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much right at the moment. not necessarily feeling it right now, but in the future, i have big plans. if interest rates go up on the home mortgages, i could be a little screwed there. i m in the corporate world. it s concerning. with the prices going up, we cannot afford sometimes what i you know. so it s hard for me. have to pinch here and there. still living our life. neil: the white house learning what americans knew all along. we re indeed in a recession. the economy pulling back as prices refuse to let up. stocks ignored this and moved up what is really up? we re going to talk to senior economic adviser, gene sperling in just a moment. this is neil cavuto and your world. first to edward lawrence at the white house on how all of this is being digested there. edward? the president confident that we re not in a recession. we re hearing it from everyone in the administration. don t look at the gdp numbers. look at job growth. in fact, the jobs that the a ....
Today. likely to have one of the most markets in a couple years. maybe the market is buying what gene sperling just said. what do you think? first, let me say for the record, it s a recession. i m telling you it s a recession. the first six months, statistics say so. on june 17, the ten-year yield topped. on june 17, the s&p hit its low. it s as simple as that. the market is following interest rates. in the first week of january yields bottomed and skyrocketed. that s when the market topped. so you get the opposite right now. that is the driving force behind it. the cost of capital coming down. the cost of mortgages coming down. hope it sticks. or else. that s what the you re seeing in markets. i know markets are better when i see bat news being bought, i see bad earnings being bought up. so i think we re i don t know if we re off to the races, but a ....
Something it hasn t done in the last receive several days. stay in the green and not sink by hundreds of points. you see it modestly skipping along. we ll watch it all and we ve got some expertise on the mezzanine with me today and that will help us really feel better. the dow dropped more than 650 points before closing yesterday, by the way. s&p hit its lowest level in more than a year and while the markets are down, gas prices are way up. the national average gas price hit an all-time high spiking 5 cents over the night to a whopping $4.37 per gallon. the average is $1.40 more than it was at the same time last year. for those who would blame the war in ukraine this started ....