larry: thanks for watching no, ♪ ♪ from the fox studio in your "maria bartiromo wall street". maria: happy we can walk up to the program that analyzes the week that was in position you for the week ahead. get ready for $100-barrel oil president of hedge fund capital says crude will hit by the end of the year he is warning of a crisis in the next three years what will this mean for the economy and the price you are going to pay at the pump. we have job openings across the

country the restaurant industry hit with a one-two punch struggling to full gaps in the work force while food prices skyrocket. i'll be speaking with celebrity chef tom coming up. but first let's take a look back at some of the top. maria: what you want to say to kamala harris what should she be thinking about. >> the root cause of the southern border is water mullah el salvador and honduras is an american policy. maria: you do not like what is in the act. >> i can tell we are never going to defeat china by becoming more like china. were not a command-and-control economy. maria: do you think she wants the fed to take their foot off the accelerator and wants race to start moving up. >> you combine fast growth with 12% of gdp, $2.4 trillion in

excess savings that consumers have you can have a massive surge in inflation and the fed to deal with it because the wait till they see it and then they have to slam their foot on the brake. maria: this is were marketed the week and record highs for the s&p 500 despite data showing consumer prices jumping the most sensitive recession of 2008, joining me now the ever core vice chairman and chairman of ever core isi ed hindman. it's great to have you this weekend thank you so much for being here your thoughts on the macro story as you see it knowing that we saw the big hike in cpi numbers. >> first thing in the economy i would say it's pretty much booming we have surveyed companies every week as very strong in the pmi was 68

unemployment claims coming down. then you have monetary policy and reopening and a global rebound and exit savings in stock prices going up housing prices going up, you get the picture. as a result inflation is going up and i think it'll be worse than expected it will last longer than expected but i do think it'll come down in 2023 and i don't think between there and here is going to get out of hand it is just going to be well above two probably in three or 4% range. maria: what will that do for growth and what your outlook on the macro story right now and estimate for gdp 2021. >> and very high compared to the consensus basically almost 10% growth for this year, 10% in the

second quarter, 10% the third quarter and it starts to slow six in the fourth quarter and next year i'm a most happy to say it will slow were using for, maybe three with the physical clip but a decent year and the most important thing from the equity market point of view the earnings are explosive and they will stay strong this year end have a nice year next year, keep in mind inflation we talk about it from the federal reserve point of view for example is a negative but for companies or individuals if you can get a pay increase, that is a good thing home depot could raise prices, microsoft could raise prices, apple, that is a good thing. the increase in prices is why earnings are so explosive and to

the extent we just pick up that's going to be a lift for consumer spending which is already doing pretty well. maria: the growth and innovation continues in america look at biogenic the stocks surged after the fda gave the approval of the alzheimer's drug first-timers cnl timers drug slow the progression into decades, what do you think this is about innovation, growth in this country i guess i'm good to get your take if you're expecting a great backdrop do you want to invest in those companies that are closely tied to the economic recovery. >> i also like innovation plays as well but there's a real bum boom going on in healthcare in one of the reasons there is money the intern at the industry. so there is so many chances to come up with something new and that could be not just in

healthcare, can be in other sectors as well. i think there's a chance that we could get into a new era in 22, 23 and already there has been a much bigger increase in gdp than employment, deployment is down 8 million, but gdp is above the prior peak. we have learned how to cope with her situation more efficiently in the pandemic was a catalyst for doing that and i have a huge amount of liquidity working through the system doing technology things and i'm in the neighborhood that could use attention so i'm hoping they keep coming up with breakthroughs. maria: absolutely and me as well it's great to see you this weekend, thank you very much for joining us with your perspective on wall street.

we will see you soon, a return to $100 oil by the end of the year capital president david towel wording of a crisis on the horizon and the forces behind this what it'll mean for the economy and report folio. also coming up with tom colegio with a desperate situation restaurants are faced with with extreme worker (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that. “cracked windshield” take 1.

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what do you believe the forces will be to push oil prices back up to $100 a barrel? >> were gonna have massive demand and supply coming down, just as morning three headlines that are really important first of all the ie eight expects global consumption of oil to fully recover by next year, second china is no longer subsidizing and projects therefore seem rapid communities and oil to profit and lastly boeing announced it's able to unload all the 737 max planes that they have on hand and they cancel because of the rebound in travel they are able to sell those. maria: this is really important headline that you refer to any thoughts on the biden administration easing sanctions on a handful of iranian individuals and companies and

what that would mean in terms of the oil story. >> the tower of oil is slipping away from democratic societies it is been fully shifted to those societies that are largely comprising opec, i think it's going to be a political issue, not only economic issue within the next three to five years. maria: what is the impact a lot of people look at a moving oil higher as a negative for the economy, obviously is making things more expensive for consumers who are driving, it also indicates that we are going to see some inflation in the oil patch and give us your expectation of the impact we just heard from gdp growth all the way up to 10% in 2021 does $100 oil change that?

>> i don't know if it changes it were in the commodity super cycle generally we see prices of other commodities i think lumber has been the hottest story in terms of price increase i don't know how much is going to dampen growth but certainly in a massive inflation and when it comes to oil it's important to understand one of the most overshadowed stories of the covid pandemic which was environmental and climate change related pressure that has come to bear on oil and gas companies independent ones like shell and exxon and even sovereign control companies as well out of norway. there is going to be a major pullback in the production of oil. maria: i also want to get your take on allocating capital within the energy space do you want to buy big oil or sell big oil or do you want to, as you

see 100-dollar oil by the drilling company, there is so many options with an energy. >> having been around oil for a really long time you think the sector is going to do well just by the commodity. maria: you're also the president of crypto fund approaching capital. let's talk crypto in the senate hearing this week elizabeth warren slammed crypto currency, listen to this. >> crypto currency is a lousy way to buy and sell things unlike the dollar their value fluctuates wildly depending on speculative day traders, crypto world currently has no consumer protection, none, as a result as investors people try to put aside savings are at the mercy of fraudsters. maria: it's like regulation is coming big time to crypto, your

thoughts on what you just heard. >> with respect to senator warren, first of all the comments being made are uneducated, be extremely focused on the very, very small piece of the entire crypto sector, just unpack those. the amount of nefarious activity with crypto currency hales in comparison with nefarious activity that happens and if she is advocating and we start printing money and that we finally respect it will go down massively and i don't think it a 100% shift the crypto, with respect to protecting investors from fraud the overwhelming majority of what happened is not fraudulent, it is investable and as a matter-of-fact bitcoin itself is a value and i agree

that may not be the best way to purchase items and most people in the universe. maria: on crypto and energy, we will see you soon. job openings are hitting a record 9.3 million as employers scramble to find workers to find those jobs. the shaft and owner of hospitality tom colicchio is here he led the charge for covid relief and now using another desperate challenge. that is voiceover: riders. wanderers on the road of life. the journey is why they ride. when the road is all you need, there is no destination. uh, i-i'm actually just going to get an iced coffee. well, she may have a destination this one time, but usually -- no, i-i usually have a destination. yeah, but most of the time, her destination is freedom.

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xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. maria: welcome back a record number of unfilled jobs in the u.s. in the month of may was small businesses reporting 48%

nearly half of the workforce is hitting the restaurant business particularly hard. >> we have 25, 30 people apply for a job a month and now we get 0, maybe two or three the past few months, that is it. >> we have right now in place $1000 signing bonus in doing anything we can to get more people. maria: it's pretty incredible joining me not to talk about it is chef and owner of crafton hospitality, it's great to have you this weekend, you been leading this fight for restaurants to get covid relief now they're getting hit hard by the worker shortage let's go through the issues in the restaurant industry today. >> thank you for having me it's good to see you again. things are opening up, as we see

more vaccinations people feel it's safe to go out, but we are still struggling were not at 100% not close to 100% on the labor side it is difficult to find staff and for multiple reasons number one a lot of workers left the industry they decided when they got laid off they wanted to find something more stable also some people are concerned about coming back because they're afraid if they come back maybe the only get two or three shifts, as you know a lot of women left the industry because there is no childcare and there is no school and heading into the summer is even worse. obviously there's a lot of stimulus money out there and some people have extra time to find a different job, a lot of people who change careers and came to the restaurant went back to their normal or their prior job, there's a lot of reasons

why there is a shortage, obviously our industry for a long time we've been able to track people for little money, that is changing the chefs and cooks are realizing that they are skilled workers and they should get paid more. but even then i am offering 18, $20 an hour for someone whose experience in the restaurant and still struggling to find people, the other thing in the city a lot of our workers went back home to live with her parents and a lot of people are in the hamptons and the beach areas, there is a lot of reasons, not just assuming us. maria: you got successfully money from government and the $60 billion, it was lower than industry wanted, what do you need now to see and into this or to get back on track where we

were before the pandemic. >> we had asked the independent core laotian restaurant asked for $120 billion and we received 28.6 billion and we were grateful to receive something. but we blew through that very quickly in the early application within the first two weeks of money was gone. i know there is bipartisan support, bill working its way through the house and the senate and the senate is sponsored by republican from mississippi, christian cinema from arizona and i believe representative kennedy, i think they're working through in the house to a bipartisan support with additional $60 billion and keep in mind restaurants are busier now but two or three months of revenue for 15 months of no revenue and in my case my landlord worked with me but i still owed the money so they

dropped my rent during the pandemic but i still owed them that wage, they're not getting rid of it they're just cutting me a break for a short time we have a long way to go in the restaurant industry and we still need help. maria: i'm glad you mentioned the rent situation, landlords in the beginning of this pandemic were making a lot of concessions, they were easier but that is old news at this point, now the rent has to be paid and they are pressuring those businesses, small businesses to pay up, you also have the issue of inflation, how much are you seeing price increases for underlying food commodities because we see on the consumer level what kind of increase are you expecting and do you see a producer level and are you passing it on to

consumers by having to raise prices? >> were gonna have to, inflation is here and a question of whether or not it's a short-term inflationary time that were going through weather is going to be long-lived we are seeing prices go up, it is interesting were gonna have to raise prices, we see beef skyrocketing because grain is more expensive but the dbs attack, it's one of the largest meat suppliers, we see me go up and prices go up, a lot of the small farmers that we work with they did not plant because they weren't sure if restaurants are opening up. that market is really tight we see labor go up and we have to past those costs on there is no way around it, chipotle raise prices by 4% citing and increase wages and goods. we are seen across the board. maria: that is exactly right on chipotle, great to catch up with you we will check in again soon

to get the fate of the business, great to see you. >> you too, thinking. maria: tom colicchio joining us. don't go anywhere more wall street joining us right after this. ♪ ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands. allstate click or call to switch today. [sfx: thunder rumbles] [sfx: rainstorm]

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maria: welcome back another big program for next week and, tune into wall street every friday night at 9:00 p.m. eastern and we will see you then plus on fox news joined me 10:00 a.m. on the fox news channel for "sunday morning features" of interviews afforded governor ron desantis, national border patrol council brandon judd, congressman jim jordan and sherry markson from the weekend australian newspaper, she's been breaking

lots of news on the carpet cover-up joining me sunday live on fox news plus on fox business start smart every weekday from h "mornings with maria" we hope you will begin your day with us on fox business, that will do it for now thank you for watching will see you next time. ♪ ♪ ♪. gerry: welcome to the wall street journal large president joe biden with the first in-person global leader summit meeting since the pandemic is 16 months ago, to demonstrate to the world that america is back, whatever that means, what kind of america what he tells fellow g7 leaders that is a administration wants to bow the coalition to defend the values on which america was