not the food flavorings, not even the television you're watching right now. so take comfort in the knowledge that tomorrow, they'll be right back at it. chainsaws in hand, heavy machines at the ready with equal measures of both blood and sweat. essential ingredients to how america works. maria: good monday morning, everyone. thanks so much for joining us. i'm maria bartiromo. it is monday, april 1st. 11th. your top stories right now, 6:0. earnings season kicking off for the first quarter, economic data and earnings news set the tone for markets this week with the consumer price index out tomorrow morning, expected to show a gain of 8.5% year over year, better than 1% month over month ahead of bank earnings which will begin for the first quarter this wednesday with the release from jp morgan chase and

blackrock on wednesday, followed by citigroup, wells fargo, morgan stanley, goldman sachs, all coming out on thursday. ahead of that futures are trading down this morning, take a look, fractional, cautious moves ahead of the big roundup from the first quarter earnings releases. dow industrials right now down 25, s&p 500 lower by 14 and three quarters, and the nasdaq down 105 right now, big tech takes a hit this morning. oil prices are pulling back as much as 2% on worries about china's lockdowns, 26 million people locked down in shanghai, the price of brent at $100, 39, a barrel, crude oil is down 2 and-a-half percent right now. this after all three major indices finished the week lower last week, we are looking at declines across the board, with the dow down a quarter percent, nasdaq down almost 4% and s&p 500 lower by 1 and a quarter percent last week.

european markets are mixed. voters in france went to the polls yesterday. the ft 100 in london down 15, cac up 44, and the dax index lower by 6 points right now. in asia overnight, markets were lower across the board. worst performer as you can see, china, down 2 and two thirds percent in the face of that lockdown. meanwhile, russia he repositioning in the east of ukraine after pulling away from the capital city and the ukrainian foreign minister says the country won the battle for kyiv. now ukraine and russia gearing up for the largest conflict of the war in the eastern donbas region. gop leader kevin mccarthy led a congressional delegation to he poland and romania to assess the humanitarian crisis. he joined me yesterday on sunday morning futures. >> it's very sad when you look at all the refugees out here, so many women and children and many of the husbands are back in

ukraine, fighting. and many of those ref fee jews want -- refugees want to go back. what we're witnessing is the sheer strength of ukrainian people. their will to work through this, but the atrocities that are happening in ukraine via putin targeting children, shooting at a train station of innocent individuals and now the atrocities what we're finding as the cities open back up, the killings that were taking place with people tied behind their hands, there has to be real ramifications to the actions the russians have taken there. maria: meanwhile, no board seat after all for elon musk, he is declining to join the twitter board, twittered ceo tweeted that mosque will no longer join the company's board after the tesla chief spent the weekend

tweeting criticism of twitter. although musk will not join the board, he remains the company's biggest shareholder. 9.2% holding with the ceo saying that he will remain open to musk's input. we're watching the story all p morning many "mornings with maria" is live right now. ♪ every morning when i shut the door, baby, don't say a word. ♪ she always rights the wrong. maria: the morning mover, tesla, rivian, general motors pulling back tesla is down 3 and-a-half percent, china's lockdown impacting production, seeing the longest production halt since 2019 with car sales in china down better than 10% for the month of march. ford is investing in the

electric vehicle market, beginning production in turkey, the stock was downgraded to 17, taking the target price lower as rivian cuts the production forecast to 25,000 vehicles in 2022 as a result of the supply chain issues worsening and certainly expectations of worsening. markets are lower after a negative week last week. take a look at where we begin this morning and this week, a busy one for earnings, dow industrials right now down 17, s&p 500 down 14 and a quarter, and the nasdaq down 104. growth is taking a hit this morning with the nasdaq down about three quarters of 1%, as yields move higher, take a look at the 10 year, jump. ing to the highest level since march of 2019 with the 10 year yield now at 2.756%, it is up almost 5 basis points this morning. joining me right now is er shares ceo, joel shulman. also joining the conversation all morning long is fox business' dagen mcdowell, and the kings college professor, fox business contributor, brian

brenberg. great to see everybody this morning. happy monday to you. joel thank you for joining us. your thoughts on this week and this next several months for markets as we b begin the first quarter earnings reporting season and get more data on inflation. >> well, the financials are coming out this week, wednesday, thursday, the big banks like jp morgan so forth had. last time, earnings were off because labor costs were rising. they were rising much faster than the revenues were going. so the earnings took a hit. we're probably going to see more of that in this first quarter. we do think -- now, what's interesting the last few weeks we've seen markets oscillate quite a bit. we saw tech had a great run between mid-march and the first week of april, it was up in many cases 20, 30% for some of these ultra high growth companies. they came back again of last week. we saw money moving out of europe, then back into europe. for example, last week we saw u.s. markets lose about 5, 6 billion. we saw international markets gain.

the markets are oscillating. the only thing that seems to be the pocket, the ray of sunshine for the markets are the values based companies like black rifle company, like digital world, and like rumble. what happens is they're a little bit controversial sometimes in these cases but the investor base and customer base is very loyal. black rifle is up 200% in the last couple months, digital world is up 350% from their initial point and rumble's up about 12% year-to-date which in this market is not bad. maria: yeah. well, so what do you want to do for the rest of the year? we know the economy is likely slowing down. we're debating whether or not its is going to be a recession. you see oil prices sliding because of the lockdowns in china. and most people expect these lockdowns in china to aaffect the supply chain. crude oil now below $100 as you see at 95, 84. brent is at 140. what is the case for these supply chain issues?

tesla has not opened. you've got apple, people are worried, 26 million people under lockdown, joel. how do you see it impacting markets and the economy? >> no question, the supply chain which started a couple years ago with covid is coming back again and that's what started our inflation by the way. the demand pull where we didn't have good for long time and there was pent-up demand and they pulled up prices we started with demand pull and we went into cost push be. when it feeds into the labor cost and food cost and energy cost it continues to rise and rise. we'll see a combination again in 2023. what we anticipate -- markets will be choppy. we originally were interested -- we liked financials coming out of the gate. we're concerned with labor costs rising faster than the revenues. we're seeing sectors, for example, you mentioned oil. it had a strong run, oil, energy and materials had a strong run first quarter. we see it being flat for the second quarter. we see tech, high tech as you mentioned with supply chains not

going to help it. that will be down. by the end of the second quarter, the end of the second quarter we see opportunity for tech to come back strong for the second half of the year. maria: yeah. and then there's the -- >> by the way we do not see -- maria: there's the inflation situation. go ahead, joel. >> i was going to say, we don't anticipate the u.s. having a recession. we do, however, see that in europe. europe is going to get clobbered. europe has all sorts of problems. they were already anticipating a slow economic situation in europe and with the issues going on with ukraine and russia of course, their energy costs will go out of sight. they're going to have a recession. we are going to be the safe haven. china is going to have problems. they already had problems with evergrande crisis in real estate. that will benefit the u.s. market. we'll be better off than europe and asia and latin measuring. maria: we've got a big portion of the s&p 500 with european revenues one of the key drivers of their businesses. it's hard for me to believe that you get a he recession in europe and that doesn't impact u.s.

corporate profits and the broader u.s. economy. layer on top of that inflation. let me bring brian brenberg in. we've got the consumer price index out tomorrow. economists are expecting a year over year 8 and-a-half percent move, the highest in 40 years, brian. you're also expecting a move month over month of 1.2%. jump in here, brian. >> that's a huge number, joel. i'm looking at that numb burkes i'm thinking about sitting in the fed seat, talking about 50 of basis point rate increase as we're watching the 10 year yield pop. what do you think the fed is going to do? how do you think that will affect interest rates. don't you get concerned if the fed is as hawkish as they're talking, that looks like a slowing economy in the u.s. as well. >> no question we'll have a slowing economy. you mentioned the rates and rate increases. the action has all been on the first two years. for example, the three month went from 5 basis points of back in december, december 1st,

went from 5 basis points to 70 basis points, increased by 14 times in the last five months. we're seeing all the -- it's going from like 20 basis points to 252 basis points or 2 and-a-half percent in the first two years and then it's flat. if you look at it, it's like straight up and then over, it's almost vertical for the first two years in terms of yield curve and it's flat from 2 and-a-half percent to 10. maria: all right. we will leave it there. joel, it's good to see you. yeah. go ahead, joel. did you want to finish your thought? >> no i -- i was going to say that it's going to affect mortgage rates, probably quite a bit. so to your earlier point, it is going to a affect the economy quite a bit, particularly mortgages, which are almost double from last year. it's going to hurt consumers buying houses in the coming months. maria: joel, thank you. joel shulman weighing in there. we appreciate your time this morning. coming up, the case for getting weapons into ukraine. hear what congressman kevin

mccarthy told me yesterday on sunday morning futures about where we are on the transition of heavy artillery for ukraine to fight back. and then bad policies result in bad outcomes. house republicans targeting the border and american energy if they regain the majority. we're on it all morning long. and elon musk's idea machine, why he says no thank you to a spot on twitter's board and who he thinks could occupy company headquarters. don't miss a moment of it. you're watching "mornings with maria" live on fox business. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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>> i'm no longer interested in their diplomacy that leads to the destruction of my country. a lot of countries changed their mind about ukraine and about our people but i think we've paid too high a price for that. maria: that was ukrainian president volodymyr zelenskyy on

60 minutes yesterday on the negotiations with russia as the war enters day 47 as the battle moves to the donbas region. there's an eight mile long russian convoy headed to the area. joining me now is roger zachheim. thank you for being here many will assess this for us. we know that the ukrainians were able to push be back at the russians when they came at the capital city of kyiv. that was a victory. what about this new fight created in the east region. what are you expecting? >> well, i think there are two things that are happening. one, vladimir putin always wanted to control the east, the donbas region was something that he felt was -- should be under russian control. the question is whether he'll stop there, whether the ukrainians can push russia out of that region or if this is a

means also for vladimir putin to exhaust the ukrainian military, secure the donbas region, and then make another attempt on kyiv. maria: i mean, we are also entering warmer months and many combat strategists have told me in the preceding weeks that as the weather gets warmer, the ground may not be able to have the capacity to hold the heavy tanks and that will be a negative for russia. so the longer this goes on, the worse russia is. how do you see that? >> no question that the region and the time of year impact operational decisions here. seems to be that the donbas region is one where most military analysts expect this to be a frontal conflict, heavy armored conflict with tanks and artillery. whether that can extend into the summer months, whether it allows the russians to pivot from donbas to kyiv, seems to be the

geography and temperature would not allow for such a shift. maria: then there's still this pleading happening from the ukrainian president zelenskyy calling for more military assistance from the west ahead of this new battle with russia for the donbas region. why is it taking so long? here's kevin mccarthy who was in poland over the weekend, joining me to discuss as he led a bipartisan delegation of house lawmakers, he joined me yesterday. listen to this. >> biden acted too slow. had biden sent one weaponry earlier, maybe putin would not have made the decision to enter ukraine. had biden said he would sanction before they entered, maybe putin would not have entered. but now that the war is created and you have other countries willing to provide migs to ukraine to defend themselves and their own air, they're not asking for american men and women to fight. all they're asking is to have the weapons to defend themselves from an aggressor that is going

in, killing women and children, innocent individuals. what we really need to do is supply ukraine with the we p upons they -- weapons they need to win this war. maria: rooming -- roger, what about that? why is it taking so long to get the weapons they need to ukraine? >> originally, the united states and biden administration was slow to provide the type of weapons needed to defend kyiv and the cities. now that the battle is shifting and they're expecting more as i mentioned frontal conflict, heavy conflict, the type of things they need, tanks, heavy artillery, those types of weapons were ones that wasn't the emphasis months ago. now they are the focus. the czech republic, poland have stepped up, the united kingdom is giving armored carriers and now the united states also needs to do the same. there was news last week that there will be some humvees going to the ukrainians, not the stuff the united states possesses but a billion plus dollars we've

appropriated, $100 million have been allocated to do this, really needs to get in the region like leader mccarthy says and it's complicated. moving tanks into a he region for conflict takes serious support. it's hard to do under normal circumstances, especially when a country is under fire like. maria: you saw real leadership from boris johnson, traveling to kyiv over the weekend to meet with zelenskyy. johnson announced new military aid including armored vehicles and came and did the walk in the streets of kyiv to show some dare tri. national security advisor jake sullivan said the president does not have plans to travel to kyiv following johnson's trip. roger, what do you make of what europe is doing and certainly the u.k., seems to be taking a real lead in helping zelenskyy and ukraine. >> prime p minister johnson's been a consistent supporter, leading supporter out of europe for ukraine and president

zelenskyy. whether president biden makes a surprise trip or not, it's something you wouldn't expect the national security advisor to talk about to the press before the president would go there. it would be a great show of support, a shot in the arm for ukrainian but it's not something you hear about before he arrives. maria: we all want to help. roger, thanks very much. roger zachheim joining us this morning. stay with us. we'll be right back.

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>> one thing we learned that the democrats did is had they used impeachment for political reasons. we believe in the rule of law. we're not going to pick and choose just because somebody has power. we're going to uphold the law. at any time, our focus is going to be securing our border, making us energy independent, bringing prices down, making our schools safe and our streets again and holding this administration accountable. america has been through too much with people playing politics with the concept of impeachment but if it rises to that level, we would have the law determine that. maria: that was house minority leader kevin mccarthy in poland over the weekend on sunday

morning futures on the gop's focus should they retake the majority in the house come november. republicans think they should of move -- some republicans think they should move to impeach president biden over not getting results for the american people and host of other issues, dagen mcdowell. your thoughts. good morning to you. dagen: good morning, maria. why impeach president biden when he's clearly cooking his own goose, cooking his own duck, chicken, possum or squirrel, he burned up his reputation to a crisp. at the same time, the american people deserve better and best and the biden administration is clearly illustrating that they make bad decisions about the lives, futures, livelihoods and children of the american people. they are driving wages down because of skyrocketing inflation and then when you're upset about what's going on in this country, you get a

condescending insensitive response from anybody and everybody in this administration. and the american people think, know that they make the best decisions about their livelihoods and their families, not those useless individuals in washington. maria: greg murphy, congressman murphy was with us on friday, dagen. and he said that all of the things that joe biden has done, whether it's bad policy, domestic policy, killing the xl pipeline and making america at a disadvantage because we are no longer energy independent to the conflict of interest over all of the money the family has taken in through hunter biden and he said the reason that some people have paused about impeaching biden is because the number two is worse. that's what greg murphy said on this program on friday, they're worried about kamala being the president and that's why they're

cautious in terms of impeachment proceedings. i was stunned. but that's what he said on friday. dagen: i don't think that the senate would ever vote to impeach president biden if he was strict -- convicted of impeachment in the house but again, the gop know this ought to focus on what is best for the voters and the american people. maria: yeah. dagen: and that is fixing the financial situation. and biden administration, stop trying to claim credit, like best year of job creation. you know what, you don't get credit for bringing back jobs that disappeared because the entire nation shut down two years ago. maria: yeah. like jennifer rubin in the washington post, brian, the other day tweeted, well, biden's performance on the economy would be unmatched if not for inflation. brian: i mean, people don't buy it. that's why republicans are set

up to shellac democrats in the midterms and that's why you don't go down the impeachment road. you can win at the ballot box big time by telling the story, democrats are grasping for it, they're grasping at nothing at this point ms we'll take a break. when we come back, americans are fed up with sky high gasoline prices, why they're putting the blame squarely on the democrats' bad policy. we'll get into it when we come back. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt.

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rights groups like the nra. well, some breaking news this morning from delta air lines. the carrier announcing it's going to suspend all flights -- [no audio] maria: delta air lines will suspend all flights from the u.s. to shanghai, the city in near he total lockdown as the country faces a new wave of cases. back at home, dr. anthony fauci seems to be changing his tune about the virus. watch. >> this is not going to be eradicated, it's not going to be eliminated. each individual is going to have to make their calculation of the amount of risk that they want to take in going to indoor dinners and functions. maria: fauci is saying that americans are going to have to live with this virus, the latest comments very different from the dire warnings he issued back in 202o scotty shepler is the

masters champ, holding off a late charge from rory mcilroy to win the iconic green jacket this weekend. rory mcilroy wowed the crowd with an unreal bunker shot. he raised his arms on touchdown form on the 18th green. it wasp green jacket worthy anyway. tiger woods posted his worst ever score by the way at the masters in his first major tournament since hads his devastating car crash last year. he said he will play at the open later this year. americans are not letting democrats off the hook for sky high gasoline prices. a new abc poll finds 52% of americans blame democrats and their policies for the spike in gasoline prices. nearly the same number of people blame president biden. joining me right now is pennsylvania senate candidate, kathy barnett, she is an armed forces reserves veteran, the author of the book, nothing to lose, everything to gain, being

black and conservative in america. kathy, great to have you today. thanks very much. let me start there. >> thank you. maria: tell me why you wanted to -- why you wrote the book about being black and conservative in america. you are making a point here. >> yes. listen, i mean, i wanted to write that book because i needed to. it's my journey off a pig farm. i grew up in dire straits. i grew up in a home with no insulation, no running water, an outhouse in the back and a well on the side and yet no one ever told me that i was a victim. no one ever looked at me and said kathy, all the odds are against you, you're black, you're a woman, you're poor, you might as well give it up and because no one ever told me that, they had many reasons to decry victimhood if they wanted to but i don't recall one time anyone ever saying that to me and as a result i've been able, my husband and i, to claw my way from underneath the rock and

create a different narrative for myself and for my family. but that america that allowed me to do that is about to come to a close for the very reason you just opened up this segment on. democrats are destroying this country and it's not just democrats. but right now, they're at the helm of things and they can change everything tomorrow if they wanted to. but in order to do that, they would have to admit everything they've ever said and done has been a complete failure and what are the odds of them doing that? >> maria: yeah, i mean, it reminds me of when joe biden was giving that interview to charlamagne and said, look, if you don't agree with me, you ain't black of. why is this narrative of after a can americans have to always vote democrat and that the democrats are supposed to be so great for the black community when in fact we don't see much progress over these policies

when they've been in control. what have they done? >> absolutely. you know, absolutely. and during 2020 when we had all of the black lives matter rallies that were going on all across the nation, here in montgomery county where i live, it's the second wealthiest county in in the state of pennsylvania and yet where black people primarily live in this county, they're living 35% below the poverty level and of course black lives matter never invited me to come and speak so i started showing up, coming up on the stage and saying what are you going to do about it, i'm black and i would speak to roughly 600 black people standing there and i would ask them that exact same question. we have been democrats' most loyal constituents for the past 59 years now, ever since linden b johnson came up with the great society idea and no one is more loyal to the democrat party than black people and i begin to pose the question, what exactly have we gotten for that loyalty.

we know democrats can not secure the white house without getting 92 to 95% of our votes but what exactly have we gotten? i think it's a legitimate question to ask. i mean, they get the white house but we get poor schools, unsafe streets, instead of getting the police when we dial 911, they now want to send a social worker and black people are not special little unicorns, we recognize it. my book is for the broader american culture. maria: kathy, do you think this is resonating throughout the black community? i mean, i know in the 2020 election we had, what, the best turnout that we've seen decades if not ever for the black community to come out and vote. i wonder if you're seeing this, this feeling, this sentiment that, you know, questioning the democrats more pervasively throughout the community. i spoke with candidate herschel

walker, he joined me on sunday morning futures yesterday and we talked about president obama's visit to the white house. here's herschel. watch this. >> you have the supposed to be the leader of the -- the strongest leader in the free world and he's walking around like he is totally lost in a room where everyone is gravitating to obama. even the vice president, she's over there with obama. so it shows you where the leadership is at. that's why we need strong leaders right now to get to washington and help straighten this out. maria: kathy, your reaction? >> yeah. listen, it's not just the black community. it's americans. when you're looking at the polling numbers, they recognize that there is something completely different from buying into the utopia that democrats were selling everyone back in 2020 and the reality of actually living in that utopia. it sucks. and most people recognize that. take a look at the poll numbers. and even, i mean, -- i mean, for example, i had about an hour

and-a-half between meetings and my team brought in about 30 black p men. i spent 30 minutes speaking to them. the next 30 minutes, every last one of them changed their voter registration from democrat to republican. you can go out to my facebook at kathy barnett for senate. this saturday, those who of have fled from the horn of africa, they held a very large fundraiser for me this saturday. every last one of those people changed their registration from democrat to republican. i'm seeing it when i go into the hispanic community, the amish community, which came out very big for president trump in 2016. they're also -- go on my facebook, you'll see me going across the commonwealth, over 1500 miles a week. people feel squeezed right now and the last thing they want is more of what the democrat party has to offer them. there is no ceiling on these gas prices right now. agriculture is one of the largest industries here in pennsylvania and we're seeing

that impact them as well. maria: yeah. real quick, kathy. we know that president trump endorsed dr. oz, this is a crowded field. we've had david mccormick on this program as well. how you feeling about your campaign? >> i'm feeling really good, actually. president trump endorsed -- endorsing oz is probably the best thing that happened to my campaign. my team woke me up saying the number of people who are mentioning our name across social media is off the charts right now. listen, we appreciate everything that president trump did when he was in office. he had the best policies and unfortunately we have a number of republicans who didn't want to come alongside them and we had the democrats just yapping at his heels every turn. when you're looking at mccormick i believe he is a p -- hunter biden laptop waiting

to happen. there is something odd about the claim to being a conservative. we're not buying it. maria: all right, kathy. we'll be watching this. great tight race. and we will have you back soon to get a catch-up. thank you so much. kathy barnett joining us, running for pennsylvania senate seat this morning. we will take a break. when we come back, the border agents are already fed up with the ongoing crisis as the white house doesn't want to make it a priority. national border council president brandon judd is here to react to alejandro mayorkas saying the wide open border is not a problem. stay with us. [ marcia ] my dental health was not good. i had periodontal disease, and i just didn't feel well. but then i found clearchoice. [ forde ] replacing marcia's teeth with dental implants at clearchoice was going to afford her that permanent solution. [ marcia ] clearchoice dental implants gave me

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>> i don't believe this budget is going to pass and that's good for america that it doesn't. remember, it's a budget about a president's values, he never talks about the deficit, he doesn't talk about the border being insecure, doesn't talk about the crime in the street. you know what he talks about, climate change 33 times. he talks about taxes, fees and penalties, 120 times. so you know where the values are. maria: that a was house minority leader kevin mccarthy with me yesterday saying he does not expect biden's $5.8 trillion budget to pass into law. joining me right now is wall street journal chief economic

core upon dent -- correspondent, nick timaroe. i knows you say the deficit will fall this year but not because of the administration finding new revenue or a source of savings. walk us through it. >> yeah, well, maria, thanks for having me. the issue heres is that the u.s. government is looking at trillion dollar deficits as far as the eye can see right now. the budget that president biden has proposed calls for tax increases on billionaires that does not seem likely to pass right now in the democrat senate and so the issue is how are we going to get these trillion dollar deficits to come down. you're either going to have to cut spending, you're going to have to increase taxes, or you're going to need a whole lot of more growth out of the u.s. economy and this is a challenge that the biden administration inherited from president trump, deficits were already rising even before the pandemic and it's going to be a difficult

problem for this country to get a handle on. maria: yeah. meanwhile, we are expecting the economic growth story to slow down as the federal reserve raises interest rates in a slowing economy, we're talking about estimates of about 1% for growth in 2022 if not a recession. got a new reuters poll finding economists predict the fed will deliver two back to back rate hikes of half a point. that's in may and in june to tackle run-away inflation. the news driving the average 30 year fixed rate mortgage to nearly 5%, nick. your thoughts on how many rate hikes are going to behalf a point versus a quarter point and walk us through whether or not you think the fed can engineer a soft landing, nick, that is, raising rates but not creating a recession even if we do see a sharply slower backdrop. >> well, maria, soft landings are rare for a reason. they are difficult to pull off. and they are very difficult when

you see the inflation rate as high as it is, we're at 8% inflation. the unemployment rate is very low, it's below 4%. that's consistent with stronger wages and wage growth is a great thing but when wages are rising 6% a year, that is not consistent with the fed's 2% target. and the way that typically you see wage growth slow down is in a recession. so a soft landing is the fed's goal here but it's going to be difficult. when you talk about rate increase, you know, a half point rate increase in may and june is probably the baseline now. that's what markets are expecting. the fed has not raised interest rates by a half point since 2000. the fed hasn't raised interest rates at back to back meetings since 2006. so wire talking about a very front-loaded rate increase cycle here and i think there are three questions for the fed. the first is where is the neutral interest rate. that's where you're not trying to speed up the economy but you're not trying to he slow itt

down and most people think the neutral interest rate is above the inflation rate. well, inflation right now is at 8%. even if it comes down to 4% this year, 3% next year, you're still talking about interest rates in that case above 3 or 4%. then the second question, how quickly do you get to the neutral rate and right now it seems like the fed is in a hurry. that's why they're talking about raising interest rates at a pace we haven't seen this century and the third question is what do you do once you get to neutral. do you have to go past neutral and that's at a point where a soft landing becomes very difficult because now you're applying monetary restraint. you're trying to he slow down the economy. you're trying to slow down job growth. you are pushing up the unemployment rate and maria, whenever the unemployment rate has gone up by a little bit, it's gone up by a lot because the economy has gone into a he a recession. maria: it's a great point. citigroup expecting 50 basis

point hike in may, june, july and september. so they're looking at four. let me bring in dagen mcdowell. go ahead, dagen. dagen: nick, in the one big elephant in this room is the balance sheet. and the balance sheet reductions. as you've been writing, the fed is planning to let $95 billion start rolling off this 9 trillion-dollar balance sheet, 35 billion of that being mortgage securities. that should start happening in a matter of months, correct? last go-round, they kept the balance sheet steady for three years and is there really any way to know what impact that has, not just on the economy, but particularly asset prices when you already have, say, more of gang rates at a four -- mortgage rates at a four-year high. >> dagen, it's a great question. we don't really understand the mechanics of the balance sheet very well. the the fed says when they're

purchasing all these assets, it's providing stimulus to the economy and so it seems that when you reverse the whole process, then you're taking more stimulus away. but exactly how to quantify it, it is equivalent to a quarter point rate increase this year or half point, we don't really have great understanding of this because it hasn't been around for very long. but on more of -- mortgage rates, you look at where we've gone, because the fed is signaling a more aggressive increase, we've gone from a 3.5% interest rate to close to 5% right now and that is a very fast increase. even though you could look back and say, well, 5% mortgage rate is low historically. we haven't gone up by a point and-a-half since 1994. and so that is probably going to take a lot of demand out of the housing market right now and so one of the questions i have is where does that leave the housing market a year from now? the last time we had 5% 30

year mortgage rates in this country was in 2018 but there are a million fewer homes for sale right now. so you could still see home price growth over the next year even with higher interest rates. the question is, you know, homes that were getting 30 or 40 offers, maybe they're only getting three or four now and that should begin to throttle back some of the extreme price growth we've seen. maria: yeah. and we've already seen that, right? i mean, prices have come down a bit, housing stocks have rolled over, construction and building companies for sure are trading down. nick, it's great to get your insights on all of that. pick up nick's book, trillion dollar triage. we will see you soon. thank you, sir. >> thank you. maria: quick break and coming up -- we'll talk soon, nick. elon musk says no thank you, the tesla chief rejecting the offer to join twitter's board which would have tapped his ability to buy more stock at 14.9%. does he have an idea of what to do with the headquarters, though? that's the hot topic buzz and

it's next.

maria: welcome back welcome back. time for the hot topic buzz. elon musk declined to join twitter's board of directors after taking a 9.5% stake in the company. musk posed a poll to turn twitter's san francisco headquarters into a homeless shelter. he said why not turn it into a

homeless shelter. no one shows up anyway. dagen: he retweeted a list of the top 10 most followed twitter accounts. he said most of the top accounts tweet rarely and post very little content. is twitter dying? but as a major shareholder now he ought to be careful. because what he says can drive down the stock, reducing the value of his stake in the company. but maybe he's rich enough that he just doesn't give a damn. maria: well, also there's researchers saying that nearly half of the accounts tweeted about coronavirus are likely bots brian. he's not the only one saying that, that there's all these robots on twitter. brian: if you're on the board you've got to be part of fixing the company. if you're not on the board, you just have a big stake, you can have fun, you can say whatever you want and i think dagens' right, i don't think he cares that much about the value of his twitter stake. i think he just wants to get out there and say things and critique and he's going to do that and a keep all his options open by not joining the board.

maria: well, that's the thing. the options are more maybe as a shareholder because when he was on the board, if he were to join the board, he had to be capped at 14.9% of the stock. can he buy much more of it now? so we may very well be seeing the intentions just by this decision. dagen and brian, stay right there, the next hour of "mornings with maria" begins right now. ♪ maria: good upon day morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is monday, april 11th. your top stories, 7:00 a.m. on the east coast. today earnings season kicking off, economic data and earnings news set the tone for markets this week with the consumer price index out tomorrow morning, expected to show a gain of 8.5% year over year ahead of major bank releases, beginning the first quarter earnings season this wednesday. jp morgan chase and blackrock kicking things off on wednesday,

with citigroup, wells far yow, morgan stanley, gold man sacks and many more out on thursday, this will set the tone for markets throughout the week. going into all of that, we've got fractional moves. dow down 10 points, s&p down 14 and three quarters, nasdaq lower by 104 as interest rates spike but first take a look at oil price, down this morning as much as 2% on worries about the lockdown china, 26 million people locked down in shanghai. the price of brent 99, 77, the price of crude, 94, 97, down 3 and a third percent. you would think stocks would be rallying more than they are given the pullback in the price of oil but all three major indices were down last week and that continues this morning. take a look at the week that was, the dow down a quarter percent, the nasdaq down almost 4% on the week, s&p 500 down 1 and a quarter percent. european markets are lower, take

a look at the eurozone, ft 100 down 24, cac is up 60 points as french voters went to the polls yesterday in round one for the presidential election in france. dax index down 40 points right now. in asia overnight markets down across the board, as you will see, worst performer was the shanghai composite, down 2 and two thirds percent amidst the lockdown. russia repositioning in the east of ukraine, after pulling ayou way from the capital city and the ukrainian foreign minister says the country won the battle for kyiv. now, ukraine and russia gearing up for the largest conflict of the war, in the eastern donbas region as refugees flee incoming russian assaults. gop leader kevin mccarthy led a congressional delegation to poland over if weekend to assess the humanitarian crisis. he joined me yesterday on sunday morning futures. >> it's very sad when you look at all the refugees out here, so many women and children and many of the husbands are back in ukraine fighting and many of

those refugees want to go back. poland absorbed as much as they can, many refugees living in individual homes, letting them live there with poland realizing what they went through back in 1939 and others. what we're witnessing is the sheer strength of the ukrainian people. maria: meanwhile, no board seat after all for elon musk, he is declining to join the twitter board which would have capped his holding at 14.9%. twitter's ceo tweeted that musk will no longer join the company's board after the tesla chief spent the weekend tweeting criticisms of twitter. although musk will not join the board, he remains the company's biggest shareholder with 9.2% of the stock with the ceo saying he will remain open to musk's input. "mornings with maria" is live right now. it is time for the word on wall street, top investors watching your money.

joining us now is chief strategist katherine p rooney vera, nicholas wealth management president, david nicholas and michael lee strategy founder, michael lee. great to see everybody. thank you for being here. mike, kicking things off with you, with the market lower ahead of a big earnings season on top of the negative performance last week, take a look at stocks, down and yields up, the 10 year yield jumping to the highest level since march of 2019. what are you expecting from markets as we await the first quarter earnings releases? >> i think the big news is the inflation number. i think we're going to have a pretty good earnings season. earnings is something that already happened. i don't know what type of guidance we're going to get. i bet it will be relatively okay but everything right now is yield curve related. we had inversions on the twos, tens, inversions on the twos, 30s, which isn't a perfect recession indicator but it's

about as close as you can get so those recessions can be up to three years away from that inversion and stocks can do fairly well between now and then. at the moment i'm not necessarily bullish, not necessarily bearish. i'm just cautious. i like the defensive sectors, buying energy on weakness, i like utilities, consumer staples, starting to add healthcare. i think what really needs to be watched is how the yield curve looks. we've had the two year treasury go from 20 basis points in september to 2.5, 2.6%. if we keep seeing this steep asn interest rates that will harm pe multiples across good stocks, bad stocks, everything in between. maria: we're watching that for sure. katherine, i'm wondering if one comment we get out of this earnings period is going to be about russia. this morning we see society general among the latest banks to pull out of russia. jamie dimon said it could be a billion dollar loss as a result

of pulling out. let's talk about emerging markets. the world bank is predicting ukraine's economy to shrink by 45 a% this year, the world bank forecasting russia's 2022 gdp output to fall 11.2% as china's march producer inflation surged 8.3%, stocks dropping more than 3% in china as the country continues to face lockdowns in shanghai. katherine, a lot going on here. parts it all together. what does it mean for our money? >> sure. if you're playing in the emerging market space it favors certain regions over others. in every conflict and crisis there's winners and losers. be in this case, within emerging markets latin america is the winner. emerging europe, asia, is going to have a tough run and already is. latin america is picking up market share. remember, these are commodity

exporters. they're picking up market share for what is between ukraine and russia, provider of 40% of the entire world's supply of wheat for example. we like brazil, we like latin america over emerging asia and emerging europe. china i will say that i do think there are opportunities within the space specifically in consumer discretionary. this is a structural call. so on weakness and for clients who have -- who are looking for alpha and have a higher risk tolerance and are willing to deal with a couple of -- a bit of volatility, consumer discretionary sector i think with china is beaten up but has room to rally over coming years. i think for long-term investors i think that a makes sense. ukraine is going to shrink as we've heard, 45%. it's because half of all the businesses have been shuttered. infrastructure, critical infrastructure is decimated. this shouldn't be a surprise for everyone. europe is going to continue to decrease in terms of economic

activity but i think there's a price for everything and we're currently looking at opportunities within european assets because we've seen record outflows in terms of portfolio capital there. maria: i think you make such a great point on that, katherine. because most people expect a recession in europe as a result of what's going on in eastern europe. you still want to find opportunities even if we were to see a recession in europe, cass run? >> yes. i think in terms of broader europe, we're talking more specifically europe versus europe -- within europe i think you can have select opportunities. recession is very likely. so if you see record outflows like we've seen in the past one month, i think there is opportunity to add to positions within european exposure. maria: david, how do you see it? and the u.s. is obviously not immune to a slowdown in europe. how do you want to hedge this

market? >> maria, the way i see it is 2021 was a fake recovery, the fed fueled recovery. the fed party is over. i believe we're in a late bull market cycle. we've had a pullback but valuations are still high relative to historical averages. when you look at what's happened with interest rates, we're sitting at 5,000 year lows for interest rates, we could enter the worst bond market in human history. inflation is surging. real wages are declining. you look at the administration, we have gross incompetence coming out of the administration. i've never seen so much ignorance and insanity. it's unfathomable. all of that does not add confidence to investors. what we're telling our clients, our p clients built their wealth. they hire us to protect it we say you've got to add insurance. we insure our homes, some of our largest assets. sometimes we forget to insure our stock portfolio. we use put option, we buy put

options, 10% out of the money or use call options to replace stock exposure. we can get a large percentage of the gain by minimizing losses. about half of our managed book is completely hedged so we believe strongly. look, i'm bullish on the u.s. economy but i think we're going to see volatility in the coming months. you've got to be prepared for it. maria: how do you hedge against bad policy? you've got to protect yourself some diss how. great point, david. katherine, david, michael, always a pleasure. thanks very much for weighing in on all of that. have a good monday. we will see you soon. much more ahead. coming up, the new york post releasing even more damning information about hunter biden's finances. we'll talk about just how involved president biden was in his son's dealings. plus, pulitzer prize winning cartoonist michael a ramirez is here with the latest political cartoons. we'll show them to you coming up as we talk with the political cartoonist later on in the show. joining the conversation all morning long, dagen mcdowell

and brian brenberg. we'll get back to this fan a takes particular -- fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. tn this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab. at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow.

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maria: welcome back. the biden family affair, the text messages revealing hunter biden admitting to paying the family expenses reemerged this weekend in messages between 0000 hunter biden and his daughter, he writes this, i hope you can do what i did and pay for everything for this entire family for 30 years, it's really hard but don't worry, unlike pop, i won't make you give me half your salary, unquote. wow. that is damning because right there tells you this is not a hunter biden story, it is a joe biden story. he's hauling in all of this money and then paying biden's bills. yesterday on sunday morning futures, ohio congressman jim jordan weighed in. >> these text messages and e-mails that link the entire family, not just hunter and joe

but also uncle, joe's brother james biden is involved in this as well. a couple things. one, it sure looks like joe biden was involved. this was a family operation including his uncle like i said before. this ties in the entire family. maria: so dagen, it looks like the republicans are going to investigate this. they are doing so now, just as ron johnson and chuck grassley have done in the senate. but should they take the majority in november, you'll see more of this as well. this is influence peddling on a grand scale and we are all feeling it now with these conflicts across the world, dagen. how do you. dagen: most importantly, watch the grand jury in delaware that's dealing with the investigation into hunter biden. miranda divine has a long column about this today but it's starting to emerge and this is not just the information that a was on hunter biden's abandoned laptop, it is also what the grand jury is curious about and she writes that at least one of

the witnesses before the grand jury has been asked who is the big guy. the big guy is joe biden. as identified by tony bobulinski. tony bobulinski gave, what, eight hours of an interview to the fbi. excuse me, six hour interview, tony bobulinski, hunter biden's former partner but he has not yet appeared before this grand jury. and the only reason we're finding out things about this is because of -- journalists who think this is important of, like you, like miranda divine, but i think we will see more emerge from this delaware grand jury even before the midterm elections. maria: yeah. and brian, now the word is out on whether or not a special counsel should be put in place to investigate this, given we've got a sitting president involved. brian: a sitting president who by the way keeps up this

unsustainable message that he had no idea any of this was going on, that his son did nothing wrong. i mean, they are digging the hole so deep here. all of these white house spokespersons are digging this hole and, you know, the press just has -- this should be a story everybody in the press is deeply interested in because it is an amazingly problematic story and we are still not getting even a scratching of the surface from most outlets but it will be fascinating if bobulinski testifies in front of that grand jury. i think that's going to be explosive and that might be the last piece of the grand jury on this one. maria: yeah. did you see the interview where the former head of reddit said i don't care about it because it's just irrelevant. .dagen: i try to avoid watching brian stelter because i lose my

appetite. maria: it's so ridiculous. dagen: who on the planet would not be interested in investigating hunter biden? your beat would literally be going into strip clubs and hanging out at the chateau marmont, flying around the globe. maria: i'm talking about national security issues here. brian, what i'm talking about is the fact that we're all feeling it right now because we've got a conflict, russia invading ukraine and this president has taken all this money from russia, ukraine, china, how do we trust that his decisions in terms of sending weapons to ukraine, fighting back russia, keeping china to account, how do we trust that those are all in the best interest of the american people and not come he- compromised because of the money he's taken in. brian: we need a president that shows good judgment. he has not shown good judgment in the past. he continues to not show good

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>> we in the department of homeland security have assessed this is the greatest terrorism related threat that we face in the homeland is the threat of domestic violent extremism and the of most prominent threat is the threat of white supremacists. maria: white supremacists. really. that was homeland security secretary alejandro mayorkas friday, no mention of the wide open border being a threat, saying that white supremacists pose the biggest threat to the united states. as we face a surge in illegal border crossings as the u.s. plans to lift title 42 next month. joining me now is national border patrol president brandon judd. your reaction to secretary mayorkas right there. >> every single american should reject what he said. he's way too smart of an individual to believe that is true. he is looking at a report that a was done when we had the most secure border in the history of our country, a report that looked at the year 2019, 2018,

2017. that's what he's looking at. we've now what an explosion in illegal immigration, had the most people enter the country illegally, able to evade apprehension and have gotten away. 64,000 people got away last month alone, alone. we don't know who those people are. we don't know where they came from. we don't know what their intentions are. what secretary mayorkas says is pure deflection. he is leading the biggest border crisis in the history of our country. maria: so dan patrick, the deputy governor of texas, was with me last week on wall street and he said that under president biden's leadership, 20% of americans are here illegally, that includes the people who are here illegally now but we have seen such an incredible surge of people coming and you're expecting this to get much worse, right? i mean, your colleagues have told us it's going from 7,000

people apprehended a day to 18,000 people apprehended a day. how do they come up with that number once title 42 is lifted, brandon? >> well, they're looking at the increases that we've already seen, based upon the rhetoric that's going around. when we go from 3,000 apprehensions to 5,000 p 5,000 apprehensions and 5,000 to 8,000, we have to look at what with will we go to next. it's obvious the numbers will continue to go up and we're going to see close to 18,000. maria: look, mayorkas recently sent a memo to more deer agen -, bragging about an increase in pay. it will enable the u.s. to hire an additional 300 border patrol agents and 300 processing

control agents. what do you make of this. >> again, he's just not telling everybody the truth. this isn't just for border patrol agents. this is federal government-wide. if he was looking at securing the border, he would look at what more can they do beyond what the president's budget is for the entire federal government. again, he writes this memo and it makes it look like it's just for us when in he reality it's for all federal employees. it's just this deflection that we continue to see from this administration. it's dishonest. it's disingenuous. and we just can't trust anything that's coming from this administration. maria: so how have things changed would you say under joe biden, brandon? walk us through what has taken place and why title 42 is important. what are you going to do when it goes away, may 23rd it's lifted. >> well, let's be clear. the cdc still says that we have a pandemic in this country and if we still have a pandemic in this country, and if u.s. sitens still -- citizens have to be

under strict regulations such as wearing masks when you're on planes, all of these -- the vaccine mandate that the president wants to push on all federal employees including the military, when you look at that, if they're saying that the pandemic still exists, how do you lift title 42, especially in the middle of the biggest illegal immigration explosion in our history. that's going to cause more people to come in contact with this deadly virus that is spreading throughout the united states. it doesn't make any sense. and those are the drivers, that's the rhetoric that gets sent around the world that allows cartels to go throughout the world and recruit people to come to our country illegally. this is just the wrong message, wrong time but it goes along with the open border policy that this administration pushes. maria: it's certainly enriching the drug cartels, making $100 million a week on all a of this smuggling of humans and drugs. brandon, as always, good to get your take on all of this.

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maria: welcome back. airlines are cutting flights ahead of the busy summer travel season. cheryl casone with all the details. cheryl: maria, the airlines making the move to try to avoid mass a i've disruption similar to what we saw during the holidays. jetblue and alaska dealing with staffing shortages amid a tight labor market. jetblue will reduce flights in may and throughout the summer. alaska trimming the schedule while they try catch up on pilot training. the stocks in the premarket, both stocks are seeing pressure on the news, jetblue down more than 1 and-a-half percent, alaska down more than 2%. well, for the first time since world war ii, bank deposits could drop for the year. analysts slashing their expectations for deposit levels at the nation's biggest banks, this as earnings season kicks

off wednesday with jp morgan. analysts believe bank deposits will decline 6% at the nation's largest institutions. consumers were saving stimulus checks and businesses were stockpiling cash during the pandemic but that trend likely has he reversed. we are going to hear from jp morgan chase wednesday, thursday we've got citigroup, wells fargo as well as goldman sachs. well, a five alarm fire tearing through a home depot in san jose, california, the blaze starting around 5:00 p.m. saturday. fire officials say the store is a total loss. they believe the fire started in the lumber section, fueled by flammable materials. maria, this fire was so big, you could see it from space, believe it or not. those are some of your headlines. maria: that's incredible. all right, cheryl, thank you so much. officials in shanghai easing covid lockdowns in some areas today, even as the city reports over 26,000 new infections.

it's expected to be a relief for some residents who have been struggling to find food and medicine after the more than three week shut down. desperate shanghai residents have been protecting and protesting the food shortages from their apartments in recent days, chanting and banging on pots. joining me now is the heritage foundation senior fellow, former navy veteran, brent sadler. thanks very much. it's extraordinary we're not seeing crisis numbers, yet china goes and shuts down 26 million people in shanghai. how do you see this. >> there's another angle to this. there's a party congress, which is a key communist -- chinese communist party event, it's supposed to occur before the end of the year and that's where they set out their leadership and their topline policies. now, the deputy or number two in the chinese communist party right now to xi jinping, she is not going anywhere. but lee has to leave for age and term limits.

there's a shanghai clique. if she will continue consolidating power, he has to undermine the legitimacy of the shanghai group. what better way than to continue to show economic policies and covid reactions or counter measures have been ineffective. there's a political aspect i think also to consider. maria: it's a great point. is there any reason to believe that xi jinping does not get the nod at the upcoming people's congress? >> i think what we've seen in the last few years is a very effective consolidation throughh anti-corruption which is cover for political consolidation. it's unlikely we'll see xi go to the exit any time soon. maria: what does that mean? look, china is reportedly accelerating its nuclear buildup over fears of rising conflict with the united states. that's how the wall street journal wrote it.

that leaders in beijing see a stronger new arsenal as a -- nuclear arsenal as a way to he deter the u.s. from getting involved in a potential invasion of taiwan. we know the ccp's thoughts and planned strategy to overtake the united states as the number one super power have been in place for decades. give us your sense of xi jinping as a leader as he is expected to continue really modeling himself after mau who was dictator for life. >> absolutely. so xi actually has to best both in his capability to dominate the chinese communist party, also dominate, it's the key strategic objective, driving him to do things that communist leaders before have been guarded in their intention and that's taiwan. so he is much more of a risk

taker, he's been more explicit in his desire to resolve forcefully if it needs to be reabsorbing taiwan into mainland china. xi is definitely a risk taker. watching what happens in ukraine will be a textbook for what could unknolled a taiwan -- unfold in a taiwan scenario. maria: do you think the u.s. should get ahead of that. i spoke with kevin mccarthy yesterday on sunday morning futures about a deterrent strategy to get weapons to ukraine but also needing to learn a lesson from this conflict because of what you just said, taiwan. here's mccarthy yesterday. >> we should look to the future. how do we make sure that they do not make this mistake again. they should be supplying taiwan with we upons to despend defend themselves so china doesn't get the idea to enter taiwan. this is the lesson that has to be learned. maria: what do you sunshine.

think?>> this is something for f us have been watching for years and have been advocating and it's important to note that taiwan was supposed to take delivery of stingers, javelins, truck mounted harpoons, anti-ship cruise missiles. there are design technical issues, they will get deferred. that needs to get remedied and accelerated. the javelins and stingers, those very likely have going to ukraine for obvious reasons. the chinese are watching how the western systems are performing with western training and they're watching where they're going and seeing if they get delivered. the stingers and javelins are supposed to be delivered this year. hopefully we get reports that that delivery is on time and on track because that actually would deter the chinese. maria: the ccp has been supporting russia in its war against ukraine. we see that just from xi jinping commentary. how should the u.s. deal with

china at this point, brent? we know they've got their belt and road strategy, efforts to overtake the u.s. as the full better one super power. we know of the human rights abuses and the intellectual property theft and surveillance from the ccp in america. should the u.s. policy be changing to look at china as an adversary as opposed to what biden keeps saying as a competitor. >> i think we've seen a bipartisan or consensus on china and it seems to be holding seen in the biden administration to treat china not just as a competitor but as an adversary. much more needs to be done. a harder stance needs to be considered, especially when you see chinese delivering ground to air missiles to serbia over the weekend. while china may not be explicitly giving military aid or financial aid to russia, it's in their best interest to make sure they help russia and ukraine and have that conflict,

that war progress as long as possible because if it does it weakens the west, distracts the west and also makes russia more beholden to xi in beijing as well. maria: yet the u.s. just canceled the china initiative which had the doj investigating all the intellectual property theft. why? i mean, we're waiting on firmer china policy. we're not getting it. >> absolutely. so the other part in the economic contest or competition with the chinese is also making sure there's at least some type of reciprocity about how we have listing on the new york stock exchange. we have to have transparency and enforcement of those standards long past due as well as investments like pensions being invested china should be brought back to the u.s. maria: yeah. well, that's an issue that we are talking about all the time. you're right. these companies do not even follow our accounting rules. brent, thanks very much for weighing in on all of that. brent sadler joining us this morning in washington. quick break and then food prices

hitting record highs, we'll talk to a philadelphia restaurant owner about how they're dealing with the price hikes, passing it on to you and me. you're watching "mornings with maria" live on fox business. ♪ i love you like a love song, baby. ♪ i love you like a love song, baby. ♪ i love you like a love song baby. ♪ and i keep hitting repeat. ♪ at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ (vo) for me, one of the best things about life is that

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welcome back. food prices globally are at record highs. the food price index jumped 13s from february to march. jeff flock is live in fill delve philadelphia with more on this where we are expecting price hikes or even worse, jeff, food shortages. >> reporter: it's crazy. we're in the kitchen this morning, this is the old -- remember the famous book binder's restaurant in philadelphia? this is the old bar, reinvigorated. scott camp anella is the ceo. seafood is getting hit.

u.n. prices, everything is up, whether it's vegetable oil, grain, sugar, meat, if the u.s. up 8%. are you pass aing this along to your customers right now. >> >> you can only go so far. while i may be paying a 10% increase, i can only pass through about 4% increase to the consumer, otherwise we'll price ourselves out of the marketplace. >> reporter: you're taking a hosing on this. >> a little bit. we're buying people lunch. for now. and hopefully when we get to the summer where the demand will jump up, we'll play around the edges, try to make a little bit of money. >> reporter: i want to look specifically at the numbers or meat. beef and veal, up 16%, pork up 14%, chicken up 12%. you can't pass this on because people wouldn't pay it. >> and the fine dining restaurants where you have prime cuts and fresh seafood it's even worse. so we'll reengineer the menus to

get less expensive cuts, more of flavorful. >> reporter: different food. >> more exciting, summer oriented. >> reporter: you changed one of the items, that was the muscles. muse --mussels. >> king crab jumped up to $70 a bond, we pulled it off the menu. we were not able to put it on the p menu. people wouldn't pay the price. >> reporter: appreciate the tp insight ass always. -- appreciate the insight as always. you're buying us lunch. >> we are. come to the old bar, we'll buy you lunch. >> reporter: it's a little like your old pal and a mine, the head of phi yacht chrysler, when he was -- fiat chrysler, when he was making electric cars, he said please don't bilek trick bk electriccars, i'm losing money y one. maria: we're paying sky high price force all of these products. great interview, jeff flock. americans are always feeling the

pain at pump. a new abc poll finds 52% of americans blame democrats and their policies for the spike in gasoline prices. while nearly the same number of people blame president biden. joining me right now is andy lipow. assess the market for us, how do you see gas and oil a trading in 2022? >> well, good morning, maria. what i would say is right in front of us we have covid lockdowns spreading in china and china's covid pain is the american gasoline consumer's gain. i now expect gasoline prices here in the united states to drop another 10-cents a gallon to a national average of about $4 a gallon but on diesel we're going to see even healthier declines going from just over $5 a gallon all the way down to $4.60. maria: yeah. well, that's a good point. yeah, we've got prices sliding on those lockdowns be in china

and plans to release close to 60 million barrels from the petroleum reserve. there's that as well. so you're expecting this to continue as china continues the lockdown and that's just the demand story. there's also a supply story. dagen mcdowell jump in here. dagen: andy, speaking of supply, i read your research religiously, opec plus is not pumping at its production quotas. they're about a million and-a-half barrels short. it's clear that saudi arabia, kuwait and united arab emirates are not stepping up. >> this is a significant problem for the world because as the united states has banned russian oil and european refiners have shied away from it, they're looking for ought ae supply, it's saudi arabia and the emirates and you kuwait do not fill it we turned to the

strategic petroleum reserves. we have a problem going forward because the biden administration policies has really been the not in my backyard policy of let's ask opec, let's ask canada, rather than looking to utilize the natural resources we have here in the united states. maria: yeah. well, how about let's ask iran because the u.s. is right now negotiating a new deal to get the u.s. back into the jcpoa deal and that would mean iranian oil on the market, not to mention enriching several of russian nuclear companies because they're going to get enriched with billions in revenue if in fact this deal materializes. what would iranian oil on the market mean for the market? >> i think if we were to agree with iran and lift sanctionses, i think that crude oil prices would drop another 5 to $7 a barrel because iran could quickly increase production by about 1.3 million barrels a day or more. but they have a significant

amount of oil that's in storage that could be released immediately and flood the market. maria: all right. we'll leave it there. andy, great to see you. thanks very much for joining us this morning. andy lipow here. coming up, will smith gets punished, quote, unquote, by the oscars. how chris rock is responding. stay with us. ♪ t you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

. maria: welcome back. time for "hot topic buzz," will submitting slapped with 10-year bn from the oscars but does get to keep his best actor award after smacking chris rock across the face during last month's show jada pinkett smith make first red carpet disappearance chris rock doing stand up says he will only talk about the incident when he quote gets paid. >> dagen, first of all, getting banned from oscars for 10 years is that really a punishment? i mean seriously. he is allowed to get his ward

be unemployed can't go to oscars ten years? dagen: i don't get -- getting a slap on the wrist from the awards ceremony utterly irrelevant doesn't matter one teaspoon celebrity irrelevant is the fear the entire energy source spotlight attention from public -- see how much his career is hurt chris rock probably a stand up special on netflix only time he talks about it might get big money from that or hbo, watch the chris rock movie he starred in and directed called top five, hilarious, i argued better than anything will smith has done. >> i am loving chris rock more

than ever he handled this grace, professionalism thumbs-down on will smyth? brian. >> chris rock has been a pro, i agree. i love the way he handled it doesn't have to talk about this until he wants to he can talk about it any way he wants to, and i agree he will cash in look if he does talk about it he should get paid for it. will smith who cares if he doesn't go to oscars not the even a slap on wrist, to not hang out with that crowd i sigh say a gift. dagen: celebrities don't fit in with real word, ask to go to waffle house they are wandering around like loss in the penn station. maria: what about jada her red carpet appearance, i don't think will smith reacted until he saw jade's face she was mad

that because officially he was laughing about chris rock's joke then looked at is have i have that was it. dagen: what did she say that we didn't hear? how about that. maria: exactly, stay right there next hour "mornings with maria" begins right now. . maria: good monday morning thanks very much for joining us i am maria bartiromo, monday, april 11,top stories 8:00 a.m. on the east coast. today earnings season kicking off first quarter economic data and earnings news will set the tone for markets this week consumer price index out to show gain 8 1/2% year-over-year major bank reefgs first quarter earnings season kicking off banks on wednesday, jpmorgan chase black being rock on wednesday

citigroup wells fargo morgan stanley goldman sachs thursday, this will likely set the tone for investors markets trading down we are at wloefrls of the morning right here as oil prices pull back yields shoot up dow industrials down 101 s&p 500 down 27 nasdaq lower by 143. oil prices are down as much as 2% right now on worries over china's lockdown 26 million people because of covid restrictions, the price of brent 97.79 down almost 5%, price of crude oil 93.07 down 5 1/4% right now after a week major indices down last week as well, oil prices also eased then, dow industrials down 97 last week quarter of one percent nasdaq biggest hit down 550 on week down almost 4% s&p 500 lower by 1 1/4% last week, european markets are lower this morning take a look at eurozone, as you can

see, the ft 100 down 40, dax is lower by 93, cac quarante higher this outperforming in europe as macron in the lead in first round of the he french elections, the second round happening later in april, cac quarante up 37 points, on mook ron victory in asia overnight market down across the board agency you can see shanghai composite down 2 2/3% hardest hit on lockdown, russia repositioning in east of ukraine after pulling away from capital city and ukrainian foreign minz as i say, saying country ron battle for kyiv now gearing up fore largest conflict neither eastern donbas region refugees flee, kevin mccarthy led a coalition to planned romania to assess the humanitarian crisis joined me yesterday on "sunday morning futures" from

poland. >> look at all refugees out here, so, women and children, many husbands are back in ukraine fighting. and many of those refugees wanted to go back, poland has absorbed as much as it can many living in individuals' homes letting them stay there with ploopd poland realize what they went through, what we're witnessing sheer strength of ukrainian people. >> no board seat for elon musk, declining to join board of twitter ceo tweeted out musk will no longer join the board of directors after the tesla chief spent weekend tweeting criticisms of the company platform, musk will not join the board remains the largest shareholder with ceo saying he will remain open to musk's input owns 9.2% stock

-- would have had a barrier limit how much he could own 14.9%, "mornings with maria" is live right now. >> morning movers paypal square bound in premarket take a look, at square down 2 1/4% investors brace for impact march inflation data tomorrow prices discouraging consumers, affecting payment for paypal, square lost 412%, 24% of market cap respectively, futures to a lower opening this morning ahead of earnings data take a look at stocks lower dow industrials down 112 s&p down 28, nasdaq lower by 147 that is better than 1%, one of the careens here is the 10-year yield is now at the highest level since march 2019, 10-year now up 4 and a third basis points level

2.753%, joining me right now chief investment officer antone schiff, all morning long dagen mcdowell, brian brenberg, your thoughts on yields higher you have been a bank investor for a long time i know that higher yields are going to be a positive for the sector what are your thoughts with interest rates moving higher now, as we expect the fed to keep this pace? >>. >> first of all, the fed doing exactly what it is supposed to do before they had done -- jawbone caused rates to rise quite a bit obviously, cooling effect on economy, however, people really think about the yield curve the missing, banks fund on short term. and you think about, you know 10-year being 275, banks funding on overnight 3 month type, 200 basis points there,

that is huge that yield curve is large banks earnings going to be quite strong, no near-term credit worries the question everybody afraid of a recession later on but, you know, typically recessions happen much, much later after fed hikes rates a very strong economy americans want to spend going to fund supply chain back i expect rates to be high i expect the economy to be strong. maria: okay. i want to get into some bank earnings that you are going to be watching, closely but what about inflation in this strong economy cpi, coming out tomorrow, and expectation is that we are going to see year-over-year move in the consumer prices 8 1/2%, that would be highest in more than 40 years would be a month-over-month move 1.2%, what is the impact here antone? >> no doubt that spending power consumer has been hurt but consumer has able to do to borrow he money if they want,

to 175,000 dollars he home equity, average house united states, and you know really done a lot of work during the covid crisis, repaying debts an ability for consumer to continue to spend they want to live they've been locked down a long time, inflation hurts but do i expect to come down from these numbers a lot of the numbers are a pull forward demand based applying i expect consumer to shift to services wages to calm down will rise they have to get workers back to work i think will calm down, she expects inflation 2% next year i do but won't be 8 1/2, comes down, i think you will see, things kind of calm here as inflation sort of cools. but still high the fed will keep raising rates until they see whites of the eyes of inflation coming down. maria: i am glad you

mentioned her comments, because she was one of few also talked about the shutdown in china. and the impact of 20 you know 26 million people stuck in homes antone let's take earnings kicking off big banks reporting in the week jpmorgan blackrock wednesday citigroup wells fargo morgan stanley goldman sachs thursday, bank of america later on what are you expecting in terms of the major trends happening for the first quarter in the banks, who are you focused on this week on the banking sector? >> well, first of all, focused on all of them looking for signs that are far greater for the industry, so you know if you think about, you know things that are bad -- on russia, jpmorgan citi, losses there street expects in a he nevertheless real certainly trading capital markets environment is not you know is not very strong first quarter so anybody got that exposure,

i expect growth credit quality very strong margins widening as fed raises rates i think a lot of room for bank attorneys general rise on that as we go forward, us he know wells fargo upgraded by citi for good reason a lot of cash on balance sheet, they are very sensitive to rates rising don't have as much capital markets exposure into the regions, tennessee, texas florida, next you see really good long growth mortgages will come down, but people are moving to those states they want out of the high tax states, and those states are booming, i don't expect recession in any of those states soon i also look at agriculture, i look at redomesticationation of supply chain strong growth forward for both reasons really, really important, that growth is going to be there, so, you

know, i like, the first interstate has 8% balance sheet agriculture ask exposure farmers going to plant borrow, and certainly going to be able to charge of more for to grains, and i like first bank of tennessee double digit loan growth you o don't see that across the the industry but you can you pick stocks. >> great point agriculture quick before you go, any worries about the housing market rolling over be mortgage rates, you you -- pricing people out of market impacting the banks? >> well, i mean i expect losses i expect mortgage to calm down short housing in this country i know sounds crazy with affordability going the long way i don't expect a disaster out of mortgage, but it will calm down as well, those are things that are pushing inflation, and so i expect all those factors to reduce the coming inflation as we go forward.

maria: antone great to get insights on this thank you so much we will be checking back with you soon. >> always a pleasure. >> all right. thanks antone schutz, elon musk turning down a set too on the board of twitter, winning car to anist is here with latest political cartoons going to show them to you when we come back you ares watching "mornings with maria" live on fox business. . new investors can open an account and get $101 to split across the top five stocks in the s&p 500®. you can also unlock short videos, step-by-step guides, and other easy-to-use tools designed for people just getting started. plus, investment professionals are on standby 24/7 if you ever have a question. it's investing 101, reimagined. what if you were a major transit system

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>> . >> welcome back, tesla ceo elon musk has decided not to join the board of directors of twitter after becoming the largest shareholder 9.2% of stock chief executive parag agrawal making the announcement on twitter according to tweet musk was offered a seat turned it down musk taking shots at the social media giant all weekend, meanwhile,ing posting

a poll, to turn twitter san francisco headquarters into a homeless shelter because quote nobody shows up anyway, look how this is followers answered yes, 91.3% said "yes" turn into a homeless shelter since nobody shows up dagen. dagen: elon musk has not the reacted to this announcement defeated a giggling monthlyingi they probably had conversations with musk said you are not going to be able to stay and do anything on twitter, that you like if you are on the board. that you are going to have to behave in the same way that we all do as quote fiduciaries of the company i am saying way want you better step up do right thing for all

shareholders, also point out that he only spent about 1% of his total neither worth on giant stake in twitter more than 9% if you are looking at a portfolio allocation pretty small. maria: i know dagen, wondering if he had a real limit in terms of the number of shares he could buy if if he were on the board he had 14.9% limit that he could acquire, sitting onboard could he acquire more not being on the board? does this takeaway expectation maybe he has biggering intentions here? i don't think so. dagen: i don't think he needsing bigger intentions in terms of the stake caught he is already at the largest shareholder. but he does need to be careful about what he says it might impact the value of the stock that he already owns. so if he is too negativeing that drives down -- his own

investment. maria: i mean brian i am wondering if he wants to ultimately take this company acquire the company whether in a better position to do so not being on the board. >> yeah he absolutely is because if on the board limited until 2024 can only take small stake in the company i think he wants to take it over if that is what he wants to do i think he wants to be very public, you go on a board first expectation is that you have problems or if you have ideas you give them to the board not the public. but, this way, elon can play to the public obviously, what he wants to do the board kas becoming clear board was a constraint limitation one thing about elon musk, that guy does not want any constraints, staying off the board is best way for him to keep options open. maria: i guess so a break biden's bad impact on democrats for midterm elections what the approval

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levels. >> .

>> welcome back. president biden facing low plummeting polling numbers on his handling of the u.s. economy 63% voters rating condition of the economy as very and fairly bad. meanwhile, 66% say higher prices have been difficult or a hardship, joining me right now poll store former senior you counselor to president trump kellyanne conway, you have been looking at polls what do you make of these? >> -- never seen anything like it, rating overall declining 20 points one year in 30s approval rating on crime, inflation, immigration economy, are among top issues particularly independents suburban women, big problems for democrats midterms the poll you showed incredibly important 8% say there is no effect on them, from the crisis think about that 8%, two-thirds say it has been a

financial hardship there are two things, everybody polls are saying number one suffering economically, and yoke of inflation number two blame biden democrats a nexus i think biden is -- number one people think he is not listening number two that he doesn't have a plan, showing in a he doubter care no plan to get out of this, i am struck in polls how many americans are saying that they are sacrificing every day consumables a majority say cutting back on food, my goodness some say many are cutting back on driving overs cutting back on disposable. >> biden pull theing party in a terrible position, they have

to do two things get on offensive all issues, number two make biden problems democrat problems democrats, you've got to make biden failings democratic failings. >> you make good point i was reading research from the economists nancy lazar said she is expecting the consumer spending to continued under pressure because it is not just the price of gasoline and oil, that is disappearing disposable income but taxing other things like you said cutting back on spending on other things, because all the money has to go for gasoline and oil. the sinking uponlarity of biden causing anxiety ahead of elections 31 house democrats announced will not be seeking reelection in november for whatever condition you say this points to a republican sweep in the fall, kevin

mccarthy is expecting to take the majority because he says they only need 5 seats what about the senate? >> the senate right 50-50 everybody out there california california is tie-breaking vote the president of the -- senate on track to may be have a record-breaking number in senate should motivate people to come out senate races almost like presidential races well fudgeded candidates, i feel bullish for republicans as well. the house you need five seats look at trends from 2010 barack obama says a shellacking bill clinton first midterm election 52 seats said i will irrelevant they were reelected as president, but the party took a beating in

midterms the whole mandate changed they changed, i think five seat, by the way, maria 31 retirements if republicans pick up 32 seats they haven't had that majority in a hundred years it would be -- truly remarkable, they are on track, but it also matters who is going to be there, because we need to get we need to get on policies, i think a great year, there are so many people so many women in minority candidates as republicans running this time, just like we saw in 2020, not a single republican lost under majority -- under excuse me minority leader kevin mccarthy leadership not a single rep lost not incumbent lost, the seats taken by women minorities. >> have also promises they are going to investigate what they need to investigate, on the other side, we've got more

questions this morning, about president biden's role in hunter biden' overseas business dealings text messages we saw text messages already, but they came up again, this weekend, where you know, a hundred00 complaining to his daughter, that he pays the family expenses, he ohio congressman jordan on topic yesterday with me fox news watch this. >> sure looks like joe biden was involved this was a family operation, including his uncle as i said before, remember what joe biden said in the debate 18 months ago he said he didn't do anything wrong hunter wasn't taking money he from business interests with connections to china, there are 4.8 million you know,s that statement joe biden made was not accurate, because wu know he took 4.8 million dollars from -- the chinese energy company this ties in entire family. maria: so, before you answer that, let me just run you the sound bite greg murphy on

friday talk about hunter biden mess he said that all of this is impeachable for joe biden they should impeach him one issue they are having they don't like the alternative, watch this. >> i think there is going to be plenty afoot plenty if you look at afghanistan, a border crisis you look at so many different things, it is sad thing maria look who is number two look at the who is number two i think number two is worse than number one, so this is the predictment we are in, offices this president has gone done against heart and soul of this company law and order i think are grounds for impeachable offenses. >> reaction. >> clearly true that kamala harris complete inability to do the job, not on world stage -- job protection for joe biden i my people look at this as biden-harris

administration democrat policies that are bad to to have point, it is important folks because joe biden lied in this debate when he told youhunt didn't take money joe biden vice president threatened to withhold one billion dollars loan guarantees unless they removed a prosecutor in ukraine investigating his son's company that he was on, also hunter got 86,000 dollars a month from a company in a country, he barely visits, a language didn't speak, i know joe biden has no energy but hunter hood no energy experience to have jobs, here is the problem for the biden family, biden's doj is investigating all these issues whole about trump -- joe biden not forced to investigate contents of laptop family business dealings i think biden family has lost control of the public safety narrative

certainly the legal consequences, so let's -- investigate this let chips fall where they may but not say it is not relevant that what hunter biden was doing particularly when father was vice president there after is not relevant it is all relevant people have a right to know all people say, the accountability let's do it two and a half years russia collusion i can wait for hunter laptop investigation to conclude. we are watching it all seeing how this plays out we will talk along the way thanks so much for being here this morning, thank you. >> thank you. >> see you soon quick break politicians headed to ukraine but not president biden, scott perry will join me to weigh in what on the president is not doing in the middle of war. stay with us. . . happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine.

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cliff-hanger runoff election cheryl casone with details on round one. cheryl: macron against far right challenger le pen in runoff april 24, first president on notice macron more than 28% vote le pen, over 23%, election a critical test for him, france deals with inflation unemployment political unrest in particular ran five years ago promised would empower youth, 16.4%, writing this morning, mr. macron shifted focus to the project little to do with ordinary voters, think green energy, thousands report cutting platform over high transactions, pandemic profiteering shopping, increased you by 30%, banks

over pandemic. referencing the fact, increased the stock down 2%. scottie scheffler 2022 masters champion. . [cheers and applause] >> the world's top is raininged winning first major tournament holding off a charge from rory mcilroy to win green jacket, wowing the crowd unreal bunker shot incredible moment raised arms, on 18th, green jacket wore thooi at least. by the way, tiger woods posted worst ever score at masters in first major tournament, since that car crash last year he says going to play in open at st. andrews later this year, only person wasn't rooting for

tiger portnoy thinking he is a big fraud, wow. never -- i know i will have to look that up, more on that, thank you so much. all right. we will keep watching that ukrainian president zelenskyy calling for assistance from west ahead of a battle over the o donbas region house minority leader kevin mccarthy was in poland over the weekend leading a bipartisan delegation of house lawmakers i spoke with him sunday on "sunday morning futures". >> is it biden acted too slow had he sent one -- weapons earlier maybe putin wouldn't have made decision to enter ukraine had biden said he would sanion before they entered putin would not have entered now that war created we have other countries willing to provide migs to ukraine defend themselves not asking for american men and women to fight all they are asking to have weapons to defend themselves from

aggressor killing women and children, innocent individuals, what we really need to do is supply ukraine with weapons they need, to win this war. maria: joining me right now pennsylvania congressman scott perry member foreign affairs committee transportation infrastructure committee good to see you thanks very much how do we do that supply ukraine with what it needs to win? >> well to me, it should come through nato united states of america should sell nato absolutely everything it asks for to rep volodymyr zelenskyy, president zelenskyy defeat rush important off if that mindset not just you about defending themselves to literally to drive rush out of country our commander in chief you can he see from comments, would he be better served taking delegation to early bird special than he would be to visiting ukraine or actually even prosecuting you

know, our -- our involvement, as such that it is with this war that is going on in ukraine. i mean my goodness i think he belongs in a nursing as opposed to the home of war in europe right now. maria: why though? look, you know we are all watching this death and destruction everyday uk prime minister boris johnson 2r568d over weekend walked streets with zelenskyy showing solidarity announce militarily aid armedored vehicles skwaik sullivan saidw does not have plans to travel to kyiv following johnson's trip what else do we need to do aside from sanctions on putin's daughters? >> i agree, i agree maria. we -- but, again, providing ukraine all the weapons that they need, you say provide they should come through nato, nato applying from united states help united states economy get nato where it

needs feedback face it, it hasn't been greatest partner in this moving into this war, and, they can afford to take care of their own backyard. again, i think goal not just defense of ukraine 30% world wheat economy, by the way, going to subtract 45% maybe 50% this year, we do have an interest in this going to see our prices continue to rise at the pump, and groceries across the board because of war in ukraine we should do absolutely everything we can, we don't need to send our you know, sons and daughters to this war should not do that, ukraine said willing to fight just need tools to do it we should help provide them. maria: so much questionable policy out of this administration, congressman, i mean seriously the border wide open border agents bracing for he explosion of migrants when biden ends title 42 next

month, may 23rd when it is being lifted, but listen to the lieutenant governor of texas, dan patrick joined me over the weekend on wall street breaking down the numbers what this means for america, watch. maria: over 20 years we've had a millions, million dollars illegal immigrants to this country, but right now, in the first term maria of biden if this continues, we will have about 30 million people coming here illegally because we apprehended 2 1/2 million last year one out of three 7 1/2 million multiply by four years even larger numbers, that means maria in his first term, more people will come here illegally, than live in the state of texas. maria: congressman can you explain this policy? >> unsustainable i live in town about 2500 people, joe biden's said they are

expecting 18,000 people per day, per day, once rule lifted all at the same time american citizens front line healthcare workers, people in the military, if you have been to it or through an airport, you have to wear a mask letting all these folks walk illegally across the border join american society look things that come with them are -- record overdoses from fentanyl crime with it struggles police have to deal with with increased crime activity cartel based health tell them intrfb the policy is to destroy america, as you know, it that is -- i don't know why we refuse to say that, what else can it be? that is literally the policy of the president of the united states, the democrat left party. maria: did you hear what mayorkas said friday the

biggest threat to america is not the border it is white -- supremacy. >> coolest will have a he alleviates on the left detached from reality don't live the lives of american people don't o shop in grocery stores have protection details live in gaetdz communities they are out of touch with america, democratic left. snoolt sounds like a dereliction of duty to me we will watch it thank you for being here this morning. good morning, thank you. god bless you -- >> all right. we will see you soon the art of politics pulitzer prize winning cartoonist with us to show latest pieces, don't miss it you are watching "mornings with maria" live on fox business. . .

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traveled. >> . maria: great moments no journalism overseas press club america awarding political cartoonist michael ramirez the best cartoon award judges write rare to find a cartoonist creates dark moods light humanitarian with skill and intelligence his work eviscerates sacred cows makes us laugh as we sometimes

grumble the man the winning political cartoonist, congratulations to you great to have you what does this award mean to you? >> great to get this award this is one of the few wards that i haven't won, it has great meaning great prestige, been around a very long time, i am humbled by this even, these days we live in world increasingly he globally innovative because of more than technology what happens there is important to what happens here as we've seen in the case of ukraine. maria: looking at some of your cartoons, about hunter biden, about ukraine, talk us through some of your cartoons you have drawn many regarding the conflict in ukraine what resonates most how you are able to walk this balance of making laughs while also, telling the truth about some situation that are tough to

swallow. . >> you know, informing readers our job exposing justice is our duty we are trying to make sure that people understand that liberty freedom comes with responsibility to be informed my job to be a catalyst for thought make them think about images, frankly i got to tell you these days more like extendography than creative so much evil by in a farrious regions, i will tfor political ill will, in 2004 i did a cartoon i had russian leader may day review, and putin was out there one of the was is pointing to other guy saying do you think we are going to revert back to so farriest style repression the other guy said we have done

putin, little perfume you a powerful tool allows the reared understand complexities what is going on makes them react. >> that is why i enjoyed the ones of china, where you are talking about beijing hiding data from the wuhan lab, very serious subject the enslavement of uyghurs in xinjiang region you write it sketch with humor to ensure people understand what is happening. >> these i think need to be exposed people need to understand consequences of these things, nefarious the consequences, problems like ukraine today, basically putin went into georgia moldova took crimea donbas region, without

consequence, these have to have consequence they have to be exposed so people understand what is going on. maria: i like the title 42 showing hoover dam as title 42 holding back a flood of illegal migrants we are expecting, in coming weeks title 42 going away, brian brenberg jump in here. i am so struck by the work that you do, and the imagery is so stark you always have an explanation there but images so stark strike me that they can translate even across language barriers is that part of what you think . >> absolutely more concise the more reader gets it like an advertisement instead of showing the product you throw idea you need to be as little as possible, so they recognize the image, in title 42 i am saying there is going to be wave of immigration, if you

remove this dam obstruction to immigration, immigration i think is important, in america, i think makes us better because of immigrants that we have. but, there has to be distinction between illegal immigration and regular immigration you take in a million people a year, without -- removing title 42 you have onslaught of people coming in here. maria: that is exactly right, the point is well-taken we already have a structure in place, we issue one million green cards every year, why are we allowing others to jump the line and cut in front of those doing it the right way. michael congrats again great to have you this morning we appreciate your work we will be watching, thank you, sir. . >> thank you. maria: all right michael ramirez, celebrating best friends big buzz of the morning after all it is national pet day after the break. . . born to care. she always had your back... like the time she spotted the neighbor kid,

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company while not breaking the bank. ask your agent, or get a quote at easyaspie.com. maria: time for the big buzz of the boarding. it is national pet day, we are celebrating all of our pets. especially those that may not always get this companionship and attention that they deserve. today help out wharf impact company companions and increases likelihood of adoption, dagen you were first to teach me too adopt, don't shop. on your advice i got my beautiful little baby dusty

girl. thank you. >> i want to see the picture of dusty that you posted on instagram. if we don't have a people should go to your instagram and look at it she has her own instagram page. >> she does, of course she does. but it is the picture of dusty with your mom. i have witnessed this with my own mom who passed away and now my dad, these animals know instinctively when someone needs love and comfort. you cannot overstate that. i think rescue animals understand that even better than others because they know when to be there and be close and provide love. >> you are so right, i had my mom here all weekend and i'm so glad you brought this up, dusty would not leave my mom's side it

help my mom so much a nine years old she was so comforted by having dusty right next to her. i was thinking dusty nose my mom needs are. >> they know in a way that older americans especially, they have a connection with the edibles inc. they communicate away, i have a photo on my phone of charlie on my mom's lap. outpost on instagram but you cannot see it. >> i want to see that should i post a picture of my mom because dusty would not leave her side. brian you know what were talking about. >> we cram a lot of people into a small apartment in manhattan, we do not have pets what we do is bring our kids over to everyone's house who does have a pet and our kids are so jealous that it makes the pet owner and abs their pride that they have

that pet. we do our own thing to support it and i totally agree to have a pet around for an older person with the love and companionship is so special. i'm so glad nobody celebrated this. >> the producers pets, i know she is out there i don't see a picture of her but we will get those out there. great to be with you guys this morning. have a good monday. we will see you tomorrow. thank you for being here. "varney & company" begins right now. stu taken away. stuart: good morning, everyone here we go elon musk making headlines. he will not take a seat on twitter's board, he says the headquarters in san francisco should be turned into a homeless shelter. everybody is asking her, now what if he's not on the board he could buy as many shares as he wants, he could buy the whole company. and still have $260 billion left a personal fortune. will he do that, don't know. there shall be another headline