welcome back to "morning joe." it is 6:00 a.m. on the west coast and 9 a.m. here in washington, d.c. we have breaking news on the economy. it is bad news for consumers, it is bad news for working-class americans. it is bad news for middle-class americans. it is bad news for people invested in the stock market. it is bad news if you have retirement accounts because they will be going down. but it is good news if you're a republican running for office in four weeks. the year-over-year inflation rate barely slowed last month from 8.3% in august to 8.2% in september, the last report before november's midterm elections and the last report. a key federal reserve meeting early next month on how much they're going to raise interest rates. let's bring in cnbc's dom chu. dom, wall street's going to be partying like it's 1981, which

means they're not going to be partying. going to be ugly out there. take us through it all. >> all right. so, joe, mika, to your point here, there's no easy way to sugar coat this. it basically says inflation is still a big, bad problem. it's not as bad as it was earlier this summer when the consumer price index showed inflation was up around 9% on a year-over-year basis, but today's read still shows what we saw as a possible cooling off in consumer prices late in the summer back in august is not exactly playing out as a trend lower in inflation just yet. so the annualized rate of intlags, 8.2%, in september, still shows that the fed has a long ways to go in the battle against inflation. now, even if you strip out those more volatile food and energy prices, which, by the way, are actually showing some signs of falling, that so-called core consumer price index came in hotter than expected, still up over 6.5%, 6.6% to be exact on a

year-over-year basis. so if there was any question what's driving financial markets right now, it is still that inflation story, the interest rate narrative, and what it means for the fed because immediately, joe, to your point, after the cpi figures were released, you saw a very steep sell-off in stock market futures as you see on your screen. right now the dow is implied lower by roughly 450 points. this is just a little under half an hour from when it opens. a negative date would put the s&p 500 and nasdaq both at seven-day losing streaks as well. so all of this story is playing out in a very, very negative way for financial markets, joe and mika. >> willie, 8.2%, obviously that's ugly. we also got news that social security payments are going to actually go up for seniors, 8.7% starting next year. that's going to be the highest

hike in social security payouts to seniors since 1981. again, another effect of inflation. >> yeah. all kinds of records being set here, or at least going back more than 40 years. dom, i'm just looking through the inflation numbers, the cross tabs on what's driving this. rent is up 7.2% over the last year. that is the biggest leap since 1982, in four years. groceries up 13%. health insurance up 28%. that's the largest increase ever. these are real-world pocketbook issues that are hitting people. how much is my rent? how much does it cost to go to the grocery store? how much does it cost to take care of my own health? >> willie, to your point, you remember, we spoke about this last month and the month before with regard to why some of the optimism in some of these inflation figures, yes, is somewhat justified when you're seeing prices for things like gasoline, maybe certain food products come down, but the reason why there was not as much

optimism from a lot of economists out there who watch this stuff very closely is because of that stickiness in some of those key parts of inflation that you just mentioned, meaning that when you do see the food and energy prices kind of spike up or down all over the place become volatile, the core is where people are focused because what you do see, to your point, willie, is when you have rent increases the way that you see them right now, or you have health care costs increasing the way you see them now, those things are not as volatile as food and energy prices are, meaning if they go higher the way they are, they tend to stay that way and they don't really come down as much. so when rent, health care, and those types of things become part of the overall kind of story behind inflation, that so-called stickiness that many economists will point to is the reason why a lot of folks are not yet ready to call this kind of peak, right. it might be just a little bit of a buzzword right now, but there isn't a lot of call for a peak

in inflation because if those sticky parts of the inflation story remain high, you could just see us at a higher base level for quite some time, and that's the real worry for a lot of policymakers, especially jay powell. >> dom chu, thank you. the markets open in about 25 minutes. possibly could be down. we'll have you maybe pop back in and talk to us about that when it happens. politico's jonathan lemire, eugene daniels back with us. former white house communications director under president obama jennifer palmieri and executive editor of "the recount," they are both co-hosts of showtime's "the circus." >> we've been seeing this campaign moved in several phases over the past six months and seemed to be breaking hard for republicans, then after roe was overturned and a couple other things started moving, it seemed

that republicans were really losing every news cycle for about three months. you saw democrats gain. republicans have been creeping back up in a lot of states, a lot of these close races and swing states, saw ron johnson up six points in wisconsin despite the fact he has nothing but rocks in his head. but he's up six points. things have changed dramatically. how big of an impact do you believe this massive number once again in inflation, how much of an impact do you think that will have on the races? >> well, first, joe, i want to correct you. i think in the case of ron johnson, it's not clear it's rocks. it might be packing popcorn, that styrofoam. >> the little peanuts. >> reporting on that is not clear right now. you guys were talking with dom about really the most important thing, which is it is the case, as you said, joe, that in that

period after roe was overturned and dobbs came down, that there was a surge in democratic enthusiasm. we saw what happened in kansas. you saw a lot of numbers moving, voter registration, still an important trend. not trying to discount it. but the other things you said got passed by, there are a few other things happening. the few other things happening at the same time in the months of july and august was an apparent easing of inflation, particularly gas prices and food prices. so much of our politics in the course of the last year, regardless of anything else, has moved, not surprisingly in some ways but very dramatically with the economic numbers. economic headlines, when tif been decent, you see joe biden's approval rating rise and democratic prospects improve, when they've been negative, you've seen joe biden's approval rating sink and democratic prospects sink around the

country. that is how it works in midterms. we often say we're in new territory and we are, we know the reasons, but that seems to be, at least in the numbers, that seems to be one old theory holding true, which is that democrats' prospects are tied very strongly to joe biden's approval rating and that is tied strongly to economic data. man, the numbers you guys talked about this morning on the inflation side won't be greeted with a lot of democrats anywhere in the country and are going to be, for a lot of republicans worried about their bad candidates in senate races like ryan in georgia and where jen has been all week in ohio, they'll be thanking their lucky stars for those bad economic numbers. >> willie, in politics, an 8.2% inflation rate that you can tag your opponent we races a multitude of political sins for a lot of these candidates who aren't even second-tier

candidates. they're actually some of the worst i've ever seen in american politics running for the united states senate. but today they could go out and talk about inflation. and it will connect with middle-class voters. >> yeah. herschel walker's stories about pregnant cows notwithstanding, they want him, because he's not a good candidate, to talk about inflation, and now they have that. that's why tom cotton and rick scott went down there to ensure that the subject would be crime, would be inflation, would be immigration. so they're just going to hammer this in the face of everything else, talking about democracy, doug mastriano's case in pennsylvania, running for governor, other candidates like him or election deniers. they are going to talk about this number. they're going to say everything else you're hearing from the democrats is meaningless because you can't afford to pay your rent, you can't afford your health insurance anymore, and because a loaf of bread costs so much, that's the real question. and smartly, politically, that's what they're going to talk about, even while democrats want to talk about some of these other issues.

>> we said last hour, things that matter to us, these january 6th hearings -- >> democracy. >> -- preserving democracy, they matter to americans. but if you -- if your grocery bills are -- prices are absolutely exploding and they keep exploding -- >> health insurance. >> -- health insurance doubling for a lot of americans, rent exploding, you're a young couple, you can't buy a house. >> you can't live anywhere. >> the housing market is insane. interest rates through the roof. suddenly, these issues that we're arguing about, that we're discussing, that do matter to the future of american democracy, they're not so quite immediate. >> i think people may feel like i'm not sure i can afford to care about democracy. >> right. >> i'm not sure that i can afford to care about these issues that are otherwise very much on people's minds like abortion and depending on what

state you live in whether or not democracy is really under threat. but i'm looking to see -- you know, i'm thinking, okay, if i were the white house communications director today, what would i do? >> what would you do? >> so i looked to see ron klain's twitter account, and this is what you do, put the best face on it you can. ron is talking about the fact that social security benefits are going up by 8.7%, and because of the action they took in the inflation reduction act, medicare premiums are going down. for the first time, seniors in a long time will be getting more money in their pockets and medicare premiums going down. you have the president talking about the benefits of the inflation reduction act when you can make more news about things that are getting implemented and happening, and the candidates have to fight the race on the grounds they can. the democrats have really good candidates. the ones who are running the best races, the most competitive

one, doesn't necessarily mean they'll win, but they are defining their opponents really well and they're creating their own brands. tim ryan in ohio has been really successful in making himself mr. ohio, and j.d. vance is, like, silicon valley fraud. i'm quoting donald trump, not, you know -- >> right. right. >> and too close to call. >> yeah. >> look at that. >> a state that donald trump won by eight points. >> jonathan, i will say that ron klain is doing the best with a bad hand because seniors -- i was a representative from florida -- they care about cost of living increases and they want to know about that social security. if they see that going up 8.7%, that's what they're focused on today. >> no question.

j.d. vance looking very positive with alex jones. >> wait, wait, wait. >> so did kanye west. >> j.d. vance has been talking possibly about a guy -- >> an interview. >> -- who actually caused people to urinate on the graves of children who were slaughtered at sandy hook, that guy? >> said he was more trustworthy than other news sources. >> that guy. unbelievable. >> those are real things they can point to, but speaking of ron klain, he has said that every morning, will check price of a gallon of gas. gas prices, when they were up, biden's approval rating was down. when prices fell, the approval rating was back up. gas prices start to climb again and this number is a bad one. this is a bad one. this is the absolute worst kind of october surprise for

democrats, though perhaps not all that surprising. there have been so many phases to this campaign, it doesn't mean there can't be another plot twist or two before november, but this will be the last inflation number voters will have before going to the polls. democrats can point to the causes, started with the trump administration, covid, all that. but voters know what things cost. >> this is the perfect thing of what they have had to deal with the entire time. they feel good about things they've done for the economy, good about infrastructure, things they've done, the inflation finger lakes reduction act, but that doesn't touch people at home. it won't be for years in some of those cases. how do you as a white house explain to folks, we're doing all this work, you may not see the benefits for a while but it's coming. the prices are going up. we should be hearing a statement from the president any minute now from the white house but talking to folks for months

about this issue. they knew it once going to go away. they have been concerned about how it's going to affect the ballot, but more importantly what that means for president biden, his approval rating, what their first goal is, because if they don't have -- if the gas prices are where they're at, if the -- if people are buying groceries and it's way too high, they'll look at this white house and say i don't care what you say you're doing for me, i don't feel that. >> right. yeah, it's interesting, and it will be interesting to see how president biden -- part of me thinks he'll do what he does, which is he levels with people and says it's going to be tough. i'll not sure putting a good face on this is the right tact because there isn't one. it could get worse. i mean, we could be headed toward a recession depending on what expert you talk to. and, joe, i think also, you know, for busy americans, it is these issues, how much insurance costs, grocery, all of that.

i think -- i'm trying to think of the last time americans have been asked to participate in their democracy, to participate in saving their democracy. am i missing something? i think that this is the first time they're really being asked to make that kind of choice. i don't think it's something they're used to. i think they're used to, like, washington takes care of the democracy, right? that's their job. and it's very hard to put that job on the voter. >> there is positive news out of michigan in that regard, which is early voters, in 2018 at this point, in terms of ballots requested, it was 1.16 million, and as of yesterday it was 1.6 million. >> interesting. >> just as sort of kansas was a sleeper, i think we can't know how -- >> how they feel about -- >> -- how invested people are in voting because either roe or -- >> january 6th. >> -- concerned about democracy and whatever is happening in their own state. >> those are the two things i

would vote on, you know, but that's me. >> yeah. me too. right. >> you're in a different position, though. >> right. >> working-class americans. >> i know. that's my point. >> you can afford -- that's the thing. you and i can afford to be worried about american democracy because our groceries don't crush us. we can afford to talk about these things. of course people on twitter, my god, everybody -- i understand. i really do understand. it's what concerns us every day. but again, for people who have been involved in campaigns, americans are concerned about being able to pay their rent. americans are concerned about being able to pay their grocery bill. americans are concerned about being paid -- being able to be paid -- take care of their health insurance, be able to send their kids to college. and all these prices are just skyrocketing. so they may not have the luxury

to look any more at how they just stay above the water economically. >> mm-hmm. yep. >> this breaking news, the devil went down to georgia, and his name is john hyland, and he's with us again here. a great song, by the way. maybe it's just the red neck in me. i love it. >> sure. >> but you were the first to send me a couple days ago the herschel walker, i want to impregnate cows video, talking about the bull story. fascinating. i'm sure tom cotton was glad he was in the background on that. you're still in georgia. you saw senator warnock last night. tell me, how is that race breaking on the ground right now? >> i sent it to you because i was there. i was standing ten feet from herschel walker when he told that inspiring story about the

bulls. >> wow. >> the horny bull and his prey. i always say the one thing -- you focus on the fact that he impregnated the three cows, which has that weird echo of herschel walker's personal life with the three impregnated -- the three other women he's had children with -- >> right. >> -- and the fact he wants to go have sex with more and impregnate more of the cows, that's interesting. what's really important in that story is he's abandoning the original three cows after he impregnated them, which is where you get into that true trumpy-ness of this thing, projection or confession. that's how you know he's the perfect trump candidate. ultimate case of projection and confession there. sitting in that parking lot in carrollton, georgia, and watching him tell that story, you could feel the sweat pouring off of the brows of tom cotton and rick scott as they were thinking what the hell is to going on here and how do we get

out of this camera shot, because they looked like they were about to snap, like dried free toes in the sun. they spent the rest of the time taking questions from reporters, refusing to talk about herschel walker. all they would say is to every question, any question, was, georgians are not going to vote for raphael warnock and his radical left agenda, joe biden, inflation, inflation, inflation. you could say they were on message, but they would not talk about herschel walker in the press gaggle yesterday. raphael warnock lastnight was in town. we talked to him a little bit. he knows that this economic stuff matters to people, and he kept trying to pivot. he's not hammering walker on these abortion allegations for a couple reasons. one is he understands how important the economy is to swing voters in georgia. the other of course is that he has -- he is getting hammered, just as herschel walker is, he's

getting hammered on television with negative ads from the republican side that are re-raising allegations of domestic violence of yell war knock's that came up in the 2020 campaign. there was this super pac ad of body cam footage of his ex-wife, that he allegedly tried to run her over with a car. that came up right before the runoff in 2020. his ex-wife said we had a bad divorce, it's all over, i'm with him now. he managed to get through that race. but it is now the toxic waters here. i'm looking at downtown atlanta where most people are really just mostly relieved that the braves won last night to even that series. but television is not just nonstop harsh, negative, nasty personal attacks. i raise it only because of this -- this race has been basically locked in at warnock plus 2, plus 4 for about three months. nothing has changed that. walker has never been ahead.

warnock has never been outside the margin of error. for a lot of people the question here in political circles is, is there going to be a runoff or not? if you don't get to 50 plus 1, you have to have a runoff again here, right? so the question is can herschel walker do well enough to push this into a runoff situation, and a key variable there, everyone says, is what does black turnout look like here? two black candidates. is there a big black turnout or small turnout? warnock may win it outright. small black turnout, you may have a runoff. and the negative ads might be depressing voter turnout overall. it could be a replay of 2020 just with different candidates. >> so fascinating. so, let's continue our circusing with jen palmieri, because you went to ohio for this new episode of "the circus" where you spoke with tim ryan.

you spoke about this moment from monday night's debate. >> the reality of it is i have been a big pain in the rear end to nancy pelosi and if -- and i will be a pain in the rear end to chuck schumer too. i'm from ohio. i don't kiss anyone's ass like him. ohio needs an ass kicker, not kisser. >> that was pretty fiery. what was the most important thing you wanted to land or way you wanted to define -- >> he's a fraud, you know? to me it's, like, you were anti-trump, he was america's hitler, then you kissed his ass, then he's the greatest president of all time. you were soft on china, invested money there, but then you're running for office in ohio so you have to take a hard line stand. it's just like that level of fraudulence which i think most gets exposed for the average person like he's an ass kisser,

so i wanted to make sure i got that out there. >> well, he did. he definitely got that out there. but why no money for the ryan campaign from the dems? >> tim is a very effective communicator. he's got a good opponent. he's able to define this, like, this is what you want to do in a debate, the moment you define your opponent at his biggest vulnerability. he's a frud. bad inflation numbers, you can say, hey, i'm going to fight for you, you can't count on them to fight for you. the problem for ryan is he is at a financial disadvantage. he doesn't have quite the money that j.d. has. j.d. has money from peter field, from mitch mcconnell, and i think the democrats just don't believe in ohio. we've had hillary lost by eight points, biden lost that state by eight points, but -- >> the other sitting senator. >> that's sharon brown. >> i'm not good at politics. is sharon progressive? >> she is a progressive, joe,

yes. >> very progressive. and he owns ohio. so why doesn't chuck schumer want another democrat? >> why don't they like ohio? >> they like -- do i have to represent this? i don't know. they're saying where did biden win and that makes more sense to put money there as opposed to what candidates is really, like, running the best race. even republicans in ohio -- >> he's running a great race. >> for ohio. >> what i've heard from republicans, big republican donors is that j.d. vance is the worst candidate they've ever seen in their life. he doesn't want to be there. he was at a small fund raiser with another republican senator. he snapped at the donors, was bored, was insulting to them, according to reports of people inside the room, people saying they'd never seen anybody less interested in running a campaign than jd vance.

it's crazy. i want to ask you about arizona. kari lake from everything i've seen, crazy. all right? >> cray-cray crazy. >> from open change, qanon, anchor on the fake news, qanon. >> that said, based on your reporting and jim's reporting and everything i'm hearing out there, she's everywhere. she's campaigning, and i'm living proof. just showing up, it's crazy. >> how many times campaign trail for people say joe, i hear you're crazy but you're a good guy, i'm going to vote for you, because the democrat is in hiding and will not debate her. is there anybody in the democratic party that can push

her to debate kari lake? >> john, then jim. >> look, i don't understand. jen and i talked about this on "the circus" last week when we saw christy and kari lake. we had the same impression. kari lake is everything you just said but also very, very good in terms of candidate skills. she's widely known in the state. she was one of the most popular television newscasters for many, many years. she got very high approval rating there, very high name i.d. there, and she's not just kind of telegenic. she's smart about the way that she kind of hides the crazy and comes across, i would say, to me, she just reminded me of sarah palin plus 50 i.q. points. right? she's very devious at how she takes her conspiracy theories and sort of softens the edges of them. she is ubiquitous. she is all over the place. jen said to me last week, you don't want to go down the rabbit

hole with kari lake. but we're going down the rabbit hole with kari lake. if that's where we have to go, the democratic candidate has got to figure out a way to go down that rabbit hole and i don't want to use the wrong words here but beat that other rabbit into submission to emerge the other side. she's going to pull you down. >> i know what you're talking about. >> she's pulling down the rabbi hole hole whether you like it up. >> katie remains up. >> ran silent. >> ran silent. you do not want to try to land a plane losing altitude in a campaign. you have to have this fight. that is the assignment. the assignment is -- >> let me say, willie, the end of the hillary campaign in 2016, i don't mean to defend anybody

here, but they were doing the same thing. they were holding their breath. they were hoping -- >> she's sitting right here. >> these midwestern states. it has the same feeling. >> it's not like we didn't try to continue through then. >> just felt yourself losing that altitude. it is a sickening feeling as we discussed in real time. >> joe, the prevent defense prevents you from winning. you have to keep fighting to the end. joe, let's have a role play. say you were a democrat running for governor in the state of arizona. you're standing on a stage next to kari lake and she starts saying that the 2020 election was stolen, maybe the cyber ninjas were on to something, smell a little bamboo in some of those ballots. what might you say if you were on the stage next to her? >> kari, that is fascinating, especially coming from you because you and i, we share one thing in common, and it's something that i embrace every day and you're still proud of the fact that you, like me,

believe in hope and change. barack obama, you love barack obama, right? you embarrassed barack obama. it was so fascinating. but then you embarrassed donald trump when he was in power. and then you embraced qanon conspiracy theories. and now you're believing all of this sort of freaky -- i don't really understand it, like bamboos -- let me ask you, kari, did you sniff the ballots? did you -- was there chinese food on the ballots? were you sniffing for that or looking for bamboo? is that it? were you with those cyber geek who is checked the ballots and were trying to rig the election the other way? and then found out that not only was your conspiracy theory false but actually that there were under votes for joe biden. you conspiracy theorists, you count the votes in arizona and it ends up joe biden won by even

more points. kari, i'm so confused. >> and kari, you worked in the media and this is important because you can't trust the media. do you see this? it's all fake news, kari. but you were in the media. i guess they can't trust you, kari. >> i'm totally confused. >> where's car sni. >> two for one. >> rabbit getting beaten to death. >> why did he kill that rabbit? >> i had a rabbit growing up during the iran hostage crisis. >> can we have somebody just come and hose down the set? i don't know what just happened here. but really, listen, the thing is democracy is on the line, right? and this is her argument. if democracy is on the line, you

show up for the fight. if you're running against somebody that you say is crazy, those candidates are the easiest people to make fun of. and you talk about economic issues, and let them talk about crazy. that's what i don't understand. but kari lake right now, you know what she's looking like? she's looking like the next governor of arizona because she's doing what it takes to win elections by showing up, by working hard, by being everywhere while she has an opponent, mika, who appears to be scared of her own shadow. >> it's really unfortunate. jen palmieri, john heilemann -- >> john, i'm sorry. >> i can't tell. the new episode of "the circus" airs this sunday at 8:00 p.m. on showtime. i love it.

coming up -- >> there's a lot of rabble around the show today. >> there is. >> it happened. it was horrible. and the geese. >> the geese too. >> there's another race out west where debate is -- >> mayday, mayday. we're going down. >> we'll look at what's happening in nevada. also ahead, the latest on conspiracy theorist alex jones, ordered to pay nearly a billion dollars for his lies about the sandy hook shooting massacre. discomfort back there? instead of using aloe,

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conspiracy theorist alex jones has been ordered to pay nearly $1 billion to families of sandy hook's school shooting victims. his connecticut defamation case came to a close yesterday with a jury awarding damages to eight families and an fbi agent who responded to the 2012 massacre. for years after the shooting that left 20 first grade rs and 6 teachers dead, jones spread lies the shooting was a hoax. the families of the victims, you can imagine, emotional in the courtroom while the verdict was read, some crying and hugging and relief. jones already owe who is sandy hook families more than $45 million in a separate lawsuit. joining us now is erica lafferty, her mother, dawn, was the principal at sandy hook elementary. she confronted the shooter and was killed shortly after he entered the school. erica, thanks so much for being with us this morning. we really appreciate it. you were one of the family members awarded some money in

this judgment here. what did it feel like to hear the news yesterday? >> i think i'm still a little bit in shock. the way the jury so bravely listened to hours and days of testimony from my family and other families and bill aldenburg was nothing short of heroic. them coming back with such a hard-hitting message that these hate, lies, spir theories, and threats are not going to be tolerated is something that i am so deeply grateful to them for. >> well, you've been mourning your brave, brave mother who stepped in and confronted the shooter that day. you've had to spend the last ten years also fighting off in many ways these conspiracy theorists who pursue you and the other

sandy hook families who've had to move several times due to receiving threats. what has this last decade been like for you in addition to the overwhelming grief you've felt over your mother's death? >> when the news of sandy hook initially broke and we were in the firehouse and i learned that my mom had been murdered, i had no idea what my life was going to turn into. i didn't know that i was going to be forced to grieve her murder on a national platform. but i never expected all of the hate and lies and threats that i've received. i feel like i have been swallowed whole by this. there has been no way to stop it, no way to ever know which

direction it's going to come from. it's been absolutely terrifying. >> yeah. i was up there that night to cover the story and the next day, standing outside that firehouse, and i remember that scene, and we just talked with nicole hochuli in our last hour, whose son, dylan, was murdered, and she had the same experience, i was waiting in the firehouse to learn the news whether my 6-year-old had been murdered in his classroom. little did i know alex jones was already calling this a hoax and a conspiracy and something that would chase her and you for a decade now. what do you hope comes from this? as you said, there will be other alex joneses, but what do you hope this judgment tells other people out there? >> i think the message is very clear now that the truth absolutely matters, and for someone on any platform to write

such bogus information, they're going to be held accountable, right. like, we are people who have experienced the worst kind of tragedy. there will be others. that is just the nature of the country that we live in. but my hope is that the message that was sent down is that there absolutely will be consequences for your actions, and you cannot lie and threaten and take away legacy without some kind of punishment and without being held accountable for your words. >> your mother's legacy is intact. the world knows what she did that day. she saved a lot of children. she protected their lives with her own. we're so grateful for you coming on and talking about this today. it's not easy, i know, and i know the judgment doesn't bring you any comfort. but you're showing some of the

bravery your mother has shown in her life as well. thank you for being with us. we appreciate it. >> thank you. >> mika? >> all right. markets have just opened after september's inflation report showed prices rose 8.2% in cement. let's bring back in cnbc's dom chu. wow, dom. >> it's looking tough out there. amazon and other staples just skidding. >> so, mika, joe, to that point, what you just saw on the graphic there and for those listening on sirius xm, i mean, the dough is down roughly 450 points right now. it was down over 500 just about five or so minutes ago, shortly after the opening bell. so call it roughly 1.5% to 3% losses for major indices. to joe's point, the nasdaq is getting hit harder than many other parts of the market because the nasdaq is more geared towards technology, and technology adjacent names like

amazon, apple, microsoft, alphabet, the parent company of google, and others. and the reason why is because in response to that hotter than expected inflation report, the odds now of more aggressive interest rate policy from the fed in hiking rates has now taken things like government bond yields for the benchmark ten-year u.s. treasury note up to above 4%. what that basically does is slow the economy down, raise borrowing costs for companies that need to borrow to finance their expansion, also, by the way, it takes down valuations in the marketplace because if you can earn 4% returns on guaranteed money backed by the full faith and credit of the u.s. government and taxpayer, you are not willing to pay as much for stocks as you would be for bonds that will get you risk-free returns. all of that is playing out in the markets right now. but what this does do is extend the losing streak for the s&p 500 and nasdaq to now down seven days in a row, firmly entrenched

in what some traders call bear market territory. for the nasdaq, by the way, we are now down roughly 36%, 38% from the record highs we saw just last fall. so when you talk about the real-world implications of some of these inflation reads, the reason why it's so important is because it does affect the overall economy in america and what the federal reserve, america's central bank, has to do to get prices back under control. the issue now of course that we've been talking about for some time now, weeks and mos, guys, is how that fed policy will affect the jobs picture. there's a delicate balance there, guys. >> cnbc's dom chu, thank you so much. amazon, which went sky-high during the pandemic, it dropped from a high, 52-week high, $188 to now down to the low $101, about $106 right now. but -- and of course facebook just completely collapsed.

you have a lot of other tech stocks getting absolutely hammered. let's bring in democratic senator from nevada, member of the senate armed services committee. thanks for being here with us on a cheerful day. >> when kathy cortez joins me. >> the challenges for any candidate who's a democrat right now is to go talk to voters who are hurting, whether they go to the grocery store, trying to rent a house, and tell me everything's going to be okay. what do you say to your constituents about when is this going to end? what are you doing to help them out? what can you do? >> i can tell you what we have been doing bypassing the inflation reduction act, for the first time in decades we can negotiate medicare drug prices, limit the costs of out of pocket

drug costs, lower to cost of premiums and next year $35 cap on insulin. we're doing that for seniors in nevada. big investment, energy. wind, water, solar, geothermal. we're number one in solar jobs per capita. so that investment in clean, sustainable energy future bringing hundreds of thousands jobs to nevada. good paying jobs. >> what would you suggest that, you know, voters are going to hear, your voters would want to hear from president biden today in light of the numbers that have come out and the dismal outlook potential toward a slight recession or a recession? should he level with them and say things are going to get harder? because it's great, you can list off lots of things that he has accomplished, but you're talking about things that are going to take months, some even years for people to really feel the effects of. right now they're feeling something different. >> and i think that is something that we have to talk to everybody about, about what we've done about the time line. i can tell you with the infrastructure law, about $4

billion is coming down to nevada for airports, roads, bridges, to bring nevada frontier, hard to get to places, bringing out good, reliable broadband to everyone. and so these projects are happening now. katherine cortez master and i are traveling up and down the state since covid, doing it on zoom before covid, and i can tell you every mayor, all of our country commissioners, our city councils, we have been delivering relief and growth to every place. >> we're just a couple hours away from the final january 6th committee hearing. polls suggest americans are concerned about threatss to democracy but ranks well below economic concerns. when your colleague in the senate, an election denier, how much are your constituents talking about january 6th but also ongoing threats to democracy? >> well, they're worried because in nevada, we are an anti-trump state. we rejected trump twice and we

rejected maxwell when he ran for governor in the last election. i believe they'll reject him again. do you know why? even his family came out just yesterday, again, the second election in a row, came out in support of catherine cortez masto. adam has hired an insurrectionist to work on his staff, marched here at the capitol. people died that day. you were here. i was here. marched next to an oath keeper. this is the kind of people he hires. this is what he's thinking about. he's not thinking about putting relief on the table for hardworking nevadans, promoting our businesses, the table. catherine, born and raised in nevada. she has a brand in nevada. people know her and trust her. >> senator masto is really close. we saw 46% in the poll. what does it say about your

state and what voters are thinking about and what they care about? that the race is this close. after just went through that litany of reasons why it would be bad for the state. it's closer than it should be. >> look at our motto. battle born. every election is close in nevada. you can just go back historically and see that. so we know that we have to turn out the vote. that's how we've turned our state to a democratic majority in our federal delegation and in our state delegation. it's really important. that's what we're working on now. turning out that vote. being sure we're everywhere. letting people know that pragmatic problem solvers, masto, the governor, they're going to be there for them. >> sometimes when i talk to voters, what they tell me is democrats, they've seen democrats do a lot. they know they're not going to

see effects of some of these things soon so they're seeing these prices rise and what they are saying, they haven't done enough to give me. >> i can tell you when i'm on the ground in nevada, what people are worried about is going forward. catherine is going to have their back. adam has proven he isn't. catherine's born and raised there. we have been delivering and we're going to continue to work on lowering those middle class taxes. we're going to cut a whole big oil accountable for the price gouging they're doing. i'm chairwoman of the chores and trade committee. tourism is roaring back in nevada and these projects we're investing in are only going to continue. >> jackie rosen of nevada, thank you so much for coming this morning. we'll be right back in just a moment. s morning. we'll be right back in just a moment ♪ ♪

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fanduel and draftkings, two out of state corporations there's more to your life than asthma. making big promises. what's the real math behind prop 27, their ballot measure for online sports betting? 90% of profits go to the out of state corporations permanently. only eight and a half cents is left for the homeless. and in virginia, arizona, and other states, fanduel and draftkings use loopholes to pay far less than was promised. sound familiar? it should. vote no on prop 27. naomi: every year the wildfires, the smoke seems to get worse. jessica: there is actual particles

on every single surface. dr. cooke: california has the worst air pollution in the country. the top 2 causes are vehicles and wildfires. prop 30 helps clean our air. it will reduce the tailpipe emissions that poison our air kevin: and helps prevent the wildfires that create toxic smoke that's why calfire firefighters, the american lung association, and the coalition for clean air support prop 30. naomi: i'm voting yes on 30.

a new book is out this week, when women lead. in it, we hear from dozens of female business leaders about the challenges women face in the workplace and how they overcome them and thrive. joining us now, the book's author, cnbc's senior media and tech correspondent, julia boorstin. i love this. give me first of all why you decided to take on this project and some of the key examples here that we can learn by. >> well, i was so inspired by women who defied massive odds against them in the business space and i realized these were leaders in businesses and in non-profits, their success stories offer lessons and in many ways, a roadmap for anyone

in any walk of life. i hope the stories in many ways offer a mirror so people can find these strengths in themselves and thinking about how to unlock their own leadership superpowers. >> i'm looking at the excerpt and you write about a pr executive who i guess was did not like the tone. of your voice? because it was harsh. >> oh, yes, i was called mean, mika. i was armed with a response. i'm sure you've been called mean or harsh before. we were being criticized on our style, not substance, but i had just read all this research about how women were expected to be warm and nurturing all the time. then i knew why this guy was criticizing me. i could come back to me and say hey, you wouldn't have said the same thing if a man conducted

that interview. the data in the book is valuable. there is a roadmap here for how to respond to bias and how to use information about it to just push right through that bias. >> i just want to confirm, jonathan, you don't find me tor harsh or difficult, do you? >> i think you're terrific. >> because i really cut you town sometimes. >> all in love. >> sometimes i'm just misunderstood. what's the takeaway, some key tips for women especially as they're trying to, i think, develop their voice climbing up the ladder in the business world because it often doesn't have to rival or match that of men's voices. i find sometimes speaking very slowly and extremely quietly to be very effective. >> absolutely. look. the ways in which women succeed actually offer lessons for both men and women and it turns out female leadership traits are now

more valuable more than ever coming out of the pandemic. that means leading with empathy. you're pulling in perspectives from across an organization. the fact women are focused on a purpose along with profits, that makes them more successful. these are things that men should be paying attention to now as well and they're starting to. >> that's what's great is everyone brings something to the table. i also think added value of speaking very slowly and quietly, it's like men need a little time to understand stuff. you got to go slow. and just really spell it out for them. the new book is when women lead, what they achieve, why they succeed and how we can learn from them. cnbc's julia boorstin, thank you very much. congratulations on the book. appreciate you coming on "morning joe" to share it with us. >> thank you so much, mika.

>> you can see an excerpt at knowyourvalue.com. this is a big day. we're going to hear from the president on the economy? >> the main event is just a few blocks away. january 6 hearing, 1:00. >> what are you looking for? >> to see if they are able to put a bow on what they've been doing this whole time. a sweeping conversation they've been having in the january 6th hearing. so are they able to do that in a way that's going to resonate with people in this country. >> that does it for us this morning, but we'll be back tomorrow with a full recap of the january 6th hearing, which takes place this afternoon. jose diaz-balart picks up the coverage right now. good morning. it's 10:00 a.m. eastern. we begin with breaking news in the jury sentencing trial of the parkland massacre shooter, the jury had decided whether he should receive the death penalty or life without par