GOVERNOR DAN PATRICK COMING UP
NEXT HOUR.
>> MEANTIME INFLATION IS NOW
THE TOP ISSUE FOR VOTERS.
A NEW FOX NEWS POLL SHOWS 82%
OF THOSE SURVEYED SAY THEY ARE
EXTREMELY OR VERY CONCERNED
ABOUT RUNAWAY PRICES.
LET’S BRING IN MARIA BARTIROMO
ANCHOR OF MORNINGS WITH MARIA
ON FOX BUSINESS AND SUNDAY
MORNING FUTURES ON FOX NEWS.
MARIA, GREAT TO SEE YOU.
I DID RESEARCH.
IT AFFECTS EVERYBODY AND WHY
EVERYBODY IS CONCERNED ABOUT IT.
IT AFFECTS EVERYBODY WHEN YOU
PAY $5 A GALLON FOR GAS HERE.
I WANT TO SAY BACK IN MAY WE
DID SOME RESEARCH, THE BIDEN
WHITE HOUSE ECONOMIC
POLICYMAKERS, FEDERAL RESERVE
AT THAT TIME WERE SAYING
INFLATION WAS UNDER CONTROL AND
NOW FOUR MONTHS LATER IT
DOESN’T APPEAR TO BE UNDER
CONTROL.
>> NO, IT’S NOT UNDER CONTROL,
TRACE.
THANKS FOR HAVING ME THIS
MORNING.
THE BOTTOM LINE IS THE FEDERAL
RESERVE AND THE ADMINISTRATION
HAVE BEEN SAYING INFLATION
PRESSURES ARE TEMPORARY.
WE’LL HEAR FROM THE FEDERAL
RESERVE THIS WEEK.
THEY HAVE A TWO-DAY MEETING AND
THEY WILL ANSWER QUESTIONS
ABOUT HOW TEMPORARY IT HAS BEEN
GIVEN WE’RE SEEING PRICES SPIKE.
THE PRICE OF LUMBER HAS COME
DOWN BUT MANY EXPECT IT TO
CONTINUE GOING UP AND RESUME
THE SPIKE BECAUSE WE’VE GOT
SUPPLY DISRUPTIONS, COVID HAS
SHUT DOWN A NUMBER OF
MANUFACTURING FACILITIES AND
THAT HAS THE PRICE BEING
PRESSURED HIGHER BECAUSE YOU
CAN’T GET THE SUPPLY.
BUT I JUST WANT TO POINT TO
WHAT’S GOING ON IN THE MARKET
TODAY.
WE HAVE A SELL-OFF UNDERWAY.
THE MARKET WILL OPEN IN 10
MINUTES AND YOU’LL SEE THE
MARKET OPEN DOWN 600 POINTS.
WHY?
BECAUSE THERE ARE WORRIES ABOUT
THE IMPACT OF A DEBT CRISIS IN
CHINA.
THE SECOND LARGEST PROPERTY
DEVELOPER A COMPANY CALLED EVER
GRAND AND IT IS MISSING ITS
DEBT PAYMENTS.
THE CCP HAS ALREADY COME OUT
AND SAID THIS COMPANY WILL NOT
BE ABLE TO PAY ITS DEBT
PAYMENTS WHICH ONE PAYMENT IS
DUE THIS UPCOMING THURSDAY.
INVESTORS ARE SPECULATING ON
WHETHER OR NOT U.S. BANKS ARE
GOING TO BE ON THE HOOK FOR
SOME OF THIS.
SO BEIJING HAS TO MAKE A
DECISION.
IS IT GOING TO COME IN AND SAVE
EVER GRAND AND PAY THE DEBT
PAYMENTS?
WILL IT CHERRY PICK AND PAY
OTHER DEBT PAYMENTS OF OTHER
PROPERTY DEVELOPERS?
EVER GRAND IS CHINA’S SECOND
LARGEST PROPERTY DEVELOPER AND
THAT’S WHAT’S GOING ON TODAY.
DON’T FORGET WHAT’S HAPPENING
IN WASHINGTON
WE HAVE NINE LEGISLATIVE DAYS
LEFT TO DEAL WITH THE DEBT
CEILING BEING RAISED.
TWO MASSIVE PACKAGES I
INFRASTRUCTURE AND THE 3.5
TRILLION.
IT’S PLAYING OUT IN A BIG WAY
TODAY
>> THE INFLATION OF GOODS SINCE
JANUARY.
RUN THESE DOWN QUICKLY.
CAR AND TRUCK RENTAL UP.
GASOLINE UP, HOTELS.
YOU GET THE PICTURE HERE OF
WHAT’S HAPPENING ACROSS THE
COUNTRY.
HERE IS THE NEWS.
FOX NEWS POLL CONDITIONS OF THE
ECONOMY, PUT THIS UP.
THIS IS BACK IN JANUARY.
55% SAID YEP, EXCELLENT OR GOOD.
NOW THAT NUMBER 30%.
THAT’S A SIGNIFICANT DROP AND
THAT HAS GOT TO BE CONCERNING
FOR THE BIDEN WHITE HOUSE,
MARIA.
>> LOOK, THE BOTTOM LINE,
TRACE, IS THE FACT THAT THE
DEFINITION OF INFLATION IS THE
FOLLOWING, TOO MANY DOLLARS
CHASING TOO FEW GOODS.
HOW MANY DOLLARS ARE WE UP TO?
THE RECONCILIATION PACKAGE WILL
COST UPWARDS OF $5 TRILLION
BECAUSE THEY HAVE GIMMICKS IN
THERE THEY SAY THESE PROGRAMS
GO AWAY NEXT YEAR.
THEY AREN’T GOING AWAY.
IT IS MUCH MORE EXPENSIVE THAN
THE 3 1/2 TRILLION.
ONE REASON INFLATION IS TAKING
OFF.
WE HAVE A CRISIS AT THE BORDER
AND AFGHANISTAN LET’S HOPE WE
AREN’T MOVING TOWARD AN
ECONOMIC CRISIS AS WELL.
>> THE U.S. NATURAL GAS PRICE
IS GOING UP.
OVER THE PAST THIS IS I WANT TO
PUT THIS ON THE SCREEN AS WELL.
FRIDAY AT $5 A LITTLE OVER $5
PER MILLION ON BTUs THEY WERE
HALF THAT A FEW MONTHS AGO.
>> THIS IS LARGELY ABOUT SUPPLY
AGAIN.
WHEN YOU DON’T HAVE THE SUPPLY
AND YOU’VE GOT THE DEMAND
MOVING UP, PRICES MOVE HIGHER.
THIS HAS BEEN AN AREA THAT
WE’RE WATCHING BECAUSE WE
NORMALLY DON’T SEE SUCH MOVES
IN NATURAL GAS.
IT WILL AFFECT YOUR HOME
HEATING OIL AND ONE MORE PIECE
OF THE PUZZLE THAT INFLATION IS
HITTING US ALL ON THE KITCHEN
TABLE ITEMS THAT WE NEED TO BUY
EVERY DAY.
>> THIS IS THE OFFSEASON FOR
NATURAL GAS.
IMAGINE WHAT HAPPENS AS WE GET