Take it away. Ashley thank you, maria with. Good morning, everyone. Im Ashley Webster in today for Stuart Varney. President biden holding a prime time address to make the case for billions in aid to israel and ukraine. And while he didnt give a number, it is widely expected to be around 100 billion, maybe more. Some critics not happy that biden is using the war in israel to push for more aid to ukraine. Were going to get into that issue. Meantime, the situation in the middle east intensifying. Smoke rising from buildings in gaza saw as israels ground offensive could begin soon. Israel warning the conflict will be long and intense. Tar heinrich is the spokeswoman for Prime MinisterBenjamin Netanyahu. Meanwhile, more attacks on u. S. Troops in the mideast are ramping up, overnight two more were thwarted in iraq. Meanwhile, hamas is calling for another day of rage. Theyre encounselinging muslims a encouraging muslims to stage mass protests against israel. As for the markets, lets take a look at the futures. The markets selling off yesterday among all of this uncertain the city, and you can see the dow, the s p and the a nasdaq all moving slightly lower. Meanwhile, oil back over 90 a barrel, and that could be more of an issue if the unrest continues to escalate in the middle east. Lets take a look at the 10year treasury yield with. This has been the big story. It crossed 5 for the very first time late last night in aftermarket trading. Right now its at 4. 96 . Take a look at bitcoin, also rallying again. This time closing in on 30,000, up 900 at 29,566. And one last worry if you wanted one more, we still do not have a house speaker. It is friday, october the 20th, 2023. Varney company if is about to begin. Muck. Ashley lets get right to it. Smoke rising from the skies over gaza as israel prepares its ground offensive. Mike tobin live on the ground this morning in israel. Mike, good morning to you. Give us the latest. Reporter well, good morning, ashley. What the latest is, is the idf is showing us some of the weaponry they seized after the of course 7th attacks october 7th attacks. This is a hamas ie or d, a roadside bomb. This one is designed to be a shape charge, if you will. The top becomes molten metal at a pinpoint if with the design of penetrating armor, killing everyone inside of a tank. More ieds here, roadside bombs. These are simple mines. As you go in this direction, this is a launcher for a rocketpropelled grenade, and as you see here the store the, whats significant is hook at the color. The green ones are old soviet legacy. If you looked at these gray ones, these are made by north korea. Very significant in terms of where theyre getting their development. If you like across this cache of weapons, you can see a mortar tube, just one mortar bomb on the ground behind some debris there, those are made in iran in 2018. Speaking to the support that hamas is getting from iran. You see a lot of hand grenades, all this stuff is disarmed. This is the, the idf says its 1 of the weapons that they see. Most of the weapons, theyre destroying it, but these are some of the things that theyve put on display just to show the kind of weaponry that hamas fighters had access to and the kind of weaponry that they turned on the civil kwan population. Ashley . Civilian population. Ashley . Ashley mike tobin, fascinating stuff. Thank you for that, mike, appreciate it. By the way, i just want to mention this, you can join the Fox Corporation in supporting the Israel Emergency Fund in association with the united jewish with appeal. You can just scan the qr code you can see on the screen there, or you can donate at ujafedny. Org. All right, President Biden addressing the nation last night. He made the case for billions in aid for israel and ukraine. Take a listen. Were not withdrawing. I know these conflicts can seem far away. Its natural to ask why does this matter to america. Let me share with you why making sure israel and ukraine succeed is vital for Americas National security. You know, history has taught us that when terrorists dont pay a price for their terror, when dictators dont pay a price for their aggression with, they cause more chaos and death and more destruction. They keep going. And the cost and the threats to america expect world keep rising. And the world keep rising. Ashley well, okay. Mollie hemingway joins me now. Lots been said about this speech, some said it was a bit disjointed, all over the place. What was your takeaway from the speech last night . The speech was disjointed, it kind of meandered all over the place, but the bigger issue is that President Biden is trying to take a bunch of popular things like a desire to support having a southern border in the United States or a desire to support israel as it fights off hamas and putting it in with something thats actually not very popular in america which is an escalation in the war in ukraine. Most of the funding that he listedded in that speech would have gone to ukraine, and rather than having a vote on that which may or may not do particularly well in the senate or in the house, he wants to lump it together with popular things and have it be spent. St theres also the issue that hes calling for at least 100 billion in funding. Most of it going to ukraine. At a time when the country is facing some pretty Serious Problems with its economy and with its rising debt. Ashley yes. Youd like to see those issues kind of voted on pratt9ly. I think its 60 billion out of the 105 billion and just 14 billion actually goes to israel, some of that goes to taiwan and some to the southern border. So you think those should be split up. Not just in terms of what you vote on, but also in the argument. So right now you have biden and people who support his Foreign Policy saying that the war that israels engaged in against hamas is the same war as the proxy war against russia in ukraine. Theyre very different wars, and they have very different cases, and the American People view its ally, israel, very differently than they do the war between russia and ukraine. And he knows that, thats why hes radiotrying to muddle it. But trying to muddle it. At a time when money is not in abundance and when you pivot away what we saw in the war in russia recently, the war in ukraine was taking some of the resources that were in the middle east and putting them over in ukraine. That is turning out not to have been a very good idea as we see that the attention needs to be paid in the middle east. Ashley we hear you loud and clear. Im sorry its so short but, mollie, thank you. So much. Thank you, ash. Ashley i want to bring the discussion back at home. Thank you. Fed chair Jerome Powell sees a bumpy path forward as we head into the end of the year. Good morning, lauren simonetti. Does that mean more rate hikes . Lauren let me consult my crystal ball. [laughter] who know, ashley . The fed chair said it doesnt feel like policy is too tight right now so, yeah, he left the door open. I thought he sounded relatively optimistic about the economy. He said its doing a good job of handling tighter monetary policy. Let me show you how much weve tightened. This you go. Eleven rate hikes since march of last year, 550 basis points of tightening. But it seems like this recent runup in yields is doing some of the feds work for it, and thats why investors seem to lean into the fact that the fed is done with rate hikes. Futures are pricing in a less than 1 in 3 chance of another rate hike. So hes left his options on the table. Ashley he certainly did. Lauren, thank you very much. Lets take a looked at those futures again, down slightly after yesterdays selloff, down about, as you can see, a third of a percent for all the major indexes. Lets bring in Kenny Polcari on this friday. Kenny, great to see you. To laurens point, you know, fed chair powell pointed it out that these rising treasury yields kind of doing the job for them, right . It is. And i think were going to see more of that, right . I think, listen, on the one hand while i thought a couple weeks ago the fed should continue to raise, in fact, ive changed my mind partly because of Everything Else thats now going on in the world and the fact that rates have continued to move higher and will probably continue to do so. So that is doing some of the work for the fed, and i think pausing at the moment is probably the right thing to do. Ashley its interesting, isnt it, kenny, because you have to kind of give them some props, if you like, jay powell and the board, because they have raised rates 11 times. Theyre at over 5 , 5. 25, Something Like that, and yet the economy has been remarkably resill yen. He hasnt cratered the economy to try and bring down inflation. Well, he hasnt. He hasnt yet, right . I think you have to qualify it by saying yet because i do think now that rates, especially the 10year, that went over 5 late last night like you said, the 30year mortgage is going to go to 8 and probably even higher, and at that point its going to start to put more pressure on, you know, the consumer, the economy and Everything Else. Im not necessarily saying hes going to destroy it, but i do see the break is coming. It hat to be coming. Ashley i hear you. The markets tend to surge or pick up a bit going into year end, but with these really high treasury yields weve seen oil going up, and it could really skyrocket if things escalate in the middle east. How does that play to the stability of the market heading into years end . I think you have to be a little bit cautious, right . You have to be prepared for more volatility which i think were going to get. But i do think9 that the 10years going to settle right in here at 5 . I dont think its going to 5. A 5 or, god forbid, 6 . I dont think its going there yet. I think you have to look at some of the sectors that have gotten beaten up, the small cap names, looked at utilities, got beaten up. Financials, certainly, i think is a place you want to be. Energy, im going to stay with energy. Im not chasing tech at all up here because thats whey extended way extended, nor am i chasing the discretionary. You can always take your money at the moment if youre nervous and put it in government money market fun or u. S. Treasuries. Theyre going to get you 5, better than 5 at the moment. Ashley yeah. Its hard to turn down, isnt it, especially in this very uncertain environment. Yeah. Ashley Kenny Polcari, wonderful stuff. Have a great weekend, my friend. You as well. Ashley all right. Thank you, kenny. Coming up, President Biden says he will hold iran accountable. Listen to this. Iran is supporting russia in ukraine, and its supporting that hamas hamas and other terrorist groups in the region. And well continue to hold them accountable, i might add. Ashley so how should biden respond to iran . President ial candidate and former very p mike pence will be along here to take that on. Also theres this, wisconsin congressman tom tiffany introduced a pill to prevent palestinian migrants from coming to the u. S. Hes going to tell us how he plans to make that a happen next. Mug. vo Verizon Small Business days are back. From october 16th to the 22nd. Get a free tech check and special offers. Like a free 5g phone. Plus, switch, keep your number, and get up to 300 off. With verizon business. Its your business. Its your verizon. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. 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Biden going to lump in Border Security with this request . Reporter he is, ashley. And the president announcing last night the total price tag for this aid package will be 105 billion. The Associated Press reporting how this is all going to be divvied up. 60 billion for ukraine, 14 billion for israel, 10 billion in the humanitarian aid,ing 7 billion for taiwan and 14 billion for the border to also help fight fentanyl trafficking. But after seeing how terrorists rayed israels southern border and massacred entire families, lawmakers here on capitol hill worry we are not prepared to fight against Something Like that happening. The American People want to know what this administration if is doing to secure our nation. We have watched in horror what happened in israel, and americans that i represent and others across this nation are saying we dont want this to happen here, but we think it could. Over 100 terrorist watch list apprehensionings this year under joe biden. Reporter the House Judiciary Committee releasing a report earlier this month showing that dhs cannot keep track of all the migrant cans saying the illegal of millions of illegal immigrants, quote, dhs can locate only a fraction of them. The report also saying, quote, u. S. Border control does not always record migrant addresses and doesnt always validate addresses prior to migrant release into the u. S. And, of course, the big concern here is if you dont know where to find these migrants, we dont really know who they are. And if they are a threat, we dont know how to track them down to stop that threat. The other big point in this aid package is until the house has a speaker, they are not going to be able to pass this muchneeded aid for israel, for ukraine or for the border. Ashley . Ashley yeah, thats exactly right. Hillary, thank you very much. Wisconsin congressman tom tiffany joins me now. Congressman, you recently introduced a bill to prevent the flow of palestinians into the United States. How is that going to work . So we refer to it, ashley, as the gaza act. And what it does is it says anyone with a Palestinian Authority passport, they shall not be allowed in the United States. Think about it, ashley. Both jordan and egypt said its a red line, that they will not allow people from palestine or palestinians into their country. Why should we across an ocean do that when their neighbors wont . Ashley well, weve talked about the or porous southern border. How do we know that these individuals have not already crossed the border and are in the country now . Yeah, you made a really good point. I think in just the previous segment there when it was talked about the number of people in america that they cant find, theres only 1 of people that the Biden Administration has admitted that they know where theyre at. Ashley yeah. Its insane, it really is. I want to get on to this other big issue because all were talking about cant really happen until we get this situation sorted out in the house of representatives. The next vote on speaker is expected this morning after 11 00. It could go on through the weekend, it depends. You are supporting jim jordan, i understand. So my question to you is, does he have the votes needed, the 217 that he needs . Yeah, i dont know if he has the votes or not, but i think hes doing the right thing by calling a vote. And if you remember, Speaker Mccarthy went through 15 votes earlier this year. It may take multiple more votes to do it, but i think jim jordan is the right guy. Contrast his message this morning. If you watched his press conference with President Biden where President Biden couldnt even in a whole hearted fashion call out iran for what they are doing in the middle and in russia, whereas you get real clarity of message with jim jordan. You know, when he talks about lets fight, lets finish and lets keep the faith of the American People that the American Dream is still alive. It is a clear contrast, and thats