on earnings and keeping relative to peers so investors who are on the sidelines this might be a good entry point. jack: the value play in the value sector. thanks for your insights as always. to read more go to baron's.com or follow us on twitter at barron's online, see you next week on "barrons roundtable". >> from fox studios in new york city this is maria bartiromo's wall street. maria: happy weekend and happy new year. welcome to the program that analyzes the week that wasn't president you for the week ahead. consumer prices surging to a 40 year hires federal reserve chairman jay powell warns of the impact of this high inflation. dan niles is here on how to put your money to work.

where is the money, $2 million in covid testing money has been used to house illegal migrants at the southern border? congressman mike gallagher is joining us coming up. i am speaking with jpmorgan chairman and ceo jamie dimon this weekend, his response to the labor shortage, the irs spying on your bank account. you will hear his answer as well to this. you said you thought jpmorgan would outlive the chinese communist party but you walked it back. who told you jamie dimon, chairman and ceo of one of the largest banks to walk that back, that is coming up but take a look at the top newsmakers on "mornings with maria". you were the first to file against controversial healthcare worker vaccine mandate.

>> there is no statutory authority for osha which was charged, showered next to -- when you're working with chemicals to force a medical procedure on tens of millions of americans. maria: how important is it to get somebody like joe rogan to open the door to other big banks? >> we added the great tucker carlson, another massive boost to the platform but we are seeing this wholesale rejection of big tech, have to have alternative platforms. >> that is the biggest thing. >> i talked to ranchers in kansas city yesterday. i talk to fishermen, farmers, everybody talking about they can't get enough labor. maria: take a look at the markets and how they ended the week.

we have new inflation numbers, the consumer price index, prices surged 7%, biggest jump in 40 years. wholesale prices up 10% year-over-year, producer price index did come better-than-expected but even here you are talking about 10% increase year-over-year on inflation right now at the producer level. joining his portfolio manager dan niles, great to have you this weekend. and investing around the themes we are living through. and it is not transitory. >> if you look at the top 5 picks coming into this year. we like oil a lot, the uso

which is loyal etf, if you look at demand for oil, 96 million barrels a day. we think that will surpass the peaks to get to 200 million barrels this year as we go on vacation and start flying again and businesses more fully reopen at the end of the year. that was a strong start to the year and it will continue. the second one, which is the regional bank etf. maria: you expect to raise interest rates -- >> the last time unemployment is below 4%. the fed is already raising rates for two years and already started working on the balance sheet. this time the fed decided to wait to see inflation before they reacted so unfortunately they are way behind a. they should have been raising

rates last year, not waiting for this year. they have to be more aggressive than people think and for 13 years because there was no inflation since the global financial crisis the fed could afford to be lax on easy money policies because there was no downside. 45% of the population that doesn't own stocks getting killed with cpi inflation of 7% which is a 40 are high. maria: jamie dimon was positive on the broad macro story, but he told me this is the first time in my lifetime i am seeing this huge enormous pressure on wages and people, their expenses are going up. you want to own j p.m. after the incredible performance last year, we picked it at the beginning of last year on this program. >> we wrote this up on danniles.com but we switched to a regional bank index, we don't have exposure to international risks where we think it will

increase this past year in terms of china and how they act in taiwan russia with ukraine or iran. the regional banks benefit from the fed raising rates and with free money people go to the banks whether it is corporations or individuals to take loans. maria: nobody knows technology the way you do in terms of backdrop and what drives these stocks. these stocks are in your portfolio. how does that jibe knowing inflation is a problem? you said the stock market will have a rough time. you told me it will sell off 20% but you want to own big tech. >> what you want to do is have some big tech in your portfolio but pair that with shorts in unprofitable tax so we have many shorts on as we do longer. we like facebook and google, google for reopening 10% to 15% of revenue.

facebook for investment in the meta-verse. maria: on the federal reserve investors are interested meeting this transition going from using the massive stimulus the created this liquidity to a tightening phase. underestimating this was for 13 years you haven't had high inflation. the fed will expand their balance sheet from $900 billion before the global financial crisis to $8.8 trillion. that is 40% of gdp. with inflation now at 40 year highs it will be more persistent than people think. the fed will go from being more easy than expected to more aggressive than expected and that will cause problems for the markets. 28%. maria: 5 to 6 rate hikes, 20% correction in stocks. breaking news predictions. great to see you, checking with you throughout the year.

quick break but as american struggle to find covid tests across the country we are learning to billion dollars meant to be used for testing was used to house illegal migrants, thompson my gallagher demanding answers. don't is my interview with jamie dimon later in the program, back in a minute. shi'. we've still got the best moves you've ever seen good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection. but, no matter how healthy you feel, your immune system declines as you age increasing your risk for getting shingles. so, what can protect you? shingrix protects. you can protect yourself from shingles with a vaccine proven to be over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen.

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maria: where's the money waiting in long lines and democrats are asking more money to combat the coronavirus, we are learning more than $2 billion of relief moderate may need to help illegal migrants at the southern border. congressman it's great to have it this weekend thank you so much for being here. what happened were expecting the money should go for testing point is that why we have got snake lines all around the country waiting on

tests because the money was not allocated properly? >> i think all americans saw the images. you cannot help but be reminded of a gap lines under jimmy carter. this time it's covered testing lines in. it's not just the lack of requisite testing we did not have at-home test. we do not have treatments like monoclonal antibodies. begs the question where did all of this money go? trillions of dollars evaporated. we are learning some oft went towards illegal immigrants. people have demonstrated contempt for our law that is a slap in the face to working-class americans who are struggling right now. do not have the luxury of staying at home because a public school is shut down. they have to work in persian with their hands. this is an absolute fiasco but we need answers particularly president biden is going to request a another trench of relief. this is getting so bad that the confidences so low invited their talk about bringing

hillary clinton back to run in 2024 i just cannot believe this. >> the lawlessness and the lies seem to know no bounds. we know their secret flights and dropping off a migrants in different cities across the country and the dead of night. now we find out they were using the money that was approved and was supposed to be allocated to co- void to house these migrants. what can you tell us about where that money went? >> we have asked the administration simple questions where did it go? how many tests could have been purchased with the money that went towards illegal immigrants? again you've got to look at this in the context of what did this administration do in the very first week in our office? they started opening up the border parade they started reversing the trump administrations commonsense policies likely remain in mexico policy turned up commonsense agreements so we could process and adjudicate asylum claims there it's

incentivizing lawlessness in our country again it's an insult to law-abiding american citizens were struggling right now pretty had a friend, maria who lives in your complete on the floor it recently and joked he was crossing the wall and to free america, i don't think that's a joke increase that we have one side of america where you can send your kids to school in person, you can make decisions about your own health give another america lit by the locked out left we need a permission slip from anthony fauci to do any of those things it's insanity in the debt is becoming a massive, massive crisis right now. >> what are you going to do about it? the republicans are in the minority for those of us counting you've got 297 days left until late november 8 the midterm elections. what can you do in the interim? >> i think we need to do everything humanly possible to

prevent another round of wasteful coronavirus relief that's going to be diverted to non- coronavirus projects going forward and part of that involves shining a light on all of the waste, fraud, abuse and all the ways this money is not actually helping americans with with the coronavirus rates absolutely essential we fight with every weapon at our disposal to make sure this does not get worse but you are right we ultimately need to take back the house for a strong position to do that. i do not want to get complacent at a minimum we can pull the emergency brake right now. we are witnessing a very bad combination of a bernie sanders domestic policy and barack obama's foreign policy. that is a toxic mix right now. >> you make a good point. no wonder defense spending is actually declining in joe biden and bernie sanders and budget. congressman will be watching the developments my thanks to congressman gallagher. j.p. morgan chase expanding in china despite the risks we

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spirit will come back. no laughing matter jamie dimon criticized for walking back the joke he made about chinese communist party. set out jamie dimon earlier this week and asked about that. first we talked a bit about the tight labor market and the economy. this huge pressure and wages. maria i think that's good. part of capitalism is human freedom. human capitalism but you get to work or you want. people compete for your services.

so now businesses it's much worse in a recession they complain about wages going up too fast but we have to compete more with people. we have to be very competitive be aite forte besort petorrfatmathe w w can. ther iere comonti.... notegy and af of hinknkcankniz ceniz whavewhobs job a jobagesre going ugop. u maa: youai if youfou touhrhr ieystnfst st th ixatixegulixegionsegeg let ion't i'tk. t wout ys toficheicnd s debt.henatiol hiomng isngs00 an and it i i i i gs gasse g g , t aor a 2. it's compromise get to fight about the next 20 years

compromise as part of the democracy. you cannot have democracy of a compromise i'm thrilled with bipartisan. in the infrastructure bill i think two things were good. in the infrastructure bill some things about streamlining regulations cost building a highway is four times what it was all because of regulation it may not be enough. you could be in democrat or republican to deliver even if you don't agree with what they're doing at least they do it effectively. >> yes. what about policy in her own industry this week were going to see the hearings in the confirmation hearings for jay powell and you also have president biden considering sarah raskin as the chairman of bank supervision this to be

the person who had complete oversight into the banking industry. what should we watch for? >> i'm going to do the best i can for my country, my company 's legitimate complaints want to fix things like that. i do want to be more collaborative business is not the enemy. business is hard to do and navigate. in working together we can solve a lot more of the country's problems were to see how this things turn out. maria: what about this idea bank surveillance? president biden listed higher 87000 irs agents pretty once the idea of surveillance and reporting peoples transactions. it was supposed to be in the "build back better" bill that failed. but now i see it and then mow, paypal are going to start reporting transactions to the irs. specific transactions like what the president wanted. is that what j.p. morgan is doing? >> the proposal was that the

should report cash and cash out types of things. the irs would have some to go look at on the taxes you declared are dramatically different than the checking account. you're absolutely right there's a been a big uproar about that. i do not see then mel or paypal doing that voluntarily. that's only going to be by legislation has to be by legislation for whole bunch of different reasons. it's part of a legitimate thing that gets people paying their taxes it will be fine. they overdo it would be how to get more people paying their taxes but not overburdening both companies and individuals worthless type of reporting. maria: jamie i've not talked about china intentionally in this interview because the last time we spoke we really did a deep dive on china. you handled some tough questions from me for that i say thank you. now you have 2 feet in china

you own the company one 100% out and out j.p. morgan does. the world has watched what has taken place the chinese government sort of crushing dissent and hong kong and the mainland. what risks if any do you see operating they are economically or? what can you say? >> we work to get his license for 15 years. with all due respect to all these angry folks out there we do visit a lot of countries but we follow american foreign policy and all those countries. a lot of difficult ones in other countries too. we have to be very, very careful we have to be deliberate in engaging with the american government in particular in this case. if you're doing business in china you should have detailed strategic security and national security comes first. but detail strategic economics. negotiate something that makes

sense for our country our people are employees. letterheads. >> a couple weeks ago you made a joke. think it was half serious. you said you thought j.p. morgan would outlive the chinese communist party. but then you walked it back. who told you, jamie dimon the chairman and ceo of one of the largest banks to walk that back? >> he got feedback from folks, employees and stuff like that. it occurred to me i do not make fun of the republican party here or the democratic party here. i do not go to italy and make fun of their country. i don't think i should ever be making fun or criticizing parties or countries. i want to help lift up those countries and that's all it was. i don't think i should be denigrating and making jokes about parties. political parties. that does not mean i cannot make statements about capitalism. i am a red blooded free market

country guy. that is different. i can comment about any specific policy but not making fun of people and people should respect that. any one of you go to other countries you probably understand what i mean. that is the way we should approach conversations with other people we should collaborate, be respectful in a detailed way sometimes by a company more often by the company. >> with all due respect the democrats and the republican party are not committing genocide. genocide. i'm going to leave it there. feel stuck with credit card debt? move to sofi and feel what it's like to get your money right. ♪ move your high-interest debt to a sofi personal loan. you could save with low rates and no fees. earn $10 just for viewing your rate and get your money right. ♪

once upon a time, at the magical everly estate, landscaper larry and his trusty crew... were delayed when the new kid totaled his truck. timber... fortunately, they were covered by progressive, so it was a happy ending... for almost everyone. maria: we've got another big show in the works for next week and prediction turned into wall street every friday night at our new time of 7:00 p.m. eastern. we will see on fox news channel sunday, sunday morning futures is liable to fox news channel. sundays at 10:00 a.m. eastern big interviews include congressman jim jordan senator

lindsey graham, do not miss it live at 10:00 a.m. freight start smart every weekday right foxbusiness six -- 9:00 a.m. eastern for mornings with maria, every weekday we hope you'll start your date with us every weekday. that will do it for us this weekend, thank you so much for joining me. hope you have the great rest of the weekend. i will see you again next time. ♪ ♪ ♪ ♪'s. this becomes journal at large, joe biden descends deeper into the swamps of his own mind and that of his party he tells half the country including some of his fellow democrats apparently they are committing treason and unsupported policies. meanwhile the world world is a 40 are high but do not worry, the administration says everything is under