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Trump to be Deposed Today; July Inflation Measure; Consumer Prices Grew Slower in July; Kaiden "Bubs" Shelton and Isaiah Jarvis are Interviewed about their Little League Moment. Aired 8:30-9a ET
Aired August 10, 2022 - 08:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JOHN BERMAN, CNN ANCHOR: All right, very shortly, former President Trump will be deposed in New York City. You're looking at live pictures right now I believe outside Trump Tower.
We also have pictures somewhere of the New York Attorney General's Office where the deposition will take place. There it is. Investigators are looking into whether the Trump Organization used false or misleading asset valuations to obtain loan, insurance and tax benefits.
Want to bring in Kara Scannell, who has been covering this story from the very beginning.
Kara, what we are expecting to see today?
KARA SCANNELL, CNN REPORTER: Well, John, we're expecting to see the former president leave the building shortly. We were told that the Secret Service has pushed back the press around the building.
We're seeing some people exit now.
But he is expected to appear before - there he is. You can --
UNIDENTIFIED MALE: Mr. President, what's your message to your supporters, Mr. President?
UNIDENTIFIED MALE: Mr. President, do you have a word (ph)?
UNIDENTIFIED MALE: How do you feel, Mr. Trump? How do you feel?
SCANNELL: So, Trump there giving a thumb's up to his -- to the cameras there and waving but not saying anything. But he is going to be en route to the New York Attorney General's Office where sources say he will sit for this deposition today. The big question will be whether he answers the question or asserts the Fifth Amendment right against self-incrimination.
The stakes are super high here for Trump. He is facing, you know, the civil investigation. There's also a parallel criminal investigation and the DA, the Manhattan District Attorney's Office, which is running that, could take what he says today, if he answers those questions, and use it as part of their criminal investigation.
BERMAN: It's very interesting to see. Again, there's no connection between this and what just happened at Mar-a-Lago with the FBI executing a search warrant. But the former president was actually in New York. The reason he was here, and not at Mar-a-Lago, was because he was with his lawyers preparing for this deposition that's happening today.
SCANNELL: Yes, on Monday he was at Trump Tower. We have cameras there catching him. He met with his attorneys. They were preparing for this deposition. This has been a long time in the making. He was subpoenaed last year. He fought it unsuccessfully in court. Today is the big day. We'll see what happens.
BERMAN: All right, again, we just saw him leaving Trump Tower, heading to the New York Attorney General's Office.
Kara, I know you're going to keep us posted all day on this. Thank you very much.
Also happening today, the trial begins in Vanessa Bryant's lawsuit over graphic photos taken at the scene of a helicopter crash that killed her husband and daughter. We will be following this case.
BRIANNA KEILAR, CNN ANCHOR: And out just moments ago, a key inflation report. We'll have those numbers.
KEILAR: Just in, the July inflation report. And CNN chief business correspondent Christine Romans is here to break down the numbers.
Christine, tell us what you're seeing.
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Look, it didn't get worse. And that is what a lot of people were really zeroing in on here. Inflation in the month up 8.5 percent year over year in July. In June, it was 9.1 percent. So that's that sign of cooling in this still hot inflation. I think you can say that the boil is off, but this is a still very hot near a 40-year high for inflation.
And the reason why these numbers come down a little bit is because of gas prices. Gas prices have plunged over the last month, don't forget. Food prices have also declined. And airfares fell too. When you look at -- the government notes that airline fares, used cars and trucks, communication, apparel, there are some categories where prices actually declined, and that helped take - take the edge off of inflation. Still, 8.5 percent inflation near a - near a 40-year high, but not as bad as it could have been.
Core inflation just still a little bit higher, up 0.3 percent in the month. But when you look at the trend, this is that peaking that so many people had been talking about. It will take a few months to see if this is indeed the peak. But 8.5 percent inflation. We're in a world where that is considered good news here, guys. So, this is a number that's showing signs of cooling mostly because of energy price.
BERMAN: All right, also joining us now, CNN business correspondent Rahel Solomon.
Rahel, as Christine was saying, 8.5 is still very high. But just to be clear, so people understand exactly what just happened, the annualized rate of inflation is down.
RAHEL SOLOMON, CNN BUSINESS CORRESPONDENT: It's unchanged, right?
SOLOMON: And so, yes, exactly, it's down 8.5 percent, right.
BERMAN: It's down from its peak. It - yes, I mean, so it's like inflation isn't as bad as it was a month ago.
SOLOMON: Right. Exactly.
BERMAN: And that's important for people to know.
SOLOMON: It is. And also I think important to know is sort of what's happening with core inflation, right? I mean we've certainly seen food prices have been very volatile, energy prices have been very volatile. But what the Fed has said it is looking for is sort of core inflation to start to ease. And as Christine rightly pointed out, it still increased about 0.3 percent, but that's the lowest we've seen since March this year. So, that is a sign that we were sort of heading in a different direction. It almost feels like maybe we can see the light at the end of the tunnel. Too soon to say for sure. But when you see that headline number comes down, it starts to feel like, OK, maybe the worst is behind us and that feels certainly better than it had last month.
BERMAN: What you can see, if you look at this chart, Christine Romans, is a little bit of a peak. That's what people wanted to see is maybe, maybe inflation has peaked there. That's what I'm trying to say, 9.1 percent last month, right, 8.5 percent now.
ROMANS: Right. It's all about the perspective. I mean if you had told me three years ago we had 8.5 percent inflation, that would be terrifying. But what we've come through over the past few years is a complete disruption of global supply chains. You've got a war in Ukraine. You've got a consumer that is buying anything they can get their hands on and sometimes they can't get their hands on things and that's why prices were going up.
I think it's interesting to see used cars and trucks on here, that those prices declined. Also communications, apparel, airline - airline fares coming down a little bit. Those had gotten pretty hot.
But mostly this is an energy story. When you look at gas prices, $4.01 overnight. You know there are several states, Wisconsin's one of them, I think Ohio, Iowa, their national average is below $3.75 a gallon. So there's been some real relief in gasoline prices. And that's one of those reasons why that overall number, 8.5 percent, is better than you saw in June (ph).
BERMAN: And just the gas prices are also backwards looking too.
BERMAN: So there's some more gas price drops that will be factored into next month.
SOLOMON: Right. Hopefully.
BERMAN: Hopefully. Hopefully.
SOLOMON: I mean, hopefully, because gas prices, we know, are a wild card, right? I mean we all sort of hope they continue to move in this direction. But also adding to that is that supply chains, as one Fed official recently said, are showing signs of life, and that is helping.
So you have the lower crude prices, the lower gas prices and supply chains starting to ease. And so when people are actually looking for items, they are actually there. There's less sort of imbalance there and that's also helpful.
BERMAN: OK, both of you, pretend you're Jerome Powell right there. The Fed chair, who just raised - you know, continues to raise interest rates very quickly. Does this mean you need to keep raising them as quickly to cool things off?
SOLOMON: I mean, I think we are not near the end for sure, right? I mean the interest rate -- the benchmark interest rate for the Fed right now is about 2.5 percent. We know, based on what the Fed has already said, that's likely going to get to about 4 percent by the end of this year. So, rate hikes are likely to continue.
The question is, at the September meeting, are we looking at half a percent, are we looking at three quarters of a percent? I mean some of the banks have put out notes this morning saying that if we saw numbers like we have seen, it makes you think that we're leaning toward half a percent. So, still aggressive sort of in the grander scheme of things, but maybe not three quarters of a percent.
ROMANS: That job market - that job market is still so hot, though, too. Cooling inflation but that job market is still too hot.
SOLOMON: Investors like it.
BERMAN: Well, look at - we're looking at the screen right there. Christine Romans, these are stock futures right now. And the market's a lot of green there. They like this report.
ROMANS: They do. It shows that the Fed's work maybe is working. The Fed rate hikes are working and the Fed is on the right path here.
Also, you know, you've had stocks up three weeks in a row, right, and you had a pretty good July for the stock market after a pretty terrible start to the year. There's a growing feeling among stock market investors at least, and especially when you look at earnings, that, you know, maybe if there is a recession, it won't be a really deep, terrible one. It will be a technical recession. And they're looking beyond that now into the resilience of the American economy.
So, we'll see. That always can change. The stock market can turn on a dime. But investors, at least for now, like this cooler inflation number. Still - still hot, but cooler.
BERMAN: Still hot.
Look, we've seen a lot of strange numbers.
BERMAN: A lot of numbers that we've never seen before over the last few weeks. This is one more data point. We'll see what it means going forward. Investors like it so far.
Rahel Solomon, Christine Romans, thank you both very much.
ROMANS: You're welcome.
KEILAR: As we were talking about consumer prices, let's go now to CNN's Vanessa Yurkevich. She is live at a grocery store in Philadelphia.
Vanessa, what are you seeing?
VANESSA YURKEVICH, CNN BUSINESS AND POLITICS CORRESPONDENT: Well, Brianna, overall stabilization of inflation is good, but food prices are still rising. The key number to look at is food at home. That is up 1.3 percent last month. And up 13.1 percent year over year.
We're also talking about things like meat, eggs, poultry. That's up a half a percentage point. Also dairy up 1.7 percent. So, people here in the grocery store are still going to be feeling these higher prices.
And that is concerning for the owner of this supermarket, Klein's Supermarkets. Andrew Klein says that he's hearing it from customers. They're asking him, when are these prices going to come down?
Here's how he put it.
(BEGIN VIDEO CLIP)
ANDREW KLEIN, KLEIN'S SUPERMARKET OWNER AND STORE MANAGER: They're just surprised that it keeps going up. I mean they're -- they're waiting for it to come down and they're just really surprised that every time they're coming in, the prices on certain things that they're seeing keep increasing and increasing.
(END VIDEO CLIP)
YURKEVICH: And for a small business owner like Andrew Klein, they're really getting squeezed by both sides of the equation. The food prices are higher and then energy costs, gasoline to bring the food into the store, gasoline to make the refrigerators cool, keep these food items really cool for customers.
And small business owners are really telling us how they feel. There's a new survey out and about 37 percent of small business owners say inflation is their top concern. And Andrew Klein, who you just heard from, says that if they don't continue to see stabilization and lowering of inflation overall, especially in food items, they're going to start taking losses. And, unfortunately, Brianna, that - that price, that increase in price gets passed down to the customer right here in the grocery store.
KEILAR: Yes, it certainly does and people are feeling it.
Vanessa Yurkevich, thank you for that report.
Elon Musk sells nearly $7 billion worth of Tesla shares. So, what is behind that move?
BERMAN: And a heartwarming moment on the mound after a little league batter, the bad part is he was hit in the head with a pitch. The good part, right there, the hitter went and hugged the pitcher. We're going to be joined by the two players involved there, next.
KEILAR: Time now for "5 Things to Know for Your New Day."
Former President Trump facing a deposition today before lawyers from the New York Attorney General's Office as investigators probe whether the Trump Organization used false or misleading asset valuations to obtain loans, insurance and tax benefits.
BERMAN: Tesla's CEO Elon Musk sold almost 8 million shares of Tesla recently, raising $6.9 billion. Why? He may still be on the hook to buy Twitter for $44 billion. Musk tweeted that he was done selling Tesla shares, but also that he may be forced to buy the social media company.
KEILAR: And deadly flooding in Seoul, South Korea, after historic, torrential rains. The raging water turning roads into rivers, submerging cars and flooding subway stations. At least nine people have died and more rain is in the forecast for the South Korean capital.
BERMAN: Jury selection set to begin today in Vanessa Bryant's lawsuit against Los Angeles County over graphic photos taken by first responders at the helicopter crash site, the crash that killed her husband, Kobe Bryant, their teenage daughter, Gianna, and seven others.
KEILAR: A federal judge ruling in favor of the PGA Tour, allowing their suspension of LIV golfers to stand.
The judge denied a bid by three players who defected to the Saudi- funded series to play in the PGA's FedEx Cup playoffs beginning this week.
BERMAN: Those are the "5 Things to Know for Your New Day." More on these stories all day on CNN and cnn.com. And don't forget to download the "5 Things" podcast every morning. Go to cnn.com/5things. You can also find it wherever you get your podcasts.
KEILAR: And it is time for "The Good Stuff."
What started as a scary moment at a little league championship game in Texas turned into a remarkable display of true sportsmanship. Texas East pitcher Kaiden Shelton threw a pitch in the first inning, accidentally hitting Oklahoma hitter Isaiah Jarvis in the head, knocking him down.
But then watch what happened next. Jarvis walks over to Shelton, who was visibly distraught on the mound.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: Looks shaken up right now because of what he did. And look at Isaiah Jarvis. This is such great sportsmanship. He wants him to know that it's OK. That he'll be fine.
UNIDENTIFIED MALE: (INAUDIBLE).
UNIDENTIFIED MALE: It's all right. Let's go.
UNIDENTIFIED MALE: (INAUDIBLE). Look at me. Look at me. You're all right. You're all right. Look at me. Look. Look.
(END VIDEO CLIP)
KEILAR: Kaiden "Bubs" Shelton, the pitcher there, and Isaiah Jarvis, who was consoling him there, joining us now.
Look, first thing, Isaiah, I just want to check in with you. How are you feeling? Is everything fine?
ISAIAH JARVIS, TULSA NATIONALS LITTLE LEAGUE SHORTSTOP: Yes. I have a small bruise, but I'm all right.
KEILAR: You're doing fine.
Tell me what was going through your mind as you decided, hey, I got to go over and console Bubs? JARVIS: I mean, yes. So, I was on first base. You know, I was talking
to my coach a little bit. As soon as I see him, you know, starting to get a little emotional because it hit me. And, obviously, he's feeling bad for me. But, you know, I wanted to go over there and spread God's love and, you know, make sure that he's OK, and make sure that he knows that I'm OK and that I'll be OK. So --
BERMAN: I have to say, clearly you guys are on the same wave length based on your fashion choices here, the hat with the sunglasses. You both look great this morning. I can see how there is a connection there.
And, Bubs, I just want to ask you, you were on the mound after it happened. What did you think? How did you realize that you were being hugged?
KAIDEN "BUBS" SHELTON, PEARLAND LITTLE LEAGUE PITCHER: So, after I hit him and he fell to the ground, and he came over to me, once he - once he hugged me, I felt like -- I felt like really good. And how, like, he comforted me after I hit him, it just felt really good.
BERMAN: Did you even know he was on his way? I could see you looking down toward the ground there.
SHELTON: No, I did not.
BERMAN: And so all of a sudden you just had this -- these big arms wrapped around you. And what was that like in that moment?
SHELTON: It felt like -- it felt like he cared. I mean I also cared about him. And that just showed that, like, baseball is sportsmanship. Like, there's a lot of sportsmanship in baseball.
KEILAR: A lot of sportsmanship. And I wonder, you know, Isaiah, what have you thought about just the response of this moment going viral?
JARVIS: I mean, it's really crazy. Like, who would have thought like one hug? You know, it's crazy, you know. So, that just proves that, like, do nice things and then you'll get rewarded, I guess. But, I mean, it's really crazy. I'm really thankful. Yes.
BERMAN: I mean, not to mention the fact that you guys won the game.
And, Bubs, I do have to ask you, are you going to be rooting? Are you going to be rooting for their team at the Little League World Series?
JARVIS: Well, he - I didn't win the game. He -- Texas East won the game in Oklahoma.
BERMAN: Oh. Oh, well, but then - but, OK, let me put it this way then. Let me rephrase that. You won our hearts then. I think clearly you won our hearts. Are you going to be rooting for Bubs to win the game at the World Series?
JARVIS: Yes. Yes. I mean, yes, they're the same region as us. And we've been really good friends, our teams. So, we're going to be rooting for them all the way.
KEILAR: You know, Bubs, I think one of the reasons this has captured so much attention is because when we watch these moments play out in the pros, you've seen it, normally someone gets hit and then there's like a scuffle. People get into a fight. There's no consoling or, like, a nice moment between people. Why do you think this was so different?
SHELTON: I think it was so different because Isaiah, he has, like, a - like his heart is different from people. Like, he's just a good kid.
BERMAN: What's the lesson here? For everybody, what's the lesson going forward?
SHELTON: I think the lesson is that you should care for other people, even though, like -- like, if they're down, you should just care for them, try to build them up.
KEILAR: Isaiah, he says you have a different heart. What do you think hearing that?
JARVIS: Thank you. I mean, that's a good thing. So, yes.
KEILAR: It is -- look, it is a good thing. It's a good thing, Isaiah. It's a good thing, Bubs. It's a good thing for you guys. And it's a good thing for us as a reminder to all of us having watched you in this beautiful moment.
So, thank you so much for being with us and talking about it. It's just amazing to speak with you both. Thank you so much.
And, Bubs, good luck.
BERMAN: That's right. Good luck.
SHELTON: Thank you.
BERMAN: There's being good at baseball and there's being good at life. So, hats off to both of you.
KEILAR: That's right.
BERMAN: We're getting new details about the search of Donald Trump's home at Mar-a-Lago and what investigators found inside, as the former president heading to be deposed in another investigation.
Stay with us.