Lauren why starbucks employees are up in arms about the companys latest viral venture set to launch this morning, wednesday, july 10th. Fbn a. M. Starts right now. Good thing, where have you gone. My good thing, youve been gone too long. Lauren welcome to fbn a. M. Good morning. Im lauren simonetti. Cheryl good morning, everybody. Im cheryl casone. Lauren lets take a look at how your money is moving this morning. Dow futures now down for the fourth day. Investors waiting to see if the fed will signal the first rate cut of 2019. Cheryl weve seen a move on the 10 year treasury over the last few days, the yield going higher, prices are lower, investors thinking that stocks and a little volatility might be a good thing. Lauren Oil Prices Also higher, a decline in stockpiles pushing the price of crude to 59 a barrel. Cheryl stocks in asia this morning, theres an interesting trade fight going on between the japanese and south koreans. The nikkei and shanghai under pressure this morning. Lauren we got that warning from the b a asf, the chemical maker yesterday, that hurt the dax in germany. The dax is down a third of 1 today. The ftse is down 10 points, a tenth of 1 . Cheryl Federal Reserve chairman jay powell is set to testify today on the economy before the House Financial Services committee. Investors are going to be listening very closely to every word for clues from him on whether the fed is going to cut Interest Rates at that meeting later this month. Powell has said the central bank is ready to act and sustain the economic expansion but that was before we got last fridays stronger than expected jobs report for june. Investors looking over minutes from the Central Banks policy meeting. Were going to get that today. We could learn more about officials thinking on that possible rate cut. Fox business will have live coverage of jay powells testimony at 10 00 a. M. This. Lauren tech and media giants are heading to sun valley, idaho today for a big conference that will draw everyone from tim cook to bob iger and while theyll be talking up their own streaming services, from apple plus to disney plus, one of the biggest pieces of news to hit streaming is that friends is moving off of netflix. Here we go. Pivot. Pivot. Pivot. [ laughter ] b pivot. [ laughter ] pivot. Shut up, shut up, shut up cheryl the office as well will be joining friends as that show moves to warner medias streaming service, hbo marks, semax, setto launch in the spri. It will have content from across warner medias library, including movies, Cartoon Network and a lot more. Content from warners other streaming service, dc universe, will be featured on hbo max. There doesnt seem to be plans to scuttle that service just yet. No word on how much it will cost to describe for all this. Lauren im watching netflix stock today. The office and friends were their top two shows in terms of the number of people that watched them. Were also talking about earnings. Second quarter earnings season underway. We should note that warners parent company, at t, will be reporting in just two weeks time and investors keeping a close eye on netflixs report which is one week from today. Cheryl a lot to watch in the markets. Who is watching you, the issues of privacy and trust are going to be front and center today at a House Panel Hearing on the governments views of facial recognition technology. Officials with the department of homeland security, including customs and Border Patrol and tsa expected to face tough questions over the use of facial scanning. Representatives of Immigration Enforcement will not be there but the agencys use of the technology to scan drivers licenses databases without individuals consent will certainly come up. Some lawmakers are calling for regulation. Lauren boeing is about to lose its title as the worlds biggest plane maker to airbus. This comes as boeing says delivery of commercial airliners fell by more than a third in the first half of the year compared to a year ago. This follows the grounding of 737 maxes following two deadly crashes deliveries were suspended in march. Boeing is still getting new business. President donald trump says qatar will buy boeing aircraft in what he says is a very large transaction. Cheryl new york congresswoman alexandria ocasiocortez was sued over blocking users on twitter. That followed a federal appeal courts decision that bars President Trump from doing the same thing, blocking people. Now, a former democratic new york assemblyman filed a lawsuit against her, saying, quote, alexandria ocasiocortez has blocked me on twitter, apparently because of my critique of her tweets and policies have been too stinging. Hours earlier, the president was ruled to have been violated the First Amendment when he blocked his critics. Lauren President Trump is calling out a federal judge who blocked his legal team regarding the census question of citizenship. Bill barr and wilbur ross have been found in contempt. Reporter this ruling is another setback for the Trump Administration as it tries to find a way to get the Citizenship Question added to the 2020 census. On monday, a judge blocked switching out attorneys from handling this effort. In his ruling, the judge wrote, defendants provide no reason, let alone satisfactory reasons for the substitution of counsel, adding defendants mere expectation that withdrawal of current counsel will not cause any disruption is not good enough. The Justice Department has been trying to swap out its legal team as it tries to come up with a new argument for including the Citizenship Question on the census. President trump responded to this late evidence setback, tweeting, so now the obama pointed judge on the census case, are you a citizen of the united states, wont let the Justice Department use the lawyers that it wants to use. Could this be a first . Well, in capitol hill, the census fight has become one of the leading hot topics with democrats arguing the Trump Administration wants to include the question to marginalize minorities. I dont think anybody has any doubts as to why they want this question. Its to undercount latinos so that they can create congressional districts which will not be democratic and also make sure that federal funding does not go to those underserved and often minority communities. I think everybody understands that. Reporter House Democrats are investigating the origins of the citizen pship question and are moving ahead on plans to hold the attorney general and commerce secretary in contempt for not cooperating with their investigation. The contempt vote likely wont happen until sometime next week at the soonest. Cheryl garrett, thank you. Lauren congress is looking to lay out whats really going on down at our southern border. Cheryl Tracee Carrasco has the details. Tracee the House Oversight and Reform Committee set to hold a hearing this afternoon, calling it kids in cages, Inhumane Treatment at the border. They will discuss facility conditions and treatment of migrants and Asylum Seekers set to testify. This comes as dhs announced a 28 drop in illegal border cross i thincrossings since may. Marriott hotels in hot water this morning. The District Of Columbia is suing the hotel chain for allegedly tappin tacking on addl fees not known to the purchaser. They say it is misleading and illegal. Marriott hasnt commented. Apples 12inch macbook is no more. They are discontinuing production. The computer introduced in 2015 hasnt seen an upgrade in more than two years. Apple instead putting the focus onto iphones, the macbook air and macbook pro. Sky high terror, incredible takevideo taken by a delta passr shows a badly damaged engine which forced a landing. Passengerring report the entire cabin filled up with smoke. The flight was on en route from atlanta to baltimore of before landing in raleigh, north carolina. No reports of any injuries very scary. Thats whats happening now. Cheryl if this ever happens to you, remember, all of these planes can fly with just one engine. Good to know. Cheryl all of those jets can fly on just one engine. Hope it doesnt happen. Tracee, thank you. Cheryl weve got a lot more coming up. After more criticism from President Trump, fed chairman jay powell heading to the hot seat today. What his testimony on capitol hill could tell us about future rate cuts. And no pictures, please. The tourist, the elephant and the slap and its all gone viral. Keep it here, fbn a. M. Shot through the heart and youre to blame. You give love a bad name. I played my part and you play your game. You give love a bad name. The cloud i need . It has to keep up with sales, supply chain, inventory it needs to track it all, from cincinnati to singapore. Ooo and protect it all. Customer records, our financials, they better be secured. But i also need easy access, to manage data across my clouds no matter where it lives. So if an auditor shows up, i can be a step ahead. Thats the cloud i want. Is that to much to ask . Expect more from your cloud. Ibm cloud. Who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Cheryl todays testimony by Federal Reserve chairman jay powell promises to grip the markets. Whats he going to say about the economy, trade tensions and the slowing Global Economy . Craig dismute is here. Craig, good morning. Good morning, cheryl. Cheryl so what are you expecting . Its going of to be really interesting to hear what he has to say. This is a guy that seems to have really good relationships on capitol hill, bipartisan relationships, yet the president has been very tough on him. Do you think he defends himself today . He shied away from defending himself so far. Hes just stated factually what his term is and that he plans to continue to do this job. My expectation is that well hear a little bit of an assessment on how strong the economy is. If you go back to his press conference three weeks ago after the rate decision, he said hell be looking to see if the uncertainties continue to weigh on the outlook. He is specifically talking about trade and the global outlook. Im going to be looking to see if he starts to firm up his assessment that those issues are weighing on the outlook and could cause a shift in policy at the end of july meeting. Cheryl by the way, the minutes are coming out today which you know thats going to be crossing news this afternoon as well. But whats going to be interesting to hear is when he starts to address whats happening with that what happened with the june jobs report. Many say, look, with that strong report, that makes it more difficult for him and it seems to be a fed chairman that follows to the t his mission and that is monetary policy, that is maximum employment and we have that. Sure. Well, we think we have it. We dont really know what that maximum unemployment number is. Maximum unemployment or maximum employment is the rate of employment at which it causes inflation to start to rise. Right now, we havent seen that. They continue to miss their inflation target to the low side. Going back to 2009. There have been six months where core pce has been above 2 , above the target 2 . Five of those were in 2012 when oil prices were over 120 a barrel. They continue to habitually miss their inflation target. You can look at japan where the Unemployment Rate is 2. 4 and their core inflation rate is 0. 3 . We dont really know what that maximum employment number is right now. Cheryl you are the probability here, im assuming you as well are expecting a quarter point cut at the end of the month. Can anything change that, in your mind, before we get to that meeting at the end of july . Yeah, you know, if youve got a really hot Inflation Report between now and then, that could change it. Short of that or a trade deal. If a trade deal were to be resolved in that cloud thats been hanging over the economy for the first half of the year were to be lifted, maybe then you wouldnt expect but with the markets pricing in as much as they have already, i think its a really high bar not to cut because of the risk of disappointing the markets and seeing a response like we saw back in december. Cheryl im also going to be curious to see if he gives any hints about plans to later on in the year. I have a feeling he learned to be more careful. I cant wait to watch the testimony today and tomorrow. Craig, thank you so much. Have a great morning. Cheryl you too. Lauren still ahead, democrats are calling for labor secretary alex ocasia to resign or be fired after a secret deal with jeffrey epstein. How the Labor Department is responding this morning. And home depot shoppers, theyre hammering a Company Cofounder for supporting President Trump. But one key fact is getting them to call to boycott the retailer, details coming up. Catch me, im falling. Catch me now,is, im falling. Catch me im falling. Of savings and service. Whoa. Travis in it made it. Its amazing. Oh is that traviss app . Its pretty cool, isnt it . Theres two of them. Theyre multiplying. No, guys, its me. See, im real. Im real he thinks hes real. Geico. Over 75 years of savings and service. [what about him . Lets do it. [ sniffing ] come on. This summer, add a new member to the family. Hurry into the mercedesbenz summer event today for exceptional offers. Lease the glc 300 suv for just 419 a month at the mercedesbenz summer event. Going on now. Most of us dont know how much data we use, but we all know were paying too much for it. Enter xfinity mobile. Americas best lte with the most wifi hotspots, combined for the first time. When youre near an xfinity hotspot, youre connected to wifi, saving on data. When youre not, you pay for data by the gig. Use a little, pay a little. Use a lot, just switch to unlimited. Get 400 back when you buy the new lg g8. Call, visit or click today. Cheryl democrats are calling for labor secretarial ex acosta to resign or be fired over his role in a secret 2008 plea deal with jeffrey epstein, who is facing new sex trafficking charges in new york. The plea bargain allowed the registered sex offender to avoid federal charges and serve just 13 months in prison. The Labor Department said secretary acosta is not resigning. Geyserly nadler jerry nadler is threatening to investigate the plea deal and President Trump banned epstein from maralago over Sexual Assault allegations. Lauren a federal judge denied the Justice Departments request to replace the legal Team Assigned to the census Citizenship Question case. President trump and attorney general bill barr said theyre working to find a legal reason to have the question of citizenship added to the census. We bring in attorney misty maris. Misty, why did the court say no new lawyers here . Is it because they dont want another reason to have the question added . It certainly could be. I will say as someone that practices in the Southern District of new york, theyre very strict about the rules for with drawing as an attorney. They require a specific affidavit that says why a particular attorney wants to withdraw. That could be the reason. Theyve been given an opportunity, the administration, to supplement their application. So perhaps if they provide more information there wont be a roadblock. But look, the doj should be able to use whatever lawyers are the appropriate lawyers and the most qualified lawyers to litigate this case. Lauren do you expect to see executive action by the president on this front . I think we will see executive action. I really do think this is part of the overall strategy. We have the Supreme Court ruling which leaves the door open, it says it doesnt say the Citizenship Question is uns constitutional, it just says the record wasnt clear and there needs to be further explanation. Weve got two other pending litigations in maryland and new york. So i think were going to see executive action and then thats going to be used as just at thi justification for adding the question. The issue is the timing, how do we get the census out while fighting these legal battles. Lauren we might know about where all this is headed on the president s twitter account. But hes getting in some trouble for that too. An Appeals Court ruled that the president cannot block his critics from his twitter account because its an official account, its a town hall. What are the ramifications of that decision in the social media age. This is absolutely a landmark decision that came out of the second circuit. There was another Fourth Circuit decision shortly before with a less high profile politician. So President Trump is bringing the issue to the forefront. This is going to determine how politicians and people in Public Service he interact with their constituents over social media and this is the first time that we see this issue addressed. So were definitely going to see more litigation on this front. What are the limitations . What does that mean moving forward for other platforms . Is it just involving these interactive spaces that serve as you said as a town hall . So this is going to be something to keep an eye on as the digital age contin