out tonight? we will have that for you and so much more on "making money." ♪ charles: president trump is on his way to japan for the g20 summit right now. where he will meet with china's president xi xinping. they will of course going to talk about this trade deal. meanwhile president trump airing his grievances with china on fox business this morning. >> they have taken advantage of us as a country for so long, they're so far ahead on average, this country is losing more than $500 billion a year with china. charles: edward lawrence is live in osaka with a preview. edward? reporter: yes, charles, good morning, from osaka. it is tomorrow morning. the city is on lockdown for world leaders coming here. they will be on the world stage, next few days here. president trump on air force one, now on his way coming over here to osaka. he will meet eight world leaders over the various course of the next few days. one meeting with all eyes on with russian president vladmir putin. the president will have about an hour with the russian president to speak about certain things. senior administrations officials say they will talk about iran hostilities and ukraine. the president will talk about trade. he will have about 95 minutes with president xi xinping from china. the president saying the next round of tariffs might not be at 25%. indicating it could be possibly 10% tariffs. we'll see what happens here. this week will go a long way to say how the trade talks in the future will go. spokesperson for the chinese foreign ministry criticizing the u.s. ahead of the g20 summit here without mentioning the u.s. spif. quote, instability and uncertainty in the world economy are mainly attributed to trade tensions which are largely caused by unilateralism, protectism and bullying acts. he went on to say china is a vick sim of restrictive measures by other countries. adding that china wants to work with a coalition here to stop economic bullying as they call it. this is tough talk more on lines of gaining a coalition, rather than trying to sit down with the night here. there will abdel mitigation meeting next few days. a meeting between president trump and president xi. that will determine the tone how things go forward on trade with china. charles. charles: we have michelle gerard and university of maryland economist peter morici. michelle, we had highs and lows, optimism, pessimism, where do you think we stand right now? what do you think the outcome will be? >> our next best best is not unfortunately any firm resolution. you may get a situation where tariffs are delayed while negotiations continue but i find it hard to believe this is going to be resolve in a way we feel like the air is clear. it will be very interesting though, to the extent that we even get a reprieve, even if we got good news, you talk about the fed, how the markets would take the removal of uncertainty about a trade outcome. in some ways obviously the removal of trade is very positive. then on the knee-jerk rethink of it, what does that mean for the fed? maybe the fed will cut rates? there is a lot of pieces that fit into this, trying to assess what the outcome or potential scenarios might be around this meeting. charles: peter, your thoughts. >> my feeling is they really can't accomplish a lot because of the constraints that are on the two leaders. if they decide to sit down, there will be 18 other basically national leaders that will be very disappointed, because if they decide to sit down, in some way relax tensions with regard to the tariffs, wake up, there is still a lot of problems in the global economy. europe can't grow for reasons entirely to do with europe. china has fundamental dysfunctions internally. we're facing difficulties. the tax cuts has not worked out exactly as they should and country is leaning left now. all that comes to the foreground when you have tariffs kicking around anymore. the tariffs are not that large with respect to the global trade. they released a study that global trade is contracting blaming it all on donald trump. if they don't have donald trump to blame anymore, they have a lot of explaining to do. charles: mesh, something you said with respect to the federal reserve. jay powell said it has not a negative impact on economy but a negative impact on psychology which also moves the economic needle. do you think, for michelle, i will come back to you, peter, do you think there could be a scenario where trade talks are resumed in a way, where we're back on the glide path and fed cuts rates next month? >> the fed chairman acknowledged in a press conference after the fomc meeting if there was a trade deal, would that take rate cuts off the table? he acknowledged they were looking more broadly. peter mentioned there are other issues ailing the global economy, far beyond just the tariffs. so in that sense i think the fed does have broader concerns. even if under best-case scenario we walked away with u.s.-china trade deal, i don't think that would in any way defer the fed what i think will be a rate cut in july. may have impact, implications for the size of the rate cut but whether or not we see it actually delivered. charles: peter, last word? >> my feeling ace rate cut is on the table. this is one of the most encouraging things chairman powell said that shows us he understands what is really going on. economic indicator, economic indicator indicates, excuse me for that, tax cuts are not working very well on the corporate side. so the biggest barrier to getting a rate cut frankly is donald trump and his tweets. if he would leave the man alone, so there isn't a perception of political compromise on powell's part, i think he will do the right thing and cut rates in july. charles: let's leave it there. michelle, peter, two of my favorites, i appreciate you helping our audience out. thank you both very much. >> thanks. charles: hey, folks, market slowing down a little bit. this morning it was fire. cnbc, they accidentally lit that match. the network misquoting their interview with treasury secretary steve mnuchin, reporting that he said a china deal was 90% done. well, turns out mnuchin was talking about last month's breakdown in those talks. it was the past tense. joining me to discuss all of this, kaltbaum capital management president, fox news contributor gary kaltbaum. gary, let me start with the china situation. obviously wall street is looking at this. i think we have to handicap it difficultly. we thought first three month it was a done deal, niceties, pleasantries, positive comment from both sides. expectations game has to be a lot lower. i know wall street is not looking for a deal on friday but what is wall street looking for? >> i wish i knew, charles. i think the needle changes every day right now. we hear different things from different people daily. my big wish they would stop talking about it, get in a room, get something done, get anything done because i have to tell you they're driving markets up a wall and it is putting a lot of uncertainty in things. i know you were talk about the economy before. i got the economy in the ones this quarter. there is a definite slowdown coming on. durable goods not so good. home numbers not so good last couple days. this is something to watch. if donald trump is worried about re-election, if the economy is tanking, and market is tanking, he is in big trouble. maybe it moves him quicker to get something done. charles: jay powell takes great pride that the role the fed played during the great recession and i think peter morici is right, that powell is overthinking all of this and every time he speaks the market reacts negatively. what's happening here? >> first off it is 100% lock that they are lowering rates at the end of july. it will be a quarter point. i don't think they need to go a half yet of maybe that helps things out. i think the important part of the equation the market is already doing the job. the 10-year is down 2%. that is where big mortgages come from, last i looked we're 3.75, four on mortgages. that is cheap, cheap money for housing industry and could help. charles: we saw mortgage applications jump. they have been inconsistent but i think two of the last three mortgage applications have been significantly better than anticipated. before i let you go, gary, you always talk about the semiconductors as being a proxy for you. micron reported and it was something they said about loopholes if you will. micron has loopholes, intel has loopholes, huawei, to me suggest that while the administration is playing hardball with china, they have left some loopholes deliberate hi as an overture toward getting a deal done. first your thoughts on the the on semiconductors. are they back or a one-day blip? >> i'm not sure but i tell you very good action. institutions are there buying. micron's numbers were not good at all. i don't trust them that much because they are always saying great things. nothing bad happens when semiconductors have the bid. let's hope that continues. of course there is loopholes, you just can't stop commerce with these companies. if you do, it is what is known as or else, that would be troublesome. charles: gary, we always appreciate your thoughts. thanks, my friend. >> you got it buddy. charles: president trump blasting fed chair jerome powell how he made him, how he wishes the ecb president mario draghi was the fed chair. we have more on those comments. congress working on a humanitarian border package as the humanitarian crisis worsens. we'll have the latest after the break. ♪ that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ it's a revolution in sleep. the sleep number 360 smart bed is on sale now during our lowest prices of the season. it senses your movement, and automatically adjusts to keep you both comfortable. it even helps with this. so you wake up ready to hit the ground running. it's the lowest prices of the season. the queen sleep number 360 c4 smart bed is now $1299, save $400. plus, 0% interest for 36-months. ends saturday. sleep number. proven, quality sleep. charles: the senate voting right now on the house's 4.5 billion supplemental spending bill to address humanitarian issues at the border but it faces a tough pack to enactment. facing a veto threat from the white house but the senate has separate bipartisan bill he supports. if the house bill fails in the senate, the senate may vote on its own bill later today. i want to bring in border commerce security council president nelson barito american public seeing this more than ever. it is a humanitarian crisis. something that must be addressed. i think something that should not be politicized anymore. both sides of the aisle have to put their differences aside. apparently this house bill won't make it through. do you know enough about the senate bill, senate compromise bill, whether or not that could be ultimately the framework for something that gets through? >> thanks for having me back, charles, and certainly the senate bill will have department of human services dollars attached to it, but more importantly they're looking for $50 billion, $50 million to be able to get more judges, more immigration judges we need on this border. that is really the problem. the reason we have all these people on the border, number one, obviously the house bill is only addressing that issues focus once they get here, instead of looking at issues, stopping them from getting here at all. if they enacted something in this legislation that would stop the crisis and human human problem we have. now once they're here, the reason they have two to three years, sometimes even four years of waiting in line in the united states is because we don't have enough immigration judges. that was not part of the house bill. looks like that may be part of the senate bill. trump basically said, i will veto this if it doesn't make sense to the stop the crisis, put dollars in place to stop this insanity. greatest thing is, now we have a foreign government that is doing more than our own congress to address the issue. charles: all eyes on the u.s. congress. a pox on both houses until this gets through. no one wants to hear about going on two week summer vacation. so having said that, understanding urgency understanding the predictment nancy pelosi continues to find herself in trying to corral her members, do you think that perhaps midnight tonight, early tomorrow, whatever it is we can get some sort of a compromise? >> i hope we can, i will tell you, i just got back from yuma, arizona last week, the crisis is everywhere. three weeks ago it was in laredo. i was talking to border patrol. i talked to crossers, these illegal crossers. tell you the thing is, until nancy pelosi and hopefully they put these things aside, enact some legislation, this is not going to change. absolutely they can do it. it is all on her. they have to corral the fringe part of the democratic party to say look, we want to do this, because it is the right thing to do. we've had warnings on this now for months. we've known there was a border crisis. we've been talking about it since early last year. 144,000 people crossed the border last month. in a decade we haven't had this number. it is four times the amount we were having just a year ago. charles: nelson, unfortunately late last year a lot of people were referencing old data, actually laughing at the idea this was an emergency. no one is laughing now. always appreciate your expertise. >> thank you, charles. charles: elizabeth warren, guess what, folks? she will be front and center in the first democratic presidential debate tonight. can the nomination come without promising trillions of dollars in freebies? we'll have a preview. president going off on fed chair jerome powell on maria bartiromo this morning. we'll have the latest with this on going feud next. >> now i made him and he want to show how tough he is. ♪ back then, we checked our zero times a day. times change. eyes haven't. that's why there's ocuvite. screen light... sunlight... longer hours... eyes today are stressed! but ocuvite has vital nutrients to help protect them. ocuvite. eye nutrition for today. 4 out of 5 people who have a stroke, their first symptom... is a stroke. 80 percent of all strokes and heart disease? preventable. and 149 dollars is all it takes to get screened and help take control of your health. we're life line screening... and if you're over 50... call this number, to schedule an appointment... for five painless screenings that go beyond regular check-ups. we use ultrasound technology to literally look inside your arteries... for plaque which builds up as you age- and increases your risk for stroke and cardiovascular disease. and by getting them through this package, you're saving over 50%. so call today and consider these numbers: for just $149 you'll receive five screenings that could reveal what your body isn't telling you. i'm gonna tell you that was the best $150 i ever spent in my life. life line screening. the power of prevention. call now to learn more. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? charles: president trump wrapping up criticism of fed chair jerome powell today telling fox business he is not doing a good job, renewing calls for rate cuts. the president wishes ecb president mario draghi was our fed chair. hillary vaughn is at the white house with the latest. hillary? reporter: charles, the reason why the president said that is because draghi has cut interest rates in europe which the president says is smart and makes them more competitive. even though fed chair powell has hiked interest rates nine times during trump's terp, the president said on fox business exclusively he is not planning on firing or demeeting chairman powell. >> i never suggested i was going to do that. i do have the right to do it, but let me just tell you, he has to lower interest rates for us to compete with china. what they're doing is pouring money into the economy. and they're lowering rates. reporter: in an exclusive interview with fox business's maria bartiromo, president trump said rising interest rates makes u.s. less competitive and dealing dealing with retaliatory tariffs from other countries. trump says other nations are devaluing their currency take advantage u.s. he says the powell is not factoring in and not doing anything about it. >> if he would have raised them half, just half, not done the quantitative tightening our market would be up another 10,000 points. gdp would be up another point or two points. we potentially could have hit five. reporter: trump says he want to start paying off our major debt. but he says it's a lot harder to do that when interest rates are rising. charles? charles: hillary, thank you very much. want to bring in heritage foundation senior writer. kelsey bolling. president trump every time gets a chance to talk about this, it has gotten under his skin and to agree people understand, quantitative tightening, so audience understands, reverse of ease ease. at one point they were taking $50 billion out. if quantitative easing saved the economy, certainly quantitative tightening posed something after challenge to the economy? no president trump is not the first president to criticize the fed and he won't be the last. that said it is important for the fed to remain independent, but as president he has a right to voice his concerns an opinions about the economy. luckily he might not be happy with policies coming out of the fed right now, but he does have a strong economy to back him up with record low unemployment rates, wages rising particularly for low income americans but what to focus on because the fed is independent, but the policies in control of congress and american voters. as we speak right now, congress is blowing more budget caps, adding to our 22 trillion-dollar budget which equates to $67,000 for every american in this country. charles: i want to you take a listen to what president trump had to say about what powell is doing to the economy. he had pretty colorful language. then i will ask you about it. >> he was doing $50 billion a month, he was tightening. he has taken it out. sucking it like from a vacuum cleaner, he was taking it out. a lot of people didn't know that. now it is $25 billion a month. it's a lot of any. it's a lost money. charles: you're right, kelsey, no fed likes it when they are opposite of him, but his language sounded pretty accurate. president trump said market would be up 10,000 points more and gdp would hit 5%. do you think jay powell partially regret what he did with respect to rates? some are saying he is reluctant to act on it because he doesn't want to be seen being pushed around by the white house? >> we heard him come out an double down on the fact, that he is independent, and he will remain independent. again that doesn't mean the president can't criticize him and make the case that had rates been lower the economy would be doing even better. but again, we're very fortunate to be in a situation where the economy is doing so well. it was encouraging to hear the president specifically say he wants to address the insane levels of spending that that our country is embarking on? democrats are calling for opposite 22 trillion-dollar in debt. democrats call for debt forgiveness for student loans. it is out of touch when you put numbers in context. charles: kelsey, thanks for putting everything in context,. >> thank you. >> thank you. charles: you're blowing it, son. those are the famous words from boxing trainer angelo dundee to sugar ray leonard. he changed his style. became a slugger. guess what? he won the championship belt. in my opinion jay powell has been wrong on the economy and his policy decisions. now every time he opens up his mouth the fed's credibility takes a hit. it is stop talking in circles and adjust rates. rate hikes last year were a mistake. i say you're blowing it, chairman powell. you're blowing it. president trump covering pretty much everything in his interview this morning on fox business including blasting tech for its bias. he will watch tonight's debate but he doesn't want to. we have a preview because it's a major event. we'll break it down next. >> i have to watch it because it part of my life. do i want to watch it? do i want to watch these people? this is very unexciting group of people. ♪ ptions. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? 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elizabeth warren, cory booker, julian castro. tomorrow a lot of familiar faces, joe biden, kamala harris, cory booker. bernie sanders popped by in the building right behind me. we asked him what he is going to focus on during the debate? listen what he had to say. >> not much to say. working hard. we look forward to a serious debate about the serious issues facing working families of this country. and about planetary crisis that we face in terms of the climate change. i'm sure it will be a hard-hitting issue oriented debate. that is what the american people want. reporter: of course he spoke about climate change. there will be a slew of topics. we have a recent fox poll highlights the divide amongst people picking a democratic candidate, high ethical standards came in at 52%, beating trump came in at 45%. still very close. overall tonight's debate will be one of six for 2019. we have six more for 2020. for our viewers what could this potentially mean in the future for trade, especially trade with the united states between canada and mexico? there was brian gardner. he is a head researcher for washington at kbw. he told me that if the candidates criticize the deal, that you actually wrote this in a note, criticized deal, rally opposition to it, it could make it difficult for house democrats to support the deal if congress fails to approve it. so he is referring to usmca, could potentially not go through and the united states could pull out should they not, pretty much, vote towards the positive. overall we're getting a slew of topics. going to start tonight, 9:00 p.m. eastern time. in the building behind me. back to you, guys. charles: kristina, thank you very much. for more what to expect, eat than berman, democratic strategist, jon summers, host of unfiltered with roland martin, roland martin. let me start with you. looks like elizabeth warren has the center stage, she has got the momentum, she is going against people polling very low. is this her chance to spring above the rest of the candidates? >> absolutely. being the first debate. a lot of folks will be tuning into this. you have beto o'rourke, julian castro, they are hoping to also vault ahead and so it is certainly going to be a huge night for her because she is really picking up steam among black women. that is also critical. expect her to also speak specifically to latinos. you are talking about in the state of florida. you're talking about folks who are from different countries, not just cuba. different countries, port riege cans as well. that is what i expect her to focus on. charles: jon, i made my own cheat sheet, i don't know if you can see it, i tried to put down all the freebies, is there a centrist out there to counter the trillions of dollars of free stuff that will be promised by elizabeth warren and bernie sanders? >> i think we do see that out there. they're talking about issues that are important to the american people. i don't think we can give everything to everyone for free. you know it sounds nice but that is not where we are. charles: is someone make a move tonight? someone who can move into the centrist lane particularly if biden gets wobbly and they have to make the move tonight? >> any one of them can. this is the great thing about the first debate. this is the opportunity to introduce telephone seems to the american people. that is the important thing to remember. it is the american people. not just democrats. they have to win the democratic nomination if they want to compete against donald trump but at the end of the day this is the first real unfiltered introduction to the american people at large. so it is important for all of them to get it right. charles: ethan, we heard in the bite where bernie sanders said climate change. according to a poll, democrats want to hear about climate change, gun policy, recent abortion bill. i'm not sure that these are general election things that will vault someone to the white house but -- >> they are. charles: all right, roland. are these things that will determine the democratic nominee? >> absolutely. the candidate have to be clear in their policy positions. that is where elizabeth warren and beto o'rourke really are ahead in tonight's debate. we'll look for people who are polling less than 1% to try their hardest to be loud and make some kind of bold statement to set themselves apart but otherwise tonight i'm looking at senator warren and beto o'rourke to step up on those exact topics. >> what you must watch out tonight, andrew yang and williamson, are they going to say something that will grab the attention of lots of people? they have strong following on social media as well. let me also say you mentioned all the freebies, it is really interesting, i saw a tweet by senator joni ernst yesterday, i'm curious do the billions in farm subsidies, are those freebies? charles: freebies are in the eye of the beholder. we're not talking billions. 35 trillion for "medicare for all," 2 trillion for clean energy. one trillion for education. all of these are noble roland, but what i wanted to get back to you, before we run at of time, all you guys, south carolina, it felt like the wheels began to come off a couple favorites. biden having some trouble here with these comments that he made and buttigieg is having serious issues trying to run his own town. you said black support is moving to elizabeth warren. it is moving to her from where? >> no, what i said is. you have black women are really looking to see elizabeth warren what she is saying. first of all this is june. for all the folks out there, breathe. a whole lot can happen the next five or six months. remember at this point in 2007, obama was down 20 plus point to hillary clinton t wasn't until she made a driver's license gaffe dealing with illegal immigrants in october where it began to change. charles: right. >> this is early. folks are introducing themselves to america. i'm not expecting a lot out of debate tonight. it is real early, norfolks to assess who is falling off, who is surging ahead a lot more roadway here. charles: we're obsessed with it. that's why we brought you on. yang will be tomorrow night. jon to roland's point, one of those low rank, folks polling very low they have to do something to qualify for the next debate. who do you think will really go out there and criticize warren and try to stand out from the crowd? >> yeah, that's true. they have to be very careful. goes back to my earlier point this is an introduction. if they put themselves out there someone argumentive, loud, attacking, i think that will work against them if they address that. they will have to find other ways to come into, to come into their own other than attacking. if they attack it will come off as tone deaf. charles: ethan, how much time do they spend attacking president trump. >> that will be majority. charles: 10 people talking about president trump, how do they inform voters about other policies? >> exactly, they need to set forth policy positions that help americans which things like climate change really is a big part of it. beto o'rourke with his 5 trillion-dollar plan on renewable energy helps employ americans, cleans up air and water while at the same time seriously differentiating himself from president trump, who by the way who is so pro-coal renewables are outpacing coal. >> attack trump by pushing issues. you can do that. charles: gentlemen, we appreciate it. we tried to get entire spectrum of the democratic party. i think we did pretty good. >> not a woman. charles: give up your spot next time. >> all right. i will bring one with me. charles: by the way, folks, stocks treading water. president trump seemed pretty optimistic about his meeting with president xi. but he did blast big tech companies saying these companies are biased against conservatives especially the president. we have got more on that next. >> look, we should be suing google and facebook all that, which perhaps we will. ♪ thanksno problem.. -you're welcome. this is the durabed of the all new chevy silverado. it looks real sturdy. -the bed is huge. it has available led cargo area lighting. lights up the entire bed. it even offers a built in 120 volt outlet. wow. plug that in for me. whoa! -holy smokes! -oh wow! and the all new silverado has more trim levels than any other pickup. whoa! oh wow! -very cool. there's something for all of us. absolutely. it's time to upgrade. 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>> absolutely i have, charles. as a matter of fact if you look at my facebook page, check out the videos, here is the deal from a year ago to present day, the numbers are staggering. i was getting millions, within a matter of hours or days and now i'm down to like 20, 30,000, in a emptier after week or a couple of days. it was very obvious to me, i'm seeing it first-hand, there are other conservative americans who are already experiencing this from these progressive companies who have their finger on the scale. charles: i hear from people all the time on twitter, they don't have a lot of followers. i have 200 followers. i woke up with 150. they took away my aunt, my mom, my cousin. they were not bots. they went with a wrecking ball. you have to wonder it is not a great business model, putting politics over profits? >> it is horrible. they're silencing conservative speech. we have no idea how bad it was with the previous election 2016, but it was revealed today, recently a google executive on video talking about how we cannot have another trump presidency and how did this happen in the first place? a company like google, they have like 90% market share, charles. they are dominating the internet. they are dominating the ads. they are dominating conservative speech by silencing, selecting, picking and choosing what should be published and what should not be and it is wrong. charles: in the conservative community there is a lot of grappling how to address this. many are saying hey, we're free market folks, put up a rival to facebook, twitter, so forth. others are saying they are so large, it is too late. they can't be caught. the infrastructure is already built. where do you come down on this? >> they're setting themselves up for shareholders lawsuits because the fiduciary responsibility of companies is with the shareholder. so if there is a need for government intervention, listen, i'm a small, limited government person but conservatives are being targeted. these companies are, they have this the upper hand over freedom of speech. they're picking winners and losers. something needs to be done. charles: should they be regulated like large media companies? >> right. listen, they have a monopoly. so they come off as a platform but what they're doing is picking winners and losers, charles and that is the wrong thing to be doing. really it is an assault on conservatives and conservative speech. charles: i watch anybody to watch your videos. they are the bomb. i hope they get back to millions. i remember when they were sizzling like that. deneen, appreciate it. >> thanks, charles. >> the markets recovering after three days of losses although we're sort of skimming along but we'll go into this market because the next 48 hours will be huge one way or the other. we'll be right back. ♪ i switched to liberty mutual, because they let me customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ you're smart,eat you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar. they say if we just sort of carry out june for a few days the way it is, it's the best june in 80 years, okay, the best june in the stock market we've had in 80 years, by the way, tariffs are on, you know, i tariffed steel 25%, i tariffed aluminum, all aluminum coming into the country 10%. with all of that, and we gave canada and mexico a break. charles: president trump touting the markets to fox business before leaving for that g20 summit in japan, but he's also threatening more tariffs on china if no agreement is reached. where are the markets going from here? it's very complicated. you can feel the tension. here to help us get through it, tim mahoney and chris versace. chris, long time, no see. i want to start with you. it's a huge june, terrible may, great year. so we're set up for the next half of this year. what will be the drivers for the second half of this year? >> well, i don't know if it's been a great year or great month. that's the market. from an economic perspective, we have seen dramatic slowing in the economic data setting up for some concern. so what i think we're seeing in the last month is powell's dovish comments don't fight the fed, people are expecting a rate cut. the big question coming out of g20 is do we get that cut or not. charles: so here's the scenario that everybody is grappling with. if we hear really great stuff at the end of this g20 meeting, does that mean the fed puts this potential rate cut on the back burner? >> it's possible. i know the president wants rate cuts and we want a deal with china. i don't think you will get the full monte with china. i think you get partial. maybe they walk away, look, right now it would be the reduction of tear ariffs would win. i don't think they will get the intellectual property. charles: they won't get this friday. that changes the dynamics. the best we can think of, maybe the $300 billion put it on hold, we agree to keep talking, takes us back two or three months to where we were. what does that do for the fed and the market? >> the fed hits the pause button, doesn't do anything. they have time. they have three more meetings before the end of the year. there's plenty of time. charles: but they also have this data, right. we have the housing data has been sloppy, the manufacturing data has been sloppy, the confidence numbers have gone down. >> all true, but remember, even the new york fed is still positive at 1.4% for the current quarter, positive for the third quarter as well. we haven't dipped below 1% yet. i think the fed will hang on a little bit. for the market, i think there's another story. charles: i think jay powell, i listened to him closely, i read his stuff, i think that he does not want a recession on his watch. i don't think he wants to play catch-up. if you think about the last -- >> i agree. charles: -- six rate cutting cycles, all of them started with 50 basis points. there was one time they started with 100 basis points. the fed has always been on the curve. i don't think powell wants to be embarrassed. >> it's been a dr. jekyll/mr. hyde type of fed. december 18th, 19th, raising rates. charles: yesterday he admitted they were wrong on may 1st. he's losing credibility every time he opens his mouth. >> because he's using the dot plot thing from 1965 that there's too much money taking too few goods and all the disruptors keep prices down. i see why the president is frustrated. every time the economy grows a little, here's powell with a bucket of cold water to throw on top of the economy. that's the frustration the president has been having. charles: yet the market goes on. you guys make a living helping people navigate these markets. i know you're not in cash. what do you like here? >> we are always looking for companies that are going to grow their earnings faster than the market. market's at 3.9% this year. we want something faster. we want something faster than the 10% it will be growing second half, the first half. we just added habit restaurant to one of the portfolios i management. 0.5 times sales. great geographic expansion story. guilty stock if there ever was one. charles: the last retail report which is officially retail and restaurants, eating out surged. in fact, eating out almost overtook eating at home. i have been looking for some restaurant ideas because of that, because of this trend. i'm going to be looking -- i love the -- >> ahi tuna. >> this is a value trap. you have companies trading at 12 multiples, ones that are trading at 10 multiples. charles: i'm glad you brought that up. in other words, sometimes because something looks cheap doesn't mean it can't get cheaper. >> that's the trend. i think companies, investors are willing to pay up, 28 multiple, that's crazy. it's working until it doesn't work. large cap growth, technology, that's where we will be. charles: in the end, higher or lower for the year? >> higher. >> higher. charles: all right. i like you guys. i will bring you back. thanks a lot. folks, the dow is up 34 points. liz, we are just chugging along. you can feel the tension. friday is going to be amazing. liz: i can feel kind of a little bit of tension there. i like that. we have action in energy. we are watching it all. thank you so much. breaking news, the carrot and the stick. president trump teasing his use of both of them, as he heads to the g20 meetings in japan at this hour. the president boarding air force one in the last hour. his meeting with chinese president xi jinping, priority number one. deal or no deal. edward lawrence is already on the ground in japan. we are going to take you there live in just minutes. markets losing steam as we head into this final hour of trade, even though energy shares are leading as crude bubbles up more than 2.5%. we are near session lows. what's straining the wall str t street? traders around the country are getting in front of our cameras to tell you. senator elizabeth warren set to headline

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