tv Mornings With Maria Bartiromo FOX Business September 20, 2022 8:00am-9:00am EDT
this is not first instance of a psychotic lunatic violent in new york we've seen time and team again climb in mu splez new york or san francisco residents began leaving cars unlocked so criminals could look through them see there is nothing in there worth being stolen, if begs the question what the heck are d.a.s trying to do what are they trying to establish you are going to drive out law-abiding citizens a city full of nothing but violenceh violent criminals. maria: that is happening. dagen: not just d.a.s it is governor it was cuomo now hochul, fine with this they are fine with -- law you a biding residents living in fear midst violence mayhem, death they are fine with it. maria: parently next hour of
"mornings with maria" begins right now good tuesday more oftening thanks very much for joining us. i'm maria bartiromo, it is tuesday, september 20, top stories 8:00 a.m. on the nose on easement, we are waiting on federal reserve, as global interest rates are at multi-year highs right now. stocks this morning lower, as federal reserve kicks off day one of its september meeting, fed, is expected to raise rates that is why the dow industrials are down 103 s&p down 18 nasdaq lower by 69 fed expected to raise rates by 75 basis points, in effort to stomp down inflation this morning, the swiss central bank rose -- raised interest rates a full point in the most aggressive move in three decades, for the swiss central bank, yields on the move 10-year treasury this morning highest level since april 2011, up 5 basis points a
level 3.543% on 10-year stocks hire yesterday said and done back-and-forth day healthcare real estate the weak spots, those industries tied to rate hikes dow industrials still up 200 points when said and done nasa up 86 s&p 500 higher by 26. the fed's press conference tomorrow most important, to hear whether or not they are recognizing an impact to the economy, so far. higher rates have been impacting housing certainly we are waiting more data this morning august housing starts building perpetrates out half an hour number of new homes under strucks to decline one-tenth of a percent permits to fall 4 1/2% mortgage rates hover around 6% numbers for you 8:30 a.m. eastern this morning, european markets are down, the bank of england decision thursday swiss central bank raised interest rates a full point ft 100 down
10 cac quarante up 52 dax in germany lower before i 90 points in asia overnight, markets higher across the board hong kong was best performer it was up 1.1% on hang seng, meanwhile, new numbers on joe biden's border crisis for august illegal migrant apprehensions arrests topping 200,000 for the month august, we are into details all morning long "mornings with maria" is live right now. white house is on damage control after president biden made this statement about the pandemic. >> the pandemic is over, we still have a problem with covid still doing a lot of work on it. it is -- but the pandemic is over, you can notice no one wearing masks everybody seems in pretty good shape. maria: why are they still looking for emergency money the comments on criticism from mainstream media and fellow dploots accused president
being out of step with america remnants coming weeks after white house called on congress more than 22 billion dollars in covid relief money ahead of potential fall case surge, they claim, joining the conversation all morning long this morning dagen mcdowell, mark tepper, your reaction, dagen, to biden's interview which city are still backtracking this morning in the white house. dagen: despite scott pelley serving up questions as if they were delicious cinnamon local hand feeding to joe biden "the wall street journal" has interesting editor if pandemic deed over as it is case number of cases the first week of september was the lowest it has been since very beginning of the pandemic, in march of 2020 if the case covid bad flu for most in this country why
hasn't key in administration lifted the official covid public health emergency that is still in place? well, one, it allows as journal editorial writes more joers stamps no restrictions state work requirements not in place limits states from removing from medicaid rolls individuals who would otherwise no longer be financially eligible that cost 16 billion dollars a month. and i think i mentioned this yesterday. this half a trillion-dollar student loan debt forgiveness was done under you know, public health emergency declaration. so, the money is still going out. even though -- so -- allow joe biden to actually walk that talk lift this public health emergency but he won't do it
because money keeps flowing particularly to big blue states. >> exactly spot-on. mark: kudos to president biden for actually speaking the truth in this situation pandemic is over, okay? everyone in this country has been exposed to it some way, shape or form, however -- >> why is serve getting pressure to get booster shots. mark: exactly conflicts with all policyholders all policyholders absolutely insane, look, there is one rule in the white house, one rule. don't let this guy talk off-the-cuff, don't let him speak off script -- foot in mouth, one heck of a liability when he starts talking off-the-cuff. and they let him go out there let him spectacle his mind said what we all are it could pandemic is over however again conflicts with every policy they continue to roll out
shove down our throats. >> steven canceled several covid related packages end of 2020 saw emergency the emergency having been over by the end of 2020. the federal reserve thought that we need all this stimulus so they started buying 120 billion securities every single month, 2021 even up until march of this year now you wonder why we have inflation 40-year highs. dagen: that is one of the things i takeish timiraos has this column about jay powell inflation when is% paul volcker a straight reported piece from nick timiraos, i am not criticizing him but to say that jay powell is trying to follow this volcker attack on inflation, jay powell in have large part caused all of this. we never needed -- again, you don't have to take away punchbowl if you didn't serve
up hooch to investors, and enrich leveraged rich two years for two years, by the way, the end of 2020, they still passed the trump administration and everybody still passed additional covid relief, before two trillion dollars from joe biden after he took office, they were still doling out money, right and left. we didn't need it we already had vaccine, all of the stimulus should have ended when we got a vaccine, period. >> did cancels, end of 2020 jay powell term coming unwanted to be reappointed, the progressives pushing lael brainard down his throat competing with her to get reappointed you can't convince me it was also not political what was going on with the
stimulus as well watching that inflation the federal reserve kicked off day one september meeting this morning former kansas city president thomas hoenig here joined me last week on this program here was his thoughts after that hotter an expected consumer price index was released. >> i think highly likely it is going to be a pretty serious sfleegs thomas joining us to talk about the red flag on recession thomas hoenig, august housing date out in 20 minutes' time building permits out 8:30 we have numbers market reaction you are watching "mornings with maria" live on fox business. . earn 3% cash back on dining including takeout with chase freedom unlimited. so, it's not a problem at all. you guys aren't gonna give me the fake bill fight? c'mon, kev. you're earning 3% cash back. humor me. where is my wallet? i am paying. where is my wallet? i thought i gave it to you. oooohhh? oh, that's not it either. no. no. stop, i insist.
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yields, interest rates are soaring to multi-year highs right now two. >> keer 10-year treasury yield both hitting highest level in more than 10 years with 10-year 3.54%, markets fully pricing in at least a 75 basis point hike, with 18% chance for a full percentage point hike it will be announced tomorrow morning 2:00, we know the swiss central bank raised interest rates this morning by a full point joining me right now, portfolio manager katie stockton thanks very much for being here how are you receiving a the fed moves impact of aggressive tightening what do you think happens tomorrow. >> well already ahead we have downside volatility behind major indices meaningful loss of upside momentum following nice summertime relief rally that puts s&p 500 in a position where it is poised to
test around 4138 below current levels whether tomorrow or not i have no idea, quite frankly, but do i think that it will happen in the near-term, i say that simply because momentum there is, on the downside, also, the market really is in a bear market cycle the case all year he yields releasing new relative highs the trends are very much intact, we don't see major shifts underway. maria: so your reach indicates that we will see a further sell-off in stock prices this year? >> that is right, so 3815 level taken out decisively the next toor of support is 200, the time frame for that would be in nature six months plus, so that would put us into sometime in the first half of next year. so i think that is completely reasonable for this bear market cycle based on what we are seeing in terms of
long-term momentum gauges, and, either if we see some indication capitulation before that will certainly pay attention, but for now assuming we will see downside we do expect a relief rally sometime before the year-end but does not look imminent. >> goldman sachs says stock market will fall another 26% if fed spashgz recession in fight against inflation demand destruction in housing nahb housing market index down ninth month in a row lowest level yesterday since may of 2020, adding housing market being slowdown mortgage rates topping 6% homegoods trailers brought down are there other areas that are most vulnerable that you can you can see, that are seeing this demand destruction as rates move higher? >> for sure a lot of cycle sectors of the market or
groups lost relative strength homebuilders automakers as well, so definitely a loss of strength since broader market but we expect a downside leadership to come from technology, and second radarly consumer discretionary we suspect not homebuilders not industrials, but rather the same stocks that lead the next lower. >> mostly those are stocks that have gained the most right? over the last couple of years, valuations are highest there i guess, i am with mark tepper this morning mark 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 terrorists apprehended at the southern border august housing data out 10 minutes' time we will have that number for you, and the building permits as soon as it crosses, tell you how markets react you are watching "mornings with maria" live on fox business. . you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those.
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maria: welcome back now breaking news, we are watching another bus full illing migrants at new york's city port authority take a look what we are seeing live, happening now, as you see, the migrants are coming off the bus, into port authority, we do not know where they are going from here but as you know texas governor greg abbott, has been sending buses to big cities, to make sure people understand what texas is dealing with. with two million people apprehended just in the last year texas governor greg abbott's office slamming being
new york city mayor eric adams, adams threatening to sue texas for sending the buses of to the big apple, abbott spokesperson accusing you adams of hypocrisy saying flat-out lying selectively attacking texas bussing operation conveniently ignoring migrants into the city flown from governor's abbots office ranking member homeland security economy john katko we watched another bus arrive at port authority people getting off that bus looks like a lot are males also children on that bus what can you tell us about this program? >> well, good morning, maria. i think what is going on desperation desperation at the border you have been down to border many times i was a prosecutor on border down many times this year capacity head
of homeland security security a crisis magnitude people don't understand not a country on earth would put up with what we are experiencing at the southern border these jurisdictions on southern border are complete overwhelmed, they want all people in america to know how overwhelming it is so by sending a few hundred people to new york city of million mayor complained about fact they can't handle them is ridiculous, smacks of hypocrisy highest order because these are same cities who want sanctuary he cities he do don't want to prosecutor illegal aliens they are going to coddle them coddle them as long as they don't come the hypocrisy of it. >> they say sanctuary cities but there is no sanctuary if in their backyard. maria: that is right. maria: that is what we saw, this weekend, martha's vineyard in leadership in martha's vineyard rounded all those 50 migrants up sent them
to cape cod, and sent them to military base, then said they enriched our lives, they were so happy no, they weren't happy to leave administrative 346 go to cape cod, i did i agrees we are talking about new york border agents encountering nearly 204,000 migrants in august 69% single adults 22% at least one prior encounter in the previous 12 months they broke the law went back home then came back again. and got in. why is the administration, allowing this? >> well the administration is allowing this because i just think, they think everyone should come into this country you can't have law and order when that happens we have literally isn't a country, i don'tcare how liberal not a european country would put up with this they want people to come across because they feel sorry i for them whatever i was in honduras guatemala, they don't want people coming to united states, but the
president created a huge factor guatemalan, honduran citizens tell me time and again how much people are exploited on trip along the border in texas cut budgets 10, 150, 20% just to deal with dead bodies some dealing with one or two deaths a kacoming across it is dangerous women getting raped exploited children exploitd this is bad more than 100,000 americans died in drug overdoses last year number one killer for people 18 to 45 years old cartels able to get it across because of humanitarian crisis. maria: i was told the cartels are making 200 million dollars a week, just on human smuggle that doesn't include drug smuggle, biden administration has overturned a anybody of
trump administration policies in place then when told to resume basically blew off the law now they are claiming they are going to resume construction of president trump's border wall next month will it really happen. they may do symbolic moves face it they are trucking customs and border protection to get people in you saw images people on private property had gates locked customs and border protection ordered to let people through gate on private property they are not going to secure border the only way to secure the border is through election if we take over house in fall i think we're going to i am in charge of blueprint ready to go day one a blueprint to secure border, and to hopefully have real meaningful immigration reform follow that you got to secure border first you can't begin to have a discussion on immigration reform. >> congressman there are so many other issues that new yorkers are facing you've got every state a border state,
because of the wide-open border, with drugs flock through certainly, new york is a prime designation for many of these people but also economic issues, that have -- stoked a hiej push by people leaving new york what is is that doing to the budget in new york what about inflation the crime skyrocketing in new york what can you do about it if you do in fact get the majority in november? >> well, i think what we got to do first recognize the root cause why people in leaving new york state too dpv when i was a kid more than 40 members congress in new york state now down to 26 think about that florida did opposite states low taxes better a little bit environment new york starting to realize that to some extent we have to change dynamic with respect to the the tax structure new york state business structure in new york
state, crime very, very important another prong crime issues going to send a lot back to states to refund police have ties to funding so if they accept funds not having sanctuary cities not going to have bail no bail for murderers, inflation is probably one of the biggest reasons why we're going to do it. >> that is certainly the number one issue, for new yorkers, american families in general, congressman we will be watching thanks very much for with being here this morning. >> thanks again maria. >> all right, john katko joining us in d.c. we are waiting on housing permits building permits housing starts to cheryl we go. cheryl: let's start with starts came in, believe it or not, stronger than expected % jump, 1.575. again that is much -- stronger than expected what we thought
going to see decline seeing jump 12.2% starts 1.5 permits 1.5, 17 million if you look at that is weaker than expected okay. so the starts are stronger jump 12.2% the permits came in weaker than expected 1.517, starts begin we are seeing if you break it all down with permits, permits that was loss of 10%, the starts gain 12% permits future construction starts projects that have begun, i can tell you right now as mortgage rates have been going up a push to get a lot of projects underway get financing secured get loans done, get project going, case everybody knows we keep seeing it play out month after month week after week excuse me mortgage rates are going with higher new home mortgage application for august fell
10.1% last month, seeing borrowing costs higher prices going higher i send it to you youmens earlier nihb number yesterday that read is may 2020 low, this is fifth month we've seen permits decline. so, rush to build now, being 34, 4, 5 months from now maybe not so much the start story back to you. maria: as numbers hit tape markets did sell off dow industrials right now down 208, s&p down 29 nasdaq down 100 on the august numbers here, where you are looking at building permits weaker than expected dagen mcdowell your thoughts as fixed rate mortgage rate has more than doubled in the last year 6.02% a year ago was 2 .86% dagen. dagen: right, if you really want to know what the market is reacting to we can look at
10-year treasury but two-year treasury, two year new 15-year high 10 year above 3 1/2% mark, that would be highest since april 20611 take a look at the two-year treasury if we have that. traded above 4%, that is a 15-year high. it is a little bit below that. the moment, but, again, that is where the market is doing the work that fed is just beginning to do. that is higher interest rates to tame inflation, that ultimately will continue to cause the stock market to fall, and we wine up in a recession a deep one, a long-lasting one potentially but that is what jay powell said last month the federal reserve is willing to accept a recession to fight inflation. maria: that is right that is the goal, mark slam on brakes on the economy that is what they are doing. mark: absolutely what they are doing specifically, as we just saw from this data that is definitely what is
happening to the housing market as well. the building permits number being down 10% month-over-month to, cheryl's points, i mean that is exactly you know consistent with yesterday's home builder sentiment data i believe from 49 last month to worse now 46. showing that housing is unaffordable, definitely feeling the squeeze. maria: building permits down 10% stay with us we will be right back. . . the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.
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>> >> . maria: welcome back. building permits came in lower than expected lowest level in two years with a decline 10% on buildings permits this morning, after nahb homebuilders sentiment fell 9th straight month yesterday that was the lowest level since may of 2020. so adding to housing market slowdown mortgage rates top 6%
bringing down, related sectors like, homegoods trailers joining us to access where we are with former president of the kansas city federal reserve former president ceo are former fdic vice chairmen, distinguished senior fell thomas great to see you thanks very up of for being here. >> thanks for having me. interesting numbers this morning we had building permits down 10% but housing starts up 12% how do you read the housing market right now? >> well i think, i think the building perlts probably better indicator things are slowing as we all know mortgage rates are now getting above 6% going to slow it further so i would expect the housing market will continue if -- at least rather consistent slowdown through the rest of the year. >> so let me ask you, about what that looks like, because i know that nominal growth is
pretty strong right? why having strong nominal growth and what impacts nominal growth do you think to slow things down change that scenario in the '23. >> federal reserve kicking off two-day policy meeting today we are expecting 75 basis point hike look where short-term rates are hitting highest levels in multiyears 10 years on two year and 10-year. give your sense of nominal growth, how it plays out in the coming year. >> well, i think, with these rising interest rates going to rise further we know 75 that there will be this week most likely will be some others i think goal above 4% by the end of the year at least that is what the listening to members fomc would tell if you that is the case would you expect nominal growth to continue to decline remember september was
first month we had full quantitative tightening in place monetary policy like they say doesn't act with a lag we are just now getting into it, full steam i this i going to see real slowdown through the rest of this year as rates continue to rise, and as the economy 2350e8z the effects of that. maria: so tell me about potential for a profits recession you know we've talked about this in the past this morning got ford motor talking about billion dollars additional expenses because of impact of inflation, stephanie pomboy has been on this program you have spoken with her as well she has talked about a profits recession here is stephanie several months ago, in her expectations, watch. >> i do think that we will see profits recession in large part because of demand destruction on the part of consumers which is already making it harder for companies
to pass preciseing increases they are enduring we have seen plenty anecdotal evidence. >> what about that thoems what are your expectations for profits for the corporate sector with rates moving higher. >> i think she is right i think we're going to see consumer iis going to back away already seeing that remember real wages even though nominal wages are increasing real wages are still declining, with inflation as strong as it is economy he itself slows i think we will probably see the unemployment raise. i have noticed there is already pressure on the open market committee on jay powell do not go so fast, so we are going to see profit pressures going to see consumer feeling the effects of wage excuse me rate increases also i think as i keep saying we are only beginning to feel the effects of the quantitative tightening i think we will really squeeze some of the ability to make loans or get loans under a market so we have slowdown
ahead i still think there is a very high risk of a recession, around end of the year early next year, most likely. >> is it a so many out there with each more dire predictions than trabini said deep recession, what are your thoughts how possible the federal reserve was big 120 billion dollars in securities every single month in 2021 throughout 2022, until march when they started raising rates how do you buy all those securities and build up a balance sheet 9 trillion turn around raise rates in march? >> well, that is -- because realized finally they were behind the curve well behind the curve, i think it was, an
error they recognize it now that they were buying securities way beyond, when they should have i my march excuse me august of 2020 there was that evidence you at least should begin to slow your purchases, and yet they continued as if it with a crisis all the way through 2021, 2022, now i think, to your first part of your question, i think the fed as feels pressure as economy slows if i can understand where markets coming from because if you think about it, the fed has gone from tightening, to -- what i call -- in september 2019 began to reunion state quantitative easing for that now talking about tightening if you go backback people wonder where you really are it is going to take some time they have to stick to commitment to bring inflation down before markets
truly believe the pressure is just now starting, from the public and from congress, about the slowdown in the economy it is going to get worse i suspect. maria: can you mentioned august 2020 that is when steven mnuchin started he canceling programs he saw emergency was over. >> absolutely. >> thomas great to get your insight thank you very much in d.c. thank you, sir. we'll be right back. . then i got the dexcom g6. i just glance at my phone, and there's my glucose number. wow. my a1c has dropped over 2 points to 7.2. that's a huge victory.
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briefing pricing >> 6 i think we may see a world of more stripes that we have an mix congress that is similar sympathetic to unions i think part of the process they had a detail but going to get passed into prices everything, that is what happens when wages go up i think there is still a long way for wages to go up, but tight labor market. maria: that was former imf chief economist last week predicting more labor strikes on the way after biden administration said it struck a tentative deal between freight companies and unions to avoid a potential crippling strike on the economy joining
me right now ceo of it from a waves, the only freight focused organization that delivers a complete comprehensive view of confederate logistics market craig thanks very much for being here. >> maria thanks for having me. >> the rail workers are set to vote on tentative deal on thursday, if any 12 unions fail to rally what are you expecting. >> do i expect it to get passed a win for the union or labor, and if the consequences of it not being passed largely the pressure from federal government -- joe biden, if it didn't pet gaffed talking about catastrophic economic consequences, because things that railroads haul aren't largely finished goods but raw material energy food ag those products are seeing
significant inflation, but also critical to the livelihood of he everyone i think consequences of not passing are having a strike would be tremendous in terms of economic and inflation. maria: absolutely you can say if we have a strike of rail workers on top of everything else that is going on, you can bet we will get a recession sooner rather than later, and steep one, but i guess what i am wondering what are they going to agree to? they want a 14.1% raise in wages. if that flies why on the every other industry i go on strike why won't about the we see other unions say i want 15, a 14% raise as well doesn't that represent more stimulus, stimulus didn't stimulus take us to 40-year highs in inflation. >> sure causing inflation largely labor costs we have seen input costs with energy agricultural products cool off commodities are cooling off but labor rates continue to accelerate, i think one of the
good news about the railroads can ab social increases they are incredibly profitable more worrisome impact some less profitable parts of the economy trucking industries going to look at this, largely the labor movement is going empowered not so much about railroads specifically but worrisome about other industries, that look at this as a sign, that labor has an enormous amount of power and, unfortunately, because there aren't a lot of tenders for certain industries particularly ports we are sort of going to have to face reality labor has a lot more power today than in the past few decades. >> that is what administration has done giving the unions the pair, an exactly what you are saying, is taking place on a the west coast right now west coast labor talks stalled between maritime executives
unionized workers officials worried negotiations could take months to resolve causing even more supply chain disruptions, just last week seattle got workers prepared for possible picketing what is going on there? they say they want government to get more involved, in these port talks. but are we going to see same thing a 14% raise for rail workers why won't port workers want 14% wage increases? >> i mean if you are running a union out at the ports, if you are a member or a union executive, you are going to push for that. because it is now accepted that that is sort of the normal the problem we've got when you have industries like ports like railroads heavily concentrating companies with very specific infrastructure but effectively utilities, is when labor has the ability to sort of take down that
industry. not only potentially puts pressure on the companies, but more worrisome puts pressure on empire economy we've seen what happens when supply chain disruptions happen on west coast over the past year. it is a worrisome thing. maria: um-hmm for sure we will leave it there craig great to get your insights on all of that this certainly will have impact on economy we will be covering up until thursday when we get that rail worker vote thank you, sir. . >> thanks. >> we will see you soon housing did divergens sufrnd up expectedly building permits fell more than coupled all ahead of the fed meeting we talk about that when panel when we come right back you are watching "mornings with maria" live on fox business. ♪ ♪ and thanks to voya, i'm confident about my future.
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maria: building permits down 10% , hitting the lowest level in two years after the nahb, homebuilders sentiment index fell for the ninth month in a row lowest level since may of 2020 adding to the housing market slowdown as mortgage rates top 6% and bring down a host of other industries as well dagen your reaction to what we're seeing this morning? dagen: this is just the beginning of what we will see as a housing collapse in the coming months because the federal reserve, jay powell, is finally getting aggressive
and fighting the inflation that the central bank created. again, the federal reserve created another housing bubble. just a few short years after we had just recovered from the last one and one of the things that jay powell has woken up to i think watching the market as it rallied from mid-july to mid- august about the excitement of oh, the fed's going to start cutting interest rates in early next year. no, it's not, and again, the central bank needs to recognize the world's not going to end if they stop sucking up to speculators. maria: mark your thoughts? >> so i'm going to look at this from a silver lining standpoint and say while we are in what is likely a housing recession, this is probably a really good thing for those first-time homebuyers who over the last couple of years have made a dozen offers on various houses. their bids have been rejected because they were either not high enough, or they didn't
come to the table with an all- cash offer. those first time home buyers are finally going to get an opportunity to find a place to live. maria: well, we'll see. i mean, 6% is nothing to celebrate in this market for sure, but we'll be watching the impact of higher rates. 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.