[national anthem] rachel: wow. good morning, everybody. it is 6:00 in new york city pete: out of cats. rachel: i just love all those patriotic kid photos. i actually think we should do one with just kids. good morning, will, good morning, pete. pete: good morning. good to have you back. rachel: thank you. keep sending those pictures in, everybody, especially kids. we love those kid pictures. will: that ll be in the coffee if table book. a kids section, a dog section, not a cat section [laughter] and a military section. rachel: cats aren t patriotic. they re just so into themselves will: they re not looking at the flag. [laughter] pete: anyway, we are so glad you re here. do, please, keep sending those photos in. i get e-mails and textses all the time who say itune in at 6:00 to catch the anthem. it s our favorite part of the eau show. rachel: yesterday i wasn t here because my if oldest daughter graduated from the university of chicago, and there she is. by the way, i
don t remember the 70s and, you know, the energy crisis that we had. unfortunately, you know, i m old enough to remember them very, very well. and the effect of rising interest rates. in other words, if the federal reserve starts hiking rates, does that slow the economy down, does that have the desired effect for some that will see some of these oil prices slide as well? well, certainly higher interest rates translate to the consumer and higher mortgage rates, higher interest rates on car purchases, and that leaves less disposable income for other things. but what we see right now is inflation is pretty high. part of it is contributed to by energy prices, part of it by food prices, and so the consumer is really stuck. i do remember in the 19803s my 1980s, my first mortgage was 8% on my house. doesn t leave much money for other things. so the government is kind of stuck with this inflationary