close video US economy faces very dire situation if Fed cant keep rates high: Mike Lee
A ‘Word on Wall Street’ panel with Michael Lee Strategy’s Mike Lee, Strategic Wealth Partners’ Mark Tepper, Bulltick Capital’s Kathryn Rooney Vera discuss market trends amid banking collapse volatility.
While some of America’s top banking CEOs discuss a new rescue plan and the Federal Reserve kicks off its two-day meeting, one market expert has warned of a "very dire situation" dependent on fiscal policy.
"If the Fed can't keep rates high, if they can't keep raising as they need be, and we have persistently high inflation, we are in a very, very, very, very dire situation," Michael Lee Strategy founder Mike Lee said on "Mornings with Maria" Tuesday.
"So I think the Fed goes 25 basis points. I think how the market reacts depends 100% on what Powell says and reacts to the questions and how the market absorbs that," he continued. "But what I see is not so much as a contagion from banks or some sort of massive solvency crisis, it's what do we do if the Fed can't raise any more, can't keep tightening? It has to ease, so there's no systemic shocks from the banking system."
With a strong market rally underway Tuesday morning, the Fed began discussing its latest interest rate decision. Sixty-two percent of investors expect the policymakers to continue hiking rates, which would mark the ninth straight increase, while 38% expect no change, according to CME's FedWatch.
BANK TURMOIL COULD BRING ‘VICIOUS’ END TO BEAR MARKET, MORGAN STANLEY SAYS
While the Fed under Chairman Jerome Powell has embarked on its most aggressive rate hike path since the 1980s to combat stubbornly high inflation, a recent report written by U.S. economists indicates if history is destined to repeat itself, then the Fed will "find it hard" to avoid a recession later this year.
The Federal Reserve could bring the U.S. economy into a “very dire situation,” Michael Lee Strategy founder Mike Lee said on “Mornings with Maria” Tuesday. (Fox News)
The central bank is also navigating bank-run contagion fears this week, after the recent insolvencies of Silicon Valley Bank and Signature Bank, and potentially First Republic Bank.
Lee signaled the banking and rate hike dilemmas are ones of "confidence," as opposed to structural issues. Image 1 of 4
Markets often react when Federal Reserve Chairman Jerome Powell speaks or announces a rate hike decision. | AP Newsroom
"No matter how good the banking laws are, no matter how good the oversight is, no matter how strong your balance sheet is, nobody can withstand a 20 to 25% deposit base withdrawal in a single day, as happened with Silicon Valley Bank," Lee explained. close video The Fed to meet this week to decide possible rate hike
Mercatus Center distinguished fellow Thomas Hoenig discusses how the Fed’s plan for inflation, argues it has been running poorly for years on The Bottom Line.
"So I think the upshot of what just happened is lending standards are most likely going to increase, further slowing the economy," he added.
Also joining the "Word on Wall Street" panel, Bulltick Capital’s chief market strategist Kathryn Rooney Vera agreed with Lee that the Fed will likely raise rates by 25 basis points Wednesday.
"It has to hike 25 basis points. It has a dual mandate, 2% inflation and full employment, it has to comply with that. If they do not hike this week, tomorrow, this is going to be a huge additional shock to credibility and they're very focused on that," Rooney Vera said. "So they have to recoup credibility. If they do not hike 25, I think it will be poorly received by the markets."
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Piper Sandler chief investment strategist Michael Kantrowitz provides insight on the Federal Reserve’s response to record-high inflation on ‘Making Money.’
Michael Wilson, the chief U.S. equity strategist at Morgan Stanley and a longtime Wall Street bear, said in an analyst note on Monday that the stock market is in the early and painful stages of exiting the bear market than began in the summer.
"The last part of the bear can be vicious and highly correlated," he said. "Prices fall sharply via an equity risk premium spike that is very hard to prevent or defend in one’s portfolio."
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FOX Business’ Megan Henney contributed to this report.
Former MasterChef host Gregg Wallace has vowed he will “not go quietly”, amid reports that he has been sacked by the BBC.
It comes after the TV hostfaced an investigation, commissioned by MasterChef’s production company Banijay UK, into alleged inappropriate behaviour while working for the BBC.
In November, the 60-year-old stepped back from presenting the cooking show after accusations that he made sexual comments towards staff and celebrity guests on a range of programmes over 17 years.
Image: Gregg Wallace received an MBE for services to food and charity in 2023. Pic: PA
Broadcaster Kirsty Wark, author and actor Emma Kennedy, and presenter Kirstie Allsopp, were among the high-profile figures who made claims of inappropriate behaviour against Wallace.
In a statement, released ahead of the publication of the summary of a report into the claims, the 60-year-old said he had been “cleared of the most serious and sensational accusations” made against him.
However, he said the report, carried out by independent law firm Lewis Silkin, had found him “primarily guilty of inappropriate language between 2005 and 2018”.
Wallace’s statement, published on Instagram, came hours before the BBC News reported that 50 more people had made claims to the corporation against the presenter, including allegations he groped one MasterChef worker and pulled his trousers down in front of another.
In his statement, Wallace labelled BBC News’s claims as “uncorroborated tittle-tattle”.
Wallace wrote: “I have taken the decision to speak out ahead of the publication of the Silkin’s report – a decision I do not take lightly.
“But after 21 years of loyal service to the BBC, I cannot sit in silence while my reputation is further damaged to protect others.
“I have now been cleared by the Silkin’s report of the most serious and sensational accusations made against me.
“The most damaging claims (including from public figures which have not been upheld) were found to be baseless after a full and forensic six-month investigation.
“To be clear, the Silkin’s report exonerates me of all the serious allegations which made headlines last year and finds me primarily guilty of inappropriate language between 2005 and 2018.”
Image: Gregg Wallace on MasterChef. Pic: BBC/ Shine TV 2024
‘I was hired as the cheeky greengrocer – now that’s a problem’
Wallace said he recognised that “some of my humour and language” was at times “inappropriate” and, for that, he apologised “without reservation”.
“But I was never the caricature now being sold for clicks,” Wallace, who also referred to his recent diagnosis of autism, added.
“I was hired by the BBC and MasterChef as the cheeky greengrocer. A real person with warmth, character, rough edges, and all.
“For over two decades, that authenticity was part of the brand. Now, in a sanitised world, that same personality is seen as a problem.”
Image: Wallace and his partner Anna Wallace, pictured in 2014
Wallace: Complaints from ‘middle-class women of a certain age’
Shortly after the allegations first emerged, Wallace recorded a video where he dismissed his accusers as “middle-class women of a certain age”.
His remarks were met with huge criticism – including from Downing Street, where a spokesperson for the prime minister described them as “completely inappropriate and misogynistic”.
Wallace responded by posting a follow-up clip where he apologised and said he “wasn’t in a good space” when he posted the comments.
In April, Wallace spoke to the Daily Mail, denying all accusations against him and saying he had contemplated suicide following the allegations.
Wallace’s lawyers have previously called allegations that he engages in behaviour of a sexually harassing nature “entirely false”.
A spokesperson for the BBC said: “Banijay UK instructed the law firm Lewis Silkin to run an investigation into allegations against Gregg Wallace. We are not going to comment until the investigation is complete and the findings are published.”
A Banijay spokesperson told Sky News: “We won’t be commenting until our report is published.” They have signalled the report will be published later this week or next.
Banijay previously said Wallace is “committed to fully co-operating” with the external review.
Alongside MasterChef, Wallace presented Inside The Factory for BBC Two from 2015 to 2023.
He also featured on various BBC shows over the years, including Saturday Kitchen, Eat Well For Less, Supermarket Secrets, Celebrity MasterChef and MasterChef: The Professionals, as well as being a Strictly Come Dancing contestant in 2014.
More recently, Wallace has been promoting his health and lifestyle website, offering one-to-one coaching from both himself and a team of experts, which includes nutritionists and doctors, and his wife Anna in the role of recipe curator.
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.
Amazon’s Prime Day is in full swing through the rest of the week, and we’ve got a jam-packed edition of Green Deals for you today from the first round of savings that we’ve spotted so far, with all the rest being added to our Prime Day Green Deals hub here, which we’ll be updating regularly. Leading the pack is the preorder launch of Lectric’s new XP Trike2 that is getting $227 in free gear at $1,499 through July 28th. We also have some EcoFlow direct-website Prime Day savings, like the DELTA Pro 3 bundle with a 400W panel and a transfer switch at a new $2,849 low, among others. There’s also the new low price hitting Segway’s Xafari e-bike for $2,000, while the Xyber e-bike is down at $3,000. All that and much more are waiting for you below.
Lectric launches new and improved XP Trike2 with $227 in free gear for preorder at $1,499
As part of Lectric’s newly launched Better Than Prime Sale, the brand is offering preorder savings on its all-new XP Trike2 that comes with $227 in free gear at $1,499 shipped, while the upgraded 750 model won’t be available for preorder until September. This bundle would normally cost $1,726 in full, but as most folks know, the brand tends to provide discounts on the bundled items over actual price cuts. This all-new commuting solution is getting the first chance at savings through July 28th, when it is slated to begin shipping. Along with the eTrike, you’ll be getting a wider saddle with a supporting backrest, an Elite headlight, and a suspension seat post. Head below to learn more about this model and its upcoming 750 variant too.
The next generation of one of the most popular eTrikes on the market, especially amongst older riders, Lectric’s new XP Trike2 cruises onto the scene with a Stealth M24 500W rear hub motor (peaking at 1,092W) that runs quieter than normal motors, as well as a 624Wh battery. This combination provides top speeds of 14 MPH and a travel range of up to 50 miles on a single charge when the five PAS levels are activated. If you haven’t ridden in a while and want to take things slow, there is a power-limiting preset feature that dials down its max speed until you’re ready.
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There’s a bunch of notable upgrades coming with the Lectric XP Trike2, like the Cloud 50 suspension fork to take pressure off your joints, as well as hydraulic brakes for guaranteed stopping power, a headlight and taillight that provides amber side lighting, turn signals, brake lighting, plus reflective tires – all in the name of keeping you seen and safe. You’ll also be getting puncture-resistant tires with fenders over each, a 20A internal controller with an IPX5 water-resistance rating, parking brakes, a rear cargo rack with a 75-pound payload, a half-twist throttle, a new TFT LCD display, keyless riding functionality, and more.
Now, if you want to hold off for the upgraded Lectric XP Trike2 750 model, there are a few key differences to consider. First, it will be available at $1,799 shipped come September, with a larger 840Wh battery and Stealth M24 750W rear hub motor (peaking at 1,310W) that provide increased 17 MPH top speeds and a travel range up to 70 miles with the pedal assistance activated. From there, the big changeup comes from the inclusion of the brand’s Quick Switch tech that allows you to switch between cadence and torque sensors.
Get $2,448 in savings on EcoFlow’s DELTA Pro 3 bundle with a 400W panel and transfer switch at new $2,849 low
EcoFlow has switched to its full Prime Day Sale event running through July 11 with up to 62% discounts (and a bonus 5% savings) across a massive lineup of units. Three offers can be found only on the brand’s direct site, with the biggest deal amongst them being the DELTA Pro 3 Portable Power Station bundled with a 400W solar panel and transfer switch for $2,849.05 shipped, after using the code EFPDAFF5 at checkout for an additional 5% off. This package would normally run you $5,297 at full price, which we’ve only seen brought as low as $3,499 back in its Memorial Day sale. The deal here gives you more savings than ever, putting $2,448 back in your pocket for the best new price we have tracked.
Segway’s Xafari and Xyber e-bikes with Apple Find My, proximity locking, more are starting from a new $2,000 low
Running parallel to Amazon’s Prime Day Sale event, Segway has some limited-time discounts of up to $400 on its two new e-bikes. Through July 11, you can score the Xafari e-bike at $1,999.99 shipped, while the Xyber e-bike is down at $2,999.99 shipped. Normally fetching $2,400 and $3,300, respectively, we’ve only seen previous post-launch discounts hitting these models once before at the top of June, when their prices were brought down to $2,200 and $3,000. While the low price is returning for the Xyber e-bike, the Xafari is seeing even lower pricing for this event that saves you $400 off the tag at the new best rate we have tracked.
Save $600 on ECOVACS’ AI-supported Goat A2500 robot mower at new $1,100 low for Prime Day
As part of its Prime Day event, Amazon is offering the price yet on the new ECOVACS Goat A2500 RTK Robot Lawn Mower dropping to $1,199.99 shipped during this event. This new model has spent most of the time since its release earlier in the year keeping to its $2,000 full price, which we’ve seen brought down as low as $1,500 with discounts so far. During this seasonal event, we’re seeing things go even lower thanks to the 30% markdown that is cutting $600 off the tag, landing it at the best price we have tracked.
Anker’s new modular SOLIX F3000 3,072Wh LiFePO4 station gets up to $2,599 increased savings from a new $1,599 low
Anker SOLIX has officially launched its full Prime Day Sale with up to 57% discounts, bonus savings, free gifts, and more through July 11. Among the deals we’re seeing, the brand’s new SOLIX F3000 Portable Power Station is getting increased savings up to 2,599 off, with things starting at the solo power station for $1,519.05 shipped, after using the code PDSG5OFF at checkout. which is also matching in price at Amazon. Outside of these initial savings, this new unit will carry a $2,599 price tag, which is reduced from the $900 $1,080 markdown that lands it at a new low price. What’s more, the brand is also offering reduced add-on accessory discounts (on the station’s landing page), giving folks the chance to pick up the home backup kit for just $99 (normally $399) and/or the 120V generator input adapter at $49 (normally $99) – adding on an additional $350 savings should you take the opportunity.
Get the full rundown on what you can expect from this new model, as well as the pricing on its bundles in our original coverage here.
Get $2,200+ savings on Greenworks’ 60V Crossover-Z riding mower with six 8Ah batteries at a new $2,797 low
As part of its Prime Day Competitor Sale, Walmart is offering the best pricing yet on the Greenworks 60V Crossover-Z 42-inch Cordless Zero Turn Riding Lawn Mower with six 8Ah batteries and three dual port turbo chargers at $2,797 shipped. Normally, this package would run you $5,600 direct from the brand’s website, where it’s currently marked down to $5,319, but fetches $4,997 at Walmart. The already significant difference in price only gets better with the $2,200 markdown we’re seeing during this sale that beats out all the pricing we’ve seen up until today to land it at a new all-time low. You won’t find this package at Amazon, where only the bundle with four 8Ah batteries is offered – plus, that’s sitting nearly $1,000 higher in price, so you’re getting a lot more here for a lot less.
Get $100 in first savings on Aiper’s IrriSense smart irrigation system that covers 4,800 square feet at $600
Through its official Amazon storefront, Aiper is offering the first chance at savings on its new IrriSense Smart Irrigation System at $599.99 shipped, after clipping the on-page $100 off coupon, with the price matching direct from the brand’s website. This new device just hit the scene back in May with a $700 price tag, with the deal we’re seeing here from both Amazon and the brand’s direct site being the first chance at cash savings that we have tracked. You’ll be able to upgrade your irrigation with a smarter alternative at $100 off while it lasts, setting the bar for future deals down the line.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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Ford has a new idea to help you save this summer: $0 down payment, 0% interest, and zero payments for the first 90 days. The new summer sales promo is available on most Ford and Lincoln models. Those buying an electric vehicle can also score a free home EV charger.
In April, Ford launched the “From America, For America” campaign, offering employee pricing to all. According to Ford, the offer helped make it the number one selling brand in America in the first half of 2025.
Despite the success, Ford is shaking it up for the second half of the year. Starting July 8, Ford is transitioning to its new “Zero, Zero, Zero” offer.
The summer sales promo features a $0 down payment, 0% interest for 48 months, and zero payments for the first 90 days on most Ford and Lincoln vehicles.
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Although the employee pricing plan turned out to be a success, Ford dealers said buyers could benefit from less out-of-pocket expenses.
Those shopping for an EV can also score a free home charge. Ford extended its Power Promise program through September 30.
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
The program offers buyers a free Level 2 home charger (plus standard installation) and other perks like 24/7 live electric vehicle support, roadside assistance, and an 8-year, 100,000-mile battery warranty.
Despite strong overall sales in the second quarter, Ford’s EV sales fell by nearly a third. Ford spokesperson Martin Gunsberg told Electrek the lower EV sales were due to the Mustang Mach-E recall and changeover to the 2025 model year. “Our dealers can’t sell what they don’t have,” he said.
2025 Ford Mustang Mach-E (Source: Ford)
Although the Trump administration is ending the federal EV tax credit, you still have until September 30 to snag the savings on eligible models.
Ready to test one out for yourself? You can use our links below to find deals on the Mustang Mach-E and F-150 Lightning at a dealer near you.
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