originally march 4th. it moved with the passing of the 20th amendment. fdr was the first president to be sworn in january 20, 1937. that became the official date in 1933 but wasn't used until 1937. thanks first sticking around. "the big money show" at 1:00 pm eastern on fox business and send your friday feedback, email varneyviewers@fox.com. critiques, praise. we will take it. that is it for us. quite a week this is coming into. neil, it's yours. neil: at least you get praise when you look at your e-mail. consider your self grateful for that.

we are watching, getting focused on a multinational player, not this guy, joe biden who says he will stand by and honor and help the new administration taking over, we are focusing on jerome powell of the federal reserve, what they are doing about interest rates, cut them another quarter of a point, and seemed to telegraph that. hey, edward. >> president biden said he would help the transition of power peacefully to donald trump. i heard from many across the board that this election was a rejection of bidenomics. we did not hear him talk about his economic plans and the rest of his term.

a message of unity, talking to republicans and democrats. >> president biden: campaigns are contests of competing visions. we accept the choice the country made. i said many times, you can't love your country only when you win. >> reporter: this speech, we will hear from the federal reserve chairman, and one more in december this would follow half of 1% cut when the fed chairman almost will be asked about the question. the fed chairman will not talk about the president-elect coming into office. >> the reality from my perspective, i hope they will

factor in, the growth scenario, they would not address this election specifically. >> we will get a tone from the fed chairman about going get forward with possible rate cuts. we did hear there will be no more rate hikes so we will have to see how aggressive the fed will be on rate cuts. stuart: we've got j woods with us, freedom capital markets chief global strategist and baron senior writer. what do you expect the fed to do? >> 25 basis point cut. the market is priced in. i'm feeling confident they will stick with the agenda they laid out. we have had -- they have had -- we had some interesting economic data but a lot of it particularly on jobs and labor

commissions have been murky because of those hurricanes, labor strikes. they are going to be in a holding pattern and the holding pattern is cuts. neil: it is a whole new dynamic, donald trump returning to the white house, no fan of jerome powell and you wonder, almost any move on the part of powell will get attention more than the fed wants. >> he was a fan because he did appoint him to the position. it took a new tone and that's the focus of the press conference, hijacked with talk about the direction of rate cuts. and i don't think so. things have been stabilized, goes into the second point.

will the incoming president put pressure on him to do so? and her that will hijack what we want to focus on. it's an interesting press conference, will smoothly focus on and give us a hint about another 25 basis points. stuart: the key inflation gauge, donald trump said what is wrong with the president weighing in on what the fed should or shouldn't do, i would imagine donald trump is going to be a very different president when it comes to the fed. i wonder how the markets take that. >> trump breaking dogma. we had presidents that have

been more vocal on what they believe the fed should or shouldn't do. it is interesting we've had reports, my own colleagues have broken scoops, and things of that nature. they like stability, the independence of the fed generally speaking, you may lose credibility, consent markets into more volatility. we would like to see calm at this point. 16 talking about market rates, market rates of themselves are backing up, today notwithstanding. mortgage rates, i am beginning to wonder how the fed handles that. do you ignore what markets are telling you? what do you do?

>> we are having a divergence, the ten year yield is up 60 since the first 50 basis point cut. we knew it would go up a little bit but above 4.3% the equity market goes higher. doesn't make sense. hopefully he will talk to that point. people that follow the markets are intrigued by, in december, that will be the talking point we want to focus on. the market stability, the headlines are crazy, remember when trump got into office in 2017 you know what the market did his first year in office? went up slow and steady every month of 2017, we only decreased 2% and the 50 day moving average, we are slow, steady.

jackie: election night was crazy but what do you make of the markets since? 1500 on the dow yesterday and added to that, nasdaq off and running. obviously they are looking at economic stimulus coming from washington. may be that is why rates are backing up. >> we are seeing a little bit of a pressure valve release happening. we've seen a decent amount of uncertainty coming into this election. we had a quicker result than a lot of people were expecting and that is what markets and stocks do. we had a fabulous day for markets. i don't know -- neil: i'm surprised we are not giving up a chunk of that. >> we saw trump friendly stocks go up, jpmorgan up 13%.

that is unprecedented. i worked there. i suspect that momentum will wane and the overreaction to solar stocks we've seen in both administrations, the long-term trend may be changing. it it will be save over the long term but to expect days like yesterday. neil: tech is a big beneficiary particularly the trump postelection rally. a good piece of market watch, it will pick up more, what do you make of that? >> i'm on board on that issue. i think we will see any gains in tech, tech has a run in the markets. interesting when i look at it i look at it from the employee meant perspective. a decent amount of pressure for the employment aspect, because

of the investment, gets an uptick in. rosy outlook on tech. >> watch china, it could put a damper on these companies that have large exposure to china but look at what alphabet did. they are in an antitrust battle. lena con may be on the way out, the vice president seems to like her. regulatory hurdles, and magnificent seven stocks, what will be interesting. sometimes they break up when they are buddies. i love the charts. jackie: bullish on both of

those. those three i love. stuart: genius is both. i want to talk about geniuses, kicking around, the idea of the markets, a big boom in the economy. getting a backup in rates, the feeling that inflation will come back and it could be deviled donald trump. what do you make of it? >> it could. it is easy to argue about inflation on the campaign trail, now donald trump has to do something about it. has his promised deregulation, that he's going to energize american energy markets. he has his work cut out for him when he starts on day one when it comes to inflation. americans are going to be looking at prices. they damned president biden because of gas prices, they will be holding trump

accountable. lauren: 20 a lot of handwringing on what happened and why, economic numbers are good. the trend was our friends, job gains are steady and robust but inflation was the bugaboo for a lot of people when they look at some of these surveys, those higher prices even though the trend and increases coming down, the cumulative effect weighed on them to the degree that we almost sod during the carter years when a lot of people said that sit. 's it. the carter years didn't bring with them the accompanying job growth that was relatively good. may be we underestimated the power, not you but people in general didn't -- underestimated the impact of higher prices. >> president biden came into office with ambitions of being another fdr and the comparison

to jimmy carter seems more salient. certainly we saw inflation coming down, wanted to look at the unemployment rates. the look at transitory inflation, wasn't as transitory as folks hoped. they didn't feel it when they were at the grocery store. and the question of how they felt. the fundamental question donald trump presented was are you better off now than previously. it won him enough electoral college votes but seems the popular vote as well. this is not happened in 20 years for republicans and democrats are looking inward and wondering why was it that what we presented the public was rejected wholesale. neil: charlie gasparino, the best business reporter on the planet.

they are moving at warp speed on getting a team together to go through names and key posts. charles: they had a lot of names picked out months ago. it is linda mcmahon on one side. or the financial pics. it is divided up. neil: they are weighing in on other appointments. charles: other people weighing in who are part of the transition team. that are part of that in group. one thing is clear, this contradicts the media spin the trump is not going to be able to get people, that he will be

forced to go to the mike lindells of the world, nothing against mike lindell and a nice guy, that is not going to be the case. they have significantly smart people, he wants a role in the administration. lauren: 1 about treasury? charles: john paulson, very capable guy. neil: are they looking get for a wall street financial hedge fund? charles: they are not looking for any type. he likes success, people that fit the role, john in his view fits the role, very successful. and the underlying ideology of what makes man -- maga

conservative different from people like me tout. it is using tariffs as a tool of enforcement of trade paul losey. i don't think he will be this crazy lunatic that tariffs everything which will be case by case basis. he does believe that. lauren: 1 of the things he raises he would work with elon musk to come up with trillions of dollars, easier said than done. charles: a little reporting in the post. there are all these ideas, part of doing that is you have to shrink the size of the administrative state. something they are saying in trump land is there are thousands of federal jobs that are unnecessary.

this is part of the vast administrative state, they are duplicative. elon after he took over twitter, renamed it x, whacked out 90% of the jobs and things are not going to work, just used of twitter, it looks fine. that is what they want to do with federal bureaucracy. a lot of these jobs are covered by civil service. neil: easier said than done. charles: trump, if you noticed, this did happen in 2019, 17, passed a law which allows them to override some of the civil service mandates. that combined with of a fact, i know they are talking about this, they should start cutting severance checks to people. your job can we give you two years, you don't have a lifetime employee, your job could be eliminated. on trump's executive order,

don't hold me to it, you can't single out specific jobs. neil: they have big ideas. neil: a lot depends on who would help donald trump in revolutionary initiatives, the balance of power, he could have a republican senate and a republican house too early, the latest numbers on that after this. ♪ when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that

until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other. so he's always coming over. when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment. i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. neil: charlie gasparino was telling us the trump administration is hitting the ground running and trying to to get things in order before the inauguration. hillary vaughan looking at how that can happen with the house and senate the way they are. they won the senate and could complete the trifecta by winning of our house. where does that stand?

>> reporter: could be days and till we find out who gets control of the house but republicans are inching toward maintaining their house majority. republicans have flipped one seat from democrat to republican. democrats have not pulled that off yet. rob brezhehan said this is because people are tired of the status quo. >> are you better off than two years ago? the voters decided they are not and are ready to give me a chance. >> reporter: has republican secured 206 seats, 12 shy of the majority that have not been called. democrats are trailing with 192 seats secured but it's possible to wrangle out a win if they

weapon of seats their way. they are doing a postmortem on their loss saying it is time for democrats to distance themselves from the more radical voices in the party. >> i have a concern the far left is pressuring the party to take policy positions that are unpopular. among most americans. the far left has an outsized microphone and outsized impact in shaping the perception of the democratic party. >> reporter: of democrats can pull off a one seat majority that would be huge. alexandria ocasio cortez said that could make them a firewall to stop part of trump's agenda they disagree with and give them oversight power and control over investigations. neil: thank you for that update. could be a while before we know the makeup of the next house. congressman andy harris of the house freedom caucus, very influential.

how are things going in terms of the makeup of the house. >> we will certainly have the majority, miss ocasio cortez is wrong up they won't have a majority. we will probably end up where we are now with 220, plus or minus two seats but it will be the majority and that means we can get to reconciliation and rapidly put reconciliation bill on the president's desk to deliver on his campaign promises. neil: the goal is to get a package of some sort through in the first hundred days. others have scored that, the heritage foundation and elsewhere had $9 trillion over ten years. don't know if that's accurate but in large part it will help pay for itself with the economic activity it will generate. your thoughts on any of that? >> depends on what is in the package but we could have two

packages. we could have two reconciliation bills. my proposal would be do a small one, deliver tax on tips, border security, other promises donald trump made, take our time to get the big tax package right. neil: is that the one foot will try to save the president's tax cuts, and lock them down? >> absolutely right. the tax package would have to be our tax cuts and jobs act but we do get a second bite at that apple and i suggest we take it early and start delivering on the president's messaging and promises very early, show the american people we deserve the majority popular vote. neil: one thing i was studying been reading this breakdown, the committee for responsible federal budget trying to score some of the president's plans to extend the tax cuts and jobs

act would be 5. $3 trillion, exempt over time from taxes would be $2 trillion, end social security taxes, 1.3 trillion, tax on tips, lower the corporate tax rate, you see where this is going good and the offset would be how you pay for it. how do you pay for that? >> there are hundreds of billions as a result of the inflation reduction act, things in the green new deal we don't need, tax credits for expensive sources of energy we don't need to. i hope we have a government efficiency commission. i hope mister muscat directed and where we find hundreds of billions more, to deliver attacks on tips is $300 billion can we could find that easily in the inflation reduction act and deliver a victory early on.

neil: i know you have busy days ahead. congratulations, you are the house freedom caucus freedom -- updating you on markets that are happy with the donald trump election continuing to advance after yesterday after record-setting advance, all the averages in record territory. i wonder if you think this will last after this. ♪ centrum menopause supplements help unpause life when symptoms pause it. with a multivitamin plus hot flash support. daily zz for quality sleep.

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neil: everyone has different ways of getting ready for the incoming trump administration was governor newsom called a special session of the california legislature to respond to donald trump and prepare for the incoming administration. the session will focus on, quote, bolstering california resources to protect climate action, productive freedom and immigrant families though there you go. whether we should prepare another way for how the markets do, the author of socioeconomic theory of finance, iconic historic figure in the world of market watching.

what do you think as we get into the markets what california wants to do, they are worried enough to call a special session to deal with donald trump. >> last thing i read about california was the city of los angeles since july 1st gone into tremendous amount of debt, millions of dollars of debt so california has a lot to deal with and more power to them, they are expressing their politics. rob: take on the markets in this environment, we were up 1500 points on the dow. what is remarkable after that incredible gain, averaging in record territory, they are not giving up any of that ground. is this overkill or is it justified? >> i have been saying for a while, too long according to some people this stock market is overvalued, optimism is pinned to the ceiling, you've

had new records of ratings in the last few weeks. what happened on the election is that optimism crystallized. it is difficult for you to find someone who would say anything bearish about the stock market right now. that is the kind of environment as i said last time i don't want to play. what we recommended since the end of 2021, more aggressively starting october last year's gold and gold outperformed the stock market anyway you measure it, you can go to october 2023, the dow is up 35% including yesterday, huge, gold is up 50%. the dow is up 20% which is amazing after going down but gold is up 50%. i'm happy with the positions we are in. i would not be interested in the stock market and one other thing, we have two interesting

groups of people on my side of the ledger which is very thin and that is insiders selling stock at five times the rate they are buying stock and there's warren buffett who has raised it $300 billion of cash in this environment. neil: something the hedge fund manager we got to talking about warren buffett, amassing a drop the third of his apples, you see something. others are saying they are overstating what this might look like but when it comes to technology stocks, they said the earnings justified high prices and when you factor in the earnings they are not so knows bleeding. >> and eye-popping indicator,

mutual cash used to be 4%, it got to 1.7% at the end of september and the bank of america industry reported 0.6% cash and that is what people get on the upside. the markets can't even if pull back a few% fully investing in now. the conference board after you reported this on your show, the last time they asked a record percentage, and it is an indicator, and it is 6 times higher. neil: quite a job on you. explain what you are seeing.

>> i'm just a spectator here. this will end in a way that hurts people. and in 2021, 70 new etfs, toward 200 etfs, as bloomberg is running out of acronyms to use it. and and we will write naked -- that can be very dangerous. neil: donald trump is coming in, the second since grover

cleveland to serve two nonconcurrent terms. the second term didn't work out as well as his first, inflation was the big bugaboo. i don't want to get wonky about it. and what is donald trump doing? >> the market does what it does. the people who represent that this early in people's mind. to credit the president if it is not very good they blame him.

it's not going to be in political control where the stock market goes, dicey few years to be president, could be kind of dangerous. last time we talked rates, the fed is meeting today, you must be having a great time in the midst of this news, the election, big market that everyone is talking about. i was so sure the fed was so behind the rates that they catch up really fast. and still behind fallen rates. neil: the economic theory of finances, what anyone did, for stock market history. you can take what he says with

a grain of salt, you need to hear both sides. we try to practice that. in the meantime updating you on mortgage rates, they backed up a little more. and a lot are tied to the 10 year bond, a year ago at this time, they were functioning 7.5%. more after that. ♪ your business needs a network it can count on...

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with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. neil: snowing in denver right now not if you are driving in it. don't know if you heard this, the guy who runs 800-flowers says rather than christmas, because the election was

resolved quickly, easily without much fuss or craziness, that's the wind at our back, scott martin, i wonder what he makes of that? >> did you get the flowers, and and a quick resolution in the election, good for every american if you believe the democratic process, some still don't but largely good. the economy was good enough without a quick resolution, 800-flowers, so counting on a big christmas season likely to go either way. neil: you like what they are peddling.

one of the things interesting me about that, the markets are more on certainty, a long dragged out election fighter waiting for it to be resolved with final figures coming from it, don't know the makeup of the house, could tip republican when all is said and done in the end. and and how many we get. and what are you looking at. >> the rate cut went the wrong way. and upward. than the fed is on the wrong side here.

it is trade policy and tax policy, he will reverse the trend set forth and that's where markets are taking this that way. and the change going forward is something you are excited about. neil: the animal spirits are unleashed, with the banda vigilantes, their spirits are unleashed too. you can't have both going on. neil: >> it is more of a testament. as secondly stronger economy and normalized kind of thing everyone is freaking out about because we got so used to rates being solo and money market rates being so low so bond

rates are paying for something. and the economy gets stronger. neil: we have kiersten jordan, real estate agent, particularly mortgage rates where it is 6.7%. what does this worry you? >> which part of it? the fact that rates are not coming down. not a lot. a little bit. >> it makes sense, the economy could get better. and if inflation doesn't come down and rates can't come down

and honestly the rate drops don't affect the mortgage rate drop over the summer, it doesn't make a dent in it. neil: how is supply and demand, how do you assess it. >> tremendous amount of pent-up demand. and the homes on the market, buyers are trying to find something, and in a real crunch, and it is so long, to make a dent in what is going on. neil: a lot of your clientele on that category.

how are they doing these days. >> there seems to be a really bullish vibe in the areas that believe they have demand from different parts of the country, you have prime florida, incredible product coming on the markets selling prices that we've never seen before and also the same in new york city with incredible product that is very high prices in the right neighborhoods. outside those neighborhoods the product is difficult to sell and you didn't time for market perfectly. neil: there was some talk about people were leery of committing to looking at homes until this

election thing was resolved and what do you expect them to do? >> we will see two buyers in this market, those that are ready to get another passport and than the buyers that buckled up to be excited to, and bonuses to have opportunities to get off of the fence. you see that across the board, and even a few days or a week before the election. and it is incredible because it is a sentiment shift and we are in for a couple months and an exciting market to buy opportunity. neil: always good catching up with you. updating you on crypto, still the rage right now, bitcoin at

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neil: benefiting elon musk and tesla shareholders as it climbs another $10 close to $360 a share. he gained $20 billion as of yesterday's game but it brings his overall net worth closer to $300 billion, the world's richest human being and that is taylor briggs kind of money. >> if that