A veto. Inflation numbers out today show prices cooling overall but at a glacial pace. Meanwhile, consumers are racking up Credit Card Debt and dipping into their 401 401 k s at an alarming rate. Our economic brain trust is going to be here to to break it all down. Markets reacted this morning. Plus, weve got new details revealed about Hunter Bidens business dealings, and for the first time were going to bring you reaction from the president himself. And the fires roaring across hawaii already claiming at least 36 lives and has survivorses weighing the enormous costs of recovery. All that and much more coming up. Finish. Cheryl first to our top story today, markets rallying on todays inflation data. But consumers are fuming over something that wont even show up until the next report, and its the spike in energy prices. Gasoline prices, oil prices. Lets get the read from mayflower advisers managing partner larry glazer and luke lloyd. And, luke, to you first. This report was a little bit of a trip because, you know, one thing, food inflation was a big component. Shelter, the biggest component. But we did not see that jump in energy prices. Is that simply, luke, because of the calendar . Yeah. Something doesnt mel right. We dont smell right. We dont have disinflation. Wall street right now is cheering for reaccelerating inflation or also known as reinflation. We were at 3 last month, and now 3. 2 , right . What happens when Rising Oil Prices trickles through our economy in august inflation data . This could if the start of that rebound in inflation we were all worried about. Look, you dont have to do much digger to find people struggling. A majority of middle class americans quality of life is eroding, but so many people are fix sainted on the top percentile of earners. We tend to be forget that the bottom 600 president of earn 60 of earners are also making more money than they did before 2020. What does that that tell you . Were in a wage price spiral. You make more money but on a relative basis, Everything Else is more expensive, and adults feel poorer. On wall street we get caught up whether inflation comes in at 3. 2 or 3. 3 , its not all about numbers. Its about people and how theyre feeling, and theyre not feeling good. Cheryl larry, im curious how the feds feeling right now. To be clear, we are getting another cpi report on the books before we get to that september meeting end when we find out if theyre going to pause or hike. What i noted this morning is there was of a little bit more of a bet that we were going to get a hike. We had Stephanie Pomboy on this morning, and she said, look, were going into a recession. I dont want to hear about soft landing. She was scratching her head as to why there was this jubilant reaction to this inflation report. Look, the fed has been chasing the inflation Freight Train ever since they assured us that it would be transitory, and that was several years ago. Luke makes a great point, todays report is little consolation for working class families, for middle american families. Theyre not going to do cart wheels at the grocery store. Theyre not going to do a victory lap at the gas pump when they see how much prices have moved in the last several weeks thats not reflected in this report, but itll be reflected in the next report. Thats particularly problem mat you can as we enter the winter heating season. All of these things are a concern. Jobless claims are up, chinas slowing, those are concerns. High prices eventually will slow certain segments of the economy. Thats not good news. And, you know, already the unintended consequences. We had a banking crisis we saw earlier this week that there are a lot of banking downgrades of regional banks. Thats till with us because the feds keeping rates at these levels. That unintended consequence is moneys leaving banks, its not available for lending in the middle economy, and its going into money markets so the government is competing with main street for those lending dollars. And the government ultimately wins, but its at the expense of Small Businesses who need access to that capital to fund their growth. So theres a long and variable lag here. We havent seen those impacts. Cheryl Small Businesses are also getting hurt with services components, whether wages or down the supply chain. I want to the talk about a big piece of earnings news we got this week, one of the biggest reports, guys, and that was disney. So for the second time in about a year, they raised prices on their streaming services. Losses continue to pile up. Larry, im going to start with you. Since they launched disney in late 2019 they have lost more than 10 billion in that direct to consumer segment of the business. Look, a too little, tighten. And i think raising time. And raising prices is not going to soft the problem. They solve problems. Theyve had a lot of challenges throughout the organization, and i think disney is worried about activists like nelson peltz from triad who is nipping at their heels. He wants to see change, hes in desperation mode. They should have been manufacture more proactive. Theyve tannerred a Great American brand. Its not too late, but it might be if theyre not more proactive. And the biggest winner of all of this, of course, is barstool sports because they get to unwind their deal for pennies on the dollar after making hundreds of millions of dollars because of disneys expense. Cheryl well, speaking of sports, luke, one of the things he had to address, obviously, was espn, linear tv in general really whether its abc or espn. But, you know, holding on to the brand at this point. Yeah. No, absolutely. And Dave Portnoys probably one of the best businessmen, also one of the funniest of all time, so congrats to dave port nay portnoy for grabbing it back for a dollar. Disneys got a lot of issues on the horizon. Frankly, two woke organizations working together. Disney lost millions of subscribers to disney over the past 30 month, almost are an 8 loss, so i guess when you lose the people that you have, you have to the raise the prices for people that are sticking around. I dont know if they have much coming back. Thats usually not a great Business Model and not one a lot of people want to invest in. I think disney forgot their product. Even with this espn, you know, betting deal, their product used to be the family and and family values but not anymore. Their woke agenda they pushedded is hurting their businesses and, ultimately, all of their stakeholders. And not only that, we talk about inflation this past segment. It costs six grand or ten grand a day for a fiveday vacation to disney. 70 of their profits come from their parks, and i dont know a lot of people that can afford it. Cheryl most people cannot afford it, and theyre rising prices raising prices, another fun piece of news. Thank you so much. It was great to have you both. Thanks for. That you know, theres another big story were following today, and this is the president. President biden giving his First Response to testimony from hunters former business parter, devon archer. Remember, devon arch orer testified last week. His remarks come as House Republicans release bank records that appear to show big money payouts to hunter from thorne power brokers. A lot of news breaking today on fox business. Mark meredith is at the white house with all of the latest. Mark. Reporter cheryl, good to see you. President biden, he is still out west in utah today, doing an event for veterans and a campaign fundraiser. Youre right, it was while he was in new mexico on wednesday that he made quite a bit of news, and it was with our own peter doocy. The president was wrapping up an event talking about bidenomics and climate change, the president permitting peter to jump a barricade and get a question. He asked about the latest testimony from a former business associate of Hunter Bidens who says thenvice President Joe Biden spoke frequently with hunters Business Associates. And if that is true, it would be a direct contradiction from the president s past claims. Reporter theres this testimony now where one of your sons former Business Associates is claiming that you were on speakerphone a lot with theming talking business. Is that ive never talked business with anybody. And i knew youd have a lousy question. Reporter well, what do you y question . Because its not true. Reporter thank you, mr. President. Reporter it ended on a to polite note. Republicans still have plenty of questions about the recent testimony from devon archer after he laid out how the president s family benefited from then thevice president s connections worldwide. Now im sorry for the noise, butted today congressman james comer, chair of House Oversight, i says he plans to eventually force members of the biden family to testify before congress. This was always going to end with the bidens coming in front of the committee. We are going to subpoena the family. Were putting the case together to win in court. Obviously, with all the obstruction were getting from the biden attorneys now, we mow that this is going toen up in the court. Reporter the white house is refusing to speculate on what next steps congress may take even as they talk about that possible impeachment inquiry, but the white house and Top Democrats on the hill, cheryl, continue to push back on the idea theres anything new here involving the president. I think say so many of these claims going back the last few years have to deal with stuff thats already been dredged up in the past, but congress is going to keep on digging. Cheryl they certainly are. And the bank records are going to be a piece of that. Mark meredith, thank you. Well, tim burchett is on the House Oversight committee, he joins me now. I want to get your reaction to what james comer told fox business this morning, hes going to issue subpoenas to President Biden and hunter biden. This comes town to bank records can down to bank records. Does your committee have the proof that it needs . Yes, maam, i feel they do. This has just gone on so long. Youve got, i mean, how many millions is it going to take, 20 million that flows through these accounts, these fake businesses theyve established and then they write the exact amount of money from those illegal transactions to the biden family members. Even minors, you know . Youve got an oligarch that sent money to them that was left off the sanctions list, oddly enough. It just goes on and on. It never, ever stops. And the next ones going to be a really big one with. And i feel like chairman comer is playing this hand very well. Cheryl the critics of the gop, you ask your colleagues on this committee in particular, this is political, this is about 2024. And that you dont have the evidence needed. But you maintain that you do. Finish. Yes, maam, in thats the argument cnn makings. I mean, they might as well just get their checks from the dnc. Its completely bogus. How much more do we need . You see the exact amount of transactions that flow into these accounts. These are crooked people. You have joe biden bragging about having a man fired who was investigating his own son for corruption in another country, and hes on tape bragging about it to the national media. Finish and they just fall all over themselves. But what youre seeing now are, i believe, the chinks in the armor. Youre seeing some democrats peeling off. Theyre going to start looking for somebody new for 2024. Theyre going to use joe bidens mental capacity and throw hunter under the bus bigger than daylights, maam. Cheryl let me can ask you about hunter in particular because after devon archer testified last week, he fill in some blanks, but he left some things unanswered. One of the questions was did you actually hear President Biden talking the business on the phone, and devon archer said, no, i didnt. It was more about the brand or, hey, i can pick up the phone and call my dad, arent i cool. But is that enough, do you think . Well, i think it is. You have to look at what happened and, of course, there was meetings that went on afterwards with these folks. And i believe chairman comer will lay out a pretty specific path of favors that were granted. These are folks and youve got to realize these people that sent this money were criminals. Theyre on the run, most of them are, or theyre incarcerated or we dont know where they are. So theres a lot of unanswered questions, but i think its its pretty obvious whats going on. And i think also, you know, this is how thaw got al capone. He just didnt pay taxes. Theres no record of them paying any taxes on this 20 million. You know, if you and i sell 600 worth on ebay, guess what . We get a letter from the irs. Thats just theres a twopath system in this country, the Biden Crime Family syndicate and the rest of us, and currently the rest of us are getting pretty ticked off. And i hope those 20 Million People who decided to stay home the last election realize what they got us. Cheryl were going to leave it there. Congressman burchett, well look forward to hearing from the next phase of the investigation if your committee. Thank you, maam. Cheryl all right. Well, weve got a fox wildfire alert right now. Officials confirming at least 36 people are dead as fast moving wildfires engulf i maui. Weve got a live report from hawaii coming up next. Dad, we got this. We got this. We got this. We got this. We got this. Yay we got this. We got this life is for living. We got this lets partner for all of it. Edward jones your best defense against erosion and cavities is strong enamel nothing beats it. New pronamel active shield actively shields the enamel to defend against erosion and cavities. I think that this product is a gamechanger for my patients it really works. There are currently more than 750,000 unfilled cybersecurity jobs in the u. S. The google cybersecurity certificate was made to fill that gap and help grow the workforce thats keeping us all safe. You cant buy great conversations or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. So, youve got the power of xfinity at home. Now take it outside with Xfinity Mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. No wonder Xfinity Mobile is one of the Fastest Growing mobile services. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com goli, taste your goals. Its almost like end of days, an end of days scenario where you were surrounded, and the only place that you can go is out in the water. How do you begin to start to put the pieces of just everyday life back together in there are schools, there are maxedout shelters there, theres limited resources, and so this is going to be a critical time. Cheryl devastation in maui where a wildfire has claimed at least 36 lives and left thousands scrambling for safety. Hurricane force winds whipping the fires across the island are, devastating the Historic Town of lahainaful foxs dan springer is live with more. Hi, dan. Reporter hey, cheryl. This story took a grim turn overnight as the death toll on the island jumped from 6 to 36, and officials fear it could go even higher e. Hospitals have been overrun by burn and smoke inhalation victims. Officials now say more than 270 structures have been destroyed, many of them homes and businesses in the popular tourist town of lahaina which has been devastated. People reportedly were escaping the flames by with running into the water or getting into boats. Thousands have taken shelter. From woke up this morning and and got on our phones to pictures of you are our house of our house just down to the slab. Nothing but smoke. Cinders. Came with the clothes we got on and the dog and the two kids. Reporter the fire started tuesday night and was fanned by ferocious winds from Hurricane Dora are. The eye of that hurricane was actually several hundred miles away, but gusts on maui reach up to 75 miles an hour, absolutely no way of fighting a wildfire in those conditions. Maui has also been experiencing a drought with very little rain since may. When the winds died down later yesterday, the National Guard was able to start dropping water on the flames, and progress has been made. One of the big concerns has been getting tourists off the thailand. All the Major Airlines pitched in getting their biggest planes there to fly tourist es home. Officials say they were ab able to get more than 11,000 visitors out of maui yesterday, ask those efforts are continuing today. And for people who have been to maui, the 150 yearold banyan tree is a mustsee, it appears the tree which was imported from india and planted here in 1873 has been damaged, its trunk and branches charred, but it is still standing. A state of emergency has been declared, and is anyone who has a trip to i maui planned for the very near future is being can asked to postpone. Cheryl in. Cheryl 911,000 tourists 11,000 tourists were evacuated last night, incredible. And theyre telling everyone stay away from maw maui. Thank you for that live report. The sun just coming up there. Well, weve got a lot more this hour. Gop president ial candidates converging on the iowa state fair. With less than two weeks until they take the debate stage for the first time, were going to have more on iowa coming up. There are some things that go better. Together. Hey like your workplace benefits. And retirement savings. With voya, considering all your financial choices tog