Transcripts For FBC Mornings 20240703 : vimarsana.com

President biden yesterday confirmed 14 americans have been killed, others are still being held hostage, a state Department Spokesperson said this morning that, the u. S. Expects american death toll to increase the chapter black lives matter facing backlash posting a silhouette of a parachuteer with i stand with plas yooin beneath writing that is all that is it. The post referencing Hamas Terrorists who glided into israel, carried out shock attack on israel a noncartoons appearing to blame israel for tax joe, your chots. Joe black lives matter should be ashame National Group should be condemning this the fact that sick illustration of a paraglider we saw Music Festival how that entered why young people celebrating then mowed down, the fact American Organization is celebrating this somehow, i cant put into words. Suspect legacy media you cover have many years you watch and this msnbc, cnn, people attacked israel, blaming israel this is unprovoked attack, on israel. Correct i saw one palestinian activity with free on air paefdz said Hamas Terrorists were only arresting military people, that no one was getting executed said on american airwaves wasnt challenged on it. Doesnt say anything. No didnt. Cheryl i mean also, not just blm, i saw this yesterday i think we tweeted it because so disgusting, but also i mean look at democratic socialists of america their statement look at their rallies the, they are attacking american jews, getting in fights screaming matches defending this you know who is a card carrying member of democratic sorts of of america . Aoc that squad need to sit down, shut up. You mentioned harvard i want to talk about this a monitor harvard Professor Emeritus Larry Summers going after school for what he says a late disappointing response to letter written by over 30 Student Groups was released saturday affirming pro plastin support, Larry Summers is speaking out at least two students groups pulled names from the letter harvard president put out a statement says no Student Group speaks for harvard or leadership. Cheryl a great the wall street journal oped this morning titled harvard shrugs, at jew hatred written by jewish student ad harvard not surprised by statement by these groups i think every single student that signed on to this that is part of ever one publish names never work on wall street banking medicine i dont care what these are progressive spoiled privileged white kids nothing to do but, grab on to i am going to grab on palestinians no clue what they are talking about no sense of history, from ivory tower at harvard. White kids suburb ia, the unfortunate flip side of the victimization argument you know if you portray yourself as victim then you tend to attack others who support you, well, you know what . Sometimization is a choice choose to see ourselves as victims or choose to being a proactively to better our lives. What condemnation have we seen from democrats to all of this. To the contrary, because because squad standing behind palestinians as if to say you israelis kept them town apar sided state in config regulation not letting them out of gadz strip their argument i couldnt disagree more. That is a complete to equate israel, to what south africa did there the regime is craziest misguided confused, contorted convoluted thing i think ever, ever heard out of middle east. Lack of education and, frankly, age showing this is when spob like aoc, age shows. Young and stupid. Cheryl young stupid privileged, and, again that is harvard good for Larry Summers by the way i have to say. I agree. Cheryl he is the one first to point out hypocrisy by university they still i dont think, i know put out a statement i dont think harvards do done enough to right wrong that happened, also, stanford, ucla, what is going on . I got kids daughters birthday turned 10, 10 and 8 going to college a couple years scratch off harvard scratch off anything in northeast basically at this point, before taxes i got to earn 500,000 dollars to send kid to a place like harvard exposed to ecosystem like that no thanks. Where does this come from you would think university you want diversity of think it is anything but in all universities. I have one statistic commencement speeches given last spring 97 out of 100 topranked schools in the country, had liberal speaking at commencement, only three conservatives invited so perspective here only talk diversity all the time except when it comes to diversity of thought, not aloud. Cheryl attacked again yesterday forgive me. Putting men, you know biological men in a competition with women, and she is getting attacked. You asked where does this come from . I go back to barack obama in apology tour, kept saying that America Needs to apologize. For what . We dont need to apologize were not perfect but we move forward do it together this is greatest country on earth the notion that we need to apologize, or to rewrite history . I think is a, that is wrong b, opened this door to to questioning rewriting apologizing, and trying to play victim cards around the world i think what were seeing here is is people somehow mistaking israeli sovereignty for victimization of plas yooin that is not what it is. Im worried about United States world in a very dark place russia, and death and destruction on ukraine china we dont know when china will go into taiwan expecting it now this. Hundreds entering the country from special interests, bill melugin put it one of the best out there more than 600 iran more than 160 lebanon, 1613 pakistan, 500 syria go on and on dont know why they are here trying to come here. We know chinese nationals mark green said directed by xi jinping military aged men will be saboteurs i was struck by his assessment of chinese nationals into sfwloord to build 20 miles of wall by joe biden. A lot more this morning, as you know, weve got cpi, ppi rather the cpi tomorrow morning, well be right back. This isnt just freight. These arent just shipments. Theyre promises. Big promises. Small promises. Cuddly shaped promises. Each with a time and a place theyve been promised to be. And the people of old dominion never turn away a promise. Or over promise. Or make an empty promise. We keep them. A promise is everything to old dominion, because it means everything to you. Only the sleep number climate360 smart bed lets you both sleep up to 13 degrees cooler or warmer on either side, and at your ideal level of comfort. Your sleep number setting the allnew queen sleep number® c2 smart bed is only 880. Sleep next level. Shop now only at sleep number. Hi, im jason. Ive lost 228 pounds on golo. I dont ever want to go back to wearing a 4xl shirt or not being able to climb up stairs without taking a break. So im committed to golo for life. Bath fitter is a better way to remodel your tub. Precise measuring means the perfect fit. The bath fitter tub over tub process means no mess or stress. A custommade tub and seamless wall mean a watertight fit. Premium acrylic means it lasts a lifetime. And all this together means a great value. Bath fitter. It just fits. Visit bathfitter. Com to book your free consultation. Welcome back in last few hours Israeli Defense forces have begun striking targets inside lebanon after hezbollah launched anti tank fire in northern israel overnight second day in a row fox news Foreign Correspondent trey yingst on the ground with very latest. Good morning right now at israeli artillery position, watching, as the israelis shell eastern side gaza strip tried to hit different positions inside gaza we do understands according to the military, nearly 3,000 targets, in gaza have been hit by israelis since that massacre saturday morning artillery raining down on gaza rocket attacks in southern Central Israel that antitank fire into northern from israel southern lebanon fluid developing situation as israelis continue to discover atrocities in southern part of country getting new from gaza with death toll over 1,000 people with around 4,000 injured, according to local Palestinian Press cofounder of hamas killed in Early Morning airstrike today we do expect israelis as they prepare to enter gaza to target more hamas leadership, back to you. Trey thank you very much trey yingst on the border, of israel and gaza this morning, the white house is slamming members of the farleft squad for response to the terrorism in israel. I think some statements this weekend we are very clear we believe iran they were repugnant disgraceful. Maya macguineas, congresswoman your reaction. Absolutely abhorrent we have members of the squad making comments like this, look. Right now, entire Congress Needs focused number one getting back to work, number two, we need to make sure, we provide israel with support it needs, as soon as possible, and right now, there is a bipartisan effort underway to convince this administration, to help get citizens out we need to do that immediately countries in israel with military, planes, charted commercial aircrafts, getting citizens home this administration has not taken swift action to do that unconscionable should be number one priority of everyone in washington. What can you do in terms of america, o protests in new york city nypd chief of patrol says no known local terrorist threat but still boosting patrols in jewish, spaibdz dike sullivan whether america should be worried about a the rest a threat. We continue to remain vigilant about terrorist threats to homeland from anywhere very much working on that we are consulting with congress on seeking to secure the necessary resources to continue to work through. And any time we see any threats extreme involving terrorist threat to homeland we mobilize every asseting to after that includes information analysis, that we have shared with congress, about plots emanating from middle east plots emanating from other places we will continue to do that. Wram what are your thoughts here, are you worried about, situation happening in america, whether or not it is israeli sights or just terrorism . In general . Absolutely we need to be concerned about something potentially happening in the United States i think would be naive to not think something potentially could happen we need to make sure our law enforcement, our officials have all tools resources they need, look. I am very concerned about wideopen border saying two years what happened Bagram Air Base Prisoners Released way dont know where they are who they are we know they are issis affiliated isias i to smug s in United States 50 terrorists caught on southern border we have also know that estimates are upwards 1. 7 Million People undetected into the country no interaction with law enforcement, or federal government not turn themselves in trying to seek asylum, these individuals who purposely evading, any law enforcement, so we wonder we have to be very vigilant, about who they are where they what are intentionsr the fact some colleagues in Democratic Party act like, that is antiimmigrant statement nothing to do with that we need to know post9 11 world who is in our country, and that is why i am very concerned that something can happen which is why we need to support our law enforcement, do everything they say, we need to do as members are of congress to support their efforts, by the way, secure this border now it maybe too late secure the border now chuck schumer. What happens to people on terrorist watch list we have 150 people apprehended i know when you are apprehended you are processed, let into country, and told to return, when you have a court date but weve got all these numbers here, from 21, 22, 23 in this year alone 151 people apprehended on terrorist watch list where are those people . Were they let into the country or what . I dont believe they were let in country one thing important to note, you know, the local people in new york, right, tied hands of nypd so they cannot cooperate with any federal detainer request the only exception they make is for suspected terrorists thank god right they actually do it for terrorists what about people peddling poison to children committing rape other crimes they do not cooperate with those federal detainer requests cdc needs to start cooperating with federal authorities the Biden Administration is requesting for someone to be deported you know for a very bad reason because they are not requesting for many people to be deported, new york city, Council State legislature need to reverse course here, and start getting individuals committing crime in our city here illegally out of the country. Congresswoman republican lawmakers voting for housespeak candidate in about 90 minutes who he congressman jim jordan louisiana congressman Steve Scalise explaining why they 14 take the job watch this. I think i am one candidate who can unite our conference then go tell American People what were doing and why it matters to them. Why it is important to their family to their community to their Small Business why it is important what were doing for our country. A long history of bringing people together, uniting republicans focusing on that issues weve got to do to address things we came here to do. I have had a history of building coalitions uniting people that focus getting those things done Getting Congress working again and doing it quickly. Congresswoman who are you supporting for speaker. Either of those candidates would be good speaker i am supporting jim jordan, do i believe the best person to bring, everyone together he has relationships with moderates, ultraconservatives everybody inbetween also, i think got the fight, to go to the senate and white house to negotiate a good deal on behalf of the American People. And so i am behind him but, regardless, of who comes out ahead of todays meeting i think the party the conference should rally around that person go to show unity lets get to work what were seeing in israel happening we should be very concerned we need to get back to work support our ally make sure nothing like that happens here not a United States. Some things that you all have to navigate including that vote one person can eject a speaker what we just saw happen with Kevin Mccarthy, will that rule be changed for the next speaker . Look, there is a major push for people to change for us to change that rule, i believe it certainly should be reevaluated, i think that a lot of members actually holding out supporting anyone until they see that rule change the thing we dont have time we need to get back to work now federal funding are expiring, what 30 days . We have to pass rage appropriations bill during critical time with ally under attack we need to make sure that we are in the chamber and doing our job so i say yes we should change the rule, butlet not delay getting a speaker in place, we need to move forward, it is a shame what happened to Kevin Mccarthy did not deserve this was a great pleader you unfortunate but the bottom line we need to elect a speaker move forward he collectively the fight is not with each other the fight with Senate White House with adversaries around the world looking to us do harm. By the way, i once speaker in place will you pursue impeachment of joe biden. Yes, we have impeachment inquiry have to follow facts i think getting to the point we need to make sure we have, the facts to back it up first. Thank you very much congresswoman in washington. Well be right back. [narrator] this house is a generac house and youre just the person to keep it running because a proud homeowner has a protective instinct and frankly, the brains to know the grid is gonna let you down sometimes. Thats why when the rest of the block is lighting candles and looking for flashlights, youre ready to rock and roll. Its not just a generator. Its a power move. Request a free quote today. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Breaking news out ofm me israeli firing back at hezbollah and hamas, gaza running out of electricity, we will continue to monitor the region for headlines but first we look at futures this morning, and Interest Rates stocks right now, where we are looking at gains dow industrials up 86 nasdaq up 57, s p higher by 12 points four minutes away from impactful Economic Data Interest Rates 10year treasury yield ahead of september Producer Price index, out in 3 1 2 minutes the yields right now 10year down almost 7 basis points level 4. 587 , twoyear hovering around 4. 5 , there you go, up 2. 1 basis points on twoyear level 4. 98 on ppi economists expecting gain 3 10 month month up yearoveryear 1. 6 we will get numbers, imminent me Nick Timiraos higher yields could prompt extending Interest Rate pause what we heard from a number of Federal Reserve officials just this week joining me macromavens spt Stephanie Pomboy good to see you obviously, a critical day day tomorrow before next Federal Reserve twoday meeting what are you expecting . Well i think that what were going to see is more pressure on all the things, that people cant live without else energy weve seen sort of general firming of Department Spokesperson<\/a> said this morning that, the u. S. Expects american death toll to increase the chapter black lives matter facing backlash posting a silhouette of a parachuteer with i stand with plas yooin beneath writing that is all that is it. The post referencing Hamas Terrorists<\/a> who glided into israel, carried out shock attack on israel a noncartoons appearing to blame israel for tax joe, your chots. Joe black lives matter should be ashame National Group<\/a> should be condemning this the fact that sick illustration of a paraglider we saw Music Festival<\/a> how that entered why young people celebrating then mowed down, the fact American Organization<\/a> is celebrating this somehow, i cant put into words. Suspect legacy media you cover have many years you watch and this msnbc, cnn, people attacked israel, blaming israel this is unprovoked attack, on israel. Correct i saw one palestinian activity with free on air paefdz said Hamas Terrorists<\/a> were only arresting military people, that no one was getting executed said on american airwaves wasnt challenged on it. Doesnt say anything. No didnt. Cheryl i mean also, not just blm, i saw this yesterday i think we tweeted it because so disgusting, but also i mean look at democratic socialists of america their statement look at their rallies the, they are attacking american jews, getting in fights screaming matches defending this you know who is a card carrying member of democratic sorts of of america . Aoc that squad need to sit down, shut up. You mentioned harvard i want to talk about this a monitor harvard Professor Emeritus<\/a> Larry Summers<\/a> going after school for what he says a late disappointing response to letter written by over 30 Student Group<\/a>s was released saturday affirming pro plastin support, Larry Summers<\/a> is speaking out at least two students groups pulled names from the letter harvard president put out a statement says no Student Group<\/a> speaks for harvard or leadership. Cheryl a great the wall street journal oped this morning titled harvard shrugs, at jew hatred written by jewish student ad harvard not surprised by statement by these groups i think every single student that signed on to this that is part of ever one publish names never work on wall street banking medicine i dont care what these are progressive spoiled privileged white kids nothing to do but, grab on to i am going to grab on palestinians no clue what they are talking about no sense of history, from ivory tower at harvard. White kids suburb ia, the unfortunate flip side of the victimization argument you know if you portray yourself as victim then you tend to attack others who support you, well, you know what . Sometimization is a choice choose to see ourselves as victims or choose to being a proactively to better our lives. What condemnation have we seen from democrats to all of this. To the contrary, because because squad standing behind palestinians as if to say you israelis kept them town apar sided state in config regulation not letting them out of gadz strip their argument i couldnt disagree more. That is a complete to equate israel, to what south africa did there the regime is craziest misguided confused, contorted convoluted thing i think ever, ever heard out of middle east. Lack of education and, frankly, age showing this is when spob like aoc, age shows. Young and stupid. Cheryl young stupid privileged, and, again that is harvard good for Larry Summers<\/a> by the way i have to say. I agree. Cheryl he is the one first to point out hypocrisy by university they still i dont think, i know put out a statement i dont think harvards do done enough to right wrong that happened, also, stanford, ucla, what is going on . I got kids daughters birthday turned 10, 10 and 8 going to college a couple years scratch off harvard scratch off anything in northeast basically at this point, before taxes i got to earn 500,000 dollars to send kid to a place like harvard exposed to ecosystem like that no thanks. Where does this come from you would think university you want diversity of think it is anything but in all universities. I have one statistic commencement speeches given last spring 97 out of 100 topranked schools in the country, had liberal speaking at commencement, only three conservatives invited so perspective here only talk diversity all the time except when it comes to diversity of thought, not aloud. Cheryl attacked again yesterday forgive me. Putting men, you know biological men in a competition with women, and she is getting attacked. You asked where does this come from . I go back to barack obama in apology tour, kept saying that America Needs<\/a> to apologize. For what . We dont need to apologize were not perfect but we move forward do it together this is greatest country on earth the notion that we need to apologize, or to rewrite history . I think is a, that is wrong b, opened this door to to questioning rewriting apologizing, and trying to play victim cards around the world i think what were seeing here is is people somehow mistaking israeli sovereignty for victimization of plas yooin that is not what it is. Im worried about United States<\/a> world in a very dark place russia, and death and destruction on ukraine china we dont know when china will go into taiwan expecting it now this. Hundreds entering the country from special interests, bill melugin put it one of the best out there more than 600 iran more than 160 lebanon, 1613 pakistan, 500 syria go on and on dont know why they are here trying to come here. We know chinese nationals mark green said directed by xi jinping military aged men will be saboteurs i was struck by his assessment of chinese nationals into sfwloord to build 20 miles of wall by joe biden. A lot more this morning, as you know, weve got cpi, ppi rather the cpi tomorrow morning, well be right back. This isnt just freight. These arent just shipments. Theyre promises. Big promises. Small promises. Cuddly shaped promises. Each with a time and a place theyve been promised to be. And the people of old dominion never turn away a promise. Or over promise. Or make an empty promise. We keep them. A promise is everything to old dominion, because it means everything to you. Only the sleep number climate360 smart bed lets you both sleep up to 13 degrees cooler or warmer on either side, and at your ideal level of comfort. Your sleep number setting the allnew queen sleep number\u00ae c2 smart bed is only 880. Sleep next level. Shop now only at sleep number. Hi, im jason. Ive lost 228 pounds on golo. I dont ever want to go back to wearing a 4xl shirt or not being able to climb up stairs without taking a break. So im committed to golo for life. Bath fitter is a better way to remodel your tub. Precise measuring means the perfect fit. The bath fitter tub over tub process means no mess or stress. A custommade tub and seamless wall mean a watertight fit. Premium acrylic means it lasts a lifetime. And all this together means a great value. Bath fitter. It just fits. Visit bathfitter. Com to book your free consultation. Welcome back in last few hours Israeli Defense<\/a> forces have begun striking targets inside lebanon after hezbollah launched anti tank fire in northern israel overnight second day in a row fox news Foreign Correspondent<\/a> trey yingst on the ground with very latest. Good morning right now at israeli artillery position, watching, as the israelis shell eastern side gaza strip tried to hit different positions inside gaza we do understands according to the military, nearly 3,000 targets, in gaza have been hit by israelis since that massacre saturday morning artillery raining down on gaza rocket attacks in southern Central Israel<\/a> that antitank fire into northern from israel southern lebanon fluid developing situation as israelis continue to discover atrocities in southern part of country getting new from gaza with death toll over 1,000 people with around 4,000 injured, according to local Palestinian Press<\/a> cofounder of hamas killed in Early Morning<\/a> airstrike today we do expect israelis as they prepare to enter gaza to target more hamas leadership, back to you. Trey thank you very much trey yingst on the border, of israel and gaza this morning, the white house is slamming members of the farleft squad for response to the terrorism in israel. I think some statements this weekend we are very clear we believe iran they were repugnant disgraceful. Maya macguineas, congresswoman your reaction. Absolutely abhorrent we have members of the squad making comments like this, look. Right now, entire Congress Needs<\/a> focused number one getting back to work, number two, we need to make sure, we provide israel with support it needs, as soon as possible, and right now, there is a bipartisan effort underway to convince this administration, to help get citizens out we need to do that immediately countries in israel with military, planes, charted commercial aircrafts, getting citizens home this administration has not taken swift action to do that unconscionable should be number one priority of everyone in washington. What can you do in terms of america, o protests in new york city nypd chief of patrol says no known local terrorist threat but still boosting patrols in jewish, spaibdz dike sullivan whether america should be worried about a the rest a threat. We continue to remain vigilant about terrorist threats to homeland from anywhere very much working on that we are consulting with congress on seeking to secure the necessary resources to continue to work through. And any time we see any threats extreme involving terrorist threat to homeland we mobilize every asseting to after that includes information analysis, that we have shared with congress, about plots emanating from middle east plots emanating from other places we will continue to do that. Wram what are your thoughts here, are you worried about, situation happening in america, whether or not it is israeli sights or just terrorism . In general . Absolutely we need to be concerned about something potentially happening in the United States<\/a> i think would be naive to not think something potentially could happen we need to make sure our law enforcement, our officials have all tools resources they need, look. I am very concerned about wideopen border saying two years what happened Bagram Air Base<\/a> Prisoners Released<\/a> way dont know where they are who they are we know they are issis affiliated isias i to smug s in United States<\/a> 50 terrorists caught on southern border we have also know that estimates are upwards 1. 7 Million People<\/a> undetected into the country no interaction with law enforcement, or federal government not turn themselves in trying to seek asylum, these individuals who purposely evading, any law enforcement, so we wonder we have to be very vigilant, about who they are where they what are intentionsr the fact some colleagues in Democratic Party<\/a> act like, that is antiimmigrant statement nothing to do with that we need to know post9 11 world who is in our country, and that is why i am very concerned that something can happen which is why we need to support our law enforcement, do everything they say, we need to do as members are of congress to support their efforts, by the way, secure this border now it maybe too late secure the border now chuck schumer. What happens to people on terrorist watch list we have 150 people apprehended i know when you are apprehended you are processed, let into country, and told to return, when you have a court date but weve got all these numbers here, from 21, 22, 23 in this year alone 151 people apprehended on terrorist watch list where are those people . Were they let into the country or what . I dont believe they were let in country one thing important to note, you know, the local people in new york, right, tied hands of nypd so they cannot cooperate with any federal detainer request the only exception they make is for suspected terrorists thank god right they actually do it for terrorists what about people peddling poison to children committing rape other crimes they do not cooperate with those federal detainer requests cdc needs to start cooperating with federal authorities the Biden Administration<\/a> is requesting for someone to be deported you know for a very bad reason because they are not requesting for many people to be deported, new york city, Council State<\/a> legislature need to reverse course here, and start getting individuals committing crime in our city here illegally out of the country. Congresswoman republican lawmakers voting for housespeak candidate in about 90 minutes who he congressman jim jordan louisiana congressman Steve Scalise<\/a> explaining why they 14 take the job watch this. I think i am one candidate who can unite our conference then go tell American People<\/a> what were doing and why it matters to them. Why it is important to their family to their community to their Small Business<\/a> why it is important what were doing for our country. A long history of bringing people together, uniting republicans focusing on that issues weve got to do to address things we came here to do. I have had a history of building coalitions uniting people that focus getting those things done Getting Congress<\/a> working again and doing it quickly. Congresswoman who are you supporting for speaker. Either of those candidates would be good speaker i am supporting jim jordan, do i believe the best person to bring, everyone together he has relationships with moderates, ultraconservatives everybody inbetween also, i think got the fight, to go to the senate and white house to negotiate a good deal on behalf of the American People<\/a>. And so i am behind him but, regardless, of who comes out ahead of todays meeting i think the party the conference should rally around that person go to show unity lets get to work what were seeing in israel happening we should be very concerned we need to get back to work support our ally make sure nothing like that happens here not a United States<\/a>. Some things that you all have to navigate including that vote one person can eject a speaker what we just saw happen with Kevin Mccarthy<\/a>, will that rule be changed for the next speaker . Look, there is a major push for people to change for us to change that rule, i believe it certainly should be reevaluated, i think that a lot of members actually holding out supporting anyone until they see that rule change the thing we dont have time we need to get back to work now federal funding are expiring, what 30 days . We have to pass rage appropriations bill during critical time with ally under attack we need to make sure that we are in the chamber and doing our job so i say yes we should change the rule, butlet not delay getting a speaker in place, we need to move forward, it is a shame what happened to Kevin Mccarthy<\/a> did not deserve this was a great pleader you unfortunate but the bottom line we need to elect a speaker move forward he collectively the fight is not with each other the fight with Senate White House<\/a> with adversaries around the world looking to us do harm. By the way, i once speaker in place will you pursue impeachment of joe biden. Yes, we have impeachment inquiry have to follow facts i think getting to the point we need to make sure we have, the facts to back it up first. Thank you very much congresswoman in washington. Well be right back. [narrator] this house is a generac house and youre just the person to keep it running because a proud homeowner has a protective instinct and frankly, the brains to know the grid is gonna let you down sometimes. Thats why when the rest of the block is lighting candles and looking for flashlights, youre ready to rock and roll. Its not just a generator. Its a power move. Request a free quote today. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Breaking news out ofm me israeli firing back at hezbollah and hamas, gaza running out of electricity, we will continue to monitor the region for headlines but first we look at futures this morning, and Interest Rates<\/a> stocks right now, where we are looking at gains dow industrials up 86 nasdaq up 57, s p higher by 12 points four minutes away from impactful Economic Data<\/a> Interest Rates<\/a> 10year treasury yield ahead of september Producer Price<\/a> index, out in 3 1 2 minutes the yields right now 10year down almost 7 basis points level 4. 587 , twoyear hovering around 4. 5 , there you go, up 2. 1 basis points on twoyear level 4. 98 on ppi economists expecting gain 3 10 month month up yearoveryear 1. 6 we will get numbers, imminent me Nick Timiraos<\/a> higher yields could prompt extending Interest Rate<\/a> pause what we heard from a number of Federal Reserve<\/a> officials just this week joining me macromavens spt Stephanie Pomboy<\/a> good to see you obviously, a critical day day tomorrow before next Federal Reserve<\/a> twoday meeting what are you expecting . Well i think that what were going to see is more pressure on all the things, that people cant live without else energy weve seen sort of general firming of Commodity Prices<\/a> but energy has been especially strong i dont think the latest situation in the middle east is going to alter that. So i think what were going to have now is a scenario where the Energy Price Pressures<\/a> continue, but the problem is that the ability to pass those price increases along to sxeerz greatly diminished consumers spent up, now making student loan payments going zap roughly 200 billion of where with theal to spend next 12 months i think setting up forprofit squeeze things are starting to ease up who are started to ease up i think we will see it quickly reverse again as ppi pressure increases Companies Struggle<\/a> to pass that along to scomherz who cant absorb higher praises. We will hear from management teams this week beginning with Third Quarter<\/a> reporting that we are waiting on banks reporting, on friday, and then off treests in terms of Third Quarter<\/a> reports Cheryl Casone<\/a> jump in you are about to report numbers, but when you look at overall inflation, even though headlines number came down the essentials talking about skyhigh. Cheryl ineffectives about tomorrow cpi tomorrow month september your point about Energy Prices<\/a> we saw that jump in Energy Prices<\/a>, last month i wonder if you think ppi number in 30 seconds from now is going to reflect that in headlines numbers . I mean i think it will to some extent, you know we have an increase in oil prices gasoline prices didnt really move much over the course of september that may take a little while to see it through, but in general i think the picture here is clearly one of higher persistently higher underline a problem for economy in terms of corporate profits, also Consumer Discretionary<\/a> spending. This is the input prices that were talking about Producer Price<\/a> index is going to be the issue, if it is an issue, when we hear from management teams this week when reporting earnings, Cheryl Casone<\/a> you have the number. Cheryl all right. We get to let me hit headline hotter than expected,. 5 what monthovermonth headline september ppi came in at estimate. 3 hotter than expected look at this is energy story what i am thinking you can being ask stephanie, 2. 2 yearoveryear headline number we are looking for 1. 6 , that was the estimate. Going down to the core number, i am looking here seeing. 27 , you can confirm that. 27 , that is okay going. 3 monthovermonth estimate. 2 that number coming in, hotter than expected, a lot of numbers across the board hotter numbers. All four higher than expected he amazingly futures are still up, you know. And, you know, which may argue for the market moving past inflation but it is surprising, again, i say that as die who is generally about the optimistic and the bull, the growth investor who is long, i am surprised i am glad to see futures still up i am surprised. Stephanie what you predicted 30 medics before number came out september ppi monthovermonth up 5 10 of a percent chrl reported errors than 3 10 , yeesh year september 2. 2 headline worse than 1. 6 expected, the core yearoveryear is 2. 7 wore than those 2. 3 expected your reaction to numbers what are you focused on with market, by the way, as adam said higher on stocks. Well, i think that. 5 number that means, annualized 6 on the ppi, that is cpi is running three 3. 6 yearonyear profit pressure talking about if you have input costs going up 6 pace ability to pass price increases along is 3. 6 youve got real margin pressure there, you know the reason i continue to pound the table on this is it that is nowhere priced into the market, you know consensus for next year 11. growth, largely believe this Third Quarter<\/a> will be end of the profits of of recession, if Third Quarter<\/a> comes in down as expected, will be fourthing in a row weve had declining earnings the forecasts universally for rebound from there, i suspect if we do get a rebound will be very shortlived a doubledip, profits of of recession, because this energy story not going away we know that. Because Domestic Energy<\/a> policy isnt changing that is the key problem, there. And then layer on top what is going on in middle east right now, and that is certainly doesnt im approve the picture another problem for fed higher Inflation Numbers<\/a> energy, push threw is going to obviously, increase headline numbers but the fed is really, struggling to figure out can they raise rates anymore from here, there is a lot of attention focused on the impact on federal debt service at these levels of Interest Rates<\/a> the fed really has got quite a pickle, on their hands. Want to talk about fed. Cheryl revised august higher, for ppi yearoveryear number, that is energy story, what you were just talking about revised to 2 initially read 1. 6 august has gotten revised higher september numbers within rooes saying over 40 september increase is 5. 4 rise in next for gasoline, young chickens a food story electric power overly diesel fuel the push overall for this final hot number higher than expected looking ahead to cpi tomorrow i think this is an interesting precursor. 20 days before next Federal Reserve<\/a> meeting, joining us right now to break it down former kansas city Federal Reserve<\/a> president ceo distinguished senior fellow Thomas Hoenig<\/a> with us, former toys r us ceo former target vice chairman storch here thank you for being here joining us, of course, still with us Stephanie Pomboy<\/a> adam johnson joe concha thomas your thoughts on this number clearly worse than expected higher than expected Inflation Numbers<\/a> for september. Yes. Higher than expected pry cursor to tomorrow as well higher inflation the fed has hands full as stephanie mention because, number one, inflation is not coming down as hoped, statement we have a integrate deal uncertainty Going Forward<\/a> from here, and fiscal side the deficits growing by day fed going to try to quantitative tightening in Place Dynamics<\/a> will affect the fed forward i suspect would like not to have to raise rates but Inflation Numbers<\/a> may force them to, even if they dont raise rates, the policy is going to get tighter because in qt point will today there unless some kind of backlash or crisis then they will back away from qt a lot of things to try to balance at one time. Thomas what does this mean for earnings, your view you heard stephanie talking about margin pressure, as a result of the input costs going higher even as the consumer level inflation appears to be coming down. Your thoughts on what we could hear from management in terms of the impact on earnings . I think i think, i think it is going to have impact on earnings, not only from energy side but costs founding going up makes financing more difficult forward from here puts pressure on their profits there is a lot of uncertainty Going Forward<\/a> for the economy and customer getting tapped out theyve had a big run that supported this economy that is going to back down. So that is going to put pressure on fed not to raise rates. They are really in the i think going to just be confused from now until the day they have to actually make if decision. Adam your reaction. Adam the minutes from the Federal Reserve<\/a> most recent meeting 2 00 today so while certainly get insight there, my reaction is honestly maria one of just being totally stunned that markets are behaving as well in light of what we just saw all four inflation indicators were hotter than expected you would expect in that scenario bond yields would shoot higher stocks would dropf it is polar opposite bond yields down, stocks up. Market taking doot in stride only way i can resolve that this could the market made move earlier this week 95 stocks in s p 500 trading below 50 day moving averages washout only seen a washout like that five times past five years every time stocks bounced maybe that is going on again i am stunned that markets, looking at green now futures right now markets are up after very hot inflation. A gerry you were with us recently predicting top retail season in Fourth Quarter<\/a> the big event holidays consumers stretched because of inflation talking about today what are your expectations for earnings as well as yearend insist do you think we will see a recession soon. I dont know if a recession but i believe going to be one of the worst christmases in recent memory the reason consumers totally tapped out, when you think about inflation, we talk about oh, 2 , 3 now lower rate we need to talk about numbers but the consumer the numbers compounded, since the beginning of the pandemic. So if you go to the Grocery Store<\/a> you are saying 25 more for basket, so this is on top of that just talk how much more is it out going to increase all prices already tapped out consumer. They are stuck, buying only things they need cant afford things would love to apply they want ie discretionary categories. Cheryl this is a dire projection actual from gesture dwrooi i have is a say weve seen even retailers starting to talk about less inventory ahead of holidays many geese maria to your point we will know more as earnings get underway starting to get predictions for Holiday Season<\/a> i am sorry but if people keep going to walmart for groceries doesnt change i think you are correct going to be a rough retail season. Joe 2024 race heating up joe biden cannot run on record particularly inflation at this point poll after poll pessimism in this country people think economy getting worse instead of Getting Better<\/a> that is something obviously, if donald Trump Nominee<\/a> certainly looking that way should be hammering home who who do you trust to get economy back on track a great economy until covid donald trump or joe biden obviously, is not handling things very well at least when you talk to americans including many democrats. Stephanie tried to give everybody a little time to digest numbers, zero into what is most important once again, ppi for september, is up 5 10 of a percent monthovermonth worse than 3 10 expected yearoveryear 2. 2 worse than 1. 6 estimated core acceptance numbers up 3 10 of a percent worse than 2 a 10, core up 2. 7 worse than 2. 3 expected your analysis. I think two things that have been supporting this market throughout 2 year in face of higher Interest Rates<\/a>, one is this promise that i talked about earlier, that the earnings recession was near an end that we were going to have doubledigit Earnings Growth<\/a> next year the other thing obviously, hope of a fed pivot in that we would see 3 to 4 rate cuts in 2024. I think higher Energy Prices<\/a> have real role to play in both the. Ses, more pressure on profits rather than relief suggests fed higher for longer is going to be delivered one markets have refused to believe from a better portion of the entire year. So i think, you know, i share adams surprise market is holding as well as it is may be saying ppi hold off see what tomorrows cpi number looks like before conclusions that maybe the market thinking, lord only knows but from my Vantage Point<\/a> nothing about the inflation backdrop right now nor as gerry pointed out the situation on part u. S. Consumer suggests were headed for better times for wall street, in terms of earnings, and or a fed pivot. So you want to sell into this rally stephanie . I do, i mean i think that, you know, this no landing thesis hit peak stupidity i like to call it fastest most aggressive rate hikes in history of mankind increasingly people included there is going to be not only a, a soft erng but basically no landing no real slowdown in activity, meanwhile, the pressures continue to build largest number corporate bankruptcy filings since 2008 consumer i delinquency rates rising challenger to the point earlier forecasting the weak of the hiring for the Holiday Season<\/a> since 2008 as well, there is a lot going on that suggests to say nothing like yield curve signal, et cetera, that we are headed for significant recession and, yet, markets seem convinced everything is great going to skip into sunset. Yes would i be selling. What about that thomas hone insignificant energy, are undermining efforts in have terms of getting price down food shelter elevated. I think stephanie is right not seeing any pivot, the fed has got inflationary problem, and the data arent coming in better for them that is number one with. Number two, continuing to tighten ballot sheet spending congest going to grow i remind people that, in timing socalled Great Recession<\/a> 20089, that happened more than two years after fed stopped raising rates at that point not sure we are done raising yet we have period ahead i think the risk of a recession continues to be very high. I think it will be a difficult recession as well. What should fed do now i like to point out you were the one dissenter in 2010 fed started easing Interest Rate<\/a> move lasted 15 years you were one dissenter had vision to see what impact could be with a we got high inflation what would your counsel evil be today. That is behind us very difficult economy, rates are as someone said very high come up, as fast as any time the fact would hold for a while means, rates still remain high, and even if they hold rates, the policy is tightening because there are doing quantitative tightening Interest Rates<\/a> going up if they even continue to pause i think they will because so much uncertainty out there, i would agree with, that Interest Rates<\/a> continue quantitative tightening pushing Interest Rates<\/a> up nay we are going to have a slowing of the economy and probably will encounter recession down the road then see what fed wants to do at that point how quickly they ease, if they ease, that will be to the recession but if they continue to ease after this we repeat cycle again we need the plan together now for longer run i think there is going to be a recession how they react to that follow up to that ahead of them. If fed is going to o pivot next year start cutting Interest Rates<\/a>, you have to believe that that is in response, to a very tough macrostory, gerry you painted a very tough macrostory with regard to activity spending for christmas a minute ago you were ceo of toys r us walk us through how important and impactful the input he increases are when you are a producer and youve got input costs rising you are forced to pass to consumer. No choice youve got to keep gross margin you pass increases on theyve been doing that pepsico yesterday bragging with results, if you look units were down it was all taking price you can only do so far everybody tacking price regulates phenomenal doesnt work runs out of money pern pernicious, everything is so much more expensive i need more salary, so that is still to come. Cheryl you pointed this out a number of times in your reporting maybe we see better than expected numbers from the retailer is that volumor inflation. Cheryl retail sales weve seen that i want to say three straight months you see strong numbers, but market doesnt celebrate it because it is not adjusted for inflation i think why you are going to see cpi report tomorrow morning so crucial the headline number still looking at above 4 read on headlines yearoveryear, tomorrow. That is not 2 everybody that is 4 , i am starting to worn if market this could we are getting another pause from the fed this is why not getting some type of selloff i dont know. That could be clearly, that is is what your former colleagues have been basically saying, and painting narrative thomas, you have at least, two officials in fed yesterday, saying things like, well, the market may have done the work for the Federal Reserve<\/a>, talking about backup in 10year. Theyve been talking about that, seeing Interest Rates<\/a> rise, they dont want to overdo it scared to death of putting another banking crisis out there that we had in march, more so, remember, that the possibilities of banking crisis remain, high, because if you look at their Balance Sheets<\/a> higher Interest Rates<\/a>, those real values are declining on a Balance Sheet<\/a> market knows that you are seeing bank prices struggle as well outlook very difficult for them as we look ahead, i dont see see it turning out well. Great point on the banks, stephanie your thoughts there . Because bank stocks you just followed message of the market, where looking at some troubles here because stocks are down, are you expecting a banking crisis as well . Well, i would say two things one going to obviously, get a slew of financial earnings over the next week i think first group really to report, i would look at loan loss provisioning assuming continued increase if lope loss revisioning, while they raised deposit rates nowhere in line with what you can get in six month tbill, the problem has been largely by fed program where they led fte plaem underwater securities to them as par, i am not as concerned about a banking cries as a crisis in shadowed bank sector that doesnt have luxury pricing securities to at par to meet outflows i think maybe fed more concerned about invisible cant see it cant regulate it we know if wild west out there tremendous risks look at boom in private credit didnt exist several years ago now over a trillion dollars, it is you growing so fast, that banks are trying to get into it hey, we cant keep losing share to nonbank players were getting into that market my view a sure sign were about to turn south in terms of kwalt the tongueincheek blackstone addition to s p 500, as you know largest alternative asset manager their conclusion in s p in my view a top in this alternative assets bubble that weve seen the last several years, as thom mentioned this qe insanity a decade zero money policy when economy was real on road to recovery. Long story short i am concerned about crisis in nonbank sector higher rates going to cause some real to fall off somewhere. Thomas i think you share that concern about shadow Banking System<\/a>. I do a Banking System<\/a> has a lot in shadow Banking System<\/a> comes back on them plus i would remind people credit quarterly in banks also dependent on how Interest Rates<\/a> go the fact we have this Term Loan Facility<\/a> for government securities is fine, but a whole that is 25 of the totalpost with banks a lot other things underneath it tooep carefully about. Market interior highs adam johnson you harder stephanie saying she is going to sell into this your bullish, youve been right but do you want. Not that an ease right sleepless night kind of right. Youve been right i want your stake on strategy do you want to go looking, for companies that have Pricing Power<\/a> . To a well Pricing Power<\/a> always one of those things that i as stock picker look for listening to tenor of conversation from gerry worrying about, a a less than wonderful christmas, to uncertainty around the fed to pressure on some banks i think it really does underscore why people like me are going to big cap tech if you are looking for growth for solid Balance Sheets<\/a> looking for execution by management, if you are looking for, innovation if you are looking for artificial intelligence, on and on, the names the groups that keep coming up, very simple the famous we all know apple, amazon, microsoft, nvidia, i hate to sound like a broken record sometimes feel foolish saying objects names sometimes what is objects is object veeous, reports the junior next group down sales fors defense minister palo a alto. You are looking at areas of retail to invest how do you do that in on a environment when you are expecting bad times, are weakerthanexpected macrostory go with company with an success that is walmart fantastic, spread between walmart and target inner higher partially reflection how well walmart executing costco continues well tjmaxx for value you have to go with amazon i think a long way to come back some weakness showed yet prime days now doing great. True a lot of details you can get joe. Joe observing as layman 2008 broached a couple times ominous year as guy who along with my wife we look almost every night at the Housing Market<\/a> because looking maybe to get a bigger home but Interest Rates<\/a> are just too high right now inflation is eating so much into savings that we talked over couples as well along same lines housing could be a real problem because appears a supply demand imbalance at this point lot of supply not a lot of demand because of reasons i talked about inflation three times higher, since donald trump left office, obviously, Interest Rates<\/a> where they are doesnt make it a great time to buy a home you got to wonder what is going to happen. This is tackle sentiment Thomas Hoenig<\/a> Mortgage Rates<\/a> 7 1 2 . Not just it is everything, number one housing you cant afford it, commercial real estate in tank, no credit available out there, not only that Interest Rates<\/a> are high but not willing to take on that risk at all so that is dried up, and were now seeing going into some warehousing strong for a long time, finally given outlook the cost, that may be slowing, so i do think were we are in have early part of a very difficult economic period ahead, and we shouldnt we shouldnt get too too comfortable as we look forward i think a matter of we have difficult times ahead. You cannot put Economic System<\/a> on equilibrium around zero this long and move to higher level without a lot of pain with it i dont think it is avoidable. Are you surprised has taken this long in the past 12 murps, 18 months to see impact from higher rates weve had 11 rate hikes were looking at atlanta Federal Reserve<\/a> talking outsized growth no recession are you surprised that weve gotten to this point, a year and a half plus, after fed started this campaign to well, in some sense, yes, i am. But on the other side, as i mentioned earlier, you think about that earlier period, they stopped raising Interest Rates<\/a> in june of 2006. Bear sterns, a major nonbank failure, came in the spring of 2008. And the fannie, freddie in the summer, and lehman didnt happen more than two years after they stopped raising maria great point. So were absorbing this. It takes time, but you can see it filtering through the economy right now, and its finally coming to the to the consumer given that theyre tapped out. The credit markets are really tight right now. So im not, im not overly surprised that were just starting at really getting into it now, and i think itll only get worse. Maria yeah. Ill never forget the Global Financial<\/a> crisis when i looked up and saw that bear stearnss was going to be sold for 2 a share. Remember that . Eventually, jpmorgan went up to 10, but that in and of itself was such a wow moment, and it was reiterating what we were in at that point, 2 a share. I want to recap whats happening in the middle east right now, sirens and explosions are sounding off in Central Israel<\/a>. Moments ago israel responding to the hezbollah attack, launching rockets into southern lebanon. Your thoughts, all of you, on the impact of war in the middle east and how that may very well change the scenario here or worsen things. Cheryl. Well, the energy story, obviously. On monday we saw oil jump by more than 3 . This is a long story, this is not a short story. And, obviously, the more that the middle east is destabilized, the more youre going to see pressure, upward pressure, on brent and also on wti as well as a secondary market. I also want to say too that im going to be interested to see how companies saw start to address whats happening overseas, Companies Like<\/a> pepsico, other multinationals have huge operations in the middle east in general. Is this is going to be a story thats going to continue, unfortunately, and t not going to be pretty. Maria stephanie, does this work into your models as well, watching with one eye on the middle east in term of its in terms of its impact on the economy here . Well, for sure. I think cheryl hit it, its really most immediately for our economy a function of the oil story. But i think more broadly, i mean, its also a Consumer Confidence<\/a> and a general confidence story. And the one with thing this whole experience does not do is bolster ones confidence about the management of our country. Maria thats right. You know . It seems like this is just another example where a weak u. S maria yeah. Has led to real destabilization around the globe. Maria yeah. So that doesnt boost confidence at all. Maria our adversaries are watching weak leadership, and they are acting on it, unfortunately. Very good conversation, everybody. We so appreciate your time. Thomas hoenig, jerry storch, stephanie pom poi pom boy, joe concha, cheryl Cheryl Casone<\/a>. Dow industrials up 18, the the nasdaq is up 6 a 5 and the s p higher by 15. 25. Well see you again tomorrow. Varney company picks it up. Stu, take it away. Stuart good morning, everyone. Escalation in the war. 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