Bolling, your, your thoughts about that, but also where we stand as far as markets go.

Steve, uh, it, it's incredible the, the confluence of events.

We have a one-year memorial of Charlie Kirk's assassination, coupled with the, the RNC, first midterm RNC.

Trump's in Dall- was in Dallas, and then we have today 9/11.

You point out that there, these...

We... 19 terrorists flew, flew planes into the World Trade Center and, and into the Pentagon and, and probably the White House had they not taken them down.

Yeah, they're, they're- they've never been a friend of ours.

You gotta stop the Houthis from cutting us off." Uh, what, what's the price of oil right now, sir?

Bowling, your thoughts about that, but also where we stand as far as markets go.

Steve, it's incredible, the confluence of events.

We have a one-year memorial of Charlie Kirk's assassination, coupled with the RNC, first midterm RNC, Trump's in Dallas, and then we have today 9-11.

You point out that 19 terrorists flew planes into the World Trade Center and into the Pentagon, and probably in the White House had they not taken them down.

Yeah, they've never been a friend of ours.

You know, It's such an historic day.

I just, very quickly, I'm in Louisiana, Steve.

What's the price of oil right now, sir?

Eric Bolling, your thoughts.

Japan is an issue.

I mean, we kind of, you know, the carry trade, we played around with that about a month ago.

Look, listen, I get what Peter's saying, and I don't disagree anything about what Peter's saying, with the exception of, unfortunately, we're not in an oil price shock right now.

We're in a bump.

I mean, you want to talk about an oil price shock, we're still at $88 a barrel in West Texas Intermediate.

If there was any sort of legitimate disruption in Hormuz and or anything other major disruption, you'd see 120, 150.

Are you concerned about that as a bond trader?

Eric Bolling, your thoughts.

Japan is an issue.

I mean, we kind of, you know, the carry trade, we played around with that about a month ago.

Look, listen, I get what Peter's saying, and I don't disagree anything about what Peter's saying, with the exception of, unfortunately, we're not in an oil price shock right now.

We're in a bump.

I mean, you want to talk about an oil price shock, we're still at $88 a barrel in West Texas Intermediate.

If there was any sort of legitimate disruption in Hormuz and or anything other major disruption, you'd see 120, 150.

Are you concerned about that as a bond trader?

Yeah

... uh, I'm sor- El- Abdul Rahman Muhammad El-Sayed is hanging out with Hasan Piker.

He wants his audience, but this guy is, is, is dangerous to the world and the country.

So here's what I think.

I don't think this is about an economic system, Doc.

I believe this is about bringing the Muslim faith, or I wouldn't call it faith, Sharia, into our country.

They've been trying to do it every which way, every way they can.

Yeah

Short break.

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Did it work yesterday? He sig- what he's, he signaled to the bond market, to traders what, and did it work, sir?

Your thoughts

... you know, he, look, Be- what Bessent did was he, he d- he, uh, rattled the bond market a little bit.

He said, "You know, where he may step in and actually buy bonds instead of selling bonds to raise money, we may buy a few of these long-term bonds back," and, and everyone scratched their head and said, "Wait a minute, if they're gonna be a buyer, why am I trying to sell into this?" And so he reversed the, the, the interest rate market briefly and I, yesterday I was on, I said, "Look, the, he's, he's right in doing it, giving them a heads-up, but all you're really doing is giving the addict another shot of juice." Not methadone, not Narcan.

You're giving them more of the junk, more of the heroin, because f- free money is heroin to, to DC and we've, they've borrowed money for free, basically, essentially for free for 20 years.

Now they, they have to pay for it, and they're still borrowing it like it's free and, and rates are screaming.

And you have that coupled with, uh, you know, oil prices rising based on the economic D-Day.

We can get to that, Steve.

Did it work yesterday? He sig- what'd he s- he signaled to the bond market to traders what, and did it work, sir?

Walk us through what's going on and why we're glad [laughs] that Scott Bessent is Secretary of Treasury right now, sir.

He- Ju- Let me tell you, Scott Bessent has become the most important human being on the planet right now.

I mean, he's running so many things, and he's doing things the right way.

I think there was a, a, at the beginning of, of the term, maybe he knew things and wanted to do things, but he was doing things that he was told to do.

He's now been charged.

They finally realized that this guy knows how to work things, whether it's war in the Middle East or the economy or the bond market.

What happened yesterday, Steve, is, is mo- pretty momentous.

Eric Bolling, thoughts?

Walk us through what's going on and why we're glad [laughs] that Scott Bessent is Secretary of Treasury right now, sir.

He...

Ju- Let me tell you, Scott Bessent has become the most important human being on the planet right now.

I mean, he's running so many things, and he's doing things the right way.

I think there was a, a, at the beginning of, of the term, maybe he knew things and wanted to do things, but he was doing things that he was told to do.

He's now been charged.

They finally realized that this guy knows how to work things, whether it's war in the Middle East or the economy or the bond market.

Eric Bolling, thoughts.

Your assessment of Scott Bessent's star turn this morning on Squawk Box.

Wow.

I, you know, I'm gonna be honest with you, Steve, I di- I didn't know he had it in him.

Th- that was one of the most, um, wide-ranging, in-depth explanations of what, what the plan is and, and I became a big, big fan of S- of Scott Bessent at that moment.

He didn't say that they're bailing out the Japanese yen as an intervention as from, uh, the United States to protect our own interest rates and, and whatnot.

He said they're, they're a friend, they're one of our m- closest allies in the world, maybe the closest at this point, and he said their currency's undervalued to- on top of it.

When he said undervalued, it went from, "Okay, I'm really against interventions, but this kind of helps 'cause now you have, you have a currency that's undervalued, so we're gonna purchase an undervalued currency, which is, m- should be profitable." Currency swaps happen all the time, country to country.

What did you, uh, what did you like what he had to say? What did, what's your assessment what he said about the actual economy? 'Cause this is gonna drive a lot when it comes to election day, which is 90 and a wake-up away, sir.

Before, don't forget, he was the 19-year-old valedictorian at, at whatever, you know, Ivy League school he went to.

Brilliant guy.

S- uh, the son of two German doctors.

However, he's playing a game that has changed since the 1998 almost meltdown of the th- the global economy, uh, under Long-Term Capital Management, which almost took the whole world down.

The different game is now that these, these, these leverage instruments.

So when I was... '98, you couldn't buy something that would have four or five times the pop if you're right on the upside, because on four or five times the pop is also equal on the, on the downside.

What are your thoughts?

I hate this.

What happened, as you've been pointing out, what happened earlier in the w- really towards the end of last week that made this Jap- this intervention into the Japanese capital market so important, sir?

Yeah.

I was st- I was trading when, when Jim Rickards was, was making sure that our financial system didn't collapse in 1998.

I remember.

And it was, it was a, it was a process.

In '97 it started to fall.

We started hearing about it.

Continue on, sir.

So where are their heads at?

You know, I think they're ...

To be honest with you, Steve, we're, we're entrenched in the politics, and we have been for a while.

But, uh, there's pro- the number of people involved in, in the money markets and finance is taking care of their own nest egg, trading, trying to supplement their income, dwarfs the number of people who would tune into politics every day.

It's a massive group of people, and that massive group of people really moves markets, moves the economy.

And from financial people, finance people hate indecision.

They hate not understanding completely what the numbers are.

Tell people what shorts are and why those indicate-

President Trump put out a true social, go, "Yo, if you're gonna do that, I'm gonna pound Iran for every ship that you take out, and then I'm gonna come and pound you." This war is expanding, and it's expanding in its intensity around global shipping and the oil markets, sir.

You're 100% right.

Th- thank you, Stephen, brother from a different mother.

I'm in Vegas talking money, talking inflation.

Say exactly what happened.

The Houthis fired on two Saudi ships.

Now that is big, big news.

Are they not?

Your observations on that first before we get to – The inflation numbers, sir

So when, when it came out, and Steve, you're, to be honest with you, the w- first one who's told me about the 20%.

We happened to be going on that changeover on the 4:00 show, and I, I was like, "Wow, that's a, that's, that's big." And we did quick pencil to paper math, and it was $32 million per crude oil vessel that goes through.

Sometimes 80, 90, 100 crude oil vessels pass through that gulf in a day, and that number comes to m- you know, k- close to half a trillion dollars.

$32 million per vessel.

Later that evening, I saw at 6:30, uh, evening news, ABC pointed out $32 million a vessel, and I think maybe it got back to the White House that this is a huge number, and here's what happened.

Problem is, once that number was released, oil was trading around $69 a barrel.

C- can you talk to me about the inflation number, sir?

Why, why, why are numbers dropping?

This is great news.

This, this is a fantastic, y- you call it right, Steve.

A, a print, I would say 90, pr- may- 85, 90% of, of, of the downdraft in, in the inflation number, consumer price index, so it's c- to the consumer, it's a general number, is, is in the energy numbers.

Remember earli- uh, this is a monthly reading, so a month ago we were trading $110 a barrel, $105 a barrel.

We got very quickly from 105 down to under 70, and within a few days in fact when, when declared peace was happening.

And it stayed down to 65, 75 for most of the month, and only recently has it jumped back up over $80 a barrel, the last 48 hours or so.

Um, but how do we turn oil to a sh- real, a truly strategic asset here in the United States? How do we become the swing producer?

He's going to put the 20% on that too, correct? On all of it,

on all goods.

And maybe they do earmark just oil, because it's certainly easy to recognize an oil tanker because they're different ships.

They sit very low into the water, right off the top of the water, because there's not 2 million actual metal barrels on a ship.

Those are big containers filled with the equivalent of 2 million barrels, by the way, 42-gallon barrels in oil, not a 55-barrel drum like you see on the street.

But Steve, talk about 20%, a little spiff.

You know, the War Room has a massive following.

But how do we turn oil to a truly strategic asset here in the United States? How do we become the swing producer?

Yeah

... they're, they're powered solar.

Some of them are, some of them aren't.

But there's a literally a, a, a, a n- web of 90,000 plus cameras, and what they're doing is picking up license plates.

They're reading license plates for everyone, not just people, people maybe il- ...

Like ICE uses them to find the illegals, et cetera.

Police, uh, law enforcement uses them for criminals.

Yeah

... gonna be irrelevant

... see, that was the essence of what I took from the article.

It was a r- r- great, great article.

It was...

It gave you plenty of time to answer.

I loved what you said.

They said, "Oh, is this a respo- is this massive socialist left, far left progressive wing sprouting up because of an anti-Trump, uh, v- vision?" And you said, "No, they're not even mentioning Trump." They're winning by almost like the Tea Party did.

And it's gonna play, it's gonna play, uh, uh, Eric, in this midterm big league, sir.

Why is that such a big number? Why is the Fed focused on it and excludes, I don't know, f- food and, [laughs] and energy? Why is that, and why is this such an important number?

Well, first it's an insane number.

It's, it's the one that the Fed uses as w- probably their main judge.

PCE plus the, you know, pri- the PPI or the price, uh, producer price index.

Those, those are the two that they would normally look at.

But PCE is important because it's really everything we do, everything we buy, every service we do.

It, it encompasses everything, and it's important that it's 4.2%.

Isn't the way you do that is let these guys start, uh, let them start coming off the, the sanctions? I don't agree with it, but isn't one of the logics is let them come off the sanctions and get more of the, uh, 40 and $50, $60 oil out there?

Why is that such a big number? Why is the Fed focused on it and excludes, I don't know, food and energy? Why is that and why is this such an important number?

Well, it's an insane number.

It's the one that Fed uses as probably the main judge.

PCE plus the PPI or the producer price index.

Those are the two that they would normally look at.

But PCE is important because it's really everything we do, everything we buy, every service we do.

It encompasses everything.

Isn't the way you do that is let these guys start and let them start coming off the sanctions? I don't agree with it, but isn't one of the logics is let them come off the sanctions and get more of the 40 and 50 dollar, 60 dollar oil out there?

Oil, what's happening in markets, and then we'll get into the, uh, IPO.

So oil, um, about flat right now.

S- hovering around 74, $75 a barrel.

Not really moving.

A lot of the traders are waiting to see...

You know, you have a situation where President Trump came out yesterday and said 19 million barrels flu- uh, transited the Gulf I guess two days ago.

That's pretty much unconfirmed.

Who g- who makes the return trip empty to s- fill up again? It, that's the gonna be the, where the mo- rubber meets the road.

That's going to be where the rubber meets the road?

Yeah, it was 800% normal.

Most of the time throughout the whole conflict, it dropped to 150% the day President Trump announced that it's all clear in the Strait of Hormuz.

It's back up to about 390% of normal.

So the worst premiums and the insurance premiums are still substantially higher.

It doesn't mean it's not going to go away.

It doesn't mean that oil won't eventually come out of the Strait.

Tell our audience that are civilians in this area what that means and why that is such an extraordinary event when it happens.

Go ahead

... $300 billion payoff to the Iranian people to rebuild their country.

For what? We're lifting the sanctions on Iranian oil that were in place prior to this.

For what? They're gonna be made whole and then some.

Israel's gonna be, be very fearful of Iran going forward.

The Middle East will be very fearful of, uh, of Iran going forward, and America should be as well, 'cause we didn't eliminate their ability to build another nuclear weapon.

They say we're gonna trust them, uh, that they're gonna downscale their uri- uri- enriched uranium, but they've never been trustworthy in the past.

Are we gonna be sitting through a whole bunch more impeachment trials again and stuff? Is that coming our way?

You wanna come off the chain, go off the chain

...

this is, this is a gift to, uh, this is Trump protecting Israel.

Are you kidding me? Israel's more afraid of this deal than mo- than before.

They were worried Iran-

Yep.

Can you zoom in? Take me full.

You can zoom in on that.