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interest rates that we ve seen, the rate hikes we have seen have done the trick to ease that. so why did stocks soar when all was said and done? a lot of technical definitions being given here. let s put it this way. people were in a buying mood. welcome. i m neil cavuto. this is your world. what in the world to make of inflation that remaining pretty much out of control, but buyers that seem to find a certain resolve. based not so much on what they see there but an economy that they re convinced has seen its worst. has it? is it? we ll explore that beginning with connell mcshane taking a look at the events that prompting the buying wave and the reaction from washington as well. connell? it was a wild day. consumer inflation at a 40-year high. 40-year high. still as you say, the stock market came storming back from the early losses. now we re seeing speculation when you talk to investors that maybe, just maybe, the market has reached a bottom. we ll get to that. let ....
madison alworth on what folks on main street are saying and a senate minority whip john thune on the timing moments before people start voting. welcome. i m neil cavuto. this is your world. let s go to hillary vaughn on the fall-out from the white house. hillary? hi, neil. president biden is using taxpayer money to pay off 20 million americans college debt completely by offering $10,000 off of what students owe that are making $125,000 less that year, up to $25,000 for people with pell grants. the president says he has a way to pay for it. remember the $300 billion in the inflation reduction act that was supposed to reduce inflation by paying down the debt? biden says it s helping pay for this. how do we pay for it? we pay for it by what we ve done. the single largest deficit reduction in a single year in the history of america. the inflation reduction act will cut it by another $300 billion over the next decade. biden is extending the pause on student loan paym ....
rating. i can tell you, royalty or not, you would pain for such numbers. the queen won t be attending a service of thanksgiving amid some discomfort we re told during this platinum jubilee. it will not get in the way of what they re saying will be a number of events prescheduled and will go into the evening, including this beacon, series of beacons being lit throughout the day and the evening. it s about 9:00, 10:00 p.m. there, i should say. we ll be monitoring this. martha maccallum will be joining us to give us a sense of the flavor of this and what is in store the next few days. in the meantime, developments close to home look a little bit diceyer and murkier. the back and forth of the administration and how to address inflation that is running amuck. gas prices hit another record high. talk that there could be a shakeup within the administration. they re officially denying it, but we re watching it nevertheless amid over who is responsible for the inflation run up t ....
People is go ahead, take out loops, don t worry about it. we ll write it off when the time comes. again, that may make a few people happy in the near term but this will have long-term consequences that are very i would say devastating to the whole principle and ethic that undergirds the american experiment. in the near term, it will have a negative economic consequence as well. it will add to the cost of tuition to go to college in this country. neil: we heard of a number of former clinton administration officials and obama administration saying the same. senator, if i could switch gears a little bit. not too long ago, mitch mcconnell had bemoaned election pros respects for republicans in the senate, that they might win the house. the senate will be diceyer. he talked about the quality of the candidates. i m wondering if he was making a reference to some of the trump-backed candidates who some in your party are concerned ....
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