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and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. morning. thanks so much for joining us this morning. i am maria bartiromo. i hope you are having a good tuesday morning. it istude march 12, 8:00 a.m. on east hot topic of the hour former special counsel robert hur testifying in front of the house judiciary committee day reigniting questions about

presidential biden pogs mental acuity in face of classified document scandal fox business hillary vaughn live on compile with more good morning. >> good morning, maria. well robert hur special counsel report under a microscope as republicans are hoping to dig up more details about the president's mental state and willful retention of classified information. >> his -- you know position on biden mental state is, obviously, front and center. >> we got a lot of questions which documentaries mishandled the focus of our questions. >> hur resigned as special counsel will come here as a private citizen to take law enforcement questions democrats say that is suspicious and they think that hur's report is politically motivated because he was appointed by former president donald trump. >> i am a little concerned that he resigned the day before that he has been prepping apparently with trump

orbit people, if he were still employee of department of justice would be obligated to adhere to rules recreations restrictions placed upon him by department of justice now as private sips does not have same obligations. >> democrats hoping for hur to walk back his comments about president biden's memory that won't be happening hur prepared opening statement obtained by fox will defend it say i knew for decision to be credible i could not simply announce that i recommended no criminal charges and leave it at that i needed to explain why, my assessment about relevance of the president's memory was necessary and accurate and fair a i did not sanitize my explanation, nor did i disparage the president unfairly, democrats clearly worried about the fact hur resigned because he isn't bound by doj riles and regulation he could speak a lot more freely, if he wanted

to he could give a lot more details about what was actually said behind-the-scenes behind closed doors maria. maria: yeah. we are all interested in seeing how this plays out hillary one of your sound bites there james comer chairman oversight committee said his focus is on what specific documents were stored, you know what biden saved i assume talking about documents from ukraine. as they continue to investigate potential influence peddling, hillary. >> yeah, some documents related afghanistan as well biden revered to tanninging to ghostwriter found classified stuff down stairdz hur in his report says the president said i don't remember saying that the president saying i don't remember i don't recall don't know what you are talking about this narrative the

mental state might be questionable. maria: hillary thank you, hillary vaughn capitol hill. >> your reaction. >> what hillary outlined could be telltale signs of dementia unclerl robert tacitly agreered, it is clear hur is doubling down that he has to justify claiming biden is not competent to stand trial all have hur did is prove manipulative, we've seen recently, his handlers shfl him off stage protecting from answering press questions at dop of a hat i think robert hur is more and more vindicated where each day. >> other tsh two systems of justice two different approaches while robert hr

saying i am not going to press charges the jury will see him as sympathetic elderly gentleman with bad memory they are pushed forward trying to take trump down from taking documents even though a president as president trump was has different allowances than a senator. as joe biden was when he took those documents. >> what does it he tell you about democratic party i am a guy went o to see this past weekend one observation the leaders of great pasts great warriors people that are leading the battle, in charge, respected the best warriors at the time anybody i pose this question would anybody follow biden into battle was of streveng of mind or strength of how he is portrayed the fact of the matter is those countries outside of u.s. say that they would be okay with biden in the battle right? i want to also say that he is very disconnected from the base as well democratic party to look at border crisis 70%

democrats actually say that it is an issue a big issue,, a major either crisis or major issue the fact of the matter is fact not caring so much about border means very disconnected from the democratic party in general. cheryl: i go to opening statement that fox attained, one line i think crucial that i think going to come up today. that i think going to get picked up on by republicans he says evidence he the president himself put his memory squarely at issue. i think that is going to be the crux a lot of attacks by democrats against hur, this starts up 10 a.m. eastern time today, so going to view him for ourselves, and, remember, that on the other side of this is going to be the republicans going to dig further into the interactions with president and robert hur had it is always q&a you know this always q&a we get real story,

then should come out today very damning for president biden. maybe they each get five minutes see how they handle their little time i that i think you so much for joining us this program thank you great to have you come back soon, we will say good-bye to you this morning, at this point because we are turning our attention to the cpi all hands on deck getting started quick break the house voting on a bill tomorrow would ban tiktok from united states if it does not divest itself from bytedance, washington congresswoman is here to tell us more about that all hands on detective for cpi in 20 minutes' time you are watching "mornings with maria" live on fox business. .

.n cups of very significant

legislative win this week. >> so on cusp of getting -- >> on cusp achieving a very significant legislative wen this week. maria: so on cusp getting a legislative win that means you believe that ultimately tiktok will be forced to ser with communist party. >> will revolve the national security threat by requirements to divest. >> brendan carr on tiktok bill joined be last hour national cu been sounding the alarm a classified briefing today on tiktok the house expected to vote on that bill tomorrow it would require chinese company bytedance sell tiktok or face a ban in the united states,

there are now reports, the ceo of tiktok planning to come to washington this week to testify joining me chairman of the house energy consumers committee washington congresswoman cathy mcmorris rodgers, great to see you. thank you for being here. >> good to be with you, maria. maria: are you expecting, tiktok ceo to come talk about this, this week? >> i certainly have heard the reports that he would likely to meet with more senators we had him before our committee he testified before the house energy commerce committee increased concerns members both sides have as we witnessed tiktok caught repeatedly in this lie not beholden to chinese chinese because of upper by bytedance we know because of internal recordings by employees of tiktok that of this said that everything is seen in china we know we cannot trust china to

uphold our data security, or our american values of freedom, that is why this action must be taken, to force these apps that are controlled by foreign adversaries like china, to either divest, or be banned in the united states of america >> do you expect this bill to pass? will you vote on this bill? yes? >> yes. the house is secluded to vote on this legislation, tomorrow, on wednesday morning, we have a very strong vote last week in the house energy and commerce committee 50 to 0, unanimous vote only underscores how strong the -- bill is and also how the members believe this action needs to be taken, this is a national security threat. the amount of data, that is being collected right now, data that ultimately can be used to target, surveil manipulate americans, by the chinese communist party this

is a real national security threat. the bill is narrow it is targeted to address the national security threat that we believe these apps like tiktok pose to the united states, because of its ownership by foreign adversary. >> what do you make of president trump coming out against this bill warning if you ban tiktok it will double facebook's business, in 2020 trump wanted to ban tiktok ended up pushing company to reform via project texas action kentucky senator rand paul came out against the bill warning will endangering first amendment povertied on x, if congress bansdt acting like chinese communists tiktok has to make a choice whethers or not beholden to chinese

chinese because owned by bytedance we know controlled by chinese communist party, or if its severs ties it can continue to operate in the united states. we share -- this is not related to content on facebook or on tiktok. we are not addressing content, this is a national security threat the bill is targeted specific focusing on national security threat we're not getting into content, as far as president trump raising concerns about the bill, we share his concerns around meta, and other big tech companies in the united states of america, and we are working to address privacy national or data security issues related to these big tech companies. this bill, is targeted towards foreign adversaries apps kromd by foreign adversaries like

tiktok but also other foreign adversaries that control x. what the bill does is in this case it forces tiktok o to make a choice, we are not making that choice for them, if they want to operate in the united states they need to setch ver ties with chinese communist party that is ultimately controlled by bytedance. >> president trump's take on this says i don't want facebook doing better, there are true enemy of the people he wrote, on truth social. because they try to interfere with the election do you have worries about that that this makes meta more powerful and very important to the democrats in the last election. >> well, i share his concerns about meta and facebook and other big tech companies, this bill is focused on tiktok, or -- and other focused on apps controlled by foreign adversaries builds upon what president trump attempted to do when he was president.

as far as about what is going to happen if tiktok is forced to divest could become public, or sold to someone else doesn't say has to be american company simply says has to divest from foreign twair in this case china so that we are well aware of aggression out of communist party of xhooip i understand the threat here i want to move on takes of all taxes 5 1/2 trillion dollars new taxes president biden wants to implement as part of massive 7 and a third trillion-dollar or 2025 budget, biden is proposing a 25% minimum tax on those were more than 100 million dollars, a 28% corporate tax rate a 21% minimum tax, for-billion-dollar corporations. the president says he wants to

increase the corporate alternate minimum tax to 21% 15%, quadrupl buyback plan attacks to 4% from 1% raise corp income tax, up from 21%, 25% billionaires tax longer depreciation higher fuel taxes on private jets "the wall street journal" board slammed the budget calling it a fantasy where does this budget go now. >> not going failure in the house i would say this is staggering taxes that president biden is imposing upon small businesses, individuals, corporations in the united states suffocateing to our economy would i take is back when president trump was in office we passed the tax cuts jobs act that caused our economy to boom, united states of america, has always been known for entrepreneurial spirit, small bids are a driver of our economy, we are the country where you can

start a business, grow a business, improve people's lives, and services and prulths and, yet, this kind of approach, this just suffocating amount of taxes that this president the administration want to impose on america, is just a big damper on economy ultimately the opportunities we want team pof in the united states of america, it is very disturbing to me that president biden wants to enforce in this direction. maria: so all of those years when you and your colleagues last three years have been complaining about all of the spending that democrats were doing they pushed through, what? inflation act didn't cut inflation, america rescue plan act chips act i know some of this stuff at chips act are good parts to it we are talking about six trillion dollars in borrowing in three years what are we now we have to pay for all this taxpayers get stuck holding the bag of this got to pay taxes on all that spending. >> yes, yes. the debt the record amount of

debt over 34 trillion dollars now in debt record deserts crushing, crushing our nation also a national security threat rm when admiral mullin years ago said when asked what is number one threat to america? he said our debt. because when we are take on this kind of a debt means it impacts our ability to really set priorities fund military keep country secure, makes us beholden to other nations, with this kind of a debt suffocates us impacts opportunities in future of unfortunately, the biden administration has spent in record amounts six trillion dollars just between yeah. the so-called inflation reduction act, infrastructure back the we need to start living win maintains balancing budgets decision-making back to local level rather than top-down washington, d.c., controlling business and our individual lives.

>> we will leave it there keep watching it congresswoman good to see you. thanks so much. >> good to be with you thanks. >> have cathy mcmorris rodgers in d.c. this morning. we'll be right back. . (♪) (♪) (♪) (♪) there are many ways to do things. at old dominion freight line, we do them this way. this way has people who start early. people who care and inspire each other to do things the way they should be done. this way uses technology (♪) and goes the extra mile (♪) to deliver your promises on-time, every time. this way is why we're the number one national ltl carrier for quality. for us, this way is the right way

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier".

you sing about "price lock" on those commercials. "the price lock, the price lock..." so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. give divest look at futures this morning, as we await important

data we've got dow industrials up 6 nasdaq up 812, s&p up 12 3/4 yes a big turnaround stocks higher across the board with a four minutes away from consumer price index oracle soaring one of the most heavily tradeded stocks after better-than-expected earnings the company reported a 27% climb in net income tax 2.4 billion dollars 12% increase in sales for cloudy services license support segment, by the way, selling ai, cloud products, and ai, has investors getting that stock buying that stock in aing away way up 12% oracle kohl's a double beat posted smaller-than-expected decline, the stock down about 1 1/2% we're waiting on dollar tree out tomorrow dollar general, dick's sporting goods on thursday joining me right now fund strat global managing

partner head of technical strategy mark newton great to see you welcome back i was worried about you when i didn't see you on air for awhile i am glad everything is okay your expectations for numbers and reaction to the earnings season how do you see macrostory? >> thanks, maria, season has proven i think a lot more robust than investors had thought i mean the economy in a sweet spot right now technically we been 26% gain in indices the last few weeks has been a good run i think the important point to make though is that, you know, it is less about the fact that overbought more about fact other stocks starting to join nvidia the market more broad based, we have seen rise to all-time high territories, you know it is very, very difficult environment than what we saw in dot-com era we had pe's over 70 saw nasdaq

forward phe have 12 months er registering 26, certainly above long-term average but below cost poised recovery phase, well below the early 2000s not really a huge overvaluation there hasn't been indiscriminate buying no evidence of speculation seeing evidence of stocks apple, tesla falling over the last month underperformed dramatically, so, you know, i think the market is showing a very healthy degree of rotation, that you know that sets up very, very well, i mean the market has reasoned teblz respected funneled much more than they have the fed i think that is good. maria: i usually don't like to ask guests what are you expecting from numbers not very fair but there are some expectations that there is going to be a hot number hotter than expected could cause a sell-off in stocks i was reading tom lee's note

your colleague he says ebb probabilities suggest hot february core cpi above consensus 3/10 of a percent january, a 3% sell-off with gas in the tank that is buy the dip moment let's say hypothetically speak -- >> even with prior cpi coming in shot s&p declined 85 point it was a viable moment there is some concern that it might be, this overhang of residual seasonality mike talls hot cpi i think temporary we saw a little bit of a reconstruction in way that was calculated when you look at the rents, obviously 26% cpi so, you know, there was divergence between regular rent, oer, a big detail seasonality concerns my thinking i don't see this as being the start of a huge uptick in inflation in my view i think could be

temporary, might last another month, then see things back to downside. >> sound like a buy the dip down 122, to cheryl casone. cheryl: , okay. just getting to numbers right now actually sorry if i didn't come right away we are looblg inline month-over-month month-to-month up .4% in line with expectations dow down 113, we were higher before this number crossed, okay year-over-year came in hotter than expected 3.2%, the gain 3.1% expectation, okay? so we actually come in a little bit hotter month-over-month, as well as we just jumped a tenth percentage point for month-over-month. >> core came in moter on month-over-month basis, versus expectations came in .4% higher on core month-over-month expectations was up .3%, core hotter than

expected 3.8% looking for 3.7% but i do want to point out on this yearier core number a tenth% better than read from last month, let's get into some components of this, okay? we did see as expected a gain in the energy and gasoline market we thought going to happen, energy, that opponent jumping 2.3% month-over-month gasoline up 3.8% month-to-month now vehicle sales seen going higher down a tenth of a percent, housing .4% owners equivalent rent primary residence a gain of.4%. housing in general up .4%, so headline numbers let me get into the report quick here give you guys a swhaens the government is pointing to this will give you specific

information as to where gains actually happened, as for what government has to say index for shelter this is first thing they health the next for shelter rose as did as i mentioned gasoline, these two indices just shelter gasoline, contributed to over 60%, of the monthly increase in the index or all items, so two things, it is shelter. it is energy. i will say not as hot as expected i am trying to understand maria as are you that one hundred plus point tlop we got when headlines crossed now back up 30 on the dow i am going to dig into report airfares i will send it to you for reaction. maria: thank you, cheryl, all right. well, food is something i want to dig into because i know

that a number of food items are still soaring, mark, you were right it is it was on hot side, but markets are hire now investors digesting this your reaction. >> you know look i think it was what we thought could happen one more month of hotter cpi i don't sense start avenue big boom in inflation that we're back honestly, the car insurance cannot -- gain 20% every quarter, the fact it did, unrealistic to expect that a very small part, oer. expected baifdz on the way they calculate that slightlishire .4%, i don't view that as problematic i think you know overall we see very good economy gdp, you know obviously, inflation has been coming down now face pace slowing the question whether straight back up might have a

small bump i don't think so as much as -- >> owned and operated rent this is the shelter component, i mentioned earlier steve schwartzman blackstone group told me rent not going up anymore people don't understand but not he is largest owner of commercial real estate we got increase in this report, joining me right now, chief economist former white house economist low lavorgna, heritage foundation andy pozner, mark newton, cheryl casone all on this joe reaction to cpi. >> data wasn't great, used cars, tobacco air fairs one-off items i don't think repeated, do i look for inflation to moderate because of rent story you houfrldz survey said rents expected to come down i i guess what i would disagree with what i

heard so far economy being healthy the economy to me isn't particularly health the job gains overstated income side of the economy showing much less strength than product of the economy inflation will continue to moderate would not be surprised to see it loose-. >> president wants to raise taxes 5 1/2 trillion dollars how is that going to play out. >> given divided government nonthat have will happen this is a blueprint what would come next four years a clear choice as far as what you like to vote for huge tax increases very disincentive to the supply-side return of capital that would not be right approach. but, again, public can figure out what they want, certainly much different profile than when i served in government. maria: andy, you would be among those who get impacted if you were still in driver's seat of small businesses you've run entire career in terms of some tax increases

the president is talking about, he wants to increase corporate alternate minimum tax corporate income taxing billionaire tax with a economy joe says is not so halt. of your reaction? >> look, we've got a huge problem with our debt, i think that is overhang on entire economy, i think joe is right in what he said, the only way to get down we've got a spending problem we have a spending problem only way to get debt down reduce spending increase our economic growth so that we can increase revenue, in a way that is sustainable not to taxes that will discourage economic growth i think all we have with president biden's plan is a -- is a plan to continue increasing the company's debt country's debt to put the economy, at severe riv democrat solution democrat slus cat us where we are

trouble we are in today. maria: do you still see inflation as hot as -- your expecting the core was hotter than expected not by much you are talking one-tenth of a percent worse than economists are looking at. >> it is look hotter but i don't think the trend is significantly scary i don't think a trend that indicates going to go higher at least at this point we don't know what is going to happen particularly with energy don't know what is going to happen it was nice to see food level out, food at home, grocery stores basically flat food out for restaurants only up a tenth of a percent nice to see given minimum wage hicks i was expecting it higher, it was good to see food level out hottish i don't think going to change the trend. maria: transportation services i guess that is

gasoline cheryl, energy related. cheryl: ie we were expecting this big boost as far as the energy company, of cpi, you know i know you were looking at shelter earlier, we are still year-over-year hire are on shelter component by 5.7% as annualized number. the other thing i wand to point out really quite kind of goes back to the energy story, airfares are -- actually rose in this report along with shelter component more vehicle insurance apparel recreation components impacted by higher energy prices that we are seeing in this report, thank you for mentioning the food component i didn't get that out right away to maria, yes, we did see at least a little bit of a breather when it comes to food prices pretty much flat month-over-month, a little bit of good news in this report. maria: as investor you saw the market, digest trade down tried back up looking at

across the board rally here how do you see things knowing that the fed is meeting next week? on the 19th? >> this wasn't a horrible report that being said still pretty high i look a lot at the consumer confidence level right the fact inflation is running pretty hot consumer confidence going up a lot past couple months tells me a lot about consumer the fact of the matter is the consumer addicted to get. >> credit card debt to pay for house car okay doing that is like a drug for a lot of people if the case i want to stick with good balance sheet stocks, that people are spending money on starbucks, darden restaurants going out to eat those names, inflation remains high i talked about how artificial intelligence going to add more productivity to the system going to make fed jump harder investment in

artificial intelligence if inflation remains high rates higher i would look at trimming out of tech names into lifestyle brands people are addicted to spending on. >> the technician mark i want your take on what charts look like when you look at a stock like oracle, soaring today, because of its ai cloud business, then you look at stock like nvidia that is -- you know, trees grow into sky over here how do you see this in terms of the chart? >> thanks, maria look if i can paraphrase what ceo of oracle said cloudy infrastructure business is in hyper growth phase they expected 53% revenue for awhile, infrastructure, demand i think that you know, all companies are that have anything to do with ai continue to see huge spikes in demand, and you know

that said that is -- technology, you know continues to be overweight for us, and, we haven't really seen sufficient evidence of tech rolling over we have seen a little bit of a slowdown the market has gotten a a little bit more defensive last month materials utilities, largely remains a rally where you want to own industrials, you want o own technology, you know not just nvidia, certainly other parts of the market that are starting to play catch-up that being will financials, consumer discretionary something we all wanted to see not just tech difficult dominated we have a few companies have represented a lot of the gains thus far don't forget this is the ways is in 1930s saw ge generally does general motors, general electric comprised big parts at that time that wasn't problematic we have to be able to account for that.

maria: so you are saying don't fight the tape? >> you cannot fight the tape we haven't seen any evidence technically that you know there is going to be a pullback one of the signs that i look at certainly not and despite being over bout we are certainly in a sweet spot with cycle showing a good likelihood of gained i tell you one thing in the last four months we saw gains from four winter month november, december, january february 16 times over last 90 years undefeated track record for gains from march through the end of the year, with average median return 15% so never been a down last year that happened, so i would leave investors with that that we've had four solid months of gains, and you know in election year that is remarkable going to be continue to be this era of contentious type -- you know disagreement about you know this thing election year, and

that is going to create a lot of worry in my view any sort of pullback we get do i think eventual will get a pullback -- in 19 weekends that should be viable i expect 5 to 7% more likely going to continue to press higher. maria: so joe lavorgna did patterns change when you have a macrostory debateable, said not as healthy as headlines my suggesting what does that mean play out or are we going to have some you know gimmicks along the way that boost things make things look good better than they actually are going into november the election how does the election of change things. >> last three years over 3 trillion spending relative to baseline economy has to go into recession healthier than we their partly a function of

excessive spending more than i expected debt field growth is a healthy organic growth, in terms of the election certainly think the fed is, sort of stuck in a hard spot because if they don't cut by june going to look worse if they wait typically markets do well in election years we have technology, now ability to pull up what equity market does next eight, nine medicines relative to where we were few years ago sort of unprecedented go back to stock market almanac i am dating myself. maria: yes, you are. >> the economy has some risks around it we sort of for got the fact potential recession risks nobody talks about it. maria: are right. >> we did trigger 50 basis points unemploymentg trigger last friday, if unemployment continues to rise a great recessionary signal i know doesn't feel like equity market going down only 5, 7% pullback if a recession it will go down more i don't think recession is de minimis

as people think i am cautious on outlook do think actually interest rates will fall from here. >> you are worried about this discrepancy in terms of two different job surveys apple survey says one thing. >> maria not just household survey if you look at payroll data what benchmark benchmark, it suggests that payroll even with all downward revisions my be overstated upwards 900,000. that is a big number. we don't get income side until late march, of course, you get revisions to economy to me does not feel dynamic when you look at household survey other data corroborate what we are seeing on income side. >> you have new info. cheryl: i was looking at answer to question about mark what market did when this crossed 30 after where at now up 134 points we've now get interest rate futures reacting solidifying believing we are going to get basically no decision on any change in

interest rates, until the june meeting even though fed is meeting next week, mark, i mean looks like some kind of it was considered risk looks like program trading went kind of off the rails a couple minutes. >> certainly that is just how markets react oftentimes around economic data can be voit volatile unless a braeng in trend, what they call technical support for future calls certainly levels people buy that, this number was never meant to change needle what fed is going to do next week it is about 19 parsepants in temperatures of changeing the clock the market in line with what fed expected, source of comfort regardless what we think about the economy being dour a concern what do you do with that information all trying to make money honestly market has not shown evidence that this is starting to change not getting overly

speculative, overbought but we are in a sweet spot this year for you know honestly make money risk assets started to see evidence, getting off on highs, cryptocurrencies equities doing well. maybe job number last week was initial indication deceleration, but you know what do you do with that information i don't believe recession is going to happen -- >> mark don't forget bitcoin, bitcoin soaring, how about a show of and who would put who would put money in bitcoin right here show of hands? >> 1%. >> -- depends on -- i own bitcoin, i continue to own it. >> we got two hands up, guys thank you, guys and gals thank you get a conversation joe, andy mark, cheryl you are with us we appreciate it thanks, guys great conversation on the cpi business is fleeing the

state of california they are headed across the country to peach state fox business madison alworth has all details. stay with us. . of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. before you use ai to transform business, accelerate growth, predict trends, you need to begin with trust. introducing watsonx governance. helping you govern any ai, as data, models, and policies change, so you can scale it responsibly. let's create ai that begins with trust,

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials.

"the price lock, the price lock..." so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. business flocking to 2024 battle grounded state georgia madison alworth joins are us live from atlanta, with more

on this, first it was places like texas and florida now atlanta madison? >> yes, it is good morning, maria. primary day in georgia this is state that has benefited from o exodus with folks comes businesses from movie productions start-ups, georgia is becoming the new california. >> georgia is earning the reputation as one of the fastest growing most prolific tech hubs in the country. >> sometimes referred silicon reveal of the south. >> at a breeding ground for billionaired start-ups, a georgia tech grad ceo of the security company valuation hit four billion dollars. >> literally whether blue or red we are in purple state

business helps drive. >> tech giants take notice google microsoft apple opening offices in atlanta not just tech, georgia has taken i am a at one of california's most lucrative industries tv and film, hollywood has lost hundreds of millions in revenue to other locations film industry spent over four billion dollars in georgia last year alone. the best innovation in tech entertainment start-ups no longer just in california. >> really the state of georgia very probusiness we want to see companies grow want to build here. >> so a nonprofit really helped builtup entrepreneur helped reach 15 billion dollars, very successful end for start-up a successful beginning fort sill con valley

of the south. >> thanks very much we'll be right back.

maria: welcome back. well, the consumer price index came in hotter than expected as we were expecting. that's the second row, second month in a row, rather, this year that we had a hotter than expected cpi. month over month the consumer price index was up .4%, year-over-year up 3.2%. we've got a market that is rallying nonetheless ahead of the federal reserve meeting next week. the fed will meet on march 19th

and 20th. luke, your reaction with the dow industrials up almost 100 points right now. >> two observations. number one, even though consumers are, average american, 40% of average americans have more credit card debt than emergency savings, they're still spending on department. so lean into that spending addiction. that's going to keep inflation pretty hot. the second thing is because of this invest in a.i. technology, inflation's to going to remain hot, it's going to be hard to get to 2%. because of that, interest rates are going to remain high. maria: good point. cheryl. >> we still have two ped meetings before the june meeting, and that's when traders are betting we're going to have a meaningful conversation about a fed if rate cut. at the same time, all of this is going to affect the economy, and one of the things about these higher energy costs i'm seeing, that's going to really hurt the retail sector. and you mentioned kohl's earlier this morning, we've now wrapped up earnings season for these retailer thes. nobody had a real good forecast,

none of the numbers were knocking out of the park, maybe target a little bit. all of this and all these energy components that we awe in today's to -- we saw in today's report, that's bad news for retailers and also the other point, the fact that personal savings rates are down and people are saving less and spending more. because we've still got some decent consumer spending numbers for february. so all of that doesn't bode well for the markets, and i point back to said retail stocks. maria: by the way, it's not just consumers. according to pipe sandler, nancy lazar, businesses are also cutting back. they are not spending as much as many expected in terms of the capital spending a allocation. so we'll watch that as well. thanks, everybody, luke lloyd, cheryl casone, great to be with you. dow is up 61 right now 30 minutes before the opening bell. "varney & company" picks it up now if. i will see you mañana. ashley webster in for stuart. ashley, take it away. ashley: good good morning,