Ed isly the president picked up what facebook is looking at. He has a proposal of his own coming up as well. First to the story that broke earlier today in washington, the embattled labor secretary alex acosta from stepping down from his position in President Trumps cabinet. Blake burman live at the white house with the latest on that. Reporter connell, the timeline fairly quick when you look how it unfolded last week. On saturday the feds took Jeffrey Epstein into authority. The Southern District of new york laid out its case, the newest charges they presented against epstein. That forced labor secretary alex acosta to go before cameras here in washington, d. C. , on wednesday to defend the 2018 nonprosecution agreement deal that he strong with epstein and epsteins attorneys back in florida more than a decade ago. Fast forward to this morning, friday morning, acosta submitted his letter of resignation to the president. The president was complimentary of acosta who said he is stepping aside because the focus shouldnt be on this case, all distractions around it, and it should be elsewhere. The two appeared side by side on the south lawn before the president departed the white house. I know one thing. He did a great job. And until this came up there was never an ounce of problem with this very good man. It would be selfish for me to stay in this position and continue talking about a case that is 12 years old, rather than about amazing economy. Reporter democrats here in washington have been calling on acosta to resign or be fired, saying he oversaw a sweetheart deal for epstein, he could not be trusted to be a member of the president s cabinet. Among reaction, senator Kirsten Gillibrand tweeted quote, good riddance. Senator Elizabeth Warren, one word shorter, quote, good. Here is Elijah Cummings on the House Oversight committee. The way he treated the young ladies is extremely unfortunate. I am hopeful that the president will appoint someone who will be very sensitive to women in the work place. Reporter pat pizzella the Current Deputy secretary at the labor department. President trump says he will serve as the top boss over at labor on an interim basis. The president now has to select a new nominee to go forward to lead the labor department. Connell . Connell blake burman on the breaking news in the white house. The record news from the stock market whether anything can upend this rally. Former jpmorgan economist, anthony chen, united advisors cio john trainer. Stocks want to keep going up. Do you worry, anthony that the reason, were relying on the Federal Reserve too much, the economy is weakening but we have a rally in the market . How should we interpret isnt. The economy is weakening slightly the reason why the Federal Reserve wants an insurance rate cut. Right now everything seems to be okay. What are things lingering in the clouds . Obviously flaring up trade tensions with china or certainly with europe. Or if we dont get the usmca agreement signed or passed by the night. These are all things, if they all happened together can certainly threaten the rally. Connell as were speaking the nasdaq hits another alltime high. Every day of the week, john, we have some sort of a superlative we add to the s p three thousand or dow 27,000. To anthonys point the things he points out are there, china largest among them but not going away anytime soon. How do you see it . What we saw wednesday and thursday the rebirth of the powell put. The fed and Interest Rate policy is definitely driving financial markets. We saw that that gave birth to the rally in january. Low Interest Rates are keeping it going. I would agree with anthony. What could pull the rug out from under this is really Interest Rates. There are all other issues surrounding trade. We dont see the chinese issue being solved very, very quickly though. That will fester. There are big issues theyre addressing. We do think that the trade issue will stay on the horizon for quite some time. Connell even with the tariffs, if there is a truce in place while theyre talking . The big deal were told go from 10 to 25 on the tariffs, tough to pass them along, you start to see it seep into the economy, right . Correct. If you see a truce. That would be great the market would take that very postively. Trade will stay in the headlines. Were advising clients, dont anticipate it will be one and done that will be forgotten. This will stay out there. Connell to the point about advising clients, i dont know if you noticed this yourself, a decent amount of people with a decent amount of cash in their portfolios. Are they kind of scared, watching People Like Us talk about this rally and all the threats out there too it, but they keep seeing the market go up. Maybe those people get involved now, kind of latestages as well. I dont know how those will affect things. If they do, puts pressure on the markets. To the extent these risks do not flair up, they sort of linger out there, the chinese are saying they dont want to reengage in negotiations unless tariffs are taken off. Connell that is nonstarter. That is a nonstarter for the United States. Those are things restricting things. Connell the acosta news, anything blake reported on, anything stands out there . To be fair as important as jobs are, the economy and secretary of labor, that is not necessarily the most important cabinet position though, the secretary of labor, at least traditionally hasnt been seen as such. Is there any significance leaving distraction there . His point, now we can talk about the strong economy. Any take on that, john . We see labor, as you said, we have a very strong labor market. We see that continuing. What surprises us we havent seen the wage growth. Connell yeah. I think well get through acosta. The a shame way things happen. We think well get through the news. The key thing with the Employment Situation though is really wage rates. If they start moving up, you know, north of 3 1 2 , close to 4 that will force the feds hand. Connell all the balance. Forcing the fed to act. Youre talking about inflation which we dont see things now. Thoughts on inflation . There are many other factors holding down wages. They are structural in nature. Obviously the decline in unionization. The fact that companies are getting bigger, they have much more power over their workers. The fact that there is not a lot of Pricing Power out there, all these factors holding down wages. In addition to that obviously a lot of innovation and disruption were seeing with technology. All those things are telling me wage pressures are still under control. Connell one of the cases where we are in new normal in many ways. We appreciate it. We have to move on to the weather because in the new orleans area they have those mandatory evacuations underway looking across louisiana right now with Tropical Storm barry possibly reaching hurricane status as early as tonight. Adam klotz, fox news meteorologist joins us with the latest on the storm. How are we looking, adam . We keep getting updates on the system. It is back and forth whether it will be a hurricane or very strong storm. That will not be the legacy. The legacy of possibility of all the water they will bring to louisiana. That is what we Pay Attention to. A lot of warnings, Tropical Storm warnings. The hurricane warning is moving closer and closer to the coast as it move that way. Storm surge will be part of the story. Higher levels, three to six feet well put a lot of areas especially right along the coast underwater. The rain will be another big issue. This is the satellite and radar, were seeing outer bands bring rain to new orleans and the coast. Youre seeing rain as far as back into the Florida Panhandle but it is moving closer and closer to the louisiana coast. No surprise here. Kind of a large area were talking about flood watches and warnings. The water is already high along the Mississippi River. Were talking about a whole lot more water lifting up that direction. These flood watches and warnings are in place throughout the entire event as rain moves this direction. We have several models. There is indecision where exactly it makes landfall, it will make a huge difference. You see a narrow path. If youreyoure into the height of this, rain comes down, as much as 22, 25 inches of rain. It is kind of a slowmover. I want to show you one more model before i throw it back to you. The heaviest rain is farther off toward the west. This will be the really big story, all this rain coming down again. It likely making landfall Early Saturday Morning but the rain already begun. It will only intensify throughout the rest of this friday. Connell well keep track of this. There is oil component well cover but the human component with the big flooding, adam, we appreciate it. As we move on, we saw the testimony from alexandria ocasiocortez, the congresswoman from new york earlier, got emotional at times. She and others testifying on the migrant facility conditions at the border. One lawmaker coming tooters in that hearing. The Border Patrol has a response. Well tell that for you coming up next. Headlines and records set in the market, after the bell, 4 00 p. M. Eastern time, dow 27,000, s p 3,000, last few minutes, alltime record for the nasdaq. Well be right back. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things 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. Xfinity mobile is a designed to save you money. Whether you use your phone to get fit or to find the perfect gift, youll use less data with a network that automatically connects to millions of wifi hotspots and the best lte everywhere else. So you save hundreds of dollars a year on your wireless bill. Xfinity mobile has the best network. Best devices. Best value. Simple. Easy. Awesome. Click, call or visit a store today. Connell congresswoman alexandria ocasiocortez and other democratic lawmakers being asked the questions, theyre witnesses. You see aoc as she is known being sworn in. She was under oath for the hearing on the crisis at the border and conditions those migrant facilities. Hill very rain has been covering. Hillary vaughn joins us from capitol hill. Things are emotional. Reporter you dont see several law makers from boeing sides of the aisle break down detailing what they are calling a crisis on the border but for different reasons. We heard from tearful testimony from Democratic House lawmakers detailing their own visit to the border detention facilities in el paso and clint, texas. Congresswoman alexandria ocasiocortez told the committee she still thinks the border crisis is manufactured because the cruelty she says is manufactured by the Trump Administration. What was worse about this, mr. Chairman, was the fact that there were american flags hanging all over these facilities. That children being separated from their parents in front of an american flag. That women were being called these names under an american flag. We cannot allow for this. Reporter congresswoman Rashida Tlaib used lawmakers to not use the word illegal when describing Illegal Immigrants because she says it is derogatory and dehumanizing. She broke down in tears describing what she saw at the border detention facility. Mr. Chairman, it needs to be noted and into the record, i spoke to cpb agents, even though they told us not to speak to them too, remember that . Said, what do you think we need to do, because you guys are overwhelmed . They said, one of them, stop sending money. It is not working. Reporter passionate testimony from border state lawmakers desperate to fix what they are saying is a growing crisis. They said that they have asked democrats repeatedly over the past yearandahalf to approve more funding for the border so they can fix these conditions and help lift some burden off cpb officers that are trying their best to handle the situation that is escalating out of control. You dont have enough supplies. You dont have enough facilities it is a crisis. It is real and we do not get anywhere by blaming the people who are doing their best to help these people. We need to look in the mirror. We need to make the changes. Reporter Elijah Cummings coming under fire not holding the hearing until midsummer, right before the summer recess, saying when democrats took the majority they could have addressed this issue in january. Instead the first hearing they held was with michael cohen. Connell. Connell well stay on the story. First, let me alert you to the situation on the ground in the milwaukee area. President trump just landed there. He will make a speech in a couple of hours in milwaukee talking about the economy. We expect him to talk a lot about the usmca deal, the trade deal between canada and mexico. Maybe we can listen a little bit, see if we get a little bit of audio from the president talking to supporters, get back to the border story. He is posing for pictures. God bless you, mr. President. We love you, mr. President. Connell president just on the ground in milwaukee. We will cover this in more detail, guessing closer to the time he makes the speech. The president made plenty of remarks on news of the day, on south lawn. I said we would stay on the border story. We have reaction to hillarys report from national Border PatrolCouncil Vice President hex tore garza. Im sure you heard hector, with testimony of alexandria ocasiocortez and congressman talib. Your reaction . Fortunately we know that we have a border crisis happening right now in the United States and were glad that at least this is talked about in congress. At least theyre holding hearings, theyre acknowledging we have a problem on the border. The problem is it is nothing more than political grandstanding. We need to make sure congressman something to happen. Aoc talking about the conditions on the border. Weve been talking about that for the past six, seven, eight months. She still refuses to vote for the supplement. Unfortunately it is, well only find solutions until members of Congress Work together, Work Together with President Trump. She is only one that tried to fix this problem. Connell let me ask about a couple terms here today, get your side of it to respond. Aoc said its a manufactured crisis. Congresswoman tlaib says if you refer to an illegal immigrant as illegal, that term, in of itself illegal is derogatory, dehumanizing. Your reaction to that kind of talk . The term illegal alien is found in u. S. Law. That is something that agents weve been trained. That is how we learned the term because it is found in u. S. Law. If she doesnt like the term change the law. Again it is political grandstanding. Lets get to the root of the problem, fix the issues. People are suffering on border. Border patrol agents are overwhelmed. Facilities are overcapacity. Nothing is happening in congress except grandstanding. Connell you obviously dont feel its a manufactured crisis. No point in following up. I know how you would feel about that. You just expressed those feelings, the question becomes what do you do about it . You said Congress Needs to do something. What does that mean . What would that look like right now . What kind of action would you like to see that would actually fix this . Problem on the border were encouraging illegal immigration. The testimony, some of the statements by some of these democrats continue to encourage people coming to country illegally. For them to continue to abuse our asylum laws. We know a lot of people dont have legitimate asylum cases. We want to be sure those with legitimate claims we help them out, give them help that we need. Those abusing the system need to be identified and need to be removed because they are violating the law. They are not showing up to court proceedings. Connell do you think the raids planned supposedly over the weekend, that is a good idea . Its a great idea. We have to enforce the rule of law. These people have been found to have been ordered removed by an immigration judge. They have already had their due process. They have already had their day in court. Guess what, we are enforcing laws, and not going to enforce the laws. If we dont enforce the laws, the situation on the border will get worse. That is what is encouraging illegal immigration. Then we get these public figures telling some people ordered to remove how to avoid law enforcement, how to hide and stuff like that. That is unbelievable. We need to enforce the rule of law. Connell hector thanks. Thanks for your point of view today, we appreciate you coming on with us. Thank you, connell. Connell hector garza, a lot going on all at once. President landed in milwaukee. Well stay on the border story. The Vice President is at the border today, even with the testimony happening in the congress. Meantime you have facebook, facebook is out pushing its new libra, the cryptocurrency digital currency. That as a lot of people suddenly noticing digital currencies. One of those people . The president. He tweeted about it earlier today. What that might mean for regulation, for companies in the space, including facebook. Thats next. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Connell the dow is at 27,000. They will look at comments coming in from charles evans, Federal Reserve bank of chicago, just out with new comments suggesting two rate cuts could be possible before we end this y