will they would put a lot of work into it. next week will be so critical i want you to have a great week and we have nvidia earning is p so much, there is a part of me that is worried but a part that thinks is a be the number one copy for a long time and you have jackson hole, the last time at jackson hole jay powell deliberately jumped on this market, he crushed it. ironically his pain speech the stock market is higher than it was then, those are two things that will impact your portfolio. don't worry i have you covered read in the meantime ashley webster has you covered, he is in for liz claman. spewing great information. thank you, no guerrilla selfies. thank you very much. i am ashley webster i am in for liz claman. we begin the final hour with the fox market alerts, stocks have been under pressure this week all three major averages are at risk for posting a fourth straight session of decline but right now stocks are flat down

ever so slightly, he can see the dow up 12, the s&p downtown, the nasdaq down two tenths, global growth underway as china's property evergreen files bankruptcy protection in a manhattan courtroom, shares of chinese cavities are feeling the heat seen declines across the board e-commerce giant ali baba njd.com among those moving much slower today as well as ev maker nio, kneel down down 7%, at this hour next friday we will get a better sense of what the fed is thinking as fed chair jay powell will be speaking at the jackson hole central bankers conference a week from today. many are hoping to glean more information on the fed forward and whether or not they will keep the rates higher for longer. that is the fear. in a rare move cybersecurity firm palo alto networks is reporting after the close of markets today, the stock is up

1%, could a friday afternoon earnings report be an omnibus sign for palo alto yet market, there has been a lot of speculation we will find out soon enough let's get to the floor show to dissected all, joining me now to good friends keith fitz-gerald. i think he is in beatable seattle in my good friend teddy weisberg who jumped off his yacht to spend some time with us. thank you both for being here. i'm just tongue-in-cheek. teddy, let me begin with you, you said we know there's a lot of headwinds, inflation, china, interest rates, it goes on and on. we are treading water right now, where do we go from here, if you look in your crystal ball how did things go for the rest of the year. >> i don't know the rest of the year but we need to get through the rest of the summer. on balance to the end of july it's been a pretty good year if

not a very good year. you had to have the right horses but you really have nothing to complain about in terms of the popular averages but the markets have simply run into a wall as we exited the second-quarter earnings which that kind of happened to the get through earnings and then the market quite frankly has to have something to focus on and in this case to maintain the positive something positive to focus on. investors have a short memory, they forget that the first seven months of the year were pretty good, you get a couple of bad weeks and everybody's looking for the ages. ashley: that is so true, keith i looked at your notes, you said i love days like this when fear is palpable, we felt that this week but is it a buying opportunity for you? >> are you kidding we had one of the busiest days that we had a

long time. this is exactly the day if you are an investor, you want to see because otherwise great companies, remember this is a technical selloff, to teddy's point something that happens every summer it's like clockwork we know the playbook and we seen it before. if you know that is true by low sell high then you go hunting for the world's greatest companies and that's what we did today. ashley: very good, the magnificent seven the big cap tech stocks led the way. they can't do it now so we don't have that direction. who can pick up t the battle if tech isn't leading. >> quite frankly we need tech to lead, i don't think it's anything fundamentally with the text, they had a huge move just look at the move met a house made from 88 to a higher 325 just a couple weeks ago almost a

straight line, technically these stocks need to rest and that they're all selling off it tells me more technical than fundamental nature. in terms of where we go i'm not sure i'm as bullish i think we have plenty of troubled waters ahead of us. i don't know that were going back to where we were seven or eight months ago but clearly the market is going to trade sideways until we get something positive to look at. the very good news is for the folks that want to be risk-averse, you can get 5.5% short-term treasuries all day long and it's a nice place to hide until the dust settles. ashley: that is a very good point, what do you say are you been a little optimistic to teddy's point, there's a lot of headwinds, 5.5% on the treasury, pretty good return. >> there's no doubt about that, to be clear were not just

bullish for the heck of being bullish were taking very cautious with quality companies, days like today you don't just way and all the ones you mice will go to vegas, better yet give me your money all go to vegas and have a great time, you change your tactics so you buy a little now, little tomorrow a little a week ahead. to teddy's point you have to settle in at buying and selling because that's how the markets work they have to bleed out the access and get to week money shut out soon get the strong money back in, that's what's happening on today's like today. ashley: you could argue it's pretty healthy but i want to ask you about china talking about headwinds, every piece of economic data we get is a little disturbing. when china struggles has ripple effects, doesn't it. >> absolutely, china is clearly one of the 800-pound gorillas and any level cannot be dismissed and if china struggles and get a cold we're going to

start sneezing. this is one of the big unknowns into get the world economy going again clearly you need china to get better. ashley: to teddy's point some analysts are saying that could have an impact on global demand next year including energy, i know you can see oil at $100 are you buying into the space, why are you bullish? >> combine into cavities like chevron because i'm not so concerned about the commodity itself as a.m. about the ability to service that, they have been huge investments in a great breakthrough energy fund and on top of that heckuva dividend, on a low data stock big dividend a market that's down and i expect prices to go up it's a logical invitation for me. ashley: very good, i have to finish on the fed, why not they meet in september data dependent, we have to wait for more data the common.

what is your sense will we see higher rates for longer than we actually help for? >> obviously the street wants lower rates but i think the reality is in spite of all the rhetoric i think the direction of rates is probably higher. for how long who knows, the fact is the reality in the economy continues to chug along in the high rates may be in the real estate market having a negative affect, overall on the economy the economy is fine so that the fed is serious, recent got to go higher. it would be nice if washington was stop spending so much money because you have two people pulling on the same rope in opposite directions. ashley: very interesting, the same question to you, interest rates higher for longer, the economy is been remarkably resilient but how much longer cannot last if the fed keeps the rates higher.

>> i maintain, the fed has a physical problem not a rates problem it was longest to washington continues to spend they can raise rates and not fix this problem, we have one or two rate hikes going and that's still going to go but that is because the fed has busted models they missed the crisis in formation and their still missing it now i think we should pause and be responsible and reconsider new information. ashley: do you think we will have a recession? people keep saying, sometime next year. >> i maintain we were in one year ago but we emerge from it whether or not we go into another one even though they don't call it that that's a subject for academics i'm going to focus on the world best companies in the great stocks, i don't care what the politics a are. gentlemen, thank you for joining us, happy sailing to you, good to see you both. back-to-school shopping helping to fuel walmart second quarter

earnings, could the hunt for the discount fuel gains with the factory outlet centers, they are fun to go to, working as a ceo of the outlet operator of the back-to-school shopping rush. the closing bell ring get in at about 50 minutes or so, "the claman countdown" coming right back with the dow essentially flat. ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones the day you get your clearchoice dental implants makes every day... a "let's dig in" day...

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hi, i'm jason. i've lost 228 pounds on golo. so when my doctor told me i needed weight loss surgery, i knew i had to make a change. golo's helped me transition to a healthier, sustainable lifestyle. i'm so surprised just how crazy my metabolism has fired up. i have a trust in golo 'cause i know it works. golo isn't like every other program out there, and i'm living proof of it. (announcer) change your life at golo.com. that's golo.com. ashley: as a summer is officially winding down back-to-school spending is kicking into high gear at the national retail federation reports back-to-school spending could reach 41.5 billion, that is up from 36.9 billion last year as supplies close and tuition prices remain higher,

all thanks to inflation, tanker outlets is a leading owner and operator of upscale outlets that sell high-end brands of discount prices, joining me now stephen, great to have you here. how is business and how is back-to-school shaping up? >> first of all thank you for having be back. i would say business with the unofficial kickoff of back-to-school shopping is july 4 weekend and since that time traffic has been very good in sales continue to be steady and improving. ashley: we know the consumer is feeling the pinch from inflation, how would you rate the psyche of the consumer right now, they're carrying a lot of debt we know that and they're trying to pinch the pennies from your standpoint, how are the

consumers customer. >> i was at shoppers last week six or seven centers in the south predominately and you pay the consumers carrying a lot of debt, we see the consumer carrying a lot of shopping bags believe it or not and a lot of these brands that they are carrying are the better price point brands so where they can get it edition to everyday value a lot of those brands in icu are showing some of them in the role, these are offering additional value what the consumers been shot outlet centers are on sale every day but for back-to-school some of the better brands are even more promotional. ashley: you raised your guidance for the year, based on what? ashley: most of the revenue are coming in the form of rent

growth. what are the most impressive statistics that we shared in our last earnings call the one that we celebrated internally is our ability to grow on a quarterly basis so we had six consecutive quarter of rent growth, what that speaks to from a renewal point of view they are renewing their leases in a higher rent they were paying previously and they put a new player in that space, they are paying close to 25, 30% more than the prior tenant and a lot of opportunity to continue to grow rents on an organic basis. as you're probably aware most of our stores also have a percentage rent kicker when they achieve a sales threshold we share in the upside as well. ashley: that is interesting,

bucking the trend, a lot of concern that commercial real estate sector is in big trouble, you obviously are not feeling that but that is a concern. >> i think retail right now is winning, this summer we seen traffic coming back, people are buying for back-to-school and we are in the value space, we often say were not selling commodity product at a discounted price so if the customer is looking for a key item like sneakers in the cheapest pair of sneakers they can get there is plenty of places for them to shop for the products. in our shopping centers it is name brands such as nike, puma, adidas, under armour and everyday value pricing, they are passing to the best possible prices to a customer in a customer is responding and we see a new customer because of the discounts. ashley: stephen i would play a soundbite from the interview from j.p. morgan chase business

banking ceo ben walter, i asked him about the rising crime and retail establishments. listen to this, i will get your comment. >> you have an impact on small business, it's been different most of the organized crime rings that we've seen in bigger businesses with a large amount of merchandise. >> retail thefts even with a lot of concern we've seen across the country, have you been affected by? >> nobody is immune to retail theft, we think it about it every day, security is a very important part of our shopping center, we sell experience were in the shopping center business it internally where in the experience business, it is our job to make sure that the shopping experience is the best it can be for customers because we rely very heavily on a return visit. for that reason we have a number of visible in not so visible

security precautions that we take across the enterprise with very visible shows in the form of security and our partnership with local police departments where we get visited fairly regularly to the partnership, we also employ security on site in all of our shopping centers. that shows security really makes a different for a lot of the customers to shop at our shopping centers. it's very interesting until we to open till nine or 10:00 o'clock depending on geography are centers philip at 7:00 o'clock in the morning not only with the people that work there but for individuals that live in the community that want to walk in a protected environment. we see a lot of mall walkers walking the shopping centers early in the morning and it speaks to the fact that there's community and that's important and people are definitely coming

out. >> i don't know whether you break it down better some region stronger than others, is there any trend there? >> we like the southeast, a lot of shopping centers are predominantly in the marketplace that we see in the southeast explode but i would say this summer between our shopping centers in long island in our shopping centers to the north in connecticut and new hampshire we see traffic there as well. the southeast really came back a lot quicker particularly from covid and i would say most of the northeastern shopping centers have and that is a trend that is building. we see great growth coming from all sectors and a lot has to do with the fact that were on sale every day and her customer is responding to the value proposition that they get. >> i'm a must out of time very quickly you were talking about a new mall in nashville, now your days away from opening.

>> that is right we open on october 27 so we are a few short weeks away from the grand opening in the exciting part about that we are 95% leased, we talk about the deals that were talking to retailers about we have some of the best names in the auto business, brand-new names coming to the outlet and what will be most significant is the amount of food and beverage. we made a conscious decision as an organization to make sure that we have better experience for customers and that informs in the way of better food and beverage, shake shack will join us, tailgate brewery, crumble cookies, red bicycle coffee at the shopping center in nash nashville. ashley: i cannot have it, i been there for ten years i know what well. thank you so much for joining us and continue good success in your business endeavors. thank you we appreciate your

time. a pleasure, mortgage rates hitting the highest level in more than two decades right around 7%. what economists are predicting could go higher we will get a report on how that plays out with the housing market coming up next as we head to the break, the closing bell and 37 and a half minutes with the dow, s&p and nasdaq all slightly lower. we'll be right back. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

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ashley: the problems are piling up for homeowners and homebuyers is a 30 year hit the highest level in more than 20 years at a whopping 7.09%. let's get to madison alworth, live this afternoon outside of a listing in new jersey. looking pretty grim for prospective homebuyers right n now. >> it is definitely looking grim they let me inside just for you we are in a listing which is a rare sight because inventory is so limited and part of that bid is because of the rising mortgage rates making it very expensive for the homebuyer and making us of the home potential seller does not want to sell the big problem is the mortgage rate number, 59% of homes in the u.s. have a mortgage rate of 3.5% or

less. if they sell the home and have to buy a new home there going to say yes to a mortgage rate of 7% that is causing folks to hold onto their homes. >> homes are at record affordability prices are up, interest rates are up that makes it very difficult for gen z to buy a home. what were going through instead is a lot of people living in mom and dad's basement were checking up with roommates than they normally would. >> low inventory creates higher demand and that means higher prices, take this house that they somehow let me into for example. it is on the market and the sellers purchase for $360,000 in 2021. two years plus a kitchen renovation later they are asking for half a million in close to closing on that. the problem is they're not immune to the low inventory either they don't have a new home to move into so they worked

out a use and occupancy agreement. >> essentially the seller will sell the house to the buyer and then the buyer becomes a landlord and the seller rents it back for a period of 30 - 45 days while they continue to searching at their next house for the next place. >> this is my favorite thing to india report on a sour note things might get even worse, that is because the chief economist at the national association of realtors they are anticipating that the rates in the decade high rate for mortgages could go even higher, their ego happy friday. ashley: thank you on the happy note thank you very much we appreciate it's a tough market no doubt but a great report, fox business, take a look at the markets, the dow is ever so slightly hi it is completely flat the same story pretty much for the s&p 500, the nasdaq also

down 23 points. it is a go nowhere kind of friday treading water. ross stores moving higher for the second quarter earnings the discount store raising the full-year guidance, the company off-price retailers will continue to benefit as low to moderate income consumers continue to deal with higher cost for necessities. ross tore up 5% today. activist investor star board value is taking a stake in blooming brands the investor has built a 9.9% stake in the. company of outback steakhouse in 2014 they stop the sweeping changes helping that stock climbed 200%, blooming up almost 7.5%, chinese electric car maker reporting second carpentry quarter losses of a wider than expected ev company also forecasting third-quarter revenue that is lower than analysts had hoped for, the week

forecast as a result of slowing demand in china, the stock down for half percent. how about this a bright red 1962 ferrari 250 gto will be auctioned off by celebes, the asking price for the classic car, you will not believe it more than $60 million this particular model rare with only 34 made by ferrari to gto models that were raised by ferrari team before being sold, the car initially sold for $6000 in 1964, quite an investment. what a beautiful car, the 1962 not only item and avid collector of rangers memorabilia is selling off the painstakingly accumulated collection, he joins us next to discuss how collectibles are paying the bills as higher interest rates take a toll on americans deep in debt, the closing bell ringing in 28 minutes from now.

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voya. well planned. well invested. well protected. ashley: as interest rates and inflation hit historical highs, some americans looking to sell the most prized possessions that include the new york rangers fan who is selling his 23 euro collection of team memorabilia which he says is worth 25 25 - $30000 that man joins me now on a fox business exclusive. mitch, you have taken 23 years to put this collection together, do you really want to sell? >> not particularly but thank you for having me on. it is very difficult. it's a very difficult situation to be honest. ashley: clearly, you believe you have no other choice. there is nothing else you have a

value that you can sell, had to be the collection. >> i am selling everything i put my hands on i have a commercial jim that i built in my garage and i'm selling that off as well. it is tough times, the lockdown hurt me it crushed my business, i owned and appointed agency for 24 years and i had to close that, we fell into debt and is trying to come out of it now. ashley: i understand you have to do what you have to do, are you selling the entire collection, nothing that you are keeping. >> i'm keeping one piece for myself because i like it a lot it's not really the most valuable thing but it means a lot to me in the wall street journal they took a pick under picture of it, bugs bunny signed by the two artists that drew him when he was in a rangers uniform and it happened like that quite a bit, it makes me happy.

ashley: i like that too, that is great. how are you going to sell the collection, ebay, craigslist, how are you going about it. >> i put it out all over the place, on craigslist it was on ebay for a while, it's a marketplace, facebook. i've had people call me from all over the country, i had all kinds of things, nothing to the point that it made sense to sell it, this is a reasonable piece that i have in memory and attached to things that might children ross and tori growing up and spending time with my wife pam. it's very emotional for me. it is not just like selling your car which i've had to do in this mess, it is what it is. ashley: in your mind what is the most valuable item that you're selling with regard to the

rangers? >> it is hard to say but i have a 1994 stanley cup helmet that mike richter, a copy of mike richter that was signed by the entire 94 cup team i also have a goalie helmet signed by the 1980 olympic hockey team. i also have pox that were signed individually by the team in virtually you are looking at a picture, every member of the 94 cup team, and eight by ten those are a bunch of hall of famer's and i have every goaltender that ever played for the rangers have an eight by ten that you see going up the wall it's very precious to me every single one of these mean the world to me. >> you already got this collection out there, have you had any serious inquiries. >> i had some inquiries, some people they look to take it vantage of you they offer me

ridiculously low money to take advantage. i'm not going to do that this is my children's life this is supposed to be an inheritance i never intended to sell any of the stuff but the economy and things have forced it, now i have no choice. ashley: i'm sorry you got to that point but hopefully you will get everything that you want for it or more i know that's of little comfort but we wish you the very best and thank you for taking the time to talk with us mitch beck. thank you. now this president biden hosting a press conference with prime minister of japan, president of the republic of korea taking questions of the media right now, let's step in and take a listen. >> this matters try relationship as well as their future, this is something we need to continue to work on. >> thank you for the question

first of all at today's meeting the rules with international order are inconsistent to rule-based international order and activities has been shed in the rule-based free and open additional order must be defended and going forward the u.s. and japan with strategic collaboration that will be reinforced even further and such endeavors will continue going over. our country and for the surrounding countries, the response capabilities as well as defense capabilities will be bolstered and by doing so the lives and livelihood of our

population will be protected in the sense of assurance must be raised these are important activities having said that with regard to china last year in november there was japan china summit and there was a positive moment by maintaining the positive moment. ashley: there you have it, dipping in very quickly as the answer questions and the trilateral summit between the united states, south korea and japan going on at camp david we will monitor that and see if any headlines come out of that. in the meantime much more coming up after the break with the closing bell ringing in 16 minutes. we'll be right back. ♪

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ashley: breaking news president biden speaking to the press conference with his japanese and south korean counterparts at camp david the first time they have held a standalone meeting and tensions have grown with china and north korea, joining us grading tremble from washington all we know. >> the three leaders directly

addressed china in the joint statement saying they share the concerns about actions inconsistent with international rules, the three called out what they call dangerous and aggressive behavior supporting unlawful maritime claims by china. the chinese are upset warning the three leaders not to form a click, senior administration official tells her colleague edward lawrence that this summit is not about one country in particular like china or north korea but rather a response to measures in the region that are against u.s. interest, three deliverables coming out of the summit today. a hotline will be established connecting south korea, japan and the united states, the leaders commit to meet on annual basis for a summit just like this one and they also agreed to unify reaction to security threats in the region as well as messaging that includes supply chain, here is president biden.

>> were expanding our economic cooperation to build in indo pacific that is peaceful and prosperous, today we have committed to launch a supply chain early warning. to finalize the camp david principles as the president of south korea called them senior administration officials say the leaders did a lot of work and what they called downtime were the leaders walked around the ground of camp david. by the way this is the first time president biden has had a foreign leaders, to foreign leaders at camp david. ashley: it is history, grading tremble, thank you very much for that was get back to the markets the closing bell rings and nine minutes from now. the market turning ever so slightly higher, it's been treading water all day, the ten year treasury yield let's look at that e-zine after he rose to the highest level since october

of 2022 down slightly 2.6 basis points, four-point to 5% on the tenure, the upward movement following the release of the federal reserve meeting minutes suggested further interest rate hikes could be ahead as inflation concerns remain. it's rather sticky, the now on pace for the worst week since march, lower by 2%, the s&p is headed for a third straight week of losses a week that hasn't happened since february down 2% and the nasdaq composite set for a third consecutive losing week for the first time since december, the nasdaq down 2.5%. it's not turning out to be a great august for the market, little rocky this week's decline adding to the losses for the month as you can see the dow off nearly 3%, the s&p down for an half percent and the nasdaq down 7%. but having said all of that our next guest says any near-term dip in this market as a buying

opportunity. i love the optimism joining me now wealth advisor president brian, explained to me there is a lot of concern on their that high interest rates for the longer period of time in the inflation, china, you name it but you say jump in when there's a buying opportunity. >> that's right at the end of the day what this market is trying to get back to is the fundamentals. in the short term the market is treading water as you said before because we've seen a great run and investors are trying to figure out if the market is overbought in some areas and we have important policy meetings coming up at the end of september with rates this month we have the jackson hole meeting an important earnings report with growth sectors next week. when you take a step back from everything it comes down to the earnings outlooks.

right now those outlooks for 2024 are looking expansionary, growth and profits should continue for the s&p 500, i think what investors are doing, the thinking ahead and saying if we can get by the fed r rate increases which are coming to an end and if companies can still maintain profitability and expanded the profitability maybe some of the multiples are justified, that is why any major pullback on the market considering the constructive outlook could be an opportunity. ashley: are there any particular sectors that you like and would recommend. >> i think investors need to be selective, we know that the tech sector has run up in the valuations on their on a forward-looking basis are above historical averages. if we break it down into the polls and of the global economy is not hit a deep recession that most people are fearing, you

could take a look at global industrials as a sector to consider, also the healthcare sector is showing signs to play defense as well as offense we dipping about innovation coming from the biotech in the pharma names and lastly let's focus on small caps there smaller cavity stocks that trend down with a recessionary slowing economics, also the stocks that bounce back first and perform other sectors. if you break it down we can probably focus on a few stocks if you want as well. ashley: you like united health, i was going to ask you, do you think that's a good defensive play? >> i think in this environment the offense, defense and aging demographic in the u.s., we see the regulation is still supportive of insurance pricing and also the medicare advantages and supplemental plans are continuing to grow that is an area where you can find value in a market that is really been

high negative i think unitedded health care might be one of those names specifically. ashley: you also like a company called ferguson, it's a u.k.-based company. what do they do and why do you like it? >> thank you for bringing that the up. trying to be a little bit different, trying to find value. ashley: yeah, that's good. >> yeah. so ferguson's based in the u.k., but they have a big business here in north america focusing on infrastructure, hvac and other type of plumbing areas. that's a business that you could say is recessionary-proof and produces cash flows regardless of how the economy's going, right? so looking at valuations and a strong, expansive dividend, that's a places that might make sense. plus if the dollar weakens, that also helps international stocks. ashley: so much is talked about, brian, about the tech sector, the magnificent seven. they've led the way for so long, but then they've had this pullback which many argue is

probably healthy because they were pretty overstretched. but, you know, is this the sector that's going to eventually lead again? >> i think, i think there will probably be a little bit of a pullback because the a. i. innovation trend is definitely there. but it's going to take 5-7 years to play out. so you want to look for names in the space that are going to be pervasive. and when i look at the overall tech space, you have a lot of smaller companies at a runup in value that are well ahead of their profitability or earning targets in the future. so stay with the wig boys, so to speak -- big boys -- but i'll throw out one other name just to try to be helpful. companies such as micron, for example, that play in the storage area of that space. you think about more and more data that needs to be processed, you've got to have a place to store it. that's not as sexy as maybe a semiconductor name, but from a valuation perspective a little bit more attractive and also a

having a chance to be more in the picks and shovels, so to speak, of that space moving forward. so again, in this environment when we see some quick moves in the market and some dislocation of price, the best advice that i can give to investors is to be selective and stay diversified and don't always chase the winners. ashley: what about the bond market or treasuries? you know, look, you can get 5, 5.5% on a short-term basis. i mean, that's kind of attractive too, is it not? especially in this environment. >> ash, that's e a great point. the bond market right now, i think, is really fairly valued. and if we look at where yields have gone recently this month, more supply coming to market, the thought's that maybe the fed might raise rates in september which we still think is a jump ball, so to speak, bonds right now are really attractive. you can get some really high quality bonds on short duration with yields 5% or more as you said and even in the municipal

space, tax-free bonds around the same. so we actually believe bonds is a great opportunity to bring that back into portfolios as a means to manage the risk on the equity side while picking up that income. and, again, to your point, at levels that we have not seen in a very long time. ashley: right. i mean, it's, you know, it can't hunter, i don't think. a lot of people say, hey, that's not a bad deal. i've got to mention the fed, brian, because of course they'll be coming up to jackson hole soon. they've said numerous times we are data-dependent. we've had some strong data, actually. july retail sales and industrial production. the economy's remarkably resilient, and does that mean that the fed is kind of being forced to keep these rates higher for longer? >> i think the fed is going to continue to look really hard at the next month of data because i think, to your point, there is -- there are some inherent conflicts. we've seen wage growth month other month still increase --

month over month still increase while at the same time showing a little bit of slowdown in the labor market and a little bit of a slowdown in consumer spending. but at the end of the day, the one thing that seems to be coming out recently is that economists are are taking up -- ticking up their forecast for growth this quarter. if all this continues to show that moving forward demand is still going to be there in the economy, then unfortunately i think the fed is still going to have to act and try to slow down demand with hopes that it's going to slow down inflation for the year. ashley: very good. brian vendig, masterful performance. thank you so much for all of that information. the closing bell ringing, down across the dow essentially, well, there you have it, flat for the day. "kudlow" is -- ♪ ♪ larry: hello, folks, welcome to "kudlow." i'm larry kudlow are. as you know, i just sat down with former president donald trump in an hour-hong economic