♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? >> from the fox studios in new york city, this is maria 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. hess than two months until the midterm elections, and the unifier in chief is trying to rally the democrat base with more divisive rhetoric against the gop. one of the highest ranking senate republicans, john thune, responds today. plus, federal reserve chairman jay powell says he's going to

keep raising interest rates until inflation is under control. ark invests cathie wood warning this is a big mistake. she'll tell us why, and we will get reaction from the former president of the federal reserve of kansas, thomas hoenig is here. then, 21 years after the september 11th attacks thousands of first responders and workers at ground zero are still fighting for health benefits as a startling new study reveals another a major health hazard now developing among these heroes. details from a former fdny lieutenant coming up. but first this weekend, president biden continuing to slam the so-called maga republicans while touting his recent massive climate spending and tax increase law. watch. >> republicans talk about being fiscally responsible. we are reducing the deficit while all these things we're doing to spend money. [cheers and applause] not a joke.

you think if they really cared about inflation, reducing it, they would have voted for the inflation reduction act. they're coming after your social security. you think i'm kidding. no. just go read the only election plan the republicans put out this year. maria: and joining me right now is senate minority whip, member of the senate finance committee, senator john thune. senator, thanks very much for joining us this weekend. >> hi, maria. nice to be with you. maria: so what's your reaction to president biden continuing these attacks on so-called maga republicans? he says the republicans are the ones that are irresponsible when it comes to the fiscal situation. [laughter] >> well, that's, that's probably the biggest joke we've all a heard in a long time, maria. the president, obviously, so much for being a unifier. this is an election season, and the american people have a clear choice year. and what the president has laid out is an agenda that grows and expands government, raises

taxes, increases spending, increases debt, and what republicans are talking about the, obviously, is entirely the opposite of that. we want an economy that works for the american people, one that allows them to spend their own money and reduces their dependence upon washington d.c. these are two very different visions for the future of this country and, obviously, the president believes his is the correct one, and we obviously disagree, and we're going to duke it out in the campaigns. i believe our vision's going to win. maria: we see that in the polls 75 of the american people sigh -- 75% of the american people say the country is headed in the wrong direction. i was really struck by janet yellen last week talking about inflation and the economy as if everything is going really well. i mean, she dismissed in three quick sentences inflation, including a claim that the causes of inflation are largely global. she did not mention at all the fact that we actually saw a contraction. "the wall street journal"

writes: janet yellen's fantasy economy. >> well, it is a fantasy, and it's something they don't want to discuss for obvious reasons. if so they're trying to change the subject. they want to make it about something else. that's why the president's going out and attacking republicans, trying to create acquisitions -- divisions among republicans in this country. but the facts are clear, and the american people know it. they're spending $9,000 a year more this year to buy the same basket of goods they did last year. and that, in the edge, is what people, i think, are going to make their decision on when november rolls around. so the president has to do what he can to try and shift attention away from from this, janet yellen, anybody associatessed with this administration and this -- associated with this administration and this problem. their policies, extreme amounts of wasteful spending coupled with lack of a can coherent energy policy, higher taxes, heavy regulations, that is what has contributed to this inflationary crisis that the9 american people are experiencing on a daily basis today. maria: unfortunately, inequality

has gotten worse under this president, if i'm struck by -- and i'm struck by all the money he wants for the irs, $80 billion, wanting to hire 87,000 new auditors. so we're all going to get audited, i guess. we're going to talk about 166,000 irs agents versus 20,000 border agents. i mean, when you look at it that way, it is pretty stark, where the priorities are. >> yeah. ask is we tried to give them an opportunity during the vote on their big tax and spending spree bill to actually allocate more resources and personnel to the border where we've got a huge crisis which this administration owns responsibility as well. and, you know, take away from the number of people that are going to be added to the irs, and they voted it down on a party-line basis. that's something that every democrat needs to be to held accountable for. i think in the end the american people are going to conclude that when it comes to the core issues they care about, this administration and the democrat

leadership in the congress -- and they control all of government right now -- has failed them. maria: i want to get your take on social media. a judge has ordered key members of the white house, turn over their e-mail conversations with social media companies. the lawsuit alleging that the biden administration colluded with the likes of facebook and twitter to hide information on hunter biden and covid-19. listen to this. >> all of this should scare americanss, that their government is actually, you know, moving and using and outsourcing their censorship to these social media platforms to silence americans. it's the first time we've been able to look under the hood where the federal government is directing these social media platforms to deplatform people, to silence folks. and they're doing it. the government doesn't get to do that. they don't get to outsource their censorship which is why this lawsuit's so important. and the revelations so far have been shocking. maria: senator, you are the ranking member of the senate subcommittee overseeing these

social media companies. what can you do about it? obviously, we have seen censorship on a grand scale. >> yeah. and it's even worse than what was just reported, maria. and i've got -- [laughter] several pieces of legislation that would be a solution to help. social media companies, one, they use opaque algorithm with. s to moderate the content that people say -- see and influence what the american people are seeing and, two, they do a lot of censoring. we saw this in the 2020 election. there was a study done subsequent to that election that a showed that of the political e-mails that were sent by republican candidates for office in 2020, almost 70% got sent to spam, got filtered out. democrats, 8%. i mean, think about that. and they can't defend it, they can't explain it. they say it's their algorithms. the rules have got to change when it comes to social media and how they manipulate the content that the american people are seeing and their ability to

communicate. in this case can, of course, as you pointed out, the government influencing these social media companies and determining what gets seen by the american people. of. maria: yeah. it's quite extraordinary. and yet he's over there saying it's the republicans who are a threat to democracy. unbelievable. senator, we're going to keep a spotlight on this, and we hope you'll come back to continue the conversation. thanks so much for being here. >> chiangs, maria. maria: senator john thune joining us. up next, federal reserve chairman jay powell says he's going to keep hiking interest rates until inflation is under control. but ark invests cathie wood says this is the wrong way to go. you'll hear from her as well a ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!

become an agent of innovation with invesco qqq my husband and i have never been more active. shingles doesn't care. i go to spin classes with my coworkers. good for you, shingles doesn't care. because no matter how healthy you feel, your risk of shingles sharply increases after age 50. but shingrix protects. proven 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. the most common side effects are pain, redness and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. shingles doesn't care. but shingrix protects. ask your doctor or pharmacist about shingrix today. ♪ bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing

with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. maria: welcome back. now look at where the markets ended the week after federal reserve chairman jay powell said the fed will continue to raise rates until the job of fighting inflation is done, seeming to confirm another 75 basis point

rate hike this upcoming meeting happening in about a week and a half. ark investments' ceo cathie wood said powell is making a mistake when i spoke with her in a fox business exclusive. ♪ >> the way i describe what's going on right now, i was in my early days in my career, in the early '80s, when volcker was taking a sledgehammer to inflation because it was embedded in the system after 15 years of profligate spending; vietnam war, great society and then going off the gold exchange standard. a sledgehammer, that's what he needed. that is what i believe chairman powell thinks he needs. and we just don't think that's true, because we see so much deflation. and one more thing. we also see a massive inventory overhang around the world. you've got europe in recession, china in recession effectively, and here in the united states

retailers are bulging with unvenn -- inventories which will have to be cleared with discounts. so we hi we're going to see some major downside surprises in inflation during the next 3-6 months. maria: so many important points there. want to get your take on what this means for the macro story. first off, on inflation will the fed be able to reach that target of 2%? and when do you expect the fed to see inflation at these targets? >> so the fed is looking at the pce deflate arer which peaked in february at 5.3%. it's down to 4.6, and we believn some negative numbers. nobody believes them. we do. we believe we're going to see some more negative numbers during the next 3-6 months. so wouldn't be surprised to see it well down into the 3s in the next 3-6 months if not into that 2 handle. and i think if if we get enough she sequential -- sequential

declines, the fed will change its tune quite dramatic canically. maria: and joining me now with more is the former president of the kansas city federal reserve, president thomas hoenig. and and, thomas, it's great to see you. thanks very much for being here. >> thank you. maria: that was some serious expectations of inflation dropping. what's your take of the pce deflater going all the way down to the 3% range within 3-6 months? >> well, i think anything's possible, but there is a lot of inflation embedded in the economy right now. and i just -- not just with the energy, but across a large group of goods. and i noticed that cathy says that there's a big inventory buildup and so forth. but at the same time, i think inflation is pretty much embedded, and powell is committed to trying to bring it down. now, i think the tightening is more than people are expecting.

i think with the next 75 basis points if they increase it in september plus the quantitative tightening that they are taking in terms of shrinking their balance sheet which will take a lot of liquidity out of the market, you will shut down the economy -- or you will, i should say, constrain the economy pretty significantly. and and that will bring inflation down. whether it brings it down to the 2% in the time period that she's talking about or using the pce down to that number even, i think it's possible but probably take a little longer than that, i suspect. maria: thomas, i always like to remind our viewers that you were the one dissenter at the federal reserve back in 2010 when your colleagues at the fed were throwing all this stimulus at economy and you said, no, it's too much. you were right in retrospect. all that stimulus spoke --

stoked inflation to 40-year highs. i want to get your take on where you thinks going with now because you just mentioned it. it's not just the fact that the fed is moving on interest rates, they're also unwinding that a balance sheet. and all that stimulus blew up the balance sheet to $9 trillion. we're below $9 trillion right now. what kind of an impact does that winding down have on the economy and markets, in your view? >> well, i think it's pretty dramatic. now, one of the things the fed if has going for it right now is this very low unemployment rate or the high job opening, number of job openings. this will give it time. but, believe me, i think things can change very quickly in the employment scene. and if that happens, then the fed come under real pressure to pivot at that point. maria: yeah. in fact, larry summers the other day was saying to expect unemployment all the way up at

6-6.5%. right now we've got an unemployment rate of 3.7%. as the economy slows down, how significant will the job cuts be? >> i think if we have a significant slowdown because of both the interest rate increase and the tightening, the shrinking of the balance sheet which puts constraints on the economy, then we could have a significant, sudden increase in unemployment. and that is where i think the pressure will then fall on the fed. and if happens before the inflation numbers are down closer to the 2 or 3%, then that puts enormous pressure on the federal reserve. and whether they can resist it given higher unemployment will be a big question mark in everyone's mind. i think it will be difficult for them at that point. hopefully, inflation will come down enough that when they pivot, it won't be so disruptive in terms of renewing inflation impulses in the economy.

maria: well, i could talk to you all day. we have so much more to touch on. thomas, i so appreciate you joining us this weekend, and we look forward to your appealer on "mornings with maria" soon on fox business. thanks very much for being here. >> thank you for having me. good day. maria: thomas hoenig joining us, cathie wood joining us. after 21 years after the september 11th attacks, thousands of first responders and workers at ground zero are still fighting for health benefits. former fdny lieute ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. i got tai last december. i've spent almost every minute with her since.

when i first brought her home, she was eating little brown pieces in a bag and it was just what kind of came recommended. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active, high-quality poops. if i can invest in her health and be proactive, i think it's worth it. see the benefits of fresh food at betterforthem.com your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit.

it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's affordable. i wish we would have looked into it sooner. think i might look into one myself. stay in the home and life you've built for years to come. call... to receive $1000 off your kohler® walk-in bath. and take advantage of our special offer of no payments for 18 months. ♪ maria: well, it has been 2 # # c events of 9/11. many first responders and workers who were there that day

are still fighting for health benefits for 9/11-related issues as the world trade center health program is facing a $3 billion shortfall. former fdny lieutenant and 9/11 first responder michael o'connell spent weeks at ground zero and a serious lung-related illness forced him to retire early. he's now working with the feel good foundation fighting to call attention to the great need for more support. he joins me right now. lieutenant, thank you very much for being here this weekend and also thank you so much to you and your colleagues for all of the work you've done. we are in a great debt to you. >> thank you. i appreciate you having me. maria: tell me about the issues today 21 years later. >> yeah. so here we are 21 is years later, and it's not a surprise that things keep popping up. here we are where cancers, people think that's more relevant than anything and lung

disorders like i've developed. now we're dealing with cognitive functioning problems where people are starting to the to have early onset dementia is. so it's scary. but not surprise, you know? we had 220 stories of office building that came crashing down on us, and we were essentially working for eight months in a toxic access poo. although i'm not -- cesspool. i'm not surprised that this happened. maria: so this study that we're talking about saying that the 9/11 first responders showing that they could be seeing early onset of dementia, as a result of what they were breathing in, do you think? >> absolutely. i mean, you're talking about, you know, like i just said, 220 stories of office building. that room was -- those buildings were filled with computerser -- i computer screens, desks, chairs, countless amounts of glass that were on the building. who knows what else was in that

building, you know? thousands upon thousands of square foot of just office building, and we didn't find anything. all we found was steel and rubble when everything was said and done. maria: so upsetting. i just -- memories of that day will be with me forever. i'll never forget being there down on the floor of the new york stock exchange, running to the corner to watch the buildings come down. but, lieutenant, i guess one takeaway which gives me some strength is on september 17th, 2001. it was september 17th when i was on the floor of the new york stock exchange, and i looked up at to podium, the opening bell podium, and you and your colleagues and officials from new york were there ringing the opening bell. and i knew that we were all in mourning, we were down, we had lost people, we were down, but we were not out. we would rise again. and that strength, to see you

ring that opening bell, took us forward to carry on. >> absolutely. here we are, you know, 21 years later, september 11th, another anniversary that's coming. you're absolutely right, over 3,000 people died, you know, from the locations that we were attacked on. and and people always remember that, as we should. but what they should also remember is like you're talking about, a date can like september 17th. i call it september 12th for me, although i was there that day. the next day is when you realized how strong we are as a nation, how how we all came together. and you didn't have to be there, you didn't have to be a civil servant to realize what was going on. everybody wanted to help. we came together. there was no race, there was no political affiliation, nothing mattered. it just mattered you being a good person coming back to fight to back, rebuild the city, rebuild washington, be there for the families and the loved ones and build back the way we should

and have each other's back. the flags went up, and is we were a nation. it's scary to think not just another terrorist attack coming, but where we are as a nation and how we're still fighting that fight that we were on september 10th. we shouldn't need another terrorist attack to bring us together as a nation. maria: that is exactly right. well said. and we also need more support ir all who were down there. lieutenant, we are praying for you, your family and your colleagues. thanks very much for joining us this weekend. >> thank you so much. i appreciate it. maria: lieutenant michael to o'connell can joinin you've put your dreams on hold. remember this? but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just an investor—you're an owner.

giving you flexibility to follow your dreams. that's the value of ownership. trelegy for copd. ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here, but you decide what's next. start a new day with trelegy. ♪ ...feelin' good ♪ no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand

and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

before we begin, i'd like to thank our sponsor, liberty mutual. they customize your car insurance, so you only pay for what you need. and by switching, you could even save $652. thank you, liberty mutual. now, contestants ready? go! why? why? only pay for what you need. ♪ liberty. liberty. liberty. liberty.♪ maria: welcome back. we've got another big program in the works for next weekend. make sure you tune in to "wall street" every friday night at 7 p.m. on fox business. and i'll see you at 10 a.m. on fox news channel this sunday, "sunday morning futures," exclusive interviews with kevin

mccarthy, herschel walker and former secretary of state mike pompeo. live, "sunday morning futures" on fox news. and right here on fox business, start senator every weekday -- start smart every weekday from 6-9 a.m. eastern on "mornings with maria." have a great rest are of the weekend, everybody. thanks so much for joining us, and i'll s time. ♪ ♪ ♪ gerry: hello. this week on "the wall street journal" at large, britain loses its queen, and the world loses a model of public service and devotion to duty. the legacy of elizabeth ii. california on the edge of darkness, how the country's biggest and richest state found finds itself running out of energy. plus, children are finally back in school. democrats tell us it was their idea