cheryl: mark tepper and mercedes schlapp, stay right there. with maria" starts right now. biden's border crisis making its way to another sanctuary city. greg abbott sending two bus loads to chicago for the first time. mayor lori lightfoot shockingly slamming the governor in a statement. here's what she says, quote, unfortunately texas governor greg abbott is without shame or humanity. we are welcoming them. we won't turn our backs on those that need us the most. the white house is insisting the border is secure when confronted with grim statistics on fentanyl related deaths. >> when is the president going to do something? >> you have seen a 200% increase in fentanyl seizures which means that we are doing the job of catching drug traffickers. we are securing the border. >> they're designed to target children, drug cartels in mexico want to kill american kids. what is this president doing about it. >> to s say we're not doing e, peter is fallly, categorically wrong especially on a day when we're observing what needs to be done. cheryl: all this

mark tepper, jump in here. >> good morning, mark. a momentum changer for the dems. however, when you go back through history, republicans tend to gain 3 to 4 points in the polls from labor day through election day so i'm curious what do you think needs to happen for history to actually have a chance at repeating itself here? >> well, you're right, republicans usually break late. i do think that the dobbs decision has energized democrats. i do think this is going to be a higher turnout midterm than expected because if you go back a few months, only republican voters were really energized over the issues of inflation, immigration and crime. now we're seeing i think the electorate broadly, particularly young people, energized over abortion. look, i think the republicans are going to have to stay focused on their message and get it across strongly and if the voters vote on direction of the country, the job of the president, inflation, immigration and crime, there will be a 4, 5 point gain here as you're expecting, if in fact the democrat

it's mark tepper. i want to piggy back off that question. first time home buyers have been priced out of the market primarily because they didn't have the cash to make an all cash offer so they're relying on mortgages. do you think home prices will drop enough to offset a mortgage rate that continues to go up to finally give these first time home buyers a chance to own a home for the first time ever? maria: real quick. >> it's a great question. i can tell you this, though. the big thing that can help first time home buyers is the supply chain getting better and home builders being able to build house, we're 4 million houses short in the us. the affordability factor, you may be able to buy less than you were able to as a first time home buyer. maria: thank you very much. dagen, mark, bob, stay right there the ne hour of "mornings h maria" begins right now. thank you for joining us this morning. i'm maria bartiromo. it is thursday, septemb september 22nd. it is 7:00 a.m. on the east coast. another migrant bus has arrived in new york city this

56% disapproving of his perform so far joining the conversation all morning long this morning is mark tepper sarah westwood mark reaction to polls. mark: they've not been competent in managing government all they've known how to do is run around push their narrative, climate change, the border is safe, student loans rich need to pay fair share in taxes, there is no results, and you know there is that old saying, the a proof is in the pudding, the pudding its way to as expensive as a year ago i can't even tell you what is in it. , how dumb is it for this administration, to run around do a victory lap two weeks talking about how they are reducing the deficit, after their inflation reduction act, only to increase net net two weeks later with student loan handout they've done a terrible job so far they haven't seen been competent i think polls are right. maria: yep, you sarah thoughts? sarah: where has this administration managed things effectively, talk about the border if you talk about crime if you talk be foreign policy afghanistan, if you talk about schools, education, i mean, the economy o

over the last couple of years, valuations are highest there i guess, i am with mark tepper this morningk jump in. mark: katie no question we are in a down trend seem overall not a lot of places to hide i am curious, what are some of the best charts that you are seeing in your work right now? yeah they really are hared to find, we are following we have a trend following nature just aren't that many long term up trends we found one in spices we got excited about agricultural commodities inclined to invest there anything that is a play on yields with yields moving higher or at play on dollar the dollar i also moving higher in that up trend, we do think dollar index will lose steam, here in near-term up trend should moderate there is no resistance for the dollar. maria: we leave it there good to see you this morning thanks so much. >> to a you, too, take care. maria: katie stockton, joe biden's wide-open border cbpcustoms and border principal over 200,000 crossing the southern border last month of ag how long this will administration allow this crisis to continue? with destruction terrorist

mark tepper is with me this morning. mark, jump in here. >> wolfgang, good morning.to ask you about dollar strength. i heard you mention that, i receipt it in your notes. the s&p 500, roughly 40% of the s&p's earnings or revenues, sorry, come from overseas. you've got europe in a deep recession, you've got a strengthening dollar which makes it more difficult for other countries to buy our goods and services. at what point do you think that strong dollar starts to exert ddownward pressure on s&p earnings? >>> i think you've already seen it, actually. so you've seen quite a few companies who are coming out, even microsoft coming out saying, look, we're going to have our revenues certainly decrease, good hedging policies in place by lots of companies, take the googles of the world, et cetera, they're managing that to the bottom line and that's actually correctly. revenue hard to manage because revenues are what they are when you translate them but they manage that into the earnings and so what you're seeing investors doing is really much more focused on not the growth o

mark tepper, jump in here, your observations here as we watch these people mull around.oing from here. >> the border's definitely not secure and i think what governor abbott's doing right now is for those people who have been lying about the border, for those people who have been saying it's secure, look at what he's doing. he's taking the so-called security and he's delivering it to your front doorstep. so it's an excellent tactic if you want to call it that for letting all of these people sitting in their ivory tower, turning a blind eye to the problem, and showing them that this is not a problem that texas should be dealing with. all by themselves. this is a national problem. our country needs to deal with this, the border isn't secure and this, again, we need to deal with this throughout the p entire country and if you're willing to turn a blind eye to it, he's going to put them on a bus and send them straight into your city. maria: i mean, how many people would you say was was on the bu? i believe it was two busses. looks like 50 people or so p on the busses outside

joining us this morning, mark tepper and sarah westwood. mark, your reaction to what we're learning about the covid relief money. >> it's not good. i've got three kids in school, 15, 13, and 11. education overall has to get back to the basics. we've got to get back to the blocking and tackling, math had, you know, and not common core math, the real math, science, critical thinking, history, not critical race theory, actual history. and probably get back to the golden rule whic which is treat people like you want to be treated and really trying to enforce that. i think all americans value equality of opportunity. it's when you start to shove equality of outcome and participation trophies and all that stuff down our throats that it's unsettling for a large percentage of us but we all believe in equality of opportunity. maria, you know, the u.s. department of education, they test fourth graders every year so you can try to get a gauge for what adults in the economy are going to be like 15, 25, 35 years from today and the most recent fourth grad

things like rents, what is the effect of real economy, of course, markets so plenty there. >> to a mark tepperuick question i read through your notes looks like your positioned he he defensively what secretaries of state do you favor. >> we've been in this mode first quarter this year having seen a lot of the fiscal excitement from last year obviously, support from fed reverse we've been in this more defensive mode several quarters we think best place in equity market from sector perspective remains in the u.s. over, international equities, first part, second we think areas utilities, energy are very attractive, last thing i say infrastructure tends rather unloved part of the market less understood, corporate, exposure also incorporates ports, energy transmission we think a great businesses in this environment places we would be allocateing to in this environment. dagen: it is dagen mcdowell "the wall street journal," references milton friedman he have course the impact the variable long-running impact of tightening monetary policy, you're being look at what the fed is doing today will be felt

i want to go to mark tepper and dan on this. dan, i take nothing from the vehicles and looking at power outages in florida. you're a electric vehicle there, you're not going anywhere. and if you were stuck on these highways evacuating and you ran out of charge, you ran out of luck as well. then i'm thinking in california where they would try to ration this stuff out and urge folks with those fancy cars maybe don't charge them as aggressively or as much or at all. thinking to myself, self, this is not a great idea. >> it may not be, neil. i think there's a lot of hurdles to get over to make this realistic, and i agree with the report there saying that can we really make these deadlines and the answer is i don't think so. we simply don't have the infrastructure to be able to achieve these types of goals. a lot of people don't buy electric vehicles simply because of the anxiety of running out of a charge and if there's no charging stations nearby, what do you do? plus, how long is it going to take you to get back on the road? so i

mark tepper joins me this morning, great to see you. what is this about evs?the president pushing us into them, forcing us to go to electrics, out of gasoline powered cars. >> as if everyone can afford them. but when what i don't like this force. >> the onus is on the american taxpayer to save the planet because china is not helping, russia is not helping, india is not helping. i think president xi cut off all climate talks with us when nancy pelosi went to taiwan. the american taxpayer has to foot the bill, these cars are incredibly expensive, we don't have enough charging stations and how do you supply the electricity to the charging station, to the energy. stuart: not going to abandon this. the dies cast lose the money is going to be spent, the charging stations will be built. >> this will make us more reliant on china. they have rare elements, lithium-ion batteries and all that stuff. we are empowering our adversaries which is not a good move when we know they want to crush us. stuart: i will move on from that subject. we have a huge selloff yesterday, tin

dagen mcdowell, mark tepper, stay with us. the next hour of mornings with maria begins right now. good morning, everyone, thank you very much for joining this tuesday morning. ron desantis campaign pitch on the road. creating buzz for 2024 presidential run. ashley webster joins us with more, ashley, good morning. ashley: yeah, good morning, maria, ron desantis is everywhere, he as you mentioned raised record number amount of money as of september the ninth, desantis raised whopping $177.4 million for reelection campaign as you can see nine times democratic opponent with 20 million, with 49 days to go before the november election his campaign approach has been, well, somewhat unconventional spending a lot of time away from florida to campaign on behalf of other republicans, new mexico, pennsylvania. his freedom agenda is hitting a cord with the conservative base especially on the issue illegal immigration and the crisis at the southern border, listen. >> when you have criminal aliens that have gotten across the border and those criminal aliens then go and victimize american citizen

let's bring in mark tepper, president and ceo.aking your head as you look at the numbers over the next two years. >> yeah, yeah. i don't think the fed can take their foot off of the brake any time soon. inflation is red hot. jay powell mentioned, the sticky parts of inflation. when the cpi report came out, i scoured through the data. the only items that decelerated from july to august with highly discretion nary items like air fare, sporting tickets. all the essentials. food, shelter, all of those kind of things, utilities, they all accelerated. that's the real concern. the fed has a long way to go. >> martha: energy came down a little bit. >> but natural gas was up. utilities was up. >> martha: here's jamie dimon, important person in the united states economy to be sure. here he is, j.p. morgan ceo for many years. here's his take on the economy. >> the american consumer is in good shape. spending money. 10% more than prior years. that's all the good news. as being met by other forces, war in ukraine, interest rates going up, infl

very anxious about it as we head into see how it's going to look for real people, kevin hassett, mark teppergreat to see you both as always. half of all u.s. governors are demanding more from biden cancel his plan for student loan forgiveness in the army is offering a suggestion for our soldiers struggling with inflation go on food stamps. nebraska governor pete ricketts is next. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. will jackie: 22 u.s. governors sending a letter to the white house demanding more from president biden immediately scrap his student loan bailout plan. that cancels $10000 in debt for millions of federal baller under borrowers and 20000 with those with pell grants. the governor say they fundamentally opposed biden's plan to force american taxpayers to pay off the student loan debt of an elite few. nebraska governor pet

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mark tepper and sarah westwood, thank you for joining us. have a great day. stu, take it away. good morning, everyone. varney: two bus loads of migrants arrived around 6:30 eastern this morning and sent by texas governor greg abbott. florida's governor sent two plane loads of migrants without warning yesterday afternoon. states like massachusetts have better facilities to take care of the individuals they have invited into our country. extraordinary scenes in el paso, texas. 1,000 migrants a day are arriving with nowhere to go and sleeping on the streets and one local official says it looks like a third world country and a white house official says the border is secure but it's obviously not. the border is a bigger issue in november. there's a tentative deal to end the rail strike -- it didn't start, there's no strike. labor secretary negotiated through the night and came up with a deal that needs approved by the rank in file still. get to money, steady as she goes at the open. the most interesting thing for me is the rising yield on treasuries. ten year currently yields 343. t

we'll be covering the fed tomorrow, dagen mcdowell, mark tepper, have a great tuesday, "varney" & company begins right now stu take it away. stuart: good morning, maria, and good morning, everyone. so what's it going to be, a rate hike of 75 basis points or 100 or what? it's all speculation. jay powell reveals all, tomorrow the betting this morning is for a 75 basis point hike. got that. now, in advance of the official number, interest rates are ris ing. treasury yields are up look at this , the yield on the 10-year treasury has moved well-above 3.5% and the two-year that is getting really really close to the 4% level. that's not helping stocks. the dow this morning look at futures. we're going to be down about 200 points. the s&p is down and the nasdaq is down about 80. higher interest rates not helping stocks. bitcoin back back to $19, 100 slightly higher this morning. on the markets today it's all about the fed and what the fed watchers expect. politics much more interesting. it's official. two million illegals at the border and they are still coming a sheriff in texas has launched a c

edward lawrence i want to go to mark tepper strategic wealth partners president ceo, everyone is talkingabout what the fed does next week there is a consensusbuilding of three quarters of 8% hike which would be the third hike in a row for the fed. one out of five seem to think the odds are we could get as high as a full percentage point jump, what do you think. >> with unemployment at 3.7%, the fed they have been saying this, they have been telegraphing this, they are going to fight inflation to the fullest extent of their ability is either going to bring pain and strain entry destroying demand and the stock market has kinda been like you're joking, i think the market is finally understanding. i would expect, i'm still expecting 75 basis points next week. another 75 in november. another 25 - 50 in december, were the looking at an action-packed three months. right now the fed fund futures is pricing in 4.4 - 4.5% as the terminal fed funds rate. so we have a long way to go, the one thing that i think there is a big huge disconnect as the market is still pricing in almost two cuts in the se

that market, 200 points for the dow industrials, it mark tepper with us this morning.t, there is a big drop coming later this year. what do you say? >> i'm not very optimistic. i will say after the midterms you do see a rally but the fact is we are in a downtrend and we have this abundance of negative factors working against us from inflation to higher interest rates, slowing economic growth. all these layoff announcements we have been hearing and none of those things scream bull market. member the adage, the market has been flooding the fed since mid-june despite the hawkish rhetoric. reality is starting to set in and maybe the most underappreciated risk out there is quantitative tightening. if you take an overlay of a chart of the money supply and the s&p 500 since the great recession they pretty much move in lockstep. sucking trillions of dollars out of the economy is not going to be bullish, it will be painful. stuart: does the market want republicans to win the house and the senate in november and is this a big deal for investors? the political outcome in november

. >> we leave it there fantastic panel we so appreciate your time, ryan payne mark tepper stephanie pomboy, thomas hoenig you will do last, cheryl casone thank you. we will see you tomorrow stu: good morning, everyone. the number is moving the market big time. the consumer price index went up 8.3% in the last year. in august, it went up 0.1% compared to july. that means the pace of inflation is slowing but only just a little. later on today, the president addresses the inflation number and he'll probably try for a victory lap on the grounds that inflation is coming down, but we will have above 6% inflation for sometime to come. look at market reaction, we're talking serious selloff. the dow down 575 points and we're likely to open the market this morning and worse damage on the nasdaq, down 360, that's a better than 2% selloff. plenty of red ink this morning. bitcoin, same story all the way down to 21,457. interest rates, very interesting what's going on there. the ten year -- the yield on ten year treasury absolutely surging on that cpi number. you're now at 3.42%, and the two year way ab

mark tepper, mercedes schlapp. great show. great to have you both here. ashley webster's in again for stuart varney. he always looks nice and sharply dressed and fancy. ashley: oh, well, thank you, cheryl. hey, a ketchup stain is a badge of honor this if my household. thank you so much, cheryl, appreciate it. good morning, everybody. i'm ashley webster, indeed, in for stuart varney. stocks basically starting the month where we ended august, lots of red. month of september, by the way, historically poor for the markets, so get ready to buckle up. this is what we're looking at, the dow off close to 200 points, the nasdaq down 110. the yield, let's take a look at the yield on the so -- 10-year treasurily. the higher goes, that tells the story. up more than 5 basis points at 324%. as the yield -- 3.24. as the yield starts to climb on the 10-year. overnight the paris buses of migrants arrived in chicago. texas governor greg abbott says chicago has been touting itself as a sanctuary city, so it's time to put their money where their mouth is. officials in chicag

tepper's 29th birthday today. remarkable the way he looks. congratulations, mark. >> thanks, stu. stu: good luck.'m going to change the subject here away from birthdays to this, president biden's under a lot of pressure and he's resorting to this command economy i call it telling gas companies to lower prices and do it now. his numbers are slipping. a recent poll has his approval back below 39% approval in that poll. todd pyro, the president is under a lot of pressure and i think it shows. >> of course he's under a lot of pressure. all of his policies have put us in the absolute mess we were in and and yes, stuart, they celebrated over the summer with regard to gas prices slipping a bit but we all predicted and many times on this very show, in fact, that right around now, gas prices were going to rise again. the strategic petroleum reserved is very, very dwindled and what's the big factor arnold the corner? around the corner? energy prices to heat your home are starting to become a focus because temperatures are getting colder and we saw what happened in europe. that could happen in the northeast