asmac interesting. a lot of older folks. i am just thinking it is germany because germany, i would say it's japan or germany. the answer is japan. i thought it might be germany, 28% of the population is over 65 but china has the largest 65 plus population in the world over 166 million people within that age bracket. one. 6 billion people, still a lot of people. that's why you have economic people, don't have enough young people for social security. ibly2 they are able to flood the market. asmac that's it for abca3. here's coast-to-coast. ibly10 ahead this hour, prices are here to stay, harder than

expected report showing the economy can't shake the sticky inflation. we get exclusive reaction from the second-in-command of us treasury shortly, coast-to-coast starts now. welcome and happy friday. i am edward lawrence. our top story inflation showing little signs of letting up in march and all eyes are on the fed, how it will react at the next meeting next week. getting a read him bob nordeli. you understand when a consumer is under pressure the report shows overall inflation rising year-over-year, going sideways in this. is this the start of stagflation? >> thanks for having me on. gary is the expert on this

subject to. it is. why deal with fortune 25 companies and i will tell you there's a long tail on inflation. we are seeing it every day. i would project oil is over one hundred dollars a barrel. i predicted inflation would be 10%. i missed ten but got to nine. i continue to see inflation across almost every commodity we are involved in. people continue to raise prices. consumers have this flood of money, credit card our top down and we see this dichotomy, we heard earlier democracy, we are pushing evs and we see where microsoft is up because of ai. they are having a heckuva time trying to find a location for their data centers because of the drain on electricity. for one state in particular, to

meet the demand for microsoft looking for data centers, i think we are in for a very rough half of this year. ibly10 when you peel away the onion people are not buying more, just spending more. the inflation report. is that enough to have fed members start to discuss a rate hike? >> they are spending more and using credit cards in a very big way. as far as the fed, i don't give them much credit for anything they've done, they printed $9 trillion. right now whether they lower interest rates accorded point or standstill, up from the 10 year yield which is back up to 4.66% right now, was below four, that is speaking volumes, the higher yields go, the tougher it will be on the fed to do anything. as far as the inflation numbers, we get government statistics but i believe in the

real world and all i can tell you is the price at the pump is up, the crv index is almost up to the 2,011 highs, paper products at the store are way upcoming insurance is ridiculously going higher and i could give you a laundry list of things at the supermarket, and mary and uncle bob are buying today that either are much higher in price for the chips, you're getting half the size of the bag the same price you did a couple years ago and if that doesn't change, not good news going forward. ibly10 you talked about the consumer in the back half of this year, the higher credit card rates, the higher financed credit card rate is partly in keeping or hitting the consumer really hard on this. do you believe it is the consumer that's going to draw or start the financial drawdown at the end of this year, is the consumer going to pull back and cause the dominoes to fall?

>> they have too. to the point, i talked about shrink inflation, i can tell you interest rates are having a devastating impact on the middle-market companies. my personal experience, flexible rate, paying $2 million in interest, now up to 12 million on this company. basically they are working for the man for cash, all free cash flows going for reinvestment in r&d, not new capital programs. it is a moment of truth that we are seeing here. we started this where there is only four pullbacks, 321, napi 0. a lot of economists that have been misleading us because they wouldn't look at the facts aren't coming to roost and we are in for a very tough as i said second half of this year and -- asmac former kansas city federal reserve chairman esther george told me yesterday she sees slower growth also in the second half of the year. jamie dimon warned of the risk

of stagflation. how close do you think the economy is to a very large downturn? >> let's hope not. i will tell you with a debt laden government and debt laden consumer and there's a lot out there, we go into recession now, it could really be not a very good one. keeping fingers crossed. what i'm watching is the job market. if we start to lose jobs. a lot of job gains have been part-time, we start to lose jobs, that is when i would suggest the are a word will come into play but you see the gdp numbers already starting to head the wrong way and i think there's a very close love-hate relationship in the economy and hopefully we don't tip over. >> microsoft reported better-than-expected strong earnings, what do you think

about mega companies and the earnings they are showing us right now? >> if you look at microsoft and google, it is a two tear type of solution. ai is very prominent for example in large companies which i was talking to a fortune 25 company and they are all in, they've got a big organization, seeing it as a way to offset wages, improve efficiency in dealing with the consumer, the middle market companies i deal with, they can talk about it, they don't have the resources, they don't have the understanding or capability so you're saying a bifurcated approach, ai will be more successful than the ev program for sure because it is dealing with large corporations rather than consumers saying i am pretty happy with my internal combustion engine, about 300 million automobiles on the road, the average age of the auto industry is 12.6 years so they are saying no thank you,

we are staying with. ibly10 so you see basically big large companies benefit the most from ai first and then trickle down there. bob and gary, thanks for the conversation, got to leave it there. china's president xi xinping issuing a warning while meeting with antony blinken saying the us and china must not engage in, quote, vicious competition but rather mutual success. richardson joins me now. how is the us characterizing this? >> secretary blinken calling at a time of profound tension between the two countries, the difference between the us and china has somehow grown over the past year. blinken capped his 3-day trip to china meeting with xi xinping and the foreign minister, the strip is the same week as of the us again accused china of genocide and the state department's annual human rights report.

president biden signed a foreign aid bill with $8 billion for american allies to counter china's military presence in the pacific and provides money for ukraine. blinken says he want xi about china's support for russia's war effort. >> when it comes to china's support for the defense industrial base, all i can tell you is i was extremely clear about my concerns in some detail. we will have to see what actions follow from that. >> reporter: vladimir putin announced he's going to china next month. blinken said he pressed xi to halt the flow fentanyl chemicals to the us and just like several of his predecessors pushed chinese stock on fair trade practices. lincoln noted china is trying to flood markets with solar panels, electric vehicles and batteries, blinken says one issue he and she did not discuss, tick-tock.

the state department says officials mentioned it with their chinese counterparts before and would likely continue doing so. china accused the us of stifling its economic growth, trying to encircle it in the pacific. blinken announced the us and china would hold their first artificial intelligence talks. tick-tock must've skipped their minds. let's get reaction from the house china select committee member, thanks for being here. one of the big take aways, they agreed to continue talking. this is what we heard from the chinese for years, nothing ever changes, the you see this as a successful trip? >> no. just . don't compete with us because we don't want you to compete with china which is exactly what we should be doing, calling for us to start decoupling from china, china is

our greatest adversary. this whole thing about fentanyl. china incentivizes chemical companies in china to produce the chemicals that produce fentanyl. my view, they are illegal in china but can do it overseas so they are poisoning tens of thousands of americans every year with the poison they are sending over here and incentivizing it. please stop doing that. words don't work with china, action works with china and it's the only thing that works. >> this guitar of states is in the coming weeks china and the us will hold talks of artificial intelligence. what will come out of those talks? >> nothing good for the united states because this administration is unbelievably weak and secretary blinken is probably the worst secretary of state we ever had in history of the united states and no conception that he won't give up in the name of some kind of peace so i don't have high hopes for any discussion

between this administration and china over ai. we have 2 win the race to ai. it's critical to our national security interests. ibly10 it took two years for donald trump to force those changes, slapped huge tariffs on chinese goods as well as technologies and band some technologies from going over there before getting the phase one trade deal, do you think the biden administration can have enough strength to stand up and get something from china this year? >> absolutely not. one of the things they talked about was quit flooding the market with solar panels and electric vehicles, what are we heading into? solar panels and electric vehicles. on one side, stop flooding the market that way and they are demanding more solar panels and electric vehicles in the united states and destroying our domestic energy production. never listen to the biden administration, got to watch what they are doing. what they're doing is more

important than what they are saying, they may be saying things but their actions speak otherwise. their actions always run counter to american interests. ibly10 i want to ask about anna paulina luna. listen to this. >> i don't believe the motion to vacate is in play and my concerns for that currently with is i believe there would be people that might take a deal and either give the gavel to akeem jeffries and i can't support that but i will say is there's a lot of frustration within the republican body and although mike johnson is a nice man i can't get behind what he is currently doing so i'm looking for other names to float for speaker. >> that after the election, do you think speaker mike johnson should go? >> no. i don't. mike johnson is a very good decent man. i also think he does what he

thinks is right for america and americans security. i fully support speaker johnson and i'm pretty sure the vast geordie of the conference support speaker johnson. representative luna has a right to their own opinion. i disagree with that. most of the conference disagrees with her but if she wants to look for another name, great, but i will be standing firmly behind mike johnson for speaker of the house. ibly10 coming up new york versus trump day h. the former president in court as cross-examination picks up. live to the courthouse after this. ♪

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ibly10 day 8 of new york versus trump, resuming the cross-examination of new york tabloid publisher. any courtroom fireworks yet? >> reporter: it has been a methodical day. packer has been on the stand,

out and bragg brought this case claiming the former president wanted to purchase cara mcdougall's story they had an affair to bury it but according to testimony here today it turns out donald trump did not want to even purchase the story. this testimony came up in cross-examination of david packer, his the former president's friend and former publisher at the national enquirer who is describing michael:arrange to purchase negative stories that could hurt trump's campaign in 2016. he paid 150 grand to care mcdougall's claim that she had the year-long affair with trump just trump did not want that purchase to go through because he said trump told him those stories always get out. the class exoneration by trump lawyer trying to show that if trump did not want packer to buy mcdougall's story, why would he be prosecuted for allegedly orchestrating an

election interference scheme to do just that? packer said he and trump swapped stories for years and killed them for decades trying to establish that buying mcdougall's story to bury it was just routine and not connected to the campaign. packer testified the inquirer published negative stories about trump's opponents but admitted those articles were rehashes of previous articles that appeared in other publications which packer said he bought stories to kill alleged affairs of arnold schwarzenegger, tiger woods and chicago mayor rahm emanuel among others. and care mcdougall came along to take her money for her alleged story, to start her career and put her on the front page of his magazine, men's journal, rights and health columns, so far with the testimony of the first witness there has been no evidence yet directly linking the former

president to these payments to try to sway the election. he said the former president was angry when mcdougall's revelations were released a few days before the election day 2016 but so far no mention of the main part of the prosecution case that it was done to sway the election. ibly10 maybe you're waiting for michael cohen, the big star witness. let's bring in one of our favorite legal eagles, guy lewis. how much longer will this trial last? >> at least three weeks. these witnesses are going longer than we expected. listening to david kerr i think the defense rightly and smartly are turning these prosecution witnesses into solid defense oriented witnesses.

>> this was the weakest case against donald trump. what have you seen and read early on? what are you gleaning from this? >> i'm still looking for the crime. i am seeing and hearing david packer come in and testify we did business as usual. other people were involved in other stories. why aren't they being prosecuted? why nothing about those? the simple answer the jury will glean from this testimony, trump has been singled out. ibly10 this case concerning the former president, president biden made the point to go out on the campaign trail this week, do you believe americans are looking at this and seeing as election interference being exposed? >> great question and i think americans and this jury are smart people. i think they are looking at this and seeing trump tied up

in court for days and days and days and wondering why and it is in the middle of at the beginning of the election cycle and rather than being out talking to the people, trump is tied up in a courtroom. >> the supreme court case we heard yesterday, supreme court justices seem concerned about the precedent the federal case being brought against the former president. >> if an incumbent who loses a very close hotly contested election knows the real possibility after leaving office is not that the president is going to be able to go off into a peaceful retirement but that the president may be criminally prosecuted by a bitter political opponent, will that not lead us into a cycles that

destabilizes the functioning of our country as a democracy? >> as pandora's box been opened now and can the supreme court shut it? >> got to tell you i think it was with the bases loaded for the president, justice alito of former us attorney himself, former prosecutor made clear through the questioning, you heard often, you got a prosecutor operating in bad faith, he or she could come in and completely disrupt an election cycle, bad news for the special prosecutor yesterday. ibly10 appreciate your time. another tough day of economic news for the white house up next, i will ask deputy treasury secretary about harder than expected inflation rate as the point man on sanctions and also ask why the us is unlikely to enforce new sanctions on uranian oil.

♪ibly10 house republicans

moving to address the impact of the trump tax cuts after expiring in 2025 by sending out tax teams. what are these tax teams doing? >> there will be 10 of them in total and they will look at

what would happen to everyday taxpayers if the 2017 tax cuts expire when they are set to at the end of 2,025, they will study the impact on manufacturing, mainstreet america, rural america, supply chains and more. congressman mike kelly, one of the lawmakers leading these team says these tax teams will ensure the tax code works for americans, not the way around, time to turn the page on the biden economy, strengthen our workforce, help our families and restore the american dream. kelly's colleagues are praising the effort to keep the tax cuts in place. >> the trump tax cuts has been the best tax policy in the history of the united states. every group of americans has done well under that tax policy, you could make a clear argument the reason our economy is still afloat is because of that tax policy. >> analysis finds of the tax cuts expire americans making as

little as $30,000 a year will pay more in taxes each year. president biden says he's reelected the trump tax cuts will be dead forever but now the white house is clarifying the president doesn't want to raise taxes on those making $400,000 a year, just the wealthy and corporations, that is something the chair of the council of economic advisers reiterated to you on this program. >> the president said many times he is not going to preside over tax increases on anyone under 400 k and he will consistently work with congress to make sure that reality sticks. >> the 2017 tax cuts permanently lowered the corporate tax rate to 21%. president biden wants to bump that up to other tax increases

he has proposed in his 25 budget. ibly10 likely a divided congress next year. wally, happy friday, thanks for being here, appreciate it. president biden wants tax cuts to expire and if that happens, taxes would go up on people making less than $400,000 a a year, breaking a pledge the president made that if you are married with two kids, taxes would increase by $1700. what do you say? >> happy you asked that question. the president will not raise taxes on people who make under $400,000, what the president wants to do is cut taxes for working families by to passing a child tax credit which would put money in the pockets of working-class and middle-class americans who have children to help them pay for their needs but he is going to make sure

with increased taxes modestly on the wealthy and corporations. you have to remember one of the most important things we can do is think of our long-term fiscal trajectory, the present wants to reduce our debt and deficit, the last administration increase them by $8 trillion. ibly10 he will not get everything he wanted a divided congress, other economic news, the inflation report shows overall inflation increase year-over-year, core inflation without food and energy prices moving sideways so this is price increases, not prices coming down. >> it is important to remember where we are coming from to understand where we are going. year and 1/2 ago inflation was high but because of the action the fed has taken inflation has come down. our expectation is it will continue to come down but we know there's more we need to do to reduce costs for the american people and its job number one for the president, that's why he's focused on

making sure we reduce the cost of drugs. look at what we've done since then, called on congress to expand that, making sure all americans don't pay more than $200,000 for prescription drugs going forward. there are number of steps the president wants to take in terms of additional housing to bring down the cost of housing and to expand the supply of things and the economy that will help us bring down costs for americans and that is what we are focused on. ibly10 that's for small group of americans. food prices are up 20 one% and average hourly wages are down 2.5% from january of 2020 one. we are seeing inflation go up again and gdp slowing so is this the start of stagflation? >> no. when you look at incomes incomes are growing faster than inflation and food costs have stabilized. what we know to be true is input costs are coming down. the president calls on

companies to pass those to the american people and i see that myself. i have gone to the one by my church because they see prices come down and the american people shouldn't have to go to grocery stores, all grocery stores should pass on the lower costs to american consumers. >> you have a huge portfolio. you oversee sanctions, the treasury department sanctions iran's program for direct attack on israel. why not go after irani and oil and add sanctions to the root of money iran is making? >> the package you mentioned we did go after oil shipments. we are doing both. we have to go after sources of revenue, make sure they have less money to build weapons and supply chains they are building. they are also shipping those

weapons to russia, to destabilize ukraine. one thing about the passage, and allies and partners in the united kingdom and they continue to act to hold iran accountable for their stabilizing activity. ibly2 iran made $36 billion exporting record amount of oil. what we are doing with the money, funding hamas, going after more strictly. >> we are doing both. we are going after iran's legal sales and the oil sales benefiting rgcs, with iran individuals and entities since the beginning of this

administration and also the regime that we are committed to continue that and not only in the united states but build a coalition without allies and partners to hold them accountable for stabilizing activity. ibly10 sanctions on russia, the war continues, do you feel iran will do this? >> the uranian regime increasing pressure on the domestic economy as well as increasing pressure to give access to the goods they need, continuing to grow over time. to take action to hold them accountable. ibly10 it ceases russian assets that makes it legal. $5 billion that is frozen around the globe. where are we on taking assets to using ukraine and how close is deal for allies to follow

suit. >> secretary yellen has been raising this issue for 6 months now making sure we are in a position to ensure russia -- congress's and, to work with allies and partners, to make clear to ukrainians they won't have the resources to defend themselves. the use of researchers -- >> have stepped started to seize those assets. >> we design options not just in the united states.

and we take that action, and with the president is done throughout this were. ibly10 is there a timeframe when we can see the assets take that. >> to the point you made, in the united states, to make sure in the united states working for ways to benefit the ukrainian people, something we bring our allies and partners along with. we want to make sure in addition to congress sending ukraine military equipment to support their defense and financial resources to support their economy that we are willing to use russia's assets for what is critically important and building coalition to do that.

>> thank you very much. president biden is in new york city so an interview with howard stern while protests continue to disrupt columbia university a few miles away, we will take a closer look after the break.

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ibly10 president biden doing a live interview with howard stern as protests spread throughout columbia and other universities. alexis mcadams live in new york city, he didn't make a short trip like the house speaker did. >> that's right. he didn't. we've seen dozens of protests arrested during pro-palestinian protests not just in new york city but across the country but he had time to do a sitdown interview with howard stern. he hinted that he would be interested in debating donald trump. >> i don't know if you are going to debate your opponent. >> president biden: i am somewhere, i don't know when. i am happy to.

>> reporter: this is what the streets looked like in new york city, and near sixth avenue as president biden made the way out of town after a quick two day trip to new york. biden's team working to make it like this. the president had to deal with things like this that other events across the country. pro-palestinian supporters and protesters calling him out over his support of israel, it is splitting many in the democratic party, leading to chants like this. [chanting] >> reporter: protests continue across the country continuing in new york city as well. we will see what the president has to say about that. the speaker of the house calling for the national guard

to be moved in. edward: we will see if the president talks when he gets back to the white house, usc canceled its commencement ceremony over these protests because of safety concerns so with me is senior fellow at the foundation for research on legal opportunity. preston, what do you make of this? >> it is stunning so many administrators seem unfamiliar with the principles behind free expression. if you have students making legitimate use of their voices to protest or do free-speech, that is legitimate but when it crosses the line into violence or disrupting students right to an education, forming human chains to block students access, that crosses a line it needs to be punished. universities don't seem to get that. edward: do the students deserve graduation? >> a small group of students riding and disrupting campus

life but usc has surrendered to this mob and is denying the students paying 60 or 70 k a year for their education the right to a graduation and it is indefensible. edward: what do protests tell you about the management and teachers also? >> they made their bed and are lying in. they've cobbled these extreme left-wing views, sometimes anti-semitic views we are seeing on campus. they've not made clear that this is not a respectable viewpoint, this is a viewpoint that should be beyond the pale. it is protected by free expression but it comes down to the fact that a lot of these campuses have turned into breeding grounds for left-wing indoctrination. edward: in covid we saw what parents were learning and it affected the elections in virginia. do you think this is the same kind of moment her parents that were paying for college is seeing what their kids are learning and what they are doing? >> it should make parents

reconsider whether that college price tag is worth it. this is the kind of education their students are getting. if they are denied access to campus, denied a graduation, is that price tag something parents should want to pay. edward: do you see coordination? we've seen them pop up around the country but do you believe they are connected? >> there seems to be a little coordination. across a lot of prestigious college campuses we are seeing the same kind of genre of protests but it does seem concentrated among a small slice of prestigious universities and very much a minority movement. edward: it doesn't seem to be fizzling out. how does this happen? >> universities need to crack down and enforce our policies. if you want to protest, fine but if you're disrupting the right to an education that crosses a line, violates policies. edward: thanks for being here in person.

exxon mobil stock is down 3% after the company's first-quarter earnings missed expectations. the industry has been squeezed by call's in natural gas prices and declining refinery margins. back with more after the break. ♪

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>> core inflation moving sideways, price increases, not prices coming down. >> it is important to remember where we are coming from to understand where we are going. if we were talking a year and 1/2 ago inflation would be higher. because of the action the president has taken and the fed is taking our expectation is over the course of the year, it will continue to come down, with costs to the american people, job number one for the president. edward: inflation spiked and is coming down but still rising under this president. the treasury secretary making news, a bookend for the show now, what do you think of his

answer about inflation? >> everything is fantastic. i understand his job is to defend the administration, with all due respect, but i sat here listening, i couldn't even understand him saying they want modest tax hikes when they want to raise taxes to 44.6% on long-term capital gains from 20 which is insane and doubly insane, 25% on unrealized capital gains to pay for massive spending and debt and deficits which causes inflation. too much money chasing too few goods. everything wrong, long-term. they will crush the economy because were running 2 to 3 trillion a year in deficits and inflation, you see what's going on, it is sticky and the more

we spend the worse it is going to get. lauren: after the one-2 got punch of the gdp report and inflation report? >> we are in earnings season and when you have two category killers like microsoft and google come out with their numbers and mention artificial intelligence so you have nvidia and that group or ripping to the upside, it is more than i could expect but we've been down over the last few weeks in technology and the markets. i wouldn't take a day out of it and the one thing this administration has done is us. 50 million of us going to work, doing better for ourselves and our families. i wish they would respect that and that is not happening. i don't like it going lower.

edward: how do you navigate this with investing and make money? >> i look for the greatest growth companies, around the corner wanting to buy their goods versus tesla over the last couple years but demand has dropped. investing in greatness it usually pays off over time. i think markets are okay right now, nothing special but hopefully great things to come. edward: any rate cut here at all? >> yes but probably not for 2 or 3 months. edward: thank you. that does it for us on cavuto coast-to-coast. taylor riggs and "the big money show" taking you through the next hour. 221 points. taylor: the last few days of the selloff. hello, every one