thank you very much, edward lawrence at white house. another guy that keeps his cool, chief national correspondent connell mcshane, following a number of developments, we're very early in the earnings season here so we don't want to jump ahead of ourselves here but so many companies have ratcheted down what they were expecting, right? reporter: yeah they have. i wonder what netflix. i hope no lawn mowers coming across the studio as i'm doing this report that would be a strange setting. that is one thing to watch. technology, talking about the market coming off its highs. technology has a lot to do, when we look at tech, talk about jobs, how the labor market is holding up relatively well. tech might be a exception there. if you had to pick an exception. snap had huge round of layoffs. now microsoft is in the news for a smaller round of cuts we should point out. microsoft is such a huge company, 200,000 employees. when "the wall street journal" reported cutting 1000 jobs. that is less than 1% of its workforce. the company line from micros

neil: edward lawrence, speak english. there we go. and i get a discount? let's go to governor asa hutchinson, he's kind enough to join us. i was mentioning the tone deafness here and i'm sure republicans are trying not to suffer the same fate but when you hear what is happening on the price front, what would be your message republicans have now to what they argue the president isn't doing now? >> you characterize it quickly, tone deafness, when you look at the issue of violence in our streets, there is not any specific addressing of that issue, republicans are making it an issue and it is on the hearts and minds of the people of america. you look at the inflation about president is trying to address unsuccessfully and consumers had two big lows. opec made clear prices will go up in the long-term and we had proof inflation is going up. i talked to people in arkansas and this hits them hard, from their farm and they got hit and there is some tone deafness and ineffectiveness on this and minimal shifts because as you go into the election those are the issues

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edward lawrence in washington with more. edward.eporter: liz, president joe biden getting defensive over gas prices and oil prices in today's race. president announcing end of his 180 million barrels released from the strategic petroleum reserve he is saying that the last bit will go out in december. the president defended his actions saying none of it is in the midterm elections president looks it make sense, i have been doing it for how long? it is not politically motivated at all. it is motivated i continue to push what i've been pushing on and that is making sure there is enough that is being pumped by the companies and at the same time keep moving in the direction of providing for alternative energy. that is what i've been doing. reporter: he also called out oil companies for not increasing production in the u.s. the president plans to refill the strategic petroleum reserve when the price of oil reaches between 67 and$2 -- $72 a barrel, $17.4 billion and 1.billion dollars to add back all the 260 million barrels the president re

edward lawrence in washington with more. edward?eporter: liz, president joe biden disappointed by the decision by opec plus to cut production. the president saying that the last of the release from the strategic petroleum reserve will happen in november. he will then consider more releases in the future, even though the reserve is at the lowest level in 37 years. here's the reaction from white house press secretary on air force one. >> we're in touch with partners, producers, consumers. no secret that the president believe energy supply should meet energy demand. it is important for the global economy as it faces global challenges. reporter: no mention of increasing production in the u.s. industry insiders say, the solution is simple. >> i cannot predict the future so i'm not sure, but it is not looking good with opec looking to hold down production. used to be where a couple years ago the american producer could meet all demand and we met the growth in the world economy and we kept prices low globally. now we're being hamstrung by

edward lawrence at the white house. can you figure it out?he court of appeal says the stay will look at the ruling. the white house is saying apply for debt relief even though the plan has paused. the press secretary said a temporary order does not prevent borrowers from applying for student debt relief at student aid.gov and we encourage people to apply. joni ernst says he is turning -- >> it is not student loan forgiveness, it is not debt forgiveness, it is debt transference. we have many hard working iowans picking up the tab for young people now who signed on the dotted line that they would repay these student loans. those hard working taxpayers are now picking up the tab for all of those other folks. >> not backing off the $400 billion plan for student loan forgiveness saying increased taxes will pay for it. >> president biden: we can afford this. we can afford this. one of the things we did in order to pay for a lot of these things is rethought it was about time that some of the super wealthy corporations pay their fair share. >> from t

yes, edward lawrence, thank you.e getting closers and democrats may be getting more worried. what new polling shows about senate races in particular in two key battleground states. and former president bill clinton with this stern warning to people on the left on what could sink them in november. power panel next. at newday usa we give veterans the va cash out loan with no upfront costs for an appraisal or termite inspection. no upfront costs at all. let us get your family security of cash in the bank. [sfx: stomach gurgling] it's nothing... sounds like something. ♪ when you have nausea, heartburn, indigestion, ♪ ♪ upset stomach, diarrhea. ♪ pepto bismol coats and soothes for fast relief... when you need it most. >> harris: on "the faulkner focus" counting down to the mid-term elections 36 days away now. poll show things lightening in two key races for the senate. axios calling out democrats' new senate struggles. political battleground wisconsin a recent fox news poll shows voters prefer the incumbent, republican se

edward lawrence beginning a new week at the white house. >> julie: moving on to ukraine.ing a key city in an eastern region putin claimed on friday that russia has annexed. this as former c.i.a. director da david petraeus is u.s. will destroy russian forces is he uses nuclear weapons. >> he is losing. the battlefield reality is irreversible. over the last seven months president zelensky and ukraine have mobilized vastly better than has russia. >> julie: retired general jack keane, fox news senior strategic analyst joins us now. great to see you, general keane. if putin were to be bold and stupid enough to use nuclear weapons. the high probability the radiation from the strike would affect a member of the alliance that could be con trued as an attack against nato and fall under article five. with that said, how desperate is putin right now? >> well, he is pretty desperate because obviously he is losing this war. the things he is trying to do are not going to make a difference. he is annexing four regions inside the ukraine because he has lost so much territory he is trying

edward lawrence is live at the white house with more on this. >> the strategic petroleum reserve at thetry experts say it was never meant to be a counter balance for the economy. it was meant to be for emergencies. we have not seen levels like this since when the dove cry was the number one song in the united states. when prince performed that. you see where president biden took office. the white house hoping opec+ would push more oil but they cut. biden was disappointed. the short sightedness says it started with the president. >> they are trying to get gas prices down and that's what this is all about. they're pleading with iran and venezuela. deal with international killers than work with american drillers. it is right here. >> the administration turning to venezuela, a government we do not recognize dangling easing sanctions in exchange to allow chevron to pump more oil there. industry spokesperson says we have previously made clear we will review our sanctions policies in response to constructive steps by the regime. they knew their transition would be tough and economic pain for a

edward lawrence from the white house. >> dana: china's president xi warning the west that taiwan belongst is not ruling out military force to keep it that way. now two members of the house armed services committee say time is running out for the united states to prepare itself and allies for a possible war with china. they just returned from taiwan and join us now. florida republican congressman mic mic michael waltz and a marine. thank you for being here today. michael, why was it for you to make this trip and do it with somebody like seth moulton? >> dana, i think it's just important to remind the american people of why the security of taiwan matters to them. if you look at where it is on the map, and if china is under xi is successful in invading and taking taiwan, china will essentially control 50% of global gdp and control the shipping lanes into sought korean and the most advanced computers chips on the front lines of democracy. i think we face a very real chance of taiwan becoming the next ukraine within the next 5 to 10 years. chairman xi is making that very clear. he is going to

edward lawrence at the white house. go to kelly o grady in los angeles. the president might be crowing about positive developments on the deficit and what he thinks will be good news to come in the economy and inflation. when it comes to the guys with the money, they're worried about the world losing money and fast i guess; right, kelly. >> that's right, neil. you have business leaders pushing back on the rosie outlook and ceo of goldman sachs, jp morgan and chase. clays and in response to the question on twitter on how long the recession will last, he tweeted just probably till spring of 2024 and he's been sharing how bad it'll be and tesla and spacex in good positions and many other companies are not. and missing its delivery target with the earnings call and china is in a burst of a recession and europe as well and europe in decent health and feels the fed is raises interest rates more than they should so it's unsurprising that musk is reported by considering cutting twitter's head count by 75% if he does indeed close that deal. now that's something he

edward lawrence at the white house with more. edward?z, officially the white house is analyzing if there should be another release from the strategic petroleum reserve. no official decision has been made. the last of the 10 million barrels from the previously announced release will be shipped out in november. now gas prices are expected to generally rise as we get well into the winter. a former deputy national security advisor for former president donald trump says current policy leaves us vulnerable. >> the whole thing is just a shell game and the abuse of the strategic petroleum reserve is really a scandal and i wish it were more of an issue with the american people, that they know they're basically robbing peter to pay paul here and we're down to that the spr being half full. reporter:red a minute sprayings trying to get more oil supply on the world market. last july the president went to saudi arabia to meet with the royal family including the saudi prince. 3 1/2 months later president biden has no plans to meet with the saudi crown

. >> bill: edward lawrence picks it up from the white house on the north lawn. good morning. >> we're wondering about the president's focus here within 18 days of the election clearly voters are concerned about two major issues, the economy and inflation? every poll shows that. yet the president is going to delaware state university today to talk about his student debt relief plan which could cost billions. yesterday his focus in pennsylvania was on the bipartisan infrastructure bill. the word inflation never came out of his mouth. >> president biden: just as important, just as important we'll reduce emissions that can come from the trucks and trains hauling it by reducing it by 3.5 million tons of co2 a year. >> and on sunday in a presidential forum the president says absolutely federal money should be used for childcare so a woman can get on aboerption. no focus on inflation as another reading comes out a week from today. business owners want more from the president that affects their daily lives. >> right now the president is claiming that the economy is goin

edward lawrence at the white house with more. edward. well, liz president biden is saying that everything is on the table when it comes to venezuela. the u.s. is dangling easing sanctions if there is movement there towards free elections. in exchange allowing chevron to come in and pump more oil. also the administration still negotiating with iran over a nuclear deal as part of a potential agreement, iran would be allowed to sell oil on the open market. nsc spokesperson john kirby said the president knew americans would feel economic pain. >> we're trying to transition toward a clean energy environment. that is good for the economy. that is good certainly for the environment and that is where the president wants to take us but in these transitions, transitions are tough, and they take time. reporter: former director of omb under president donald trump says there is a naive group of people running the country right now. >> there is no reason we cane not be supplying more, gas and oil into our own markets. we were net exporters of energy u

edward lawrence at the white house with more. edward?orter: well, liz we're hearing that beep, beep, beep of messaging backing out here at the white house. a year ago president joe biden said we will not have a recession. about three months ago that messaging shifted to a recession is not likely. now it's possible. as we see the mounting data showing inflation has not peaked yet possibly and we hear about economic pain americans have to bear. president biden focused on saudi arabia because the saudis did not hold off on oil production cuts after the midterm elections. president says he will reassess u.s. saudi relationship. president we'll react to saudi arabia and take consultation when they get back and will take action. reporter: senator tom cotton believes the president's energy is misplaced and he should support the fossil fuel industry in the u.s. while making a transition. >> if we produced more here we wouldn't have to depend on anyone overseas but two, joe biden, barack obama and the democratic party wage ad campaign to ostraciz

edward lawrence in d.c. with more, edward?the dallas federal reserve basically confirmed what we all know, that generally we're losing money. when you factor in inflation, americans have seen a pay cut of 8 1/2% over the past year under biden's policies. the researchers said we have not seen a decline like this in real wages in the past 25 years. when you listen to president joe biden he highlights half the story about the wage increases. listen. >> the pace of job growth is cooling while still powering our recovery forward. wage growth for workers is solid down from historic high pace months ago, still growing for workers that deserve a raise. that this is the progress we need to see. reporter: wages are up 5% over the past month but cpi inflation is up 8.8% year-over-year. in general people can afford less. >> i believe in the american consumer. they will have money, they can spend it. whatever money they have left is being stretched too far and is running out. reporter: we'll get a new cpi inflation report on thursday. so f

edward lawrence is in washington with more. edward?eporter: liz, we're starting to see some real power players voice real concerns about the economy. we're talking about major business leaders as well as banking leaders, all worried about economic troubles that could be coming ahead. elon musk, jeff bezos, jpmorgan chase ceo jamie dimon as well as the head of goldman sachs warning of possible recessions but you don't hear the warnings from the white house. i asked this. would you say that the president believes there is not going to be a recession or might not happen but growing number of business folks who are outside of this building jeff bezos yesterday joining jamie dimon, goldman sachs ceo. why are they wrong then? >> so look, the president has said this and i'm going to say this here as well, what he wants the american people to know is because of resilience of the economy and the, because of the our economic plan we are in a better place to deal with these global challenges, to deal with global inflation, than any other, you kno

edward lawrence joins us now live from the white house. you pressed the question. >> yeah. very interesting. and the message shifting has been subtle but stark from this white house. a year ago we're hearing the president say no, there won't be a recession. then about three months ago the president starting to say well, a recession is not likely to happen and then as you heard yesterday the president saying well it's possible but going to be shallow. so this is the question i asked, listen. >> i'm wondering if the president bears any responsibility with his policies for the inflation and what they are calling a stalling economy. >> we have to step back and look at what the president walked into here, right? when you think about the -- we've been here for 20 months. when he walked in businesses were closed, small businesses were closing down, schools were not open. >> we already add as you mentioned two quarters of negative growth and that's technically a recession. the international monetary fund says inflation will cause the u.s. economy to stall next year. gas prices, and

edward lawrence is at the white house with more. edward.ter: well, liz the international monetary fund warns of a global economic slowdown. in fact the head of the imf says inflation is a train that needs to be stopped. now listen to the words of the imf director of research when he is talking about the u.s. and this slowdown. >> the 2023 slowdown will be broad-based with countries accounting for a third of the global economy expected to contract this year or next. the three largest economies, the united states, china, and the euro area, will continue to stall. reporter: continue to stall and the federal reserve predicts growth in the u.s. will be just .2% this year. a former economic advisor to former president donald trump says we're in a recession. >> third quarter gdp is higher than i expected but people will look back to call this a recession year and i think there is more bad news to come. reporter: we'll get another reading on inflation coming up on thursday. liz? elizabeth: edward lawrence, thank you so much, joining us now congress

edward lawrence is reporting from the white house with more on this. edward?nd anybody to the conference, the davos in the desert conference as it is called out of protest, upset about opec plus's decision to cut oil production. so at the event the saudi energy minister never mentioned the u.s. by name but offered this warning. >> people are depleting their emergency stocks. >> yes. >> have depleted it, used it as a mechanism to manipulate markets. it is my profound duty to make it clear to the world that using emergency stock may become painful in the months to come. reporter: strategic petroleum reserve at the lowest self since 1984. jpmorgan chase ceo jamie dimon says the my way or the highway approach doesn't work. he thinks we should do green energy as well as fossil fuels. >> there are a lot of people who have infrastructure that works. a lot of people are doing, both protecting oil and gas and they're doing solar and it works. so i have hope we'll do that. reporter: regardless of the economic pain americans have been feeling there has been no change in

elizabeth: oh, edward lawrence here we go again, right? ve you on, edward, nice to see you. look who is here in the studio, gop strategist ford o'connell, the economic expert, he is spearheading research into inflation under biden how it affects our money, ej antoni with the heritage foundation. good to have you both. we're live from d.c. we're having a ball. reaction to this, disgraced fbi agent peter strzok fired from the fbi from text messages. watch this weird comparison, tried to compare january 6th to 9/11 without any pushback from msnbc. look at this. >> nicole, look at scale of threat to democracy. 9/11 was a tragedy, we lost thousands of lives in horrific day we still mourn to this day, when you look at something attack on democracy, something that could actually bring about a fundamental change to american governance as we understand it, 9/11 is nothing compared to january 6. elizabeth: okay, nearly 3,000 people died. ford, nobody is comparing -- these are two separate things. nobody in the world is making this comparison except t

edward lawrence is at the white house. ? reporter: that is out of protest by design the administration didn't send anyone but as you mentioned american interests were we'll represented, ceo of jpmorgan chase, "imus in the morning," goldman sachs ceo, david salomon and blackstone group stephen schwartzman were there. in the roundtable discussion they talked about everything from energy to inflation. very interesting on the u.s. economy. listen to david solomon who says we will likely be in a resession. listen. >> i think generally when you find yourself in an economic scenario like this where inflation is embedded it is very hard to get out of it without a real economic slowdown. i too am in the camp we likely have a recession in the u.s., going to have i think most likely a recession, might be in a recession in europe. reporter: so the underlying discussion at the roundtable that included jamie dimon was a discussion about energy security. now the common theme that you cannot go green without a combination of fossil fuels,

edward lawrence with the latest from the white house.ighth circuit court of appeals will be in a place for a short time it says in order for the appeals court to look at the lower court decision. this has not stooped the stoppee white house taking application even though the pause on the plan has happened. the white house lawyers says the stay only blocks the release of money, not signing up students other processing applications. republican senator joni ernst the president is trying to pull attention from inflation and buy student votes. >> it is not student loan forgiveness. it is not debt forgiveness. it is debt transference. we have many hard-working iowans picking up the tab for young people now who signed on the dotted line they would repay these student loans. that those hard-working taxpayers are now picking up the tab for all of those other folks. reporter: but the president not backing off his 400 billion-dollar student loan forgiveness plan. president biden: the point is we can afford this, we can afford this. one of the thing

edward lawrence is at the white house with more. edward?as we head into the winter there could be a new crisis brewing. the energy information administration says there are 25 days left of reserves in the diesel fuel reserve, lowest level since 2008. the white house economic advisor brian deece says this is unacceptably low level. in someplaces in the northeast they have to ration fuel oil to heat homes to make sure there is enough for everyone. in the face of the next possible crisis the president wants to talk about how hopes to get surprise fees removed from bills. president biden: benefit big corporations, not consumers, not working families. that changes now. we have been working this for a while. i know it has been a tough few years. reporter: head of goldman sachs says if there needs to be a pivot in leadership in this changing world. >> we have a significant recession in the u.s. or elsewhere in the world we will work through that but as we work through and we think about where we are different kinds of decisions have to be made to

strategic petroleum reserve, 15 million more barrels, but it's not doing the trick and doesn't edward lawrence. with the very latest from washington, edward. >> president joe biden says he's doing everything he can to bring gas prices down. he says that he knows it's been hard for american families under his tenure as president. >> that's why i've been acting so aggressively. without the steps we've taken over the past several months to ramp up production and lower prices and get relief to consumers, gas prices would be higher than they are today. >> and the head of the american petroleum association pushes back that the president is doing everything he can. >> what they need is to advance policies and we've given them policies that would encourage more production here in the united states. we have a plan, it's called 10 and 22. you can find it at 10 and 22.com and shared with the administration and they've implemented none of these policies so far. >> president biden saying his release from the strategic petroleum reserve not politically motivated and then vilified oil companies. >> bring dow

edward lawrence at the white house with more. edward?orter: liz, that overall number, that was really big but what really worries the federal reserve is the core inflation, without food and energy prices. that came in 6.6%, the highest level since august of 1982. what that shows is that inflation is entrenched and harder to get rid of but that entrenched inflation is also rising. digging deeper into the report food at home up 13% year-over-year. eggs up 30.5%. overall energy is up but fuel oil to heat homes up more than 58%. and rent up 7.2%, the largest 12 month increase since october of 1982. still, the white house economic advisors feel that the policies of this president are working. >> our policymakers are doing what they need to do to respond to precisely the pressure you made. yes, on energy, yes on medical costs. again look at the inflation reduction act. again, ask the question, not as inflation is too high, the answer to that is unequivocally yes. are policy-makers doing everything they can in this white house to help bring the

let's go to edward lawrence how they're digesting this at the white house. edward? reporter: talk about the headline number, a little more than what was expected, the highest since march of this year but the federal reserve will look at core inflation without food and energy prices that went up6.6% year-over-year that is the highest since august of 1982. this is an indication inflation has not peaked yet possibly. in fact it shows core inflation is entrenched. actually core inflation is on the rise. puts into play not just a 75 basis-point hike in november like you were talking about, but the possibility of one full percentage point is creeping in. when you dig into this report numbers in key areas are just not good. home and food, food at home is up 13% year-over-year. energy overall up almost 20%. within energy you have fuel oil. now it is winter to heat your homes. that is up 58% year-over-year. rent is up 7.2%. that is the largest 12 month increase since october of 1982. these are real costs for people that really hurt americans. >> since, it drove this inflatio

edward lawrence. hard to keep up with hillary vaughn but she is following a lot of democrats urging the president to move very quickly not on the oil crisis, i think talking on the climate emergency. can you explain? what is going on? reporter: some would say this is tone deaf for senate progressive democrats to call for a climate emergency when americans are dealing with crazy high gas prices but it is right on target can with what the white house is hoping for when they called the opec announcement yesterday, reminder why it is so critical that the u.s. reduce its reliance on foreign sources fossil fuels and continue the clean energy transition. now a group of senate progressive democrats are acting the president to act now on climate calling it emergency saying this, we will only achieve these targets if you build up momentum of inflation redaction act with strong executive action. we urge you taking important next step declaring the climate emergency. the oil and gas industry said the clean enviro

edward lawrence has more right now from the white house where things stand right now. hey, edward.s a stay by the 8th circuit court court of appeals. the 8th circuit says the stay will be in for a period of time while they review a decision by the lower court. the white house using a loophole to sign americans up. in a statement it does not prevent us from reviewing these applications, preparing them for transmission to loan servicers adding it prevents debt from being discharged until the court makes a decision. from the administration point of view there is just a delay. the 400 billion-dollar student loan forgiveness plan will eventually continue with the president urging, arguing, that taxes will pay for all of this. president biden: the point is we can afford this, we can afford this. one of the things we did in order to pay for a lot of these things we thought it was about time some of the super wealthy corporations began to pay the fair share. reporter: republicans are saying none of this is paid for. in fact the federal reserve researchers estimated debt forgiveness program

neil: edward lawrence following this at the white house, not competing with any of that stuff. which was nice to see but this is an upside down kind of day. there's no competition for machinery at the white house. i'm telling you something odd is going on. let's go to scott martin and jonathan honecker, brilliant with a read on this market. to you first on the oddity of accepting good news for what it is. what do you think? >> is that a good news piece that reinforces the president's rhetoric? a few weeks ago, months ago saying we have the strongest economy in the world, the world as he said, exact quote but we are in a recession, don't want to admit we are having and we have two negative quarters of gdp, crashing business confidence. neil: no apologies for anyone but the reaction to that is a consumer stay plants people are buying, not just me buying the read, other people are joining me as well. but then the stubbornly strong wholesale inflection report which shows inflation really isn't budging after these rate increases which shows somewhere we are falling apart with the co

edward lawrence we appreciate it. closing bell, folks we're four 1/2 minutes away.strials. s&p is losing about 25 points, down 181,. apple after the bell, we told you that. guess what? amazon on the earnings docket this afternoon. investors keeping an eye on the but our "countdown" closer says there is way more important. jeff sica. i know what you will say, but go for it. >> in terms of amazon i think the biggest thing we're looking at, is we're looking at the strong dollar, consumer beat up tremendously. now we're going to find out how much amazon web service is actually helping the company, because keep in mind, jeff bezos already warned us it would be rough seas right now. so amazon web services got, has got to make up for lost ground. liz: well the cloud, you know i was going to say, oh, watch the cloud but i like the spin you put on this. you said you have to balance and compare what the e-commerce site, what amazon.com is showing, that drop and then you see how much the cloud made. you can see people are calling amazon a cloud company with a website. >> i wou

. >> harris: edward lawrence now at the white house as we wait to hear from president biden. edward. >> in a few minutes the president will talk how he has cut the budget deficit for the federal government. when in reality the massive amount of covid spending has now ended so it just looks like the deficit has come back down when, in fact, the president is just spending less. now it seems he is focusing on everything else but inflation, which is the top priority according to the polls. you mentioned the monmouth poll. inflation is far and above the abortion issue. the abortion issue coming in at sixth on the list. political divisions number three. wouldn't fit on the screen with all the other topics where abortion was. people care about what affects them day-to-day. the president will go to delaware state university to talk about the student debt relief decision later on today which cost taxpayers billions. onto his vacation home in delaware. the poll numbers are sparking questions like this. >> tim ryan in ohio said he doesn't want you there, warnock wouldn't say. are they ma

jackie: edward lawrence, thank you so much. of course, inflation on the rise , so are fears of a recession. former treasury secretary larry summers had this to say. >> i think it's more likely than not that sometime in the next year or 18 months, we will have a recession. i think that's a consequence of the excesses that the economy has been through and historical experience suggests that the kind of inflation we have rarely returns to normal levels, to target levels of around 2% without some kind of recession. jackie: let's get reaction from former white house omb director, always great to see you, russ. i think larry summers is making a good point. he's been very measured throughout this as its been playing out and saying we need to get a grip on it or we head into recession and now we seem to be at the tipping point. it seems to me that the fed has no other choice than to continue raising rates to try to do something, some are saying better late than never. others are saying we should have never been in this position for the

edward lawrence. we will see. >> thanks, cheryl. >> cheryl: let's get reaction from pig hedge fund manager and fox news contributor jonathan hoenig and let's stay with the fed for a second because obviously, fed funds futures change from day-to-day but at this point we're looking at a 57 % chance we'll get another 75 basis point hike from the fed when they meet in november, and as you know, that drives the cost of everything up. your auto loan, your mortgage, your credit card, and that again could be another hit to economic growth. >> well the economy was reeling before the fed started raising interest rates. in fact, cheryl, interest rates started going up before the fed started raising interest rates and the reason is not a mystery. it's because of inflation, and look, everyone would like to think that the fed is some type of a magician who can wave their arms and all of a sudden all that inflation, trillions and trillions of dollars of money spending out of washington d.c. will just somehow disappe

thank you, edward lawrence, on that. we've had mixed data. the market seemed to like hints of a slowdown or least consumers rethinking things. so when you've got sentiment numbers that don't jive with retail sales numbers, which do you think win out? many for the time being, it's those sentiment numbers and what they might be forecasting. connell mcshane, what do we have? or. >> reporter: the two things can be true at once, you know, we see benefits in the banking business of the higher interest rates for their business, and we also see a financial sector, like other sectors certainly bracing for a slowdown, maybe bracing for a recession. and even though consumer's held up pretty well, retail sales data not giving us a ton of confidence that that continues from september. let's go through some of this. backing stocks is where -- banking stocks is where we're starting, morgan stanley is the only one of the four that is seeing a stock decline. the other ones are up mostly because they beat the street in the last quarter with earnings. and in th

and edward lawrence is standing by. what are team biden's plans for even more spr releases, and what does it mean for what you pay at the gas pump? closing bell ringing in 49 mints. "-- minutes. "claman countdown" coming right back. ♪ finish. ♪ i may be close to retirement but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you'

first to edward lawrence. edward, good afternoon. >> good afternoon, trace.the president wants you to focus on the abortion issue, not the economy, which is staring them in the face. some economists believe we're in a recession. inflation is more entrenched now in this. so i wanted to know exactly when all the spending and all the moves would make a difference and helping under this president. >> you laid out what the president has been doing isn't there a timeline for what americans can start feeling economic pain relief? >> in regards to the inflation reduction act, early next year they'll see some of the pieces of that when you think about energy costs, when you think about the medicare kind of benefits from that. we'll see some movement on that early next year. but when we talk about inflation, gas prices, that's been something that is -- the american people have seen for the past several months. >> it's been more than just several months. you can see where president joe biden came into office and started reversing just about every policy from former pres

edward lawrence in washington with more. >> no way around a strong jobs report but that's bad news because can see the declining number of jobs added still enough the federal reserve to continue with aggressive rate hikes. another three quarters of a% in november based on the report i asked the labor secretary this morning when workers was see gains in their paychecks. >> wages went up five% but real wages went up. one of the policies going to fix that? >> the president passed legislation the last 12 or 13 months and we will see that further down the road, a lot of the money is just getting out, there will be a leg before we see the presidents pass through congress and have the impact. >> he wouldn't tell me if americans have to wait a year or two to have their wages grow faster than inflation. elizabeth: great report. congressman bruce westerman from house natural resources and chief economist, and lindsay, thanks for joining us, good to see you both. the president ran from reporters today after they asked about his armageddon comment, the u.s. faces attention armageddon similar to 1962 c

edward lawrence with the latest on where this all stands. >> reporter: we could be staring down a railway strike which could potentially have an issue for the us economy. the white house was successfully able to move any potential strike to after the midterm elections. the agreement the unions agreed to, if they failed to ratify, there would be a cooling-off period. those unions have said no, there are four more votes to go and the first day a possible strike could happen would be november 19th. the press secretary says the president is watching this closely. >> the president has said any shutdown would be unacceptable. it is the responsibility of the parties involved to resolve this issue and any idea that kicking this to congress would result in a quick or favorable outcome is deeply misguided. >> reporter: under current law only congress could force the unions to sign on to a negotiated agreement. they can't agree on how to fund the government going forward much less a couple catered rail contract so republicans say a disagreement with the biden administration was a show to get the str

down 20% for the year and instead of heeding those called the white house is pushing back and edward lawrence asked the administration about industry warnings and the president doesn't expect a recession because of the economic plan in place. the administration has been wrong before. they called inflation transitory but it is tough on the credibility side when your messaging goes against the most successful businessman in the world through similar storms. neil: thank you very much for that. we have the strong dollar, the whole world locks to currency as a haven in times like these. if you are us multinational or pretty much any of the dow 30 stocks your global presence is pounded by the strong dollar. once your earnings from abroad translated back into dollars you have fewer dollars to show so it could be a double whammy, a split for the dow 30 stocks, goes up versus down. you have susan with us as well. let me ask you about the fallout from the strong dollar. it is better to have strong currency than week, but this one had some headaches attached to it. >> reporter: apple had the same thing,

edward lawrence is in washington with more. >> president joe biden never gives a timetable on his policiesbring on inflation. he and others in the administration never say how long americans have to endure this economic pain while the transition to president wants takes place. you can see what happened to inflation from the first month present biden took office every month since the first time president called inflation top priority may 10, 6 months later he still asking for time to bring down prices. today janet yellen repeated the request and refused to take my question back yesterday's cpi report shows we have more work to do to get price increases under control. leading indicators show hopeful signs, working families continue to feel the pain of high inflation. >> can i follow up on inflation? >> they had the room for ten more minutes, she just walked away and did not want the follow-up question about inflation from me. elizabeth: a terrific stuff, thank you that's welcome to the show author karol roth and hill media columnist joe concha, i know it's a fiery panel. instant messaging on

that is a reversal, press secretary karine jean-pierre told edward lawrence more oil coming out of petroleum on the table. democrats don't want to see rising gas prices as the midterms approach. neil: awkward timing. if you need any reminder, opec is back in in the drivers seat, i wonder where this goes because if anything it has enriched vladimir putin. >> reporter: thanks for having me on. when they talk about the strategic petroleum reserve, it is at the lowest level since 1984. think about that. president biden has taken 33% out of the strategic petroleum reserve. middle east countries and opec, cutting back to million barrels a day, that is a real shock. what he should have been doing is a lot of public diplomacy, in person diplomacy as well picking up the phone and calling saudi arabia and saying what is going on? the only thing hurting us is lack of personal diplomacy. who gains by prices going up? the russians do so they are gaining on this and we are hurting our energy economy and it is going down. it is a move that shouldn't be there. neil: i mentioned vladimir putin and wants to g

edward lawrence in washington with more. >> were talking about the focus of the president eight daysthe midterm elections, clearly the number one issue for voters is inflation, registered voters look the economy yet the president and debt relief which could cause taxpayers 400 billing and publicans attacked the majority of his speech highlighting what he calls federal deficit reduction. >> to be clear, this record deficit reduction include a cost of my student loan plan and everything we've been paying for. the deficit is down $1.4 trillion this year even after accounting for 30 years of debt relief paid in advance mimic the committee for federal budget, the entirety of the decline the deficit between the 2122 can be attributed to the expiration of temporary covered relief. the president signed for major spending bills after the cares act so what happened is the president reduced the amount of government spending which ballooned because of the covid help. the president has not given a timeline to when his policies will bring down inflation and the transition happened. inflation start

edward lawrence with me, dig into this for me. what else you got other than 263,000 jobs?as a strong jobs report but something the federal reserve has to look at and say they can give ammunition to give that aggressive rate hike the first week of november, the employment rate is below 3.5% because people dropped out of the workforce. looking at where the jobs are, leisure and hospitality adding 300,000 jobs in september, that sector still down 1.1 million jobs from february of 2,020 levels are 7% manufacturing added 22,000 jobs, you see healthcare and construction on jobs. the president says this a lot. >> president biden: our economy has created 10 million jobs, 668 manufacturing jobs. roof that made in america is no longer slogan. it's a reality. >> manufacturing added back on the jobs lost in the pandemic, only created 95,000 jobs since february 2020, overall the economy added back the last jobs in the covid lockdowns and created 514,000 jobs. here is the labor secretary defending the president's words. >> it is misleading, more than 500,000 because manufacturing is up,

edward lawrence to grady trimble in chicago where we have a lot of traders beyond bidding up prices to levels we have not seen for quite some time and just this week, up 116% so, grady, i think a lot has to do with what opec and opec+ countries have done and added push with the employment report. what's going on? >> yeah, exactly then the added problem of those refinery issues out west causing gas prices at the pump to go up and the good news is the price on the west coast of the united states are going to start to come down but especially because of that opec+ agreement to cut production, you're going to see prices in other parts of the country go up in noticeable ways at the pump and i want to start with california though because congressional democrats are asking the federal trade commission to investigate price gouging because they've seen prices go up at the pump. they say 234 a letter to the -- in a letter to the ftc refiners and other actors may want to operate without transparency and accountability, our constituents deserve to know whether the companies are manipulating market

are not doing well, the priority should be putting on the classes, not what gets to classes but edward lawrence house. what is this about? >> reporter: the math equation has to work out. any minute the vice president will announce plans for $1 billion in rebates to school systems so they can buy more expensive energy buses. there's a bus driver shortage in the us and so far no announcement on that. the president catering to his climate change base. and trying to say he's helping the economy in the process. >> president biden: how much your monthly bills have to pay for necessities and just a little breathing room. we are making progress bringing down costs to families. >> reporter: the president outlining how the department of education will use $80 million to make schools more efficient. we saw math scores plunge. former education secretary says that should be the number one focus. >> this means our top students are dropping in their ability to do math which means the next generation of scientists will be smaller. the next generation of technical experts will be smaller and less we address it.

edward lawrence is at the white house with more. >> united nations conference on trade and developmentning the u.s. to stop raising rates, interest rates so quickly. aggressive rate hikes have ripple effects around the world causing other central banks to raise rates and push other countries into recession. the pressure can be felt in one of the largest banks in the world, credit suisse could be close to a lehmans for the moment when it could be a little, reports and the weekend return investors while working to restructure and possibly sell parts of its business to raise money. this red death of inflation, something republicans say president biden marked and continues to fuel the market experts believe bickering needs to stop and the white house should help the fed. >> it's fashionable to say greedy ceos cause inflation. in 2008 you might rumor obama administered and blamed wall street ceos is regulation in 2008 that caused the financial crisis and it's all government spending 2021 and 22 causing inflation and slower government spending could take away the pressure on inflation. larry

edward lawrence will have the story, tens of thousands migrants had their cases thrown out of immigration court, why they are being dismissed, senator ted cruz blames the border crisis on the administration's refusal to enforce the law. >> what has happened or president biden on the border is chaos, 4. 4 million people crossed illegally. it has never been remotely this bad. we should impeach alejandra mayorkas, secretary of homeland security. stuart: should be impeached. texas congressman dan crenshaw on the show, can they impeach our hundred a mayorkas if they take the house? i'm sure they will say yes. ♪ ♪ go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. my husband and i have never been more active. shingles doesn't care. i go to spin classes with my coworkers. good for you, shingles doesn't care. because no matter how healthy you feel, your risk of shingles sharply increases after age 50. but shingrix protects. proven over 90% effective, shin

this comes one day after edward lawrence pressed the white house press secretary karine jean-pierre on strategic petroleum reserve. >> the release of 1 million barrels a day and end of the month, is there conversations about releasing more oil from the strategic reserve and how is the president going to keep the supply up? >> we're not considering new releases from the strategic petroleum beyond the 1 million, that's what you're speaking about, that the president announced months ago. we don't have anything more to share or not considering new releases. maria: joining me now. what's the news from the president releasing oil from the strategic petroleum reserve and keeping oil down and now opec+ saying we're cutting back and that's going to send prices higher. >> good morning, maria. thanks for having me and when i watch that had video and i immediately think of having been inside a west wing, what that tells you when the press secretary yesterday says they're not preparing or considering any additional releases and then they immediately do it 24 hours later, they didn't expect these cu

edward lawrence, there isn't a single member of the biden administration that is there if i am not mistakent a protest because the saudi's cut oil production, the biggest of big american bankers are there, talking about jpmorgan chase ceo jamie dimon, the head of goldman sachs and blackstone founder stephen schwartz, all of them speaking at this conference. the saudi energy minister set the tone with a failed threat. >> there emergency start, had to be defeated, used it as a mechanism to manipulate markets. it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come. >> reporter: clearly a warning about the strategic petroleum reserve in a message you just talked about, reports the crown prince does not respect president biden. we remember that july face-to-face meeting where the president hope to add oil supply to the world that did not happen, republicans say when you look at us energy policy and the president's foreign-policy there have been a number of large mistakes. >> now we find out the thing we all knew all along the gam