Good wednesday morning. Thanks for joining us this morning i hope having a good wednesday i am maria bartiromo. It is wednesday, may 15. It is 8 00 a. M. On the east coast President Biden former President Trump trading barbs, biden announced 1 billion dollars in tariffs chinese goods trump said this should have happened a long time ago. I want to start by saying that, that biden now, he wants to put a a big bill on china which is suggestion that i said, should have done it a long time ago but also got to do another, that has to do with because china eating our lunch right now they have to do it much more than electric vehicles, should have been done 3 1 2 years ago. Bidens plan add one hundred percent tariff on electric vehicles 25 tariff etchv batteries 50 on semiconductors, 5 tariff on steel, 50 tariff on medical supplies biden attacked trump policies for china. My predecessor promised to increase american exports boost manufacturing built did net he sailed signed to buy 00billiondollar more American Goods side china imports from america barely bundled. Trump said eating our lunch what do you say in response. We can joining me wisconsin senator reason johnson member Homeland SecurityBudget Finance Committee you studied this a long time chinas u. S. Relationship your thoughts on biden moss plan to put tariffs on chinese imports. Let me first start by saying, tariffs, trade agreements a really complex issue. I know we simplify this, there is no doubt china is engaged in industrial policy, producing way overcapacity in steel manufacturing, can destroy industries, we have to do something about it, tariffs are very blunt instrument there is a lot of Collateral Damage unintended. American manufacturers use steal to pete against Foreign Countries use same teel if we have to use much more expensive based products now cant compete globally with mos countries businesses as well so a very complexion issue, from my standpoint, the better approach to enter into trade agreements with other countries that respect trade rules, that dont engage in overcapacity dont try and down market but try to compete fairly in market, would be nice a tariff free world but that is just not not possible at this point in time. Are you buying it do you think will get kl implemented President Biden hasnt done anything to push back on china and bad behavior now six months before election we are seeing all tariffs. My i guess it will be. You know. China ev manufacturing, producing pretty high quality cars cheap prize if you are concerned about china producing ev what are you going to do i guess slap on tariffs try to keep out of American MarketAmerican Consumers denied access to one of the lower cost products one of the consequences tariffs hurt china but in the end American Consumers pay higher prices on products that have tariffs slapped on them. Chuck schumer with fellow flats planning to rerevitalize the failed Senate Border deal, in texas arresting nearly 6 thousand people last year in trump final wear in office, 134 criminal charges now doing 6,000 kansas senator Roger Marshall with me yesterday with thoughts on Biden Openborder policy. Do you think that is why joe biden has an open border. No doubt with it he thinks these 11 Million People crossed the border illegally are future voters for the Democrat Party i think is going to be surprised the number one issue of this election is law and order, joe biden is on the way out, President Trump will be the president of law and order he is going to secure our borders going to have the back of our Law Enforcement officers, this is the number one defining issue why polls are rising for donald trump because people know donald trump will be the president of law and order. Senator yet the republicans cant seem to secure the border. We cant because the president are current law exudes deference to the president of the United States when it comes to securing border immigration policies Supreme Court ruled 2018 the fact of the matter is joe biden flats in Congress Want an open border they caused this problem not negotiating in good faith on border deal just liking for political cover if you want proof take a look what Chuck Schumer said the after those negotiations failed, we were playing chess they are playing checkers we got our ukraine bill if you negotiate in good faith it didnt work would you rub the nose in the ground they are playing playing tiddledywinks, the only reason in better shape on border got political cover negotiating for it is a completely hypocritical statement exactly what Chuck Schumer is, he brings that up border bill again we will be pointing that out also pointing out what an awful, awful bill it was worse than doing nothing why it died in senate within 24 hours being. People pointed to theory 5,000 migration a day before president forced to stop the worst part was 4,000 discretionary threshold would imply the president didnt already have authority to do so you codify the fact we dont think i has authority to do so, that authority would end in three years so it actually weakened a president s authority why i was so outspoken against that bill an overall bill. New poll finds President Trump beating President Biden in five of six swing states trump leading in michigan pens georgia nevada, biden twopoint lead over trump in wisconsin i want your take on that, about your state, here is president yesterday, again, claiming he inherited high inflation when he took office watch this. I think inflation has gone up more than 9 when i came in, now down about 2 . But the fact is that i think people are just uncertain weve got to continue to produce incredible jobs. What is he talking about . We know inflation timeline january 2021 when joe biden took over Consumer Price index was 1. 4 , all of the spending that he oversaw and democrats pushed through sent inflation up 9. 1 it is back down but still up on joe bidens watch, sharply he keeps saying this in interviews when he walked into the oval office it was 9 , tell me about that. What about wisconsin voters how will they go in november. First of all, approves Mental Health did he decline or bold face lie to American Public hoodwink them to think somebody else caused inflation rather than his massive spending in wisconsin take it from somebody won statewide three times seen polls swing widely i knew also a close races margin of error dont trust any poll in wisconsin a lot designed to affect fundraising or Voter Preferences going to be a razorthin race in wisconsin we need to do everything to get off the ground game, bank early votes. We will be watching all that good to see you this morning, sir, thank you, senator ron johnson in d. C. Michael cohen back on the stand tomorrow the prosecution said is the final witness before turning over to the defense lydia hu with all the details lydia. Angry liar out for money, that is how Defense Attorneys general are painting the disbarred former attorney for Donald Trump Michael Cohen we are breaking down the crosss examination blowbyblow coming up dont go away. E to side. When you work with someone who knows a lot and cares even more. You can do this. Youre unstoppable. Wow. Are you kidding me . You can do this. At truist, we believe the same is true for banking. If you have wet amd, you never want to lose sight of the things you love. Some things should stand the test of time. Long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. If you have an eye infection, eye pain or redness, or allergies to eylea hd, dont use. Eye injections like eyla hd may cause eye infection, separation of the retina, or rare but severe swelling of blood vessels in the eye. An increase in eye pressure has been seen. Theres an uncommon risk of heart attack or stroke associated with blood clots. The most common side effects were blurred vision, cataract, corneal injury, and eye floaters. And theres still so much to see. If you are on eylea or a similar type of treatment, ask your retina specialist about eylea hd today, for the potential for fewer injections. Maria welcome back breaking news right now President Biden, posted a video on x, saying donald trump lost two debates to me in 2020, since then has not shown up for debate, now acting like he wants to debate me again well make my day pall. Biden said not going to participate in three meetings organized by commission on president ial debates instead calling on donald trump join him for two televised president ial debates june and september outlined in video message a letter to the commission. Calling for direct negotiations between trump and Biden Campaigns over rules over moderators, host for oneonone meetings proposed a separate violent debate in july after Republican Nominating Convention before Democrat Nominating Convention we are going to follow this, interesting i dont know what is behind this. Joe seems terrified that somebody like rfk going to pick up steam cornl west will pick up steam terrified that joe biden might be his own october surprise remind American People he has no idea where he is will have a the time they want to preemptively say run reruns over summertime people will be on vacation no one will watch two dabbs heavily we continue to agrees run of presidency to second term. The chairman woman says the commission modeled of building huge spectacles with large audiences, at great expense simply is not necessary. Or [laughter] in they are trying to say biden will do a debate no problem, but were going to do it our way. God bless him i am thrilled a equal parts thrilled, shocked Biden Administration is actually willing to take the initiative here say that they want their man, mr. Biden, ago to up against mr. Trump. Fantastic cant wait. Debate commission has convened president ial debates since 1988 election, already schedule one Vice President debate stasht 16 he wants to change that. Joe if correct headtohead debate two each of them fantastic i dont think of anything better, by the way, i hope your name in there for money of the moderators. Maria thank you so much june september, faceoff biden wants hot topic of the hour extrump lawyer turned critic, attacking cohen, throughbooks tiktok lies, donations even, selling tshirts fox business lydia hu has been in the courtroom here with what cohen admitted to lying about yesterday, lydia. To talk about out of second day testimony from Michael Cohen we got cross examination yesterday the questions from defense attorney todd blanche focused on cohen motivation played exserendipity from cohens podcast the disbarred attorney cohen said trump needs to wear handcuffs that quote people will not be satisfied until this man is sitting inside a cell planch highlighted merchandise available like this 32 collar shirt with photo of trump, behind bars, cohen testified about his history of lying, admitted to lying to congress, during the russia investigation, he 34r5eded ploouled guilty when he lied to banks to tax hevation admitted yesterday he lied to Trump Organization on invoices a new York Appeals Court upheld judge merchans gag order on trump many aspects of this case including Michael Cohen as witness, will be upheld stay in place still trump remarks to cameras including doug burgum, Vivek Ramaswamy stand behind eliminate. Should be equally concerned about how legal system is being weaponized abused, for purposes remember all over the world watching this trial seeing what a disgrace it is a big disgrace to new york. Cross examination resumed tomorrow at 9 30 this will be prosecution last witness at the then see if defense will call anyone at all, maria we could be nearing final stages. Maria incredible this you lydia hu dammed reaction. Adam about time winds down never anything to try mr. Trump first place it needs to end go away such an insult to all of us who believe in the legal system. Maria trying to muddy trumps name the point having Stormy Daniels there, Michael Cohen, Stormy Daniels knows nothing about business records, but gave color for everybody talk about. Adam color for sure dirty they had nothing to do let her go on and on as though trying to make mr. Trump look bad in the eyes of the jury look at this whom had so many bad things to say ditto mr. Cohen, just nothing there. Maria how do you think jury takes it. I think he should break the gavel, send him to jail show world how corrupt this is, terrible for him she do it the gag order is so just insane doing it, break it say send me to jail lets see how they send up have a former president with secret Service Protection to jail. Adam i think they still cant delineate underlying crime in vivid detail but want us to have vivid details a woman engages in sexual activities for payment what they wanted got headlines tawdry details they hope send soccer mom running tot hills but i think more concerned about lack of safety for children more concerned about fact keep finding more money nor ukraine sit on hands israel deals with greatest assault begins jewish people since holocaust. Maria thank you so much for joining us we so appreciate insights a great couple of hours allhandsondeck on april cpi out less than seven minutes time the numbers live as they cross watch for market impact, Bear Traps Report you are founder Larry Mcdonald here with expectations join us you are watching mornings with maria live on fox business. Well be right back. You said i miss we are spotlighting the top Young Conservatives may being a difference, monday teenager rising star plan for gen z to reclaim america through conservative ideals is here. Tuesday fighting the leftist inindoctrination. The battle against left wing bias, all right here on mornings with maria. I dont want you to move. Im gonna miss you so much. You realize well have internet waiting for us at the new place, right . Oh, we know. We just like making a scene. Transferring your services has never been easier. Get connected on the day of your move with the xfinity app. Can i sleep over at your new place . Can katie sleep over tonight . Sure, honey this generation is so dramatic move with xfinity. At record high yesterday, take a look, the nasdaq 126511 that is up 123 on day three years of a percent ahead of today tos cpi up 4 10 monthovermonth 3. 4 yearoveryear retail in four minutes economists expect gain 4 10 of a percent for retail sales monthovermonth a gain 2 10 of a percent when you stipulate out orders, joining me author of allow to listen when markets speak Larry Mcdonalds thank you so much for being here if you had to listen to markets right now, what are they saying, about inflation, larry . Well, yesterday the chairman of the Federal ReserveJerome Powell said restrictive in policy we have to let restrictive policy do its work on inflation think about that. At the same time, the bloomberg, Goldman Sachs financial index no matter which one easiest in five years literally financial conditions have been easier a game to give shock to banking crisis a year ago easing policy, juicing inflation mark my worse saw in 2021, 22 inflation gaslighters out there gaslighting inflation real time trying to protect white house, the first team did so in 2008, one big playing game, playing with inflation, playing with fire. Maria are you saying we are going to see more hot readings on inflation . Market up yeartodate but down in second quarter, there is a message there from the market you wrote a book about messages of the market im trying to understood what with markets believe inflation story really is. Well, like bloomberg, commodity next breaking out markets telling you inflation going to surprise upside at the end of the day, the Balance Sheet the government control data spin it best way as investors listen to markets, listen less to politicians markets are telling you that inflation is going to keep reviving higher surprising relative to the sales pitch from washington. Maria as you see, markets this year, yeartodate up 10 s p 500, up 10 on nasdaq a up almost 5 , on the dow industrials so we got gains, but adam johnson jump in your thoughts on this sflooirgs with cpi in four minutes time. Adam i want to lookat numbers i am really interested whether they revised numbers from last month as they did yesterday with ppi, the fact revisions, last month for the ppi were down 3 to 4 10 of a percent that is a lot if we see same thing today suggesting to me that the inflation bump weve had past three to four months by may be dissipating that would be wonderful news i am focused on. Maria you said anticipating we had three hot months elevated inflation larry you spoke on recap of live chat with institutions you note that oil is a large component here and oil prices pulling back down 10 from april highs, and youve got gold, meanwhile, higher this morning, after hotter than expected ppi report, confidence surging record High Data Center builds up electric vehicles rose boost demand what did these moves tell you in terms of all inflationary moves. Bloomberg survey heavy component oil down quite a bit last month almost 10 from last month highs at the same time the index breaking out violent pays you want to be long in a commodity kind of bull equity Market Driven by commodities by growth, you want to be long, exposed to commodities if you look at software Long DurationGrowth Stocks all dramatically underperforming, the regional banks transports underperforming, any company look at burberry starbucks exposed to consumer larry market are rallying dow industrials up 200 points on cpi to Cheryl Casone with numbers. Cheryl they came in pretty much in line, for this report. So monthovermonth we came in with gain. 3 the estimate. 4. That is headline anybody yearoveryear came in line 3. 4 headline estimate number we got core same thing in line, up. 3 year year, in line 3. 6 retail sales coming in they came in flat monthovermonth, we were looking for, a gain. 4, they came in line if you strip out autos a lag on the yearoveryear number i will get that to you in a second new York Fed Manufacturing survey worse than expected looking at read negative 10 it came in at negative 15. 6 let me go ahead to the Consumer Price index, again coming in, in line not hotter than expected basically they did see increase in shelter for the month april, they saw he increase for gasoline, those two indices combine them contributed to over 70 monthly increase in the headline number for cpi Overall Energy index jumped 1. 1 over the month you were just talking about oil maria, the food index flat for april food athome index fell. 2 , the food away from home index rose. 3 all monthtomonth i am giving you those are headline numbers two stories shelter, gas prices, that is the biggest contributor to this reportedly. Maria are any news on retail sales waiting on retail sales expectation there up 4 10 of a percent, april readings. Cheryl i gave you those retail sales coming in flat monthtomonth looking for. 4, then exautos in line. 2 i got yearoveryear number for retail sales 3 , again i was is not as focused on retail sales for this particular month not adjusted for inflation i always say we have to look at numbers a little bit with caveat, we know what consumer is facing on reports we received in already, going to get price index may 31 that is next inflation hit that were going to have to deal with. Thank you a georgia congressman member house Budget Energy consumers excess formerly c. K. Restaurant ant unify puzder. Thanks, everybody for being here as we get into numbers looks like the betterthanexpected in line what you you go read this amazon johnson. Adam betterthanexpected and in line cheryl mentioned that 70 of the increase was related to shelter and gasoline, why is that good news . Because, 30 of cpi Consumer Price index is linked to housing and shelter costs so as that comes down, and housing costs have been sticky at best finally breaks blake that ib what gets last mile down towards 2 were not going to cpi 2 soon but might be key starts to bring under 3, wonderful news. Andy puzder, look restaurants are swallowing a lot of this maybe not this month as significant but youve got that situation, underway i mean red robster liquidating stores, bankrupts throughout the Restaurant Industry how would you assess things . Well good news, that we were down 2 10 of a percent, for families, i mean obviously. Maria away from home. Reality is, restaurants are in trouble, this is this is not something we are going to see will consistently Going Forward because they are going to have to raise prices to survive you cant survive, in an environment like this. And have your prices come down. Wages surging, huge minimum wage increases in addition to economic pressure youve seen commodities go way up. It is ugly out there if running a restaurant, as i said i think this month was a little bit of good news, food in general wasnt up i will wait see what happens next couple months looking at numbers nobody mentioned the still looking at numbers enthusiastic as everybody on market way over 2 , obviously, the feds target number, still talking about numbers kind of 3 to 4 range we seem jumping up and down between 3 and 4 , until we see that change significantly i dont see this having a major impact on families. Maria good point. Because even though this was on a monthovermonth basis up 3 10 of a percent better than expected 4 1r50 of a percent yearoveryear the same you got a market rallying right now he okay . Dow industrials up 166 points right now Larry Mcdonald as if this report gives free rein to, perhaps, see rate cuts youre thoughts assess this for us. What happens last two years has been a lot of nasa inflation prints, so a lot of hedge funds will short the market put on hedges into the number, and as adam said number comes no okay, wishywashy either way, immediately will cover on news you get this kind of bounce you got to think about traders, how market works people covering on news, the news isnt as bad as expectations if you look beneath surface, core, copr the bottom line this data is backwardlooking all i know since data was recorded over last month Commodity Prices ripping higher means next months going to probably have a headline problem on inflation. Maria that is a very good point copper has been alltime highs oil remains elevated, if you start seeing that show up, in the numbers, were going to see that first on ppi; right . Yeah, first ppi, then cpi, ppi agency adam said a good pointing revisions yesterday were very warm in other words, very level for the market but headline number pretty as in ty at the end of the day we are normal lieding 3 to 4 a inflation fed target 2 if the case trillions of dollars mise allocated last thing i will sea response to lehman crisis was four trillion fiscal monetary the response to covid banking crisis this time 16 trillion, inflation doesnt normalize after 16 trilliondollar fiscal month, it islike four years. Maria buddy carter what role can you play reining in Inflation Inflation up almost 20 under joe biden, since he walked into the oval office, largely because of all spending, you all have passed lots of legislation, from the fiscal responsibility act to Inflation Reduction Act to chips act and beyond, seven trillion dollars later we hit 40year highs in inflation, even though President Biden cant seem to remember what inflation rate was when he walked in. It was 1. 4 . That is exactly right. Look. I am glad numbers are what here in excited just as everybody seems to be i hate to be but i got to tell if you this administration continues with their regulations what they are trying to push, we are going to see a downturn in our economy, less than an hour we will have a hearing with epa administrator on ask i chair we are going to grill him on reiterations administration is trying to pass over 140 , costing american taxpayers 1. 2 trillion dollars if they continue on this track, were going to see a downturn in our economy. Maria cheryl, you know these, these kinds of things dont show up in numbers right all the regulatory burdens for small business, you dont see that, in an inflation number, and you dont necessarily go back to that but that is part of the story whether spending whether, regulation are on Climate Change agenda that is bad policy has taken up taken this economy where it is. Cheryl glad you mentioned red lobster bankruptcy, in california with minimum wage situation fastfood chains, they are saying were going to have to cut jobs or raise prices ultimately end up raising prices, restaurants, even just family owned restaurants weve had many guests on program told us that their input costs, ppi yesterday, are very problematic the other point i want to make, just got brought up sorry forgot who did it the energy story, because remember, the big piece of ppi that was hotter than expected gasoline prices 3. 6 off top of my headed input for ppi going to show up in cpi i made the point yesterday summer driving season i call ppi entree to the main course cpi, i dont think a good story, the markets are backing off i think to the point that look high numbers, still high on quarter basis. Maria great point i want to get back to regulatory conversation, with you andy but first larry, this issue of gasoline that cheryl talked about came up in your call, this week you spoke with institutions you say, that it is extremely clear powell hiked aggressively from march 23 to july 24, working closely with janet yellen treasury aggressively eased financial conditions through backdoor bag of tricks. What happened with oil. I tell you, it is not election rigging but president ial administrations do this bush mccain twilight downplayed the recession that year all politicians do it as investors we are going to be fed a lot of a lot of baloney on inflation, but at the end of the day, if you look at what powell yellin doing massively stimulating pursuing all treasurys on front end, 8. 2 trillion treasury due this year next two years 11 trillion in other words, front end lowering treasury to try to juice liquidity in the market complex but a bag of tricks they are using them. Exactly what scott told us the way she is doing aukions short term versus longterm keeping stocks high rates down specifically so market looks good going into the election in andy puzder what do you think about that your average restaurant out you there what cheryl brings up all the regulatory changes that weve seen, red lobster going bankrupt, worries you said restaurants not in good shape. Red lobster wont be last brand you see suffering major jobs there is going to be pain across the sector you can see jobs numbers if you look at jobs numbers past year all of the jobs numbers, weve got part time jobs to people that are immigrants whether legally or illegally, immigrants what you are seeing is that lower level of hiring, the entry level jobs going to immigrants who work less expensively, you are are seeing part time jobs nominee people dont pay for obama care keep employe under 30 hours safe a little money there, the laws with respect to the minimum wage affecting entire economy in ways they dont scomplait the unanticipated consequences of Regulatory Regime you are saying hurting jobs market, going to hurt wages going to affect inflation going to affect what family can afford this is devastating. Maria adam most important to you. Regulation is a str stranglehold on economy might be predicting away from that Morgan Stanley has two baskets a glp basket the other democrat basket gop basket pulling ahead significantly from democratic basket seven weeks i think the markets way saying that we are going to have a Trump Victory in november the reason stock market would outperform under a trump scenario exactly what we talk about fewer regulation get government out of the way let businesspeople do what they do best, is to grow their businesses create profits goes back to ronald reagan, nine most dangerous words from enenglish language we are from government here to help get them out of the way get government out of the away. Not what this administration wants to do buddy carter. It is not, just one, i have largest economy in history state of georgia coming to my district the administration is trying to promulgate rules, 2. 5 where they dont any industry coming in to surpass the level of nine, the factor level already at eight, if this project coming into my district, in history of our state if it were applied for today would not be approved. Fortunately, before this went into affect going to impact over 80 in our country the baseline number eight if they have to add one or two will sush fast for the most part earnings have ben betterthanexpected despite what anybody believes about this macrostory here you got the dow industrials up 140 points right now other major rally in nasdaq this morning, perhaps on the cpi built perhaps growth stories out of earnings season how do you see the earnings season larry . Well it is interesting maria, companies that face bottom 60 consumers expedia, a huge mishome depot huge miss divergens between delta expedia weve person in seen delta, business travelers if you have a five Million Dollars in a Money Market Fund jay powell gave you 300 pay raise last two, three years business travelers with money wealth people spending the bottom 60 are being hammered, burberry this morning any company that faces bottom 60 we continue to see Companies Miss earnings consumer facing companies, Companies Face no higher income like American Express killing it divergence between American Express and cal one at covid levels, capital one feeds into lower 60 , American Express feeds into top 20 . Maria point out, that jay powell removed that line said Banking Sector is sound. [chuckling]. Took that out still have questions of bank today, of course, to deal with jpmorgan we are watching Banking Sector soft hold in broader economy cheryl i wonder how you feel about reaction to this report. I think market needed better than this i think market needing a bigger signal to say inflation is getting under control go back for a second we had three holt months, january, february, march all elevated inflation hotter than expected here we have april, you reported a minute ago that it was monthtomonth better than expected up 3 10 versus up 4 10 yearoveryear same 3. 4 versus estimate 3 point 4 that is it sends dow industrials up 150 points i am not buying it if in a adamss shows he would be a seller right here what do you say. Cheryl i agree with you market isnt open i am wondering what close is going to look this might be oneoff for april i am in camp this Stephanie Pomboy the favorite line with, amazon not a Consumer Products company stuck in my head market gaining technology, other sectors that are powering the market look at walmart normal i think walmart likely a game changer so much buzz about that Earnings Report nuts and bolts on what is happening for retailer like walmart also now grocery business. Maria that is a beneficiary i think everybody is trying to trade down, they want to get the Dollar Stores cheaper stuff walmart has been benefiting interest all of this, it will cheryl my point that report is going to show you, what with consumers really, really doing going for change, to walmart for groceries more grocery type stores making all money, fair enough i will say, i again i think that is oneoff i think when may cpi comes out i think story will reverse only going off the data yeartodate. Maria i agree with you walmart one to watch and nvidia, biggies in the upcoming week, walmart tomorrow nvidia next wednesday 22nd adam, weve gotten a better number in order to justify this huge rally in stocks . I mean this is not, 3. 4 inflation. Adam i think larry made very good point the positioning going into it there were so many shorts, i would wager put on ahead of this month in case it were a hot number, that in you shorts have to cover that may be why are were up, so may be a short term. Maria a different story. Adam maybe shortterm thing i also make argument workmen yesterday, ppi was largely in line Producer Price index largely in pipeline revised previous month a lot 3 to 4 10 of a percent that report six weeks ago got everybody all upset the fact ppi came in, in line revised previous month down today we get a cpi that is for the most part in line one of the numbers of four a little bit better that to me maybe three months uptick in inflation dealing with, you mentioned, january, february, march, maybe that uptick is over it didnt mean inflation going down didnt mean fed going to cut rates markets like certainty, markets snift 100 out trends, sxaengs, the three month bump is over at least going to hold steady maybe come down, that is good news. Buddy carter what is your take on breaking news that we have this morning that joe biden is trying to blow off Debate Commission says he wants to debate before early voting startles with trump. Not going to be traditional debate Like Commission will handle it will be, more of a private sayings, mano a mano what do you think he wants to debate in june and september. That is ridiculous, people are going to by the time it comes to election in november, you flow, so okay. You think trying to do it earlier june too early you feel. Joe biden obviously, struggling all numbers today i am excited, gratd inflation petering off if you will but at the same time people, inflation almost 20 real wages down almost 4 people hurting out there food is more expensive, energy is expensiveing housing more people vote with pocketbooks i think across america. The economy issues, andy it is partly it is about regulation, what are some of the specific regulations that you can tell us about andy connected to the biden agenda, of course, the Climate Change agenda that seem you know, he egregious for some small businesses. One thing i would mention in addition to regulations if republicans retake house, Senate Presidency we are going to be to see tax cuts in jobs, act not a big tax increase come 2025, this is something that scomlant affects business Climate Change agenda is huge, driving up cost of energy when you drive up cost of energy the cost of transporting everything not just heating cooling, getting food to a restaurant costs a lot more than before emergency prices went up, what buddy said if it is not just market we need to look to there are things Biden Administration is looking towards voters, to impact voters you have to have a few months pretty good numbers, seeing things come down, come back not going to go and jump because there is a tenth of a percent move in monthovermonth members or percent in jeb inflationary numbers still they see it at gas pump grocery store, costs coming down not going to change their opinion of biden or how handling the economy regulatory the tax the xhubs in general impact on consumers should have huge affect in november if they dont do something quick a devastating affect might want debates in june before biden is officially nominee now presumptive nominee, because if they dont like how he performs in debates give him a chance to pick somebody else. You think that is the thinking on democrat side . Larry. , i dont know what biden is thinking but thinking of people we will see, we watch him, you know in plain sight every day, clearly, there are issues. We know that. I think democrats know that clearly as well, larry what drives this market the rest of the year is it all about fede . Do we have any new signals out of this cpi number as far as what the fed does. One of the biggest signals out there, a mindblowing the Consumer Discretionary etfs xly down on year outperformed by Consumer Staples all that means is recession proof stocks cloroxes, big colgate those stocks in xlp, staples staples dramatically outperforming Consumer Discretionary stocks like starbucks, and so ons that face consumers, markets are speaking, the other thing, we got to remember, five, six years ago people have among groaning with and yesterday biden just put fort more awe depressive tariffs than trump maria right. And the medias crickets, why is that . [laughter] maria why do you think it is . I thought we were supposed to report the,000 right in tariffs are inflationary. Maria well, look, thousand if theyre fighting on whos tougher orer, but coe biden hasnt done squat to stop chinas bad behavior since he stepped into with office. Now were right ahead of an election. I want to thank everybody for this great conversation, congressman buddy carter, andy puzder, an add am a johnson, thank you so much for a great conversation. Markets are hire on the cpi, dow industrials up 152, the nasdaq up5, and the s p 500 up 26. The breaking news of the morning was from President Biden. President biden posing a challenge to President Trump on x. Watch this. Donald trump lost two debates to me in 2020. Since then he hasnt shown up for a debate with. Now hes acting like he wants to debate me again with. Well, make my day, pal pal. Ill even do it twice. Maria the Biden Campaign is proposing a debate before early voting begins in june and another debate in september. This is not having to do with the Debate Commission. He doesnt want to do it through the official, you know, commission. He wants to do these two debates separately. We did get a ponce if President Trump response from former President Trump when spoke with Brooke Singman at fox if news digital exclusively. Crooked joe bide with within is the worst debater i have ever faced. Im ready to go. The dates that they propose are fine. Anywhere, anytime, anyplace. Again, the proposed debate dates months from the biden camp, june and Early September. If he said the dates in june and Early September are fully acceptable to me. I will provide my own transportation, says President Trump. We are polling this news this morning following this news this morning and waiting to hear back from the if Biden Campaign. But, again, the campaign is talking about the traditional commission not being worthy of this or not being up to the task. He says thats old news. He wants to do it differently, joe biden does. So he wants to do it in june and then september. Trump says hell hes ready. That was the breaking news of the morning, Biden Campaign proposing also a Vice President ial debate, by the way. So well see where that goes. Again, were getting response ands and reaction to the Biden Campaign making this debate proposal this morning. And well have more on that coming up. The markets, meanwhile, steady, up tripledigit gain for the dow industrials on the heels of a cpi that was in line yearoveryear but actually better than expected month over month with a gain of. If 3 on the consumer. 3 on the Consumer Price index. The dow up 1511, the nasdaq up 151. The nasdaq up 89. Cheryl reported earlier that walmart is reporting earnings tomorrow, well be all over that. And then well watch for further earnings to move stocks including tech. Nvidia is reporting on a may 22nd, that a week from that is a week from today, and it will likely be a market mover for a. I. Related companieses. Thatll do it for us for a wednesday. Ill see you again tomorrow right here on the same place, same time. Varney company picks it up now. Stu, take it away. Stuart i shall. Good morning, maria. Good morning, everyone. Inflation is not going away, but it appears to have moderated ever so slightly. In the last year, Consumer Prices have gone up 3. 4. That is the same rate as rt reported for february