If the dow finished the day off 334. The s p 500 fell 33 today, the nasdaq dropped 98. All of this occurs as the u. S. And china hold another round of crucial trade talks. Chief White House Correspondent john roberts tells us what the president is saying by all of this from the north line. Bickel certainly has a lot to say about it, as he usually does. In the runup to todays meeting President Trump said he was expecting big moves to match those of other countries. When he got was a lot less than what he wanted. President trump meeting at the white house with the president of mongolia today at the moment of the fed announced a quarterpoint rate cut. The look for the u. S. Economy remains favorable in this action is designed to support that outlet. If the president and responding late this afternoon was seething about what he saw the lack of action. Tweeting with the market wanted to hear was that this was the beginning of a lengthy and aggressive rate cutting cycle which would keep pace with china, the European Union, and other countries around the world. As usual, powell led us down. The markets certainly werent thrilled at the quarterpoint cut. Many investors had expected a full half point reduction. But the dow really went into a nosedive, down near 500 points after Jerome Powell seemed to suggest it might be one and done as far as lowering Interest Rates. Were thinking of it as essentially in the nature of a midcycle adjustment to policy. The markets climbed part way back up the ladder after powell clarified that the fed wasnt rolling out more cuts as needed. If President Trump wasnt worried solely about Interest Rates. The feds program of socalled quantitative tightening was also on his radar. For them to have done quantitative tightening and also higher Interest Rates simultaneously, i think was a big mistake. We have the alltime high in the history of the stock market very i think i would have been 10,000 points higher and i think we would have been in the 4 for less gdp. Powell said the fed would end its policy of quantitative tightening in two months, raising questions whether between that and the rate cut the fat was giving in to pressure from the president. We never take into account political considerations. Theres no place in our discussions for that. We also dont conduct Monetary Policy in order to prove our independence. We conduct Monetary Policy in order to move as close as possible to our statutory goals. Where the fed goes from here may turn on whether trade talks with china bear fruit. U. S. Negotiators are returning from meetings in shanghai without a deal, but say the talks were constructive and will resume in september. Concerns are mounting though that a deal with china will have to wait until after the 2020 election. They would just love if i got defeated so they could deal with somebody like Elizabeth Warren or Sleepy Joe Biden or any of these people because then theyd be allowed and able to continue to rip off our country like theyve been doing for the last 30 years. By delaying a trade deal, china risks tariffs being slapped on another trance of chinese goods and if they deliver all the way through next years election and President Trump wins, it could get really ugly, for china is also betting that the u. S. Economy may turn south before then, improving its position, but its a betting game thats got some pretty high stakes to it, bret. Bret john roberts live on the north lawn, thanks. If theres word tonight that the son of Osama Bin Laden is dead. Multiple news outlets citing u. S. Officials as confirming the death, but they are not saying how it happened or whether the u. S. Was involved. He was considered an eventual successor to his father, while beasley masterminded the 9 11 terror attacks in 2001 and was killed by u. S. Troops in 2011. Lucas tomlinson has the breaking news tonight from the pentagon. Good evening, lucas. Good evening, bret. U. S. Placed a a 1 million bounty on bin laden in february, details of his reported death remain a mystery. John roberts asked the president about it earlier. To have any intelligence that it bin ladens son has been killed . I dont want to comment on it. I dont want to comment on that. Thank you very much, everybody. Threaten revenge after navy seals killed killed his father, al qaeda mastermind Osama Bin Laden in pakistan in 2011. U. S. Intelligence agencies to him as an emerging leader of al qaeda who carried out the worst terror attack on americans soil. Other al qaeda will respond to iran. They were detained but later let go. Over the years, he released audio and video messages calling on supporters to launch attacks against u. S. And allies around the world. Hamza is thought to be 30 years old. If u. S. Government says he married the daughter of a senior al qaeda leader who was indicted by a federal grand jury for his role in the 1998 terrorist attacks against two u. S. Embassies in tanzania and kenya. A video of hamzas wedding was found Osama Bin Ladens compound in a pakistan raid and released by the cia two years ago. Other documents seized indicate bin laden was grooming his son to replace him as leader of al qaeda. Navy seals killed another sun during the raid in addition to his father. The cia continues to cut hunt n the current leader. Al qaeda remains a resilient terrorist group today in afghanistan. Bret. Bret lucas live at the pentagon, lucas, thank you. A highly unusual move tonight against the iranian government. If the Treasury Department is imposing sanctions against the islamic republics foreign minister. Iranian Officials Say he does not have any u. S. Assets. This action comes as the u. S. Is trying to convince its allies in europe to help it establish a secure shipping process in a strait of hormuz amid rising tensions with iran. But some of those same nations are trying to keep their Nuclear Agreement with tamron from being dismantled. Correspondent ellison barber tells us where things stand tonight from a middle east newsroom. After a number of tense encounters in the persian gulf, mike pompeo says the u. S. Is going to build out a Maritime Security plan aimed at promoting safe passage through the persian gulf and strait of hormuz. It will take longer than the u. S. Would like. Are very confident the world understands the importance that america is prepared to be a significant part of that but we need countries from all across the road to assist us in protecting commercial transit. It may be a tough sell. Germany says it will not be part of a u. S. Led mission. We consider the strategy of applying maximum pressure to be wrong. We do not want a military escalation and will continue to rely on diplomacy. But a spokesperson for the government said earlier today germany believes it is worse considering a u. S. Naval protection mission. It hosted senior representative from allied and partner nations in bahrain today to discuss the international Maritime Security initiative. U. S. Navy is not saying exactly who attended the meeting. Neither is the British Royal navy. Fox news is told the United Kingdom have representatives there. There are reports france data as well. In the midst of what seems to be never ending tensions with iran, secretary pompeo says he offered to travel to tehran to speak directly to the iranian people. Irans foreign minister called the offer a hypocritical gestur gesture. Many iranian news organizations have requested interviews with american officials. They have rejected those interviews. President trumps pick to be the navys top officer told lawmakers the u. S. Will not have ships in large numbers in the strait of hormuz. He says they will have resources to escort u. S. Flagships, but will primarily provide intelligence support for the rest of the coalition. Bret. Bret ellison barber in our middle middle east newsroom, thank you. If theres a report out and i think chinese or masses at the border with hong kong. This comes amid serious unrest in that territory over the last several weeks. Weve reported here on special report. National security advisor john bolton spoke with lou dobbs of the Fox Business Network about this a short time ago. Ive heard rumors from friends in the region about this and people expressing concern. I would just say i hope that people who remember what happened after Tiananmen Square in june of 1989 you know, if china doesnt honor its international commitments, it sends a signal for other possible commitments they might make in the future. Bret the bolton interview can be seen on lou dobbs tonight at 7 00 p. M. Eastern on the Fox Business Network. Order ricohs outgoing governor says he has chosen the former congressional representative pedro peter luisi secretary of state, that puts them in line to be governor in one rossello steps down this week. However, its considered unlikely he will be approved by legislators. The governor says he will hold a special session of the Legislature Tomorrow so lawmakers can vote on the nomination. Here in the u. S. As we get ready for the political season of 2020, front runner joe biden and his friendturnedcritic Kamala Harris highlight the lineup for tonights second round of eight in detroit. Last night the deep divide between progress of candidates and centrists was on full display. Correspondent peter doocy is in detroit again tonight. Joe biden hasnt been seen in public in almost a week as rivals have been testing out zingers for tonight coming hes concentrating on Kamala Harris. Time magazine reports biden has been studying dossiers about harris record as a prosecutor in California Attorney general. Thats quite a shift from biden earlier this summer. I say lets talk about the future instead of talking about the past. Ahead of round two, biden figures into the expected game plan of harris, cory booker, and michael bennet, who thinks bidens lead beating trump alone is wrong. The Vice President s argument has been the problem were facing is donald trump. The reason why trump is there in part is that we were a mess before he got there. Bennett is betting primary voters might want a moderate like several primary rivals last night with arguments against progressive policy proposals. Throw your hands up. I can do it John Hickenlooper insists that wasnt personal. When he throws his hands up it creates this dramatic moment, its hard not to jump in varied tim ryan also tried to challenge sanders on his signature issue, medicare for an Members Health insurance. Second of all. We will come to you in a second. When i rode the bill. He didnt right the Union Contract so theres no way to tell what the Union Contract is buried but progressives didnt give up any ground. Just to clarify, would you decriminalize illegal border crossings . Yes. It was tough for candidates to bring through the Host Networks a rigid enforcement of the rules. If we could all stick to the rules of the time, that would be great. Please stick to the rules, we will get to you. But one newcomer used her time at a local connection to earn the loudest applause of the night. I assure you i lived in grosse pointe. What happened in flint would not have happened in grosse pointe. Marianne williamson also called on her experience as a spiritualist. If you think any of us walking us is going to deal with this dark psychic force of the collectivized hatred that this president is bringing up in this country, then im afraid that the democrats are going to see some very dark days. She was the most searched candidate on google last night. Shes got a message to the ten democrats will follow. Make it a lovefest. Lovefest is unlikely because multiple campaigns have been signaling tonights the night they will be beating up on joe biden, but democrats dont seem to mind. They started showing up around lunch time just to get into the auditorium to have a chance to see a potential democratic nominee. Bret. Bret peter doocy in front of the fox theater in detroit. Ahead of tonights debate, thank you. Up next, president s housing secretary, longtime baltimore resident says that city is like a cancer patient. We will bring you there. First, heres what some of our fox affiliates around the country are covering tonight. Fox 26 in houston is an explosion and fire erupted at the exxon facility in baytown. At least 37 people are receiving offsite care for minor, nonlifethreatening injuries. In shelter in place was issued for the city of baytown but has now been lifted we are told. Fox 5 in new york has financier, friend to president s and accused sex trafficker Jeffrey Epstein makes his First Court Appearance since he was found injured on the floor of his jail cell. A judge says the soonest epstein will stand trial is next june. His lawyers are pushing for a later date. Epstein has pleaded not guilty to the charges. And this is a live look at chicago from our affiliate, fox 32. The big story there tonight at cook county judge denies a request by attorneys for Jussie Smollett to investigate why they were dropped against the actor. He was accused of fabricating a story that he was assaulted by prodrum supported. The states attorney recused herself and prosecutors abruptly dropped all charges. The judge also refused a defense request to step aside. If that is tonights live look outside the beltway from special report. We are outside the beltway too. Well be right back. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. You eat right. Mostly. You make time. When you can. But sometimes life gets in the way, and that stubborn fat just wont go away. Coolsculpting takes you further. A nonsurgical treatment that targets, freezes, and eliminates treated fat cells, for good. 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[ psa by jay z ] were never going to survive their firepower. Were going to need cars. And guns. Oh i can handle that part. I got your back brother. And me yours. [ laughing ] [ screaming ] bret search and rescue crews are on the seat of a military plane crash tonight. The navy says one of its super hornet jets went down near china lake california. The plane is a single seat jet with one pilot. China lake is a bombing testing range for the u. S. Navy. President trumps housing and urban Development Directors has baltimore is like a patient with cancer. Dr. Ben carson, who worked at baltimores Johns Hopkins hospital for 36 years is backing up his boss diagnosis of the city, representative in congress but one of the president s fiercest critics. Carson was in baltimore today. So was correspondent Doug Mckelway. Doubling down on his baltimore rhetoric, President Trump described the city in a tuesday night interview with the Washington Post as worse than honduras. The white house did counterbalance the president s stick with hud secretary ben carsons carrots. It sort of like if you have a patient who has cancer and you can dress them up and put a nice suit on and you can try to ignore it, but that cancer is going to have a devastating effect. Carson invited congressman Elijah Cummings to join him at a baltimore News Conference today. Cummings was unavailable and neither side has made moves towards any future meeting. Carson touted the administrations opportunity zones. There are 149 in maryland alone, like here at hollands house. His claim, new housing for low income residents pay a third of their income to live while Developers Get tax breaks that grow over time. One landlord in baltimore is jared kushner. Two of the properties owned by his familys Companies Just outside cummings district have been cited by the city repeatedly for violations ranging from leaky windows to rodent infestation. The battle over baltimore made for some pointed jabs at last nights democratic debate. Speak a little kid literally woke up this weekend, turned on the tv and saw their president calling their city, the town of baltimore nothing more than a home for rats. But no democratic debate are noted its their party that dominates the power structures in most blighted big u. S. Cities, resulting, carson says, in a max exodus. Thats why they left, because there was so much regulation. Because the tax structure was inappropriate. In 1950, baltimore was the six largest city in the United States. Today its the 30th largest with a population loss of 350,000 people. The blue collar and factory jobs which once proliferated here have now largely moved overseas. The Trump Administration is taking a large part of his legacy on trying to bring them back. Bret. Bret Doug Mckelway live in baltimore. Doug, thanks. It appears the highly anticipated senate vote on a compromise budget and debt deal will happen tomorrow. Senate majority whip john through says he is having some attendance issues. President trump is figuratively asking Senate Republicans to hold their nose and vote for a bill that many vehemently disliked. If the agreement lifts the limit on the governments 22 trillion debt for years. Increases domestic and defense spending and averts another partial government shutdown. Up next, we will talk live with the health and Human Services secretary about the president s plan to allow you to buy low cost scriptural drugs from canada. First, beyond our borders tonight, the man who became the second confirmed ebola case in congos major crossroad cities of goma has died. Officials say the minor in his 40s may never have known he had the virus. More than 1700 people have been killed in a yearlong outbreak there. At least 32 people died when a roadside bomb tore through a bus in western afghanistan today. Police Officials Say 15 others were wounded with most in Critical Condition tonight. No group immediately for a flame dome acclaimed responsibility for that bombing. Israels cabinet has unanimously approved a proposal to build more than 700 Housing Units for palestinians in the occupied west bank. That would be in addition to 6,000 israeli settlement Housing Units. A spokesman for palestinian president responded to the move by saying the palestinians have the right to build on all occupied territory without needing a permit from anyone. Just some of the other stories beyond our borders tonight. Will be right back. Motor . Nope. Not motor . Its pronounced motaur. For those who were born to ride, theres progressive. Its how we care for our Cancer Patients like job. When he was diagnosed with cancer, his team at ctca created a Personalized Care plan to treat his cancer and side effects. 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Its a move that powerful pharmaceutical industry has fought tooth and nail for decades. Lets talk about what it all means and what could happen tonight with health and Human Services secretary alec cesar. Thanks for being here. Good to be with you, bret. Thank you. Bret can you explain the safe importation action plan . President trump has heard the American People. They want to pay less for drugs and hes delivered results over the last two and a half years. Weve seen drug Price Inflation go down for the first time in over 50 years but thats not enough. He has asked us, and we today launched a plan that will allow states, pharmacies, and wholesale distributors to come in with plans to us that they can assure they get drugs from the same factors that make the american drugs but get labeled for canada, get those drugs, keep them under fda regulation, keep them safe, get them into this country and allow them to be sold at discounts for american consumers. Weve laid out for the first time in history a pathway where you can actually get canadian drugs here in the United States in a safe way and reduce cost. So its really historic, historic move today. Bret this is a big, big issue on the campaign trail. Just last night at the debate it was a big topic for democrats. Take a listen. When we talk about Prescription Drug costs, washington, d. C. , is captured by dark money. It works great for those who can hire armies of lobbyists and lawyers. I took 15 people with diabetes from detroit a few miles into canada. We bought insulin for onetenth the price being charged by the crux will run the pharmaceutical industry in america today. Bret so are they wrong . President trump is the first president , republican or democrat, who has ever had the courage to take on the pharmaceutical industry and the vested interest of the status quo to open the door to safe importation of drugs from canada. As i just laid out, this is the first time its ever happened and its because hes fighting for the American People. If the American People want their drug prices down. They are sick and tired of the fact that we overpay in the United States so that socialist systems like canada get propped up by underpinning and hes going to level that. Bret your sick critics would say that if you are the president of eli lilly, you are ahead of one of these big soft dumb i pharmaceutical country that during that time saw the tripling of insulin prices. How we give the guy to spearhead this effort . And all the drug Pricing System works and how the drug supply channel works. Its actually my inset knowing how that channel has devolved over the last two decades that enabled us to make this change. This historic shift saying you know what, the Global Supply chain of drugs and Drug Distribution has modified in the last 20 years to the point that we think this actually can be done safely. We can break through the orthodoxies and the talking points that said for so long its unsafe, it cant be done safely. It cant result in savings to consumers and instead we can open the door for states, for pharmacies, and for wholesale distributors to come in with plans to actually make this work for the benefit of the American People. Bret you know, its not just the Democratic Candidates would often talk about the pharmaceutical industry in a negative way. Heres President Trump in may of last year. The drug lobby is making an absolute fortune at the expense of american consumers. No industry spends more money on lobbying in the pharmaceutical Health Products industry. Last year, these companies spent nearly 280 million on lobbyists. Thats more than tobacco, oil, and defense contractors combined. Bret so again, you were the head of one of these companies. Is he right and can the industry change . Hes right that they spend a fortune on lobbying and they certainly spend a fortune in attacking me constantly for the effort the president and i are waiting to tackle the status quo because we are going to be undeterred in efforts to get lower drug prices for the American People. Theyve got a good gig going. Theyre making a lot of money. Theyre not going to want that system disruptive. If president wants an innovative pharmaceutical system in the United States. The president wants more research and development and we want the therapies of tomorrow, but we are getting a raw deal on that now. Theres fair compensation. We can set up systems where we ensure that were not just getting a bill and paying it, but actually negotiating, getting fair, competitive market values for that. The simple fact is we dont have a free market right now for drug pricing in the United States. When they simply hand you a bill and you pay it, thats not a free market. You actually need to build systems where you actually negotiate, you have competition. Thats what President Trump is doing. I talk about anything that would hurt this industry in any fundamental way but we are talking about making sure the patients in the drivers seat, the patient has access and choice and competition. Bret hhs secretary alex azar, thanks for the time. One down, one to go. We will talk about the second round of the democratic president ial candidate debates with the panel when we come back. Look limu. A civilian buying a new car. Lets go. Limus right. Liberty mutual can save you money by customizing your car insurance, so you only pay for what you need. Oh. Yeah, ive been a customer for years. Huh. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. And i dont add trup the years. S. But what i do count on. Is boost® delicious boost® high protein nutritional drink has 20 grams of protein, along with 26 essential vitamins and minerals. Boost® high protein. 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I dont know why anybody goes to all the trouble for running for president of United States just to talk about what we really cant do and shouldnt fight for. Bret just a flavor from last nights debate in detroit. Another night tonight. A lot of the tracking is who people around america were searching before the debate on google the most searched names were Elizabeth Warren, Bernie Sanders and you see the breakdown in the states there where they were searching and then during the debate, take a look at the searches on google. Marianne williamson in yellow. Thats the number one searched candidate from the debate. Lets bring in our panel. Senior political analyst brit hume. Jonathan swan, National Political reporter for axios. Jonah goldberg, fellow with the American Enterprise institute. Bret, what about that debate and kind of what you saw . Ill tell you this, i think we are all watching those debates so closely and with such interest, but it is awfully early still and what i think we have to be alert to is the likelihood that whatever effect these debates seem to be having on the race, not very permanent. The last round of debates we had this joe biden take a bunch of hits from Kamala Harris. She comes up in a pulse, he sinks in the polls. And here we are only weeks later. His backup about where he was and she is sunk again, which suggested people at this early stage are not reacting very strongly that their impressions are impermanent and soft and so whatever comes out of these two nights, i question whatever the effects are going to last very long. Bret we are a long way from the Iowa Caucuses at the beginning of february and that the first contest you have to night. You got this stage with again joe biden and Kamala Harris. And others were going to be swinging for the fences to try and make the third debate in september. You will have cory booker and Kamala Harris bring up race and there definitely going to, i think im a try make joe biden look like the bad guy with legislation back in 94, the crime legislation but joe biden has to come he said hes not going to be as nice a but he has to come not with white gloves but with boxing gloves varied not only punching the body in a place he really does have to punch down and fight these people because he knows what theyre going to come at him with. He needs to be more prepared than he was last time. Tonight is joe bidens to win or lose. Bret while it came back, if he has another bad night, it may break that inevitability kind of track that hes been on. Your reading my mind because that is, honestly, what i think. These bombs that were seen, even julian castro, everybody is googling him. We are going to see that for marianne. But for joe biden, because he is the front runner and because he has such high name recognition with his history as a Vice President and his lifelong political career, he could suffer greatly if he doesnt perform well tonight. Bret last night, jonah, there really was this battle for the heart of the Democratic Party between the progressive or liberal side of the centrists. Heres john delaney today on fox friends. The problem with the extreme left of the party. When you point out obvious flaws and the things theyre talking about, they say that the republican talking point. With a list with warren, want to point out the things that shes proposing are either impossible promises or fairy tale economics, she says you are not being ambitious enough. Bret is it a battle that they could win . No, i dont think so. John delaney for conservatives is sort of our spirit animal in the democratic primaries these days. But the really remarkable thing if you take a step back and look at this in Historical Context is realized just how unbelievably bad the obama years were with the Democratic Party. If they lost over a thousand elected positions around the country. The vast majority of them, the moderate wing of the Democratic Party. All that was left were the people from the deep blue liberal centers of this country and they basically took over the party. The Elizabeth Warrens, de blasios, they have the rings of power in the party in the moderate wing is more of a feather now because theyre the ones who either survived the obama wave or are sort of unknown, the sort of firstorder talent of moderates were all wiped out in the obama years so instead you have to sort of go back and get this guy essentially out of a retirement home and joe biden to play that role and i think its a real problem for the democrats. Bret jonathan, the president wing and if i hadnt won the 2016 election we would be in a great recession, depression right now. The people i stocked up on stage last night and you can add an sleepy joe, harris, and the rest, will lead us into the economic sequel the likes of which weve never seen before. With me, only up. Whats your perspective on how the president or the administration is looking at these debates and who they are looking at specifically . So the Trump Campaign and i should be clear, the term political operation at this point is run by jared kushner. Very clearly, everyone makes that very clear. Their strategy is to say that theyre all the same. All of them are the same. There are few people within the campaign not inside the campaign but close to the campaign in the white house who think they should be more aggressive and actually differentiating some of these candidates and attacking them, but the strategy from the Campaign Point of view has been to say they are all socialists, they all want to do these crazy leftwing things and it seems like in that tweet the president is playing into that. Of course you can never really script this president for more than 2 minutes at a time, so im not saying that hes going to continue along that track, but thats where thats coming from. Thats the whole Campaign Message at this point. Bret and bret, to your original point, the headtohead matchups in the polls, really dont count until you get one person up against the donald trump machine and his branding efforts. Bret, im not sure that these debates will have that big or lasting difference. Until the field is winnowed to some extent, which i dont think probably wont happen out of this set of debates. It may start to happen next month because of the debate qualifications for the next round are going to be so much more stringent, so many fewer candidates will qualify and we will begin to see that, but it is well to bear in mind that so far sentiment has proved to be soft and changeable and joe biden, who looked like he was severely damaged the last time around wasnt. Its not entirely clear to me that his performance tonight will alis legacy could help himself to some extent as leslie suggested, but im not sure hes going to be terribly damaged or anyone else terribly that much helped by whats happening in these very, very early debates. Bret all right, we will check it out. Have analysis afterwards. Next up, the Federal Reserve cuts its benchmark Interest Rates. The markets took a dive on how the fed chair explained it all. Thats next. Saved money on our boat insurance. 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There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. The mucma fest of summer. Country musics biggest stars perform their hottest hits. And the First Time Ever. Lil nas x, Billy Ray Cyrus and keith urban perform the hit old town road. Cma fest sunday 87c on abc. And after the show check out a special encore performance of brett youngs song, catch. Available only on xfinity. Just say brett young into your x1 voice remote. We decided today to lower the target for the federal funds rate by a quarter of a percentage point to arrange 2 to two and a quarter percent. The outlook for the u. S. Economy remains favorable in this action is designed to support that outlook. It is intended to ensure against downside risk, we can global were thinking of it as essentially in the nature of a midcycle adjustment to policy. Bret thats the fed chair explaining in a News Conference, as they do, the effort to drop down Interest Rates for the first time in more than a decade and if you look at the chart, you can see where the little dip happened today. The market though when that announcement was made and how it was made did not like what they saw. Take a look when that announcement was made with the dow today, the other indices taking a hit as well and the president didnt like it either. What the market wanted to have from jay powell and the federals or was that this was the beginning of a lengthy and aggressive rate cutting cycle which would keep pace with china, the European Union and other countries around the world. As usual, powell led us down. At least hes in a quantitative tightening which shouldnt have started in the first place, no inflation. We are winning anyway but im certainly not getting much help from the Federal Reserve. Back with the panel. Jonathan, this president more than any other has attacked the Federal Reserve and the chair specifically. Not only that but hes had a number of conversations with colleagues including the white House Counsel about whether he has the authority to either fire Jerome Powell or demote him. Hes been told he cant do that without cause, so theres been a lot of conversations behind the scenes. It late last year the president , according to two sources with direct knowledge, privately entertained the idea of replacing powell with kevin walsh, one of the people he was considering originally for the job. To say hes been deeply unhappy would be a gross understatement. He has described powell as the greatest threat to his to the economy into his presidency in some respects. So its much bigger than anything weve seen before. Bret he was asked today, powell was, about the president s comments and he said that we never take into political considerations. Your thoughts on this battle and where the fed stands . This is the reaction i think we could have expected from the markets on this. The markets always want lower Interest Rates almost in every circumstance, and powells expression of general confidence in the future path of the economy did not seem to help, although just as an individual i thought it was reassuring. After all, there are headwinds, as powell mentioned, around the world with slowing Economic Growth in a number of places and headwinds from trade fights that we all know about. This little tiny one quarter percentage point cut probably wont have a much immediate practical effect, its just too small. The question is will it be followed up with further cuts, which is what the administration wants in the administrations nearly all seem to want. I think its important that the fed maintain its independence and i dont have a reason to believe that powell here was simply trying to placate the president. My sense about him is that he and the fed will go their own way, as they should. Bret here is the fed chair on trade tensions. We also feel like weak Global Growth and trade tensions are having an effect on the economy. If you see it in the second quarter, you see weak investment, weak manufacturing. Bret so there was some messages there, leslie, that were not great messages, but you look at the polls, our recent poll, the president on the economy, stands at 52 approval. If you look at the economic changes since he took office, the only one that has changed is the real gdp growth, which is down. Unemployment rate, Consumer Confidence up, Hourly Earnings up and overall a Strong Economy. They go overall a Strong Economy but i think a lot of people were concerned when i saw this happen because normally you decrease Interest Rates when what we are in dire straits. Optically this is to counteract any negative repercussions from trade and tariffs but i think people looking forward hear some economists out there talk about things like economic slow down, perhaps a recession. Elizabeth warren would be right if that happens. And i think people question is the economy as strong as the president and others say it is when you see this happen. Bret jonah. I think its first of all important to remember that our markets are addicted to low Interest Rates and this is a longterm Serious Problems that we are going to have to address. Interest rates are just basically another form of spending through the factory. I think the real its not surprising at all that we didnt see a huge boost from the cut today. We saw a huge boost one powell all but declared through a bullhorn that this cut was coming. What spooked the markets today was they thought this was going to be the first of a bunch of cuts and i think that thats this is where you get the problem of the president job owning the fed, whatever powell does, it will seem as if he is reacting to political pressures rather than economic underlying economic variables and thats a real problem. Make no mistake about it. As we look out to this upcoming election, we can devise all kinds of scenarios about how the democrats might win or how trump might win. Its pretty hard to envision a scenario where we have a real economic slow down and people notice, believe its happening, and a feeling in which the president wins, so obviously thats on his mind as he looked out ahead in the one thing i think he feels would almost certainly help us stave that off would be a significant drop in Interest Rates. Bret jonathan, at the same time, we still have the impact of this repatriation of dollars from overseas that really hasnt hit fully. There are some things to come, and should he get a couple trade deals across the finish line, it changes the entire dynamic. Right. You could envisage, for example, the china deal late this year or early next year that could have attached to it could be any number of major purchases including major agricultural personages. You could see things like that, you could see usmca deal potentially get approved. There are things there, all of them have great challenges. Its not like any of these are givens, but yes, there are certain things the president hopes will happen steam like the economy leading to the election. Bret all right, panel, thank you very much. Im all over. When we come back, some late night reaction to the democrat debates. With my hepatitis c, i felt i couldnt be at my best for my family. In only 8 weeks with mavyret, i was cured and left those doubts behind. I faced reminders of my hep c every day. But in only 8 weeks with mavyret, i was cured. Even hanging with friends i worried about my hep c. But in only 8 weeks with mavyret, i was cured. Mavyret is the only 8week cure for all common types of hep c. Before starting mavyret your doctor will test if youve had hepatitis b which may flare up and cause serious liver problems during and after treatment. Tell your doctor if youve had hepatitis b, a liver or kidney transplant, other liver problems, hiv1, or other medical conditions, and all medicines you take including herbal supplements. Dont take mavyret with atazanavir or rifampin, or if youve had certain liver problems. Common side effects include headache and tiredness. With hep c behind me, i feel free. Fearless. And theres no looking back, because i am cured. Talk to your doctor about mavyret. [fa mers bell] burke a rock and wreck. Seen it. Covered it. At farmers insurance, we know a thing or two because weve seen a thing or two. We are farmers. Bumpadum, bumbumbumbum dto experiencer gthrilling performance. Now, at the lexus golden opportunity sales event. Get 0. 9 apr for 60 months on all 2019 models. Experience amazing at your lexus dealer. Crabfest is back at red lobster with 9 craveable crab creations. Like crab lovers dream with crab. Crab. And more crab. Or for those who want it all. New crabfest surf turf. Grab your crab crew, hurry in or order it to go its been a long time since andrew dusted off his dancing shoes. Luckily denture breath will be the least of his worries. Because he uses polident 4 in 1 cleaning system to kill 99. 99 of odor causing bacteria. Polident. Clean. Fresh. And confident. Of odor causing bacteria. Bret finally tonight, a few late night laughs about last nights democratic debate. Have 30 years of reality to be taught the democrats nothing . Cant go from 20 candidates right to one. First you have to put them on an island and separate them into tribes. After the first half of tonights debate, google searches for former congressman john delaney increased by 3400 and still, no results. Yes dark psychic force there she goes, tossing her face some of that red unicorn meat. And the only way to defeat it is to help harry potter locate the final four horcruz. I thought he was going to send someone to the hospital and pay their entire bill. Bret we will see what they bring after tonight. Thanks for inviting us into your home tonight. If that is it for this special report. Fair, balanced and unafraid. It will have complete reaction, analysis after the debate on Fox News Channel at 10 00 hour and 11 00 with shannon bream. I will join shanna. The story guest hosted by my buddy bill bill hemmer starts t now. Bill great show tonight, good evening and thank you. Good evening, everybody. Im bill hammer in tonight for my friend Martha Maccallum and this is be 28. Two and a half hours of sparring on stage in michigan, we did not hear a single specific policy or pitch to target the troubled city or the People Living in detroit. Democrats lost michigan and President Trump 2016, a state that has been solid blue since the late 80s and their pitch to win it back since 2020 relies heavily on this. Are running for president notches to succeed the most dangerous president in the history, the guy is a racist and a sexist and homophobic