tv Mornings With Maria Bartiromo FOX Business September 14, 2022 8:00am-9:00am EDT
transportation services are needed. monica: democrats passed on straight party-line vote massive infrastructure bill billions and billions of dollars attached to it. maria: green spending. >> exactly right. monica: we have -- >> where is pete buttigieg a transportation secretary where is he? why not overseeing this still on paternity leave. maria: a next hour of "mornings with maria" begins right now. . . >> good wednesday morning i am maria bartiromo weaponed september 14 top requires 8:00 a.m. on the east coast, right now, joe biden celebrates as markets crash, stocks are searching for direction after the worst market sell-off more than two years on spiking inflation, the futures right now looking to have decline at
start of trading extending ed's severe plungey s&p wiping out september gains as americans wereing loving money the president led a tone-deaf celebration of talking points so-called inflation reduction act. >> today, offers proof that the soul of americans, vibrant the future of america is great, the promise of america is real. it is real. it is real. maria: all right real talking points flying in face of 40-year high inflation consumer price index 8 1/3% hire than year ago more inflation doot out in 30 minutes' time the producer price index will be out 8:30 expected to be up 8.8% last year, we will see if this number uneven in markets the way yesterday's number did the last the inflation report before the federal reserve september meeting, that meeting next tuesday and wednesday we are expecting another 75 basis point hike in
interest rates right now 10-year up 5 and a third basis points level 3.4 68% how far will fed go to slow down this economy in effort to fight inflation former federal reserve official thomas hoenig joined us yesterday said expect more downward pressure. watch. >> i think it is -- likely, going to be a pretty serious recession. assuming they stay with this -- effort to bring inflation down through interest rate increases, i think we're just getting started in the hard part of all this. maria: oil prices have been reflecting the a slower economy the price brent 92.48 crude oil up 86.69 internal energy agency is expecting supplies to fall through fourth quarter rise over two million barrels day in 2023, check european markets heels of sell-off we've got a sell-off underway in europe as well ft 100 down 116 cac
quarante down 56, dax lower by 1252 in it asia overnight red across the board japan biggest loser down 2.78% hang seng, hong kong, down 2 1/2% "mornings with maria" is live right now. . . >> white house press secretary karine jean-pierre stumbling pressed on what president biden so-called inflation reduction act is supposed to do watch. >> -- they -- to -- wouldn't kick in 2024 or 2026 is it fair to suggest to people that o somehow they are going to see inflation instruction right now -- >> that is actually not true -- and so just -- this is just for -- folks watching consumers family small businesses owners can head to clean energy gov as relates to the energy cost component, the lowering of cost to learn more about how they can start
saving money immediately. maria: i -- i feel bad for your feel booed for her conversation all morning long adam johnson james freeman monica crowley. >> sad right to the talking points couldn't even answer the question. it is sad. i and i didn't mean to interrupt you there maria apologies it is amazing that it would be so transparent that someone so incapable of addressing a direct question. monica: i don't feel bad for her at all sorry i am a a little bit more hard-core white house press secretary voice for president of the united states as well as entire administration i have never seen anybody show up to a podium less prepared. maria: kamala harris. monica: a great point i give you that she has a briefing book she is supposed to be studying issues even if didn't have to do a deep dive to be able to speak fluently, top line way about energy border
the economy, she can't even do that. completely outrages the fact that white house press corp sits there, takes this nonsense, these lie from those her, first of all all on same page never going to challenge her, secondly there are there to amplify lies. >> jackie, thanked go for peter doocy a great job trying to hold people to account one lie after another mainstream media, connect the tone-deaf party. president will celebrate passage of inflation reduction act timing not%. >> inflation subornly high worse than expected how president biden framed yesterday. >> white house celebrating inflation reduction act a long way to make a financial impact. >> james freeman. james: long -- timing. >> nancy pelosi remind
audience to applaud during here speech at celebratory event watch this. mr. president, thank you for unifying inspiring vision of a he stronger, fairer safer future for all you are extraordinary leadership has made this glorious gave possible. >> that is an applause line? [[applause] ],wow, wow unifying extraordinary leadership? i don't blame press secretary at all because she did much better than i would have done trying to explain how this things going to lower inflation. i think it is the inflation reduction act so-called i think economic consensus will have little or no impact on inflation, i think it could really inflame inflation. maria: me-too. >> because at core what this
is doing moving us from efficient productive cheap energy source created in united states at least available in the united states fossil fuel, to wind and solar. and as you pointed out what does that mean? to make solar panels wind turbines needing a lot of minerals a lot of minerals are in china where refined in china wherever mind or refined burning fossil fuel getting them out of the ground this is very expensive inefficient energy trying to collect sun or power of the wind. the opposite you think president would know from obama years president obama couldn't stop fracking he iss revelation on private land why you couldn't stop it we need another revolution like that not this law. maria: out is is going to be
a rough ride i would say a recession at hand higher borrowing costs 40 year inflation get ready to 5u9d by irs ready to get higher taxes as well much more ahead quick break then markets have reversed course entirely, they are extending yesterday's sharp losses we are looking ahead with final round of the inflation data before next fed meeting the august producer price index out in 20 minutes' time we've got all-hands-on-deck what he give you nones as they cross the impact you are watching "mornings with maria" live on fox business. ♪ ♪ abc easy ♪ ♪ -- abc, one, two, three,baby, you and me ♪ ♪ . ♪ ♪ this... is a glimpse into the no-too-distant future of lincoln. ♪ ♪ it's what sanctuary could look like...
are extending yesterday's massive losses on wall street dow industrials down 50 s&p down 4 1/4 nasdaq lower by 14, yesterday the dow s&p and nasdaq all traded down seeing worst day since june of 2020. on that hotter than expected cpi report tech sector led sell-off joining us right now crossmark chief investment officer bob doll thanks very much for being here after such an important day. what now. i think maria that we're going to have a lot of crosscurrents. we have that big rally from mid-june to mid-august, on the back of -- well. maybe inflation rate is not so bad, the fed has it under control starred another rally few days ago, of course, rates yesterday found out inflation is still a problem. i think sidewise choppy volatile patterns going to happen in the market, in will we get a read on how far is the fed willing to go. maria: yeah how far -- >> if willing to keep going
with these aggressive hikes, does that take us into a deeper recession? >> well, i think -- what the fed las planned in the furthers market can get inflation by the end of the year to a 4 to 5% annual run rate, that is still unacceptable and then it gets harder if fed is willing to stop there we don't have to be a recession but we are stuck with inflation, if really, along i don't see how they avoid a recession in 2023. maria: what thomas hoenig told us yesterday former president kansas city federal reserve what he said after cpi came out watch. >> i think its, highly likely it's going to be a pretty serious recession, assuming that they stay with this, effort to bring inflation down through interest rate increases, i think we are just getting started in the hard part of all this. maria: a last read on inflation this morning before
september federal reserve meeting august ppi producer price index out in 15 minutes' time, do you think we are going to see as -- severe an inflationary story as we saw yesterday? >> well, as you know two are related but not that closely tied to you -- hard to say we are clearly going to get a number not acceptable whether on target or worse or better still going to be a high number maria. and as hoenig said the hard part just started, we still have a negative fed funds rate most of the time things don't end till fed gets interest rates fed funds above the inflation rate, still a big number in wrong zwreeks i am with adam johnson. >> bob i am curious wonderful to get perspective this morning, if you look at fed fund futures collective wisdom of bond market fed is done raising rates by next -- february or march in rate only
1 3/4 hire than where it is now. do you buy that. >> not really. i think that is "la la land" assuming inflation is coming right back down to where it started, look there is supply chain issues getting fixed that will help them but getting back to the 2% inflation right they zeier taking more than an winter 3/4 more until february. >> rallies from time to time market participants believe the fed is going to blink i don't think they are going to blink. james: i hope not your comment makes me worry, are we going to hit a point where you are talking about december, where we start getting a sales pitch, in the media in sort of washington wall street corridor 4, 5% inflation new normal we ought to learn to accept. >> let's hope we don't go there that will be disaster for lots of things including
financial markets poor get hurt with higher inflation more than that wealthy do doesn't helpful causes for anybody fed has wood chopping to do waited too long transitory entered vocabulary stayed there for months set stage for a lot of hard work. maria: next meeting next week tuesday, wednesday what are you expecting former treasury secretary larry summers wants a full percentage point rate hike 100 basis points, and predicting fed raise full percentage point will do so once he. >> my guess still 75. look if 100 i won't be surprised but not going to be 50, prior to yesterday, a lot of people thinking might be 50, what it means is meeting after that more likely 75, more than thought that would be 50 number, what is done is made the fed have to go longer, higher. maria: rates are moving
higher, look at the 30ier bob mortgage rates all the way up to above 6 1/2% have you seen demand destruction? >> not as much as i would have guessed at these levels but probably heading higher always delayed reaction maybe we haven't taken appropriate reacting yet going to take more time, higher interest rates, slow, economic growth. period full stop leads, lags hard to predicting the economy slowing europe slowing energy crisis, china slowing with zero-covid policy, so global growth is coming to a grinding halt, the dollar remains strong. maria: sure absolutely, bob good to see you. thanks very much bob doll joining us we will watch all that we will take a short break when we come back twitter in the hot seat a whistleblower claims there is chinese spy at the company even as board approves elon
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security counciln kirby dodging a question on chinese purchases of u.s. land yesterday here is what said. >> given the fact that no -- adversary china foreign buyers are buying up ureal estate around military installations is this on the administration radar. >> i think the question of home upper is a little bit out of my swim lane. military -- >> i am probably not right person to ask about home upper. >> home upper? joining me lincoln network sr., fellow author of the perfect police state undercover odyssey of the future jeffrey here thanks very much for being here you have a "wall street journal" about this issue called "china is applying the farm" you
write data shows chinese ownership of u.s. farmland lept more than 20 fold in a decade why is u.s. dparm land so critical for cline. >> china has strategy wants to buy up u.s. farmland in part china doesn't have enough food to supply people it does have shortages of food more importantly it wants manned nearby u.s. military bases sensitive because excellent locations to spy, on our, in north dakota last spring major buyout many acres of land 20 minute drive from an air force base in north dakota, which is home to a major satellite satellite mission many form the base of many military locations around the globe this company say they are
building a plant going to process various foods why do they need that land next to military base? should raise major alarm belz. maria: this is a very serious issue james and i wrote an entire book focused on this issue called "the cost. >> i think scared probably commodity election coming up biden administration has not made much progress on varies issues related to national security, to -- protecting our land protecting our democracy against chinese incursions, this is only one example we are just touching, the surface here but there have been so many land buyouts as i mentioned, the land buyouts increased 20-fold past decade
one mainly case in texas another case major chinese billionaire made part of fortune in western part of china 1.8 million people have been held in concentration camps this company based there bought near air force base in texas, it is just incredible that this could even happen in the biden administration wouldn't even say a word about it. maria: unbelievably how does this work from ccp? james when you and i put the cost together, we talked about the string of indictments that was happening in 2020, it included the -- professor at harvard running chemistry department sharing information with ccp they shut down embassy in houston i want to get your take, on how this works, but james first, discuss a bit about what we wrote in "the cost" two years
ago. james: disturbing, encouraging fbi was finally seemed making a priority of this a lot of investigation -- >> doj. >> i don't know how far that has gone if talking about strategic relationship with china, this inflation reduction act it is basically giving them a much bigger role in in energy, polysilicon, key ingredient in solar panels, that is a market dominated by china, so i think this is not in economic agenda unfortunately of the biden administration but, jeffrey just to focus on this statement from the press secretary there defense department that this is a home ownership issue, sovr people looking for residences?
the clarify you are talking about purchases by large chinese players billionaires's companies not random tom consumers from china in market for residential dwelling. >> not regular people buying up a house in north dakota these are major companies in china-billion dollar companies or more one of the biggest problems here in america we have separation, of private business and government authority, this is a did democratic nation, we have you know rights we can resist the government if we want these do not exist in china communist party's law states that -- that chinese citizens have to help government with intelligence work, this is a requirement there, there is no such thing as individual rights or freedoms, and that is the concern, that you know when chinese communist party does call on companies if they haven't seen already to spy on american military bases, they
will be required to under chinese law. maria: what fbi was talking about, in the terms of -- this twitter situation. the twitter whistleblower peter zatko testified in front of senate yesterday said fbi warned company it was employing a chinese agent is this very prevalent in american companies. not surprising at all this is tip of the iceberg happened before, there have been various cases chinese american companies, finding that information has been compromised, information has been sent back to the chinese communist party. i wouldn't be surprised at all if twitter does have you know, one chinese mole maybe numerous. maria: i am sure. >> goes back to what i said before the ministry of state security at very powerful intelligence policing body in china they have the power to do this if they want. maria: we have 20 seconds.
>> jeffrey important question where is cfius, treasury department committee foreign investment in united states supposed to review all kinds of -- where are they? >> the trump administration opened cfius review killed by biden administration there has been talk reopening roof but hasn't happened yesterday, this should happen i am referring specifically to tiktok, the major chinese company did have cfius review. maria: thank you so much. we will keep spot light on story august producer price index crossing tape waiting for number here cheryl casone estimate was up 8.8% what can you tell us. cheryl: coming in year-over-year 8.7%, 8.7% that is actually a little bit underneath the expectation, core coming in 7.3, that is above expectation. so that is more what fed looks at, again let's go through this .7% headline number but
year-over-year ppi number for august previous was 9.8% again a little bit up expectations -- core that year-over-year 7. % the fed looks at that core number, this is the last report we are going to get before that decision from them, on the 21st going through numbers if you look at the final demand month-to-month down, .1%, that is actually with expectations, that is a little bit better than we saw for the month of july but, again, getting numbers right here stripping out, strip out food and energy month-to-month gain .4% looking for gain only.3%, okay to be clear breaking it down the core numbers month-over-month core year-over-year that are hotter than expected maria, that is again arbs big number, but those month-to-month year-over-year headline numbers coming in in line for month-to-month slight tickdown when it comes to year offer year numbers this is it after
this going to be getting fed decision, this is the data we are going to be looking at i send it back to you for reaction, but all up to jerome powell now. >> 4/10 of a percent month-over-month even if year-over-year a little better than expected markets obviously, looking at this positively. >> market likes this number i tell you why four components cheryl indicated, of those four components two were better than expected, meaning ppi lower than we thought. one was in line, one was worse, so two better one in line one worse i take three out of four i think that is market interpretation, the other important point here maria is that producer prices lend to seed consumer prices you have to buy stuff make it sell to commerce, if we have ppi going down, that takes some of the pressure off yesterday's ugly cpi makes the case i that maybe you can feel
comfortable about coming in buying some stocks today after yesterday's decline, not a straight line, but i do think this is a better number than we better series than we expected. maria: i don't think inflation peaked. >> you don't? i don't think it peaked the producer number 8.7% taking a long time to guess a serious move downward in numbers, look maybe you know, energy -- >> it was as high as 9.8 two months ago so it is still going up. maria: right direction. >> i mean ugly but less ugly. maria: yes. monica: i was going to say so elevated coming in hotter than most people would want, or even expect, so the question is how entrenched it is right, you me all of us on this panel last year and a half when inflation started to rare its ugly head we were screaming, that once inflation becomes entrenched it is very, very
difficult proposition to untrench it to dislodge entrvped inflation we know how painful in stereotypicals of skyrocketing interest rates we saw experience in mid, early mid 1980's, so it looks like we are heading that direction i mean does look like inflation really has an iron grip on this economy. maria: core worse than coupled up 7.3% quick. james: similar, yesterday's consumer report -- if you are hoping the fed will say mission plibd, sorry. maria: not happening we will be right back, stay with us. . . welcome to allstate where anyone who bundles their home and auto insurance saves. isn't that right phil? sorry, i'm a little busy. what in the world are you doing? i'm in the metaverse, bundling my home and auto insurance. why don't you just do that in the real world? um, because now i can bundle in space. watch this. i still don't get it.
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here what is this inflation report he maintain to you. >> number one, maria i look at how this works, in the long term i heard you talking earlier about how markets are going to react, 30 trillion dollars in debt, one point rise in interest is 300 billion dollars worth more interest for this place, there is no budgeting no appropriating that all of us participate in, so it is going to be bad for the federal government more than anything, an biden was bragging about everything just yesterday. that was bad timing i know how anything could be worse when markets ticking down on the other side, so -- >> the market was reacting to the hotter than expected inflation number, but you just mentioned debt, the committee for responsible budgets says administration added nearly five trillion dollars to deficits next decade, he says
that stock market selling off doesn't really matter, he was taking a victory lap a tone-deaf victory lap i agree celebrating so-called inflation reduction act a bit of that yesterday, watch. >> this bill alone is going to lower the deficit by three hundred billion dollars over the next decade this bill cut costs for families. help reduced inflation at the kitchen table because that is what they look at how much monthly bills how much do they have to pay out nor necessities. maria: says real, senator, your reaction. >> so whatte amazes me the political enterprise by nature try to sell something that obviously, is not the case. i mean they could not have been more embarrassed by the fact they were saying that in market tanksed the way it did yesterday. this is all not just a bellwether it is -- something
that we're going to deal with look back 81 here last five years for volcker to get elevation from where it is basically now down to 2%, compare that to the economy we have pre-covid, they ought he to be booted out of office taking one of the best economies we ever had through covid shutting productive side of the economy down creating all the genesis for what we're dealing with now then trying to spin it otherwise, i mean that is crazy. maria: you would think this is resonating on people, yet there is a -- a real tight race in the senate, going into the november elections, why? >> i think because, we on the other side of the aisle are a little reticent about making the case if we can't articulate this political good news not only house i think
wire going to get we need to go to some type of remediation school how we communicate this should be slam-dunk all on their back here they are brands about it even having somebody come in sing operations about whole thing. i mean it is lud crews, i can't your take on joe manchin chuck schumer bill are they going ban on promises in terms of energy, in manchin's state? where does that stand? is it -- is it happening that we're going to see 80 billion dollars go to irs, 87,000 new irs agents will this play out? or can you and colleagues stop it? >> sadly that will play out, because we can't stop it that is already forward momentum until we win back one chamber, this november puts a torniquet on craziness like that we have to deal with it that could be
taken to court because executive order, maybe -- in some other stuff student loans for instance that is inflationary that is part of the law i don't know how that is going to play out we are borrowing the money to pay fire it needs although thing we litigate explain, why it doesn't make sense. that is the part we've got to do better. maria: your trying to fund government right now the the house and senate leaders working on legislation to fund the government past september 30 likely until mid-december, the white house requesting extra 47 billion dollars, in emergency funding for covid, monkeypox in ukraine, will you be able to do it what does next few weeks look like. cr a political football because we do not do any budgeting remember last year we didn't get the job done until february. for the year-ended in september the year before. so, that dysfunction
continuing forward i am on budget committee bernie sanders is chair we've not done one meeting on mechanics of budgeting, this falls on our lap with people behind closed doors, dropping it in, where a huge bill, with a day or two to size it up, that will happen again, maria it is all part of where this place is headed along 30 trillion in debt. biden had gall to put a budget out there 45 billion. >> this is not encouraging it is quite you disturbing anything else would you like to say in materials of where eric america is headed. >> you still have each state you go back to that you represent indiana balance budgets rainy day fund maybe this place needs to start looking at states that actually make government work. have in d.c. this morning.
thank you, sir quick break the latest inflation news this morning producer price index. how is inflation affecting insurance? chairman ceo dan amos here to health need for results what his company is doing for cancer awareness as well you are watching "mornings with maria" live on fox business. . ♪ in the morning, we will see -- like we were free ♪ watch the world an us ♪ . felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy.
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. maria: welcome back. 40-year high inflation is also impacting insurance people are now looking to fill financial gaps due to medical costs not covered by health insurance joining us chairman ceo aflac, dan amos here largest provider supplemental insurance in the united states a big business in japan as well. dan great to see you. >> thank you for having me. >> thanks very much for being here we heard the ppi was a little better than expected year-over-year was up 8.7% trying to understand what fr is going to do as a result of 40 year high nation tell us about impact higher rates have had on your business. >> well, i think first, you have to say that inflation is
terrible for the consumer. maria: right. >> it really creates a problem. there are checks and balances with us. we have an enormous cash flow. so when you have higher interest rates, that actually allows higher stronger cash flows for us through the higher interest rates, so that is not nell bad for us that is one of the issues that when in that low interest rate environment it was really giving problems to insurance companies so that is the -- the positive. obviously, bad thing is, it affects purse strings of the average consumer, and how they can afford these higher costs of healthcare. now, our policies are different, they are indemnity in nature meaning simply if we are going to pay 500 dollars a day for every day in the hospital even though inflation took place say 550 now, we still pay 500 but you are rate
stays the same we go in with new policy offer higher benefits say to 550. you can apply or not buy. you are not required. at time of claim not as happy, if you got 500 when you needed 550. so that pocket expenses grow. we offer those it is a challenging environment for the consumer, it is a challenging environment for a lot of companies. but i think we are well balanced it to be in this position but certainly we hope inflation will get under control quickly. maria: not as bad as what we saw during the height of the pandemic, but tell me what you are seeing in terms of macrostory yesterday former president of kansas city federal reserve said we are in for a severe recession that is what you are seeing? >> well -- there are a lot of people saying different things. certainly, i worry about that i don't know what will happen,
i am not an economist by trade but do i worry that recession is certainly a high probability or positivity, yes, i worry about that. but right now i think, time will tell in the next six months, we will have a much better view on what is going to take place. maria: will you take premiums higher? what are you doing in terms of your own inflationary story. >> what we will do we will offer a higher benefit policy, that you can pay a higher premium for. but you don't have to buy it is your option. whereas with others, as you know, it is actual expenses if expense going up you are getting a higher benefit but paying hire premium so people could drop policy. >> tell us about duck how it is helping people sick i love this story you came on last time walked us through you give these away. >> we do give these away first
of all we are big philanthropic effort at children's healthcare at atlanta blood disorders we have been sponsor for 27 years. and our field force sales people company have given over 161 million dollars to help kids with cancer, we have outstanding research, and what happened is someone came up with this anamitronic duck a companion to children when going through cancer. and we give these to every child in america. maria: so great. >> in japan we have given away 17,000 of these, not just a little stuffed duck we spend almost 200 dollars apiece on them it cannon consumer electronics show best in show a few years ago we continue to give those. now, the sickle cell under blood disorders is largest in
the world, ours is at aflac cancer center give it to kids sickle cell too. >> that is wonderful thanks for coming. >> my pleasure, quick break then breaking down day's inflation data produce prices up 8.7% year-over-year. we'll be right back. . ♪ ♪ . in order to thrive in an ever-changing market. the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future. ... to help your business achieve its goals. that's how we make a difference. ♪
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maria: welcome back. mixed markets this morning back and forth after the mornings inflation data, the producer price index came up 8.7% that was better-than-expected, because the estimate was 8.8% but it was higher than last year james freeman, your assessment? >> yeah, i think those futures which haven't changed that much, they are kind of telling us that this didn't fundamentally change the story or the concern about inflation. obviously, better number than we thought on the headline. the core going up which the fed -- maria: core is worse than expected. >> yeah, so i would say roughly , the story we got yesterday is still the story we have to reckon within the economy. maria: we'll see what the fed says about this next week, monica? >> yeah and look the challenge for the fed is theres this inherent intention because on the fiscal side the democrats keep spending and spending and
spending. they're pushing trillions of dollars into this economy. all of this money sloshing around. the fed, on the other end is trying to mop up the excess money, so i think the story is we've gotten trenched inflation. it's not going anywhere. this is going to be a long term and quite painful process to dislodge it. maria: adam you're trying to be, i know you are because you're a real optimism. i just spoke with noreal rabini, he's always called dr. doom, but he says longer and steeper recession than anybody expects. >> i may have to concede to some of the bears among us. not necessarily on recession but with regards to inflation being locker and nastier than we would like. on the one hand, and this is the optimist speaking but it's real. commodities are coming down. maria: that's true. >> supply chains are normalizing. maria: it's a great point, iron ore, copper all down. >> here is the problem i'm wrestling with. again, i, the optimist, am wrestling with the fact that wages are going up and once wages go up and services go up, they stay entrenched and monica,
to your point, that's an issue and i've got to deal with that as a growth investor, as an optimist and believer in american ingenuity. maria: would you buy this rally today, would you buy this market >> well i am by definition deploying new capital that comes in so the answer is yes. maria: all right we'll leave it there. adam johnson, james freeman, monica crowley, its been a pleasure. have a great day, "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. here we go again, inflation coming in strong but so far, we've not seen a really strong market reaction. today is producer prices basically, business costs, up 8.7% in the last year. that compares to a 9.8% increase in july. so inflation is slowing. so look, here is the state of play on inflation. we've got 8.3% inflation at the consumer level. it's 8.7% at the producer level. what's the federal reserve going to do about this? they will certainly raise rates