Now, the s p 500 up 15 were just about 30 important off the session lows the nasdaq adding 20 on the sex. All three, by the way, on track to snap four week losing streak. Kelly . Mellissa, thanks august has been the rough month for the marks, the s p down more than 3 what needs to happen bob pisani is looking for the roadmap for the bulls. Maybe we needer it to be september. Thats what i want. The bulls cant wait to get out of august. Theyre hope for more stable Global Economic data, number one theyre hoping for more help from central bank easing and theyre hoping, most importantly, no radical downward revisions. Earnings estimates for the third and the Fourth Quarter earnings are the key here. So far other than notable energy and materials flatish remains the buzz words in 20 fine. But the bear versus plenty of am fix, too trade wars are hurting growth and earnings prospects that are out there. We seen lower yields thats submerge as the new worry overall, traders are freting Central Banks lowering the yields may not be the help everybody thought it was going to be. Thats a real head spinner finally even on an update, have you noticed, there is a growing list of new lows down here, its getting larger, not smaller. Big industrial names, 3m, caterpillar, all a part of the Global Economy all new lows today back to you. Thank you very much, bob pisani so will the bulls get what they want . Is there more pain ahead j. P. Morgan asset strategist and a chief investment strategist. Gentleman, welcome to you. Phil, ill started off with you. Whats notable in todays rally is we are seeing sectors that have been beaten down. The bear taking the lead, were talking regional banks, small caps, Retail Stocks. So does that make for a healthy bounce here . Yeah, its tough to take any direction from august here in the spirit of Terrell Davis just being here. The giants were undefeated in three seasons doesnt mean they will win the super bowl. August has many, many different snachlts heres the signals were taking, first and foremost, the veracity of the yields and how theyve fallen, in august. So for us, its reduce some equity risks okay and the, order to really take your equity risks much, much lower, you have to believe three things first the fed wont be successful if getting this economy to stay at trend you have to believe that we dont believe that second thing you have to believe is that there is actual political will for a trade war actual political will for a trade war on both sides that will affect earnings we dont quite believe that. The third thing, melissa, u. S. Consumer we believe the u. S. Consumer is the strongest theyve been in all cycle. You have to take the other side to reduce equities even further. The first implies you believe the fed can use Monetary Policy to offset any impact of a trade war. Is that what the core believe belief the at j. P. Morgue season. So Jerome Powell does not have the tools, which leads me to the second point, there has to be political will i think what Jerome Powell was saying is inflation is shipping. They will have a midcycle adjustment. The key things is you dont believe there is political war for a trade war, so, therefore, it wont get worse okay i think choose 10 is something to watch three really important differences this time, two inverted the first thing, the fed is priced to ease now in the past three inversions, the fed was tightening postinversions. The second is negative yielding bonds. Weve never seen that before the curve has been this flat the third thing here is you know the economy at this point is really at a trend level and were not expecting that to fall much further. Jim, i want to go to you. You recommend a moderate overweight to risk asset so does that mean that you dont think things will get much worse despite what the yield curve is telling us we dont think things will get much worse lets talk about the yield curve for a quick second so if you believe an inversion is a predictor of a session to come the only two major markets that have an inverted yield curve today are the United States and canada so if you think that this is a real clear predictor, youve got risk and only those two markets, that doesnt make a lot of sense. By we do want to have protection against the trade war. We think that is going to persist for years to come so were overweight u. S. Equities and underweight emerging markets. We want Interest Rate sensitivity. So we like real estate and infrastructure we still like high yield bonds high yield bonds are another signal the yield curve is not telling us we will go into a recession. High yields are at half the level they were in the First Quarter of 2016 when we were really worried about the risk of recession. If you are fought worried about the u. S. Economy, why do you want to be an Interest Rate sensitive parts of the stockmarket . Just because there is a flood of money into the yield seeking assets globally. Its supported infrastructure and if were wrong, those assets have less Downside Risks to them than traditional equities. Its a way to hedge the risk in the portfolio. Also a reflexion to the fact we think rates will stay low for a long period of time. Your belief that the trade war wont get worse. Does that sort of diminish or does that weaken as every day passes well, i think you can say it cant get much worse it cant get much worse sure, it can get much worse, phil im saying there is a limit between how far it can get for president trumps reelection bid. Thats the key here. When push has come to show what weve seen, the hauwei or september 1st extensions, that that has happened. It hasnt been something that has been pushed through an escalation point. Jim, you want to weighing in on that . One of our risks is the trade and tariff war could expand and the u. S. Could go after auto manufacturers, for example the president also breached what i believe the market believed was a 25 cap on where you go on tariffs. Now, he has backed off a little bit as the markets got a little rockier. But there is no question in my mind that this could resurface as an additional risk in the markets over the next sixto12 months again, we think this will persist for years to come between the u. S. And china. Thank you both. Now, the president tweeted today about the fed and negative bond yields. He said, quote, our Federal Reserve cannot mentally keep up with the competition, other countries at the g7 in france. All the other lead, were giddy how low their Interest Rates have gone. Germany is getting paid to borrow money, zero interest plus no clue fed. Lets bring in rick santelli, do some myth busters on this tweet, rick. Listen, i can tackle this in the most simple way. Germanys highest court has had a number of challenges to the ecb policy and eu Central Banks policies in general. Two newer ones, one coming out in september of this year rulings. I will go over them quickly. Giddy ness usually doesnt go along with court cases basically the Eus Central Bank policies were coordinated into what they call the eu banking union. It was created in 2012, to deal with the crisis. But the german courts want some kind of throttle or governor on that the second case is huge. Is qe even legal under german law . And there has been many of these cases. The issue is theyre not giddy, germans are actually paying for this countries have prolific spending italy, theyre ten years lower than ours. Who is subsidizing that . Germany. They get full value on the face value securities that they purchased with funds injected in large parts by germany yet, if there were some in the local marketplace, theyre not anywhere near that the long and short of it is, germans are getting tired. Merkel is on her way out we have le guard coming in, in october. The reason shes coming in is the politics of this are getting so messy if you have g7, the leaders are giddy. Its probably because they have the same understanding as currencies and Interest Rates as the current president. Thank you, rick santelli. Coming up, Shaquille Oneil, the shaq will be here in studio to talk about his many Business Ventures hes a papa johns board member, he was in on the ground floor ring now he has a new ad focusing on the gigaeconomies. Bl cnyhat it means for the puicompa dealing with the same issues . Power lunch will be right back memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Welcome back to power lunch a major development, oxycontin maker Purdue Pharma and its owners are settling the products hi, the proposed 10 to 12 billion that purdue is offering would settle 2,000 cases by the own ter Sackler Family this was referred to first yesterday. It would be reached in a piecemealings that purdue would file for bankruptcy and restructure by would divert sales from oxycontin and other drugs to municipalities that agreed to the settlement they would donate 4 billion and finally the Sackler Family would pay at least 3 billion. The mention that a settlement is notable. Until recently, it seems that the states prefer to go it alone. Now this debate is how this helps other countries involved, from drug makers to pharmacies and distributors they said they would consider a settlement in the throughs of cases in ohio. Guys, there has been an interesting new development in this case as well, where a deposition from richard sackler, who was the ceo from Purdue Pharma was unsealed and i believe we have that video we can show you courtesy of statin republic check this out. Sitting here today after all youve come to learn as a witness, do you believe that purdues conduct in kentucky has led to an excessive or unnecessary amount of opioids being located throughout the commonwealth of kentucky i dont believe so. Do you believe any of purdues conduct has led to an increase of people being addicted in the commonwealth of kentucky no. Guys, thats so notable nobody had photos until this was up sealed after a court fight. Literally, we got this video just moments ago prior to airing it and showing it to our viewers. Also what is notable is there is this talk that he gave to his employees way back when about the potential for opioids, specifically oxy he said something to the effect of everything from, natural disasters will be our friend because it will increase demand for opioids. The view of this drug was just unbelievable. Yeah. The coverage around his language how hard he pushed internally at the company, blizzards of prescriptions, things like that, that he was really obviously the champion for this drug, it was pretty colorful. Many thanks in fact, stick around, for more on lawsuits, lets bring in john temple now, a West Virginia professor and author of american pain. John, are we proceeding in the right way with potentially having this purdue settlement on the table first because of what they manufacture, there are many, many other stake holders in this process. But how do you expect the companies, including Johnson Johnson to be held liable . Yeah, its very interesting and pursue pharma and the sack lers were kind of a unique case. Theyre sort of a face to put on the epidemic theyve been at this since 1996 when they introduced oxycontin and because of that, and because of their early aggressive marketing techniques and the fact that they were kind of the first Drug Manufacturing Company to say these drugs are not as addictive as we proposal thought, which, of course, has been completely debunked by the epidemic we are facing they have become the face and the target and you know i think other companies are in a different situation. That said, the 10 to 12 billion they put on the table you say pales into a comparison what Tobacco Companies paid over a quarter of a a certainically which is nearly 250 billion right that settlement in 1978 set the standard for what made your healthrelated settlement can be and this is a tiny amount of that so far. 572 million between, you know, settlement with Johnson Johnson in oklahoma and then this potential 10 to 12 million billion dhar settlement with the sacklers is peanuts. In comparison to that. John, when you think about this crisis, this epidemic how do you think about blame i mean, were talking dollar amounts that companies will have to pay but from your standpoint, in terms of the manufacturers of the drug, the distributors of the drug, even the federal government, themselves, through the Drug Enforcement agency which effectively signed off on millions of pills. They had to know there were way too many for the population they will be sent o you know, i think, this caught us all by surprise. I think sacklers knew more you know, its coming out how much they knew early on about you know the potential damage that these drugs have cost i dont think anyone envisioned an epidemic of the scope that we have so a lot of mistakes were made this is at every level this is drug manufacturers like Purdue Pharma and other drug manufacturers who followed suit and began to market exactly the way purdue did it goes down the line, pharmacists, doctors, to pill mill owners to the people taking the drugs, themselves. You know and everyone. Like you said, a part of the problem is the federal government they, the dea signed, you know, their job is to sign off on these increases and determine how much of these controlled substances should we produce every year and they went from in 1993, if you look at the numbers between 1993 and 2014, the amount of oxycodone that the dea allowed to be produced went up 40 fold. So its a huge increase. So, john, if the purdue settlement is accepted by the city, states, county, is that it for the sacklers what about the department of justice and any potential criminal charges that they could potentially bring . We have continually herd heard the doj is not satisfied after that 2006 or 2007 guilty plea from some purdue executives, the behavior continued yeah, i dont know. Im sure that will be a part of any agreement, any settlement, because, you know, they dont want to go to be pursued criminally for this. I am curious i dont know how much the sacklers are worth its way more than 3 billion. So i dont know if this, you know, your reporting on nbc news reporting on this has been, im not sure exactly how much, at what stage of the settlement process were in that those numbers came out of. Whether its actually been agreed upon or not i would imagine all of this will shake out over the next little while. But its interesting because the publicity, i think, is kind of changing the game a little bit i dont think people will be satisfied with these numbers i mean, im here in West Virginia, which is kind of a ground zero for this epidemic. And people are angry you know, i dont think 10 or 12 is going to be accepted. John, thanks, very much, john temple for joining us. Meg terrell with your reporting as well, thanks, ahead on power lunch, our power player, shaq is in the house. The nba legend will joins live to talk sports, business and a whole lot more Retail Stocks rallied more than 2 after the break well tell you the one stock in the Group Traders say is screaming by the ceo of Washington Federal Bank joins us. All this when. Power lunch returns. Returns. Stand up if youre a mother. If you are actively deployed, a veteran, or youre in a military family, please stand. Twil you this, Southern New Hampshire university can change the whole trajectory of your life. Welcome back to power lunch, im mike santoli retail stores, five below, dollar tree and Dollar General are hanging up gains, dollar free and Dollar General results come out tomorrow. Lets bring in trading nation team hatchesh harry, this group has held up better than the typical resale stock. How does the sector set up right now in terms of discounters . 83, id say themematically, were not seeing the type of broadbased industry strength that would make the group a top idea but with that said, the one standout here is gem at oppenheimer. They were rated and the stock that continues to maintain its bullish trend. I think the standout charge is dhar general relative to the s p 500, breaking through multiyear resistance dating back to the year 2016. That argues for continued leadership in this stock its got good momentum behind it good trend, Dollar General, were buyers all right this group traditionally has seen somewhat Counter Cyclical when the economy starts to slow down or people get a little bit strapped, maybe they out perform. Is that what we are seeing in terms of Dollar General doing well how would you approach these guys thats definitely a big factor Dollar Stores are a freight way to hang out. As the economy slows, more and more people go into these stores with eown Dollar GeneralDollar General mainly sells consumable over 75 of revenues come from food and cleaning products and those are items that households need whether the economy is strong or weak when you look at Dollar General, when you compare them to the other names, one of the biggest things that stands out to me is their gee grabbingal foot print. So almost all the competitors are mostly based in the suburbs. Dollar general is concentrated in rural areas where there is less competition so theyre the only game in town. So management is doing an awesome job managing prices, costs, inventory and of all these names, Dollar General is the least exposed to tariffs so right now, were letting our position ride. But if this thing would pull back to about 125 bucks on an expectationsness, we would be buying a heck of a lot more. All right so that would be about a 10 pull back if it ever happened. For now, the chart looks solid thank you very much. For more trading nation, head to our website or follow us on twitter coming up on power lunch, the one and only yes, shaquille ikne oneal, we will ask him questions as well. Shaq is making his way over to the set rate now classic well see him right after this welcome back everyone, im sue herrera. Swedish active 50 is making landfall in new york city as it comes to an end. There with is a new morning, including michigan and massachusetts, they are spreading a triple e virus officials are urging residents to stay indoors. They will have bath gel world wide by december of 2020 they will be replaced with larger bottles or wall mounted dispensers the move follows a similar announcement next month by iag and heads up, United Airlines travelers, your frequent flyer will allow customers to hold on to miles indefinitely. That is the news update at this hour. Ill send it to you. We are holding oen to the green the dow is up. 9 of a percent. S p 500 up we are 30 points off the session of the anne anne the nasdaq higher by 19. Lets get straight to it shall we Shaquille Oneil is in the house. He is best known legend and hanging it up. One of his partnerships is steady connecting workers to jobs and financial advice. Joining us now is Shaquille Oneal an ad advisor and the studys ceo. Gentleman, great to have you in the house. Nice to be here thank you. How did this come about i know you have in the past called up founders of companies that you like. Who called whom . He said, shaq, i want to have a conversation with you about the gig economy. I said, what does that mean . He explained in my childhood where my mom and dad both had to work extra jobs for extra income he said, shaq, how would you like to start an app that will help people get a sustainable income i said that is something id be very interested in people talk about me being an all star investor. I dont want to think im the smartest guy in the world. I heard jeff bezos say if you invest in peoples lives you will win its about 70 Million People that you know have to have gigs for extra income i was a part of the research i went out and met many families a lot do have jobs they want to take on a gig or two to take on an extra car loao something special. Its definitely something that needs to be done when i met with adam and his team, i said theyre doing a beautiful job. I said, listen, there are other people more like me, not like you, what i meant, im smart but im lazy smart, when i go, i want to be boom, booming boom, im there. I told him and his team, you will an app for me, make sure its easy. Im assured its easy and anybody can use it. Does it include me to uber and task rabbit and a million other things and what does it tell you about the economy right now . Sure, steadys focus provides a platform that provides the workup you look at uber, lift, door dash theyre end customers, the person who is booking that service. There is nothing out there today that helps the user figure out what is best for them. All in one place. All in one place. With the advancement of technology, the worker is consistently disadvantaged there is not a Public Program that doesnt disadvantage the worker what they are doing is utilize the collaboration to data sets to give the power back to the worker very cool so far is it telling you that, you know, get a quick macroread . Its frightening. The latest statistic published by the National Bureau of research is 43 of americans have more than one source of income were in this record low environment. We have the prospect of that changing on the horizon. We have automation where these workers, which are hourly workers, make up the largest share of the vulnerable workers who will be most susceptible to losing jobs. Have you the continued uberization of enterprises, where businesses are better matching labor supply with the demand sharing the work load with these folks so im very frightened in terms of what this has to bring. So the trend is your friend in terms of the demographics and the need for people to work. How do you see this investment paying off i mean you are known the sounds of ring, you liked the product so much. You installed it yourself. You called them up it ended up being bought out for a big payout is this the same you think i learned early when i stop thinking ability the payouts, i will always be successful. We talked about this before the cameras were rolling but when i first came in i lost a lot of money in the get rich quick schemes. Right. So then im listening to people. What was the worst investment on paper. Paper, itself i had a campaign company. He said he had all the deals with all the schools, all the government this and that. And you know it turned out to be a scam but you know im listening to all these brilliant people talk. Bill gates a friend of mine, a former ceo of pepsi, me and him had a deal with pepsi. He will tell me about his strategies, but once i started again in investments that will change peoples lives, it will work for example, ring, that involved ring because this was the first time in my life that i stopped being a spoiled brat what i mean by that i used to live in neighborhoods where security, id around, front gate, so in atlanta, i lived in a regular neighborhood amongst the people 30 acres and i wanted 30 acres amongst the people my next door neighbor has 50 acres. Oh, a long time on the block i guess. I called up a security firm, i only need a few cameras. 50,000 im not going to pay that, another one, 30,000. So let me go to best buy i saw this little ring camera thing. A doorbell cams and it worked perfectly. A couple hundred bucks. The other cameras are not connected to my phone. I paid a lot of money. I thought this is brilliant. So i bought a few more i probably equipped my whole house for about 2,000, 10 to 15 cameras. So i went to a conference in vegas. I met with jamie i said, i dont think a lot of people know and understand about this technology. I want to invest in your company and help get the word out. One thing people dont understand about use, after you piece together all of these investments, what do you call the annual conference where you bring everybody together the shaq summit. You think of them tell me, how can i help you . What do you need from me there is a real strategy behind all this. Yes, if you look at what im dock im all over the place but the only way to bring people together is to bring people together so i have all my people. Were going to drive this commercial were going to do this so its like a team. Even though im working with 10 different companies, were all working together i figured i can do something with steady, steady can work with ring. Were all on the same team i learned that from winning championships. If you got people all over the place, i do a shaq summit every year, two, three days. Everybody know what is were doing. We all Stay Together are you the pitchman for a lot of different products. But the key theme is that you actually like every single thing that you enforce. I have to like the product. I have to understand it. I really have to believe in it my father was a drill sashlth. One thing he told seems to me honor respect. I wouldnt be able to shake this guys hand if i didnt believe in his product i wanted to invest i wanted to become a partner my mother said something profound to me when i retire, she said, baby i love you. You did everything i asked you to do. You went back to school, you won a championship youre a class act now for the rest of the years on this earth what are you going to do lifting other people . People have been lifting you, praising you, what will you do to lift somebody else spimplts i heard her say that jeff bezos said that, this will definitely help people have a sustainable income i always get messed up with her work the right phrase. You do a lot of stuff that gives you a pulse on what is happening with people just out there across the countries right now anything you can tell us about, their all these headlines about the problems with the u. S. And a recession is looming and run for the hills and hide i want to be the guy when you seepy face, you see my face in a commercial, you see me walking around, hopefully i can bring a smile to your face i dont want to talk politics. I dont want to talk to investors. I dont want to appear like im an expert. You know, another quote that i read is from dividing d. Eisenhower, the greatest losers are the ones that hire people smarter than me. When i met a guy like adam, this company i can never do by myself he is very brilliant very smart i love to be a part of people that are very smart. The other thing people understand its traditionally been hard for the big man to be the promotional guru if football its the quarterback. Nbc, the Center Position practically doesnt exist anymore. So you had to have a Strong Enough personality you can overcome that inherent bias towards the Michael Jordans of the world. Thats is t same thing my marketing professor told me in college, i failed that class shaq, are you a funny guy all that but the comment of the nba, big guys dont sell. I was sort of down i saw a commercial that ran nine times, spuds mackenzie the dog i didnt think anything of it i went to the gas station. This guy got cups, hats. It went to another place then i went back a respected watched the commercial why do people like this dog . He was funny i said im funny if i ever get on tv i have to show my personality. I think people like to laugh and like to smile. What do you see in the economy across your businesses you have 17 aunt aun t annies franchises my method with businesses, i never worry about the problem. I worry about the solution so again i have a lot of people smarter than me you know when its time to make a move, we move when its time to sit and weigh things out again, im trying to make an investment on things that make people happy when i was in the gym business, peoplelike working out when i was in the fast food business, before, five guys, everybody likes burgers, everybody likes new things now im on the board of papa johns and you know we just wanted the teams to make people happy again im not this expert and i do this like everything i touch is gold. Its not the case, i failed many times. Whats the biggest money mistake youve made . A lot again, when i was younger. Hey, give me a million, in about three years it will be 10 million. Deals like that i would take every time give me 10 Million Investment comes in, boom, boom, boom you can get me like that from like 19 to 26, anybody can come to my office, tell me that deal i would take it right away no research, no due diligence. If i get your million now, boom boom boom, a couple years, it will be a couple m. Ill do that deal once i stop focusing on that, i started paying attention and looking at things, i became a little bit more successful. You are also investing in stocks, arent you a little bit. Whats your favorite stock right now . Im investing in all the big ones like i will always go with the big ones i wont go with the new ones i will wait them out apple, starbucks, stuff like that do you have the same philosophy, you have to like the product in order to buy the stock . Yes, i do i do do you make the calls on those trades or somebody else . I have a couple guys a guy kim gunsberger jeff aesoff. I have a couple guys smarter, this is doing this, you wait on that, we should wait on that of course, its about team. Can we talk basketball for a second of course so you have this fascinating dynamic with the super teams the lakers will be so much fun to watch this year see if they can pull it off. Has it changed a lot since you were there sit playing for the better, for the worse . Do the play verse too much power . Is there collusion by the agents bringing these guys together i think its so much pressure on the guys to win when i was coming up, there was a couple Media Outlets every phone is a media outlet. So much pressure on the guys to win. I think its so much easier if you get a guy or two to help you out. What happens to all the other teams, to the values you are a Sacramento Kings guy, theyre not in the mix right now. No, were not in the mix. You kind of the competition aspect, when i was coming up the stories i like to see is okay magic beat bird so i dont have to wait 300day days to see if it will change. So its different. To each his own. But i dont really like it i like competition i just want these guys to compete. Theyre getting paid a lot of money. So if you get paid a lot of money, if you have to compete, thats a level, i think it will be a better level for the fans like we said, a lot of teams will struggle. The hope is they can keep their fan base so who are you pulling for this year . Sacramento kings. Let me play it differently. Which game will you definitely not want to miss the pelicans, that could be im a fan of golden state i think they play basketball the right awe. Harding and westbrook, clippers and lakers those teams are great. Im interested to see what toronto can do without kawhi other than that i hate to say they have regular players. Just boring old nba regular guys. Its been a pleasure. We hope to see you on cnbc a lot more. Yes, maam. Its been great thank you for having us thank you bh. Ot power lunch will be right back stay with us after this break. Calling the shots now, go to delivering are deliveringal for a. Com for this years blockbuster event. You will come away with ideas you did work together. And plus Vice President mine pence talks economy. Resee urrvyo spot now at deliversalpha. Com. I consulted with your grandmothers doctor. We can do the screening at her house. Hi. This is the man thats going to check your eyes grandma. Cognizant ai solutions are helping Healthcare Companies advance diagnostics and prevent blindness in patients with diabetes. Everything looks good. You have beautiful eyes. With tough food, your dentures may slip and fall. Fixodent ultramax hold gives you the strongest hold ever to lock your dentures. So now you can eat tough food without worry. Fixodent and forget it. You spend days researching bed sheets. And weeks picking a dog bed. So why would you settle for just any bank . Just do what you do with everything else. Ask the internet ask your friends. Ask your co workers. Were pretty sure theyll send you over to us. Because were not just a bank. Were an ally. Ally, this is pamela how can i help you . Welcome back recession fears are looming over wall street, but its not all bad news Consumer Confidence remains high, housing getting a boost as, and joining us is brent beardhall. Good to see you good are you seeing any signs of a slowdown kelly, great to be here actually its an interesting dichotomy were seeing on the streets of our markets were seeing strength, right jobs are incredibly strong, unemployment is low. You have a greatamount of equity in homes, i think the report on cnbc this morning said theres 6 trillion in equity available for consumers. So were seeing strength with the consumer yet you have this flashing red light indeed bond market right now i think the 30year bond is at what, 1. 9 , an historic low. They can say thats a terrible formula for banks an increase in helocs. Why do you think people are taking it out . The equity is back in the homes, and everybody is fearful, right . What is the bond market telling us my biggest concern is it becomes aself fulfilling prophecy, were so worried about recession that we talks ourselves into a recession. Im curious, theres a lot of people watching that tenyear yield fall is there a line in the sand in which Mortgage Rates for the consumer wont go much lower great question. I think we may have seen that. The spreads in mortgages are widening out, as it is tenyear goes down, i think we saw the average mortgage last week was 3. 96 . I dont think people have a lot of appetite to portfolio 30year mortgages at rates substantial below 4 , quite truthfully so if youre waiting for the on rates to drop, theyre not going to drop much further i think theres a lot of truth to that. I think theres a lot of refi fatigue. Tell us what low Interest Rates means for your earnings power . The good news for us is we have transitioned from a mortgagedominated shop to commercial banks so those are opportunities for our commercial borrowers to lock in lower rate. Its more youll continue to see lower rates for the depositor. Are your shortterm funding costs coming up rely to what youre able to make. Shortterm funding costs were going up with the fed moving up, but we anticipate there will be some lag, but we anticipate those will start going down. Last question you were talking about how strong the consumer seems. When you take a look at whats going on on main street, at the same time theres a flashing warning sign of a recession. Are you concerned at all about this notion of talking ourselves would a recession at this point . Very much so. I think its caused everyone to take pause when someone is about to make a major purchase, theyre asking themselves am i doing it at exactly the wrong time theres real reason we could talk ourself into a recession. The other thing i would point out, too, not all recessions are equal. We tend to have recency bias last one was a great recession, the biggest financial turmoil weve seen since the Great Depression in all likely his a recession could be a dip, may not as bad as what we saw last time. Thank you, brent. Check, please, is next what do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. No hidden fees. No platform fees. No trade minimums. And yes, its all at one low price. Td ameritrade. Through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From finding out whats selling best. To managing your fleet. To collaborating remotely with your teams. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Just a point off the high. Its the shaq rally everyone feels better after listening to him. What a fun show closing bell starts right now. Good afternoon, welcome to closing bell. Im wilfred post at the Goldman Sachs post today financials rallying despite the yield curve inversion dragging the market were up 240 months, near session highs. Im sarah eisen, welcome everyone the u. S. Trade representative using confirming