tv Mornings With Maria Bartiromo FOX Business December 1, 2021 6:00am-9:00am EST
and mark and ponda aren't alone. all over this country, hardworking americans just like them are finding peace, success and happiness because in america, dreams and dream homes still come true. (upbeat music) maria: good wednesday morning, everyone. thank you so much for joining us. i'm maria bartiromo and it is wednesday december 1st, your top stories 6:00 a.m. on the east coast. time to retire the word transitory so says federal reserve jay powell who said inflation will be in place for the long term as the chairman signals a faster end to the central bank stimulus. plus new travel restrictions of the threat of the omicron variant. all travelers to the united states including mesh citizens now facing tougher testing requirements. the volatility for markets
continuing this morning. we are looking at a big bounce this morning, this ahead of the first trading day of the new month, december 1st. dow industrials up 333 points, the s&p 500 higher by 56 and the nasdaq higher by 217, this following a broad selloff for stocks yesterday. all three major indices falling more than 1 and a half percent on the session dragged down by covid here and covid comments, almost 2%, the nasdaq was down 245, 1 and a half percent and the s&p 500 gave up 88 points, about 2% on the session at 4:00 o'clock on wall street. markets saw a mixed november. the nasdaq only indices trading higher for the month of november. dow industrials down 3 and 3 quarters percent for month and the nasdaq up quarter percent but the s&p lower 1% for the month. european markets also this morning with firmer tone. take a look at the euro zone,
gain of 96, cac up 89 and dax index higher by 21st. in asia overnight green across the board. south korea best performer, better than 2 percent on the session. mornings with maria live right now. maria: morning movers, crude oil surging 4 and two-thirds percent as the opec plus meeting begins today. this after oil prices fell $4 yesterday with concern over the omicron variant and how it could affect holiday travel. this morning we see a bounce, oil back up to 69.24 a barrel. and then there's salesforce.com sliding after the company issued a profit forecast below
expectations. salesforce seeing more competition. the company also naming bret taylor as coceo along matt. stock down 6 and a quarter percent on salesforce.com. rest of the market lacking good after omicron and inflation fears spooked yesterday. dow better than 300, s&p 500 higher by 53 and jay powell testified before senate banking committee yesterday where he layed the ground work for quicker and the federal reserve bond buying stimulus, he also suggested it is time to abandon, retire the word transitory. watch. >> i think the word transitory has many different meanings to different people. i think it's probably a good time to retire that word and try to explain more clearly what we mean. maria: yeah, joining me right now asset manager george, also
joining the conversation all morning long tang her investment officer nancy tengler and kt income farland. great to see everybody this morning. thank you very much for being here. george, thanks for joining the conversation. that surprised me, time to retire the word transitory with the chairman pretty much admitting inflation is here and it is not going anywhere any time soon, your thoughts, george. >> i think it was a really interesting time for him to say it because if you think about it, oil had its worst month in quite some time since march of 2020 and if you look at other commodity prices there have been some pressure taken off in terms of lumber, steel prices have been down significantly so i do think in terms of transitory tone, in terms of commodities that's where you see the transitory nature, what is more permanent, though, wage gains and rent and things like that, those are much more persistent, his tone yesterday definitely shocked a lot of people because
the fed really has set a certain psychology in the markets that it contribute today higher valuations and little bit more of a -- more of a risk-taking tone in the market over the past few years. maria: well, he also talked about speeding up the bond tapering at the next meeting. a lot of people saying he stuck a real tone that has not been seen as federal reserve chairman yet and do you see him becoming more hawkish as you enter the second term. >> so that will be the most interesting thing to do. since we have been here before with powell as fed chair and we went through in 2018, we did start to formalize and b raise rates so i think when people say that the fed has tracked, that is really what they are talking about, they are talking about stopping and stopping because of the market's reaction, the most interesting thing that i'm watching at this point is the
yield curve, the would curve has flattened a lot. again, that's another cause of concern in terms of how much will the fed reaction on the short-term side of the yield curve impact the bond yields and that, again, i mean, they have been persistently low and the market is projecting the bond market at least, hey, this is in the going to be good for economic growth. maria: let me bring nancy tengler here, what's you your reaction when he said it's time to retire the word transitory , i think he's basically telling you, inflation is here, it's not going anywhere? >> i agree, maria, the classic case of the honeymoon is over, go it the job and new i'm going to do what i think i need to do. he should have done this a long time ago that is taper and i'm curious, you know, to hear what george has to say even with the tapering george, the balance sheet if they stay on schedule, current schedule is going to expand by $400 billion which will bring it close to
$9 trillion, what do you think the effects are on the bond market since you're watching it so closely? howdies torting is that as someone who is trying to be in the market buying ponds? >> it's been incredibly difficult and fed actions have made it difficult for income investors which we are for mutual, and so i do think so there's the functional aspect of what they are doing in terms of the tapering. it's not like they are going to stop stimulus, they are tapering what they have done, that's a big point of emphasis. i think the other thing, again, is really the tone and how that's contributed to this buy the dip mentality and the fed really has supported that through their tone and through their really aggressive stance in terms of stimulus, so very challenging environment for income investors overall. i personally would like to see yields certainly higher make our jobs a lot easier to help our clients maintain, retain some
income. maria: george, you still want to be a buyer of stocks here given this volatility that we are seeing going into year end? >> so we love volatility. if you look at the vix index is up 1%. we love that because it creates opportunity to add value. if you think about the market, we keep implying market being at all time highs it's been big segment of stocks that carried over the last few months and underlying that, if you look at small taps relative to large caps, they are off lows and there's opportunity in this opportunity, so, yeah, we love volatility and we like seeing downside finally and we will take advantage of that. so we have close to 20% in crash that i know dalia likes to say cash is trash but pretty effective weapon when we do see volatility, we would certainly
like to find opportunities to deploy that cash. maria: where? >> so in specific small caps. so we focus on the bottom up. good companies with good balance sheets won by good management teams and that sound generic but it's important. we don't buy pickers but companies. i think that really is key, a lot of retail investors may like tickers, we want to buy good management teams and we think we will find them here. maria: george, thanks very much, great to talk to you, george joining us this morning on volatility and opportunities in this market. thank you, sir. now time to look at the top stories that we are watching this morning. the new omicron variant could lead to breakthrough cases in vaccinated individuals, but the wall street journal reports that they may only experience mile symptoms. the cofounder of biontech the journal, quote, our message is don't freak out, the plan remains the same. speed up the administration of a third booster shot. he says vaccinated people will
likely be protected from severe illness based on how it was protected, how it's protected against past variants but will take a couple of weeks to know for sure as the data comes out but, of course, we will bring it to you, merck's backed by the fda, food administration advisory panel voted in favor of the drug which cut risk of hospitalization and some voted against the treatment over concerns that it could lead to new and more resistent variant. vaccine mandate taking another hit, a louisiana judge blocking the mandate nationwide for any healthcare employee who works at facilities participating in medicaid and medicare. the judge says the mandate is something that should be issued by congress not a government agency. he questioned the constitutionality which i have done as well for several weeks now. workers were supposed to get at least one shot by december 6th, according to biden's mandate. meanwhile cnn is now suspending
anchor christopher cuomo indefinitely after it was shown that he did, in fact, coach his brother governor andrew cuomo through sexual harassment scandals. the network released the statement yesterday that the new records show greater level of involvement than they had previously known. chris cuomo told investigators and on air that he did not conduct opposition research on brother's accusers but text messages released by the new york ag prove otherwise. big show this morning, coming up, we are just getting started, new travel restrictions taking effect today, what the administration's rules mean for visitors and americans coming back home and the truth about hunter biden. new york post columnist miranda divine is here with an inside look at her new book, exposing the secrets of the biden family and the cover-up, she's coming up in ten minute's time. china, why the threat is weighing heavily on americans. we will tell you what most people are worried about. don't miss a moment of it.
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maria: welcome back, more americans continue to recognize the china threat. new survey by beacon research shows half of americans see china as number 1 threat to the united states. we have been talking about this for several years. 37% list east asia as where they think the united states should focus military forces. we are lucky to have kt income farland this morning. kt, while you were in government in the administration, you talked about and looked at china and the threat very much, you had a string of indictments from individual who is were stealing intellectual property, sending secrets back to the ccp. tell us about it. >> well, china plans to replace
the united states and dominate not just to become a copower but the one and only superpower in the world and they plan to replace the united states economically, technologically, militarily, diplomatically, politically all across the board and they plan to do it within the decade and so it's not just that they are stealing american intellectual property, it's where they are doing it and they are doing it -- they are pushing out into the technologies of the future, they realize that the country that controls the technologies of the future, the companies that make artificial intelligence robotics, bioengineering, all those are going to continue to be the leaders of the world economy but also the world power and so china wants to take all of those for itself and that's exactly what they are doing and the worry i have is while the american people understand china is the greatest threat, i'm not so sure that people in the white house do because even though they talk a good game, they have done very little to challenge china on these platforms, the technology platform, the military platform, they are
cutting defense spending when they should be increasing it. maria: yeah, that's absolutely right. a point that i have made, kt. i want to look at the what i behaviorof the ccp, they use thd disaster to invade more countries and gain new territory, they covered up covid-19 for several months. nay covered up any investigation that the u.s. tried to do in terms of the origins of covid-19 and then there's the fentanyl part of this story. they are pushing fentanyl at record rates and that is why we have opioid and drug overdose deaths skyrocketing 200% in the country from 2000 to 2014. your thoughts on all the fentanyl coming into the country, kt? is the ccp trying to kill us off? >> no, what they are doing -- the chinese have a long memory. maria: i'm not laughing. i think this is a serious threat
and joe biden does not see it as a serious threat. >> oh, yeah. maria: the wide open borders -- >> exactly. and the chinese think that that's fair play for them because they look at the opioid world and we will force western world, america to be fentanyl addicts and the fact that biden keeps open border, that's an invitation to come to the united states with fentanyl. that's exactly what they are doing. they want to destroy us from within as well as from without. maria: so no restrictions on anybody coming to america through the open border and yet we have new travel restrictions to report this morning amid the rise of the omicron variant. we will take a short break. what the rules from the white house mean for american citizens this morning. that's next. ly talk with texas congressman august fluger about the wide open border and fentanyl and the new rules around the variant and
then sweeping changes on twitter. why some say new policies give the social media company too much power all over again over free speech. we will get into it in the morning hot topic buzz. stay with us. from suppliers to shippers, to the factory floor. so whatever comes your way, the wheels keep moving. seamlessly modernizing your operations, that's why so many businesses work with ibm.
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so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ maria: welcome back, the u.s. is set to introduce tougher covid testing requirements for air travelers amid fears of the omicron variant, all air travelers foreign and national and u.s. citizens would need to show a negative covid-19 test performed within one day of departure, the administration may also require travelers to get another test within 3 to 5 days after arriving in the united states. joining me e right now texas congressman member of the house foreign affairs and homeland committees fluger. what do you make of the travel restrictions and the requirement for additional testing? >> well, good to see you as well, maria. this is what i make of it, in the category of what should we
do for 400, the white house continues to pick every answer but the right one and meanwhile on the southern border you have over 2 million people who have come in with absolutely no concern for their covid status and you're going to -- you're going to make travelers who have done who what's we have asked them to do who are vaccinated, you will make them either wait or show additional proof or impose onerous restriction that is don't help at all. we are talking about a scale of several million, 2.1 million people at the southern border compared to 100 people on the flight and if you remember the trump administration when they imposed the travel bans very early on in the pandemic with china, we are called neofides and others that highlight the hypocrisy as the right deals with the pandemic. maria: congressman, i want to know what you're doing about wide-open border. joe biden continues to ignore
that you just nailed it 2 million people were apprehended year to date. joe biden is not doing anything about it. i actually had a long call yesterday with a sheriff source of mine as well as the head of the border patrol union and brandon judd told me that we are up to 600,000 got aways year to date. so 2 million people have have been apprehended, 600,000 people on top of that have already gotten away and are in the country. he told me that in houston alone 400,000 new people are in houston and it is just an incredible scene. it is a hub for fraudulent documents, people are making fraudulent documents everywhere because there's so much demand to fake papers because they're all illegal. what can you do as a texas congressman about this? congressman: you're absolutely right and it's people like brandon judd who are getting the message out and telling the truth while the administration will not. 2.1 million people, that's almost 1% of our entire u.s.
population and what we have done the biden administration has has incentivized illegal behavior in every area. you just said it perfectly. 400,000 additional people in houston and we are doing everything that we can to get the information about how many known or suspected terrorists entering the country. i've introduced multiple pieces of legislation to try to block what the administration has done and, of course, we don't see a single vote on the democratic side in favor of actually upholding the laws. we don't need new laws, we just need to uphold the law that is we have. maria: well, this is just extraordinary. this is the most lawless administration i have ever seen. and our adversaries across the world know it. ukraine is now calling on nato to prepare economic sanctions on russia and further boost military cooperation as its facing a threat of invasion. russian president vladimir putin is warning nato that deploying any troops and weapons in
ukraine is a red laine for moscow and would prompt a strong response, congressman. so putin is taking a page out of xi jinping's book and trying to make the world think we better not say a word as russia gets set to invade ukraine the way china says we better not say a word if china goes into taiwan? >> this is what happens when you have a botched withdrawal, the most shameful exercise in foreign policy in taking care of our troops in afghanistan. i've said this on your show before, we warned that this is going to happen. adversaries who are watching and now we see that they are. i was actually in nato in 2014 when the ukraine was invaded, when russia took to crimea and now we are seeing the exact same pattern where putin is going to test the waters because he doesn't think that american resolve is there. we have got to demonstrate strength and you're right, this is a lawless administration and
they can't even uphold the laws at home much less the world order that we worked so hard since world war ii to make sure that we can help our allies and partners around the world and unfortunately the ukraine is now going to have to potentially pay the price for a lot of that negative -- the negative implications that we have seen from this administration's foreign policy. maria: well, there's a crisis after crisis after crisis. congressman, we are about to talk about spiking inflation which american families are feeling, we will get into that coming up but good to talk to with you about the other issues. congressman august fluger, thank you sir we will watch about developments op open border. miranda divine is here to discuss her new book, the last top from hell and details secrets found in hunter's laptop and cover-up that followed and maybe this is why joe biden refuses to bring up the origins of covid with the ccp because of all of the money his son has
maria: welcome back, good wednesday morning, thank you so much for for joining us. i'm maria bartiromo and it is wednesday december 1st. new month on wall street. markets are rallying this morning. half an hour -- at the half an hour, roller coaster ride continues, futures rebounding here as we kick off the new month. dow industrials up 285 points right now. the s&p 500 is up 53 and nasdaq was up 220 right now but man, oh man, what a broad selloff yesterday, all three major indices fell more than 11 and a half percent on the session dragged by fears around covid
and jay powell's inflation comments saying we need to retire the word transitory. the dow industrials were down 652 points at the close, almost 2%, the s&p 500 was down 88 and the nasdaq lower by 245, this was 1 and a half percent on the the session. european markets this morning are with a firmer tone. ftse 100 up 90 points, cac up 86 and the dax index higher by 212. that's 1 and a half percent on the euro zone. in asia overnight, green across the board there, south korea the best performer, the kospi index was up better than 2% as you could see the others fractionally higher on the session. back in the u.s. 3 students shot and killed after student opens fire at michigan high school. cheryl casone with the details right now. cheryl. cheryl: maria, well, the suspect a 15-year-old sophomore was taken into custody. the police say teen came armed with semiautomatic handgun allegedly purchased by his father four days before fatal shootings, the victims are
14-year-old hannah juliana and police are still investigating a possible motive. well, celebrity heart surgeon oz announcing he's running for seat in pennsylvania, he wants to help heal from division and government overreach. >> americans deserve better solutions, doctor are about solutions but instead people with good ideas are shamed, they are silenced, they are bullied and now they are threatening the same overreach with omicron. america is in crisis, that's not news. values are under attack and i want to serve america in its time of need. cheryl: dr. oz entering the race as a republican. well, a big day for shiba, shooting up 30% yesterday after listed on the popular cracking
exchange. 1 million wallet holders. market cap of 30 billion and seen value increase by almost 64 million percent year over year. incredible. and finally this, to high profile acts making their way to las vegas, adele announcing she's going to begin residency at hotel, two shows every week, abba will start residency of their own. hotels in vegas allegedly are battling over the booking. reports say the deal could be worth more than a billion dollars for the group. they recently they returned to the charts. they hit number 1 and doing virtual concert and i will stop talking and sing dancing queen in my head.
maria: exactly. i was just thinking, dancing queen. cheryl, you read my mind that. is great. all right, cheryl, thank you so much. just really good stuff in vegas coming up. meanwhile we want to get the inside story now of hunter biden's notorious laptop as miranda divine calls it the laptop from hell. in 2012, open story about business deal negotiation china and as we have reported 2017 e-mail threat between hunter biden and a chinese energy firm executive implies president biden was getting a piece of the action as well. this e-mail that you're looking at references 10% of the firm's proposed equity held by h going to the big guy which fox news would learn later is joe biden. now a new bombshell book exposes more. hundreds of hunter biden's e-mails and messages outlining business ventures in ukraine and china and how hunter biden was
lavished by gifts while father was vice president. what is he getting now as father is president? joining me right now laptop from hell hunter biden big tech and the dirty secrets, the president tried to hide, miranda divine is here. she's a new york post columnist, a fox news contributor and the author of the book. congratulations, miranda, great book. we are happy to you this morning. >> thank you very much, maria, great to be here. maria: tell me more about what you learned? what are the most striking parts of the book that the american people need to understand about the conflict of interest that hunter biden represents? >> well, this is really a book about joe biden and hunter biden's laptop show us and most of joe biden's vice presidency how involved and implicated he is in the family's international influence peddling scheme and this was an operation that joe
biden has been doing since his early days in delaware as a senator with his donors there. but he internationalized it when he was vice president and he told us during the campaign that he knew nothing about hunter biden's overseas business dealings and we know that that is a lie because there's so much evidence on the laptop of multiple meetings that joe biden held with hunter biden's overseas business partners from mexico, from ukraine, from china, from kasakstan and from russia and he met them in washington, d.c. at cafe milano in a private room and met them at his own house, the vice presidential residency at the naval observatory and met them in beijing and tony bobulinski and he met him twice in california. so there's just no way that joe biden at the very least knew
everything about what hunter biden was up to and allowing himself to be used as an instrument of influence but on top of that, we also know that joe biden personally benefited. we have evidence that hunter biden was paying at least some of his household bills and we also know that he had what you just mentioned 10% for the big guy and tony bobulinski, former party has come out and said that was joe biden and also throughout the laptop references to joe biden as the big guy, people call him that and tony bobulinski messages which i have gone through, same thing. we also have evidence and you referenced this in the book as well that for a time they were sharing a bank account, so if they're sharing a bank account and hunter biden is bringing the money in from international
sources, chinese officials because we know that if you're dealing with the company in china it is likely overseen by the chinese communist party. obviously if they are sharing a bank account, then he's paying the bills. tell me about that. we want to connect the dots as to why it is that joe biden refuses to bring up any hard subjects with xi jinping. is this the reason why he has yet to raise the origins of covid-19. 619,000 americans are dead and fentanyl is coming over the border and made in china and killed a hundred thousand american citizens over the last year. why isn't joe biden bringing up these issues to xi jinping since he has spoken with him at least four times this year? >> look, the only reason that i can think of is that he's compromised and the evidence on the laptop is that he is compromised and you have to remember that the business deal that hunter biden and jim biden, joe's brother and their partners were cooking up with china, with
this chinese energy company, it's not just an energy company, this is the catalyst of belt and road initiative. this is the highest you can get in the chinese government, in the ccp and the chairman who was hunter's partner who hunter used to regard as close friend who made the lucrative deal personally and employed him one million dollar retainer lawyer, chairman yi disappeared in china, he was sponsored by president xi and cfc was doing this momentous deal between rosnick, russian state owned company and the ccp and the only
reason the deal would have been enormous deal for the bidens didn't go through was because the trump administration came in and disrupted the whole thing and ended up, you know, one of hunter's partners was arrested at j.f.k. and chairman yi in china because the heat got too much and the deal fell over. we are talking about hunter biden being in the center of the enormous geopolitical movement which is all were negative for america's national interest. maria: right. miranda, do we know how much money hunter biden has made on china and on these relationships. a source told me that he had secret service following him around everywhere. obviously he's the vice president's son. he has secret service around anywhere he goes but he specifically told the secret service told me don't follow me around when i'm in china. a lot of the stuff we really don't know how much money he was getting, do you have a number on that?
>> it was in the tens of millions of dollars and a lot of that is specified in the johnson-grassley inquiry because they have suspicious reports. we know there's tens of millions of dollars gone into bank accounts and he owns 10% of bhr and investments in the chinese firm have -- the facial recognition firm that's implicated in abuse of the uighurs. that investment of vhr doubled and he will make a lot of money from that too. maria: well, great reporting, miranda. fantastic book. unbelievable that so few of us are looking at this issue. you don't hear a peep about this massive conflict of interest from much of the media. so miranda, good luck on the book, thanks very much, miranda divine joining us this morning. book is on book shelves now, it
is called laptop from hell. pick it up. coming up the future of pharmacies. how capsule is bringing the pharmacy right to you. we will talk to the ceo when we come right back. don't forget to tune to fox business prime tonight, the legend will start at 8:00 p.m. eastern. you're watching mornings with maria live on fox business. ♪ ♪ ♪
maria: welcome back, retail pharmacy industry rapidly changing, cvs will close 900 stores over the next 3 years. that's roughly 10% of footprint. eric is the founder and ceo of capsule, this is an app based pharmacy that delivers your prescriptions straight to you and eric, great to have you back, welcome back, good to see you this morning. likewise, thank you for having me back, maria. maria: eric, tell me about the backdrop and how things are changing, capsule raised $300 million recently and i know that you have been putting that money to work investing in the business. tell me how you have changed technology at capsule and what that means for people? >> sure, we started capsule 6 and a half years ago and we had two fundamental insights on how the world was changing and i think you're seeing that come to
fruition with cvs closing 10% of store base but the two things that we saw were one, consumer preferences across everything but particularly health care are shifting towards wanting to be digital first, wanting the control over the experience and having the power to manage your healthcare in your hand so that was one and the second was that the world of health care is shifting very rapidly towards the world where healthcare companies need to deliver better healthcare outcomes and we need to be able to generate higher returns on dollars that we spend on n the country on health care and capsule was built to address and shifting consumer preferences and also the fact that the world of health care is changing dramatically. what we are seeing today and i think you will see over and over again like you've seen in every category of retail before pharmacy is that the conventional model is broken and it's underserving consumers and that's why you are seeing cvs close 10% of store base and i wouldn't be shocked if that number continues to go up for them and everybody else in the
industry and that's why we started with a sheet of paper to rebuild the experience. maria: how do you continue this growth story, eric, are you seeing that people's behavior is changing, we talked a lot about some of the things that we learned or started doing the covid period, we are keeping up and one of those is telemedicine, perhaps ordering prescriptions, items and having them delivered exactly what capsule does, tell me what you're seeing in terms of customer changes right now. >> you're spot-on, the business has been growing explosively before covid and all through covid and one of the really exciting things that we are seeing is that the people that use capsule for the first time during covid are actually sticking around longer and using it more frequently than before. and so we are incredibly encouraged by how the pandemic but just overall how consumers are shifting the way they want to engage with the health care and that's everything from telemedicine to digital pharmacy but there's no reason why
consumers should tolerate subpar experiences and what we have been forced for the last 20, 30 years and i'm excited that capsule pioneered the shift to have people more seamless and easier and delightful experience in how they get their medications. maria: so what kind of technology changes have you implemented as a result of meeting this demand? >> one of the most important things that we set out to do and we very aggressively invested over in the last 5 or 6 years is to rebuild all of the platform and the pipes and the underlying technology that powers the pharmacy. that's really what makes capsule capsule and makes capsule amazing experience for consumers and doctors and across the echo healthcare system, underlying technology platform that let's us really power what is incredibly complex business and make it seem incredibly simple for the consumer and the doctor
and we are continuing to very aggressively invest with the capital that we raised in april as you mentioned. maria: fantastic. eric, good to see you, come back soon. let us know how things are going. we will be watching, eric joining us this morning. the ceo of capsule, thank you, sir. >> thanks, maria. maria: quick break, sweeping changes on twitter why some say new policies are given social media companies even more power over free speech. we will get into it in this morning's hot topic buzz. stay with us.
private individuals without their consent. there are questions surrounding who qualifies as a private person and whether it's twitter that decides what can be shared. twitter responded to fox business saying that this policy update is not applicable to public figures or individuals who are part of public conversations and discourse online or offline. nancy, what do you make of these changes? >> that reminds me, maria, when we were kids and we used to play a game and make rules up as we went along and changed them willy-nilly and i guess the only thing that you really need to neglect about twitter, grow back ten years and look at performance, the stop up 5% which on an annualized basis is less than 1% a year versus market that is at 15% a year, 14 and a half percent. the company is struggling, i think, you know, i'm glad dorsey stepped down not because i don't think he's an accomplished executive, we own square but i
think it's difficult to run two large publicly traded companies with very different objectives and purposes but this to me is a big nothing. maria: yeah, well, it's a good point about running two public traded companies as an investor, nancy, and you are. kt, what do you make of these changes? >> i read it and i thought, wait a minute, did they already have permission to do this? most people look at this and say, i'm stunned, didn't i have to give my permission to have my personal information traded by twitter. twitter decides personal information and not mine, not mine decision. i think it was pretty stunning that we were doing this all along and now they are promised and sort of vague pledge that they are going to make it up to the individual to give permission. i just think it's yet another abuse that social media has over the privacy of american citizens. maria: yeah, it certainly looks that way.
we will take a break. when we come back, the chairman of the federal reserve jay powell's inflation outlook, the impact of the omicron variant on big tech and futures are rising this morning kicking off a new trading month and everything that you need to neglect on wall street on the other side of this break. all start next hour right here mornings with maria on fox business. ♪ ♪ ♪ . . .
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comparing plans really pays. paid for by the u.s. department of health & human services maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, december 1st. your top stories right now, 7:0. jay powell's about face, the federal reserve chairman striking a more hawkish tone as he signaled a faster end to the central bank stimulus and admits inflation is not transitory after all. we are talking about the economic impact this morning as markets trade higher. meanwhile, the u.s. is set to unveil more travel restrictions today, we are likely to see
tougher testing rules, even quarantine suggestions, everything you need to know ahead right here. markets are rebounding this morning, futures are higher in the triple digits on this the first trading day of a new month, december 1st. dow industrials up 320, s&p 500 up 58 and nasdaq higher by 234 right now. this following a broad selloff on wall street, the volatility has been wild this week. all three major indices falling more than one and-a-half percent yet, dragged down by covid fears and incommentary as well. the nasdaq was down 245 and s&p 500 lower by 88 at 4:00 wall street. the nasdaq was the only index in the green for the month of november. it was a tough month for the dow industrials which lost 3 and three quarters percent in the month of november, s&p down 1% for the month, nasdaq higher by a quarter of a percent in november. european markets this morning with a firmer tone. take a look at the eurozone, the
ft 100 in london is higher by 106, cac in paris is up 104 and dax index up 1 and two thirds percent. in asia overnight green across the board. south korea the best performer, the kospi index up better than 2% on the session. "mornings with maria" is live right now. and now some of the top stories we are following this morning. president biden vaccine mandate takes another hit. a louisiana judge blocking the mandate nationwide for any healthcare employee who works at facilities participating in medicaid and medicare. the judge says a mandate is something that is to be issued by congress, not a government agency. questioned the constitutionality of the mandate as i have for several weeks. workers were supposed to get at least one shot by december 6th under biden's vaccine mandate. merck's covid pill now backed by the food and drug administration's advisory panel.
the drug cuts the risk of hospitalization or death in half. some panel members voted against the treatment over concerns it could lead to new and more resistant variants. more americans are now recognizing the growing china threat, something we've been talking about for years. a new survey by beacon research shows more than half americans see china as the number one threat to the united states, as 37% list east asia as to where they believe the united states should focus military forces. 37%. time for the word on wall street, top investors watching your money, joining me now is chief investment officer, nancy tengler, capital wealth planning chief investment officer, kevin simpson and rebecca wallser. thank you so much for being here. rebecca, kicking things off with you with this pretty good rally underway, up 310 points on the dow industrials, despite fed chair jay powell's testimony yesterday in front of the senate
banking committee. he said we should retire the word transitory, set the groundwork for a faster taper. listen to this. i want to get your reaction. watch. >> the economy is very strong and inflationary pressures are high and it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases which we actually announced at the november meeting. perhaps a few months sooner. maria: rebecca, your thoughts on what you heard yesterday from the chairman? >> yes, maria. i don't know why he ever used transitory in the beginning. obviously to settle the markets. you never know if something is transitory until it's not transitory and it lasts a while. we knew they were going to taper, they announced 15 billion a month from the 120 purchases they made on a monthly basis since the coronavirus went into effect. that was going to take through june. now obviously with it going a little faster, the markets got spooked. so it's a spooked reaction and any time we have a reaction like
that we always expect that next day if it's truly just a reaction to an immediate statement, that the markets usually recover as we saw on monday from black friday's announcement of the new variant. this is a reaction. when you have personal consumption year over year of 4.1%, and when you have core cpi which doesn't include energy and food and i think the government uses that core cpi number to trick a lot of americans. because they think 5 plus percent, it's not the end of the world. but that doesn't take into account the energy prices, 30 plus percent in some case, food, 20 to 30 plus percent. my turkey cost me almost $80 this year. it's a great thing i got one from whole foods, thank god. but inflation is real. and to have the head of the fed say anything other than that, americans start to distrust that as an institution and that is why he had to come out and say, yeah, let's acknowledge this is really happening and we need to do something about it and it puts into question mmt, modern p
monetary theory which says you can spend as much as you can and there's no impact as long as you service the debt. that's not the case. i don't believe in mmt. i hope people are seeing that. maria: i don't know why the democrats are still pushing a $5 trillion spending package right now that will include much higher taxes. i was just struck when powell said it's time to retire the word transitory, rebecca. there you have it, in your face, inflation is here. >> amen. maria: deal with it. what can they do though about this? it's zapping people's disposable income. >> well, i mean, we have to obviously taper. 120 billion a month to support 1.3 trillion a year, obviously has an impact but the federal reserve and central banking policies globally obviously have control on the monetary supply. congress has got to understand, we just spent $8 trillion to -- in this country ayou loan 2-rbgs 5 trill -- alone, 25 trillion globally. we have to taper down. this means spending in congress
too. i hope this kills the next bill. we already passed so much stimulus and so much infrastructure, whatever you want to call it, it's not really that so let's get a clue in congress. wake up and say, he yes, stop. maria: i mean, rebecca, let's face it. 4.4 million people dropped out of the workforce in the month of september because they were getting all of these free checks, free money. it's just incredible the impact that all of this money has had. meanwhile, kevin, we had a broad market sell-off. go ahead. >> people aren't going back to work. this is the hardest job market to hire people in the history of time. so it's impacting everything. we have to get our economy going again and not act like we're trying to make it fail. maria: somebody mentioned to me the other day that insurance is another area where you see real inflation, all the insurance companies are raising rates as well. that's like a hidden cost for people. kevin, i want to get your take on this market. we had a broad market selloff
yesterday but one stock actually bucked the trend and that wasp apple. it traded up much of the day, finished higher even with the sector being hit by fears of the new covid variant, apple shares extending gains this morning, up another 3%. what do you make of this? do you want to be buying apbe pell at they this prying -- be buying apple at this price? >> we've had apple in the portfolio for a number of years and happy for sure to see it increasing yesterday in light of the massive selloff. i think from the buying perspective, however, you want to look for opportunities. i don't think this is a back the truck up warning red flashing buy everything dip but when you see these pullbacks i think technology names are wonderful opportunity to add to. when apple's up, maybe you look at microsoft, maybe you look at amazon, alphabet. as we see the pullbacks, we're buying the dips. retail investors are buying the dips. we're going to continue to see uncertainty. the omicron has shown an x factor into the market.
to rebecca's point there's good, strong things on the economic side of things. when we have uncertainty, we're going to have continued volatility. unfortunately, we're going to have continued volatility into the holidays but i think the tech names certainly are opportunities and adding to those position, not day trading or swing trading, it's going to be a great way to play this volatility over the next few you weeks as we learn more and the sciences tells us more about the new variant. maria: well, obviously this is where the leadership has been and we're seeing that again this morning. nancy, this market is up, futures indicating another triple digit move at the start of trading. we're kicking off a new month, december 1, as we await the jobs report. that will be out on friday. estimates call for the economy to have added 550,000 jobs for the month of november. than circumstance your thoughts on the macro -- than circumstance your thoughts on the -- nancy, your thoughts on the mack he crow story here and your thoughts on allocating money in this market where the volatility is rising. >> i think have you to buy
protection against the volatility. we bought calls on the vics. we have puts on the spy. what we're trying to do for our clients is ensure they can be exposed to the market but not have taxable activity every time we want to be a little bit more defensive. as you know, we're long technology. i agree with kevin. i think it fits into the jobs report as well. these companies can expand growing margins and growing revenues and earnings with fewer employees. so look to software where we had real cap ex spending of 16 and-a-half percent last month versus the hardware sector which was up about 6.1. so real aftertax, this is the place you want to be, the pipes and the bones of the infrastructure, i'm sorry of the cloud, this is where you want to be faux cussed we think -- focused we think for the next three to five years. maria: but nancy, are the valuations okay to get in now?
>> yeah, i do think so, maria. if you look at these companies, they're generating high double digit growth. some in the 20% range in terms of revenue growth. that's pretty remarkable. and we've got negative real interest rates. so is a traditional multiple where you want to be focused? no. is 20 to 25 reasonable? we think so. they're growing sales so fast and can generate decent returns. we're not buying growth at any price, we're buying growth at a reasonable price and we're picking away at the names as they get hit like a sales force. maria: great analysis, kevin, rebecca, great to see you both. nancy, you're sticking with us all morning. thank you, everybody. have a great wednesday. much more ahead this morning. coming up, a dollar and a quarter tree, the store famous for selling everything for a buck is feeling the effects of inflation, prices are going up. we'll take you there. the crude awakening, dan jurgen is here to discuss the left's
push-away from oil and how it will be tougher than they think. then ohio congressman jim jordan will weigh in on the supply chain crisis, how the white house is downplaying the inflation threat even after hearing from jay powell. plus former acting cdc director, dr. richard besser is here, to discuss what we know about omicron and the impact, the new travel restrictions we're expecting as well. joining the conversation all morning long this morning, nancy tengler and kt mcfarland. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. stay with us. when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be.
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new jersey this morning. are things now costing $1.25? >> reporter: yeah, maria, that's exactly right. starting today and through the rest of the month, thousands of stores are going to bin trough duesing this new -- be introducing this new price point. it's the first time in the store's 35 year history that they are hiking the prices and customers i have spoken to have divided. >> it had to happen. everything can't stay a dollar forever. it had to happen, honestly. >> it's disappointing because there is something about that dollar, there's not much that a dollar can buy anymore these days. >> the dollar store is -- it says dollar store but you're paying $1.50, $4, dollar treatise the only one where everything is a dollar so $1.25 i would still support it. >> reporter: well, maria, support it or not, this price hike to $1.25 on most items is a sign how inflation and supply chain issues are dealing a blow to the business, particularly wage increases and freight
costs, they say. now, the company has tried out this new dollar 25 price point at hundreds of stores as an experiment since the summer and they say the reception from customers has been warm. but it's undeniable that customers of the dollar tree are searching for a bargain. most recent data shows that spending at discount stores like the dollar tree was up by 59% the week ending november 21st over the same week in 2019. now moving forward you can expect to see the new price point at thousands of stores, through the rest of the month. the rollout will be completed through the first couple months of next year. maria: that's amazing. lydia, thank you. lydia hu joining us this morning at a dollar tree store in new jersey. nancy, look, the chairman of the federal reserve said we're going to retire the word transitory, inflation is hitting and even the discounters are needing to raise prices now.
>> i know. i was stunned by that statement as well. i tweeted immediately, just seriously, we're going to he retire it now? we should have retired it six months ago. i actually think, however, this is a pretty smart move. they saw the opportunity, they stepped in. 25% increase is pretty significant and at the margin that will continue to erode disposable income. we know that wages have gone up but on an after-inflation basis, they're negative. so i think it's a sad day in some sense but from a business standpoint it was pretty clever move. maria: yeah. i mean, from the consumer, kt, it's hard to unwind that. once you have higher prices in place, it will take a lot to actually get these companies to cut prices down the road. what do you think? >> yeah, interestingly, the shoppers aren't blaming the company. who do they blame? who shops at those stores? this is the working class american.
what happened in 1980 when those same working class americans had to face inflation and a stagnant economy? they voted in ronald reagan and had a clean sweeping change. that's what's going to happen in 2024, clean sweep for republicans. maria: all right. we'll take a break. when we come back, suspended indefinitely, cnn takes action against christopher cuomo after he lied about how much he was helping his brother during the sexual harassment case. we'll talk about it when we come back. bill nye and president biden pushing the build back better agenda in a new tiktok video, it's going viral though for all the wrong reasons it's the hot topic buzz of the morning and we'll show it to you when we come back. stay was us. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan.
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into cuomo's brother, ousted governor andrew cuomo. cnn put out a statement saying these documents point to a greater level of involvement in his brother's efforts than we previously knew. all this coming less than four months after his brother resigned, following a report that found he sexually harassed 11 women. cnn says christopher cuomo is going to be out indefinitely. joining me right now is media research center vice president, dan gainer. dan, thanks very much for being here this morning. your reaction to what cnn is doing? >> well, i'm not surprised that they took action but i don't think this is the final action. you know, indefinite suspension guarantees the story stays in the front page and that's the last thing cnn wants. i think it gives chris cuomo an option to resign and get out of the news and sort of walk away from this. but there's no guarantee what that this is -- guarantee that that this is permanent.
cnn indefinitely suspended jeffrey tubin. he's back at the network. he's back at the network exactly when they're announcing that cuomo is off. maria: that's a good point. what do you make of what chris cuomo did? you know, according to these text messages that the ag of new york released, he said he had a line on the wedding girl, if ronan has nothing better than boilan then that's a great sign, talking to melissa derosa, the governor aide. your thought on what specifically he did to help his brother. >> the fact that he was doing digging into the accusers of his brother is just astonishing. it's a wild violation of journalistic ethics. you add the context that he himself was accused of sexual harassment in september and this
puts -- i would think this puts women at cnn really in an uncomfortable position. if they go out publicly and criticize the network, they're going toe to toe with jeff zucker who runs it and going after their most popular anchor but if they don't then they're being told that sexual harassment doesn't matter to the network. so it's both sexual harassment scandal and journalistic scandal. it doesn't end at cnn. he was talking about how the msnbc people were reto the best regurgitatinghis talking pointsr word. maria: kt the, jump in here. >> i guess this points out the hypocrisy of the left. it's not just a cnn issue or msnbc issue, it's do one thing, say another thing. they talk about women's rights and all the rest while they're doing something like this and covering it up with sexual
harassment. i think it speaks to a bigger problem in society where it's do what i say, don't do what i do. maria: yeah. dan, your reaction? >> well, i mean, i think this is -- kt's spot-on. it's not just even in journalism. it's particularly in politics we saw it all throughout covid, the president on down, the politicians refusing to mask when they tell us all to mask, going to places where they tell us it ought to be locked down. we expect politicians to lie. i think that goes with the job. but we expect journalists to hold to a higher standard. he stepped all over the society of professional journalists' code of ethics. he's doing digging on women who are accusing his brother. i think it's astonishing that they haven't taken action before
this. maria: well, i mean, look, for four years they told us that donald trump colluded and they just got that story from the left. it was a made-up story. dan, do you think cnn will get less political once it's acquired by discovery? are you expecting that it ever goes back to news rather than political? >> i don't think they know how to. i mean n would have to -- i mean n would have to literally clean house, get rid of anchors and support staff. they're just not going to do that. if they did, would people watch it? i'm not sure that they would in this environment. maria: yeah. wow, it's a good point. dan, thanks very much. we'll keep watching all of that. dan gainer joining us this morning from the media research center. quick break and then the future of the fed, jay powell says inflation is not transitory after all while janet yellen insists all this run-away spending is paid for.
senator kevin cramer will weigh in after day one of the speeches from the treasury secretary and chairman of the fed which continues today. they will speak in front of the house. then elizabeth holmes regrets, admitting she did not handle company criticism well but still deflected pros -- prosecutor questions. a trial round-up is coming up. stay with us. with chase security features, guidance and convenience, banking feels good. chase. make more of what's yours.
your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. my retirement plan with voya keeps me moving forward. whose resumes on indeed they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it. is wednesday, december 1st. a look at markets this half hour where we are looking at a pretty good rebound underway this morning on this the first trading day of december. the dow industrials up 345 rights now, the s&p 500 up 60, nasdaq is higher by 239. what volatility. it follows a broad market selloff yesterday on wall street where all three major indices fell more than 1 and-a-half percent on the session. they were dragged down by covid fears and jay powell's comments on inflation not being
transitory at all. the dow industrials were down 652 points at the close yesterday. the nasdaq was down 245, s&p lower by 88 at 4:00 on wall street. the month of november was mixed. the only winner was the nasdaq, in fact, it was a tough month for the dow industrials which lost 3 and three quarters percent on the month for the dow. s&p was down about 1% on the month. the nasdaq was higher by a quarter of a percent for the month of november. meanwhile, the prosecution is getting ready to cross-examine elizabeth holmes. cheryl casone with those details right now on of the ongoing trial. cheryl: it's been fascinating. while on the witness stand, holmes conceded she had many regrets when it comes though how she responded to criticism of her company. however, she deflected questions posed by the prosecution testifying that their version of events didn't align with what she recalled. also she testified she possibly didn't remember some events. holmes faces 11 counts of fraud
and conspiracy with each count carrying a 20 year maximum sentence. jusse smollet who was allegedly caught on camera conducting a dry run. the prosecution says the evidence is proof that he hired two brothers to stage the ambush. a chicago detective testifying against him for hours yesterday citing phone records and social media messages alleging he staged the entire hate crime. testimony in the trial will continue this morning. well, shares of salesforce are sliding right now, down 6 and-a-half percent after its profit forecast came in below wall street expectations. while salesforce is seeing rising demand, it faces more competition from microsoft, amazon and alphabet. the company naming brett taylor as co-ceo alongside mark benioff. the stock is in the negative
range this morning. finally, get ready to pay more for your favorite cup of joe. coffee prices have reached a 10-year high. experts pointing to bad weather and global supply chain constraints and analysts are warning, maria, that the tightness in the market could continue into 2023 but you know as well as i do when you work these hours the cost of coffee is priceless. back to you. maria: yes, i'm with you on that, cheryl. thank you so much. federal reserve chairman jay powell meanwhile discussed this yesterday along with treasury secretary janet yellen, they are appearing before the senate banking committee yesterday and today, will testify before the house financial services committee for day two of this humphrey hawk inches testimony. yellen was grilled on the build back better plan. watch this. >> there are places where there are not workforce requirements like the child tax credit but
the vast majority, the overwhelming preponderance of individuals who receive these tax credits, the child tax credit, do work and in some cases -- >> we're talking about a workforce participation rate that needs to bin creased. could do any of these incentives require that people work to get them? maria: very good point from north dakota senator and senate banking committee member kevin cramer, he joins me right now. it's good to see you. thanks very much for being here this morning. what was your take-away from that? you had great questions. she reiterated her claim that this build back better plan is fully paid for. the cbo estimates that it would add $367 billion to the federal deficit over 10 years and senator, we had maya mcginnis on this program who told us that the cost of this plan is
actually $4.9 trillion. not the $1.7 trillion that the democrats are calling it. your take-away from yesterday's testimony? >> well, thank you, maria. frankly, i thought secretary yellen, she's doing her best to spin this thing but you're exactly right. both penn whartn. on extend the -- the cost is based on things like the child tax credit for example expiring after one year. or the child care tax expiring after one year. we know that's not going to happen. that's the budge it trick that had they use. had they pass a one year bill and pay for it over 10 years so it looks like it's actually balanced. we're looking at something close to $5 trillion over the course of 10 years and it becomes
permanent. it's not just 10 or 20. it's generations. it fundamentally changes america which is what they want to do which is why we've got to oppose it. maria: what happens with this bill? i know it includes much higher taxes. what's your timing? schumer and pelosi want to get another vote in the books by christmas certainly, december 17th. i'm hearing that's the date they're talking about. will they be able to jam it through? >> well, that's up to a couple of key democratic senators, obviously we all know joe manchin, kyrsten sinema hold a lot of the cards. i don't think either one of them is in the transaction mode frankly. i think they want a better bill if they're going to vote for it and thank goodness for had that. any one senator can hold it up. as you know, all 50 republicans oppose it. so the timeline really depends on at what point do one of them -- do both of them or all 50 democrats say okay, this is good enough now. and to your point about the cost, these are the things that every day this thing hangs out
there, maria, it becomes less popular with the american public, becomes less tolerable for common sense thinking people, as we are now according to jay powell yesterday going to retire the word transitory. the inflation situation makes it more difficult to do this because i don't care what anybody says, this is going to add continue toflation. you can't put several trillion free dollars out into the market especially in an already expanding economy and expect the cost of things to come down. it just doesn't work that way. so i actually think that we're getting closer to a longer pause and the longer the pause, the less likely it gets done at all in my view. m. .maria: let me ask you about some of the nominations. i want to get to the richard corder idea in a segment. let me talk about saule omarova. is it fair to secretary that exs not going to get through the senate in terms of being nominated at the comptroller of the currency position, given the fact we're not hearing anything about it?
are there votes for her in the t senate right now, this from the woman who said she wants oil and coal companies to go bankrupt and she also wants the federal reserve to federalize our private bank accounts? >> those are only two of dozens of bad ideas that she has promoted to the committee the and of course in her academic writings over the course of time. there is not a vote scheduled on her. i cannot imagine that they're not going to pull her nomination and i don't know for the life of me what they're waiting for. again, the longer her nomination hangs out there, i think the worse the politics is for the left because, well, this is pure socialism on display without a apology and i just don't believe the american people are ready for that. maria: so president biden reportedly considering richard cordray as the federal reserve's top banking regulator. he was the first director of the consumer financial protection bureau, his nomination would please progressives who have been pushing for the fed to take
a tougher approach on bank regulation and address financial risks posed by climate change. so here's a note from cowen and company this morning, the journal reporting that white house considering richard cordray as vice chairman of supervision at the federal reserve, biden pledged to diversify the fed. we don't see this as a done deal. were he nominated he likely needs every democrat vote to be confirmed. no matter the pick, big bank capital requirements will rise. your thoughts on this pick 1234. pick?>> it's a very scary pick. we were relieved that jay powell was nominated for a second term. i support that. he could have been less doveish over the course of the next nine or ten months. i think he's on par with basically the right approach and i trust him. the problem is everybody that comes after him and dodder c's y would certainly be a problem. one chairman can only do so much when they're surrounded by
elizabeth warren accolades and that's what cordray would be. we've experienced that with the cfpb. to have him in a supervisory role would be problematic for sure and it would be -- i think it would be a very difficult senate confirmation a process he's. now, 50 democrats and the vice president can do whatever they want. but we would certainly make it difficult. maria: yeah, it doesn't look like he is a lock-in for the nomination. maybe this was an opportunity for a trial balloon to see who says what about it. senator, it's good to see you. thanks very much for being with me this morning. senator kevin cramer. >> pleasure is always mine. thank you. maria: coming up, oil's roller coaster ride. dan jergen is here to discuss the volatility in the oil market, it's back up to close to 70 bucks a barrel. why he says the energy transition that the white house is pursuing will be complicated. you're watching "mornings with maria" live on fox business.
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maria: welcome back. oil prices on the move this morning, take a look at this market, up better than 4 and-a-half percent on energy right now. crude oil back up to $69.14 a barrel, brent up to $72.01 a barrel. ahead of a two-day opec meeting kicking off later today. opec and its allies set to discuss how to respond to the threat of the omicron variability and the pricing of
-- variant and the pricing of gasoline which is up 50% over the last year. joining me now is ihs market vice chairman, daniel yergin is here. it's great to see you. congrats on the new book. i'm in the middle of it right now. and i love the issue that you put front and center and that is how a transition from fossil fuel is being -- is continuing to be quite complicated. walk us through that transition and how you see things today, dan. >> well, there is clearly wind and solar becoming a larger part of the mix. there's big government push to do that around the issues of climate. but i think that oil and gas are going to remain a part of the energy mix for a long time so it will be a mix. there are a lot of -- we have an $86 trillion world economy, $22 trillion u.s. economy, 80% he depend on oil, gas and coal. you don't change that overnight.
maria: yeah. i mean, i love the story that you write in this piece that i read about the energy transition and why it will be so complicated in the atlantic and you talked about the story of this one company innovex down hole solutions which provides technical services to the oil and a gas industry, they wanted the order 400 north face jackets but north face said no, we can't sell you our vests because we don't want to do business with a company in the category of selling oil and what did they find? >> well, first of all, they said that oil companies are in the same business as sex and pornography. then it turned out that if you have a north face jacket it's somewhere about 90% made out of petroleum product and it's also made in asia and shipped to the united states in container ships that run on oil and by the way the company owns several corporate jets that run on jet fuel. the one hand they say they
don't want to have anything to do with oil because it's bad for their brand. but the whole company depends not only on customers, it depends on oil. maria: this is unbelievable a. dan, look, the administration and the democrats are pushing forth this clean energy agenda. the green new deal. and gasoline prices are soaring across the country, some drivers paying nearly $5 a gallon. what are you expecting from opec at this meeting today and what about the move in prices, higher prices on goods because of inflation has many people struggling. >> well, absolutely. and the supply chain problems that everybody talks about, that's one of the things driving up -- very much contributing to inflation as well as of course all the money that's been poured into the economy. i think in terms of opec, opec plus, oil prices had risen very sharply. they're down 15, 20% now. partly because of omicron, partly because the administration says it's going to use the strategic petroleum reserve, put more oil into the
market. i think everybody's uncertain about the virus, that includes the people who are meeting among opec and opec plus, what to do, whether the economy is going to slow or they'll have a slowdown again because of the virus. it's really up in the air from last week to this week, what a change. maria: it's an incredible change, dan. but at one point america was energy independent. this administration came in, canceled pipelines and that certainly had an impact in terms of the supply of oil on the market. how long does that transition take to get back to being energy independent and do you see a day when america will be once again? >> well, i think we're still pretty close. it's an incredible achievement. eight presidents said we should be energy independent. it was a joke. we became energy independent. it's a very significant thing, not only for oil supplies, but the overall economy and the role of the united states in the world. i think next year we're going to see u.s. oil production all
things being equal actually increasing about 800,000 barrels a day which would mean that we would get back to that. but policy will matter and policy matters a lot right now and this administration doesn't pay as much attention or really to the question of energy independence but it's a very valuable thing for this country and we shouldn't let it go. maria: do you think opec will make any changes in terms of its opec output? >> well, i think -- i bet they're meeting right now, deliberating it. i would tend to think they're going to look at the virus and say we should slow things down a bit in terms of increasing oil which they were putting into the market also of course they've seen the u.s. declare it's going to use its strategic petroleum reserve. could well be wrong on that but i think that's a question they're asking themselves and i don't think they have an answer even though they're meeting this week and have to have an a answer. but i think the omicron is such a big deal for everybody that it's going to make people more
cautious and a we've seen the impact that it's had on the financial markets. maria: dan, in the coming year it sounds like you believe oil prices are going back down, is that your best case or do you think that we're going to talk about $100 a barrel oil again soon? >> it's funny, maria. a month ago people were talking about $100 a barrel oil. that's off the table. i think the prices will be in the 65 to $85 range, give or take, is where we'll see prices over the next few years at least from where we are today. maria: dan, it's a great book. we so appreciate you coming on this show this morning. please come back soon. thank you, sir. >> thank you. bye-bye. maria: daniel yergin joining us this morning. quick break and then who are you trying to convince, bill nye make a cringe worthy case for more government spending. the hot topic buzz of this morning is from tiktok. wait until you see this,
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>> if you're like me, you want the u.s. to be a -- we have two bills, i'm not either one of them this is for people of all ages to get good union jobs in the united states so we can working together build back better. >> you're using my line here. >> progress of science, it's in the constitution. come on, everybody. what's not to love? we're trying to change the world here, people. >> we're going to change the world. >> infrastructure is cool. maria: yeah, that's not cool. time for the hot topic buzz. thats was tv scientist bill nye shilling for president biden's build back better plan in a new tiktok video, featuring none other than the president himself, social media had a field day with it calling it cringey, some labeling it propaganda.
nancy, what do you think of it? [laughter] >> maria, we have a saying in my family, it's age appropriate behavior. here's two elderly gentlemen trying to be relevant and hip. i want to say where is ralph nader when you need him? this is unsafe at any speed, this video. i'm embarrassed. maria: yeah, i mean, kt, we don't know if bill nye knows anything about spending and inflation and what this new money is going to mean. >> you know, why is a public broadcasting superstar doing a political ad with the president of the united states? why? because his political agenda, the president's political agenda is really in big trouble. and if you're going to get anybody from public broadcasting to help you out with this, why not get big bird? he has a much higher popularity rate than bill nye the science guy. maria: unbelievable. meanwhile, the white house is down playing the effect of
inflation on average americans. we will slip in a break and come back with ohio congressman jim jordan, he'll weigh in on what the administration is saying now that the fed chief jay powell say it's time to retire the word transitory. it all starts next hour right here. "mornings with maria" is live on fox business. ♪ oh, what a night. ♪ late december back in '63. ♪ what a very special time for me. ♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. ♪ truist. born to care.
. maria: welcome back. good wednesdays morning. thanks for joining us. i'm maria bartiromo. wednesday, december 1 top stories 8:00 a.m. on the east coast. time to retire the word "transitory," chairman jay powell said inflation will be in place for the o long term as chairman signaled a the faster end than expected to the central bank stimulus,
travel restrictions over threat of the omicron variant all travelers to united states tougher requirements possibly quarantine volatility continues for markets this morning futures rebounding ahead of first trading day of the new month dow industrials up 314 points right now s&p 500 higher by 57 nasdaq up 225. one and a they'reed% follows broad sell-off yesterday all three major indices falling he more than one and a half percent on the session dralgd down by covid fears jay powell comments on inflation dow industrials back down 652 nasdaq down 245 s&p 500 lower by 88 in november a tough one for dow the nasdaq only index in green for the men and women, dow industrials down, 3 3/4% for november s&p lower almost 1%, nasdaq up a quarter of one percent, in november. european markets are higher take a look at firmer tone in eurozone right now ft 100 higher by 99 cac quarante up
118 dax higher by 286 in asia overnight green across the board south korea best, kospi up better than 2% "mornings with maria" is live right now morning movers first up box soaring in premarket take a look at this cloudy company up 9 1/2% the cloud services provider up after better-than-expected earnings raising growth expectations for next fiscal year year exxon look at exxonmobil 5 year budget outlook yesterday, planning to increase spending on greenhouse gases emission as oil prices claim above 4% ahead of opec meeting today rest of the market higher futures rebounding as the omicron inflation weighed on
investors day dow industrials up 295 yesterday jay powell testified before senate banking committee laid groundwork for a quicker end to the bond-buying stimulus program here is what he said. >> at this point the economy is very strong inflationary pressures are hire it is therefor appropriate in my view, to consider wrapping up the taper of our asset purchasinguring when we actually announced, at november meeting. perhaps a few months sooner. maria: powell said time to retire the term transitory. when describing disinflation to testify in frontal of the house this morning, and we will likely hear a similar commentary joining me right now cross chief market strategist victoria fernandez, nancy tengler k.t. mcfar landed great to see you we want to talk about inflation store, and what you heard yesterday, from the chairman
of the federal reserve. your thoughts? >> yes, you know when we listened to what powell said yesterday we spoke after november meeting taking about yes 15 billion tapering in place wouldn't be surprised to hear them talk about starting to speed that up maybe december meeting maybe in january. so there was talk about this prior, to what powell said yesterday but i think the fact that you combine that with omicron variant concerns does that mean not getting people in labor force does that mean supply chains continue to have issues so we have that push on inflation where we thought maybe some would come back down, combine all that together, and you've got a curve that is flattening remember that short end of the curve is more about fed policy, the longer end about expectations for inflation, so we're seeing that flattening right now people anticipate the fed might move quicker
than before. maria: i was really struck by him saying it is time to retire the term transitory, answered did that in q&a remarks, so it wasn't scripted, your thoughts on that? because inflation is, obviously -- disappearing people disposable income an issue all year talking about things gasoline up 50% year-over-year, food bacon up 0%, eggs milk across the board now does not look like ending anytime soon the federal reserve, is admiting that despite the fact this white house refuses to admit that a inflation is continuing to -- to get hot. >> exactly i think all along, people knew there was a component of the inflation spike that we were seeing, that were transitory related to the covid. issues we knew that right? when you look at effects from a year ago things we knew there was a component that was
transitory. but to characterize everything in inflation camp as transitory i don't think many people followed that line, are, and fed has finally said "yes" you know let's take that word out of play, and i think that follows in line with general public thinking, because yes, wages went sticky continuing to go higher, the supply chain issues not going to go away modal so we are going to continue to see commodity prices, pressure obviously, flows through to regular consumer even with oil and we know opec is meeting this week we can see more pressure there. maria: yeah, i want to know how you allocating capital differently as all of this nancy tengler let me bring in nancy go ahead nancy. nancy: thanks, maria high victoria a quick question like you, we thought earnings season was spectacular like you we loved consumer like you we own cvs a company a
disrupter in the pharmaceutical space on earlier one of the things we started hearing a great detail about on earnings calls was theft looting i wonder if that factors into your traditional retail if you are thinking about some disruptureers as you react to capital. >> nancy you and i both kind of longer term view when it comes to holdings in portfolio we do want to take a step back from some of the knee-jerk reaction we're seeing over last few days in the market look at longer term trends, looking at retail you need to focus on companies that have that online presence not necessarily just because a looting things we are seeing there, but because, that is how people learn to shop over the last 18 months i think we are going to continue to see that growth, even though stores are opening back up so do we shift the way we think about retail? i think we have to. so a name like cvs walgreens
great presence with walmart you have to consider shift in retail when you look at particular names in that sector to add to your portfolio. >> victoria before you go real quick we are looking at economy that has slowed down quite a bit, from the expectations earlier, in the year, we are waiting on jobs numbers get adp number five minutes then jobs number from labor department friday are you expecting to see a slower economy going into year end? what about 2022? >> i think to where we are in second quarter we are going to have a slowdown the consumer is not quite as strong growth not as strong, so still going to be good, and i think that is where people are underestimating a little bit of what the growth in consumer can do, so we continue to think, that we are going to see some strengthen maybe not quite as much as prior, but still good fundamentals good
consumer strength, earnings continue to do well for us that sets us up for a positive market over the next couple quarters. >> good to check with you thanks so much. . >> thank you. >> joining us this morning, we will see you soon thank you now some top stories that we are following this morning, russia demanding u.s. embassy staff in moscow more than three years to leave by the end of january, the move seen as retaliation for washington expulsion more than 50 russian diplomats many leave united states same time department has yet to comment on expulsions or what russia is demanding president biden vaccine mandate takes another hit the louisiana judge blocking the mandate nationwide saying not constitutional, that mandate was for health care employees wlo work at facilities participating in medicaid making sured the judge said mandate should be issued by congress not government
agency, questioning you constitutional, workers supposed to get thees one shot by december 6 that is now up in the air cnn suspending chris cuomo indefinitely chris cuomo told investigators said on air he did not conduct opposition research on brother's accusers, in fact messages released by new york attorney general, prove otherwise break much more ahead stay with us coming up jim jordan here on supply chain crisis as the administration, still downplays the threat of inflation, we are going to get the jobs numbers out in about 5 minutes' time is mr. former acting cdc director dr. richard besser is here to discuss what we know about
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when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. indefinitely. maria: welcome back. four weeks in office, no city mayor de blasio opened shooting garrulous calling prevention centers safe effective way to address opioid crisis city opened two sites yesterday one there was reportedly five overdoses everybody survived the sites provide clean needles but users must bring their drugs philadelphia san francisco boston have also taken steps toward opening supervised injection sites nancy this is what new york has come to.
okay? mayor de blasio is opening what he is calling shooting galleries, for people to shoot drugs into themselves. nancy: i the term try to make it sound glamorous on top of that, there is nothing about this that is a gallery, and worked in zurich a park shooting was legal or ingesting he apparently walk through there debris needles you had to be very careful it wasn't very safe, didn't walk through it in one of the places on earth, i just i think sad commentary, i applaud trying to help people with drug addiction, but this is enabling not helping i think going to be short-lived. maria: what do you think k.t.? >> think it encourages criminalization, so in other
words, what it is saying you can get your hands illegally on heroin come over shoot it up free it will be just fine we will protect your ability to be a drug addict to me a piece of all -- defund the police you know, crash and grab, there is no criminalization for anything that used to be criminalization. maria: we got agency numbers out cheryl casone with numbers, up this morning, cheryl over to you. cheryl: better-than-expected coming in 534,000 that was better than analyst expected you are seeing now a pickup if you will in market, expectation 525, also revised last month it was 571 took it down to 570,000 for the month again this is for november. october 1,000 to downside markets reacting this on november jobs' report estimate 550,000 jobs add that had o would be a gain from last month the unemployment rate ticking down the expectation
to 4.5%, another drop lower a piece he have good news for the markets we needed o it maria. maria: all right cheryl markets higher, but they were higher going into number but certainly better than expected, by a few thousands 534,000 for november the jobs' report from labor department out on friday, and it will likely show similar numbers quick break then white house still downplaying effects of inflation, even as jay powell said it will get worse ohio congressman jim jordan to weigh in. putting netflix on notice most screen filmed of all times critics hate it. we will tell you about it when we come back. . ♪ ♪♪ ♪
. maria: welcome back. senate reserve chairman jay powell admitting during senate testimony that higher prices are here to stay, that inflation is not transitory, he have said we need to retire the word "transitory" to describe it the white house is still doubling down watch this. >> our view is that -- reserve -- and the markets, going to remain -- over time issues higher prices roads neither pandemic will subside as we get it under control. maria: jen psaki's view white house view as president biden expected to deliver his rescheduled remarks on supply chain how they cost later today ohio congressman jim jordan ranking member of judiciary committee in the house author of new book do what you said you would do fighting for freedom in the swamp, congressman great to see you.
thanks so much for being here. >> good to be with you, good to be with you -- >> what did you make of the testimony yesterday and joe biden continuing to downplay inflation even as jay powell answer adquestion and said -- we need to retire the word "transitory." >> no one believers what biden administration says they told us border is secure they told us wouldn't impose a vaccine mandate, they told us that the exit from afghanistan was a success no one believed them when they said transitory because we see everyone knows if you want to buy anything going to cost more a home going to cost more rent ep apartment, food on table costs more gas in car costs more christmas presents costs more a story yesterday can't find enough santa clauses how bad, the biden economy is so, no one believes what they said, what the fed chairman said yesterday is unfortunately i think the facts, we are going
to have to alive with this a while unless they quit crazy spending they o show no indication wanting to do. maria: lookthey want to jam through five trillion-dollar package maya macguineas was on the show last week said all gimmicks, is clear that this spending package is not 1.7 trillion dollars it is 4.9 trillion dollars are they getting this through what is your take on policy they won't give up on. >> boy i hope not, again looks like it's going to come down to senator manchin and senator sinema hope they do what they said they were going to do, which is not go for this crazy package, because the democrats policy i mean i said the other day when you pay people not to work you shouldn't be surprised when you can't find workers, when you spend like crazy, you you shouldn't be surprised when you get a 31. >> other high inflation rate, so that is where we are at let's hope they stop it let's hope they get some -- some reality back in mind here, but
going to come down to senator sin north america senator manchin let's hope they stay firm do what they told their swirnts they were going to do and stop this thing. >> incredible to me, that, you see a department of justice, blowing off real crimes i mean inside story of hunter biden notorious laptop is being communicated with we've reported this several years, we showed a 2017 email thread between hunter biden and a chinese official from the energy company cefc implying that president biden was getting a piece of the action, this email we're looking at he references new company creating say 10% will be held by h, for the big guy so, obviously, fox news would later learn the big guy is joe biden we've got a bombshell book exposing hundreds of hunter biden emails messages
like this when indicate still making money on china, as well as other countries while his father is president, i mean what are your thoughts what can be done about this massive conflict of interest with a country u.s.'s adversary main adversary. >> first of all, you did your he job unfortunately big, big, big media rest big media did not before 2020 election we had eyewitness tony bobulinski documents said what you described we had laptop itself the fact we knew fbi was in fact the investigating this situation. but 50 intel community personnel came forward said oh this isrun disinformation garbage but mainstream press big tech colluded to del american people kept from getting truth before important election if we win back majority i think going to happen we can do investigations we can focus on this, and hopefully get more press to cover the truth and
facts of the situatione why a hunter biden took a medicine why ukrainian energy company 4 men and women you russian billionaire, now we learn 80,000 dollar diamond 30-million-dollar thee year payment from another chinese company no one wants to talk about it? is that is that is crazy! so, we will do the investigation, that needs to be done, if we get back in power have subpoena power. maria: and you wonder why joe biden tiptoes around xi jinping. congressman he had four phone calls with the chinese dictator this year not once did he bring up the origins of covid not once did he bring up all fentanyl being pushed into this country, where ccp pretty much trying to wipe us out with all the fentanyl, 100,000 eventful related overdoses in last year. >> american people get it waking up to all the
misinformation that comes from the biden administration. all if lies they've been telling us he american people get it you are seeing american people put you saw in virginia i think the reaction to the justice department going after parents going -- now glenn youngkin next governor i think 11 hundreds republicans in patrol of house of representatives, and senate, is to i think the american people get it they understand this is terrible situation biden administration in relative to enemy china all other things they misled country on all bad policies. maria: what can you do about the wide-open border in you've wean to the border many times we've got record amounts of migrants gotaways i was told yesterday by a border source that we are up to 600,000 gotaways, this year. so congressman you are talking about two million people already apprehend, 600,000 others of that gotten into the country we don't know what their intentions are, because they don't want to get apprehended they got away.
>> yeah, it what happened on border is the only he interpretation any rationale person can reach it is intentional intentionally don't want a border they want hillary clinton said 2016 want this borderless hemisphere american people understand for what it is what we can do is if we get back in control we can make this issue we -- during appropriations process say if you want to fund certain things in government you can't do that in many you employ either the border under control. until we reinstate remain in mexico policy or get back to building the wall as president trump was doing that is how we have to play this, because that is the power we have. maria: all right. we will be watching congressman, of course, it will be a -- a busy year for you, thanks very much for being here this morning, congressman jim jordan. >> thank you, maria. maria: all of that, thank you, sir. we will be right back, stay with us. . care. it has the power to change the way we see things. ♪♪ it inspires us to go further.
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i'm maria bartiromo. it is wednesday, december 1, a look at market this half an hour ahead have had opening bell we are looking at a rally underway just got, better-than-expected jobs numbers in adp report the dow industrials up 297 points s&p 500 up 55, nasdaq higher by 220 right now it has been a roller-coaster ride this week, furthers rebounding, as we kick off a new trading month, but european markets are also trading higher but it was a rough week with a sharp sell-off yesterday, take a look at eurozone dax higher by 284. in asia overnight green across the board, south korea best the kospi up better than % on the session. the supreme court will hear its biggest abortion case in decades cheryl casone with details right now cheryl. cheryl: that is right, maria. good morning again, oral arguments starting this morning over mississippi abortion law effectively bans
abortions after 15 weeks case testing whether roe v. wade could be overturned. if that were to happen would allow states to ban abortions of any kind or entirely, arguments scheduled to start at 10:00 a.m. eastern time today. well, trial of ghislaine maxwell into third day yesterday emotional tell them of one of epstein's always victims assuming identity of jane the witness said maxwell befriended her when 14. sometimes in room during sexual abuse went on for years maxwell's attorney portray jane as trying to get money from the epstein victim fund maxwell faces 6 counts. >> housing market might be showing signs of cooling down, home prices just more than 19% compared to year ago down from august first decrease innual gains since may of 2020.
highest precise increases phoenix tampa i'm, the if i could rate highest since april, notice breaking records at netflix action, now the most watched movie in netflix's history, brought in 328. will million viewing hours, that topples previous record holder, in bird box, 18 days to shatter that record, rock johnson the king of all, back to you. maria: thank you so much united states could be cracking down once again on international travel amid covid variant concerns to introduce tougher covid techting for all travelers waiting for more information, from the white house, the new policy would require
foreign nationals u.s. citizens to show disapprove of covid test within one go a of departure the proportional acting director cdc, dr. richard bestr good to see you this morning thanks very much for being here, give your reaction, to this new worry, over omicron. >> you know maria right now, what we don't know about omicron, far exceeds what we know the signals from south africa concerning enough that it is important countries around the globe take it seriously, right now what we do know this strain is variant has mu mutations questions in temperatures of how well will spread easier than delta strain here how severe is illnesses how many proeshgs will people have from having had covid once before as infection or being vaccinated, until those questions are
answered there is a lot of concern, a lot of science going on. >> the immunity one gets from actual even ins this administration will not acknowledge that forcing people to get vaccines booster shots son top of that even if they had covid, what can you tell us about the amount 6 antibody one gets from actual infection? >> there is a terrific review looks at what protection you get from having had a covid infection what kind of protection do you get from the vaccine, and what kind of protection do you get if you have the infection then get vaccine. and you know as you rightly know there is still a lot of work to be done in this area. for a lot of viral infections once we get as kids chickenpox getting once protected for life don't need to get vaccinated. that is not true for all virals infections jury out for covid, what i see when i read
the science is that individuals who had covid get protected are at lower risk of infection with covid after even ins that period after infection after vaccination, there is a significant level of protection in that immediate period, how long that lasts how robust it is those are some questions that scientists are trying to figure out. maria: and the president as well as the heads of moderna, as well as regeneron told us this week that we will have more data within the next two weeks. but according to scientists this omicron variant could lead to breakthrough covid cases among vaccinated people some saying the vaccines will protect against severe disease biontech said people should not panic biden administration needs to speed up a third round of booster shots that is the answer dr. besser
yesterday ceos regeneron moderna both said therl questioning with whether or not the vaccines on market today were good enough to actually offset the threat from the omicron a couple things mixed together we have a thousands people dying in u.s. everyday, from covid we know that current vaccines will greatly reduce risk of severe infection or death i encourage everyone get questions answered, and make their decision about getting vaccinated. those who been vaccinated if six months it is time to get a booster, there is additional protection there those had jnj two months' time to get a booster. so that is part of pit woop don't know whether get boosted with current vaccines provides additional protection against omicron variant we don't know
level of protection from these vaccines, when they looked at mutations to virus raises concerns that the current vaccines may not be as effective. but those studies are going on in hopefully within next couple weeks, they will be an answer to those questions, and it can put people's minds at ease or call us on recommend speed up development of vaccines that would with target specifically omicron variant, what are you working on in terms of philanthropy right now what is your priority? >> you know we don't have a big focus in the area of vaccines and vaccine preventable diseases and covid. what we're focused on when it comes to pandemic ensuring ever one in america has access to safe effective vaccines regardless what community they live in, that everyone in
america, as new drugs are developed has access to those drugs. that is critically important case as we've seen with rollout of vaccines new medications how much money you make what community you live in, may determine your access to lifesaving therapies that is not something that we believe should take place in america. maria: i know but you are the -- the grants making range of health issues like health care, childhood obesity i thought would you want to give a word on that dr. besser good to see you thanks very much for all work all the above thank you, sir. we check in soon thank you richard besser joining us this morning. thank you quick break future of banking jay powell was asked about regulatory outlook yesterday we see what he said about that we will get into it when we come back tune into fox business prime american gold startles 8:00 pm eastern
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capitol hill tough questions yesterday about the regulatory changes in the outlook he said it would be up to vice chairman of supervision to set agenda the white house is reportedly considering richard cordray as fed top banking regulatory, bruce vanson chairman ceo of citizens fanl group joins me some nominations we've been talking about in terms of overseeing major banks, have been nothing short of scary. i mean look at someone like saule omarova saying she wants fredlize bank accounts oil campaigns to go bankrupt your thoughts how regulatory framework may change. >> well, good morning, maria. first off i would say that i don't think there needs to be drastic change in bank regulation. under chair powell and randy, there was a good adjustment process i think the pendulum
swung too far in some reformers after the great financial recession certainly made system safer and sounder. but, you know, there needed to be, tailoring banks different sizes focused on economic growth i think a lot achieved. so my view is at this point, you know we're we have a good framework, very focused on taking care of commerce doing well by customers some nominees i think more of a focus on, you know let's be tougher on banks let's make changes focus on climate focus on diversity equity inclusion, some is good, that could be next leg of the agenda. but we certainly don't want to throw baby out with bathwater here we've got a good framework, the u.s. banking system is a real strength of our national economy, is to i am hopeful that we don't see too much change, and remember again, it a divided senate senate has to confirm appointees, if the nominees
are too far in one direction, they will get shot down come back with somebody hopefully more moderate. . >> the progressives choice is richard cordray do you know his work any thoughts about him perhaps going to pushed through to be the bank supervisor at federal reserve? >> sure, he was the head of the cfed a number of years passionate about consumer issues focused banks pay more attention to that agenda a lot of that was positive. but, you know, that is much broader job so this involves, bank sprfrgz risk management practices stress-testing, so interesting to see during the confirmation hearings what this is thoughts are, on a broader agenda. maria: bruce what are your thoughts in terms of growth, where is growth coming from in bank merges acquisitions are expected to slow down next year after really a block you buster 2021 you made a major deal yourself acquiring
investors bancorp your thoughts on whether or not the deal flow continues, and does that lead to growth. >> i think there is a backdrop for some very positive growth in the banking industry. we are actually barometers of the economy if you get 3 to 5% gdp growth that everyone are for forecasting good for banking industry fed boosting rates probably sooner rather than later good for net interest income money on sidelines in private equity pools of money that wants to go to work so banks can continue to enter mediate those, desires m&a fees raising cal i think it will be a good year there is underlying need for consolidate i think many small banks under stress with move
toward digital new platforms like moving thought cloud finding growth, so, i think you will see smaller banks getting together next year i think banks, can play a consolidator role the think we did this year, agreed to purchase hsbc east coast operations then also, investors bank corp headquarters in new jersey, that solved to be able to bank new york metro market muscle more meaningful way than today to 100 branches greater new york area we did a top 10 to deposit market share hopefully over time can do in new york bring our brand of banking, very successful in boston, philadelphia can do that here in new york city. maria: this is all really important points that you are making. and bruce what have you done in terms of technology? i -- i mean because of covid, technology has enabled changed
the way people bank what do you see in terms of dym assets the future of in person banking, versus using various technology tools? much of an investment has that been for you. >> huge, maria, we have a program called top our potential try to move banks in further to become more effective better job for commerce cornerstone called next genentech makes future ready moving to digit first offering great consumer experience more self service using data analytics to personalizing to customers we have den on that pre-covid but accelerated even during covid i think key to get human digit interface right, so customers still like ago to in branches they still like to hear advice in person. but they also like to convenience of using their
mobile only tools so you have to have that operating seamlessly what we spent a lot of time focusing on. maria: really important point, really quickly bruce before you go your thoughts on federal reserve, does anything change substantially once the fed quickens up pace of taper and starts raising rates? >> well, i would say, you know we have to get this inflation back under control so i think that is right move, i would be totally supportive if they increased the speed of taper get to some rate hikes during middle of the year because it is, obviously, hurting everyone, to have inflation at this high level so getting that under control is job one i would priors that the way powell did yesterday over another kind of fear moments about a new variant i think just going to have to get used to that but overall i think the economy is in good shape, and we've got to stay focused on bringing inflation under
control. maria: bruce important points great to see you. thanks very much bruce antone joining us, we will see you soon thank you stay with us. we'll be right back. . let's go walter! after you. walter, twelve o' clock. get em boy! [cows mooing] that is incredible. it's the multi-flex tailgate. it can be a step, it can even become a workspace. i meant the cat. what's so great about him? he doesn't have a workspace. the chevy silverado with the available multi-flex tailgate. find new adventures. find new roads. chevrolet. the chevy silverado with the available multi-flex tailgate. ♪ ♪ ♪ find new adventures. find new roads. chevrolet. ♪ ♪ ♪
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maria: welcome back. look coming up tomorrow "mornings with maria" join me for interview with bridge water associatings founder ray dalio will join me with new book principals for dealing with changing world order. as the world faces rising threat from china, then boston celtics star now american citizen ennis kanter freedom special guest continues to speak out about human rights abuses in china. all that coming up tomorrow, is mr. the latest consumer trends retail roundup starts here "mornings with maria" live from 6 to 9 a.m. eastern
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>> is a great to have something to have fun with? maria: coming to have fun with. >> i need chito's breakfast lunch and dinner with occasional broccoli, little did i know, it is awesome. maria: have a great day, "varney and company" is in. dave: we are kicking off december with a rally, the dow and the s&p and nasdaq all trading up in free-market activity. the 10 year is at one.38%. oil is rallying, safe haven gold jumping up 2.5%. healthcare workers across the