Cavuto Cuts Off Biden’s ‘Inflation Reduction Act’ Party for ‘Dose of Reality’: Look at ‘Tanking’ Stocks

Fox News host Neil Cavuto pulled away from President Joe Biden’s Inflation Reduction Act celebration to point out the stock market was “tanking” Tuesday.

Biden held an event at the White House to celebrate the passage of the bill, which has yet to temper record prices on essential goods.

August’s Consumer price index report dropped Monday morning, and sparked a selloff that saw the Dow, the S&P 500 and Nasdaq each down. The Dow and S&P 500 closed down around four percent, while the Nasdaq dropped more than five points.

The CPI report showed prices rose in August 8.3 percent compared to last year – a four-decade high. The report stunned many economists, many of whom predicted inflation would cool, considering gas prices have trended downward.

Nonetheless, Biden celebrated the passage of an act to cool high prices through long-term investments in green energy. James Taylor opened the party with live music, and Biden eventually spoke of the passage of his bill.

Your World opened and cut Biden’s remarks off with a Fox News alert.

“All right, I do not want to be a party crasher, but we interrupt this celebration for a hard, cold dose of reality,” he said. “Stocks tanking because inflation is accelerating. The very inflation that the president said he’s made great progress addressing. ”

Cavuto said Biden was “heralding” the Inflation Reduction Act as a “boon for the economy,” but added the reality is prices are still out of control, and it is affecting the markets.

“Fox on top of a sell-off the likes of which we have not seen in quite some time,” he said. “In percentage terms, the roughly 4% of the Dow is the worst we’ve seen in two years. All hit hard because inflation remains stuck and no one can get it under control.”

Watch above, via Fox News.