tv Cavuto Coast to Coast FOX Business March 20, 2019 12:00pm-2:00pm EDT
president will leave the white house, get on to marine one, heading to lima, ohio. when he leaves the white house he often makes comments to reporters. that is what we're waiting for. i believe my colleague neil cavuto will covering just that. neil. neil: indeed we will, stuart. this is the first day of spring officially 5:00 p.m. eastern time. some wonder whether the economy has sprung. all good news. but the president is fenn raising some concerns here in this delay we're getting on a chinese trade deal, maybe not immediately forthcoming. maybe the bang for the buck is way too early to say. the president will leave for ohio shortly. he has been jawboning his way to mary barra and others at gm not to close that plant. good luck on that front. we're expecting to hear from jerome powell after the fed wraps up its two-day meeting. no move on interest rates expected. the fed chairman could telegraph which way things will go for the
rest of the year. maybe hint how he eventually unloads the portfolio better than $4 trillion worth of securities. get the read on this from jpmorgan chase chief economist anthony chen. good to have you. >> glad to be here, neil. neil: the market itself, always seems to go on the progress or the deemed lack there of on the trade front. growing talk they're optimistic that we're sending a team to china next week. then we hear from their vice premier who comes to the u.s. following week. things are getting pushed back. are you worried? >> i'm not really worried, neil. one of the things you have got to keep in mind. as you get closer and closer down to the wire, you will see increased volatility in the smoke signals that you get from both sides both the u.s. and the chinese. tough take into account after we sort of suspended terrorists on march 5th. the united states gave up some
leverage. that strengthened the bargaining position of the chinese. all that is going into the equation. the question is are we serious about it? i think we are. we have mnuchin and robert lighthizer going to bay singh on the week of march 25th. -- beijing. that tells me everybody is excited about getting a deal. keep in mind the balance of negotiation power has shifted slightly in favor of the chinese. neil: you know you raise a very good point about the president opting to delay the tariffs. in a weird way that might have bought the chinese time, in retrospect a mistake? >> i don't think you can make judgments as to whether something is a mistake or not. remember, if we don't get a deal both sides actually lose. so my feeling is washington and beijing are moving in the right direction. we will get some sort of a deal and that i think is good for financial markets, good for the u.s. economy and good for the
chinese economy. i think we all can be winners. will there be a shift in the balance of power? there might be a little bit. at the end of the day we get a deal, both u.s. and china wins. neil: much has been made, federal reserve might expound on the strength of this economy. we're better 10-year long bull market. economy firing on all cylinders. record high employment levels for key demographic groups. it is not paying off for the president in the polls. you would think with something so strong he would be up 10 points or more with any of his opponents. i know you're not a poll watcher, nor do you step in the political waters here but it does seem a little bit of anomaly, doesn't it? >> neil, look at forces out there, in 2019 the economy will not be as strong as it was in 2018. last year we grew at 2.9%. if you look, measure it a little
bit differently, you have 3.1%. but 2.9% is likely revised downward. as we go into 2019, we'll probably get a number close to 2% than 3%. there is a little bit of a loss of momentum. that is exactly why the federal reserve has said they are going to be patient. they will not be raising rates for quite some time. at the same time, they're not going to allow that balance sheet to completely move sharply lower. that in fact the end of the normalization of the balance sheet is likely to come sooner rather than later. neil: all right, thank you my friend. anthony chan, jpmorgan chase chief economist. now steve forbes. donald trump is heading to ohio as we told you. he will push for that factory, a gm factory mary barra wanted to shutter it wasn't really producing cars that were selling. wants it reopen or sold so someone else can make use of it. steve what do you think? good to see you.
>> well, good to see you. one gm found out when you go to the government for help it does not come without cost. gm gets various subsidies directly, directly, as auto manufacturers do. he will remind him of that. neil: could remind them because of sloppy, bad decisions -- >> this is where she is in a tough spot. the auto industries is one of the most competitive industries in the world. profit margin is under pressure. anyone goes into the showroom with data what is sells for. neil: i rue any car salesman that has to deal with you. >> it's a tough situation. gm will probably sell the thing if they see it having no future for them. the thing about manufacturing the real progress is made in deregulation. just one number on that. typical manufacturer on the previous administration would
pay 2 to $3,000 per employee on taxes. regulatory costs on manufacturers per worker was 10 to $40,000 because of massive regulations they have been hit the last 15 years. that is why manufacturing was limping. the concerted effort, gets no publicity, very serious in the white house, with deregulation will have serious impact on the economy. neil: some would argue more than the tax cuts. those regulations were on going quarter -- >> regulations are a form of taxation. so this is a continuous tax cut. neil: a lot of democrats, almost to a man or woman saying those tax cuts were a mistake. they want to dial them back. some are pushing free checks for a lot of people coming at the expense of the corporate tax cuts. what do you think of all that, the message so far, it is very early, some of the prominent democrats are sending? >> democrats will find out again calling for higher taxes is not the way to victory. years ago ronald reagan went
against a democrat who promised to raise taxes, walter mondale, won 49 out of 50 states. neil: we do believe, it is way it is framed. they do believe, still think that the rich are getting away with murder. that is the argument, that kamala harris and elizabeth warren and others are raising they will rectify that. what do you think? >> a little number there too, hate to do it, when reagan took office we had a 70% tax rate. the top 1% paid 18% of federal income taxes. half that wait. the top 1% pay 40% of federal income taxes. the things they overlook foolishly, not foolishly, but politically. they confuse cash with assets. they think scrooge mcdid you have. they think the rich are.
amazon, 160 billion predivorce. say amazon takes a hit in the stock market. down 50%. $80 billion disappears. that was not cash. that was asset value. if you have bad regulations coming back barked taxes coming back, those asset values you see in the market will bo crashing down. where it goes the rich's wealth, up in the air. they don't realize it is not cash that is sitting by the bedside table ready to be picked up by them. >> i take it you're a no on a lot of democrats running? >> well they should remember john kennedy when he was one of the biggest tax cutters in american history. he cut business taxes and personal taxes. but that seems to have been forgotten. neil: they came into fruition -- >> they need education. neil: is it your sense though that this will be sort of like a battleground in the 2020 election? taxes, who pays what? >> i think taxes will be a battleground issue and also health care. i think the republicans have a lot more on health care than they have been able to
publicize. neil: in 2018 -- >> they botched it badly. by the end of that campaign everyone thought wheelchairs were invented to make it easier to get grandma off a cliff and republican was dump everyone on the streets. they did botch that badly. but on the tax issue, the president comes out next year, no coincidence election year with, a bold new tax cut proposal i think he will do what reagan did in '84. democrats will learn. picking people's pockets is not the way to electoral wealth. neil: well, i won't, what was reagan said, i won't hold my opponent's youth and inexperience against him. making age a big issue? steve forbes, i don't remember the '84 campaign. i wasn't even born. >> i wanted to remind you of it. neil: sadly i was and then some. steve forbes. fine mind. are democrats eye off the ball here? they're pushing to ditch the electoral college. they want to lower the voter age. you know that could boomerang on them. i'll explain after this.
neil: all right. we were getting some flash flashes out of brussels, headquarters of the european union. the head of the u.n. saying he is open to a slight delay to allow prime minister theresa may of britain sort of get her own ducks in order to separate from european union. didn't indicate what kind of extension would be possible, how long it would be, she, that is theresa may, signaled her interest in a slight delay a slight extension. remember this all goes into effect, britain formally breaking away from europe on the 29th. they had been pushing sort of a middle ground figure into june. others say bring it into the
fall. maybe they're in the june camp, i don't know, but the talk is they're still talking and they're trying to find accommodation. brits are up against the wall. some are saying let's just break away, see what happens. we're watching that closely. also following the president. saying that democrats are getting very strange pushing things that seem to be odd. doing away with the electoral college. packing the court with more than the nine we have, bringing voting age down to 16. "washington examiner," byron rork, kristin hodge and national taxpayer's union senior fellow, mattie duppler. president says they can't win at the ballot box they are trying to get their. electoral college, democrats counter we won on the ballot box. on the popular vote. the president saying the fact the matter, didn't where it counted, electoral college.
they want to get rid of electoral college. what do you think of that? >> this is the democratic playbook. that they can play to narrow slices population presidents can play to. republicans are green eye shade wearers, telling about the economy. republicans are not successful in the big electoral battles. donald trump came along. he was a storyteller. he went into the communities that were not competitive for republicans in the past. i feel you, i hear you. he made an economic argument in a way telling a story, empathizing communities that were left behind from washington. what democrats need to understand, appreciate going into 2020. having these narrow political opinions that certainly aren't going to be vote-moving issues for large blocks of the progressive party i don't think is issue for democrats moving into 2020. neil: kristen, bringing voting
age down to 16, i can't even get my teenager to take out the garbage. so i'm thinking to myself, maybe you're not quite ready for that, at that powerful of a right. what do you think? >> yeah. i mean, i think i may agree with you there. i will just go back to say, the president called what the democrats are talking about strange, is pretty rich. he spent the weekend talking about asking the fcc to investigate "snl" for colluding with russia. neil: you don't think "snl" colluded with russia? >> i don't think so. if we're going to win, we did win at ballot box in november, because we talked about things, preserving right things about the aca, making it better -- neil: just seems that democrats are, it just, looks flaky. no i mean i think, peter judge had a good idea about the supreme court. there are things you can talk about. we can walk and chew gum at the same time. if democrats go along
"medicare for all," these are not things we ran on and won on in the midterms. we need to take a step back, talk to people, talk to the american people about what really matters to them. it is their health care and it is their jobs. neil: those are important issues. none of this other stuff, at least, byron, appears to me, on the whole electoral vote thing it would be uphill climb to put it mildly, obviously we would complain very differently if it was based on popular vote. i always think it custodies service whoever gets shorter end of the stick on popular vote versus electoral vote, in such a environment, the republican would campaign in strongholds for republicans, texas, other rural areas, democrats would try to run up votes in places like california and new york. so the whole campaign would be run differently, wouldn't it? >> completely differently. when democrats talk about getting rid of the electoral college they don't really believe they can amend the constitution actually. they want to embrace a plan that
some states already embraced it takes 270 electoral votes to win the white house. and the idea would be enough states got together who had total of 270 votes between them and they all agreed to cast their electors to the winner of the popular vote, then that would be an end-run around the constitution. that actually has the support of a number of democrats in states with a total of 181 electoral votes have already done that. neil: it could be very interesting in 2020 if that comes to pass. >> it would change things not only as you said which is that democrats would look to run up the score in california, new york. republicans would run up the score in texas and other red states. it would also mean a difference probably in the number of candidates. electoral college requires a majority of electors to become president. popular vote would mean more votes than the other guy. 3, 4, 5, candidates. somebody could win presidency
with 28% of the vote. it is not out of the question if you tear up our constitutional order. neil: we started out, mattie, talking about more substantive things i think kristen alluded to them, democrats were successful pounding health care in the midterms that was substantive issue which republicans were caught off-guard. they lost 40 seats in the house. i wonder get back to the basics, focus on that, not talking about the supreme court, get rid of electoral college. that would be a long-term issue both parties could address, if you find it archaic. they're not doing that. >> right exmaybe that will change as election season heats up. what do you think? >> they think the democrat that voted for donald trump to come out in 2020. that means issues they're talking around kitchen table. the house races were very successful for democrats in 2018. not in the senate. when you have to run for president you run statewide like the senate races. you need a message that
translates to broader population. democrats are really struggling to find that health care is good example. fixing the aca is different than implementing "medicare for all." you see a lot of divisions for democratic primary candidates what is right health care policy moving forward. neil: kristen, real fast, do you think the party nominate as moderate or extreme liberals? >> ultimately moderate, ultimately nominate somebody like joe biden, people who are listening who are not, people just running far straight to the left. i think anybody runs that way can kiss the nomination good-bye. neil: that is the consensus, always dangerous, if they go far left their chances of winning are far out? >> i think will be a huge generational reckoning inside of the democratic party. joe biden and bernie sanders would be 78 and 79 years old respectively on inauguration day in 2021. that's too old. i think there is a whole group
of young ircandidates in their 40s and 50s, in the sweet spot to be elected president. and the choice is going to come down to them. some of them by the way are pretty far to the left. neil: be careful about the age thing, byron. 8 is the new 77. >> there you go. that was older than ronald reagan when he left the white house after eight years in office. neil: fine. times have changed. hear from the older crowd. they will not like what you just said. a lot more is coming up, google hit with a big ol' european fine. if you think that was unfair, you should consider what the u.s. now is thinking, after this if ywhen you brush or floss, you don't have to choose between healthy gums and strong teeth. complete protection from parodontax
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michigan. the move will create 900 new jobs over the next four years. ford says is plans to invest 850 million in the flat rock plant. shares of ford are up 11%. google shares surprisingly higher even with the company slapped with a $1.7 billion fine by the european commission. the commission says google abused its market dominance imposing restrictive clauses and contracts with third party websites. in other words it prevents rivals putting their ads on google-run websites. this is the third fine for google in less than two years. the shares are up. neil. neil: donald tusk, the guy who runs the eu, says he is open to an extension on brexit. it all depends on the conditions and what kind of rules there are. the brits are divided. they want to break away. some want to break away without a deal and see what happens. others say that would be a bit bankrupt. we have to have some sort of a
plan so they're caught in between. they thought extending this a little while they could come up with something. they never do when they do this stuff but we'll see. deirdre bolton with all the latest. what is going on? >> this is as messy as it gets, i sure you saw that the economist, so conservative. neil: rarely does economist. >> profanities. neil: this is what happens. >> donald dusk is saying we can work with this extension, uk, we must kind of decide. they voted twice against this plan. we'll work with you, with the extension but you kind of need to have some details here and get your act together. so i mean, i think there is a few -- neil: why should, obviously, they are being held back because they don't want to make too many concessions members the their own party say you gave away the store. she is in a tightrope. >> she is on a tightrope. people say her job is very much
on the line. quite likely she could be even replaced because of all of this. there are some moving parts not least of which late may, there are elections in the eu so that is one more kind of hard deadline that everybody is trying to turn themselves into play-doh to work around because it don't really make sense for the uk to have a seat at the table, let's say may 23rd, when the eu elections start if the eu is actually going to leave. i think donald tusk is saying okay, fine you can have a extension if you ratify the plan already put out there which as we know parliament already said no to twice. neil: right. >> likelihood of that going through, two nos, yes on third pass, that is one of the bigger questions out there. but i think it shows this tension. i mean i think one of the biggest issues really has been this customs union, right? how do we control the flow of people? ashley webster has done amazing reporting from the uk talking
about the irish backstop. nobody really remembered that the north and south are separate and -- neil: i always get the feeling everyone says oh, britain is on the line, they're not going to get food, they're not going to get medicine. i think it is more of a nerve-wrackinger for europe because let's say britain formally leaves, the sun comes up the next day, they realize it is not near i let panic people thought would ensue, what would stop italy, spain, portugal, all the countries teetering, hey the water is fine, we'll try it do? >> the difference is in fairness to the uk their economy is pretty strong. a lot stronger than italy's portugal's, greece'. i don't think every country would have the choice. neil: if they're tempted look at england, they're the strongest, you're quite right or fastest growing economies they survive it, isn't brussels alarmed, if
we let these guys go we could have a problem? >> if you speak to historians they said for years this has been one live experiment, right? neil: absolutely. >> take 27 countries with different languages -- neil: criteria for membership now. >> exactly. this is really on tenterhooks. as far as relates to us when i talk to investors, what does it mean for us what does it mean for our markets, hone necessarily i don't get a lot of reaction that will change american investors fate. i think it is just one more thing to consider. we talked about banking jobs leaving london or set up more in frankfurt, for example, or other cities but as far as the effect on the u.s. economy and the effect on the u.s. investor it could be small. neil: could be flight to quality. if nervous what is going on there, park it here. we shall see. deirdre bolton. on all of that. if markets are -- they have a funny way of showing it think
about the whole drama since summer of 2016 little changed in the pound, little changed in the european markets, little change period. the big exception our own markets which have soared. if there is worry there, panic there, again we're not seeing it here. more after this. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere. gig-fueled apps that exceed expectations. comcast business.
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neil: all right, we're at session lows. the dow down a little more than 200 points. the president might had a thing to do with that. he is speaking on the south lawn on his way out to ohio and in talking to reporters he said that we are talking about leaving tariffs on china for a long period of time. that is the strongest hint yet that he might slap back tariffs that he was willing to sort of forget for a while, put them right on to add pressure to the chinese. of course that would not be greeted favorably. interpreted by the market as sign that these trade talks are not going well. as soon as we got word of that
the selling ensued. we'll get what we call a pool spray from the conversations he is having back and forth with the reporters. he is speaking to the reporters on the south line as we speak. when we get the tape, we put it in the machine and hit play. when they put it in the machine and they hit play we'll go to that. the president is still talking. i'm sure he has other choice things to say. social media, bias against conservatives, the president is convinced of it, my next guest asked the president just that. take a listen. >> we have to do something. i tell you, i have many, many millions of followers on twitter and it is different than it used to be. things are happening, names are taken off. people are not getting through. you heard the same complaints. it seems to be if they're conservative, if they're republicans, if they're in a certain group, there is discrimination and big discrimination. i see it absolutely on twitter and facebook i have also.
and others. i see -- neil: that comment generated the most reaction and coverage in the press. this is thefy who started it, "daily caller" white house correspond. >> thanks for having me, neil. neil: president seemed we have to do something about this. the impression on wall street was maybe the government does something. what was your take on it? >> yeah, so i specifically asked the president about changing the way that social media companies are treated under something called the communications and decency act and that has something called section 230. now social media companies and the internet are not libel for the content posted on their platforms this goes to what i asked the president about with respect to congressman devin nunes's 200 million-dollar lawsuit against twitter. senator josh hawley and a few other republicans proposed changing that exemption for social media companies to make
them libel for that content. it would be a huge change to the way that these companies operate in terms of compliance with that act. it would really change the way that these platforms work. a lot of conservatives say that a change to the act would force them to stop bias against conservatives and hold them accountable for the policies that they have in place to police content on their websites. neil: you know maybe you can answer this, i didn't understand the rift that cnn's jim acosta had about your questioning. he was citing the wrong question. what was going on there? >> jim acosta appeared to get upset that i had the opportunity to ask a couple questions of president bolsonaro, and to president trump. he implied i asked president trump about socialism. i actually asked president bolosonaro how he would react if a socialist would replace president trump? his reply, donald trump would win the election broadly. it upset people with the mainstream press whenever i get to ask a question to the
president but that is just how it goes sometimes. neil: it generated a good deal of news because obviously he was walking, bolosonaro, a fine line. you have to respect the will of the american people regardless. it was nothing solve about it. >> i again, i guess he is upset that i didn't ask them why they're not authoritarian or didn't ask a question on the mueller report that we can all hear the same answer we all heard 10,000 times. i thought they generated quite a bit of news on court packing, social media companies. as you said got quite a bit of attention on wall street and silicon valley from what i heard. neil: most certainly did. >> thanks you. neil: joe biden is checking with donors before he make as leap to being presidential candidate. he wants to raise the most money in first 24 hours. that is test of rite of passage.
the record holder is beto o'rourke who raised better than six million dollars in the first 24 hours. charlie gasparino has a lot more on this charlie? >> neil, remember that shakespearian sonnet, tomorrow, tomorrow? that is what we get out of joe biden. every day looks like tomorrow he will announce his candidacy for president. here is what i can tell you. i've been covering this the better part of a year. as late as last week, two weeks ago i basically laid out this story appearing now. here is what it is. he is telling wall street supporters is likely to announce in april. he has not made a final, final decision. he says he is 99.9% sure. that .1% is key, because people wake up on the wrong side of the bed when they have to do something they go the other way. all his wall street supporters are saying this. but here's what we do know if joe biden wants to run or does run, he will have the support of wall street, no doubt. big hedge fund managers, coterie
of them are inner circle. jim chanos one of the top hedge fund managers. he is the guy that uncovered the enron fiasco years ago. bob wolf, a contributor to fox business. tom nides one of the top people at morgan stanley. not in the hedge fund business but works at morgan stanley. these represent his inner circle, guys he will rely on money. they will be able to raise a lot of money. my guess he will have a lot of support in the wall street community with joe biden. he is liberal centrist but considered a lot more centrist than the others. wall street is still skeptical on donald trump because of trade. i call biden's people, every day, they say every day, no comment, or he hasn't made up his mind. i guess april 1 will be my lucky day they say he is going. i hope they leak it to me. that is the best we can say
where they are. he is running around making sure he has financial support and i think he will. the interesting thing, neil, though is this, is joe biden going to run against wall street? every democrat right now is running against the street. they're saying this is bad. elizabeth warren in particular. neil: but he needs money from the street. >> absolutely. neil: seems very much he is aware how much media pays attention, how much you raise in the first 24 hours. that is new sort of measurement, a new litmus test. that he wants to raise obviously more than the 6 million beto o'rourke did but if it comes exclusively from wall street or mostly from wall street is loses its punch, right? >> one thing you have to remember about joe biden, he has 1000% name recognition. neil: absolutely. >> people will write checks to this guy. he is the front-runner. he hasn't been the front-runner in the past,. neil: jeb bush with the republicans? >> was he ever really the front runner? neil: he had the most money
raised. >> was he front-runner with votes. neil: before any votes were cast, he came in, you're right it didn't pan out that way. i'm wondering biden might be a case, we're less than two minutes from the president. biden might be a case of looking good from afar, but once in the race far from good. two other presidential runs that didn't really measure up. great exposure as barack obama's right-hand man as vice president. >> long years in the senate. a lot of connections. doug schoen, smart guy, democratic consultant, said it on the other day with us, he thinks his time has passed. neil: tough time getting nominated nominated in a party that veered sharply left. >> the polls with jeb are pretty mixed. the polls on biden show him ahead. he is the front-runner. that doesn't mean he will win. doesn't mean they won't knock him off. neil: what is interesting, almost all the polls, pick a
state, pick a poll any poll, biden and sanders who combined are 1100 years old. that is interesting i find that very interesting. >> combine that with trump you get -- neil: 1200. >> we're going to be attacked on this, watch. i'm a never-trumper with you. neil: president is speaking on south lawn before the trip to ohio. he talked to reporters for quite a while. let's listen. >> no collusion. no collusion. i have no idea when it will get released. a man gets appointed by a deputy never figure that one out. man getting appointed by a deputy, write as report. greatest electoral history in the history of our country, one of them, tremendous success, tens of millions of voters, somebody will write a vote who never got a vote.
we'll see what is fair. i have no idea when it will be released. [shouting questions] reporter: [inaudible] >> we're in syria. we're leaving 200 people there and 200 people in another place in syria, closer to israel, for a period of time. i brought this out for you because, this is a map of everything on the red, this was on election night. in 2016, everything red is isis. when i took it over, it was a mess. now on the bottom, that is the exact same, there is no red. the fact, there is tiny spot which will be gone by tonight. so that's isis red, right there. and the bottom one is how it is today. this just came out 20 minutes ago. so this is isis on election day, my election day, and this is
isis now. so that is the way it suppose. reporter: mr. president, does the pub have the right to see the mueller report? >> i don't mind. frankly i told the house, if you want, let them see it. again i say, a deputy, because of the fact that the attorney general didn't have the courage to do it himself, a deputy that was appointed, appoints another man to write a report. i just won an election with 63 million votes or so. 63 million. i had 206 to 223 in the electoral college. 306 to 223. i'm saying to myself, wait a minute, i just won one of the greatest elections of all time in the history of that country, even you will admit that. now i have somebody writing a report that never got a vote? it is called the mueller report.
so explain that because, my voters don't get it. and i don't get it. now at the same time, let it come out, let people see it. that is up to the attorney general. we have a very good attorney general. he is a very highly-respected man and we'll see what happens but it is sort of interesting that a man out of the blue just write as report. i got 306 electoral votes against 223. that is a tremendous victory. i got 63 million more, i got 63 million votes and somebody just write as report? i think it is ridiculous. but i want to see the report. you know who wants to see it? the tens of millions of people that love the fact we have the greatest economy we ever had. i'm going to ohio right now. they were going to close the plant. where they make the tanks. it was going to be closed and i stopped them from closing it. and now it is thriving and doing great. the people of ohio, they like trump because i have done a
great job in ohio. and i have done a great job all over the country. that is what the people want to hear. [shouting questions ] reporter: do you think bob mueller is a bad actor? >> i don't know nothing about it. i know he is conflicted. comey is a bad cop. obviously i had a business transaction with him i reported many times thaw people don't talk about, but i had a nasty business transaction with him and other things. i know that he put 13 highly conflicted and you know very angry, i call them very angry democrats in. so you know, what it is. we'll see whether or not it is legit. you know better than anybody there is no collusion. there was no collusion. there was no obstruction. there was no nothing. but sort of amazing thing when you have a great victory,
somebody comes in, does a report out of nowhere? tell me how that makes sense? who never got a vote. who the day before, he was retained to become special counsel, i told him he wouldn't be working at the fbi. and then the following day they get him for this? i don't think so. i don't think people get it. we, with all of that being said i look forward to seeing the report. [shouting questions] reporter: [inaudible] >> we're not talking about removing them. we're talking about leaving them and for substantial period of time because we have to make sure that if we do the deal with china, that china lives by the deal. because they have had a lot of problems living by certain deals. and we have to make sure. now, no president has ever done what i have done with china.
china had free rein over our country, taking out $500 billion a year for many years. we actually rebuilt china the truest sense of the word. we rebuilt china. but we're getting along with china very well. president xi is a friend of mine. the deal is coming along nicely. we have our top representatives going there this weekend to further the deal. but no, we have, we're taking in billions and billions of dollars right now in tariff money and for a period of time that will stay. [reporters shouting questions] reporter: [inaudible] >> i don't know him. he is a whack job, no question about it. i really don't know him. i think he is a doing a tremendous disservice to a wonderful wife. kellyanne is a wonderful woman and i call him mr. kellyanne. the fact is that he is doing a tremendous disservice to a wife and family. she is a wonderful woman. [reporters shouting questions]
reporter: [inaudible] reporter: what is the recommendation? >> well, are you talking about the one you just found out about having to do with cars? no recommendation. it is up for review and the european union has been very tough on the united states for many years but nobody talked about it. so we're looking at something to combat it. not only do they charge our companies, you're looking, 1.6 billion to google, just happened yesterday and a lot of other things, a lot of litigation but i say the european union has been as tough on the united states as china, just not as much money involved. we'll see what happens. we'll see whether or not they negotiate a deal. if they negotiate a deal, a fair deal, that's a different story. [reporters shouting questions]
reporter: [inaudible] >> go ahead. reporter: [inaudible] >> i think twitter is a way i get out the word when we have corrupt media and it is corrupt and it is fake. twitter is a way i can get out the word because our media is so dishonest a lot of it, the mainstream. they don't report the facts. they don't report, as an example, that i just showed you, they don't want to report this. so i figure i might as well show it. so what i do, with twitter, i get out the word from a fake and corrupt media. and i have on five sites, please, please, please, on five sites i have over 100 million people and that includes facebook and instagram and twitter and everything. and it is a way that i can get honesty out because there is
tremendous dishonesty with respect to the fake news media. [reporters shouting questions] reporter: mr. president, what was your reaction -- [inaudible]. reporter: [inaudible] >> we'll take a look at that. i will speak. [reporters shouting questions] reporter: [inaudible]. >> [inaudible]. i think our relationship right now is very good. [reporters shouting questions] neil: the president said a lot there. the most telling at least for the markets were his comments on china which he said that tariffs could remain in effect for a long period. that seemed to hint at a deal.
that is not coming together so quickly. that might be a good thing in the end to get the right deal. not necessarily a fast and easy deal, but the president telegraphing there, it might not come together all that quickly. tariffs will remain in effect for longer period than what otherwise thought. that added selling pressure to the dow, when we got first hints of that. the dow was down 200 points. down 180. the read with jared levy and. susan lee. the president burst a bubble with that early read. >> i think he did. markets think it is pushed back from april, maybe even june at this point. maybe you get to tariffs in place. in fact u.s. companies have been pushing back against it cost them a lot of money as well. market reaction tepid. we price that in the last few
days. neil: jack, the fact of the matter on tariffs, we pay them, not governments. so the president is satisfied with that given the fact the economy is as strong as it is, it hasn't, you know, dimmed americans appetite for this sort of stuff. so how long do you think that continues? >> all you have to do is look at trade deficit. it continues to widen. we as consumers are still buying a lot. i think it is interesting. i think this is sort of trump's signature move of weaponizing uncertainty. we're seeing negotiation process unfold before our eyes. with equities being up 20% off their lows, they need to pull back a little bit. they priced in a little too much. we're not yet, at the end zone just yet with this trade deal. neil: jared, there is added pressure. the more this is delayed it better be worth the delay, right? the markets typically seen as long as you get a deal done, fighting stops, tariffs stop, all will be hunky-dory.
it also puts pressure on a deal that has some clear substance to it. >> tariff balance out imports exports. imports exports have them going wrong direction. president is trying to push chinese buying more stuff. you hit on key point. i want to see ip straightened out. operate in china, with freedom, protections. that to me is biggest boon to this deal. that is it what i would want to see. neil: each side plays to advantage. what kind of read are you getting this far?
that there will be even a deal. let alone the construct of it? >> to be honest were china, national platform of chichi came into power on -- xi xinping, came into respect with china, if you keep tariffs in place. china there is thing called. tariffs on, bring them over here, sign something. i don't think that will play very well with china. to be honest. neil: another detail, whatever china agrees to sticking to it. that could prove even tougher right? >> that is always a verify part of the equation. that is always tough. trump sounded like he sent a message. to the chinese. we will keep tariffs in place until we verify and that you're going to actually stick to what you say you will do. neil: jared are you still bullish?
>> i think china trade deal will be done. iiii want to see details surrounding legal ramifications from chinese stealing american ideas. things like that. i am bullish here. i think that. but i am bullish here. i think the market continues to run. i think in the near-term there's not a lot of stuff in the way. market participants have priced in a new deal anyway. things were to fall apart that's a mess, but i'm staying bullish. trump is going to play that tough game at china and i don't think they are that soft skinned. neil: we shall see. thank you all very, very much. i heard the president had to say to put the pressure on to keep the gm plant from totally shutting down. mary barra has not responded to the latest wave of putting pressure. jerome powell, that our reserve chairman not expected to hike rates, but to telegraph what his thinking is for the rest of the
year. dow jones chief editor going home and after the battle, cohost connell mcshane. guarantee you and what she wanted here. after that spirit! from the wall street tears i hear maybe one rate increase over the rest of the year. i want to see those changed, the forecasts and expectations changed and that we are hitting normalization more of a natural stance, that we are pretty much there and really doesn't feel the need to make any drastic changes the rest of the year. eliminate the uncertainty, and make it very clear what will happen the rest of the year and let us know that we are not going to see a big increase the rest of the year, that they really change their thinking. sure and do what you think? >> will have to talk about the $4 trillion in assets. are they going to so that down and allow a little bit of
stimulus to remain in the economy? that's another thing to watch for. neil: they just let it mature. >> that's right. but how would they manage the assets and what would they do at the mortgages versus treasuries. >> if they stopped the shrinking of the balance sheet, they're expected a three-point by 7 billion which is still ridiculously high. even to glenn's point is they unwind and stopped at three and three quarters children, which is my child's money. the idea that is three times higher. it's three times higher than before the financial crisis in terms of how many bonds they have dollar wife on their balance sheet. if this makes sense, i would be very surprised if jay powell surprised us today. what can he really say that would surprise the markets. something completely out of left
field. >> i am wondering, and isn't the concern right now that he doesn't have a lot of wiggle room if everything gets in. they've got the $4 trillion on the balance sheet right now. he's already got 2.5% to play with on the overnight money. so to ratchet back down, you know, there's not a lot of ratcheting down. is he going to express concern for that? >> well, and one just at the runoff we definitely are looking for clarity on how they'll make change if it's going to be more treasuries, less mortgages. shorter terms, exactly. that's important and what that neutral rate is going to be. neil: by the way, shorter-term security he is kind of punting there. >> and i think that's another indication of the overall outlook for the fed and how they're seeing the economy going forward for this year and lowered expectations.
i think that's an important part of the talk. >> do you think the president was right saying they were getting too aggressive. the federal reserve sent seems to have the knowledge to mark a response as well, maybe we wear. >> i think the fed has continued to maintain his independence and follow the economic indicators. that is going to be a key thing to watch for today. but what is the new outlook for the economy? what is the signal for this year? looking at the fed funds rate, some expect a possible rate decrease. >> if it's too dovish that will be very worrisome on the economy. >> there is a consensus now. it comes on their health of the white house and the economic outlook. we talked about this a lot yesterday. most economists think i was a little overly optimistic and
federal reserve doesn't see the world the exact same way, so that the how exactly do they see it because the market is saying i don't get so into the stock market but in general it's been alright. look at mortgage rates. it wasn't that strong. >> the signs are out there. again the economy is slowing down. it's in there in the market even though the stock market doesn't reflect as much could the fed would have to assume it. we will fight about whether there is one or two -- mourners your rate hikes the rest of the year. sometimes that's a little bit misleading in the market ascends there will be zero. the futures market is a 75% rate. >> that's fine looking just to see if we see that dispersion. so, it shows us what each voting member thinks it's going to be.
some people think it should be three. some zero in the media and one or two. you want to see if our people mostly in agreement, do they all agree? have they changed? >> that's a real fundamental shift in the thinking. but you're right. it's right up there with fortnight. >> every fed chairman or woman has a thing to focus on market and a talk here. i'm curious about the environment right now. his inflation they worry? i know in the aggregates we don't see it yet then you see something like i was reading today up 30% this year. i know an outlier kind of event, but would he make about? >> the data showing inflation via word of monster is not enough price pressure coming out.
a delicate balance they have to keep between what is too high and what's going too fast. neil: do they pay attention to that stuff? going through the roof. >> certain history absolutely more important. what we are really looking more for my corporate profit investment to is that profit growth is really contracting and at significantly lower than revenue growth are expected revenue growth. access costs are going up and not able to make as much money even though revenues are going. to me that really says a lot for expecting sales to go up by 6%, nature profits go up to three? >> the topline growth slowed dramatically. >> what about trade, too? maybe not exactly sure what is hinting that they are in terms of enforcement mechanisms with the chinese but at least throwing it out there that terrorists can stay in place for a while.
there's been a threat of terrorist which nobody talked to in the business community thinks it's a good idea in the hope is to use this as a negotiating strategy. we talk about this, but at some point that becomes a concern of inflation or higher prices as a result of trade policies. especially within place for a longer time. it's not going away. neil: jerome powell is convinced the president can fire him. the president is dissatisfied. is that true? the president can appoint it appeared he can not reappoint your buddy can fire you appear fire you appear to thought the case? >> we believe so. it's never been tested. >> i guess the answer is i'm not sure. >> i don't know it's never happened. they put the pressure on them, you know -- >> he wants to close.
neil: that didn't work with jeff sessions. he hung around. thank you all very much. by the way we've been following some new things out of the hill. senator john mccain's old colleagues, what they would say in defense of their friend who'd been hammered by the president right now. so few of them have come to john mccain's defense or at the very least not chastise the president. mitch mcconnell is adding to this today saying today and everyday i miss my good friend john mccain. it was a blessing from a genuine american hero. remind me every day that our nation is sustained by the sacrifices and heroes. but he like a number of colleagues have not ripped the president for dinner ripping an american icon. that's interesting. a little more after this. some things are out of
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>> we think we've got at least $400 million in livestock losses. $440 million in crop losses. the public infrastructure damage than the hundreds of millions of dollars as well. we've had over 2000 homes. 341 businesses we know of. these are just the assessments. when you get those as quickly as possible so we can start working on rebuilding. >> the fallout that hit much of the upper west continues from nebraska. it is an ending anytime soon. mike with a very, very latest. >> a major issue in roscoe, illinois, and it is cut off from the rest of the relation by the floodwaters you see behind me. so the people that are getting
creative by kayak or small boat. they take the kayaks over here to dry land and the kids will get out, catch a school bus and go about their day. i did talk to one woman and asked her how it was and she said simply that it's pretty rough. not as rough as it is in nebraska where 70% of the state is now subject to the emergency declaration. you heard some discussion about the losses to livestock and crops in the big issue as it relates to crops as the farmers can't get their seed in the ground right now. the farm bureau says her privacy among farmers is up 19% as of last year and a lot of the farmers we've heard from the stars say that simply not going to find this year. the cornhuskers state has seen more debt in terms of disaster but they've never seen so much widespread devastation in the cornhuskers three. a similar situation i were some counties have flooded.
farmers have been hit hard. some of these farms have been in families for five generations. talking about entire ways of life that are in jeopardy in. vice president mike pence went to the went to these areas yesterday and had a message for the farmers simply the federal funds are designed for times like this and like this image of the supported the u.s. government and the american people. neil: thank you very, very much. heading out to ohio now. jeff flock where they will be speaking later on. >> this one is a positive tale for the president. this is the tank plant that is built pretty much all of those abrams tanks. see some of them back here behind me. picture is a little more up close and personal. the persian gulf war and all of
the other incarnations. those all built here in this is the last plant in north america. last time a president visited was gw bush back in 2003. president obama not only didn't come here. he also reduce spending on tanks such that they only turned out one a month under his watch. president trump restoring spending, restoring jobs here is a real positive. the other plant so is the lordstown plant across the state here in ohio. the gm is going to close and they're sticking by their guns despite repeated tweets in the president and all criticism. we don't know if he'll have anything to say about that today, but i'll guess we'll see. somehow suggest that that the government mandating production from car companies a little bit more like president maduro of venezuela's then president of the u.s. on the other hand president
trump would argue it was an odd situation. taking a bailout from the u.s. presidency maybe they owned a little u.s. government and the workers a little bit more. gm sharing information that says for trying to place all of those displaced workers. don't worry about it. they may have more news to come. the watch to tanks. we will watch it all. neil. tree until you talk about the rescue and wouldn't the rescue actually put the pressure not to do anything that would keep a facility of them that was not producing enough vehicles and meant to protect the greater good in keeping competitive to do what she did in the first place. >> this is the precise argument gm would make. this is precisely what happened before. they did not make those tough decisions under rick wagoner and other ceos. barry barra has been down this
road are choosing at all. she said i'm not going to make that mistake. now she's getting he from the president. i covered the auto industry in expressing my opinion about it i'm sort of the gm on this one. you can't tell them how to run a business and expect them to make a profit if you're the one making decisions and they are not. >> jeff flock, great reporting. the president and this big factor little bit later on in ohio. you probably heard already in telegraphing some problems on the slowdown globally. the impact is obvious about whether this has been managing partner there. would you make make of all of this. >> i think not actually. if you look at fedex comment is highly correlated to u.s. gdp and probably to the world in
general. i think they made no bones about it that there is a macro slowing out there. they tried to put sunblock on europe, but generally i think they are telling you that it's slowing down. >> if that's the case, as some of those directly affected like a fedex is one thing, but this could spread. >> it could spread for sure because they are one of those that will give you that will get you sorted the lead on it, but then the others are lag and you get that on the backside. neil: now we've got a lot of concentration on the european countries that are slowing down. germany had a recession right now. italy not doing that great. england on this whole brexit thing we don't know how it's going to go. you do have to wonder about that market for so many u.s. companies clearly exposed. >> well, they are exposed and i think what is happening is they
really feel like because of the recent bump in the market maybe things are okay and they're going to be all right. if you look at the numbers they're not going that direction. it's a different look. i think that is what is ahead of us here. >> for the markets, are you stepping back and looking at the markets here? >> you may remember we had in cash at the end of the third quarter. quite a bit actually. but in mid-december and actually re-cached if you want to call that. at 25% to 30% legally only because we are back to where we can't really find the values that come along and we want to pick up here. sure into when you are doing that at the end of the third quarter, depressing as we know it happened in december. are you looking for something similar now? >> well, i think you're going to have to have some slow quarters in here with the market get some of it back. the people generally think that
everything is okay now. the fed is going to come to the rescue and all that is okay, but it would be a hard go over the next couple of quarters. it doesn't necessarily mean you crash, but it does mean it's going to be tough to make a buck right now. neil: would there be anything you want here in jerome powell in a half-hour from now that would ease your angst? >> not really. i said back on october 3rd that i expected they would cut and run as soon as the market broke. i think that they still are in that mode where they are not going to do anything by the balance sheet. they are going to make a soft again. they have sort of imploded in my opinion. but that's what i expect it. neil: thank you i think. always good catching up with you my friend. well, you know, this could all be a moot point, did you win the powerball jack pot. i believe it's a little bit north of half a billion dollars.
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>> you know, i checked with everyone in ours judeo. if they won this powerball jack pot they would still come in to work the next day. [laughter] neil: north of half a million dollars. they are designed to get even bigger. that is just the professional he is. hillary. >> i would. i would. i do read here outside this door. the jackpot in the history of the powerball is up for grabs. one in 292 million. that's the odds are facing if you want to get the forecast job taught. the reason why we are seeing more and more often these jack is getting bigger and bigger and
breaking records is because it's designed that way. they added more numbers which makes it easier, but harder to win the jack out overall. it works in nevada's favor. people that may be normally wouldn't play comment just for the chance to win. more people buying tickets and getting cash and that benefits everyone is all. if he won the jackpot from a 37% is going straight to the federal government and federal taxes. the good news is a lot at stake individually tax lottery winnings which he will pay higher income tax and yours date because of course you'll be claiming a lot by money and your tax return as a result of this. this donut shop right here has a genius scene. they sell lottery tickets and people come in and buy more donut. so far they have sold only 300 tickets this morning since they've been open on the west coast about three hours. >> very savvy.
thank you very, very much. meanwhile, the california outfielder finalizing a $430 million deal in los angeles. price waterhouse kuiper partner mitch roschelle said it could face some taxes a result. >> basically the 37% federal tax will be in the top bracket. there's a question as to whether or not he lives in california or new jersey. california because his residence on paper. california is the highest state for income tax in the country. the second highest, new jersey. he didn't exactly take the right team. he could've gone to texas. he could've gone to florida where they have no state income taxes. not to get overly technical when you're announced late in a play on the road you actually pay taxes in the state.
a lot of the country is going to benefit. neil: that is weird. i guess that applies to other sports, too. rna played three games in the city. how do they do that? they actually just do it that way. disproportionate. some states have wonky rules about the way it works. the good ratings you get a credit in your home safer taxes you pay in another state. but again, mr. trout picked the most expensive taxi and the countries of the credit pile up around the country are not going to really get them out of the 13% tax rate in california. neil: no matter where he is playing he picked that high tax area to stay with. i'm wondering if i could switch gears, too. the lottery potential winner and what he or she takes i'm assuming it's a single person,
there is always the rule of thumb to take the upfront money and the cash. don't spread it out because you never know what's going to happen down the road. you subscribe to that? >> i think i subscribe to going into the donut shop where hillary is in buying the doughnuts. i'm the worst ever for this stuff because i buy a ticket downstairs in the lobby here like a complete lunatic. my lucky star happens to be the one fox and then. i've won a whopping $10 over the last four years. but i will take the money up front. not that the credit worthiness of the lotto commission is not fair, but why not take the lump sum upfront, pay the taxes and go with it. >> are you done with it? in other words once you pay those taxes upfront and filed the following year, and uncle sam will see you had an large winnings but also you prepaid your taxes. >> gray. there are withholdings that are taken out of the top innocuously
credit those those withholdings with your ultimate tax liability and most likely have to make a big difference if there is any. at the end of the day it is still a huge amount of money after taxes, which involved though the same for mr. trout. even in the tax liability is high coming here still make a ton of money. neil: it's a nice problem to have. the mega rich person problem. >> who knows that better than you, mitch. thank you area, very much. the fact that he won the lottery i would be covered a story how unfair that would be. >> i would come to do a hit at fox business network the next day. i would bring doughnuts. neil: i bet you will. thank you very much. good seeing you. the stock is up today, but keep in mind despite that and despite maybe the punishment of the stock has been overdone. it is down 11% since we first had news of the ethiopian air crash. more after this.
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neil: all right, the new oculus rick device launching this ring will cost $399. it's lifting the stock up, but video and all the rest, we follow that a little bit later. meanwhile, the world's most popular wireless headphones just got a big old day. a series support system and a price tag to 200 bucks. joining us right now. besides these new at your bugs or whatever they're calling, and air prods i should say. apple itself is revamping almost its entire product line and then they have a big launch of the streaming service. what's going on? >> apple is a very smart company. as we know, smart companies do not rest on their laurels. what apple is in singing in the
last two years of the competition for the iphone has increased dramatically. when it first came out it was the coolest thing. not a lot of funds compared. now they've got a lot of tough competition so they've got a focus on the other products and more importantly the services that apple -- that is going to be the big reveal with other new services coming out. the error path is a great example. those are still some of the best wireless headphones in the marketplace. people love them. before i came on the show i always do my market research like a good marketer. i asked friends and did a survey of people who already had apple products. and i asked them if they were going to order the new ones and it was an absolute yes. whether they are buying the wireless charger are getting a brand-new one, everyone is upgrading their headphones in its because its the best in the marketplace right now.
neil: i know they have wireless charging, but the charger is wired, right? >> they are going to have the standard charger, which works like the current one where you plug it in and then a wireless lan. i have a gut feeling that they're probably going to make another announcement before their big one where they will finally come out with a wireless charging pads. we heard rumors about this in 2017 in 2018, but we know the production is already started on needs. that means you're going to be able to charge your iphone, it are pods and watch on one wireless charger which will be pretty cool. neil: yeah, okay. the big announcement is the streaming service and whether it will be or will represent a threat to netflix now even disney. i am wondering what you make of that and who is going to sort out whom here. >> it's going to be a battle and it's going to get bloody.
you'll have all the big guys competing but the goodness in all all this is who's going to win is the viewers. the content that comes out of the house more choices than ever before. we think it's really interesting. if i was netflix i would definitely set their little worried thinking how are we going to battle this. neil: do you get any proof to the rumors that apple might try to buy netflix? >> it's always a possibility but i don't see that happening anytime soon. neil: i think you're right. thank you very much. good seeing you. >> thanks for having me. a lot of the selling picks up steam that he wants to still apply the terror of pressure on china. but those won't come off anytime soon. we'll have to surmise may be a trade deal is coming anytime soon. after this.
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not sold on that. the president talking about you being tariffs in place on china. not the new ones that could bring it up to 25%, but keeping the existing largely 10% in effect and that was not greeted favorably. some view that as a sign these talks will go on for a while and maybe they're not looking promising. to "politico" co-author, anna palmer. the president surprised folks there, but it could be the early hints of frustration on the white house fire. what you read? >> yeah, there have some mixed messages in terms of what they're doing with china. it comes that not a great time because obviously robert and steve mnuchiin are there to really these talks. how positively should think whether these things come forward or not. the stock market doesn't like
what it's herein. investors don't like it. neil: do you think they're also confused, too? people can go back and forth on this and say the president doesn't get all the credit for that, but we'd certainly be blaming him or any president if things turn south. check the box that is largely responsible and he stomps on the message making his comments about john mccain or lately kellyanne conway as has been. do you make of that? >> certainly the president has had a varied as the last 48 to 72 hours on twitter attacking the senator. mccain as you said in kellyanne conway is going back and forth on that. he actually defended the president this afternoon. neil: think about that. that is telling. she defends the president bashing her has-been. that is weird. >> it is one of the weirdest stories right now in a weird
time in washington in general i would say. the kind of back-and-forth going on for several weeks now were george conway has been basically attacking the president and the president finally punched back today pretty aggressively. in that interview, too, she said she plans on sticking around and nobody's going to take her down. she's not getting distracted by the twitter fight between her husband and the president. neil: i can imagine not the case here you go home to your significant other. how was work today? the president trashed you. i don't know. it's just weird. >> it's unlike anything i've ever seen. neil: i liked a diplomatic response. the john mccain issue is another one that comes up in a lot of senators, to remember fondly their old colleague, lindsey graham as well, but not to criticize the president.
just to remember john mccain. obviously, they are dancing around that issue, too. when you make of that? >> clearly republican senators and lawmakers in general do not want to get cross with the president or his base that very supportive of him. i will say johnny isakson from georgette did come out pretty aggressively. this isn't the first time actually that he has kind of gone up against the president, but i do think there's a real desire among most republican lawmakers do not get into the fight. even when you saw them both more than many of us expect that against the president national emergency declaration, they didn't try to punch them while they were doing it. they tried to go to move on. neil: been on the back story on that. hope republicans on that emergency declaration. the president has said later on
that he did not exert pressure on them. he tells them they can vote as they wish. but he inordinately praised those republicans who did stick with him. i am wondering what the real story was on mac. >> clearly the truth is somewhere in the middle. originally the white house seems to not be putting not much pressure on republican senators to stick with him, but then there was kind of a last-minute attempt, you know, on the right to find a way out for republicans who are uncomfortable with the president decision to move forward with a national emergency declaration. it clearly wasn't enough. this is the first time that's happened where you've seen a group of more than just one or two being willing to say i stand against the president. this is not what we as republicans believe. neil: it is very likely the massachusetts governor for the nomination. we don't know whether the maryland governor is going to do the same. would there be much appetite for
that generally those types of challenges go nowhere. what are you hearing? >> i don't think the president has any serious challengers. so far nobody who would have the infrastructure, the money, the real ability to have a national presence with name i.d. that you would need to actually challenge a sitting president. it would be a distraction that is something the president doesn't need. he started juggling a lot of different issues and investigations and trying to bolster up the support that he had in michigan and pennsylvania and ohio that seems to be slipping a little bit. it's probably not a serious bid, but not something the trump administration for his 2020 campaign would be looking forward to. neil: anna palmer, "politico," great seeing you again. >> thanks. neil: will be focusing on the president there are many arrived
in ohio. the manufacture base is important to him. this is not the one in question, but the nearby plant. he is obviously going to say something about that. in the meantime waiting more immediately for what jerome powell has to say. 10 minutes away from finding out not necessarily whether the federal reserve moves on today. that's not expect good. but what it is signaling for the rest of the year. after this. i've always been amazed by what's next.
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neil: the fed decision in moments. jerome powell is set to give his assessment of the economy. we are not expecting any move either way. let's get a read from the former treasury official under the trump administration chris campbell. good to have you. >> good to be here again. thanks for having me. neil: not only is it good to
have you that the federal reserve will move on rates in my tent that it not going to move for a while. do you buy that? >> the expectations are that they are on a pause as the chairman said. they're not going to move on bases, and this meeting, perhaps the next meeting, they've gone for maybe two to one or maybe zero. neil: you are working with the president, were he around at the time he was jawboning the federal reserve that a lot of people were surprised. what was it like when i was going on? >> the president and the chairman how difficult jobs. i wish them both extremely well. my expectation and what i have learned very well is the fed is truly an independent agency. they behave as such and thus rightly they should. i think they need to
neil: that was very artful answer, chris. when you heard the president bashing him, regretting that he picked him in the first place what did you think? >> i spot to know chairman powell when i was at treasury before. i think he is capable person. i think his level of transparency bringing to the job is really refreshing. he has gotten away from the geek speak, he democratized markets that is healthy for wall street and main street. that is nothing bad about that. we applaud and i think we've, i again, there is nothing wrong. there is everything good about transparency, certainly when it comes to the fed. many people on capitol hill always called for auditing the fed. this is step in the right direction, that would give pause to folks that have seen fed as something of a black box. neil: yeah. >> i think chairman powell has changed the tone and tenor of
the fed and i think it is great. neil: we can talk about your assessment of federal reserve won't raise rates, maybe once at most here, that seems consensus to your point but i wonder how much wig gill room the federal reserve has taking rates height, from 0 to 2%. overnight rates. carries substantial balance sheet, $4 trillion. the argument it doesn't have many arrows in the quiver should things turn south fast. does that worry you? >> one of the things we're looking for does the fed somehow forecast what they will do to change the balance sheet, right? wind down of quantitative easing program? do they get rid of the mortgages. do they go longer on treasury bonds? what is that rate and what is that mix that they may suggest and get something, we're paying close attention to.
neil: seems apparent to me no rush to unwind the balance sheet. let shorter term securities, mortgage-backed securities go ahead and expire. nothing dramatic. would it worry you to indefinitely carry a balance sheet of that size a holdover from the meltdown more than a decade ago? >> i think we help and expect the american economy will be, continue to lead the world but you know if there is a falter, if the economy can can't be great forever, that the chairman of the fed has responsibility to be sure he has, your words, arrow in the quiver to you know, affect the markets in ways that may be necessary and one of those ways we found out in the past is quantitative easing. interest rates and others. so i think it would be, it is responsible for the fed to look comprehensively at their arsenal and reload the -- neil: they don't have as much of
an arsenal as things load now. >> they can reload the gun. the chairman can do so this meeting or next. neil: in other words they can buy more stuff like they did last time, right? >> they have a lot of arrows in the quiver as you said. neil: i don't know that, but you think you're confident if everything hits the fan they're ready to respond? >> i do. i have extreme confidence in the chairman. neil: we shall see. always a pleasure. chris campbell, former treasury assistant secretary under donald trump. the president, speaking of he, he will be in ohio very, very soon. he will speak to people there. that is state he must win. having more trouble in places like michigan and wisconsin, states he needs to pick up again for that electoral victory. charles payne to take you through that and the fed minutes. charles: thank you, neil. i'm charles payne. this is "making money." we're seconds away from the fed's decision. rates are expected to remain unchanged investor are eager to
see how patient the federal reserve will be. will the central bank scale back the projected rate hikes. or will there be none, will there be a rate cut? at 2:30 jerome powell takes questions from the press. let's to to edward lawrence at the federal reserve. reporter: the federal reserve leaves rates unchanged. the fed forecasts no more rate hikes this year and only one rate hike in 2021 saying there, they will stay under their 2.8% long-range federal funds rate through 2021. the federal reserve lowers gdp out look to 2.1% from 3%, lowering out look next year to 2%. federal reserve sees unemployment rate bottoming out at 3.7%. but rising for the mex couple years but still staying under 4% through 2021. the fed revises over all inflation outlook for this year to 1.8%, revising it down. they