joining me now former a regular economy advisory, art laffer good morning. >> good morning, cheryl how, i was better before the cpi read this week, let's talk about this because the fed the meeting is next week, all eyes on that they start to use data to get to decision wednesday we were talking on set did you recall the break, about is it 75 is it 1% what do you think? >> i don't know what it is going to be they should do i mean not a good set of numbers coming out, the core inflation is not the kind at all that not at all, you had big boom in oil prices, pushed cpi up, prices came down way down as well, but baseline base core inflation, is continuing on, there is no signs of it not continuing, no policies in place that would stop it so, i would say the fed board should be extremely concerned about the prospect for inflation in the u.s. >> john lonski you and i were talking on set that there is look 20% chance fed could raise rates by a full percent that is being talked about to be clear here. john: talked about but likelihood a three-quarters percentage point hike brings fed funds up

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let's bring in nancy tengler, ceo and cio at laffer tengler investments.are headed towards the fomc decision and there seems to be perhaps more odds that the fed could come up with a 100-basis-point rate hike. with a few days to go, how do you position in order to hedge for the level of volatility that we could end up seeing? nancy: there is a couple of ways you hedge, one is through the portfolio and the other is around asset allocation. within our strategy, our equity strategies, we have already been positioning and putting defensive names in the portfolio. and that began last fall because we thought we were in an economic slowdown and we believed the fed would have to raise rates given inflation. we wrote a piece in the summer of last year where we said the fed was risking turning a we thought inflation was then, into a wildfire and indeed that happened. so we position for that. the fed raised rates. the bond and equity markets did a lot of the heavy lifting for the fed, because they were still accommodative until march. . now, i think you want to begin

stephen moore wrote that along with art laffer and stephen joins us now.right in may of this year you predicted very correctly dow 29,500. congratulations. where do from here, stephen. that is what we want to know? >> stuart, this is one of the times i wish art laffer and i were wrong but we were spot on that. is pretty amazing. we predicted that not just pulling a rabbit out of a hat. we looked what happened the last time we had this kind of stagflation back in the '70s, you're seeing. this is what makes me so nervous, everything we're doing in washington, especially with the fiscal policy is exactly the mistakes that you know nixon, ford and carter made in the 1970s. so this is just kind of a repeat of that cycle. when you look at the white house prediction of 1% growth for the year, that's pathetic. by the way, latest numbers from the fed as you were just saying show 0.2%. here is my feeling about where we are right now, stuart. i do think inflation is coming down. i just looked at the commodities index. it came down again over the last couple weeks. it

art laffer following all these developments. >> thank you, neil. neil: in the meantime here just letting you knee looking at closing developments in london after 12 days of recognizing the longest serving monarch in british history, queen elizabeth ii was lowered into a vault at st. george's chapel. she joins 23 others, henry viii, queen elizabeth, her grandparents, george the v, queen mary and on and on, probably more important to her, buried beside her husband, phillip. as england says good-bye, hello to its king who officially starts those duties in full force today. ♪. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i got tai last december. i've spent almost every minute with her since. when i first brought her home, she was eating little brown pieces in a bag and it was just what kind of came recommended. i just always thought, “dog food is dog food” i didn't really pie

charles: bring founder, chairman of laffer associates art laffer.with you. many people believe government should be more empathetic, more again just, try to help people, give them money, make sure they have great outcomes in life. you think that is a bad idea, right? >> well i don't think it is always a bad idea but any means but i think you should be clear-eyed. you can't be warm hearted without being clear-eyed. when you realize transfer payments hurt real gdp, causes producers to produce less, causes recipients to produce less, because they have alternative source of income, what you need to do is understand whenever you redistribute income you always reduce total income. that doesn't mean you don't ever do it. that doesn't mean you don't do it sometimes but you have to be very clear around these people, they are argue that stimulus spending improves the economy. that is just plain not true. now that doesn't mean you don't do it but empathy has to have its bounds guided by reality and by what the actual consequences will be. charles: i i want to

joining me laffer tengler ceo. nancy tengler.ancy, first off how much did it take the your report by surprise? >> it did surprise me. we are quite concerned about all the government spending piled on in trillions of dollars in the last few months. we know that the american rescue plan fanned flames of inflation. more spending ergo likely to do the same thing. we were tentative, but interest in all the conventional wrist dom to make sense for us. pmis rolling over, supply chains easing, prices coming down. these things would alleviate inflation but we focus on the atlanta fed sticky inflation. charles: right. >> that number is 7.7%. housing is a lagging indicator we may see more of this. >> i also look at the cleveland now cast which is a very good predicter of inflation, that suggested moderation. annecdote everything suggested this would be a low number. that is what is scaring us. all of sudden 100 basis points is in play for the next fomc meeting. as an investor saying for a long time i wish they would have gone 100 two meetin

economy grows through these massive tax cuts and this is reaganomics and $92.00 with the cost of the laffer curve trickle down economics, which is just buncombe. i mean this is voodoo economics. as george bush famously was called us before proceeding to teach implementing us. one thing that reagan reagan amik, stayed, was to absolutely balloon out the u. k. now the us national desk and doing, doing the same no 4 medium sized economy facing significance problems already is as was said, not just betting the house, but getting the children's houses. the logical end game here for you government is to reduce the independence of the bank of england. now don't think that they cannot make sensible at all, but that is the logical end game. you could, you can see story where they say, look, the bank of england are shuffling our ability to grow the economy to attract customer restructuring. therefore, we must reduce independence because interest rate rises are a bad thing in this context. that's politically sensible. political hurts but ends up economically in an incredibly bad place. and i think the

that liz truss yes, whether you talk - about trickle—down economics or whether you talk about the laffer. - you believe that that's right? and i believe that that's right. lots of people say it's not true. people had a debate, but historically... - ronald reagan used just this theory and it worked very well. _ so, it has been shown to be able to work in the past. _ and i think at a time like this, again, we've got to be bold. l there will be people - who criticise it, but i will say, what is the alternative? |the alternative is to keep taxes| at the highest level in 70 years? i the alternative is for people to i suffer, for businesses to go bust? i'm sorry, i don't want to see that happening, i want growth, - i want a targeted growth, i want to create jobs. - natasha, i know you do the health bit of your newspaper, but it is called the economist, does the economist have a view about all the stuff that's happening this week? yeah, i think our view is that reaganomics in britain is a bit of a gamble, and, as you said, you agreed it was a gamble and... i didn't agree it was a gamble, i said

art laffer, great to see you this morning. >> me too.ch for stopping by. >> thank you, ashley. we miss you here many mashville. ashley: thank you very much, art, appreciate it. all right, going to move on. los angeles county launching a universal basic income program. susan, give us the details. susan: we're talking about $1,000 a month and more than 180,000 los angeles county residents have already applied, but only 1,000 residents will get the handouts over the next three years, so it's even harder than getting into harvard. those chosen need to be over 18, you have to make less than $56,000 a year as a single person, for a family of four, less than $96,000. and the money, this is interesting, will be transferred through a debit card, and the program will try to assist those chosen to reach their financial goals. the reason i find the debit card interesting is a lot of those lower income workers are unbanked. meaning they don't have access to a bank account. ashley: right. yeah, that's a very good point. susan, thank you very much. as

the nasdaq 100 climbing 4% the best weekly performance since july let's bring in nancy tengler at laffergler investments nancy, whether it is dead cat or whether it can fizzle out like this over the last 12 years, technology led to the upside is this time any different >> i don't know, dom i hate to be consensus i think there are times when you really want to chase cheap some of the stay at home names down 70% and there are times to stick with reliable growth this is the time not to chase cheap, but stay with reliable growth we like a number of names in the cloud and cyber and chip space that's where we are putting our focus. i think you will be rewarded growth that came in last quarter for many of the companies was outstanding. >> how do you pick them? you mentioned don't chase that value trade. within your universe of favorite pi picks and industries, you have to figure out. which semi stocks? which cloud stocks which enterprise solution stocks in technology would you go for what metrics do you use to get there? >> i'll start with the macro environment and how we narrow it down rbc did

. >> sandra: art laffer your buddy was on last hour and says they have to rip the band aid off. >> larry: we are. you have to get your real rates above inflation rate and nowhere near there. i'm not happy about that, i don't want the fed to have to drive us into recession, but another point. fiscal policy, spending policy from the federal government is easy and monetary policy from the federal reserve is tight. in an argument, there's a conflict, that's going to make the story worse and summers has predicted, the unemployment rate -- we will get through this, we will get through this. this didn't have to happen. these policies are going to be changed, i believe as an optimist, the calvary is coming, the congress is going to change hands, i know people may disagree, i appreciate the disagreement, but these -- here is why, you know where the policies are going to change, because they have to change. ok, and americans have good common sense. >> sandra: 4:00 we'll be watching. fred smith on, fedex news. pete hegseth is going to join you. >> larry: and the ukrainians are winning, very cool. >

art laffer former economic advise hor for reagan.talk to me about the impact of a wage hike like this. look, this is no way saying who deserves what or who doesn't. this is bottom line economics for a state. >> let me just say your memphis story is very disturbing. but you're right about gavin newsom. i spent most of my life in california. it is a very different place. isolated from the rest of the nation, it is huge with enormous surplus and they can do almost anything they want to do no matter what the consequences by putting in those minimum wages there, it will cause less employment. it also will cause employers and fast food producers to substitute technology for those jobs. it will do that. but it is a long run bad, bad, bad policy. they can probably sustain it for quite some time because of their huge surplus, because of their size and people want to get fast food. that's what they want. so god bless him for trying this but it will in your very much of a detriment of california. >> harris: let's talk about the states where cal

joining me laffer-tengler cio, nancy tengler and bell point strategist david nelson.ancy, you're an optimistic person. you wear rose-colored glasses with pride but this relentless downside pressure, is this beginning to take a toll on you? >> just look at me. of course, this is what bar markets feel like, you know that, charles. they're relentless the bears get to be in charge very rarely. they're loathe to let go. hedge funds try to make money off of every aspect of stock or opportunity or loss. they're turning the trades, al algos. this makes no sense. stock like carnival ruse line, it could be up 8% one day and down six the next. so there is no direction. i think that is indeed apopportunity for patient investors willing to take a three-to-five year time horizon. you shouldn't own stocks if you don't have a three-to-five year time horizon. you pick highest quality names. you pick away at them. charles: david, we do know most people don't have a three-to-five year time horizon. they want to. they say they will when at the start to invest, right? maybe you go back to

you've got larry kudlow on this program yesterday saying rip the band aid off, art laffer and others saying the same. steve, i'm sure you would tell me you agree. what the fed does, it will affect everyone's money. so, set this up for us. >> by the way, if the fed does surprise us, one basis points, the market would react negative, the stock market is addicted like crack cocaine, they want the rates as low as possible. she did a great job why it matters, so, you know, we have seen the mortgage rate go from 2.75% when trump was in office to it's about 6.1% today. so let's say you have a $500,000 house, buy one, close to the median in america. you are going to pay an extra 150,000 in interest rates on that 30-year mortgage. it's hurting the housing market. >> sandra: huge implications going forward for the housing market. i want to run through some predictions today, put on my traitor hat for a second, i would always note where the stock market was before the announcement, the dow is up, largely i believe because expec expectations will be met. >> and it has fallen over the last week.

i want to bring in laffer-tensionler ceo nancy tengler.the fed if really should be looking ahead, not in the rearview mirror. your thoughts on this being such an important component of their decision making. >> yeah, charles, good to see you. i think we saw a fed last year that was laser beam focused on job z while the federal government was paying people supplemental benefits to stay home, and they were ignoring inflation. now we're seeing exactly the opposite, and they've told us they're focused primarily on inflation at the expense of jobs. so i think reason the fed has a dual mandate is because it needs to have a dual mandate. both of those things are very important. i just got back from the midwest, met with one of our manufacturing clients, very large. he told me that he is supplement aring the union labor contracts so that he can attract better employees into management. that's, that's an interesting fact. i'm absolutely stunned by that. and still having a difficult time finding labor, but many of those who have retired in the last

art laffer, formerly of the reagan administration, and larry

. >> sandra: there are some like art laffer who wishes the federal reserve would get more aggressive, band aid off, he wishes they would raise the rates, get prices down. >> we have licked inflation before, we licked it with two things. cutting the amount of money that's printed and encouraging businesses by tax cuts and regulations. we are going in the opposite direction. >> sandra: the risk is if you rip the band aid off you could have significant job loss in a short period of time and it can be tough to recover. but still he supports that. great to have you both. thank you very much, john. >> john: fox news alert out of ukraine, officials in the eastern city of izyum continue to unearth hundreds of bodies and now president zelenskyy says they have found new evidence of russian war crimes there. jeff paul is live in kyiv for us. jeff, what exactly are they finding in the city? >> as ukrainian forces continue to liberate the towns and villages, particularly in the northeast part of ukraine, officials say in the kharkiv region they are finding some somewhat hidden locations that were

. >> sandra: but the pain came and he ripped the band aid off, and art laffer and others are calling for it but did not do that today. great to meet you. >> john: border patrol has arrested more than 2 million migrants this fiscal year, the first time ever we have crossed the threshold, despite the white house claiming the border is security. that story coming up. and then suddenly returns. but inflation never really goes away. each year - by some measure - the dollar declines in value. well - here's something else that doesn't go away... gold and silver. rosland capital - a trusted leader in helping people acquire precious metals. gold bullion, lady liberty gold and silver proofs, and our premium coins, can help you preserve your wealth. call rosland capital at 800-630-8900 to receive your free rosland guide to gold, gold & precious metals ira, and silver brochures. with rosland, there are no hassles, no gimmicks, and our shipping is fast and reliable. help protect yourself against inflation. make gold your new standard. call rosland capital today at 800-630-8900, 800-630-8900. that

to help me straighten it out laffer-tengler ceo nancy tengler and bespoke group, paul.er site, get examples of it. i don't know what kind of trials you have, it is amazing stuff. often i look at your research. i look at it, i don't hear the noise. you give me historical stuff, right? we don't hear what the fed was doing, what wall street was doing, sentiment. we kind of just get the facts. isn't that important, particularly in this kind of a period where people keep hearing the noise? >> oh, yeah, putting things in perspective, taking a step back, relaxing a sigh of relief, everyone relax, focus on what is going on in the markets. we do discuss what is happening with the fed and we do discuss the economy but put that into perspective of -- charles: looking at tables and charts, i don't hear that. i hear historically where something may be going. it's a great reference guide. >> no, we definitely like to look at that, focus a lot on history. today we're talking about queen elizabeth. she oversaw 15 pms in her reign. during her time as queen u.s. saw 10 recessions and 14

jason chaffetz, pete hegseth, art laffer, "the faulkner focus" top of the hour. >> dana: oklahoma city the suspect fleeing his home in a truck with a boat behind. moments after he shot and killed a deputy. serving him with an eviction notice. watch this. deputies arrested the suspect after a high-speed chase and he is facing charges including first degree murder. the shooting victim is deputy bobby schwartz, the first deputy shot and killed in the county since 1935. >> bill: border patrol reports two more major drug seizures at the border at the port of entry in arizona. victor avila is a special agent. the author of the book called agent under fire, his partner was killed by a drug cartel. sir, thank you for your time and good morning to you. >> good morning, bill. >> bill: we know it's a problem and we're not doing much to stop it. how can we effect the drug cartels in mexico from killing americans? >> well, we have to first of all recognize, bill, the imminent threat these cartels bring to the united states. it is the fentanyl, methamphetamine, human trafficking. now the cartels wor

joining me now is laffer tangler investment ceo and chief executive officer, nancy tengler and rose cliffeat to see you this morning. happy friday. mike, kicking things off with you. a moment ago i spoke with arc invest ceo and founder, kathy wood about her thoughts onflation. on inflation. i want to get your reaction. >> we believe we'll seize more negative numbers during the next three to six months so wouldn't be surprised to see it well down into the threes in the next three to six months, if not into that two handle and a i think if we get enough sequential declines, that the fed will change its tune quite dramatically. maria: mike, that is a serious prediction. she's talking about the pce indicator, inflation down to 2, 3% within three to six months. what do you make of it? >> good morning, maria. you know, i agree with her almost 100%. what she's really focusing on is the fact that the fed is relying on backwards looking data to make these major policy moves that are affecting all of us. and i think she's right that she talks about the price of oil already correcting 35% from recen

not battling his greatest rival laffer —— ruffin adele from across the net, but showing the same sidefore- _ that. i don't think i have ever seen that before. he _ that. i don't think i have ever seen that before. he was _ that. i don't think i have ever seen that before. he was savouring - that. i don't think i have ever seen that before. he was savouring thisj that before. he was savouring this moment, that before. he was savouring this moment. and _ that before. he was savouring this moment, and so _ that before. he was savouring this moment, and so were _ that before. he was savouring this moment, and so were they. - that before. he was savouring this - moment, and so were they. cheering having not played in more than a year, there were signs of rust, but other moments of perfection without the practice, and ground strokes that looked like brush strokes from this artist of the game. a fightback from the american pair foiled the fairy tale finale. the emotions of the ending clear to see, is one of the ending clear to see, is one of the sporting greats was given the most sentimental