month, and a year ago a whole buck less than that, david. david: unbelievable. >> reporter:, so, yeah, people don't seem to be deterred though. they're still traveling and cooking out, but you are paying more. david: grady, thank you so much. have a wonderful weekend. that does it for us on "fox business tonight. " have a wonderful independence day >> from the fox studio in new york city this is "maria bartiromo wall street". maria: happy weekend and welcome to the program analyzes the week that was in position you for the week ahead, i am maria bartiromo happy independence day weekend were at the halfway mark, the s&p 500 and the nasdaq hitting record highs this week at as wall street wrapped up strong first half of 2021. i'll be speaking with don peebles as you weigh in on the outlook for the rest of the

year, plus the chinese communist party celebrates 100 years of rule this weekend, president xi's impeding make it a defiant speech promising you will never allow anyone to bully his country china expert doctor jonathan ward is with us. republicans have their own hearing on the origin of covid-19 in response to democrats who refuse to investigate or participate in the hearing kentucky congressman oversight committee ranking member james kober will tell us what they found out. first the economy and interest-rate i spoke with the president of the st. louis federal reserve who is worried about the trends he is seen in housing. >> i think we are in a much better position than we might've expected six month ago coming out of this pandemic and were getting bottlenecks and inflation concerns and were

gonna have to be attentive to those concerns. maria: what is your sense of where we are in terms of the energy market do you worried that the price of oil rising some expectations have been up to $100 a bale under barrel does not serve as a slowdown of economic growth year-over-year? >> i would encourage everyone to look at the oil marker as a brand motor of oil demand and went happening you're bringing the pandemic under control certainly in the u.s., probably first in other countries later and that's ramping up demand across the world so your scene that reflected in oil price. maria: may not oil, i wonder how closely you're watching that in the whole inflationary picture, we heard from you and your colleagues now a couple of times on inflation and i know that policymakers are split over how severe it is most say it's

temporary, your take on this what causes one to believe that the spike in inflation are just transitory why would they just be temporary. >> i think part of it is temporary and certainly you have markets that are under a lot of pressure here i would say that the economy is not designed to be growing at 7% that is not the way the business community has set this up in their supply trade is very strange in the running out of product in certain places and what is the natural response to the market, prices go up in that circumstance, those are things, i don't think there is easy to fix as people think, i think were gonna seek continuing price pressure well into 2022 and i think the risk for policymakers

is that they are still upside risk to inflation although will have higher inflation this year, it could be higher than we anticipated and it could be higher than we anticipated next year we have to be ready for that situation. i think we got to change our mindset about how fast things are moving and how fast policymakers have to react to the situation. maria: the market appreciates the fact that the federal reserve has been more transparent speaking english about what's going on and there's a difference from the day i was covering alan greenspan at the wheel years ago and he was talking and he didn't know what he was saying but james, there's a real expectation that this conversation around tapering in a change in policy picks up speed around jackson hole and perhaps into 2022, tell me what

happened now in terms of the conversation are you expecting we will get more clarity in terms of the fed policy expectation later on in the summer when you have your meeting in jackson hole. >> would come a long way entrance. they and i would credit leadership of former chair on that and i think we could continue to do better on that not to mention but as far as this discussion, ideas we need to get moving booming housing market and it's not at all clear that we want to be feeding into into a housing bubble, we are really at a rapid pace of proof poetry produces they did economy that is growing 7% fully recovered. in certain gdp terms from the pre-pandemic level to the prepend a mic level, i think sooner is better on tapering.

i think markets are ready for, we have really good results coming out of this pandemic on our mandate and were going to continue to get good jobs reports. maria: any thoughts on how severe this housing boom has become. i think certainly homeownership and buying a home is getting harder and harder with prices moving up as anything feel like you see in 2006 right now? >> that is the concern, we really got burned by letting the housing market get out of control in the mid-2000 and he really came back to bite us and i don't think that we want to be as policymakers we don't want to be feeding into that or any process like that. something that you see are worrisome yet outside investors coming up and snapping of houses and they get their gonna flip up

or run amount and you got very limited supply, people are holding onto their houses and you have to shift in demand as people think the suburbs are a better option coming out of the pandemic than they thought before, lots of things are going on here, it is one thing to have a means got trading and were off scratching their heads about that to have the housing market be mispriced is very concerning because that's 40% of u.s. capital stock, that is really a fundamental piece of the economy as opposed to an individual stock. maria: joining me too talk about that the ceo of the people's corporation don peebles, it's great to have you, thank you very much you are the president of the st. louis federal reserve saying he's interested in watching these trends in housing and questioning whether we are

in bubble territory, how to use the? >> i think the last bubble territory we got into was based on loose credit, we have a tight credit market which is driving the boom and low interest rates and also extreme and balance in terms of supply versus demand, there is an insufficient amount of housing units to meet the man by 3.8 million units that's up 50% from 2019 pre-pandemic, that's what striving in the high barrier to entry for new housing starts in the supply constrained market letter generally the states like new york, and california. maria: how significant do you think of movement interest rates will be, what the federal reserve does get going, you heard him say we've gotta get going, the conversation is going to pick up next month at the

jackson hole conference what you expect in terms of a move up in mortgage rates and what does that do to the market. >> i don't think the mortgage rates will move much the hover around 3 - 3 to half% territory for the rest of 2021 and 2022 will see it and jump on rates slightly. maybe a quarter of a point or half a point. i think we have to be mindful that right now we have inflation going because there is an extreme shortage in production across the board manufacturing and housing stock. once america gets back to work and we end these unemployment enhanced benefits and compel people to get back to work the production is going to catch up with the man and then you get a better sense of where the economy is going to settle down, i hope that happens by the end of 2021 and then i think we have a clear outlook on inflation and a clear outlook on interest rates. maria: it makes a lot of sense,

it's great to see you, thank you so much for weighing in, we love your perspective as always, thank you's are. don peebles joining us on real estate, do people want to know the truth about the origins of covid-19 why won't they investigate or participate in hearing, what is chinese heinie, as it celebrates its 100 year anniversary, president xi's an ping warning other countries that china will bash the heads of anyone that tries to bully them i get reaction from china expert doctor jonathan ward is next. ♪♪ it started with an idea... and became a new tradition. ♪♪ this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.

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china will not allow sanctimonious preaching or bullion from foreign country saying this, anyone who dares try to do that will have their heads bashed blood he against the great wall of steel forged by over 1.4 billion chinese people. joining me now china expert and the author of china's vision of victory doctor jonathan ward, jonathan it's great to have you this weekend, your book laid all of this out china's vision of victory, give us your takeaways from the she's in pink speech in the celebration around 100 years of rule. >> yesterday was a great rejuvenation of the chinese nation that the catchphrase using throughout the entire thing make it absolutely clear that the central mission of the communist party of china is a great rejuvenation of the chinese nation, what that means is for china to become ultimately the dominant force on

the planet. the way that they see this, this is a language that is interesting they talk about the opium wars during the opium wars in the 1840s our civilization became dust, her people were humiliated, our country was humiliated, now we will never suffer that again in new china has been built in the symbolism he is using he standing there in tiananmen square and where they founded the people's republic of china and said the chinese people stood up and xi jinping again wearing the same clothing that he wears in the same location saying the chinese people have stood up, then he goes on as you pointed out to use this quote which was subscribed in the translation that the chinese language says the chinese people will know wait allow foreigners to come in a bully us, whoever vainly hopes to do this will bloodily break their heads on a steel grate wall built of the flesh and blood of 1.4 billion chinese people, these are the real

rhetoric that the party uses with its population on a regular basis and another thing we like to have an image of the communist party is separate and depressive and people wanting out of there, that is not true, many of these ideas are very popular in china, there is a huge persistent nationalism that goes on in the party itself is making the case to the chinese people that they can do this. maria: the whole world should worry that a communist nation being the dominant superpower, what does united states need to do to slow the progress down were talking about investing in chinese companies and whether there is a ban in place, so for any policy out of the biden of administration has had no teeth in terms of effectively pushing back on the ccp, what does the u.s. need to do? >> we need to get your bankers out of china, let's start with that people should worry about

china, they should worry about the crimes against humanity taking place, they should worry about the military buildup and the intention to take over taiwan and the fact that xi jinping when you listen to the speech this is a man who is preparing his nation for war, that is what this is and they have been doing that for a long time, with were with us and our neighbors, if you are larry fink you're going into china and if you're jamie dimon you're in china, you all want to be in china and it's the first thing the united states could do is get our own house in order and stop funding the rise of our adversary in the conversion of china's economic power in the military power that was a key point in the speech, the real problem in america america's talking out of two sides of his mouth on one hand we have policy in d.c. from both the administrations that have tried to form a new strategy towards china and on the other hand look at the economic form it will host communist party officials and promote u.s. investment into china and vice versa.

we are not really playing a coherent game and were not coherent on china as a country even if we are bipartisan in washington that is our biggest problem in as soon as you stop that and as we get wall street to reinvest and we stop investing in china then we can think about winning this game, until then we are not there. maria: it is about money, it is just about money for those bankers. are they not recognizing the national security risks? >> i was a wall street has very detrimental approach to this because they can make money off the rise of china is not good for america let's look at xi jinping speaks unto speech. maria: gaddafi, thank you very much for joining us. do democrats want to know the truth about the origin of covid-19 why won't they investigate and what is the chinese communist party hiding they have their own hearing this week to find out house ranking member james comer is next.

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check it out at aerotrainer.com. that's a-e-r-o trainer.com. maria: welcome back house republicans held their own hearing to determine the origins of covid-19 600,000 americans have died from the virus for speaker nancy pelosi has refused to schedule even a single hearing on any committee to investigate the origins, why are the democrats wanting to get to the bottom of the origin of the speedometer house oversight committee ranking member james comer led the gop. any joins me right now, it's great to have you this weekend, thank you very much for being here i put that question to you why weren't your democrat colleagues with you at this hearing. >> i believe the democrats were right the donald trump was all

along. this was a pandemic that was started in wuhan, china, i think they realize that president trump was right all along, the world health organization complied with china's lies to cover it up we had four tremendous respectable scientific witnesses there, they all provided valuable testimony that was the most productive hearing we've had this entire congress and what we learned overwhelming evidence to sustain the fact that the virus probably originated in the wuhan lab and there isn't any evidence to support the initial theory by the w.h.o. and dr. fauci that this started from an animal summer in china and spread to inhuman. maria: the next question has to be was this a biological weapon, is this a soft war with china?

>> we ask that question in several of the witnesses feared that that may have been the purpose and that's a question that the democrat should be trying to determine to answer that that's a question the biden of administration should be demanding more from that china answer what exactly were you doing in the wuhan lab we know for a fact that this virus started in the wuhan lab, was it an accident or was it intentional in the next question as you mentioned was as part of an effort to create a biological weapon to reduce the population of their country or our country or another country china is up to no good we see every day with them stealing our intellectual property, spying efforts and manipulation of the currency and now we know that they were up to no good and they lied about it the whole time perhaps we could've found evidence and a

vaccine sooner and saved lives sooner but china lied about this and they continue to lie about this and the fact that the democrats don't want to hold a single hearing to determine the origination so we can prevent this from happening in the future and secondly to hold china accountable it is shocking to me. maria: shocking, it's extraordinary what are we going to do about it? >> of the democrats continue to sit on their hands and turn a blind eye to hold china accountable then the republicans will continue to do what we did last week we will hold hearings and invite the media we will be transparent about the evidence that we are accumulating, we learned recently that republicans have that the military took over the lab and we learn chinese communist party destroyed evidence that would link the origination back to the lab, we learned that the world

health organization complied and we learned that america had no representation for many months on the w.h.o. because chuck schumer would not confirm america's representative on the board, there is a lot of facts that have come up because of republicans investigation and the things that they make people want to know with respect to covid the democrats act like it's not a priority and it's not important. maria: this is a sorry state of affairs, congressman. it's incredibly disturbing. please come back soon to give us an update, we appreciate your leadership, thank you, sir, congressman james comer joined get us there on the origins of covid-19. more wall street right after this.

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july 4 program in right here on fox business start smart every weekday from six to 9:00 a.m. eastern on fox business, start your day every weekday with us. have a wonderful rest of your independence day weekend, thank you's much for joining me. thank you for being here and i'll see you again next time. ♪ ♪ ♪. gerry: hello and welcome to the wall street journal large july 4 was a moment in the national calendar when all americans to come together to celebrate the meaning of what it meant to be an american. for most of the country's history it's been the sacred day that commemorates the founding of the nation when a group of different backgrounds character and politics came together in unpromising circumstances