. >> maria: good tuesday morning thanks very much for joining us hope you are having a good morning. i am maria bartiromo. it is tuesday, june 11, 8:00 a.m. on the east coast time for hot topic of the hour border goes in have a jucumba not stopping migrants from the country came from turkey,

india yemen, mexico some told fox old fox reporter when he asked them how they feel about president biden. >> did you pay anyone to help you getler. >> no, i just -- searched internet then follow local guy, got away to come here. >> what do you think of president biden. president biden i love why. >> why do you love him? >> biden helps us. maria: a now president brorltd may grant another one million illegal immigrants amnesty joe your reaction to this second piece of executive order that we know giving almost a million illegal migrants amnesty. >> i don't know how many different ways this administration has to show the american people, that they do not value them going to

continue to put needs of america last before people take them seriously whether you agree or not people from daca waiting, to extend protections for caka individuals in exchange for building the wall kamala harris current vice president with democrats said no, now trying to grant a separate the at aboutch 6 people illegally any way you slice it they don't carry about securing the border in fact their long term strategic objective to get as many people into this country as humanly possible, and the consequences of that you saw 9/11 could be dire. maria: reading morning note cowen an company day analyst

creates fer accruingr spot-on writes executive order expected could be largest federal release program since daca from 750,000 to 800,000 individuals eligible under new coverage, largely among latinos. mike. >> maria, he is wrong that number will be much greater. the amnesty that a regular passed toward end of his administration had been linking in courts. every single person that came over the border, to stay here in perpetuity, to work for pennies on dollar vote democratic, this is replacement not it is happening in front of our eyes correct me if i'm wrong republicans could stop this shutting down the government but they have chosen not to okay. hispanics support deporting every single illegal immigrant in this country by two to one

margin. this is universal that americans do not like this it is a subreject shun of the democrat party the democrats in charge by large part republican establishment working on behalf of donors to create cheap labor you have flown sovereignty of our nation to the wayside, this is disgusting, inhumane what is happening to these people by leaving this border open, all right. i understand people want a better life, but at a certain point what about the poor people here in america what about the people struggling here? where are poverty from third world take precedence over poverty in america? >> all right questions. you know look we are taking a look at this, now, the white house taking a look at this now because near election again all politics all the time, i spoke with greg abbott

on sunday what we raised on sunday the fact all carve-outs in this executive order like unaccompanied children we know what drug carbohydrate emission do with unaccompanied children will exploit them make-believe family units when not poor kids raped attacked the governor with me sunday. >> the unaccompanied children is just one of very many exceptions to the new rule that biden established, the exceptions are exceededed the rule and that allows again, more people cross illegally the biden administration going to process allow to stay into the united states, allowing them to stay here a tool not cartels responsible for everybody who crosses illegally to exploit children very extraordinarily harmful

you to children oftentimes used as told a cross of border with some adults descent back into mexico, and accompany other adults. >> government has seen this over and over again mike the drug cartels basically take kids stick them with a couple people they want across the border make-believe they are a family a. >> maria, disgusting -- >> horrible. >> going on a very long time, this administration, is doing everything they can to. maria: second he can order prains to immigrants apparelled to u.s. chin from positive role in place undocumented spouses shielded from deportation allow thiswork legally nuflts s await citizenship according to what white house is telling he everybody in second order. >> you look at what is happening here, these china

abused tom speaks about it all the time what he witnessed the under trump administration children as young as four, five months being assaulted you can't describe 8:00 in the morning on television just before they are given to that next person to then bring that child across the border you know unspeakable cost people are spying for entry to this country it is being celebrating by this president being -- by this president at some point we have to tell the uncomfortable truth for american people see what a disgusting practice, has been hatched on joseph biden's watch. >> drug cartels making billions on this for sure from drug sex trafficking a big hour coming up president biden playing to both sides of the crisis as he teases there will be ways to make immigration system more fair just whomming senator john barrasso next to

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occur the border ready to deal with high prices unleash american energy people are tired of living in this world of democrat caused high prices, democrat caused open border we need to get the country back on track. we are going to visit with president trump about making sure that he gets elected, and the republicans in senate in the majority to help him accomplish the agenda. maria: well, look. you know, that at this point, the democrats will stoop at nothing to stop donald trump from returning to the white house you said you believe he will get elected the conviction strkz on trump, all trump officials you don't think having any affect? >> realistically manner people think what is going on in lives number one number two issue affect oing people across the country the open borders right now every state has become a border state with crime, drugs all implications

of that, and in every state, people are suffering under incredibly high prices biden and democrats he is president party of high prisons open borders, people are furious, last i night i had a telephone town hall meeting in with wyoming thousands furious i was around the state meeting with cool miners ranches furious with what has happened time for change american people want that that is what we're going to be visiting with president trump about thursday. maria: you are right. i gave the to tell you viewers are upset with you and colleagues unable to secure the border why not. >> we have a lawless president, there is no new law that passed from the time that -- that president trump left office till the time joe biden came in except joe biden came

out with 94 executive orders a cumulative problem 10 million illegal immigrants tried to impeach house did impeach secretary homeland security for absolutely abusing laws of this nation the democrats blocked it they will do with power they have as majority in the senate and in white house with joe biden, do everything they can, to keep this basically flood of illegal immigrants invasion illegal immigrants coming into the country. american people see it perfect they are disgusted with it lives being impacted drugs can i go people children in our community. this has to top only place it can stop at ballot box no law being passed in congress is going to make joe biden democrats change bad behavior. maria: you are right people are truly disgusted i want your take on this a number of top senate republicans reportedly signaling support for term limits for next leader who ever that leader is

will take over for mitch mcconnell when he steps down minority leader in november will you support term limits. >> as chairman of the conference i will be overseeing drugs on that i expect we're having a full discussion of that this wouldn't occur until in november after election of the president after to find out if in majority or not i am running for whip position to be number two help president trump get his agenda across the line judges confirmed his cabinet in play of i expect a full discussion about that the democrats don't have term limits we have to decide if we want to do that for our leader we do have them for other levels of leadership committee chairmanship, six years. >> why don't democrats have term limits? shouldn't everybody have term limits. >> they make our rule i am not going to tell them how to run their caucus i am going to tell them they are doing it wrong in terms of what we are dealing with with a country with high inflation, as a result of their spending, the

high prices as a result of what the democrats have done in terms of regulations have been pushing all across the country, killing american energy production, all those things made it worse for our country we need to make it better the way we can do that win elections in november. maria: yeah, i am getting to that in a moment i want to ask you about memo talking about this morning quick how do you want to see in the mitch seat. >> three people running i work closely with all three as whip going to work with whoever winners that election. >> folks business has obtained a white house memo claiming that "maganomics" would spark inflation it reads as economists warn "maganomics" would mean inflation spiral, playing fors say they previous

biden has handled student loan forgiveness, 40% adults disprove not just all thank you know, excess spending leading to sky-high inflation it is also, something he thinks is one of his best policies that is for giving student loan debt people not approving. >> people well people don't approve of this president on so many levels they view president trump as much more able to deal with the problems affecting them directly so o i have seen this memo, white house doesn't point out they said given second biden term would be highest tax raises in the history get rid of all tax cuts jobs act being we brought into place as republicans gave us the best economy in my lifetime talked about three

trillion-dollar tax increase, if democracy democrats joe biden win that is why this election is critical the american people see the democrats here trying to throw, a hail mary pass, not to actually solve the problems they caused but help them to win the election that is what this is about. maria: we are a couple -- >> yep, please, continue. >> just say the cumulative inflation numbers going to be out again tomorrow you started the show talking about that. people are paying 20% more right now than they were, when joe biden came into office people can't afford that, it is a thousand dollars more can't even month to stay where they were people can't afford that instead cutting back there was a story yesterday i think on your. >>, talked about fast foods, used to think fast foods grag eat and go a people view that as a luxury, because they just can't afford the things they've done in the past under joe biden, high prices, and this inflation is just cutting into everyone's paycheck into

lives. maria: trying to blame, president trump. you saw the report they are talking about "maganomics" causing inflation, what is the plan should trump return to the white house to reiflorida inflation. >> you need unleisure american energy cut punishing government regulations add to cost about everything those are things president trump did before as well as continue the trump tax cuts that worked so hel helped people all across the country i heard about with coal miners ranchers in way only this weekend they want that to continue not looking at tax increases anything welcoming if joe biden is reelected as president. >> you think biden will be nominee stories about raising idea democrats want an out a different candidate journal writing behind closed doors biden shows signs of slipping another opinion from journal

by ken, who is next in line after president kamala harris? thoughts. >> i think you started the show should morning about one of the groups saying look democrats know they need to replace joe biden but with who? and kamala harris doesn't do better in polls, we need to get donald trump reelected to be put him in white house president of the united states, we know joe biden isn't up to the job today, let alone four years from now, it is time for a change, and there is no the democrat going to be better than donald trump, in terms of my thoughts in terms of what is better for the country to get us back on track. >>. maria: senator we will be watching your work thanks very much for being here this morning senator john in d.c. we'll be right back. .

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock.

so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. ten year treasury yield down 3 1/2 baifs 4o basis points kicks off day two one day wild is expected is to hold rates steady futures pricing in 49%

chance in september interiorly 63% chance rate cut in november nick timiraosing right debates around the interest rate path may skewer greater cohesion over the wait and see stance. nick joins me chief economic correspondent for "the wall street journal" author of trillion-dollar triage thank you so much for being here this morning. >> thanks for having me. maria: so when you talk about cohesion among fed officials your article is headlines investors toindzer looks hoax for fed projects. >> you saying basically everybody on the board at this point saying let's wait see where this goes no move for the foreseeable future. >> that is right i wish convoy tell you this is going to be a really exciting meeting would be able to light hair on fire afterwards but right now if you look at doves, more

concerns about causing unnecessary down turn to don't have a lot of ammunition here to lay the groundwork for an interest rate certainly not meeting starting today or probably not the end of july the earliest absent a magnificent surprise in economy would be september too much time between now and then to be confident about what is going to transpire if you look at hawks generally more concerned about inflation risks, they're not really pushing for an interest rate increase here, what they really want to see is just, suspending any talk of cutting interest rates you have unanimity around the wait-and-see stance i think when they're going to debate at this meeting what they would need to see where thresholds to move tarl right now focused on cuts, the

question what would you need on inflation data or labor market weakness to actually move away from this wait-and-see stance. maria: brings plea to the big week of inflation data that is on deck, how important, is tomorrow's consumer price index, it is wednesday big day this week right that is the story of the week, we are expecting cpi up 1/10 month-over-month, 3.4% year-over-year number we get ppi out thursday of course the number cpi on wednesday very day day two of fed meeting expecting to sear jay powell talk inflation after meeting how important is tomorrow's number for this meeting? >> it is -- it is more important than usual, in part just because nothing is going to happen tomorrow they're not making a policy change. i don't expect policy statement to change very much, so the intense focus, on this meeting is on interest rate o

projections namely will officials put down expectation of no cuts this year one cut this year or two cuts this year? a big debate on wall street over where midpoint of the 19 officials' projections one cut or two if two you could say maybe greater chance of cut in september if it is one, maybe going to wait until the end of the year. and i do think the cpi tomorrow could influence where projections are projections they get submitted a few days before the meeting. but policymakers can change them up until tomorrow morning, so at 8:30, tomorrow morning they will get cpi number tend to resume the policy deliberations at 9:00 a.m. on wednesday morning. so if it as i low number, i do think more people could move their dot, o projection to show two cuts. if surprisingly poor number

we've had disappointing numbers this year could keep people one cut or may be zero cuts this year, so it is unusual you get something on day of the meeting decision that could influence ma everybody is watching macro doubleheader tomorrow. maria: for sure the problem what gets me all the components are elevated you look at had no still have problem with food look at -- oil, okay, maybe gasoline has come off maybe a drop in gasoline will help numbers tomorrow but then rent, even though rental has come down not coming down fast enough. what are the components that you focus on mostly nick within cpi. food and merge tend more volatile to look at underlying inflation i look at core goods, so goods excluding food and energy, those are down over the last year basically

zero percent where we were before pandemic if that were to pick back up you need even more progress, on the other two components which are housing services excluding housing housing has been high coming down expected to keep coming down new the apartment rents have been down a while, so goods, so far so good housing getting better leaves services excluding housing has not made as much progress these are all heading down i think the problem for the fed inflation is closer to 3% than 2% down a lot over the last year or two but when you get closer to 2% you want clear and convincing progress you don't want to kind of squint read it die agony to see if up to 2% it needs to be obvious

getting back to 2%. with an economy doing well, right, the job market is doing well, if unemployment rate ticked up a little bit, we added a lot of jobs in may so i think you are going to have a number of people on committee saying what is the problem we're trying to solve here by cutting interest rates right now with an economy doing well inflation that isn't obviously, heading back to 2%. maria: all right. we will be watching all that great analysis as usual nick good to see you this morning. thank you, sir. >> nick timiraos "the wall street journal" in washington we'll be right back. . ♪ i have type 2 diabetes, but i manage it well ♪ ♪ jardiance! ♪

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maria: welcome back house republicans releasing never before seen footage from january 6. appearing to show nancy pelosi making a stunning mission on

camera cheryl casone. cheryl: that is right, maria. , so politico new released video shot by former house speaker nancy pelosi's daughter alexandria pelosi had an exchange with chief of staff how the evacuation was conducted, watch. >> -- why weren't usual national guard there to begin with you possibly. not a question of they don't know. they clearly did not know, i take responsibility for not having this secure. cheryl: chairman subcommittee looking into this congressman excellenting on new video pelosi select committee spent taxpayers' money chasing false political naifrz using hollywood producers for this, directly contradicts their narrative they called it

cherry picked maintain not responsible for security blaming republicans for trying to quote whitewash the del insrex. >> the former president of the united states toadies do not want to face faction trying to deal with wisconsin -- on january 6. cheryl: former president donald trump, raking in a pile of cash from fund-raising snap across blue states last week expected to haul in roughly 27.5 million dollars, from three cal for yeah events another 6 raised from owed groups. >> requesting to present case both political parties the parents of republican and democratic national convention european president announced group would like to hear both

parties out before making an official enforcement for president 1.3 million member union not representative of of conventions, in 20 years, shane fain is under investigation under allegations retaliated against union leaders the investigation about innocent federal monitor tore let him take over, because that leader refused to engage in financial misconduct the doj prying, young position making it difficult if not impossible for the monitor to fulfill mandate to remove fraud corruption illegality from within uaw sounds like obstruction, those are your headlines back over to you. maria: wow.

yes. thank you so much, cheryl alternative to new york stock exchange nasdaq in the works in the state of texas, texas stock exchange group has 1220 million dollars in fund frog blackrock citadel securities two dozen other investors, to register with securities and exchange later this year would be based in dallas launching by 2026 joining me president ceo of texas capital, back with me rob great to see you. thank you so much for being hereure a builder building this for a bit expand it created a lit minijpmorgan here your take what a texas stock exchange could do you do believe could rival new york stock exchange. >> i think a wonderful affirmation probusiness climate in state of texas

public and private side, you know, in 8th largest economy until the world gdp growing faster again in first quarter i expect again second quarter great job growth more jobs created here than any other state last year more jobs created the other state we added jobs 46 last 48 months in state of texas, a very diverse economy if going to try would certainly try it here a wonderful -- >> what challenges do you expect from a new exchange, and what it could face during the process? in the nice of these be behemoth? >> if going to do it right place to do it wonderful core anchor investors i haven't studied the business plan, but i wouldn't count them out i

think that they don't have to be the best and greatest day one will be a journey i suspect they know the trial i wouldn't bet them out a federal -- >> talk i'm sorry i don't mean to interrupt, alone could with a. would put a lot of trade to the platform, and equivalent them a great start, is to there's -- there's -- i like their process, and i am excited to see what they do i am rooting for them we trade on nasdaq we have etfs new york stock exchange they do wonderful jobs for us our company there is a place for another competitor in the state. >> is that because of the fees or rules around going public? and raising capital on the new york and nasdaq? that is what this is about? that we've seen new fees and

fee structure has locking some companies out. >> i think certainly, the specter of transaction in state of texas a lot lower than state of new york. >> sure i want your take on your business and where the growth comes from next, texas capital bank, to become one of the three biggest union bond underwriters in texas you formed a municipal team tell us about that where growth comes from next at texas capital. >> well, you know look i think that as i logical extension of what we do we already served, communities in schools, all will across the taste texas cover them true government national profit vertical have relationships here, the public finance market one more way to serve communities, there is no the reason new york firm or canadian firm should lead the state of texas in public finance, so, there is it is a 60-billion-dollar market one

of the fastest growing markets in the state i was with the governor just -- sorry mayor other day one of the fastest growing cities in the state he was talking about you know several years ago ago a 200-million-dollar debt you offering today two billion the growth of the state has come with growth of infrastructure with water sewer, and schools we look to be part of that excited about it served the communities in which we live and work. maria: very exciting whether you take a look at infrastructure opportunities you can help finance, rob where does the growth overall come from at company call it five years out. >> well, i think just a maturation of platform the platform is broad finished now going to start public research on equities, coming very soon we have all components of the platform, we led the largest debt deal in the country last

year, we were top 10 of bank debt may think a market for middle market companies last year m&a highly profitable good pipeline we have the costs we have the talent, we have the office the back office the process controls risk controls so now just a maturation of the platform, doing it over and over gaining share, in the market has responded wonderfully to this, global bank capabilities excited about it clients are too. maria: absolutely we look forward to that, i love the research idea, i love respectful good to see you this morning we will be watching thanks so much. >> thanks, maria. maria: all right. rob holmes joining us, ceo of texas capital quick break openai in hot seat actress scarlett johansson invited to telephone on capitol hill

claiming openai copied her elon musk's reaction, you are watching "mornings with maria" stay with us. . ♪ , ♪ hey, ♪ . . ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ [kettle hisses] ♪ oh my god. [phone rings]

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

. maria: welcome back, concerns rising over ai, scarlett johansson claiming openai copied her voice nancy mace individualist johannson to testify before committee next month hoping to address the issue surrounding uses and bufs of technology openai ceo denied it was a mimic of scarlett johansson she did decline an offer from altman to become the sky voice. your reaction. >> look i think this is part of the reason why you see, elon musk being so concerned about the integration of technology with pay don't know if we can trust technology i don't know if we can trust the people that are proliferating technology so, yes, you will see things like this with scarlett johansson i

am more concerned what happens if when you start voices of people running for political office in presidential year something congress needs to deal with with urgency now because still loopholes there all becomes a real problem as you fry to figure out a what is real, and what is not real, where the lines have become quite -- >> i totally agree on political voices we thought now we don't know what is news what is not news what is real what is fake, wait until ai is more implemented into the economy you just mentioned elon musk yeah warning of another security violations after apple announced partnership with openai musk wrote on x, patently absurd apple not splatter enough to make their ai somehow sure openai will protect security and privacy exchief taking matters into his hands threatening he will ban all apple devices from all

companies, should they have this agreement with openai. how do you see it. >> we have opened ourselves up to an all you know all new world of complexities here if you think of it about openai on everyone's iphone listening to you, reading emails text messages looking at all activity on every app that in itself could form a pretty good artificial intelligence version of you so we do probably need some legislation, from the government, or real insurances from apple in what they are doing with collection and price of. now you are crossing lines to where of what is real what is fake it will be almost impossible to tell, and we are all guilty -- of giving up, you know privacy or convenience. this could get very, very ugly

very, very quickly, i don't normally look to government for help but without some real guardrails to protect us because you know, i don't think you can rely on silicon valley out for best. >> i think calling scarlett johansson to testify. >> apple from 2015 wouldn't give information to get to san bernardino case we find out all stuff in the cloud encryption key saved in cloud with our information put that together with artificial intelligence, you have a world of trouble we already have issues with fbi backdoors of companies twitter facebook put fbi together with artificial

intelligence, full access to all most sensitive information that is a dumpster fire of disaster being there is the on unsuspecting american consumer. >> for sure we will take a short break then come right back stay with us you are watching "mornings with maria" live on fox business. .

maria: welcome back. we are 30 minutes away from the opening bell for a tuesday. want to tell you that pimco is warning of more u.s. regional bank failure on property pain. pimco is saying that there's too much of a concentration of troubled commercial real estate loans on the books of regional a banks, is and we will see more failures. dow industrials down 158, the the nasdaq down 58, and the s&p lower by 16 with 30 minutes before the opening bell for the beginning of the fed meaning. -- meeting. final thoughts here, joe. >> i mean, look, there's a ton of commercial real estate exposure not just here in the united states, but we've seen it if in europe with defaults beginning to start. if there is a cascade there, certainly that's going to the impact the markets and those banks that have that exposure. we already know where that's going to lead. maria: mike, what do you know? >> i think it's a problem that people have known about a, and

it depends on how kickly it place out. but it is -- quickly it plays out. small regional a banks are going to be in trouble which is probably good for the jpmorgans and the bank bank of americas that are going to be able to snap up those banks on the cheap. you have great with earnings and an expanding economy, albeit not the way it's been sold. i think the jobs market, the way those numbers come out are overinflated, but it's still pretty good. i think we're in a perfect scenario for stocks, and they'll continue to make new highs. maria: all right. we've got the core cpi coming out tomorrow morning, that's going to be certainly number that markets watch and, of course, the ppi on thursday. and we'll hear from the federal reeverybody tomorrow after the 22 -- reserve tomorrow after the 2-day meeting that begins this morning. mike and joe, thanks so much for being here. >> thank you. maria: "varney & company" picks it up now. stu, take the it away. stuart: good morning, everyone. apple rolls out its a.i. push,