zoomed past exxon mobile as that went down and more recently $1 trillion infrastructure plan in november, nothing so far and material and investor sectors down big time. these are material program, folks. they reward friends and buy influence and grab more power. be ware. liz claman, everyone is on pins and needles. take us through the last hour of trading. liz: yeah, grabbing the last hour of trading. if yesterday was manic monday, we're calling today tense tuesday and here's why. about all market participants and the big fund managers, institutional trieders, individual investors are wading on one -- waiting on one, one key piece of data that has the power to force the fed's hand northed or south in september and we don't get that piece of data till tomorrow. until then, we are looking at weakness and real tentative

trading in the market as far as we kick off the final hour of trade. nobody should be shocked that the s&p is now down about 18 points at the moment and it's looking at fourth down day. well, why? because since june, the s&p is actually up 8% quarter to date and climbed more than 10% since june so no surprise that we're looking at a bit of profit taking here. right now as we watch the s sports grill p -- s&p, the russell and nasdaq are far outpacing the dow and s&p as far as percentage losses. russ epi1.6% and nasdaq down 1% or 149 points. for the nasdaq, it's down in great part because it wasn't just micron's warning that sales could slide lower than the company anticipated. it was micron's reason that is hammering not just the chip maker, which right now is actually off the lows of the session, down about 3.9% to $59 and change. pretty much the entire sector. the memory chip giant did not

blame supply chain snafus or material costs for the warning. it said demand has suddenly softened and it's going to cut business spending or capital expenditure. as bad as micron investment is looking. look at chip makers and klacu they're not taking that cut and spending well. they're at the top of the laggers here, applied materials down about 8% at the moment. look, lamb research in there, kla down about 6.8% loss here. now, it seems a little myopic to see sell offs in these companies considering that micron still plans to commit $40 billion over the next decade to build out the u.s. memory chip manufacturing. and then this afternoon, president biden signed that landmark bipartisan chips and science act, $52 billion of which will go to incentivizing

semiconductor companies to take on china by bringing home the crucial fabrication plants. >> once in a generation investment in america itself, a law that american people can be proud of. liz: except for charles payne, he doesn't like it. the markets, they're waiting. they're holding their enthusiasm until tomorrow's big release. the cpi is expected to moderate from the sizzling 9.1% in june coming in, expected we should say, 8.7% year-over-year and could that number surprise and any way to insulate your portfolio ahead of profitability ahead of tomorrow? let's kick it off with janice henderson and carnivore trading ceo dutch masters. janice, what's your team at henderson telling you and mow are you preparing for that? >> in general, we take a longer

view and so when we look at the inflation picture, we do believe it's in the process of peaking so, you know, it's hard to put an exact month on that or even quarter on that, but we think it'll flatten out and then we expect it to decline from here and we're encouraged by what we're seeing. hopefully tomorrow won't be a negative surprise, but buckle up because it could be a bumpy road. liz: dutch, he's saying in essence it's a process and not a point, not a single moment where we hit peak inflation and what are you expecting and how in the past couple weeks and we saw from micron that today and just a couple weeks ago when they gave their first guidance, things have slowed markettedly. how -- markedly? how do you prepare? >> we don't take the longer view because we have to eat this week and this month and we try to do positive returns every single

month. so far this month we're up 11% and we'll take risk that it'll surprise a downside and instead of 8.7, it'll be more like 8.2-8.4 and the shorts will have to cover. we're going to get a short rally, and we took our cash position from 65% this morning to 3%, and we went long, baby. liz: okay. long just overall? s&p? can you be more specific? >> i can. we went long, high octane, fast companies. we went long tqqq, and we went long fslr, which we already owned, but we've been long for solar for awhile and it's now our number one position. liz: matt, obviously as you look at the billions in assets under management that you at janus henderson look at, tell me where you see the best opportunity over the long term. people say that, okay, tech has

been selling off but we're all going to need tech for the rest of our lives. that's a pretty fair bet; rights right, you guys? do you like tech or is there an area maybe healthcare where there's a real opportunity? >> yeah, we like both. we like tech and healthcare. i think your other guest mentioned sas. the evaluation of software company is getting really interesting and their valuation has reset and long term investors and sector healthcare and real estate even discounts to the net asset values that you see with opportunities there. i think there's broader opportunities emerging here to really, you know, work from here. we do have to get through the inflation picture, and we're not quite out of the woods on that yet. liz: dutch, we've seen things like the energy sector come way down. gasoline for example has come down 21% over just the last three months. do you think that people who

say, oh, but it's all going to come back when it comes to energy prices, do you think they're right or wrong and are you participating in this trade at all? >> on the oil trade, we think it'll have a significant impact on this cpi print we're about to see. also some food and commodities that have come down. we think that that's going to have a significant impact on the downside of this. i'm telling you, let's be clear, we are calling for a short squeeze on the whole market happening in the next two days. liz: okay, that's a pretty big declaration. matt, right you agree? i know you're less of a day-to-day trader but this could be a possibility if this number surprises to the downside? >> well, we've had quite a run. some of it was a short squeeze over the past month so i think there certainly could be scope for that to continue much that's

not really what we co. we more analyze bottoms up for the long term, but certainly the market will be comforted and i think it can really keep the market, a floor under the market with empty inflation starting to turn as your other guest suggests. liz, yeah, can i just stress here, folks, we do have unbelievably thin volume, okay. charlie brady, our managing editor here is telling us that volume today is 40% below the one month average. why? they're waiting on that cpi number. it comes out at 8:30 a.m. eastern time tomorrow. you've already heard what dutch anticipates. he's going long. he thinks in the next two days we could have serious short squeezes going on and we'll be watching it and it's the final hour of trade tomorrow, going to matter hugely but till then, thank you, dutch, thank you, matt. great to have you both. >> thanks, liz. >> thanks.

liz: the dow jones down 182 points and crypto winter more dangerous to digital asset investors than previously thought. cybersecurity firm checkpoint software has a new report about cyber criminals taking aim. we have a critical warning next. closing bell 52 minutes away and the "claman countdown" is just getting started and please stay with us and we'll take you along on a really interesting tour of the new ev gm hummer.

liz: take a look at crypto trading platform coin base, falling about 10.25% ahead of

second quarter report that comes out after the bell. this is the leading crypto marketplace, and they are taking quite the dive in part because ark invest ceo cathy woods sold her funds, 1.1 million share position in coin due to uncertainty surrounding the sec's probe into coin for allegedly listing unregistered securities. coin year to date up 85%. crypto winter blasting digital tokens with cold air and crypto currencies sliding now and bitcoin down 3.13% and getting close to the flat of 23,000 and below 24,000 here and we may see a change and go below 23,000 as we're talking. got ether down 3.25% and litecoin down 1.25% and may be hit by another big storm by the time christmas is around. cybersecurity leader check point technology is wore it'sing that

block -- forecasting that block chain met i don't recollects and crypto and the meta verse is top tier for hackers in the second half of the year. i'm joined by the checkpoint ceo gill. gill, what is telling you that hackers will somehow be more elmore boldened between now and the end of the year. what are you seeing? >> hey, great to see you again and, yes, we are seeing a lot of evidence for more and more attacks on the block chain infrastructure. some of it is very sophisticated tech lodgely and some is-- technologically and some are sophisticated and the wallets and infrastructure is not that secure. there's no hardware, it's hard to trace the hackers and a lot of money at stake, we've seen over $1 billion losses in different reports and we've investigated six different platforms and found attacks and abilities on all of the

platforms. liz: i want to pick apart and separate crypto wallets from blockchain. solano a week and a half ago hit hard by an attack where some 8,000 wallets were attacked. where do you stand and what would you advice people who have crypto wallets and what they should do with hot wallets, which are ones always connected to the internet, good or bad? >> i don't know if it's good or bad. i would very well secure their computers. they should treat the computers in which the wallet is being run. it's a very, very sensitive place, just like you treat your, you know, bank statement. you won't leave it open and run a lot of securities software to protect it, and you will be very, very careful if son asks you to give information about yourself and so on. that's one. second is leave a lot of backups

so you know the key and not others so you can't lose it. and beyond that again, i think it's a really challenging thing for the typical consumer when you are facing sophisticated criminal groups and you're, you know, an investor or person. liz: yeah, to me this is the scariest part is not investing in what could be the next big thing which is digital currency and evolution of paper money. this could get stolen. granted, banks get hacked and we want people to understand that's a very clear possibility that's come to fruition before and let's dove tail to the blockchain. we're told the blackchain is a -- blockchain is a digital ledger and every step ask be traced and how is it that you see in your reports that blockchains will be really vulnerable to hacking? >> first, it's not the blockchain alga rhythm or

encryption algorithm. that's safe. second the wallets are may seeing where it's transferred to and then a few more moves, there's no trace where the money is or how to trace it back. something with the traditional banking system has a lot of assurances behind it. you know, with democratic blockchain the infrastructure, it's great infrastructure still very, very vulnerable. liz: every business owner, ceo who's watching, people who have their own small business need to know something; right, gil, that the bad actors are digitally tapping on everybody's computer system, the cloud trying to find entry points; correct? you just came out with a report that says attacks year over year had a 3 2% increase, that per organization worldwide, it's about 1.2 -- is it -- sorry.

give me the number because i'm looking at a pretty significant increase per company, per week. how do people continue to protect themselves in a different way than they've already been doing? >> first, you're absolutely right. i like the physical world where you say what's the motivation for someone to come to my house or my business and in the ding al world, which is -- digital world and we try to find the entry point and if you're not protected, you'll be the victim. the average global business has around 1200 attempts attacking every single business and in the u.s. it's a bit lower like 750 but still, very big increase, 3 2% or 31% increase year over year and almost 1 out of 40 organizations was hit by ransomware in recent months. the risk is real. liz: yep, and people depend on you guys because you beat on the top and bottom line. gil, please come back. thank you very much. >> thank you very much.

pleasure being here. liz: gilvchwed of checkpoint. gm making news on electric cars and business at this hour as the ev revolution hits the streets of manhattan. i got you an inside look at new all electric gmc hummer features that now have 80,000 people clambering to get their hands on one. how is gm going to provide all those batteries? with the closing bell ringing in 40 minutes and the dow down 76 and s, and p down by 16. we'll show you the new hummer, next.

liz: like we said and we can't stress this enough, all of this that you see on the screen, probably will change tomorrow and in the final hour tomorrow because the consumer price index for july, big indication of inflation. that's coming out so you've got a lot of he has ten seizure hesh the markets and nasdaq lower by 132. good rx investors woke up this morning to the remnants of an overnight epic short squeeze. right now shares of good rx are actually up about 3.4% but they were surging by as much as 40% premarket after the heavily shorted stock beat estimates in the latest results. the company's platform offers comparison shopping for

prescription drug prices. the squeeze came after good rx said it had fixed a previously disclosed issue with an unnamed major grocer resulting in a significant improvement in its business trajectory. analysts are guessing that the grocer is kroger but as you see, here we have a nice move, stocks $8.02 but the stock has lost 75% year-to-date. the shine is off cignant jewelers after cutting its forecast citing pressure on consumer discretionary spending and the parent company of zales, jared's and kay jewelers will get blue nile in an all cash deal in a bid to appeal to younger consumers and grow its bridal business. blue nile taken private a while back and signa up 16.5%.

berkshire hathaway slathering in occidental petroleum. it's increased 20% shares and billionaire warren buffet's firm can record the shares as his own. berkshire disclosed it bought 6.7 million shares and boosting the stake to 20-point 2%, and works out to about 11.3 billion and the ownership in occidental for berkshire is 188.3 million shares and plus that 100,000 in preferred shares and warrants to purchase nearly 84 million common shares and some analysts speck rated that berkshire could buy all of occidental whose shares more than doubled over the year. oxy up 4.1%. we've have this late breaking news from general motors. this afternoon the auto giant

cfo paul jacobson told a jm morgan investor conference that the company plans to soon disclose the profitability of its ev business. gm has boldly pronounced it will overtake tesla in ev sales by 2024. that would be no small feat considering tesla has 60% market share in the ev market here in the u.s.. so to do so, gm needs to churn out lithium ion batteries on a massive scale and the company says it'll start doing so in six days. august 15 when gm begins on the warren, ohio, battery cell plant. gm invited me to check out the ev model that has a reservation list as of yesterday and stands at more than 80,000. come along for the ride. >> there it is. the white car.

>> the hummer all electric. 0-60 in three seconds. 320 miles on a single charge. liz: these are the movable, actually converts into power. >> here's the screen, hit off road, trail, climate. usual stuff. hot spot, google maps. >> with a vehicle like the hummer ev, people ask why hummer? why not something like a smaller suv. it's a halo vehicle. i can do 0-60 in three seconds and i can conquer member and drive -- moab and drive in manhattan also. the great thing is it can take

on a vehicle as capable and powerful as this but that same technology with same motors and batteries reconfigured and engineered create a vehicle like cadillac touring which is a beautiful suv leading on road vehicle. this is the camera showing the rear view and birds' eye 360 crew and the camera's front view. what's great when you're off road or in the city, you can have an underbody view looking forward and looking back. if it get as little dusty, it can wash the camera. >> enabled by the four wheel steering at 9:00 position, if you push and hold that, you'll notice on the screen once that dial fully loads ted cruz a four second and you can let go and you'll see here in the driver information center, rear steering and we can do this front and senter and turn the wheel left and right and it endangers and what you can do is

when we're in crab walk, if we turn the steering wheel like that and hold it flat like that, the wheels will turn in face so this one's turning that way and that one turning with it at a maximum of 10 degrees f. you overtop, the front wheel will turn more than the rear. if you hold that steering while about 180 degrees flat, the two wheels are turning with each other. liz: that's so cool. can you imagine getting out of tight parallel parking spots on rodello drive. these cars are fill up with bite as they become more charged and it's across the street at starbucks and saying okay, it's charged now. liz: yeah, there was a lot of

people on the sidewalk geeking out about that car. here's the price tag. the gmc ev hummer starts at $108,700 and is delivering now. the hunger games to grab battery market shares are in full swing. gm shares up 14.8%. this is quarter to daytime gm tells me the -- date. gm tells me they've secured enough battery material to satisfy demands through 2025 and they will begin churning out at that point one million battery uniters per year. units per year. pretty interesting. it's a big race with all of the car companies. high prices are forcing consumers into the new sport of protein shifting but is buying less expensive cuts of beef the same as skipping a steak entree at a restaurant? the ceo of dine brands, the owner of applebe's and i hop is

here to tell us how he's escaping the rat and helping customers as well. our fox podcast team inform #-d us that everyone talks to liz podcast download so far this year surpassed all of last year's downloads. our legions of listeners growing by leaps and bounds. our newest episode is dropping today. who quits their big advertising job, cleans out their savings and buys a one way ticket to europe to learn how to make cotton sheets? okay, ariel kay did that. exactly that. she's the founder and ceo of home goods website parachute and cold called manufacturers to create softer more billowy bed linens and striking partnership withs celebrity designers, nordstroms and more. hear how she did it by downloading everyone talks to liz from wherever you get your podcast. it's now a colt favorite,

parachute. closing bell ringing in 27 minutes, dow down 46 and we're coming wright back with much more plus of course charlie gasparino.

liz: yeah, well, are they? we're waiting on the cpi number for tomorrow and there's concern among economists that even if tomorrow's consumer price index show as dip in inflation for july, shrinking cattle herd sizes could mean meat prices stay elevated for a very long time. drought and high-feed costs have meat packing executives of tyson warning cattle ranchers are opting for smaller herds now and tyson yesterday was really struggling and down just about a quarter of a percent today after a weak quarterly report and the company is saying that what's causing it is protein shifting. consumers are smart. they don't want to spend that much so what they're doing is looking at prices and switching

to chicken or cheaper beef cuts each time they see prices get too high. ground beef alone up 10% from this time last year according to government data and tomorrow's cpi reading, they break it out; right. going to show if meat and poultry prices have risen even more. despite high food costs, dine brands, the parent company of ihop and applebee's on the top and bottom line earnings. joining me is the ceo john payton. i do not envy you because right now you want to keep your cost conscious consumer, your customer but prices are still very high. how are you doing it and are you forced to raise prices? >> that's exactly right, liz, and thanks for having us. we're working really hard with our franchisees to balance two points of view. one is protecting the franchisee's margins but also making sure that we don't price ourselves out of our guest's

comfort zone because both applebee's and ihop are value oriented brands and they're known for that. as you asked is our cost of goods were up 2 2% during the second quarter and just like you said to your viewers, it's about chicken, beef, the proteins, eggs paper products, oils. but our franchisees in the second quarter only raised prices 7 to 10%, less than half of the increase in cost. that's a great insight into how they're very much focused not only on protecting their margins but on making sure that we enhance -- we stick within that value proposition. liz: this is why i think dine brands is a walking temperature gauge for consumer behavior. lately, what are your more popular items on menus and what kinds of, i don't know, protein shifting, this is kind of the new term. tyson bust add move with it yesterday. what are you seeing in terms of

that behavior? >> i don't know that we're seeing protein shifting, liz, but i can tell you for the last six months, our average check has been steady, the same. that's including the price increase from about three months ago. in order to have that average check be about the same, our guests are remixing a little bit within the restaurant, perhaps soda becomes water, two appetizers become one and they're not managing down the cost of the bill but staying within the historical average. liz: you are more than 3400 restaurants in 16 different countries. are there different regions that are doing better and others that are really scaling back? >> the geographic results for both brands in the last quarter were actually very strong and consist across the country. the real differences you saw were in comps for regions like florida and texas that, you

know, opened up earlier were comping better statistics from last year. california and new york are stronger on a comp basis because they were closed longer. and look at absolute traffic numbers across the country, both brands were pretty strong in all regions. interestingly internationally where there's 200 restaurants and last year like a third year of covid in terms of contraction, we're beating budget internationally because we're finally seeing those markets open up in the way the u.s. did that year. liz: you guys are looking to creative moves and you had this top gun maverick partnership with paramount where if people bought a certain amount of food at applebee's that the got a tree ticket to the movie. do you expect to do more of those partnerships? >> we love those partnerships. top gun was a huge hit this summer. minions was our partnership with i hop, that was another huge hit

and not only are we great at selecting huge hits, what we do is build great value for our customers around it. if you spent $25 at applebees, you could earn one free ticket via fandango and if at ihop if you ordered after 4:00 p.m., kids ate free. that's added offers because that attracts guests to our restaurants when times are tough. liz: folks john payton is actually speaking for thousands of small businesses because it's an almost entire franchise company so we're watching you closely, john. thank you very much. >> thanks, liz. i appreciate it. liz: john payton of dine brands. even a cape crusader can't get warner bro's ceo david zaslav out of this latest pickle. the star of the $100 million film"the flash"making headlines

at this hour and the stock is down 7% today alone and charlie breaks it next. closing bell, we're about 15 minutes away. dow is still floundering down around 82 points. do not expect much of a change till tomorrow when we get that all important consumer inflation report for the month of july. tomorrow's final hour is going to be really crucial. set that dvr or join me live.

less: first bat girl and now the flash causing more headaches for warner brother's dis-covid ray after its star ezra miller was arrested and charged with felony burglary for stealing alcohol from a residence in vermont. in vermont? moon shine? okay, it's just the latest continuey involving "the flash"lead actor and miller was ayred in hawaii twice this year for assault and facing several allegations of abuse in iceland and berlin.

>> iceland? liz: despite miller's brushes with the law, ceo david zaslav said the long awaited flick is still a go and set to hit theaters june of next year and david zaslav may have decided "the flash"fate but there's questioning swirling around what part of the company he could put on the chopping block next. charlie: i can't believe what you read is real. not what's on the chopping part what hart. what we know about -- i've been doing digging into his restructuring plan and it's honest to goodness restructuring. he's going to -- he wants to take as much of the pain up front as possible. by the way, the dude from flash is, you know, it's kind of like a nonissue for him at this point. i don't -- i mean -- liz. $100 million film, it'll still come out.

charlie: it'll still come out. batgirl was probably going to blow up and he inherit it had and inherited a miss and knows he has a dysfunctional corporate culture in warner bro's and from what i understand, his people are signaling to me and they're telling me he's right now scrambling the eggs. that means everything is on the table in terms of restructuring, combining, and layoffs are coming. he wants to take the pain up front. he believes he has enough cash flow and he has enough -- and he can cut enough expenses to pay down the $55 billion in debt. he believes that the company massively overpaid for it is streaming infra-stuckture, and i think that's why you're seeing all this mashing together of discovery+ and h bo max and everything like that. that's where we are right now. it's a work in progress and he's moving fast from what i'm told.

we're going to be read ago lot about this in the weeks and months ahead. listen, this is probably -- i can't imagine warner bro's as an entity iteration after this and at some point you have to say the assets that have been bouncing around a lot over the last 30 or 40 years; right. aol, time warner, time warner or whatever it was called. warner media, at&t and go back even further. you know, at some point you've got to say the assets are jinxed and it's not worth -- it can't be put together. liz: go back to gerald way back when. charlie: that's aol and time warner and do you break the place up? they're not there yet. they're at the point now where he wants to create a corporate culture, that means getting rid of a lot of people in the old warner media and taking out silos from what i understand. silos is a wall street term, you know, corporate finance term

when everybody operates independently and not as a whole. how do you collapse a silo? you've got to layoff people, put in new management. there's going to be a lot of pain here. there's no doubt about that. he wants to do it fast and he wants to do it decisively, and the question is will it work? if there was ever a guy that i think could make it work, it would be him cause he toiled in the trenches for years and he's got that type of jamie diamond escambia experience and he was very good when it mattered at jp morgan and toiled for about down the line. liz: got pushed out. success is the best revenge. >> he came back. but had the experience to run jpmorgan through the financial crisis. zaslav has that type of experience. a lot is in properties and execution. we'll read about this. a developing story.

a best way to put it. whether "the flash," i can't believe he stole liquor. liz: buy it. mike's hard lemonade. not that expensive. i'm a lightweight. thank you, charlie. closing bell, we are six minutes away. the nasdaq having its worst day since july 26th. the dow is on pace to snap a two-day winning streak but as we stress all of this could change tomorrow with that cpi number on inflation. which leaves us to our "countdown" closer, what should we, as we watch all of the sectors be thinking about utilities? they are among the best performing sectors right now. as a recession fear continues to linger. they pay out dividends and everybody still has to turn on the lights every day, right? today's "countdown" closer is still playing defense. he has two sectors that will keep you he says from fighting the fed. joining with 401 billion of assets under management.

is wealth bank strategist, tom hanlon. tom, utilities, boring not exciting. you say stay with them? in the current environment we say tick with them. we think investors underestimate the fed's resolve for fighting inflation. six to 12 months defensive bias, we recommend sectors like utilities, other infrastructure related investments. those more defensive cash flowing investments with energy prices remaining as they have been in the past. liz: i see that as we keep coming back to inflation people are going to shed what they don't need, discretionary things if they haven't already and they will continue to pay out as we understand it in your perspective utilities. where do you see this inflation number going tomorrow? do you think it will be upside surprise, down, have we reached peak inflation from where you stand? >> irrespective what the print

is tomorrow, from nine to high 8% inflation the fed will not claim their job is complete and we think that keeps the fed in play for more aggressive interest rate hike at the september meeting. obviously we still have inflation pressures. core inflation, volatile gasoline and other food and energy prices may bring that headline number down. just as they were slowly sticky on the core inflation, coming down from here. we see persistent inflation in the economy. we saw that in the labor market numbers on friday. wage growth is super strong. still strong job growth. really strong economy and federal reserve is insisting bringing that inflation number down. liz: is that a good thing for a guy like you as you watch this? it feels like you can't have it both ways, can't have the fed tamp down inflation, bring down higher prices which everybody wants to see happen, by the same token expect the same pace of

job creation although the july jobs right was just a banger can you have both? >> i mean you can. the jobs number just brought the employment level back to pre-pandemic, not back to the trend line it was on pre-pandemic just back to where we were pre-pandemic. you see small business surveys firms are having trouble finding and keeping labor. so you still have demand for lable about but that will be supply of labor will also aid in bringing down inflation. if you increase the supply part of the demand supply equation that will be helpful bringing inflation down. liz: folks we have less than two minutes to trade. we are looking at very light volatility. the vix is up only 2%. again as andy brenner of nat alliance put it this morning in his note, the markets are coiled to respond to the number tomorrow. until then, tom, what are you avoiding at this point? >> yeah. we're avoiding taking bets on duration. we're waiting the longer term

portion of the treasury curve. you know, we like discretionary assets and technology assets for longer term. those long term themes remain intact. near term horizon we think investors underestimated the fed's resolve fighting inflation. we like the more defensive sectors or near term, rather than more consumer oriented sectors like you said. rising inflation, high interest rates will eventually erode the consumer purchasing power. liz: you saw that ford hiked the price, we're talking a lot about evs. we showed gm's ev hummer. that is not a cheap car. more than 100,000 apiece. ford is raising the all electric f-150 lightning by $8500 because things are so expensive. how strong do you think the american consumer remains? >> they can remain pretty strong. they committed a pretty healthy balance sheet through the pandemic. they're spending down some aaccumulated savings. the question how long will that

persists? as long as inflation stays elevated and interest rates higher they go, that will break the consumer fortress balance sheet and fed achieves the slowdown they're trying to achieve. the how thick is the pace or gradual or shallow contraction or deeper contraction. [closing bell rings] liz: tom, great to have you, thank you very much. folks, can't stress it enough, got to watch the final hour tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. the fbi raided former president trump's mar-a-lago home in outrageous, unprecedented search yesterday. i will give my own thoughts on this in just a moment with fox news legal analyst gregg jarrett but first up, let's turn to ashley webster who is live from palm beach, florida, with the latest. ashley, what you got? >> reporter: tell you what, larry, it is the day after the big raid. i think people are still pretty