Thank you for joining us this morning. I am maria bartiromo, friday october 6. 6 00 a. M. On the east coast. Jobs friday the september jobs report out at 8 30 a. M. Eastern. Economists expecting 170,000 jobs added to the economy in the month of september. With the copyright 19 lowered to 3. 7 , dont miss a full analysis from the allstar panel. Markets look like this, take a look at futures with the rally the dow industrials up about 40 points, the nasdaq, s p 500 higher even as Interest Rates are also higher, take a look at the tenure 4. 739 up to basis points hitting 4. 8 , oil prices have better pressure, take a look at where we stand with the price of oil higher on crude up 82. 36 a barrel. The price of bread also higher by a fraction. The european markets affect this, the eurozone is higher across the board, strong mous in london, paris and germany. In asia china weeklong holiday, the other embassies mixed overnight. Former President Donald Trump backing ohio caucus and jim jordan in the race for the speaker of the house, the house gop Conference Planning to be in person monday night for the Candidate Forum for speaker on tuesday. We will have a decision on wednesday. The white house is scrambling to spend its move to do exactly what President Biden said he would not do build a border wall how the president is reversing course on a Key Campaign Promise after more than 6 million Illegal Migrants averted into the country on joe bidens watch, joining the conversation pain buppercaseletter district president ryan payne, new york congressman gubernatorial candidate lee zeldin and cheryl casone. Morning to berea is live right now. Maria time for the hot topic of our. Alejandro mayorkas is already backtracking after bidding admitting a need for a border wall earlier in the week. No new Administration Policy with respect to the border wall. From day one this Administration Made clear the border wall is not the answer. The construction project reported today was appropriated, funded during the Prior Administration in 2019 in the law requires the government to use these funds for this purpose. We have repeatedly asked congress to resend this money but it has not done so and we are compelled to follow the law. Abided ministry should reveal plans to restart the portable construction President Biden issued an executive order on the first day in office to stop all wall construction saying a waste of money and not a serious policy solution. Democrats pushing back on the decision but Biden Says Congress is to blame. Let me ask you one question on the border wall it was appropriated for the border wall and i tried to get redirect the money they didnt, they wouldnt in the meantime nothing under the law that they have to use the money for which appropriate i cannot stop that. To believe the border wall works . No. This is what the government believes. It was appropriated as if they didnt know it was appropriated for the last three years. If you are compelled to follow the law and do this why are you not following for the last three years you been in office. Its clearly political, this is not going to be the end of the political nightmare that they could be facing from the deliberate biden decisions that have caused the mess. When you get to the point that the governor is writing a letter saying you need somebody in your administration to be the leader you have a borders are in Kamala Harris in your governors and mayors are publicly saying their cities are getting destroyed their states. Your own supporters making a viral content at city council speaking on the impacts of resources. I think we will start to see some of the consequences with the elections that are coming up in a month. The bigger issue for the democrats, this is going to potentially be the number one liability in 2024. Maria i think you hit it right on the head. I think this is all about the election they must be incredibly scared now that theyre making the decision to build the wall. There has been materials on the ground i saw rotting in navigator have to use that to build a wall. Awaiting 26 federal laws, the clean air, safe tricky water, endangered species act those are ones that theyre getting rid of, this political, absolutely. By the way i have to shout out the new york post. You woke up because you have a political problem on your hands. I wonder on the political side of a has to do, you have the governor of illinois and the mayor of new york city who is down there right now to get his own tour to tell migrants dont come to america, that is not going to happen. I think there is pushback from blue leaders in major cities that this is what they decided okay here comes a wall. Maria including bill clinton. He did a radio show recently and started talking about how many so many illegals in new york they need to work and spread it out into the country. You probably got a call from the clintons and he does the majority of americans, weve seen and the polls are upset with the way he handled the border wall. Every american feels that i live in new york city 120,000 Migrant Workers out of come here the last year. Is in every American Issue now theyre calling it a physical border instead of a wall that changes things. Maria Alejandro Mayorkas cannot admit it because that could lead to his impeachment. He is backtracking. We are just getting started. The gavel is up for grabs in washington as former President Trump is backing jim jordan for the next speaker of the house, texas congressman pat fallon is here to weigh in on that race. Marty took maria live on fox business. I have type 2 diabetes, but i manage it well. Jardiance its a little pill with a big story to tell. 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Take a look at the interestrate picture as we see the tenure up almost two basis points sitting at a level 4. 736 , the yields are up at the september job report coming up in two hours, economists are expected 170,000 nonfarm payrolls to be added to the economy in the month of september an appointment expected to be lowered to 3. 7 , the number is out 8 30 a. M. Eastern all hands on deck joining us arising Investment Officer scott ladner good to see you thank you very much for being here, weve been watching the jobs market hold pretty strongly in the face of weakness and slowdown elsewhere what are you expecting from the jobs numbers. Thank you for having me, we are expecting much of the same in the other employment numbers that we got over the last month or so we continue strong in the United States. Companies of the u. S. Are resilient and they have been imposing on us and that all adds up to strong labor market the resilient economy and numbers that we think will come in on the spruce. Maria are you expected to slowdown or recession in the first half of the year as some are. Were in the middle of extreme data slowdown but as far as the recession goes this is still an incredibly Strong Economy in the midst of a productivity boom with a. I. And productivity coming in the next three to five years in the fed and the economy arent intent on killing if they dont have to. We may be able to skip by on this one. Some official showing little concern that the increase in yields compare all the soft landing for the economy. Were hearing from mary daley yesterday the central bank can hold rates where they are at the labor market and inflation continue to cool but i spoke with Jeffrey Gundlach this week one of the leading Bond Investors and he said if the economy goes into recession we could see a significant cut by the Federal Reserve next year. Watch this. Does the fed cut rates next year. I think they will i think most of the forecast for what will happen next year are implausible there is a lot of forecast that they will cut 50, 75. That is a no mans land number for me, i dont think they cut all at the economy does not slow down and if an appointment does not go up. If inflation gets afterburners because oil backup at 90 and things like that they might not cut at all. If they cut its going to have to be an economic shock which appear recession and maybe that would lead to a cut of 100 basis points as the first cut that could happen. That is more plausible. Maria that was it a credible prediction that the fed could cut 100 basis points, what do you think about cut in rates next year that was the driver of the market rally all year this year. I think jeff is right if the first cut is 100 basis points that means we are in trouble and thats not something that we see in the cards is not economy showing signs of the weakness in that rate cut so the market price either three or four basis cuts next year and a moderate and predictable fashion. Those are neutral cuts that is the fed normalizing in the remainder of restrictive because its really coming down and the economy is slowing but not slowing so much as a price into recession in the. You are speaking my language i hear goldilocks of the soul down to your point but were not seen economists flow off the cliff, gp growth looks like 1. 5 which argues that the fed will cut anyway because growth is slower. Im curious from your perspective right now. 5 Interest Rates maybe the younger analyst of wall street have to look at the long bond its a 30 year treasury at 5 , do you think markets could do well historically they have an easy interestrate to the side 90s before the great financial crisis. These excellent points we have seen the economy market doing incredibly well with 4 5 interestrate across the curve which is a situation we find yourselves in today. Going from a 3 rate to a 45 rate the adjustment process is tough. Thats why august and september were the market once you are there, once you there on the right side in the economy and understanding how to deal with the new hire interestrate you are right to a 50 gain in the s p in the mid2000. 100 gain in the mid to thousands, the economy and markets know how to deal with it. Were just at the tail end of the adjustment process which is a little bit challenging. Maria were at the doorstep of the Third Quarter earnings the banks kick off the Third Quarter reporting season next week. What do you expect with earnings and will you get negative guidance in the face of the slowdown. That will be the thing to watch. Its going to be important what the fed does or does not do in november is going to be important but what drives the economy is going to be earnings and we do think that we will get pretty good earnings and pictures coming out we have a nominal gdp growth, five or 6 if you nominal gdp of five or 6 thats a big tail went to toward corporate earnings we will see that coming up next month. Were really going to be listening for on the inside of the earning calls. What people say the behavior of consumers if they dont behave in opposition how they feel they feel like garbage but theyre not acting like they feel like garbage they continue to spend money and act pretty good, were to be just five. Maria you reported on the consumer, they held that. The spreading from the consumer side has not been inflationadjusted. They are paying more for gasoline, food in the mall and close were seeing that likely in the backtoschool season as well we have not got the numbers yet as far as the jobs growth i know it is jobs day i know were adding jobs but this is a slower summer of hiring that it was last year. The jobs report is good to have a different tack on where the jobs are if you will because i think you will see the lower jobs. Maria receiving cracks in the job market. Going to yearend how do you want to allocate capital. And needs to take off next week or two but we get her launch into stocks. Not only do you have seasonal at her tailwind but will get how to get this done an economy that is goldilocks and thats a good recipe. Maria good to see you scott, thank you. Scott ladner joining us, the border crisis spirals out of control. Secretary mayorkas is the border wall is not the answer despite lifting dozens of laws to build one former u. S. Border patrol chief in Deputy Commissioner and ice director roderick vitiello is here coming up, stay with us. sfx stone wheel crafting the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . The power goes out and we still have wifi to do our homework. And thats a good thing . Great in my book who are you . No power . No problem. Introducing stormready wifi. Now you can stay reliably connected through Power Outages with unlimited cellular data and up to 4 hours of battery backup to keep you online. Only from xfinity. jennifer the reason why golo customers have such long term success home of the xfinity 10g network. Is because we focus on real foods in the right balance learn more today. So you get the results you want. 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Maria welcome back the Biden Administration backtracking after the Homeland SecurityAlejandro Mayorkas earlier announced that this week that there is an immediate need to waive dozens of federal laws to build more border wall in texas. Mayorkas claim no new Administration Policy with respect to a border wall. From day one the administration is made clear the border wall is not the answer. It remains our position and our position has never wavered his or President Biden had to say about the boardwalk construction yesterday. The border wall money was appropriate from the border wall i tried to get to redirect that money, they did not and they wouldnt and in the meantime nothing under the law that they have to use the money for what was appropriated, i cannot stop that. Do you believe the border wall works. No. It is a flipflop in a flipflop again Deputy Commissioner nice director ronald vitiello, good to see you, your reaction. Good morning, thank you for having me. You could get whiplash from all the flipping and flopping going on. Heres what people need to know border wall is extremely expensive thats what the taxpayer needs to know but what does that requirement mean a cubs for Border Patrol agents is not bidens wall or trumps wall that is about that Border Patrol agent said if i have a barrier in this part of the border i can be more successful in controlling the line thats where this requirement comes from i am eager that they will add resources and help my former colleagues do a better job. Waving environmental laws that is part of the modernday if they dont wave those laws will be buried in litigation by the selfinterest groups that are trying to stop anything related support or control are trying to protect that part of the border. We need the border wall because it helps agents be successful. It provides an anchor for what we need to do on the border add sensors, lights and access to the border. You need more agents in itself is not the answer but its effective to help our agents be successful. Maria the whole exploited away that it was appropriated, this is the same as situation for the last three years on joe bidens watch, nothing changed in terms of the appropriation something has triggered this decision and im wondering if its political, im with lee zeldin today. You went and talked about the migrants in new york in the expense and we heard from eric adams and other governors and mayors as well. What do you think one. It is political in its inexorable dynamic when you hear from your own party finally working up the courage and that was one of the frustrations for so many of us weve been saved from the Biden Administration the publication and working to create the crisis and emergency. One of the most recent frustrations why are the democratic elected officials who were feeling the pain with education costs, healthcare constraints, housing constraints why are you putting rusher on your party and now they are and you look at polling this is likely to be number one liability and ronald to tell me when President Biden is saying he needs to do it because the law is requiring him to do it why wasnt this done over the course of the last two and half years can you speak to the legal aspect of them not doing it over the course of three years since biden took office. The congress as you know the congress appropriated money to protect us, the Previous Administration the requirement of the Border Patrol and we need barrier in the congress appropriated those funds to give that resource to the Border Patrol and now they have to do that but i agree this is a sentiment rising from what everybody wants creed we want bipartisanship on policy in the United States. Bipartisan were being affected by the enormous flow of humidity in the southwest border and this ministry should be captured by the left was afraid to put border wall and give them the tools that they need and now the realizing that this will help them. To point out when he is saying day biden was looking for recession and they wouldnt do it, congress is all democrat for the first two years he was in office. He was talking as if those maga republicans. His party was in charge of congress. Maria is a great point the democrats running the show, who is he blaming, walk us through the benefits that these Illegal Migrants are getting and why this is so expensive for cities like the city of new york and chicago. You are talking about housing, food, education, what are some of the things that the government is giving the illegals when they get here. That goes to what is happening on the southwest border it is the incentives. If i get a stated threestar hotel in new york three minutes a day why would i not leave my third world income to the United States if a third or more two thirds encounter by cbp on the southwest border released in the United States why would i not call home until the rest of my family now is a time to come this administration ripped out the control levels that they inherited 45 year lows and illegal migration in the southwest border when Joe Biden Took Office and now look what is happening, you incentivize the problem across the globe. Maria that is going to trigger more migration and more people thinking i want to go there get all the stuff and make a new life in america because its easy. Anthony blinken Homeland Security secretary Alejandro Mayorkas and the attorney general Merrick Garland holding talks with mexican officials on the migrant crisis fighting drug and dr gun trafficking in mexico city. This is mayor of new york eric adams on a four day trip to latin america trying to discourage migrants to go to the big apple. In mexico adams told migrants the city is at capacity and warned them it is a nightmare in pursuing the american dream, your thoughts on whether or not this will be successful now that youre at the border . Mexico is a big player in this problem. The drugs, the cartels and the effects of what happens affects us. Were tir number onresources to help control the flow. The docket to do it if they do have the right policies in the United States. For incentivizing by releasing them into the United States after the cross the border illegally. Despite what the Administration Says we hear in the country with a criminal act thats against the law this administration has flouted it up until now and you see the affects of chicago, new york and los angeles. Going to mexico and talking about these things is fine but if you dont leverage them to do more then youre wasting time. Maria a great point. Good to see you. Ronald vitiello. Good to see we will keep a spotlight on that. Well be right back. Next week on boarding to maria. Monday who will step up and take the gavel, congressman michael walks on the battle for the house speaker. Tuesday hunter biden legal saga are from over, Judicial Watch tom fitton is here. Another key measure bidens inflation crisis revealed with the top mind in the business. Thursday wake up with her pale hot takes on the stories create in the mornings biggest buzz. Friday will pull back the curtain on the life of elon musk with biographer Walter Isaacson all right here on mornings to mornings withmaria is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Womens team watch this. When i was told that watch this. Although my feelings are here i never expected it to be blindsided gently against me and my team. Why would i even try to swim with the threat of biology. Of gas lighted and emotionally back mailed their calling on the ncaa to do something about the influx of biological men competed against them, we talked about this before but the young girls are losing scholarships and losing opportunities. You spent all these years training to get to the point in your sport and a biological man comes in and some of the girls said at the News Conference i knew i would be defeated instantly. Maria she is right. Why cant they have a separate competition for trans. Make it all gender or whatever. Maria there should be a fair playing field. Riley gaines was there as well. Why should the female swimmers be flailing on their own, where is the backup in the feminist and all of the people on the left who are always looking for the first in line opportunity to stand there and back people like this up. This is the moment now when you show up with the women and stand there and give them support. Maria we have seen it globally and running on the world side from the championship side there has been pushed back against biological men running against female runners. It is out there but were not doing it. Maria be out of luck at whats going on in washington. Former President Trump endorsing house judiciary chairman jim jordan to be the next speaker of the house trump praising jordan on true social he is strong on crime, border, military vets in the Second Amendment he will be a great speaker of the house it has my complete and total endorsement. Yesterday the former president said he planned on attending the house for him this coming tuesday and pitching himself as a tech enter temporary speaker until the republicans can unite behind one candidate. The gop conference is plated avid inperson meeting ahead of tuesdays forum. Im looking at the Washington Research report this morning and the analyst says were unlikely to have a resolution but the vote next wednesday which means continue paralysis in the house. We have 42 days before the government run data money. Here we go again. The whip count before President Trumps announcement was even with Steve Scalise and jim jordan, the members were publicly say they were endorsing one of the other. I think last night endorsement for President Trump if you want to pause a surge of House Republicans who were going to be willing and want to come out publicly, quite frankly they may not support him because of it and i think you get more sup support. These are, jim has been leading the oversight. Maria he is the chairman of the judiciary committee, a lot of people are wondering where the investigation stand should he become speaker woody take chairman of the judiciary committee. A help happens even more, he was explaining that President Biden and president xi will meet again, all this money and legal bills and he starts coming up with ideas. If you have a speaker jim jordan that prevents hunter from clicking send same dad is coming over dont make me tell him that youre not paying off my 10 million. Trumps name has been floated per house gop rules. Per the rules he is not permissible as they require a leader to step aside if indicted for a felony that carries a potential of two plus years in prison. How does that play into all of this. This is what the analyst is pointing out. The politics of the tribulations that are happening and quartz against the former president exactly. I did love the truth social post when he talks about jim jordan sports career. At the same time what is interesting with Steve Scalise and jim jordan these are powerful strong voices and there seems to be a lot of support for both, correct me if im wrong and i know there is others thinking about putting an end buffer the markets and for the American People it would be nice to get a resolution sooner rather than later. Even if there is a member supporting scalise or jordan that does not mean they are no for the other person on the floor. The thing is you need 217 votes a couple of vacancies right now. The big question whether or not who gets a voting conference, getting the majority of the conference i see that happening on wednesday going to the four to 17 a whole other challenge. Steve scalise has the advantage of not the majority leader but a big whip operation in the majority whip tom emmer is supporting them and that definitely helps him but i think President Trumps endorsement is something that will give jim momentum. A lot of members that will come up and support him. Maria somebody think that the half to navigate. The rules change on the motion to vacate. That was so unfair what happened to Kevin Mccarthy. The fact the eight people on the republican side could get all the democrats rallied with them to take out the speaker. This is a priority for a number of gop in the centrist to prevent another groundhogs day where you have one person leading a revolt the way matt gaetz did for Kevin Mccarthy. That is going to be something that they get a change. People talking about the House Republican conference if theyre in disarray and chaos. The reality 6 of the House RepublicanConference United behind Kevin Mccarthy it was not a big silver war and every man for himself and Kevin Mccarthy 30 standing. He had 7 because a motion to vacate wasnt enough. Im glad you brought up the market perspective, i believe yesterday were coming up against another budget deadline is november that is right around the corner. Maria 42 days. How many days are they going to be on the calendar working in those days and that makes the market nervous. Maria there to be talking about ukraine funding 117 House Republicans voted against the ukraine funding and that was last week that accounts for 27 of the house jordan voted against the ukraine aid as well as a continuing resolution. Scalise voted for both. Thats a problem fiscal responsibility and thats why the ten year treasury is getting close to 5 . We dont have people that are fiscally responsible and congress. I think thats good to be a huge issue especially as we get closer to the election, everyones getting aware of the fact that Congress Spends way too much money thats why we see the bond vigilantes really raise Interest Rates and with the debt becomes to a percentage of the net interest margins pain on the interest become so big everybody is watching that and thats going to be a huge part of the campaign coming up. Maria the interest paid on the debt is more than what we spend on defense. Defense is 126 billion and the interest on the debt of 33 trillion is one and half trillion. The cost of borrowing keeps going up and up. Were good to take a break when we come back the feds on a furniture splurge, you will not believe how much money was spent on leather recliners and solar power picnic tables during the pandemic. Its making a buzz, watching mornings with maria live on fox business. Well be right back. That first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Youre probably not easily persuaded to switch mobile providers for your business. But what if we told you its possible that comcast business mobile can save you up to 75 a year on your wireless bill versus the big three carriers . Have we piqued your interest . You can get two unlimited lines for just 30 each a month. There are no Term Contracts or line activation fees. And you can bring your own device. Oh, and all on the most reliable 5g mobile network nationwide. Wireless that works for you. Its not just possible. Its happening. Heres why you should switch from chrome to duckduckgo. Duckduckgo is a browser you download to your mobile and desktop devices. Unlike chrome, the duckduckgo browser has privacy builtin. It comes with a private alternative to google search, which doesnā t spy on your searches, and it blocks cookies and creepy ads. And theres no catch. Its free. We make money from ads, but they dont follow you around. Join the millions of people taking back their privacy by downloading duckduckgo on mobile and desktop today. Maria welcome back time for the morning buzz a new report for the watchdog group, federal agencies but a whopping 3. 3 billion on new furniture during the pandemic, even as many federal employees work from home, the reporter reveals that the Transportation Department spent 55 million on furniture between 2020 and 2022 with 9 of the office space being used, the defense put under Department Spent one and a quarter billion on furniture with 22 of its office used. Open books report found that during these years the cdc 237,000 on solar powered technique tables and in the state department bought brandnew recliners for its embassy in pakistan for 120,000. A lot of new furniture even though nobody was going to the office. The pandemic when everybody was working from home my favorite example the Pension Benefit Guarantee Corporation spent 15 million that comes under 14400 for each employee in their purview this is government that angers taxpayers the worst, the solar power picnic tables, great job lets do that in particular those are so effective and by the way if you do that in washington winter is coming and that was a great expense congratulations. Maria this is why we have these fights about all the spending. Correct me if im wrong the discretionary amount of the budget because we know much of the budget is baked in the cake but the discretionary part is 1. 6, 1. 7 trillion and they spent six in the last two and half years. It is crazy, the process of whats happening on the floor of the house this is where theres been merit in the debate thats been taking place on the floor. We should be passing the appropriation bills, the house and senate should be up under passing because we have to pack onto tackle debt and deficit and more predictability and good stewards it ties into the ukraine funding debate and when people are watching the stuff at home they think what was going on in 2020, 2021, covid were a lot of these people even going to the office. The Office Vacancy rate for new york is still sitting 20 or 30 in the same in washington, d. C. First off the solar powered because if theyre not i dont think they can come back. I need solar powered seating. Its a great point. If you look at congress is a lot more spending to be done we have the chips act and the infrastructure bill and the inflation reduction that the trillion dollars of spending coming down the pipeline, were getting to a point in the spending has gone so out of hand and we keep pointing to the interestrate bond market there to keep going up unless we do something to curtail spending. The other thing when you get this funding for your agency there is a thought if we dont spend this money that we will lose it. There is not an incentive for the agency to save it so maybe we could do this for thus were not going to the office and we did not expect covid to hit the way that it was. They want to call some of the covid money back because it was not spent. You say it stays. I remember the military they send you to the range and they give you 3000 rounds of ammo for your unit. If you go back and turn in 2000 rounds and you did not use a thousand when you go back next year they only give you 2000 rounds so youre wasting ammunition there somebody examples across agencies were not rewarding agencies to save the money. Instead theyre getting penalized if they dont spend the money and this is what happens. Maria the administration had to come up with an excuse of why they backtracked on the border so this is appropriate by congress that was all they could come up with. Maria apparently so. Its got to indicate they are so scared that joe biden is not up to the task in 24. Obviously his borders are has not been up to the task. She went to Dianne Feinsteins funeral that was her ceremonial duty. I have to go back through all the numbers that they spent in this report. I wouldve been fine if they gave the money to the va during covid the va was busy and working but a lot of the Government Employees are still on zoom and a lot of them are refusing to come back to the office. It must be nice im just saying. Good luck in the private sector. The banks are telling everybody to come back but nobody elses including our federal government. Maria the 2024 base for the white house cornell west is ditching the green party to run as an independent. The hot topic of hour right after this. Stay with us. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. Maria good friday morning, everybody. Thanks very much nor joining us this morning. Im maria bartiromo. It is friday, october 6, just before 7 00 a. M. On the button. Time for the hot topic of thunder shower. 2024 president ial candidate cornell west announcing he will no longer run as a green party candidate, instead he will run as an independent