portfolio. maria: thank you. good point. emily in. >> we're about an hour away from knowing when the next generation of senate leadership is, and i'm curious to see whether senators go with the steady hand or with an outsider like rick scott. maria: yeah, we'll see. jonathan. >> trump is ready to hit the grown running in january, and the senate looks prepared to confirm his nominees. want to give a shout-out to bill mcgunly, the new white house counsel, it's going to be a terrific addition to the administration. maria: yeah. and we should also report and we can confirm that today when president trump is meeting with congressional leaders, he will be with elon musk. so elon will be walking with president trump today in washington. thanks, everybody. great conversation. really appreciate pit. we will see everybody tomorrow. thanks for being here. "varney & company" picks it up. stu, take it away. stuart: good morning, everyone. inflation picks up a little.

trump moves rapidly to install a transformational administration, and the president-elect is in d.c. the meet the president who called his supporters garbage. what a day. a half hour ago news that price ifs at the consumer level went up 2.6% in the last year. that means inflation picked up just a little from the reading the previous month. in response, spock stocks are higher mostly, slightly higher. dow's up 8, s&p up 1 and nasdaq down 16. not a profound reaction to the a slight uptick in inflation. interest rates, they're moving up. no, actually, we have got 4.38 on the 10-year treasury. that's lightly lower than yesterday. slightly lower. and the 2-year, the yield.25 -- 4.25%. bitcoin is at $89,000. that's the markets. now this, politics. real drama. president-elect trump wants pete hegseth to be his defense secretary. pete is a fox news an color and

a veteran of the wars in afghanistan and iraq. he is a vigorous opponent of wokism in the military. elon musk and vivek ramaswamy will run a new department of government efficiency. they will very publicly expose wasteful spending. they will try to inject entrepreneurial spirit into the vast federal bureaucracy is. the next big appointment may be the treasury are secretary. an announcement could come quickly. the president is moving very fast. on the hoe today, we have eyes on the president-elect in washington d.c. he's about to address a closed door meeting with house republicans. there's speculation he will insist on unity in the fractious house. he wants to get stuff done. we have two sources that tell us elon musk will be with the president-elect when he addresses house republicans. after that he goes to the white house to meet president biden. they have exchanged mutual insults. who knows what will happen. and then the election by secret ballot of a new republican leader in the senate. three candidates, rick scott,

john thune, john cornyn. reportedly trump supports rick scott. this is the republicans' day. the democrats are leaderless are. the finger-pointing and back-biting is intense. wednesday, november 13th, 2024, "varney & company" is about to begin. ♪ ♪ i got a guy for every cam thing. ♪ oh, that ain't exactly -- stuart: very good choice of music. i got a guy for that. that's trump, he's got a guy for everything. [laughter] he's getting on with it rapidly. good morning, everyone. we're going to the start with the latest on inflation. take me through it, lauren. lauren: progress stalled in october. that's the bottom line. that 2.6% on the right hand of the screen up from 2.4% in september. if you're looking at core

inflation on an annual basis minus ford and gas, it's up3.3. big increases in transportation, in shelter. good news, used car prices fell annually. look, i call this almost a non-event because the path is unclear. trump's economic strategy to of shrinking government spending is positive for bringing down price, but tariffs could do opposite. stuart: all right, we'll see. lauren, thank you. let's turn to what i'm going the call trump's transformational administration. he announced a slew of new picks yesterday including pete hegseth to be the secretary of defense, governor kristi noem as dhs secretary. william mcif beginly, white house counsel. john ratcliffe, cia director. elon musk and vivek ramaswamy will lead the department of government ferment city. steve witkoff as a special envoy to the middle east. the president-elect has set america on a brand new course. he is staffing his team with business people and loyalists.

there's a very different vibe to this administration. mollie hemingway joins me now. i'm to calling this transformational, big deal. do you agree? >> well, it's just so different when you look at what happened in 2016. donald trump comes into office, he kind of assumes it's going to be like all other presidents where you get a hundred days or so to put together your cabinet and get going with everything. what happened in 2016 was that the you had resistance at the federal agencies running the russia collusion hoax as some sort of to, like, soft coup. you had democrats immediately with impeachment and even a lot of republicans joining those efforts. so what you're seeing in 2024 is a much wiser, much more ambitious president when understands where all those land mines are and also has the mandate through this decisive election victory to really get things done. and i think he feels very compelled to get all of the things that he said he wanted to do done, hit the ground running in january. stuart: all right, mollirk e --

mollie, david axle rod says the trump administration has, quote, a wholly different feel from 2016. the transition clearly has a different vibe. he's bringing in business people and loyalists. st a completely different cabinet. >> so i do think it's funny when people in the news say he's bringing in people who support his agenda. [laughter] that's actually pretty normal for most presidents. it's not going to look like a cabinet of rivals because i don't think that's what the mood of the country is too. the country says we have serious problems whether with our border, how we're fighting our wars, with our economy, and they're looking for solutions, not any kind of repeat of 2016-2020 the when there was a massive d.c. resistance to actually having a functional government can. and also i think the trump administration understands just what a serious threat the administrative state is to the economic health of the nation. that was something trump had a lot of success with in terms of deregulation with the economy in his first term. that the's going -- that's going

to be key to his success this time. stuart: molly hemingway, what a day it is, see you begun soon. david david bahnsen with me this morning. you're an economics kind of guy. what do you make of there trans-- this transformational administration? >> so far i've been very encouraged. i'm not going to like every single appointment, but for the most part it's not merely the loyalist factor. you need people that can get of stuff done. they have to be competent, and i think the guys like elon musk and so forth have experience getting things done, it's encouraging -- encourage couraging. government doesn't move efficiently, so we'll see if they can kind of keep that focus. so far with foreign policy i've been mostly very encouraged. and the economic stuff, there's still a lot to go. stuart: but if anybody can slash the bureaucracy and really cut into spending, it's vivek ramaswamy and, in particular, or elon musk. >> that's right. and deregulation which itself is a spending cut. stuart: yes. that the's the biggest deal of

all, in my opinion. i think you agree with that. >> i agree completely. stuart: let's get to the cpi report. prices up 2. 6 over 12 months. inflation ticked up just a little -- >> this is this is exactly what was projected. the thing i want to point out is it would have ticked down 2 points if it wasn't for shelter. they're saying it was up 5%. any if reading you look at, zillow, realtor, rents are not going up 5%. they're going up 2-3%, so it's still suffering from this data lag with housing. stuart effect on the market, benign? >> benign. everybody knows where we stand with the prices. stuart: all right. please stay there, you lucky guy. according to reports, the ila, that's the longshoremen's union, has walked away from negotiations. lauren, this seems to me this pushes the whole issue into the trump administration. lauren: sure does. because his inauguration is five days after the deadline. so the union left the negotiating table on the second day of talks to hammer out a deal by that january 15th

deadline. they are insisting on no automation. president biden kid not order the dock workers -- did not order the dock workers back the to work, is trump going to do so? will he invoke taft-hartley if this is, indeed, what he deals with when he gets into office? president trump's a business guy. no technology, no automation ever? that's resisting -- >> we're talking about efficiency here. how do you improve efficiency without technology? he should taft hartley them on his first day. this is the outrageous. stuart: interesting. lauren: or look into the shipping companies. many of them are foreign, and they jacked up the rates. look into the way that's arranged. stuart: taft-hartley, here we come, i would isn't. coming up, major changes for america's education system.

>> we will drain the government education swamp and stop the abuse of your taxpayer dollars to indoctrinate america's youth with all sorts of thing ins that you don't want of to have our youth hearing. [cheers and applause] stuart: what exactly would an overhaul look like? we'll ask bessie devos. trump swept the majority of texas border counties. art del cueto has much more on that one. and we're keeping an eye on washington. trump getting ready the meet with house are republicans and then with biden in the oval office. the live action presidency's back, and we have eyes on it. we'll be back. ♪ won't you give me three steps, give me three steps, mister -- ♪ give me three steps, and you'll never see me many no more ♪ coul. i love even better.

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stuart: 15 minutes to the opening bell. dow's up 30, nasdaq down 18. take a look at the dogecoin chart. it's been one of the biggest winners in the postelection rally. it's actually up 150% since election day. you get this? department of government efficiency, doge, as in dogecoin. get it? the up 150%. david bahnsen, i want to get back to the opinion both of us expressed moments ago, that cutting regulation is the most important test for this new administration, and musk is the guy to do it. >> well, i think that musk is going to be totally perplexed by how bad the regulatory apparatus is. and ramaswamy is gifted with too. they're going to have to communicate it. and i think ramaswamy's a very good communicator, he's an articulate guy. so the two of them together have different strengths they bring to the process.

but you're right, the regulation side is outrageous. and one of the things you have to do is just not worry about who concern what friends you're make. just start the cutting the stuff out to. a lot of people's jobs depend on this bureaucracy. stuart and he's going to tread on a lot of toes from members of congress with spending cuts in their district. >> members of congress who are at least elected but also unelected members of the executive branch that sit throughout this administrative state. stuart: donald trump.com the may noted in texas border counties. brooke taylor joins us from eagle pass. what are voters telling you about their decision to vote for trump? if. >> reporter: well, you know, we wanted to speak directly to these voters or to hear what they had to say for themselves. not one person we spoke to was surprised that the border counties here flipped the because they've just been so frustrated and fed up with the border here and also inflation. take a look at this map here. trump nearly swept all the border counties along the

southern border that usually vote democrat with 8 counties flipping from 2020 to to 2024. jacqueline owns a bakery here in eagle pass in maverick county which is 94% latino. the first time the county voted republican since 1928. now, this was her first time voting for trump because of the soaring cost of bakery supplies and illegal migrants outside of her business which she says has drove customers away. >> it was kind of scary for us. so, i mean, with that being said, i think that donald trump is a better choice for more security. >> reporter: and a recent clip from "the view" going viral as some democrats can't seem to understand that it was the policies voters are fed up with behind their decisions. >> latinos in texas, a district that's 97% latino, went 75% for

donald trump, why? >> misogyny, that's why. >> no, it's on the border. the border crisis is on their doorstep. >> reporter: we spoke to countless voters, mostly women, saying that they were fended by this. i spoke to one woman who says she has 7 children, 9 grandkids and can bare hi afford to have them for dinner. back to you. stuart: art del cueto joins me now. you know people. you know local people near the border. did you get a sense that they've just had enough of the border and the illegal crossings? >> look, one of the things they had, obviously, enough of the issues on the border, but education. i think everyone did a fantastic job. we were out there, you know, knocking on doors, boots on the ground, trying to get people educated and explaining, look, you have one side, the far left, that all they kept on saying was racism, racism, racism. that's the only thing they had to say. but once these individuals were

educated and were able to see that drugs are coming into your school system, people are coming through the border, the economy, there was so many factors. i think it just comes down to education. and honestly, varney, people like yourself, you've been nonstop on the issue also, you've been on, you know, the a news nonstop. your show hoe reaches so many individuals, and that's what it was. it was educating people, and these individuals that are on there, you know, celebrities and everything else, they're just so far from reality. they don't get it, and they're never gonna get it. stuart: art, hold on a second. left-hand side of the screen, we're waiting for the arrival of president-elect trump's plane at joint base andrews. he'll be arriving momentarily. that's the stair lift that that they've got waiting for him. we've got eyes on the president, president-elect, all the way through the day. back to you, attar. voters in arizona overwhelmingly approved a new law make it a state crime to cross the border illegally from mexico. it's in in limbo while a similar law makes its way through the courts in texas, but will this

change the way immigration is handled in arizona? if. >> i think it will because one of the things it's going today to do, it's going to deter. these individuals know, they don't want the bring attention to themselves, so it'll deter the numbers tremendously, and it gives the opportunity for a lot of law enforcement to detain these people and get the proper authorities within i.c.e. and immigration to come and arrest them. too often you stop individuals in a traffic stop and you have to let them go. but it's going to take effort there some of these sheriffs. we've got got a couple of sheriffs in arizona that refuse to admit there's a problem already. stuart: listen to what kate bedingfield had to say about trump's deportation plan. >> i think for democratic governors to knee-jerk take a position of we're to going to fight this is not smart. i do think dem contact governors need to be responsive the what people said on tuesday. that does not mean they need to wholeheartedly embrace family separation and mass deportation, but having just a knee-jerk reaction that we're finning to be seen as the people who are

standing in the way of taking more aggressive steps on immigration is not the place to be for the dem -- democrats. stuart: that sounds almost like support going to trump for the border move. what do you make of that? >> we're going of to have to wait and see because, you know, these people have been giving a lot of lip service. but at the end, you don't know what's going to come out of it. they've just got to realize the law's the law. you have president trump coming in, he's not trying to flip everything upside down. what is he saying? look, there's laws we've got to follow. under the current administration, there's laws that have been affected because of their policies, and the only people taking advantage of it is the criminals, the smugglers and everything else. and truly, enough is enough. we need to make sure9 that the rule of law is what we go behind, and we've got the stop this insanity that we've had the live for the last four years. stuart: the times are a-changing. thanks for joining us, art. we'll see you more in the future. >> thank you, varney.

stuart: now that trump has been elected, new york city's mayor, eric add ap, is weighing -- adams, is weighing in. what did he have the say? lauren: he's willing to work with trump on the migrant crisis after president biden didn't listen to him. >> i'm willing to sit down with this administration, like i tried to sit down with the priest if administration in my ten concern previous administration in my ten trips washington and say we have a problem that's overrunning cities. i'm hoping this administration will listen to some of the ideas that i have been pushing for over a year now. stuart: lauren: adams' ideas, work visas, background checks, working with the city council on policy that will allow the deportation of criminal migrants. he's against mass if depor asians -- deportations, but some common sense there. i do have some good news on the migrant crisis, especially in new york city. it is starting to ease. ten shelters around the city, closing next month. stuart: i believe mayor adams

went to washington, d.c. 12 times. wanted to meet president biden, never got a meeting. didn't want to know him. lauren: yeah. stuart: lauren, thank you. check futures, please. up a little bit on the dow, down a little bit on the nasdaq. not much change today. the opening bell is next and, of course, we are keeping an eye on washington as trump makes a historic return to d.c. more "or varney" next. ♪ take a long riden my motorbike. ♪ crazy little thing called love ♪ ♪

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visit howard c.m. funds dot com. stuart: as we said, eyes on the president-elect. that is his plane. it landed in joint base andrews. it's taxiing towards that ladder where he'll come down, and he'll be setting foot in d.c. again as the president-elect. and a little later this morning, senate republicans will select their next majority leader when the news comes in, three candidates, when we get the news, you'll get it e real fast: futures, check them fast, please. the dow up about 30 points and the nasdaq down about 12. not much movement on stock prices thus far today. the 10-year treasury yield, that's now at 4.36%. shah ghailani joins me now. consumer prices up 2.6%.

did you see any impact on the stock market? >> i saw a positive impact, stuart. i think premarket -- can well, pre the print futures were down a little bit across the board. i think the expectation was this could be a worse than expected number. it was right in line with consensus estimates whether we're talking about headline number, the core number or year oh year number, and markets like that. we're not seeing much of a rally, but we did see a bounce from the below trend which was, you know, last many days has been up, and i think being flat is probably a positive. stuart: will you buy any and all dips? >> absolutely. you know, this is the clearest that -- clearance that i've been looking for. i don't know how many dips we're going to get, but certainly every dip from now on is going to be a big buying dip for us and probably should be for everyone. again, with the likely deregulatory path we see ahead, i think9 with the economic stimulus that we're going to see from a lot of tax policies, a

lot of other policies we're going to see out of this administration, investors have already made a move to show their support for what trump is likely to do, and i think that a bodes very well for the stock market for many quarters to come. stuart: well, we hear a lot about a melt-up which is imminent. what do you say to that, a melt-up, an explosive rally all of a sudden? if what do you make of that? >> we've seen something of that already, stuart. i mean, we've had a heck of a move since the election. every morning you wake up there's more positive news coming out on the economy. is as long as interest rates don't back up and i think by this i mean we see -- if we see the 10-year treasury heading back towards 5%, i think equity ventures might take a pause there. barring something like that, there is a long runway for much higher gains. as far as a melt-upping, it's entirely possible. we typically see good year-end rallies. i think it's sustainable.

if. stuart: a lot of our commentator thes on this show have pointed towards small caps. that's the place to be to. that's the group that will show the best gains in the immediate future. what say you to that? >> well, i certainly hope so. and the problem is small caps continue to have is higher interest rates. if we have higher for longer interest rate, small caps will continue to struggle. if rates do come down, they should take off. they have lagged behind the other benchmarks, and i think they're long overdue for a bump, but we're going to have to see interest rates come down. stuart: all right. shah ghailani, thanks for joining us this morning. on your screens right now, trump's plane has landed. he'll get out of the plane and set foot in d.c. as the president-elect. we're going to follow it all a morning long. the opening bell ringing on wall street. it has now rung. the button's been pressed and we are off and running. we're up in the dow jones

industrial average, up about 80, 90 points, 43,9 is the level. close to to 44,000 again. 9 and the dow to, there's more between than red, let's put it like that -- green than red. the s&p 500, where's that this morning? it's up a mere 5 points. not much change. as for the nasdaq, that too opening ever so slightly higher, .07% to the upside. not much change so far. we're going to show you big tech. we always do at this time. big tech led by amazon. that's the -- and apple. they are up but only just. microsoft is down $1.50 and alphabet-google is down $1.20. meta down $1.78ing. we've got the start with bitcoin. taylor joining us again. still teasing that $90,000 mark. >> i know, this is quite the resistance level that we're bumping up against, right? these sort of classic round numbers if you look at it from the if technical perspective. not quite 900,000, but we're very, very close -- 900,000. stuart: okay.

we're about to see a trithe um pant donald trump descend from his plane. we'll cover it for i you, i promise. i want to know, what is it a new a.i. wall ab let -- what's that is? >> think about your ipad but mounting it on your wall. it can tap into cameras, your doorbell, you know, all of that stuff the help with a.i., really be a command center for your home. you throw the it up against your wall. we're hearing this is the next hardware or that apple releases, maybe it's coming out in march. so sort of a lot to look forward to. if you think about apple trying the catch up in that home system market. stuart soother okay, count me out. spotify surging after after their earnings report. up another 9%. >> so the results missed expect asations, it's the profit guidance that analysts and investors really loved. monthly active users grew to 6.65 million, plus the premium subscribers were up 12

year-over-year. >> cava, that's a mediterranean restaurant chain. it's on the upside to 15%ed. >> it's like the chipotle for mediterranean fans. fast casual, they're winning in this space. they're boosting their forecast after beating sales expectations. sales up 13% in 2024 up from the previous forecast where they thought sales would only grow about 9.5%. plus, the ceo is going to be on "the claman countdown" today, so a hot to look forward to. sphwhurt stuart we're about to see donald -- i'm sorry, president-elect donald trump emerge and walk down gang plank to set foot, he's a triumphant guy right now. he's setting foot in d.c. again. back to you, taylor. what's the latest on amgen's weight loss drug trials? >> there were some concerns in the last few days that the weight loss drug was impacting bone density. the weight loss drug is called

meritime. ed they have come out and said, don't worry about that link, we don't think it's connected. but in the last few days you had a lot of analysts question. a 4% drop in bone density over 12 weeks using the highest dose of amgen's weight loss drug. it's something we'll be watching. stuart: hold on one second, taylor. you picked today, you have a couple of stock picks, and one of them is amgen. >> that's right. we've owned it for a long time, and it dropped yet. -- yesterday, and we want to buy more of it. jeffreys had a great report about why they don't think there's anything to this bone density story. it was found in a footnote of an obscure report from cantor. it's a very diversified country, and it's trading below 15 times next year's earnings. very cheap. incan credible dividend growth. amgen's a great guy. stuart: kris sew -- cisco systems. >> their earnings come out after marketed told, so it's always

risky because they sometimes have a big drop after earnings, and other the times you can go the other way. the stock is up huge this year. big dividend growth. we bought it at $19 a little over 10 years ago, and the dividend has grown every single year. and so cisco comes up today to, they really reinvented the company. they till still do network serve everybodies, routers, can -- servers, but now they've got a huge consulting, subscription, recurring revenue business. stuart: you've held it for how many years? >> over ten years now. stuart: once you buy something, you hold it so long as the dividend goes up. >> unless it gets too expensive to where there's an opportunity to take profit and go somewhere else. stuart back to you real fast on rivian, the ev maker, of course. they've just deepened their partnership with volkswagen, and they're the up 15%. >> partnership was previously valued at $5 billion, we now here it's about a $5.8 billion

sort of joint venture, if you will. volkswagen models are going to have rivian software and some of that ev technology we are hearing as early as 2027. so you have a long runway but, again, these are the traditional car maker and an ev trying to hook up the create that market. stuart: taylor, right-hand side of your screen the president-elect is about to emerge from his plane. i see a door opening right there. he's going to be the getting out mow men if tearily, and he's going to -- mow pen men tearily and he's going to stride down the steps and begin what is an historic day in d.c. he's going to address republican house members and then bose to the oval office to meet with president biden. what a day. back to the market. look at dow winners, please. we've got a list for you. amgen's at the top. home depot, 3m, salesforce, amazon. s&p 500, albemarle. tesla's up today, 14. 14 points. i didn't see that. there he is. donald trump has emerged from his plane.

he'll come down the gangplank there. what's the proper word for that, the stairway with. [laughter] he's walking down. he's coming down to d.c. this is, i keep saying it, this is going to be quite a day. i would love to be a fly on the wall in the oval office when president-elect trump meets president biden. the first time they've been together, sat opposite each other since that chronic debate back in june of this year. they've not seen each other. got the take a commercial break but, believe me, there'll be more "varney" after this.

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may cause low blood sugar. ♪ jardiance is really swell ♪ ♪ the little pill with a big story to tell! ♪ stuart: all right, that's capitol hill. the president-elect, donald trump, is on his way to the capitol where he's going to the meet with house are republicans. after that, or he's on husband way to the white house to the meet the president. check those market, open for 11 minutes.

mostly green but not by much. dow's up 600, nasdaq up -- 60, nasdaq's up 7 points. edward lawrence at the white house. okay, edward, how's the trump administration going to deal with inflation? >> reporter: well, he thinks he can fix it through bringing energy prices, that's the core to his policy billion going forward. but, you know, the biden-harris administration dealt another blow with this report because of their legacy of the higher prices and higher inflation. the cpi ticked up overall. year-over-year, 2.6. core inflation holding at 3.3% year-over-year, and that has been the trend that tiki inflation -- sticky inflation staying basically constant. the federal reserve will likely say it's not enough to pause the rate cuts for the december meeting because they're focused on the softening labor market. >> i think what the fed and jay powell's got to look at is the supply side of our economy. the growth initiation -- initias

to take place so as supply catches up to to demand. and that's all within the president's, the president-elect's, america first plan for increasing manufacturing, increasing production of goods and services. >> reporter: so numbers like we see in this inflation report also the reason voters turned to president-elect donald trump who will be at the white house here in a few hours. still, neel kashkari believes we're in a good place for right the economy next year. right the economy next year. >> so in the last couple years we've brought inflation down all the way to2%. we're running about a 2.5% rate, and the labor market has remained strong. right now it looks like that's going to continue. >> reporter: the messaging from fedheads is that they're going to stay the course. looks like there'll be a rate cut in the december meeting. they believe they want to get back the that neutral rate as hay call it for interest rates sometime next year. stuart: okay, edward, many

thanks. john lonski, an economist, joins me now. trump proposes the put tariffs on imports. count that the raise the price to consumers and, therefore, raise inflation? >> well, it should. there should be a one-i'm boost the prices because of an increase to tariffs, but it shouldn't be a recurring phenomenon. and we also want to the consider where are these tariffs going to be imposed. could they be imposed on products where profit margins are wide and so the company would absorb part of the increase, remains to be seen. but that is a risk factor for inflation looking forward especially if in response to any increase in prices because of higher tariffs, workers begin to demand to to seek hoyer wages. stuart: got it. trump is on his way to meet republican leaders in the house. in the house republicans are divided between the tax cutters and deficit hawks. now, he's going to address them. what should he say the them? the he wants unity. what should he say to them? >> well, i think he's going to

go lean toward the tax cutters, okay? if you're going to to increase the deficit, it's better to do is with tax cuts as opposed to to increased government spending, that's for sure, because of the positive supply-side effects. and he's going to add, listen, because of the the president of government efficiency -- the department of government efficiency, perhaps we can go ahead and bring about some very large cutbacks in government spending. you know? and he may want to get rid of programs related to green energy, the subsidies for evs and the like. but he may go to elon musk and say you're a very smart guy. maybe there's a more efficient way of reducing carbon emissions through government mandate. stuart: well, that's a good point because we are told that elon musk will be with the president-elect in congress today. so he could bring in elon and say, look, this is my guy. he's going to cut spending, he's going to cut the bureaucracy. lay down, you deficit hawks, and let's go with the tax cutters.

>> right. go with the tax cuts and a more efficient federal government. and looking at existing laws. as i said, existing types of government spending, can we give the taxpayer more for the taxpayer's buck? >> stuart: if he gets that unity, if he solidifies the unity of republicans in the house, went never -- then we're off to the races, surely. >> that's right, we're off to the races unless we do run into a problem with the deficit, spending grows too rapidly so that we suffer from an unexpected rise in inflation. we now have a full employment economy, close to full employment. this is different from when trump took over in january 2017. we have rage growth at % -- 4%. back then it was less than 3. there is a carriage that if -- danger that if spending grows too rapidly for too long, that we'll have a reacceleration of wages and we'll be facing an

unwanted return of price inflation. stuart: but the ace in the hole is chopping out all that green spending planned percent future. >> chop to it out and somehow come up with something that does the job but at much lower cost. that's what we're going to be looking at. stuart: all right. >> you know, if we continue to have real growth, real gdp growth close to 3, we may have have a pop with inflation -- a problem with inflation. if we can bring it closer to 2%, there may be no problem and all these price earnings multiples turn out to be justified. stuart: all right or, john. see you again soon. wins for trump and the republicans in this election have effectively put an end to federal support for dei. diversity, equity and inclusion. but, lauren, they were spending a ton of money on dei. lauren: just at health and human services, about $40 million a years at that one department. that employed about 3000 government workers -- 300government workers. things like vaccine equity to

from if mote the monkeypox vaccine to gay black men in atlanta, georgia. open the books, which is a spending watchdog, finds hhs spend and hired to embed dei in bure rock she. i've got some examples of how it's been ear earmarked across government. over $240 million to colleges is that they would hire minority scientists, $5 million for environmental justice offices. the list goes on. stuart: david, your pet peeve is dei, isn't it? >> well, i call it d-i-e because you die with this measure. it kills the economy. it kills the society because it's anti-met rattic. and as a lover of the american experience, we are not supposed to be focused on identity politics. we're supposed to be focused on what we can co, what we can accomplish, our collective character. dei works against that. it's not just government. the whole education system as well. stuart: that's what i always liked about america.

you arrive here, it doesn't matter who your parents were or who you are, can you do the job? away you go. into coming up, trump is quite literally transforming america's government, and he's done it remarkably quickly. i think he's going to lay down the law and insist on unii. if he can pull that off, it's a huge shift from the previous administration. that's coming up, temperature of the hour. ♪ ♪ drinking watermelon moonshine ♪ starting a business is never easy, but starting it eight months pregnant, that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card from chase for business. patients who have sensitive teeth but also want whiter teeth, they have to make a choice- one versus the other. new sensodyne clinical white,

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stuart: president trump is enroute to house republicans, and then it's on to the white house to meet the president. we're following it all the way. donald trump just tapped elon musk ask and vivek ramaswamy to head a new department of government efficiency. grady trimble joins me now. this is interesting stuff, grady. what's the plan? if. >> reporter: well, stu, they're calling it doge, and elon musk joked about how good the merch is going to be for this new department. but in all seriousness, musk and vivek ramaswamy say they're going after the federal bureaucracy and that they plan to massively downsize the

federal government because according to them, that is the will of the voters, and they plan to carry it forward. musk posted on x, his platform that he owns and platform of choice, about how the department of government efficiency will work saying all actions of the department will be posted online for maximum transparency. anytime the public thinks we're cutting something important or not cutting something wasteful, just let us know. he went on to to say there will be a leaderboard for the, quote, most insanely dumb use of tax dollars that he says will be both extremely tragic and extremely entertaining. the temporary department, according to president-elect trump referred the as doge, will provide guidance from outside of government and will partner with the white house and management of budget. musk promised huge cuts to government spending while campaigning with president trump. >> how much do you think we can rip out of this wavessed $6--

wasted $6.5 trillion harris-biden budget? >> well, i think we can do at least $2 trillion. all government spending is taxation. your money is being wasted, and the department of government efficiency is going to fix that. >> reporter: all right. so we still have a lot of questions about how exactly this new, temporary department is going to work. maybe we will learn more today, stu, when elon musk joined president- joined president-elect trump when he meets with the house gop conference. tu? sawrt stuart grady, thanks very much, indeed. david, i know you really like musk and ramaswamy on the department of government efficiency. you love it, don't you? >> they have a good track record and, by the way, i just like the idea of having one. who's going if to be there to be a watchdog, someone is going to see this, and it's not a political appointment. they're not trying to get elected. they can hold people accountable. it's very simple -- stuart: and they've got a very loud voice. musk has a very rudd input --

>> oh, social mid ya, the whole platform. stuart: check the markets, please. we're 25 minutes into the trading day. up 40 points on the dow, down11 on the nasdaq. still ahead, we're keeping an eye on washington. president-elect trump meeting with house republicans and then the president in the oval office. we're going to cover it all for you. the 10:00 hour of "varney & company" is next. investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

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at fisher investments, we're clearly different. stuart: it is about to happen. donald trump has arrived for his meeting with house republicans. after he is done with house republicans he will go to the white house to meet with president biden. we have eyes on this throughout the day and throughout the show. it is a historic day. check the money, 10:00 eastern time, we have the dow industrials up 60. the nasdaq is down 13 points. i will call it be 9 news on inflation. it took up a fraction. not much market reaction. the 10 year treasury yield coming in at 4.40%, the price of oil not doing much.