tv Mornings With Maria Bartiromo FOX Business May 5, 2022 6:00am-9:00am EDT
just like that go to shipstation/tv and get 2 months free larry: if the fed really wants a of softer lander they're going to have to take a much harder approach to beating inflation as soon as possible. i'm kudlow. we'll see you tomorrow night. maria: good thursday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it. is thursday may 5th. stocks pulled back after a powerful relief rally as the fed makes it official, raising interest rates by the biggest move by over 20 years. while announcing the 50 basis point hike, jay powell squashed the notion of a larger hike that was speculated in the markets, suggesting we will see two more half point hikes in june and
july as the fed vows to fight 40 year inflation. >> the labor market is tight and inflation is much too high. today the fomc raised the policy interest rates by a half a percentage point. it's a strong economy. nothing about it suggests it's close to or vulnerable to a recession. 75 basis point increase is not something that the committee is actively considering. maria: meanwhile, rates are pulling back. the 10 year treasury yield dipping with the ruling out of more adress i've action. -- more aggressive action. the yield is up 2 basis points at a level of 2.957%. stocks meanwhile are also pulling back this morning after you powerful big relief rally yesterday. this morning the dow jones industrial average down 142, s&p 500 down 26 and nasdaq down 111. after all three major indices rallied strongly, up almost 3%
on the session yesterday, after the federal reserve's move and press conference, the dow was up 932 points. thats was almost 3%. the nasdaq was up 401, better than 3%. and the s&p 500 higher by 3%, 124 points higher at 4:00 on wall street. check the level of oil this morning, oil prices right now are slightly higher. the price of brent at 110, 52, up about a third of a percent. crude oil now sits at 107, 90, up a fraction this morning. onto european markets we go where the eurozone right now is looking like this. the ft 100 in london higherly 63, cac in paris up 101, dax index higher 188. overnight in asia, japan is closed for a holiday. the other major indices in asia finishing mixed with the big mover the shanghai composite, up two thirds of 1%. this is ahead of what is expected to be record initial
jobless claims this morning along with labor productivity releases of 182,000 for the week ending april 30th. a decline of 5.4% today at u89 8:30 a.m. is what we're looking at for productivity. meanwhile, these new fox news polls show voters are as concerned as ever about issues ranging from the future of the country to inflation, crime rates, and illegal immigration. these are the topics voters are watching as homeland security secretary alejandro mayorkas admits to not knowing the woman he tapped as disinformation czar called hunter biden's laptop a, quote, trump campaign product, and vouched nor the debunked steele dossier. "mornings with maria" is live right now. ♪
maria: your morning mover this morning, etsy is down this morning, take a look, almost 11 and a quarter percent, down in the premarket. the online shop reporting first quarter earnings beating on revenue but offering weak guidance for the current quarter and beyond. the cfo saying that inflation, economic reopening and the russia-ukraine conflict is to blame for the miss on revenue and gross merchandise sales. etsy implementing a 30% increase in seller's transaction fee last month, causing a seller strike. the stock down 54% year-to-date. and now this 11 and a quarter percent move this morning. rest of the market also of pulling back after a huge rally yesterday after the federal reserve chair jay powell's announcement that the fed will raise interest rates by half a point. we were expecting this. that is was we got. and the dow industrials shot
higher on the expectation that the fed believes it can have a soft landing here, take interest rates higher but not take the u.s. into a he recession. joining us now, ted oakley. also joining the conversation all morning long is fox business' dagen mcdowell and strategic wealth had partners president and ceo, mark tepper. great to see everybody. thank you for being here. we are talking about the biggest rate hike in more had than two decades. your reaction from what we heard from the fed yesterday? >> well, we think, maria, that they are raising into really what is a slowing economy. we're starting to see a lot of changes on a number of things. so maybe they stay that aggressive the rest of the year but we sort of doubt it because we're slowly but now becoming faster on seeing a lot of numbers that are starting to he slow down. so we'll see how it goes. but i think as usual, they're looking backwards so we'll find
out. maria: yeah. i mean, look, you make the point that everyone's debating this morning. was the fed too optimistic, was the fed over-optimistic that this experiment of raising rates considerably and selling of off its $9 trillion balance sheet is not going to take us into recession. here's jay powell yesterday on the economy. watch this. >> it's a strong economy. and nothing about it suggests that it's close to or vulnerable to a recession. now, of course given events around the world and fading fiscal policy effects and higher rates, you could see some slower economic activity. i think we have a good chance to restore price stability without a recession, without a severe downturn and without materially higher unemployment. i see a strong economy now. i see a very strong labor market. maria: ted, you think he's being too optimistic?
>> you know, maria, i do. i mean, if you look at housing starting to slow down now, if you look at the ism numbers in the last week, inventory's going up, orders slowing down, we don't feel like he's looking at what could happen in here and i don't know, you may remember, but back in march of 2000 we had a quarter point move in the rates and the market did the same thing, went up about 2 and-a-half percent that day. that day or the next day, i can't remember exactly. that was the top. so they thought it was the same way back then and i suspect it will be now as well. maria: and of course now everybody's looking toward the economic data over the next couple of days. i mean, this morning of course we'll get the jobless claims out. that's coming out in two and-a-half hours. we've got economists expecting 182,000 new claims for unemployment benefits. we are also looking ahead to the april jobs report, out tomorrow morning. there we're expecting a gain of
394,000 with the unemployment rate ticking lower to 3 and-a-half percent. but ted, i guess really the report that is the big focus comes next week when we get the cpi number out on wednesday. consumer inflation running at 8 and-a-half percent. do you expect that inflation is going to get worse from here or are we seeing the peak numbers now? >> maria, i think you're peaking right now. he we're not saying it will go away but i think this inflation comes into play in the next -- second -- into the second quarter, third quarter, fourth quarter, and so you don't see quite the hard numbers when you get into the third and fourth quarter. we'll see but if you look at a lot of commodities, a lot of things now, even oil, those things are not as high as they were. so i think those things start to show up in may and june. maria: yeah. well, we'll see. because the peak driving season isn't until the summertime and energy is underlying a lot of
this inflation so we'll have to wait and see what happens there. dagen mcdowell, jump in here. dagen: diesel fuel prices are at a new record today. nationwide. $5.47 a gallon. diesel is the fuel that moves the country and moves the economy. we're talking about farming. we're talking about trucking. we're talking about everything. there's been a spike in natural gas prices. and listening to jay powell yesterday, he did not use the word transitory in terms of inflation. he was so widely mocked for using it. but the behavior of jay powell and company certainly suggests they still believe inflation is transitory. and short-term interest rates, the overnight lending rate is at the high 1%. and you have inflation running at 8 and-a-half percent. either they don't know what they're doing or they're lying to investors to keep them calm. why on the planet with real
interest rates, even with another 1 point increase in the next couple of meetings would still be real interest rates would still be negative. and they're waiting until june to start the balance sheet reduction. again, if the economy is as strong as he says, then this economy, in order to fight inflation, could handle a more aggressive federal reserve. maria: what do you say, ted? >> well, i agree with dagen on this. if you look at the truckers, independent truckers, they are screaming out there. they're in a big world of hurt. i can't make -- they can't make a lot of money right now. i read a lot about that the last two weeks. as far as what dagen's saying, it's true. i think what happens, though, is that they're coming into aggressive period, they should have done maybe a year ago and what happens in these things is they bring it in just as things are rolling over and people are
hurting and then you drive it if the ground and that's what we think they'll end up doing. maria: all right. we will keep watching that. lot of people do expect that we're going to see this rally continue at least over the near term, ted. would you be buying this the decline this morning? >> we would not. you know what happens in these what we call a classic bear market is you get these rallies and that's what i mentioned, you'll get a rally for two or three days and people will think, hey, things are good. there's too many things coming at us right here for us to say -- if somebody would give me the impetus for the upside right here, maria, i would say own a lot of things but we can't see it right here. maria: you got it. ted, great to get your insights. really smart conversation. we appreciate it. ted oakley joining us this morning. coming up, ukrainian president zelenskyy now calling upon president biden to visit ukraine. florida congressman my wall waltz is here to weigh in.
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maria: welcome back. ukrainian president s zelenskyy making another plea for president biden to visit ukraine. during a one on one interview with fox news' griff jenkins, watch. >> i think it's very important because, you know, in our minds, in our society, president biden, the president of the biggest democratic civilization for ukrainians for understanding, i think that it would be a great signal. johnson came. maria: this as a new poll reveals, fox news poll reveals that 50% of registered voters disapprove of biden's hand link of russia war on ukraine, 62% of
voters are saying the u.s. should do more to help ukraine. joining me now is florida congressman, house armed services committee member and former green beret commander, michael waltz. it's a pleasure to see you. welcome back. what are your thoughts on what the u.s. should be doing. you said ukraine could win with just a few things that they need. do you still feel that way and what's your assessment of the u.s.'s response? >> well, i agree with zelenskyy. president biden should go to ukraine. pelosi just went and if she can get in there, i think the president of the united states could get in there too. it would be an incredible symbol and signal, not only to russia, but also to china and ongoing rallying cry to the ukrainian resistance fighters. think of those poor souls that are in the mariupol steel plant
right now, fighting until the bitter end, he should go. on pelosi's visit there was a lot of tough talk from her. that's fine. but guess what? the house is out of session right now. the senate is in. but the house is out and if she is serious about giving ukraine everything they need to win, then call it back into a special session and get that $33 billion aid package passed. maria: well, i think you make such an important point and the same goes for the house's response to issues around china. i want to get your take on these new concerns over a potential deal that would allow a chinese company with links to the ccp to take control of forbes media. in the securities and exchange commission disclosure last month, the spac that the purchase would be done through, magnum opus acquisition ltd noted that chinese officials
could take operational control of forbes. congressman, you were first to point this out. you sent a letter to janet yellen, the treasury secretary last week. you write should the ccp have a major footprint in a respected u.s. media entity, they will be able to spread propaganda through a platform at home undermining american interests. congressman, what's going on? why is it they that it seems that the congress as well as this administration rolls over when it comes to china? your thoughts on where this deal stands. >> well, maria, the reason the ccp is the most dangerous adversary the united states has ever faced is that they've corrupted so many elements of american society. as you have rightly covered. we already have academia, hollywood, wall street, sports and industry, the hedge funds, major hedge funds. we could go down the liss.
-- down the list. now they're looking to get their tentacles into major media conglomerates. this is how the ccp operates. and my letter to secretary yellen as head of the cfius board that looks at what things should be exported and allowing foreign transactions in our major infrastructure is that telecommunications, major media companies on how americans get their news should be considered major infrastructure. it should be investigated by cfius. and if it's not, then i want answers from secretary yellen on why not. maria: well, congressman, you also have the federal retirement thrift investment board now apparently going to open the doors. this is an $800 billion fund and it's the 401-k for our military men and women. i mean, you know this better
than anybody. you have this 401-k, federal thrift savings plan and they're going to be making a second attempt to put chinese companies into the thrift federal savings plan. we're going to talk with marco rubio coming up on this. he's been very aggressive and outspoken on it. but what are your thoughts about tsp participants owning companies that may very well turn around to be the companies that lead the ccp to try to overtake the united states as the number one military power. >> maria, think of the sad irony of our soldiers, sailors, airmen and marines who are out on the front lines, the pacific ocean right now, sending portions of their paycheck home to retirement, saving for retirement and the board overseeing it is investing those billions and retirement savings into the market of our greatest adversaries that have its defense companies openly listed. one of them is a shipyard that
launched two new nuclear bay less particular -- ballistic missile submarines. we were able to engage president trump on this. he immediately called for a stop to it and told this board to cease and desist and they did. now they know they can get away with it again and we have to get out of this mentality of we're just seeking the best returns. we are funding their military buildup with our dollars. maria: congressman, we're going to keep a spotlight on this issue. i recognize the importance. we so appreciate your leadership on it as as well. congressman michael waltz. we'll see you soon, sir. we'll be right back.
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>> how can you guys say this is not a political issue when the president's statement about this talks about getting pro choice officials elected. >> did i say it's not a political issue? >> yes, you actually said some call it a political issue. it is not. aboard air force one. >> because the vast majority of the public believes that this should not be overturned, meaning i meant to say it's not a partisan issue. and i don't think it is. there are many republican and independent women, men, across the country who do not believe the supreme court should overturn a woman's right to make choices about her own healthcare. in fact, only 30% in recent polls thought they should.
that's what i'm referring to. maria: that was white house press secretary jen psaki and peter doocy yesterday at the white house. she's claiming it's not using the supreme court leaks for political gains while demonizing republicans saying they're against allowing women to make choices about their own healthcare. this of course as a large fence goes up around the supreme court, similar to the one that surrounded the capitol last year, dagen, and it's interesting to hear this reaction after we are just coming off of this two-year period when everybody was forced to listen to the government tell us what medicines to take and make sure we take vaccines and get boosted. it wasn't about our own, you know, focus on our own bodies then. dagen: no. to jen psaki's point, 54% of people polled by fox news recently found that abortion should be illegal. 54%.
not legal. number one. number two, the democrats are trying to use scare tactics to pull voters to their side because they're so desperately worried about the midterm elections. scare tactics, telling the american people that the decision to legalize gay marriage would also fall if roe v wade falls. what that the decision griswold to allow the purchase of contraception would fall if roe v wade falls and as the wall street journal points today, that is balgerdash, that the decisions on gay marriage and contraception among others are both decisions as the op-ed writes in the journal that establish themselves as durable precedence with broad public acceptance. that's not the case for abortion. contrast to abortion, it remains a contested moral and
political issue. and the draft opinion that was leaked written by justice samuel alito clearly points out that roe v wade is not related to these other decisions but they are going to pedal this lie to the american people and this disinformation because they're so worried about their own political control and power. maria: yeah. that's absolutely right. that's what my instinct was, as soon as this story broke earlier this week, mark. i said this shows incredible desperation. they are so december prate despe they know they're going to get slaughtered in november of, they're stooping this low to leak a supreme court decision and it's not a final decision. mark: i agree. right. i think there's no doubt this was politically motivated. just look at rapid fire e-mails and rallies that took place
immediately thereafter. look, i've got to give credit where credit's due. the left is so good at this stuff. they're better at slight of hand magic tricks than harry houdini. they're deflecting from their policy screwups. their approval ratings are so low, as you mentioned, they're desperate. they're trying to brush all those things under the rug and instead get voters to focus on just one single issue, pro choice. maria: that's right. mark: look, they're so good at this, like i said. i know we can see through it. i just hope the other voters can see through it as well. maria: no, you're right, there so good at disinformation. they really are. and they come up with a disinformation board. i'd like to know specific what disinformation that they are referring to that triggered the need for this governing board and i know it was really interesting to see president biden the other day talking all about how it's so important to vote for senators who believe in
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in class therapies that focus on slowing the progression of this debilitating disease. the company is poised to initiate late stage clinical trials for two novel therapeutic treatments targeting chronic progressive kidney disease and acute kidney injury, and advancing on the path to fda market approval in the u.s.. xortx therapeutics. maria: welcome back. secretary of state antony blinken has tested positive for covid after attending the white house correspondents dinner. cheryl casone has the details right now. cheryl: blinken who is fully vaccinated and boosted is said to be experiencing mild symptoms. he has not met with the president in several days, dedespite the fact that both attended the dinner on saturday night. blinken was scheduled to give a speech later today on the administration's china policy. facebook parent meta is implementing a hiring freeze.
meta has been a hiring juggernaut for years, doubling the size of the workforce since 2018, this coming as they are set to open a physical store in california, which will demo hardware, including oculus vr head sets. americans are traveling and shopping and working out like it's 2019. live nation ticket sales are up 45%. planet fitness membership levels have surpassed pre-pandemic levels. people are returning to the friendly skies. more than 2 million people traveled by plane each day. hello, dolly. the rock and roll hall of fame finally punching a ticket for the country music icon, dolly one of several inductees into
the class, despite saying she didn't feel she earned a spot. she's dolly parton. also getting their spot this year, eminem, who was the first rapper in u.s. history to release a year's best selling album along with lionel richie, pat benetar, duran duran and the eurythmics. maria: thank you so much. meanwhile, a fence is in place around the supreme court in washington following the leaked draft opinion that signaled a possible of end to roe versus wade. while at the white house, president biden said that the controversy is about more than abortion. he took a shot at trump supporters and insulted half the country, watch this. >> what happens if you have states change the law saying that children who are lgbtq
can't be in classrooms with other children? is that legit under the way the decision's written? what are the next things what that are going to be attacked? because this maga crowd is really the of most extreme political organization that's existed in american history. in recent american history. maria: the most extreme organization in history. joining me right now is the washington examiner political and investigative reporter, sarah westwood. good morning to you. thanks for being here. your reaction to what you just heard from our president. >> yeah, i think these are tactics that democrats recently tried. it reminds me a lot of the virginia gubernatorial race where terry mccall liff built his campaign around the republican stances on social issues, not talking about things that people actually cared about
like having a say in their children's classroom, like being able to afford groceries and put gas in their cars. because of that, i think we've seen this is an unsuccessful model for democrats to run on and i think democrats are also running a big risk of over-playing their hand when it comes to the abortion issue because while it is true that that polls show that most americans do think that abortion should be legal, they also think it should be the bill clinton way, safe, legal and rare and i think polls support the kind of common sense restrictions at the heart of the case like the 15 15 ban in mississippi. i don't think the issue is as strong for democrat as they think it is. people who feel strongly about abortion one way or the other, they probably have a party and they're probably atune to the political conversation so those aren't the he voters that democrats need to persuade. maria: yeah. i mean, i was referring to what biden said about maga, those people who believe in make america great again and putting
america first are the most dangerous group in american history. and then he says in recent american history. i mean, so more dangerous than the black lives matter, more dangerous than the nazis, i mean, more dangerous than isis terrorists. it's absolutely outrageous to use this kind of language, particularly from the guy who told us he he's going to come in and unite us. your thoughts on that. as well as whether this is going to work. another dirty trick from the democrats to leak this draft opinion because obviously they're so desperate because they're expecting to get slaughtered in november. will it work? >> again, i don't think so. i think we've seen democrats run this playbook before, not just in virginia, where terry muck mcauliffe focused on demonizing the maga crowd. that was unsuccessful. we saw hillary clinton do it too.
it's an alien ating thing to say to the millions of people who support trump or if they soured on him, they still support his core beliefs, what you would describe as the maga agenda and so we haven't seen democrats be successful with that really anywhere even though joe biden won the be presidency, democrats sund down -- suffered down ballot losses when they ran the playbook again. maria: a new fox news poll finds the majority of voters support banning teachers from discussing gender identity and sexual orientation with kids before the fourth grade, sarah. you've got parents weighing in on this. yet democrats are pushing that this should be discussed from kindergarten to the third grade. >> democrats have i think lost touch with how extreme a position that is. look at the polling in florida, for example, whichs is a state that imposed laws that stopped the sorts of gender discussion up through third grade, even the majority of florida's democrats support that kind of law.
so i'm not sure what the broad constituency is for this idea they that we need to start teaching divisive sensitive issues to innocent children who should enjoy their childhoods without being exposed to those ideas they'll have to grapple with later on in life. this is another example where democrats are completely out-of-touch with where the mainstream of america is on education. they have already sort of touched this third rail of pushing their sort of leftist agenda in the classroom and seeing how devastating that can be to their electoral chances and yet they don't seem to be learning those lessons from virginia and new jersey. maria: do they even know what is taught in kindergarten? it's the alphabet. it's numbers. sarah, thanks very much. it's good to see you. we'll talk soon, sarah westwood joining us this morning. great interview. quick break and then on the market, how climbing mortgage rates are affecting the spring home buying season. wait until you hear this. stay with us m in the 8:00 a.m.
hour i'll talk about the federal reserve's rate hike and real estate and where the growth is today with equity international chairman sam bell, get sam's reaction to the fed's move and that press conference yesterday coming up. you're watching "mornings with maria" live on fox business. ♪ you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪
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maria: welcome back. well, spring has sprung and with it comes a competitive home buying season. the 30 year fixed rate mortgage now at 5.1%. that is down from the highs of the last couple weeks. dropping for the first time in weeks, by the way. despite this decline, mortgage rates have surged to decade highs this year and the current rate is drastically higher than the same time last year when this number was at 2.98%, what a move in one year. joining me now, the ceo of century 21, mike medeler. have you seen any cooling off of this market as a result of 5% mortgage rates. assess the market for us. >> yeah, good morning, maria. obviously a lot of the macroeconomics like you talked about are changing the market.
we're definitely in a different place than we were even kind of three months ago. we've seen the highest run-up in mortgages that we've seen in 120 day span, like you said, the mortgage rate is over the rate that it's been in a decade a. the good news is that there is a lot of demand, people have a lot of savings because we've had a lot of savings in the the us and people saving their money for the dream of home ownership and the good news is there's plenty of jobs out there. even though we've seen a quick rise in mortgage rates, we are still seeing people active, very active in the market. problem is, again, with inventory. our active listings are down 10% from last week year over year. it's trying to get available inventory to the market and even with higher mortgage rates, we're seeing still a run-up in the median sales price, about 17% year over year from last week and a sale to list price ratio of about 102%. so believe it or not, homes are
going off the market quicker today than they were even in the frothy market we saw a year ago where mortgage rates are. maria: yeah, it's a great point because of this lack of supply, it's keeping prices elevated. we did a whole panel on this at the milken conference where all of my guests were saying this does not look like 2007 at all because of that supply issue. what are your expectations for the spring home buying season then? >> yeah, i mean, there's no more cyclicality to be quite honest with you. i'm hoping that more homes will come on the market can but the truth of the matter is, from our generational standpoint and population and household formation standpoint you've got millennials who are the largest generation storming the marketplace, 90 million of them, behind them, gen z. we have not built much homes.
i think obviously you know with inflation and where the prices of lumber and labor are in this country right now, you don't have a lot of builders really working double time to catch up to what we need from an overall supply perspective so we're going to be in a pinch. i know that nahb has been rising, raising their forecast for homes built but we need the to be working double time in order to get the supply that we need back out to the marketplace. maria: yeah. i mean, it feels like the perfect storm, mark tepper, jump in here. mark: hey, mike. i'm trying to figure out if there's any chinks in the armor as relates to the housing market. my question for you is how are higher mortgage rates affecting homes that are currently under contract, i'm talking about homes that are actually being sold with a mortgage contingency in place. so noncash buyers. are you seeing more of those situations fall through because the buyer can't meet the mortgage consistent continue jen c i can imagine -- contingency.
i can imagine a buyer throwing up with a prequalification letter with rates at 3%, now that rates are 5%, they might not be able to meet the mortgage contingency. are you seeing stuff like that happening? >> it's a great question. it comes to the first time home buyer segment of the market which is from 29 to 32% of the market in a normal time and it's a great question because today the average family would need about 30,000 more dollars in income than they would need just a year ago in order to purchase the median average price for a home. so it's really going to i believe hurt the new entrants to the market. the first time home buyer. we haven't seen it right now, i believe because there's so much pent-up demand and so many folks coming into the market that have a decent savings rate, maybe 20% down or they're getting money from mom or dad or a family member. maria: we had the president and
ceo of the corpran group on tuesday, she said this is actually pricing a lot of people out of the market and they're pushing them into the rental market. problem is rents are also soaring. watch this. >> when you talk about the price of a home right now and the fact it's risen so much, some people will say, well, we'e in the housing bubble, we're in where we were back in 2006. and you say. >> absolutely not. it's not even close. the way they wrote mortgages back then is completely different than the underwriting that's taking place, the oversupply back then was significant and we just don't have it. we are so under-supplied across the country that i do not believe one iota if the housing bubble. maria: so mike, how long can this go on then? we're seeing prices up across the board and the rental market is also up. >> and i think that's the counter balance, right, maria. pam is a good friend of mine and
colleague and operates in a lot of the high end markets across the united states but even in secondary markets you're seeing the same thing. so you have a choice. you're going to pay a little more in your mortgage and you're going to either save a little more for a down payment and increase to 20% so you can meet the standard of 28% of your income going to housing or you're going to pay on the other side of the equation which is in rents. the great thing about housing is that people need shelter, people need a home. it's not just a financial investment, it's an em mention nailly -- emotionally driven investment. people look at their home as the first place they're going to save money and put their dollars and invest in it. again, i agree with everything that pam's saying. maria: the new york times reported it's been $6 trillion in gains in home equity just in the last two years. mike, we're watching it and we hope to catch up with along the way. thanks very much foring much foe
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pea on the company's estimated 3 million ounces of gold. while drilling and permitting continue across all of the company's assets in quebec. bonterra resources. maria: welcome back, time for the hot topic buzz, new york city is not happy with how mayor adams is handling crime in the big apple. take a look at new quinnipiac
poll showing 54% of voters disapprove of his handling of crime. this as californians are actually trying to recall los angeles county da george gaskon for the same reason, the campaign collecting more than 400,000 signatures raising $6 million, this second recall effort since gaskon took off in december 2020. dagen, well, ha honeymoon was soon for mayor adams, your thoughts? dagen: i don't know if the quinnipiac poll captures the mayor's apparent at the met gala but might as well. that poll ran on monday and the big to do was indeed on monday. adam showed up wearing a tuxedo saying end gun violence but it was the fact that he so desperately wanted to be at this gala that spit in the face of new yorkers who are concerned
not just about gun violence but also any violence at all and the ridiculous bail reform that he doesn't talk about enough where you get punched in the face and the assailant is back out on the street with no bail before you're out of the emergency room. and i will paint to been's piece that's in the new york post today, one assailant named edison cruz who was arrested 3 times on ghost-gun related busts, two more times on release under the bail law and then additionally bailed out by this alternative justice group and he finally killed somebody or killed some people and that's the city that we live in. maria: yeah, i think mayor adams before the met gala he was staffed getting a med --
manicure and pedicure. dagen: he was supporting small business. >> when you run on fighting crime, you better show some results just like when you run on being a covid saver like joe biden did, you better have a solution. look, we all know the only way to reduce crime is you need more cops on the streets to enforce the laws and you need prosecutors gaskon that actually prosecute crimes, who would have thunk that's what you need to do. as i read through this, one of the things that stood out to me as expensive that new york city real estate is i find it incredibly interesting that only 15% of voters thought affordable housing was the biggest problem. 49% cede crime was the number one concerned. that says something. maria: yeah, of course. it sure does. it says our security is most important to most of us. dagen and mark, stay right there, the next hour of mornings with maria begins right now.
♪ ♪ maria: good thursday morning, everybody, thank you very much for joining us this morning, i'm maria bartiromo, thursday may fifth, top stories 7:00 a.m. on the east coast. today's stocks are selling off after a powerful relief rally as the federal reserve makes it official, raising interest rates the biggest move in over 20 years while announcing the 50 basis point hike yesterday powell squashed the notion of 3-quarter point hike which has been speculating in some markets but he suggest wed will see two more half-point hikes in june and july as the fed vows to fight 40-year high inflation. >> the market is extremely tight and inflation is much too high. against this backdrop, today the fomc raised policy interest rate by half percentage point. it's a strong economy and nothing about it suggests that it's close to or vulnerable to a recession.
75 basis points, increases not something that the committee is actually considering. maria: meanwhile interest rates are higher this morning and yesterday we saw a big move on the fed ruling out more aggressive action. right now the ten-year treasury year up 4 basis points at 2.976% after hitting 3% earlier this week. stocks are also selling off right now as you will see after the huge move yesterday. dow industrials down 117 right now, half percent lower, s&p down 29 and nasdaq lower by 111, almost 1% at 3 major indices rallied yesterday after fed announcement. the nasdaq was up better than 3, 401 points higher and s&p higher by 3% at the close, 125 points higher on the standard.
brent at 110.67, half percent. crude oil at 108 and change. that's up a third of a percent on the price of crude. european markets this morning are rallying on the hills of the rally yesterday cac up 117. that's good enough for one and a half mover in germany. earnings news continue to cross, on top of your screen there. japan and south korea closed for holidays but the big mover was the shanghai composite and that was just up two tenths of a percent as you can see ahead of what is record jobless claims this morning. we are getting first quarter productivity out and that will show as expected a 5 and a half percent decline in productivity. we are also expecting jobless claims numbers out. decline. 5.4% on productivity and jobless
claims expected to be up 182,000 at 8:30 a.m. eastern. voters as concerned as ever about issues ranging from the future of the country to inflation, crime rates and illegal immigration as homeland secretary alejandro mayorkas admitted yesterday that he did not know the woman he tapped as disinformation tsar, she said trump colluded with russia. mornings with maria live right now. ♪ ♪ maria: time for word on wall street. wealth management chief investment officer and fox news contributor scott martin, strategic wealth president and ceo mark tepper and ubs financial services private wealth adviser ali mccartney. thank you very much for being here. scotty, let me kick things off with you after the big move from the federal reserve, half a percentage point higher.
what are your thoughts on what we heard from the fed? i know that you said that inflation is going to cool down in the next few months, you're not saying it's transitory, are you? >> i wouldn't dare unless i want to get kicked off the show and probably off this earth. i agree with a lot of things that have been said in the lovely show, maria, especially what dagen was noting about. the fed has said a lot of weird things if you ask me. this is coming from a fed chairman that has already been wrong and so wrong and i think continues to stick his neck out there and say things that just don't make sense. when you talk about the economy being so strong and withstand rate hikes including what we had yesterday and we have negative gdp and productivity numbers that we mentioned, retail sales that are in jeopardy, consumer confidence and then you have the fact that the fed is doveish at heart and that's the thing that a lot of investors are
forgotting about it. we have a midterm election. one that has shown that in times of crisis the fed will back off. the fed will step back. you talked about this with the gentleman this morning leading off the show, maria, i think that's really the risk here. is that the fed talks tough, says that the economy is great, says that inflation is maybe not transitory but maybe moving onto another country or another planet, hopefully and says we don't have to do as many rate hikes it is a market thinks and that will support stock prices here at least for the temporary term until the economy really shows its to be weaker than expected and therefore stock prices come down to reasonable valuations again. maria: well, look, it's not wrong to think that we could be seeing peaks in inflation. a lot of people believe that i don't know if it's transient or temporary or what, but that we have seen the worst. mark, fed chair jay powell said
he's not predicting a recession and he sees a strong economy. now we are seeing a contraction in the first quarter. we got that number last week. but the debate is if the fed is being too optimistic here, what do you think? >> yes and jay powell is way too doveish. if you go back to 1950. 75% of the time where you have a negative gdp print, you are in a recession. so for him to get up there and say the economy is strong, he's either lying or he just doesn't know what he's doing and then for him to say that he's confident he can hike rates and avoid a recession, i think he's out of his mind there too. look, volatility is back in the market. we are now seeing stocks trade at greater than 1%. i think it's 87% of trading day so far this year which is a big shift from how stocks have been trading during the qe era going all the way to 2009.
and, look, just like scott said, look, i manage money, i should be incredibly happy that the market rallied 3% in the last hour or so yesterday but look i think that says something about how doveish the fed hike is. i think we should have hiked 100 basis points. i know that's way out of consensus. i was hoping the fed would meet me in the middle. i'm happy it went up for me and my clients but i don't like when it goes up only to crash later on and if we don't beat the crap out of inflation we are headed for a much longer and much deeper recession than a lot of people believe. yes, i manage money but i'm also a small business owner. a lot of my clients are entrepreneurs, a lot of my friends own businesses, so while wall street cheered on this 3% rally yesterday, main street businesses are just gets
pummeled by inflation. getting aggressive and doing it the right way. maria: right, one of the reasons for the rally was he basically squashed the notion that we would see a 75-basis point move any time soon saying that the board is not actively considering 75-basis points but he did say that we are likely going to see 50-basis points hikes in june and july. ali, let me just say that the bank of england this morning is raising interests. the b of e saying it is expecting the economy in england to contract in 2023. you've got a war in ukraine, ali, you have expectations that we are going to see a recession in europe before the u.s. and -- and maybe come to the u.s. by 2023, how do you want to allocate capital in this environment? >> all of that is true, maria, and it is a terribly scary time to be allocator of capital to
mark's point. however, i take a different view of a lot of the data. i think the gdp print although contraction, although indicating a contraction was, you know, very much amplified by a record trade deficit. we see a lot of things to be positive about and yesterday i think, you know, what you had was acknowledgment that there is not an absolutely hawkish fed which everybody seemed to love. when you saw the rally, you know, you saw growth names come back stronger as those are tied to interest rates. the things that i think you need to look for right now, not big moves, not big trades, you need to make sure that you still have commodities exposure, it is already gone and had tremendous year given all of the issues that we are facing, we still see high-single returns for this year. we still like energy. there many both structural and
long-term and idiosyncratic and continue to grow in energy transition and we like health care and its discount to how it's trading. i would say that the thing that we are watching for the most to the points that have been a nay is the inflation print next week. looking at april inflation it's bigger than the meeting we saw yesterday and what i'm hearing from my ceo clients is that they have seen a number of weeks of flat costs and they are starting to get bullish and starting to make a lot of capital investments and that's why we need to avoid a recession. maria: that's the exact point to make. i totally agree. allu, we will get the cpi on may 11th, that will be the focus of these markets. we are running at 8 and a half
percent year over year, do you expect, alli, that we are going to see a lower number. are there indications, you're saying there are leaks and conversations. do people think it's going to come in lower than that and it's peaking as scotty said here? >> yeah, we expect and hope that markets are going to prove to be the peak. that it either flattens or goes down month over month and if we start to see that. with all of the challenges we talked about with energy, that's always a wild card going forward but as long as we talk about derivative of the derivative, as long as that's behind us, then business and individuals big and small can start to make capital allocation decisions are going to add to the gdp of this country. maria: by the way, before that, you've got several days of fed speakers out whether at graduations or giving speeches,
williams, master, they will be speaking out. great word on wall street, scott martin, alli mccarthy, we will see you soon. mark tepper, you are sticking around. we're happy you're with us all morning long. billionaire investor sam is here and we will ask his take on federal reserve stake hike and where he's allocating money and where he's seeing opportunities and florida senator marco rubio is here on efforts protecting military. we will get back to this fantastic panel when we get right back, you're watching mornings with maria live on fox business. ♪ ♪ ♪
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the high court's expansion and to push for a boycott of twitter. kelly o'grady joins us now. kelly, good morning to you. >> good morning, maria. you know, liberals have long accused corporations and billionaires of funneling unlimited sums through nonprofits yet activists groups are using dark money to fund their agenda. political spending where the source of the money isn't disclosed. according to open secrets 2020 election saw raise and the majority donated by dems and the 2022 are to be more shady fundraising fight. george soros with liberal super pac with 125 million and as he said white house linked dark money demand justice if using the leaked supreme court draft pushing to pack the high court. 26 activist groups sending to biggest advertisers urging to boycott if elon musk holds
censorship standards. also tweeting interesting, i wonder if those funding, those organizations are fully aware of what they're doing. now digging in the list includes everyone from big business to foreign countries, election and human rights watchdog access now, european governments like germany and denmark and another is tech. so if you follow the funds, dems are dangerously dark money just as creatively as republicans if not more. that may only get worse, maria. maria: kelly o'brady on this. the majority of americans think elon musk 44 billion-dollar takeover is not a big deal. 19% of voters feel it doesn't matter, 43% say it doesn't matter at all and that's total of 62%, in fact, 44% say musk twitter buyout is a good thing.
dagen, we are talking about pressure from the democrats on vehicles that they don't agree with or doesn't fit their narrative? dagen: i hope that the advertisers, that the left-wing organizations are trying to put pressure on have learned from disney that they need to stand up for everybody and the speech and freedom of speech and expression that is guarantied to everyone in the country. that's why elon musk purchase of twitter is so important. as the world's richest man he's not worried about making room for his ability to speak but his ability for everyone to speak and that's something worth championing rather than abandoning as the left wants advertisers to do. maria: let's take a short broker and come right back. we have a market that's down this morning after huge relief
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the ball of what's most important to the people, not the story of the leak, the fact that women's healthcare is at risk for millions of people across this country. maria: that was white house press secretary jen psaki saying it's up to the justice department if the leaker of the supreme court draft opinion will be punished. this as a fence goes up around the supreme court now and the justice samuel alito, author of the draft cancels a public appearance from the start democrats have been using the draft to campaign and fundraise on and, of course, this was a desperate attack going into the midterm elections to change voter ideas against the republicans. joining me right now claudia tenney, member of foreign affairs an small business committee, she's a daughter and daughter of new york state supreme court judge as well. congressman, great to see you, thanks very much, give us your reaction of what you just heard, i want to ask you about the leak and the importance there as well as the content.
>> well, great to see you. first of all, leaking the decision is completely inappropriate. it's an attempt to exert influence and change the results of an election which we have seen in numerous accounts. nobody has outlined better this type of behavior than you have in your show in the years. but also what's really important this is about democracy. this judge looked at 49 years of roe versus wade and said there's no right to abortion in the constitution. it's an issue for the states. now it's time to have that conversation in the states about abortion. it's in the a ban, states are free to to do whatever they want with this topic. we already have late-term abortion in new york so up to laboratories of democracy as they call it to make the laws and rules. that's the tenth amendment, anything not in the constitution is left for the state and the people. that's what we are going to see. many don't want to have it but it's time that we have this conversation in an open forum.
maria: you know, in terms of the leak, congresswoman, we have watched over the last several years a poisoning of so many of our agencies. we know that the fbi was poisoned around the trump collusion lie, the cia poisoned by politics. then just recently the defense department poisoned by politics, they're learning crt instead of readiness which is just a sad situation. to see the supreme court potentially get poisoned by politics is a serious issue. your reaction to the leak in and of itself? >> yeah, this is -- obviously the democrats can't win on policy. they have to use process. they've been attacking the supreme court for many years. i remember when it was joe biden who was on the senate judiciary committee attacking justice borke just because he would have been the swing vote, conservative who had an identical record to justice scalia but they had to personally attack justice borke
as they did with justice thomas. they attacked the supreme court, had they not had a really, you know, barriers and i'm not talking about the bicycle racks you're seeing around the supreme court. when kavanaugh went through the smear campaign that he went through, this is all about trying to undermine our institutions and that's what the democrats do. that's what make america great is about. make america great again movement is clapback by citizens against huge growth and bureaucracy and massive government that has clouded out the rights of the people. that's really what it is. this is about restoring and preserving citizenship in this country and the rights of citizenship and the democrats are going the undermine it whether through the supreme court, undermining our elections by vote harvesting and drop boxes and doing everything they can to try to win instead of making the debate in the open forum they have censorship on big tech and everything else.
let's have the debate in open forum about big issues. that's what the american people are asking for. maria: yeah, you know, the issues around abortion, most americans do not agree with it. look, you had tim ryan running for the senate seat in ohio was on fox news yesterday with bret baier and he says, he says i don't support any limits on abortion at all. remember when andrew cuomo said that a woman could get -- get an abortion in the ninth month. i mean, i was horrified by that. your thoughts on this issue now that we see where -- where the american people are 54% said it should be illegal. >> late-term abortion is an extreme position. as is this new law in government. you can decide whether you want to keep the baby a week after it's been born out of the womb.
this is extremism. roe versus wade is actually not as extreme as the positions the democrats are talking about but even in new york, they have made claims that we are just codifying roe versus wade. roe versus wade covers first-term limitations on abortion. world has changed in 49 years. we have centers and people who want to adopt, we have sonograms that show wild in the womb and the democrats attempt to say this is a fetus or non-human. it's what it's done by extremist groups. maria: real quick before you go, alejandro mayorkas saying to senate republicans saying that he had no idea that biden's new disinformation tsar had a history of spreading misinformation, watch this. >> when the department picked
her, did -- did it know that she had said that mr. hunter biden's laptop do russian disinformation? >> i was not aware of that. maria: he wasn't aware, are you buying it, of course, he also wasn't aware that nina jankowitz was pushing the russian collusion lie as well, trump-russia collusion. >> i love senator kennedy, he's the best. i don't buy that. they know what they are doing. they are running circles running away from the problems they have. we have a tragedy at our border. it's all about undermining citizens. hurting our children and others with this fentanyl that's coming across the border. you have done amazing work on the border and russia collusion story and hunter biden's laptop. the house of cards are falling around the democrats and unfortunately they've made the face of their operation, you
know, it's got to be the people like mayorkas who is doing a horrible job who should be impeached. joe biden is an embarrassment. you don't see tim ryan, he dodged bret baier yesterday when bret baier said why isn't the president campaigning with you, you saw what was critical in the ohio senate race. jd vance got president trump's endorsement which got him over the finish line in close race. this is going to come down to restoring the faith in our government and self-governance and the united states. that's what maga is all about. it's not an extreme movement. it's a clap-back against the establishment and the abuse they have taken on the american citizens. maria: saying the maga group is the most dangerous group in american history, more than isis, more than the nazis, it's absolutely, wow. by the way, their questioning, he didn't even go to ohio, forget about ukraine.
maria: welcome back, ukrainian president zelenskyy exclusively telling fox news a visit from president biden would serve as a, quote, very important signal for his people. cheryl casone with the details now, cheryl. cheryl: zelenskyy telling our own griff jenkins in an new interview that president biden should come to ukraine in part because people view him as president of the world's biggest democracy. >> it's important. i think it's very important because, you know, in our minds, in our society president biden and the president all with the biggest democratic civilization for ukrainians understand. cheryl: this comes as heavy fighting continues inside steel plant of mariupol that continued
overnight, we should say. amber heard taking the stand in defamation case, testified depp would get violent when he abused drugs and alcohol. >> i as a woman had never been hit like that. he slapped me for no reason and i'm all the sudden realizing that the worst thick has just happened to me that could possibly happen to you. cheryl: her getting at emotional at times describing marriage as never-ending fight. finally, he's got the need, the need for speed. tom cruise making a spectacular entrance at the premier of new movie top-gun maverick. the star arrived at uss midway in helicopter that he piloted himself, cruise famous for doing own stunt has been a licensed
pilot since 1984. he's become one of hollywood's famous pilots. pilot.maria: thank you so much. security company adt posting its first-quarter earnings, the company reporting total revenue 1 and a half billion year over year. adt shares are down fractionally this morning. we want to talk about the impact of the housing market and national security concerns right now in this fox business exclusive with the ceo of adt. jim, great to have you, thank you very much for being here. first assess what drove business in the first quarter? >> yeah, we had a terrific quarter. up 11%. we have 3 segments, resident segment, commercial segment, all
are doing well. the residential segment demand for our product continues to be strong. we have record customer retention and the investment that customers are making when they buy a system has never been higher. our commercial business had a nice snapback postcovid, a nice rebound and revenues are up 9% and our solar business that we acquired in december of last year is really hitting in all cylinders. we have terrific quarter out of the gate nicely in 2022. maria, jim, what are you look for for the rest of the year? we know that crime is soaring in cities across the country. has that impacted business? do you see that as a motivator for people to want to -- new alarm systems and company tied to housing boom. prices up but inventory down,
what has that meant for your business as well? >> yeah, absolutely, maria, crime impacts the desire for peace of mind that adt has been providing for 147 years. there are a number of demand catalyst organization that are city renters moving to become suburban homeowners, concern about crime as you mention but the biggest single demand catalyst is really around home automation, smart home adoption and that is driving a considerable amount of demand for our products. we now have really shifted from a sure security centric company and transformed into a smart home company. when we install systems now, the average number of devices, the average number of pieces of hardware, thermostats, cameras, video doorbells, et cetera, is
20 for our average customer. so it's much more of a smart home installation today than a pure security plight. maria: you looked about google doorbell, i know that's part of the plan to grow revenue. i want to get your take for cameras, do you get pushback chinese cameras versus korean cameras. we know the ccp has surveillance across the country. what are you seeing in terms of customer response of how much the business uses chinese cameras? >> our cameras, we have a partnership with google where the hardware that we are installing is either currently exclusively google cameras or will be. we install as you talk about the
video doorbell, attachment rate is up very significantly for us. about 50% approaching 50% of our customers get a video doorbell when they get a smart home system and we rule that out earlier this year and the attachment rate continues to improve. in terms of privacy it's something that we take very seriously for our customers and we haven't had pushback on cameras. we do everything we can to protect the privacy of our customers and it's for us not been an issue. maria: well, what's the difference in terms of the korean cameras or chinese cameras or other cameras that you're using? do you know in terms of the efficacy or the difference in the cameras?
>> the cameras that we are sourcing today are out of vietnam if i'm correct but the principle privacy issues are around video and video analytics versus the hardware itself. the camera itself is just a piece of hardware, the privacy fences that we are building are largely around the use of the video and ensuring that that is safeguarded. maria: yeah, i know you talked a lot about the growth story at the investor day and let me just ask you before you go, jim, in terms of the growth at adt, what are you counting on? is this safe, secure home, you know, driven by that google doorbell or devices? is that where the growth comes from at adt, let's call it the next two or three years? >> the growth will come from all segments. we are super excited about the solar business.
there's 3 and a half percent penetration in solar. we think we knewables is on a very significant trajectory already in our solar business about 20% of the leads are coming from smart home customers so there's a significant opportunity to cross and secular tailwinds. commercial, we had 9% both in the first quarter. the demand for our services, plyer intrusion, car access and video we think will continue to serve as a catalyst for growth and commercial. we have record backlogs today and the pipeline is strong and then in our core residential business absolutely google will serve as a catalyst for growth really accelerating our growth but smart home adoption, those demand catalysts that i mentioned earlier will serve to propel that business into the
future. maria: all right, jim, great to talk with you in the middle of housing boom. thank you so much. the stock up 3 and a half percent. we appreciate it. we will be watching the story, jim. thank you. quick break and do not miss our interview this morning with sam zel and i will be talking with rapper ice cube i will be sitting with him to talk about historic doig coin transaction. don't miss it.
>> ultimately getting supply and demand back, you know, back in balance is what gives us 2% inflation which is what gives the economy a footing where people can lead successfully economic lives and not worry about inflation. i mean, so, yes, there may be some pain associated with getting back to that but the big pain is not dealing over time is in not dealing with inflation and allowing it to become entrenched. maria: the fed chair jay powell yesterday announcing the federal reserve is raising interest rates by half percentage points, biggest raise in decades. dan, great to see you.
your reaction and what americans need to do now navigating the half-point rake hike. everything is going to get more expensive in terms of borrowing, right? >> yeah, for sure. have you noticed things are more expensively lately, maria? he's right. we want to wrestle this beast to the gowned before it becomes part and parcel to the economy. some argue that we were late on that and missed the opportunity perhaps earlier this year or late last year to really start the process but i'm glad it has started because we do need -- we do need to get this lid on inflation so that the interest rate hike yesterday was welcomed in the markets as you saw, as you reported on and we will see where we go from here. maria: well, look, here is a couple of headlines from some wall street notes this morning, evercore isi, big risk bounce but powell could prove too optimistic, what do you think?
he's saying he's going to get inflation under control. he didn't say transitory but there's some expectation that he thinks that we've seen the worst, do you think so? >> yeah, let's hope he's right. i don't think so, maria. we are still in a couple of headline numbers until the rate hikes actually start to have impact. we are still fairly low, very ly historical standards. it's not silver bullet where we shoot one and be done. as you said borrowing costs across the economy are going to go higher. maria: what should people do in the middle of taking out out march, it's amazing the move that we have seen up from 2% plus just what, 4 months ago to 5% on mortgage rates, adjustable mortgage rate applications have doubled according to mortgage bankers association. is that the way to go, home
buyers are trying to find relief in the 30-year fixed mortgage rate at 5.1% in the weekending april 28th according to freddie mac according to last year it was nearly 3%, dan, would you recommend an adjustable rate mortgage here or not? >> that's a tough one, maria. we've been there before. we know how that story ended last time which wasn't well. now today's aro's are different than 12 years ago, they are still not appropriate for most buyers. if you know that you will be in the house for a long time, maria, with rates as you said slightly over 5%, they are still low by historical standards. if i'm going to be in the house for a while, i'm probably going the lock in the low rate that i can today and not mess around and have the arm on my mind, adjustable rate mortgage on my mind keep me awake at night. so if you're a buyer today what this means obviously affordability is at all time low. we have the record high home
prices and now we have rates going up. first-time buyers in particular, maria, they are on the sidelines saying, hey, we need some relief. we want to get in the market. no relief yet, low inventory, rates are ticking up. first-time home buyers are taking it on the chin today. maria: well, if you're complaining about 5% mortgage rates be glad that you're not in 1991. in 1981 you had mortgage rate of 16.6%, ouch, that hurt. good to see you. >> my first home was 12 and a half percent and glad to get it. maria: what was it your first home? >> my first home was 12 and a half percent mortgage. maria: 12 and a half. i bet, i bet. good to see you. stay with us, we have the hot topic buzz on the other side of this break. ♪ ♪ ♪
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>> "hot topic buzz" comedian trevor acting like at the white house correspondents dinner a number of people did contract covid-19 after the event that concludes secretary of state blinken abc correspondent jonathan karl voice of america reporter may have shaked the hand of president biden reportedly staffers from cnn, abc, cbs, politico contracted covid blinken to deliver a speech about china policy kept it positive, that killed that similar story recently nancy pelosi was supposed to go to taiwan. and suddenly covid got in the way your reaction. dagen: if you watched any video of it i did not i saw a photo of dipper crammed in like sardines insult to sardines. but -- i wish that in now we
should treat it like why are we broadcasting the fact that a bunch of people at a dinner got what is like a bad cold? right? that is where we are we need to be. at this point, in the pandemic, which is o-v-e-r, done! maria: not according to china officials shanghai composite closed down mark? mark: of two quick comments number one is good to see trevor with anti-trump comments held this administration's feet to the fire with regard to all hawks like mr. niagi would say democratic leaders if you learn nothing last two years should have learned watch what watch what they do not what they say partying with no masks on you should be able to do same exactening. maria: good point stay right there next hour of "mornings
with maria" begins right now. . . maria: good thursday morning thanks very much for joining us this morning i am maria bartiromo. it is thursday, may 5 your top stories 8:00 a.m. on the east coast, stocks are selling off this morning, after a powerful relief rally yesterday as fr makes it official raising interest rates biggest move in over 20 years, announcing that 50 basis point hikes commander in chief launched idea of larger hike inspect laitsdz did suggest we are gearing up for two additional hatch point hikes in june and july fed vows to fight 40-year high inflation. >> labor xashth extremely tight inflation much too high. against he this backdrop, today the fomc raised its policy interest rate by a half percentage point, strongerer economy nothing about it suggests that it is that it is
close to or vulnerable to a recession. 75 basis points increase not something the committee is actively considering. maria: with that comment, stocks soared yields, this morning 10-year treasury yield up 2 1/2 basis points, 2.961% as you know hit 3%, earlier in the week, take a look at stocks this morning, we are looking at a decline, across the board, after a huge rally yesterday dow industrials uppos -- down 165, s&p down 27 nasdaq lower by 111 right now. look how yesterday after fed meeting all three major indices closed a sharper higher 3% rally across the board dow industrials up 932 points at the close almost 3% nasdaq up 401 better than 3% s&p higher by 3% up 125. at 4:00 on wall street oil prices trading up take a look
at the price of crude as well as brent, 111.84 price of brent up 1 1/2% crude oil 1.53 a barl up 1 1/2% at 109.33 right now european markets are hire, bank of england raised interest rates 25 basis points highest in 1 years stocks rallying they were rallying into bank of england meeting off still up 118 points on ft 1001 1/2 percent high i have the morning -- the dax higher by 223, 1 2/3% higher rally at highs of the day this morning in eurozone asian markets closures japan, south korea closed for holiday shanghai composite up two-thirds of 1%, this as we look to economic data this morning we've got initial jobless claims out, this morning we are expecting 182,000 new claims, numbers in 25 minutes also waiting on first quarter labor expenses worker productivity labor
costs expected to be down 5.4%, and down 9.9% worker productivity expected to see a decline, on the month-over-month as well as year-over-year we get those numbers to you when we get them a fox news poll shows voters concerned about issues from future of the country to inflation kraim rates illegal immigration homeland security secretary alejandro mayorkas admits doesn't know the czar, has been disinformation calling hunter biden laptop trump campaign product vouched for debunked steele dossier side trump concluded with russia jay you powell hike half a percent biggest in the more than two decades debate whether or not federal reserve will be able to take rates higher not take u.s. into recession stocks down this morning following the unemployment, but after the
announcement yet, wow, did we see a big spree we heard the fed squashed idea of a 75-basis point hike, and with that it was all rip-roaring, with dow industrials up almost 1,000 points joining me right now toub to talking about where we are on macrostory as well as reaction to fed o former atlanta federal reserve president ceo dennis lockhart joining the conversation all morning long dagen mcdowell, mark tepper great to see you. thanks for being here i guess got what we expected a half point, hike from the fed what was your expectation what was your reaction to have what we heard from jay powell, on the macrostory optimism about a soft landing to come? >> well first i think he took a lot of policy uncertainty out of the picture. i think we know what the policy outlook is for near-term at least, one or two more 50-basis point movers probably two more 50 boos
point movers the balance sheet reduction begins first of june, so the markets, and the public, you know, pretty well what is going to happen near-term if economy evolve more or less the way fed expects to it. >> look thelanta federal reserve expecting the gdp, at 2.2%. up from 1.6% on may 2, but look. dennis we got a contraction in the economy, first quarter do you think that we are going to have a second contraction? i know we've got revisions coming first quarter numbers what are you expecting in terms of a potential recession this year? >> i don't think you can take much signal from the first quarter, the first quarter had some unusual factors, neither exports, for example, reflected the fact u.s. consumer was, very strong, there was a lot of demand while the rest of the world was relatively weak.
the inventory cycle also reflected in the first quarter. i view first quarter more anomaly, in the full year story. i don't expect contraction in the second quarter. maria: so where is the growth dennis then? i mean look we know this supply chain problem is -- going to continue a number of american companies, that have been unable to get the product because of the logjam, in the china, your thoughts on the impact there as well as the upcoming cpi number focused on do you think that inflation is peaking right here? >> well, there are some indications, that inflation has flattened out, the month-over-month, pce not cpi number for the the last two months has been flat but i think early to draw that conclusion, and there are there is also a the potential of another shock on the
supply-side, for example, in energy prices would affect headline numbers, so i think it is a wait-and-see hope for the best in terms of inflation. maria: what -- right. i mean look, the pressures are still there, here is a chairman yesterday, giving his thoughts on the broader mark story i want to get your thoughts on the idea of soft landing listen to this dennis. >> a it is a strong economy enforcing about it suggests that it is that it is close to or vulnerable to a recession. now, of course, given events around the world fading fiscal policy, higher freights you could see some slower economic activity i think we have we have a good chance to restore price stability without a recession you know a severe downturn without materially higher unemployment i see a strong economy now i see a very strong labor market. maria: and another point
dennis he said would i we willing to expect a softish landing. >> yeah. that is a nice word, to include now -- vernacular banks softish landing, it is still quite plausible. the underlying fundamentals of the economy are is it notting the consumer is very active we are customer led economy i think possible that the fed can engineer, a softish landing or soft landing. we've got strong employment picture, so it is still plausible we just have to see how things evolve. i think one of the things he pointing out is -- simply a lot of risk around the world, are that sort of a reference to things that could come out of ukraine situation some out of the lockdown in china. so you know nothing is
certain. but there is no reason to a automatically assume a recession. >> okay, well we did hear from bank of england this morning raised rates quarter of a point, and also predicted there will be a contraction in england if we gate recession in europe, how significant is that? dennis in terms of of the prospects for the u.s.? >> the u.s. economy large self-driven in the sense that it is a big continental economy most what happens in this economy really is generated from internal focuses. having said that europe is our biggest trading partner weakness in europe or around the world has an effect, on u.s. economy, you will see it in that net exports number. >> of course, we are waiting to get jobs numbers job claims
then we've got monthly jobless labor department numbers tomorrow but dagen big story will be that consumer price index out wednesday, we are expecting, the inflation numbers to move markets on wednesday we got estimate of up 3/10 of a percent minimum over month we know running 8 1/2s pierce rate year-over-year jump in. dagen: dennis themes unthinkable when you have inflation consumer inflation running 8 1/2%, and you have a fed funds rate at 1%. and they kick down into next month, the beginning of the reduction of the balance sheet and just a runoff, of assets. so, why wait? given that disparity between short-term rates consumer prices number one, but this just seems like -- the fed acting on a wish and prayer i are crossed my fingers when i said that, it is written in the "the wall street journal" during the past 80 years, the
fed has never lowered inflation as much as it is setting out to do now, by 4 percentage points without causing a recession. >> well you know i think there novel circumstances the pandemic was, i don't think you can look at history predict the future in these times. -- i go back to about a jay powell said i am a defender of his point of view, one the starting point for this is a very strong one, strong consumer activity, strong employment situation, and so i think as he said in his press conference yesterday, there are a number of possible scenarios possible futures but certainly one of them is a softish landing. maria: all right we leave it there. dennis thanks very much dennis lockhart joining us this
morning, on higher rates coming, much more ahead this morning coming up the disfun shunnal disinformation board what alejandro mayorkas knows what he doesn't know, about his elected district attorney information czar marco rubio joining us about efforts to protect military from unknowingly investing in companies that want to overtake us chinese companies and ccp tomorrow do not miss my special interview with ice cuban live on fox business. . which reduces potential concentration risk and helps keep your portfolio in balance.
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biden's lap tot is russian disinformation. >> i was not aware of that homeland security secretary mayorkas didn't know has a history of spreading disinformation nina jankowicz vouching for discredited steele dossier saying trump colluded with russia, senator ron johnson questioning whether -- with me this week. >> just do to it executive order do it to aggregations again no authority to do -- in my alert i asked secretary mayorkas under what authority are you establishing this governance board? again they are brazen they do what they accuse others of doing they flood the town square with all kinds of information, repeatedly time and time again, and all about
covering up. maria: yes, dagen, i liked josh hauling's tweet fire mari pop incompetence of disinformation dissolve censorship board. dagen: super cala comenistic, totalitarianism so atrocious if you say it loud enough you sound so odious super communistic, i will channel my inner senator kennedy simply ask why didn't you know that she was spreading disinformation on line you could have looked at her account on tiktok or basically google search of what this woman was doing, it also
raises the issue this position whether it violates first amendment depending what she does or not don't expect with this white house there to be any checks and balances, on her actions, and her behavior. maria: so i guess my question would be what specific disinformation are they referring to that they need to clean up? so far not the only -- go ahead. dagen: i know some of it, mayorkas talking about it over the weekend. that he is saying that disinformation from the cartels is the reason that haitian migrants are trying to come to the country not wide-open border but disinformation from cartels poppycock. maria: ridiculous, now the human you smugglers taught they are putting out disinformation no comment about disinformation in this
country including trump collusion and hunter biden laptop the origins of covid-19. >> a lot to cover up when they talk disinformation talking about everything on right in this disinformation border came out kind of in response to elon taking over twitter first amendment we need to uphold that, and this is just heading the wrong direction. maria: yeah i think it came from president obama, don't forget the speech he gave a couple weeks ago telling us exactly how to do it, put steele gairnl in down square recession fares biggest rate hike two decades consumers concerned with real estate we are talking to king of real estate coming up equity international chairman founder sam zell my special guest
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supercalifragilisticexpialidoc is. . >> . maria: welcome back big story of the week, federal reserve, raising interest rates, by 50 basis points biggest move over 20 years if he had chief jay powell commenting on possibility of recession saying he will be able to have a quote/unquote softish landing killed the idea of a 75-basis point hike any 2350i78 soon watch this.
>>. >> labor market is extremely tight inflation is much to a high against the drabbingdrop day fomc raised policy interest rate a half-percentage-point, nothing about it suggests close to or vulnerable to a releasings 75-basis point increase is not something committee is actively considering. maria: all right. joining me right now reaction equity international chairman founder investor real estate investor as well sam zell great to see you welcome back. good to see you this morning. >> great to see you -- i haven't been with you in long time so fun. >> your reaction to jay powell do you believe they will take interest rates up not take this economy into recession sam. >> i don't know the answer to that if i did would i be rich.
but i think that the fact that fed is spending so much time not doing what it should have been doing, creates a big gap on that can be filled without much damage i think, 100 basis points even 200 basis points never next year is not likely to put us into a recession. it is just probably to bring us back to where we should be, whether that is enough to slow the inflation rate i think a whole different question. and one that you know will require improvement in supply chain, require adjusting, in most cases, inflation is very much driven by the presumption on the part of consumers and decision makers that it is
going to cost more later, there for we need to cure that. >> a good disappoint consumer spending has been pretty strong sam as you know even if people shifted spending from buying stuff to spending on travel and services. but at the same time, wages are up getting eaten by inflation running 8 1/2% we are getting consumer price index out next week even a talking about that, being the next major thing to watch. do you see inflation or do you tie consumer prices he leveling out anytime soon given the fact we've got supply chain problem contraction first quarter. >> i don't know the answer i would hope that is the case i don't think there is much sign so far, that we are seeing a reduction in legal of inflation would i be surprised, if the estimate
that came out next week was less than -- than what we've been deal with up until now. we're a long way from you know making any serious adjustments, it is basically concern to -- you know the efforts by the government to respond to covid were too much too often, too dangerous to the he overall question of manage inflation control. maria: let talk real estate sam because i know that home prices are way up even rents way up access the market what are you seeing out there i am being told that you know many people are being locked out of this market, because prices are up so much. >> well, i think there is no question prices have increased.
to me it is kind of a simplistic example of supply and demand. since great recession of 2 00 -09 number one of new you houses, whether apartments or how this mobile home parks, we are way behind the pace that we can rent, prior to 2008. so, 20 years built a million you houses a year i think in 2009, 2010 built 260,000 still aren't back to million just now getting to that million. so, we've been in effect created a big hole when you create those kind of holes, you know you end up with prices going up because in other demand than supply, the results are a period where all
kind of people thought millennials could buy home i never understood that i just didn't understand anybody would assume that number of households, we would go down the answer is you don't build enough houses you don't the create enough he money, you in effect have nimby kind of mentality the result is a scare -- to effect the price of a where we are right now did not have enough building the supply is scarce are there comparisons to the 2007 upset in housing that you obviously, lived through so well? or is the supply problem now making this moment different than the blowoff we saw in
2007 and 2008? >> a i do not think that this is the repeat of 2007 or 2008. but i think you need to take into consideration, one, that the amount of land being zoned for multifamilies is way down. and the number of single family housing built that is not catching up making up for the past you know periods we didn't keep up the pace, home builders having trouble finding people to work, on you know, carpenters all kinds of tradesmen building these houses, so all of that kind of comes together, again, going back to as ask as supply and demanded not producing supply
the demand is real accent the result is that prices go up. how long can they stay up, i mean you have divestsed diversified portfolio, the agribusiness you see firsthand shortage in labor truck drivers in such need, wages going up, still getting eaten by inflation. tell me what levels things out then. >> well, i think that -- what we're seeing in various business we are involved in a lot of wage pressure we have actually own trucking company, and the difference between two years ago and today, is the fact that you know we've probably you know have overcome raising salaries improving working conditions, overcome the shortage of
drivers, now there is shortage of containers, other things i mentioned, and we he own a big hospital chain getting pummeled by the cost of employees in particularly nurses. we just don't have enough people will to fulfill the demand obviously, when a shortage of supply prices go up i think that is what we're dealing with. maria: how much higher can they go sam? do you think this -- or do you think prices are still on their way up. >> well, i -- you know i am hopeful that interest rates -- will adjust impact of what is going on. but also kind of send a signal that interest rates will continue to go up, until you know, things improve.
i -- you know, not optimistic that we're going to see a reduction i think we have a better chance of on upside than reversing so far. >> what has been impact of 5% mortgage rates in your view sam look we have to mention that rates were up to 16.6% back in 1981. but when you consider the move to 5% that happened fast about what has been the impact? >> the number interest rates, you know interesting point of reference, but, you know, the real controlling factor is what is the monthly payment. and that is the monthly payment you know a year ago was based on 2 1/2%, and now today it is 5. and i think that that is that is know eliminating a lot of potential buyers in the
market. i think it is putting a lot of additional pressure on those people that do buy. and that clearly going to haves somewhat impact on housing prices, and i think very possible that you know we may be seeing the crest the of housing appreciation. >> the crest of housing appreciation. so, it has put people -- >> -- that is -- going to go down -- but i think that you know it is the -- the raising interest rates quickly as it happened certainly has an impact in a slowing of the demand and pressure on prices. i also think he selective markets, you have big i
differences between some markets, where house of went above asking price, six months ago ago now in effect back kind of a normal give-and-take. another markets they still appreciate. >> sam we're getting breaking news first quarter labor cost, up 11.6%, much higher than the estimate 9.9% on labor costs, sam. i mean you are living it with the businesses that you are invested in right in terms of the wage increases, what is your reaction to this data? >> well, i think that our experience would have suggested that 11 is much more likely than 9. i am not an economist i don't know how they conclude estimates, across the board every business we are involved in we are facing significant
wage pressure. . yeah. maria: wage pressure is just one pressure, on the part of corporations why you know people like stephanie pomboy, on this program a regular back tomorrow, are saying look, are the fed is out of control, and missed the mark we are probably going to see a big sell-off the market way too about the optimistic about this. about what do you think. >> inot quite that sanguine, i definitely agree with her the confessed missed opportunity to be a disciplinarian that it should be. we have to -- we have to dramatically reduce liquidity available in the market i mean we've got to sell all those bonds been buying every month we got to push interest rates
up, i don't think that a interest rates going ip a hundred basis points next 12 murps is going to slow us into a recession i think much more likely if they don't go up 100 basis points next 12 months that we will have serious problems. we need to reduce liquidity. we need to stop that sloshings around extra capital might mean reduction in customer demand, initially more than i was suggesting i don't think a case. >> i moderated a panel yesterday at milken institute conference in los angeles your name came up i was talking to starwood capital chairman ceo talked about what he is happening from this market despite fed saying we are going to have a softish
landing. wash this. >> -- >> yeah. >> how much worse. >> going to get worse i mean the fed will raise rates, going to freak people out market continue to justify we say durable, rate won't move as far as in u.s. they are not going to they can't afford in terms of never growing that quickly if can't afford 3 or 4% ons germany bunds from negative, a catastrophe over there. >> what about global story your take on europe bank of england this morning raised rates they said they are expecting a contraction in the uk economy in 2023. >> yeah, i think that in have i am going to stay in agreement with barry on his views, but i think, the problem exists in the europe and exists in america problem exists in japan, you know, the
world is -- is overrun with liquidity, and overrun with lack of discipline. and things like ukraine, et cetera, and food security only making things worse. but i think the first and most important thing is to reduce the liquidity. maria: yeah, you know unfortunately, the federal reserve was buying securities, like 3 seconded before they started raising interest rates, i don't know why moving you know the runoff back a month as well. why so slow in winding this balance sheet is it right move. >> i think that we would like to think the fed is independent. maybe the fed was independent a long time ago it certainly doesn't seem to be as independent todaynd and just like the fed, delayed action
when trump was beating them up the same scenario the fed trying to mix some kind of a formula that will avoid you know getting them in political trouble. and that should not be a criteria but they're doing it. maria: a great point, of course, i think that is one of the reasons he said transient we kept hearing before supposed to be concerned. >> when i heard the transitory inflation i looked up to see what it meant, of course,s meant -- inflation before a few weeks before he was confirmed. you know i thought it was -- >> i am glad you brought up food security ukraine major issue, sam it has been wonderful talking with you please come back soon. thank you sir. >> thank you very much, maria
a pleasure to see you. all right, great to see you, sam zell joining is this morning, in chicago quick break florida senator marco rubio is here will join me next live don't miss it a lot to get into with the senator, from florida. you are watching "mornings with maria" live on fox business. . ♪♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy.
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retaliate retaliate. >>. >> fr retirement thrifty investment board the 401(k) for mill men and women wants to -- doors wide own to vef retirement money into chinese companies controlled by ccp companies leading chinese communist party trick to take over u.s. os number one super power, florida senator marco rubio here membering appropriations committee is very chairmen select intelligence committee great to see you thanks very much for being here i want to i want to start there, because i have the letter, that you sent, and along with your
colleagues, asking the investment board the federal reserve thrift savings why they want to have this open window to allow chinese companies to be part of thrifty increase number of chinese companies there tell me about concerns around this, whether or not this is happening. >> well, let's start with general consumer i think applies to all the entire market about the the concern companies in china do not at this moment anyway follow the same requirements that any other companies that are listed follow in terms of transparency auditing risking american more than he in companies we know very brilliantly that refuse to comply teed that irony of this the people if you are in army navy arm forces defending this company putting money in equivalent of 401(k), that is they are currenting around investing that company cap livesing, companies in controlled by military, that
is outrageous i think a very simply common sense line here that is why are we using american money to fund companies that are building weapons that are being designed to destroy and kill american troops. maria: yeah, it is also making it clear that it is not going to be screening these mutual funds for u.s. sanctions, some companies have been sanctioned already. by the united states and, yet, our military men are investing in funding their growth? >> i think unfortunately controlled by board of investors, the investment experts unfortunately, we have seen cross equities markets people think or believe their own job only consideration can i get a good return on for our investors, that is a very important consideration there is no doubt about it but i think there needs to be common sense here, now sometimes the same people on the other hand that have no problem divesting
that are involved in fossil fuel no problem divestings from those companies they have no interest not putting money into hands of companies that are controlled by military, other countries, that intend to overtake mesh become world's most powerful country threaten our troops in asian pacific region frankly at some point anywhere in the world. maria: i thought there was a bipartisan issue. can congress do anything to stop this? you've been pushing not just ban investments in chinese companies for federal employees but also overall for americans particularly because of what you just said, they are not following 0ur audits, can congress stop this. >> a bipartisan issue, meaning everybody generally everybody agrees not a bipartisan priority. in fact even in my own fatter not a priority for everybody, a lot of people would agree with the position but whether interested in focusing on it, really tuning into it working
on daily basis, there are a lot of reasons why people aren't they don't take he is seriously or looking at people from wall street tell us not to mess around with investment give you runaround why we're i exaggerating it is not a big deal bipartisan solution unfortunately not a you bipartisan priority. >> you have also chinese ccp controlled company wanting to acquire forbes, interesting we already have ccp propaganda on social media in you know want to own forbes magazine. >> yeah i don't know if people i think really interesting couple days ago news came out china has been censoring hollywood a long time, so that is why you don't see movies with chinese government communist villain in this despite movies chinese demand statute of liberty be taken out of one of the final
things, sony wouldn't do it walked waive to have that distributed in china a japanese company to do what american companies livelihood to do refusing to bend on chinese censorship this be applauded for it all companies in hollywood constantly doing whatever china tell them. maria: i saw that i was alsos impressed the other issues fence around supreme court after protests you witnessed weak breaking out following supreme court last decree justice alito author canceled a public event, from the start democrats using this threat to campaign for the midterms what are your thoughts on this leaked, and is this another dirty trick because flats feel they are er going to get slaughtered in november trying to change voter minds about republicans. there is no doubt flats do not want this election about immigration crime about
inflation, they don't want it about things impacting real people every day because they are do believe a terrible job all three they are getting worst inflation going to continue to get worse crime continues to surge around the country, we are going to have a massive illegal immigration surge again this summer due to joe biden's inviting people to come here illegally, they don't want to hear any of that my sense a strategically planned leak designed to get ahead 6 something, and to generate exactly what you are seeing primarily try to intimidate justices, that is what you are seeing now efforts to intimidate them, there is a web site out there now my understanding told, that identifies addresses of the five justices targeting where they live a map how to get there, and, asking people encouraging people go to homes try to intimidate the mayor, clearly designed to do that not to meanings direct attack, on institution, it is funny, what was learned last few days, i think should have learned this before is that, the only time that democrats
wanted to defend institutions or consider supreme court ruling law of the land when did he agree it furthers political aims any other time not just criticize court but tactic personal that is where we are i hope, they get a show on -- they might get a msnbc book deal a hero on far-left, so i am not sure why hiding should come forward commit admit it was them. extraordinary to see poisoning of supreme court after politics poisoning in virtually every agency frankly from fbi to cia department of defense i want to ask about your bill prohibiting employees are from decking suspenses related to travel
costs. >> i don't believe taxpayer finished fog, books, where had position, when you tell a company you can deck cost deduct cost of an abortion you are provide insistence through government funding we should not be doing it. >> senator great to catch up with you thanks so much, for your insights all the above, we will see you soon senator thank you, sir. . >> senator marco rubio this morning in d.c. we'll be right back. stay with us. . starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in. ask “alexa, tell me more about buick suvs.”
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♪ maria: welcome back. time for the big buzz of the morning. a 100-year-old man sets the guinness world record for the longest career at one company. walter has been working as a sales manager at a brazilian textile company for a stunning, get this, 84 years. this is a a photo from his first day at the job -- [laughter] in 1938 when he was just 15 years old. walter i says he has no plans to stop working anytime soon. dagen, how do you like that longevity? dagen: that will be you and me, maria -- [laughter] i don't really know anything other than work and maybe hanging out with my dogs, so again, it's a reminder to all the whiners in this world, you know, who shirk work. not walter. maria: yep. i mean, i stayed at one welcome back company 20 years, mark, but wow, 84.
that's a hard feat. >> yeah. deagen, maria, i'm sorry, i will be sitting on a beach somewhere with something if very tasty in my hand, maybe a corona, mow here toe. i doubt i'll make it to 100, but if i do, i ain't working. [laughter] maria: we're counting on it. dagen and mark, great to be with you. have a great thursday. stay with fox business, "varney & company" begins right now. stuart: yeah, i'm still around. good morning, maria, and good morning, everyone. the president slams republicans and what he calls the maga crowd as the most extreme political organization that's existed in american history following the supreme court leak which he has not condemned. he's going all a out to paint his opponents as extremists. he claimed to be a unifier, but under pressure he's become a divider. that's my editorial opinion. meanwhile, the supreme court overnight, hay started ect
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