ecision tech, only from fidelity. >> thank you for watching, that is "kudlow". please have a great weekend. maria: good monday morning, everyone. thanks very much for joining us, i'm maria bartiromo. it is monday, may 23rd. your top stories right now, 6:0. stocks are bouncing this morning after the longest losing streak in decades, as investors await inflation and g dp data to further assess what feels like a recession. the market is trading up after eight weeks of losses for the dow industrials, the worst streak in 90 years, seven straight weeks of losses for the s&p 500.

the dow industrials are up 171 right now, this week we will get the second revision of the gdp for the first quarter. the dow up 164, s&p up 23, nasdaq right now higher by 54. the gdp out on thursday, expected to show a contraction of 1.3% versus an earlier read of 1.4% contraction. we'll get the pce reading wednesday, the fed's preferred inflationary reading. the three major indices lower over the last week and of course as i mentioned seven weeks lowerfor the s&p 500. the nasdaq was down almost 4%, s&p 500 lower by better than 3%. markets of course are down significantly year-to-date. we are talking about double digit declines for the markets year-to-date, dow industrials down 14% in 2022. s&p 500 down 18% in 2022. the nasdaq down a sharp 27% year-to-date right now.

short-term interest rates meanwhile look like this. let's take a look at the 10 year as we have been inching ever so closely to 3%. the 10 year is up 4 and a third basis points at a level of 2.82%, oil prices meanwhile look like this. as we watch gasoline again at a record high. the price of crude is right now at 114, 06, up 1 and a third percent. the price of crude up 1 and a quarter percent right now. aaa a reporting a tie of the all time record high nationwide average this week at $4.59 a gallon on gasoline. president biden is in asia telling reporters it will be a while before consumers get a break from sky high gasoline prices. >> should americans be prepared for a recession, in your view is a recession in the united states inevitable? >> no. >> why not? >> we have problems that the rest of the world has.

but less consequential than the rest of the world because of internal growth and strength. maria: european markets trading like this, in the face of worries of slowdown there as well. the european central bank likely to increase key interest rates. they are on -- pulling back the stimulus and likely to cut interest rates. the european markets are mixed, ft 100 up 63, cac down 2 points, dax index higher by 70. overnight in asia, joe biden told reporters the u.s. would defend taiwan militarily if china tried to acquire it with an invasion. after that, officials stepped in saying the u.s. policy would not change, that the u.s. would provide weapons and military needs to taiwan to he defend itself. all of this as the white house is claiming the president's trip to asia is a way to counter china's aggression but the president is considering

removing tariffs on the u.s.'s $360 billion in imports from china. arkansas senator tom cotton joined me on sunday morning futures to weigh in. >> joe biden has been weak on china going back decades and just as recently as a couple years ago he was still saying that china is not our main competitor and china has no chance of beating us in that competition, even if he like an ostrich sticks his head in the sand. on the other hand, they are deeply worried about inflation. maria: meanwhile, witness testimony kins today in the clinton lawyer sussmann p trial after bombshell testimony last week when the former campaign manager said hillary clinton personally authorized the campaign to spread false information linking donald trump to a russian bank by taking it to the media. fox business is live today at davos at the world economic forum. we're bringing you live reporting all week from davos.

coming up we have the ceo from intel talking about manufacturing expansion of semiconductor chips in the united states. stay with us for a host of guests live from davos coming up. "mornings with maria" is live right now. ♪ maria: your morning mover vmware and broadcom. vmware soars 19%, talks of broadcom acquiring vmware in a potential cash and stock deal. the deal will diversify broadcom's business away from semiconductor and into enterprise software. could be one of the biggest deals for both companies. >> "mornings with maria" davos coverage, sponsored by invesco. maria: markets this morning are

higher after last week's selloff and a sell for multiple weeks, dow industrials up 159, nasdaq higher by 52. joining me is wealth consulting group jimmy lee. joining the conversation all morning long is defense of freedom instituted for policy studies spokes american, angela a morabito and chief investment officer and ceo, nancy tengler. thank you for being here. jimmy, are you buying this little relief rally that we're seeing this morning after a seven weeks of declines for the s&p 500, dow industrials down eight weeks in a row. >> we seem to be getting support right here at a around official bear market territory for the s&p 500. so we're actually waiting for a little bit of follow-through and hopefully if we get that, then, yes, we'll be putting cash to work for clients and hopeful that we could be getting close to what's feeling like to me

potentially a market bottom. we need follow-through this week. we have retail names coming out and i think investors could either sell on news from the retail sector, whether it's good or bad, or potentially invest thinking if the consumer's starting to get weak then maybe the fed can after it raidses rates a few -- raises rates a few times maybe it can back off and be be more hawkish. this week will be important with news coming from retail names out there. maria: we're getting macy's out, reporting earnings. we've got a handful of others. we know what we heard last week from the retailers. we did see a fair amount of demand destruction when you look at what happened at walmart, at target, and a few others. the inflation numbers are cutting into wages. macy's this morning up half a percent. you say you want to see follow-through in stocks. what's your take on rates? are they going to spike at the s the federal reserve tries the

experiment going from a tightening to easing face. the treasury is up this morning, creeping higher. what are your thoughts in terms of allocating capital right now with rates rising? >> actually, i think bond investors, professional bond investors are seeing value finally after all of the destruction that we've seen in the bond market. i think it caused a lot of investors in bonds -- caught a lot of investors in bonds by surprise that bonds can move down as quickly as stocks can. it's been an awful start to the year. midterm election years tend to be volatile. i've said that the average decline since 1950 according to fact set, negative 17%. so we're just a little past that now. but very close to just the average. of course this year has some special factors such as inflation that we haven't seen in so long, being such a huge problem. but i think things are starting to get better. i think there is the

psychological -- negative psychological effect of interest rates going higher, stock values going down and i think it is hitting consumer demand in a lot of areas. where i don't see that happening so far is in travel and leisure. the airports are busy. as busy as i've ever seen them. the airlines are charging as much as they can and so are the hotels that people are paying for it. so i think throughout summer peel will spend money on travel and leisure. i think higher interest rates are having an effect on housing and a other areas, borrowing costs, business investment i think is having to take a second look at the higher prices, interest costs and how that's going to affect profitability. so i think it's starting to have that effect right now, maria. maria: yeah. i mean, we're all trying to understand whether or not we are in fact in a resesmtion nancy, the president -- recession. nancy, the president was asked about a recession this morning in asia. listen to how he took the question. watch. >> americans are dealing with record high inflation. the fed has raised interest

rates to try to address those issues. and they're also justen nor us y high gas prices. given the cross current of the world right now, the war in ukraine, the china lockdowns that we've seen, should americans be prepared for a recession? in your view, is a recession in the united states inevitable? >> no. we have problems that the rest of the world has but less consequential than the rest of the worlds has them because of our internal growth and strength. maria: nancy tengler, jump in here. that's the president's response. we're going to get the gdp out on thursday. we are expecting a contraction. if we get two quarters of a contraction we will learn we are in fact a recession. what do you see? >> yeah. well, i think washington is a little bit out of touch and in particular this administration. i wrote a piece a while back saying the beltway might as well

be outer space. i think we see that every day. they don't live the lives we live. one of my clients in florida said this could all be solved if we just drill for oil. that may sound simplistic but there's a lot of which is come in that. i think -- wisdom in that. i think the president needs to get out and see what regular americans are going through. maria: what do you think about that, jimmy? do you think that we are in a recession right now or are we going to avoid it? >> i think that the path to avoid a recession is getting more narrow. but i still think we can a avoid a recession and even if we get one i don't think that -- the stock market's going to react the way that we have when we have had bear markets before, with a recession, stocks can go down a lot further than where we're at today. even if we get a recession, i don't think that's going to happen. so could we get a technical recession? i think yes. but i think it will be more of a shallow one.

i still think that while the consumer is backing off and definitely the interest rate's going higher, it's hurting demand already, i can see it, i think the consumer is still in a very strong position. record amount in ebbing chaing accounts -- in checking accounts for consumers still of the recent data that we've been looking at and so i think even if we get a recession i think it won't be the kind of recession people fear when it comes to stocks, anyway and that's what we're hopeful for. so we're still overweight energy, though. but we think that when the war in ukraine is finally over, we think commodity prices can come down and pretty quickly. maria: all right. we'll be watching that. jimmy, great to get your insights. we'll be watching for that follow-through that you're looking for. dow industrials right now up 210 points. thanks so much. we'll see you p soon. jimmy lee joining us this morning. we have a lot coming up. fox business is live on the ground in da voces, switzerland this -- davos, switzerland this morning. the world economic forum. i'll be speaking with guests

throughout the morning, live from beautiful davos coming up. first, indiana governor eric holcomb will be here on his panel on advanced manufacturing. then the biden administration's operation fly formula's lantingg his space. don't miss intel's ceo at 8:00 a.m., talking about growth and expansion in the united states as the supply chain logjam continues, a massive ship shortage. hillary clinton has a lot to answer for as her former campaign manager nails her, giving us the details on her giving the okay on spreading the trump russia collusion lie. we are on it all morning long. don't miss a moment of it. you're watching "mornings with maria" live on fox business.

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maria: welcome back. the war in ukraine expected to be the main talking point at this year's world economic forum in switzerland. we are looking at pictures live from davos right now and kelly o'grady is live on the ground in davos with more. kelly, good morning to you. >> reporter: good morning, maria. i guess i should say good afternoon here. this marks the first time in two years that the world economic forum conference is back in person. it's the 50th anniversary of the gathering. this year it's a tale of two davoss, the billionaire swiss retreat and ukrainian nation pleading for salvation. davos is owe. known as a symbol forprogress, d ticket in business. the biggest themes are the climate crisis, the economy and he global cooperation. beyond what happens at the conference, the town transforms as well. everywhere you look, this quaint

mountain retreat is overrun by black cars and a tight security, the store fronts taken over by innovative companies in countries luring investors. this celebration of progress is in stark opposition to another davos, one that grapples with the hard reality of the war in ukraine. president zelenskyy is seeking $5 billion per month of funding, emphasizing the need for greater sanction. >> they should be massive so sha that russia and every potential aggressor would know the immediate consequences for their actions. there should be russian oil embargoes. all the russian banks should be barred. no exceptions. there should be advancement of the russian it sector, there should not be any trade with russia. >> reporter: the entire ukrainian delegation has shown up seeking economic support, weapons and compassion. last night i spoke with a number of parrel ament members and --

parliament members, and there were two themes, that the world sees this as statistics and i thought this quote sums it up. everything davos was create todd do is under attack, democracy, values, the green economy. you have leaders of corporations and countries focusing on a brighter future. you have the ukrainian delegation sounding the alarm, saying that future may not be possible. we need to fix the horrors of the present. maria: i know the imf was recently saying that this is the biggest test for the world since world war ii. the imf chief also saying they may need to further trim forecasts for the economy global growth this year. what are people saying, what are you hearing on the ground in terms of the global growth story, kelly, and whether or not we're going to go into recession globally? >> reporter: yeah, maria, of course that's been a huge topic here. i was actually listening to a session focusing on china

earlier today and of course the concern about the shutdowns and the zero covid policy. i think one of the biggest pieces, there's a focus on moving towards a green economy but what i'm hearing from a lot of people is okay, well, how are we going to do that? what are the steps to executing that in a financially viable way. so you've got the focus on china, the focus on energy, and it's mixed. some folks think we're going to go into recession and some think that we're going to come out of it quite soon. maria: and i know you'll have headlines later on in the week about food shortage as well, that has got be one of the main points being talked about as well. kelly, we'll be watching your reporting. thanks so much. kelly o'grady is live in davos. we have a host of guests coming up along with kelly. quick break and operation fly formula lands in indiana but the much needed products will not be ready for another week. we're talking about the baby formula shortage. indiana governor eric holcomb is

here to weigh in, he's live in davos. back in a moment.

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maria: welcome back. well, more than 70,000 pounds of baby formula arriving in indiana from europe yesterday, it is the first flight of biden's operation fly formula, his plan

to ship baby formula to the united states from overseas. this as the ceo of abbott labs is apologizing in an op-ed, writing an op-ed in the washington post, quote, we are sorry to every family we've let down since our voluntary recall exacerbated our nation's baby formula shortage. biden says a second formula flight will soon be on the way to pennsylvania. joining me to talk about the impact on indiana is the governor of indiana, eric holcomb. he is live on the ground in davos this week. governor, it's good to see you. thanks very much for being here this morning. i want to get your take on all that you're seeing in davos but first, let's start with the baby formula issue. what has been the impact on indiana? >> well, we're proud to be a part of helping neighbors in need. obviously, this first flight is about 15%, makes up about 15% of the real need so while some of it will get to hoosier families, we're proud of that, this accents how key the indianapolis

international airport is to our nation's grid, quite frankly. this is an airport that's been rated number one the last 10 years in north america in terms of international air ports. so we can't get this formula out to families fast enough and happy to take the lead. maria: well, thank you for taking the lead. this is a a major issue obviously for american families. i know that the highest concentration of manufacturing jobs is in the state of indiana. 25% of the state's economic output based in this industry. governor, talk to us about producing in america as we worry about so many critical items that are made overseas. i know you're on a pan a he'll today -- panel today in davos about advanced manufacturing. what can you tell us? >> well, manufacturing, advanced manufacturing is in our dna, it has been since we started as a state back in 1816. so nothing new to us.

obviously, when you see the supply chain disruptions that are occurring, whether it's baby formula or wheat or gas, you name it, it just really reminds us and accent the importance of making sure that we have not just in time, but just in case supply chains that are up and about. obviously, the state of indiana, our economy because of our international connections and our domestic manufacturing that's occuring in our state, our state economy is humming like an indy car engine which will race this sunday we're over-performing right now, beating all expectations. we had $500 million last month over the prospects and projections for one month. so obviously the state of indiana's growing and in part it's because of our relationships all over the world. maria: well, that's just terrific news and we need that

because there are a lot of worries about a recession. we've got a census bureau survey, finding more than one-third of households are reporting difficulties in paying bills, governor. inflation is creating demand destruction. what can you tell us about the economic backdrop in indiana? >> well, it's a headwind for sure. and we're going to -- have you to make sure that you have a long-term view of this, understanding all of the hopefully short-term crisises that are popping up all over the world and for indiana, what we have done is we've lived within our means. we've paid down debt. we just cut taxes, personal income taxes and we sent checks back to every taxpayer, just a few months ago because we have built up a cash reserve and we can weather this storm. now, having said that, obviously inflation is a headwind and potentially going into recession. however, we've added about

$100 billion to our gdp over the last five years. we had a record year through our indiana economic develop corporation last year of 8.7 billion, we're at 10 billion right now and we're still in the month of may. we have to be concerned about what's happening all over the world. we can't remain in denial about those things but states have to take the lead and make sure we weather our way through this. maria: yeah, for sure. govern northern, we'll be watching -- governor, we'll be watching. great story to tell. thank you for being here this morning. >> you're invited to the indy 500. we'll leave the light on nor you. maria: i appreciate that very much. i'll get back to you. governor eric holcomb joining us from davos, switzerland on the strength and leadership in indiana. quick break and a then crude wakening, gasoline prices touching an all time high as the u.s. searches for ways to become

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ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. maria: welcome back. well, president biden apparently stepping up to help taiwan if china attempts to take the island by force. cheryl has details right now. cheryl: the comments a major policy shift and step here if it pans out, president biden promising to use force against china to defend taiwan. listen. >> we agree with the one china policy. we signed onto it. all the attendant agreements made from there but the idea that it can be taken by force, just taken by force is just not aphe brett. >> are you -- appropriate.

>> are you willing to get involved militarily to defend taiwan if it comes to that. >> yes. >> you are? >> that's the commitment we made. cheryl: okay, well the comments coming this morning during a joint press conference with japan's prime minister and a break from the long-standing american policy of strategic ambiguity. china's foreign ministry quicking slamming biden's comment, saying beijing has no room for compromise and concession on core concerns like taiwan. well, let's stay with china. because apple's reportedly looking to boost production outside of the country. the tech giant citing beijing's strict anti-covid policy. india and vietnam are among the countries under consideration. more than 90% of apple's products are currently manufactured in china by outside contractors. stock up half a percent. explosive testimony in the michael sussmann trial about hillary clinton's personal involvement in the russia collusion hoax during the 2016 campaign. clinton campaign manager robby mook revealing clinton approved

the dissemination of false information to the media, alleging trump was using a secret back channel to communicate with russia. sus pman is charged with -- sussmann is charged with making a false statement with the fbi. finally, this. justin thomas is the 2022 pga champion, taking down a rising star in a tense playoff. thomas' long time friend tiger woods who withdrew from the tournament after three rounds congratulated him on twitter. a rookies was leading all day but fell out of contention after a double bogey on the 18th. thomas took down zalatorus by one stroke. this is thomas' second major championship of his career. those are some of the headlines from here. back to you. maria: thank you so much. the war on ukraine and the global push for energy security expected to dominate the world economic forum meeting in davos,

switzerland this week. joining me now is the president and ceo of mcdermott international, michael mckelvy is here. mcdermott, a provider of engineering and construction solutions for the energy industry. thank you very much for being here. give us your supply/demand analysis of gas and oil right now as we watch prices continue to skyrocket. >> thanks, maria, for having me. it's an interesting situation we're in now globally because the oil and gas industry basically has been under-invested for the last several years leading up to this crisis and so coming out of the pandemic there was a downturn in the demand as you well know. but then when you come into a demand resurgence, coming out of the pandemic, it's in an under dan invested global market, that creates the supply we have today which is compounded with the russian invasion of ukraine.

it's a surprise hit to something that was already in place and it put a lot of pressure on all of us in the oil and gas industry. maria: i know that you're meeting various partners on the ground in das versus. michael -- in davos. what about this administration's war on fossil fuel and american energy. gas prices right now continue to hover around all-time highs. and we spoke with the former governor of texas, rick perry the other day, he basically said it's not the leases they that are the issue because the administration keeps saying there's all these leases out there but it's the rules and regulations, the executive orders making things much more expensive fors fossil fuels. have you seen a big change in that regard in terms of the regulatory backdrop? >> well, certainly as you know we were a net exporter back in 2019 of oil and gas in the united states and north america. and so the regulations that we have in the country now make it more difficult to do that,

there's no question about it, particularly on the lngs gas side when looking at a demand for ln g and a lot of that comes from north america, the southern part of the united states and canada, the regulatory requirements to get those plants running can take years in cases and can inhibit the plant coming at all. the quicker that can be done, the quicker we can reduce the prices. if we continue the same course we'll be the largest producer of oil and gas in north america, probably mid-century but that can change depending on regulations. maria: right, of course. this is the hampering of growth. where does growth at mcdermott come from, let's call it the next five years? >> for the next five years this situation in the ukraine and the rising cost of oil and gas has

caused a demand in the middle east, so our middle eastern customers are trying to ramp up production as quickly as they k also, there is ongoing demand for lng. we like to have a niche in energy transition where we do net zero lng plants that use electric drives as opposed to traditional drives. if you use electric drives from renewable power sources, that lng plant is 85% less carbon than traditional lng plants. that's a growth area for us. we have a couple projects in process in north america, one in the middle east that we're starting. so i think in the next five years that growth will happen. it will also happen in the subsea business, in the deep water business around the world. because it's still economically feasible to obtain oil from deep water. maria: well, that's all very exciting, michael. let me ask you more about the supply side of things.

the eu is continuing to discuss a potential russian oil embargo, despite pushback from the prime minister of hungary, following moves from the u.s., britain and canada to ban russian oil imports. michael, how would you say that has affected the overall market right now? i know you've got an office in moscow. you've had to deal with these issues as well with western sanctions, because of russia's behavior and it's attacks on ukraine. can assess the global supply right now? >> well, many of us, maria, in the industry who have had business in russia, we've all walked away from that business. we transitioned out of it. we tried to minimize the effects on our employees in the region the best we can. europe in particular has been hit by the embargoes against russian oil and gas and they're having to find different supplies. i think i've seen recently even

on your show that the country of france, they mitigated that supply in great ways. it's really been an economic benefit to them. but europe is going to have to find alternate supplies, there's no doubt about it. as you heard from president zelenskyy's talk this morning at the world economic forum, the sanctions are probably going to continue for russia and probably continue for some time. for mcdermott, we had employees in moscow and had project work in moscow and we've worked that project off and we have no plans to pursue future work in the region but we've also had impacted employees, we have ukrainian employees around the world, many of our marine vessels. it's been an impact to all of us. maria: yeah. it sure has. michael thanks for your leadership on this. i know this is a costly situation but the right thing to do. we appreciate your time this morning. we'll be watching the growth story at mcdermott. enjoy the trip, sir many thank you. >> thanks, maria. appreciate it. maria: we'll see you soon. quick break and then computing on the cloud, the ceo of inviva

is here, he'll join me live from davos about the digital solutions his company is exploring. we're talking growth this morning and all week and then we want to talk about manufacturing in the united states. that's why we'll talk with the ceo of intel coming up, pat a gelsinger is here, as the world searches for semiconductor chips. we're talking about supply chain issues, the chip shortage and movement driving economic growth, intel is expanding in the united states and we'll get into it with pat gelsinger coming up this morning. you're watching "mornings with maria" live on fox business. ♪ you come and go, you come and go. ♪ loving would be easy if your colors were like my dreams. ♪ red, gold and green. ♪ red, gold and green.

maria: welcome back. one of britain's oldest technology companies, enviva, delivering industrial software to some of the biggest companies in the world including starbucks, kellogg, shell, joining me now from davos, switzerland is the ceo, peter herswag. thank you for being here. assess the market for us. i knows you will be talking about growth and technology at this year's world economic

forum. what can you tell us about where growth is coming from right now at aviva? >> well, thanks very much for having me. we're a company that is in natural resources production and also processing and if you look at the security of demand and also some of the geopolitical tensions that are out there, people want to make sure that they have security and we can help them in creating security and get more out of their production plans. maria: so how do you do that, then? i mean, we are talking so much about natural resource as we watch scarceity on so many areas with oil prices and natural gas and gasoline continuing to soar in price. how do you protect those resources, give us the blueprint. >> so first of all, i cannot worry about the natural resources but i can help our clients to be much more

productive and much more efficient in the plans that -- plants that they run. to give you an example, we're working with many of the oil majors together or also some of the epc companies, i think you just talked to michael earlier, and we're working together to make the plants that they are building more productive, if you will. so get a little bit more yield out of the plants. maria: and does this, peter, happen as a result of technology and tell me how it works. are you working in the cloud? >> well, we help our clients to design, to build and to operate the plant. basically, the foundation if you will of all of that is industrial data. and if you will, we're an industrial data company that uses that data to optimize the build of a plant and also the operation and of course all of that runs in the cloud these days because it gives much more bandwidth and more security to

our clients. maria: peter, we've been talking so much about the potential for a global recession. are you still seeing business managers spend on this kind of r&d, this kind of important spend? it used to be that this was a must spend and it was on the balance sheet, regardless. but in tough times when ceos are expecting things to slow down, they pull in their spending strings. what are you seeing in terms of spending on this kind of important work? >> so if you look at the end markets where we're active, he predominantly the energy market, the power market, it's the grid, it's chemicals and also in shipbuilding, renewables, many of our clients have good revenue streams at the moment, very good profitability and they have tectonic changes in their business models to achieve and digitalization is really at the heart of making those changes

happen. maria: yeah, absolutely. what about the tight labor force that we're looking at right now? we're hearing from ceos, this pressure to keep wage as up because of the tight labor market. are you seeing that as well, peter? >> first of all, our clients, had they have probably 50% of their workforce retire in the next seven to 10 years and we help them to digitize some of that institutional knowledge that is there. we're working with companies, for example, with shell or bsf to try to digitize that knowledge, that sounds very strange but it is possible, help people with virtual reality and altered reality to do the work that some of the experts have been doing. so it's a good source of revenue for us. maria: peter, what about securing that data? we all worry about the hacks and the issues around securing that

data. what are you doing in that regard? >> so we're working with a lot of agencies together, if you will, and our software follows the greatest and highest level standards out there in the market and from that perspective as we're in critical infrastructure, we make sure that this is very much secured in the ot environment and then going to the cloud, the investment that many of our cloud partners have is very, very high. and thirdly, of course, the data belongs to the client. i think that's very important to note. so they have -- they are the only company that have access to it, unless they wish to share it with somebody else. maria: it's a great point. that's really important. peter, does britain feel right now that it's slowing? do you see it on the ground in business right now, the worries that markets obviously have?

>> well, we can see that the market is worrying about also of course because of the supply chain and some of the materials that get stuck in shipping, it's truly a concern that we have but again, i think raw material prices and if you go from oil to gas to some of the precious metals that we help people process, we still see good potential and in addition to that, we need to he resolve the energy transition that's out there. so there's quite a bit of investment into renewables, into hydrogen, and into nuclear to assure resilience of supply. that's what companies and governments are worried about. maria: absolutely. a lot of conversation about that this week in davos. peter, it's great to have you this morning. thanks very much for being here. have a successful trip and we will see you soon. thank you, sir. >> thanks for having me, maria. maria: peter herwag joining us this morning.

we'll take a short break and come right back. we have a market that is up this morning, a nice change after weeks of decline. dow industrials are up right now. stay with us. 2a's monitoring his money with a simple text. like what you see abe? yes! 2b's covered with zero overdraft fees when he overdraws his account by fifty bucks or less. and 2c, well, she's not going to let a lost card get her stressed. am i right? that's right. that's because these neighbors all have chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours.

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i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones maria: welcome back. jp morgan is holding its first investor day in two years today, the bank saying that the u.s. economy remains fundamentally strong, despite recent mixed data. the stock this morning is up 2% on this investor day.

nancy tengler, i've got a report here that i'm looking at which is talking about very strong loan growth. even in the face of all of these worries, nancy, jpm is appearing solid here and has so far not talked about any weak spots in its own business in the face of worries over a broader recession. your thoughts on jpm as a growth story here on the investor day happening today. >> yeah, very exciting. i think one of the important things is that they've guided up for net interest income which is of course sort of the life of any bank and they've also said that expenses are going to be in line. i think jamie dimon is a great indicator of the health of the economy. he sees all aspects of it. and so i think this is really encouraging. we were not in the recession camp, maybe a slowdown, maybe a recession in 2023. but i think this sort of gives the lie to the fact that the

consumer has done and that corporations are done. balance sheets are in good shape from not just corporations but individuals. and so i do think that we will continue to see growth which has been reinforced in this particular investor day. maria: nancy, here's a good headline from jpm this morning. they're talking about expense, 2022 expense outlook unchanged at 77 billion. i point that out because this is the very issue jamie dimon talked about that wages are going up and he's never seen anything like it in terms of the tight labor force, that hits at the expense outlook but it's unchanged for 2022. >> yeah, that's really good news. that's really what's hurt many companies so far in this reporting season is that the wage price spiral upward is a risk and so this is also very good news. we are starting to see, maria, as you know, layoffs being announced at the margin in many

companies hit by the work-from-home trends and so i do think this is exceptionally good news and the market will benefit from it. maria: it's a great point on layoffs. angela, nancy, stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good monday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is monday, may 23rd. your top stories, 7:00 a.m. on the button on the east he coast. today stocks are rallying at the highs of the morning on the heels of the longest losing streak in decades. investors are awaiting inflation and gdp data out later this week. to assess all the backdrop and what already feels like a recession. market is higher after eight weeks of losses for the dow industrials, the worst losing streak in 90 years, seven

straight weeks of losses for the s&p 500, worst streak in 20 years. we start a new week, dow industrials up 323 points, better than 1%. the s&p 500 higher by 44, and the nasdaq up 113, we are waiting on the second revision of the gdp this week for the first quarter. the gdp for the first quarter expected to show a contraction of 1.3%, that would be better than the earlier assessment which was contraction of 1.4%. we'll get the pce reading later on the week, wednesday, the fed's preferred inflation reading. let's take a look at the major indices today and a over the last week. the markets were down last week again, down almost 3% on the dow industrials, s&p 500 down better than 3% and nasdaq last week down almost 4%. of course, markets have sold off year-to-date as investors worry about the federal reserve's transition from an easing stance to a tightening stance as the fed has already raised rates

twice. the dow industrials down 14% year-to-date, s&p 500 down 18% year-to-date, nasdaq lower by a sharp 27 and-a-half percent year-to-date. interest rates are rising this morning, take a look at the 10 year. the 10 year yield right now up about 4 and-a-half basis points at a level of 2.830%. oil prices are higher this morning, in fact, we've got a record on gasoline. let's take a look at brent and crude where the price of brent is at 114, 18, that's up 1 and-a-half percent. the price of crude at 111, 73, up 1 and a third percent. as triple a reports another tie of the all-time high record for nationwide average gasoline, now at $4.59 a gallon. president biden is in asia, telling reporters it will be a while before consumers get a break from sky highs gasoline prices. watch. >> should americans be prepared for a recession? in your view, is a recession in the united states inevitable?

>> no. >> why not? >> we have problems that the rest of the world has but less cons qen shale than the -- consequential than the rest of the world because of our internal growth and b strength. maria: european markets are also higher, the european central bank likely to move on interest rates, the ft 100 up 82, cac up 23, the dax index higher by 126. they are looking at interest rates zero or higher in the eurozone. in asia overnight, joe biden told a reporter that the u.s. would defend taiwan militarily if china tried to acquire taiwan with an invasion. but the white house officials quickly repeated that the taiwan policy has not changed. that policy is that the u.s. would provide we pons and artillery to taiwan to defend itself. this as the white house is claiming that the president's trip to asia is a way to counter china's aggression but it's also considering removing tariffs on

the u.s.'s $360 billion of imports from china. arc sov senator tom cot-arkansas senator tom cotton joined me to weigh in. >> joe biden has been weak on china going back decades and a couple years ago he was still saying that china is not our main competitor and that china has no chance of beating us in that competition even if he like an ostrich sticks his head in the sand. but on the other hand, they are deeply worried about inflation. maria: meanwhile, witness testimony continues today in the clinton lawyer sussmann trial after bombshell testimony last week when hillary's former campaign manager robby mook said hillary personally authorized her campaign to spread false information about donald trump linking trump to a russian bank by taking it to the media. we are speaking to fox business reporter kelly o'grady live on the ground in davos this morning, the world economic forum, the meeting happening this week.

we'll bring you live reporting all week with the ceo of intel coming up, about his manufacturing expansion plans for semiconductor chips in the united states. "mornings with maria" is live right now. and it is time for the word on wall street, top investors watching your money. joining me now is chief investment officer, nancy tang a letter, bull tech capital markets chief strategist, katherine rooney vera and michael lee strategy founder, michael lee. great to see everybody. thank you for being here. mike, kicking things off with you. markets are rallying. we've got the producer consumption expenditure coming up and we've got the gdp coming up on thursday. what are your thoughts on this rally this morning after eight straight weeks of he decline for the dow industrials? >> yeah, maria. i think we're getting close to what you can consider a bottom in terms of all this vicious selling. however, i don't see a massive rally back and i think we're

going to be stuck in a trading range for some time period. while we are going to see this pce number this week, the market is -- equity market i think is somewhat looking past inflation and interest rates for now, given that the 10 year has gone from 320 back down to 270. so we're seeing stabilization there. i don't think the concerns over inflation are as great as they were a week ago or a couple months ago but what i think is the main problem for stocks going higher going forward is the balance sheet runoff which very few people are discussing. it starts at 45 billion next month, goes up to 90 billion in september and i think that's going to put a huge overhang on the price of stocks as all that liquidity comes out of the market. if you remember 2018 was the greatest year, earnings growth in history to date at that moment and stocks were down that year one or 2%. so, yes, if we get a blowoff number, the market expectation

is for 0.2% growth on a month over month basis from a core number. if that comes in at 0.8 or 0.9 like it did last month that will send markets lower. i think that's pretty unlike little. i think we're starting to see some slowing on the month over month basis, finally, as the economy slowed dramatically and i think the continued slowdown in the economy, the demand destruction, higher interest rates, lack of liquidity is starting to slow inflation down and is starting to slow down the price wage spiral that we've been seeing for some time now. i, however, don't think stocks are going to explode much higher. i think we're going to see a tradings range, violent moves up and down, 5 to 10% from the levels we're at now. maria: yeah, mike, because we don't know how this ends. i mean, you're talking about demand destruction and what has happened as a result of higher interest rates, mike. but that's the point. that's the worry. that in fact the federal reserve's not going to be able to have a soft landing, that all of that pressure on rates to

move up and pressure in terms of a tighter economy is going to cause a recession. where are you on that? >> so i think the soft landing is not a soft landing for the stock market. it's relatively strong employment and orderly markets and so while markets have corrected, close to 20% in very quick fashion, it's not been huge gap-downs. there hasn't been major market malfunctions and unemployment has stayed relatively high. this is a version of the fed's soft landing. it stinks for stock portfolios, in terms of orderly markets this is their soft landing. maria: katherine, you think about how the u.s. will handle all of this. then you look at emerging markets and how that has seen an impact. leaders are meeting in a das versus this week -- davos this

week, the global economy is one of the key subjects there. what is your take on the emerging markets right now and the etfs that hold so many emerging markets right now have gotten clobbered, whether it be china, india, brazil. what are your thoughts on investing in emerging markets today? >> well, there's a price for everything and those prices are becoming increasingly attractive. that's why people are looking at the emerging markets, not because there's been a fundamental change in any of the assessment of those countries fundamentals or -- sovereigns or economies but there's a price for everything. the worst scenario for emerging march a gets is rising u.s. real estate and stronger dollar. and that's what's happening. but this time we have high commodity prices. you have a combination of a stampede out of emerging markets, so valuationses have taken a beating. combine that with really high commodity prices. historically, we looked at how

emerging markets have done in stagflation scenarios. it's pretty good. so if everything is already priced in, maria, and mike alluded to this, we have 10 year treasury that's hit 320, the market has priced in a dramatically aggressive fed. dollar has rallied. so emerging markets are looking pretty cheap right now. maria: yeah. okay. so would you buy them? russia is one that has sort of spoiled the whole group because nobody wants to touch russia right now after what vladimir putin has done. >> yeah. i would buy china. i would buy some places in latin america. for those more risk tolerant portfolios. this is looking for alpha, these are highly volatile names. there is value in latin measuring. that would be my top pick. fundamentally the consumer in china looks attractive. i would look at brazil, colombia and china. those would be my top picks.

maria: we've had a fair amount of vol still in the u.s. we have another week of he retail earnings. what did we see last week, demand destruction as companies like walmart, target. this week we're waking on costco, macy's and dollar tree. they will report on thursday. you've seen companies defend margins. you say they'll do so for as long as they can. would you be putting money to work in retail right now and if so, where? >> yes. i think one of the things we learned from last week is that two of the best, most well-managed companies, walmart and target, just had had execution problems. their revenue's actually beat expectations and we saw that with home depot and lowe's as well. who both raised guidance for the future. so when you piece it all together, maria, jp morgan saying they don't see a long downturn in consumer spending and you look at how consumers are spending their money, i think that you want to be in the companies that have the most

visibility from an inventory standpoint, both walmart and target had 18% higher inventories than their biggest month of inventories which is usually october getting ready to go into christmas. so look at a company like costco that doesn't really have a problem with inventories because they stack it up in their stores and they can work it through the system. so i think it's good for inflation that inventories are high because it's going to drive prices down in the good sector just as we're starting to see an increase in inflation in services. so i'm more optimistic than most. i would be looking at a name like costco. maria: okay. okay. good one. thank sow much. great word on wall street. katherine rooney vera, michael lee, good to see you both. nancy, glad you're sticking with us all morning long. coming up, fox business is live on the ground in beautiful davos, switzerland this for the 50th annual world economic

forums. the ceo of intel is here, pat gelsinger will join me live in the next hour, talking about supply chain issues, the shortage of important chips and what's that done for business overall and how intel is ex expanding its manufacturing right here in the us. joining the conversation all morning long, angela morabito and nancy tengler. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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maria: welcome back. new bombshell testimony coming out of the michael sussmann trial in washington, former hillary clinton campaign manager robby mook testified that hillary personally authorized giving a reporter false information alleging former president trump with colluding with russia. she basically gave the go-ahead for the information to go viral as fbi cyber security consultant

school hellman took the stand and said there was not enough data to make any conclusion about trump's relationship with russia. he said that the day after he looked at it, that there was clearly no collusion. this is the cyber analyst at the fbi. yesterday, on sunday morning futures, i spoke with former department of defense chief about the trial. >> i think the trial ends around tuesday. he marchs on to den -- denchenko. hillary clinton admitted to violating the ftc. maria: angela morabito, what was stunning to me was when kash patel said on the show yesterday that the clinton campaign spent between 50 and $100 million. that's the amount of money they sent to perkins kooey to do this

crazy thing, create this story of trump collusion and get the entire country believing it. deciding our country -- dividing our country and destroying lives including carter page's in the process. >> it's unbelievable. and robby mook cuts down the last tree that hillary clinton had to hide behind. it shows how hypocrite call she was, accusing trump of spreading disinformation. she was possibly doing that herself. she accused him of colluding with russia. that's where she might have bought the fake dossier. they're saying protect the queen, they thought this was a core nation. there are no queens in this country. there's no one immune to the law. it's up to john durham to make sure justice gets done. maria: we'll see. she has been getting away with it.

let's forget the collusion and partnership she had with russia over the years, angela. she sold apportions of the u.s.'s stockpile of uranium to the russians. >> that's right. this issue didn't just randomly come out of know where in 2016. she had a history of not putting america first. she had a history of going to any length to accomplish her political ends. maria: and i believe the clinton foundation accepted $145 million check from a russian company. there's that. we'll be right back. stay with us. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement.

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maria: welcome back. inflation is hurting american families, a census bureau survey finds more than one-third of u.s. households are now reporting difficulties in paying bills as inflation soars to new 40 year highs. the rate of americans sharing these struggles with the agency near the 2020 pandemic peak. joining me now is georgia congressman, austin scott. congressman, thanks very much for being here today. your thoughts on the inflation story, supply chain issues, all combining really to see americans in pain. >> yeah, it's the cost of energy, which translates into

higher costs for everything, it's the cost of groceries. i was a small business owner -- was with a small business owner yesterday, he told me he has seen a noticeable reduction in traffic in the last four or six weeks and spoke with a graduation event on saturday, he told me they were seeing an uptick in late payments. i asked him about a recession. his answer was that he thought the recession was already here, maria. and we just don't know it yet. if you look at what's happening with sales at the retail stores on discretionary spending, it's going way down and that's because the basic necessities are eating up more and more of what americans have to spend on a daily basis. maria: congressman, i know that the secretary of state is reporting more georgians went to the polls during the 2022 primary elections early voting period than ever before. you've got a major primary day

tomorrow. what can you tell us ahead of it? >> yeah, that's right. well, i mean, i think that if you follow the polls, i mean, it certainly appears that the governor will get reelected. it appears that we will have a candidate for u.s. senate without a runoff and you'll see runoffs in some of the u.s. house races but i think the interesting thing here, maria, is of all the whining and crying that the democrats did, that you've actually seen an uptick in the total voter turnout and so the election laws that were passed this past year made it easy to vote and hard to cheat and thats was a little -- that was a little -- i don't want to use the word lie, but it was a clear misrepresentation from stacy abrams and joe biden and allies in the press that what was done in sb202 was going to actually hinder people's ability to vote. you look at the numbers and what they said was absolutely false about the piece of legislation. maria: yeah. it's a great point to make.

what about november's election, stacy abrams has been the one upset and making comments about all of that. what are you expecting in the midterms? should the governor win the primary? >> i think i do believe the governor will win the primary. i think georgians will go to the pollss in mass numbers, just as they're going to go to polls in mass numbers throughout the country and they'll reject the failed policies of the democratic party. maria, nobody in the republican party could have done as good a job of explaining to the american citizens how the democratic economic policieses will fail them as joe biden and the left wing faction of the democratic party have done over the last several months. i think voters will go to the poll, will reject stacy abrams. she wants to juneize the public

school -- unionize the public school systems. we have seen what our kids are being taught about radicals in the school systems. i think people of georgia will reject that. maria: the latest issue is the baby formula shortage. biden says a second shipment of baby formula will soon touch down in pennsylvania after 70,000 pounds of formula arrived in indiana from europe yesterday, part of joe biden's operation fly formula, the plan to ship farm la to the u.s. from overseas. abbott labs is out with an op-ed, with the ceo apologizing, saying we're soy record for the families -- sorry for the families we let down. what do georgians think about this. >> number one, it shows you how vulnerable we are to supply line disruptions and when president trump ran on america first, i think he saw that. when he said america first, it doesn't mean only america.

it mines when have you the foundations of your basic necessities where you have allowed yourself to become dependent on a very few companies and in some caseses companies that are controlled from outside the united states, it's simply not going to work for the american citizens. so i think the fda and the president bear some responsibility here because they say they knew and yet they did absolutely nothing. and so if there was a problem, obviously it should have been investigated. i don't know that a risk management calculation was done where they looked at the actual outcome of the supply lines if they shut that factory down. so i think the biden administration owes people a great explanation of what they did and why they did it and how they analyzed actually shutting down the factory was in the best interest of the majority of americans. again, we need more diversity in the supply lines.

we need to make sure our basic necessities, those foundations are anchored right here in the united states of america and we've got a long way to go to get there, maria. maria: congressman, we'll be watching all of this, all of this obviously on the ballot in the primary as well as the midterms. we'll take a look. congressman austin scott, thanks very much for being here this morning and talking to us from georgia. quick break and then we're taking you to the border, a federal judge has blocked the biden administration's move to end title 42. it was originally set to get revoked today. former acting dhs secretary chad wolf is here with the very latest. a lot of people who have plans to come have kept those plans in place. does it even matter? stay with us. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan.

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pentagon is considering sending u.s. special forces to guard the newly reopened u.s. embassy in kyiv, queer told it's one of -- we're told it's one of several options being discussed. but jennifer griffin is reporting that president biden and secretary of defense austin have not been briefed on the potential plan. they would have to approve the decision. all of this as ukraine rules out a possible cease fire with russia over the weekend. a ukrainian negotiator ruling out a deal with moscow that involved ceding territory. gun violence continues in shea chicago this past weekend. the family of the goldman sachs employee that was shot and killed on a new york city subway train in a random unprovoked attack is slamming mayor eric adams. look at the cover of the post this morning. it says do your job. that's what the families say to the mayor. crime skyrocketing across the big apple. mayor add damns may be eye --

adams may be eyeing a possible run at the white house. spay x valued at -- spacex is the highest val used u.s. startup, the company looking to bring in more than $1.7 billion in new capital. no word if or when the company will attempt an ipo. but all of this comes as ceo elon musk is facing sexual harassment allegations from a former spacex flight attendant. finally, johnny depp is expected to get back on the stand today in his $50 million defamation trial against ex-wife amber heard. he will be called as a witness by heard's legal team after the weeks of the two stars describing a violent marriage in court. heard's team is expected to wrap up their case early this week. the mutual destruction society has been called several times in the trial, maria. those are some of your headlines. back to you. maria: meanwhile, more

unbelievable is what's going on at the southern border, a federal judge be in louisiana blocked the biden administration from lifting tie tell 42 today, this was the deadline. border patrol is all hands on deck, prepared to face an influx of illegal migrants who plan to cross the southern border. we spoke with roger marshall yesterday. he said he can see thousands of people waiting to come over. joining me now is former acting dhs secretary and center for homeland security and immigration chair at the america first policy institute, chat wolf. is was talking with senator roger marshall yesterday. he took a helicopter ride above the area and said sees thousands and thousands of people waiting to cross regardless of whether or not the judge blocked title 42 from reversing course. what are your thoughts on this federal judge blocking it and whether or not it's going to change anything?

>> well, maria. i think a lot of americans are breathing a sigh of relief that title 42 won't be lifted. we have to remember that the status quo is going to remain unchanged along the border and every month we continue to see higher and higher illegal apprehension numbers and so i think it's going to continue into the summer because again, this administration is not putting any policies in place to deter that illegal behavior. that's what it comes down to at the end of the day. that's why you see hundreds and thousands of migrants amassing on the southern border, waiting to come over if tie tell 4 -- if title 42 is lifted. even if it's not lifted they're able to come over. 75 to 85% of them remain in the united states. they no longer get removed because they're not an enforcement priority from this administration. and so title 42 is nice that it's not being lifted or removed but the status quo remains unchanged. maria: well, we don't really know because let's face it,

chad, when a federal judge told the biden administration to reinstitute remain in mexico, they really did not do it. they didn't do it fully. you i was told by many borders agents on the ground they were sending a portion of the people back rather than actually putting the law back in place. so who know ifs they're in fact going to follow this judge's order. >> well, i think that's a great point, maria. i think the data tells us if you look at it month after month after month is that this administration has actually exempted large classes of individuals from title 42. so they only remove about 35 to 40% of individuals under title 42 authority when in reality they could be removing 75 or 80% of individuals coming across the border every month under title 42. if you're a minor, if you're a family unit, a ukrainian and other demographics, you don't get removed under title 42. in a sense over the past several, several months this administration has slowly been

ramping down title 42 ex poppingses. that's why -- expulsions. that's why you see the surge at the border. the cartels and smugglers know this and they're surging across the populations and demographics that are not an enforcement priority, removal priority for this administration. maria: yeah. i mean, the border agents are expecting 18,000 people a day, that's up from 7,000 people a day from before this whole question of whether or not title 42 is to go away. now, i mentioned kansas senator roger marshall. i spoke with him yesterday. he is a doctor and a he's done humanitarian work all across the world and when he visited mcallen, texas, he is still there right now, he wants to see what happens today with title 42 but he says what it feels like to him, having done all of this humanitarian work, is a war zone. here is roger marshall with me yesterday. watch. >> well, maria, this is a human tragedy here.

at nighttime it looks like a war zone. there's a sea of humanitarian crisis every day and every evening it's lived out as well. you want to shout out to border patrol officers. they're doing a fantastic job. they're overwhelmed. it's often sustainable crisis. it's a war a zone every night. maria: chad, he's talking about running into dead bodies on the ground, running into people trying to cross who are starving, there's starvation, hydration as well. that's all of the scenes he has seen since being there. >> well, i think the senator's right. i think unfortunately this administration continues to break -- have record numbers in all the worst ways. we see more migrants dying when they're coming across the border, whether in the desert or ncbp custody. we see more and more historic numbers of rescues in the

desert, on the river. unfortunately, as the senator said, it's also impacting border patrol in ways we have never seen. we have more attacks on border patrol agents than we've ever seen. unfortunately, they the highest sue rate rights now. when you're in a crisis for months and there's no end in sight and there's no tools and you know what works and you pleaded with them to have those tools so you can help try to solve or at least manage the crisis in the political leadership won't give you those tools very, very discouraging. we're seeing that play out on the border. it's affecting border patrol and it's affecting american communities. maria: yeah, it's really stunning. chad, thanks very much for your leadership on this subject and of course we'll catch up soon as this story develops. chad wolf joining me this morning, former dhs secretary. quick break and then a recent

outbreak of monkey pox cases raising concerns in the u.s. dr. mark seagal is here to tell us how dangerous and viral this disease is and whether or not it is spreading. join us, coming up. you're watching "mornings with maria" live on fox business. ♪ you'll be my something sweet. ♪ i'll be your strong and steady. ♪ you'll be my glass of wine. ♪ i'll be your shot of whiskey. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. [ marcia ] my dental health was not good. visit indeed.com/hire

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maria: welcome back. florida health officials are investigating the nation's third possible case of monkey pox. a warning we are about to show you some graphic images that might be hard to watch. a person who recently traveled abroad is in isolation with symptoms from monkey pox. this virus makes its way around the world, now suspected in 16 countries. possible symptoms include shortness of breath, fever, rash and headaches. joining me now is the professor of medicine at nyu langone medical center, dr. mark seagal. it's great to see you. thanks very much for being here. you're not concerned about this virus becoming widespread, right. >> no, i'm not, maria. i think it's something we have

to watch. as usual the testing we need for this is not there. we need pcr testing to really track this. it's a delay we don't like to see. this actually tracks dr. david hamond who advised w.h.o. tracks this to two gatherings that went on in spain and belgium of gay and bisexual men. it was introduced sexually. that's how it's mostly spread. another study out of california university of california san francisco is that it only spreads if one person has it, one other person may have it. that's really significant because that means it's not spreading easily and the chances of it taking off are really low and i think we've been doing the public a great disservice as usual, president biden saying every american needs to be concerned. we don't need had that kind of fear mongering right now after all the damage that the pandemic has done. maria: yeah, i know. i understand. but i mean, dr. seagal, belgium

is now introducing a mandatory 21 day quarantine for monkey pox patients and also, look, this is so stunning, dr. see gal. i'm -- dr. seagal. i'm reading a study and it says the wuhan lab was experimenting with monkey pox last year, a report published in the international journal in february. i don't know if this is true but this was published in the international journal that wuhan lab was experimenting with monkey pox last year. >> okay. two things on that, maria. you're always right on target with this stuff. first of all, the 21 day quarantine is because it takes 21 days to spread. it's not like covid. doesn't take three days. so they're quarantining people. it requires really close contact. but i'll tell you, not the wuhan lab. what's concerning to me is the russians have been experimenting with monkey pox as a potential bioweapon.

i'm concerned about that given the current situation. one good news on that front, we've been looking at the structure of this particular strain and it looks like something out of nigeria from 2018. i don't believe it's a biowe monday. you're race -- bioweapon. you're raising an important point. it could be. it could be the next time. we don't have any control over this. maria: unbelievable. so there are no vaccines, doc, right? i mean, how would one deal with this? you say it's not very contagious, right? >> right. right. it looks like it's spreading mostly sexually or from travel or from very, very close contact. we do have a vaccine, we have 500 million plus doses of the small pox vaccine sitting in the national stockpile. it works 80% of the time. i think the best way to use this vaccine is what's called ring vaccination where we vaccinate

people who are definitely close contacts and may be at risk, not vaccinating the whole country. we have another small pox vaccine that has less side effects that may be useful. we have it. we have the small pox vaccine. it does work againsts this. maria: doc, is there anything we should be doing differently in order to protect ourselves? >> well, i think we should be on the lookout for this but i've told you what i think is really missing here is the kind of rapid testing we need. we're back to that idea that everything those be sent to the cdc for verification. we need a local ability, like we lacked with covid, to identify this and know who to isolate. it's something called contact tracing. we have anti-viral drugs that work against this too. that's another thing. we have all the tools to treat it. the contact tracing is where you know somebody has it, you isolate them, and then you check everyone around them who might have actually gotten it. i don't anticipate this

spreading any way that like what covid did. i think it doesn't spread easily enough. but definitely something we've got to watch. maria: all right. dr. seagal, you are a treasure. we so appreciate you. thanks very much for being here this morning. we'll be watching. thank you, dr. mark seagal joining us. we'll see you soon. thank you. quick break and then fox business' kelly o'grady is live on the ground in beautiful davos, switzerland, the 50th annual world economic forum in davos. she will give us a full report on what she's hearing on the ground. we'll be right back. ♪ baby, you light up my world like nobody else. ♪ the way that you flip your head gets me overwhelmed. ♪ when you smile it ain't hard to tell. ♪ you don't know, you don't know you're beautiful. ♪

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maria: welcome back annual an economying forum is taking place in day dives swiss, kelly o'grady live on the ground with more good afternoon to you. >> good afternoon, maria yeah afternoon here, well you know when we earlier spoke about the fact that there are kind of two davos happening here one you mentioned focus on ukraine, so i am actually where -- oligarchs, for lavish

parties entertainment opportunity for russia to show the world what type of country it is obviously, not invited this if you will i want to show you what that looks like, with over 4600 verified images videos to put civilian atrocities front and center in backdrop speaks for influential leaders to grapple with fanning victims are someone's daughter son not just a number. >> statistics it is you forget that after of number, there is one name. there is one person. it is not the only to show the overwhelming amount of troshzr atrocities committed by russians out the to value each

time fell victim to atrocities. >> that theme seeing dives to deliver wake-up call, spoke with a member of the ukrainian parliament said not fighting just for ukraine but far bigger. >> these for the free economy, to help, freedom, but as russia wants to humiliate everything, that -- this stands for i think this obviously, a message is we need more weapons. >> so as ukrainians make their case this is bigger than just ukraine the images like this really bring it back to the matter, focus of davos is progress when i look at images it makes me question are we moving backwards, maria.

>> i think this is really important reporting kelly thanks for showing us inside this house in davos, what kind of reaction are people having to this oligarch house. >> folks behind me this has been packed all day, and leaders from government coming and speaking just frustration that this is being allowed to happen and there is i guess -- an appreciation that someone is stepping up showing the human side of it not just focusing on the number. maria: , of course, we are all in horror watching what vladimir putin has done, to ukraine, kelly we will get back to you live on the ground in davos switzerland, stay with us next hour of "mornings with maria" begins right now. .

maria: good monday morning thanks very much for joining us this morning i am maria bartiromo, and monday, may 23, top stories 8:00 a.m. on the button on the east coast, today stocks rallying across the board, coming off longest losing streak in decades, investors are awaiting inflation and gdp data later in the week to further assess, whether or not we are in fact in a recession right now take a look where we stand dow industrials o up in triple-digits, after 8 weeks of losses the for the dow worst streak 90 years seven straight losses for s&p 500 worst streak in 20 years futures, dow industrials up 330 s&p is up 87, after s&p up 39, nasdaq up 87. this week we will get the second reading for if gdp, for the first quarter that will be a revision to what we saw earlier, was a contraction of

1.4%, we are expecting the numbers to be contraction 1.3%, we will get pce reading this week with that is fed preferred inflation reading, the market higher this morning it was tough week last week all three major indices coin across the board dow industrials down 3% s&p 500 down better than 3% nasdaq a lost almost 4% on the week last week, markets down significantly year-to-date, of course, is worry of recession, continues, to send investors running for cover, dow industrials down 14% year-to-date s&p 500 down 18%, nasdaq lower by 27%, in 2022, interest rates higher this morning take a look at short-term rates, with 10-year yield, now up right now, four basis points, are oil prices are also higher this morning, with gasoline another all-time high, price of brent and price of crude right now look like

this, brent at 113.64 that is up 1% crude oil 111.27 up 1%, triple a reports nationwide average gasoline now 4.59 a gallon, president biden is in asia telling reporters it will be a while before consumers get a break from sky-high gasoline prices. >> this is going to be a haul this is going to take some time. but in the meantime, seems to me best thing i can he do in addition to try to get the -- the -- country including opec to raise production of oil and move along that route is to see to it we continue to grow our economy create jobs. maria: meanwhile, european markets higher the eurozone, european central bank wants to take interest rates out of negative territory, going to

increase the interest rates to zero, or higher, the ft 100 up 89 one and a quarter percent cac quarante up 22 dax this morning, up 122. in asia overnight, joe biden told the reporter that u.s. would defend taiwan mill you will tarly if china tried to acquire it invading taiwan the shanghai composite, was flat overnight, hong kong down better than 1% white house officials quickly repeated the taiwan policy has not changed that policy means u.s. would provide weapons and military needs, for taiwan to defend itself. >> -- has been weak on china decades as recently as a a couple years ago still saying china is not main competitor has no chance of beating us in that competition. even if he like an ostrich sticks his hand in the a sand on the other hand they are deeply worried about inflation. maria: yes, the white house is claiming the president's

trip to asia to counter china's aggression but president of is considering removing tariffs, on u.s. 360 billion dollars in imports from china, that is why senator tom coatson talked about inflation on "sunday morning futures," he says that is biden's plan to take inflation down. it is a way to bend for ccc. >> witness testimony continues in clinton lawyer michael sibs sussmann trial bombshell testimony last week robbie mook said that hillary herself personally authorized her campaign to spread false information about donald trump and any made-up links to russian bank authorized taking to it media, we will be speaking to fox business reporter kelly o'grady live owing in davos switzerland, we will talk with ceo intel to

talk about intel's manufacturing expansion semiconductor chips in the united states "mornings with maria" is live right now. . . >> morning movers take a look at gamestop up 2 1/2% announce addition of a digital wallet can hold, and receive crypto offering mft to launch next with our jpmorgan on move first investor day in two years bringing lightlies from that investor day this morning, stock up 1 and 2 hirdz jpm said economy remains flunlt strong despite mixed data to some fearing a recession are saying that we are already in one. >> mornings davos coverage. >> we are looking at a rally

this morning as we look ahead to the producer expenditure dow industrials up 338 s&p up 44 nasdaq higher 110 joining me right now strategist barry, joining the conversation all morning long angela morabito nancy tengler. >> welcome back thanks very much for joining the conversation let me get your thoughts whether or not we are in a recession higher allocating exam after 8 straight weeks of decline, for the dow industrials. >> we have expected a correction going into this year, turned out to be slightly deeper than we expected, in the second quarter. but i don't see a recession really the market has three things its focused on, one is oil. as you know, there is a lot of policies thats discourage investment in in production oil prices are very, very

high. the second thing is the gdp slowdown versus recession question, i think we are in a slowdown in 2022, 23 that is different question long way off the other is fed the fed had to raise interest rates tightens your conditions, that lowers your price earnings multiple, it is i think a deep correction, that i expect the market to begin to level out here because we are not going to have a recession. maria: yeah. that is pretty much what we're hearing from the jpmorgan analyst jpm first investor day in two years, they are talking about the consumer being strong, but barry last wean we saw all those retail reports did see evidence of demand destruction, what do you think about 40-year high inflation? and the impact it is having on the consumer? >> oh, inflation is material, i know. one hundred percent of gdp is

energy conversion, right you take energy, turn it into activity whether electricity, on tv show breakfast food required energy to produce, and transportation. so, yeah by letting oil and gas start to get out of control, even before the war, we've got this inflation and it is -- squeezing the consumers. the. maria: jae, the federal reserve trying to offset this by raising interest rates 10-year treasury now off this morning although well below the 3 1/2-year high we saw, last week, of 3.2%, what are your thoughts, on the yield being up four basis points right now 2.82% what is the level in your view barry, that creates an alternative to allocating money to stocks? and finding a home in fixed

income? >> well, the federal reserve raising short-term rates eventually transmits into longer term rates, it made sense for them to get off zero rate, they stayed there, too long. in fact, i guess waiting for powell reappointment. that did come late as you know, late november, typically a fed chair is reappointed earlier in the period before the term expires, so there was juggle there, i think the fed stayed easy too long probably get rates to at least 2, 2 1/4% right now they are 1%. and then what happens is that forces your 10-year yield to stay in this high 2s range, but i don't really see braebings out with economy slowing down the economy is going to slow i think having a hard time with more than % treasury yield on the 10-year maturity. >> how do you allocate capital in this environment?

look at the nasdaq down 27% year-to-date barry are you finding any opportunities in some beaten-down names right now? >> i would be leary until i see more signs that there could be a fed pause in interest rates, on the nasdaq, high growth, industries. want this year we went into the year we've had all year, a 10 defensive industry mostly consumer staples food beverage tobacco healthcare telecommunication mainly telephones real estate we had, software, media retail you know what they've, dragged the perform down. so we are still up, but be up more if we were pure defensive that is going to depend on the federal reserve. maria: i see okay. so you do think that the fed will be met with such an aggressive posture from stock market perhaps won't be able

to do 5, 6, 7 rate hikes west virginia that actually started? >> yeah, we are on record saying that they would signal that they are getting more satisfied with lower inflation, slowing economy, and by then we think oil drops to about 80 dollars a barrel on slowdown in fourth quarter, so november 2 would signal maybe the early signs of a pause then, would become official when they just said they would pause rates, december 14. that would take, you know, a couple hikes, quarter points out of the futures that would help stock market for a year-end real. . >> okay, well thanks for laying it out barry good to see you things very much for joining me this morning, things very much we will catch up soon the 50th world economic forum kicked off in davos, switzerland talking with ceo of intel joining me

from forum 8:30 a.m. to talk about intels plans for a manufacturing expansion in america the clinton campaign on the run, bombshell testimony of how hillary personally approved hers leaking disinformation to the press so it would go viral and it did, to turn the country and many in the world against her opponent donald trump more updates on the sussmann trial this hour you are watching "mornings with maria" live on fox business. . if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance.

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center stage kelly o'grady live from davos with more tell us. >> davos back in person for the first time two years see a lot of commotion around me even though all that excitement political leaders meeting at one of the most tumultuous turning points in our history focal points climate crisis global cooperation economy a focus has been on supply chain coming out of china how rest of the world is going to navigate that zero-covid policy affect on economy another is imf managing director warning globe economy faces quote biggest test since world war ii due to impact from war in ukraine the crisis in ukraine has taken center stage, feels you know, a little bit strange you've got billionaires making deals ukraine nation pleading for

salvation, president zelenskyy had address seeking 5 billion dollars per month for funding. >> -- every other potential, one to vladimir putin war against neighbor clearly know the immediate consequences for thairns there should be russian oil embargo, no exceptions, there should be as russia should, not be any trade with russia. . >> early maria you spoke about security a big thing i spoke with members of the yafrp parliament a theme how putin tactics may kill millions with ukraine the breadbasket of the world i thought this summed it unquote this war is not about ukraine this war is values food security global order you have kochgs focusing on

economy climate crisis we need to fix problems right now going to impact everything else. maria. maria: kelly what is the new reaction towards zelenskyy i know that in past davos session russia had a bike footprint in the world economy forum, obviously, russia is not there this year have you heard any reaction, to ukrainian president zelenskyy's speech? >> i have, actually i was at the russia war contradiction house earlier today there is a lot of positive reaction, a lot of praising ukrainian trade president for being so brave throughout this time i think the big question while there is that prays praise is that going to trlt do into objection on surface reaction has been positive, but i think we will have to way wait to see if that translates into execution. >> we will watch that kelly o'grady live on the ground in

davos this morning i am with angela morabito nancy tengler, kelly doing great job on the ground in davis angela cannot be easy with all that is going on in the world today. angela: that is right, davos has a new relevant this year , quite frankly, past the start a bit of a punch line about all global elites taking their private jets to talk about fixing climate change this year here a tall order to deal with global supply chain crisis, to make russia feel the pain, literally and figuratively decision to provide ukraine as kelly reporting any indication i thank you a lot of reason for optimism but some things will be seriously discussed and he hopefully eventually solved. maria: nancy other big story davos in global economy whether or not a recession sooner rather than later. >> i do think we are going to see a recession outside of

u.s., and so it will be interesting to see if any action that comes out of this, americans have already lost 20 trillion dollars since beginning of the year, so, hopefully, we will get good news, out of this, and i just have to say kelly reporting on russian war crimes was very moving. >> it really was so incredible, and happy to see that they have this house on the ground to show what is really going on -- will take a break going to southern border biden's open border crisis is persisting despite louisiana federal judge blocking the administration from lifting title 42. we'll be right back. .

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stacked up like cord wood that title 42 is not ending tomorrow. >> that a was senator roger martial with me yesterday "sunday morning futures" after a federal judge temporarily blocked president biden from ending title 42. the white house is now vowing to fight the decision, they say they will appeal it,trump-era policy was originally set to be lifted today, joining me right now former acting u.s. attorney general matt whitaker ag whitaker thanks very much for being here, your thoughts, on

how this plays out. is this federal judge ruling going to change anything the border agents told me to expect number of encountersing to from 7,000 illegal migrants encountered every day today, to 18,000 a day matt. >> yeah, good morning maria good to be with you. the biden administration has to be breathing a sigh of relief from their own bad policies by this judge. there is no doubt that the word has gone out among those want to come into our country illegally title 42 was going to be repealed, holding it up going to build pressure at the border you are going to see thousands of people to senator martial's point stacking up, very dangerous concerning situation because we just don't have resources really never have to process the amount of people that are coming across because biden administration has completely failed their mission in securing the southern border i think a lot of people are

looking to this judge, to manage it biden administration has proven they are unwilling to take care of it maria: did they ever really have that mission. >> face it not just the fact we don't have resources to deal with millions of new people coming into america, but we don't know who is coming in. i mean, yeah border agents tell me 160 countries, by the way, just recently, they found several people who were on terrorist watch lists trying tosome come into southern border ms-13 members as well. >> it is known well that about 25% of the world population would like to come to the united states if they could, obviously, this desire to come to the united states, where only place to accomplish the american dream puts a tremendous pressure, on you know our immigration system. that being said you are right

biden administration never had a desire to prevent illegal immigration to southern border, and you know they've proven time and time again whether repealing stay in mexico policy repealing all other effective policies procedures we had in place at the southern border now with title 42 if they are going to appeal this judge's order, you know we should expect that we are merely delaying onslaught of illegal immigrants to our southern border and not solving it. to your point it is really a dire situation, the american people i think you know everywhere i go are not going to stand for in a law lessless at our southern border. >> i mean people say we're not going to stand for lawlessness but at the same time is there ever any accountability? i mean looets talk about what is going on right now with michael sussmann trial you and i have spoken a lot over the years, and for many years i have been saying this is a lie, came out of the clinton campaign the media just drove

it home, new bombshell testimony coming out of this trial last week, former hillary clinton campaign mechanic robby mook testified that hillary personally hers authorized the release of this false informationing to viral she wanted her then opponent candidate donald trump to go down, for colluding with russia even though her campaign made it up. an fbi cryer skrurt consultant scott hellmann said there was not any enough data to make any including about any relationship with russia he didn't buy it. on day one. what are your thoughts in terms of this? yesterday i spoke with kash patel with deny who plu open this story in 2018 said not true he joined me yesterday. >> tuesday then -- i firmly believe has a mu more indictments coming this summer hillary clinton already

admitted to violating sec spending millions of dollars, on opposition search instead of policy. >> matt your takeaway from this where do you think john durham's investigation is going? >> well the trial is -- really going to do two things, one is holding michael sussmann accountable for sharing this false narrative false story generated by hillary clinton campaign so he is held accountable under rule of law importantly i think durham telling the story how this all started, ultimately, to your point, time and time again whether clinton pain knowing it was false or fbi determining it was false continued to march on, peter strzok i think next person needs to be held accountable, i mean he is the one who ultimately decided that there was something to this story, and decided fbi should ultimately launch an investigation into a sitting

president. so i think, to kash's point this is just beginning, there are other people who need to pay for this false narrative for four years dogged administration. >> tests administration on defense we will see if peter strzok is cooperating, that we don't know, that matt whitaker thanks for weighing in we appreciate it we will talk soon former ag matt whitaker a quick break the supply chain impact on semiconductors we need them for everything we're doing whether cars, homes, field intel is here going to join me live from davos on how his company is trying to manufacture those chips, in the u.s., also the lockdowns in shanghai how impacting the business don't miss it. pat gelsinger is next. >> you got the music in you ♪♪

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>>. >> . maria: we'll have we'll. we are searching for economic growth across the world that is one of the big stories this week at world economic forum in davos with with switzerland. >> pat gelsinger, great to see you you i want to talk about your panel industrial development let's start with your plans on intel you have a major development expansion plan at hand, where you are expanding capacity in terms of manufacturing, in the united states, as well as europe, tell us where you are in this plan right now, pat. >> yes things coming along very well announced major expansions in arizona location, new mexico, but big exciting one was mega site, in ohio. and this idea of the rust belt ending silicon heartland

beginning captured the center of the nation manufacturing core of our nation hugely excited we have announced major expansions in europe as well announced a big new facility we plan on doing in germany implemented by other activities, france, italy ireland poland overall we are in an investment cycle to build capacity for the world we've seen smik shortage we need more capacity for the world intel stepping in in a bold way. >> thank you are pat i think so many individuals businesses are grateful to intel for doing this we learned a hard lesson how reliant united states is to have so many critical components made overseas. can you assess last couple years pat and tell us how this supply chain problem and thp

reliance on chips has impacted the business and economy here. >> in a couple points there the first one is this didn't happen last couple years could, this was 30 years in the making. where we saw very strong industrial -- very strong industrial policies in china korea taiwan, you know they were driving investments, here and regions we used to be 80% of this industry now we are 20% of this industry, industry we created in the united states. now we want to have a more balanced world, we said our moon shot by the end of the decade, 50-50, 50% u.s. europe, 50% in asia, to accomplish that balance now obviously, the last couple years, oh my have we seen implications of that acute way auto industry i can't ship a 30,000 dollar car i have to idle plants detroit to midwest because of two dollar

semiconductor components? unacceptable economically unacceptable socially unacceptable politically unacceptable we aggressively need rebalance supply chain, devoted time in davos specifically on that for public/private partnerships right now u.s. with u.s. chip we are, congress get this done, we need to finnish right now we need republicans democrats house, senate to come together get it finished so we can aggressively build out goinging slow and small intut big and fast in the u.s. timing on outcome of the chips back every listener voting in favor calling congressional leaders let's get this done right now. >> you are absolutely right good point on all of that what about the shanghai lockdown that weighed into things over the last couple years, when would you expect the semiconductor shortage to level out or stabilize? is this a 2023, 24 affair?

>> yes. you know a year ago i said '23 until reasonable balance now i think '24 the combination of equipment supplier shortages equipment that we use to go into those on building supply chains moved out significantly, combining with things like shanghai shutdown, what we've seen in shanghai was you know a startling, that because of the covid policies we've seen port shut down, created backlog, of equipment, to get through, that even worsening some supply situations that we've had. i think again, emphasizing we need more balanced, we don't want anything going through any one port whether u.s. european or asian we need a geographically balanced resilient supply chain this week's last month activities in china of reinforced that

point a balance across the world. maria: good point apple said they want to increase production of their products, away from china, they are still in china as well but also talking about, the need to expand capacity, elsewhere away from china, so, do you see that increasingly, do you hear that from customers what do you want to say about that, in terms of having less reliance on china. >> a skwlafl balanced chain we want more in europe we want a balance across the world no one port shut down no one. maria: political instability creates this kind of ripple effect that we have no single points of failure in the

supply chain also see this is actually you know good policy as well good politics, less dependent the more that we can manage the different issues we might have we also clearly, as you said, we want more jobs back in american soil, these are great jobs in the semiconductor high-paying jobs full range skill set but also construction jobs we are going to employ estimate 7,000 people going to be employed to but will out ohio facility across the full spectrum of construction a catalyst for entire tech industry silicon heartland want it to happen quickly as possible. >> i love that a breath point at investor day earlier this year you talked about, a two sustainable financial model putting investment in place,

through 2024 then a longer investment phase beyond into 2025. mow do you balance that with very tight labor market pressure on wages, that pretty much every industry is feeling right now? what we've said we are in an investment we are in a bull cycle that is for the rest of the decade, today, the semiconductor industry 6 hundred billion, by the end of the decade 1.1 trillion. saying man you know is that incredible thing wree don't want to get too focused on any quarter because we are building for decade as we look at plans also helping to establish the labor market we've seen extraordinary response from midwest communities on stepping forward for construction workers, also the universities saying what are degrees we need to create how do we create semiconductor and manufacturing expertise that we need? seeing a lot of people saying

oh the coast defer defender rebuild in center laying out for the decade a path to execute on this i would with response we've seen well into our way. >> is it pat before you go what are you hearing from corporate clients, in terms of spending? on this kind of work r and d spending? we are all talking about the potential of a recession. how does the macrostory feel to you based on what you are hearing from business spenders? >> yeah, no, you know even a sort of sayings hey may be bit of softening inflation related tightening monetary policy still we probably have cutting back in some of those areas seeing that from some customers adjusting inventory levels appropriately for that but given how long we've been trying to catch up to demand, i would say, maybe a little

bit of softening helps brings things into balance more of effectively, against that we thank you that, you know, the long-term outlook for technology you know what aspects of your live is not becoming more digital every digital runs on semiconductors, this is an opportunity for us to build to the future that we want he collectively we see in chip -- focused on long term r and d all pieces put together just all make sense for congress to get their job done we can do our part by building out, getting the manufacturing, establishing that future here for us in america. maria: are yeah, that is one thing get done what needs to be done update love with analysts at cowen and company said about you they said we believe intel hired right leader that gives company best chance to do so, restoring leadership and getting ahead of competitors, congrats to you we will be watching thanks very much is for joining us

this morning, pat. >> thanks, maria. >> all right. we will see you soon pat gelsinger ceo intel joining us. we'll be right back. . and you had to wrestle a massively complex supply chain to satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create. (all): all hail, caesar!

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>>. . maria: welcome back, world leaders coming together at

world economic forum in davos, switzerland this week a unique vantage point where minus moving all around the world joining me right now is citi europe middle east africa ceo david livingston great to have you this morning thanks so much for being here assess the macrostory for us before we begin. we've been talking so much about pressures, globally speaking in terms of the economy. what are you seeing in your regions right now? >> good morning, maria. we are seeing i think the same types of complexities in many around the world questions where will inflation start in time and magnitude what will monitor policy response be if -- here than has then in united states. what will that mean for economic growth activity same question. i -- i mean the answers might be slightly different

particularly in united states, which is i think -- firmer on he monetary policy if you take a mirror as a whole important to focus on the ranges of economies encompass a broad set some going still quite strongly. >> i wonder whether or not banks will be able to pull this off in european central bank said they want rates out of negative territory how to raise rates to take rates up to zero again what impact has that is had on investments what are you hearing in terms of the investment climate in europe right now? >> focusing for the last decade on easing monetary policy to stimulate economic growth i don't think that is main issue now, inflation managing inflation to target is the absolutely number one

priority, so in a way it isn't about managing, it is about managing, inflation, we are likely to see that as you say eurozone, bottom line concern particularly this year. maria: what about the issue over russia in i mean this was a main investment area, it obviously, has some of the best resources in the world. and yet here we are watching the death and destruction on ukraine what kind of impact has this war had on investment from your standpoint on the business? so i think, obviously, direct impact that we can all see the horrors of the war itself, economic sanctions major impact on russian economy will contract 10% this year

international engagement commodities, damaging transition particularly central europe, germany moving away from reliance on russian energy natural gas i think the think needs most specificity, building out some economies have as poland building alternative sources of energy in order to make their domestic economies resilient independent without russian energy we need to see what happens with specialist commodities i think a known policy agenda of most economies, therefor substitution moving towards different sources of capital. maria: that is a great point particularly as relates to your business, in the middle east and africa as well, david we've been talking about this lack of ipos, capital markets under pressure, globally what is in pipeline do you expect the come back later in the

year? where does the growth come from? as europe middest africa coming years. >> we have been growing in years leading up throughout covid posted very strong overall performance, we grew strongly first quarter but business makes -- you mentioned capital markets m&a activities, that is natural that is when less certainty seeing a shift to significant private capital, investments, public markets, and that is strategic in nature else investments continuing to look for deals very important for the longer term i think we will see a shift geographically growing by nine percent this year next year i think that is different geographical opportunities for

us because the most net worth international bank will -- play throughout the region. >> what a great number 9% i pinpointed the growth as well, coming at citi, great to have you this morning we appreciate your time. >> maria good to see have you a good rest of the day. >> and to you david livingston young us? davos, stay with us. we'll be right back. . hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! .:

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maria: we are wrapping up day one of our coverage live from

the world economic forum in davos, switzerland. we got a whole host of guests tomorrow as we continue our coverage and speak with texas congressman, the ceo of ripple brad darlinghouse, and many more , joining us tomorrow, live, from new york, and davos, right here, that'll do it for us, angela, nancy tengler, great to have you with me this morning, thank you, ladies "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. after weeks of selling the first thing you do on a monday morning is you look for any signs that the dog days of decline are over , all right, well try this , left-hand side of the screen. i see some green, the dow is going to be up about 300 points at the opening bell, up 30 for the s&p, up a much more modest 50 or 60 points for the nasdaq, but that's some green right there. big tech show it to me, please. they've been badly beaten down this year, like the overall market, there is a small bounce