against biden for the pro-lifers like me need apieced, not federal government decision, i have said for awhile when you look at abortion as an issue trump's position has been very moderate, right? and i think politically, it was a great move for him to essentially say hey, this is a hot potato i am kick it back to the states not touching it let them figure it out that is going to be law of the land as in the law of the state. for those specific states i think the right way to do it. >> leave it to trump take on this issue straightaway, have an answer for it, because you are right republicans have -- >> this issue, check this out trump greeting supporters yesterday at a chick-fil-a after atlanta fund-raiser watch how he interacts with american people.

>> -- last, 30 milkshakes, also -- >> take -- >> isn't it good? >> what media tells you -- >> okay -- >> let me give you a -- >> cheering. >> -- get rid of biden, yeah. >> bye-bye abouted, president biden claims is in another century during speech yesterday in arizona. >> on issue of abortion -- what do you say to people arizona right now -- >> elect me i am in 20th century 21 century not back then.

>> 20th century 21st century. mark: gets worse every day like train wreck you know, but you look at president trump, offering a hug buying everyone milkshakes to 2020 contrast with biden looked at student one of his rallies will called her a lying dog-faced pony do you remember that? >> if you don't elect me you ain't black. >> he offends people time and too many and too many again, like look. i understand a lot of people were disturbed by president trump's maintain tweets get over it you want a good leader running the country he genuinely wants what is best for this country why wouldn't you want somebody like that leading? >> tweets, or you want communist china rolling over america? >> being a little bit more -- >> they are better. >> better when in office tell

a two of presidents contrast could not be more stark nypd officers, trump was there, talking to family, yet biden, at a fund-raiser remember both went to border dumping trump's shows he biden led you you shuffling around contrast was here in atlanta what was biden alist dinner d.c. trump among the people all you need to know. >> that is what they are afraid of democrats what we saw in video where you have got trump in the middle of a few african american women one saying bye-bye biden. >> he is -- is sticking up for them. >> gaining a lot of ground with black voters, minority voters and young voters under 30 so he is doing a great job because you look at these different demographic groups realizing they are not better off under biden they may have thought they would be but trr

now coming toting realization worst off. >> are you better off today than four years ago going into election if you are illegal immigrant if you are an illegal migrant you are definitely best off today than four years ago if you are american citizen not so much. >> exactly. >> that is a bottom line. >>, bad all about policy. mark: yeah. we american citizens we american taxpayers we get to foot the bill for tone million migrants in a much better position today than they were four years ago, all while 24 administration when they do broach the subject going to blame it on root cause climate changed in venezuela? we know that is not causing this you literally signed 90 or so o executive orders the first 100 days, opening border back up, give a prepaid credit cards, astounding we are getting started this hour quick break a blow to mike

johnson's agenda yesterday as house rejected renewal to fisa my next guess invited merrick garland christopher wray to testify on fisa abuse in front of his committee the house judiciary committee chairman ohio congressman jim jordan is here don't miss it. he is mexico. you are watching "mornings with maria" live on fox business. ♪ ♪ . ♪

maria: we're going to find a way to -- i think possible. >> -- yes. >> -- abuses of the fbiing

terrible abuses over and over and over, the confidential briefing from sort of the other expert on that understand the necessity of section 702 applies national security gefz perspective. >> house speaker mike johnson saying lawmakers will keep working to renew section 702, of the controversial government surveillance program fisa 19 republicans voted to politic the measure yesterday, ahead of the vote former president trump wrote on truth social, quote kill fiez avenue it was illegally used against me many others spied on my campaign former trump official carter page george papadopoulos told me federal authorities supplied on them illegally. >> were you -- you had no idea that you actually you will were being surveilled. >> conversations with him intensified, right the month before my -- uh he fisa

warrant defamatory argues placed by dyth the judge approved my final fiez avenue warrant in union 2017 illegally, breaking into my residences taking unauthorized photos of my personal belongings the very same time also paying this guy involved nut russia hoax, start to russia hoax -- >> i had nothing to do with russia's infants telling me i thought treason, myself the campaign had nothing to do with whatever these people mentioned. maria: destroyed evidence did not present to fisa court. >> absolutely koushg cherry-picking strange information. >> just stunning ohio congressman house jae chairman jim jordan thanks very much for being here you lived it saw two truz with carter page, george papadopoulos you lived it watched them trying on those two individuals

illegally. >> yep. exactly. and two parts fisa law get a warrant surveil people what happened in those situations, all the evidence wasn't presented to the court court didn't know what was going on kevin incline the lawyer for department of justice lied to the court in order to do what they did to president trump to the people involved with his campaign, so there are reforms in the bill that help address that situation, the other section is the one up for reauthorization, so-called 7802 program this -- 702 program search giant database haystack of information search americans don't even get a warrants they just go rummaging through there using americans' names phone number email address to get information on what you we're saying for that program, if you are going to look up u.s. persons, go get a warrants the way our system works is you got to go to a separate, equal branch of government get a project cause wafrnt if you are going to looking through

people's stuff. that is -- that is served us well we think should apply to this program as well that is the hang-up on the legislation, we're going to keep pushing to get that requirement for 702 program as part of renewal. of course abuse if you don't have the warrant right in, by the way, are you going to be able to have a change in the behavior of the fbi with the same players at this wheel we've seen over and gaffer first russia collusion lie made up by hillary clinton where fbi andy drove it through the government it went viral across the world completely made up, they abused fisa spied on people same cast of characters telling us hunter biden's laptop is russian disinformation so do you really expect a change with the same group in charge at the fbi? >> well, certainly going to make a we certainly need president trump in the white house with new attorney general new fbi director i am all for that going to do everything to help president trump win i think going to up

in all key swing states around the country. this is one of the reasons because american people have seen agencies turned on american people, supposed to serve us yet weaponized against us yeah. we got to have a new president, that is what we i think going to happen this fall a, but we meantime this is up for reauthorization let's get that warrant requirement on there by the way, "the washington post" reported last may, that the fbi didn't even follow their own rules when kweshying dab 278,000 times they queried this databases didn't search this database didn't follow their own rules putting more regulations on fbi on how they search 702 database is not enough you have to go to separate, equal branch of government you have to go to about judicial branch get warrant to do so we even provide exceptions we say if it is an emergency situation, imminent threat to safety of the country you can do the search, but short of that get a warrant that is how our

constitutional works. maria: i know that some players are out of the fbi like peter strzok james comey you still got same group in there including christopher wray mr. chairman you invited wray and merrick garland to testify before your committee this consumer have you heard back the department of justice refusing to hand over audio of former robert hur's interview with president biden have you harvard back. >> the fbi director the attorney general make capitol hill we expect them sometime this summer trialing to pin down a date to get that scheduled robert hur we want audiotapes of the interview never forget packs hur and report said joe biden knowingly been in government 50 years knowingly "catch and release" release kwlafd information hur established why joe biden did that page 231 joe biden had stronging

motivations to ignore classifieds procedures because he was writing a book for which he got paid 8 million dollars in vans motive is there will million dollars, the factionr there the elements of the crime there he knew what the law was, he kept the information and disenclosed information so if he met elements of the crime was established a motive why wasn't he charging because robert hur said he was a forget full old man i think country has a right to know what did he base that on part was this interview he wood we would like audiotape important for congress to do our duty, oversight, more important american people as we get ready to decide who is commander in chief, have a right to know and see what was in that audiotape. >> teen stonewalling you are you going to be successful? why expect anything more than more stonewalling. >> we've got transcript the ones told us they you'd audiotape going to keep pushing expect to get that investigation is over part of

you are in investigation, let us have audiotape let american people hear audiotape we think important again as i said west virginia this critical election in six 1/2 months, public is watching this unfold now justice department reportedly finding inskintsdz in fani will federal grant money, the office attempting to misuse 488,000 dollars a federal grant she wands to pay for computers, travel, yoen if challenging with boy of boyfriend the doj told washington beacon, plagued with reporting skreksz. >> embodied blessing whistleblowers came forward we talked with whistleblower given information to us now department of justice looking into this, all kinds of problems with fani willis in ridiculed -- investigation she run on president trump others in the charges she brought

forward you got hole thing nathan wade taish money to nathan wade traveling to meet with doj white house january 6 committee in effort to go after president trump now we have this looks like, misspending federal grant dollars god bless whistleblower came forward let us understand, what is going on here. maria: you had whistleblowers obvious for impeachment inquiry as part of your investigation into biden family influence peddling where does impeachment inquiry of president biden stand mr. chairman. >> going to continue to do our work talked about hur we want that information two, two doj lawyers to interview had togoing to court looks like get to finally interview those part hunter biden investigation no time limit on that in constitutions we are going to do that i think case compelling i said for a year but in the end decision by republican conference members of united states congress when we move forward with articles

of impeachment we are going to complete work steadily move lu that a few more things we feed to do make sure those get done. maria: in the middle of more drama from majorie taylor greene, look. i understand her upset about the failure to secure the border. people want to see change at that border, but to constantly bring up more drama to take down speakers now wants to take down speaker johnson, where does this stand how are you going to operate and have you know order, when you're hanging on by a thread in terms of the jo irt? what the heck is when mike gallagher he left leaving in you a position that you can't even fill the seat can't have a special election people of wisconsin are screwed. >> i do not to understand there a decision by congressman gallagher, to the first point, i think -- i think you are right maria i don't know that it makes sense to have a third speaker in the same congress let's, let's focus on this election that is coming up with where i think president trump is going to

win i think we will take back united states senate i think going to keep house then let's get on with doing the business securing the border, helping families lowering taxes, lowering the cost of energy doing things that matter for families making sure the government hasn't been turned on weaponized begins them, against them we need to focus on most important election. >> will you ever be able to secure the border or need a new president in place? >> i think i mean going to do everything we can i think we missed an opportunity when we should have attached language three weeks ago said no new money can be used to process or release migrants into country should have called time-out said you can't use money to bring more individuals in the country unfortunately, that didn't get done we got to do everything we can, but largely ging the depend on ho wins this fall the president trump in the white house we get border secured again we will watch your work we so appreciate your time jim jordan in d.c.

breaking news moments ago european central bank leaving interest rates unchanged as expected to look at markets in europe down cross dax in germany down 120, two-thirds for a% coming up, hands-on deck for march producer price index in 10 minutes' time bear traps report founder larry mcdonald with expectations on the other side of this break you are watching "mornings with maria" live on stay with us. . ♪ ♪ . sweet caroline, ♪ ♪

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maria: welcome back, take a look at futures, selling pressure into ppi lows of the morning dow industrials right now down 178 one half 1% extending 400 point sell-off yesterday nasdaq down 7 s&p lower by 26, take a look at interest rates 10-year yield around 4.57%, right there near 4.6% right now that is up 3 1/4 basis points all after hotter-than-expected price yesterday, the futures market pricing in a 17% chance of

interest rate cut, couple weeks ago was 50%, the march producer price index is out five minutes' time economists expecting gain 3/10 of a percent month-over-month gain 2 and a quarter percent year-over-year bear traps report founder "new york times" best-selling author, best seller how to listen when markets speak larry mcdonald back great to see you thank you so much for being here give your reaction to the cpi your expectations for the ppi today. >> well, i mean think about gasoline up 40%, since december okay? diesel fuel drone priekz multipolar world in russia increasing all kinds of oil prices around the world, translated higher oil prices here that is going to also bring ppi today we've had,

ppi, so at the end of the day, the media, you know very well, they've been gaslighting the public on inflation for over couple years now we had instance in '21 gaslighting inflation is much higher threat to biden presidents that have been elections than km people have been telling us. >> how do you want to invest around what could be another hot number here that consumer price index showed rising third straight month above expectations president biden claims progress on inflation also predicting when we get a rate cut, watch this. >> well do i stand by my prediction before there is -- a rate cut my delay a month or so not sure we have demographical reduced inflation from 9% close to 3% in a situation where, better situated than when we took off, where we inflation was

skyrocketing, we have plan to deal with it. >> you know, larry i am not sure how joe biden nose exactly a rate cut said may be delayed a month did he speak with jay powell? anybody else, if trump said that, he would be attacked for trying to sway fed in a certain way, i spoke with james grant yesterday jim grant basically said sure fed is political they are going to do what democrats want. >> i believe the fed itself regardless of potential second term for donald trump is a clear and present danger to our country. >> is politically very much aligned with democratic party i think the fed would you tell us even perhaps revising it is doing something, in the way of a political move would be inclined to read the numbers, and in an interest rate

reduction positive way in back of mind threat of another trump presidency. >> there you go, larry do you think the fed gets political cuts rates this year before the election? >> well, most likely, um, think about the bank system, so something very unusual happened yesterday. exxonmobil history all-time high on the same day the bank index is 33% drawdown. i mean, you've got to go back historically that is a very i mean go back to lehman, very, very interesting times, so, at the end of the day, if inflation spikes upside multipolar world some believe higher oil prices rates, understands banks could give fed some energy to track but at the end of the day you make a great point in 2018 whenever trump mentioned -- fed, there

was an outcry, i mean, yes for love of god, forget trump -- president is the same regardless of party and nobody saying anything about what biden tried to do here. maria: do you want to sell stocks at this point still larry? i know you've been real negative in terms of where this goes, because of -- the euphoria around certain groups but the dow is down 180 on top of the 400 point sell-off as investors fiving out not getting all that soon, maybe not june, what do you want to do in terms of allocating capital. the beast sided the market going to push fed push fed push fed to rate cuts now like you said, taken off the table in futures market, that has gone got a lot of investors uncomfortable last couple months trillion dollars moved

out of say growth in tech into metals materials, energy oil, gas uranium a rotation going on yeah, next couple weeks we have a tax problem -- tax day we predicted liquidity hit 10 days. maria: great point on tax day let me get to cheryl. cheryl: so let's start with month-over-month headline number march ppi estimate jump .3% came if with a jfrp jump .2% lighter than expected year-over-year expecting jfrp 2.2% came in jump 1% that is 2.1% excuse me 2.1%, and that excuse me correct that headline 2.1% expectation was 2.2%, this is smich stronger than read from last month 1.6%

i'm sorry the headline year-over-year 2.1% apologies, now for the core month-over-month, we got in line with estimates jumper .2 look at core year-over-year came in, that came in at 2.4% hotter-than-expected, again let me clear apologies for one mistake .2% is lighter than expected month-over-month hl number, came 2.1% year-over-year estimate 2.2 stronger than last month i want to be clear jumping on headline number month-to-month, the core ppi month-to-month in line .2, 2.4 on year-over-year core, that is hotter than expected 37 that is is again want to be clear hotter than last month that so the ppi number in line

with cpi, yesterday. let me go through give you really quick what government said kind of pushed numbers hotter i have a feeling your guest mentioning the energy story looks like again, there was a big rise in services we've seen services inflation still does apply to this report like cpi, again, really is again that -- the energy story transportation, warehousing advantages in those categories as well as again going back to major factor, the price the energy story is services, you also saw interesting here, talking about, investment advice securities brokerage related service, services pieces of inflation report we talked about a lot before, but, again, we did see a little bit of a slight decrease on gasoline component again overall, this is more services

story from what i am reading going to dig into it toss back to you a hotter-than-expected report again services story versus that good story but let me dig in numbers. maria: thanks very much cheryl bottom line ppi came in up 2.1%, better than expectation, 2.2%, core was up 2/10 better than expectations we are with larry mcdonald your reaction to these numbers? >> well, the program off headline the headline read both ways definitely short covering rallied, so that is near-term i think will probably for the day remember, the lehman response, you know think about lehman brothers

money tarry, austere regime the response to covid banking crisis sell-off, signature, 16 trillion dollars, 16 trillion-dollar fiscal monetary response, ahead of election so no question, i mean so basic here they are trying to warm this economy keep unemployment down into election get through election try to influence the best way they can most white houses do o hotter inflation. so no question an inflation bounce here next couple, last -- >> as we watch markets come off the lows, the nasdaq now positive dow industrials down 27, well off the lows of the morning, the nasdaq up 27.

s&p 500 down 3 points joining me right now former with white house counsel economic advisor acting chairman thomas philipson, congressman dan meuser from pennsylvania, mark tepper cheryl casone thanks all-hands-on-deck your reaction, to the ppi this morning. >> well, i mean the thing with ppi lately compared to cpi usually a leading indicator of the cpi because companies see this -- prices rising before xherdz decoupled, ppi has been coming down, in '23 the reason decoupled driven bying housing, mostly owner occupied no production in there like in prices of ppi essentially, right? the concerning fact now is that ppi is ticking up again,

last couple months, in february, now cooler, but does start -- continuing, then we are going to think more of a leading indicator i think because, really the breakdown between ppi down below target, cpi coming in hot lately is housing market. >> great analysis, there, i want to find out why in fact we continue to see elevated inflation congressman dan let me ask you about this you know president biden is takinging the credit for getting inflation down from highs 9.1% but in fact federal reserve has raised interest rates to rein in inflation, and, you know, all of this spending that the president wants to continue doing has been, a problem. it has been a problem for the fed trying to rein in inflation but facing tsunami of spending you know exactly what i am talking about inflation reduction act fiscal

responsibility act chips act too many dollars chasing too few goods is it not. >> absolutely maria. this administration went off to a bad start with rescue plan trillions of dollars then kept on going. the level of spending has been over seven trillion dollars since biden has gotten into office increasing money supply by 40, 45%. so clearly that is the leading reason, for inflation. but as well complete assault on american energy, continues, even just yesterday, we with sec were having a climate rule this climate rule of the sec, is really focused on energy, on food. gasoline groceries two leading -- products that are causing inflation and driving deportable incomes down doing everything wrong, they are implementing taxes, continuing

spending, they are assault on energy assault on banks, and over regulation no course correction taking place but you are rut the fed has the fed went into qt, relieved the -- portfolio 1.4 trillion dollars, over the last year, so in a way report is good but inflation is still high. maria: mark jump in here because underlying factor just congressman brought up, the climate change agenda out of this administration, has actually created a supply/demand dynamics pushed oil prices higher larry said oil up 40% since december? >> gasoline, in futures gasoline up 40% -- oil up a lot -- >> mark. mark: i got to tell you inflation is accelerating i don't carry ppi cpi the reading from last month to

this month getting worse, now, the numbers would be even worse if diesel prices dblt slightly come down in march starting to go back up diesel prices i think up around 50% since president biden stepped into office. when you are dealing with diesel prices up that high that is felt through every single component of the economy. the food that you eat you know, that you buy from grocery store, to eating out at restaurant going to a baseball game you feel that, everywhere, inflation is certainly an issue maria we talked about this before with regards to where wti trading right now 85, 86 dollars a barrel once up to around 90 dollars a barrel that is where it starts to hurt consumers discretionary purchases bye-bye allocate towards samels we are not that far from that point. maria: great point, what do

you want to do then in that environment tomas do you think the stays vaitdz the way looking at 85, 76? >> the key i have argued a long time, the biden administration is really a shadow member essentially of opec at this point because cartel the best thing you can do at cartel member is commit to not produce not cheat on cartel that is exactly what biden administration is doings with legislation, and regulation, and there is no wonder the comments about xorn having high profits that is exactly the implication of cutting production essentially in a cartel i long argued basically, the biden administration is a better cartel member than many opec countries. >> not just energy we know tomas food elevated, food prices the continued to be a problem, look at some numbers that we're looking at, i mean

in addition to food frozen juices drinks up 27% motor vehicle insurance up 22% household items up 14%, care of elderly at home up 14%, why is it that tomas we continue to see struggling to get inflation down? >> clearly a monetary phenomena thought just kill the economy with -- kill inflation, look at 2022 massive inflation. and very moderated growth 2023 massive deflation, pretty robust growth right? so it is clearly a phenomena where increase of money supply monetized large debt coming out of covid the reason for this essentially if you look at numbers mentioned in materials of a percent increases there is a peanuts compared to the credit the price of credit from 3% mortgage to 6% or more one

hundred percent increase in monthly payment one hundred percent increase in have price of credit, so price of credits is where people really stunning by this. >> we are worried about small caps banks because of cost of credit cheryl. cheryl: there is a few things again i mentioned services piece of story a little bit of a decrease in jet fuel in in report. .z slight decrease in gasoline story mark made perfect point on that, that that is going to come back, for the april report no way -- seeing price of oil jump as well, fed funds futures i disagree with market reaction i i don't think i think a knee-jerk jump on futures, to the plus side especially nasdaq because, obviously,, if you look at fed funds futures right now looks like september, at best. little bit of increase, for

those betting on july, we know this is pie-in-the-sky kind of that is what i think you are seeing in futures market right now i think this is going to wear off during trading day we may have a chance to react especially after what we saw yesterday the other thing i will say here are is that, you know, the story for president biden, you know overall inflation picture right now, we are at 19%, since he took office. cpi right there was recent "the wall street journal" poll seven swing states voters there, 74% voters in seven swing states said inflation was going the wrongs direction. so we can the market react like they want today, but i think there is two sides to this story. maria: yeah, president trump called itz said look inflation is going to get worse because of bad policy i spoke with him in february. he it was in february he told me watch inflation it is going back up oil is going back up

because of this administration's policies watch this. >> jay powell the fed chairman is talking about a so after landing, do you believe we will see a soft landing. >> i think he is going to do something to probably help democrats i think if he lowers interest rates, butz you have possible having massive inflation again, because the middle east could drive up priets of energy he is not going to be able to do anything looks to me like trying to lower interest rates for the sake of maybe getting people elected i don't know. >> you think political going to cut rates. >> i do i think he is political yeah. >> would you repoint jay powell. >> no, i wouldn't do that. >> you wouldn't reappoint him. >> no. >> because he missed inflation. he did miss he did miss no, i wouldn't be -- >> congressman your reaction, maybe that is why people that i jay powell is going to get political, because of -- trump just said it that he is align with democrats. doesn't want to see trump

return to white house not getting reappointed. >> president trump called it right biden's energy policy is backwards if you will let's face it when biden took office, he alluded to ideas that inflation was 9% they brought it down it was less than 2% when they took office they drove it to nine it is where it is everything else president trump sees this, the assault on banks jamie dimon saying i have analysts they have thurdz they categorically disagree with direction how to drive our economy there is no pro-growth initiatives from this administration. supply-side of course is thrown out the window there is no there is no tax energizing no -- no fiscal responsibility, i mean a huge amount of continued spending as we see, our states are flush, pennsylvania maryland got five, six billion dollars

in -- in rainy day funds that trying to spend, the other thing is this maria. you know when trump was president, savings for typically american family frp little at the highest point in 60 years credit at lowest, today, completely reversed. credit at the highest, savings of american families at lowest, that says a lot. maria: once again goes back to policy, you mentioned jamie dimon, chairman ceo of jpmorgan reiterated what he told me in january, that all of the spending from inflation reduction act to fiscal responsibility act to forgiveness student student debt reason inflation is elevated. >> where does fed fit in jamie pretty much priced in 3 rate cuts this year possibly two or three rate cuts in 2025 do you agree. >> i am a skeptic i look at a lot of things forget economic

modeled for a second two trillion dollars fiscal deficit infrastructure, green economy, the remilitarization of the world have restructuring of trade all inflationary looks more 1970s to me, i think there is a chance here people should be prepared for that inflation comes down bounce around maybe bounced up a little bit implied curves will change. >> spot-on in january tomas do you think spending or all stimulus slows down anytime soon? we've been waiting for money to go away covid money and, yet, the president keeps ritzing that he wants to forgive more student debt, that is -- is stimulus. >> very stimulus i mean largest -- gdp the largest none price economy deficits we have seen larger in financial

crisis but economy 3%, of gdp growth never seen these deficits, coming out of war obviously, as well very, very similar to federation, and i think i don't know what thinking who is going to pay for this, really sad how much you have to be able to -- >> who do you think going to pay your kids his kids mark interpret saving -- spending a trillion dollars every hundred days. >> ridiculous to tomas's-point deficit spending as percentage of gdp consistent with 7% unemployment rate we are not there there is no reason to continue this spending, quite frankly,, once the economy reopened during pandemic, there was no reason to continue dropping stimi checks in mailboxes that really caused fed in a situation fed swimming upstream doing everything from interest rate standpoint but only so much you can do when deficit spending to tune of several

trillion dollars a year, that are working against what the fed is trying to do. and to the point about the congressman made about lack of pro-growth policy, i mean you look at the stock market, almost making a new all-time high every day, you contrast that with small business optimism, nfib small business optimism 88.5 lear than depths 6 pandemic i am looking at worse in 2008 when everyone thought banks were all going out of business other than that small businesses are incredibly pessimistic inflation is killing them they don't have pricing power a lot of he largely businesses have again there is no pro-growth policy helping out. maria: look you say no reason to put the stimi checks in mailboxes no reason to say going to forgive student loan debt a lot of people didn't go to college because it was

expensive chose another route now thenned up paying for people who went to college have high debt high interest, so how do you expect them to buy votes if not that. >> look. >> time and time again one thing about our government that everyone needs to understand that once they are allocating money to a a program no matter mow unsuccessful that program is they continue allocating more than to that program, it adds up overtime that is why we're in a position where we have fewer foreign buyers interested in buying debt we crossed, ray dalio did a study back through, civilizations, to arrive at the fact average empire lafrts 250 years before it starts decline, end up with that empireing losing reserve

currency status would be devastating for united states. >> waiting to see what other data points show, because you know we were excited about 303,000 jobs last week got jobs number friday, suddenly we see huge number peeling back onion, oh majority of jobs, part-timer, full-time jobs declining guess what most jobs have gone to foreign born illegals. >> when you peel back the onion on biden administration, or you want to do is cry, because there is nothing there, there is nothing that is being done from a tax regulatory fiscal responsibility standpoint that is helping drive our economy or strength our economy.

look at endgame in play, now jerome powell seems pulling away going to be deficiting particularly to small business, if you remove the ability of large banks to get alones increase reserves enormously the burden falled on community banks, in tend that is only going to hurt small business, so that. and we have our tax bill language wishing in schumer's senate, r and d tax credits cared interest reductions sitting there bigger government more involvement creating burdens are apparently you know what else is happening with all backfiring of liberal approach tax revenues are way down particularly for small business. maria: good point, larry, at this point, a minute ago you mentioned that brent can blow up bank system again if we see

further gains what do you mean by that tell me about banks into earnings season we were talking about first quarter reports, earlier, and mark you made the point that capital markets have been doing well that a lot of areas of business doing well, maybe a good showing on banks larry you are worried about tax from oil. >> entire conversation opec making great points this comes down to when markets speak because going to affect everyone's portfolio different from 2020, 2024 they suppress rates so long, all of the last 15 years rates, banks sitting on alones bonds morts at low rates, so if you have

something in the middle east we got a multi-- drone strikes on ships oil prices rise, that puts pressure on higher yields, that puts pressure on those banks aseats what we saw in october, october bond yields went up interest rates up prices down all of that threat peaked in october because of rates in oil and anything we go into especially, i think regional banks, they have a lot of problems in balance sheets rate higher from here seems oil a big problem for the banks. >> i mentioned earlier bloomberg story says real estate alones piling up in epicenter of regional bank turmoil that is ka you are not expectinging that that banks report tomorrow. >> no, but talking about this off camera i am concerned

office buildings in particular second bikes office buildings in cleveland i know not going for massive subscribe skairpz like new york second biggest building in cleveland sold for 47 million there is 150 million dollars debt on that building so bank of america is allowing a short sale we are now in a position where, you are maria: cheryl, the next big event, pce index, comes out next week. let's talk about what you're expecting in terms of the metrics we need to be focused on here. >> right. we've seen that the number come in. the last report, i think it was about 2.9 percent. so at this point the pce has been, of course, the most important barometer to the fed, but that has has still been coming in stronger from january to february and then to the march report that we got. so we're going to get that data next week. but also i have to point out again, i go back to we're looking at one report from one month right now. i really hi that all eyes are

going to be on that next report that we're going to get. we're going to be sitting here a month from now, maria, and we're going to get the cpi and the ppi for the month of april, and i think you're going to the really see strong numbers because of everything, the underlying factors that we have seen. so i think that's going to be very important. maria: i just got an e-mail from the brain with room here at fox. get this, bread -- some of the prices of standard grocery items at the start of biden's presidency, january 2021, compared to the most recent data yesterday. cpi, march 2024, okay? bread, up 29%. flour up 24%. spaghetti and macaroni, one of your favorites, right in. [laughter] up 8.5%. butter, stick cost per pound up 23% on butter. change of milk up 12.5%. chicken, fresh, whole cost if per if pound up 25%. tomas, you get the point. >> yeah. i think the key thing here is that this, you know, we built

the government and government spending on the back of the poor in the sense that you can tax or your way through a government increase in spending, but what was chosen by the administration was inflation tax to fund it, basically print more money, essentially. and when you do that, the poorest -- this is this has really hit the poor a lot harder than the rich. if you think about a 1% or what fraction of their budget is spent on gas, it's ignoreable. but it's 50% of the poor ifest budget is transportation, essentially. same with food. you can't eat much. if you're a billionaire and eat 20% of your income, you're going to basically explode. [laughter] but that's what the poor if do, essentially. they eat 20% of their income. so this is really hitting the poor. and and they also consume a larger fraction of their income than the rich do, to the consumer prices in the cpi are essentially hitting them a lot more because a larger fraction of their income goes to consumption. maria: yeah. well, look, i mean, between the

spending and the climate change agenda, we are seeing massive pressures upwards to, in fact, see inflation stay elevated. and i'm not sure that the federal reserve is going to be doing anyone any favors by cutting interest with rates in this environment. tomas, do you expect a cut? >> well, the thing with the fed if is that it's getting so data-dependent which is kind of futile, i think, because there's lags in what they're doing, right? there's going to to be a half a year lag in what they're doing. that's why i think it's cutting for the white house, essentially, it's a little bit misplaced. most people don't pay attention to discussions like. they're just going to see the prices, essentially. and the question is even if they start cutting now, is that going to hit before november in i'm not sure it will. but there's a long lag. and if that data dependency is really troublesome because with it's almost like, you know, look at the weather today. oh, it's sunny today, that means i'm going to wear a t-shirt in the winter. that's essentially thing lag

that's going on here. when you decide on something today that's going to hit something in the winter, essentially. maria: yeah. >> and that is so misguided that they're just creating a lot of uncertainty. this is the agency that's supposed to be, you know, creating certainty in financial markets, but they're probably the biggest source of uncertainty finish. maria: exactly. let me just clarify. the pce is not next week, it's the following week, the 26th. so we will have all hands on deck. next week, earnings will drive the conversation. want to thank everybody for a great conversation, tomas, congressman, mark, cheryl, thank you, everyone. finish great work, as usual. we've got a market that is mixed going into the opening bell, 30 minutes away from the bell. let's get right to "varney & company". stuart: good morning, everyone. it is inflation, day two. markets and biden on high alert. all right, here's what we have, producer prices -- that is, the prices paid by business -- up 2.1% in the 12 months. now, that is an increase in the rate. maybe means interest rates will