from here. jack: thank you for that, i am still worried i don't know interesting outfit but great idea, to read more check out this week's edition of barron's.com don't forget to follow us at barron's online. that is all for us, be healthy, where your mask, it's okayssssss >> from the fox studio in new york city this is "maria bartiromo wall street". maria: happy we can welcome to the program that analyzes the week that was in position you for the week ahead i am maria bartiromo insulation hitting wall street as jobless claims dropped to a new pandemic lot we are getting a read on the economy from cornerstone cofounder and chief economist nancy lazar coming up in my fox business exclusive interview with bank of america chairman and ceo ryan coming up later

from private equity to public office i'll be speaking with the head of the carlyle group on his primary victory, his run for virginia governor and the big endorsement he scored from former president trump let's get a look back at the moments of the week with top newsmakers with "mornings with maria" and this edition of the week stalkers. maria: what do you think is the reason for the weaker than expected jobs number on friday. >> i don't care ask anybody that's working at a business, i'm not talking to the people that aren't working because able to get the very generous on appointment benefits. maria: will they be able to make the $300 per minute. >> people are not returning to work because they say we can make more money staying home and then doing odd jobs and getting cash. maria: you have a business background and you're ready to take that to fix new york. >> i have a platform that rests

on three pillars, the economy which is the largest most inclusive economic comeback in the history of new york city, 500,000 jobs, go big, small go forward, fixing infrastructure focusing on small businesses and making sure that we invest in the future. maria: it was a wild week for stocks as new data shows consumer and producer prices are actually surging faster than expected joining me too talk about the macro story cornerstone macro chief economist nancy lazar, it's great to see you this weekend thank you for being here, what did you make of the higher-than-expected consumer price index as well as the ppi producer price index, is inflation changing your expectation for the broad macro story for the economy? >> what these numbers really highlight is the economy is very strong in what you have is

demand is much greater than supply the demand is turning on much faster than supply is turning on ie production so they inspected inflation to pick up quite frankly was higher than what we expected in april, why was that, in part because consumers can afford it they have a boatload of income, it's been very strong in a lot of the physical stimulus in the job market is strong boosting core income, for now the strength that we've seen in prices is not changing the economic landscape of the retail we saw this morning opens the door that it could cripple consumer spending a little bit more than i would've expected, what we need to see is the supply side of the economy to ratchet up quickly to change the price increases. maria: look at the commodities lumber is not part of the consumer price index, nancy.

but lumber prices are up 336% just over the last year if you look at something like corn which is used to make all sorts of stuff that is up 120% year-over-year while were not seeing these outsize moves throughout the commodity spectrum, we are seeing them in important commodities, lumber used to make homes and make things much more expensive for building a home these days. >> what kobe did was pull forward housing demand in 2020 continuing to 2021, what the data shows lumber production is starting to catch up with any orders for lumber and hopefully over the next six months you can see the pressure ease but it's a beautiful example of how covid poured untroubled forwarding production could not keep up but now you see lumber production picking up, it is showing up in

the gdp price inflator, but you did see in the first quarter with a residential construction price index did jump a lot and that was driven by the price of homes, the consumers are having to pay higher prices for homes as a result of a result of that. it's a great place on a weekly basis to see if production is starting to catch up with new orders and were getting there the inventory around the country are very, very low in many, many sectors and that is putting upward pressure on prices so after you get or as you get the inventory rebuild there will be another booster shot to the economy and maybe by the back half you can see the price increases start to moderate. maria: i was worried when i saw the retail sales number for april that was flat we were expecting a 1% gain i want to get to china but did the retail sales number tell you anything about what consumers did in

april? >> we have to remember the retail sales report does not include all the services that includes restaurants, restaurant sales were stronger this report that was overshadowed by weakness in particular general merchandise and clothing autos were robust but what will see in the consumer spending is what the hotels and airline travels but they were particular robust on foot traffic data and this is an overall consumer spending but it is a reminder that indeed the price increases could crimp spending or than i originally expected but with the job strength that we see with claims that you mentioned that should also help support consumer spending in the second quarter into the third quarter. maria: nancy i love your recent report on china you call it beijing heavy hand pressuring u.s. multinationals not just chinese comedies. you point to what's gone on with

the anti-group and how the chinese communist party is trying to control the ants group consumer lending data, what does that mean for multinationals who are getting geared up to set up shop in china with the ccp running the country, does that make growth lower than your expected for these committees? >> multinational have been shifting to china for 20 years and we would argue that that momentum support for multinational is quite frankly over, really two reasons china growth trajectory shifting down because they want us to ship down and they understand the demographics and don't want to crate more access and importantly they want more control or tickly over data not only with ant but we've seen that with tesla and the car industry in general. three they really are anti-american there much more

focused on by chinese just like we want to buy american we want to buy chinese they want to support their own domestic product, i think multinationals have to tread very lightly and look at china very differently and don't expect past returns to equal future return, from beijing's heavy hand, slower growth in the by chinese montero. maria: nancy lazar, after transforming companies after an equity giant glenn youngkin is aiming to transform virginia as a publican nominee for governor. hotel is coming up. bank of america with unique perspective and how much perspective and how much americans are spending, saving

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maria: welcome back bank of america with its finger on the pulse of consumers and small business, i spoke with chairman and ceo brian moynihan in a fox business exclusive. i asked where things stand in terms of our economic recovery

in getting back to normal. >> the economy expected to grow 7% in the united states and predicting the second quarter of double-digit 10%, using consumer spending from 18 or 19%, over 2019, step back and think about that, more spending than was going on, 20% and growing at a faster rate even if you analyze red and utilize that permits growing at a faster rate from 1e u.s. economy, on top of that as we look at the stimulus p sayme t 3 m 3 and a a a lot lot ootf gett bactt iaciety s i s iher open that ishat is g news, m n ccinatiocc see tha see thatngupt stictimistbout 2st1 b1ey for uniteetes andtes a a gl ie can we can getheest of th thorldthai outd a a e see economy rery,ov g has j beenee okay, nmal

evenit exponss. lastla yyhe wyereome spent the rest of your operating well in operating those in business and those that can operate a separate story, held true because of our responsible growth, we came into year-end and loans felt in the first corner but as with their generally, february march they stabilize and grow the little bit, we see that modestly continued to april into may, that is good news, one of the things that we like to see is our pipelines are up and origination activity in customers doing things, we like to see they're not paying off their lines, their starting to borrow a little bit more and stabilize me neither using the money to buy equipment and pay more employees, that bodes well as the economy picks up, the final demand and consumer spending in the large economy with diversity is going to drive

activity and that's with good news, were seen an appointment continue to come down and you see the jobs not as big as we wanted them in april, still solidly positive and we feel good about it. maria: any thoughts on the differences across the country, you've got 90% of revenue coming from america in the bank, what are you seeing about the state center open, the state center little more closed and when you see all that money coming in to your deposit base, what are people doing with that stimulus payment in your view. >> if you look on the loan side expression credit cards people paid off their credit cards and we went from $90 billion to 75 or 80 now, that was a map until massive paydown of debt which people have the cash and can do it that's good news. we have a group of u.s. citizens that are still unemployed is still struggling with to get

back to work and get going but when you look at your question on how do we sit across the country what would have been different earlier in the first quarter yet differences due to who is more open or not, we see that smooth out and being in new york city this we can use the activity pickup. i say states in massachusetts and you see things opening up, restaurants kicking back up as the weather gets better you can eat outside and activities, were seen that smooth out obviously florida and texas are ahead because they opened up faster. maria: what about industries, tell me about lending to small businesses, are you seen some of the industries that were hard hit i'm talking about hotels and motels and restaurants begin to come out of it? >> we put out our small business semiannual survey that we put out yesterday and small business are more optimistic they have been for a long time going back to 17 and 18 after tax reform, that is good a lot of them

expect to hire people in the struggling to find people, that is good news our small business loan balance in production is as high as it was in 19 as terms of units being done we have to grow them back, that is good news, small business are out there borrowing, those restaurants and other items that couldn't get open are just opening and opening fully and you see it come along. the good news where we would've seen the credit" pictures travel expending down is down into the 20 - 30%. maria: i want to get your take on the stimulus and the rock-bottom interest-rate from the federal reserve and what that means for inflation. where are you expecting price increases in price and power in this economy. >> you can see in steel, lumber, people in the construction industry seen one or two or three times price increase over the last several months, you see it in like resin to make

products in the shortage there and it comes out of texas and the weather slows down and hasn't recovered. we gotta get the ports back on stream and a lot of discussion about the suez canal, the u.s. needs to get fully operation and that will help the goods come in and help the economy in the united states. all of that has got to get done, the real question on the table that you talk about with a lot of your guest in the same person is inflation question in 150, prices are going up and whether they quit going up when supply chain and other things that disrupt to get back to normal in the next several months on both sides of our company is positioned well no matter what in my personal view we have to be careful inflation does not get ahead of us and the fed is going to be diligent on that respect also. maria: technology in your

digital banking platform during covid-19 active digital users during the first quarter, higher than the last year. >> we see over half of our sales are digital we had 2 billion digital interactions in a quarter it's a massive program, our program has massive amounts of money transfer going through each quarter last quarter was 17 million air company which is a digital assistant you can talk to and it'll do your banking has tens of millions of users and continues to grow wildly but what's been interesting in the pandemic you see that go across business into the commercial business and wealth management business, they are adopting paperless digital interface, air cut in the private bank is up massively year-over-year. maria: you were told at the beginning of the pandemic no dividend increases, i know were

coming up to. where you'll be able to loosen that up, are you expecting bofa to raise its dividend in the third quarter? >> as soon as we get to the stress test which is in the process i'm sure we will in the new world coming we inspect to increase her dividend and share buyback, frankly it is simple were making good money, doing a great job for our customers integrate jumper society and therefore our shareholders on a benefit. that's what we'll do. maria: thanks to bank of america chairman and ceo brian moynihan. chairman and ceo brian moynihan. incomparable design makes it beautiful. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $349 a month for 36 months.

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maria: welcome back carlyle group ceo glenn youngkin

security the nomination for virginia governor in a big and oarsmen from president trump and what this means to his campaign and more. >> we came out of the weekend incredibly strong, we had a ground flow of support across virginia which was humbling but incredibly encouraging, i'm ready to go to work our ability to lead and serve in the endorsement from the president earlier this week was something i'm very honored by but it reflects the fact that the republican party across virginia is coming together, is not just limited to the republican party i'm hearing from independents and democrats that virginia cannot afford a third term of the administration we have to get moving and put virginia back where she belongs as the best state in america to live in raise a family and a political outsider and very well-positioned to win in november and serve as governor starting next year.

maria: the energy industry critical to the growth in virginia, more then 50% of gas stations in virginia are out of gas, i want to get your take. >> one of the most amazing realities we have cyber threat in america we have to be awake for this, we were very focused on making sure that cyber defense and cyber integrity was at the core of a lot of our business strategy, we have to stay awake because we have adversaries trying to take down the infrastructure. it is amazing to me because the administration and all of their friends have been so anti-pipeline and here we have single sourced failure in the mid atlantic, one pipeline, every time there's been a pipeline project it faces major major opposition, they canceled them, we cancel jobs and here we are getting ready to give up the greatest advantage we have earned as america over the

course of the last century which is to be energy independent and all of a sudden were saying we don't like pipelines and this is what it shows single sourced failure like this and prices go from 250 - 280 to over $4 and we have 50% of our gas stations in virginia without gas, what does this mean for our economy, were trying to come out of this economy and come out of this pandemic and we all of a sudden can't have delivery trucks we have fuel shortages at airports we have fuel shortages in all of our industry. maria: the economic policy that were hearing about the answer to what you're talking about employment in a slow economy has been thrown money at the problem, all of the stimulus is causing inflation, your thoughts on the higher taxes that are coming, is there anything that you could do to stop the radical agenda runaway spending and skyhigh taxes? >> as governor all go back to

basics we will take down the cost of doing business we will reduce taxes and cutback regulation we are going to open a free enterprise and we are going to invest in creating a business climate in virginia where companies want to be here. these are the kinds of issues that we have to address going forward with a sound economic policy, not government spending and high taxes were going to see out of the administration and what the left liberal democrat friends have been telling us forever which is we have to spend a lot, taxing more and here is the first sign which is rising inflation in a flash in the economy. maria: my “cracked windshield” take 1. ♪ you say ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app. ♪ that makes me wanna say... ♪

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maria: welcome back another big show in the work next weekend tune into wall street every friday night at 9:00 p.m. eastern and this weekend i will

see you 10:00 a.m. on sunday morning on the fox news channel for "sunday morning features" we have the exclusive interviews with elise stefanik, john barrasso, devin nunes and former secretary of state mike pompeo all sunday at 10:00 a.m. life plus on fox business start smart every weekday from 6 - 9:00 a.m. eastern with mornings when maria on fox business, we hope you'll start your day with us every weekday, that will do it for us this weekend thank you for joining me have a great rest of the week i'll see you again next time. ♪ ♪ ♪. gerry: welcome to the wall street journal large. free at last let freedom ring, this was a week when our political monsters told us we can vitally dispense of the facemask. but only for been vaccinated. a grateful nation prepares to hug and kiss and shake cans again, now that we given permission to do so there's many questions about the coronavirus that are authorities decli