answer. i didn't think it was anything that scared the markets. >> it was pleasant news conference. i thought it would be contentious. smiles rand jokes. kumbayah not quite. neil, time is up for me. it is yours. neil: jackie said, jerome powell said he would act as appropriate to sustain the expansion, telegraphing what could be a potential rate cut in the future month. could be two of them. those who bet on these things with something called fed futures contract, you can put money on it, are seeing increasingly we'll see the cuts late july, ben in early october. we could be a half-point lower on bank lending rate down to 2 1/2% by the end of the year. that doesn't mean if you're placing on money that something will automatically happen. these guys have been wrong before. over the course of the last 10 years of this economic recovery,

you could make the argument they have been mostly wrong. they have been wrong on forecast for interest rates. possibly get down to zero. stay at zero. they would start climbing. they overestimated the amount of climbing. be that as it may, the probability now in excess of 50% that we will see rate cut coming. that was all market needed to hear. that and presidency needed talking about not only trade talks which will presumably resume with china, but mexico. those top officials already in the country. edward lawrence with the latest. edward? reporter: candid news conference here in london, a very wet rain

any london, i might add. 26 minutes long. the president talked at length about mexico, that tariffs will go into june 10th, minutes later backtracking somewhat. listen to this. >> i think more likely that the tariffs go on and we'll be talking during the time that the tariffs are on they will be paid and if they don't step up, give us security for our nation, look, millions of people are flowing through mexico. that is it unacceptable. reporter: using the term likely there. the secretary of state mike pompeo was in the room. here is treasury secretary steve mnuchin here in london. president trump talked at length with prime minister may about the two country's relationship and how it remains strong and vital to future. the president wants to make a good, fair trade deal with the united kingdom. i talked to the 10 downing street, highest level of

government ambitious as possible to get a trade deal finished. the prime minister came most heated about the relationship and possible trade deal what it means. >> this relationship helps to insure there are jobs that employ people here in the uk and employ the united states, that underpins our prosperity and our future that is a relationship we should cherish. it's a relationship we should build on. it's a relationship we should be proud off. reporter: president said on the huawei front, england or the united kingdom is looking allowing huawei to roll out part of the 5g. he is not worried about intelligence briefs or breaches, they will have a deal on huawei. i asked the 10 downing street press secretary about this he told me didn't want to pet in front of any announcement to parliament and the review is still ongoing. neil: edward, thank you very much. good reporting, my friend. really what is behind the big market rally we see, a little

bit of a backup in interest rates, federal reserve chairman jerome powell is signaling opening to cut rates, maybe sooner than we thought. take a look. >> we do not know how or when these issues will be resolved. we're closely monitoring implications for the developments of the u.s. outlook, as always we'll act as appropriate to sustain the expansion with a strong labor market and inflation near our symmetric 2% objective. neil: acting appropriate to sustain the expansion of the that was immediately taken by the market to mean, you're going to cut rates, aren't you? the cycle, steve moore, my next guest widely criticized overshooting inflation targets here and overfearing a runup in inflation that never materialized, he is proving right now very, very accurate right now, as the president himself who was critical of the federal reserve moves to willy-nilly hike rates that compromised growth.

steve moore joins us right now. good to have you. what do you think of this? >> thank you, neil, for having me. i feel personally vindicated because i took a lot of flak couple months ago that when i said the fed was too tight, they were sucking oxygen out of the economy and we were having a threat of deflation than inflation. look at what happened to the price of oil, price of cotton, wheat, soybeans, they have been falling that is a sign of deflation. i'm very pleased as investors are, now looks like the fed will admit it made a mistake. if i may, neil, my argument about this goes back to september 2018. think about the economy back then. we reached a level of 3 1/2 to 4% growth. there were high wages, high employment, no signs of inflation. the fed started for some inexplicable reason started

raising interest rates. i think that hurt the economy. we should definitely reverse the december rate increase which was quarter percentage point but i'm thinking more and more they probably should also reverse the september rate increase which would mean a 50 basis point decline in rates. neil: we've had about 10 rate hikes when janet yellen, under barack obama started the hikes cycle. >> yeah. neil: you think they are at least two too many there, right? >> well definitely one. definitely one. and maybe two. neil: the reason why i mentioned, steve, it is interesting, i pay inordinate attention to the fed fund futures, not that they're always right, people are betting we'll see two rate cuts by the end of the year. i want to put that around, people might digest that, whoa, wait a minute, they might have overshot it, but do they see something we don't? could people buying on this regret that because the federal reserve might be signaling, steve was right, they are not

going to say that, the president was right they are not going to say that. we did overshoot it. now we are worried we created a bigger mess? >> you're exactly right about that. that will be a worry of investors. there is a lot of talk now about a possible recession on the horizon. i don't see it. i'm not one of these recession people, but the economy slowed down in second quarter. look at the latest forecast on the gdp? they're less than 2% for the second quarter. so the economy has definitely slowed down. part of that obviously is the trade war. the trade war is hurting both united states and china. i happen to agree with what trump is doing on china, but certainly reducing growth. i want to make one other point clear. i am for cutting rates, not because i think the economy is slowing down. i'm for cutting rate because i don't think there is enough dollar liquidity in the economy. i'm worried more about deflation than inflation. you heard the quote you played from chairman powell when he talked about staying on that 2%

inflation target. guess what, neil? for the last four months they have been way below that target. so if you're below the target you have to get back to the target by cutting rates. neil: we'll watch it closely. steve moore, always good catching up with you. thank you. >> thanks, neil. neil: a couple developments on the trade front. that is a catalyst of buying of stocks here largely based on the view, china, u.s. top officials will get together and talk. no evidence that the talks are imminent but having said that i want to give you some of the half empty glass concerns here that china is already ramping up its chip industry as a way to respond to what ours is doing. so going a separate path here, to say no matter what happens on trade, we're preparing for possibility we'll not be dealing with american technology firms. secondly, china is warning its own citizens against travel to the united states. now that might seem like a silly

aside here but what they're also bracing for, the fact we don't want to help the united states. so you have these dual tracks going on. yes we'll get back to talk. just in case they don't pan out, we're rethinking a lot of things with the united states including having our citizens even go there to spend tourism dollars, which is a big deal in this country. former u.s. ambassador to china under president obama, max baucus. good to have you. >> thank you. neil: what do you make of what different messages chinese are sending here? open to talk i guess, open to constructive dialogue, each side has to give, separately talking about ramping up their own chip industry, urging citizens, rethink travel to the u.s., that is kind of a mixed vibe? >> i think this these developments are ominous.

each side is blaming the other for a breakdown of the talks. when that happens, each side will dig in a little more. second each side is blaming the other publicly. when you publicly blame the other that makes it even more difficult for negotiators to find a compromise. add to that the point you made about china warning students, chinese tourists not to visit the united states as well as ramping up its semiconductor industry. add to that china is starting to threaten not to export rare earths very important to the american electronic industry. ed to that, alibaba is listing in hong kong. maybe it will delist in new york, i don't know. my real concern here, unless something changes we're sliding into kind of a cold war where nobody wins. where each side is hurt very much. we have to somehow find some way, some adults in the room to start putting humpty dumpty back together again, in a way we're

protecting our national security, but also working with china, because we have no choice. we have to. neil: ambassador, the president put huawei on the table as part of these trade talks, the big chinese telecom concern that does a lot of business here in this country and of course globally. you know obviously there is, reports that it spies on people, to a lot of nefarious things. having said that though, the president put it out there, that this sort of blacklisting of huawei, it is something that, that can be compromised. what did you make of that? >> well i think, it has to be. because if we resolve it in two camps, china camp, its technology and its own standards, the united states in its own camp its technology and its own standards that will push us even more into a cold war.

great britain thinks it found a way to compromise. other countries think they found a way to compromise with huawei. the united states claims huawei is spying. not offered any proof. maybe there is security reasons they're not offering proof. frankly has to be some way to talk rationally, reasonably, because this is very important technology that is going to be in five g we'll talk about here, that will be available worldwide. we want it available as widely as possible. we need the same standards. we need to talk and find some smart people to figure out how to crack that nut. neil: ambassador, real quickly, wees issue politics but what do you make of joe biden's remarks a couple weeks back, that he doesn't see china as competitive threat or competitor period, what did you make of that? >> frankly i know joe very well. full disclosure i'm supporting

joe. i think he would make a excellent president. joe knows china is a real threat. joe spent a lot of time in china with xi xinping when he was vice president. i might add he knows more about china than most americans do. neil: do you agree with that sentiment, it is not a competition? >> oh, clearly it is competition, there is no question it is competition. neil: did he misspeak? do i think he just misspoke? >> he knows there is competition with china. that is not an issue,. neil: well-put. ambassador good seeing you. >> thank you. neil: he is the cofounder of sun microsystems but he still has the ear and respect of the technology community, mainly because he is doing lots of stuff since but his take on the attempted take-down, what some are calling it of apple and facebook and amazon and google, and what the night government might be thinking, that he says could be unthinkable. after this.

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neil: jerome powell making news that he would act appropriately to sustain the expansion. maria bartiromo soon talking to the bank of america ceo brian moynihan. it cuts both ways for banks. if interest rates go down,

obviously they don't make a lot of money on cds, savings vehicles, never have. much more make money with new loan and applications, refinance homes that people are already in, that could be harbinger of good things to come, when she sits down with mr. moynihan to get his read on the federal reserve's shocking, though probably not fox news or business alerting decision, to think about cutting rates. want to pass along interesting comments out of canada's prime minister trudeau, the separate issue we have with the mexicans to use trade as a lever, that could get in the way of a new trade agreement that involves, united states and mexico and canada. he says canada will move ahead in responsible way on ratification. i don't know if that is a dig at the president there, but canada thinks that the deal is good. he will push for ratification. hopes the same happens in the united states. some say the president's latest

moves could derail that effort. we shall see. congress and justice department are cracking down on big tech. some big names include google, amazon, facebook, apple. that could be just for starters. these are big successful american firms. that is duly noted by capitalist pig hedge fund manager, jonathan hoenig, money map press tech chief strategist, michael robinson. what do you think of this move? we started we want to look into these guys but that is how they all start. what do you think? >> we have empirical data. i don't think nothing comes out of congress. possible a strict err privacy law, report is bipartisan movement. the metric is the metric. they wouldn't be bailed out if they failed like with the financial crisis. so what metric do you base this on? if you look at amazon, amazon actually enhancing competition

in the marketplace t faces a slew of competition from walmart, bench buy, crutchfield, through shopify, it allowed thousands, thousands of merchants all over the united states to be able to sell their goods on that platform. so amazon is the opposite of restraint of trade. it is an enabler of trade. neil: amazon says, jonathan from your perspective here, is this going to gain momentum? the only reason why i ask, a number of republicans as well as democrats support this, albeit for different reasons. >> republicans came up with their arbitrary antitrust laws, neil. they're the ones using them once again against successful, productive businesses. this is tremendously bearish for all technology stocks. you saw what it did for google yesterday. a little bit of a bounce-back today. this is the engine of our economy, neil, not steel,

aluminum. high-tech companies, where brilliant minds have come. these antitrust laws, completely undeniable, arbitrary, are government force against successful companies. of google is successful because people find great value in it. you point out it hasn't come forth and only pending, point to microsoft's stock. it was at an all-time high in 2000. then the justice department came along with its antitrust suit, then the stock flat-lined for 14 years. stuart: the whole idea going avnetscape, it was owning, the internet itself. forget about research. it was the internet kingpin that was squashing everybody. now it is gone. the company is fon. market forces did that. not investigations. >> i couldn't agree more. here's the thing, nobody has a gun to your head to make you use

google. i use bing. the day bing came out i switched from google to bing. neil: why did you do that? , what do you like about it? >> i think it is beautiful interface. there is weekly news thing at bottom. you can defeat that. there is a picture. i tested it out, for me, i got more consistent search results on bing than google. i put out a special alert to all of my subscribers switch to bing. bing has 10% of the market right now. here is the other thing about microsoft. that was the last time the government really tried hard to break up a major successful company. the facts of that case were very different. they were bundling the browser inside of the operating system said they couldn't decouple it. neil: that's right. >> then what happened? they were ordered to be broken into, they appealed. this case lasted 10 years. so people are freaking out. you will not just -- go ahead, i'm sorry. >> no. just going to say. think about how the products

that weren't developed. all money wasted fighting these cases. microsoft gave away explorer software for free. they called it monopoly. google is favoring its own searches, they are saying it is unfair competition. for antitrust regulators, you're either price gouging or price dumping. the businessman doesn't even know what the law is. he is guilty before even proven innocence. to your point, before amazon, it was walmart, it was sears, compuserve before facebook. neil: oh, man. >> this is a dynamic economy that the regulators are getting in the way of once again. >> i thought it was europeans going after these american concerns. i realized it was us going after us. that is a little weird. thank you both very much. i do want to switch in midtown manhattan. maria bartiromo is sitting down with brian moynihan, the guy who heads bank of america. he probably has a thing or two to say about the federal reserve telegraphing today, maybe its next move is a rate cut or move.

let's listen in. >> they followed this travel. 2.6, 2.2, 2.5, 2.4, across the last six month that is largely bouncing around if belief of the trade issue will solve, whatever. worldwide basis it is low 3s. so they believe that economy is still growing. what we have different insight is what our customers are doing. and you know, you think about the u.s. economy, it is 2/3 consumers. the size of that economy is basically equivalent to china's economy. when we think about what will happen with the economy, i focus a lot on when consumers are doing. bank of america, so far this year through may, we've had a trillion dollars in payments made by consumers, a check written, debit card payment, cash out of atm, ach wires, that is 5% plus from last year. 17, 18, it was eight 1/2.

it was four to five, year before that. economy grew faster. it went up to eight but come down. it has picked up during the year a little bit. we talk do consumer, when we talk to the business clients, they worry about the ebbs and flows what you talk about every morning in terms of trade, resolved, those type of things. they're worried about getting employees. overall they're making money and borrowing at highest rate of middle lines of credit in the last 10 or 15 years. that means they're putting money to work somehow. it will take a little bit of clearance some of these potential bumps that will kick them back in. >> that is interesting that you see an economy that is still strong despite all of uncertainty around trade and tariffs. that is what i wanted to get your take on. cap-ex numbers are something we look at very closely as indication for the economy. while cap-ex was up about a year

ago. journal reported up 20%. now up 3%. are you seeing uncertainty set in corporate america as a result of uncertainty around trade and tariffs? >> we would have different numbers but same trend. last year you saw twice the rate of this year, a little higher this year than the number you gave, but it is slowing down. there was a rush to get things done. you have to see late '1nobody believed tax reform could get done. -- 17. there was entire plan in administration of obama, agreed to tax reform. never got through, group of six, gang, whatever they talked about, all of sudden it happened. enthusiasm took off. people spent money and did the things. of course you only need to buy so much. there is slowdown on other side of it. that is what we're feeling but it is still consistent with a healthy economy albeit an economy at 2%ish versus 3%. that is what is playing out.

so we feel, you look at businesses, capital spending it is slowing down. it was predicted it would slow down. that is what everybody said early '18,' 19. the question will it slow down? >> we are in year 10 of economic expansion. we're about to break the record of longest economic expansion. >> by definition we have to break it unless they revise. >> maybe age of this expansion that could turn it around, i don't know, but so far sounds like you're not seeing all that much change, even though things have come into bed, not seeing change from consumer or business as a result of this uncertainty. >> access to credit is good. people's wages are growing. unemployment is at levels that are unprecedented. 50, 60 years. when we think about all the

stuff going on in society, you know, when was the last time new claims for unemployment ran 200,000, raw number? 1968, 1969. >> wow. >> society was in pretty rough shape then. you think about 1968, 69, 72 through 74. think about what happened? nixon, vietnam was raging, kent state, martin luther king, bobby kennedy, dnc, think about all that went on. ultimately a oil shock and a, oil more than a shock. you think about all that, on other side -- neil: we'll continue following this. brian moynihan talking to our maria bartiromo. the guy who runs bank of america, one of largest financial institutions on the planet. talking about better than 10-year economic recovery. you know the old market salt, recoveries don't die of old

agings they're murdered. black swan moments, oil crisis he alluded, undid the '60s momentum was evaporated with the '73 oil embargo, opec, all of that. other things bet in the way we don't see now, that could disrupt all of this. what he is talking about an underlying strong economy without much inflation. that is the trigger of jerome powell's remarks earlier today in chicago. when he was looking at a prospect of a trade fight that could turn into an outright trade war. tariffs he coupled with those on china, those on mexico, that could slow things down markedly, produce possibly a reversal on part of federal reserve, not only stop continuing to raise rates, but cut them. maybe as soon at the end of next month. maybe another cut after that. so we've seen about 10 rate hikes through this process, this whole process began with janet

yellen, his predecessor, jerome powell's predecessor, now the possibility of two of those 10 rate hikes will be reversed. hard to say. we'll continue monitoring what the markets are saying and what mr. moynihan is saying. stay with fox. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪

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>> there were thousands of people cheering. then i heard that there were protests. i said where are the protests? i don't see any protests. i saw a protest today, very small. so a lot is fake news i hate to say. neil: i don't know about the fake news thing. there were a few gathered in trafalgar square gathered in london. the president saying though, all controversial stuff that gets the press's attention, not some of the good stuff that is going on. it is always in the eye of beholder, isn't it. we have "politico" political reporter, democratic strategist

kristen hawn. melody, let me start with you. i'm old enough to remember ronald reagan experiencing them when a lot of people were thinking he would take the world at war. i get that. i don't overobsess about it. but, he is the third president feated by the queen of england only two other presidents enjoyed. what is your assessment? >> it has been a lot more pomp and circumstance than it has been the politics. that is nothing new. we saw that the last time trump visited. this is important to understand, this is two years in the making. there was a lot of back and forth about the visit. it is finally happening. it is a really big deal especially for the president on a personal level. his own mother long had infatuation with the british royal family. passed it down to him. to see see him on the world

stage with the british royal family, the state dinner went off without a hitch. this is going pretty well for the president. all that being said he started off on a little bit of a rocky foot. he created controversy with interviews he did. he mentioned meghan markle, that she made nasty comments. sparring with the london mayor on twitter. all that is to be expected with the president. we'll see how the rest of the meeting goes for the rest of this trip. neil: kristin, my view of it when he was talking about the london mayor as well, he is punching do un. it is mayor of london, albeit one of the world's most important cities, i get that, but he is the president of the united states. probably the most powerful man on the planet, he was punching down. i thought it distracted, detracted from everything else. >> i agree. i don't understand why the leader of the free world would be punching down at a mayor at a time when there is event of this significance like he said. this doesn't happen very often. only a few presidents enjoyed this type of reception.

i can't quite understand why he would be talking about the protesters or calling it fake news, when that happens. this happens to american presidents overseas. neil: you know, be that as it may, we kind of get used to this stuff, but i am wondering though, the real expectations, real momentous event is what is coming up in normandy. this recognizing the 75th anniversary of the invasion. it does make you wonder about the timing of protests period. i'm not here to say whether you like the president or dislike the president. it just seems ill timed. he is the president of the united states. this is ahead of a momentous and powerfully emotional moment. it just seems to be awkward? >> i don't -- neil: first, go ahead. >> okay. >> so, i mean i think that this president, you know, a lot of people have a visceral reaction to him and his comments.

neil: i get that. >> i think you can't really plan it. neil: blow me i'm not trying to take sides here, boyd, my certain this this week in parti, what the trip really will be about, on this recognized 75th anniversary of one of the most momentous events ever, it just doesn't look good. but that is just me. >> i think, i think you're right, neil. i think that often the protesters get a little tin eared themselves. they get in their own bubbles, they forget there is a lot more than general protests about president trump or whoever current president of the united states is. so i do think that gets in way of a historic celebration. you saw theresa may in the press conference talking about the special relationship with the united states. it is a little awkward, it is a little off kilter but it is sometimes goaded in by the president. so i think he has to stay

focused. focus always proceeds success. neil: he can't do that. melanie, i'm reminded of the fact, ronald reagan dealing with far bigger protests, there were protesters? not feeding the beast or enemy, not looking like you're sweating, we knew behind the scenes ronald reagan was angered by that. he never let them see that. >> yeah. neil: i wonder if this president would be wise to do the same? >> i can't say i'm surprised. trump isn't someone who lets things go. we have seen him spar with twitter with the london mayor. neil: i have italian relatives like that. i have italian relatives. never forget a slight. guys, thank you very much. we had so much breaking news including what is happening on the trade front with mexico. the mexican delegation hopped on plane here in washington waiting for the president's return, willing to meet with others while they're here. they are concerned about the 5%

tariffs going into effect in matter of days. president says they will happen one way or the other. they have also got their moxie. they're threatening to take action of their own. we don't know what action that would be. we're not too worried about it. we're up 402 points. stay with us. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠

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neil: when we a battle with mexicans, we already signed a trade deal, that drew head-scratching from folks, particularly from republicans, particularly senator rob portman, republican senator from ohio, sending mixed messages especially we had a trade deal. i believe the senator joins us right now. good to have you. >> hey, neil, good to be on again. neil: your concern, senator, these terrorists, looking what the president was doing, in response to what he claims the mexicans are not doing at the border, would be unprecedented, possibly illegal and maybe even

unconstitutional. so you think he is making a big mistake? >> well i think we ought to get usmca done. this is the agreement a couple weeks ago i was told the top legislative priority of the white house. i think it's a good agreement. it will add hundreds of thousands of new jobs. it updates a 26-year-old agreement of nafta that has to be approved. this is great victory for the president. on very day mexican president received introductory language from their government, passed the thing in mexico, same day canadians sent it to their parliament, we're talking about slapping on additional tariffs. that is the heart of any trade agreement that you want to reduce tariffs. it is going the wrong way in terms of getting usmca passed in those countries and here in washington. my hope we can recommit ourselves to getting the trade agreement done. it is president's priority. he did a good job negotiating it. let's do --

neil: the president doesn't think you and your colleagues will do anything about it, despite your concerns? >> about the border? i agree with him on the border. neil: about linking this action to deal with the border? >> oh, well we don't know because, this is a case of first impressions. so the lawyers are kind of all over the place. looks like the statute he is using to invoke these tariffs was never used before for tariffs by the way would end up with a vote in congress. that's a bad thing too. let's not go through that. we voted once to disapprove the president on national security measure at border he vetoed that. it was not overridden. why go through that again. neil: why do you think he did it, senator? some people say cynically, deflecting from the mueller stuff, who knows, but that this -- >> i think he is legitimately frustrated by the border. i get that. all americans should. neil: you could have done this months before, even years before? >> i think he is increasingly frustrated the democrat are not

willing to step up to support him, changing asylum laws, dealing with this magnet we've got where the united states is drawing these people in because of bad laws. i understand his frustration. again this is the distraction from that. frankly it doesn't address the core issue. these people will still be told by traffickers, hey, go to america. claim asylum. you can get in. your court date wouldn't be for couple years. you can go to work. you don't have show up. you won't be caught that is a bad message. nothing changes if you put 5%, 10%, 25% tariff on mexico. it does change one thing. one, usmca jeopardized. and two we take off real focus on china. we ought to have all countries helping us. third, they will retaliate. mexico will put tariffs on our stuff. we love mexicans buying our products from ohio. we sell a lot of agriculture and manufacturing products to them. that is bigger than china for us. it's a big market for us, as it

is for america. number one trading partner. you don't want to get in the way of that. my hope that we'll find tomorrow when the mexicans come up here to talk, that they will agree to some additional measures. perhaps taking more asylum-seekers in mexico, allowing them to stay there, that would make a big difference. we can work through this. avoid going down the path. neil: watch very closely, senator. you're quite right, president obrador is talking about improvements he already made along the border to deal with those cases. good to have you. >> thanks, neil. neil: we talked about the u.s. crackdown on big technology names including likes of google, amazon, facebook, apple. if the respected investors were concerned about that today, funny way of showing it. more after this. so, jardiance asks...

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neil: all right. you know the justice department, charlie gasparino and i were just talking a about it, busy going after big tech names but really hot on the t-mobile-sprint merger what will happen, what is allowed to happen. what is the latest? >> this is big merger not just for a dollar sign, 26 billion. neil: right. >> if you listen to the people in the administration, they will say gazillions of dollars in gdp ride on this deal, they can be

at the forefront of 5g technology, pushing that internet wireless service through. it is national security implications. you don't want the chinese to get a leg up on 5g and having a big combined company that is strong, not two weaker ones in the wireless 5g space is big. it's a process. we can tell you the white house wants it done. but it is -- neil: wants the deal. >> absolutely. my sources say totally confirmed. neil: they want it done why? >> everything i said. it is particularly on the 5g front. they think china has a leg up and if we -- neil: in a post-huawei world. >> if we get strong t mobile plenty and verizon at&t, we could be -- want to give people a template what is going on right now. they continue to negotiate. the talks are described as fluid. both companies continue to propose additional concessions. here is the interesting thing. they just got approval from the

fcc. they need doj anti-trust approval. because this is going on long with the doj, and more concessions are offered, fcc might have to rewrite the order. if you're the company you have not got to like this one aspect this, could impact the stock price going forward. makan delrahim, free market trump appointee in the doj antitrust division from what i understand basically giving the heavy lifting of deliberations to the staff. the doj staff has been working on this deal. he is out of town this week in paris for a conference. if you're at&t, t-mobile, staff hates the deal, losing a carrier could be antitrust issue, that's a headwind on this thing. just add it all up, make your bets. fcc, doj, had no comment, neil.

neil: interesting. thank you, my friend, very, very much. as he was talking in and out of session highs. the dow up 463 points. the fed is signaling it is there to help the economy if needed this trade thing leads to a slowdown, it would respond as would be appropriate. in fact getting the words exactly right from jerome powell, we would act as appropriate to sustain the expansion. many who bet on that with real money buy these fed funds futures contracts, overnight bank lending rate. you can purchase that. short it, buy it outright. they're betting we'll see a rate cut, a rate cut the end of next month. that we'll see another one in the fall, presumably in october. so the ten rate hikes we've had began with janet yellen, last year of obama administration, they would take two of them away. we'll see. more after this.

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neil: all right. look here, we are at session highs, the dow up about 451 points right now. we've got a big runup in the nasdaq. if that were to hold, it is technically out of correction territory, 10% plus from its highs. this i think is a little under 9% from the high but again, it's one day, it's one moment, it's this minute. the gains as jerome powell, federal reserve chairman, left open the possibility for a cut in rates, maybe two down the road and maybe soon down the

road. fox business network's jackie deangelis with more on that. reporter: good afternoon, neil. it was definitely a change in tone for powell from what some were calling neutral to now dovish. let me tell you what he said. the headline driving the gains we are seeing today was when he said the fed is closely monitoring implications of recent trade developments and that the fed will act as appropriate to sustain the expansion. there you have it. the fed will act to sustain the expansion. that's how investors are reading this. in fact, they are expecting rate cuts to come this year. they have more confidence in that expectation. now, take a look at this. futures pricing in a rate cut, 50% probability at the july meeting. there's a meeting with a presser june 18th and 19th but that may be too soon because remember, the fed said it will monitor trade tensions with china and also the tariffs the president has threatened against mexico for illegal border crossings as well. so powell also highlighting something else on rates and inflation i want to bring to your attention because the market is keying into this, too.

he said the proximity of interest rates to the essential lower bound has become the preeminent monetary policy challenge of our time. he also said my colleagues and i take seriously the risk of low inflation. basically, a low side surprise on inflation, if it were to persist, would bring uncomfortably closer to 0% interest rates is what the fed said. that would imply that if inflation dwrwould drop a few m tenths of a percent and stay there, this dovish tone, this willingness to cut. right now, investors generally across wall street are looking for two, like you said, maybe even three cuts this year. that may be a little aggressive. neil: jackie, thank you very, very much. meanwhile, the president was doubling down on this threat, tariff threat he has in place against mexico. mexico's finance minister is already here in this country preparing to meet with that delegation when they return. meantime, hillary vaughn is following this back and forth. reporter: well, senate republican leadership is really

having a hard time seeing eye-to-eye with the president. trump's decision to use tariffs as a tool to get mexico to crack down on illegal border crossings from mexico into the u.s. is really not sitting well with republicans in congress. senator chuck grassley says the move is really putting a wrench in their ability to get the usmca through congress. >> i think it's not a setback from the standpoint of how hard i'm going to work to get usmca passed so the president can have a big victory. i'm disgusted in several ways, not with the white house but there's some disagreement even among republicans whether resolution of disapproval would be appropriate. reporter: senator cornyn telling fox news he doesn't think congress can consider the usmca as long as we are in this trade fight with mexico. some in the gop are thinking about overriding the president's tariff threat by voting to block

the added tax on products coming from mexico. republicans are concerned that this ever-growing tariff could have catastrophic effects on consumers and companies and the u.s. economy as a whole. senator john kennedy says he talked with the president on sunday about this issue. >> my impression from talking to the president on sunday is that he is determined to go forward. honest opinion is that the short-term gain is not worth the long-term pain. now, he sees it differently. reporter: we also talked with senator lindsey graham who says he does agree, and other republicans agree there is a crisis on the border, but the opinion of those who are dissenting from this idea that tariffs should be used are saying taxing mexico into submission is not the way to fix the border. neil? neil: thank you very much. lot of folks are worried about this including walmart's ceo doug mcmillan who spoke to maria bartiromo this morning. take a listen. >> merchants for a long time now have been working on mitigation

plans as it relates to what's been happening with the conversations in china, the tariff impact there, and now as of late, this conversation around mexico. we certainly hope that these relationships, these negotiations, get resolved on both sides, whether it's here in the u.s. or mexico or china. we are having conversations to try and encourage that to happen. in mexico in particular, people may not know that a lot of our fresh trufruits and vegetables, like tomatoes and avocados, come across the border from mexico. those are particularly important to us. neil: if you think about it, walmart is in the direct firing line of all of this because not only the goods that are affected directly by what happens with china but for grocery stores and superstore centers they own, they are impacted even sooner. food has a sort of shelf life so that would be immediate, those tariffs. 5% may be at the start in just a few days, would be felt like instantly. we have "wall street journal" john bussey here, footwear

retailers of america president and ceo matt priess and susan li. the immediate issue is staggering here. with mexico it's not a delayed impact. it would be instantaneous. >> you mentioned groceries would be impacted, tequila even and mexican beer that we import here to the u.s. as hillary vaughn pointed out and as politicians have said, is the pain worth the long-term gain, at least in the white house's view, and i think at the end, let's not kid ourselves. consumers will feel the impact whether it's from china or mexico. but ultimately, does it get the white house what it wants. i think that's the question. how much can the economy sustain. neil: what do you think? >> over three-fourths of their exports go to the u.s. their economy depends on exports. some of these products cross the border multiple times, so 5%, back 5%, 5%, keeps going up. neil: as of now it's staggered, too.

>> yes, that's right. 5% the first month, then up to 25% in october. is the president going to get what he wants out of mexico. it's going to damage their economy. it will dislocate ours but it will damage the mexican economy and the peso is already down on the threat of this which actually offsets the tariff. so if it goes down 5%, the peso value, that cheapens their export costs, the cost of their exports, and it essentially makes up for the tariffs so it doesn't hurt them as much as the president wants. will he get tighter border restrictions, will he get the third country, safe third country proposal he wants which is come to mexico and stay there. that's the country of asylum, not the united states. mexico doesn't want to do that. neil: i just worry about using trade, we have gotten in this before, as a lever to address this. it would be if you don't like a country's climate change policies, stop trading with them. i think trade for trade, you know, is one thing.

this is something else. >> yeah. we are setting a bad precedent here because to your point, countries will see this as an opportunity to use these tactics against us and we are already starting to see that. in fact, as we look at mexico specifically, we bring in about half a billion dollars in footwear from mexico. to john's point, some of those are components to be used in domestic production here in the u.s. how are the mexicans going to retaliate on our exports? this report that came out today, 400,000 job losses just if it stays at 5% for a year, what will it be if it's 25%. neil: i also have to worry about the effects if this goes on much longer. this is meant to address what's happening at the border, yet the mexican president right now can talk about, you know, deportations have actually risen. we are trying to do our part. >> we are trying to do our part, but again, mexico can also make that argument as well. it's not us that's the problem, it's the immigrants that are coming from el salvador,

honduras and guatemala. how do we stop them. neil: their view has been you let them just sort of waltz through your country, then run up to our border and have done nothing to stop it. >> little bit of truth to that. the incoming president of mexico was going to be softer on immigration. that was his base supported that. after the president threatened to close the border in april, deportations from mexico back to central america rose to 15,000 from 9,000 the previous month. but longer term, here's the other thing, is that if the pressure, if the real game is china, and the pressure that the president wants to put on trade is with china to get china to change, and you are an american company and you are thinking of changing your supply chain as a result of the pressure on china, which is what the president wants to do, are you going to go to mexico now? i don't think so. it complicates the calculation -- >> but the mexican economy has been slowing down with the

leftist policies. let's not kid ourselves. you talk about china's economic pain. mexico has been not going through a thriving period itself. >> we have members who made the decision to move production out of china to mexico because they had a small seed there they were bringing in product, they are now going to pivot towards mexico and what happens? the rug gets yanked out. neil: you have republican senators who are saying we had a trade deal with mexico. you are ripping that one up and essentially compromising its passage. >> on the same day. neil: the canadians are concerned about that. they are still going through with ratification, i guess crossing their fingers. maybe on the other hand raising another one. >> it encourages hard liners in china. they say you make a deal with the united states -- neil: not a man of his word. >> usmca. guess what, the next week, you are going to get tariffs on your country anyway. all that's true. on the other hand, it's a migration problem.

what pressure can the u.s. bring to bear on mexico? maybe at the end of the day, it's the u.s. helps pay for tighter enforcement on the guatemala border. neil: you know, you said about pay for it, is this the president's way of getting mexico to pay for the wall? >> he's referenced this before, that he would use tariffs or some other kind of trade remedy, if you will, to help mexicans pay for the border but we would argue, americans pay these duties so again, we are back to paying for the wall. neil: i think it bears repeating, you have gotten into it a lot, this notion that governments don't pay. >> companies pay the tariffs. no, no, no, companies pay the tariffs. they decide how much they want to pass on to consumers and given the profitability driven capitalist markets, the companies usually pass it on. neil: food items, grocery items, that sort of thing, it's not the margin that would allow you to absorb even a 5% hike. certainly not the 25% hike if it gets that far. all bets are off after that. i'm wondering where this goes.

>> that's what we are all wondering. no idea what the landing zone is. >> if you have jerome powell saying we've got your back, like the markets are believing today, how far can they take it? >> which he has been pressuring jerome powell to do. maybe this is the way he pressured him to do these rate cuts. neil: that's a faustian pact. what happens, the federal reserve is already ready to cut rates if need be to address it. >> it's not mexico that's necessarily driving that alone. there are other indicators that the economy might be slowing. powell is saying that perhaps the bigger effect is on mexico. over a third of its gdp is based on exports. are we going to cause the mexican economy to slow down sufficiently that it increases the number of mexicans, not central americans, but mexicans who wish to cross the border into the united states. neil: the worse you make things economically the more they try to come here to find something better. guys, thank you all very, very

much. we are up about 435 points right now. interest rates are back up. 29 of the dow 30 issues are all up right now. save coca-cola. that's only fractional. those antitrust concerns we were talking about earlier, the big companies that are under fire from u.s. regulators from the justice department to the federal trade commission, including google and amazon, facebook and apple, they are all up for the time being. more after this. i'm working to make each day a little sweeter.

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plus, 0% interest for 48 months on most beds. only for a limited time. neil: all right. apple might be talking up the fact it is very much concerned about folks' privacy but that has not swayed some in the government that want to look at that company and other tech heavyweights that were under fire yesterday coming back today. gerri willis has an update from the new york stock exchange. gerri: that's right, apple attempting to take the high ground in the debate over privacy as big tech gets big scrutiny from regulators at the federal trade commission and the justice department. news of the probe sent the nasdaq into correction yesterday. today, apple stock looking at a comeback, up 2.8% after the company touted new privacy features from an anonymous log-in system and tools that prevent apps from tracking users' locations. the features unveiled at the annual worldwide developers conference yesterday in san jose. the new sign-in capability will

be a feature of apple's mobile operating system coming this fall, the ios 13. privacy concerns have become a rare area of agreement between congressional members on the left and the right. senator josh hawley, a republican, on monday sent a letter to apple's ceo tim cook asking for a do not track option for apple customers. whether apple's change to its operating system satisfies those concerns, unclear. de not respond to our request for comment. meanwhile, saying the company is not a monopoly but u.s. scrutiny of big tech is fair. this as an analyst says breaking up big tech could unlock additional value for investors. neil: thank you very much. let's get a read on all this with scott mcnealy. great to see you. what do you think of this? it seems like a concerted effort to go after american government

ents entities, to go after these tech giants. what do you think? >> you don't sue a skid row bum and you certainly don't want to antagonize tiny companies because they don't have lots of lobbying money and are not going to go -- this is opening the lobby door for donations for campaigns for a lot of bureaucrats and they are happy to have this thing drag on, because that means all of these four companies will have to ramp up their spending on bureaucrats and congresspeople over the next ten years. that's one thing that's going on. second thing is, everybody uses privacy, there's lots of issues. are consumers being hurt? a lot of the products are free. how is that hurtful? are they too big to fail? you know, i don't think anybody looks at them like a bank that's too big to fail. by the way, we have banks that are too big to fail, we don't do anything about them. is there predatory or collusion going on, i don't think facebook

is working in cahoots with amazon. i think they are competing pretty aggressively. you have to look at is there political bias. i don't know. probably if i take a conservative view, maybe my twitter account will shrink or i will get shadow banned or something. you know, i think the real issue here is antitrust is all about price fixing, you know, either at the high collusion or predatory pricing, or locking customers out in some way and you know, i don't see that happening except one area where there is incredible concentration of power and that's with google and facebook. in the digital ad space, where they have about two-thirds of the market, have been gaining share. everybody else has been losing share. all of a sudden amazon, who is eating the world, is actually this year expected to grow close to 10%, up to 10% of the digital ad. if there's anybody who has a beef, it's small, medium sized

and even large companies who want to promote their product in the digital ad space, there's very, very little choice there. you have to go facebook, you have to go google and now looks like you have to go amazon, which in many ways may compete with your products because they get to choose what brand is shipped when you want to order something. by the way, there has also been a huge margin increase for google and facebook in the digital ad space and the people on either end of it, the brand and the media companies are getting squeezed big-time. there's a lot going on here but i'm trying to figure out where consumers are getting hit by privacy. last thing i will say is that gdpr has become a way of imposing tariffs on u.s. monopolies by making it impossible for them to take their data from the u.s. and use that in other countries. it's fundamentally -- data is the new oil and you see gdpr as

a way of setting tariffs by the eu to stop facebook and google from encroaching on their geography. neil: you know what's interesting about that, when i was first reading about this sort of effort to rein in these guys, that it was coming from europe. then i discovered it's actually coming from us. you don't play territorial but these are american success stories, maybe some of them too big for their britches. i have concern that the government is the one to advocate breaking them up and how do you break them up. you think it will ever get to that stage? facebook particularly, google particularly have been mentioned of the four as the ones that have to worry. do you agree with that? >> yeah, well, there's lots involved here. i think the congressional folks love to have a threat because that does make it easier to raise campaign money to stay, that helps the incumbent congressional people stay in power.

neil: they have been boosting their spending in washington over the last year to prepare for this. i don't know what good it will do them. where do you see it ultimately going? >> i always, having read -- i did a piece on antitrust in college and i read the sherman antitrust act and i have always been curious as to why monopoly is a criminal act in the sense that we make all ceos motivated to go create, you know, market power and then we punish them for it or punish the shareholders for it by breaking up the company or fining them or whatever. the shareholders made a good ca call. so is the act of catching the bunny in a greyhound dog race something where you throw the dog in jail or fine the dog, or do you bronze them and put them on the steps of the commerce department for being, you know,

wonderful and competitive capitalist in the market economy. so it becomes a very very complex issue. if it's too big to fail, why aren't we breaking them up. if somebody does a really good job, do we really want to fine their shareholders or break their companies up. do we really havenwant to have government compensate the shareholders as opposed to punishing the shareholders when they need to break them up. i think the law is sort of perverse in that effect. neil: i don't think there's one politician in washington who is even thinking about shareholders. >> absolutely not. they don't think that way. by the way, when worried about privacy as i have said over and over and over again, i'm not worried about facebook having my data or amazon. i'm worried about the government having my data and doing bad things with it. and nobody, no bureaucrats are saying well, we're the problem. in fact, they are all screaming hey, look at the fire over there

when the house is burning in their own shop. neil: well said. scott, always good catching up with you. be well. >> thanks, neil. take care, buddy. neil: there's a lot going on with joe biden. he's got a $1.7 trillion climate plan but already liberals and those far to the left of him are saying not good enough. donna brazile says these attacks from the left on joe biden are simply unfair and will backfire. she's next. (ding) hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪

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science tells us that how we act or fail to act in the next 12 years will determine the very liveability of our planet, so today, i'm announcing my plan for clean energy revolution. it outlines what we have to do to meet this challenge head-on and how we're going to get there. neil: joe biden unveiling his own climate plan, $1.7 trillion plan he says would be paid for

by scrapping the president's tax cuts. many on the left say it isn't big enough, though. fox news contributor donna brazile on that and the reaction the vice president is getting, former vice president, from many in his own party. first, welcome. good to have you. what do you think of this? >> first of all, i think it's a great framework. it builds upon the green new deal but there's a lot more that the vice president has added with his plan. yes, the price tag is $1.7 trillion over ten years, but i think that's the price that we may have to pay to deal with the climate challenge that we know we are going to face over the next decade and the next century. neil, i think what you see on the democratic side, whether it's elizabeth warren or the vice president and many others, jay inslee, for example, governor of washington state, is that the democrats believe we have to address this challenge than we should not put it on the back burner. this should be a big issue for us and i think you are going to hear a lot more about it as we

get ready for the first series of debates. neil: you know what worries me, though, when i hear, you know, recommitting the u.s. to clean energy, that's fine, but then you know, refusing fossil fuel, you know, alternatives to these clean energy alternatives, when we have just because of our own energy production been able to minimize the impact of anything opec can do. so we would be killing and hurting ourselves, wouldn't we? >> well, clearly, i believe that the debate about fossil fuels and when we begin to make this transition from the fuels of the past into what i call the real emergent energy we see not just with wind and solar but we have an opportunity to really change -- neil: why can't you do it all? this is criticized by alexandria ocasio-cortez who says it doesn't do enough and that his

more moderate approach would be characterizing, her view, before his formal proposal, that it isn't aggressive enough. when i see tax cuts going away to pay for this and i see that you are not going to issue permits for oil and gas drilling, all of a sudden the one thing we have been able to do as a country, get our energy independence, you are squashing like a bug. >> look, we also have our production of natural gas has gone up and again, fossil fuels are a part of what i call our strategic framework now but what the vice president and many others, not just joe biden but many others are saying look, we have to look down the road to 2050, to 2060 and beyond. what they are saying is we can put this framework together that will continue to aid and strengthen our economy at the same time we can begin to address some of the serious issues that we know that are being -- neil: republicans look at that and say okay, to pay for this you are getting rid of the tax cuts. in a debate, the president could

say, assuming in your case, i know you want to see this, joe biden becomes the nominee, that wait a minute, you're going to raise people's taxes. >> look, i don't believe that we can fix our economy in terms of our long-term infrastructure needs, i don't believe that we are going to get to zero emissions by 2050 or beyond, without looking at some serious revenue. neil: he's scrapping it. how is that going to be received? >> well, you know, i'm not the vice president adviser on this. i don't know if he's going to scrap all of it or if he's going to scrap the tax cuts that have aided the rich and wealthy in this country. i'm not here to explain his philosophy. neil: all i got is he would end the tax cuts, presumably all, but let me ask you about that because this comes at a time when the back and forth with democrats and republicans on the whole mueller probe and everything else, you had said that russia is the reason

hillary clinton isn't president. in other words, are you saying that donald trump is an illegitimate president? >> i'm saying that russia played a role in 2016 and i say while there are other factors that also led to secretary clinton falling short of the 270 electoral votes, yes, i do believe that russia was a major factor in the debacle in 2016. neil: you said russia's the reason why she was denied the white house. so do you think that that fuels an impression that if not for russia, donald trump would never have gotten to the white house? >> you know, before he deleted the tweet he put out about russia's help, i do believe that the russians sought to help donald trump and to defeat hillary clinton. there were other factors that led to secretary clinton not getting 270 electoral votes. you know, neil, here's what i push back on. i push back on those who don't believe that the interference caused havoc and created chaos

and sowed discord. i push back on the notion that a foreign country that sought to influence the election, they should have been reported. i became chair of the democratic party for the second time in my life as a result of the hacking and i think it's time that we put our constitution, defend our democracy, ahead of partisan politics. what are we going to do next time? neil: we should both have our eyes on what happens in 2020, whether russia tries this again, they likely will. >> or some other nation, neil. neil: you are a powerful person in the democratic party. when you are all but saying if not for russia, hillary clinton would be in the white house, that addresses nothing but her lousy campaign and refusal to go to these big manufacturing states, right? >> can i say something? when i talk, i speak for myself. i don't need you or anyone else to interpret what i said. i said -- neil: no, no, i'm quoting you. donna, i'm quoting you.

>> no, no. neil: russia is the reason hillary clinton isn't president. >> i do believe that russia is one of the major factors why she's not in the white house but there are other mitigating factors and i said that as well. uc unfortunately, some people take the period in and not the comma which i continued when i had that interview on saturday. neil: all right. so you are saying now that regardless of your concerns about russia or anything, do you, because i talk to some democrats on this show who do not think that donald trump is legitimately elected president of the united states. it's amazing to me. do you believe that? >> neil, let me say something. you know, i have worked on a lot of campaigns and i accept the fact that donald trump is the president of the united states. i'm not litigating what happened in 2016. what i do believe is that if we don't work today to protect our elections, we are going to have another repeat of 2016. yes, when a foreign country comes to help your campaign, you should report it and not have more than 100 contacts with a

hostile foreign nation just because you want to get the quote unquote, dirt. if you want dirt, go to home depot and lowe's and buy it by the 40-pound bags that i do. but don't utilize that information to sow discord, create chaos and false political narratives which i do believe hurt hillary clinton's ability to get her message out. all we kept talking about, what the russians wanted us to talk about in the closing days of the 2016 campaign. neil: real quick, joe biden, still your bet he will be the nominee? >> i don't know. we got 23 candidates. we are a long way from the iowa caucus, about 240 some odd days. let's see what the american people decide before you get a pundit like me to make my prediction. tell you what i will do. i will stir it up, i'm going to enjoy my time here on fox news and when time permits, i'm going out there and help with voter registration campaigns, encourage a new generation of americans to take their seats at the table. neil: donna brazile, a pleasure. thank you very much.

>> always an honor, neil. thank you. neil: there has been another data breach, this time a company that draws blood. after this. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills?

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neil: all right. now yet another example of data that gets into the wrong hands and this time, not a retailer but quest diagnostics, the blood retrieving folks saying that better than 11.9 million customers had their data compromised. cybersecurity expert, founder of cyberscout joins us now. what do we know about this? >> thanks for inviting me. what we know is it's close to 12 million people. we know that it was a vendor of a vendor so this was a bill collection company that was working for a vendor of quest that had medical information, social security information,

financial information and possibly other personal information, contact information for consumers, patients of quest. neil: let me ask you, when you have incidents like we hear about millions of people's records compromised, involving countless retailers and online concerns, whathave you, what percentage of those do you think were genuinely victims of material that got into the wrong hands and was stolen? in other words, used for nefarious purposes? >> it really depends on the kind of breach, the kind of data that's there, whether that data is also being used by scammers and identity thieves to launch additional phishing attacks to get more data on people. but it's not a massive percentage of people but here's the thing. unlike credit card information, you make a phone call, change a number, when you are talking about social security information, social security numbers, this is the gift that keeps on giving. you don't really have to use it

immediately. you can use it at your leisure. simply because the only expiration date on a social security number is your expiration date and even then, we have cases where social security numbers have been in play long after somebody has passed away. neil: what do you do? if you learn you are one of those customers, what do you do? >> i think you have to assume, we are living in a world where breaches have become the third certainty in life. i think you have to assume that your information is out there and you need to really seriously protect yourself. there are those who will wait to be notified by quest that they won the quest breach lottery, but the truth of the matter is, we should all operate as if we already are in that lottery, whether it was quest or the health insurance companies that have been breached over the years, or equifax or government agencies that have been breached. the list goes on and on. you have to adopt the 3 ms.

minimize your risk of exposure, reduce your attackable surface. not easy in a world with ten billion internet of things devices tracking you. you need to monitor effectively and you have to manage the damage. in a case like quest, first, you should put fraud alerts on your credit files. you can contact one agency, they will give it to the other two. secondly, you should seriously consider freezing your credit so that no one including you can gain access to your credit for purposes of opening an account unless that is fraud. you should be checking your credit reports. you should be tracking your credit scores in the event they take a sudden precipitous drop you can't explain. you should be signing up for what's called transactional monitoring alerts which are free from financial services providers, credit card companies and banks that notify you any time there's activity in your account. when you are talking about health related information, you should be reading the

explanation of benefits statements that you get from your health insurers just to make sure that you are the person that had the exam or had the treatment. and the last and important thing, the third m is managing the damage. a lot of people don't understand that many insurance organizations, financial services organizations, even employers today, have a program to help you through an identity incident and it may be free as a perk of your relationship or it may be deeply discounted. neil: you ought to utilize it, right? >> absolutely. neil: thank you. all good advice. adam levine, chair of cybersecurity, privacy and fraud expert. thank you, my friend. well, the federal reserve seems to be telegraphing a rate cut, maybe two, could be coming by the end of the year. maria bartiromo wrapping up an interview with bank of america ceo brian moynihan who isn't quite buying it.

maria: -- your gut, will the fed cut rates this year? what does your gut tell you? >> i don't think they will. maria: you don't think they will? >> unless something goes really wrong, i think the economy is stronger than people think. neil: all right. bank of america ceo saying he doesn't see it happening even though right now, the betting is 95% plus that we will see at least one rate cut by the end of the year. let's go to sean o'hara on that. what did you make of what mr. moynihan was saying? i don't see it happening? >> i think the critical thing that he said is unless something bad happens, and i think that's what's going on in the market today. it's a really simple equation. it's possibility of a trade deal plus a more accommodative fed equals market up. no trade or more tariffs and the fed continuing their path of increasing rates, market goes down. i think that's where we sit today. i thought what was most fascinating about the comments out of the fed was they are almost backing trump by saying if the trade things go longer

than everybody expects, we are going to be here to pick up some of the slack. neil: yeah. i was thinking of that myself. i'm glad you said it because you just put it and framed it nicely. i'm wondering, too, if it would all be driven by trade, whether there are other signs that the fed might be looking at that it's just not pointing to. >> well, i think they have to be looking at some of the slowing. look, all this noise, all this up and down in the stock market the last month or so is really based not on today's data but what's going to happen to the data down the road. are we going to have slowing earnings, are we going to have slower growth. neil: you think we are? you think we are? >> i think if we continue on the path that we are on these trade deals and these negotiations drag on, it has to have an effect. you are starting to see some of that. i think that's why the markets are sort of getting into this little volatility spell, if you will, the hissy fit the market's had the last five or six weeks. the fundamentals are still really solid. but the market doesn't really price itself based on what's happening this very second.

it's trying to look down the road and see where things are. that's what's really causing the problem. look at a name like micron technology. we love the technology sector because they have lots of free cash flow but it's mostly the chip makers. micron is up 6% today. nothing happened to micron today other than we had a nice comment out of china saying the two sides can get together, maybe we can make a deal and we had the comment from the fed saying we are willing to be accommodative if we need to. neil: china also announced it's ramping up its own chip industry. that little half empty glass news was ignored. always good catching up. sean, thank you very, very much. >> thank you so much, neil. neil: we are following a lot of developments here. if that is a worry going forward, it is not a worry at the corner of wall and broad right now. 28 of the dow 30 stocks are all up, including those that would be in harm's way if we slip into recession, which apparently is less likely now given the fact that the federal reserve is saying it's prepared to react as

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neil: you know, it's uncanny, you have an uptick in the stock market and i can bet you a dollar to a doughnut or an oil

rig you will see oil prices move up under the belief the economy will avoid a slowdown or worse. the fact of the matter is that crude prices have been tumbling of late. now, the question is whether you are going to see that or experience that at the pump this summer. let's go to stephen short. what do you think? >> well, absolutely, we will see any transition over to retail prices. there is historically about a two cent correlation to the dollar move in oil so for every $1 that oil prices move, up or down, you will get a 2 cent up or down movement in gasoline prices at the pump a few weeks hence. certainly with the 20% selloff that we saw since april, you will, in fact we have already begun to see aaa prices have been coming down over the last couple of weeks so as we go into the meat of the summer driving season, perhaps we dodged a bullet and we already might have seen gasoline prices peak for the year. neil: so americans are traveling

especially on memorial day weekend, record numbers, lot of them in gas-guzzling vehicles, maybe not as gas-guzzling as they were years ago. they don't seem deterred one way or the other. is that going to remain the case? >> absolutely. what we have seen now in the past, for instance, when we had the great runup in price ten years ago, the inflection point at the pump is $3.30 on a national average and above. certainly when you get to $3.50, $3.60 on a national average which is what we saw in 2007-2008, that's when you start to see a significant impact in demand, that consumers absolutely change their behavior. to your point, it's even more elasticity has eroded even more for the demand because it's ten years hence and we have a lot more priuses, teslas and electric hybrids on the road so certainly the consumer can withstand prices. when we adjust everything for inflation, even at a $3 average which is where we peaked a

couple weeks ago, that is significantly below what was experienced in the recent past. so it has no real impact on demand at this point. neil: to your point, these vehicles might still guzzle gas, some of them, but not nearly as much as they used to. i'm not saying they are fuel efficient but more efficient. >> oh, it's crazy. i had an suv, a big old tank ten years ago and it was $100 a week to fill that beast up. i got 330 miles to the tank. i have an suv, electric hybrid, i'm getting 1100 miles to a tank of gas. so the impact on demand from that standpoint has been significant and we are only going in one direction in that regard. neil: all right. steve, thank you very much. all i know is my wife says when i'm not in our suv, the gas efficiency shoots up. i don't know what comment she was making there. we have a lot more coming up

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neil: we continue to soar. the dow up at session highs. when you are 10% or more from mice highs in that case reached on april 30th. we're in more comfortable

trading zone. all this on the belief that the federal reserve as president's back, if it turns into a slow down or worse, a recession. that depends on perspective of those looking at t could signal a slowdown. to charles payne. charles: neil, powell is promising never to see another recession. i don't think he wants to us have one ever again, i really don't. neil: something to that. charles: we'll definitely discuss it, neil. i'm charles payne. this is "making money." stocks posting huge pains as fed chairman jerome powell not only opens the. down verial tools could be here with potential money printing on steroids. mexican officials are here in the u.s. negotiating. they are confident a deal will be done before that june 10thin