. >> welcome back.

good wednesday morning. thanks for joining us this morning i hope having a good wednesday i am maria bartiromo. it is wednesday, may 15. it is 8:00 a.m. on the east coast president biden former president trump trading barbs, biden announced 1 billion dollars in tariffs chinese goods trump said this should have happened a long time ago. >> i want to start by saying that, that biden now, he wants to put a -- a big bill on china which is suggestion that i said, should have done it a long time ago but also got to do another, that has to do with -- because china eating our lunch right now they have

to do it much more than electric vehicles, should have been done 3 1/2 years ago. >> biden's plan add one hundred percent tariff on electric vehicles 25% tariff etchv batteries 50% on semiconductors, 5% tariff on steel, 50% tariff on medical supplies biden attacked trump policies for china. >> my predecessor promised to increase american exports boost manufacturing built did net he sailed signed to buy 00-billion-dollar more american goods side china imports from america barely bundled. >> trump said -- eating our lunch what do you say in response. >> we can -- >> joining me wisconsin senator reason johnson member homeland security budget finance committee you studied this a long time china's u.s. relationship your thoughts on biden moss plan to put tariffs

on chinese imports. >> let me first start by saying, tariffs, trade agreements a really complex issue. i know we simplify this, there is no doubt china is engaged in industrial policy, producing way overcapacity in steel manufacturing, can destroy industries, we have to do something about it, tariffs are very blunt instrument there is a lot of collateral damage unintended. >> american manufacturers use steal to pete against foreign countries use same teel if we have to use much more expensive -- based products now can't compete globally with mos countries businesses as well so a very complexion issue, from my standpoint, the better approach to enter into trade agreements with other

countries that respect trade rules, that don't engage in overcapacity don't try and down market but try to compete fairly in market, would be nice a tariff free world but that is just not -- not possible at this point in time. >> are you buying it do you think will get kl implemented president biden hasn't done anything to push back on china and bad behavior now six months before election we are seeing all tariffs. >> my i guess it will be. you know. china ev manufacturing, producing pretty high quality cars cheap prize if you are concerned about china producing ev what are you going to do i guess slap on tariffs try to keep out of american market american consumers denied access to one of the lower cost products one of the consequences tariffs hurt china but in the end

american consumers pay higher prices on products that have tariffs slapped on them. >> chuck schumer with fellow flats planning to rerevitalize the failed senate border deal, in texas arresting nearly 6 thousand people last year in trump final wear in office, 134 criminal charges now doing 6,000 kansas senator roger marshall with me yesterday with thoughts on biden open-border policy. >> do you think that is why joe biden has an open border. no doubt with it he thinks these 11 million people crossed the border illegally are future voters for the democrat party i think is going to be surprised the number one issue of this election is law and order, joe biden is on the way out, president trump will be the president of law and order he is going to secure our borders going to have the back of our law enforcement officers, this is the number one defining issue why polls are rising for

donald trump because people know donald trump will be the president of law and order. >> senator yet the republicans can't seem to secure the border. >> we can't because the president are current law exudes deference to the president of the united states when it comes to securing border immigration policies supreme court ruled 2018 the fact of the matter is joe biden flats in congress want an open border they caused this problem not negotiating in good faith on border deal just liking for political cover if you want proof take a look what chuck schumer said the after those negotiations failed, we were playing chess they are playing checkers we got our ukraine bill if you negotiate in good faith it didn't work would you rub the nose in the ground they are

playing playing tiddledywinks, the only reason in better shape on border got political cover negotiating for it is a completely hypocritical statement exactly what chuck schumer is, he brings that up border bill again we will be pointing that out also pointing out what an awful, awful bill it was worse than doing nothing why it died in senate within 24 hours being. >> people pointed to theory 5,000 migration a day before president forced to stop -- the worst part was 4,000 discretionary threshold would imply the president didn't already have authority to do so you codify the fact we don't think i has authority to do so, that authority would end in three years so it actually weakened a president's authority why i was so outspoken against that

bill an overall bill. new poll finds president trump beating president biden in five of six swing states trump leading in michigan pens georgia nevada, biden two-point lead over trump in wisconsin i want your take on that, about your state, here is president yesterday, again, claiming he inherited high inflation when he took office watch this. i think inflation has gone up more than 9% when i came in, now down about 2%. but the fact is that i think people are just uncertain we've got to continue to produce incredible jobs. >> what is he talking about? we know inflation timeline january 2021 when joe biden took over consumer price index was 1.4%, all of the spending that he oversaw and democrats pushed through sent inflation up 9.1% it is back down but

still up on joe biden's watch, sharply he keeps saying this in interviews when he walked into the oval office it was 9%, tell me about that. what about wisconsin voters how will they go in november. >> first of all, approves mental health did he decline or bold face lie to american public hoodwink them to think somebody else caused inflation rather than his massive spending in wisconsin take it from somebody won statewide three times seen polls swing widely i knew also a close races margin of error don't trust any poll in wisconsin a lot designed to affect fund-raising or voter preferences going to be a razor-thin race in wisconsin we need to do everything to get off the ground game, bank early votes. >> we will be watching all that good to see you this morning, sir, thank you,

senator ron johnson in d.c. michael cohen back on the stand tomorrow the prosecution said is the final witness before turning over to the defense lydia hu with all the details lydia. >> angry liar out for money, that is how defense attorneys general are painting the disbarred former attorney for donald trump michael cohen we are breaking down the crosss examination blow-by-blow coming up don't go away. ♪ ♪ . e to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪) wow... are you kidding me? you can do this.

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. maria: welcome back breaking news right now president biden, posted a video on x, saying donald trump lost two debates to me in 2020, since then has not shown up for debate, now acting like he wants to debate me again well make my day pall. >> biden said not going to

participate in three meetings organized by commission on presidential debates instead calling on donald trump join him for two televised presidential debates june and september outlined in video message a letter to the commission. calling for direct negotiations between trump and biden campaigns over rules over moderators, host for one-on-one meetings proposed a separate violent debate in july after republican nominating convention before democrat nominating convention we are going to follow this, interesting i don't know what is behind this. joe: seems terrified that somebody like rfk going to pick up steam cornl west will pick up steam terrified that joe biden might be his own october surprise remind american people he has no idea where he is will have a the time they want to preemptively

say run reruns over summertime people will be on vacation no one will watch two dabbs heavily we continue to agrees run of presidency to second term. >> the chairman woman says the commission modeled of building huge spectacles with large audiences, at great expense simply is not necessary. or -- [laughter] >> -- in -- they are trying to say biden will do a debate no problem, but we're going to do it our way. >> god bless him i am thrilled a equal parts thrilled, shocked biden administration is actually willing to take the initiative here say that they want their man, mr. biden, ago to up against mr. trump. fantastic can't wait. >> debate commission has convened presidential debates since 1988 election, already

schedule one vice president debate stasht 16 he wants to change that. joe: if correct head-to-head debate two each of them fantastic i don't think of anything better, by the way, i hope your name in there for money of the moderators. maria: thank you so much june september, face-off biden wants hot topic of the hour ex-trump lawyer turned critic, attacking cohen, throughbooks tiktok lies, donations even, selling t-shirts fox business lydia hu has been in the courtroom here with what cohen admitted to lying about yesterday, lydia. >> to talk about out of second day testimony from michael cohen we got cross examination yesterday the questions from defense attorney todd blanche

focused on cohen motivation played exserendipity from cohen's podcast the disbarred attorney cohen said trump needs to wear handcuffs that quote people will not be satisfied until this man is sitting inside a cell planch highlighted merchandise available like this 32 collar shirt with photo of trump, behind bars, cohen testified about his history of lying, admitted to lying to congress, during the russia investigation, he 34r5eded ploouled guilty when he lied to banks to tax hevation admitted yesterday he lied to trump organization on invoices a new york appeals court upheld judge merchan's gag order on trump many aspects of this case including michael cohen as witness, will be upheld stay in place still

trump remarks to cameras including doug burgum, vivek ramaswamy stand behind eliminate. >> should be equally concerned about how legal system is being weaponized abused, for purposes remember all over the world watching this trial seeing what a disgrace it is a big disgrace to new york. >> cross examination resumed tomorrow at 9:30 this will be prosecution last witness at the then see if defense will call anyone at all, maria we could be nearing final stages. maria: incredible this you lydia hu dammed reaction. adam: about time winds down never anything to try mr. trump first place it needs to end go away such an insult to all of us who believe in the legal system. maria: trying to muddy trump's name the point having stormy daniels there, michael

cohen, stormy daniels knows nothing about business records, but gave color for everybody talk about. adam: color for sure dirty they had nothing to do let her go on and on as though trying to make mr. trump look bad in the eyes of the jury look at this whom had so many bad things to say ditto mr. cohen, just nothing there. maria: how do you think jury takes it. >> i think he should break the gavel, send him to jail show world how corrupt this is, terrible for him she do it the gag order is so just insane doing it, break it say send me to jail let's see how they send up have a former president with secret service protection to jail. adam: i think they still can't delineate underlying crime in vivid detail but want

us to have vivid details a woman engages in sexual activities for payment what they wanted got headlines tawdry details they hope send soccer mom running tot hills but i think more concerned about lack of safety for children more concerned about fact keep finding more money nor ukraine sit on hands israel deals with greatest assault begins jewish people since holocaust. maria: thank you so much for joining us we so appreciate insights a great couple of hours all-hands-on-deck on april cpi out less than seven minutes' time the numbers live as they cross watch for market impact, bear traps report you are founder larry mcdonald here with expectations join us

you are watching "mornings with maria" live on fox business. we'll be right back. ♪ you said -- ♪ i miss ♪ we are spotlighting the top young conservatives may being a difference, monday teenager rising star plan for gen z to reclaim america through conservative ideals is here. >> tuesday fighting the leftist inindoctrination. >> the battle against left wing bias, all right here on "mornings with maria." .

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move with xfinity. at record high yesterday, take a look, the nasdaq 126511 that is up 123 on day three years of a percent ahead of today tos cpi up 4/10

month-over-month 3.4% year-over-year retail in four minutes economists expect gain 4/10 of a percent for retail sales month-over-month a gain 2/10 of a percent when you stipulate out orders, joining me author of allow to listen when markets speak larry mcdonald's thank you so much for being here if you had to listen to markets right now, what are they saying, about inflation, larry? >> well, yesterday the chairman of the federal reserve jerome powell said restrictive in policy we have to let restrictive policy do its work on inflation think about that. at the same time, the bloomberg, goldman sachs financial index no matter which one easiest in five years literally financial

conditions have been easier a game to give shock to banking crisis a year ago easing policy, juicing inflation mark my worse saw in 2021, 22 inflation gaslighters out there gaslighting inflation real time trying to protect white house, the first team did so in 2008, one big playing game, playing with inflation, playing with fire. maria: are you saying we are going to see more hot readings on inflation? market up year-to-date but down in second quarter, there is a message there from the market you wrote a book about messages of the market i'm trying to understood what with markets believe inflation story really is. >> well, like bloomberg, commodity next breaking out markets telling you inflation

going to surprise upside at the end of the day, the balance sheet the government control data spin it best way as investors listen to markets, listen less to politicians markets are telling you that inflation is going to keep reviving higher surprising relative to the sales pitch from washington. maria: as you see, markets this year, year-to-date up 10% s&p 500, up 10% on nasdaq a up almost 5%, on the dow industrials so we got gains, but adam johnson jump in your thoughts on this sflooirgs with cpi in four minutes' time. adam: i want to lookat numbers i am really interested whether they revised numbers from last month as they did yesterday with ppi, the fact revisions, last month for the ppi were down 3 to 4/10 of a percent that is a lot if we see same thing today

suggesting to me that the inflation bump we've had past three to four months by may be dissipating that would be wonderful news i am focused on. maria: you said anticipating we had three hot months elevated inflation larry you spoke on recap of live chat with institutions you note that oil is a large component here and oil prices pulling back down 10% from april highs, and you've got gold, meanwhile, higher this morning, after hotter than expected ppi report, confidence surging record high data center builds up electric vehicles rose boost demand what did these moves tell you in terms of all inflationary moves. >> bloomberg survey heavy component oil down quite a bit last month almost 10% from

last month highs at the same time the index breaking out violent pays you want to be long in a commodity kind of bull equity market driven by commodities by growth, you want to be long, exposed to commodities if you look at software long duration growth stocks all dramatically underperforming, the regional banks transports underperforming, any company look at burberry starbucks exposed to consumer -- >> larry market are rallying dow industrials up 200 points on cpi to cheryl casone with numbers. cheryl: they came in pretty much in line, for this report. so month-over-month we came in with gain .3% the estimate .4. that is headline anybody year-over-year came in line 3.4% headline estimate number we got core same thing in line, up .3% year year, in

line 3.6% retail sales coming in they came in flat month-over-month, we were looking for, a gain .4, they came in line if you strip out autos a lag on the year-over-year number i will get that to you in a second new york fed manufacturing survey worse than expected looking at read negative 10 it came in at negative 15.6 let me go ahead to the consumer price index, again coming in, in line not hotter than expected basically they did see increase in shelter for the month april, they saw he increase for gasoline, those two indices combine them contributed to over 70% monthly increase in the headline number for cpi overall energy index jumped 1.1% over the month you were just talking about oil maria,

the food index flat for april food at-home index fell .2%, the food away from home index rose .3% all month-to-month i am giving you those are headline numbers two stories shelter, gas prices, that is the biggest contributor to this reportedly. maria: are any news on retail sales waiting on retail sales expectation there up 4/10 of a percent, april readings. cheryl: i gave you those retail sales coming in flat month-to-month looking for .4, then exautos in line .2% i got year-over-year number for retail sales 3%, again i was is not as focused on retail sales for this particular month not adjusted for inflation i always say we have to look at numbers a little bit with caveat, we know what consumer is facing on reports

we received in already, going to get price index may 31 that is next inflation hit that we're going to have to deal with. >> thank you a georgia congressman member house budget energy consumers excess formerly c.k. restaurant ant unify puzder. >> thanks, everybody for being here as we get into numbers looks like the better-than-expected in line what you you go read this amazon johnson. adam: better-than-expected and in line cheryl mentioned that 70% of the increase was related to shelter and gasoline, why is that good news? because, 30% of cpi consumer price index is linked to housing and shelter costs so as that comes down, and housing costs have been sticky at best finally breaks blake

that ib what gets last mile down towards 2% we're not going to cpi 2% soon but might be key starts to bring under 3, wonderful news. >> andy puzder, look restaurants are swallowing a lot of this maybe not this month as significant but you've got that situation, underway i mean red robster liquidating stores, bankrupts throughout the restaurant industry how would you assess things? >> well good news, that we were down 2/10 of a percent, for families, i mean obviously. maria: away from home. >> -- reality is, restaurants are in trouble, this is this is -- not something we are going to see will consistently going forward because they are going to have to raise prices

to survive you can't survive, in an environment like this. and have your prices come down. wages surging, huge minimum wage increases in addition to economic pressure you've seen commodities go way up. it is ugly out there if running a restaurant, as i said i think this month was a little bit of good news, food in general wasn't up i will wait see what happens next couple months looking at numbers nobody mentioned the still looking at numbers enthusiastic as everybody on market way over 2%, obviously, the fed's target number, still talking about numbers kind of 3 to 4% range we seem jumping up and down between 3 and 4%, until we see that change significantly i don't see this having a major impact on families. maria: good point. because even though this was on a month-over-month basis up 3/10 of a percent better than expected 4/1r50 of a percent year-over-year the same you got a market rallying right

now he okay? dow industrials up 166 points right now larry mcdonald as if this report gives free rein to, perhaps, see rate cuts you're thoughts assess this for us. >> what happens last two years has been a lot of nasa inflation prints, so a lot of hedge funds will short the market put on hedges into the number, and as adam said number comes no okay, wishy-washy either way, immediately will cover on news you get this kind of bounce you got to think about traders, how market works people covering on news, the news isn't as bad as expectations if you look beneath surface, core, copr the bottom line this data is backward-looking all i know since data was recorded over last month commodity prices ripping higher means next month's going to probably have a headline problem on inflation. maria: that is a very good

point copper has been all-time highs oil remains elevated, if you start seeing that show up, in the numbers, we're going to see that first on ppi; right? >> yeah, first ppi, then cpi, ppi agency adam said a good pointing revisions yesterday were very warm in other words, very level for the market but headline number pretty as in ty at the end of the day we are normal lieding 3 to 4% a inflation fed target 2 if the case trillions of dollars mise allocated last thing i will sea response to lehman crisis was four trillion fiscal monetary the response to covid banking crisis this time 16 trillion, inflation doesn't normalize after 16 trillion-dollar fiscal month, it is-like four years. maria: buddy carter what role

can you play reining in inflation inflation up almost 20% under joe biden, since he walked into the oval office, largely because of all spending, you all have passed lots of legislation, from the fiscal responsibility act to inflation reduction act to chips act and beyond, seven trillion dollars later we hit 40-year highs in inflation, even though president biden can't seem to remember what inflation rate was when he walked in. it was 1.4%. >> that is exactly right. look. i am glad numbers are what here in excited just as everybody seems to be i hate to be but i got to tell if you this administration continues with their regulations what they are trying to push, we are going to see a downturn in our economy, less than an hour we will have a hearing with epa administrator on ask i

chair we are going to grill him on reiterations administration is trying to pass over 140 --, costing american taxpayers 1.2 trillion dollars if they continue on this track, we're going to see a downturn in our economy. maria: cheryl, you know these, these kinds of things don't show up in numbers right all the regulatory burdens for small business, you don't see that, in an inflation number, and you don't necessarily go back to that but that is part of the story whether spending whether, regulation are on climate change agenda that is bad policy has taken up taken this economy where it is. cheryl: glad you mentioned red lobster bankruptcy, in california with minimum wage situation fast-food chains, they are saying we're going to have to cut jobs or raise prices ultimately end up raising prices, restaurants, even just family owned restaurants we've had many guests on program told us that

their input costs, ppi yesterday, are very problematic the other point i want to make, just got brought up sorry forgot who did it the energy story, because remember, the big piece of ppi that was hotter than expected gasoline prices 3.6% off top of my headed input for ppi going to show up in cpi i made the point yesterday summer driving season i call ppi entrée to the main course cpi, i don't think a good story, the markets are backing off i think to the point that look high numbers, still high on quarter basis. maria: great point i want to get back to regulatory conversation, with you andy but first larry, this issue of gasoline that cheryl talked about came up in your call, this week you spoke with institutions you say, that it

is extremely clear powell hiked aggressively from march 23 to july '24, working closely with janet yellen treasury aggressively eased financial conditions through backdoor bag of tricks. >> what happened with oil. >> i tell you, it is not election rigging but presidential administrations do this bush mccain twilight downplayed the recession that year all politicians do it as investors we are going to be fed a lot of -- a lot of baloney on inflation, but at the end of the day, if you look at what powell yellin doing massively stimulating pursuing all treasurys on front end, 8.2 trillion treasury due this year next two years 11 trillion in other words, front end lowering treasury to try to juice liquidity in the market complex but a bag of tricks they are using them. >> exactly what scott told us

the way she is doing aukions short term versus long-term keeping stocks high rates down specifically so market looks good going into the election in andy puzder what do you think about that your average restaurant out you there what cheryl brings up all the regulatory changes that we've seen, red lobster going bankrupt, worries you said restaurants not in good shape. >> red lobster won't be last brand you see suffering major jobs there is going to be pain across the sector you can see jobs numbers if you look at jobs numbers past year all of the jobs numbers, we've got part time jobs to people that are immigrants whether legally or illegally, immigrants what you are seeing is that lower level of hiring, the entry level jobs going to immigrants

who work less expensively, you are are seeing part time jobs nominee people don't pay for obama care keep employe under 30 hours safe a little money there, the laws with respect to the minimum wage affecting entire economy in ways they don't scomplait the unanticipated consequences of regulatory regime you are saying hurting jobs market, going to hurt wages going to affect inflation going to affect what family can afford this is devastating. maria: adam most important to you. >> regulation is a str stranglehold on economy might be predicting away from that morgan stanley has two baskets a glp basket the other democrat basket gop basket pulling ahead significantly from democratic basket seven weeks i think the market's way saying that we are going to have a trump victory in

november the reason stock market would outperform under a trump scenario exactly what we talk about fewer regulation get government out of the way let businesspeople do what they do best, is to grow their businesses create profits goes back to ronald reagan, nine most dangerous words from enenglish language we are from government here to help get them out of the way get government out of the away. >> not what this administration wants to do buddy carter. >> it is not, just one, i have largest economy -- in history state of georgia coming to my district the administration is trying to promulgate rules, 2.5 where they don't -- any industry coming in to surpass the level of nine, the factor level already at eight, if

this project coming into my district, in history of our state if it were applied for today would not be approved. fortunately, before this went into affect going to impact over 80% in our country the baseline number eight if they have to add one or two will sush fast -- >> for the most part earnings have ben better-than-expected despite what anybody believes about this macrostory here you got the dow industrials up 140 points right now other major rally in nasdaq this morning, perhaps on the cpi built perhaps growth stories out of earnings season how do you see the earnings season larry? >> well it is interesting maria, companies that face bottom 60% consumers expedia,

a huge mishome depot huge miss divergens between delta expedia we've person in seen delta, business travelers if you have a five million dollars in a money market fund jay powell gave you 300% pay raise last two, three years business travelers with money wealth people spending the bottom 60% are being hammered, burberry this morning any company that faces bottom 60% we continue to see companies miss earnings consumer facing companies, companies face no higher -- income like american express killing it divergence between american express and cal one at covid levels, capital one feeds into lower 60%, american express feeds into top 20%.

maria: point out, that jay powell removed that line said banking sector is sound. [chuckling]. >> took that out still have questions of bank today, of course, to deal with jpmorgan we are watching banking sector soft hold in broader economy cheryl i wonder how you feel about reaction to this report. i think market needed better than this i think market needing a bigger signal to say inflation is getting under control go back for a second we had three holt months, january, february, march all elevated inflation hotter than expected here we have april, you reported a minute ago that it was month-to-month better than expected up 3/10 versus up 4/10 year-over-year same 3.4 versus estimate 3 point 4% that is it sends dow

industrials up 150 points i am not buying it if in a adams's shows he would be a seller right here what do you say. cheryl: i agree with you market isn't open i am wondering what close is going to look this might be one-off for april i am in camp -- this stephanie pomboy the favorite line with, amazon not a consumer products company stuck in my head market gaining technology, other sectors that are powering the market look at walmart normal i think walmart likely a game changer so much buzz about that earnings report nuts and bolts on what is happening for retailer like walmart also now grocery business. maria: that is a beneficiary i think everybody is trying to trade down, they want to get

the dollar stores cheaper stuff walmart has been benefiting interest all of this, it will -- cheryl: my point that report is going to show you, what with consumers really, really doing going for change, to walmart for groceries more grocery type stores making all money, fair enough i will say, i again i think that is one-off i think when may cpi comes out i think story will reverse only going off the data year-to-date. maria: i agree with you walmart one to watch and nvidia, biggies in the upcoming week, walmart tomorrow nvidia next wednesday 22nd adam, we've gotten a better number in order to justify this huge rally in stocks? i mean this is not, 3.4%

inflation. adam: i think larry made very good point the positioning going into it there were so many shorts, i would wager put on ahead of this month in case it were a hot number, that in you shorts have to cover that may be why are we're up, so may be a short term. maria: a different story. >>. adam: maybe short-term thing i also make argument workmen yesterday, ppi was largely in line producer price index largely in pipeline revised previous month a lot 3 to 4/10 of a percent that report six weeks ago got everybody all upset the fact ppi came in, in line revised previous month down today we get a cpi that is for the most part in line one of the numbers of four a little bit better that to me maybe three months uptick in inflation dealing with, you mentioned, january, february, march, maybe that uptick is

over it didn't mean inflation going down didn't mean fed going to cut rates markets like certainty, markets snift 100 out trends, sxaengs, the three month bump is over at least going to hold steady maybe come down, that is good news. >> buddy carter what is your take on breaking news that we have this morning that joe biden is trying to blow off debate commission says he wants to debate before early voting startles with trump. not going to be traditional debate like commission will handle it will be, more of a private sayings, mano a mano what do you think he wants to debate in june and september. >> that is ridiculous, people are going to -- by the time it comes to election in november, you flow, so --

>> okay. you think trying to do it earlier june too early you feel. >> joe biden obviously, struggling all numbers today i am excited, gratd inflation petering off if you will but at the same time people, inflation almost 20% real wages down almost 4% people hurting out there food is more expensive, energy is expensiveing housing more people vote with pocketbooks i think across america. the economy issues, andy it is partly it is about regulation, what are some of the specific regulations that you can tell us about andy connected to the biden agenda, of course, the climate change agenda that seem you know, he egregious

for some small businesses. >> one thing i would mention in addition to regulations if republicans retake house, senate presidency we are going to be to see tax cuts in jobs, act not a big tax increase come 2025, this is something that scomlant affects business climate change agenda is huge, driving up cost of energy when you drive up cost of energy the cost of transporting everything not just heating cooling,, getting food to a restaurant costs a lot more than before emergency prices went up, what buddy said if it is not just market we need to look to there are things biden administration is looking towards voters, to impact voters you have to have a few months pretty good numbers, seeing things come down, come back -- not going to go and jump because there is a tenth

of a percent move in month-over-month members or percent in jeb inflationary numbers still they see it at gas pump grocery store, costs coming down not going to change their opinion of biden or how handling the economy regulatory the tax the xhubs in general impact on consumers should have huge affect in november if they don't do something quick a devastating affect might want debates in june before biden is officially nominee now presumptive nominee, because if they don't like how he performs in debates give him a chance to pick somebody else. >> you think that is the thinking on democrat side? larry. >>, i don't know what biden is thinking but thinking of people -- >> we will see, we watch him, you know in plain sight every day, clearly, there are issues. we know that. i think democrats know that

clearly as well, larry what drives this market the rest of the year is it all about fede? do we have any new signals out of this cpi number as far as what the fed does. >> one of the biggest signals out there, a mind-blowing the consumer discretionary etfs xly down on year outperformed by consumer staples all that means is recession proof stocks cloroxes, big colgate those stocks in xlp, staples staples dramatically outperforming consumer discretionary stocks like starbucks, and so ons that face consumers, markets are speaking, the other thing, we got to remember, five, six years ago people have among

groaning with and yesterday biden just put fort more awe depressive tariffs than trump -- maria: right. >> and the media's crickets, why is that? [laughter] maria: why do you think it is? >> i thought we were supposed to report the,000 right in tariffs are inflationary. maria: well, look, thousand if they're fighting on who's tougher orer, but coe biden hasn't done squat to stop china's bad behavior since he stepped into with office. now we're right ahead of an election. i want to thank everybody for this great conversation, congressman buddy carter, andy puzder, an add am a johnson, thank you so much for a great conversation. markets are hire on the cpi, dow industrials up 152, the nasdaq up5, and the s&p 500 up 26. the breaking news of the morning was from president biden. president biden posing a

challenge to president trump on x. watch this. >> donald trump lost two debates to me in 2020. since then he hasn't shown up for a debate with. now he's acting like he wants to debate me again with. well, make my day, pal pal. i'll even do it twice. maria: the biden campaign is proposing a debate before early voting begins in june and another debate in september. this is not having to do with the debate commission. he doesn't want to do it through the official, you know, commission. he wants to do these two debates separately. we did get a ponce if president trump -- response from former president trump when spoke with brooke singman at fox if news digital exclusively. crooked joe bide with within is the worst debater i have ever faced. i'm ready to go. the dates that they propose are fine. anywhere, anytime, anyplace. again, the proposed debate dates months from the biden camp, june

and early september. if he said the dates in june and early september are fully acceptable to me. i will provide my own transportation, says president trump. we are polling this news this morning -- following this news this morning and waiting to hear back from the if biden campaign. but, again, the campaign is talking about the traditional commission not being worthy of this or not being up to the task. he says that's old news. he wants to do it differently, joe biden does. so he wants to do it in june and then september. trump says he'll -- he's ready. that was the breaking news of the morning, biden campaign proposing also a vice presidential debate, by the way. so we'll see where that goes. again, we're getting response ands and reaction to the biden campaign making this debate proposal this morning. and we'll have more on that coming up. the markets, meanwhile, steady, up triple-digit gain for the dow industrials on the heels of a

cpi that was in line year-over-year but actually better than expected month over month with a gain of .if 3% on the consumer -- .3% on the consumer price index. the dow up 1511, the nasdaq up -- 151. the nasdaq up 89. cheryl reported earlier that walmart is reporting earnings tomorrow, we'll be all over that. and then we'll watch for further earnings to move stocks including tech. nvidia is reporting on a may 22nd, that a week from -- that is a week from today, and it will likely be a market mover for a.i.-related companieses. that'll do it for us for a wednesday. i'll see you again tomorrow right here on the same place, same time. "varney & company" picks it up now. stu, take it away. stuart: i shall. good morning, maria. good morning, everyone. inflation is not going away, but it appears to have moderated ever so slightly. in the last year, consumer prices have gone up 3.4. that is the same rate as rt reported for february.