edward lawrence is in madrid with more. edward.eporter: you know president joe biden again blaming high gas prices and inflation specifically, food, on russian president vladmir putin. so in an interview today this afternoon here in madrid senator thom tillis told me it is inaccurate to say higher gas prices are because of the russian invasion. >> i mean you can't have an anti-u.s. energy policy and expect prices to go down and then you're going to other nations like saudi arabia and talking about increasing energy production. they don't have any resemblance to environmental stewardship our u.s. based companies do. maybe we should look back home. reporter: so the biden administration says there is nothing else the industry needs to increase oil production. well that prompted the western energy alliance to call that statement ridiculous, adding the biden administration could affect all those issues by cutting back on regulation, that is tying up solutions to those, all those problems but they refuse to reverse course and in fact the

edward lawrence in washington with more. edward?orter: president joe biden feeling all kinds of pressure now as we get closer to the midterm elections we're starting to hear many types of ideas to lower inflation. treasury secretary janet yellen saying today that they are looking at price controls on oil barrels and trying to get other countries on board. >> we are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by europe, united states and uk and others that would push down the price of russian oil and depress putin's revenues while allowing more oil supply to reach the global market. reporter: also on the table gas card rebates as well as suspension of the national gas tax in time for the elections. republicans say all the president has to do is reverse energy policies that added regulations and restrict supply in the u.s. >> trying to starve capital from industries critical to america. the result of this is going to be more inflation, higher prices. it is goi

edward lawrence at the white house with more.

edward lawrence fox business. talking about cpi going to 8.6%. the retail sales surprised the market by falling and revisions to the previous months were down. are you hearing from contacts about consumers slowing spending or changing their habits? >> so we're of course watching very very carefully for that, and, you know, looking at the retail sales -- the big store numbers and all that kind of thing, and but i think the fair summary of what we see is you see continuing shifts in consumption. you see some things -- sales going down, but overall, spending is very strong. the consumer's really good shape financially. they are spending. there's no sign of a broader slowdown that i can see in the economy. people are talking about it a lot. consumer confidence is very low. that's probably related to gas prices. and also just stock prices to some extent for other people. but that's what we're seeing. we're not seeing a broad slowdown. we see job growth slowing, but it's still at quite robust levels. we see the economy slowing a bit, but still growth l

lauren: edward lawrence thank you very much. neil cavuto, host of "cavuto: coast to coast" joins us now. this is pretty telling. they took out household spending and fixed income spending remained strong. they took that out, come men terri that the economy is indeed slowing. neil your reaction? neil: i think they're seeing some of these, the numbers were even out in the last 24 to 48 hours. a slow down in retail sales. reversal of activity first time in five months. this consumer sentiment survey out of the university of michigan which has great currency we're told among federal open market committee members that the consumer is rethinking things. in the past to your point, lauren, the federal reserve is saying despite all these disruptions when it comes to taking vacations and packing flights, packing restaurants and broadway shows, people are still willing and able and eager to have a good time, pay often times through the nose for that but this is the first time to your point here that they seem to be signaling even that migh

thanks very much for that, edward lawrence. as edward intimated here, this is not a political bashing on the part of republicans that the administration is doing enough or creating bigger problems, the former secretary for no less than bill clinton saying the same thing. that we've got trouble down the road. take a look. >> when inflation is above 4 and unemployment is below 4, you are almost certain to have a recession within the next two years. >> neil: all right. larry summers, the clinton treasury secretary was talking about a 4% inflation rate when you're above that, which we are comfortably now. an unemployment level of below 4%, which is where we stand right now. you've got some problems and that is almost certainly going to lead to a recession within the next couple years. kevin hassett has been warning the same thing. you'll remember mr. hassett, the former chair hoff the economic advisers, author of "the drift." overall smarty pants. kevin, you've seen this and the drama building on the gas front, the inflation front.

edward lawrence is in washington with more. edward.iz, republicans are saying that the president is living near a river in egypt, he is living in denial. the president continues to say he is overseeing a very strong economy. the president says likelihood of recession is not inevitable. there also might be some more stopgap measures he says to try to bring down gas prices, specifically a pause of the national gas tax. >> [inaudible] >> rebate cards? president mt. that's part. president biden: that is part of the whole operation. reporter: national fast tax is only 18 cents. removing it will cost $20 billion in revenue if it pauses through the fiscal year. kevin brady said the president did all of this to himself. >> unfortunately recession is inevitable because president biden made it inevitable. not only worse does he not have any plan, but this is the same plan he is using for a year-and-a-half. he wants more spending. reporter: president joe biden will be back a few hours here in the white house for the vacation he had at his delawar

edward lawrence is live in austria with more. edward. reporter: hey, liz.president tried to keep those g7 leaders laser-focused on his goal becoming net sear yee in 28 years, the next 28 years. the best way he says we can remove reliance on russian oil 28 years from now. the germans moved in that direction but restarting coal plants to get energy they need for the future. eu is rolling back regulations to fast track pipeline projects and move natural gas. president biden unwavering on his restrictions on the u.s. energy restrictions. it was not all work. the u.s. became focus after joke between prime ministers justin trudeau and boris johnson. listen. >> horseback riding -- [inaudible] reporter: yeah they had some fun. still the g-7 leaders added more sanctions and banning russian gold imports, one more step in isolating russian president vladmir putin. there are signs though, liz, that those sanctions just are not working because the invasion has not stopped. back to you. >> thank you, edward lawrence. joining us now florida congressman byron donalds. maki

edward lawrence is at the white house with more. >> reporter: gas prices have been at a record or set a record every day since may 10th. president joe biden admits that he does not have an immediate pix to bring gas prices down to $3 a gallon as with the previous administration. now, this administration has been releasing from the strategic petroleum reserve, also has been asking opec to produce more oil. the associated press said that president biden is leaning towards a trip to saudi arabia and meeting crown prince that he once called a killer. now, that report to coincided with opec announcing it would take steps to increase production 200,000 barrels of oil a day in july and august is the addition do. republicans saying this reminds them of the carter administration trying to appease the saudis to pump more oil. >> let's get inflation under control by allowing that energy to flow into the marketplace and bring the price of gasoline down, the price of keyes el down. that's doable right now. >> reporter: president biden still pushi

edward lawrence is live in madrid, right there, covering the historic summit. edward the world is watching waiting to see putin's reaction. anything yet? reporter: yeah, right now the russians are saying this is a destabilizing factor, and in fact, putin has already dialed back the amount of natural gas that's coming through the nord stream pipeline into europe. kind of a signal there. now as you said, president joe biden right now at a dinner hosted by the president of spain in this first day, the president announced that major troop movement. the largest mobilization or reorganization of nato since the cold war. now, he also talked about food and energy crisis that russia unleashed on the globe in the u.s. the price of gas started to rise from the first month the president was in office. the invasion made it worse, so i polled the president biden's top energy secretary advisor on the sidelines of the nato summit and he told me the g-7 leaders made a major shift. he said that they will no longer try to ban all russian oil on the market. >> where we're shifting

edward lawrence has more for us from the white house. quest jacket the jobs report a good one adding 390,000 jobs back to the economy and maybe the unemployment rate near record lows pretty look inside this report there are some areas of weakness like losing exceed 1000 jobs in retail. some question whether consumers will keep spending. but the president pending a rosy picture taking credit for this economy. >> america's stronger economic position today than just about any other country in the world. independent experts are projected the u.s. economy could grow faster than china's economy this year. >> he remembered china locking down in huge areas. combating inflation is number one economic priority with the wages writing by point to percent year-over-year and inflation at 8.3% people are actually losing money. republican state presidents plans are not working. >> we have seen their plans and action for their plans are disastrous. our inflation we are doing with right now is the result of democrat promises to take care of people. it doe

edward lawrence sis in washington with the latest. edward.orter: well, liz the federal reserve chairman said they had to go 75 basis points because of the inflation data he was seeing commoditying in. the fed forecasting three more 50 basis point hikes this year and one more 25 basis-point hike. then another 50 basis-point hike next year before a rate cut in 2024. what is very interesting this the fed downgrading growth significantly, this year will end gdp 1.7%. that is basically obama administration growth. the fed seeing growth stay at 1.7% next year. still under the 2% for 2024. now the fed chairman saying slower growth and at that data he is seeing consumer sentiment number he called eye-popping. >> inflation surprised to the upside. some indication of inflation expectations have risen and projections for inflation this year have been revised up notably. in response to these developments the committee decided that a larger increase in the target was warranted at today's meeting. reporter: the fed chairman stressing they have tools and wi

edward lawrence who is live in madrid, spain, see you edward. reporter: good to see you, liz.resident making major announcements of troop movements going into main nato countries and a major shift out out the g7. i pulled president top economic advisor, i'm sorry top energy advisor at nato summit here, he told me g7 leaders decided to allow russia to sell oil to countries that want it but with a price cap. >> where we're shifting from focusing on volumes of oil from russia on the market to not reducing them, allowing them on the market but reducing the revenues to putin. that's, this is a, major decision that we all were able to come to in leaders meeting. reporter: he adds that russia is still selling the same amount of oil as before the war but a price cap would reduce the revenue that putin takes in. president biden believes eventually sanctions and solidarity of nato will get putin to back off. president biden: we're sending an unmistakable message in my view, i think yours as well, that nato is strong, united and the steps we're taking during this summit are going to furt

edward lawrence has the update in washington. he has got more. edward?orter: liz, as president joe biden left town his treasury secretary tarred and feathered again on capitol hill about gas prices and inflation. >> this is freakin' disaster. >> i know you're with the administration. you have to follow certain talking points. i get that. >> i don't understand how the smartest people in the world sitting in this administration tell us everything is okay. reporter: when the president came into office year-over-year inflation was 1.4%. the message in the hearing president biden's policies are the crime. crime also plaguing this administration. this very emotional hearing on capitol hill about guns. those testifying affected by the mass shooting that left 19 young students and two teachers dead. >> [inaudible]. told her we loved her. we would pick her up after school. i can still see her walking with us towards the exit. real keeps going across my memory, she turns her head and smiles back at us to acknowledge my promise and then we left. i left my daughter

let's get to edward lawrence live who has been scrutinizing what powell said and what it might mean. you know, the federal reserve has really resisted getting into this digital space. in fact, the u.s. and u.k. are some of the farthest countries behind in developing a digital currency, but today the fed chairman powell says that a digital u.s. currency could help the dollar remain the reserve current si around the world. -- currency around the world. he also acknowledged the interest that's in crypto currencies. listen. >> in light of the tremendous growth in crypto assets and stable coins we are examining whether a u.s. central bank digital currency would improve upon what's already a safe and efficient domestic payment system. it could also potentially help maintain the dollar's international standing. >> so there are 10 countries around the globe that have a digital currency now including china. 105 others are in the process of considering it. now, the fed just finished collecting public feedback about a u.s. digital currency. powell says that they will consider the feedback as th

let's get to edward lawrence live at the white house. dward for parents used to looking at ounces, we're talking about 300,000 pounds, how many bottles is that what can we expect? reporter: talking about 3.7 million bottles and as you said the president right now meeting with those executives, the surgeon general is also in that meeting with the president. you know, this is going to be flown as you said united airlines is going to donate the flight to bring them from london back into the u.s. , these are 3.7 million 8-ounce bottles. now the bottles will be produced in london, this is made possible because the fda has allowed those bottles under what is called enforcement discretion to come in. this is what they look like. you see them coming in this week at target stores. in addition another 4.6 million 8-ounce bottles above australian formula is being flown in and many parents know right now can be very hard to find the right baby formula in some places. the plant where this recall stem med from will reopen in three days but it'll be mid

edward lawrence with more from washington. joe biden looking to flight inflation by removing tariffs on chinese goods coming into the united states. that is something that china would want. critics are wondering why the president would want to do that. the president did remove tariffs for several south asian countries for two years related to solar panels. he invoked the defense production act for the industry. i pushed the white house on this question. what is the real emergency in the solar industry for the defense production act? >> so let me, i was going to say first, the president, you know, when he takes defense production act to make sure he is delivering for the american people. it is an important tool he used a couple times and has been incredibly effective. reporter: fox news correspondent jacqui heinrich follow up on my point. listen to this. >> on solar panels how is this not a gift to chinese solar manufacturers, many of whom operate with forced labor and are subsidized by the chinese communist party? >> so, you k

it is just a truly compared wall street macy we may already be in a downward prude edward lawrence iswith more prey. >> the data could coming into solid so good be present joe biden showing a rosy picture of the economy. people scratching their heads wondering where is looking at this data. i dispersed one on one interview with the associated press 26 days the presence as a recession is not inevitable. saying everything he can to bring down the inflation for the american petroleum. republicans say this president is out of touch with what is happening and making things worse for this at up to 40% of americans feel like financially with only 10% say they are getting ahead. 82% say the condition of the economy is only fair. white house officials tell me on gas prices they are looking at a gas rebate card to help americans that is on the table paired white house official saying no final decisions have been made, lisbeth. >> edward lawrence thanks so much great to see. with the snow former investment banker carol roth. you're always a great we love having you on your great author and write

daley just sat could be with our edward lawrence. she reveals it all including her odds of a recession. footballs, the sector -- financials, the sector steam roller as straight as to all the big banks for their recession preparedness stress tests giving them the green light to up their dividends. is that wrong move right now though? sheila bair ran the fdic during the 2008 with financial crisis. she's going to join us with her report card on what banks should do. and by the way, boy, those financials are really growing right now. the list of the moment is growing minute by minute. publicly-traded corporations announcing they will cover travel expenses for all u.s. employees seeking abortion services. charlie gasparino's amassing the names jumping on the list after supreme court strikes down women's right to an abortion. >>> but first, we start with this fox market alert. is the fed's jawboning about aggressive interest rate hikes already starting to work? we've got 59 minutes left to trade on this friday. the dow, the nasdaq and the

elizabeth: edward lawrence talking 0.75 basis-point hike, not a half-point.ng us congressman darrell issa from house judiciary, along with forbes media chair editor-in-chief steve forbes. you heard what the president is saying. there is major discontent with elected officials, steve. we're seeing number of attempted recalls more than doubling since 2019. when you heard the president talking about inflation, what was your reaction? >> still in a budge, still feeling if you shout loud enough, trying to paint a rosy picture enough people will fall for it. people won't fall for it. they go shopping, buy gasoline. see what's happening. they have a feeling, rightful feeling, this government and federal reserve are at loose ends. they don't know what to do. they're in unchartered waters it shows by what they're saying doing, and not doing. elizabeth: take it back to representative, congressman, darrell issa. you heard what steve was saying, congressman. crime, inflation, it is really driving voters in primaries in five states today, maine, nevada, north dakota, sout

to edward lawrence live at the white house, good for the u.s. , but china can't be happy with that deal. reporter: yeah, china is not happy at all about this. the trade initiative is going to find ways to deepen that trade connection between the u.s. and china. they will be taking written comments for about the next month or so related to this. now specifically the u.s. wants to help small and medium size enterprises related to in-taiwan and the u.s. to work out each other, or work things out each other together. now, it'll also expand agriculture trade within taiwan. that could be a way to remove the rely answer on the island from food to mainland china. u.s. would move with taiwan to advance digital trade including opening access to more information. the initiative would come to an understanding about state- owned enterprises and removing the non-market barriers to expanding access inside taiwan. now those are two huge sticking points in trade with china. this , a message to china, that if it keeps threatening taiwan, the u.s. will move to strengthen its ties with taiwan. now cutting

let's go live to edward lawrence at the white house with more on what is no doubt a historic moment post-pandemicnd liz the president was swamped by kids. they flocked to him. he took pictures with the children, he got hugs from children at that clinic in d.c. that clinic also gives out those vaccination shots and is doing shots for kids under five years old. we saw a couple of them in the video with the president getting those shots. any minute, the president is expected to talk about how his plan, the rollout the shots across america for those kids five years old and younger. now the cdc, their guidelines haven't changed with who's fully vaccinated. adults considered fully vaccinatedded have two shots, not the booster and cdc data shows that 78% of people in the u.s. have at least one vaccine shot. that number dropped to 67% of americans who are considered fully vaccinated, as of last thursday, the seven-day moving average of deaths due to covid across the country in the u.s. is 266 people per-day. at the peak that number was averaging 3,300 people per-day so many doctors are saying if you look

liz: edward lawrence, live from the white house. thank you. for an a sorgum us rex, meet tom cruise, coming up two stars of two movies crushing it at the box office have amc theaters ceo adam aron ready to make some big predictions in a fox business exclusive, he will break them right here, the minute he comes out of his shareholder meeting. but first, billionaire elon musk just said he "doesn't care" about being ceo but of which company? huge headlines hitting both twitter and tesla, we're going to tell you exactly what's happening in pop stocks, closing bell 39 minutes away, the "clayman countdown" is coming back in a moment dow jones industrial still down about 736 points. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start w

edward lawrence, thank you so much.ning us congressman drew ferguson from house ways and means, former white house deputy chief of staff. he is karl rove. such a pleasure for you both to be on the show. thanks for joining us. congressman, take this on, jared bernstein, member president's economic council of advisors. he says president didn't miss much on inflation. your response? >> he missed everything on inflation. the impact on american families is devastating. american families are struggling to find food, pay for food, fuel prices are through the roof. i think every single bit of pain american buildings of all income classes americans are you feeling right now go back to the president's decisions to destroy american energy industry. that is where all of this starts. it is having profound effect. why he continues to double down on the policies that are hurting americans is beyond me. elizabeth: to the congressman's point, karl, who is in charge of the white house? >> you know, i don't know. supposedly the president

let's go to edward lawrence right now setting up this final day of the two-day meeting, what the federal reserve might be thinking as members debate how pronounced those price pressures are, edward. reporter: you talk about it, neil, the market is thinking 75 basis points last time. 1994 they did that. nancy kerrigan was attacked you may remember that year with a lead pipe. that is the last time they went 75 basis points or more. consumer sentiment they're looking at, lowest level. producer price index showing continued pressure for inflation to move up. retail sales came in lower than expected. as you know previous months were revised down. so major businesses represented by the business roundtable also showing in their survey expectations for the next six months declining sharply. so then you have president and members of the administration ignoring all of that saying their transition for the economy is working. president biden: since i've become president we created 8.7 million new jobs in 16 months, an all time record. [applause] even last month 390,000 jobs. and 600,000 new manufact

the top energy adviser told edward lawrence that oil and gas companies could be taking action now. >> there is nothing the industry needs, literally nothing the industry needs to increase additional oil. they have the permits they need, they have the equipment, they don't need anything else from the federal government. >> e and e news reported that environmental activists are preparing lawsuits as the interior department will give leases for drilling on land, and also offshore oil and gas options over the next five years. one activist told the outlet there's no legal requirement for the president to move forward at all and one oil and gas executive said they don't expect the president to sell anything, meaning the pressure really is on for president biden to return from saudi arabia with son kreet commitments that right now look a little bit uncertain. john. >> seems to be a disconnect between the administration and industry, the american petroleum institute put out a ten point plan what it needs from the federal government to increase production. at odds there. >> jacqui: a gulf, one

edward lawrence, live in madrid. ing a short news conference here before he left madrid, inflation and gas prices a big issue. saying americans need to be patient with paying more. >> you have not found one person, one world leader to say america is going backwards. america's better positioned to lead the world than we ever have been. the strongest economy in the world, inflation rates are lower than other nations in the world. >> not true on the inflation rates. other countries the president visited on this trip and will visit in july, only spain had a higher year over year inflation rate. france, japan, canada, italy, china, have lower rates than the u.s. answer from the administration to shame the oil companies. >> there is nothing the industry needs, literally nothing they need, they have all the permits they need, all the equipment, they don't need anything else from the federal government. >> the president of the western energy alliance calls that ridiculous, adding this, the biden administration could affect al

that is the question to edward lawrence, live at the white house for us, hi, edward. >> lawrence: americaems to be brushing off the concerns about the economy, dire concerns from industry leaders going forward, talking about people like jeff bezos, elon musk, j.p. morgan c.e.o. jamie diamond, and one retiree telling fox she used to fly to volunteer places, but now needs to go back to work because of inflation and even has to split the cost of groceries with her friends. >> so we do some price comparisons, and we split and i split with family members also. buying in bulk, nonperishables, because you can save a couple of coins that way. >> there is construction here at the white house. president biden refusing to change energy policies that restrakt the energy industry, instead, calling on the federal reserve to lower inflation, called on the f.t.c. to investigate price gouging, lifted restrictions on some ethanol blends and asked opec to pump more oil. none of it has worked so far. >> you look at $1,200 given to a family with one hand yet because of the printing of money and inflation, it'

edward lawrence, thank you very much.ing to retail inflation number, consumer price index for the latest month here. that is due out on friday. so we'll keep an eye on that, no doubt art laffer, former reagan economist, economic advisor to president trump et al. art, always great having you. just dropping this on you because we're just getting word from the white house they're considering easing back some of those tariffs that president trump imposed on the chinese. what do you think of that? >> i think it would be okay to be honest with you. i think tariffs in general are a bad thing. i think trump used it to negotiate. in general long term tariffs don't make sense for the u.s. economy. i hate to see it used in a political context like this month, this month. you know, but we should have lower tariffs just the way kennedy did, reagan did it, the way trump was going to do it, he was moving in the right direction. just less tariffs are, there are better off economy will be. neil: art, i get the impression the administratio

to your point, edward lawrence might not relate to that but we are seeing the markets fear that againow down and the economy but just in case, edward lawrence is ready with his leisure suit. he is at the white house. >> reporter: i saw the musical. neil: that certainly counts. >> reporter: the president meeting in an hour and 45 minutes with major baby food formula produces, the message for the president is produce more as quickly as you can. the administration is playing catch up from a recall that happened with food manufacturers, trying to pressure these companies to fill the void from february. they are working on this since the recall happened. the president announced united airlines agreed to fly for free, 3.7 million, twee 8 ounce bottles of baby formula from london to the us. the fda approved the company selling here at this meeting today, the president will get an update on abbott factory back online in three days. the product being made will not be on store shelves, supply chains not happening at all. >> the strength of the economic recovery, the work we have done on the sup

edward lawrence thank you very much at the white house. jeff flock with a separate push on part of the white house. actually powers that be in washington for electric vehicles. where does this stand, jeff? reporter: $7.5 billion in the infrastructure bill, neil, to build out infrastructure. they released new standards for those charging stations they want to put across the country to take away the charging anxiety. i tell you, i'm at a charge station that i go by all the time this is a tesla supercharging station. usually, two, three cars. look at that behind me. the cars, there is not, not an empty charging port. biden administration pushing electric vehicles right now. there are two problems with it though. yeah, they're saving a lot of money on gas right now. the problem is finding one and affording it. look at average transaction price for average vehicle right now. it is $46,000 in april according to kelley blue book. what was for an ev? $65,000. wyoming senator john barrasso was on with stuart this morning. he said for most people th

edward lawrence. how are they backing this up here? the president is actually brushing off some of the criticism from business leaders like big names we're talking about jeff bezos, jamie diamond and elon musk concerned about the economy. he said he was a super bad feeling of the economy. he walked that back over the weekend in a tweet saying the head count will go up but salaried employees will remain flat. in miss economic address on friday president biden says he is doing everything he can to lower the cost of inflation. but to do that congress must act and pass more spending. many economists are saying government spending is a big part of the 8.3% inflation we have. in fact, a former economic advisor to president obama said if people would voluntarily cut back on spending it would help president biden. >> the accusations how much did the stimulus spending contribute is really about did we give people too much money in their pockets? they are in some of the best financial shape they've ever been. demand is outstripping supply a litt

let's go to edward lawrence now.king at clean, renewable energy, than existing fossil fuel energy, you know, if we're getting a good read on this from phil flynn might turn in their direction anyway. that is the hope at least. edward, what is the administration talking about on this issue? reporter: on this issue, on the specific issue they're trying to expand the move to solar energy. one of ways to do it the president is removing tariffs to pave the way and instituting the defense production act for the solar industry. in the memorandum to the energy secretary about that defense production act, he says the solar industry, he says is necessary to divert industrial resource or critical technology items shortfall that would severely impair national defense capability. still i wanted the white house to explain. so i asked. what is the emergency in the solar industry? >> this is just a step to get to a place where we do have a clean energy arsenal. so this is a very important part of the president's, this is very import

let's get the read right now from edward lawrence following all of that at the white house. edward? reporter: hi, neil, and to continue with your elon musk theme the president says good luck with his trip to the moon, when he was asked about those economic comments from elon musk. now, the expectations were beat on this jobs report, 390,000 jobs added back in may but the unemployment rate remained the same because as jobs were added to the economy, the number of unemployed also increased and that was why the unemployment rate did not move. now when you look at this , average hourly wages increased 5.2% year-over-year but add in inflation 8.3%, real wages for workers actually went down about 3%, so americans are finding they don't have as much money as they had in their paychecks a year ago. some of the data within the report showing some weakness in the economy, like the loss of 61,000 jobs in the retail sector , with deals with consumer spending. still, president joe biden bull ish on what he has done with the economy, but lowering expectations. listen to this. >> as we move to a n

edward lawrence is live in austria with more. edward.r: charles, the g7 leaders signed on to this agreement. they believe it will help developing countries with their infrastructure. now china experts say they don't really see this as competition for china's belt and road initiative because that program has been running for nine years and is funded by one trillion dollars but what this communique does is show the g7 leaders have further erosion of chinese influence in europe. there is very specific language in europe, that says we will build a shared of understanding of china's non transparent and market distorting interventions and other forms of economic and industrial directives. we'll work together to develop coordinated action to insure a level playing field for our businesses and workers. the communique calls china to follow internationally established trading rules. experts on china show the communique the world leaders continue the trend of former president trump of leaders standing up to china. >> -- under trump, that trend seem

we go to fox business's edward lawrence live with a look at this from the white house this morning. > private sector payroll report 128,000 jobs added back in may. that's the weakest monthly gain since april of 2020 just after the pandemic started. it could be an indication that the economy is slowing some but you have workers pay that has risen. still, when you add in the inflation at 8.3% workers' pay dropped 3% from a year ago and gas prices hit a record high again rising 5 cents overnight. yesterday answering peter doocy's question president joe biden admitted for the first time he has no immediate fix for that. >> president biden: we can't take immediate action that i'm aware of to figure out how to bring down the price of gasoline to $3 and we can't do it immediately for food prices, either. we can compensate by providing for other necessary costs for families by bringing those down. >> the associated press reporting the president is leaning towards a visit to saudi arabia to meet the prince he shunned as a killer. white house representatives have gone to the opec country in rec

neil: edward lawrence, thank you very, very much.o follow up on something edward said with carol roth, small banker, author of war on small business, mark tepper, strategic wealth partners. as you heard here the president might make a decision one way or the other by the end of this week whether to temporarily lift of the federal gasoline tax, 18 1/2 cents. would that move the needle much, carol? >> i mean, it is like all of their other proposals, it doesn't fix the root of the problem. it would be great for us to not be swimming in gas taxes which happens usually at the state and local left there is some federal component but the bigger part is usually state and local. whether it is canceling student loans or suspending the gas tax, they don't want to get their hands dirty. they don't want to fix the actual problem. they want to kick the can undo the road. at some point we have to address the root cause issue and the tax isn't a great thing but the issue is the energy policy. if he wanted to actually do something, neil, he would do

neil: edward lawrence thank you very much. jackie deangelis, first of all thanks for stepping in yesterday. i caught you on fox business a little bit what the president is saying presenting what americans are feeling, there is a bit of a gap, isn't there? reporter: sure is, neil. let's start where we are, we're seeing mixed action following days of unrelenting selling. investors are looking for cover now, yesterday marked 120 days since the 2022 selloff started. when we look at stocks year-to-date, it is a grim picture, neil. the s&p 500 now in bear market territory. 20% drop from the most recent high. the dow is down 16%. the nasdaq is down roughly 30%. if you looked at your 401(k), your pension plan it looks ugly but for investors looking for the bottom of the downturn there still may be room for stocks to fall, if you have time, that is on your side. not everybody has that luxury. let's take a look what history tells us. in early 2,000 the nasdaq took a fast and deep plunge, if you remember, down by 37% within 52 days from

now our friends at fox business, edward lawrence live at the federal reserve. st rates the way the market thought, 75 basis points, the first rate hike since 1994 of this size. you may remember that year, nancy kerrigan got hit with a pipe, so it's been a while. esther george dissented this, only thought they should go .5%, not .75%. they did acknowledge the russian invasion is putting upward pressure on inflation, and the chinese lockdowns are continuing problems with the supply chain issues coming into the u.s. fed also looked at inflation, they moved the inflation forecast up for this year. the fed uses pce inflation, up to 5.2%, and downgraded the growth for the united states. gdp, 1.7% for the end of this year, the same level, 1.7% for next year. and just ticking up in 2024. unemployment near record levels but ticking up to 3.7%, and up to 4.1% in 2024, so again, the federal reserve forecasting three more rate hikes at 50 basis points, half a percentage point and one more at 20% this year, that means a credit card, mortgages, adjustable rate mortgage, see t

months under biden the dow is off a year end a half worth of games, stocks wiping out $9 trillion edward lawrenceashington with more. >> lives we've not seen numbers like this since december of 1981. and really the imminent double digit across the board almost we look inside the report look at the energy prices we see it at the pump. look at food prices i want to pull one of the numbers out of your eggs at more than 32% republicans pointing to how tone deaf the president and his administration have become when understanding the needs of the american people. >> the summer is going to be rough i'm going to be honest with you. >> is the president of the united states he is desperate. >> i think inflation enjoy going to curse the economy going forward. and does not seem to be stopping oil and gas. i don't see that mitigating. it's going to hurt precooked comp times are really tough with the gas prices going up in every item if you want to go food shopping is 20% more post- covid. it is tough out there for everybody. >> i am not sure how the economy is going i cannot attest to that. i know inflation i

thank you, edward lawrence. let's go to mark meredith with gas prices hitting a new high, $4.897, that is all young mark meredith has known in his life, competent sensitive life. i can remember a time when i was his age it was a heck of a lot lower than that. reporter: did they have cars back then? neil: i had a feeling i set you up for that. yes they had cars. the wheel had just been invented. i would know these things. what is happening on this front, right now americans are saying we'll explore that a little later mark, that it is out of control? reporter: neil, good afternoon to you. the president admits there is little he can do quickly to bring down the cost of gas but we're hearing from democrats across the country, without any action political consequences could be dire. $4.86 a gallon but drivers in some states are paying a lot more than that. prices are a bit lower in the south and midwest, look at some other places, places like california where prices are hard to believe at 6.34 a gallon. neighboring

. >> bill: edward lawrence picks it up from there. >> we don't know how to start from there.etary janet yellen said we're facing an unprecedented level of inflation right now. the world bank has slashed the global outlook to 2.9% for growth around the globe and even says that some countries it will be impossible to avoid a recession. the u.s. has seen one quarter of negative growth. second quarter estimates keeps falling. two quarters in a row of negative growth are the definition of a recession. i asked the white house press secretary about this. listen. >> they looks at a snapshot point 9%. it has gone down for the second quarter. two quarters in a row of negative growth is a recession. are we there? >> we have the right tools and we are in a strong place to continue to get -- to be in this transition where we have stable -- stable growth and that's what's important and so that's going to be our focus. >> she would not define stable growth. the feeling in the white house among economic advisors is that you can't look at one month of data and show slower growth for the secon

edward lawrence, thank you for that.dle all of this indignation over inflation? joining me now is former investment banker carol roth and the expert press ceo dave manny. carol, i want to go ahead and start with you because i watched that speech on friday from california. the president, it was a doozy of a speech, is the best way i could put it. bret baier said the president keeps getting up to the podium and essentially appears more and more disconnected from reality with every day that passes. he continues to blame the inflation problem on vladimir putin when it started much longer before russia's invasion of ukraine. it actually started with the president's inauguration. [laughter] >> yeah. i mean, we saw record high, 40-year record high inflation many january -- in january, way before we had anything that the had to do with russia and ukraine on the record. and it's the really frustrating, jackie, because i don't recall -- you know, normally i'm a millon the friedman fan. i -- milton the friedman fan. given the suppl

edward lawrence at the white house with the very latest on this. >> 11.4 million jobs open in the u.s. and 5.5 million people unemployed that puts pressure to pay more to get those workers to fill the spot and possibly pass on the cost to everyone else for the treasury secretary janet yellen said inflation would ease at the end of last year now she's admitting she was wrong but blame it on supply chain issues, chinese lockdown in the invasion of ukraine the president is frustrated with the messaging over the economy from the administration he thinks he deserves more credit from the growth u.s. is seen republicans that he deserves credit for inflation. >> he can scream it louder but it does not make it a good message it's a really bad message read people know every time they fill their cart and every time they go shopping every time they look for a used car or want to buy a new home or building new home they know what is happening. >> the administration say that inflation will come back down at some point this year. we will see when. david: thank you very much. as the white house wraps

the drillers talking about patterson, everybody is down anywhere from 4 - 5%, but taken out to edward lawrence at the white house with the details on how if it were passed by congress this would work. >> the president is saying we can pay for this because of the reduction to the deficit that we saw $1.6 trillion he said that lost revenue will be made up as he officially called on congress to pass the gas tax holiday. the federal gas tax holiday that you were talking about. at the same time he called a meeting at the white house of all these oil executives. the president will not be in the meeting in a be the energy secretary jennifer granholm. in the meeting will be the head of exxon, chevron, mobile, marathon philip 66, bp, they were all here at the white house. on the gas tax the vote on congress may not be there. >> what i hear from delaware, the price at the pump is causing a lot of pain for working families, that something i know the president is concerned about. i'm willing to embrace his proposals for a gas tax holiday. i don't know whether we'll get the votes it needs i'm talking to my

but first to edward lawrence at the white house.om his wife there. she pulled him away in the middle of that answer there. president biden said he wants to bring down inflation and gas prices. he refuses to change any of the administration policies or restrictions and relations that were added on the energy industry. instead, as you heard there, the president attacking oil companies and calling on them to drill more. it's important to hear the first part of this again. listen to this. >> exorbitant profits. exxon mobil said long-term the president needs to signal a clear policy to support the industry. including streamlining the process for infrastructure investment like pipelines. now, another bank is warning that we'll likely see a recession next year. we're talking about wells fargo. this adds up to 47% of americans feel like they're falling behind financially with 10% that say they're getting ahead. 82% of the people that were polled registered voters say the condition of the economy is only fair or poor. 18% say it's good. repu

edward lawrence at the white house. he has got the very latest.transition from the beach home later to the white house. he was in front of his beach house. he talked to reporters. he said a recession is not inevitable. i want you to hear about the phrasing when asked about former treasury secretary larry summers when he thought was rye session coming. >> don't make things up. you sound like a republican politician. that is a joke. no, i don't think it is. i was talking to larry summers this morning. there is nothing inevitable about a recess. reporter: president speaking to larry summers. the let also telling reporters he will make a decision backing a possible national gas tax holiday coming up here in the next week or so. the president says it is only, it is only 18 cents the federal tax on gas prices. we hit record of a record. the president also is saying he will send gas rebate cards as part of a package should he go forward with the gas tax holiday. that is inflation we're seeing. inflation prompting predictions of wall street, anywhere from

to edward lawrence on jerome powell and this shifting language. because if memory serves me right, the key was talking not too long ago about a half a point hike and that will do it. what happened? >> yeah, that's very interesting that he did talk about why that happened. he said it's very uncommon nor the board to move. sounds like they were planning doing a half a point. >> when they saw the cpi number, which was eye popping and changed to 75 basis points or .75% on this. if you look at the forecast and the number of meetings with the fed, we have the raise today and forecasting three more raises at probably half a basis points, 50.5% as well as a .25% before the end of the year. 2024 rate hikes. so the gdp growth. they brought down the growth significantly saying they will end this year at 1.7%. that's basically obama administration growth. the fed sees that they're staying at 1.7% next year and then still under 2% for 2024. 1.9%. the federal reserve chairman saying that slower growth in the data as well as the consumer sentiment number which w

edward lawrence is live at the g-7 summit in austria where president joe biden gathered for hours todayh global leaders. edward? reporter: good afternoon, to you , liz. it's a very busy night here in the bavarian alps. the world leaders all heard from russian president volodymyr zelenskyy talking about how he needs more weapons to pushback against the russians but really today was focused on energy and russia. now president biden, he made, he is in for the night here but he made his pitch adding more sanctions on the russians, this time, the sanctions focused on again, more entities & companies and individuals trying to help the russians circumvent sanctions. the g-7 leaders also banned russian gold. in 2019, russia exported 2.2 billion in precious metals including gold to the u.s.. now, that number will be zero. now in meetings today there was another big push by president joe biden to make that climate change, that transition to wind and solar energy. you know the german chancellor backing up the president on this listen to this. >> we discussed how our investment globally in climate-

. >> edward lawrence with fox business i want -- you talk about cpi going to 8.6%. the retail sales surprised the market by falling and then revisions to the previous months were down. are you hearing from contacts about consumers slowing spending or changing their habits >> we're watching very, very carefully for that looking at the retail -- the big store numbers and all of that kind of thing. i think the fair summary of what we see is he sue continuing shifts in consumption. you see some sales going down. overall spending is very strong. consumers are in really good shape financially. they're spending there's no sign of a broader slowdown that i can see in the economy. people are talking about it a lot. consumer confidence is very low. it's probably related to gas prices and also just stock prices for other people that's what we're seeing we're not seeing a broad slowdown we see job growth slowing but it's still at quite robust levels we see the economy slowing a bit, but still growth levels -- healthy growth levels. >> so as you are raising rates in this economy