I am Maria Bartiromo tuesday march 19, your top stories right now, 6 00 a. M. On the east co coast. The fed and focus, futures indicating again at the start of trading, take a look, as the Central Banks march meeting begins today at 9 00 a. M. Eastern the markets are lower the dow industrial down 56, the nasdaq 1055 and s p 500 lower by 11 and three quarters. The meeting is coming up and were watching for any clarity on when the Federal Reserve cut Interest Rates this year. Data on deck Housing Starts and Building Permits 8 30 a. M. Eastern. European markets are mixed. Eurozone next down two points, the cat crown up to 20 and dax higher by 30 points. The bank of england will make the right decision on thursday. In asia overnight markets finish mostly lower, the bank of japan raising Interest Rates for the first time in 17 years. That has the average overnight up two thirds of 8 , the others were lower. The worst performer hong kong with the decline of one and a quarter percent. Back at home, House Foreign Affairs committee holding a hearing on President Bidens disastrous withdrawal from afghanistan nearly three years ago. House republicans are urging the Budget Administration to take immediate action against the new potential haitian migrant crisis pouring across the u. S. Border to no avail. Instead biden fuming over his plummeting poll numbers as many charges Foreign Policy decisions as the reason u. S. Adversaries have become more aggressive. The Supreme Court taken up censorship during covid and whether the Budget Administration violated the first amendment, free speech with it censorship on social media. One of the conversational morning long new York City Council majority leader joe borelli, michael e strategy Founder Michael lee and fox business cheryl casone. Mornings with maria is live right now. Maria time for the hot topic of hour. President biden hitting the campaign trail as he heads west for three day tour. The Campaign Team telling fox they want an aggressive posture going into 2024. Its going to take a rel relents effort to reach the voters but the white house is not giving details when the president will do a News Conference again. Edward lawrence questioning Karine Jeanpierre about this yesterday. Watch. When will the president hold another News Conference so we can ask a question without having helicopters in the background. It have anything to share obvious. The president as you reducing he takes questions pretty regularly and enjoys having engagement with all of you. I dont have a press conference to lay out for you. Is our talk of one. I dont have anything as a president enjoys engaging with all of you on a regular basis and he will continue to do that. I think i have to go. Maria joe borelli im not sure shes referring to that the president takes all these questions on a regular basis i have not seen any of that. Maybe when hes walking air force one hell take a question when is going on the airplane but he does not take questions regularly at all what is she talking about. One thing symbolic of this a administration that the president does not take questions. He is not taking questions like President Trump did certainly not like president obama or anyone in the modern president ial era. Karine jeanpierre is not even go to what she does because these are things that are easily fact checkable and lucidly not helping biden doing messaging, she should be out there trying to find ways to distract people from the fact that hes not taking questions not outright saying hes taking them. Maria she just says things and she just thinks were to believe everything she says. A lot of the Mainstream Media does take them at their word but the knee of Edward Lawrence from fox business asking the wrong questions, peter doocy asking the real questions and this is the strategy and we know this will be the Campaign Strategy until november and the campaign from the basement we talked about that already because he had so many missteps in front of the reporters, so many missteps in the go to try to hide him and protect him as best as they can. Maria axios is reporting on the massive rivalry between president obama and comparing himself to his former boss behind closed doors, biden does. Biden aid saying obama and his team did not appreciate bidens experience with Foreign Policy congress and gripping grim politicking were disrespectful hours after that report obama was seen at londons ten downing street for a surprise meeting with uk Prime Minister rishi sunak. This is interesting, what is president obama doing meeting with the sitting Prime Minister of the uk. There was always a huge rivalry between these two that whole best friends was a sharad. Barack obama was into joe biden because joe biden from an intellectual standpoint hes an idiot that guy knows how to do backroom deals and enriches family on the back of his government positions and prior to his steep mental decline when you get him in a room he was charismatic and excellent retail politician but in terms of obama thinking hes the smartest guy in the room at all times really resented having joe biden with him. All of the factors have led to trump leading substantially in the polls are likely to get worse for joe biden as we head into november. Its going to be really hard to reverse any of these trends that we seen in the swing states because the quality of life of the average working man and woman in the country has been devastated will joe biden has been president. Maria can you imagine the storm that wouldve happened if President Trump had a casual meeting with the sitting Prime Minister of the uk. I heard uk citizens were not happy they were probably sitting there plotting how to stop donald trump. Exactly another thing that is interesting. If you go back to the campaign of 2020. Remember how long it took barack obama to endorse anyone because at the time the relationship, weve known their relationship was not good axios is doing new reporting but we know for a while. At that time there was a lot of chatter that obamas were actually more excited about Kamala Harris as a candidate and ended up being biden. Maria Kamala Harris was obamas pick. But i think he wants susan rice in there. And when she left the white house thats when it hit me they might want to put susan rice out there to run for president because she left and she said im leaving because im going to work on the campaign and never to be heard from again literally never to be heard from again she says shes working on the campaign but you never heard from her again. Were just Getting Started we have a lot coming up, the wall street journal corresponded Nick Timiraos is with us the Federal Reserves march meeting begins today. We will hear from jay powell afternoon. Then the power panel is back at 8 00 a. M. Eastern. Arkansas governor Mike Huckabee with Steamboat InstituteKaylee Mcghee white. They will be with me for the entire a. M. Hour with their thoughts on the stories of the day. Youre watching mornings with. Well be right back. So i started preparing physically and financially. Then you came along and made every mile worth it. Hi mom. At vanguard youre more than just an investor, youre an owner. 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Interest rates have been hovering the elevated levels take a look at the ten year treasury example. 31 as the Federal Reserve kicks off of the twoday Monetary Policy meeting this morning kicking an awful hear from the fed tomorrow afternoon at 2 00 oclock, 2 30 p. M. The fed is widely central widely expected to hold interestrate study for the fifth consecutive meeting, the futures Market Pricing in a 50 chance for a rate cut in june, the wall street journal chief economic and sport enter correspondent and trigonometry out, Nick Timiraos back with us, thank you so much for being here. I want to get to your new piece in the journal this morning, you rate the fed is playing a waiting game moderate cuts in the looking ahead to recession risks. You say that the fed is not going to discuss recession possibilities today but what is the likelihood that we could see a recession which probably would force the feds and further to cut Interest Rates. It with the fed is in a better position than they were a year ago because a year ago inflation was running more than double their target for a half inflation and they were in interestrate just below that, the challenge now even though they can cut if theres a recession, there is no recession or sign of weakness you stay where you are and theyre concerned that you overstay your welcome if you stay there too long things begin to weaken and you have to cut aggressively. Once things slow down a little bit they tend to feed on themselves on appointment rate goes up by a little bit and it tends to go up by a lot. Maria i guess things are getting complicated now because things have not gone exactly the way the fed wanted. We had hotter than expected readings on inflation this week. Certainly the cpi. That is causing some people to raise questions about whether or not inflation will get to the target. I spoke with jim grant of grants interestrate observer, watch this. Youre not expected to cut in rates anytime soon. No. They might decide that three issue is fine. Maria 3 inflation . And to focus on Financial Stability and where to find it. However, i think theres a chance that the fed raises if they are confronted with an accelerating rate of inflation. Have a feeling they have no choice and choose to say the 3. 2 could not go up living 80dollar oil price, no longer 70. Maria what about that. He said the fed could say 3 inflation is a target and maybe we will raise Interest Rates instead of cutting them. I dont think the fed is going to change their target it is a risk that the slowdown in inflation that you saw at the end of last year does not continue so i think march Inflation Report will be very important because if the fed is going to cut in june they will want to tee it up before they do it later want to take people by surprise they want people to understand what theyre doing and theyre going to need a credible justification for starting rate cuts. If the economy is not slowing down the march inflation in april Inflation Report will be very important. January and february were firmer than expected so the question is are those the blips for the slowdown of the end of last year too good to be true, maybe overselling the progress that we thought we had on inflation, the risk here would not be so much that the fed raises Interest Rates again. You would need to see a supply shock and something pretty unexpected happening but the risk is the fed will postpone the cuts that are priced in and delay the cuts that they projected in their own Economic Projections and thats where the real focuses on the meeting tomorrow there is an extraordinary amount of attention on whether fed officials will project and half of them put down three rate cuts as they had in december or whether break down fewer of two rate cuts. Its a huge amount of interest in this and i think there is a risk for the markets because sometimes those dots the interestrate projections can wrongfooted the market about where the fed is is a bottoms up exercise they dont sit around and strategize around the chessboard were there to put their dots. That is seen from the Forward Guidance of the committee thats what we have to go one. Look at where oil is in the last cpi number a big bulk of the move was because of Energy Prices and oil is at 81 a barrel. If oil stays where it is you expect inflation to truly continue to come down or will we see more hot readings . If oil stays where it is. Eventually the price is not going up anymore so thats less of a concern. I think the focus is on Housing Housing has been expected to come down but has not then on goods, goods have been close to deflation we have seen no increase in goods prices over the last year and if the good sector of the economy heats up you could see higher prices for goods in the high Service Prices would need to come down to offset the increase in goods prices. Think with the fed is focused can we continue the deflation are basically no inflation in goods and yet housing to slow down, there is concern about sticky inflation in the non Housing Services and i think the question how much is a reflection of higher wages versus an echo effect from the high prices that we first saw and the goods in the housing sector. Maria i know brent has stopped going up but it takes a while to ripple through the numbers. We will probably see rent at better numbers we saw in the last report. Before you go i have to ask about the bank of japan raising Interest Rates in the first time in 17 years finally ending the global era of negative rates were getting your from the bank of england on thursday expected to hold interestrate study at fivepoint to 5 . What are your thoughts on the move in japan . It was fairly well telegraphed, thats why youre not seeing a big overnight market reaction. It is the end of an era. I think the verdict is still out on whether negative interestrate policy was a success and what got us out of negative interestrate policy was not aggressive spending because of Monetary Policy it was the pandemic and supply shock that followed and i think there will still be some time before we have a full answer on whether what the bank of japan did was a success and they have Wage Inflation which they wanted to see. Itll be interesting to see how the central bank manages through the next. Maria we will leave it there, thank you very much. Thank you for having me. Nick timorous wall street journal we will talk soon. Well be right back. At Ameriprise Financial our advice is personalized based on your goals, whatever they may be. All that planning has paid off. Looks like you can make this work. We can make this work. And the feeling of confidence that comes from our advice. I can make this work. That seems to be universal. I can make this work. I can make this work. 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