of the many are going if to catch up to the few. maria: yeah. that doesn't bode well, adam a. >> no, but i'm okay with it. i'll tell you why. fair if point, you've had a group of companies that have held things up. but actually the rally is starting to broaden out. maria: okay. >> in fact, industrials, many of them are making new highs, so there's more going on than just the mag 7. maria: tonight -- today not so, down 435 on the dow industrials. final word, carol roth. >> been a wild one -- [laughter] i think that we have a lot stick writer inflation to come -- stickier inflation, and i think this is something we need to be prepared for. p more great to see everybody, barry, adam, lee, carol, tiffany, we appreciate it -- stephanie p. starny and company picks it up. -- "varney & company" picks it up. stu, take it away. stuart: yeah, this is inflation day. how much have prices gone up? we have the numbers and here they are. in the last year inend e nation at the consumer level up 3.5%.

that means inflation is edging higher. it is running hot. just in the month of march prices went up 0.4%. now, that means the pace of inflation is, indeed, picking up. whether this was expected or not, it affects the federal reserve and interest with rates and, yes, it affects stocks. look at the market reaction. the dow at this moment, premarket, down 450 points. the s&p s&p is down 71, and the nasdaq's down 267. we're talking percentage losses here. all across the board. if look at, the 10-year treasury yield moving straight up, 13 basis points. that's huge. you're right at 4.50, 4.5% right there. and would you look at the 2-year? that's close to 5%. 4.95%. whoa. straight up. stocks down, yields up. bitcoin moving down, it's at $67,800 right now. as for gas request lean, well, there's your inflation. up another one cent.

the average now for regular $3.61. no change for diesel, $4.05. next case, politics. the biden campaign is developing two themes. first, trump hatred. biden is following the media's lead on this pouring scorn on his opponent. second, he casts trump as a threat to democracy. we will ask just who exactly is a threat to democracy. meanwhile, an editor at npr comes clean about the media's hostility to trump. he admits the media tried to damage his presidency. they're looking for anything that would damage him. we knew that all along but it's mice to see some public honesty. on the show today, nvidia, the bond e or or stock that dominates a.i. currently down to 839 a share. we have a refound forecast. about $1 -- how about $1200 a share in and japan's prime minister makes a state visit to the white house. this may be a rare foreign policy win for biden. japan has agreed to fundamental change to help with confrontation with china.

however, there will be a press conference with president biden. how many questions will he answer a, and how will the president's handlers quickly shut it down? wednesday, april 10th, 2024. "varney & company" is about to begin. ♪ ♪ ♪ 'cuz you make me feel so good, so good, so good ♪ stuart: all right, let's get on with it. we start this wednesday morning with the dramatic read on inflation. i said at the top of the show it's running hot and, yes, it is. clearly, the markets do not like this. but, lauren, let's start the off with you take me through the numbers. lauren: the 3.5% annual rate on the right, that reflects the high cost of energy, gas and rent account for half of the march increase. and this is what americans feel, right? shelter, up 5.7% in the past year with. transportation up almost 11%.

the bottom line is inflation is stubborn, it's stuck in this 3-4% range, and the fed's target is 2%. do we ever, can we ever get there. look, if you take the out food and energy, that's the core cpi, this also was hotter than expected, 3.8% increase on the career with. so we've had -- on the year. we've had three straight months this, quote-unquote, second wave of inflation, three straight the months where it's hotter than expected. it's stubborn. you have the 10-year yield. the topping 4.5% for the first time all year. stuart: yep. and the 2-year's at 5%, how about that? thank you or lauren. look at the effect on the stock market. straight down. the dow is off 470. s&p down 1.4%, and the nasdaq is down 1.5%. come on in, eddie ghabour, market watcher of this morning. what effect does today's hot inflation report have on your investing strategy? if. >> so we've been saying for months this is really no

surprisetous, you know? the fed was not going to be in a position to cut rates. and today just confirms that. so you want to be in areas that are going to do well in inflationary environment. everything our government is doing is inflationary, so it's laughable to think that people thought this inflation's going to drop like a rock. energy's an area we've been in all year. i'm hoping the broad selloff will give usen ab opportunity today to maybe add to -- stuart: okay, okay, i'm sorry to interrupt you. you may add in the energy sector. what are you selling today because of this inflation report? >> we're not selling anything today. we sold yesterday. we add some exposure to some longer term treasuries, so we raised cash a little bit yesterday coming into this number to kind of hedge. and so right now the way we're positioned, we have assets that are holding up well in this environment, and investors need to make sure they're positioned for this environment where it's going to be higher for longer. now, look, i will stress this, i think the fed is still going to cut rates this summer even though they shouldn't, and

that's probably going to be bullish for if equities. but we have stressed this up e nation is going to reaccelerate towards the end of this year. we're going to look at a 10-year closer to 5, and you need to be able to know when to get out expect if timing of that. it's not today, but that's coming down the road x and you need to have a strategy for this. stuart: eddie ghabour, thanks very much, indeed. left-hand side of the screen, 4.505%, whoo. let's get to politics because today's inflation numbers throw a wrench into with biden's election campaign. he says he brought inflation under control. clearly, it is not under control. jason chaffetz if joins us now. how does the president spin the one, jason? >> i'm sure it'll be something about donald trump. you're not going to hear anything about bidenomics. you're not going to hear anything about the national debt. you're not going to hear anything about the massive growth in government which i think is fueling a lot of this. and, or again, on the immigration, you can't pour

millions of new consumers in there, albeit illegal immigrants, and distress that puts on the housing market, on education e, on health care. that has an effect in all of this as well. stuart: you mean -- that's interesting. migrants have an effect on the overall economy in the sense -- >> oh, yeah. stuart: -- that they push up rental, housing and health care costs. the president, he's not going to admit to that. i think he's got a huge problem here with inflation because he keeps on talking about how he's got it under control and gas prices have come down. they're not. they're going up. but let me move on. we've flogged this one to death, so let me move on. >> yeah. stuart: biden says trump is the biggest threat to our democracy. roll tape. watch this. >> what, in your view, constitutes the primary threat to freedom and democracy at a home? >> donald trump. seriously. donald trump talking, he uses phrases like we're going to eviscerate the constitution,

he's going to be a dictator on day one. the idea that he would sit in the office, and i'll show you before you leave, off the oval office and watch for hours the attack on the capitol and the destruction and the mayhem and the people who were killed, police officers who died and call them political heroes, call them patriots 234. stuart: that's his tactic. push trump as a tyrant rah. is it going to work, jason? >> no. it's a tired old trope that's gone on for years. it's not effective. that's the only thing he's got because he can't look at the economy. he can't look at what's happening overseas, he can't look at safety, he can't look at the border. he has nothing to talk about. it's getting old. people are tired of it. they want with solutions to america's problems. they want to look to the future, and joe biden doesn't offer that. stuart: capitol police arrested dozens of anti-israel protesters after they stormed the senate cafeteria shouting things like senate can't eat until gaza

eats. jason, my question is, who is actually destroying democracy? they're interrupting democratic debate. >> yeah. it's the american way to go ahead and protest and petition your government but not the way they do it. you can't do that. you can't go disrupt that. those people should be arrested, prosecutedded, and they should the continue to do that. i think they handled it the right way, but it was a total distraction, not effective and not going to actually solve any problems. stuart: a a h, politics moves fast these days. jason, thanks very much for handling it it for us. see you soon. want to get back to the anti-israel protesters in deerborn, or michigan, for example. chad -- for heaven sake, i was about to say. chanting death to america. are we going to hear from the president on this? lauren: no, because people already heard from his press secretary. >> reporter: should we expect to see anything from the president on that though? it was a pretty significant display. >> i mean, you're hearing from me. i think that's important. the other part two that i do

want to be clear about a, peaceful protest is something that the president has also been very clear that it is important to give folks space to peacefully protest. but any type of violent rhetoric we are going to denounce. lauren: death to america. [laughter] it's peaceful. stuart: right. lauren: i mean, you just scratch your head. stuart: you really do. lauren: i know he needs that vote, but you need to condemn it was wrong to say even if it is peaceful. death to america is insulting. stuart: on american soil, for heavens sake. we've got another one for you. i think this is a minor league story, biden's in danger of being left off another state ballot in november. lauren: i'll give you minor league, but then elle explain. it's in alabama. it's all because the dnc is about a week after the state's deadline to certify the ballot which is august the 15 isth. this is also happening in ohio. the difference is the ohio secretary of state has a work-around. alabama does not. alabama's secretary of state

says they will not grant what's called provisional certification for candidates under state haw, so i don't know how he gets on the ballot with their deadline are being before the dnc in august. stuart: fair enough, but i've got $10 says he'll be on -- lauren: yeah. stuart: thanks, lauren. check futures, please. this is a fast moving market situation. dow's off 440 but look at the nasdaq, down 1.5%, off nearly 300 points. whoa. coming up, an editor at npr criticizes his own company's coverage of trump. watch this. enter we started -- >> we started covering trump in a way that, like a lot of legacy news organizations, that we were trying to damage his presidency. even to find anything we could the harm him. stuart: anything we could to harm him. good lord. the media is consumed with trump hatred. it's skewed their coverage then and it skews it today. former governor mike huckabee is all over that one later in the

show. president biden says netanyahu's approach to the war in gaza, quote, is a mistake. roll it. >> i think what he's doing is a mistake. i don't agree with his -- there's no excuse to not provide for the medical and the, and the food needs of those people. this should be done now. stuart: wait a minute. biden doesn't mention hostages or americans in gaza at all. congressman russell fry on that next. ♪ ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest.

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stuart: the market goes down, a lot of people do not want to look at their stock holdings because they don't want to be

disappointed. you've got to look at in this, dow's off 450 points. the nasdaq is down 261. that is a selloff. and here's why. okay, you've got an uptick in inflation. that hurts. but look at, the yield on treasuries going straight up. the yield on the 10-year is now 4.5%. think what that means to mortgages. you're going to have mortgage rates, the 30-year fixed in excess of 7% from here on out. and as for the 2-year treasury, look at that, almost 5%. in fact, it touched 5% if earlier. stocks do not like that. 4.96 right now on the 2-year. now this, president biden called prime minister netanyahu's handling of the war in gaza, quote, a mistake. he called on israel to flood gaza with aid. trey yingst in tel aviv. has israel responded to biden's mistake comment, trey? >> reporter: yeah. hey, stuart, good morning. they have not. once again, there is a massive rift between president biden and israeli prime minister benjamin netanyahu over a planned rafah offensive.

the israeli leader multiple times this week has said his troops will enter gaza's southernmost city where more than 1.4 million palestinians are currently sheltering. the move would require a huge evacuation of civilians that currently have no other safe a place to go. in an interview with univision on tuesday, president biden expressed his e clearest opposition to the plan yet. >> i think what he's doing is a mistake. i don't agree with his -- so i'm, what i'm calling for is for the israelis to just call for a ceasefire, allow for the next 6-8 weeks total access to all food and medicine going into the country. i've spoken with everyone from the saudis to the score dane januaries, to the egyptians. they're prepared to move in, they're prepared to move this food in, and i think there's, there's no excuse to not provide for the medical and the food

needs of those people. this should be done now. >> reporter: in recent days israel has ramped up aid trucks to gaza with more than 400 trucks entering the enclave each day. israeli officials have blamed the u.n. for not distributing the aid once the supplies make it inside. today palestinians are celebrating the end of the muslim holy month of ramadan, the holiday is difficult this year due to the war and hack of access to traditional food inside gaza. now, the developments on us e reese eel southern front -- israel's southern front comes as officials are on high alert across the country fearing an iranian response following that strike? a damascus that killed two top iranian generals. stuart. stuart: thanks, trey. south carolina congressman russell fry joins me now. congressman, no mention from bind about the hotsages or concern biden about the hostage as or american hostages during that interview. what do you make of that, sir 134.

>> i think it's shameless. this is biden who has changed his stance on israel so much over the last few months, and we still is american citizens tar hostages in gaza. so we're not talking about that? in a day and age where we need to be standing directly with our law school -- ally, you want to criticize them in private, do so. but to do it publicly, hamas see, hezbollah sees, and it just reinforces their opinion that they just have to wait this out. and i think that's, that's not good for america, and that's not good for the hostage families in the end. stuart: i don't mean to be pejorative, but it seems to me that the that president is now -- i hesitate to say pro-hamas, but his stand the on israel would allow hamas to win. what do you say to that? >> i think you're right. and here's my concern, is that there are no mechanisms in gaza right now to deliver aid. why is this the the responsibility ofs israelis? and so if hamas is intent on staying in power, which they are

and we know that,s why would we then allow them to hoard all the supplies? they're not going to give them out. all the aid that has gone to gaza over many decades has been used not for hospitals or things to promote the community, but it's been with used for tunnels to attack israel. and so do we have any faith that they're going to be good actors in this and distribute the aid? if absolutely not. and that's my if concern and, i think, the concern of most israelis as well. stuart: congress congressman, we got some hot inflation numbers this morning. 3.5% increase in consumer prices over the past year. inflation is increasing, not decreasing. what does that do the biden's campaign? >> well, people are really frustrated right now because, you know, the stock market maybe not today, but the stock market might be doing well, but people done feel like they're getting ahead. their wages are stagnant, they're looking at the price of their gas, they're looking at energy costs, they're looking at the costs in the grocery stores, and they're, quite frankly, fed up with it. the biggest perpetrator of that is this president who has done

nothing to help the middle class and working families of our country. stuart: congressman, thank you very much, indeed. it's a big day, important day, and we're glad you're part of it. >> thank you, stuart. stuart: yes, sir. some black voters in georgia say they are abandoning biden over his support for israel. what are they saying, lauren? lauren: they cant vote for -- can't vote for biden this time around because of israel. >> if there is no substantive policy change when it comes to the general side in gaza, then -- the genocide in gaza, then there's not really a discussion for me. >> i think what biden has done in aiding and abetting genocide is just something i cannot stand for. >> would you not say that also the people who are not voting for one of the two people who are the likely people to really be in this race have a role to play in kind of giving the race to donald trump? in a state like georgia where it's going to be, like, razor thinsome. >> i'll do you one better actually i think that just means that's why the democrats should listen.

lauren: i think they are listening. i think biden has shifted his strategy on israel, it's just not fast enough for some of those voters in georgia. biden won georgia by 12,000 votes four years ago -- stuart: they bought the line that biden's engaging in genocide in gaza. lauren lawyer repeated several times. stuart: that is appalling. lauren: they won't vote for biden, but they also won't vote for trump. they go third party. that's where kennedy can give the election to trump. stuart: i'm sorry my anger interrupted your temp rate report, okay? or sorry about that. let's move on. check futures, why don't you. of after a today's inflation report, we've got a huge downside move. down 390, almost 400 down on the dow, 230 down on the nasdaq. the opening bell, if you want to hear it, is next. ♪ when i think about you, i think about 17. ♪ i think about by old jeep, i think about the stars in the sky ♪ ♪

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about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price stuart: inflation up, yields up, stocks way down. the dow is off 390, nasdaq's down 231. shah that ghailani with us this morning -- shah ghailani. stocks plunging, inflation up,

interest rates up. is this the -- is the bull market over? >> the bull market certainly isn't over, stuart, but this is something to be concerned about. i mean, you look at the 10-year breaking out higher many themes of yield, the 2-year's setting a new record for the year and a new high. that's extremely worrisome. what it portends z is higher for longer if inflation's going to be persistent, and that is the probable only thing that can upset this market. now, we'll see how long rates remain elevated. if we see something come down, we can start to rally again, this might be a dip opportunity. but right now rates look like they're going to go higher, and that's worrisome for us. stuart: do you think that apple and nvidia are the two most vulnerable stocks at this point? i believe you do think that. >> i do, yeah. we just bought some apple on the dip recently. we're going to probably keep a pretty tight stop on it. normally if we buy something on a dip, we want to buy more lore,

but apple is really in a bad situation here. and i think if it breaks down from, like, 168 here, 160, it's probably got lower to go. so i'm not so sure about a our new position in apple. nvidia is starting to roll over k and that's worry many because a lot of investors have chased nvidia higher, and they're going to be concerned about the bull market in general. the other one, of course, is tesla. it's had a little pop pop lately, stuart. we don't own tesla, we're short it, but it's vulnerable also. those are three major stocks that investors are into, and if they start to turn tail, then investors are going to start to sell, and they'll probably sell other holdings too. stuart: i'm worried about what happens to the economy with these rising interest rates. specifically, the housing market and the rental market. because when you've got mortgage rates obviously heading above 7, that -- 7%, that spells problems for the economy which spells problems for future profitability of american stocks. what i'm saying is maybe this

inflation news puts a lid on the bull market. >> i, i couldn't agree more. this is what could put a lid on the bull market. this is what could turn the bull market around. now, we're not seeing that yet with. one day doesn't make a trend change. but this is certainly something to be concerned about. higher for longer is the thing that can kill this bull market, and the reason i think i'm still bullish is i think the fed if is going to have to cut. i think because it's going -- what's the higher for longer is going to start to impact the economy, and we probably won't see that til september, maybe october. but by then i think they'll want to cut to try to save the economy from dipping into a recession. stuart: higher for longer, looks like that's it. shah ghailani, we appreciate itment. all right, the market -- it is now exactly, wait for it, it is now 9:9 30. reach forward, press that button. the young lady does it, and we're off on running. it's a downside market today, to question about that. well, the dow's off 360, if 7 --

370 to start with, there's only one winner and i can't even read it. what's that? lauren: chevron. stuart: because oil's up. okay, that's the lone winner. the rest rest are bigtime losers. home depot, goldman saks, caterpillar, bottom right-hand corner of your screen, those three stocks are taking about 170 off the dow. goldman, sorry,9 caterpillar and home depot. how about the s&p 500, please? look at that. it is down 1%, over 1%, 56 points. 5,100, is your level. and the nasdaq composite down 1.25%, 16,100. dow at 205 points -- down 205 points. we're going to show you big tech. apple, by the way, at this moment is in correctioner story. they're all down -- correction territory. moth down $3 at 423. amazon, $183. meta barely holding on to $500 a share it's down $10.

i want to start with nvidia. we showed it to you on the screen. the high was 974, it's now $840. you know, lauren, a lot of wall street analysts were saying it's going to $1,000 or even above. lauer lauren oh, the highest on the street is $1400 for this stock. it's now in correction territory, which is down 10% from a recent high. the low, we did this story yesterday, $620. i know that's a wide range, buzz duh this was the darling of wall street because it had the chips that powered the a.i. boom. it has an estimated 8% market -- 83% market share. look at all the seat belt competitors. intel, amd, google now. everybody wants to beat them, so it is coming down. this week it is down just 4, but you had selling yesterday and again today. the average price target is $989. so that is higher than we are now, but competition and a down market could hurt this thing. stuart: yeah. i just wonder if they'll stick, with those very high target prices when you've got a selloff

like this, you're gown to $841 -- lauren: 620 the yesterday, we told you about that one. stuart: only time will tell. apple, they've been trying to e cut their reliance on china. how are they doing in india? lauren: apple's now at $168. they're doing great in india. bloomberg reports they doubled their iphone production to $14 billion in fiscal year 2024. translation, one in seven iphones is assembled in india. huge diversification out of china. dan ives yesterday with, china, black cloud for the company. they're going to india are. look, i think for apple because they're known to be late to the game but do things better, right? that's their reputation? they're work withing -- working on a new a. payment model tata looks at what you do on your home screen, on your phone rain can predict why you are asking a certain question and perhaps have siri answer that question and some other natural questions that you could ask.

it's inference. so don't count apple out. it's down just a dollar right now at $168 because they are known to do things better even if it's later. stuart: they're trying to get inside my head. lauren: i think they already are. [laughter] stuart: you're right. let's move on to google. google was close to a $2 trillion market value. they're down just a buck today. lauren: yes. they wanted to join the club with microsoft, apple and nvidia. what's going on? they have this google cloud event. it's still going on. they announced that a great chip yesterday, it's like 30% better performance than current chips it's called a, and ion, designed by arm -- axiot. the price target was increased to $185. google's at $155. yes, you have a sharply lore market or higher rates, higher inflation which hurts big tech, but bmo's confident on a name like google. stuart: i'm looking again at the inflation numbers.

i think what's really troubling the market is the core number. it's up 3.7% over the past year. actual headline number, 3.5%. market's really worried about a core rate that's expanded and increasing rapidly. i just thought i'd chuck that in, because the story today on the market is inflation and rising interest rates. lauren: the core is 3.8%, but put energy back in, energy up 2.1% on an annual basis. shelter, up 5.7. car insurance if up 22%. these are the essential ises. these are the basics that you need to live. and and all of that is stubbornly high. stuart: it's bad news financially and -- lauren: people are now talking about an interest rate not cut, but an increase. we kept citing the june numbers for when the first rate cut would be? they were close do 60 right before the cpi number came out at a 8:30. now they're just above 20%. so who really thinks the fed is going to cut three times this year? the atlanta fed official, rafael

bostick, says maybe you get one rate cut. now we're talking about potential rate hikes. do they increase interest rates before november? likely not. but do they do so in 025? stuart: maybe they have no choice if the yield on the treasury keeps going up like this. interest rates are rising. it will hurt the economy and biden. the dow is now up -- i'm sorry, it's down a 456 points. how about that. let's move on to individual stocks. intel. they teased some details about their new a.i. chip. what can you tell me about it? lauren: it can train large language models 50% faster than the nvidia's h-100. that's good news. they hope to get it out this quarter. companies like hewlett-packard a, enterprises and super micro can build their a.i. servers. again, back to nvidia, everybody is trying to take market share from nvidia. stuart: yeah. intel's only down, i might add a, .6% in a very down market. stuart: lauren: they are down 23% this year, which shocked me.

they're having trouble getting their foundry business up and running. taiwan semi is the biggest -- stuart: taiwan semi just announced their details, tear report came out early this morning. i guess they're doing well. lauren: booming. in march, the best monthly gain since november of 2022. revenue up 34% on the year. this is the off season for the chipmakers. absolutely. but, your withness -- you know, the holiday rush are, everybody's ordering and buying smartphones and tablets, so they posted these impressive numbers in the off season. and, again, the world's biggest contrast -- contract chipmaker, apple and nvidia are their customers. stuart: it makes a difference to taiwan semi's stock price but no difference to inflation in the united states. there we are. on interest rates, look at the 10-year treasury. latest quote puts it at a yield of 4.48 president. in other words -- 4.48%. almost 4.5%. way up from 2-3 weeks ago. gold, now, i think gold is down this morning, and i find that

interesting. yeah, it's down $15. why is gold down on a day when inflation is leery ticked up -- clearly ticked up? lauren: could have been just a strong runup so far? stuart: could be. down from record highs, $2,346 on gold. where's bitcoin today? it's been moving lower. you're down to $67,600. where's oil today? it's still in the mid '80 a barrel range -- $80 a barrel range. what a day for the markets on this wednesday, april 10th. coming up, three critical battleground states now have fewer registered democrats than in late 2020. how that could swing november's vote. alexandria ocasio-cortez, aoc, says there is an upside to the uncommitted vote in the primaries. roll it. >> we need to acknowledge if actually the upside of of the uncommitted movement. this is the message we want to send before the convention, the message that we want to send before the general election.

stuart: i just have to ask with such a large pro- a hamas section of the democrat party p i wonder if there's any if room for jewish people in the democrat party. jason rantz will take that on for us. the biden call pain's cochair claims the president, as in biden, saved the economy from trump. roll it. if. >> what do you say to people or who are worried about the economy and might think donald trump's better on the economy? is. >> well, he was terrible for the economy. thank goodness joe biden got into office. stuart: well, now, does peter morici, he is an economist, does he think trump was terrible for the economy? peter is next. ♪ please tell me why the car is in the front yard -- ♪ and i'm sleeping with my clothes on ♪

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stuart: plenty of red ink. look at that, the dow is off 476. just a moment ago i saw it down 500 points. nasdaq down 177. that's a selloff. the dow, by the way, is at a 2-year low. show me big tech. all of them are down. not that much, actually. meta is down .3%, alphabet's down a half percent. amazon, .6%. the big loser is microsoft, it is down 1%. the losses are bigger in other stock sectors. inflation, yeah, much hotter than expected sending markets plunging. edward rawrps at the white house. what's the administration saying about these inflation numbers, edward? have they said anything yet? [laughter] >> reporter: president joe biden saying, basically, look at where we were in june of 2022 with 9.1%, this is much better, is his point there. now, the interesting part of this inflation report is if you look, we now have a trend of five months in a row that we are seeing inflation increase. month over month inflation .if 1% up last october, then the it holds ted at .2% in november --

steady -- before popping in january and now february. this month it's .4%. in this in come by nation with the other inflation measures showing a similar trend means the federal reserve will likely a pause and hold these rates higher even maybe after a summer meeting. the federal reserve wants to see inflation falling and the trend of it not increasing. >> the average american out there doesn't really give a [bleep], if i can say that, about what the cpi print is because they're living a real flakes story that's totally different. -- inflation story that's totally different. >> reporter: food up 2.2%, energy prices up 2.1. home insurance which folks feel, or rentallal insurance included, is up 4.6%. car insurance up 22.2%. candy and chewing gum up 4.4%. now, the president sensitive about inflation, but with listen the him get through a question about how higher prices are hurting the latino community in this interview i with univision.

>> -- across the country that don't feel that economic growth, that job creation reflected in their paychecks and pockets? >> well or, it's not yet but, guess what? there are 15 million jobs we've created so far, more than any president in this time period, 4.5 million are latinos. more than any other time. >> reporter: yeah. but the president's trig thing to articulate when exactly all prices will start to come back down as we now see a trend of inflation if going the wrong direction. stu? stuart: we most certainly do. thank you, edward. biden's campaign cochair, senator tammy duckworth, says trump was terrible for the economy. roll it. >> what do you say to people who are worried about the economy and might think donald trump's better on the economy but are also worried about the issue of abortion? do you think one issue trump's -- not to use the word trump, but one issue outweighs the other in. >> well, he was terrible for the economy. thank goodness joe biden got into office. of stuart stouter okay.

put the camera on me, please. let's get on with this thing. economist peter morici joins me. peter, you're an economist. trump terrible for the economy? if what do you say? >> let's take covid out of the picture and talk about the three years before the pandemic and the time afterwards. basically, trump and biden have accomplished about the same amount of growth. the difference is biden has this steaming inflation from spending all this money whereas donald trump gave money back to folks, and they didn't have all this inflation. they got better off with donald trump, people are complaining -- excuse me, with joe biden people are complaining they're worse off. people know what's happening to them. i don't know how they can say these things. where was donald trump's inflation? stuart: yeah, good question. where was it? it was down to 1.5%, i think, by the time he left office. >> correct. that's absolutely right. and we keep hearing these follies, these stories, these fables about a how, you know, rental -- rents are going to go down and that's going to filter

into the cpi and it's all their fault. the rent rates were up again. go out and try to rent an apartment in manhattan or salt lake city or miami, florida, or whatever. there's a housing shortage. how can rents go down when we have a housing startage -- shortage that's caused by high interest rates that joe biden is responsible for and by all these regulations in blue cities that a keep us from building? stuart: that's it. regulations. you can't build anything in america these days, especially in red states -- blue states. okay. how does today's hot, i call it a hot inflation number, what does it tell you about the economy? >> oh, i think the economy is sound and it's the not because of joe biden, it's just a.i. which, you know, has nothing to do with who's president and thing like that. we're going through a heavy investment period similar to the building of the interstate or the transcontinental railroad or thomas edison's grid, which is remarkable and we should celebrate. we're going to have some inflation, we're going to have much higher interest rates, i've said this before.

but when we had higher interest rates before the financial crisis, the market thrived. what we go new is a one-time adjustment where people have to get used to, you know, real rates of interest that are 2-3%, 2-3% above flakes. then you can have -- above inflation. then you can have hell h profits, healthy stock market and so forth. we're going to have a shakeout of zombie companies and so forth, and after that we're going to be fine. we're reallocating capital to where it's needed. stuart: higher mortgage rates first is going to hurt. peter morici, thanks very much, sir. i know we'll see you again soon. >> take care. stuart: the president has embarked on a separate campaign. he says -- desperate if campaign. something's not right here, biden really should look in the if mirror. two weeks after the baltimore bridge collapse, a shipp lost compulsion power near a new york city bridge. how was this ship able to avoid

disaster? because it diss. that report is next -- because it did. that report is next. ♪

stuart: on the markets this morning, the dow is now down 511 points. that is 1.3. a smaller close loss on the nasdaq, your down is 70 -- 170, 181 there and the s&p is down 59. here are the five stocks which account for half of the dow's loss. goldman, home depot, caterpillar, microsoft, amgen. they're all down, they're all dow laggards, and they're taking 170 off the dow industrials. okay. less than two weeks after a cargo ship slammed into that bridge if baltimore, a massive container ship lost propulsion power near the verrazano bridge new york. edge of disaster. madison alworth, how did e that ship avoid hitting the verrazano bridge? >> reporter: stu, the main thing that the ship did to avoid a potential disaster is once they lost propulsion, they a signaled the coast guard that that was an issue. then the three tow boats that were escorting the ship through the channel, they were able to jump into action and help tug the boat away and out of the channel. this all happening thanks to vt,

and. so a main difference between baltimore and new york is this vtf system. that is the u.s. coast guard operating vessel traffic service. think of vts like air traffic control but for busy ports. tugs can respond quickly. there are 12 ports with vts stations in the country including new york. now if, naval experts tell us that losing power or propulse if as in the case on friday, it's not unusual. but it is uncommon if narrow waters and in harbors like this one. if with friday's incident if coming less than two weeks after a -- the disaster in baltimore, fear is high, but naval experts say that you should trust the investigation process. >> i think we have to rely on the coast guard, the national transportation safety board, ntsb, to look and see if there are facts that underlie the obvious reasons for the suspicion that you just

described. and if it's something simple like fuel quality, too much water or, you know, unfortunately we can't discount the risk that somebody did it intentionally, it's a risk that if i were involved in the investigation, or i'd want to look at. >> reporter: now again, it's important to note it is the not if uncommon for ships to lose power or propulsion, and the good muse is that all the safety measures that are in place worked on friday. stuart? stuart: madison, thank you very much, indeed. still ahead, senator pete ricketts, house ways and is means chair jason, smith, powerful guy. jason rantz, dr. frank continue access saw and the 10:00 hour. of all of it next on "varney & company." ♪ ♪

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♪ looking for some hot stuff, baby, this evening. ♪ i immediate some hot stuff -- stuart: this was predictable, wasn't it? hot stuff. the inflation number was kind of hot stuff.