let's go live to edward lawrence at the white house. >> yeah, the president did announce, liz, the chip manufacturer has returned to the united states with this ground breaking that he's going to and he spent the day outside columbus, ohio, in fact on this site there'll be two fabrication plants, not just one, two. the project adds 7,000 construction jobs as you mentioned and eventually will bring 3,000 full-time jobs making cutting edge chips. >> folks, we need to make these chips right here in america to bring down every day cost and create good jobs. >> now before intel made this announcement for the ground breaking, it announced it would distribute $17.7 million into ohio universities to develop semiconductor-focused education and work programs and the visit comes as they highlight $52 billion spent through the chips act to basically build a semiconductor manufacturing industry in the u.s.. you may remember, liz, the semiconductor was invented here in the u.s. but right now manufacturers make less than 10% of the world's supply. 75%

edward lawrence is at the white house with more. ward. >> liz, start off by saying dc named itself a sanctuary city like many other democratic-led cities and the district of columbia received 9200 migrants being bussed in from texas and arizona. now, with dc declaring a state of emergency now, it opens up $10 million to stand up an agency that will help with greeting and relocation services and texas attorney general says the texas taxpayers shell out more than $70 million a month to handle illegal migration there. del rio, texas, has a population much about 35,000. in july alone, one month, customs and border protection encountered 49,500 illegal immigrants there. now, more than the city's population. the dc mayor is upset about the lack of support from this president for that small portion that her city is seeing bussed in. >> is he partly to blame then? >> is the federal government -- yes, the president, the white house, and anybody else who was involved in the national guard not being granted for the district's humanitarian respo

edward lawrence is at the white house this morning. edward, what does mr.l mean when he says we should expect more pain to come? >> i asked him specifically about that, and he told me that he was talking about higher interest rates for credit cards, higher interest rates for mortgages and auto loans and housing inflation. the federal reserve believes there'll be a severe slow down of the economy finishing the year at 0.2% at gdp growth and federal reserve seeing an increase in inflation this year moving forward to the end of the year so i asked the chairman this : >> you had said that americans and businesses need to feel economic pain as we go forward. how long from here should americans be prepared for that economic pain? >> how long? i mean, it really depends on how long it takes for wages and more than that, prices to come down for inflation to come down. so what you see in our projections today is that inflation moves down, you know, significantly over the course of next year and then more the next year after that. >> he's eluding to possibly two more

neil: edward lawrence thank you very, very much. we were telling you, this might take the shine off of florida as a go to real estate america but it might be the same for real estate across the country as mortgage rates locket, were close to 70 year rate on the mortgage that could be a sign of coming attractions that are proving not very attractive at all. robert shiller, the bible on all of this after this. your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ here goes nothing. hey greg. uhh...hello? it's me, your heart! really? yes! recording an ekg in 30 seconds. tada! wow, that was fast. you know it! kardia offers the only personal ekgs that detect six of the most common arrhythmias in just 30 seconds. so you can manage your heart health from home, or on the go. your heart rhythm is normal. no arrhythmias in sight. i wonder what my doctor would say. ooh! let's find out! w

elizabeth: edward lawrence, thank you so much for your reporting there. joining us now is florida congresswomat. we're so sorry what's going on in your state of florida. energy is so important in your state of florida but this is more about getting the supply. what's your take on what's going on? >> thanks for having me back, liz, and thank you for your thoughts and prayers and everyone for our home state of florida. it's a tragedy, truly. all i keep hearing out of this administration is more political double speak. it's -- they seem to think that just the same way that money magically appears in this administration off of the money tree that they keep spending to the tune of $8 trillion, they're doing the exact same thing with energy. if we are going to rebuild and when i say rebuild, we are going to have to rebuild fort meyers, naples, southwest florida has been totally devastated and we're seeing affects all across the state and we need energy this administration's assault on energy is crippling us and we're seeing gas price of $6 a gallon in californi

. >> bill: edward lawrence joins us from the north lawn of the white house.> the market certainly had the worst day they've had under this president. as president biden celebrated the inflation reduction act. the dow was down the largest amount since june of 2020. that as we're seeing those 40-year highs or near 40-year highs in consumer price index inflation. now, this was the images that we saw out of the white house when all that was happening. there was a celebration with james taylor singing. the songs according to a white house official were donated and the use of his time was donated. the optics were very bad. house speaker nancy pelosi had to prod the audience to clap when she was talking about leadership from the president. in an interview with president biden advisor gene sperling he told fox business the inflation reduction act might not actually solve inflation. >> what we're seeing is that even if there is not a single silver bullet we all should do everything we can to help bring down the overall costs and strain on american families' pocket boo

first, we go to edward lawrence with the back story. hi, edward. >> you touched on it, martha.he fox news polling shows inflation will be an indicator of how the mid-terms will go. if you look at that fox news polling, the polling asked registered voters if the biden administration has been competent and effective in managing the government. 52% now say no. only 38% say yes. so let's dig deeper into that number. look at the economy. our poll numbers when the president is handling inflation abysmal 29% approved. 65% disapprove. the economy, 38% approve. more than half of registered voters disapprove of the president's job performance on energy and climate change. this poll was taken before that celebration over the inflation reduction act. on the same day the new inflation numbers show a 40-year high and core inflation increasing for the first time in five months. republicans say this white house and democrats are out of touch. >> he's tone deaf. he must live in a fantasy land. the day that -- cpi came out 8.3%. food prices are way up. even just in the month of august, he has a

let's get to edward lawrence live at the white house ahead of it, edward.spending more money. the president making the address on the 60th anniversary of the moonshot speech by former president kennedy at rice university. president kennedy was making the case we have the scientific foundation that we have the foundation to to do the moon. president biden says we have the foundation to cure cancer. he believes we should deliver on the foundation. the president will sign a executive order to create a biomanufacturing and bio initiative to bring possible cancer curing drugs to the united states. he will identify and highlight a new blood test a trial bloodshot that would identify many different types of cancer before that cancer forms. as well as a closer government private partnership, the president will talk about, for cancer research. now here is the president in boston earlier today. president biden: all the way back in 62 the moonshot was announced. we'll have a moonshot for cancer for real. we'll cure cancer over time an lay out how to do that. reporter:

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neil: edward lawrence at the white house. thank you, edward.to go to daniel turner, power of the future ceo. daniel i want to talk to you everything that it is doing to protect the oil and gas infrastructure in response to acts of sabotage. i would be remiss not to pick your fine brain, tapping the reserve or filling it up again, it is getting pretty low by historical standards. what do you think should be done? >> should have never gotten to this point to begin with, right? it is a strategic reserve. the biden administration used it as a head against their terrible oil and gas policies. that is not what the purpose is. we're at a critical moment. let's hope the storm has no impact on oil, gas refining capabilities, what if it did? what other black swan events we don't know about? using strategic reserves for these purposes, political purposes is foolish and hope it doesn't come back to bite us as a nation. it is tragic, neil, we're playing games, politicizing an industry, we've been doing it for two solid years. the ones suffering are the amer

edward lawrence at the white house.he administration if this is the stable growth that president's been touting. what did they tell you? reporter: their response to me, yes, they do expect the economy to slow down as the federal reserve raises interest rates but i think it is important to hear my question about economic growth and her answer. listen. they projected the economy would grow at just .2% this year and 1.2% next year, which is pretty slow growth. i'm curious, is this the stable growth you're talking about? >> so i talked about this a little bit already, how we're coming off the of last year's historic economic growth. a lot of that is because of the work of this president. so given the encouraging initial signs that we have seen on inflation and the continued strength of growth in the job market, so we believe the transition remains possible. we believe that we will get to a strong and stable growth. reporter: sew the administration has yet to defined for me what kind of growth we can expect from the transiti

let's go to edward lawrence, to show surprise surprise, this is a big concern for americans. inflation period. >> fox news polling showed inflation will play a big role in the midterm elections, the way people vote. a new fox news poll shows voters the biden administration has been competent and effective managing government, 52% say no, only 38% say yes. when you look at specific performance in certain areas poll numbers on the president's handling of inflation abysmal, 29% approve, 65% disapproval. the economy, 38% approve, more than half of registered voters disapprove of the job performance on energy and climate change, this poll was taken before the celebration this week over the inflation reduction act the same day, a near 40 year high, core inflation increasing for the first time in 5 months, the white house and democrats are out of touch. >> he is tone deaf, must live in a fantasy land. 4. 3%, food prices are way up, even in the month of august, a celebration on inflation, what he is doing is causing more inflation, hurting families across my state. phil neville from

edward lawrence at the white house with more. edward?se the president of the world bank david malpass he believes greenhouse gases do contribute to climate change but he says he is not going farther than that because he is not a scientist. he is not. he is an economist. what the whitehouse would like malpass to do to become advocate for more expensive green energy technology. for world bank to give money to pour countries to abandon fossil fuels. that could cause higher loan defaults. here is the pressure campaign. >> we disagree with the comments made by president malpass. we expect the world bank to be a global leader of climate ambition and mobilization as well. of significant, of significantly more climate finance for developing countries as, is the business of the world bank. reporter: treasury spokesperson tells me we expect the world bank group to be a global leader of climate ambition and mobilization of significantly more climate finance for developing countries. malpass says he has no intention of resigning this is all about pu

edward lawrence is very daring, what the guy in the building behind. >> federal reserve is getting inflation down and what the balance is, pushing into a long recession for the us. strap in and get ready, that's the message from head of the world bank and jay powell saying people in the us and around the globe strapping in the prepared for economic pain. the president talking with larry kudlow about his fears for recessions. >> i'm worried about it being long. china in the second quarter, they still have some going on and they are relieving that so could be part of the supply-chain. >> reporter: he will be in new york for general assembly. president biden leaves in a few hours for new york, the global recession fears grows, it inflation at around the world also grows, that is what voters in the us are seeing and feeling. >> we are struggling to meet our needs, we pick and choose what is important and those are the things, to do things that we want, to buy the extra things. neil: if it is not construction it is lawnmowers going behind me. we are going for rate hike decision tomorrow. it's goi

edward lawrence at the white house with more. edward.orter: well, liz, goldman sachs has now slashed its estimate for the gdp growth for the u.s. to 1.1% for this year in 2023. in his 6:00ty minutes interview president joe biden said inflation is essentially flat. he went on to make the point we've not seen another spike from inflation. it is already at a 40 year highs. just look at this chart. you see where president joe biden took office. you see where the american rescue plan became law. now democrats starting to back away from the promises in the inflation reduction act. >> i think it will bring it down a bit, i think the biggest reason i supported it will allow us to make more things in america, solar batteries, wind energy, electric vehicles instead of china. i don't think the ultimate source of inflation is going to be this act that will bring it down. i think it will be fed policy. reporter: committee for a responsible federal budget says the spending under this president is making it difficult to get inflation under control. >>

edward lawrence in washington with this hot story.he bulk of its manufacturing in china however executives realized it might be good to diversify the supply chain. so some of the new iphone 14s will now be made in india. so it's a win-win for apple which has 4% of the phone market in india. apple hopes to also increase that. google making the same move with production of its phone, moving out of china but not to the u.s. even though we have been hearing this from the administration. >> these are things that the president has done for the past 19 months, making sure that manufacturing is resurgent. president biden: jobs are up, income is up, american manufacturing is roaring back. reporter: michael pillsbury says the administration tries to get tough on china. >> what trump tried to do with china, he made it very clear, tell me and others let's get leverage on china and negotiate to get a good deal in all kinds of areas, including the truth about the covid origins. sew the biden administration doesn't seem to take that approach. they d

trace. >> trace: edward lawrence live at the white house.ivotal race tight eping up in the northeast corner of pennsylvania as a mid-terms approach. fox news power rankings have the 8th congressional district represented by matt cartwright as a toss-up. the republican candidate for the seat joins us now is hoping to turn that around. before we talk about the race in particular i want to play for everybody some sound from voters in pennsylvania talking about what's most important to them in this election and i'll get your reaction on the other side. >> there is a lot of concern about how the interest rates are going up. how much we pay at the grocery store. the money we spend at the gas tank. i haven't really heard a lot of common sense solutions that i think will fix the problem. >> everything costs more. inflation is real. it makes it hard to profit as a business owner. >> fentanyl is killing a person a day. >> glaring concerns we have is how are we addressing poverty? >> dana: are you hearing some of those things on the campaign trail? how

edward lawrence at the white house with more. edward. reporter: neil, the president on his way back to the white house from the united kingdom as he is leaving that funeral procession. on a 6:00 at -- 60 minutes interview, president biden saying inflation is essentially flat. president biden: put this into perspective, the inflation rate up to month is an inch. >> you're not arguing 8.3 is good news. president no, make it all of sudden my god it went to 8.2%. >> highest inflation rate, mr. president in 40 years president biden: i got that. we're in a position for last several months it hasn't spiked. it is barely, basically even. meantime we created all these jobs and pricehave gone up. reporter: president is talking about in the last cpi inflation report from july to august inflation went up .1% overall but he failed to acknowledge that core inflation, without food and energy prices went up .6% which is a very big increase. just look at this chart. republicans believe the president is trying to sugarcoat a very bad inflation situation.

edward lawrence at the white house with more. edward?ry, and at least 44 other officials from the administration have 20 days to turn over communications they had with facebook and twitter. the missouri attorney general posted about this key victory in court to get these communications. he and the attorney general from louisiana who signed on says this constitutes a vast censorship enterprise across a multitude of federal agencies something congressman jim jordan agrees with since he has been locked out of his account on twitter in the past and flagged by the algorithm. >> there is no first amendment for today's hard left. they basically say to you and i, you don't agree with me you're not allowed to speak and if you try we'll call you racist and we'll try to cancel you. that is how they operate. that is not the constitution. that is not the bill of rights. that is not the first amendment. that is not america but that's who they are. reporter: behind the scenes the white house downplaying the cooperation. a meta spokesperson said lawmake

edward lawrence at the white house to break it down. edward?ll, liz the white house downplaying impact of inflation. clearly voters are upset. in a "fox news poll" only 29% of registered voters approve of the president's job on inflation, similar numbers on the economy, more than half of people disapprove of the job on energy and climate change. when you dig deeper into the inflation numbers, 78% of inflation caused financial hardship past six months. senator rick scott said in the midterms will vote based on the economy. >> that is why they will reject democrats in the fall. we'll get a majority back in the house. get a majority back in the house. the biden administration is completely unpopular. reporter: president biden answered question that grocery prices are up 14%. he said railway cars will continue moving. he continued message economy is in transition. in the statement it will take more time and resolve to bring down inflation is what the president says. voters might not be willing to wait that long as this transition happens as they fe

edward lawrence at the u.s. central bank in washington with more. edward?orter: liz, the market initially did not like the data from the federal reserve falling immediately after that announced came back when the federal reserve chairman jerome powell says they would moderate the pace of increases based on the data in the future. then fell again when i asked how long americans would feel economic pain. basically two years. trying to get to a federal funds rate of 4.6%. that means two more large hikes this year and one smaller hike in january upon of next year. >> we have always understood restoring price stability while achieving relatively modest decline, increase in unemployment and soft landing would be very challenging and we don't know, no one knows whether this process will lead to recession, if so how significant that recession would be. reporter: but the federal reserve projections show gdp growth will end this year at .2% and stay under 2% growth for the next foreseeable future until the end of 2025, liz? elizabeth: always terrific journalism, edwa

let's get straight to edward lawrence who's here to break it down for us. reporter: yeah. and, ashley, came in a little bit hotter than expected, and that's actually not good news for the federal reserve. they believe that a hotter than expected jobs report might put more pressure because that means more jobs, we'll is have people spending more money where supply chains, according to the federal reserve, are still an issue here. the kansas city principal reserve president esther george told me last week that a stronger jobs report means that it might require more interest rate hikes, a signal towards moving 75 basis points. she's a voting member who says -- [audio difficulty] the other issue is hourly average wages, 5.2 the % over the past 12 months while inflation sits at 8.5% in the same time frame. this shows that workers continue to lose ground in bank accounts under this president. meanwhile, the white house has been lowering expectations for some time. here's the press secretary yesterday. >> we're in a transition into a more stable and steady growth.

edward lawrence has more of that inflation report. he is coming out of washington. edward?ter: well, liz, overall cpi inflation did tick down to 8.3%. but that did where the good news ends. that number is way too high. when the federal reserve look at core inflation in this report without food and energy prices that's critical. it went up for the first time in three months. it is 6.3% year-over-year, a substantial increase. this shows the fed that inflation might be more entrenched and harder to bring down. the governor of new hampshire says government spending from this administration got us here. >> there has not been a fundamental shift in that. there has been a fundamental shift is inflation, gas prices, putting food on the table and cost of electricity all of that, right? this inflation reduction act they did we all know it is not reducing inflation, not providing assistance where they need it. those are the things that will drive people to the polls in november. reporter: president is asking for more patience with americans paying more. president biden: this bill cut

edward lawrence at the white house, and how the president is trying to grapple with that, by not addressinghat. at least directly. edward? reporter: yeah, exactly, neil, and the president is in a political pickle here. he's been lowering expectations for months now, saying that there's going to be transition to steady growth but they will not define exactly what that stable steady growth looks like, so i asked the president about the feds projections. listen. >> they projected the economy would grow at just .2% this year and 1.2% next year which is pretty slow growth and i'm just curious is this the stable growth that you're talking about >> so, i mean, i talked about this a little bit already, how we're coming off of last year's historic economic growth a lot of that is because of the work of this president so given the encouraging initial signs we have seen on inflation and the continued strength of growth in the job market, so we believe in the transition remains possible. we believe that we will get to a strong and stable growth. reporter: and americans might be a little less optimistic

elizabeth: always great reporting from edward lawrence. hart. you're a conservative policy group on green energy. your reaction to that report? >> liz, thanks for having me on. we're watching democrats have become the new party of no on climate and energy. they're taking extreme and antiscience position out of step not just with the country but their own base. our organization released a poll this summer. we found 71% of democrats actually support and all of the above energy strategy. all of the above means we embrace all forms of energy, fossil fuels, oil and gas, renewable forms of energy as well. elizabeth: okay. >> democrats democrats support fracking than oppose 49-32%. these democrats threatening a shut down are filibustering solutions they say they support. elizabeth: you will see treasury secretary janet yellen, she is warning gas prices here could go up due to upcoming eu sanctions on russian oil. watch this? >> this winter the european union will cease the most part buying russian oil and in addition they will ban the provision s

edward lawrence has more from the white house. edward?, liz the federal reserve chairman told me americans can expect that economic pain for another two years. the fed predicts that inflation won't be back to their 2% target until the end of 202025. in fact the prediction says the economy will finish this year with a .2% gdp. so in addition to what you heard yesterday i asked this -- what is that economic pain in your mind? is it job losses? is it of higher interest rates on credit cards? what is that economic pain? >> it is all of those things. higher interest rates, slower growth, softening labor market are all painful for the public that we serve but not as painful as failing to restore price stability and then having to come back and do it, you know, down the road. reporter:red fed points to too much government spending in part pushing inflation. republicans are saying that we are now seeing the results of all of that spending. there has been no change in the policy from the white house. in fact the president pushing more spending. ba

edward lawrence is at the white house with more for us.eporter: well, jackie a lot a f attention on social media companies on immunity they enjoy from prosecution over the fact they can suppress certain posts and other posts and how they go through that suppression of them. now a lawsuit filed by the attorneys general in missouri and louisiana found the collaboration between these companies and this administration. the lawsuit claims was inappropriate. now they found 45 different officials in contact with twitter and facebook, now meta. the lawsuit claims the administration handed over talking points to companies over what it labels misinformation and held monthly meetings. publicly listen to my exchange with this white house press secretary over all of this. listen. >> i don't have anything to share with you on that. i will not comment on that right this time. >> because the attorneys from missouri and louisiana said there is a vast censorship enterprise across a multitude of federal agencies. >> i'm just not going to comment at this time

we're all over it with edward lawrence at the white house where the deal was struck. jeff flock in philadelphia on if the rank and file will follow up. labor secretary marty walsh, the man that helped get it done in the first place. welcome, everybody. i'm neil cavuto. so much going on. that could have been a disaster for the u.s. economy. that doesn't mean it's a done deal, but it's closer to a done deal. the vote is on. jacqui heinrich at the white house with the latest. jacqui? edward lawrence. i apologize. >> i can be confused for jacqui. i can see how that would happen. no, no, yeah, this was all approved about 5:00 a.m. this morning. that's what we understand. the president says that this is good for america. this is -- americans avert the strike, could devastate the economy while giving the unions about a 24% increase over the next five years or so. again, the president says this is good for americans. here's the president. listen. >> together we reached an agreement that will keep our critical rail system working and avoid disruptions of our economy. i'm grate

let's get to edward lawrence live from the white house with more. resident also a made a split with the other world leaders. those world leaders were bussed into the funeral of queen elizabeth. president joe biden took his own car mainly are because of security going forward for the that funeral. we saw remarkable pageantry. there's the president getting out of the beast, the only world leader to bring his own vehicle. we saw remarkable pageantry true the streets of london to the tomb, resting spot. former canadian prime minister stephen harper told fox news the queen represented stability, unity and service. >> the only, the only comparison i can make was really nelson man a della, whose funeral i also attendedded. these were two people who they transcended their countries. and, frankly, they ended up standing and symbolizing for things far greater than even the institutions they represented. >> reporter: so while in the united kingdom, an interview the president did with "60 minutes" aired in the u.s. the president was asked if the economy would ge

i want to go to edward lawrence in the white house, more and more people are saying recession are rising whether you want to characterize it by the classic definition of two negative quarters in a row or by the whole global view of the world bank saying it's inevitable next year certainly now you have the added fear that may be what were getting out of fedex in the sign of a global slide and demand something big is out for, what are the folks in the boat and behind you saying. >> they say move along, nothing to see here which is what i would love to say to this construction truck set up next to me. from the white house perspective, they are downplaying this a fox news poll shows 89% of americans are extremely or very concerned about inflation. the white house is basically saying they understand americans pain with inflation but they need more time to bring it down they stress their policies are working. >> the president's number one economic priority has been lowering cost for the american people. anything about the inflation reduction act which was only passed by democrats, republicans

jackie: edward lawrence thank you so much and so mitch roschelle what you think about the stagflationwith the big banks and when jimmy diamond talks i listen to and for small when jimmy diamond was not taking insulting questions, he was able to respond to legitimate questions and who knows better about the economy and jimmy diamond and the reason why i say that is that not only is a large employer if not one of the largest in the private sector employers but also they bank the largest employers in the world is olympic keen insight into the way employers think the weight business people direct paychecks think and you know why, when they are hearing from the customers that they are thinking it shrinking the word and hiring freezes, that is something you need to pay attention to when you know something, the event of an right now has third-quarter gdp at a point of troopers under 3 percent is out one or two more bad data reports and will be three consecutive quarters of contracting economy that is not a recipe for stagflation, i don't know what is. jackie: who add, billionaire investor we

edward lawrence is with us.want to handle these companies that are, indeed , pushing out political agendas? reporter: well, one way the chairman of cpac, matt schlapp sent a letter to republicans saying anybody in a leadership race will pledge they will not take meetings with woke companies. now the letter does not designate what they believe is actually woke companies but you may remember the problems that disney got into after they went after governor ron desantis in florida for policies there. meta or facebook, with the relationship it had to progressive values on its site, delta in georgia, with its opposition to the voting rights bill. here is senator bill haggerty talking with bank ceo's yesterday. listen. >> do you believe that these activists shareholder stuarts are cabbies are thely representing the views of the individual investors who actually own these shares? >> yeah, so all of those investors have a fiduciary responsibility to do their homework and vote. i personally think it's a disgrace when they

let's get to edward lawrence at the white house. is anyone else warning of a global recession? said the risk of the global recession has increased because of inflation over the next 12 months in the us, we are seeing poor inflation in the us rose for the first time in five months and this tells the federal reserve inflation is more entrenched in the economy. they are working on it. >> they are doing everything to bring down inflation pressures, and to see them lower. just like doing what i can to make sure people get into good opportunities. >> reporter: one quick fix by the american petroleum institute allowing the us to produce more oil and natural gas. >> none of the policies have pursued issues where we continue to produce in the united states and continually from this administration more restrictions, more regulations on this industry which is hindering american production rather than encouraging it with first ability in the marketplace. >> reporter: the white house saying the inflation reduction act. >> look at that planet will lower prices, healthcare prices, and it is i

edward lawrence on the latest he is hearing about the federal preparations for this as well. il, as you know the fema administrator was here in the white house at the briefing room briefing reporters on all of this. we can tell you ron desantis there, he has not spoken to the president. the president has into the called the governor of florida. the fema administrator said there is no gap in coordination of that. the president said he called mayors of clear water, tampa, st. petersburg, which could be on the northern around of that cone as the hurricane appears to be turning toward that area. the fema administrator said it will likely hit between tampa and fort myers, florida, on that western side. that is where they're focusing their attention. fema staged equipment around the state of florida as well as fuel so that prompted me neil, to ask if the reserves, strategic petroleum reserve at the lowest level in 37 years. so i asked the fema administrator if she is concerned what her level of concern can we handle an emergency? she says this one is fine. they can handle it. they w

edward lawrence at the white house. how does it make it worse, edward?, almost all of the oil rigs in the gulf of mexico have been shut down from producing oil and nine refineries in louisiana just in case have been shut down. those refineries making oil into gas and that's about 13% of the market and that'll be a blip on the short term but there's still an issue going forward. you have rising oil prices around the globe and those prices are causing rising gas prices. now, the president looking for someone to blame but the ameamerican petroleum institute saying you can't blame someone. listen to this. >> that's not how it works. the price of gasoline is really determined by the price of crude oil. that's the main determinant and the price of crude oil is set in the global marketplace and it's a function of supply and demand. we've seen significant demand coming out of the covid pandemic and supplies have not kept pace. there's a number of reasons why supplies have not kept pace. >> he's responding to the president saying gas companies and gas stations sh

edward lawrence, how does that work?introduced a bill called by loiselle high in the house. it creates a government for-profit business using the newly designated 350 million barrel section of the for strategic petroleum reserve. the idea to buy oil barrels at $60 a barrel and sell those barrels on the market when price reaches $90 a barrel. money made would fund electric car infrastructure project into new program that increases crude oil processing. all of this is at the lowest level in 37 years. >> is there concern the reserve is not high enough to handle this emergency and other hurricanes? >> i don't have any concerns at this point that we will have the ability to handle the fuel needs we will need in florida. we will assess to see what the impacts are and make sure we are putting measures in place to support any gaps. >> reporter: they will reassess after hurricane ian comes through florida. the president is a cheerleader for his electric approach turning the transition, what he wants to make. >> we are making prog

go to the white house right now with edward lawrence. edward we were touching on with jim here, the notion, the white house, does it know something we don't? is it aware of the inflation report or at least the broadest outlines. that they have been echoing the president and his advisors are through the worst of it. the rate of increase is slowing that is a trend that will be america's friend. what are you hearing? reporter: so i think there is a hope that inflation has leveled off at this point. i don't think, i'm hearing from white house economic advisors that we're at a peak that this is peak inflation we're coming back down but they could -- hold your breath and wait to see what this number is of inflation. now when you talk about oil and energy we're in a cone vergence related to that. inflation is mixed into this with gas prices because you've got the strategic petroleum reserve runoff ending -- full ban on russian oil happening in the european union. that happens in december. so treasury secretary janet yellen says those two things

edward lawrence joins us.ompany are cutting ties with china right after this. ♪ then i got the dexcom g6. i just glance at my phone, and there's my glucose number. wow. my a1c has dropped over 2 points to 7.2. that's a huge victory. stuart: i will call it a modest bounce for stocks after recent losses, dow is up, 200, nasdaq one hundred 36, apple is the latest american company to put distance between itself and china. they are in the process of iphone 14 manufacturing from china to india. if companies aren't reassessing their business ties with china, how many are cutting those ties completely? >> reporter: we are not seeing that yet. apple is a good example. the bulk of apple production will have it inside china but they realize they need to diversify the supply-chain so some of these are in india. it is open/win her apple which has 4% of the phone market in india so apple hopes to increase that. google announcing the same move with its production. with the rising tensions between china and the us and covid l

. >> harris: fox business edward lawrence is live outside the white house. >> president joe biden clearly was taking a victory lap over the inflation reduction act as the cpi inflation report noted showing 40-year highs. the inflation report also indicated to the federal reserve we will see more aggressive rate hikes. the dow made the single biggest drop since june of 2020. but again you saw it. the images out of the white house stark. a celebration with james taylor. when the president released a statement about being patient with americans about paying more here is one of his top advisors. >> important thing to note is this president does not have patience for it. he is taking action constantly. he is cap prescription drug costs to give people more incentives to have lower energy costs, which will put down ward pressure on prices. >> the producer price index out today shows greater than cpi inflation. companies still have pressure to pass on increased cost. in these reports the federal reserve looked at that core cpi inflation. when you take out food and en

stuart: now that i know it is edward lawrence's, fashion faux pas no more. it is perfect., where do we go from here, an important first step, barely 24 hours after the death of his mother, having trouble enough consoling himself and his family, he tries to console the country and did a very good job of that, after this. ♪ if you shop at walmart, you already know, ♪ how to spend a little less, to get a little more, ♪ to make life a little better. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. 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' g

fox business white house correspondent edward lawrence asking about that yesterday, watch. >> what ist economic pain in your mind? is it job losses? is it higher interest rates on credit cards what is the economic pain. >> it is all of those things higher interest rates slowing growth soft labor market are all painful for the public that we serve. but not as painful as failing to restore price stability and having to come back and do it -- you know, down the road. maria: joining me former omb director center for renewing america president russ, good to see you. thanks very much for being here, what do you think the economic pain to come will look like? >> well i think going to be continued i think the reality is that the fed yesterday was setting the market the public up for the fact this is going to exist into next year. inflation is not transitory it is not going to just be able to come down national 8 naturally meets in middle with hikes the end of they are year going to be something there is going to be pain i think message from yesterday is there is not a soft landing coming from

edward lawrence from the

edward lawrence following all of these crosscurrents we're getting from fed officials in washington. l, before we get to that i can tell you president joe biden right now is on a conference call with european allies. on that conference call is the united kingdom prime minister, the new prime minister and president biden we're told from nsc spokesperson john kirby offed his thoughts for the queen and prayers for the queen on the conference call to the new prime minister. now to the federal reserve. it appears we're going to see more aggressive rate hikes through the end of the year if you listen to what the federal reserve chairman you said today. he had a more hawkish tone, the same tone he had in jackson hole about 10 days ago. >> history cautions strongly against prematurely loosening policy. i can assure you that my colleagues and i are strongly committed to this project and we will keep at it until the job is done. i can also assure you that we never take into consideration external political considerations. reporter: so with the size of the federal debt democrat was like interest

take it live to edward lawrence at the white house with more on chips for america program. me granularity on what he plans? reporter: the president talked about this in his cabinet meeting, fifth full cabinet meeting of his presidency. he laid out a plan that will basically build a semiconductor manufacturing sector in the united states. the commerce department will hire 50 people focused solely on negotiating with private companies for part of the $50 billion in the chips act. >> this is not a blank check for companies. this is not for them to pad their bottom line. there are clear guardrails on this money and the department of commerce intends to be vigilant anding a aggressive protecting taxpayers. chips funds cannot be used for stock buybacks. chips funds are not intended to replace private capital. that is key. reporter: the money will be handed out in february. $28 billion of the money will help establish a domestic semiconductor manufacturing sector. another 10 billion will be used to expand existing chip manufacturing in the u.s. then 11 billion to launch a national

leave fema high and dry as ian barrels across florida fox business white house correspondent edward lawrencepressing fema administration on preparations for this hurricane how it will navigate defeated strategic petroleum reserve yesterday watch. >> petroleum reserve at lowest level in 37 years you said you set aside gas for florida there is concern the reserve is not high enough now to handle the aftermath of this emergency and other hurricanes that could come. we continue to access after storm passes to see what impacts are. >> it against on -- storm bring we need to devote assessment after storm passes. >> to a dagen mcdowell, brian brenberg james freeman, dagen the strategic oil reserve, is supposed to be for emergencies, joe biden has been selling this strategic oil even to china! and now we are at dangerously low levels a hurricane on our hands. dagen: right i also, spending is raised issue of all the money that has been spent that is on the left, the democrats, and on the right, republicans, over the particularly the last 20 years. what is left in real case of emergency. and, at some

edward lawrence from the white house. hey, edward. reporter: the president, the stock market had the worst day under the biden administration since i took office. it was the single worst day for the dow since june of to 20. cpi inflation coming in around 40 year highs and there was a celebration at the white house. this is the images that we were looking at as all of this was happening. you had james taylor at the white house singing songs, officially, the the white house spokesperson james taylor donated time use of those songs but the optics were very bad. house speaker nancy pelosi had to applaud the audience. in interview with president biden's advisor gene sperling. he told us the inflation. >> if there is not single silver bullet. we should do everything we can to bring down the overall cost and strain on american families, pocketbooks, and we shouldn't skip doing any individual item because it is not going to solve everything or be the silver bullet. every bit helps. reporter: today the producer price index came in 8.7% down fr

but first to edward lawrence at the white house. >> martha, not long from now, president joe biden will be back here at the white house. in an interview with "60 minutes", he said basically inflation is flat. that's a message that we've been hearing from economic advisers out of the white house including ones that you've spoken with. >> you've had two months where it's been flat. yes, headline inflation has come down. the ppi came down again. it is still way too high. that said, it does not mean that we don't also recognize historic positives that are happening legislatively for this country. >> what the president is highlighting is that from july to august, inflation went up .1% overall. he failed to acknowledge that core inflation without food and energy prices went up .6%. that's a big increase. that indicates that inflation could be more entrenched in the economy. you can see where the president took office and where russia invaded ukraine. there's no denying the u.s. has an inflation problem that started the month after presiden

first to edward lawrence live at the white house. hi, edward. >> hi, martha. let's cut through the noise here. the president of the world bank said that climate -- the greenhouse gasses did affect climate change. he said he wouldn't go further than that because he's not a sign tis, which he's not. he's an economist. what the scientists wanted him to say is the world bank would give money to more poor counties to abandon fossil fuels. the problem is the cost of green energy and the lack of supplies. still here's the pressure campaign. >> so we disagree with the comments made by the. of the world bank. we expect the world bank to be a global leader of mobilization and of significantly more climate finance for developing countries as is the business of the world bank. >> so then the white house kicked in over the treasury department. the treasury spokesperson said they expect the world bank to be a leader of climate finance for developing countries. now malpas says he has no plans to resign but pushing the world bank helps china more. china makes most of the sola

edward lawrence, how are you, my friend? >> hey, neil. nine refineries in louisiana that refine oil into gas will to shut down because of the storm just in case and 13% of capacity coming back online as well as oil rigs in the gulf of mexico, which is also shut down for the storm will now start to come back online. but gas prices have been up over the past 12 days, in fact. president joe biden trying to shame gas companies into just lowering prices, but the american petroleum institute says gas prices are set by supply and demand, on the global market and this administration has worked to restrict supplies. >> the administration has been making energy policies with an eye toward the november elections. not with an eye towards providing energy security, price stability for the american people. they need to focus back on fundamentals. >> reporter: so the american petroleum institute said the administration should expedite permits for oil and natural gas infrastructure including pipelines and it's a move being made in europe and api said the

. >> i want to listen to edward lawrence talking about how they have projected what the economy is going we are right now. watch. >> they projected the economy would grow at just.2% this year and 1.2% next year. is this the stable growth you're talking about? >> we come off of last year's historic economic growth because of the work of the president and democrats in congress passing the american rescue plan. it put us in a position where we saw the most stable and strongest growth that we've seen in modern history. >> what? are they also in this country and -- >> there is no container big enough. stable growth? we've shrunk for two quarters in a row. stable shrinking, yeah. they aren't looking forward. they can't look ahead and say here is how we'll deliver a return to growth. that's their problem. >> bill: i think the dow all-time high was 36,600. you're down 6 or 7,000 points. the issues that matter to voters, on the economy here is what abc and "washington post" told over the weekend. state of the economy under biden not so good and poor. now 74%. another one who do you trust on the e