now we'll have another westport port strikes and we'll dig into the implications on "power lunch" which begins right now. ♪ ♪ and welcome to "power lunch. i'm eamon javers in today for tyler matheson an inflation battle. strategists say stocks won't rally until inflation shows signs of rolling over. it's a key question for the market we'll debate the answer and what it means for your investments. plus, how much would you pay for a new car? according to edmunds, a record share of new car buyers are shelling out a thousand bucks a month. the ceo of group one automotive talks sky-high car prices and whether they're here to stay kelly over to you. >> let's check in on the markets where stocks were negative last hour and now they're back into positive territory and the s&p up 10 points and the nasdaq up six and the big movers and the

yield on the ten-year is hitting its lowest level since may after the ism survey weakened to a two-year low and new orders were at 50 and this was up 3.5% up a couple of weeks ago and we're up 2.9. big implications for the housing market and metals are lower, as well copper down another 2.5% this is a 17-month low now on slowdown concerns and the fourth straight negative weak a fen, it's down today almost 3% eamon? >> the inflation debate is probably one of the most important for markets right now, if not the most important debate out there. the economic data we've gotten over the past few weeks has been anything, but definitive on where the inflation is headed. our next two guests aren't on the same side of the aisle when it comes to where inflation is going from here. the fitzgerald group along with ron insana and a cnbc

contributor and guys, thanks for being here keith, let's start with you, i like to bring the bad news out of the way and you think it will get worse from here. explain why. >> it's not a rates problem like everybody thinks and it's a policy issue and many of the supply chain challenges have not worked their way through the system the consumers are feeling pinched and they have no problem there and retailers will not back off prices and there's still money in the system chasing comparative few services and quality stocks can the markets go higher? that's good news because many of the stocks have been beaten down and inflation bad news does go higher and the fed can't fix it and it's the result of policy. ron, it will have a good sign of the other coin here. >> we'll see about that. it's friday and it's coming up on a holiday weekend give us some good news >> the bad news is good news and we are suggesting that inflation is about to go down meaningfully

and not only is copper down rather dramatically up 20% and the commodities and market-based indicators are pointing in the direction of slowing inflation and slowing growth, i should point out. in the break evens and the treasury market are down 100 basis points and we're down 259 to 258 as of yesterday's close copper, soybeans and other commodities, ex help oil are falling and we're seeing it in the bond market itself with the yields down as dramatically as they are suggesting that there are a variety of concerns pointing toward slower growth and lower inflation and the fed ought to pay attention to and in 2002 i wrote a book, the message of the markets and if the markets aren't yelling and screaming, i don't know what is, and i think it would be helpful for them to stop and look around a bit before doing anything firther. >> ron, let me ask you this. that might seem like a very basic question and maybe it is and a lot of folks out there

across the country when they hear inflation might be slowing down and going away they intuitively think, that means prices will go back to where they were last year and that's not at all the case and what it means when inflation will go away it means inflation will continue at a normalized pace from where they are here and prices aren't going back to where they were in 2021 at all so my question to you is, if that's the case, given that the prices of just about everything have increased, isn't there some period of time where the economy needs a major readjustment to the higher new prices, and workers need to push for higher salaries and the companies need to factor all of that in and don't we have a snake with a swallowing a rat problem when the inflation comes through. >> to make it more graphic, i think we've always had the piglet through the python metaphor >> there you go. >> it has to travel through, the big bulge through the middle and works its way through the system and with comparisons in 2021

against '20, the rate of inflation is going to slow just by dent of math. whether or not it slows and remains elevated and at current levels i think is an open question, but you're starting to see things like housing prices fall and more houses come to market and at some juncture, prices will actually fall and they may not have much long term negotiating power as people think because technology will solve some of the labor shortage issue that's driving up wage gains in the way of automation whether it's productivity-enhancing software and whether it's robotics or other type happens of mechanical fixes that eventually wages will be less sticky than they are today. i think inflation will come back down and certainly not to 2% and it's not staying at 8 and it's not staying at 6 and it will get under in the next six to 12 months. >> we will talk about the housing prices later in the show if you're thinking of buying and selling a house stay tuned

i want to get to that debate who is going to solve this problem? what's the end state here? >> i think this is a message of optimism because two groups will solve it number one, consumers are resilient, hopeful and clever people america is filled with brilliant people of all colors and creeds and information is informing the crisis and the other thing is supply chain there are lots of goods working its way this way and too much is chasing too little and that's a different nuance here. what we're talking about the movement of consumer power and there's stuff that people still need and have to have and that will power the company forward it's an adjustment and it's not like flipping a switch they're thinking they can adjust the rate and boom, things gone it ebbs and flows and look for the good wave because that's the thing that will take us out of this >> i like that you brought up supply chain and give me a thought if you could because

supply chain is sort of where all this started, right? we had the shock of demand surging back after covid and people, importers in particular weren't prepared to handle that. if you look at supply chain, do you think there's any hope around the quarter there >> no question there's hope because crisis creates opportunity. so if we have pinches, there will bey new labor awareness and all kinds of new people coming in to solve this problem and we have computing power and the companies have great purpose so all of those things are going to work history shows very clearly that that's the place, is the sun coming up tomorrow or is it not? i hope the sun is coming up tomorrow >> i hope the sun is coming up tomorrow and the beach is coming up tomorrow and i hope for all of it over the holiday weekend keith fitzgerald and ron insana. >> i hope your flights are on time that's my recurring theme. >> the supply chain and the travel backup, i'm going to experience all of it this

weekend. we'll see what happens. >> as eamon said, no question that the supply chain issues have been a big driver of inflation and it could get worse. a labor contract between shipping companies and port workers is set to expire today raising fears of a walkout and they have 22,000 workers at 29 west coast ports and the stocks have had a rough year. the index down 20% every name flat or negative. let's bring in donald braton, what are the rer verberations likely to be >> well, the reverb -- reverberations, in the long term it will get worked out what you have here is you have very highly skilled and also very highly paid union workers who are no doubt performing a service that's critical to the global economy, but they have the threat of being automated

and being obsolete because -- because that's what technology allows >> right so i guess there's two questions here one is simply the disruption number two is the impact on pricing throughout the supply chain. what do you expect that to be. >> what we see already, i expect it to not be that strong because there's been a shift and 55% came to the west coast and that's gotten to be more 50/50 in fact, last year was a record year for the ports and more than two-thirds of that incremental volume is in the east coast so there's been a shift away, first of all the second thing is in just the last few months we've continued to see volume surge ever higher and normally, seasonally you see the first three, four, five

mo mo months the year are seasonally weaker and not stronger. it looks as if distribution managers are playing let's get it shipped while we can as well as just trying to rebuild inventories. >> let me ask you this the subtext is about automation and what happens to the workers in an automated future. is that something that can happen at the ports? i wonder what you think the long term vision of the labor of these ports looks like as the companies seek to automate more and more and the workers say wait a second, those are our jobs >> i think it depends on how they approach it i'm seeing labor say, look, if we can do 15% more you should pay us 10% more. if we are willing to be more productive there may be less of us incrementally higher, but if you share the productivity gains with us we're willing to onboard as much technology as you can

invest in. those kinds of partnerships have been successful in all kinds of businesses, from railroads to ports, you name it >> i wonder if there's a tipping point where automation proceeds so quickly that you can't calibrate it at the 5% to 15% level and automation wipes out a whole swath of jobs then how do the businesses respond and how do the unions responds >> they are always bugging manufacturers created by any technological innovations and new jobs that no one had imagined, as well. the innovative destruction of technology what will be needed next there are a whole host of things and j.b. hunt and the trans loading business is benefiting greatly from this. xpo and the ability to grab all of the information and all of the data and predict what's going to happen next our beneficiary and the fedex for the same thing and fedex is essentially a technology company

disguised as a transportation company as you look at it closely. >> where would you put investors in the space right now, dawn >> those are the three places right there. the companies that focus on using technology to facilitate improvements of utilization and giving their customers better visibility of their supply chain and a better ability to quickly adapt and flex and respond to their customers' needs those companies again and again end up generating not only more growths, but more margin on that revenue growth. >> all right there are the names, jb hunt, xpo for instance don, thank you for your thoughts today. >> coming up, the return of the powerhouse road trip first up, new york city just over the river from here where inventory is up and some say it's on the verge of turning into a buyer's market and sticking with inventory, we'll ask the ceo of group one automotive if the supply of cars to buy is easing and how long he

thinks drivers will be willing to pay up for a new ride as we head to break, shares of kohl's, 20% down after cnbc first reported that it ended talks to be bought by franchise group kohl's, also cut its current quarter outlook amid cautious consumer spending back in a sec.

♪ ♪ welcome back to "power lunch. i'm kate rooney. we have news on the block deal, ftx officially signing the deal with the offer to acquire blockfy. it has a built-in option to acquire blockfy for a maximum price of their 240 million based on certain performance triggers. we don't have a minimum. a source i talked to earlier in the week says it could be 25 million or their 50 million and they're also upping the loan in this case and the loan that ftx had provided blockfi is upped to $400 million the potential acquisition down the line option to buy blockfi, but significantly lower than what we saw at the prior private valuation which is $4.8 million. >> people have been watching this one closely and again, it's

a line in crypto thank you for bringing us the details, kate rooney ahead of the holiday weekend we're starting off on a road trip last week we take you to five major cities and this week we're back in the camper revisiting the cities, and tyler hit the road and we'll take you through it starting here on the east coast in new york. according to zillow, the median sale price is $535,000 and that's 17th in the country san jose the most expensive market north of $1.4 million and 11% more homes in new york sold above asking in may compared with a year ago. inventory was down 24% from more let's welcome back christopher kromer and with two decades of experience in the new york city housing market chris, welcome back. so are we right that we're still seeing more properties above listing sold this may than last may? >> so good to be back. i don't think that's a fair

characterization of what we're seeing in the market now looking back, it's a tale of two vastly different markets and we are coming off a record year that saw double digit volume and they had the upper hand and the leverage and now what's happened is the buyers have been hit with what i refer to as a one-two punch of rising interest rates and equity volatility and on top of that, we're throwing in a looming recession. so the buyers are taking a step back and trying to make sense of a shifting and rebalancing market and really trying to make sense and figure out what can we now afford in this climate and where the market is and is it, in fact, still the right time to buy, so deal volume has tapered off tremendously >> chris, i wonder what it means for the mindset of sellers and you have your identity and you put it on the market how long are things sitting on the market now and how long

before sellers have to psychologically come to terms with the idea that they won't get x. >> a concern for sellers because sometimes sellers look in the rearview mirror. they're looking at what the neighbors sold six months ago. i'm telling you, in january the interest rate is 4% and now it's 6% and there's a whole different mindset and psychology that the buyers are -- >> how long does that take to come to terms with that. you have an emotional moment and you put the house on the market or you talk to the real estate agent and that's not the price, and it's this price. do they take weeks to put it on the market >> in my case, i would say four to six weeks you will have these two q reports coming out next week, keep in mind that the data that they're looking at and the

contract signed is in january and that was a completely different market so you have to trust what the brokers that we're seeing on the boots on the ground >> christopher, one of the other things we've been hearing is about upward pressure rents and manhattan rents for sure have come back to the past or new all-time highs and how is the dynamic against the housing market helping to boost rent prices if it still is. are they bidding wars? where do you think rents are going? >> the rent market is going crazy and traditionally the summer season is the hottest time for rentals and i think we just eclipsed the $4,000 average mark and people have been back to work and it's strong demand there and it's pretty humbling as a renter to see just how little your rental there ares go and i'm interested to see the interplay between that and rising interest rates and how that works out >> absolutely. >> new york real estate has

always been humbling, right? it's a heck of a number and it continues to keep the heat on. chris, thanks. we'll check back in soon >> christopher chromer >> everything you need for the fourth of july and your portfolio. first, food costs are surging and restaurants and consumers paying the price we'll speak to famed chef wolfgang puck putting the lunch in "power lunch" and a special edition of three-stock lunch, trading names you ght misee this week don't go away. . some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income.

time now for our weekly etf tracker. this week we're focused on bond funds which brought in $1.8 billion in the week ending yesterday. investors seeking a flight to safety as inflation remains hot which means the fed is likely to continue raising rates and looking at the performance it was the longer end funds that performed the best this week pimco shares etfs gaining 3% or more this data comes from our partners at track insight and more information on all of it is available on the ft wilshire etf hub. right now let's get over to frank holland for your cnbc news

update. >> here is your cnbc news update at this hour a group of democratic governors trying to protect abortion rights president biden acknowledged his exception to the filibuster rule that's blocking action and it has not been embraced enough by the democrats in the chamber >> congress is going to have to act to codify roe into federal law. as i said yesterday the filibuster should not stand in the way of us being able to do that, but right now we don't have the votes in the senate to change the filibuster. >> secretary of state antony blinken says that winning britney griner's freedom is top priority and hasn't been willing to talk about speculation and the u.s. basketball star might be traded for a russian arms dealer serving a 25-year sentence held in the u.s. for helping terrorists shot by security cameras in a city park, a missile hit a nearby shopping mall earlier this week killing at least 19

people ukraine is accusing russia of deliberately targeting the mall. hundreds of people were inside that mall. the kremlin says the target was a nearby arms depot. >> that's scary stuff there. people just out for the weekend walking the park and you see that, terrifying and thank you for bringing it us to. >> industry warning signs and car prices soaring in the first half of the year, but sales are sliding and gm says ship shortages are hurting their deliveries and the average monthly car payments are climbing and we'll make sense of it all with group one automotive and based on micron's earnings, the semispace isn't showing signs of any improvement soon and we'll have the details when "power lunch" comes right back trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform

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90 minutes left in the first trading day of july and the second half and the rest of our lives. let's get caught up in the markets, stocks, bonds, commodities and an inside look at the auto industry which is a good thought and the macro landscape and let's begin with bob pisani on the first day of trading. bob? >> you know, we just had a nice little -- i was just talking to

my producer kristen chang. in the last few minutes mostly it's consumer names, procter & gamble has had a nice prove up, mcdonald's has had a nice move up and procter & gamble and we're sitting at the highs of the day and a nice move in the second half of the trading day and at the same time we're seeing significant new lows here and it's mostly situate in the semiconductors and micron had negative comments about weakening consumer demands and cell phone sales potentially and before that we were in a downtrend and there's the big kahuna in that space, lam research and advanced micro here look at how fast things change here freeport-mcmorran was at 52-week high and three months ago it was the darling and metals were all the rage because the global economy was reopening. guess what

52-week low today. copper has had a new low and it's amazing how fast the sentiment has changed from the global reopening story now to the global slowdown story and this is less than three months and i've been watching the metal stocks carefully and the one to watch is etf and dbb and the base metals etf and it's a basket of all of the major commodities that are out there these are futures contracts and this, too, is a 52-week low and not just copper and other metals like aluminum as well that are slowing down i want to note, we're having a great day for the homebuilders and it's the second day in a row and the reason this is happening, i think is because we're seeing rates come down the ten-year yield moving down that's usually not far away from where mortgage rates go and when mortgage rates decline obviously the homebuilders generally improve. >> 6.66% job for pulte

thank you very much. >> let's get to the bond market meantime, speaking of key levels and talk about the reversal and the ten-year yield and the lower since may today and that's at 2.889% right now and the two-year yield and they retraced a long way and just a couple of weeks ago, the ten-year is around 3.5%. oil is closing for the day after a volatile week and let's head to pippa stephens for the latest pippa? >> oil is in the green after posting its first negative month in seven, but it did end q2 higher and the ninth positive quarter for the first time ever. driving today's action is supply outages in ecuador, libya and norway, wti is at 108, a gain of 2 1/3% and brent crude at 2% at 111.40, looking at nat gas up more than 5.5% as it tries to make back some of yesterday's 16% drop turning to prices at the pump,

we have started to see a little bit of demand destruction. the product supplied which is a proxy for demand fell below $9 million per day on a four-week rolling average, that's according to the eia and that is the lowest seasonal level since 2014 with the exception, of course, of 2020. for those hitting the road this weekend, the national average is currently $4.84. >> at least it's not five. >> our pippa stephens. the auto sector is in the middle of both and an opportunistic time and a challenging one gm warning of continuing manufacturing issues that came as inflation raised car prices and higher borrowing rates and in spite of these headwinds appetite for new cars seems to remain strong. buyers are willing to pay up at least 12% of consumers are paying more than $1,000 a month. on that note, let's bring in earl hesterberg, one of the

largest auto retailers in the u.s. it's good to have you back welcome. >> thank you >> last time we spoke we were pressing you for the number of cars in lots because there wasn't a lot of them where are we today on inventory? >> no different than where we were the last time we chatted and not really any different than the position we were in one year ago, surprisingly so no material change. >> why is that >> well, demand is just outstripping supply. you mentioned general motors and we've seen toyota continue to revise their production figures down month after month and there's still a big gap between supply and demand in the auto industry >> earl, let me ask you about this and i saw an astonishing stat earlier today 95,000 cars manufactured by gm and they haven't been able to finish them because they don't have the chips in place to produce those vehicles and roll them off the lot and sell them

to you and me. a, what happens to those cars? do they just sit in a lot somewhere and b, how long do you think it will take gm to sort of get through that and get the parts they need and get those cars out there on the market >> well, other manufacturers have followed that same process for the best part of a year now and those cars tend to sit in yards either near the factory or near troirgz lines we don't have many of those unfinished cars on our lots, but the car manufacturers tell us that it will be well into next year before we get to a normal supply rhythm. >> where is that leaving prices, earl >> where are we on a metric that not only tells us how much affordability there is, but also about the buying power of the consumer and the need versus the desire to have these new vehicles are prices rolling over?

prices are still relatively high when you look at historical levels and it's three reasons. basically, everything is selling at the manufacturer's suggested retail price incentives that were very common two to three years ago are basically gone and the mix of vehicles that are being built by the manufacturers are those that are favorable to them which tend to be bigger, more heavily optioned vehicles. so those three factors have pushed the average price up in the last two years >> what about the used car market because that went all out of whack during covid and we saw used cars selling to prices similar to new cars. is that normalizing or where do you think we head from here? >> i would say it's tempered a bit, but it's still out of kilter based on historic pricing levels they're still high, but i would say they've adjusted a bit and one thing we have to be careful

of is when you get in an economic, challenging situation, it will show up first in a lower priced, older used car so what we try to do right now is keep the price lean and push that average price a little bit lower because there are more value seekers in the used car market right now than there were a year ago. >> is that a canary in the coal mine for a recession watch that used car market. >> well, yeah. that would be typical in that kind of environment, for sure. >> so, earl, leave with us this, where are we going to be in six months' time with still not a lot of inventory, high prices and less demand or i'm curious at a time when we're talking about mounting pressure and what will we see here throughout the summer >> i don't see any -- any major decrease in demand over the next six months

you have to realize we're going into our third year now where the average selling rate is like a recession rate already it's probably 2 million units a year in the u.s., below what the normal demand would be without these constraints. so we're selling 14.5 million vehicles a year and in a normal situation we'll sell 16.5 million and we're going into a third year like this. so there's a lot of pent-up demand in particular for new vehicles. >> i love the figures and it definitely helps us follow it. earl, have a great fourth, thanks so much >> after the break, a fourth of july session of three-stock lunch, booze, grills a -nd- >> did you say girls or grills >> grills. did i say grills [ laughter ] we can help with th. okay, imagine this.

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>> time now for today's three-stock lurch, the fourth of july edition we'll keep it clean, though. we're looking at outperforming the market, webber a whopping

33% in 2022 and finally pool, the market darling in 2020 and 2021 sinking 37% this year let's bring in cnbc contributor, boris schlossberg and managing director of b.k. asset management and let's start with beer and let's start with molson coors. what do you make of it >> the tap has been a great stock, and i think it's benefiting a little bit from the trade down effect and consumers are going to the lower cost because of inflationary pressures and overall the beer market is a great market. >> so inflation is good for cheap beers is what you're saying >> yes because people still want to drink. they'll just simply trade down to a lower brand. >> i got it. i can relate. >> it's fascinating and very slow growing, but it is massive and by 2028 it's expected to be a trillion dollar market so it doesn't take much to move the needle here and a couple of basis points for molson and it

could have a strong impact for the bottom line and in the meantime, you'll have a dividend and wait to get their operational structures in place and it's a good stock to hold for the long term. >> all right we move from that to the grill and the webber grill and still a relatively recent ipo. do you like the stock? >> i have to say, after all of these years of being a city person i've become a jrsyersey and i appreciate a good grill. >> the problem has had companies with supply chain constraints and the falloff of consumer demand a little bit and the stock itself has been an unbelievable tug-of-war and it's had a huge short position on it and 100% and because of that short squeeze has had big moves over the last couple of weeks and now it's come back and the volatility at this point provides an interesting opportunity for people who have a long term perspective on the stock. if you're coming in around seven

and you have a reasonable chance here with three to five years to possibly double your stock and you have to prepare for a lot of volatility and 50% from here and it's clearly a speculative position, but long term, i definitely think webber and a classic name and good name for consumers will hold over time, i think. >> our final name is pool. where is that one going to be headed >> that one i'm least excited with, it's definitely been the pandemic darling and it's having this hangover post-pandemic and people are starting to spend their money away from their houses and pool is certainly feeling the pressure at this point and 60% of the business is recurring and its definitely had a huge bump from the covid bump and i think it's in great financial shape and there's very little catalyst to get investors excited in my opinion at this point, and i don't see people spending a lot of money going forward on pool improvements because of constant interest

rates and generally the issues with the economy so to me it could be pretty much a stall for the next 10 to 12 months and that's why i'm mutual on the stock >> treading water. you've got your beer, you've got your grill and your swim >> i am all set. >> coming up, we'll speak to famed chef wolfgang puck does he use a weber grill? we'll ask him for tips for the monday grill and how to deal with the rising labor costs. we're back after this. rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this independence day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily.

salute to veterans presented by navy federal credit union, verizon, sap, visit us online at www.salutetoveterans.org lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less.

and welcome back to "power lunch. the restaurant industry is getting hit by inflation from all angles, higher food costs, wages, rent, gas, but there may be some relief on the horizon here grain futures have fallen over the past month, corn off 16%, soybeans are down 10%. let's welcome in wolfgang puck he's a celebrity chef and restauranteur. wolfgang, thank you so much for being here the last time you were on "power lunch," you talked about the possibility of all of this inflation and price pressure, the possibility of $100 stakeak

entrees. >> top quality has gone up a lot and tenderloins, a pound went from $43 to $66. so a pound of tenderloins you can make two 8-ounce filets and if one cost you $100 and it is close to $100 especially if you get a sauce or anything with it. now, there are still good options like ribeyes or the new yorks, they've not changed too much in price. lobster went from $15 to $20, but for me the most difficult part is labor. now, labor is part, you know, where we have seen the most increases over the last year why? because housing has gotten out of control you know in new york city, in

downtown and george told me his apartment told me it will go from $800 to $1,000 a month. i said that's really, really difficult and to attracting enough labor is really difficult. you know, when i look at the news all of the time and and wee people coming from south of the border, all the immigrants with no professional nothing, and yet we have difficulty getting visas for anybody who is a professional or from asia, i think the government really should look into that and figure out a visa for people who have a job already lined up, who can come here and contribute to the economy. >> wolfgang, let me ask you about that price point at $100 a steak if you get there, that's a lot of money i wonder when the customers will say no even the expense account set, i can see a corporate executive sitting down for a steak and saying i don't think i can

charge that on my expense account. my boss is going to see that at what point do you start to hit that price resistance? >> for me, $100 is really a top. >> that's the high ceiling >> when you look at hotel prices, room prices, i mean it has gotten out of control everywhere i tried to go to miami and it was $2,000 a room. who's going to pay $2,000 to sleep for one night? it's totally insane. i think everything has gone up and there's not more service i would say, okay, now i'm going to get chocolate truffles and the little tin of caviar in my room and say okay. so for us in the restaurant industry, i know in new york i give the people a little more. give them some little snacks with their drinks so that way you make them feel good. at the end of the day, it's really how do we make the customer feel? if you spend a lot of money but

the service was great and you got something extra, even if it doesn't cost us a lot of money, people will really feel appreciated. i think that's really how are we going to navigate a priceline that is still reasonable yes, it's luxury, but even in the small things like chicken wings, basically went from $3 to $6 a pound so if that's a restaurant that is subject to rents, that's doubling the price so i think we have a problem and don't think that vegetables, fish, everything has gone up we have to charge the price, if not we go out of business. >> so you can raise the prices but make sure the customer feels the love. >> gets something. >> yeah, i really believe we have to make the customer feel good give extra love, extra service and really look that everything is perfectly cooked. i think that's really an

important part and maybe send an extra drink sometimes. that doesn't cost a lot of money. there's no spoilage if you send somebody a drink and it stays really pretty much the same. so service is the important part hospitality is more and more important. >> wolfgang, since we're talking about inflation hacks that restaurants might be doing, do you have any barbecue or grill hacks for monday are you a grill guy? >> you know, i started having everybody but fire so even in our restaurants we have grills to cook our meat or our fish i think on monday i might not cook another day it's like a holiday. what am i going to do leave my house after the housekeeper wants to be off also so i think grilling really like

burgers have not gone up that much in price. new york strip loins don't have gone up much in price. and you can get cheaper parts to just cook them right that's really an important part. and maybe cook them slow, wrap them in aluminum foil and steam like a brisket and don't forget corn is in season, tomatoes are in season make more vegetables, they're better for us anyway. >> i'm taking notes here this is excellent. this is like our version of the cooking segment on the morning shows. how to grill for the weekend. >> i'm in my kitchen here. >> thank you so much i hope you get out of the kitchen sometime soon. wolfgang puck, thank you for being here. >> i will be at the bellaire hotel. thank you. coming up, more breaking news out of the crypto world, but first just an hour left in

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more breaking news in the crypto space kate rooney has that story kate, what's going on? >> more damage in the crypto lending space. voyager saying that it's

temporarily suspending trading, deposits, withdrawals and all loyalty rewards. that was effective at 2:00 p.m. eastern. the ceo saying, quote, this was a tremendously difficult decision but we believe it is the right one given current market conditions. the decision today gives them additional time to keep exploring strategic alternatives with various interested parties while preserving the value of the voyager platform this is an investing app but a lending company. it comes after three arrows defaulted on a loan to voyager the company said on monday that the hedge fund failed to play a $350 million loan. they also had a major bitcoin loan that the hedge fund defaulted on worth more than $300 million so we're seeing a lot of margin calls and defaults in the crypto space. that company had also gotten a $500 million from sam

bankman-frieds so this is the latest fallout we've seen in the crypto space. >> so suspending trading, deposits, withdrawals, that's a lot, right you wonder what happens to the customers here. >> we've seen this, also there's a major crypto company called celsius that did the same thing two weeks ago and hasn't really had an update since. so we've seen companies seemingly facing liquidity issues not being able to honor some of those withdrawals and deposits without a lot of other options saying, hey, we need to close the doors for now. a lot of these companies are scrambling on the back end to find other options and stay afloat at this point. >> are the underlying funds safe, kate >> so a lot of the underlying funds have been used for a lot of other crypto companies to do lending. so they have gotten high-yield accounts going to customers saying if you deposit your crypto here, you'll get a return on that, but on the back end we'll lend it out to hedge

funds. the company doesn't comment on that specifically. they say it's in the works, they're figuring it out. >> kate rooney, thank you very much crypto night in america tonight at 6:00 p.m. will have a whole lot more on this eamon, we'll see you at 7:00. >> yeah, i'll be hosting the news with shepard smith tonight. >> thanks for joining us the last few days. >> thanks for watching "power lunch. everybody. >> "closing bell" starts right now. stocks kick off the second half the same way they ended the first with more volatility the dow trading at a 500-point range. at the high end of that ragenges we head to do close. i'm melissa lee in for sara eisen. right now we're pretty close to session highs in the s&p 500 3812, up by 0.7 of a percent the way we are moving, though, is a defensive tilt to the market we've got consumer stapling as well as utilities leading the way. check out the 10-year yield. same theme there a pullback in yields today, another sharp one,