need to actively lead from the front. this has to stop. elizabeth: art del cueto, come back soon. i'm e elizabeth macdonald, you've been watching "the evening edit" on fox business. we hope you have a terrific weekend. join us again monday night. ♪ >> from the fox studios in new york city, this is maria bart bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. consumers rocked by record high food and gasoline prices while president biden denies his policies are to blame. steve poshes and andy puzder -- forbes and andy puzder are here. plus, elon musk putting his twitter buyout deal on hold.

meanwhile, a new record number of overdose deaths in america, one happening every five minutes with fears growing that it will soon get a lot worse. plus, families are struggling to find baby formula across the country but not illegal migrants at our southern border facilities. senator marsha blackburn sounds off on that. but first, new numbers show inflation hovering near a 40-year high with average gasoline prices now at the highest level in history. president biden says it's not his fault. >> inflation in this country, do you take any responsibility? your policies? >> i think our policies help, not hurt. maria: but the president just killed more oil production, canceling drilling lease sales in the gulf of mexico and alaska. and on top of everything, now we have a baby formula shortage. here with me now in a fox business exclusive, "forbes" media chairman steve forbes and former cke restaurant ceo andy puzder: gentlemen, great can to have you both. thank you so much for being here. andy, i want to get your take on

what we saw week. the producer price index at 11%, the consumer price index at 8.33%. we see inflation persisting. >> yeah. and you hear biden in the tape you just played saying it's -- his policies are helping. but it's really kind of ridiculous. you've got jerome powell out there raising interest rates, the fed raising interest rates to pull down demand. you know, we've got to pull down the economy, slow it down, and then you've got president biden out there talking about the more spending, trying to pass his latest version of build back broke to generate economic growth. so his policies are doing exactly the opposite of what we need. he's not talking about calming demand and increasing supply which would just take supply-side economics. he wants to further boost demand and ignore supply. maria: well, it's a great point. and, steve, this week we heard jay powell talking about the

situation that we're in. he was confirmed, by the way, by the senate for a second term. and afterwards he said, well, we probably made a mistake many not raising -- in not raising interest rates a little sooner, admitting that they were way behind the curve in terms of, you know, building up that balance sheet as well as making such an easy money environment for so long. can the fed engineer a soft landing? that is, take interest rates all the way up but not take the economy into recession? >> yeah, only in government would that kind of failure be rewarded by another term. and in the private sector, you'd be looking for other opportunities. but the fact of the matter is when the federal reserve talks about this soft landing, what they want to do slow the economy down but not have a full-blown recession. just hope money of those governors in the federal reserve is ever piloted an airplane, you'd want to stay away from it. they're going to engineer a serious slowdown, and the federal reserve doesn't understand the way that you

fight inflation is by stabilizing the value of the dollar. that's what they did in the late 1980s and part of the 1990s. you don't have to trash the economy. but they have this theory you've got to slow the economy down, get a mild recession, and that's the way you cure higher prices. no. stop printing too many dollars, that's the answer. maria: so you think that's the plan? >> i think that's their unstated plan. they hope the recession's not too bad, but they don't realize that when you keep raising interest rates and interest rates are a form of price control, those should be set by the marketplace, you're raising the cost of financing a business. you're already going to hit the housing market, i think, in a few months badly when interest rates, mortgage goes from 2.5% to 5% when those mortgage resets set in, that's going to hurt. so the principal reserve is a doctor can that, boy, like 300 years ago they used to bleed the patient to cure the patient. that got rid of the pain and suffering because it got rid of

the patient. unfortunately, that's the kind of economics the federal reserve is practicing today. maria: yeah. i wonder how you see that, andy, because i wonder what the implication cans are of a mild recession or a recession. already we've seen a wave of layoffs starting. we've got layoffs coming in the tech world, hardest hit by the higher cost of money and, of course, the supply chain issues. housing market seems to be on the fringe with 5% mortgage rates. is that the next move that we see a host of layoffs coming? >> jerome powell yesterday said that the increasing interest rates slowing the economy was going to be associated with pain, and it will be associated with pain. it'll be pain for the middle and working class americans that are juicing demand right now. he wants to punish hem and bring that demand down. and it's going to hurt small businesses across the country which are still trying to recover from the if pandemic. we haven't seen these businesses recover. a lot went under. the ones that survived are viking to find employees,

they're really trying hard to meet commodity cost increases, labor cost increases. they're in the real crisis, and this is going to drive a lot of small businesses under. st going to be very devastating not only for working and middle class americans, but for their employers, the small businesses that employ about half the people in this country. maria: and you didn't even mention regulation. i was talking with someone earlier this week who was saying small business cannot handle all of the new rules around climate. that has to be another pressure, right? >> well, yeah. if you -- look, if you want, if you want businesses to produce, if you want them to supply goods to meet this on-fire demand, you know, reduce hair taxes, reduce -- their taxes, reduce regulations, don't increase them, and focus on domestic energy production so transportation costs come down, cooling prices come down, prices at the pump come down. if you want to generate economic growth to offset the pain that the fed's going to be engaging in, you need to engage in some

of these supply-side economic policies. i think that would help a lot. maria: yeah. you wrote the book on it, steve, "supply-side economics," and your latest book called "inflation" is a hot seller because people want to know when they're going to get out from under this rock. how do you see inflation playing out now that we are 40-year highs in things like fresh fish, beef, bacon, lettuce often in double digits, between 13-20% right now year-over-year. >> yeah. it's going to be with us because you have two kinds of inflation, nonmonetary which is what we've got when you shut down the economy during the lockdowns, but the government is standing in the way of letting the economy heal from that. andy's gone through some of the things. they're waging war on railroads, for crying out loud are. they're doing everything they can to prevent the economy, stop the economy from recovering from those slowdowns. and the federal reserve, powell budget just behind the curve last year, they recklessly

increased the money supply by almost $2 trillion last year when hay knew the worst of the crisis was over. now they're trying to dig out of that mess, and we're paying the price for it. that whole board should be swept away given what they did last year recklessly, and hay knew it. maria: well -- >> just for political reasons. maria: now pretty much dominating the federal reserve, president biden's picks are confirmed. steve forbes, andy puzder, thank you both. >> great to see you, maria. maria: thanks, gentlemen. >> thank you. maria: have a good weekend. elon musk puts his twitter deal on hold ending another wild week on wall street. kenny polcari responds to that coming up. ♪ ♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture.

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platform. twitter says spam and bot accounts make up less than 5%, but musk is not buying it. chief market strategist kenny if poll carry joins me now to talk markets. it's great to see you. first, your thoughts on twitter and this deal being put on hold by elon musk. >> i think it's all very exciting, actually. it doesn't surprise me. i do believe that i think the spam accounts and the bot accounts is probably greater than 5%. but i'd be surprised if he didn't know that going in. i think the headline morning, though, gives him some leverage. do i think the deal is dead? absolutely not. does it give him some leverage? maybe a little bit. there's always risk. do i think he's walking away? absolutely not. maria: let me ask you about the rest of the market which, of course, has been worried over inflation. we just had a whole conversation about the macro story, but with you write your note this week that inflation persistent. it is not peaking.

and that was the speculation on the street, is inflation peaking? is this going to be the worst that that we see. you don't think so. >> right. i don't think so at all. look, they were saying that because this week's cpi/ppi was slightly below last month, although it was ahead of the estimate that, you know, march must have been the peak, and it can only go down from here. i think it's absolutely false because remember, last month's cpi was much stronger than expected. that takes at least 4-5 weeks to get through, so i think next month's cpi is going to reflect the higher prices that we saw last month before even we get what we had yesterday or two days ago when we got this month's cpi. i think inflation's going to remain high, i don't think it's going to roll over and die. i think it's just going to stay high, and that's what i think the issue is. maria: yeah. and that's what markets apparently think. gasoline, we keep seeing new record highs all week, and markets are focused on this. how do you want to allocate capital here, kenny, knowing

that there's a lot of uncertainty right now with the macro story, with certainly the growth story, a big collapse in bitcoin this week as well as growth stocks, apple being dethroned as the most valuable company. >> right. but i think you have to kind of put in perspective and you've got to go back to the basics when it gets in an environment like this. it is very nervous. we are probably going to go into recession. i think jay powell even admitted so much to that on thursday evening when he said that he thought it was going to be difficult to engineer a soft landing, something that we've all known. but many that case, you really kind of have to go to the core and the basis on the portfolio. again, it's value, it's dividend-paying names, big consumer staple names that are multi-national that have broad exposure, that have pricing power. it could even be utilities. some of these are big, boring names, but guess what? they're boring and beautiful in an environment like this, right? they're not going to carry the

same risk that we're seeing across other parts of the market. maria: yeah. i mean, look, energy has been the place to be here year to date. while all the major indices are showing decline ares year to debt, a stock like chevron up 40%. year to date, ken, do you still want to own oil companies? >> i still own them. i've owned them the whole ride up, i'll continue to hold them. i'll add to them on any pullback because i think the energy story has much more to go. natural a gas is another a part of the energy complex that still has a long way to go, and those socks are have done very well so far this year and, i think, will continue to act well. maria: yeah. what about transport? i mean, look, the transportation average is closely watched, but we know about all these supply chain issues. what is the dow transportation versus the dow jones industrial average tell you in terms of how they're behaving? >> well, look, they're both living each other which is interesting because that goes to the dow theory. when they start to diverge is

when with it becomes a problem. when they're acting the same way, that gives you a better clue on where it thinks the overall economy and the market is going, right? and right now everything's under pressure, they're both under pressure. they're actually down just about the same, about 10 or 11% year to date. and i think, though, as the supply chain problem -- if it starts to ease, and i'm not even sure it's going to start to ease until we get well into the end of the year -- that the transports and the dow are going to continue to struggle and relay the fact that the economy'ses in for some time. maria: yeah. we certainly feel that way based on market action. kenny, it's great to see you. thanks so much for being here this weekend. >> thanks for having me. maria: kenny if poll carry. we'll take another break. another crisis for the biden administration, families struggling to find baby formula, demanding washington do more to fix the problem. senator marsha blackburn is here. she will be reacting to this. and then there's this from

congresswoman kat cammack, watch. >> he is saying that his own children can't get food, baby formula, for his grandkids. but he, as a border patrol agent, just took in palettes -- pallets, pallets of baby formula for all of the illegals that are crossing into the united states. ♪ big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell.

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♪ >> this crisis has been brewing for months. i've had my entire family across four states scouring shelves looking for formula for which he is dependent to survive. maria: the biden administration under pyre again for not preventing the mission wide shortage of formula that has

families desperately scrambling to feed their babies. florida congresswoman kat cammack posted this side by side photo of the ursula processing center is at the southern border and one picture from her local store. she says that this is what america looks like today, empty shelves for american families; stocked shelfs for illegal migrants. joining me right now is senator marsha blackburn from tennessee. senator, thanks so much for being here. that was an incredible story in terms of the side by side picture that congresswoman kat cammack posted. there are some people who feel not only did the administration fail to prevent this disaster in baby formula, but they actually caused it. with the fda opening up an investigation into baby formula. >> and hook at what has happened with abbott, with the michigan plant. maria with, it is time for an operation warp speed for baby

formula. and the administration that needs to make certain that the fka -- fda, the entities involved are focused on this. but what they tend to do is wait until things become a crisis. you have a state like tennessee, 54% of the major formulas are out of stock. this shows you how far we are off base on this. and then, of course, the reports, the shelves that are just jam packed full down at border for those that are illegally entering the country. but you have the biden administration still focused on everything but baby formula, everything but getting the fda to the table with these manufacturers, not looking at waiving some of the restrictions to import this formula from the e.u. or the u.k. so that u.s.

families can feed their babies that are dependent on this formula are to stay alive. maria: well, it's just extraordinary. one crisis after the other. and, of course, some of it begins at the border, like you just mentioned. i mean, it's not just the baby formula that's a problem at the border. the biden administration is allowing hundreds and hundreds of people to come in, you know, and not doing anything about it. we've got new pictures to show what's about to happen and what is happening ahead of title 42 going away. but now the cdc is reporting a record number of overdose deaths in the united states driven largely by illegal fentanyl entering the country. the majority coming across the southern border. senator, i have not heard joe biden mention fentanyl in the more than a year he's been in office, but it's certainly a problem for american families. >> well -- oh, my goodness, it is such a problem for american families. as you said, 107,000 drug

overdose deaths last year. 71,000 of those were fentanyl deaths. when i talk to sheriffs and law enforcement officers here in tennessee, maria, they tell me that fentanyl is responsible for about 80% of the drugs they ap re4e7b -- apprehend, the drug overdoses that they are dealing with. it is so -- you've got things like ox city and percocet and they're all lace ared with fentanyl, marijuana's laced with pental. the drug cartels are even doing something called rolled gummies. and this is where they shake a little bit of fentanyl in a bag of gummy bears, and they use -- maria: oh, my god. >> -- gummy bears. this is what they're pushing into the middle school age -- maria: oh, my god. >> -- and trying to get kids exposed to and addicted. this is so -- what we need to do, see, here's the thing. the biden add administration's

more concerned with spending your money, ending title 42, they're focused on everything but running the country and taking care of people of this country. that's why you have a drug crisis that continues to grow that they refuse to address at that southern border. it is why you have these baby formula shortages. it is why we have a supply chain crisis, and we don't even know what the movement is of goods around the country to fill grocery stores. and you go to the grocery store, and you can't get a large part of what is on your list. this is -- maria: wow. >> -- an issue with inflation out of control, the price at the pump, and the shelves are empty. maria: yeah. and the solution, according to the administration, is to come up with a disinformation governing board so that they can control the narrative -- >> correct. maria: absolutely extraordinary. senator, i know you're all over this, and we'll talk more about

this. thanks very much. we will keep the spotlight on it. senator marsha back burn joining us this weekend. thank you so much. don't go anywhere, more "wall street" right after this. ♪ ♪ welcome to allstate. where everyone saves when they bundle their home and auto insurance. isn't that right, frank? i saved 25%. booyah. you protected your casa? sure did. and the frank tank? you know it. and now you're relaxing. i'm working from home. sure you are. alright i see a lot of head nods. let's circle back tomorrow. you weren't kidding. save up to 25% when you bundle home and auto with allstate. click or call for a quote today.

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candidate david mccormick all live sunday on fox news. plus, right here on fox business start smart every weekday from 6-9 a.m. eastern for "mornings with maria" on fox business. start your day with us every weekday. that'll do it for this weekend. thank you so much for being with me. i hope you have a great rest of the weekend, and i'll see you again next time. ♪ pleasure. ♪ ♪ ♪ gerry: hello. this week on "the wall street journal at large." , more pain at the gas pump and the cash register as prices soar. but there's good news, joe biden has found someone new to blame for it. plus, angry protesters outside the homes of supreme court justices as they prepare to deliver a verdict on roe v. wade. and schools are getting rid of honors classes to