tv Mornings With Maria Bartiromo FOX Business January 10, 2022 6:00am-9:00am EST
you're watching right now. so take comfort in the knowledge that tomorrow, they'll be right back at it. chainsaws in hand, heavy machines at the ready with equal measures of both blood and sweat. essential ingredients to how america works. maria: good monday morning. i met maria bartiromo. it is monday, january 10 and your top stories right now at 6:00 a.m. on the east coast. happy new year to all. we begin a new week. this week fourth-quarter earnings begin friday and it's the kick off to the new midterm election year with congress back from vacation this morning. many on the gop side like their chances in november. here's house minority leader kevin mccarthy on a sunday morning futures. >> we want a governing
majority meaning getting in the realm of 20 and higher. if we are fortunate enough to win 35 seats, that would be the largest republican majority in more than a hundred years. maria: meanwhile, build back better busted, senator joe manchin makes it clear there's no more talks between him and the white house on negotiating the massive social spending package, even pulling his own offer that he sent back to the administration. >> god bless joe manchin i appreciate the fact he stood by his pledge not to blow up the senate, eliminate the filibuster. he's concerned about inflation. one of the biggest problems facing the nation is the increase in prices that's wiping out whatever wage gains americans are realizing the. maria: meanwhile, inflation is the story. we are looking at inflation with new numbers this week, but first let's look at
futures pointing to a mixed opening with dow jones up 19, s&p down one and nasdaq lower by 29 fourth-quarter earnings season begins this week. friday major banks report their fourth quarter with fault-- all three major indices finishing the first trading week of 2022 in red ink, market with the dow jones down about a quarter represent, nasdaq down four and a half percent. technology index the worst performer, s&p 500 off about 2%. european markets are lower this morning. eurozone unemployment rate falling in november to a level of 7.2% versus an estimate in the prior month of 7.3%. ftse down and dax index in germany lower by 29. in asia overnight a mixed story, hong kong the best performer while korea was down about 1%. "mornings with maria" is alive right now.
♪♪ maria: morning mover is airbnb, down about 2% as you can see. piper sandler cutting the target on the price to 169, down from 215, downgrading the stock to neutral as lawmakers raise concern over the company's business in china. we have more movers coming up. broader markets are searching for direction as we watch and wait fourth-quarter earnings this week, kicking off friday big banks will report their fourth quarter j.p. morgan, city and well set to put -- report friday and also delta airlines out with quarterly numbers, investors will be getting a better read on the airlines and how they are handling the surge in the number of omicron cases. latest omicron coming
up, but first dreaming now is we-- wealth investment officer cliff hodge and also fox news contributor liz week and nancy engler. great to see everyone this morning. great force being here. craig, kicking things off with you. as we approach fourth-quarter earnings, how do you want to allocate capital today? >> good morning. fourth-quarter earnings season ready to kick off. the streets looking for about 21, 22% earnings season for the quarter, so we will be keeping a close eye on any updates for expectations and guidance moving forward. we are also going to be interested in hearing about supply chain issues and how that may have effects towards loosening some inflation numbers. maria: cliff, you make so many important points this morning in terms of what we saw in the fourth quarter and the impact on
earnings, but i want to get your take on the fed because that seems to be the big? goldman sachs predicting the federal reserve will raise interest rates four times this year, not three, but for rate hikes. how much of a risk is this tightening going from e-zine to tightening from the federal reserve in your view? >> it's really the key we are watching for markets in 2022. i think the bar will be pretty high since the move also that three rate hike number and a lot of that will be driven on inflation, so the inflation readings as you mentioned to kick us off will be the key number for a macros-- macro perspective. we really aren't all that concerned about paper. we think the market will be able to take that in stride. we anticipate we will have some really strong economic numbers here in the first half of the
year. we are a bit worried about the quantitative tightening or balance sheet runoff. typically when liquidity gets pulled out of the system and the fed starts taking away the punch bowl investors should get ready for volatility and that's what we expect for markets. maria: is this priced into the market, cliff, or will we see a big selloff when the feds when the fed makes these moves? >> at the beginning, certainly in the nasdaq and a lot of the high growth technology stocks that have gotten hit hard on the move higher in interest rates. we have yet to see a lot of weakness at the headline level. again, the backdrop from an economic perspective and from an earnings perspective we think will be positive in 2022 and so if there is volatility, we aren't expecting any kind of major drawdowns or recession or anything along those lines, but five, 10% pullback could be a great opportunity
to reallocate capital. maria: let me bring liz speaking. go ahead, liz. >> good morning. we will be worrying about the fed, but what about fiscal policy going forward because it looks like the republicans will take hold of congress, which everyone thinks is likely. are you worried we will have a physical tightening, less money spent by the federal government in addition to monetary tightening? does that make the outlook course? >> there's no doubt the fiscal will be a drag in 2022. i believe to the tune of about 1.3 trillion where the numbers that i have seen most recently. most of that is actually going to be concentrated-- if you look from a year-over-year basis for comparison in the second quarter, so second quarter going into the summer time, there will also likely be more uncertainty around the election. we could see some jitters going into the summer, so selling may go away we are getting a
bit ahead of ourselves, but that should be something investors when you get in the back of their mind and then as we get closer to the election season, we have a better understanding of the path forward. we anticipate straight going into year end. maria: cliff, how do you want to allocate capital? i know you favor healthcare and financial services. use a healthcare has the right mix of characteristics to outperform in 2022 and eisai financials exposure to higher economic growth and interest rate is a positive. tell me about investing in these two areas. >> really the number one shift that investors should be thinking about is shifting into quality and high cash flow earning business. so, things that have very strong returns on capital, return on equity is a great rule of thumb if you want to look at how high quality a company or a stock may be healthcare sector especially, you know we think that from a sector
perspective it offers double digit sales growth. you can get above market free cash flow yield which is another way to value a company almost like a price to earnings ratio and is a very stable earnings profile. from a secular perspective, you have the backdrop of aging demographics, increase focus on health and wellness and then whatever fallout may come from covid when and if we beat this thing, so in the healthcare space and couple names investors may want to consider, united health group is the largest private health insurance provider, massive scale, very fantastic returns on capital and trades with pretty attractive yields relative to the market and from free cash flow perspective relative to the 10 year. another one in the pharmaceutical space, classic value name trading at single-digit earning multiples, has a dividend yield of a
roughly port-- 4%, so very nice yield to get paid to wait for when and if we had volatility. maria: well, we certainly feel like that's on the horizon. cliff, good to see you. thanks so much. >> thank you. maria: cliff hodge joining us this morning and we are just getting started, coming up a new covid variant combining the effects of delta and omicron. what you need to know about the risk it coming up and then the biden biden administration's border allowing even more drugs to flow into the country. fentanyl seizures rocketing at more than 1000%. so far no word from the biden administration about this fallout. then a spinning stalemate on capitol hill as senator joe manchin backs away from his own office on build back better and democrats are scrabbling to make a deal. you are watching "mornings with maria" live on foxbusiness
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maria: welcome back. some top stories we are watching. us is averaging more than 700,000 new covid cases a day as the highly contagious omicron variant spreads across the nation last friday almost a million cases reported in one day. some laboratories are rationing access to testing giving priority only to people with the symptoms or other health concerns. this is the biden administration is issuing new guidance for doctors to prioritize race or ethnicity when administering these life-saving drugs. unbelievable. us and russia sitting down for high-stakes talks today as we watch the russian military build up around ukraine. moscow demanding an end to nato's eastern expansion urging the us to stop ukraine from being allowed to be part of nato. this as mass antigovernment protests have broken out across kazakhstan in the past week. russia flooding the country with a flop-- thousands of russian
troops. the move pulling the former soviet republic closer to russia and sending a signal to the us and its allies from a moscow. devastating new numbers on the drugs coming into the southern border. border agents reporting 588 pounds of fentanyl was a season last fiscal year, an increase of 1066%, since 2020. a thousand%, more than 40000 pounds of marijuana, 33000 pounds of meth-- methamphetamine and other various drugs coming through the border with a street value of more than $786 million. the report coming as the opioid crisis in america reaches new heights with more than 100,000 people dead in a 12 month period india last april. house gop leader kevin mccarthy contemplating republicans chances for 2022 making this prediction yesterday. >> number 25 is a very
big number for democrat retirements. in 2010, when we won the majority, 17 democrats retired, already 25. i expect the number to be up to over 30 democrat retirements because they see with the future holds and they see the numbers. we need people to join with us to fire nancy pelosi, that means getting in the realm of 20 and higher. if we are fortunate enough to win 35 republican seats, that would be the largest republican majority in more than 100 years. maria: mccarthy also saying the gop, if it takes back the house will hold a biden administration accountable for the border crisis, botched afghanistan wrote and other crises we are talking about every day. please speak, nancy with me this morning. liz, your thoughts on what you heard from kevin mccarthy, 35 seats , that's a big number. >> it's a big number, maria, but not just a number, it's the fact that a lot of these
people who are retiring are also committee chairs and people who been in congress for a long time, so committee chairs don't leave unless they sort of see the writing on the wall. i think it's interesting to note in 2010, at this date, generic ballot was -- ballot was tight and yet republicans picked up 63 seats and right now the republicans have an edge of about two points in the generic ballot, that's a seven-point swing over the last several months. i think things are looking good, but republicans have to have a positive agenda to sell the american people it's not enough to just bash joe biden. maria: yeah, it's a good point. nancy, you know there's a summary crises that the republicans can come in and attempt to fix, but what is the growth story? they will focus on freedom and liberty. >> yeah, maria. you saw the market rally with bill back better looked at to be off the table and i think that was the directional
indicator from the markets that more taxes, more regulation is not what's going to drive the economy. you don't want companies paying more in taxes and less in cap during a period of labor shortage and we saw that in the jobs report last week. it wasn't the unemployment rate driving-- dropping for the right reasons, it was for the wrong reasons. we want to see opportunities for companies to improve productivity and then hopefully lure workers back through enticements which they can only do if they have earnings as. maria: that's a great analysis, nancy. quick before we take a break, nancy what kind of an earnings season do you expect in the fourth quarter? a lot of issues we've been talking about the last three months including inflation, that will likely be an issue for guidance as well; no? >> absolutely last quarter companies men's gender inflation more and more, but i think fourth quarter will be spectacular. one clue that companies reported or pay their taxes in mid-december
and that rate indicated that about two thirds of companies will probably exceed expectations. maria: let's talk about that more during the show. that's a great point in terms of the taxes being paid. democrats are still scrambling to get a deal done on build back better. senator joe manchin is backing away from his own earlier proposals assaying it is off the table. we will break down that stalemate coming up, next. ♪♪ whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler,
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see if you can save by switching today. comcast business. powering possibilities. maria: welcome back. build back better is busted. senator joe manchin pulling his $1.8 trillion spending compromise idea off the table. i spoke with senator ron johnson yesterday on sunday morning futures. watch. >> god bless joe manchin. i can tell you how many of my supporters tell me too tell joe manchin they are praying for him as a witness at the democrats are abusing him, so that's not the way to get someone on your side, that's for sure so i appreciate the fact that joe manchin stood by his pledge not to blow up the senate, eliminate the filibuster. he's concerned about inflation, as am i. maria: joining me right now to talk about what gets done, if anything, is washington staff
writer matthew. matthew, good to see you. your thoughts on where we are is build back better getting the walk-- dead in the water at this point do you think democrats will take another stab to change it so goes back to the house and then the senate? >> good morning and things or having me. i think democrats should look to their favorite musical "hamilton" and realize as they famously sing, you don't have the votes. i won't sing that this morning. the reality is that the democrats do not have the votes. joe manchin has said from the beginning that he's not going to vote for this. senator johnson said in the clip you played it's not the time to destroy the economy with trillions of dollars of spending. that's not needed. we have seen again the supply chain crisis continue for-- grocery stores are empty across the country and inflation is already fell by americans is so the idea we need to inject even a moderate $1.8 trillion into the economy now doesn't make sense. to your second question, they will actually
continue voting for it even though they don't have the votes to pass it in the senate. chuck schumer said he's going to put it up for a boat after boat after vote, moderate so-called moderate democrats are probably freaking out in the senate at the prospect of voting for trillions of dollars in spending they will him-- and i will solely be used in attack ads. democrats in the house all voted for trillions of dollars of the spending that's not needed and they walked the plane for nothing. maria: yeah, matthew, the big question now is whether or not they are going to have any success on a pair of voting rights bills. this is the second week that we are seeing democrats try to push the voting rights bills as well. the question now is joe biden will be giving a speech in atlanta tomorrow, will he make a forceful take for reforming the filibuster? what's your take on the voting bills? >> it's going to fall on deaf ears just like the rest of his agenda. when using the democrats democrats have run the
narrow majority in congressional history, but they are governing like it's fdr in the middle of world war ii so president biden can make ads forceful as an argument as he would like in atlanta invoking mlk legacy to eliminate voter id and things like that, but the reality is i don't think they are going to get to the radical overhaul of elections that they want despite the seemingly forceful case that president biden seems poised to make because once again invoke "hamilton kwak--" they don't-- they also don't have the votes for so whether it's bill back better so-called voting rights, that's a plan for democrats to never lose elections again or destroying the senate by eliminating the filibuster, democrats don't have 50 plus votes they need to enact any of the agenda that they seem to think they have based on a mandate that doesn't exist. maria: yeah, "politico" is reporting right before biden speaks tomorrow in atlanta
senate democrats are going to me virtually again with joe manchin and christina cinema to try to get one more push through, but what about covid, i mean, look, more people have died of covid this year in 2021, rather than 2022. cdc is now having backlash for not disclosing how many reported deaths can be attributed directly to covid. supreme court justice sonja soto mayor naming an inaccurate statistic over child hospitalizations on friday. this was wild. here she is. watch this. i have to get your reaction. >> we have over 100,000 children, which we've never had before in serious condition and many on ventilators. maria: wow. cdc director clarified that yesterday that the actual number of
children hospitalized is fewer than 3500, matthew. your thoughts? >> look, if she were a twitter account, she would have been banned for spreading covid misinformation a long time ago, so it's not only that she just misstated by a factor of 10 plus, how many children are hospitalized on ventilators due to coronavirus, she compared humans to machines, said that the delta variant is somehow -- as you she said omicron is more deadly than delta, i mean, she was lying left and right from her chambers because she was doing her covid theatrics and breyer similarly said there were 750 million cases of coronavirus even though at last i checked there's roughly 330 million people in america, so the three liberal justices were putting out misinformation left and right on the coronavirus and we see one of the lasting consequences of the trump presidency is that it's a fixed conservative court so
she and her fellow liberal justices can say these things, but they have to be corrected by the cdc which is weird to me, but at the end of the day they are most likely going to be in the minority vote on things like the osha vaccine mandate that is argued in front of the court right now. maria: what are you expecting from the supreme court on the vaccine mandate, matthew? >> i think the court will probably overturn the larger vaccine mandate and it's likely that the narrow vaccine mandate for healthcare workers at hospitals that receive medicare funding, that one may be upheld although i can't see why one would be upheld and the other wouldn't, but i think the broad vaccine mandate is likely to be-- much likely to be overturned, the other one maybe they can snatch a smaller win. maria: we have been saying it from day one, it's unconstitutional, but matthew, how scary is it to see the supreme court get politicized in this environment? really a dangerous signal. matthew, good to see you. thanks very much. >> thank you.
>> i was going to say you see democrats invoking this line about kids and i think it's how democrats want to keep schools close by making up arguments about kids in hospitals. it's sickening. maria: it sure is. matthew, good to see you. quick break and then border agents reporting an increase of over 1000% in fentanyl seizures. former eyes director tom holland is here and he has news on that. he slamming the administration for keeping an open borders agenda allowing all these drugs to kill americans then from our top investors and why they say you should hang onto big tech. next hour the word on wall street is coming up. back in a moment. i use liberty mutual, they customize your car insurance, so you only pay for what you need. wooo, yeaa, woooooo
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right now. cheryl: good morning. new york's deadliest fire in over the years. multistory blaze reportedly caused by a malfunctioning space heater on a lower floor that quickly spread. new york city mayor eric adams praising her broke efforts by the 200 firefighters who responded to the scene a sunday morning. >> their oxygen tanks were empty and they still pushed through the smoke. you can't do this if you don't feel attached to this city. cheryl: the bronx building reportedly had two dozen violations and complaints just by getting $25 million in estate loans it to make repairs. to chicago, public schools are closed for a fourth day as a frustrated parents in the -- and the city's mayor bless the teachers union. over the weekend the school district failed to reach an agreement with the local union over more measures to prevent the spread of omicron and covid in
schools. district is calling the union's position an illegal strike. mayor lightfoot saying the schools are safe for children to go to. there is this, iconic tv dead comedian bob saget has died. the actor was found in a hotel room in orlando, florida last night. authorities say they were no signs of drug use or foul play. he rose to fame on the 80s a sitcom full house and was known for hosting america's funniest home videos and as the narrator of the recent hit show, how i met your mother. bob saget was 65 years old. we are awaiting autopsy results. those are some of the headlines. back to you. maria: condolences to his family. cheryl, thank you. we have new devastating new numbers on the drug problem at the southern border to report. get this, fentanyl coming in droves, 588 pounds of fentanyl were seized by border protection across a south texas in 2021. that's an increase of
1066% from 2020. the agency also seizing a total of 87652 pounds of narcotics including cocaine, heroin, marijuana in the same time all totaling a value of $786 million. joining me right now is the former i.c.e. director tom homan. tom, great to have you. these numbers are scary. they are killing american citizens. your reaction? >> it's not a two incidents in the same year they had a historic illegal immigration, historic, more people attempted to cross the border under joe biden this first year than any time in history in this nation from the most a secure border we have ever had to housework numbers, so it's not surprising. when you have historic illegal immigration, there will be historical drug flow and this is-- you mention the amount of seizures they made. this is what they
caught. remember, 40 to 50% of the border patrol is no longer on the line. they are in centers in del rio during the haitian crisis there were 224 miles of border unguarded for weeks and two weeks ago there was no one on the border because everyone was processing, hundreds were crossing the line and impeded into the city of yuma. we already know there's nearly half of the got a ways, 500,000 people cross the border that want arrested, so if there's half a million people coming across not arrested how many of them were carrying fentanyl. if this amount is what they seized it, god help us how much got across unimpeded into our neighborhoods across the country. maria: i mean, you are right. look at yuma arizona, it's not just texas, yuma is seeing a 2400% increase in border encounters over the last fiscal year. now the mayor in yuma is
warming that it doesn't have the resources to deal with the influx about migrants. tom, this is expanding beyond texas. your thoughts on what's going on in yuma right now? >> look, seeing the numbers rise in san diego, you don't see the numbers rise in new mexico even though they have a small piece of the border. this is not going away. as a matter of fact, spring is coming. warmer weather is coming and you will see a bigger crossing based on seasonality than i have seen in the last two decades, but the biden administration to this day hasn't done anything to slow the flow. they haven't taken one enforcement action. the only thing they've done, they were sued, was part of that lawsuit, sued them to put remaining mexico program back in place. it's been months and what and they'd done? my sources say they removed about 260 people back to remaining mexico. the trip administration did 260 an hour, so to say 260 removals in two
months is embarrassing and i think the court needs to call them back in and find them in contempt of court. while they are slow-growing the program they are asking the supreme court to end the program. maria: tom, how is this administration getting away with this? i mean, 100,000 overdoses in the last year, largely due to fentanyl, drug cartels are lacing commonly used drugs with fentanyl and it's causing our people to overdosing it killed. this is being made in china. it's being pushed by the mexican cartel also. you have got a terrible situation in terms of yuma and mcallen texas and the biden administration is still not releasing the long-awaited i.c.e. report and deportations. it's usually released at the end of the calendar year but critics suggest they want to stall because they know how damaging this report is. >> first of all let's
not forget about national security crisis just not fentanyl across the country, border patrol arrested 16 people and the fbi database, some how many out of the 500,000 could be a known or suspected terrorists. in the i.c.e. report, when i was director i oversaw the unit that put the data together every year. they had those numbers in mid-october, so you are right what's the delay? i will tell you, domestic politics counsel are trying to figure out how to spin this because these numbers will be devastating. if you look at the first not nine months of the biden administration and if they continue at the pace they had in the first nine months, removals will be down 90%. removals of criminals down 65% in this administration needs to report-- wants to reprioritize i.c.e. to castrate more criminals even though when he came into office nine out of 10 people arrested were criminals. this report will show 15
-- 50 to 55% decline in removal of criminals compared to the last full year of the trump administration. here the blanket back and showed this wasn't about fruit-- re- prioritization, it's not about abolishing i.c.e., but about abolishing the mission of i.c.e. maria: tom, what is the motivation? why are they having these wide open borders with all of these drugs and potential terrorists coming in? was the motivation? i still don't understand why they would be doing this. >> they sold this country out and they sold national security border security out to perpetuate power. they think they are future democratic voters coming in. they don't even have to vote because another thing biden did is overturn the trump census rule. on the next census they will be counted in sanctuary cities resulting in more seats in the house for the democrats, which leads to the electoral college. this is about perpetual power for the democrats.
they think they are importing the future democratic voters. there's no other reason because i don't care if you're republican or democrat there is no downside on secure border in this administration, this president was the first president in history in the nation, first president under the six presidents i work for that came into office and unsecured the most secure border we ever had. presidents had different opinions on how to do it, but they all wanted a secure border. this president, on secure border. maria: flow to sizing our national security. extraordinary. tom gray to get your take. thank you. we will talk soon. tom homan joining us this morning on this devastating story. a quick break and then a new variant combines the affects of delta and omicron. we are breaking down everything you need to know about the risk of this new covid-19 variant coming. don't forget to turn into foxbusiness prime tonight, "how america works" starts at 8:00 p.m. eastern
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and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 30 bucks. sweet, but mine has 5g included. relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. maria: welcome back. businesses across the country are asking employees to get a covid booster shot and it now vaccine maker moderna says a second booster may be needed.
gerri wilis with more details on this developing story. good morning. >> good morning. that is right, a covid booster may be on its way according to moderna ceo. he's suggesting another booster will be needed this fall for the broader public as the vaccine efficacy wanes over the next few months. another booster is rolling out for the most immune compromised americans approved back in october. countries like israel and australia have already started their second booster program despite uk doctors advising against it. they say one booster is adequate, but that's not the only cheap calling for a fourth shot, pfizer ceo whose company is developing and omicron specific shot has suggesting one may be needed, more boosters means more money for big pharma. drugmaker pfizer, biontech and moderna are excited to reach billions of dollars from covid-19 booster shots in the market that could rival the 6 billion flu vaccine market according
to analysts and healthcare investors. government spending database shows the two companies are earning 22 3000000000 in public money delivered in the us and abroad over the past two years. for moderna, developing the vaccine has essentially propelled the company from emerging biotech operator into an international player for example the company reported commercial sales of its vaccine boosted revenue from 157 million in q3 2020 to 5 billion are the same time of 2021, 830 fold again. meanwhile estimates pfizer will generate 5 billion in revenue from its covid vaccine. now, we wait for the cdc and fda to make their decisions on booster number four and it last week elicited this, cdc officials deciding to stop using the phrase a fully vaccinated, which implies it to vaccines are adequate. maria, back to you. maria: unbelievable.
thank you. gerri wilis is joining us on that. a scientist in cyprus is defending findings of a new covid variant called deltacron which combines the symptoms of both delta and omicron after speculation that it was a result of a lab contamination. joining me now is john hopkins school of public health professor marty mcgarry. dr. makary, great to see you. thank you for being here. first, a fourth booster, what we gonna do get boosters every year? >> well, i'm sure that shareholders would like that, but there's a problem with those who advocate additional boosters and that is, uk study showed 10 weeks after the moderna and pfizer booster the efficacy against the disease goes way down, down to 35% for pfizer and 45% for moderna and that's just 10 weeks after the booster, so that presents a major dilemma. if you are trying to protect people from acquiring nonfiction or
testing positive for developing mild symptoms, they will probably be in a bind where that affect only last for three months so i don't think the public has an appetite for boosters every three months and the protection against severe illness is still very strong with the primary series. maria: and there's a lot of questions around this. these companies are expected to generate $93 billion in revenue from vaccines alone. don't get me started on the money that companies is spent on lobbying the pharmaceutical industry is the largest lobbying to washington, so connected the dots. there's a lot of money being made on these vaccines and questions about whether or not they are needed. i want to get your thoughts now on deltacron, this variant that combines delta and omicron. what you make of this? >> not much we really know about it except there's 25 cases in cyprus. 11 of those 25 cases or people in the hospital,
so perhaps it behaves more like delta, but there are 10 mutations a similar to omicron and what we know so far is that omicron gives cross immunity to delta. that's great news, i mean, that was an amazing finding that was really not covered by the media. when we learned omicron infection gives you delta immunity, that's immunity to a more dangerous strain and it's displacing delta now as high as 95% of cases in the us. maria: i mean, doctor carey-- doctor mcgarry another issue not covered by the media. is the number of drugs that have been used to treat omicron and they have been successful, i mean, this administration keeps telling us to just ride it out, go isolate for two weeks and yet when you look at these drugs they actually work. why are they being banned? here's doctor corey who i spoke with yesterday on sunday morning futures about what he's
calling a war on generic cheap drugs. watch this. >> the system is highly structured and scary how it's structured. it's structured to act within the interest of for-profit pharmaceutical operations. there is no system for assessing and approving generic drugs and in fact, it's almost like there's a blockade set up. they just don't approve them. they don't assess them and in this pandemic, drugs have actually been shown to be the most effective. the system will only listen to a large double-blind randomized controlled trials done by pharma so the generic drugs don't get a foo-- approved and they get ignored and the tragedy is this entire pandemic we have not had an early treatment recommended by the government because they been waiting for the approvals of the novel patch intended drugs and the two that just got approval and so the absurdity and the tragedy and the damage on the american people by a broken system, we need to fix this.
people are dying because they are deprived of highly effective chief widely available drugs that do not present as obscene profits to the pharmaceutical companies. maria: doctor mcsherry, i mean, look, he said it all and i mentioned hydroxychloroquine. i know everyone is different, i'm not a doctor, i don't know, but i know this, i have people close to me who took hydroxychloroquine and they were better in about three days. >> you know, no one should die of covid right now. if you look at the number of medications that have been out there and work against covid, there is an that's been fda approved this entire pandemic, it's about $10 and it blocks the inflammatory reaction. 91% reduction in mortality and how the covid patient, no data to the controversy, it doesn't have the issues of hydroxy and iver mac 10, it's in the top
journals it's in jama and lancet. a steroid inhaler, convalescent plasma if you remember it was seen as a concoction of the trump administration. recent study found the donated plasma those who had covid reduced hospitalizations by 50% and here we are talking about this crisis of monoclonal antibody shortages, how about the antibodies from people who recovered? no one gets rich off of convalescent plasma but we never hear about the therapeutics. no one should be dying of covid right now. maria: that's right and real quick the pharmaceutical companies are going to make much money on this drug. it's all patent; correct >> that's right and this is the dilemma. do we put patients first our profits first? maria: thank you. great to have you as always. we will be right back. stay with us. bserved markets shd by the intentional
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maria: welcome back. good morn day morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is monday, january 10th. your top stories, 7:00 a.m. on the east coast. omicron raging across the country, the seven day average topping 700,000 in the u.s. alone, we had a record number on friday, almost a million cases as experts are wondering if the outburst of omicron may lead us to endemic status. the demand for testing and
treatment soaring. labs forced to limit supplies. the biden administration is issuing new guidance that race and ethnicity should factor into who gets priority for treatment. we are following this all morning long. markets are searching for direction ahead of the start of fourth quarter earnings season, the dow industrials up 5 points, s&p 500 down 3 and three quarters and nasdaq lower by 42 and-a-half. the fourth quarter earnings season begins this week on friday, with the major banks reporting their quarterly results. all three major indices finished the first full trading week of 2022 lower, the nasdaq was down 4 and-a-half percent, the worst performer on the week last week. the s&p was down about 2%, the dow industrials down just a quarter of a percent on the week last week. european markets kick off the new week in the red, the eurozone economic data coming in, the unemployment rate down in november to 7.2%. the ft 100 down a fraction, the cac down a fraction as is the
dax index in germany, down 27 points there. in asia overnight, a mixed story, the hang seng was the leader on the upside, it was up better than 1%. korea was down, the kospi index down about 1%. "mornings with maria" is live right now. now some of the top stories that we are watching this morning. senator joe manchin be pulling his 1.8 trillion spending compromise on build back better off the table, this as talks with the white house broke down. here's wisconsin senator ron johnson on sunday morning futures yesterday. >> god bless joe manchin. i can't tell you how many of my supporterses tell me to tell joe manchin they're pray forge him as they witness how the democrats are abusing him. so that's not the way to get somebody on your side that's for sure. i appreciate the fact that joe manchin stood by his pledge not to blow up the senate, eliminate the filibuster. he's concerned about inflation, as am i. maria: the democrats are still
pushing through the build back better agenda and they want to get through two new voting bills. house speaker nancy pelosi says she can get manchin on-board, saying an agreement can be reached according to pelosi. kevin mccarthy, meanwhile, joined me yesterday on sunday morning futures, making a big prediction with the upcoming midterm elections in november, he joined me on sunday morning futures. watch. >> that number 25 is a very big number for democrat retirements. in 2010, when we won the majority, 17 democrats retired, already 25. i expect that number to be up to over 30 democrat retirements because they see what the future holds and see the numbers. we need people to join with us to be able to fire nancy pelosi. we want to earn enough the that we have a governing majority, that means getting in the realm of 20 and higher. if we're fortunate to win 35 republican seats, that would be the largest republican majority in more than 100 years.
maria: mccarthy told me when and if the gop does take back the house majority they will hold the biden administration accountable for the crises underway including the border crisis and the botched afghanistan withdrawal. meanwhile, the u.s. and russia will sit down for high stakes talks today as we watch the russian military build up around ukraine, moscow demanding an end to nato's eastern expansion. this as a mass anti-government protest breaks out across kazhakstan, in the past week, russia flooding the country with thousands of russian troops to help support the kazhakstan government, pulling the former soviet republic closer to russia, sending a signal to the united states and its allies. an australian judge overturning a decision to revoke tennis star novak djokovic's visa, paving the way to compete in the use train ya open.
his visa was canceled because he didn't take the vaccine. the ruling ordered his release from a hotel where he was detained. the lawyer says the immigration minister could intervene which would mean djokovic could again face deportation and a miss the big match. we'll be watching this story closely. time for the word on wall street, top investors watching your money. goldman sachs is expecting four rate hikes from the federal reserve. joining me now is nancy tengler, chief strategist, katherine rooney vera and michael lee strategy found r, michael lee. great to see everybody this morning. thank you for being here. nancy, kicking things off with you. we have futures searching for direction this morning as we await fourth quarter earnings which kick off later this week, we've got the big banks, jp morgan, citi and wells fargo set to report quarterly numbers, delta air lines out this week of. what's your thoughts on the earnings season, you said earlier you're expecting very good numbers. how does that compare to what you're expecting from the
federal reserve, goldman sachs now is expecting four rate hikes this year, nancy. >> yeah, maria, good morning. well, listen, the federal reserve raising rates is seemingly somewhat priced into this market and even with call it four rate hikes we're still going to be in an environment of negative real yields and so much of the market reaction, tech volatility is a bit of overreach in my view. i think this is hedge fund managers repositioning their portfolios which they will do again in short order. you've seen a lot of volatility and negative returns after a very robust year last year. i think earnings will be as most expect in the 20% range. i mentioned earlier that brian reynolds of reynolds strategy tracks payments, there was $63 billion of corporate tax paid on december 14th and 15th. based on his work that show a beat of two-thirds of a percent.
add to that that companies have $3.8 trillion in cash, that's a record. this is going to continue to support dividend increases and share buybacks which in our view has been putting a floor under the market so i would encourage investors who are long-term to take this as an opportunity to add to holdings in high quality companies with good balance sheets that are either paying a dividend, growing the dividend, or have free cash flow that will allow them to buy back shares. and i think you'll be very happy you did that by the end of the year. maria: than circumstance real quick, is a -- nancy, real quick, is a 20% increase in year over year earnings priced into the market, is that what people are expecting largely. >> yes, they are, maria. as we always do, we'll see companies beat those numbers and then in 2022 we're going to see a slowdown and i think the market is anticipating that as well but it's also another reason to be buying growth stocks because as earnings growth he slows, investors are
willing to pay up for growth. maria: yeah, katherine, how do you see it? i mean, the fact that goldman saks is predicting the federal reserve to raise interest rates four times this year, they expect march, june, september, and december, all those meetings to see a rate hike. your thoughts on the impact? >> well, i agree with nancy. it's probably priced into the markets. i dealy, maria, the fed does in fact do it because we have way above trend growth, double potential growth, inflation really far beyond the target and we have of course the wealth effect playing into the situation but the thing that i'm most concerned about, maria, is policy risk. and the fed can change on a dime. i personally doubt they do four times. there's even a risk they don't hike next year. you know, big banks actually, maria, are all over the place so goldman is certainly the most aggressive of all of them but
the fact is is that we're getting additional stimulus. the worst thing that can probably happen right now is the federal government does another round of fiscal stimulus which puts additional fuel on the fire for inflation. if that happens then we will get the fed moving more quickly than possible but this is a fed that's gotten things wrong, transitory inflation, wrong, no wage price spiral, pretty wrong and, three, labor market not full employment, wrong. anecdotally over the weekend, last week i heard a small business owner say pizza hut is paying $20 an hour. his top guy gets paid 17 bucks an hour. for him to increase price force all his guys to match pizza hut he has to increase the product he sells by 15%. that's a big issue. that's the definition of wage price spiral. we have to be aware of this. the federal government should not put additional stimulus into the system. fiscal and monetary are at full throttle even though the fed is tapering.
i think this is a situation where investors need to be protected. i agree with what nancy said on the inflation front and expectation of rate hikes for this year. maria: i think you make some really important points but you're not sold on the idea that we're going to see all these rate hikes it sounds like. >> no. i think omicron could scare them, if we get deltacron which sounds like something out of universeal studios, this could spook the fed and take rate hikes off the table. maria: all the uncertainty, mike, has tech stocks really coming off of the bubble levels. i know you're overall bullish on this market. we've seen multiple compression for technology stocks, certainly the ones that have been rising in the last couple years. what do you want to do if you own big tech right now? >> look, depending on the technology names that you own, so the microsoft, the apples, the amazons, these sorts of names i think will weather the storm. and i think a lot of their
earnings power that you're going to continue to see over the next couple years can combat a lot of the multiple contractions we're going to see across the tech industry but this volatility is going to continue to persist. so nancy and katherine, two brilliant minds that know exactly what going on in the street, very differently have hugely differentiated opinions on where interest rates are going to be and so while goldman's calling for four rate hikes, a accelerated balance sheet runoff after the accelerated taper, there's other people out there, very smart people, saying we're not going to see any rate hikes. while you have that uncertainty and inflation numbers we're going to get another cpi reading this week, picking up, demand to pay 50, 100 times earnings for a hot line tech name in a kind of faster growing, faster inflation world is going to dissipate, so i'd say regardless of the outcome of the fed, the names that you find in like a kathy
wood arc portfolio are not going to perform the way they have over the last few years. so i continue to own the oracles, the microsofts, the apples, these big names that don't really have the stretch valuation that's a lot of other technology does versus a lot of these high flying fast growth names that you may not even understand what they do or maybe it's just me that doesn't understand a lot of these names. but these kind of fast money names, those are the ones that you're going to see the most multiple compression right now but i'll tell you for stock investors that are jittery, there's no recession on the horizon. there is no debt bubble. we have uncertainty around the fed and when there's uncertainty around the fed, stocks become stuck in the mud and we get a lot of volatility and so like nancy mentioned if you are a long-term investor, now is a great time to be dollar cost averaging in your favor, names in the overall market. maria: it's great advice from all of you. we appreciate it. thanks very much, guys.
katherine, michael, we'll see you soon, nancy tengler you're with us all morning. thanks, everybody. have good monday. quick break. much more ahead. chicago schools are closed again for another week we're getting into the impact on our children as they're going remote learning once again in chicago. then the future of remote work may look a little different, how a new proposal in new york city could help get people back to the office at least part-time. joining the conversation all morning long this morning, liz peek and nancy tengler many we'll get back to the fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. back in a minute. showing thed how liberty mutual customizes their car insurance. ow! i'm ok! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ only in theaters december 17th. ♪ liberty. liberty. liberty. liberty. ♪ only in theaters december 17th. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio.
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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. maria: well, the teachers unions are in charge, chicago public schools canceling classes again today, city officials and the teachers unions failed to reach an agreement on covid safety measures, they say. it marks a fourth consecutive school day classrooms will be empty, mayor lori lightfoot slamming the teachers union for
failing to show up for classes again. watch. >> so this walkout by the teachers union which is illegal has had cascading negative ripple effects not only on the students and their learning, their social, emotional welfare but also on the families themselves. it is making them have tenuous financial status because they have to work but they also have to take care of their kids. >> teachers are trying the best they can. they need to be respected, not vilified, chicago is the exception that proofs the rule. maria: respected. how much more respect can you get when you're given billions of dollars. the teachers union is now accusing lori lightfoot of being a bully. liz peek, your thoughts on this? how much did schools get in the build back better agenda and the covid package earlier in 2021 and they still don't want to go back to work. liz: maria, of the $5 trillion
that's been allocated by congress, $263 billion went to schools. what do we have to show for it? not much. in my view, lori lightfoot should declare an emergency, she should fire the teachers who refuse to come back to work because guess what? the families involved, the children who are learning, less and less with every day that pass, it is an emergency. she should stand up to the teachers unions as ronald reagan did to the air traffic controllers many years ago and guess what, it improved his polling and approval. it would help lori lightfoot who really needs some help right now. this is a disaster for chicago families. maria: ing you make a great point about lori lightfoot and what she should do. nancy, look at our children. the kids of america are being disadvantaged. you compare that to the kids for example in china. american students are going to have a hard time in the next five, 10, 15 years when they're
looking for work. nancy: yeah. i agree, maria. and one of the other things that isn't talked about at all is what all this seclusion is doing to their immune systems. one of our colleagues at laffer tangler has a 3 and-a-half-year-old that spent time in isolation and when she went to preschool she spent time sick since then. many kids are kept away from many germs. that's a problem. secondarily, the mothers who started to re-enter the workforce are going to be forced to stay home again. this is also having a he deleterious effect on families and womens advancement in corporations because they have to pull out, not to mention the educational issues which are horrendous. i had a teacher who in fourth grade was out for most of the year and i still have trouble with geography because we never got to some of those issues. so this will last for a lifetime
for many of these young people. it's very sad. maria: it's no joke. yeah, it's no joke. you're absolutely right. kids are being disadvantaged. we'll take a break. when we come back, will it be three, will it be four? interest rates are going higher more than you thought in 2022. we'll break down the fed's plan, what it means for you, investors and the market. back in a minute. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.
maria: welcome back. goldman sachs is predicting that the federal reserve will raise interest rates four times this year instead of three times and start its balance sheet runoff process this july. st. louis federal reserve president james bullard says the first rate hike could come as soon as this march as the treasury yield surges to a two year high. it did hit 1.8% earlier today. it has come in from that. joining me now is former kansas city federal reserve president and ceo and distinguished senior fellow, thomas hoenig. tom, great to see you this morning. thanks so much for being here your analysis on where we are right now in terms of the economy, given inflation and the issues that the federal reserve is looking at. how would assess things? >> well, i think first of all i
would say that the majority of the open market committee members recognize that they've got to remove this very strong or excessive accommodation so there's an agreement that supply issues involve more than logistics, it involves costs of labor, it involves trade and so forth so you have a real issue there and then they also recognize, i think, that the demand has been really pumped up with the covid relief program, that's continued, the increase in savings, so they have a very strong inflationary bias in the any. economy. so they recognize that and they know they have to remove this accommodation. now, the tricky part, the hard part is the situation they're in. that is, covid is still raging even though you have this demand. they are loathe to see unemployment rise and as interest rates increase and slow the economy, the risk of slowing employment or even increasing unemployment rates are increased
and they'll be very, very slow to try and deal with that. that is, to see those numbers go up. that will put pressure on them to delay some of their increases in interest rates, plus the government is still going to be issuing lots of debt. if they don't fund some of that, that means even more pressure on interest rates. so they have a huge challenge ahead of themselves. i think they will move. i think they know they need to get to at least 1% by this summer or soon after that and then assess at that point and then move forward from there because they are way behind where they need to be. maria: well, tom, you said they understand the issues and the challenges and threats that we face and yet for the longest time jay powell was calling inflation transitory until finally during that q & a session he said, look, let's retire the word transitory. would you expect that we're going to see three or four rate hikes this year?
>> given the amount of inflation that's in the economy, should these numbers stay high, i think that they will need to -- they almost have to do that and he recognizes that but i think the thing that will cause him to come back is the issue that's been i think delaying their acknowledgement that inflation is an issue, and that is the unemployment rate. they've become focused on that. that's a short-term but it's a very dramatic thing for them to deal with and so they will delay if that number starts to rise, would be my assessment. now, you have to overcome that. otherwise we'll have inflation and we will repeat some of the things that people talk about from the '70s. that is, putting pressure on interest rates, letting them rise an when unemployment goes up they pull back from that and you get a vicious cycle. so they need to move and they need to be firm on staying there but they want to avoid and that's where they'll have the trouble and that is they don't
want to shock the economy either. so i think they have a real -- ahead of them. maria: look at the prices of all sorts of things. meat up 16% year over year, we're going to get the december consumer price index coming up on wednesday, giving us a better read on inflation as you know. in november, consumer prices were up 6.8% over the previous year. it was the highest annual inflation rate since 1982, thomas. how would you characterize inflation right now and what's your estimate or expectation for 2022 inflation? >> i think first of all, i think inflation's going to stay high. i think all the -- given the very strong demand, given the various costs of labor that's a supply shock, some of the trade issues, i think inflation will stay high. there's a lot of still excess consumption ability in the economy with these very high savings rates so there will be a lot of demand so inflation is going to be high and the federal reserve is going to have to deal with that and they are going to
be-they know they have to move but they're still going to be very cautious about that unemployment rate and that's the thing that i think will slow them down if they do slow down. now, -- and if they do move and they see those numbers, they start backing off, that will be even worse because their credibility will be gone, it will be even more difficult i think to deal with inflation in the future so they just have to -- they have to bear down, do it carefully, he slowly, but firmly and not go back and forth and that's their challenge. maria: yeah, i think you make so many important points, tom. let me get your take on the confirmation hearings we're going to have the senate hearing on jay powell's nomination as fed chair, lyle brainerd as vice chair and then you've got a conversation around sarah bloom raskin being nominated by joe biden to be the chairman of bank supervision, a real progressive pick. your thoughts on policy as it
relates to these confirmations or potential confirmations for the bank supervision. >> well, i think there's going to be a lot of questions at those hearings and i understand, given the conditions that we have in the economy today, that there will be these questions. i do expect that the nominees will all be confirmed. on sarah, i don't know what their attitude will be. i haven't seen the nomination yet. i don't know where that's going but i would assume that she would get confirmed, given the makeup in the senate but we'll have to wait and see. she has experience as a -- she is a progressive but that is what you would expect given the administration that we have. maria: yes, it's a good point. do you think it's going to be a tougher road for the big banks if in fact she becomes the bank supervisor? >> i don't know.
i don't know that -- maria: go ahead. >> the if she becomes the supervisor, i don't expect that that would be a huge issue for the banks. the bills, they have absorbed those. they are in place. they're dealing with those. so i don't know that that will be a big stumbling block tore fe large banks. maria: thomas, it's always a pleasure to talk with you. thanks very much. we'll continue the conversation as we v thank you, sir. we will talk to you soon. we will be right back and a we'll get into foreign policy next. stay with us. what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
maria: welcome back. shocking and tragic video showing a deadly cliff collapse in brazil. cheryl casone with the did tails right now. cheryl, good morning. cheryl: good morning again. so at least 10 people were killed, dozens were injured when a rock face collapsed and fell into a group of boaters on a lake. local fire department and the brazilian navy assisting in
recovery efforts. authorities are searching the area still for any survivors. there's been a lot of heavy rains there. that apparently leading to erosion. well, citigroup, the first major wall street giant to follow through with the vaccine mandate, telling uses employees if they don't -- u.s. employees if they don't get the shot by friday they'll be placed on unpaid leave and fired at the end of the month unless they're granted an exemption. meta formerly facebook making a big commitment not in the golden state but the lone star state, the company signing a lease to occupy the tallest tower in austin texas once construction is complete. the lease is for 589,000 square feet. that spans 33 floors in the skyscraper. it makes it the largest lease ever signed downtown. meta is down more than 1% in the premarket. finally, if you missed last night's golden globes, you're not alone. this year's show had no red
carpet, no celebrity presenters, not even a live stream. nbc pulled the television broadcast of the show amid controversies over equity and inclusion with the foreign press association. the remake of the classic west side story nabbing best motion picture, best actress and best actress in a supporting role. best animated motion picture encanto won. succession won best tv series drama, best actor and best acso -- actress. so there was a little bit of good news, least for you and i, maria. those rush headlines. maria: thank you so much. the u.s. and russia kicking off high stakes security talks today as we watch the russian military build up around ukraine, moscow demanding an end to nato's eastern expansion. the biden administration is threatening sanctions if russian
leader vladimir putin does invade ukraine, also considering measures to curb russian energy export. joining me now is former senior advisor to mike pompeo, executive vice president of stephens inc. and senior policy advisor, mary kissel. thank you for being here. >> thanks for having me back, maria. happy new year to you. maria: mary, assess the situation. you've got troops on the ukraine border from russia. you also now have russian troops in kazhakstan. how do you see things? >> well, president putin likes to create problems which he then offers to solve and this isn't the first time that he has done this. he did it in syria during the obama administration, he did it previously in ukraine and he's essentially setting the agenda. unfortunately, the biden administration is taking the bait, agreeing to talks and that gives putin really an upper
hand. it's absolutely ridiculous to say that nato threatens russia or that there should be any sort of concessions here. if anything, we shouldn't be at the table. we should be arming ukraine, making it difficult and costly if putin were to intervene because honestly, maria, putin does not go into situations where he thinks he's going to face great resistance or situations where he thinks it would be detrimental to his political standing at home. so those are the two things that we should be trying to make difficult for him right now. maria: mary, what should the biden administration be doing? i mean, you've said that it's a bad sign to see deputy secretary of state wendy sherman taking this lead role in the discussions with russia. we've seen her take lead roles before, haven't we? >> yes, it's not just the fact that we've ceded to talks and have even hinted we might make concessions to moscow for really
no reason at all. it's also who we're sending to the talks. wendy sherman doesn't get a lot of attention in the press. she should. she's the deputy secretary of state. she negotiated two prior deals that resulted in failure. the first one was the agreed framework with north korea under the clinton administration, of course north korea broke that agreement almost as soon as the ink was dry on the paper. she was a key player in the negotiations of the iran nuclear deal. powers like russia take notice of that. we tend to think of these problems as bilateral problems, maria. we have a russia problem, iran problem, afghanistan, north korea problem, that's not true. these powers watch what we do in every corner of the world and they learn from us and i think putin is often characterized as this great strategist and genius but i'm not so sure that's true. i think it's actually taking advantage of our naivete.
another problem that blinken has, our secretary of state, is that he's dealing with a disunited europe. recall too that russia would not have this kind of leverage over places like germany with things like the nord stream 2 pipeline if germany hadn't supported the construction of it. so if that's on the table, it shouldn't be a negotiation over whether or not we open nord stream 2. nord stream 2 shouldn't open under any circumstances. that's something else to watch as the talks progress. maria: i don't understand the motivation of joe biden and this administration. you've got mass anti-government protests breaking out across kazhakstan over the past week, russia flooding the country with thousands of troops there, supporting the government there. i guess that move, pulling the former sowf yet repub -- soviet republic closer to russia sends a signal to the united states and its allies. same situation with china, you're talking about adversaries watching what we're doing, following the political debates
in america and piling on, china has been doing that through its propaganda, quote, unquote, media for the last several years, if not beyond, right? >> yes. that's true. i saw that throughout my time at the state department. one thing to note about kazhakstan, we often see periods of political unrest when you have economic distress. we saw that in 1989 with the teaen men -- tiananmen square protests. you're seeing it with rising energy prices. the question is what can or should the united states do and that's something that the biden administration is really grappling with here. their first instinct here is to talk. there's nothing wrong with talking. but what they really need to do is to make a cold calculation here about what's in the u.s. national interest, what our partners are willing to do, what we're willing to do within the constraints that we have and in terms of kazhakstan, we're not
probably going to send troops into kazhakstan. we can support the people there. we have significant energy investments, some 40% of uranium is produced there but i think there's a greater national interest in ukraine than there may be in central asia, although you don't want to see the russian power extend over kazhakstan once again as it did in soviet times. maria: it's great analysis as always from you, mary. good to see you. thanks very much, mary kissel joining us this morning from stephens. we'll see you soon, thank you. we want to get into the supreme court right now, divided over vaccine mandates, the supreme court taking up president biden's vaccine mandate, one justice making a false claim on child hospitalizations. we'll get into it with one of the state's suing the administration, missouri. ♪♪ care. it has the power to change the way we see things. ♪♪
maria: welcome back. the supreme court is hearing argument on the biden administration's vaccine mandates, it started on friday. the first goes after the requirement for employees to be vaccinated or face weekly testing. the second challenges the mandate that healthcare workers at facilities that receive medicare and medicaid must be fully vaccinated. joining me now is the attorney general of missouri eric schmitt. ag, great to see you this morning.
thank you so much for being here. you were the first to file against this couldn't veer shewel health -- controversial healthcare worker vaccine mandate. what do you know and what have you heard in terms of how the supreme court is looking at this? >> well, i think they're going to move pretty quickly. obviously these timeframes have been compressed. i think these are two of the most consequential cases the court has ever heard, especially if you care about the skill, reach and the breadth of what the administrative agencies can do. there's no constitutional authority, no statutory authority for osha for example which was charged with making sure there's a shower next to when you're working with chemicals to force a medical procedure on tens of millions of americans. there isn't. this case stands for not only the forced vaccination of tens of millions of americans but how much power the federal government by the way of agencies that aren't accountable to anybody, nobody votes for the deputy secretary of the epa, how much authority they're going to have so there's a lot at stake here. inned a digs to the impact on --
addition to the impact on the economy. we argued in one of these cases as relates to healthcare workers, you're going to see rural hospitals close, you're going to see nursing homes close, you're going to see a dementia patient have to move to a facility they're not familiar with. you'll have an i'm pact on the trucking -- impact on the trucking industry. it exacerbates the supply chain issues. the rulings will ripple across the economy and affect tens of millions of americans. maria: i mean, it's just ex steroid mayly to -- extraordinary to me how inept the administration is to think they can push this through. i think many people said from day one this is untuesdayal. do you -- unconstitutional. do you joe biden said let me push it through now when it gets abdi kateed. is that the point. >> this came on the heels of the disaster afghanistan. he told everyone he wasn't going
to push these mandates. afghanistan happens and he moves these. it's not an emergency to do this right away, to be sued right away. i think the more dangerous part here is if these are allowed to move forward, it's hard to see a limiting principle, it's hard to see where this ends, right. so that as chief justice roberts mentioned, is this a work around, a work around congress, a work around the constitution. that's why it's really important because i think, mark my words, the next existential threat and all these issues that have to be dealt with immediately will be climate change. they'll charge the epa and transportation to tell you what you can drive, when you can drive, where you can drive it, going after farmers, ranch every -- ranchers in middle america. it's scary in the sense that our founders had checks and balances, to check the authority of any one branch, person or
agency so they never got too powerful so you can pursue your dreams, start your business, you can decide whether or not you're going to he get a vaccine. that's all on the line here. all that was meant to protect individual liberty and personal freedom. so it's about the vaccine in the mandate. but it's also about the big concepts that define who we are as a country and who we're going to be. maria: yeah. you are so spot-on, ag. they're going to tell us, oh, you can't drive your suv on this day and that day, all because of climate change. that is rippling through agencies right now. how worried are you that even the supreme court is politicized? justice sonya sotomayor facing backlash because she claimed 100,000 children are hospitalized in ear just serious condition. it's not true. rochelle walensky was forced to clarify, the number is less than
3,500. >> it's indicative of the fear mongering that happened for two years by the corporate media. this has never been -- in my state, i'm suing local jurisdictions and school districts in addition to the federal government, who have all overreached here, who used this coronavirus to aggregate and maintain and exert power because that's what this has been about since day one, we know it's what's it's about now. it's not about science or data. it's about power and control. we have to fight this on every front. this is about much larger issues than just what's right in front of us. australia used to be a place where they were kind of like us but they had cute animals. you're finding out that you're arrested in australia for not wearing a face mask in a park and being sent to a camp. this stuff, gone unchecked, is what dictators and tyrants have done since the beginning of time and we have to say not here in america. we're a free country. we're going to remain that way
and we're going to push back against tyrants at every turn. maria: i mean, we are grateful to you for pushing back this way. do you feel the support of other ags across the country? i know you worked with ken paxton in texas on a number of things but when you talk about the aba sense of liberty and -- absence of liberty and freedom and how this power grab is happening as a result of the coronavirus, this is dangerous for all of us. do you think the other ags across the country are seeing it the way you are? >> the republican ags do, that's for sure. we're united on this. and dozens of lawsuits were filed across the country. they went to different circuits, missouri was leading in the eighth circuit, 11 state coalition, so yeah, we're very united. this is what's supposed to happen. it's sad that what's happening with joe biden is happening. the states created the federal
government as you know and it was supposed to be a government of limited powers. securing the border by the way happens to be one of the powers. but certainly forcing the vaccination of 100 million americans isn't one of them and so this is what we should be doing right now. we need to be defending individual rights and personal freedom and we're very united on that and we're going to keep at it. maria: yeah, unfortunately you've got nancy pelosi and the democrats trying to take power away from the states right now on a number of levels. joe biden leading the effort. real quick, ag, when are we expected to hear from the supreme court? when will this be resolved? >> i mean, i think we should hear from them today. january 10th is a number on the osha mandate. but i think they'll be pretty quick. the issue's just so big, the impact is so large, that i thini arguntgusgu rlly eaether etr thii itiii signals srehe g tngg
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congressman alexandria ocasio-cortez revealing tested positive for covid, comes after pictures from partying maskless in miami beach all this people in her district stood in line for hours, amid a record surge in cases. elizabeth your thoughts. liz: remember ted cruz excoriated, i think hilarious coming under heat scaping to florida a state to take advantage of sunshine no mask mandate not surprising story to me. maria: a great point elizabeth and nancy say there next hour of "mornings with maria" begins right now. . maria: good monday morning.
thanks for joining us. i'm maria bartiromo, happy new year i am happy to be back monday january 10 top stories 8:00 a.m. on the east coast, kick off new midterm election year with congress back from vacation today, many in gop like chances in november, here is house minority leader kevin mccarthy on "sunday morning futures" yesterday. >> we want a governing majority that means in the realm of 20 and higher if fortunate enough to win 35 republican seats, that would be the largest republican majority in more than a hundred years. maria: so what gets done in second session of congress? this year, "build back better" appears to be busted. >>o senator joe manchin makes it clear no more talks between him and white house on biden's excessive spending plan west virginia democrat taking counteroffer off the table sthon ron johnson on "build back better".
god bless joe manchin i appreciate the fact joe manchin stood by his pledge not to blow up the senate, limit filibuster, he is concerned about inflation as am i one of the bigs problems facing this nation today is increase in prices, that is wiping out whatever wage gains americans are realizing. maria: meanwhile big week for earnings, we are looking at markets this morning, under selling pressure, we have had a pretty good sell-off last 30 minutes dow industrials down 129 points s&p down 33, nasdaq now selling off the to tune 208 points ahead of he earnings season friday goldman sachs predicting four rate hikes from federal reserve this year up from three rate hikes last week, that is unnerving markets as well, all three major indices, have the first full trading week of 2022 in the red take a look, the nasdaq, sold off 4 1/2% that was worst performer, as
we see big growth names, turnover the dow industrials down a quarter of one percent on week, s&p 500 lost about 2%, on the week last week, european markets this morning also lower take a look at eurozone economic data out from europe this morning, ft 100 cac quarante, fractionally, germany lower by two-thirds of one percent, that is down 107 points cac quarante down 3/4 of a percent, 53 points lower in paris asia overnight markets mixed hong kong did well up about 1% korea weak spot, following nearly 1% there. "mornings with maria" is arrive right now. >> morning mover, reaching a detail to acquire zynga 12. billion dollars deal an vans for gaming sector trials against multiple plvmdz cash and stock shares valued at
9.86 apiece, making title grand theft auto known for farmville words with friends, stocks on the move, zynga up 51%, take two down almost 9%, check out lululemon this morning rolling over as well that stock down nearly 6%, as you can see, he retailer says omicron will put a dent in the shopping quarter, it was forced to cut down on staffing store hours during the period forecasting fourth quarter revenue at low end of expectations, between 2.13 billion and 2.17 billion markets this morning lower, we saw pretty good sell-off last 30 minutes or so, dow industrials down in triple he digest incline 116 nasdaq hardest hit as case last week nasdaq down another 196 points right now that is down 1 1/4% as we look to fourth quarter earnings beginning this week, major banks jpmorganan
citi group wells report friday as you see stocks mostly higher exception blackrock delta airlines out thursday investors look to see how much at the omicron variant is impacting the airline industry this morning, delta shares down better than 1%, joining me right now center square investment management chief investment strategist scott crow, all morning long liz peek nancy tengler what do you attribute this sell-off in markets this morning, as we approach fourth-quarter earnings? >> a dramatic pivot by fed, what we are expecting one maybe two rate hikes in 2022, now we are talking about three to four, as starting in early as march. and in addition, with that quantitative tightening, the fed didn't sell assets, to reduce last balance sheet let them run off, the probable fed
has is in a corner, the political weight has shifted away from recovery, to spotty inflation, and we focus on real estate, i can tell you real time that the inflation data is likely to stay consistently hot, because the numbers we're seeing no housing, renting house, suggest that the housing component is likely to be sustained hit 2022 even if fed creasing increasing reports. cpi we get wednesday, better idea where consumer inflation is right now i want to get back to the federal reserve, and this experiment, if you will, is the risk priced into this market we are probably seeing right now goldman sachs is predicting four interest rate hikes by fr this year, instead of three, they are also expecting a faster runoff of balance sheet in 2022
scott, is the marketed, underestimating the risk of the federal reserve moving from easing to tightening, and. >> why we're seeing is a triple-digit sell-off again this morning. >> i think it is in essence fed over -- if you will, too much in one direction to recovery the economy, now inflation problem, and over steering the other direction i think the markets in early stages of digesting that, 2022 more volatile year, by what is happening at with the fed markets used to when market go off have a tantrum fed pulls back, the problem this cycle that is the inflation likely sticky frankly so much political pressure, to fight inflation i think that that could be much lower than it has been historically -- very
at least as markets digit hawkish pivot, a chance will get an actual correction in the stock market no how do you allocate capital in this environment i am with nancy tengler this morning. nancy: scott i know you like industrials real, and i just wonder what is it the distribution centers, the worry about supply chain disruptions? what can you share with us and investors in this space. >> yeah, well, penetration of retail from 20%, 10 to 30% quickly not much going to stop it, covid are accelerated the way we use technology everything, that necessitates a significant build out in supply chain as people like apple, providers traditional retailers you know look to create a supply chain that gets very, very close to the
consumer, what we call you will that lock mile industrial retailers businesses compete, the amount of time it takes between clicking getting that in the door very, very important there is a lot -- years left in investment needed in industrial warehouse distribution space particularly relates to last mile for us to get to where we need to be, in terms of how we live and shop today. maria: i mean, you know, i mean scott we haven't even discussed supply chain crisis hitting new, how much of a crimp is that in economic growth crunch limited flow of goods critical to home building caused some sold, homes are being sold without garage doors without gutters, your take on the supply disruptions and back impact on economy. >> great point a stat in june 43% of all developers
multifamily residential reported delays in construction due to supply chain the end of the year 93%, so that is that is that is one and you also seeing big gap between stocks and completion, as you said, supply chain, issues mean -- now, again, that feeds back into big issue inflation, the housing markets rise roughly a third of inflation, and if we can't deliver homes to suppliers a lot of people moving around looking to buy a house, in a new location that is going to end up with continued pressure in the residential component of remarket going to ccpi putting fed in corner again as we go through this year. >> wrap us up with what we do how do you allocate capital right now in face of all of this? >> well, one of the obviously, ways to do it to invest in residential real estate, i
mean it is the -- can be a been fishery, we like texas, florida, south, also like single family rentals as well, in that space a way in which we are going to help solve the housing crisis in the u.s. because a lot of single family rent rates are ramping up development what we call build to rent communities. where they create 200 plus, in one area, this is going to be a big part of the answer how we solve this, this you housing crisis in the united states. maria: all right. we will be watching all of that, good to see you have a great monday thank you, sir. . >> all right scott joining us much more ahead watching the balance of power in washington, why some in gop, are expecting a big turnout in
november see what house minority leader kevin mccarthy told me coming up future of remote work different how a new proposal in new york city could get people back to the office at least part time you are watching "mornings with maria" live on fox business. . real cowboys get customized car insurance with liberty mutual, so we only pay for what we need. -hey tex, -wooo. can someone else get a turn? yeah, hang on, i'm about to break my own record. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. . maria: welcome back. being new york city mayor adams pushing to get please back in the office despite a rise in a number of covid cases, he has a solution to offset work from home, a three-day workweek. lydia hu live in new york with more on this lydia good morning to you. >> good morning, maria, nationally we see 11% workforce working remotely but new york city estimate higher, about two-thirds of workers are still working from home. now even as omicron surges new york city mayor eric adams
proposing back to the office even part-timer basis. >> i want businesses in this city to come up, with a closer deadline, say we going to start placing our till in if water, come in two or three days, then let's get the city back up and operating. >> but here in the city mayor proposal comes as many big banks are adjusted widespread return to work plans omicron surges moem moving target date to february others giving more and continues flexibility to work from home, kathryn while the president of partnership for new york city says employers also want workers back in the office but 4 1/2 million workers left jobs in november, says environment expectations changed she says there anyway never be a rufr to full five day per week in the office.
>> there is a -- and the way has made that even more for employers to impose their will on workers. >> another factor, here in new york city, maria, is the vaccine mandate,that applies to businesses here in the city it does not allow a testing option, that policy along with employees testing positive, with covid, is being blamed for closure of dozens of bank branch locations across the city a sign in staten island temporarily closed due to new york city covid-19 workplace vaccination order maria that city policy in addition to what employees now expect to work from home flexibility complicating the return to work new york city. maria, back to you. maria: wow with, lydia lot to
chew on there we've got to talk about three-day workweek in the show lydia hu thank you so much live in new york city, biden administration, drops the ball on border crisis again. former bush sr., advisory karl rove here to weigh in on crises we are watching then running into a playoff season the full nfl round up when we come back. stay with us. . voiceover: riders. wanderers on the road of life. the journey is why they ride. when the road is all you need, there is no destination. uh, i-i'm actually just going to get an iced coffee. well, she may have a destination this one time, but usually -- no, i-i usually have a destination. yeah, but most of the time, her destination is freedom. nope, just the coffee shop. announcer: no matter why you ride, progressive has you covered with protection starting at $79 a year. voiceover: 'cause she's a biker... please don't follow me in.
maria: welcome back well we kick off the midterm election year with congress back at work this morning, i spoke with gop leader kevin mccarthy yesterday, and his expectations for the november election, watch this. >> number 25 is a very big number for democrat retirement, in 2010 when we won the majority, 17 democrats reared row tired up over 30 democratic retirement see future they see numbers we need people to join with to be able to fire nancy pelosi want enough that we have a governing majority that means getting in the realm of 20 and higher if fortunate enough to win 35 republican seats that would be the largest republican majority in more than a hundred years. . maria: joining me forge
george w. bush senior adviser folks news contributor karl rove happen happy to you reaction to what you heard are from kevin mccarthy. >> i think he is right, i have a friend dr. john, head of the government department at university missouri taught at ucla many years, john points out there are five short he models we use to project house of representatives elections, so-called surge and decline what we see in last presidential race perform the job approval retirements, three we can use to project, about what election might look like today, there are two others campaign spending candidate quality, that can't be used until later, but if you look at -- at retirements, john pointed out to me democratic retirements over 10% of the total democrat numbers in the house the republican retirements are 6%, that 4% republican advantage
in retirements would if you look historical since world war ii trends, would generate a 40 seat advantage for republicans, now on the other hand, declines when a president wins, election wins white house cares in a large number of people in marginal seats on coattails republicans picked up 13 seats 12 november one special election before that 12 to 13 seat republican pickup, presidential job approval would point to 18 given what the president's numbers today the average is 23, and if that is the case, then republicans go from 213 to 235 or 236, i think where they are going to end up. maria: why are so many democrats retiring in your view. >> because they know they are going to loss a committee
chairman peter defazio organ, democrats don't have term limits 23 a committee chair maxine waters financial services could stay forever republicans have term limits how long you can be here if you are chairman defazio or chairman watters you say i want to be in minority after chairman having additional staff prestige, now john, of -- kentucky the budget chairman says i am out of here defazio says i am out of here senior democrats say members of leadership team say you know what responding to -- the majority won't be so much to be fun in minority once into minority not two years probably not four could be six or eight years depending who witness presidential contest in 2024. maria: democrats trying hard to ensure that doesn't happen, in the republican ranks, they are pushing through voting bills, so that they can stay in power longer what is your
take, on -- the voting bills that the democrats are pushing right now politico writes the big question democrats will be watching for answers to is president speech in atlanta tomorrow, will biden make a more forceful case fore reforming the filibuster? your thoughts? >> my thoughts is is that this is way over the top. he will do war, the home state of the president of the united states delaware will allow first time ever in history, early voting, in 2022. texas had it for some 40 years. georgia had it for decades, yet georgia and texas are vote you as you pregs after delaware votes earlier fewer days more difficult than texas or georgia yet georgia and texas are being picketed out by president, as couple of
minutes of vote suppression his state never allowed in-person voting, a lot they want to grab control of the election troe willing to denigrate, states that have open and expansive efforts georgia and texas expand early voting in legislation they passed in 2021 think about that texas we moved for example we -- we required thats have been previously optional we lowered the threshold no longer did you have to be a county of 100,000 in order to have early voting now dropping down to 55,000, was mandatory that you have it, georgia expand the number of days, that people have including sundays so churches would have -- polls get out the vote efforts they are being denigrated by this president by democrats, when the home state of the president delaware never allowed early voting new york,
notorious being one of the most difficult states in the country to vote absentee in, so this is you about politics this is about denigrating states that are red in order to vans an agenda, that is -- a pour takeover have federal government in charge of local elections, recipe for disaster. maria: absolutely, taking power away from the states, and that is what you are talking point you see kamala harris talking all about voting don't mess with our right to vote they've got their storyline going. kevin mccarthy also yesterday told me that if and when gop does take back the majority in the house, that they will hold the administration accountable for all these crises watch this. >> if fortunate to be able to own trust american people own majority we will secure this border stop human trafficking drugs flowing across we will make it easier to open a small business not harder make america energy-independent again gasoline price law to be
able to manufacture in america we will pass the parents bill of rights this is just the start for the at the same time, this administration, with one party rule one year, has no accountability and we will be able to hold them accountable get america back on the right track. >> karl what about that you still have democrats president, and we don't know where the senate will go will republican be able to make change in this agenda address some crises should they take the majority in november? >> i think so, and look there are two things that leader mccarthy said i want to pay attention to both one thing was we're going to hold the administration accountable, holding hearings on what they are doing on border what happened in afghanistan but he devoted more time in message to we're going to lay out agenda we are going to pass a parents bill of rights going to pass legislation, to secure the border, he is talking about a positive agenda we are going to do more to make
certain small businesses can flourish prosper, this really important republicans cannot simply, say we are the people going to say no hold administration accountable holdings hearings got to be people say to voters in america in 2022 we have agenda we are talking about ideas to make your healthcare better, your job more your job and your company more prosperous, parents in charge of kids' education limit power of government and an pour of the individual these are all very, very important for republicans to be talking about in 2022. we can't simply be no, we isn't simply be we are going to hold you to account it has to be a positive agenda. . >> we will keep watching all that karl good to see you. thanks so much. >> great to see you maria. maria: karl, all right karl rove joining us quick break white house releases a convertible chart about presidential job growth we are breaking down this missing
maria: welcome back. good monday thaefrpg thanks so much for joining us i am maria bartiromo monday january 10 market ahead of the opening bell further sell-off this morning, big riching moving from easing to tightening, dow industrials down 100 s&p 500 down 30 nasdaq lower by 188, technology is rolling over, has been the case for the last several weeks, markets, of course, also factoring in goldman sachs' report that says that they expect four interest rate hikes instead of three, the dow down nasdaq is down further down 1 1/4 percent on big big european markets under selling pressure economic data out of eurozone this morning, unemployment rate falling to november to 7.2% versus 7.3% the month
prior, the worst cac quarante down two-thirds of 1% in asia overnight mixed story hong kong was up, korea down, japan was closed. as you can see, from numbers, the hang seng up better than 1%, meanwhile, in australia, australian judge you surrounding the decision to revoke tennis starr djokovic's visa away to compete in australia open what a story. >> quite a saga good morning advise avenue canceled after he landed in melbourne despite australian tanis groups approving his request for vaccination exemption that was last week, he tested positive in december for covid since tested negative may not be in clear until tomorrow, despite australian federal judge ruling visa should remain intact immigration ministry could use personal power to cancel second visa stay tuned
to what is going to happen. back here starbucks looking to unionize national labor relations board granting request to hold a vote in mesa arizona location after starbucks in new york became first to unionize locations in seattle have also petitioned for the right to organize. >> sad news from hollywood. iconic tv dad comedian bob sagat died found in hotel room in orlando last night authority say no signs of drug use for foul play sagat was on house, hosting america's funniest home videos narrator of how i met your mother was just 65 years old. >> finally let's switch to talk a little bit of football, the final week nfl regular
season did not disappoint fans, las vegas raiders clinched spot wild sunday night victory over los angeles chargers, the last second field in over time, san francisco 49ers again over time victory against l.a. rams, titans afc number one seed taking care of business against texans buffalo bills one afc east after they beat new york jets you know what i am going to tell you dallas cowboys crushing eagles 61 to 26 friday night, kickoff this coming saturday raiders bengals kicking off 4:30 pm eastern, i should not say where i am sitting apparently surrounded by eagles' fans. maria: [laughter], all right. thank you so much, cheryl good day of football yesterday that
is for sure, thank you cheryl a new chart tweeted out by white house is getting slammed this morning on social media, after president biden claimed that he created more jobs than any other president before him, the labor department statistics missing important context does not factor in population labor force growth or that many jobs were ones that returned after being lost during pandemic, tweet coming after friday's disappointing jobs numbers where we learned 199,000 jobs added to economy last month far below expectations, joining me right now is former counsel of economic advisories acting chairman, fellow at hoover institution. >> thank you so much for being here. >> good to see you, maria. >> sounds like spin to us, here at "mornings with maria," on that white house chart. first give your sense of the jobs numbers that we saw on
friday, the unemployment rate droppinga good news but is it dropping because people we're leaving the workforce? >> you raise a good point maria. so certainly establishment survey number of 199,000 was disappointing, will probably be revived up administration pointing to a sign of strength wouldn't read too much into that because really playing catch-up lagging business survey much of 2021, but look i look at all the labor market data as a whole, i see near record high vacancy rates near record high quit rates, 3.9% unemployment even broadest measure of labor market slack is quite low. and yet i see all these signs of a very, very tight labor market, in the face of labor force participation barely recovered since august 2020 that decline in labor forcing
participating applies almost four million fewer americans participating in labor force employed actively looking for work issue would have been the case had participation remained at february 2020 levels. maria: where are we then? when you look at job creation, and at the overall macro story we are getting earnings out this week for the fourth quarter so we will get another indication of what is going on, but he certainly inflation has been a major issue, the december consumer price index out wednesday, forecasts top 7% for the first time since 1982, comes after cinch pi reached 6.8% in november what is your take on macro story? >> well, first of all i should know that the administration was touting the job gains in 2021, if you just take two months in 2020 may and june 2.8 million, 4.8 million, add together i think you get a different number, to broader
emphasis on supply chain ship shortages has been missing the macroeconomic forest for the macroeconomic trees when i look at bigger macroeconomic situation i see a 1.8 trillion-dollar cumulative shortfall in business investment i see roughly four million fewer americans actively participating in labor force than should be case i see government having, engaged in a massive demand surplus equal to 10% of the u.s. economy and i see consumers still sitting on about two trillion dollars in surplus savings. that is just a ton of -- of both demand side pressure, and supply-side constraints heading into 2022 that i think is a recipe for continued elevated inflationary pressure. maria: meanwhile, goldman sachs is saying expects
federal reserve to raise interest rates four times in 2022 up from expectation that it would be three rate hikes predicting federal government start balance sheet runoff process in july, if not earlier, tyler, you say that you don't think three rate hikes would cut it. >> that is right, and a few months ago, you and i were discussing this, and then the question was two rate hikes i said i don't think two rate hikes are going to do it yet, i don't think three rate hikes are going to do it look, the fed is so far behind the curve on this, you look back, to their forecast midway threw 2021 for beingh forecast wildly off where we ended up, and you know this isn't like 2018 in 2018-2019 if he had preemptively tightening, nation nowhere to be seen at the took a strategic pause markets said what are you doing dorn dorn was actually right here i don't think they can afford a strategic pause, if markets go down 10% 20,%,
because when you have 7% inflation, they are going to have to tighten regardless of what markets do, and indeed they kind of need tightening financial conditions at this moment. >> uncertainty over federal reserve unnerving markets important moment watching great to have you this morning thanks very much. >> we are going to continue this conversation, tomorrow when i speak with jpmorgan ceo jamie dimon, the interest rates and virtual jpmorgan healthcare conference the most well attend of all investor being conversations join us 230r78 for jamie dimon, don't forget to tune into fox business time, 8:00 p.m. earn
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golden age of boy technology how next jem medicines are positively trajectory human health the executive chairman founder of alex ander real estate equities joe marcus congratulations what a year, assess your business for us i know used a lot of first in 2021 including tlifrg a new lease for moderna how is business. thank you importantly good to be here happy new year, have a safe and good new year. jpmorgan now is in second year virtually the key theme obviously, issue the era of covid hottest investments over the past year, infectious due diligence at a peak last two years, our total return
performance has been up over 45% for 2021, when office index had been down 25%, as i mentioned we get a historic high in leasing fourth quarter and over the year 2021 about two times what we have done in previous years, yes, we signed a series of leases with moderna including, their new headquarters lease a total over a million square' in 2021 so all in a really historic milestone year. >> congratulations to you. we've spoken about the growth of your company, over the years, what is attracting so many to take out leases tell me what is going on has marketed changed where of you evolved from retail apparel,
et cetera, to tech and biotech or the way growth story of this economy has moved? take us behind the strength in this particular corner of the market. >> well i think you have to go back to basics, as very important to note there are about 10,000 diseases impact humankind hard to imagine that; right? >> only about 500 have had addressable therapies, as steve job said a number of years ago 21st century would be intersection biology and technology we are seeing, modalities between aren't available in past years, mrna we know from moderna and pfizer gene theshl cell theoretically thousands now compounds in clinical trials, that will make much more targeted therapies possible and that will in fact drive down healthcare costs in
dramatic fashion so i think if this amazing age where technology is enabling us to do so much more those translated into our clients almost 1,000 innovative clients wanted demanding r and d research and development a path to future growth th that fueled our business both in 20 and 21 covid supercharged that, as we look out to 2022 a pipeline over 8 million square feet active development ready to go into development 80% plus, feet, will bring almost 600 plus million dollars annual revenue two or at least years i don't think a blip i think you are going to see this continue so that how does this pushback on return to work play into all of this with all of that square
footage do you worry, that some business have had to revert to going back to working from home remote, and also i know that growth has been strong, does growth come from acquisitions in the future or organic congratulations this morning named by silicon valley bank number one most active corporate biofarm investor in terms of deal volume tell us about that kind of growth what you are seeing in terms of employees getting back to work are you seeing companies say we don't need space because people are not coming back to work or a different situation when it comes to biopharma. >> it is an interesting just positioning you will be talking i know to jamie dimon tomorrow i think there is a big effort to try to get the workforce back at least even part time, and ultimately i am not a believer we are going off if a full five day workweek quite a number of years maybe if ever, in our
world in world of research and development, you can't do lab work at home, not many people have a biology lab or chemistry lab in their home people have to be in the lab. the executives can work from home and do work from home but spend a good deal of time coordinating in the lab the demand for absolutely lab space and ability to produce these complex nexgen medicines we just talked about, mrna gene therapy cell therapy you need integrated with research and development fueled growth our people have been people on the lab have been working full-time since covid started in march 2020 there has been no letup in that regard, maria. maria: all right. we will leave it there great to catch up with you please come back soon congrats to i
stocking after we're done, maria , just to make sure i didn't miss something. maria: i love this , nancy. >> i know, me too, maria. listen, he should buy his mother a gift and then invest the rest. can you imagine if we started with a million bucks at the age of 20? maria: nice. great advice. yes, great advice. ladies good to be with you this morning thank you, liz peek and nancy tengler, "varney" & company begins right now, ashley webster is in for stu this morning, ashley take it away. ashley: thank you, good morning, maria and good morning, everyone indeed i'm ashley webster in for stuary varney on this monday and let's get right to it. is the media starting to turn on president biden? the associated press is calling him out, and called him for a lack of transparency they say he avoided news conferences during his first year. you think? and a panelists on cnn of all places blasting him for a " policy problem and messaging