From the Administration Last week. You period potus, President Trump, they could wait until after 2020, to possibly sign a deal with the u. S. Larry kudlow says dont expect any grand bargain this week. The first facetoface with the g20. Robert lighthizer along with steve much, treasury secretary. They are in shanghai and talking to their opponents on the chinese side. What is expected theyre looking to get tax back to where they were at the end of may, before all of this broke down. And four areas of discussion including huawei. Right now we have a general reprieve for huawei. 90 days at least for all u. S. Companies that supply to huawei. I guess well get more details on that, trying to buying up more u. S. Agriculture, namely in soybeans. Intellectual property protection, a lot of u. S. Companies are calling for. Ending china state subsidies. That will be dependent in terms of how far china is willing to go. How far the u. S. Is willing to go. We do have u. S. Trade goods from china. The trade relationship down 3 First Six Months of this year because of the increased tariffs. We do know there are 25 so far according to our brain room on 250 billion worth of chinese goods. Of course the president threatened to tariff another 10 on the rest of the trading relationship. Aroundhundred billion dollars or so that he doesnt have tariffs on. Now the u. S. China trade relationship is worth 650 billion each and every year. There is a big deficit on the u. S. Side. Around 400 billion last year. So far in 2019, that is at around 130 billion or so. But, neil, dont hold your breath for any sort of breakthrough. There are of course if there was a breakthrough, more facetoface between the u. S. President trump and chinese president xi xinping. I think right now they are trying to temper down the expectations and steady as she goes status quo until past 2020. Back to you. Neil better than no talks. Susan that is true. Neil well have the fed decision as it meets tuesday and wednesday. We know wednesday afternoon where we stand. Deirdre bolton at the New York Stock Exchange where we might expect . A lot to follow, neil, this week. Hi. Investors price a quarter of a point cut on wednesday. So 76 chance that would happen with fed funds futures this is the First Time Since 2018, we see a cut, so more than a decade. Oddly enough former fed chair, janet yellen weighing in supporting this 25 basis point cut. She talks about a weaker Global Economy and low inflation. I will quote her here. The u. S. Is not an island. Were part of the Global Economy. What happens in the rest of the world, europe, asia, affects the u. S. On top of that fed rate decision, were in the busiest week of secondquarter earnings season. Seven dow members a third of the s p 500 are reporting. Apple, the biggest ones tomorrow. All eyes on that company. Ge, Fiat Chrysler on wednesday. Gm, cigna, verizon thursday. Oil giants, exxon and chevron on friday. Earnings are tracking better than expected 6. 4 . That is far exceeding the 4. 6 decline analysts expected. Wrapping it all up on friday, that all important jobs numbers for union. Back to you. Neil talk about a busy week. Thank you, deirdre, very, very much. Trade talks are stalled. That could be good news for markets anticipating more rate cuts, the longer they are stalled. Sort of consensus building on the corner of wall and broad, more importantly in chicago where they make these bets, that well see at least three cuts this year. To market watcher jack mcintyre. Do you stand by that consensus bet . It is always risky, but what do you think . So im not sure well see three rate hikes, or rate cuts, excuse me from the fed this year. I mean obviously well see one this week. I think it is going to be followed by september at some point the fed has to shift back to being data dependent and theyre not there yet because all these rate cuts up to this point will be more just preemptive, hey the Global Economy is slowing down. If the u. S. Economy gets more traction, i dont think well see the thirdrate cut. Neil it is a weird world. Jack, if you think about it, we are hoping for, you know, boomerang on the trade front, trade deal would give the economy a lift, you wouldnt have to worry about rate cuts . I would rather see a deal done between the u. S. And china than rate cuts. Until we get growth, you have to have rate cuts. Until china has a huge footprint on Global Economy. U. S. Would benefit from that. I would take a trade deal any day over a rate cut. Neil there is a play on the old analogy, recoveries dont die on their own. Theyre murdered. What would murder this one, do you think . So i think inflation coming back would murder this recovery. I dont expect that to be the case historically. The fed worries about inflation and they cut, excuse me, they tighten policy too much. They end business cycles. I dont see that. I think inflation remains tame. It means that the fed can do what they are going to do, pull back on rates, and extend the recovery. So, right, this recovery doesnt have to die of old age. Neil what i worry about as well, i guess im in a worrying mood, we changed the environment that necessitates a rate cut. By my reckoning, who am i, things are looking pretty good and certainly i would say what few arrows we have in our quiver with what few hikes weve seen what brought up the old lending rate of overnight fund, we dont have a lot of arrows there . You are right. We, hey, we have some monetary ammunition. The fed tightening to the degree they have. They have built out some. Neil right. Youre right, what is effectiveness of Monetary Policy . We had a decade of very low estimate la live policy we havent seen monetary growth. Fiscal stimulus, regulatory reform, and Monetary Policy. We need a Global Economy that is doing better. You know the u. S. Is not this economic island. Were not immune to a slowdown globally. This has to be a broadbased approach not just from the fed but the Global Central Bank community. We are actually seeing that. Were seeing more and more Central Banks cut rates. That ultimately is a net positive for the Global Economy. Neil chuck mcintyre, thank you very much. My pleasure. Neil meanwhile, china is con delling all of these constant outburst and hong kong protests. They sort of held their own on this and not really gotten into these protesters face. After seven straight weekends of this stuff. Chinese signaling they might take more drastic action. Kitly logan is, what are you hearing . Reporter that something the protesters are wary of. Weve seen chinese officials backing the government, backing the leadership in hong kong as well as the police there. The chinese officials are blaming unspecified western countries for the unrest. They accuse countries interfering causing problems in hong kong and they say the Current Situation sudden not be tolerated of the comments follow another weekend of clashes between police and protesters. Police were seen firing tear gas and rubber bullets to force back crowds, blocking streets with street signs and umbrellas. The protests started in early union. They have been happening once a week, show no sign of slowing down. Initially the protesters were calling for the extradition bill to be withdrawn. The government of hong kong withdrawn it and they want greater democracy overall. The protesters want freedoms they have in hong kong, greater than main land china to stay. They are fearful the Chinese Government could at some point crack down even harder than they are doing now. Back to you. Neil everyone says the environment is lot different now than it was 30 years ago when the chinese orchestrated Tianamen Square crackdown. China has much more on the line as a Global Economic powerhouse. They wont even risk a crackdown on hong kong protesters but i have always come to believe that at their core, superpowers are, are going to want to remain a superpower. And in chinas kind of warped view of things, sometimes, that can mean a military roll here. What are you hearing . China has an agreement when they took over from the uk. This used to be a british colony until 1997. Neil right. This is one wintry, two systems. The hong kong system is greater freedom, greater sense of democracy. A lot of chinese laws dont apply. This is what people in hong kong are afraid of, this could change. The china could decide to impose its own lifestyle, its own system on hong kong. People dont really want that. Having said that, there is a Younger Generation growing up in hong kong never experienced under british rule. Neil kitly logan reporting on all of this. You heard what is at stake with the employment report at the end. Week. Twoday fed meeting wraps up on wednesday with the assumption were going to see a cut in rates. In between we have a lot of aggressive socalled racial taunts back and forth admits the president and number of democratic luminaries. His latest missive is against al sharpton, who he calls a con man and troublemaker. It gets worse. Is the president getting in the way of otherwise what is positive economic developments . After this. Great riches will find you when Liberty Mutual customizes your Car Insurance, so you only pay for what you need. Wow. Thanks, zoltar. How can i ever repay you . Maybe you could free zoltar . Thanks, lady. Taxi only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. You think about it, things are going the president s way. This isnt a rightleft issue, but if you look at voter ratings on the economy most folks like what they see going on. Supreme court rule the border funding using military funds as the president wished to continue to build the wall. No bombshells in the mueller hearing. Where is that going . Then you have these tweets ever since, back and forth, some deemed racist, what have you, is it getting the eye off the proverbial good economic ball here . Blake burman at the white house with more on these developments. Hey, blake. Reporter it was a twofold attack from President Trump today as he continuing to talk about the city of baltimore and congressman elijah cummings, democratic chairman of House Oversight committee. In a tweet talking about cummings and baltimore, the president said, quote, 25 years of all talk, no action. So tired of listening to the same old bull. Now the president also pushed back on the critics who called him racist for calling baltimore, a quote, rat and rodentinfested mess by citing these comments from Bernie Sanders back in 2015. Watch. America is the wealthiest country in the history of the world but anyone who took the walk that we took, we took around this neighborhood would not think youre in a wealthy nation. You would think you were in a third world country. Reporter that is part of the defense for President Trump today. He is also focusing as well on the reverend al sharpton who finds himself in baltimore. The president called sharpton a troublemaker and a con man. This was part of sharptons response. With central park, dealt with him on the birther issue. I can say what he wants. Call me a troublemaker. Yes i make trouble for bigots. Reporter neil, there happens to be some news here at the white house, throughout washington today, over the president just earlier this morning in the rose garden, signed a 9 11 firstresponders bill into law. Tomorrow the treasury secretary steve mnuchin, u. S. Trade representative Robert Lighthizer find themselves for the first two days of talks into shanghai. Try to move that in a positive direction. Of course wednesday we get the news out of the Federal Reserve what theyre doing with rates. The president continued to attack the fed on twitter as well this morning. None of that gets pickup or play. If anything is below the fold because of these criticisms of congressman cummings and baltimore of, the fallout with all of it. Neil . Neil thank you very much, blake burman. All of that. When it comes to al sharpton, people have their own prism, we live in our own world. We all remember tawanna brawly, remember the comments the africanamerican woman made proven to be false, four white men raped her. He is calling the president on igniting racial tensions. I think we each live in our little worlds here but i think youre obligated to report on those worlds and not side with one over the other. Just step back, calm down, look at the charges that have gone back and forth. I mean, im not talking from the right or left. Im talking as a fair and balance human being on this stuff. A lot of people are playing a lot of games. Fox news contributor liz peek is with us. She will be on bulls bears at 5 00 p. M. Eastern time. We love having her around, she calmly makes sense of all this stuff. I find it interesting, liz, the racism charges comes up again and i do think the president has to set a higher bar, go back to your country, those are lightning words, but im just finding the approach to all of this, it is all onesided. And i dont think that is very fair and balanced. I think it is interesting, racist to me is ignoring the troubles in a city like baltimore. There really are problems in baltimore. Neil said no less than Bernie Sanders. No less than barack obama. Former mayor, one of three in the last several administrations who had to step down because of scandals and corruption. For example, 17 high schools in baltimore, in innercity, not one black kid was proficient in math. That to me is the most damning thing you can possibly say about the mismanagement of this city, by the way the hypocrisy of democrats who including naacp opposed Charter Schools which we know in new york city is one of the few routes out for innercity kids. That is the kind of hypocrisy that makes me crazy. Is President Trump immune to the idea, that he is stepping on his own good news . I dont think he is is at all. When he stood up in 2016 and said to black voters, what have you got to lose, that resonated. He got more black votes than mitt romney. Shockingly considering all we hear about what a racist he is, his polling with hispanics is going up pretty sharply. I dont think people get it. Blacks hispanics, whites, everybody cares about wages, about salaries, which by the way were up 5. 4 in the second quarter. Have you ever heard that mentioned . No. Neil for minorities. Im talking about overall. 5. 4 . This has not been cited. Neil i understand, you hate donald trump, you hate him, if you love him, you love him. If you hate his critics you hate them, time to report both. My two hours here, another hour, i report both. People will see things in the perceived bias through their own lens. I get that, i understand that but on the economy you cannot deny, whether you want to give the president credit for that, that is fair game, god knows we would blame him if it were the opposite, i wonder whether that is doing justice. I think it gets lost in the heated argument. Here i put a little little bit e on the president , fanning flames on that role, denies him, i understand he doesnt feel he gets a fair shake of the economy coverage and certain amount is right he steps on his good message. I totally agree with that. You know his advisors are sitting there, please talk about the economy. Only thing i would say about that, americans now, with almost foul employment, the whole jobs story isnt quite as compelling as it was three or four years ago a lot of people were looking for work. Not only people are finding jobs, theyre moving to better jobs. The quits rate tells you that. All of that is very positive. I think people need to think it will continue. They need to think that maybe were going to have infrastructure come along, Infrastructure Spending that will help it. There are other things to come. I think he has to also talk about those things, importantly, health care. But, i hear you. I think he, you know, everybody wants him to talk about the economy. The democrats were successful in 2018, partly because of republicans did not talk about the economy. Amazing. It wasnt just donald trump. It was across the board. Neil inroads because of the economy with minorities . I do. Neil that seems pronounced in some of these polls. A little less so with africanamericans. Does this hurt him there with that group of voters. I dont think the economy can hurt you with any group of voters. Everybody wants higher wages and opportunity and those thing are more plentiful today than they were and by the way to your point about reporting on the economy, the imf recently did a review of Global Growth and downgraded Global Growth slightly because of china and europe. They upgraded the u. S. From 2. 2 to 2. 6 i think this year. That was never reported. I looked at every single major news organization. Nobody reported that. 2. 2 to 2. 6 is pretty big revision upward, right . It was last week. Nobody mentioned it. I find that offensive. It is not fair and balanced reporting. I think that is what we all want. Neil see a coverage where a lot of headlines are belittling. President brings on a lot of this, but so does the other side but that side doesnt nearly get the amount of attention. It kind of sticks in my craw there is no attempt to just step back hear both sides. When it is one side is loses its audience. I think it loses its potency, things like calling the president a race ive. That is every day language now. Everybody is a racist. Neil nazi. I always say for nazises save it for nazi. That is a good point. Neil everyone, if youre ripping one side, go back, step back, look at this, look at sharpton comments, put that in context the people who are preaching, theyre not being fair, theyre not being balanced. More after this. Vestments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Neil