we're joined now by the vice chairman of ibm, gary cohn, who also sebbed as trump's top economic advisern the white house. good to have you back here. it is expected to be a big week with the federal reserve expected to cut interest rates because inflation does appear to be moderating. how big of a cut do you expect and what will this mean for prices particularly for housing, which is such a big part of inflation? >> let me take one quick step back. the federal reserve has a dual mandate. they have a dual mandate of stable prices which means they fight inflation and they have a second man date which is full employment. for last few years they've been fighting the stable prices mandate. we have inflation as high as 9.1%. we've seen the fed raise interest rates from 0 to 5 plus percent and we're now to the point where the other side of the dual mandate is kicking in. we're seeing unemployment tick up. over 4% unemployment. so the fed will cut interest rates. we believe 25 basis points this week or 1% between now and the end of the year. what the federal reserve has control over is, they ha

both candidates that sound too good to be true from trump's former white house economic adviser, gary cohn>>> we'll also check in with election law expert david becker get the latest on foreig influence campaigns and the growing impact of conspiracy theories from cybersecurity expert and analyst chris krebs. it's all just ahead on "face the nation." ♪ >>> good morning, and welcome to "face the nation." we have a lot to get to this morning, and we begin with republican vice presidential nominee senator j.d. vance of ohio. welcome back to "face the nation." >> thanks, margaret. good morning. >> senator, we heard from donald trump this week that he wants to end all taxes on overtime pay for workers. how would this exemption work? would this mean someone working a 40-hour workweek would then not pay payroll taxes and not pay income taxes? >> well, that's exactly how he envisions it, of course. we're talking about hourly workers, and of course when you work overtime in this country beyond 40 hours, you get time and a half. the president is saying if you're one of those select hard workers that'

. >>> we'll be right back with gary cohn, vice chairman of ibm and national economic adviser.ve years ago, i reconnected with my estranged father, and that's just something i never ever thought could happen. but when he became a believer, he just had this insatiable appetite to learn the bible, and he began to watch dr. stanley. dr. stanley: god always blesses obedience without an exception. tina: he teaches in a way that it just makes sense, and i feel like that's the way our heavenly father would teach us. ♪ >>> welcome back to "face the nation." we're joined now by the vice chairman of ibm, gary

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next hour, former president donald trump's former nec director and former goldman sachs president gary cohnde chat. the key takeaways after the break. don't go anywhere. and services businesses, deliver global financial solutions. so our client can keep investing in innovations for patients around the world. without pause. for the love of moving our clients forward. for the love of progress. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. >>> nvidia shares have been holding steady, as you see, despite a broader sell-off in the markets. ceo jenson wong speaking this morning. >> nvidia ceo jenson wong making the case for accelerated computing and the important role nvidia is helping t

he had gary cohn, you know, former goldman sachs, he had steve mnuchin, longtime wall street -- liz: liz: he was a huge movie producer. yeah -- >> yeah, but he made his bones on wall street. you wouldn't put mnuchin in there with, like, bob iger or manager like that. be that as it may, he had very establishment people in various roles. i don't know if that's what's going to happen this time. j.d. vance is very populist. his treasury secretary could be, i don't know, john paulson, you know? again, not exactly -- i mean, he's a hedge fund guy, but he's a populist republican. i mean, he's talking about, you know, tariffs. john paulson, i think he was on your air and -- liz: yeah. >> the need to use tariffs as a weapon in trade negotiation. so what a we're talking about here is a much more populist gop that a big business is not going to be able to sway this time around. they're going to cut back on immigration which big business loves immigration because they think it increases productivity and pulls inflation down. i mean, go issue by issue. so you've seen a degree of panic, i think, a

get out of nafta that he would sign presumptively paperwork was preparing inside the white house gary cohn, who was his national economic council director took a bunch of different steps including famously hiding some papers, some documents from trump that if he had signed them would have pulled the united states of nafta right away. well, i was going to terminate nafta as of two or three days from now on his 98th day in office. and after nearly two years of assailing nafta a last-minute late night phone call with mexico's president and canada's prime minister convinced trump to stand down they called me and they shed rather than terminating nafta, could you please renegotiate? that same week, desperate to announce a big wind during his first 100 days trump shifted focus and russia to release an outline of a tax bill they need a win and if there's one thing that every republican, even under this administration can agree on. it's we need to cut taxes the tax cuts and jobs act passed that december giving trump his first major legislative victory i consider this very much a bill for the middl

. >> i'm bringing up names of people -- >> i'll bring up john paulson and jay clayton and gary cohn andck lifetime democrats that have tds. >> i don't think john cut it off. >> john's like, i'm getting the hell out of here. >> the window was probably 55. >> there were 30 or 40 people who have said -- >> others that didn't. >> that worked for him, that will not -- >> i'm not saying that. >> you're tds'ing. >> i'm not. >> we understand that. there's half the country that's litigated what you're saying and doesn't agree. >> and half the country that doesn't. if you have a supporter on you have to ask these questions and why they think what they think about him because there's a group of people who look at this and don't understand it. part of what i -- by the way, am trying to do, i want to understand why people think what they think. >> you made that clear when we have someone who supports trump. i understand that. the character issue. you ask, as a human being, how can -- >> we talk to -- >> as a human being, how can you vote for trump? >> i discussed with senator kuhns. if voters are go

>> gary cohn was here yesterday and he suggested the weird calendar they have right now.ut in july. in august, they had the meeting in jackson hole. september, okay, this is their chance to do it. there a there's not a meeting in october and then the election. maybe they should have started a little earlier. this is a 25-basis point cut over a couple months. >> it could be. you need to be sticking to the long-term object tives which is the twin mandate. he goes beyond the twin mandate which is what bothers me about the way the fed acts. >> sri, you give market players 15 years of zero, basically after the financial crisis and pandemic. it's just husmuscle memory. we're not used to having money cost something which is the way it should work. whatever money costs should be decided with supply and demand. it shouldn't be an outside agency thinks where it should be because you get bubbles and money goes where it shouldn't go because it doesn't cost anything. don't you think -- that plays into just the stock market players, i'm not going to mention any names, but stock market

before this company was ever public, i think you had just -- he used to be the chief of staff to gary cohn> great to see you. >>> let's look at the futures this morning. right now, things are relatively flat. you got the dow up by a few points. the s&p down by a few points. the nasdaq off by 30. but it has been a heck of a week. let's get over to dom chu, he's got a look at this morning's premarket movers and what is happening beneath the surface. yesterday, another high for the s&p 500, dom. >> yeah, i mean, it has been interesting market dynamic right now. even with all of the earnings reports that we have seen and everything else developing with the market and, of course, the economic data coming out later on this morning. but let's start things off on our morning movers with one key analyst note that is getting some attention this morning. and that's hp inc. shares are lower, down by maybe a couple of percent, after bank of america downgraded that stock to a buy to a neutral. the firm estimates any eps growth will come solely from share buybacks and potential upside from those pc sales

lisa: which is a reason why gary cohn came out and said there is little political appetite increase theays political appetite increase the deficit. this is the reason people are watching why the bond -- when the bond market will push back. annmarie: what they are fighting in washington, d.c. is a small sliver of the pie. until they decide to go after what is going on with social security and medicare, there is no way to fix what is going on in washington. jonathan: we are down two basis points on the two year. coming up, we will catch up with michael harrigan as officials investigate a second attempt on donald trump's life. jonathan: how much hate mail are you going? lisa: a lot. i'm sorry. it was sincere. i recommend still watch it. i feel really bad. jonathan: and a second season coming, enjoy it. future negative by 0.4% on the s&p. i rustle up by 0.6%. odds of 50 basis points are increasing. they certainly are going into wednesday, looking for the first interest cut since the pandemic. the 2-year yield declining last week in the face of a hotter cpi, hotter ppi, not a bad jobless cla