larry: please listen and reread jason riley op-ed, trump's tax cuts and lighter regulation produced a boom for working folks and minorities. we ought to keep it that way. maria: good friday morning, everyone. thanks so much for joining us. i'm maria bartiromo and it is friday august 26th, your top stories 6:00 a.m. on the east coast. today jay powell explains, the federal reserve chairman in a widely expected talk on inflation and recession this morning. will happen at 10:00 a.m. eastern from the fed jackson whole retreat. it could move markets. we are previewing it this morning. this after hundreds of billions in additional stimulus is announced this week in biden student loan bailout and even

though the trillions in democrat spending has already sent inflation to 40-year highs, the president is bragging about the latest student loan handout claiming it's fair for all taxpayers to be on the hook for some people's student loans. >> thanks to our historic deficit reduction we can afford to cancel $10,000 in student debt and $20,000 if you're on the pell grant for tens of millions of americans making under 125, this is a game-changer. maria: all of the details coming up this morning. dow industrials down 74, s&p right now lower by 15 and the nasdaq down 70 ahead of the federal reserve chairman's inflation remarks. will he double down on aggressive tightening to come? yields this morning moving, take a look at ten-year treasury, still above 3% overall, the ten-year showing a gain of 5 and

a half basis points this morning up to 3.083%. we are also waiting on the july pce index, that's the federal reserve's federal inflation gauge, out at 8:30 a.m. eastern. economists are expecting the core pce to rise. personal spending to be fourth tenths of a percent and personal income to jump, we will get you the numbers when they cross the tape at 8:30. the s&p and nasdaq finished up better than 1 and a half percent in technology-led rally at the close dow was up 323, the nasdaq up 208 and the s&p 500 higher by 58 at 4:00 o'clock on wall street, european markets are higher, take a look at the euro with the ftse 100 up 8 points, although cac quarante is turning negative, germany is down 30 points. in asia overnight, mostly green, shanghai composite in china was the loser by about a third of a

percent as chinese telecom company hauwei plummets and ceo tells employees to prepare for a, quote, painful decade to come, mornings with maria live right now. maria: well, the white house is dodging questions on just how much president biden's student loan bailout is going to really cost, but insisting they did their homework on it. watch this. >> we see this as a fiscally responsibly balance approach to doing this. people have said, why don't you do 50,000, we don't want to do that because we want to make sure that we do this in a fiscally responsible way. again, not pleasing everyone but making sure that we keep that promise but also do it in a

fiscally responsible way. maria: fiscally responsible, the committee for federal budget that this plan will cost 400 to $600 billion. it's going to add all of the debt back in that was supposedly taken out from the inflation reduction act. joining the conversation all morning long macro transadviser mitch roschelle and burdens capital leo kelly. gentlemen, great to see you this morning, thank you so much for being here. mitch, welcome back, you heard what we just saw at the white house with the white house claiming it did its homework, why are so many people talking about this being costly, inflationary and perhaps moving college tuition prices even higher? mitch: i can't think of one good thing about it. the last thing this economy needs right now, maria, is more demand side stimulus and that's all this does.

whether you get $10,000 or $20,000 of debt that you don't have to repay what we are doing is pumping more money into the system, that's 500 billion with a b with demand-side stimulus which is inflationary. it's crazy and reckless and the fact that they have no idea how much it's going to cost and pushing a piece of policy at the worst possible time, that's appalling. maria: yeah, leo, even larry summers has been complaining about, this a democrat, and maya mcguinness is going to join us, this adds twice as much or more to the deficit as just eliminated from the inflation reduction act, your thoughts? >> i love the logic first of all that it was going to be 15,000 so 10,000 is responsible. let's be responsible and say it was going to be 20. it just speaks to the thinking and the processes that they are going through to make these decisions. at the end of the day to be fiscally responsible we have to

fix the supply side, not the demand side. what we continue to do is put money out. it doesn't fix the core problem. we have to fix the incorrect tuition numbers in the country relative to the outcome and this doesn't fix that. it does the exact opposite. so i agree. this is not going to turn out well. maria: yeah, all right, we are looking at a market. that is reacting to all of the stimulus and hear from jay powell this morning. we are just getting started. let's slip in a short break. coming up another blockbuster, mark zuckerberg dropping a bomb on joe rogan's podcast yesterday that fbi warned facebook to pretty much censor, warned facebook about the russian

propaganda and social media throttle before elections. elon musk data regarding the bots. we are all getting ready for jay powell, he is ready to address the jackson hole symposium recession and the impact of the feds continue to go raise rates. we are waiting pce data. don't miss a moment of it. you're watching mornings with maria live on fox business. ♪ ♪ ♪ dad, we got this. we got this. we got this. we got this. we got this. yay!

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the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. maria: welcome back, stocks are signaling we will see a lower opening this morning. take a look at futures a decline ahead of jackson hole symposium

at 10:00 a.m. eastern. dow industrials down 88, s&p down 17 and nasdaq lower by 75. the cofounder and portfolio manager is here, dan katz on what to expect, dan, i'm looking at thomas lee's speech. we feel that we want to do a counter trade and buy stocks going into and after the fed's commentary. what do you think? >> well, it's great to see you, maria, thanks for having me. i might be a little bit careful with that kind of statement about the chairman powell speech being a viable event. really we've seen a run-up in the equity markets in the last month or so in part as a result of thinking bleeding into market that the federal reserve is positioned for a pivot but we really need to remember chair powell's isn't to make the equity market go up but to focus

on the dual mandate and on that score inflation is way too high and it's going to be way too high in 2023 and probably 2024. i actually expect to hear a message that the fed is going the stay the course on inflation today and so i might be careful loading up on stocks leading into the speech this morning. maria: so do you think that the fed brings down the hammer again, basically signals that we will see another 75-basis point hike in september and maybe further 75 basis points hikes going forward to get their arms around inflation, we are getting the july pce index out this morning at 8:30 a.m. eastern which will give us another indication of how high inflation is right now. economists are expecting 3 tenths of a percent in core year over year increase of 4.7% dan and, of course, we know the second-quarter gdp was revised yesterday. it was still a contraction but it was better than expected, down 6 tenths of a percent.

what's the story in your view in terms of what powell says about raids. will he bring the hammer down? >> sure, so i don't think that today's speech is going to be less about 50 basis points, 75 basis points later in september, i think it's really going to be about the path of rate hikes in 2023. and when you look at that from that perspective the market is currently pricing in and easing in 2023 not further rate hikes once the fed gets into 325 to 320 basis point level that it has signaled to the market and that's an unrealistic expectation in our view. inflation in 2023 is still going to be running very lot at least 4, 5% encore or on pc and in that environment it's really difficult to imagine the fed pivoting and starting to cut rate so what i'm looking for is a clear statement to the market that inflation is too high and the fed is going to stay the core until inflation moves back

to 2% target. maria: yeah, it's a great analysis that you have. it sort of seems the practical route but, mitch, next meeting on september 21st and it's amazing to me investors can start thinking about when the fed is going to cut in 2023 and we are just getting started on this interest rate hike cycle. jump in here, mitch roschelle. mitch: what's interesting is what's going on with the ten-year treasury because one week it looks like the bond market is worried about inflation and it goes up and the next week they are word about global contraction and the ten-year goes down. so i think, you know, net there's a greater risk of a global recession with the economies around the world tied together and have global slowing than there is, you know, more expansion and, in fact, i think that's why you're seeing oil prices come down because there's a fear globally that there's

less demand when the economy is slowing, the inflation problem that we have here is spread around the planet. maria: it's a great point and, dan, do you agree with that because europe is obviously facing the two punch of not just the inflation that we are looking at but also the problem on ukraine and limitations to -- to gas. maria: so i do agree with mitch and i think he's exactly right to point to the oil market. the market is getting head around to become recession. it's a market that is very vulnerable to another shock and it's entirely problem that we can have something unforeseeable happen either tensions in east asia or russia increasing leverage over the european countries as the european winter comes. but either way we are clearly heading into a decelerated global environment and in that

environment i think we could see the long-end of the curve rally actually as the curve inverts, but i would expect shorter-term yields to start to rise in part to reflect the fact that even if we head into a recession, because it's high the fed will keep rates at elevated level for much more than the market currently expects. maria: dan, do i hear you saying you are selling into any strength in stocks? >> well, look, i think it's important to really think about your timing as an investor and so it's perfectly sense i believe to try equities off the table right now but you still need to have equities as part of portfolio. choosing equities that are resilient and deliver long-term returns because you can't just go out of equities entirely on

your portfolio. maria: dan katz with his investment strategy. morning movers, stock is up better than 8% in the premarket. company beat with strong sales in banana republic sales. withdrew financial outlook for the year and taking action to reduce operating expenses as higher fuel prices and inflation impact spending of lower-income shoppers. last month gap ceo abruptly stepped down you remember after two years on the job. the company is still searching for a permanent replacement. up 8%. workday, up 11% on the session. the software company beat estimates on revenue, reported higher subscription, full-year subscription revenue was maintained and the company also raised it's adjusted operating margin outlook to 19, workdays,

the ceo -- the pace of companies moving to the cloud is not slowing down, that has been debated recently. we will slip in a break. when we come back, the white house is still struggling to explain who will foot the bill for biden's student loan bailout. georgia congressman barry is here and we will also get into the complicitness of the fbi. plus california governor gavin newsom ban on gasoline cars. it's coming up. ♪ ♪ ♪

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>> and that being a national emergency but the administration argued in court that the pandemic is over at the southern border to lift title 42. it's so over that the government is going to stop buying vaccine in the fall and ship to private sector. so how is this a national emergency, how is it covid

national emergency? >> we used the heroes act because there will be some people when we lift the pause that are still going to suffer. maria: fox news is jacqui heinrich questioning white house secretary karine jean-pierre to justify a student loan bailout. more stimulus, georgia republican member of services committee barry, thank you so much for being here. >> good to see you, maria. maria: your thoughts on the new handout, nor stimulus on top of more stimulus which has stoked 40-year high inflation, what's behind it and how do you assess it? >> well, what's behind it progressive liberal listening to obama, rahm emmanuel never letting crisis go the waste. the pandemic was a perfect vehicle from doing federal takeovers to elections to mandatory vaccines.

i mean, this is big government socialism that they really desire and they want. they don't see the constitution as a limit on their power. it's on obstacle for them to get around and they'll use any excuse that they can to gain more government power. maria: all of this as the wide-open border continues to have massive consequences. texas has now bussed more than 1500 illegal migrants to new york city, more than 7200 migrants to washington, d.c. texas is giving bar coded wristbands with voluntary consent waivers on them. congressman, what do you make of all of these people descending in new york and washington, of course, originated in texas, you're seeing in texas, 6 to 7,000 people coming across the border every day. >> well, liberal democrats are perfectly fine with bad policies until it affects them. what part of being a sanctuary

city of new york does not understand and why is it all of a sudden bad identifying who is and illegal into this nation when at one time they want today give vaccine passports to everyone. you know, this is an administration, it's a liberal party of hypocrisy of double standards, one law for you and another set for me. we have seen it go across the board. when it affects them, then they want to set a different standard at least for their cities. maria: yeah, i mean, that's very well said but the truth is, congressman, they are getting away with it. you're an elected official, what can you do about it? we keep seeing this administration push constitutional boundaries. many appointing his moves to regulate the crypto currency industry. now we've got the sec acting like the epa telling corporate

america there are new rules in terms of what you can invest in and what you can invest in, look at what is going on with the fossil fuel industry, texas and west virginia, we will not do businesses with the banks that are frozen out the fossil fuel industry. this all comes from gary and the securities and exchange commission and this green agenda of the biden administration. >> all part of esg, it's wokism that has run a muck and you're exactly right. they could care less about the constitution, it's an obstacle. they have to figure out a way of going around it. congress has to be bold. it has to work to hold this administration accountable. they're on shaky ground because they don't have a supreme court that will legislate on their behalf. without the supreme court they are having to push the boundaries themselves and hopefully in january as republicans come in, we are going to have a bold approach to hold them accountable, actually

do some oversight for once on what's going on in the administration and use the power of the constitution to rein in an out of control government and as you have said almost every agency and bureaucracy that's not only pushing bunds of constitutional limits, they are willingly going beyond it just to gain more control over america, over our economy and quite frankly individual americans. maria: well, it's also the politicization of all of these agencies, the irs about to get 87,000 additional irs agents, everybody should get ready for and ad it and you've got the fbi and the doj raided a former president's house and doj has until noon today to release that redacted affidavit. what do you think we will see? >> well, that's the good question, what will we see? will they even abide by the demands of the judge and, you

know, is it so redacted that we are not going to be able to tell anything, but this is -- puts it back into the hands of congress. we have to use the power of the purse that the constitution gives us, the 87,000 irs agents, we need to defund those immediately. look, i don't know that the irs is going to be able to hire that many, we can't get federal employees in some of the agencies to come back to work that are already hired because they are using the pandemic as an excuse and we need to fund them and hold the fbi accountable. look, there's a lot that can be done but congress has to act like congress according to power that was given to it by the constitution and we can rein this stuff in. look, the inflation, it's all bad policy, we can reverse this policy, get control of the economy and return the power back to the people but it's going to take some bold action. maria: all right, we will see about that, congressman good to see you this morning, we will be watching, barry loudermilk joining us. >> thank you, maria.

maria: power off. record number of americans struggling to pay their utility bills with blackouts, we will tell you what's going wrong coming up and then not coming to america. nov ac djokovic to skip tennis altogether. we will tell you what it's alla about next. so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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it's time for the biggest sale of the year, on the sleep number 360® smart bed. it's temperature balancing, so you both say cool. our smart sleepers get 28 minutes more restful sleep per night. don't miss our labor day weekend special. save 50% on the sleep number 360® limited edition smart bed. ends labor day. hi, my name's steve. i lost 138 pounds on golo and i kept it off. golo's changed my life in so many ways. before, i was over 300 pounds. now, i literally have the ability to take a shirt off and go out in the sun where i would have never done that before. try golo. it works. maria: welcome back, good friday morning, everybody. tjif, i'm maria bartiromo and it is friday august 26th, take a look at market this is half an hour ahead of big man jay powell speaking today. dow industrials down 96, s&p down 17 and a quarter and nasdaq lower by 72 ahead of the federal reserve chairman jay powell inflation remarks today at jackson hole that happens at 10:00 a.m. eastern. could be a market mover.

stocks rallied yesterday ending at sessions high, in fact, technology rally, s&p and the nasdaq up better than 1 and a half percent on the session. the dow industrials were up 322, that was about 1%, nasdaq was up 207 and the s&p was higher by 58 yesterday at 4:00 o'clock on wall street. we are also waiting some inflation data. we have the july pce index, that's the fed favorite inflation gage and we will get you the numbers when they cross at 8:30 a.m. eastern. some of the top headlines that we are watching this morning, a redacted version of the affidavit that the justice department used will be released today by noontime. a federal judge ordering the release yesterday, the doj had fought to keep the document under wraps. it was claiming that a public release would commize investigation. we will see how many redaction it is doj actually has in there and what we learned. trump's legal team is also facing a deadline today to

refine the legal arguments in his request for special master to review the evidence gathered during that search. the judge is asking the attorneys to explain exactly what trump is asking for in that motion. spacex and t-mobile have teaming up to offer network access to some of the most remote areas of the country. the service will connect user cell phones directly to spacex star link satellites in orbit. the company say that this will eliminate the need for cell towers and would extend service to areas where it currently does not exist. the service is expected to launch next year and that would be good news for those dead zone that is we all face. a record number of americans are behind on the utility bills meanwhile. new data shows that about 20 million people are not up to date on payments owing a total of $16 billion in late balances. some experts warning of a tsunami of cutoffs as we head into the fall and winter months.

the cost of electricity has skyrocketed with average rate in july up better than 15% since just a year earlier. well, tennis star nova djokovic will not be competing in the u.s. open this year, the 21-time grand slam champion making announcement on twitter yesterday. djokovic is unvaccinated against covid-19 and current u.s. rules require any non-u.s. citizen to be fully vaccinated in order to receive a visa and enter the country. no u.s. open. tennessee senator marsha blackburn mean while landed in taiwan this week meeting with taiwanese president in taipei calling taiwan a country and important to support it in preserving of its freedom. she landed in taiwan for surprise visit last night. joining me right now atlas organization founder and the author of china's vision of victory, jonathan dt ward is here. jonathan, good to see you,

thanks very much, your reaction to senator blackburn making her way all the way over the taiwan in this surprise visit, was this an important message? jonathan: hi, maria, well, i think it's important to show solidarity with taiwan at this point. the chinese provocations have been going on for quite a long time and they are undermining the sort of peace in asia to making sure that america is focused on this island that we understand it from a bipartisan point of view particularly after nancy pelosi's visit which certainly raised, i think, the profile in the stature of taiwan for many who were not following the issue. now it's top of mind and it's important to keep it in the public imagination that this is really the -- the sort of the ramparts of democracy and freedom. this island is as important as any place on earth so showing that solidarity and support i think matters a great deal. maria: well, do you think we are going to see some retaliation. we now how upset the ccp got when nancy pelosi went to taiwan

threatening that they would take down her plane, what kind of pushback are we expecting from the ccp over this trip? jonathan: well w i think they'll continue to normalize broader military exercises. when we look at what they did earlier this month as retaliation i think it sort of misreads the fact that exercises of that fact do not happen overnight. that was carefully and ma tick meticulously and an authoritarian government that's working towards the ability to either blockade or even invade this island. so these plans and activities are very long in the making and i don't think we should fault ourselves for paying greater attention to this island. it's really the party that has these long-term ambitions and putting logistic support and military planning behind it.

maria: in fact, beijing is preparing to conduct military exercises w with moscow in russa next tuesday as new evidence reveals that china is building up its navy once again to rival the united states, building at least six more guided missile destroyers, jonathan, we've talked about this for a long time that right now the china navy perhaps is larger than the u.s. navy. we haven't been investing the way the ccp has been. what do you make of the military exercises with nos cow clearly the ccp has partnered with russia and -- and russia continues to create death and destruction in ukraine? jonathan: that's right. it's a military partnership and establish the shanghai corporation and 20 years worth of russia-china deepening of strategic relations. the chinese defense ministry called the exercises an opportunity to enhance strategic

coordinations. so this is in the middle of moscow's atrocities in ukraine and you have to understand that these two are working together. this is a gene wine bonafide partnership with ideological depth and regular military exercise and at the same time this is the kind of thing that you would cancel if you were against putin's war in ukraine. looking at china in the main supporter and the other side that you and i have talked about extensively is grand strategy. the companies are the fundamental strategies and report by yale university that's covered better than anybody shows that all the major chinese companies are still active in russia. these are the things that are helping prop up the company, alibaba, ant financial, major chinese, didi, hauwei, the whole list goes on, so this partnership is very deep and

it's time to start striking at it in my opinion. i think you need real, you know, economic trying packages on chinese companies that are, you know, propping up moscow and to say nothing of their role in the communist party expansion and corporation built the islands in the south china sea is also as one might imagine active in the russia market and not pulling back. maria: well, i think that you make a really important point on the corporate sector here. i just want to point out that the founder of hauwei is warning of a painful decade to come. he is talking about global economic downturn coming up in a leaked memo. he told the staff the next decade will be very painful historical period but i want to go back to what we are seeing in terms of the u.s.' impact of all of this because the u.s. and china are reportedly nearing an agreement that would allow american accounting regulators to travel to hong kong to

inspect the audit records of chinese companies listed on u.s. exchanges. if a deal is not reached 200 companies face potential delisting beginning in 2024, jonathan. these are the very companies that the federal thrift fund that is opened a wind so that government employees can buy stocks in u.s. plans. i've had a problem with this since this was announced. why are we having government employees invest and fund the expansion of the very companies that may turn around and get hostile on america since they want to overtake the united states as the number 1 super power, what about this deal with these potential delisting and how do you see the corporate end of that playing out? jonathan: well, it doesn't mean the deal will get done. at the end of the day that's the backwards aspect of u.s.-china strategy that we are continuing to pour capital into our adversary. you can buy, you know, yes, the

big pension funds, public funds are still investing in chinese companies mainly through the index funds as far as i can tell and institutional investments that are providing that service to american pension holders and everybody else. we shouldn't be doing that. it's absolutely backwards to be funding the regime and many national security leaders have called that out including the wall street journal. but, you know, what we have to understand that just as important, you know, the listing of 200 chinese companies, many which are state-owned by the way, whichever direction that goes, it's also, you know, china's own internal capital market that is we have to be careful of so having own investment banks in china helping them increase the sophistication of their own ability to capitalize corporations, that's also very dangers. we have to stop doing that. our bankers in china helping them develop better capital markets is probably more important than whatever they can do on our exchange but in both

cases cutting off the capital flow to primary adversary, i think, is one of the key pieces of this and the other side is realizing that the corporate sector is the battle space on both sides. it's both companies that are going to have expand in global markets to take out entities like hauwei. we may have stopped hauwei in many developed countries but they are still succeeding in brazil and indonesia and across africa. hauwei is building the emergent world where our companies are not providing alternative and we need to be in that game of global expansion and we need to be putting lid on global investment in china and that's the job of congress not just the administration. maria: let's not forget what johjohn ratliffe, rob, replicat, replace, very simple. rob replicate and replace. john, we will be watching all of that. jonathan ward joining us on china and the impact. coming up next, facebook fingers

the fbi, mark zuckerberg's revelation about the fbi telling facebook to throttle the hunter biden laptop story just before the 2020 election. we will talk about it. california governor gavin newsom takes extreme measure in the battles against climate change, we will tell you what the state is going to phase out in 2025. it may impact you. it's the hot-topic buzz. you're watching mornings with maria live on fox bus box. ♪ ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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maria: welcome back. it is time for the hot-topic buzz, get this, california is banning the sale of gasoline powered vehicles and they'll begin that in 2035. this is an effort to address climate change they say and speed up the transition to electric vehicles. washington state is expected to follow california in fazing out gas vehicles. mitch, your impact to the automakers? mitch: maybe elon musk is more brilliant because he's trying to high-tail to california and go to texas or partially does already and i can't imagine a state that revolves where you have to take cars everywhere.

what are you going to do run on the 405, i don't get it. maria: do they have the infrastructure in place to say we are going to faze out all powered cars and get electric vehicles fired up? >> absolutely not. this is the challenge of climate alarmism versus climate change. we are moving at a break-neck pace and we are moving beyond the actual capability to implement s some of the measures that could help over time and the model to look at is germany. germany moved too fast and they took away a lot of fossil fuel power, nuclear power, they tried to go in this direction and now they are facing massive energy increases, they are facing fundamental infrastructure issues and this is the challenge that you get when you go too fast. this is just a crazy insane move. maria: all right, we will keep watching it.

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maria: welcome back many well, twitter has been ordered to give in to elon musk's request for data on the fake accounts or

so-called bots, a delaware judge saying that musk's demand for trillions of twitter data is, quote, absurdly large but ordered the company turn over some of the data regardless, the ruling comes days after a whistleblower complaint against twit r by the former -- twitter by the former security chief. joining me now, director for center of technology and inknow innovation, jessica malujian. what's your reaction to all of this? did the whistleblower impact musk's case against twitter? >> yeah, i think we've taken the kicking the tires of twitter up a notch here. the whistleblower has some complaints about twitter that overlapped with the charges that elon's making and new complaints about internal security problems and a lack of encryption, things like this. so that sort of bolstered elons case to say i thought i was buying one thing and it turns out that isn't what's here and i think that's what he's asking the court to say, like has there

been enough difference between what i was told and what appears to be the truth to justify halting the deal. maria: well, i mean, we don't know who to trust at this point. you've got mark zuckerberg over there saying that, yeah, we censored the hunter biden laptop story because the fbi told us to. you've got meta and twitter deleting inauthentic accounts, they claim they're inauthentic, that spread pro-u.s. messages to audience in the middle east and asia, including posts about russia's invasion of ukraine, facebook telling the washington post it's the first time they removed foreign focused accounts presenting pro-u.s. messaging. jessica, what's going on here with social media. >> what's going on with social media is it's very complicated and very complex to overlap this technology with sort of our core american values. we know that we're for free speech in this country. how does that work when it's public entities pressuring private platforms, things get tricky of. things get complicated when the white house pressures a certain

kind of content moderation for covid information, you know, we know that is icky and that's not something that should be happening. the government shouldn't push people around with what kind of speech can be carried on their private property. when this happens on the international stable, and this seems to be, we don't know for sure, perhaps u.s. military propaganda, a pro-western message that's delivered out in the middle east and russian speaking central asia, maybe we as a country feel different about that maybe we want our interests broadcast like that. we don't know the answers to all of these questions yet. what we have to remember is social media's really powerful but it's also relatively new and we're kind of feeling our way through these issues. that's going to be messy for a while like most technologies are at the beginning. maria: i mean, you would think that these companies would be independent but clearly they're not. the fbi picks up the phone and says censor a story about hunter biden because there's also

russia disinformation and they do just that. meanwhile, the story was true. the new york post reported all accurate findings of that laptop that hunter biden had taken in all of this money, tens of millions of dollars from chinese companies, right before the election. the influence peddling was censored. >> yeah, what i'm hoping is -- mark zuckerberg, if you listen to the podcast, did say -- joe rogan asked him straight out, do you regret having demoted that story. twitter banned the link. facebook wouldn't let it be promoted as heavily while they were checking into the validity. it's a little different. the thrust is the same. when joe rogan asked zuckerberg do you regret that decision, he was quick to say that he did. what i'm hoping is that we're learning as we go and a these platform. plat had -- platforms are more inclined to let the speech go. if you believe it's a god given right to elect your own leaders you're going to have to trust people more to sort through for themselves what's true and

what's not. maria: yeah. well, they definitely put their users at a disadvantage by doing that. jessica, it's great to get your take on all of this. thanks very much. >> thank you. maria: all right. the next hour of "mornings with maria" begins right now. ♪ maria: and good friday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is friday, august 26th. your top stories right now, 7:0e east coast. today, jay powell explains, the federal reserve chairman in a widely expected talk this morning on inflation, recession, and the impact of an aggressive rate hike cycle this morning happening at 10:00 a.m. eastern from the fed's jackson hole retreat. we are watching it. it's after hundreds of billions of dollars in additional

stimulus was announced in biden's student loan bailout. even though the trillions of dollars of democrat spending sent inflation to 40 year highs, the president is bragging about the latest student loan handout claiming it's fair for all a taxpayers to be on the hook for some people's student loans. >> thanks to our historic deficit reduction, we can afford to cancel $10,000 in student debt and $20,000 if you're on a pell grant. for tens of millions of americans making under 125. this is a game changer. maria: all the details coming up on that so-called game changer. markets this morning are lower. take a look. we are looking at futures indicating a decline at the start of trading this morning ahead of the federal reserve chairman jay powell's inflation remarks. will he double down on aggressive tightening. the dow industrials right now down 92, the s&p down 16, nasdaq lower by 67. interest rates are also rising this morning. the 10 year treasury above 3%

with a gain this morning of better than 5 basis points, 10 year yield at 3.0808% as we also await the july pce index. that's the fed's favorite inflation gauge. economists are expecting the core pce to be unthree tenths of a percent. spending is expected to be up four tenths of a percent. we'll get to all the numbers as theys cross at 8:30 a.m. eastern and watch for any impact on stocks. pretty good day yesterday on wall street, stocks rallied, ending at session highs, it was led by tech. s&p and a nasdaq up better than 1 and-a-half percent. dow industrials were up 322, nasdaq up 207, s&p higher by 58 yesterday on wall street. this morning european markets are mixed, take a look at the eurozone. ft 100 higher, by a frac a shun, the cac is down 22, dax is down 48. big story overnight in asia, stocks finished mostly higher. the shanghai composite was the

big loser as huawei plummeted and the ceo told employees to prepare for a painful decade to come. "mornings with maria" is live right now. and it is time for the word on wall street. top investors watching your money. joining me is capital advisor ceo, leo kelly, rose cliff capital ceo and managing partner, mike murphy and macro trends advisors founding partner, mitch roschelle. gentlemen, always a pleasure. happy friday to you. leo, kicking things off with you. with a market that is down ahead of fed chief jay powell's comments this morning, we are zeroing in on the annual jackson hole symposium this morning. powell will speak at 10:00 a.m. eastern. we've got a number of guests coming to us this morning from the actual conference, to find out what the buzz is. what are you expecting to hear from jay powell? >> i'm expecting him to try to tow the line as tight as he can but he has to come can out and say that they're going to continue to be diligent about at

fighting inflation. we have two down gdp quarters. we have inflation still high. i don't think it's over. there's this common expectation this will just naturally go down and we just don't buy that. so there's a word out there, i don't hear enough, that we have to start thinking about. that's stagflation. and so if powell's not careful, we're going to find ourselves in a place that we haven't seen in decades. so i do think he will be a little more hawkish than maybe what the market has thought over the last couple weeks. maria: yeah. explain stagflation for our audience, leo. because i know that that's when you've got inflation but also when you've got an economy that's slowing, right, stagflation. >> exactly. you have an economy that's slowing while inflation is still going up. we saw that in the '70s. when i grew up in the ' '70s, there were decisio decision likr heat because people were out of work, wages was a problem and inflation was running very hot and we have the threat of going

back into that moment and unfortunately the policy that we're seeing continues to be increase demand in a market that has too much demand. it's an insidious tax in a stagflation number. maria: well, i mean nowhere is it more evident, mitch, than the housing market. look at mortgage rates and what they've done to housing. now we're at two month highs in mortgage rates, topping 5 and-a-half percent yesterday. pending home sales for the month of july fell to the lowest level since april 2020. some economists saying that the u.s. housing market is much worse than the fed admits, mitch. your take on housing right now? >> well, you know there's two parts to the housing market, there's the for sale part of the housing market when people buy homes and the other side of the equation which is the rental market and what happens is we are creating more households, that's when children move out of their parents' house, this is statistically and we're adding to new supply of single family and multifamily housing which means that people have to live

some place so if they can't afford to buy a house because of the bite of inflation or higher mortgage costs, they're going to have to rent and rents are astronomical right now and there's no end in sight to higher rents. so what we could end up seeing, maria, is people opting to buy because it's cheaper than renting, right now in manhattan it's $5,000 on average for an apartment. and you expect high prices in places like manhattan but if you look coast to coast, rent is really taking a bite out of people's wallets when their leases come up for renewal. maria: yeah. i mean, rent has pretty much priced people out of the market. first they get priced out of the market in the housing market and they say okay, i'll rent, and then they get sticker shock when they go to rent because prices are up so much and that's the kind of thing that doesn't unwind so easily, right. >> no, it takes a really, really long time. and listen, the only cure for inflation is inflation. so whether it be higher rent or higher food prices, when people

opt to move back into their parents' houses because they can't afford rent, that's when landlords realize the demand a is down. right now, there's no end in sight for demand for rental housing and that's really becoming difficult. leo made the point about do you pay rent or do you eat. that's a real problem for americans. maria: yeah. or do you go to the doctor. i mean, these are really tough decisions. mike murphy, let's talk retail and growth here. peloton reported a quarterly loss. they lost $1.2 billion after announcing the partnership with amazon. i know that there is certainly some strength in he retail this morning. but dollar tree cut guidance for the year after beating estimates yesterday. the company pushing to offer more competitive prices in stores. the beauty business seems to be doing well. you've got ulta doing well this morning and a number of other beauty companies. assess the retail backdrop for us, mike. because obviously it feels like it's real bifurcated.

>> good morning, maria. it definitely is. i mean, you're seeing the haves and the have-notes. there are definitely winners out there which tells you the consumer is spending. we don't have an issue where people reined in spending so much but they're very specific about where they're spending money. like you point out, beauty, we talk about housing. but you're seeing companies like dollar tree, they're coming out with earnings and although the numbers are meeting guidance and they're in line, they're going out and they're saying we're going to lower our guidance for the future because they're in stiff competition with companies like dollar general and walmart. so i think ultimately you're going to see the consumer still spending money. but for investors, for people watching at home, you really -- you can't just buy all retail. it's not all equal. there's going to be winners and there's going to be losers in this space. maria: do you see any loosening

of the ipo market here? i know we have not seen many ipos and the banks have reported this accordingly in their quarterly numbers. but you know, you have been searching for opportunity in growth and a realizing some big gains when those companies go public. what's the story on ipos now, mike? >> so it's not as bad as it has been. so it's starting to soften. maria, doing this for almost 30 years you see how this goes. once the ipo market opens back up, then everyone rushes to get out and get public and then you end up with too many companies coming public and that's what creates a cycle of too many ipos and not enoug ipos. we're on the upswing right now. you're seeing a lot of companies in the private markets that are no longer getting funded privately so the way they're going to tap the capital markets is through an ipo, whether it's traditional or direct listing or spac. you're going to see in 2 202 be,

you'll -- 2023, you'll see a lot more companies coming to the public markets. maria: all right. we'll be watching. gentlemen, great to see you. mike murphy, thank you so much. mitch and le leo, you're stickig with us all morning. coming up, mark zuckerberg makes a shocking admission about the fbi's heavy hand. he did it on joe rogan's pot cast, we're going -- podcast, we're going to bring it to you. the russia propaganda warning from the fbi. what it has to do with hunter biden as well. then the lengths one store owner went to catch a shoplifter. wait until you see that. that store owner is here breaking down that shocking video. joining the conversation all morning long, mitch roschelle and leo kelly. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. ♪ recreate a place that's my own

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and it stays off. (soft music) >> there was a lot of attention on twitter during the election because of the hunter biden laptop story. >> we had that too. >> you guys censored that as well. >> the fbi basically came to us, some folks on our team and was like hey, just so you know, like you should be on high alert. we thought there was a lot of russian propaganda in the 2016 election. we have it on notice that basically there's about to be some kind of dump of -- that's similar to that. so just be vigilant. maria: be vigilant. so facebook is blaming the fbi now. that's meta's ceo mark zuckerberg, revealing that the fbi warned facebook about russian propaganda. right before the bombshell hunter biden laptop story dropped leading up to the 2020

presidential election. zuckerberg admitting he regrets suppressing the story. mitch roschelle, now we get the truth. it was the fbi and this administration who pressured and the democrats rather, not this administration, but the democrats who pressured the social media companies to censor the story. >> it's amazing. 2016 there was election interference from the outside and it turns out it's from the inside. 2020 there's election interference from the outside and it turns out it's from the inside, it's from the fbi, the people who are supposed to be protecting the constitution of the united states, are actually trampling all over by preventing facts that were published by the new york post from getting out there whether it be what twitter did and now we find out they tried to do it at facebook as well. maria: yeah. and this is the same as the russia collusion lie which i was so totally outraged at when i first figured out that it was a complete lie, leo.

now republican senators chuck grassley and ron johnson want the fbi to answer y questions on why they tried to discredit the 2020 investigation into hunter biden, leo. your reaction? >> well, my reaction is whether you're democrat or republican, whatever side of the aisle you happen to sit on, the combination of government and censorship coming together and working as one force is pretty chilling. and i think everybody should be taking a step back and asking a question, is this good long-term for the country and the answer of course is always no. censorship in itself, especially when you're getting forced in the government to push that censorship, is didn't only going to suppress freedoms. people have to be able to speak. people have to be able to voice their opinion and the press has to be able to hold people accountable specifically our leaders. so i think it's good what grassley is doing. we have to push to get to the

bottom of this so we can end this point in time in our country's history. maria: yeah. i mean, it's quite rich since the democrats have been attacking the republicans for election interference. meanwhile, they've been interfering in elections now for two cycles, mitch. you just said it. you've got 2016 on the russia collusion hoax and now 2020 on the hunter biden coverup and not to mention the coverup of hillary clinton as well. and the way she handled e-mails and having a private server. >> what's really incredible is in the polling now we're finding that americans are really worried about threats to our democracy. i don't think there's a bigger threat to our democracy than the, quote, unquote, he deep state trying to manage the outcome of an election at the expense of the electorate whose job it you is to elect officials. so i think that this is a huge scandal, maria. you've been on it since the very beginning in the 2016 election and this story has to be told and all americans need to hear

it. maria: yeah. and then they have the nerve to say the fbi leadership to tell fbi agents you're not going to look at hunter biden's laptop because we don't want to change another election. well, you just did by getting in the way of real information. we're going to keep following this and keep a spotlight on it. coming up, we're awaiting the release of the reexacted affidavit -- redacted affidavit that the justice department used to green light a raid on a former president. attorney general eric schmitt is here to weigh in on that. back in a moment. ♪

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maria: welcome back. well, the department of justice is set to release a redacted version of the affidavit detailing evidence they claim that led to the unprecedented search of former president trump's mar-a-lago home. florida federal judge bruce ryanheart ordered the government to release the affidavit by noon today. joining me now is missouri attorney general and u.s. senate candidate, eric schmitt. great to see you, sir. thanks very much, ag, for being here. what will we get from this affidavit in your view and assess this story here. >> you know, it's hard to say because it's probably going to

be pretty heavily redacted but i think the broader issue here is this is unprecedented and quite frankly it's unreal. i knows in your previous segment you were talking about the federal government, people in government coordinating and colluding with big tech to censor he free speech. that's concerning. it's orwellian. missouri and louisiana has a lawsuit on that. we're in the middle of discovery, getting more answer as to what exactly they did with fauci, the election stories, the hunter biden laptop. we'll learn more about that you have at the highest levels of the department of justice the weaponization of the agency. you've got now going after a former political ri rival, proby future political rival. you've got going after parents under the patriot act, who showed up to school board meetings, not going after the hunter biden laptop story at all. they're looking the other way on the hunter biden laptop story. also in missouri, fbi agents

seeking to audit local sheriffs' ccw permit applications and records which they're not allowed to do and we pushed back on. it's very concerning. i think merrick garland's leadership, he ought to resign or be impeached. this is third world banana republic stuff and i think people are waking up to how concerning this really is. maria: ag, what are they so you afraid of? in 2 2016 hillary clinton makesp a wild story that her opponent, donald trump, colluded with russia. it was a complete lie but the fbi pursued it to no end. they pursued fisa warrants to spy on trump officials. they sat on the hunter biden story, sat on that laptop while trump was getting impeached. here we are four years later and they're still lying. the fbi telling facebook to censor information so that the hunter biden laptop news doesn't come out before the election. now, i know trump is an outsider and he's trying to expose

corruption in some corners but what are they so afraid of with this trump derangement syndrome, so aggressive? >> well, it's nuts. and you're right, i mean, going after president trump like they did. but also -- and i think president trump said this. they come after him because they really want to get after you and i think there's -- you know, in washington, the establishment, the sort of deep state apparatus doesn't like people asking a lot of tough questions and i think when republicans take the majority in both the house and senate, next year, i said it earlier this week when anthony fauci -- he's trying to resign here in december before republicans take over. he ought to clear his calendar. we ought to do the same with the department of justice, ask a lot of very tough questions about what is going on there because the american people -- our system of government is based on accountability. and when you have people, the deputy undersecretary of whatever agency, they're not accountable, that's counter to what the founders envisioned and

is a threat to our liberty in this great experiment of self government we have. maria: and then there's a breakdown in the rule of law, this administration keeps blowing off constitutional issues, more busses filled with illegal migrants showed up in washington, d.c. and new york this week, take a look at this new video we have where migrants are in washington, d.c. today. this was new video captured moments after the busses pulled away from union station. so far texas sent more than 7,200 migrants to the nation's capital, more than 1500 to new york city as well. meanwhile, border patrol agents mead a massive drug bust in texas this week, seizing 390 pounds of fentanyl that was hidden in a car. ag schmidt, this is unbelieve a we were at the border together in january. you made the point that every state is a border state. but this administration blows off things like judges' rulings to put the remain in mexico back

in place. that's why you've been suing this administration. where are we on this story? >> yeah, i mean, look, this is -- we talked about what the role of government is, right. the states created the federal government and the federal government is supposed to be a government of limited powers. one of those hams to be by the way -- happens to be by the way to have a secure border. this is one of the things they're actually supposed to do. they do he plenty of things they shouldn't do like forgiving student loan debt so coal miner can pay for the law he degree of a harvard grad but this is actually one of those things. the biden administration refuses to do it on day one. they changed all of the successful initiatives that president trump had like remain in mexico. we were successful in holding onto that for a long time. title 42, we've been successful keeping that in place. if you think it's bad right now, and we know it is, double it. title 42 accounts for about half of all the expulsions right now. the border patrol agents have one arm tied behind their back. there's fentanyl streaming into the communities. it's a total disaster. but the biden administration,

they're playing for keeps. this is part of their agenda. maria: well, you've been honest and upfront about the realities of this. ag, are you going to be able to close the gap and win this senate seat? the senate gop seems awfully close. it's a race between the democrats and the republicans which surprises a lot of people since there's a fire to be put out at every corner you turn for the democrat policy. >> well, look, it's a 50/50 senate. and the democrats are two votes away right now from packing the supreme court and states of the union, federalizing our elections and they're already talking about amnesty now for this border crisis. and they want to fundamentally change this country forever and that's why these races are so important. i think we're entering the most consequential decade in our republic since the civil war. these are big questions we have to answer. we better have fighters there. i feel good about where we're at in missouri. we're going to earn it and listen to voters and work really

hard because i think our country's at a stake here. maria: yeah, i think you're right about the most consequential moment in time. ag, we'll see you soon. we're watching all of that. thanks very much for joining us this morning. eric schmitt this morning, live. >> thanks, maria. maria: thank you, sir. quick break and then fed chair jay powell at the ready do to comment on inflation during today's jackson hole symposium. we preview it with a committee for the responsible budget president, maya mcginnis. she's on the ground live in jackson hole. we're going to take you there. stay with us. ♪ oh, yeah, all right. ♪ take it easy, baby. ♪ make it last all night. ♪ she was an american girl. ♪

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powell's inflation remarks from jackson hole this morning at 10:00 a.m. eastern. yesterday, karine jean-pierre insisted that the biden white house did their homework on president biden's student loan bailout and the real costs of it. watch. >> we see this as a fiscally responsible balanced approach to doing this. remember, people have said why b don't you do 50,000. we don't want to do that because we want to make sure that we do this in a fiscally responsible way. again, not pleasing everyone but making sure that we keep that promise but also do it in a smart fiscally responsible way. maria: all right. she s fiscally responsible three times there as a committee for a responsible federal budget is predicting the plan could cost between 440 and $600 billion over the next 10 years. joining me now, is the committee for a responsible federal budget president, maya mcginnis. maya, great to see you this morning. thanks very much for getting up early fors us from jackson hole

where the chairman will speak at 10:00 a.m. eastern. i was very impressed with what you did the last time you joined me and the last time you joined me we were talking about the so-called inflation reduction ability which i -- act which i believe is misnamed. this it's not going to reduce inflation. what it will do is impact the deficit positively and you were you very positive about that. but now you've got more spending from this student loan bailout. your reaction? >> i mean, exactly, maria. i was so positive and so thrilled to see that they were actually able to turn a bill that was going to borrow trillions of dollars into something that would have saved money and reduced the deficit literally for the first time in a decade and it you has barely been a week. the ink is not dry on the legislation and the white house single handedly undermined all of those save, all of the positivity that one would see from a fiscally responsible

point of view with this new bill which is most certainly not fiscally responsible. it's reckless. it really is. it is adding money into the economy at the wrong time, the wrong economics. it's the wrong policy, frankly. it's going to even drive up the cost of higher ed and it's cynical and depressing and as you pointed out, we call it like we see it. we supported that bill a few weeks ago and now are really kind of shocked that the white house would decide to undo all that work. maria: yeah. and that's why i began the conversation with saying you were real positive and you -- because i want to make sure people understand, you call it straight. you have done that since when i first met you. but there's not just the impact on the deficit. there are many people out there, larry sommers and other democrats included, who say this will actually stoke inflation and what a bothers me, maya, is the fact that this is also going to push the cost of tuition up. here's larry lindsey in his

lindsey group yesterday, he writes this, you ready. debt cancellation and a interest forgiveness will perpetuate the high inflation rate for college education. in 2 2017 the federal reserve bk of new york estimated that policy changes for student debt allowed tuitions to rise by 60% more than what would have occurred otherwise. so my point is, american families are dealing with inflation everywhere they look but the cost of coverage has been a -- college now has been a problem for a long time. it's about to get worse with this. >> that's a exactly right. one of the big problems we face is the way that we do economic policy through the tax code, where we try to subsidize things that we want to help people with, whether it's housing or healthcare or the cost of education, the way that we structure those policies actually drive up the cost. and it's why you see all of those policies, healthcare, education, they grow faster than the overall economy because of the ways we subsidize them.

this one in fact is actually even worse because you're giving people the expectation now that in the future they will have more debt being canceled and so you're going to have universities and colleges saying we can hike up tuition because people are going to come here believing they're not going to have to pay the loans that they are told, that they agreed to pay and there's going to be an ongoing cancellation situation and it happens every time we put in some policies, they're meant to be temporary or one-off, they never stay that way. we see that constantly. yes, this will drive up inflation overall. it's very bad for the moment we're the in with the economy. it fed's trying to fight inflation. washington is making it worse. it will add to the cost of higher education. it's a real problem. it's disappointing, the policy will make it worse. maria: you said it before as relates to entitlements. you came on the show saying once you give somebody something, it's very hard to wind it back.

once you tell somebody oh, i'm going to can a sell all of your student -- a cancel all of your student debt, i'm going to give you a handout for your stunted debt, then they have expectations in place. your team called this gallingly reckless, maya. why is he doing it? by the way, what's fair about taxpayers on the hook for some people's loans? for college. oh, let me look at my watch. it is only 70 days away from the midterm elections. is this a political stunt? >> i mean, it's got to be politically motivated because there's not a single policy expert who is sort of impartial and cares about the real problem of the unaffordability in higher ed who says this is the right solution. this is not going at the root causes. it's not going to make the problem better. it is going to make the economic environment in which we're in worse and clearly it is politically motivated and again, i just think to have this come on the heels of congress having negotiated for over a year to get the first deficit reduction

bill passed and to undermine all of that, it must be frustrateing to a lot of the people who cared about the deficit and worked so hard to get us there in the first place. this will more than -- this is twice as large in terms of adding to the deficit as that bill improved it. maria: yeah. >> i think politics at its worst. maria: exactly. >> politics at its worst. here in jackson hole other than my feeling bad because fiscal policy is making monetary policy more difficult, people understand this is an incredibly important meeting. there's a lot of hard work that gets done. it's not been any time in recent memory where the inflation situation has been the way that it is right now and to be caught between inflation and recession, something we haven't had in decades, this is a very important meeting and it will be a very important speech. maria: so what i was asking you is what's the buzz on the ground over there in jackson hole about powell's speech? he's going to speak in a couple of hours, two and-a-half hours. we'll hear from the chairman

himself. do you think he will refer to the student loan handout? what do you think his remarks will center on, what have you heard? >> yeah, i haven't heard that they will talk 1 specifically about student debt. it is a topic of conversation here for sure and all of the discussionses because it happened right before, we're focusing on how to get control of inflation, you're having something that will make it harder. i have not heard word that he was going to talk about it in particular. some members of the administration are here so that will be interesting as well. maria: yeah, for sure. maya, it's great to catch up with you. enjoy the rest of the trip and thanks very much for weighing in on all of this, very important commentary. thank you so much. >> thanks, maria. maria: all right. maya mcginnis in jackson hole. quick break and then rising food prices takes a toll on american families and higher interest rates. my next guest breaking down food pantries and how they're handling the cost as more americans opt for donated meals now.

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maria: welcome back. well, the consumer price index for the month of july showing food prices jumped 10.9% since july 2021. grocery store prices meanwhile jumped 13%, the biggest one year increase since march of 1979. the high costs sending more people to food banks which are now struggling to keep up with demand. joining me right now is philanthropist, influencer and mission society of new york city board member, gene sheferoff. great to have you today. thanks very much for being here. what are you seeing in terms of food banks? >> yes, well, the lines have really gotten very long. now, they're not as long as they were during the height of the pandemic back in april and may of 2020 but they are much longer than last year and much longer than before the pandemic ever began and this is because of the higher food prices which you

mentioned are at 11.9% higher than last year. people simply can't afford food. the supply chain is also broken, meaning the food is just not getting out to the pantries either. and because of the very high inflation which is almost a 40%, an all-time -- i'm sorry, it's at an all-time high, over the last 40 years, it's the highest right now and people are not giving the same amount a of money they normally would to different food banks and different charities. maria: that's just incredible. you look on the streets and homelessness is back in a big way. i was in new york the other day, looking at every block there was another homeless person on the street. it's reaching the highest level since the great depression. the coalition for homeless shows that there were over 50,000 homeless people in the city in the month of june.

what's behind this? >> it's the rising prices. people simply can't afford to pay for rent. they can't afford food. they can't afford anything. and children are also really suffering. of those 50,000 homeless in new york city, approximately 15,000 are children. 15,000 living in homeless shelters are children. and this really makes us very, very sad in new york city because we're a city for everybody, we want everybody to live well, that's not happening right now. people living in homeless shelters, they have to go to food pantries. we're in a very bad situation right now. maria: well, i mean, unfortunately this administration was handed a near perfect situation. under president trump and his tax cuts and his economic package, the bottom rankings of

earners actually saw the biggest increase in wages in a long time. you actually had for the first time in a long time the income gap start to narrow because the bottom earners were looking at really significant wage gains. that completely reversed under joe biden. why? is it all this spending and that stoking inflation? >> well, the inflation is at an all-time high and then with food prices and then the price of gas going up so much, now it's come down a little in the last couple of months, but americans can't afford anything right now. they can't afford as we said earlier food. they can't afford gas. and they can't afford their rent. and that translates to no food on the table for most americans and we are not in a good situation right now. and i'm hoping that things might change but i'm not seeing anything. i think we're going to continue in this inflationary period and

it's tough for everyone. but especially those that -- maria: i've never -- yeah. >> those that live -- maria: i have never seen so much ine ineptitude in the poliy underway from this administration. you say you've never seen anything like this. are you hearing from constituents, people who are telling you that they can't afford this? what are their options? how are they dealing with this? >> i think all americans are seeing that the price of food is so high, i know even when i go shopping i can't believe the prices. so if it's something to me and i'm noticing it, i know that all americans are really suffering. and we really have to do something to make things better for our middle class and for those that are living at or below the poverty level and especially the children are suffering and across the board, there's just not enough food and the prices are way too high and

the lines at these food pantries, groups like feeding america are saying that they just can't handle the numbers of people coming in because they don't have the money coming in either. when you are in an inflationary period, the foundations that give money and people that give money, they stop giving as much money because their money is not earning as much and it just doesn't go as far. maria: well, i mean, unfortunately the republicans call it a banana republic. the result of all of this bad policy. and between the politicization of all of our federal agencies, irs, fbi, doj, et cetera, to this incredible desperation that we're seeing with regard to consumers unable to pay for food on their table, you've got to believe that that's actually what it feels like, jean. it's very disturbing. we appreciate you joining us this morning, jean. thank you. >> thank you, maria.

maria: all right. jean sheferoff joining us there. quick break and then college football kick canning off tomorrow. how athletes are looking to make a profit this year and what this means for the future of college sports. we're taking you live to northwestern university when we come back. ♪ it's going to be a good life, good life. ♪

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maria: welcome back, college football kicking off this weekend, athletes may profit off skills now, and change the future of college athletics fox business grady trimble live this morning from northwestern university previewing tomorrow's game. >> good morning to you. >> good morning northwestern take on nebraska tomorrow game not here in evan ston illinois in dublin ireland first international regular college football game in five years college athletics big business, but now one that the stein athletes can make money off thanks to new name image likeness rules athlete branding marketing represents a lot of cornhuskers players said helping bring in more than two million dollars

through 700 deals one client is named crawford a wide receiver for known proponently teamed up with a local air-conditioning company. >> we called sos, or a.c. is the coldest. >> i'm always the coldest. >> no shortage of puns for that air-conditioning company and here is a look at student athelites teams making the most off name image likeness deems unknown recruit could make up to 8 million dollars by the time they graduate, not just football players making big bucks, olivia dunn lsu gymnast tiktok star cashing in on fame, name image likeness rules changing the game for college athletics that is because now universities trying to recruit athletes have to approve to them they can help the players score big

deals like the ones we've been mentioning, we should also mention, that the big game tomorrow between north western and nebraska kicks off 12:30 eastern on fox college football is back maria. maria: yeah, we are going to watch grady, thank you so much live from north western, mitch roschelle you going to tune in? >>. mitch: probably wait a week watch michigan this whole deal i would had guest on said the deals are making it harder to coach kids, because they are coming out of college with a lot of money, it is very, very difficult to instill discipline when they hit pros, they feel like pros, when on college campuses could be long-term ramifications of deals on professional sports. maria: we will see leo, at least getting paid for work

though right? leo: well yeah, nothing like a saturday morning football spent three years going to watch my son play, wake forest it is the best, although there is something kind of pure about that, being a college city watch college football students, fans, i think this nil is going to change that deepen have and have-nots a wonderful story they put up folks making money but short list a lot of college athletes, my worry is there is a finite amount of money that goes into college athletics are we funneling directly to few kids as opposed to endowments for all kids i think we have to watch that. maria: you guys make really good points mitch leo stay right there next hour "mornings with maria" begins right now. . >> good friday morning thanks very much for joining us this

morning, i am maria bartiromo. it is friday, august 26 top stories 8:00 a.m. on the button on the east coast, today jay powell explains, the federal reserve chairman in a widely expected talk this morning on in addition recession growth happening this morning 10:00 a.m. eastern live from the fed's jackson hole retreat could be a big market mover this after hundreds of billions of additional stimulus was announced this week, in joe biden's student loan bailout even though trillions in democrat spending already sent inflation to 40-year highs the president is braigdz about latest student loan handout claiming it is fair for taxpayers to be on the hook for some people student loan debt. >> thanks to our historic deficit instruction, we can afford to cancel 10,000 dollars student debt and 20,000 dollars -- if you are on a program. tens of millions of americans.

making under 125,000 -- that is game-changer -- >> all details this morning markets lower this morning they are off of the lows however futures indicating a decline 43 points dow industrials, s&p 500 down 10, nasdaq lower by 42 right now all ahead of powell tot inflation remarks will he double you on on aggressive tightening this morning will markets, interest rates up take a look at 10-year treasury, right now, above 3% gain of 4 1/2 basis points, yield on 10-year treasury, 3.073%, as we also await july pce this morning that is fed favorite inflation gauge economists expect core pce to rise 3/10 of a percent personal income spending out spending expected up 4/10 of a percent personal income expected up 6/10 of a percent all numbers coming up 25 minutes, when they hit the tape live stocks rallied ending session highs s&p and nasdaq finishing up better

than 1 1/2% in technology led rally dow industrials up 322 at 4:00 on wall street, 1% higher there european markets mixed check eurozone here ft 100 cac quarante dax mixed with ft up 12 dax close to where it closed yesterday down a dpraks, in asia overnight, mostly green the shanghai composite, was big loser business at chinese telecom huawei plummets the ceo timz employees prepare for a painful decade to come, "mornings with maria" is live right now. >> president biden who campaigned on unifying the country kicking off his midterm tush slang maga republicans watch this. >> how extreme maga republicans? the maga republicans want control of the congress they won't matter where you live women won't have right to

choose anywhere i respect conservative republicans, i don't republican maga republicans, maga republicans don't just threaten our personal rights economic security, they are a threat to our very democracy. maria: okay, it did not stop there, the president also compared trump supports to fascists saying the beginning or death knell of extreme maga philosophy not just trump entire in front of simi fascism, come on joe nobody is buying this joining the conversation all morning long mitch roschelle leo kelly mitch he has been trying to make the term make america great again a dirty word that is quite a reach. mitch: it is he keeps talking about, the trump people trump people, you mean half america, joe, so, you know half america, voted for donald trump. so those are quote/unquote

trump supports they pulled lever down filled in the box on a ballot, voting for donald trump, so he the man o promised to reunionite america is basically slapping in the face half of america who voted for donald trump, that is the last thing this country needs right now is more vitriol towards the electorate. >> leo from a man told us border was closed, inflation is transitory, taxes won't go higher, oh, yeah agencies not political, don't forget misinformation governing board. leo: correct, history shows, that when you use this kind of exaggerating language tactic a large segment of the population doesn't work in the end, i think the streams are going to be loud volume is way up, in the middle where most americans lie, right middle

left middle that kind of language calling half the country fascist doesn't pay off in the end k exaggeration an old game up to us to go through that noise come away with a sound opinion 75% of the country polled saying they thank you the country is headed in the wrong direction maybe he needs that talking point in some of those maga talking points as well quick break, coming up focusing on federal reserve, markets are down this morning, as we await fed chair jay powell's inflation remarks what can we expect out of jackson hole smum looking ahead when we come right back you are watching "mornings with maria" live on fox business. ♪ ♪ girl you are turning me on, spinning me like a record for ever ♪ ♪ like a movie, ♪ed ♪

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>> . maria: welcome back futures indicating a decline start of trading this morning stocks are lower headed into the fed chair jay powell's comments, from the annual jackson hole symposium at 10 a.m. eastern dow industrials down 4 is it nasdaq down 44 joining me right now navellier associates chairman founder louis navellier great to see you. thanks for being here i want your take what the expect from jay powell really the macrostory as well, in terms of the impact that his higher rates have had your thoughts. >> well the reason markets are nervous is treasury yields back above 3% on the 10-year seem upward pressure on near-term but i expect chairmen powell to be very dovish to say that after next fed rate hike september 21 will finally be neutral, and i expect him to say that there will be data dependent dovish words, not only do i expect him to say jackson hole i

expect it in fomc statement on september 21. do i hear you say you think fed is going to start cutting interest rates in 2023. >> no, i think they are going to do 75 basis points, on september 21, then on -- in november can't raise rates six days before midterm election if they didn't have to fine-tune they could do it december but the fed never fights market rates. so, they have to get in sync with rates out of syinitiativec, the rate will be at 3% as far as 2023 depends how fast inflation cools off where market rates are it is not hard to be fteed chairman you have to catch up with market rates it is really not that difficult. >> why are market rates where they are we are waiting this morning on latest read

inflation july pce report out about 15 minutes, economists expecting more month-over-month increase 3/10 of a percent, core occupy 4.7% personal income spending coming out with spending expected to be up 4/10 of a percent income up 6/10 of a percent those numbers coming out eminently does this have anything to do with what is going on in real short-term rates? what is the pressure moving those rates up? >> well, there's obviously, food and energy fears, at this time, obviously, a lot of it emanates from new york, before we do a lot of people can't pay power bills in new york big tragedy fortunate buying natural gas at 14 year high putin's bad behavior keeping crude oil prices probably

artificially high strength appeared a week ago thursday energy stocked resurged fertilizer stocks, when a market was rallying we had a mean stock rally low quality rally right now working is quality but definitely inflation fears inflation hedges food, energy fertilizer stocks good place to be. maria: i was going to ask how have you changes the way you allocate capital in the face of all of this? i mean we're talking about inflation rate of 8 1/2% actually look at things that we buy everyday, essentials, food, rents, i know fuels off the highs, but even there, elevated eggs a dozen up 8% year-over-year you can have 8 1/2% cpi stuff we buy everyday numbers are even worse than that what are you expecting how do you allocate capital accordingly? >> my -- way caom my egg

stock, but what i run screens i 6,000 is it notting database get energy food fertilizer some shipping some semiconductor equipment by and large a flight to quality market getting narrow analysts trimming estimates not in energy but some other sectors, so we are going into a funnel a flight to quality, and you know my portfolios tighter but i am grossly overweight in energy some portfolios 60% energy gutsy of me i know they will have best returns for next two quarters. >> even as push to stay away from fossil fuels with esgmost let me bring leo kelly in go ahead leo. leo: thank you. question is we have seen massive increase, over last several years capital all over the world flooding in the

system, and we have inflation looks to be persistly at a nondo you think we are starting secular change in interest rates we have been in 40 we are bull market in bonds. that is over? how does that affect your thinking along your portfolio. >> i think the fed will eventually cut rates whether it is like 2023 or 2024 not sure obviously, whenever market rates go down, market rates are going to be forced down because strong dollar france forms capital apply treasury securities but the -- you know, we're getting good inflation news ms. next few months trailing 12-month data september october a year ago we are very high, so we are going to cut those months off numbers automatically going to get better might get energy relief in the fall demand tends to ebb. we will see we have to supply europe, because they are

desperate right now i mean you can see games mr. putin is playing, but the structure inflation is still there, when we strip food, energy going to take a ho long time to get back to low rates could happen in a couple years. maria: we will be watching i know you will be watching cycle after cycle, lu navellier, electronic moving in premarket reports amazon may put in a former request to acquire video game company no word on number associated with this deal follows microsoft's massive takeover activision blizzard 69-million-dollar deal ea, publishees, fee ofa apex legends, electronic arts moving on speculation, no comment from the companies up 6 and two with third%

countdown on we are waiting on being redacted affidavit, the trump team understood move facing a deadline we will break it koun when we come back with congressman burgess owens, next. ♪ ♪

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>> >> maria: welcome back. we just showed you the speculation going on in gaming stocks i clarify microsoft acquired activision blizzard for 69 billion dollars stoked speculation that there will be more details we are watching a move in the sector this morning we are also hours away from department of justice release of redacted version of the affidavit likely to give details, of why there was unprecedented search of former president trump's home. mitch roschelle is here, leo -- kelly is here, mitch what do you think we will learn from this affidavit? i mean, obviously, probableing redacted dodge did not want to

release it. mitch: to heavily redacted ridiculous other things released last four, five years heavily redacted means talking heads, as i say that, are going to start speculating only going to, you know, create more doubt more suspicion that will be unfounded, unprecedented no matter how you look at it to raid the home of a former president of the united states, regardless of the justification, and i think this is going to continue. maria: it comes on the heels of a string of bad behavior around the fbi, that we know of, the russia collusion lie, where fbi agents pursuing fisa warrants to spy on trump officials they new with dossier was made up, members of hours judiciary committee educational labor committee burgess owens here

congressional great to see you as member of the judiciary committee how do you read this raid unprecedented raid on trump's house? >> well, administration off the rails one thing american people have always wanted to do is know that they are treated fairly we need -- government accountable we are seeing a loss of faith in the system, that we feed to have a lot of faith in, we go out everyday building dreams doing our businesses a parameters around lives keep us safe not going to be bullied what we're seeing under this administration is they have no clue about competition, bullying seems, the way they roll, it is unfortunately but at the same time let me say this upside is that american people are waking up we are talking never talked before, conversations across this country no matter what you are part of something wrong going on right now once we

understand wake up we come back we start making adjustments, so upside of this this craziness by the biden administration across the board every sense possible american people are now talking about it we are going to be okay as we come into november make adjustments. >> the fact is everybody i speak with about this says same thing to me, i am talking about ordinary people talking about this, they say if they can do it o to a former president what could they do to me. >> yeah, you said it ordinary under ay people the most powerful three words in history mankind where our country started off with we, the people we get into freedom bubble go out doing our dream take for granted things will be taken care of we are realizing now things are not going to be taken care of, the folks we trusted issue liars, sociopacts whatever it is anti-american but not to what we need in terms of a safe

country, this is one of the i 24r50e8 conference come up with working to come up with something we stand for health four different ways believe in economy strong, a nation that is safe, a government accountable, and future that is free get ready for the republican party to come up with ideas that we've been working on entire year what we stand for american people will drift toward that doesn't matter when side you are on all want same things four things i mentioned every american would love to wake up everyday understanding our country moving in this direction not having people behind scenes taking away our freedoms, trying to bully us as we move into our future. maria: equally important is the impact of all this bad policy, i mean, everybody better get ready to get audited 87,000 irs agents to be hired with 80-billion-dollar in the

president's so-called, inflation reduction act which does not reduce inflation, then yesterday karine jean-pierre insisting biden white house did home, work on latest student loan bailout what she said she said it is k fiscally responsible three times. >> we fiscally responsible balance offed approach we want to make sure that we do this, in a ask k fiscally responsible way not pleasing everyone but making sure we keep that promise do it in a smart fiscally responsible way it is not fiscally responsible maya macguineas told us why committee for pbl budget says this adds up to twice as much or more to, the deficit as was just eliminated from the inflation reduction act your thoughts.

>> well, what you are seeing is a party ideology that has no respect for the way american people think, they believe that we are stupid, amazingly, the way they put together these rules, laws put a title to it, and, actually, just not going to dig in figure out what is going on the downside for democratic party is that going to passs, language talk people are feeling pain inflation high prices, the country never thought mothers literally cannot get baby formula 100,000 deaths at border i can go through it 13 brave soldiers in afghanistan over a year ago everything they touched you are recognized to sour. >> this is one of the things more excited about i have felt, that it is going to be the minorities the blackss hispanics the women from past growing up did not have a seat

at the table will come back to basic fundamental conservative values pull our kurn krp back i have a pack jpac-10 mirnts women hispanic black business owners feel the way i do giving the voice i believe as we bring communities back in process of doing, current comes back we all win excited about where we are today, tough as it is we are talking together those minorities in communities leaving the democratic party in droves, get our country back because of it. maria: we've spoken with many of them maya macguineas my guest, on a couple times flipping a set a he held by democrats for 100 years now republican. that new pack that you mentioned just win baby is your new pack supporting conservative minority

candidates running for congress do you think the minority groups are figuring out that the trump america first policies were helpful to them? >> if you want to know why democrats have decided that is important to the -- flooding the country they understand minority communities leading them black communities in droves leading them hispanic communities as you mentioned. >> yep -- all right, burgess owens sorry tv froze to pce index hitting the tape as we speak as well as personal income spending, what can you tell us. >> personal income spending pce price index, as you know, become favored gauge of inflation not only for federal reserve about it everybody else, who watches first number i see crossing is on the

income numbers, those are up 0.2% versus consensus 0.6% incomes went up less than expected, now let me go to pce number, the -- inflation configure we were look at on core level strips out, food and energy, so give me that number one more time in my ear i didn't see it crossing, i will pass it along. 4.6%, year-over-year, so that is a little bit less than what we expected, and could give the folks making argument about peak inflation a little bit more of an argument to make, now in a month-over-month basis, the core pce index up 0.1%, versus expectation 0.3%, so, just if you look at this put in some sort of context on core level pce price index running hotter than this a few months ago, back in february, for example, well over 5%, 5.3% highest

level since april of 83, a 39-year high since then we started to come down, and what we had reading up last month it was 4.8 as i said this month looking back to the month before, 4.6, yes, we are well above 2% inflation but can when prosecutor looks at this is i guess see that reaction to it first comment that i made maybe you are giving folks that are looking at peak inflation a little bit more of an argument here, of course, the timing of this can't be lost on anyone because it comes on same exact day jay powell will be speaking in jackson hole dow futures down 30 points or so going up, up a few now down by 8 points right now maria. maria: the number worrying me is spending number, spending only up one/10 of a percent we know that real sector is bifurcated when you see up

6/10 of a percent spend, get 1/10 the fed is working to slow down economy. >> when you think spending held up, in the midst of a let going on in this economy now maybe finally we are starting to see consumer give in a little bit, that number on personal consumption supposed to be 0.4% to you barely get any kind of a gain at all, for spending. so you know, there had been this argument people would be spending more on travel i think a lot of people did this summer because, were locked in so long, people making more incomes going up maybe would you spend more because of that, but, as you said, when federal reserve keeps raising interest rates some point an effect maybe we are starting to get to that point to further where we are in pce index do we now have argument the fed i don't know can slow down a little bit? that 50 more than 57 makes sense maybe a hint from jay powell today. maria: yeah, unfortunately, wages are up 4% but inflation

is up 8 1/2%, so cutting into ability to actually keep savings keep that revenue to yourself in terms of wage increase markets have cut losses but are negative still. we'll be right back. . i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones

>> >> . maria: welcome back markets searching for direction this morning, following the july pce data out a few moments ago dow industrials down 12 nasdaq down 25. of course, the market is looking forward to jay powell's speaking, at about 10 a.m. this morning, from jackson hole, the -- ahead that of joining with reaction anticipation ahead of speech "the wall street journal" chief economics correspondent author of the wonderful book called trillion-dollar triage, pick it up on store shelves he is nic timiraos thanks very much for being here. >> thanks for having me thanks

for having me. >> what is the word in terms of jay powell consider what your thoughts is he going to bring hammer down in terms of reiterating the fight against inflation not over will be aggressive on rate hikes what are you expecting from the chairman. >> yeah, you know the message has been pretty consistent they've been raising interest rates a lot know they have more work to do i think the question is they raised rates by 75 basis points last two meetings, could do that again in september. but not sure they want to have to come raising interest rates such large magnitudes like driving down highway you might have to find your exit, if going really fast, you might miss it. so, they will raise rates more if they have to, i think the question here is can powell talk about slowing down the pace without creating a big rally in the financial markets? that will work against what the fed is trying to do fed is trying to slow the economy, trying to slow investment and

spending, hiring so if you just ignite a rally how to do that going to raise rates more higher for longer but that doesn't necessarily mean having to do 75 basis points every six weeks. maria: what do you think this most recent data showed us then n. c.k. july personal income up 2/10 of a percent, personal spending up 1/10 of a percent pce apparently favored gauge on inflation up 1/10 of a percent for july your thoughts what data told us this morning. >> well, look, i mean the fed wants to slow the economy here they don't want to create a recession, but they need the economy growth rate to slow that is what we're seeing in data you saw, you know, weaker rate of growth income of spending, and if you look at overall inflation, in pce

report was negative this month down a tenth that is all energy prices, the fed isn't going to take a lot of comfort from you know energy prices because they could go back up again, especially if you see you know problems with russia, cutting off gas, oil becoming oil production cuts later this year. but, this is a step in the right direction. now the fed i think is going to want to see several months, inflation data, like what we saw just now this morning. and if they could see that it would give them more comfort that inflation is going to come back, to 2%. we don't have that yet we've only had really one month decent report after several months very strong reports. so, you know it is going to require some -- some nerves here as they watch data see if this they've done enough they more monetary policy doesn't work right away, you are already seeing, you know, a

pretty significant slowdown in the housing market, that will feed through to lower sales, and much less price growth forward, so this is going to be a question here some point, which is they done enough can they slow things down to 50 basis points then after that 25 basis points? i think they probably feel more comfortable, if they could keep raising interest rates, in have smaller bites than large chunks because just raises the risk you will will do too much if you have to keep going 75 basis points. maria: well it doesn't appear that the administration is giving the fed any help even though talking about 40-year high inflation. the administration comes out with more stimulus this week, in the form of a student loan bailout earlier in show i spoke with maya macguineas, and you know she was so positive that the inflation reduction act impact on deficit but says this changes

it all watch this. >> i was so positive and so thrilled to see that they were actually able to turn a bill that was going to borrow trillions of dollars into something that would have saved money reduced deficit literally for the very first time in a decade barely a week ink not dry on legislation the white house single handedly undermined all those savings all the positivity one would see from a fiscally responsible point of view. >> the is powell going to incorporate spending substantively stimulus out of his hands are there things you are looking at out of powell speech we should focus on markets are quite so they until they hear from jay powell, is he going to have certain words that you are looking at? that are most important that you would be watching for?

>> you know, this speech doesn't feel like the venue to me for a signal about the next meeting anything is possible. but if you look at how powell has used the speech, during the other two years, that he has been chair of this event has been held in person he used to it lay a little bit of a broader framework to think about what fed is doing looks back at history yeah could be buzzwords in there everybody see seizes on, you know really relating to pace of future rate increases designation future rate increases will you holding higher longer i look for any discussions whether a change in inflation dynamics around the world, central banks from all over the world all dealing with high inflation, you have labor insurance coverages in u.s. labor shortages in other countries a lot of tailwinds from globalization, thatheld

prices down you had a billion workers, you know coming in to global labor market last 30 years if globalization is reversing if demographics less favorably that means higher inflationary pressures could be sustained fed will just have to raise rates more often perhaps to higher levels if we get, some kind of discussion around these he longer term issues, how the fed might manage them this i think the venue for that kind of conversation. maria: yeah, i see more analytical conversation from 30,000 feet i guess this forum. >> great to see you enjoy the rest of the conversation thanks so much for joining us we certainly will be focused on powell you, sir. . >> thank you. >> all right. quick break houston storon taking matters into her hands to deliver justice to shoplifter see this she will

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welcome back we are telling stories of americans who are standing up to the rising crime nationwide in a new series we are calling victims of crime, our first story comes from a lingerie store in houston, texas. this video shows a suspected shoplifter rooming around the store the owner followed her out on to a public bus. sofia romo owner of the houston store joins me now sofia thanks very much for being here this morning with you tell us what happened. >> hi, yeah, i was is actually my off day, one of my boys texted me told me check cameras from my phone they thought maybe, this lady was stealing stuff so i checked my phone, and she was stealing stuff.

so, i got in the car, and headed over there -- told me she left on foot, you know i always tell staff, nothing is ever worth your life so handle the situation how you want to handle it she wasn't, the dangerous threat but taking from us decided to follow her until i got there. once she knew he was following her, she just hopped on a random bus and let me know which way bus was going i hoped on at the next stop. >> i mean, were you not afraid to follow this person, i mean sofia you and employee recorded you confronted with suspect on the bus. it went viral on tiktok, let's take a look at video i want your take on what you were thinking throughout this watch. guys okay. so this [bleep] -- and stole

from my store. . stole from my store, and we are going to follow her to her house because she -- pay -- >> what? lets pay again, see what she has -- >> what? >> we are -- just -- >> wow. what was that like the suspect has not been arrested but has been arrested rather not convicted due in court next week sofia. were you not afraid to go in her face says you stole from me? >> not of this person no a lot of people that steal i am afraid to approach them. but not this lady, no, i especially because she is repeat offender. >> so, what how did you know she stole what did she steal?

>> she i think from the video she had taken a couple of things, but i checked video halfway from her being in the store had actually tan couple bras, shapewear, two he dresses, lubricant, some intimate stimulant, took the actual metal sensor to take off sensors. and -- had tag still on it. >> unbelievable you say she was repeat offender, as well you have seen her around before? >> she has been in the shop before yeah, but also had five other business contact me since the video, because she has taken, thousands from their shops. >> wow. sofia thanks very much for walking us through it we appreciate your time joining us, we will continue to follow

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maria: welcome back. we are waiting on the big event of the day for markets and that is jay powell speaking at 10 a.m. eastern from the jackson hole symposium.

the widely-expected talk on inflation recession and the impact of a string of rate hikes may very well move markets the dow industrials up 41 points s&p down 1, nasdaq 3, mitch roschelle your thoughts on what to expect. what are you looking for so far on what we know in terms of yeah , go ahead. >> i'd like to see his longer- term view just beyond the pce number today, which shows that inflation is ebbing a little bit. i want to see his longer term view because the market is signaling that as the economy contracts, there maybe rate cuts in the future and i want to see if he talks about that at all, because i think the markets hanging on right now, the fact that they are going to go from hawkish to doveish in the future so we'll see but then again, he chooses his words carefully so you never know. maria: yup, leo, your thoughts? >> well, i think there's two takeaways here. one obviously good news that pce came down just a touch beings however what we have to

remember, as we go year-over-year with inflation these are smaller numbers on previously-higher inflations, so without disinflation, prices are still going up and they are going up off a higher and higher base. i think the other question here for the fed, can they land this without having a significant pullback in the markets? i think they can, but the big question here is for the last two decades, their third and un official mandate has been stable asset prices in the market, and protecting the wealth effect in the country so if we get a pullback, rapid pullback in the markets, how will they react? will they protect asset prices which of course means more stimulus and inflation runs away , stagflation, or are they finally going to abandon that third mandate, right? and start to really focus on inflation, even if we get an interim temporary movement down in asset prices. i don't think we'll hear much but i want to know where their thoughts are around that.

maria: well, don't forget markets have already reacted right? you've got a decline about 20% in stocks year-to-date as these worries intensify, and whether they will be able to pull this off. raise rates, and slow an economy but not throw it into recession. mitch roschelle, leo kelly been great being with you this morning thanks for being here and thank you for watching i'll see you tonight on wall street for fox business 7:00 p.m., "varney" & company begins right now, ashley webster in for stu ashley take it away. ashley: thank you, maria, good morning to you, good morning, everyone. indeed i'm ashley webster in today, on this friday for stuary varney and yes, all eyes are on jackson hole this morning. fed chief jay powell will offer clues into the fed's next move in september and we are there, live. also, let's take a look at the markets ahead of mr. powell's 1. same as you are, so to speak. the dow up 52 points but the s&p and nasdaq simply flat at this point. let's take a look at