the with the economy. we keep borrowing more at higher rates and pay it back. look at what we learned about auto loans, average interest rate is 6.73% up from 6.6%, average interest rate on a used car is 12% up to 11. 4%. %. monthly payments for new cars, $730 for a used car. here's the shocker. 16% of all new vehicle loan payments are $1000 a month. speaking of wimpy, the big mac indicator getting an all time high, got to point out, high tax rates, absolutely devastating. it is unclear if they will pay back, wednesday could be tomorrow. i say that as i handed to liz claman. liz: i have a question for you.

if one day is a fluke and two are a pattern are three approval of losses on the dow and trend the? we have a 295 point loss coming on the heels of tuesday's 216 point drop and yesterday's fall. we are more than 1800 points below dow 30,000 were closed for the first time ever back on may 17th. the problem child for the blue chips is salesforce, software and services giant that recently been pounding the table on its ai offerings is clobbered down 21% after its lowest ever quarterly revenue forecast. morgan stanley analysts adding bookings of salesforce testing investor patience, generative ai innovations are back to meaningful results. you've got worries that rivals

are saturating the ai space. even nvidia could not hold on to earlier gains. shortly after the open, at the moment it is down 1.5%. it hit a new record, every session since the blowout earnings report last night, nvidia closed at a record. things could turn around. we have one of the most important pieces of data, the second reading on first-quarter gdp which paid down three notches from the first rating of 1.63%. as economic growth shows some slowing, brian moynihan making headlines when he noted that because inflation is taking its time, inflation will take until

next year to get under control but you don't have to wait until next year. tomorrow be getting a new window on whether that is true when we get the release at 8:30 eastern of core pce for april, the federal reserve's favor inflation gauge. food and energy which is considered volatile is not expected to to have budgeted from 3.7% month over month. will either of those numbers get the federal reserve interest rate committee off of the team pause and so blind to the rate cutting feel. joining us in a fox business exclusive, the president of the federal reserve bank of atlanta. thank you for joining us. appreciate you coming on the day before such important data.

we are 18 hours from the release of personal consumption expenditure which is the inflation gauge. what numbers are you looking for month over month and year-over-year? >> i try to take the data as it comes in at the most important thing, inflation is moving closer to 2%. the first quarter the numbers came in and raised questions and the last numbers came more positive than i expected and many had expected but i'm hoping the trend continues and get more confidence we are moving to the 2% number. liz: does the year over year rate of inflation have to get down to 2% before supporting the cut in interest rates, what level between 2% and where we are now would you accept as a

green light to ease rates? >> that is more complicated question than you might think. i'm not going to wait until 2% to cut from restrictive stance. that would cause inflation to overshoot the target and that would not be ideal but to know when to cut, a deeper look at the numbers. inflation has come down a long way from last year but if you look beyond that the breath of inflation, the number of goods in that inflation basket, still a lot of pricing pressure. i would like to see a reduction, fewer and fewer showing inflation rates 3% and 5% and if that shows up in the data that would be a positive sign, the more we get back to pre-pandemic level of the

breadth of inflation the more comfortable i am going to be advocating a reduction in rates. liz: the fact we won't wait until 2% is encouraging to the camp that wants to see rates. you have said that you think one rate cuts would be appropriate in the fourth quarter. you have been correct so far but before the july 31st fed decision, we have a bunch of data coming in which monthly pce numbers, two of the producer, ppi and cpi consumer price index. is there a scenario where you could see the fed easing in july? >> there are lots of scenarios out there. depending on what happens, all actions are on the table. we will see inflation come down

very slowly over the course of this year, continue that path to the 2% target. i don't think we will be at 2% by the end of this calendar year. it will be more into 2025 or later than that. i'm keeping our eyes on the trajectory and if we see that move forward, we are in a good place. i don't think there's going to be in july but i am data driven. if data takes me where the economy is sufficiently strong or far, the cut is wanted i would be open to that but that is not my outlook. neil: it was a year ago july that the fed made its last move and that was the final hike in this cycle. pce year over year was 4. 2%. year-over-year was 4.2%. cpi was 4.7%, now they are

2.6%, if 5.4% was the right rate for then, why is it still there, 5. 4% when inflation is 1 to 2 points lo were? >> i'm glad you went through the whole history. before the pandemic, our rate, inflation was 1.7%. our target was 2%. people have a lot of consternation off of the target. we are much further than that. that context, seeing the synergy and evenness on both sides of the economy, that is what is important. 1.8% away, a lot more than 0.2%. we need to stay in a restrictive stance.

that is important. liz: we don't follow every word, voting members, you are known to go deeper into headline and core inflation numbers. where do you see the stickiest points of inflation when you dig beneath the surface? >> one is housing. housing prices and the costs of rent have come down slower than anyone anticipated, something to watch. my team and analysts tell me the rent will come down in these indices but the relationships have been different than we have seen historically and something we are trying to unpack. another thing i would say, while we are starting to see the pricing power of airlines,

hotels, cruise lines, and other types of activities, start to weaken, prices are higher than they were before. we are seeing concessions, there is still a fair amount of energy. that another area. more broadly we know with service inflation comes at a slower rate than other parts of the economy. that's where i look to see part of the movement. jackie: charles payne is where cruise lines are cutting and discounting, you need to see more of that, i would imagine. we should ask about the possibility, albeit far out there of a rate hike or another tightening. is the window for a rate hike open even just a crack? >> everything is on the table. for more than a year i have been saying i don't think that will be required, to get to the

2% target. i believe that today. if inflation moved in the other direction and see some acceleration of pricing power, i would have to take on board a rate increase would be appropriate but i don't see that happening today. we just have to remain vigilant to understand how the economy is evolved. liz: the labor picture, the 6-month average of nonfarm payroll job creation at about 242,333. we've got it to the actual number according to the labor market. payroll show the smallest increase in six bun s. you and the fed are trying to thread a needle, holding a tight labor market without starting degradation in gross domestic product. we got gdp today, one. 3%. 3%. is that worrisome to you at

all? >> "my take" on the economy, it is continuing to grow but it is growing at a slower pace and the reason we have had an inflation challenge is because the demand is much higher than supply and that's putting upward pressure on prices. the types of slowdowns we are seeing are consistent with those measures coming back into balance which should then in turn bring inflation back to our target. i think there's positive news, seeing something of orderly slowdown of the economy and the momentum that exists is absorbing our restrictiveness and allowing things to settle in a very straightforward way. there will be time to get to our target but i am hopeful and expecting that we should be able to do this without seeing a large amount of disruption in the labor markets.

liz: jay powell has been firm when you think about the possibility of a september rate cut, that would be a month and change before the november election. fourth-quarter you would see the rate cut. does the issue or specter of a presidential election play into that, where some people would interpret that that is helping one candidate over another? >> i've seen the chair talk about this. our job is to do the right thing at the right time. if we are late on that, there's extra pain that occurs. might not see the amount of growth we would otherwise have. i try to keep the horizon end of september is the right time it will be september. if it is december that is the right time it will be december

him if it is february it is the right time. the data and information that we have to tell me what the right times to move our policy. liz: finally, you've brought inflation down from its 40 year high. that is at least certainly an inspirational point for people who watch of these numbers and certainly consumers. there is only so much the fed can do. monetary versus fiscal policy. the government is in deficit spending mode, full stop. is there nothing else the fed can do relying on congress and the president to stop spending. >> there is nothing we can do. we have recent policy tools to make sure the economy gets to the targets we think are important.

i took fiscal policy as a given and based on that what the appropriate path forward. we have heard in testimony the chair say this level of deficit spending is not sustainable over the long term. it's not up to us to decide what appropriate steps are moving forward. we will do our policies to adapt to that given what the policymakers decide. liz: thank you so much for talking to our viewers and making news, down to 2% inflation. before you would consider a cut. thank you very much. >> the word i was trying to get was symmetry. i will member that next time.

liz: the jury in the coronal trial of donald trump is zeroing in on testimony by a former national enquirer publisher david packer and michael cohen. we have trump attorney will sharpen legal analyst paul morrow next to get inside the minds of the jury antiflag the danger zones for both the prosecution and the defense. the dow continues to stumble for the third session in a row, verizon is bucking the trend, although at the top of the heap after winning a 10 year contract with the u.s. navy worth $2.67 billion. verizon gaining 2. 7%. "the claman countdown" is coming right back, don't go away.

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liz: the press has been allowed into the main courtroom as the jury continues deliberating the fate of donald trump. the coming trial jury remains behind closed doors after requesting some testimony be reread to them in court this morning. judge cpac 11 repeated jury instructions, trump pleaded not guilty to 34 counts of falsifying business records in relation to paying hush money to stormy daniels for an alleged sexual encounter. joining the years legal analyst paul morrow who led the police department's legal bureau and trump attorney will sharper assisted the former president. welcome to you both. we are going to start with you. the jury is at the center of

attention. they've been very they been very engaged, listening and taking -- looking at the composite of the jury. healthcare workers, teacher, other business professionals, in a complicated case. is that helpful to have a well educated jury pool? >> it is a higher educated jury pool. that is abnormal. with respect to this case, it's favorable, but prosecution is spinning a theory that doesn't make much factual or legal sense. i hope the jurors will see through it and come to a just verdict which we believe would be acquittal. liz: the jury asked to rehear testimony from david packer about purchasing the stormy daniels story and the catch and kill effort, where prosecutors

claim donald trump falsified business records for covering alleged violations of election conspiracy law. give me a sense where you see cracks for either side? >> let's take the defense side. the case is complicated. let's smarten it up a little bit so it's more comprehensible. the entire scheme of this goes as follows. donald trump caused 34 fraudulent with the intent to unlawfully influence an election. that sentence captures 2. 9% of this. if you don't have every piece, it falls apart. after the first 34 fraudulent entries. if you don't have intent, fraudulent intent for those 34 entries you don't need to go further, the whole thing is over and we can all go home.

right there is why the jury is acting to review the packer testimony. that intent was introduced in court by michael cohen. there were all kinds of integrity issues there. the only way to rehabilitate michael cohen is to look for something corroborative in evidence. my belief is the first crack is right there and they are trying to corroborate michael cohen's testimony that donald trump had that fraudulent intent. liz: all of that is 99% of the case. there are people who disagree on that, talking about former prosecutor trey gowdy who is an anchor on fox news saying the tax crime issue seems like the vulnerability for donald trump, the falsification of business records meaning listing the

payment to fix her michael cohen as reimbursement for legal expenses when in truth it was to pay him back for covering up the stormy daniels story allegedly. the falsification comes down not just to violation of election law but the outcrop own issue, tax evasion, tax crimes. >> under that theory they would have to show these business records in donald trump's personal ledger were false and made with fraudulent intent. one of the things in david packer's testimony that was read to the jury is the fact that donald trump told david packer that he doesn't pay for stories, he doesn't do that. that is exonerated of. that indicates michael cohen did this on his own not at the direction of donald trump. if that is true, the jury has to vote to acquit.

liz: we have video, donald trump junior tiktok from the trump side's waiting room and in essence shooting the breeze here, talking good, looking pretty relaxed. i will ask where do you see cracks in the defense's case. you talk about the defense, prosecution, what about defense. quickly. >> the main problem for the defense is the stuff the judge let in that he shouldn't have, all the stuff about michael cohen having been convicted of a campaign finance charge and stating in the directions to the jury that michael cohen needs to be considered donald trump's accomplice is 2+2 = 5, the defense would like to not have. 99% of the case, not just that issue of intent, the sentence i described, the reason i bring that up is any point of

failure, this thing goes away and there are a number of things that are very complex. liz: we are following all of it. we are coming back with news on disney, stay tuned.

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liz: a few seconds ago the s&p and the nasdaq hit session lows, bond yields moving higher as part of the situation we see equity selloff, less than a day

before they die just key inflation data as we spoke to rafael stock about the consumption index. we are waiting on that. now is a big moment for nelson peltz and disney, the activist investor no longer playing in the mouse house and the biggest sign the activist has ended his war with disney, he has sold all his disney stock at $120 a share according to reports, that yielded the return of one billion dollars, this weeks after his partners lost a proxy battle with disney and seeking to elect himself and disney finance chief, disney shares up 3.4%. and we stand at $101.67. leading investors in the cold with stock tanking 23%.

a surprise loss per share, the percentage decline, to cut annual sales and profit forecasts on weaker consumer demand. the higher end ones like macy's down 2.4%. and and footlockers stomping higher by 15. 7% tracking from its largest percentage increase since 2017. locker beat forth quarter profits, the leisa plan include efforts to include its digital business, store experience, loyalty and brand building is showing promising signs now. company reaffirmed its annual guidance expecting same-store sales to grow between one.

3% to overall sales to range from one% decline and 1% gain. stock is at $26 and four pennies. shares of hp at the tip top of the s&p 500 after second-quarter revenue came in higher than analyst estimates, beat signals recovery in the personal computer market as customers upgrade their systems. hp sales of pcs rose 3% from a year ago, big move here for hewlett-packard. buy now pay later stocks, and slammed on the day as the federal consumer watchdog says they need to stop acting like credit card companies to protecting customers. the man behind that move. mr. chopra will join us next, a recent supreme court victory, we are talking about that coming up in a fox business exclusive. buy now pay later stock paypal near the top of the nasdaq

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visit coventrydirect.com. liz: buy now pay later stocks are moving higher but more importantly, for american consumers a quarter of americans don't think so. a new report finds 25% of consumers have used buy now pay later services in the last year. it's the second most often used form of credit payment behind traditional credit cards, so common that when in three are using buy now pay later to pay for necessities part of why last week the consumer financial protection bureau unveiled new rules to better protect consumers. in 60 days, the onus will be on buy now pay later companies to shoulder responsibility for

refunding return products, investigating merchant dispute and disclosing fees within its billing system like credit card companies already have to do. let's bring in the consumer financial protection bureau director chopra. thank you for being here. we sketched out the broad strokes. give us more granularity on how your proposed regulations would protect consumers. >> we saw during the pandemic of that by now pay later moved 10fold during that period and it is a part of every day e-commerce. we see it online and in stores, people are even using it for necessities. we want to make sure when consumers are using this product they are also protected from scams and abuse. that is why we have put into place real clarity about how buy now pay later should follow

the law. that means when there's a dispute, the consumer can raise their hand and ask that it be investigated or when they return a product, the refund can be processed, so much of this is common sense. this is good for consumers but also good for buy now pay later companies because it is a way they can build more trust in their product. liz: you announced it recently, there are 60 days before they adhere to this. is that fair? does that give them enough time? i am not saying everything. we had the collection on last week on the day the new regulations were announced. the ceo and founder of our firm said no big deal, they are already doing it but for others who need to get up to speed is 60 days enough? >> our view is these are not new obligations. there are laws on the books

when it comes to truth in lending, when it comes to credit cards, other borrowings. buy now pay later doesn't have some sort of fancy exemption for that. we made it very clear how those laws create obligations for lenders of all types. like you mentioned, some of this is things companies are already doing but we do not want to see some other types of firms pretend these rules don't apply to them. otherwise consumers will not be able to trust that form of payment when it comes to paying for products and services. liz: you don't want to squash a new sector.

in many cases, with the nerd wallet survey 25% are using it to buy necessities. on the one and it looks like it's helping consumers. on the other it makes me worry about where consumer stands and whether they can afford to pay upfront for necessities. let's talk about the phantom debt, that some people argue is brewing beneath buy now pay later's books and numbers. you're not making a move when it comes to making sure they reveal all of this. paying in four installments don't put that on their books at the moment. should they? >> the way lenders take a look at whether you can pay something back as they check your credit report, your credit report has a lot of information about loans that you owe but by now pay later lenders have not

been reporting those loans on credit reports. i had auto lenders mortgage lenders and others ask me how are we supposed to know the complete picture of a borrower's that? this is something to work on. not just an issue for or auto lenders or mortgage lenders but other by now pay later companies that may not know what other loans of a potential borrower as. liz: that is max legend's point, paying back in four installments and when you report that kind of thing it hurts our consumer's credit level. he also said this, when it comes to the buy now pay later space to credit cards, listen to what he said and i will have you reacted. >> the competitor said we won't

emerge from this idea that credit cards are outdated, the ball and chain and we can do better. liz: do you agree with him and are you working on modernizing the credit card industry? >> that is exactly what we are saying too. by now pay later has emerged as a substitute for credit cards. we are seeing purchases people would otherwise make with credit cards where they get the goods, what they are using it for and we are trying to make sure they are competing with by offering a good product and good service not exploiting any type of regulatory loopholes so we are trying to make sure that those by now pay later companies are playing fairly and ultimately, they will grow. i will say, by now pay later

customers, many are getting in over their head. credit cards for years and years, it is important that people know before they do. liz: the credit card delinquencies, more than 90 days overdue, 2. 7% highest since 2012. something tells me, we will invite you back when rules kick in and we see reaction from the sector. thank you so much. up next, charlie gasparino has breaking news on paramount and today's $430 billion countdown closer thinks the best offense is good defense stocks. he will tell us what sectors he thinks will be high flyers as we wait for the fed to cut rates. we are coming right back.

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liz: "fox business alert." take a look at paramount shares. they are moving higher by one 1/4% on reports a deal may finally be happening because, charlie, one of the suitors has sweetened the deal? >> i wouldn't say sweetened. i know the journal wrote that. what i'm prepared to report, we're all working kind of with the same sourcing on this in a

way is that this deal is coming to a head right now. now skydance we're talking about, the skydance redbird deal was always being sweetened. it has been sweetened since day one and what they -- it is a very complex deal because you're not just -- skydance isn't just throwing down some money and buying paramount. that is kind of what sony and apollo wanted to do which they can't do for reasons we'll discuss in a minute. they have to sort of figure out a way to basically keep common shareholders in the game. liz: non-voting shareholders. >> noun voting shareholders because they might sue and pay shari redstone. from what i understand, what sources are telling me, one way at that, you might call this a sweetener, but this is what we're hearing, shari redstone take as more direct stake in the new company. maybe a preferred share. she doesn't get the three billion dollars of cash she initially wants. maybe the deal is entirely

valued at three billion when you have the preferred and including cash what she holds in the company, but the bottom line, notion all of sudden there is a sweetener, they have been working on structure now, structure is how do we satisfy everybody? the sweetener if you want to call it that, would be something to pay off the common shear holders shareholders, where it was structured last time we talked about a sweetener a month ago, paying down some debt and some sort of recognition that you with redbird, with skydance, with kkr as well, you, the common shareholders will be all in this together. so that's where we are right now. i think the real news story it looks like, i reported this a week ago, it is almost impossible to get the zone any-apollo deal through given the foreign ownership of a media property which is problematic -- liz: sony being japanese. >> with the biden administration doj and sec, ftc, also probably

the trump administration -- liz: sony is up 3% right now. >> that's why. they're not going to get this deal. i had a lot of arguments with people about this. rich greenfield and i butted heads, he is a friend of mine, we butted heads. i told him sony is not getting it, it is going to skydance. even rich as we reported. >> rich is the analyst. >> he is the axe of this business, rich has said yes it is going to be skydance and it looks that way. just so you know, guys, anything can happen. liz: what other changes if skydance gets it if you foresee? cbs is a big piece of it. >> i think there is a little irrational exuberance in the stock popping here because i don't know -- liz: up 1%. >> i just don't know, like, how much you can benefit emimmediately common shareholders this is not a conventional deal. till was merger by shari telling her stake in national amusements which is the heading company of

paramount and trying to figure out a new structure of the company. what else is happening? big story, david ellison will run the studio, head of skydance, probably the king, jeff shell formerly of nbc universal, left on an issue he had with emails. we don't have to get into all of that, but shell will probably be a ceoish role of the whole thing. he will be managing it. the other thing which i think is key, as of now, aside from shari getting that preferred stake is that jeff zucker, formerly of cnn, nbc, our old boss back in the day, we're hearing right now, what people, sources close to the matter telling fox business network he is likely to get cbs. that would be a huge story and a huge turn-around. liz: he is a very capable network leader. >> he is. we should point out none of this is written in stone. the structure as we're hearing it now, this structure and the sweeteners, i hate using that

term, i don't know how much you could sweet this thing up is all subject to change. it might be less sweet when you look at the fine print. liz: we'll keep watching it and the stock, your headlines, thank you very much, charlie gasparino. here we go. we have a "fox business alert" on boeing. the federal avery is administration says it will not allow the jetmaker at least right now to increase 737 max production while boeing continues to address and mitigate ongoing safety issues. faa chief might whitaker met with outgoing ceo dave calhoun today. the stock barely up, just up one-half of a percent. our "countdown" closer nonetheless likes aerospace sector, joining me with 430 billion in assets under management, baird analyst, ross mayfield. which part of the aerospace division do you like, ross? >> yeah, definitely favor the defense names over the more traditional aerospace.

i think the long structural tailwinds from elevated defense spending, geopolitical tensions, where in the u.s., despite fiscal trouble defense will get through but really broad as well. u.s. defense names just don't sell locally. there is structural tailwind there. i think there is a road for a turnaround there. liz: how do you assess the ongoing wars between russia invading ukraine and israel versus gaza in pumping up these stocks? as a business network, this is what we do have to address here? >> absolutely. it is the reality of the world today. geopolitical tensions are heightened. we had a peace dividend a long time that is slowly kind of turning. you know there is cold war tensions between the u.s. and china. there are conflicts in all corners of the globe. so these defense names get a tailwind from that structurally. we expect that they continue unfortunately or not as you mentioned. it is just kind of the way it

goes. liz: yeah, i get it. i do need to ask you about semiconductors because today appears the winning streak, the record streak for nvidia might not continue. we have it down 3% at the moment, yes indeed, 3.6%. every day since it reported earnings last wednesday after the bell, it struck new record after new record. do you think it looks a little frothy here? >> sure. i think semiconductors in general probably look a little frothy. they are very cyclical sector. extended valuations across tech because of the enthuse a over a.i., but the important thing, equal weight semiconductors are making new highs. making new highs in absolute terms relative to software and the s&p. it is not just a one stock story. these things are gathering momentum. there is momentum in the sector and good place to be.

liz: tomorrow we get the big number, core pce on consumer inflation. rafael bostic head of of the atlanta fed came on at the top, he said we don't need to see inflation coming down to 2% to see a rate cut. what do you think of the numbers? expectation is coming in 2.8%. >> i think that is right, high twos range. they don't need to consider 2% before they get rate cut because i don't think it gets 2% flat anytime soon. you have to get comfortable in the 2 1/2 to 3% range. we see it not not raiding. [closing bell rings] ross, thank you very much. here's the bell. markets close lower ahead of all that important data tomorrow. three days of losses. we're going to see you tomorrow. ♪. david: hello