and neighborhood violence. others talk social change. we make it happen. larry: want lower gas prices, refine more oil and gasoline beau biden will not do that so his blame game is as phony as if 3-dollar debt. we will see you tomorrow night. >> good thursday morning everyone thank you for joining us i am maria bartiromo. it is thursday july 7. your top story right now. 6:00 a.m. on the east coast. breaking news out of the uk prime minister boris johnson is going to resign we are expected to hear from them shortly and we will have the very latest coming up read european markets are higher on this news take a look at the stocks right now as this news is breaking this morning asian markets were higher

overnight and we want to show you the european with the s&p 180 points better than 1%, tech up 87, what and how present. in germany higher by 188 wanted a half% higher there as well or the markets in the u.s. edging higher new jobs data this morning we will get the jobless claims into a half hours and tomorrow the labor department monthly job data expected to show to a 50000 jobs added to the economy in june which would be way down on the 390,000 jobs in may. join us tomorrow morning with all hands on deck for the jobs numbers. going into a dow industrials up 70 s&p 500 by 70 to quarter and the nasdaq up 30 points right now. after major and busies finished higher another choppy trading day the dow industrials up 70 points, according to present nasdaq up 39 and s&p 500 higher by 13 a little bit of a winning streak this week, the federal reserve meeting minutes were out yesterday saying that the fed officials are compared to raise

rates faster and more aggressively than initially expected to combat forty-year high inflation. markets are betting on another 75 basis point hike at the next fed meeting which is happening this month in a two week time. short-term interest rates look like this, ten year right now we are seeing yields move higher four and a quarter basis points of the tenure at 2.977%. crude oil this morning following beneath $100 a barrel again this morning take a look at crude 101453 quarters of 8%. crude oil $99.31 a barrel up three quarters of 8%. a new report after president biden capped the strategic petroleum reserve to get domestic gas prices lower some 5 million barrels of the u.s. emergency stockpile actually was sent to europe and asia including china we will follow this all morning long.

asia this morning overnight in asia in the green as you can see the asian embassy in japan and korea up almost 2%. back here at home president biden once again admitting the economy continues to weaken while failing to acknowledge his own spending and energy policies have anything to do with it even and the faith of his own approval ratings. >> we have a long way to go because of inflation and i call it the putin tax increase. putin because of gasoline and all of that has been able to keep from getting to the market. maria: still new evidence even democrats are souring on biden's leadership new report showing more of the mainstream media and democrats turning their back on the party and its leader we will be on it all morning long. mornings with maria's life right now.

♪. maria: our top story this morning boris johnson will announce his resignation as conservative party leader today greg palkot is in london this morning with more details right now. good morning to you. >> good morning the british political bonds dropped 90 minutes ago we're waiting for boris johnson's announcement it could be in the next hour or two but he is definitely stepping down as prime minister. what happens next will go to that in a second but let's tell you what led up to this there has been a recent controversy about a political appointment that he made with sexual misconduct allegations attached to it. that was a final trigger for about 36 hours of resignation and declaration against the man

basically in the premise that he does have integrity and he's not truthful and is not willing to lead a proper ethical moral party in the government from his position. there was a lot of pressure trying to get him to clear and he was holding on saying he was going to stand fast until they threw him out maybe a vote in parliament or the conservative party the overnight a few other people pushed him and he decided he would do it. he's had long-running problems of the transference issues especially maria i must say his conduct or misconduct during the covid-19 lockdown. enter. he said he would apologize and that really hit home to the british public he lost support obviously with opposition party but his own party and his own cabinet and it was time to go. what happens next he wants to stick around for a couple of months as a caretaker prime

minister until a new leader of the conservative party as well as prime minister gets appointed we will see if that happens but that could lead to another election. uncertainty probably continuity from the uk and u.s. relation a very important one. maria: thank you very much a nice layout of what is taking place. rake cow put joining us in london. joining the conversation to new york all morning long dagen mcdowell and strategic wealth partners president and ceo mark tepper. dagen good morning to you. a source is saying what he is trying to negotiate a new leader will be set in place by the party conference in october. perhaps he announces his resignation today but stays on for a few more months. what is your take on the story. >> boris johnson has been an utter disaster ended embarrassment to the

conservative party and anybody who believes in conservatism quite frankly. this spotlights the recent scandal this is a deputy whip that boris johnson appointed in february that turns out recent groping allegations and last week or so but there was a complaint going back this is sexual misconduct with other men that went back to 2019. boris johnson did know about and still appointed this man to deputy whip number one and then the ongoing scandal of the covid doctrine parties which boris johnson had to apologize for over and over again. it is complete dishonesty and a lack of integrity and confidence on the boris johnson. 40 ministers and aides left the

government as of this morning forcing his resignation he was trying to dig his heels in and not resign. the government could not function with so many resignations. one thing to point out as we watch, the control of the government does not change hands meaning there is not another election. the british people do not elect a leader the leader is based on who controls the house of parliament, which party does the general election doesn't have to be called until early 2025. that does not mean. the incoming prime minister will be another person from the conservative party as we looking at possible candidates to succeed boris johnson but boris johnson's biggest embarrassment in my opinion and i've lived in britain in the high school and study british politics the wall

street journal editorial board has called him he is a bernie sanders. the leader of the conservative party or he won't be at any moment but he has raised taxes and some of the things that he has done his handling of inflation is worse than joe biden if you can imagine that they imposed a windfall profit on energy companies they raise the corporate to 25% to 19%. i think the tax burden in britain as a percentage of gdp is going to be the highest in half a century by mid decade. he backed the left wing green energy agenda the climate change agenda. this man is a disaster from start to finish in a nation with a history of scandals and disasters when it comes to

politics. maria: wow. the wall street journal is calling it an astonishing fall from grace from a politician until recently looks poised to dominate politics pre-working to get into it we will take a quick break, the federal reserve announced a little pick up the pace of raising interest rates what the market is betting on now in this upcoming meeting happening in two weeks read than the price of regular gasoline slowly falling how the cost is impacting food trucks headed into the busy summer season fox business lydia hu with a full report you are watching moments with maria live on fox business. we'll be right back. an approac, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis.

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maria: markets higher across the board. the uk's major index is higher gaining the sporting undo that prime minister boris johnson will resign today. a better than 1% joining me now capital management ceo and chief

investment strategist david kugler, thank you very much for being here the prime minister is expected to be in a speech which we will take live to see an impact on markets international uk or the u.s. as a result of boris johnson stepping down? >> good morning it is interesting usually when we have events like this it is met with uncertainty the market take uncertainty and we see that. what were seen today in the uk and the rest of europe markets are higher and that could be an relation to dagen's comments about boris johnson. it does give certainty on this issue that's been going on for several months in the departures from his administration. in that regard they create certainty for the markets we see in markets in the uk rally

today. >> i would get your take on big tech and i want to get your take on oil it feels like we are in a little bit of a rally mode it could be a traded and overall bear market but you have a three day winning streak for the s&p 500 and increasingly i'm hearing just saying there is real value and opportunity in big tech right now how do you see growth on the heels of the spying in this market even though the nasdaq is down 30% year-to-date. >> we are seeing that value being created. we had growth stocks, big tech coming down over a lot over the past six months and even the latter part of last year as we saw the nonprofitable tax, read we've seen a bit under from those. i think what we are seeing is some rallies within a bear market and this is probably another rally within a bear market we sell the yields come

down over the past week on bonds. that is what is important for growth stocks low interest rates are steroids for growth stocks. high interest rates are killers for growth stocks because the long-duration equities and secular growth stories. we have to remember as we look forward we are looking forward to a fed raising 50 - 75 basis points this month and probably another 50 basis points in september. the rate increases are still coming with higher interest rates ahead and i think that's what we need to be careful with getting too excited about growth stocks at this point including big tech. maria: is sounds like you don't want to chase this rally at this point. i with mark tepper this morning. we heard from the fed yesterday the federal reserve minutes were clear the number one job is getting those interest rates higher slamming the brakes on an

economy and wanted to see is slow down which is actually playing out. your thoughts on that when you look at this rally a big tech in the last couple days. >> isn't it strange. you read that the fed is committed to fighting inflation in the market moves higher yesterday. yet more and more data that is pointing toward a second gdp growth but maria i think what is going on it seems like a lot of investors and i would like to get david's take on this is seems like investors believe the fed is going to pivot once we are in a recession there to do a 180 start hiking and start cutting. i don't think that's going to happen. avoiding a recession is not one of their mandates that may be indirect with the correlation of an appointment rate but i kind of got a non- consensus view that the fed will continue to hike to address the inflation mandate. my question for you what do you think the fed is going to do do

you think when things get uglier that the fed will do a 180 and pivot or do you think we are potentially looking at a longer, deeper recession? >> i agree with you mark the fed has made it clear that there mandate right now is to raise interest rates to tamp down inflation that is the tool that they have. it is a blunt tool they cannot. labor, they cannot. food they cannot. oil but they can reduce aggregate demand by reducing, they can reduce aggregate demand by tightening money supply and i think you are spot on that is exactly what they are going to do and continue to do if their target is still 2%. we are looking at another 8.6% forecast for this month for june that is more than four times the

target the fed has a problem because they lost credibility had one policy air getting inflation out of control there bound and determined to reestablish the credibility by bringing down inflation and they've already shown that the market being down in the s&p 500 be down 20% and the nasdaq feed of 30% the first half of the year has not changed the trajectory is not the same fed that comes in to rescue the markets and they know that there during economic damage and the doing damage to capital markets they are bound and determined to bring down inflation, raise rates no matter what the cost. maria: oil has come way down from the highs but of course were still talking about 40 or highs of inflation elsewhere. certainly in the food space. it's great to see you, thank you very much for being here this morning. >> thank you for having me on. david joining as per your

morning mover take a look at mark move it into free market, merck is in advanced talks to buy seeds in ink. a cancer biontech company that could be valued at more than 40 billion the companies are aiming to finalize this agreement this month. look at gamestop it is soaring in the premarket announcing a four for one stock stock split will be distributed after markets close on july 21 and trading will begin on a stock split adjusted basis july 22. the stock at 128.38 up better than 9%. gavin newsom's 2024. this is the talk apparently in california. a new poll reveals how well to run for the white house pre-we will break it down will become back. stay with us.

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maria: breaking news boris johnson said to resign as british prime minister he met with the queen and were awaiting an announcement. we will bring that when we get it life, joy to be in the meantime washington examiner chief political correspondent a fox news contributor byron york. it's great to see you. good morning your thoughts on this resignation as we await boris johnson's commentary.

>> good morning when you meet with the queen under the circumstances. boris johnson won a landslide election three years ago and he did it on the basis of brexit in the entire ruling class the entire governing class in england opposed brexit. the people supported it and boris johnson stuck with it and actually made it happen. since then it's been a long succession of what you may call a nonserious government in a series of scandals is really damaged him the biggest thing party gate with the government in england imposed strict lockdown string covid on the population and news emerged and photos emerged of prime minister johnson having parties with his staff with bottles of wine sitting around and everybody socializing like nothing ever

happened. that did him enormous damage and a few smaller scandals in the last few weeks did hitmen in the end. maria: very significant and astonishing thought. i would get your take some politics in the u.s. looking at a new poll fighting california governor gavin newsom could do better than vice president kamala harris and a potential 2024 matchup against president trump. gavin newsom's ad campaign in florida where he backed governor desantis adding to speculation that he may go for it and run for president. what do you think. >> i think it was a smart thing on his part to try to establish the idea that the 2024 election might be gavin newsom versus ron desantis bypassing joe biden and donald trump altogether which indeed may be the situation but the biggest thing about gavin newsom move, it shows how

vulnerable joe biden is in the democratic party's job approval rating in the latest poll was 36. if you add all the polls together it is still 38. we have seen a spate of articles and liberal publications in the past few days of how unhappy democrats are about joe biden not just the progressives were disappointed because they didn't get a renewed deal or to pack the supreme court which is never going to happen but more mainstream democrats that feel that biden is not up to the job. maria: it is interesting to see what is happening the independence brought it away you have hispanics running towards the gop and then you have the democrats, key democrats really keep it a distance not wanting to be seen with him to top democrat candidates, kim brian for senate and man wallingford

governors get by did the vet in cleveland, in the past he tried to keep his diff introduces people keep asking it. watch this. >> do you want president biden to come out and campaign in ohio? >> we will see but the reality on the face of this campaign. >> will you invite president biden to come campaign with you? >> we welcome everybody support but i will be the face of this campaign. >> i heard you in an interview not answer if you want president biden on the campaign trail in ohio the sitting president of the united states. i did not hear an answer to that do you or do you not. >> by insert was i want to be in the face of this campaign and i don't want any distractions. >> byron harris, pretty significant he says he wants to be the face of the campaign but you're talking about a sitting president you can't say if you want them i your side to campaign. >> the answer is obviously no.

not only did he not say yes to everything that he said suggested no and the fact is in ohio biden has very strong support from democratic officials unless they are running for office and nobody who is running for office wants to be anywhere close to the president. we have seen that and other places and this is a dilemma. it is going to have to be resolved at some point fairly soon which is the president a lame-duck or not. he has to maintain the position that is going to run for reelection or the whole story moves away from joe biden to who is going to be the democratic candidate in 2024. he has to maintain that position but fewer and fewer democrats believe that he really is going to do it. maria: for sure, that is evidence. pray to see you, thank you for checking in with us.

>> thank you, maria. byron york joining us. the fci ramps up its concerns over spying from china. what it means for american business in our own national security. we will get into it next. isn't that right phil? sorry, i'm a little busy. what in the world are you doing? i'm in the metaverse, bundling my home and auto insurance. why don't you just do that in the real world? um, because now i can bundle in space. watch this. save up to 25% when you bundle home and auto. call a local agent or 1-888-allstate for a quote today. this isn't just freight. call a local agent or 1-888-allstate these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be.

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maria: welcome back the highland park shooting contemplating carrying out a second attack to focus on it with more details we are learning now. good morning highland park officials revealing that robert primeau contemplated a second attack before he was arrested did not manhattan. he initially fired 70 rounds. in a crowd of spectators at a fourth of july parade killing seven people leaving dozens injured was captured after the hours long manhattan. police say he did not plan anaphora second attack. he denied bail charges of accounts of murder prosecutor say about of remains unclear.

more charges are expected. >> the fda is planning to help baby formula makers remain in the u.s. market as a nation grapples for shortages preplanned developing technical assistance and marketing help so these cavities can remain well after the crisis is over. the agent has guidelines in september to send the u.s. requirement. american airlines pilots are going to be getting triple pay for flights canceled due to the company's computer glitch for the technology will allow pilots to drop flights from their schedules forcing airlines to cancel 12000 fights over the holiday weekend. also in this agreement the pilots are getting double the pay during peak holiday periods. let's take a look at the stock. the taliban problems but american shares are higher this morning by three quarters of 8%. apple is rolling out a new feature for iphones called lockdown mode. it turns out several features in the iphone to make it less vulnerable to spyware by significant by reducing the

number of features that attackers can access potentially hack. this is intended for high profile users such as politicians and activists who may be targeted by state-sponsored hackers. meanwhile leakers revealing new details about the apple watch eight. it reportedly will have a bigger display the biggest ever. it should track your body temperature, the new apple watch exacted to be released this fall. a lot of talk it might monitor blood pressure. for those of us in the news industry that would be very helpful. maria: i like that. that is great were all focused on apple ahead of the earnings season we want to see if this is going to miss or be estimates. thank you very much for bringing up apple this morning the news of the boarding british prime minister boris johnson will step down today following a series of scandals and the resignation of over 50 ministers and government

aides. he is expected to stay an office until his successor is found a process that could take months. joy to be right now center for american security cochairmen fox news contributor and former national security advisor to vice president mike pence keith kellogg is here. it generally is good to see you this morning. thank you for waiting and what do you think boris johnson news means for the country, america. >> thank you maria thank you for having me all of this news going on shows the consternation going on out there. we talk about the british, they were probably the biggest ally. not probably but they were in supporting ukraine. when you look at the military support in the united states with everybody else including the french and the germans did everybody else. you have all this consternation. and a lack of leadership here in the united states. every time that i've seen president biden it's almost like

he's lifting for actions in support of a strategy and they cannot find a strategy. i don't care if it's on inflation or china i don't care if it's ukraine and all seems to be a complete state of denial or uncertain of where they want to go. the latest, very honestly talking yesterday on inflation where he's talking about tariffs that we have on china which is really foolish even the trade representative katherine tai said it won't make any difference if you do that. it gives us a complete lack of leverage on the chinese. every time i turn around it seems to be a world in consternation. maria: i think you make a great point about china. that is really where i want to go next. why is this a administration talking about lifting tariffs on china given the bad actor performance that we continue to see from the ccp and we heard from fbi director christopher wray also the head of britain's m15 issuing a warning on chinese

spying months after the biden department of just under justice and did the china initiative program urging them to not underestimate beijing's campaign yesterday. listen to what we heard from christopher wray. we have to get your take on this. >> we consistently see that is the chinese government that poses the biggest long-term threat to economic and national security. the chinese government is set on stealing your technology whatever it is that makes her industry take and using it to undercut your business and dominate your market they are set on using every tool at their disposal to do it. maria: general, this is a massive threat we obviously recognize this and we've been talking about the threat of the ccp were several several years. the u.s. national intelligence

and security center also warned that china is stepping up its efforts to influence the u.s. elections ahead of the november midterm. we know xi jinping got his guy in there in joe biden has done everything possible to put the red carpet out for the ccp canceling the china initiative about to take tariffs away which were put in under the trump administration and he calls them a competitor as opposed to an adversary, why? >> is a great question. you hate to say this because it sounds a little bit radical but it's almost like president biden's compromise with the chinese. the chinese are a threat we've been saying that for years. kim ray just said that the director of the fbi just made it very clear, that the threat that they post america economically, militarily and politically. they are not at friend of ours, there adversary they are a silent partner right now with the invasion of ukraine with the russians.

it's almost like you want to scratch your head and say why didn't we realize this and make forceful moves against the chinese look what they're doing with taiwan it is clearly intimidating taiwan into the air defense identification zone something they never did with donald trump and there was reasons why we put tariffs on the trump administration they took jobs and we've known that for years ever since they came into the wto in 2001 and they also have incredible that would china. they are not a friend and we should realize that. one, and i've said this before that is the reason why i've said ukraine is important but it's also european problem we have to pivot intellectually and strategically and we have to pick the economically. we have to pivot momentarily towards the pacific against the chinese we need to remember that because an expansion of power and we need to be concerned about it.

maria: it is incredible to me that this keeps happening. is the reason that we bring up the influence peddling story and the reason that we point out that the biden family has taken in tens of millions of dollars from chinese officials. you have to ask the question is he compromised and dizzy all of this soft stance on an adversary that is very clear in its efforts to overtake the united states as the number one superpower. this president has spoken with xi jinping five times so far while president biden is in office and not once have we heard evidence that he has asked xi jinping what is the origins of covid-19. why can't we do a real investigation of the wuhan lab. now you have secretary of state and city of lincoln arriving in asia today with the g20 meeting the foreign ministers meeting on the sidelines of the summit he is going to be meeting with the chinese counterparts he is expected to emphasize the u.s.

commitment of intense diplomacy with beijing. what are they talking about intense diplomacy. they've had several meetings with the chinese had dressed down the u.s. officials. they have talked about dressing down our secretary of state, zach would happen again? >> look i remember going back a few years when presidency came into the rose garden and the obama administration and he told the american people in the rose garden that he would not fortify the islands in the south china sea. within a year he was fortified in those islands. these are people you cannot trust for tony blinken to do that it amazes me. i think the american people are starting to see through this. there is a concern about the president being compromised there very concerned about the chinese threat growing in they know they cannot trust him. we have to be very forceful in our policy and we are not doing that right now.

maria: i should mention one more thing that is all the darn that no being produced in china and being pushed into the country that killed 107,000 people in america and the last year because of the set nonrelated overdoses. why does it joe biden cleanup fentanyl. >> he had 35% of mexico controlled by the cartel. that is enormous. that is where fentanyl is coming from, mexico. ever president about taking care of that. it comes through china through mexico into the united states for the president has not pushed back at all because they care about the border. trumpeted that because i think the president was concerned about trump about us going after the cartel. this is another one of the issues with the president hasn't stepped up to the plate.

maria: very concerning. good to see you, thank you for weighing in. keith kellogg on all of that. up 118 on the dow industrials. a lot to come. we'll be right back. ♪ the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet.

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fentanyl. maria: welcome back. inflation stinging the food truck industry. owners are dealing not only with the rising cost of food and services but also fee will to keep the fryers cooking. lydia hu without angle. >> good morning, maryann. for more than 50 years this food truck has been serving up mediterranean food in the heart of midtown manhattan but the owner says the past year has maybe been the most difficult. nikola, the owner, food, labor, gas, this truck used to cost you $500 a month now it is more than 1000. is there a category cost that hurts the most? >> they all hurt the most. chicken, lamb, beef, pork, gas, everything, propane everything

has gone through the roof. >> chicken used to cost a dollar a pound now it's over $4 a pound. that is quadruple, what is it doing for your prices. it is killing us, my profits are 0. i keep on thinking about my customer, when is my price increase going to stop and i just need my customers to come here. >> you have to make a difficult decision to raise your prices 20% and you look at another 20% price hike, what you worried is going to happen. >> this has to stop. how much more can we raise our prices. when is my customer going to say i can't come here i can't afford this anymore. maria: our hearts go out to you, you were saying another workers have not returned for force. usually you have a line of 8 - 10 customers. almost a 7:00 o'clock eastern time but right now a few trickling in. it's really hard for the food trucks across the city that depend on the lifeblood of the

city and the rising cost. maria: you wonder if people are choosing alternatives because of the high cost. you see that in some areas of retail. it lydia hu in new york city this morning. we will flip to break. when we come back we are zeroing in on the tiktok threat while lawmakers are targeting to investigate tiktok. next. ry landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. . . . learn more at viking.com

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maria: welcome back. the senate intelligence committee calling on the federal trade commission to investigatee tiktok's data practices. joining me now the ceo of getter, jason miller. it's great to see you. thank you for being here. i want to get your take on the threat and the issues around tiktok. this is something that the trump administration really pointed out, the fact that all these unwitting kids have all of their information in tiktok and, sure, it looks fun but the chinese communist party has access to that information, apparently. >> exactly. maria: what's the threat? >> the real concern here, when we talk about consumer information, it's not the e-mail address, it's not a credit card. assume that the ccp already has that. it's the analysis of our kids and so any kid who has a tiktok account or young adult, the ccp,

the chinese communist party will know our teenagers and our young people better than we will. when we talk about the conflict coming between us and china, it won't be necessarily a kinetic conflict, it will be a cyber one and a they're going to have the upper hand. maria: yeah. and the other issue is what do they do with this information, right, jason? i've spoken with so many experts who studied china for so long, they feel that there is a potential for blackmail, later on. you've got all this data on kids. you don't know what they're doing. later on, if any of those people become in a position, get to a position where the ccp wants to take them down, they can use the information against them. >> well, you're exactly right. and think of these young people. say they're maybe 17, 18, maybe early 20s. ten or 15 years from now if they themselves rise to elected office, the chinese will know

exactly what their predictive behaviors are going to be because that's how they build a an algorithm for tiktok so it's a real concern can. but also think about the fact that they can manipulate public opinion, the way they can potentially, the aspect is there for manipulating elections in the future. thank goodness for brendon karr and marco rubio for leading the fight. brendan karr sent a letter to google and apple saying take tiktok off your app stores. i think he's exactly right. maria: the other thing we heard this week was from christopher wray, a massive threat that is the ccp. according to the fbi. nothing that surprised us. we knew about this but the other thing that he said yesterday was that the chinese communist party is stepping up its activities in affecting u.s. elections. and i know they do that through

social media, the ccp is following our internal he debates and they -- debates and they pile on, on social media, some of these accounts are robots but some of them are coming from the ccp to just create havoc and create upset. what have you seen from a social media standpoint? i mean, getter recently celebrated your first anniversary. happy birthday. congratulation, you unveiled a direct messaging feature. i want to hear about that. first, tell us your thoughts from a social media perspective how the ccp uses that. >> well, we for sure like all social media companies have been under attack by the ccp, they're a continual bad actor. you have to have very strong anti-bot prevention measures in place and make sure security is as the forep front. here's the thing with the ccp. not only are they going after social media. every american company, every major american company doing business in china has to per m t

their surveillance activity, has to kowtow to the ccp. it's the way they can manipulate american companies to change policy here in the united states. that's the deviousness, that's everything that they're doing. they have us absolutely by the throat on this and so many american companies do anything they want. maria: yeah. again, no leadership from the white house on this issue. jason, real quick on your direct messaging feature, you unveiled that as a one year anniversary. >> we launched getter a year ago. we're up to 6 million users around the globe, a half in the u.s., half internationally. we have a live streaming feature, a short video competitor and with dms we're showing people you can declare independence from big tech or from entities sending data china. we're pretty excited. maria: very good news. jason, good to see you. thank you. we'll be watching as the social media landscape expands beyond

the censorship of a few. the next hour of "mornings with maria" begins right now. maria: good thursday morning, everybody. thanks very p much for joining us this morning. i'm maria bartiromo. it is thursday, july 7th. your top stories right now, 7:0e east coast. today breaking news out of the u.k. prime minister boris johnson to resign. we are expecting to hear from the prime minister shortly and we'll take you there live. european markets this morning are higher on this news. take take a look at a rally underway in the eurozone right fa where the ft 100 is up 86, cac is up 89, one and-a-half percent and the dax indexer is s higher by 207 points. stocks are also higher in the u.s. we have another rally underway. it has been a positive week ahead of new jobs data. this morning we'll get the weekly jobless claims number, dow industrials up 112 going

into that number and tomorrow the labor department's monthly jobs data expected to show 268,000 jobs added to the economy in the month of june, that would be down from the 390,000 in may. join us tomorrow morning first thing for all hands on deck for the jobs numbers and its impact. that will be out tomorrow at 8:30 a.m. eastern and we will have the numbers for you. all of this after all the major indices finished slightly higher yesterday, another choppy trading session and a volatile. you dow industrials was up 70 points, the nasdaq was up 39, s&p 500 higher by 13. the federal reserve meeting minutes were released yesterday saying fed officials are prepared to raise rates faster and more aggressively than initially thought to combat 40 year high inflation. markets are betting on another 75 basis point hike at the next meeting which happens in two weeks. today interest rates are higher,

the short-term 10 year yield right now moving up about 2 basis points to a level of 2.955%. oil prices are below $100 this morning, take a look at crude and brent. we've got brent at 101, 41, up three quarters of a percent, the price of crude oil now 99, 33, up almost 1%. a new report out that president biden after tapping america's strategic petroleum reserve, actually some 5 million barrels of the u.s.'s emergency stockpile was sent to europe and asia, including china. we'll follow this all morning long. asian markets were green overnight, pretty good moves overnight. best performer was korea with the kospi up almost 2%. back at a home, president biden once again admitting the economy continues to weaken but fails to acknowledge his own spending and energy policies have anything to do with it even as his own approval ratings continue to

plummet. >> we got a long way to go because of inflation, because of i call it the putin tax increase. putin, because of gasoline and all of that grain he's keeping from being able to get to the market. maria: still new evidence even democrats are souring on biden's leadership. new reports show more and more outlets turning their backs on the party and its leader. we'll be on that all morning long as democrats and media are distancing themselves now. "mornings with maria" is live right now. and it is time for the word on wall street, top investors watching your money. joining me right now is ubs financial services private wealth advisor allie mccartney, constellation research founder, ray wong and mark tepper. great to see everybody this morning. thank you for being here on another busy day. mark, kicking things off with you, with the major news out of the u.k. stocks are higher oven this news that prime minister boris johnson is going to be

resigning today. what do you see as the big take-away here? the prime minister expected to give a speech soon. we're going to take that live when he does start speaking. the ft is up 1%. what do you make of the reaction? >> i think if you're able to look past any potential initial knee jerk reactionses, i really think this is good for stocks worldwide over the course of the next several months. we all know we've had this 100 year flood we've been dealing with over the course of the last two years. and you learn a lot about someone's character when they're put in a stressful situation. this is where you separate the winners from the losers, whether it with be your friends, the ceos of publicly traded companies, your elected representatives and it turns out boris johnson was deficient in the character department. he's been under fire for a while. his political career has gone sideways and the latest scandal was the straw that broke the cam camel's back. the message is clear not just in

the u.k. but everywhere, including here in the us. people want responsibility. they want accountability. they want honesty. they want high character. they want high integrity leaders and people now want results. on everything from social issues to inflation to the economy, results are important. you can't just say you're going to do something and not actually provide results and i think the parallels can be drawn to our upcoming mid terms and i think that should p inspire confidence that we will get back on track with good, solid leadership in place. maria: well, we'll see what that means for the backdrop. we may very well be in a recession right now. allie, the fed said it's going to be picking up the pace of raising rates. we're looking ahead of to the next meeting happening in two weeks' time. 75 basis points, i guess 99% chance of a 75 basis point hike you according to what markets are betting on right now. what are you expecting?

what's the impact of the fed meeting minutes yesterday and another rate hike to come? >> good morning, maria. yeah, i think that another rate hike is absolutely baked in. it's baked in at 75. now, yesterday's release was a little bit scaled in terms of the fact that there has been a lot of hawkish rhetoric that has come through since then, even the testimony on the hill where he said -- where chairman powell said even 1% is not off the table. the interesting thing that happened over the last couple day as we've seen interest rate volatility and as the market has gone from a primary concern about inflation to a primary concern about recession and slowdown which are sort of this hair on the see saw that the fed and federal government is playing with is that interest rates actually come down. last week when we were on the show the market was expecting a terminal rate from the fed of about% and -- about 4% and talking about potentially

decreases in interest rates in '23 but there was nothing concrete. at this point the federal funds market is calling for a terminal rate closer to 3.5% and 80 basis points of cuts next week because we're more focused in the last few days on a slowdown as opposed to inflation. with that said, i think we're in for a doozy in terms of the june inflation number, ubs is calling for a 9 handle, #% number for june in-- 9% number for june inflation. maria: wow. >> like you said with the food truck interview, it's hitting from all sides and so the hope is that -- and the thought is that, that june and potentially july are that peak and that we can start to control and moderate costs from then. the last thing i'll say is another challenge, though, that's been thrown into that is the strength of the dollar. the euros is almost at parody. that's like another tax on

american companies. so we're in a tough spot. maria: yeah. that's a great point to bring up the dollar. but al hey, you just -- allie, you just said ubs research is expecting a 9 handle. are you saying you think the cpi, consumer price index, will hit 9%? what are we at, 8.6% right now. >> yeah, we think the growth is -- we think we could get up to that high. because i think we're taking oil and looking backwards, these numbers are looking backwards as opposed to looking forward. so obviously we would expect that next month would be lower given what's happening in oil but it's hard to imagine that that's going to be passed on fully to the consumer but we all know it. we feel it. you illustrated it with your interview. i mean, it really is sort of ever-present. so we just -- we've got to get that under control and the fed is continuing to do what needs to be done and to talk the talk to do that. maria: yeah.

meanwhile, ray, we've got a growth story to deal with, which is falling fast. we are, what, a week and-a-half away from second quarter earnings to be released and going into the earnings period we've got a little bit of a rally underway, certainly in tech. would you buy these tech stocks now? and how are you allocating capital two weeks before earnings season? >> so things kind of look good. tech stocks hit a bottom at a floor around 11,000 on the nasdaq and all the indicators show that we're kind of at the bottom and a one that's important to us is none of the tech stocks are below their 52 week low. we're trading 7 to 13% above 52 week lows on the tech side. i'm bullish on tech. i'm trying to figure out where the fed funds rate will b we'll probably see a 75 basis point. earnings on the tech side look good. that's going to drive whether you're into microsoft or apple or tesla or nvidia or if you're

looking at alphabet and amazon. those all still look good. the challenge really is going to be figuring out where these interest rates end up but i think the market started to price that in there. if you're looking for growth, if you're looking for some kind of growth if the market, tech is still an amazing bet. maria: well, hold on. didn't microsoft already preannounce? i mean, microsoft already told us that the macro story doesn't look great. i'm focused on apple. i want to know what apple is going to do in the second quarter. that's an indication of not just tech but also consumer spending and so do you think we're going to get some negative preannouncements from corporations in if second quarter reporting season? if that's the case, the market's not expecting it, the rally of 100 points means nothing to me. >> it's a great point. microsoft did preannounce. their bad announcement might be a double digit gain in the 20%. in some other industries it

might be 5%. tech looks better than everyone else. en when you look at the cloud companies, the crypto companies, that's what i'm looking at, to see where their earnings are going to be. all indications from conversations look like they're still pretty good. maria: yeah. we've got to talk about crypto coming up in the show. we've got job cuts, slowing growth. plummeting valuations and we'll get to that. great word on wall street, guys. thank you. allie, ray, good to see you both. mark, thank you for sticking with us all morning long. quick break and then u.k. prime minister boris johnson set to resign today. many of his he key advisors have handed in their papers. why this exodus. we'll bring you the latest and hope to hear from boris johnson live coming up. joining the conversation all morning long this morning, dagen mcdowell and mark tepper. we will get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid,

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obstruct our effort to lower your gas taxes, i propose that, i asked the congress to eliminate the federal gas tax for the next as long as the crisis goes on. lower food costs, lower healthcare costs, hopefully soon, lower your prescription drug costs. maria: now it's congress' fault, pawn -- president biden blaming everybody but himself. some say that the party is on fire and their city for clarity and -- thirsty and clarity. some completely snubbed president biden. tim ryan has been trying to keep his distance. watch this. >> we want-cash do you want president biden to come out and campaign for you in ohio. >> we'll see. the reality is, i'm the face of this campaign. >> will you invite president biden to campaign for you?

>> we welcome everybody's support. but i will be the face of this campaign. >> i heard you in an interview today really not answer if you want president biden on the campaign trail in of ohio. the sitting president of the united states. i didn't hear an answer to that. do you or do you not? >> my answer was i want to be the face of this campaign and i don't want any distractions. maria: no distraction as. you got that, dagen mcdowell? he's the face of his senate campaign, tim ryan, not president biden. dagen: abigail spamburger said the same thing when she's was interviewed recently. she's running for re-election in congress in virginia. joe biden is the political equivalent or a dirty diaper. no one wants to be even in the same room with the guy. don't come here because you will spread your toxicity over my campaign and i mean democrats.

he's grasping at a straws and gasping for air. again, these problems were created in part by his hands so it's been create a problem, deny there's a problem and then blame everybody else. look no further than the border and a inflation. put it this way. he's so toxic that jb pritzkr is testing the waters. i know he's rich but call mike bloomberg and ask him how that went for him. again, it's a wide open field already and the democrats haven't gotten through what is going to be a disasterous midterm election. maria: that's what i was saying. where's the bench. who is on the bench? dagen: hillary. she's still around. when she gets a new hairdo, you better look out. and i'm talking to the

democrats, when her hair starts looking kind of pulled together you know she's getting ready to get into something. [laughter] maria: yeah. what kind of big screen narrative is she going to make up this time? first it was russia colluding with trump. what's going to be the new fantasy she comes up with this time. kate bettingfield is stepping down, she'll be leaving later this month. she's been a long-time top aide to president biden, she was instrumental in getting him elected. she's out as well, apparently. >> yeah. and i think we should all expect the turnover. it's got to be extremely difficult to work in this administration. as i mentioned with regards to boris johnson, people, citizens, voters, we all want results and all this administration has done is -- president biden's essentially been mr. window dressing. everything he does is just for

show. it really doesn't produce any tangible results, from a gas tax holiday that's going to save people 10 bucks a month to chinese imports, lifting those to save people a few hundred bucks a year. we need more than that we need results. maria: i mean, who is going to take -- who is going to take the fall for all of these horrible policy decisions? is it alejandro mayorkas because of the wide open border, is is janet yellen because of transitory inflation, or is it somebody else, pete buttigieg. we haven't seen those resignations. we'll seize what happens before the midterms or right after. stay with us. we're on it. we'll be right back. dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present.

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inflation is raging. over 60% think their lives are getting worse. and so consequently it's no surprise that they don't think that joe biden should run for another term given this performance. they cited age. they cite the problem he has doing a good job and i think these are stunning numbers. even more stunning to he me is only 30% of democratic voters say they would vote for him in a democratic primary. so i've been doubtful for a long time that he actually will run for a second term. obviously, no president should say that before any midterms. you've got to stay in the race. but i think it's pretty unlikely. maria: well, i mean, i think part of it is that people feel they're not being told the truth. i mean, there's this tin ear, isn't there? we know that inflation's at 40-year highs, spending is out of control and yet instead of pivoting and saying okay, we're going to hold back on the build back better agenda, they're

still trying to push it through. trying to push through one and-a-half trillion dollars of new taxes even as costs are rising everywhere for american families. don't you think people would say okay, he may want to run but -- and we'll support that if they felt they were being told the truth. instead, it's everybody else's fault. >> well, most importantly there's been no be pivot, no pivot on particularly gas prices, going after gasoline stations was another ineffective element of the communications compared to, say, you know what, we've got to slow down the transition out of fossil fuels, that's obvious. we've got to complete the keystone pipeline. we have to take a more rational, balanced approach. look, the president just sticks behind the same policies, gives out communication talking points that aren't believable, you see the results. he continues to sink in his

ratings and there's been absolutely no pivot or change before the midterms. we're going to have to see what happens after. maria: yeah. i mean, look, i'm glad you mentioned oil because we're going to be talking about this coming up in the show, the fact that now we understand that after all that talk about his big solution to get gasoline prices down, opening up the strategic petroleum reserve, 5 million barrels of that strategic reserve was sent to europe and asia including china. so i don't know if his chinese overlord said hey a, we want the oil, send it here, how this happened but it certainly seems like there's real ineptitude underway here. what's the bench? whose on the benches. there's a new poll which finds california governor gavin newsom could do better than kamala harris in a potential 2024 matchup against president trump.

what to you say about this this comes as recent news of newsom's ad campaign in florida, he was attacking governor ron de santis and it's adding speculation that he wants to make this run for president. could newsom be the democrats' frontrunner for the 2024 election? >> well, i think the frontrunner is going to be vice president harris and you never know what will happen here. like in new york, there could be an a early transition, even harris would have the reins of the presidency to run with. predicting presidential politics this far out is really a hazardous profession but yes, newsom's clearly making a play. i thought the ads in florida were a good political stunt. he got publicity. we're talking about it here. hes goss himself on the map. he survived a recall. i think the governors are coming out because they don't see much in terms of the senators and they probably think you know what, the democrats don't want

someone else from the senate, amy klobuchar has been positioned for a while as a potential candidate. i think the edge is going to go to the vice president. it always has, of the democratic party. maria: but mark, her ratings are almost as bad or worse, actually, than joe biden. the confidence in the presidency is sinking under joe biden. 23% of u.s. adults feel confident in the presidential institution according to a new gallup poll, that's a 15% decline compared to last year, mark. what do you say about kamala harris' ratings here? >> look, harris' ratings aren't as good that's need to be either. look, i worked for president clinton after the midterms. that presidency was about 30, 33% approval. it was a wreck. but president clinton made a determined effort to move to the

center to change the policies, to work with the republicans, to put through bipartisan deals. i just have seen none of that through this administration. and, you know, look, joe biden was not someone anyone thought was going to win the democratic primary and he did. harris will be formidable, maybe -- maria: we're going to go live to london right now. mark, you're right, let's not underestimate the greatness of newt gingrich with the contract for america. to london we go. boris johnson is speaking. >> i agreed with the chairman of our back bench mps, the process of chooseing that new leader should begin now. and the timetable will be announced next week. and i have appointed a cabinet to serve as i will until a new leader is in place. so i want to say to the millions of people who voted for us in 2019, many of them voting conservative for the first time, thank you for that incredible

mandate. the biggest conservative majority since 1987. the biggest share of the vote since 1979. and the reason i have fought so hard in the last few days to continue to deliver that mandate in person was not just because i wanted to do so, but because i felt it was my job, my duty, my obligation to you, to continue to do what we promised in 2019. and of course i am immensely proud of the achievements of this government, from getting brexit done, to settling our relations was the continent for over half a century, reclaiming the you power for this country to make its own laws in parliament, getting us all through the pandemic, delivering the fastest vaccine rollout in europe, the fastest exit from lockdown, and in the last few months, leading the west in standing up to putin's

aggression in ukraine. let me say now to the people of ukraine, that i know that we in the u.k. will continue to back your fight for freedom for as long as a it takes and at the same time in this country we've been pushing forward a vast program of investment in infrastructure and skills and technology, the biggest in a century, because if i have one insight into human beings, it is the genius and talent and enthusiasm and imagination are evenly distributed throughout the population but opportunity is not. and that's why we must keep leveling up, keep unleashing the potential in every part of the united kingdom and if we can do that in this country, we will be the most prosperous in europe and in the last few days i tried to persuade my colleagues that it would be eccentric to change governments when we're delivering so much, when we have

such a vast mandate and when we're actually only a handful of points behind in the polls, even in midterm after quite a few months of pretty relentless fledgeling and when the economic scene is so difficult domestically and internationally and i regret not to have been successful in those arguments and it's painful not to be able to see through so many ideas and projects myself. but as we've seen westminster, the herd instinct is powerful, when the herd moves, it moves. my friends in politics, no one is remotely indispensable and our brilliant and a darwinian system will produce another leader equally committed to take this country forward through tough times, not just helping families to get through it, but changing and improving the way we do things, cutting burr donees on businesses and -- burdens on businesses and families and, yes, cutting taxes because that is the way to

generate the growth and the income we need to pay for great public services. and to that new leader, i say whoever she or he may be, i will give you as much support as i can and to you, the british public, i know that there will be many people who are relieved and perhaps quite a few who will also be disappointed and i want you to know how sad i am to be giving up the best job in the world. but them's the breaks. i want to thank carrie and our children, all members of my family, who have had to put up with so much for so long. i want to thank the british civil service for all the help and support that you have given, our police, our emergency services and of course our fantastic nhs who in critical moments helped to extend my own period in office. as well as our armed services

and our agencies that are so admired around the world and conservative party members and supporters who selfless campaigning makes our democracy possible. i want to thank the wonderful staff here at checkers, and of course checkers and fantastic prop force detectives, the one group by the way who never leave. above all, i want to thank you, the british public, for the immense privilege that you have given me and i want you to know that from now on until the new prime minister is in place, your interests will be served and the government of the country will be carried on. being prime minister is an education in itself. i traveled to every part of the

united kingdom, in addition to the beauty of our natural world i found so many people possessed of such boundless british originality and so willing to tackle old problems in new you s that i know that even if things -- maria: that was boris johnson this morning speaking live, confirming what we have been reporting, the prime minister will step down from the prime minister job in the u.k. he said he will support the new leader, continue to support ukraine and said he is sad to give up the best job in the world. dagen mcdowell, your reaction to obviously an emotional boris johnson, forced to step down. dagen: he had lost the support of people working in the conservative government, leading up to this were a couple of notable scandals. one, a sex scandal involving

someone he promoted as a whip in the government that just in february where he knew -- it turned out he knew that the person had a history or was aware of a history of making sexual advances toward a deputy whip toward other men. there was the covid lockdown party scandal which went on for months where boris johnson was forced to apologize over and over again. and quite frankly, i think that this is conservatives stepping up and trying to reclaim what is conservatism. because boris johnson has been anything but. he one of his biggest moves was a two and-a-half percentage point increase in the payroll tax to fund the national health service and he a adopted a labor party proposal, that's the

liberal party in britain. a windfall profits tax on energy companies, there's a plan to increase corporate taxes. that's not conservative. that is to paraphrase the wall street journal's editorial board, that's straight out of bernie sanders' playbook. maria: yeah. really great analysis. and they have also got their own inflation problem in the u.k. by the way. and here we're talking about fighting inflation by creating inflation, many u.s. states are looking to provide relief to consumers by giving out more state stimulus checks, if you can believe that one. grady drum bell with the story -- tremble with more. many of the stimulus has not been allocated yet. >> reporter: that's right. more money's coming to the states. i believe as of this month they'll get another payment and then they're going to dole that

out to residents in several states and really what states are doing is taking a page out of the federal government's playbook, handing out stimulus checks. only this time they're calling them inflation relief checks. the problem is, as you mentioned, a lot of experts say they could make inflation even worse. so as of right now, 12 states, red and blue alike, by the way, are sending of out money in the form of either direct payment or tax rebates. 23 million californians could receive as much as $1,050. people in indiana already got 125 bucks and could get another 225 under governor eric holcomb's new proposal. in several cases the money is coming from state budget surpluses which as you mentioned comes from billions of dollars in covid relief from the federal government and as a result of more taxes collected from tax payers in their states than they expected to. the goal is to help americans dealing with record inflation

but with so many states jumping on this policy bandwagon, experts say it could drive up demand while supply chains are still reeling and, therefore, drive up prices even more. >> prices are out of control, inflation is out of control, i understand where politicians are coming here, they want to help consumers, they want to help constituents but sometimes the cure is worse than the disease and that is certainly the case with these relief checks. >> reporter: in many ways, experts say states are really at the mercy of the federal reserve to tamp down inflation. but they say the states are not powerless. >> they have regulations, they have an enormous impact on -- think of the house values and the cost of shelter which is a big part of the inflation problem so they might want to pull the levers they can pull instead of just sending out checks. >> reporter: and some economists argue the best thing states can do right now is stop spending.

save those rainy day funds for rainy days, especially if recession is on the horizon or as some economists believe already here. maria. maria: what's the definition of insanity, grady? is it doing the same thing over and over -- i mean, this is how we got here, right? all of that money sent out, the covid relief package, that's what stoked inflation. they want to send more. okay. >> reporter: doug holtz said those stimulus checks from one of the rounds of aid from the federal government, basically after we were already come canning out of coronavirus, increased inflation by about 3%. maria: yeah. all right. we're going to keep talking about this, grady. great reporting. president biden continues to pass the blame and pass the buck on inflation. here's the president yesterday. >> we got a long way to go because of inflation, because of

the -- i call it the putin tax increase, putin because of gasoline and all of that grain he's keeping from being able to get to the market. now i'm fighting like hell to lower costs on things that you talk about around your kitchen table. republicans do nothing to obstruct our efforts to lower your gas taxes, i proposed that that, i asked the congress to eliminate the federal gas tax for the next as long as this crisis goes on. maria: all right. so it is republicans' fault. let's talk to one of them, louisiana congressman mike johnson is here, a member of the judiciary and armed services committees. is it the republicans' fault that we are looking at 40 year high inflation? >> joe biden is completely outrageous. they're engaging in fantasy economics. the idea that he would blame vladimir putin or blame the republicans or blame as he did the last several days people who run convenience stores and actually supply the gas to

consumers, they're trying to shift the blame to everybody, maria but it's clearly his fault, it's his policies take that have gotten us here. we had high inflation before putin invaded ukraine and even his gas tax holiday idea has been panned by top democrats in congress so it's absurd. maria: no, i know we have an inflation timeline and we know exactly when inflation started moving higher. it was at 1.4% when joe biden walked into the white house in january of '21 and now it's at 8.6%. but here's and even bigger story that i've got to get your take on from your standpoint on national security and a your standpoint on foreign affairs. joe biden reportedly sent 5 million barrels of oil from american reserves, this is the strategic petroleum reserve, he's sent 5 million barrels of oil to europe and to asia including china where people here at home are suffering, soaring gasoline prices, he's talking about this being his

magic bullet to get gasoline prices down, unleashing all of this oil from the strategic petroleum reserve which president trump filled up at $30 oil apparently. and yet the oil went to europe and asia, so can you explain this. >> no one can explain it. that headline should make every american irate. the strategic petroleum reserve of course is there to protect our country in the event of an unforeseeable event like a terrorist attack, natural disaster, et cetera. it is not the personal energy slush fund on the president and yet he's done it fa, he's used it three times, drained it three times to try to get himself out of the crisis that his own policieses have he created. now, that's he creating a new danger for us. now the strategic petroleum reserve is drained, it's at about 30% of where it needs to be. they're not filling it back up. so he's adding more peril to the american people and more pain at

the pump. it's ridiculous. maria: wow. that is a great point. more decisions that are affecting american families, one bad decision after the next unfortunately. congressman, thank you for weighing in this morning. we'll keep following all of that. mike johnson joining us this morning on inflation in america and president biden's policies. we'll be right back. stay with us. dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. 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

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maria: welcome back. let's talk crypto, bitcoin is hovering around $20,000 this morning. it is down again. recent market volatility calling the crypto to crash 70% from the all time high back in november when it was around 68,000. joining me now is the miami mayor, francis suarez. mr. mayor, it's great to see you this morning. thanks for being here. >> great to see you too, maria. maria: you've got so many positive things going on in miami on your leadership. but let's talk crypto for a second because your city was one of the first nationwide to implement a city coin. how is the miami coin doing with this complete meltdown in crypto? >> well, the miami coin, like all cryptocurrencies, has not been immune to this crypto winter. and i think that it's a product

that was interesting and it's an interesting project in so far as a percentage of the mining revenue is given to the cities in the form of a digital wallet. i think it had some tokenomics issued we talked about in the past. the technologies are creating ecosystems in cities like miami that are creating high paying jobs and i think that's most important for us. we have the largest crypto conference in the world in the bitcoin conference. we have multiple exchanges and funds that moved down to miami and are trading in miami and creating high paying jobs and we have ftx that give a $200 million naming deal for our arena. so the ecosystem build aspect of crypto in miami is very significant and i don't think anybody disputes that crypto going forward and going into the future is going to be generational and revolutionary technology. maria: yeah. i'm not disputing the

revolutionary part of it but i, i mean, mr. mayor, you don't really want to get paid in bitcoin do you. >> i'm actually still getting paid in bitcoin, believe it or not. it's actually clean now. what happens is you don't want to buy high. and sell low. you want to buy low and sell high. so for me, i look at it as a long-term investment, i look at it as something that is going to revolutionize potentially the world and into the future. i'm working with partnerships like with a company that's doing something called mayor suarez backed by back, where i'm going to be able to use a visa card and tap into those bitcoin payments so the utility function which i think has been lacking in bitcoin is something that i think this year hopefully will be resolved so you'll be able to go to any restaurant, any store with a visa card and be able to tap into your bitcoin account and use bitcoin.

so it will be interesting. maria: yeah. well, look, your growth story in miami goes beyond bit curve. we flows that you -- bitcoin. we know that you have been luring corporate america to come to miami, set up shop. you've been trying to create your own silicon valley there. you're doing a great job there. ken griffin announced the hedge fund will move to miami from chicago. they're taking their talents to the magic city. gives us your assessment of miami's economy now after your efforts to lure corporations to come set up shop in miami. >> it's on fire. our tax base grew by 12% year over year. we've transferred over $2 trillion in assets under managed companies in the last two years. our venture capital pipeline grew by 400% year over year. and it's amazing. following some basic principles

will do for a city like keeping taxes low, keeping people safe, keeping homeless low, we're at a 2013 year low in homelessness, tax rate is at a 1960s low and homicide rate is 1950s low. if you keep people safe, focus on quality of life, it's an incredible difference from what people are seeing in other major cities across america and we now live in a decentralized world where you don't have to physically be somewhere to be able to be successful and people like ken griffin are proving that. when citadel moves to palm beach initially during the pandemic they proofed they could be a massive market maker and not have to be in new york or chicago and now he made the full move. we're excited to have ken griffin and his family in miami. maria: do you worry that some people moving to miami are democrats and they're going to push to change your policies

that made things so successful like the tax situation? >> well, i really don't and the reason why is the numbers that we're seeing right now don't -- even though that narrative is out there, the numbers don't support that narrative and florida for the first time in its history or the last four years has more republicans than democrats registered. people that are moving, they're fleeing democratic policies that are not working in other major cities and changing their party registration, in some cases they're becoming republicans or democrats are changing or republicans from those cities that are coming. maria: okay. yeah, great story there for sure. mayor, it's good to see you as always. we'll be watching. >> great to see you too. maria: mayor francis suarez in miami. all right, thank you, sir. we'll be right back.

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maria: welcome back, time for "hot topic buzz," organizers of the movement to reclaul county ka george gascón submitted 1700,000, 150 more signatures than needed the group side got surcharge in fix it after killing of two police officers, by a suspect out on parole because of gascón's policies dagen. dagen: that suspect should

have been prosecuted instead the office cut a plea detail with him, instead of full prosecution, and full prosecution would have kept him in jail at the time of those murders i was in los angeles, over the weekend, and a psychotic person in streets spit on me not at me but on me, 8 a.m. on july 4th that is really the best possible kind of encounter that you could have with a lot of these very dangerous psychotic criminals, who are roaming streets of los angeles many out there because gascón wants prosecute them, quite frankly, it is the same nightmare that people in san francisco are experiencing, that led to the forcing out of chesa boudin, maybe it happens in l.a. maria: i am sorry to hear that stay right this next hour

"mornings with maria" begins right now. . maria: good thursday morning thanks very much for joining us this morning, i am maria bartiromo, it is thursday, july 7 your top stories 8:00 a.m. on the button on the east coast, today breaking news out of uk you go prime minister boris johnson resigning this morning. >> i want you to know how sad i am to be giving up the best job in the world. but thems the breaks. maria: we have more on resignation european markets are rising on news ft 100 up 92 one and a third percent cac quarante in paris up 96 dax in germany higher by 216 that is 1 3/4 higher. in u.s. we have a rally underway, edging higher out of new jobs data out this morning weekly jobless claims numbers in 30 minutes' time, going into the report the dow

industrials up 157, s&p higher by 15, and nasdaq up 62, we will also look ahead to tomorrow's labor department report, monthly jobs data tomorrow morning expected to show 268,000 jobs add to economy in june, that would be a way down from 390,000, recorded in may, join us tomorrow morning all-hands-on-deck for jobs friday right here at 8:00 a.m. eastern, all of this after the major indices finished higher, fractionally yesterday another day choppy trading we are looking at a multi-day rally this week dow industrials up 69, s&p 500 up 13, nasdaq higher by 39. yesterday. the federal reserve minutes released saying fed officials are prepared to raise rates back more he aggressively than thought to combat 40-year high inflation right now markets betting on another 75 basis point hike at next meeting happens this month in two weeks' time, interest rates

higher this morning on short-term take a look at 10-year, the yield has now turned negative, it is down 1.1 basis points, level 2.926% on 10-year, oil prices once again below 100 dollars a barrel on crude take a look at oil brent up about 1%, to 101.70 crude also higher, better than 1% but sitting at 99.66 crude oil new report out that president biden american petroleum strategic reserve to get prices lower at the same time 5 million barrels u.s. emergency stockpile actually was sent to europe, and asia including china following this story all morning long asian markets in green overnight, best overnight was korea kospi up almost 2% on the session, "mornings with maria" is live right now. . maria: on top story this

morning british prime minister resigning. >> collateral now the will of the parliamentary conservative party that circulate should be a new ladder that party down for a new prime minister i have agreed with the chairmen of our the process of choosing that new leader should begin now. maria: comes after more than 50 officials stepped down, in the wake of ethics scandals in boris johnson's cabinet, joining me right now he former aide to former bring prime minister margaret thatcher, dagen mcdowell, mark tepper thanks very much for being here your reaction to boris johnson's stepping down? >> well, thank you for having me on the show today maria i have to say very sad day to see boris go, he is summon i met several times, hosted him

in washington in the past i think, you know, he should be remembered as the prime minister delivered brexit, he was as highly effective campaigner, he played a lead role in the 2016 vote referendum campaign delivered as prime minister stunning election victory in 2019 with 80 plus seat majority without boris johnson wouldn't have brexit today i am very grateful to his leadership for that at the same time boris came under very heavy fire from multiple quarters of the conservative party, some fire i think quite legitimate not particularly effective for over all manager i think, you know, in is the day-to-day job as prime minister, also, of course, you know some economic policies some tax policies big spending environmental stuff, i think left much to be zeiered whoever is next prime

minister i hope adopt thatcher like agenda reduce capital spending deregulation stronger approach on economy i think a lot more needs to be done in uk at the same time i am proud to see boris go, because i think he has been, an extraordinary leader, without boris, you know, great britain would not be free of shackles of european union today i think we have to be grateful to boris for leadership on the brexit front. maria: i think this is such an for point that you make, without boris johnson leading that, movement, we would be in a different place, certainly uk would be but who are top contenders to replace johnson right now, another source this morning is telling me that he thinks the conflict in eastern europe ukraine russia is likely to escalate, by the time he actually gets out of office said going to -- be in place, until a new leader is chosen, and that will happen

in october. and my source say by that time conflict is going to be worse i suspect there will be a role for boris johnson to play, do you see him having a role elsewhere in government? and who would you expect to be the top contenders to replace boris? >> well great questions, and as you point out of course ukraine, and war there looms large on the horizon. and boris johnson in fact has been extremely effective leader, on the ukraine front standing up to vladimir putin, so he does deserve i think a lot of praise with regard to ukraine with regard to leadership contest there are i would say 10 to 15 possible contenders, if contest i would say very strong very good contenders including, out standing on ukraine issue ben wallace defense second superb

over ukraine, very robust figure, the home secretary i think excellent you have a number of thatcherite candidates also contenders other thing rishi sunak a contender, a foreigner secretary will have contended on i would say more centrist wing of the party also in running we have a strong thatcherite i hope leader who will lead britain in brexit era as powerful, defender free trade economic liberty freedom also stand up to vladimir putin, and communist china as well. >> that is right, that is right all really important points that you make now great to catch up please come back thank you, sir. >> i definitely will be thanks very much. >> all right, now much more

ahead this morning north carolina krang here to weigh in on president biden continuing to tout economy slowing, texas attorney general paxton also on why donl suing texas ignoring wide-open border june somebodies report tomorrow morning right here special coverage hands on deck 8:00 a.m. eastern you are watching "mornings with maria" live fox business. . ♪♪ ♪ finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything

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that i have asked congress eliminate federal gas taxing as long as this cries goes on lower food prices lower healthcare costs hopefully soon lower prescription drug costs. maria: that was president biden yesterday, accusing republicans of failing to help lower costs, during his speech he also blamed putin again, for soaring gasoline prices joining me right now gj congressman murphy, thanks very much for being here -- i want your take on how high inflation can go, because, we see now that certain states are sending out, more checks, to people. okay? and, i know that the covid relief package that was signed into law in march of 2021 is one of the key reasons, that inflation is as high as it is today. those states never -- appropriated that money, so

do you think that money going out now, and amazingly calling it inflation fighting checks. it is more stimulus. do you think that is stocks inflation higher. >> maria it does it is very well-known economic fact even democratic economists recognized this out-of-control spending fuels inflation i know who biden is using as economic advisories what wand he thinks he can wave to make prices go lower installed not how market economy works even jeff bezos said uncomprehension how economies work he has done so many things to stoke fuels of nation then trying to magically blame the republicans, have is president biden as president blaming he

just blamings everybody else for consequences of his actions it is going to continue to fuel inflation, and maria, as things go on, as we get now, the late summer and fall we are going to start seeing a massive increase in food prices, because of the fuel issue that is because of so many things fertilizer, all the other things from china the inflation rate can go much higher at the very least it is here to stay quite a while. >> i want to ask you about the ineptitude of spending the strategic petroleum reserves to europe and asia in a second but, the jeff bezos example is good many in media no longer cheering on biden like during midterm campaign, the "the wall street journal" editorial board taking note writing democrats and their media allies are having a bout of buyers remorse over president biden journal rights this as hill report quotes frustrated

democrats excessive alarm over biden's pou erlessness one top democratic says our house on fire seems doing nothing to put fire out just watching with the rest of us how significant is it that democrats don't want to be seen with joe biden, ryan says i am face of the campaign i don't know if i want him there, and the media as well, how significant is this in your view? >> well a recognition that biden administration total absolute failure we saw the poll numbers that came out of monmouth poll, 88% a new recorded, of americans do not feel this country is going in the right direction. and he is making jimmy carter look like a stellar president, yeah, i understand it, from a political sense why democrats want nothing to do with biden, because just you wake up everyday maria, everyday, and there is something new and crazy that this administration has done. but simply beyond belief it is just total tone-deafness

single mindedly trying to destroy this country and they are doing a very, very good job of that that is not america that have a the world war ii veterans died for. maria: great point thank you for world war ii veterans and farmers. >> you think intentional then. >> i do if you look at different caucuses within biden administration, you know that you want, rash that sort of thing ao.c., a socialist country dog everything to try to destroy this country transform as biden said into a new order for this country this is not the america that americans died for. maria: that is right, why is he sending our strategic petroleum to europe and asia? reportly send 5 billion dollars from reserves to europe asia including china

people suffering the gasoline price soaring here, do you know anything about this did chinese overlord say we want oil? that is strategic reserve he has been boosting about being magic bullet to get gas prices down and soendz oil to europe, asia? >> i don't know i can't comprehend why he would do that i simply cannot, when you have americans hurting so much, here we are, exporting oil, our own strategic, again keyword strategic reserves, to other countries, yes some did make its way to china how do you is a explain at?at anouprend that??? n't.can'can' un unbeunle,le, ssmassmassmackckckoreefore you ivenivenen vic cha cf doctorcts we see n plain sight,si at,sind thehe gaffes is this a national security issue? >> yes, it is it has been since day one, i i mean you saw the other day tell him

exactly how to act what to do what to say he comes up with role of reporters he is supposed to call on the most orchestrated presidency in history of this country as long as on key i think handlers think things okay as soon as he step off who knows what he is going to say or what he is thinking it is a strategic problem. >> very scary because i know not just americans watching but our adversaries watching closely as well congressman thanks very much for weighing in this morning, we will see you soon keep watching all developments, thank you, sir. . >> take care maria. >> greg murphy british prime minister boris johnson resigns how its affects markets economy political space. . . dad, when is the future?

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sahid javid . maria: welcome back. stocks are trading higher across the world in uk ft 100 up better than 1%, news this morning in a prime minister boris johnson has resigned, we are talking about this right now, and the impact across the economy and markets strer square investment manager chief investment strategist scott crowe great to see you. thanks very much what do you make of stocks going up on

boris johnson's resignation in london? >> well i think quite extraordinary going on in uk boris has been holding on for dear live i thought he was going to continue to -- but obviously, and moving on, i think that is good. politically for uk part of the reason that markets are rallying, about it i think something more fundamental going on the markets like, harsh medicine fed toll us going to keep increasing interest rates 50 to 75 basis point he increases i think market like that sooner to recession better shallower quicker the market i think bad news is good news somewhat counterintuitive the fed neithers a slowdown

particularly labor market before taking, off the boat, that is why friday's jobs' report critical to set time for the market direction over the next few months. >> we want to see, if we are actually seeing the number of jobs, added to the economy, go down that what we're seeing indicates the fed's job, is working, i i mean you don't really want to see that, but that is what the fed is doing, and then pretty aggressive in minutes yesterday saying going to pick up pave raising interest rates looking ahead to next meeting happens in two weeks time, do you expect 75 basis points hike, on the july 26-27 meeting? and what do you think that means for job creation? >> absolutely. and maria you think you've been very correct inflation is sticky fed is going to have to keep raising i mean 75 basis points, this told you one of the things hasn't been talked about that much is in powell's

remarks after the last meeting he said to us we need to see a couple months of debate in the labor market before we start thinking about backing off, that is that is what we need to see, there are tools pretty blunt increasing interest rates, so far all they mandating to do is correct the equity market particularly tech stocks crypto, and if they are bringing housing market to pretty much he screeching halt doubling in mortgage rates only way they can get a handle on inflation cooling labor market the reality is there is no instance in history where you haven't had to have a recession to cool labor market down a race almost between data coming out being -- and the fed meetings, the sooner we can get softer data i think better for markets. how painful is this recession going to be for the rest of us? mark tepper jump in here amazing what 5 1/2% mortgage

rates has done to the housing market already. mark: yeah, i mean no doubt it is causing consumers to kinds of rein if spending, you know, i believe, that this recession is going to be longer and more painful than i think consequence believes that many people believe, but scott i've got a question for you, on asset allocations, 50-40 he portfolio turned in worst quarterly performance he ever, in history. so i am curious as to what you are telling your clients, as relates to asset allocation are you suggesting that stocks and bonds are the way to go or adding in different alternatives what are you telling your clients? >> well, i know we focus on real estate so our clients look at real estate in private and public markets, what i can tell you is that public markets, 15 to 20, correction in xhaerl real estate values while we do think commercial real estate values will

correct we think closer to 5 -- that is in case of a mild recession if in a situation where we are going to get a mild recession 4th quarter or first quarter next year now is good time to be in telling investors no doubt better buying in public than private but i think at a precarious point there is a risk fed will get over tighten if we don't get a softening in labor market so that is why i think you need to leg in, you go need to start investing, a lot priced in you got to keep dry powder. >> waiting on job laes claims numbers out in about a minute's time you also have to consider, the fact that the federal reserve also got to lens the balance sheet, nine trillion dollars, and how does that happen easily, i understand the rate hikes are going to have on a impact what about the balance sheet unwind? well that is a really a good

point something not talked about enough we are in uncharted territory haven't had a lot of experiencing with quantitative tightening, at the end of the day having impact pushing out 10-year bond yield, hes he reinforcing further slowdown things seeing how that unwinds right now. >> the markets are obviously, skeptical, about this experiment, that we're seeing, with such a volatile performance, scott great to get your weighing in on all this thank you so much we will talk soon, breaking news right now initial jobless claims crossing the tape as we speak, cheryl casone on it. cheryl: coming in hotter than expected on initial reading, 235,000 is the read off if last week that is the initial claims number we are only looking for 230,000, as for continuing claims, that rose

to 1.375 million, and that is a little bit hotter than expected both numbers are higher than expected for initial claims all going into tomorrow, obviously, looking for 268,000 jobs added for may, 3.6% unemployment rate the labor market tight jolt report 11.25 million jobs open in nay see what labor department tells us tomorrow. >> cheryl what are you going to be focused on with that report tomorrow, i want to know, about wages, and what is going on there, and i want to know about the participation rate. so that is going to be one o focus, that i will be viewing in tomorrow with numbers anything that you are -- particularly interested in with the june jobs numbers. >> when break sectors hiring manufacturing jobs looking at service sector. maria: great point absolutely we will be zeroing in on where

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paxton good to see you, i know from my own experience, it has been the texas department of safety that has been doing much work, in protecting the southern border, as opposed to federal authorities, your reaction to this suit. >> that is not surprised that the administration would come after us for doing their job, they put in lots of hours lots of time, protecting our state -- and -- [line noise interference] the programs, not surprised -- lone star. -- >> i mean look, we're having connection issues here you are going in and out but look at stunning pictures at least four texas counties declared the border invasion, and we see the groups of people morning, noon and night ag,

has anything changes do you call this an invasion? >> you know what -- this is uninvited, weigh in as we figure out tech issues with ag paxton, their putting pressure on texas governor greg abbott, to declare a similar declaration that is that this is an invasion, mark? mark: yeah, it is invasion, and, unfortunately, you know president biden and kamala harris are doing absolutely nothing about it they would rather place blame you know on other people. do you remember that shaggy song from material,000's it wasn't me? i feel that should be president biden's theme song due ins matter what crisis is,

whether inflation, blamed on putin the border crisis gets blamed on trump, afghanistan, all prior presidents, what we really need to see out of this administration, is we need to see them step up we need to see the border crisis get fixed we need to see inflation get fixed, you know time and time again, you see the proclaim game happening, right? it wasn't me it is some one else not leading to results we need here in america. >> a dagen. dagen: maria, not just the blame it is the fact that biden and company created this problem in the first place. and that is i say again and, again, but, joe biden and kamala harris and the people within this administration laid the foundation to allow human cart tels drug cartels to profit from human misery

suffering by design this peare okay with it. >> it is pretty incredible, ramifications are wide and deep, i mean, dagen i believe it is 50 names, that have been encountered 50 people that were on terrorist watch lists, even the mentioned fentanyl, as you know, i am outraged by but this wide-open border impacting he american families they a act like not happening. dagen: people dying risking liefs to get into this country, and paying, human trafficking to get them in, people dying trying to cross the border, and particularly young people, from coast-to-coast, are dying from fentanyl overdoses or poisoning rather, and -- where is this -- his at least a a

little bit of sympathy out of biden administration, they caused it. maria: exactly we apologize for those tech issues, with ag paxton we will get ken paxton back soon a break a shocking report, that american oil, from strategic reserves is actually going overseas. to europe, and asia, we'll be right back. . ♪♪ ♪♪ . um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty?

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maria: welcome back. let's talk oil and gag s&p global vice chairmen daniel yergin with new "the wall street journal" op-ed writes a transition to renewable energy and electric cars will not happen without energy security. which reliable array of energy sources daniel yrg yerg with us author of the new map energy climate clash of niegs, great to see you thanks for being here how do we create

safety, for the security of the u.s. oil and gas or for that matter the world energy markets? >> a it is the world's energy market people don't realize it in new york, boston philadelphia, gasoline you put in car may well be actually gasoline imported from europe, because that is the most efficient way to get gasoline and most competitive way, a lot of refineries closed on the east coast. so, i think the answer is, is diversity of sources that means investment, and one of the things that i mentioned in that article is that we really had under investment in conventional resources last few years a very tight market tight before vladimir putin crossed that border on february 24th. >> but dan you know that this is all intentional, the biden administration has a climate change agenda permeates

throughout government, calling it a whole of government approach that is why even securities and exchange commission is coming out acting like epa telling pg corporations they have to follow new rules make sure everybody understands, the risks they add to climate change executive orders out of the white house has companies, pulling back their investments, into fossil fuel. >> that has been happening i mean europeans driving that, too but i think what happened trying to say that article there has been a wake-up call, because that is why we are seeing high prices that is why we are seeing disruptions, and i am i am really concerned that it is for a while going to get worse os over the next few months in a belated way the recognition how important domestic production is, our refiningry system going flat-out, this is a global tight market that exists, of course, it is getting worse with a disruptions this we're

seeing, coming out of europe, with russia. maria: well, the last time we spoke talking about president biden, unleashingout oil out of strategic petroleum reserve has been calling this his magic bullet we find out the administration, has exported five million barrels of that oil from the reserves, and instead send it to europe and asia including china, here we are -- gasoline prices go ahead explain this. >> maria, i mean, i have somewhat different perspective but out 60, or 70 million barrels to me the most important thing is getting the oil out there, in the system, our refineries as i said going fat out some oil that goes to europe gets refined sent back to u.s. as gasoline. what the problem is that the world market needs more oil, and that is a more oil, better

is for consumers, so that, you know, that some of it is sold into global market, the main thing what he want to get oil out we have to get more oil out there if going to deal with the situation, that motorists are facing in america. >> okay, but was that move impactful taking oil from the strategic petroleum reserve? i see come off highs certainly, do you think that move specifically was -- >> i think if we hadn't been using strategic petroleum reserve we would see higher prices right now, now as you point out prices have been doing off a little bit in rent days i think that is because of the rword that is out there fare of recession, recession, you know lower economic growth, that demand very painful way to do it i think a factor there, i think the strategic petroleum reserve established in 1970s after cries not a magic bullet but

helps to put when you can put significant abilities of oil out there a resource we have. o ter industrial nations are also putting oil from their strategic reserves. without it we would be looking at a worse situation. >> so dan how do you see this impending recession and the impact on oil markets? because, i feel like for as long as i have been following this market, if you believe the economy is he slowing down, or about to slow down sharply or about to go into recession or we are in recession right now as some of us do believe, you probably believe oil prices are going down. given lower demand, right is that -- >> i mean -- yeah, i i mean interesting we are seeing from -- two banks, one bank talking about 350 dollars a barrel oil another one talking 65 dollars a barrel oil, i think that whatever happens has a very big impact, there are other

forces at work today have to do with war dislocation of supply, but if we do have a recession, we will see oil prices come down along with prices of other commodities, and in a way that is what the markets are signaling now, as you know, maria, as well as anybody we are in this very intermediate stage sort of strange half world between inflation and recession right now seeing this dramatic pivot by traditional banks, that decided inflation is not transitory, and really hitting a lot of people, but, you know, it is -- it is terrible to say this the price of ending -- inflation, at least, markets are fearing, would be recession at least slower economic growth if interest rates go up. maria: so you referred to the report where one bank is looking for 350 dollar oil, that is jpmorgan out with a report recently saying we will see stratispheric 380 dollar

oil on worst case russian cut scenario. isn't he telling clients we could see 380 dollar barrel oil if u.s. european penalties prompt to russia inflict retaliatory crude as the cut. do you think that stratispheric number would would ever come to pass? >> i don't think that would happen but i think that, putin has opened a second front in the war, the first front had been ukraine the second front using his energy to drive up prices in europe, because he wants to break see if he can create an economic hardship to break coalition i think using his energy in you indeed very strategic indeed as a a weapon. if he cuts it off, right now who would have thought december 23rd we would have 100 days before -- i don't think that will happen i think you could have major disruption the other side that

65 dollar price, is -- looking not as mr. putin but looking at mr. recession. >> exactly, so again nobody knows market better than you do i know that knowing what you know now, the fact that we may very well be in recession right now, as well as russia's, new -- standing here, and its plans what would you expect from oil next year? the end of this year? will we be higher than where we are right now or lower? i know you hate to -- >> i mean always you know tough question i won't put a lot of caveat often it, it when i look at you overall things won't just -- [no audio]. . . >> dan? >> i am here. >> let me just. >> dan finish your thought,

because you went out right listening what you think. >> okay, i think that i am really let me put it this way most worry about that we will the situation will get worse, over the next few months, because of what is happening with the -- with the battle with russia, last day or two russia cut off oil from kazakhstan, people may not know where kazakhstan is but puts a million barrel as muslim oil as we are taking out of fpr, they put into market they cut that off i am worried that we will see, that situation could well get worse the next few months. maria: okay, can great to talk with you this morning thanks very much for all of your work, thank you. we will be watching your writing daniel yergin joining us this morning taking a break the precheck reign video of a

theatre at cal flight attendant makes the big buzz of the morning that is next. . .

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♪ maria: welcome back. time for the big buzz of the morning. well, check this out, a flight attendant turned some frowns upside down with this very theatrical preflight safety check. his over the top routine certainly energized the flight to atlanta. [laughter] as passengers face an increase

in delays and cancellations, people on twitter say he deserves a raise, dagen. at least he a made it fun. >> yeah, the flight attendants on southwest airlines do a fantastic job, by the way, of making things lively. they really do. it's hard, i flew over the weekend, and i feel sorry for all the men and women who have to work in the airline industry right now, because they get no love and get blamed for all the delays and cancellations. the people on the front lines, when it's really the people behind the scenes who deserve the ire. maria: it's true. mark, have you had to fly a lot, and have you dealt with any of this? >> a ton, a ton. and to dagen's point, you know, flight attendants get no love, but travelers know, they recognize and they appreciate when they have a great flight crew. i'm sure we've seen the whole spectrum from the flight

attendants who just look unhappy and not interested in helping anyone to the ones who bend over backwards to make your experience good, and i think we can all say we coappreciate those of you flight -- do appreciate those of you who try to make our experiences a heck of a lot better. maria: yeah. especially that southwest guy. dagen, mark, it's been great to be with you this morning. see you again here tomorrow. we have a birthday this morning. stuart varney, happy birthday -- [laughter] sending you best wishes. "varney & company" begins right now, birthday boy stu. stuart: i like that, actually, i really do. maria, thank you very much, indeed. good morning to you and good morning, everyone. here's the story the, boris johnson is out. he lied to parliament. you can't do that and stay prime minister. it is an astonishing fall. everything was fine until he was caught drinking during the lockdown when all the pubs were closed for everyone else. he lied about it. he appointed a fan accused of sexual misconduct and