it is the new way forward especially donald trump wins in november because they will not be able to say, we got the big customer thibodeau we have to dial the back under trump that will be politically explosive. larry: i was reading unleash prosperity hotline in the highlighted it commodity index prices have come down in about 15 percent long-term interest rates in the treasury market have come down although i think they went up slightly by the way this market i don't know didn't do that much and it was up slightly, not huge today. i understand that and they understand the unemployment rate has been creeping higher and so we would all keep an eye on that in begin, the sounds like 25 basis points to me the benefit you know is i think 3 percent for the third quarter. the fence on target is 2 percent

growth and this is something about this that does not tie together. maybe that's being reflective and you said there's disagreements among the members and maybe because it does not tie together, and because jay powell magenta through. scott: you did if you look at the plot is pretty clear, that for the rest of the year, to the members did not want any other cuts. and seven they bought one look at and so they would obviously prefer to 25 and 25 and moved it a measured pace. in a study a lot of financial history and this is how we got the inflation in the 60s and 70s music spending kept going which we likely see under harris as you just mentioned in these regulations that they keep putting on top when the governmt demand shock meets big regulation you get big inflation

is so don't think that should be declaring victory here. larry: so much of the gdp is government related. government per se is a fair piece. a lot of consumer spending is government benefits flowing through the economy and a lot of it going right into the checking account now again mistake the fed made three and half years ago basically, made it for two solid years until they wised up is there monetizing all of the federal spending in the federal borrowing there monetizing it. and i'm doing that again altogether and houses same feel though you have to worry about the late 60s and 70s as scott just said, and i don't know john, he does not hang together my mind and i don't want to criticize the fed for the sake of criticizing it, but they can about the same outcome 25 basis points and people would not of accused them. this will politicize the fed and i guarantee you, that this and

i'm going to ask what we have a couple of sets coming up on the show and find out what they'll think about this. john: there is also a warning the nobody us looked at yet and the spent projections pretty raising long-term fed funds rate every other meeting, all year-round is 2.5 percent for four years from 2019 through 2023. just wanted to 2.9 percent 70.8 percent back in march, keep raising it up and is going once i tell you, that is telling you that we have a bigger underlying inflation problem and that comes from the government overspending. so they were looking at this and saying you have a spending problem and i think they think that kamala harris will win as part of the issue here and i think that therefore the long-term rate coming to get inflation down to 2 percent capacity higher than the ever thought for the last four years scene was you think the typical family middle-class family maybe

lower income family been working folks, do you think they would agree with the fed that they have conquered inflation. scott: university of michigan consumer spending expectation of the lowest quartile inflation expectations are twice as high as for the median and so the median inflation expectation is around three or three and a half and because of that quartile, that is you mentioned earlier going through the groceries, mortgage and insurance, there inflation experiences been very different in southern dissipating six or 7 percent inflation. because, they have necessities and the other think that i would say, i think this cut i've been saying for a while, but i think that we are written u.s. and emerging-market style equilibrium is a economy and the fit has goose the asset prices in the stock market and in

housing in the top ten or 20 percent, spinning from the wealth fact the bottom 50 percent for the past two years is getting crushed through inflation and through high interest rates and through mass immigration. larry: the races another point john carney, in that the lower ends does not see real inflation or price relief. and i think that the lower in basically, is very pessimistic and i do not think that the marcus and a scott said, look, 130 million people in the market, one way or another the middle classes in the market much smaller amounts lower income people not in the market much if at all. if conditions were so tight, financial connection conditions aside, why are the dow jones rising s&p rising in the others rising and as i learned it, i've

been in and out of this for a long time. type money is empathetic up to the soccer bond market. >> i don't see any evidence that the really restrictive. john: we have industrial production numbers in the retail sales numbers, none of them showed restrictive at all in one thing that i will say that's restricted this that this ghost would you guys are talking about here, people very depressed about their economic prospects. and so, today become this poll came out from among the democrats when asked moved to be better a figure from now. 20 percent say the better off just 20 percent of the mean among independence of republicans much lower than that is a one of things that has happened and i think it is somewhat restrictive economically, his upright and then harris have crusty economic hopes hopes of americans and when asked will you be better off caught even her own supporters say no, not really better off. larry: she cannot answer it going backwards and they can answering point forward i think you have a political problem

there is scott, what happens if kamala harris when she couldn't she has a plan to raise taxes by about $5 trillion meanwhile the feds in the super cycle perhaps she's the money what happens. scott: i taxes lose money. scott: my biggest position as gold is been going up since kamala harris replaced joe biden. i think will keep the dollar devaluation. the goal john paulson said that this morning on in an interview he would go to cash think what what catchy walkable or the currencies. because the u.s. dollar is not like this harris candidacy. larry: we have to leave it there, thank you gentlemen appreciate it coming appearance kudlow is mr. trump when virginia and is j powell getting to political for virginia governor glenn youngman and he's going to come on anyone to do something watching my just say no member folks right here you can catch kudlow monday through friday at 4:00 p.m. on fabulous

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larry: for more than only welcome virginia governor glenn young good and thank you we appreciate it very very much my memory serves me, your top flight banker at one point before he became governor and so you know some about the economy, do you think event act today, with 48 days before the election. another waited until the day after the election. glenn: larry, i first don't know about the timing of today's movement but i know the significance of 50 basis points and it is only been done three times in the last 25 years we've had real challenges and covid-19, the great financial crisis and after 911 and i do think what's implied by 50 basis point rate cut, is a fact that

the biden and harris administration has done more damage to this economy that anyone fully understands at least inflation in an unprecedented level to the point where today, two thirds of americans are living paycheck to paycheck rates in americans and virginians they feel it every time ago into the grocery store they see 2025 percent increases in food prices that they see doubling up gas prices and they see that eating going electric bills go through the roof we cannot buy a house and they know been unprecedented inflation. and for the fit had to take action this on the brakes on the economy and i believe the job market is a lot softer anybody's letting on it and in fact, when you have 800,000 jobs corrected out of previous jobs announcements, that is three or four months of jobs growth pretty think him of today represent the fact that harris had biden administration some damage this economy, that they had to take extraordinary action

only seen and say several emergency in order to try to get it takes. larry: one wonder governor, will good with you and you mentioned they had to slam the brakes on this because they missed in 2021 i mustered 22, that the inflation was about government spending and they monetize it but now okay, now see why thinsulate clean and right now, will get is that if they slammed the accelerator down pretty doesn't that risk higher inflation when you have a lot of families middle income families lower income families, it would tell you the inflation is still around and there are suffering from higher prices as you suggested a few moments ago is our pamela stared pretty that's the point in sort of stop and go in the brakes and the accelerator well which is it. glenn: is the key point, which is then was again i believe that because of the misguided and unprecedented spending they came

out the biden and harris administration, the fed has literally been chasing to try to bring down unprecedented inflation they did it to such an extent that all of a sudden, the shopping job numbers that were in the last jobs report, suggested this economy is not just teasing off, but the jobs part of this economy is really hit a major major bob if not a ditch. and therefore aggressive movement which again is unprecedented them in literally during normal times we do not see 50 basis point moves suggested to me that we have bigger problems and people might've been letting on particularly, kamala harris has been sitting around the station saying that the economy is great news cannot even answer the question whether americans are better off today than they were four years ago because she knows they're not. that's a big message to me today so we have to wake up and recognize the economy and the biden harris administration, has literally dealt got punched in

the american people is time for us to recognize donald trump built back in his presidency was a strong economy and a high growth and low inflation we do not have any of this massive shifting in federal reserve policy because we knew we would have high growth and low inflation. larry: i can't figure i just cannot figure where they could not have waited until the day after the election which would depoliticize the whole bad story because even if the economy thought worse than we think or than they think more importantly, it will matter. forty days will matter waited what they will run into now is political if you ask me while governor, how is looking virginia. there was talk earlier for virginia would be a tossup state is not going to go blue as it has recently prayed deep roots into a near very popular governor and how is a term story

virginia. >> will first of all, just reminding everybody, that joe biden one virginia by ten points back in 2020, we were fortunate enough, the wind by a little less than two in my election and i think we virginians have recognized is that the economy is the biggest issue and second of all that with the biden and harris administration has done, has delivered an economy that has taken money other paychecks made it harder to feed their kids and by schools for students are limited and possible to buy else in virginia's competitive and is a tough state and so there's work to be done it is competitive and it will tell were doing everything we have done here in the next roughly 50 days in order to delivery with the bottom line is the economy is the top issue by far, no questions asked, and when we see

the kinds of dramatic a movement that were taken today by the federal reserve in order to write the broken ship, the biden and harris administration actually creating him i think that it only speaks further into the real damage that all americans in particular virginians are feeling as a result of the economy that they have added impose on them. i joe biden and kamala harris. larry: okay let governor glenn young it is always a pleasure to see what we appreciate it very much good luck on the campaign trail and i coming up next on kudlow, israel another massive hit on has blocked. today man this stuff is straight out of james bond and i mean there is more me about fox's them and taking the toll and when you get the latest on the ground and then were going to talk to senator marsha blackburn and former speaker newt gingrich this is real story you don't mess with the israelis any of their test the most thought there tough member folks kudlow is available the podcast episodes available every weekday

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>> c1 israel another explicit mishap on hezbollah today and we have night live from tel aviv and nate is an incredible story continuing. >> yes it does, and it happened again today and according to new numbers from lebanon's health ministry, 14 people at least have been killed and 450 others injured after walkie-talkies carried by hezbollah fighters exploded after their pagers exploded yesterday and israel has not commented on this publicly work specifically prime minister said this about the northern border earlier.

[inaudible]. they secured to the homes. >> so he reportedly received the walkie-talkies blew up today throw same time they receive the pagers that blew up yesterday to go to this and video bedrooms, you see several nations across the sky line is impacted in several different areas including funeral for three hezbollah terrace killed yesterday so the explosion happened just off of camera but you see a large crowd gathering the funeral in another device detonated at a cell phone shop, south of beirut, and hamas is reacting say with support for hezbollah saying that they strongly — this aggression against the brotherly lebanese people. now hezbollah of course is vowing revenge is leader, and since his speak at 10:00 a.m. eastern time tomorrow and we'll see what he says. larry: okay nate thank you ever so much and sophomore

undisclosed bring in tennessee senator marsha blackburn and is always welcome when you make of this incredible story and first the pagers blowup when in the walkie-talkies blowup. israel's definitely behind it and when i don't know, don't mess with israel but when you think about the story. marsha: but i think we should find out for sure if the idea that will take responsibility for this but we do know yes we are coming up on the anniversary of october 7. we know that israel has the right to defend themselves and their people we know that iran is behind that funding of hamas and hezbollah and they continue to pour money into this. so, i do also know that talking to those israeli officials, that we periodically will your from, the desperately to get the

people back to their homes. in the north. in bringing all of this attacks on israel, to an end date is going to be imperative so you have make certain that they have what they need to defend themselves and it would be a good thing through the face of the earth of hezbollah and hamas. larry: they are terrorists i may have missed it, and hear joe biden saying that i don't hear vice president kamala harris saying that and what you think. >> i think that many times our current vice president history the teleprompter come the figure out what she believes and that is so unfortunate because our policy is the nation foreign policy has been that we stand with israel and they are greatest la the middle east and they have stood with us.

and we should continue that policy. larry: you been one of the leading spokespeople dealing with the secret service problems i will call it, and the second assassination attempt in the me play you some tape from former dhs secretary general in the bars news what he said yesterday in an interview on our show and take a listen please. >> you don't need the president to do this we need the secretary will the secret service director. >> they should say hey, here's what we need to do, relocate agents and reallocate resources to president trump seatbelt to be done within the department. c1 center blackburn i didn't know that according to chad wolf, the dhs secretary could fix this and give president trump full presidential protection that is if you can find mr. myrick is what you think about this and what can pressure be put on my archivists.

>> pressure should be put on him ascended over on monday and calling for president trump, they have full presidential protection. and he deserves that a needs that we know from the sheriff, at the press conference with her the golf course, that the security provided president trump right now, it is not what he had when he was president and now the way the budget works with the departments of the secret service yes, currently under dhs and i think we need to move back to treasury but in the meantime, to make certain, the president trump and president biden vice president kamala harris, they have full protections and what they need to do is reallocate the resources printed they need to allow secret service to have more drones, more dogs, and more personnel.

the need to improve their planning processes pretty allocate people, so that they are planning for any eventuality, they could possibly occur and right now larry, they are not doing that. and for director rowe to say we did not have golf on the schedule, anybody else donald trump knows that if it is a pretty sunday, any is at mar-a-largo he'll be at the golf course as he should be. this an opportunity, that he has and they should be out there defending that and they know that there's i were there, they know that there is a chain link fence there and they know that there is shrubbery that is there and they also know that they having no fail mission. the secret service has 33 people that they are responsible for protecting they know that it is

a no fail mission so they need to get their act together they need to prioritize this protection and reallocate their assets they need to make certain donald trump can continue to be the president candidate and then i very this election, that he cows, the protection that he needs as president of the united states. larry: leave their thank you senator marsha blackburn appreciated and all right folks, let's continue joining us this newt gingrich speaker of the house fox news contributor and newt, the beaches will be for weeks of the economy in a second serve, trump to unsuccessful assassination attempts and later he's back on the campaign trail okay. in yesterday and today, and still, neither biden nor alejandro mayorkas has decided

and executed and over the secret service will get full presidential protection say the same thing about kamala harris and give her full presidential protection pretty but i think it's not right the time passes and the clock ticks way and trump is back on the campaign trail and they have not fixed to this come they have not fixed this yet. newt: i don't think they want to fix it. back in hannity in july, have the first effort to give the president, that was the natural outcome of the law fair campaign feeling and i don't think that you can underestimate how deeply the establishment is terrified that donald trump will win and he's going to genuinely change things and genuinely got the corruption. i think his foot dragging is not an accident and there's a deliberative same reason not

providing support to robert f kennedy jr., they were setting him up to get killed. his uncle had been killed in this father had been killed and they refused to protect him. i think we need to understand how about these people are someways how evil some of the sales and, i mean, this is going on and i think legitimately qualifies this is evil i think the idea that they don't provide adequate protection, to the former president feel very likely as the next president, there's something deeply sick about the biden and harris administration, and its not alejandro mayorkas, thinking over him to do this and they don't. larry: okay so writing of course, that the achilles' heel for kamala harris is the economy and you probably saw them sure you saw that the fed had a super rate cut today, 50 basis points, kind of talk therapy but are not sure are shocking except the presidential race and seems like

a gifted to kamala harris and what you think. newt: maybe the gifted to kamala harris and i think if the election or four or five months away coming would be a gift to kamala harris but here's her problem, no matter how often either various word salads and these weird interviews, the next day the people go to the grocery store word my route last night shopping. the price of everything and people measure it against when trump was in office is not over half a percent or 2 percent or d upsets biden came in. some of their things are up 30 percent or 35 percent. people notice that particularly if you work for a living or if retired, if you're pinching your pennies, this is an administration which is make your life much harder. anything no matter what she says, kamala harris cannot get away from the fact that she has been part of an administration which on the economy, has made life much harder for the

american people and the american people know what an overwhelmingly and about and half — 101 change, not continuity. this a huge problem if you been the vice president you currently represents continuity, cannot get away from it this way she gives you these goofy answers and you cannot answer directed straight is a big killer candidacy. larry: did you see that i just got 30 seconds i'm sorry, time to time with the polls of the teamsters union rank-and-file, vastly going for donald trump enemy astley and it's at least 60 percent it could've been 70 percent of the last word of that one teamsters for trump c5 look, this is a huge defeat for kamala harris and they did everything they could get the teamsters at they failed to notice also georgia now. newt: going for trump think trump will carry pennsylvania. and kamala harris is in deep trouble has not sunk in yet but

at the rate she's currently going she's going to lose and she may well is pretty badly. larry: newt gingrich as always think you for your wisdom and thank you. and folks take a quick break and then we have one, by stick withs and we will be right back ra. their first debit card ! ice cream on you? your money is a part of your community, so your bank should be too. like, chase! [coughs] when caroline has a cough, she takes robitussin. so, she can have those one on ones again. hey jim! can we talk about casual fridays? oh sure. what's up? get fast, powerful cough relief with robitussin, and find your voice. ♪robitussin♪

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c1 during software to congressman byman donaldson everybody are under been rough and you were four years going alejkamala harris did not answed she did not answer did not want one interview that she got the local philadelphia tv station, and apparently she did not answer it at the black journalist meeting yesterday and not even sure that they asked hr goes looking for and i couldn't find it move you can help us out about why can't she answer that very simple question. byron: when larry to my growth as a lower middle-class childlikeness of that question the market people are not better off now than they were four years ago massive inflation because of her time they entered breaking votes for joe biden's agenda and she refused to do her job securing the southern border and joe biden simply is not running the country and from policies and absolute disaster so does not matter if your middle-class child, lower middle-class child poor or upper crust are red shaun growing up

in america, the truth is that everybody has fallen behind. larry: today to supercuts, 50 basis points, and under no for shock therapy or what, you don't think anything waited next meeting is the day after the election and the reported to the view this way was a political by the fed, to give them a booster shot to kamala harris. byron: maybe or maybe not i don't know but i will tell you this, so quite a matter in the long term issues massive costs overruns on the pocketbook of the american people, cannot be ignored and no sugar i fed rate cut, before the election is going to change that we have black women in philadelphia complaining about the price of food, when you have teamsters around the country who seen their wages go up, but they have followed behind economically, because everything that by is more expensive, rate come from the fit does not change the

political reality or that a money in the neck of a reality. larry: who were just talking to newt gingrich about this i guess over 60 percent of the rank-and-file teamsters, have come out in favor of donald trump, leadership did not have the gumption, to come out and so there was nothing that they did not endorse kamala harris or trump when you make of that. >> the realities he's been running against the political elites, not just in this election cycle, but really for years. byron: the american people are the ones who have showed up donald trump in office and back in 2017, the going to put them back in office this november, making of 47th president and he is the president for the people, not for the elite. larry: happens here in terms of the economy, whether you think perceptions are this would troubled me about the fed, noumena are part of it of just saying that 50 this bigger cut

the 25. and 50 sounds political on the other hand, 50 also considered likely economy is in a long shape and people think it is hard then wall street thinks it is whatever wall street knows that mean, in that sense, do you think the folks ordinary working folks, they think the economy is in worse shape. byron: the comment and jobs created our governments jobs and stagnating you do have illegal immigrant labor in the united states that's actually decreasing the cost of labor. when the low skilled workers in our country coming it is not a good recipe for economic success and so if you look at the rising unemployment rate, jay powell talk about today and you also have the other situation going on for the worse and worse stagnating economy all he can do is to try to throw more money into the system but this is not a good economy for the working people of our country. larry: congressman byron

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