Did you you got to clarify that. It wasnt just banging it out. Right, we made the band learn how to play this. And they played it very well. I didnt pick up on it, i very much enjoyed it either way. A wonderful service. I wanted to get a chance to pause and say that. Long time. I know, ive been married two weeks. Feels exactly the same. And im wilfred frost. U. S. Equity futures showing a bit of a respite from the sell. Keep in mind, were coming off that. Dow futures up 60. S p up 4. 5. And note yield preparing for janet yellen coming off a twoday fed meeting. Remember, its a press conference day. Were going to get the predictions from Interest Rate hikes from the fed. As you can see, were looking at lower yield, 153 on the tenyear. Were following on saras words. Lets have a look at europe right now, bouncing strongly today. Somewhat of a relief rally. There was one poll overnight that gave a onepoint lead, contrasting the leave polls that weve seen, albeit that poll last month was an 11point lead. Either way, european markets have sold off sharply that recent days there. Bouncing today. You can see the german dax up 1. 4 . Illustrating this is a bounce. And the german dax down 1. 37 . And the yen is weaker to delay the inclusion in the key marketing index. Well have a live report from shanghai despite that market doing well. Again, a bit of a bounceback from the strong selling off in the last couple days. The only thing i would caution, the fiveyear against the u. S. Dollar. Well get to eunice in a bit. Lets take a look at markets. Oil has been under pressure. This has been a concern. Wti dipping below 47 this morning. Brent also looking at a 1 decline. We did get that build in terms of crude stocks. Well get the official government report. About 1 million barrel build. The pressure has been on oil. Yeah, four days in a row on oil declines. Gains that we saw last week very much in the rear view mirror. Were close to 50. True. Not super dramatic but under pressure. Part of the story, a stronger u. S. Dollar, at least has been in the past few sessions. Lets look at the currency board. The pound is higher after 1 moves to the downside over the past sessions, a bit of relief. A theme today. Nothing extreme but half a point gain for the pound as it pushes towards 1. 42. Weve gotten several polls showing the leave camp. The pound certainly in focus. The broader dollar index at 0. 6 yesterday. Thats more on fears around the world, as opposed to expecting any hawkishness from the fed today. Safe haven days. Lets get back to the story that china where the markets are higher despite news that the msci does not believe that local chinese chairs are ready to be included in the bench mac. Eunice yoon joins us. Eunice. Thanks so much, wilfred. The stock markets here have brushed off a surprise decision by the msc i. Even though many investors here were sorely disappointed. In a runup, the Chinese Union was building up expectations that chinas stocks would be included in the premier market. But they decided that the stock markets over here werent transparent enough to warrant inclusion. This is what the msci had to say. There has been a great pickup in changes being implemented by the chinese authorities. If we count on continued momentum in terms of changes, the issue could be resolved relatively quickly and if they are to the satisfaction of individual Market Participants then nothing would hold back the inclusion of the ashares into our emerging market index. Reporter and in the past couple of weeks, the chinese regulators have been really trying to address many of the concerns of the msci. Curbing trading suspensions, for example. Or widening Market Access for u. S. Investors. But still, Foreign Investors have just not been feeling very comfortable with the level of access theyve been getting to the market. And also many of them have expressed concerns about the government policy and approach towards the stock market especial after the heavyhanded access that authorities took last year in the stock market turmoil. Now, the government has been trying to manage the fallout after the decision. The news ran editorials saying because of this decision, its only a matter of time that stocks are including in the msci emerging markets index. The stoxx regulator the csrc weighed in saying any global index that doesnt include chinese stocks is incomplete. Guys. Eunice, thank you very much for that report. Eunice yoon live in shanghai. Theres a good writeup on the website applauding msci for delaying once again because its going to urge china to continue with reforms. Meantime, Jeffrey Gundlach didnt hold back. Saying Central Banks are losing control. Comparing them to the republican establishment and donald trump. He says the fed is confused and that the confusion is spilling into investor psychology. Gundlach also saying that a summer selloff is coming and it will be triggered around rhetoric around Donald Trumps election win. On brexit, double line ceo said that it will prevail. I think the Common Thread is weve got a lot of near term risks and you can see that highlighted by the vix which we call the fear or nervous index. Were at a fourmonth high. Weve seen a spike in a rapid move that people are paying attention to, almost more rapid than what is actually seen in the stock market. In declines in the stock market. So this is something to Pay Attention to. But it speaks to the shortterm risks around brexit. Weve got a fed meeting. A boj meeting. The question is, will it be device to be a longterm buyer and steer through volatility are those gamechanging events. You saw the massive spike in the vix, you saw currencies react sharply. European equities reacted sharply last week. By havent seen u. S. Equities respond. Weve seen 1. 5 decline for european equities. The dow was down and the nasdaq flat. Its not really happening. People believe there will be a immediate contagion across markets with the eurozone collapse the uk not in single currency or Global Financial crisis. So theres certain stocks that you have to watch out for in the u. S. But that hasnt so far sparked u. S. Equity selling to the point weve seen in europe. But there are unknowns there. If we do see, for instance, the brexit vote going into the leave camp, what is the Immediate Impact on europe . Everyone is going to wonder as gundlach hinted is this the beginning of the end . With u. S. Equity markets. I think it can be political contagion from a brexit. That probably takes a year, two years, three years. Its not immediate financial collapse of a single currency. Lets have a look at whats on the agenda today. We get a pair of economic reports before the fed decision this afternoon. Price index how at 8 30 eastern. Prices expected to rise 0. 3 . And call rate seen rising 0. 1 . 9 15 a. M. , look for may Industrial Production which is expected to decline on continued weakness. The fed announces at 2 00 p. M. Amid projections. Thats followed by janet generals News Conference at 3 30 p. M. Apple tech giant marching to a whole new beat. Landon dowdy joins us. Apple intending on creating its own content inhouse. Theres no limit, quote, to what the company is willing to do with music, video and tv shows. And he joined apple in 2014 when the Company Bought beatz electronics. And it gave apple the resources to produce its own record label. Apple created music with itunes, but the rise of streaming services such as spotify weighs on sales of individual songs. Spotify has 30 million subscribers, apple music launched just last year has 15 million. The company is rumored to be looking at acquisitions such as time warner or netflix. Sara, not all songs can be as echo as ben clad. Im glad you liked that. I was going for a surprise fact 34. Landon, thank you. It just says to me what we learned about the big conference, apple wants to be seen as a services company. Its increasingly generating new revenues there. Or landons report, when its working on siri. It continues to be seen more agency a hardware company. Jurys still out on that one. More news in the world of music. Twitter has made an investment in soundcloud. It allows users to upload music. The site has invested 17 million into the firm. Soon, youll be able to buy a tesla at nordstrom. Tesla will display its model in 2017. Summer redstone making his first rare appearance in years. The 93yearold mogul and his daughter visited the cbs quarters. This comes as viacom chairman red stone was claimed to not being able to make decisions about the future. When we come back, hard stance on immigration and blonde hair . Hard to tell whether were talking about trump or brexit there . Find out why political head liners here and across the pond may not be so different after all. That brings us to our twitter and facebook question, should u. S. Equity investors fear a brexit . A crucial question. So far, u. S. Equities not responding as european equities. Get involved here on Worldwide Exchange. Well bring you results later in the show. Much more discussion around that and the fed, coming up. It is time for todays trade of the day. And it is fedrelated, of course, many believe that fed chair janet yellen will dismiss mays very weak job report and stay on track when it comes to the plan to hike Interest Rates at some point. Which shares should investors own if yellen maintains that hawkish Interest Rate, turns out telecoms and financials and Energy Performed above second and third rate hikes. By havent even had a second one yet. Go to cnbc. Com and check out pro. Clearly, it makes sense if were transitioning into an Interest Rate hiking, different markets and sectors can outperform. Continued to smash recently. The sun is reporting that the latest brexit poll has remain 1. 25 in favor of staying. The last poll published in may showing incamp has an 11. 5 lead. This comes after the british vote to stay in the eu at 62 , a slight recovery from the lows yesterday, just below 60 . And on that note, uk finance minister George Osborne alongside labor chancellor Alistair Darling vowing that the hit to the british economy would be so great if britain votes to leave that hes holding a budget with cuts almost immediately. Some saying the natural response a negative shock like it was in 2008, would be easing, not tightening up the budget. Big banks including citi and Goldman Sachs plan to bring in traders to work through the night. Reporting that they will have staff working or on call in london if results come in after polls close. Jamie dimon of britain said if the vote was to leave the eu, the vote would be to have teams of people. Of course, everyone trying to figure that out. Were seeing policy numbers on call if banks go into a meltdown. Thats a big question, wilfred, whether banks would respond, whether theyd hold an emergency meeting if the vote is to leave. Now a different perspective on this. Trump versus brexit. There have been lots of comparisons, not just because of the shared crazy blonde hair of the donald and the boris. Lets explore the similarities. The first one does stem from donald and boris. Both have a straighttalking nature. Celebrity status. That endears them to voters far more than other politicians. Second, their supporters tend to be older. Also part of smaller businesses or selfemployed. And third, theres a definite connection on the issue of immigration, albeit with some important nuances differences, excuse me. But i would argue there are some crucial factors that differentiate brexit and the rise of trump. First up, free trade. Brexiteers do seek free trade just as much as the remain camp does, they just seek it in a different way. Different, too, trumps rise stems with elected political insiders. Brexit is about unelected outers. Brexit is about sovereignty, american sovereignty, when in doubt whether a Clinton Presidency or trump presidency. Finally, trumps rise is new and recent. Before the first incarnation of the eu back in 1951 theres even been an in out referendum in 1975, and that was delivered by a labor government highlighting the extent and alongevity. Lots of fun observations to make between the two. If my eyes, no conclusions to draw from the uk vote. If britain votes to leave and the u. S. Votes for trump, the Common Thread there is were plunging into a world of the unknowns, versus the status quo, correct . I think that would be a fair conclusion to make if both events happen. My argument is i dont think theres any causality to the two happening. I think theres different factors in play in the upcoming elections. When we come back today, top political stories and trumps call to band immigrants. Youre watching cnbc. 2 back at Grocery Stores and now at wholesale clubs. And 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. Welcome back to Worldwide Exchange. Investigators conducting an investigation on the wife of the killer in on. Nbc news reports she told the fbi she once drove mateen to the pulse nightclub because he wanted to scope it out. Meantime, the u. S. Senate will have a closeddoor meeting on the shooting in orlando. It raises new questions in washington about gun control and the fight against isis. Our tracie potts joins us on capitol hill on the war thats heating up between president obama and donald trump. Yeah, theyre back and forth on this term radical islam that trump says the president wont use. And Hillary Clinton says it doesnt matter unless youre actually fighting isis. And weve got capitol hill questioning whether the u. S. Has done enough to fight terror. We had 49 innocent americans killed on our own soil, and this president cant seem to put the golf club down and come off the golf course and engage isis where we need to engage them. Reporter frustration spilling over in washington. Where is this going to stop are we going to start treating all muslims differently . He was more angry at me than the shooter. People cannot board airplanes with full bottles of shampoo but people being watched by the fbi with suspected terror links can buy a gun with no questions asked. That is absurd. Reporter congress is again discussing a law to fan people on the nofly list from purchasing guns. We cant just have moments of silence when we see american lives perish. Reporter after years of gridlock, the senates Top Republican signals compromise. Were open. Nobody wants terrorists to have firearms. Reporter but pundits question whether americans on the nofly list can lose their right to bear arms because the government things but cannot prove they have terrorist connections. Trump not very popular, not even with his own party. When we come back this morning, a top story, bounce for u. S. Futures. And polls continue to sway back and forth, whenever way the vote goes. Youre watching cnbc. Who lives here and flies to hong kong, to visit this company that makes smart phones, used by this Vice President , this little kid, oops, and this obstetrician, who works across the street from this man, who creates software. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. Good morning. Time to face the music. Volatility hitting a fourmonth high as were just one week away from prettiens brexit vote. Central banks in focus. What to expect from todays fed announcement and the bank of japan which is under pressure to step up stimulus. And inquiring minds want to know. Jerry seinfeld gets him to open up about what he does all day. Very good morning. Welcome to Worldwide Exchange on cnbc. Im wilfred frost. And im sara eisen. I miss the summer songs on Throwback Thursday last week. One of my favorites. Well check on the Global Markets. Were looking at a bounce of equity futures coming off a fourth straight day of declines from the s p and dow. We havent seen this since february. Will it last . S p futures up 5. 5. Nasdaq up 16. The pound is higher, for a change today. And european stocks are higher as well. Were following in europes footsteps and were seeing strong gains across the continent, reversing what has been a brutal day. Especially the banks. German dax up 1. 1 . Cac up 1. 5 . Lets show you the action in asia overnight. Some gains. The japanese nikkei market actually finished higher for some change. After the yen would has been weakening. Stronger in hong kong as well. Watch the chinese currency weakening. Yeah, particularly european equities a bit of a relief rally around brexit. Not because the fears have eased its just because of the factor. The dax up 1. 2 dutt still down 5. 7 over the last few days. China is up, despite holding off the Global Markets benchmark. The group says it needs more time to assess concerns about Market Access including a 20 monthly repatriation limit. Investors are shrugging off that move, as weve seen. Up in china, posting its best gains if two weeks. Traders say the markets have been bracing for a new decision. Mohammed elerian discusses what it means. China is subject to global standards. It improved the functioning of the market, things like transparency, accountability. So the whole idea that msci could act as a force improving the functioning of the market and that the not going to happen as quickly as would have. Happened otherwise. As for the oil market. Strong gains early last week, quite some distance in the rear view mirror. Albeit were still around 48 bucks. Were not moving away too sharply from the 50 market. And anothers, down 1. 15 in wti. Weve seen the equities bounce back globally. Not much move. 1. 63 on the u. S. Tenyear. With markets globally. The dollar index was up 1. 6 yesterday. More because of risk aversion. Safe haven trades into the u. S. Dollar. And hawkish out of the fed today. Just unwinding that today. Particularly japan, japan bouncing back, 0. 6 . Gold prices looking at benefited in recent days against rinksk aversion. Decent gains in the last few weeks. Calm before the fed this afternoon. Were wrapping up a twoday fed meeting. The whole shebang with projections from Interest Rate hikes from janet yellen. On that line, Jeffrey Gundlach is holding back saying Central Banks are losing control comparing them to the republican establishment and donald trump. He says the fed is confused. And that confusion is pouring over into investor psychology. Gundlach also saying that a summer selloff is coming and would be triggered in part whether or not Donald Trumps possible election win. He sees that, though, as a buying opportunity. Also on brexit, gundlach say the stay camp would prevail and mark the beginning of its end. Hes been saying for a while that the direction of u. S. Stocks is lower. And that he is bracing for selloff. It speaks to some of the shortterm concerns out there. Brex nit in a week. Fed today. The vix, or fear index, is a way to buy protection against wild swings and volatility of stocks has shot higher. If you look at a chart of visa , you see there are shortterm fears out there. U. S. Equities have been quite resilient. Certainly when compared to european equities. Thats a question, well have to see if that reacts next week as we get closer to that brexit vote. As for summer fears, well have another fed meeting in july. Nothing is going to happen today. If we just delay a month later, will they, wont theytype questions. And the cashin from the Stock Exchange from ubs saying it could be an important signal if janet yellen does hint that the july meeting would include a press conference, which it doesnt on the schedule. But if she does signal that perhaps it might that could signal that its a live meeting inching towards raising rates. Either way, the message is going to be key in terms of messaging, how cautious they really is. Should be a big trade for the financials and the bond market. She might be talking about Holiday Plans . Not so much that. I wonder what shell say about brexit. Were a few days into it. Theres clearly risk impact on the market. Is it slowing volatility in the uk . Unclear. Interesting. That last speech she gave ten or 11 days now, she did mention brexit. Saying it was one of the fears. She mentioned in a short sentence and didnt give the markets ammunition that perhaps theyd be looking for. Right, as well as the fed today, weve got a pair of economic reports. The main Producer Price index is out at 8 30 eastern. Expected to rise 0. 3 . Well have the call late rising to just 0. 1 . Im trying, doing my best by the way, next week in london, im using knot. Do i have to use knot . Yeah, you do. And the fed announces its decision at 2 00 p. M. Eastern, along with latest projections followed by a News Conference to discuss Janet YellensHoliday Plans. Whilst in london we use knot. In corporate news, the stocks to watch the u. S. Department says it wont say if boeing can sell planes to iran. As part of an International Agreement using sanctions, the u. S. Says that deal allows licensing on a casebycase basis. Boeing is flat on the premarket today. Office depot sets date of Shareholder Meeting july 1st after the merger with staples that was brought by u. S. Regulators. Inda text reports profits of 6 . Behind the fashion chain citing healthy sales growth a trend it says continues through the second quarter. Sales are up 3 in spanish trade this morning. Another stock to watch, metlife is waiving its retirement rule for the ceo to allow him stay on past his 64th birthday. He saw the challenge of the u. S. Government as a systematically important company. Bed, bank beyond is buying one kings lane. The site valued at 1 billion two years ago. Tellers havent been disclosed. Reports say the flash site was sold at a fraction of that price. Bed bath beyond said, quote, the buy was not material. And fda warns of whole foods with issues in the east. Dishes include keeping dirty dishes near the food and water dripping near ceilings and doorways. Whole foods says its corrected each of those problems. Time for the top trending stories. Annual lunch with Warren Buffett does not come cheap. The anonymous bidder who paid more than 3 million is a woman. The winner and seven of her Close Friends will dine with buffett. More than 20 million over the years for charity. Amazing. And deservedly high price is paid for a fascinating lunch. Our becky quick gets to do that quite often. And share it with the viewers. Mark zuckerberg hosting its first live question and answer live on facebook. The facebook ceo was joined by Jerry Seinfeld who asked about zuckerbergs daily routine. You get out of bed, you go to the bathroom . No first thing i do is look at the phone. You look at the phone first . Yeah. I do that, too. I usually want to know did the mets win or not. Thats what i want to know. Thats not my thing. Im not i know, i ask what you do. I look at facebook. Can you believe this is his first ever live facebook q a . What was revealed how crazy a runner Mark Zuckerberg is. His ambition is to run 365 miles a year. Which Jerry Seinfeld apparently hes a crazy runner. Facebook live will be tested in london as well. Well look at the cnbc page, all of brexit later. Stuff were not allowed to put on the main channel. Perk up coffee drinkers. The World Health Organization is now reversing its of course. W. H. O. Expected to say that coffee is not classifiable a carcinogen and cannot cause cancer. Good news. But i didnt even know about the previous scare i was actually worried to hear. I did. Sounded like thats good. Anyway, still to come here after the break, todays must reads. But before we head to break, the National Weather forecast from weather channels paul goodlow. Good morning, 93 in chicago, the heat is on. Unfortunately, thats going to spawn some thunderstorms. The red here in the boot hill of missouri, ohio, lateday thunderstorms popping up just in time for your rush hour coors much of the southeast, including atlanta again. Otherwise, nice day in l. A. 72 for you. Hot one for denver at 91. 95 in dallas. Even seattle could see a few scattered showers in the interior. Again, the coast should be in the mid60s for your highs for thursday. Stick around, Worldwide Exchange continues after this break. No, i shouldnt have done that. [ crash ] and doctors with Realtime Data at their fingertips asked, how a man your age could do this to himself . Before any of this, cdw orchestrated a point of care solution using the lenovo x1 carbon yoga with intel core processors. Connected health care by lenovo. Orchestration by cdw. Welcome back to Worldwide Exchange. Now to this mornings must read stories catching our attention. My pick of the Financial Times by martin wolf entitled brexit imperils the confidence of strangers. He writes, brexit in sum might a big economic shock and not just for the uk. This is largely because of the fragility that precedes it. Usually, he folk discussed on one important technical factor which i think is worth noting. The uk current account deficit reached 7 of gdp this quarter. Mark carney has always said before that our standard of living requires on capital inflows from outsiders. The brexit could immediately spot fear in terms of those wanting to invest abroad. If your currency starts falling. And its something that could be might immediate. You can get in a vicious cycle with a big cycle and currency falling. A tough one to sell to the electorate. A tough one to sell to the electorate. Absolutely right. Its an interesting read from martin wolf, its quite technical, quite opinionated. I went to the new york times. Why do terrorists commit terrorism . Its by peter bergen, a National Analyst at cnn. Hes looked at more than 300 case of charged Jihadist Terrorism in the united states. He wrote that the easy explanation that jihadist terrorists are mad or bad prove simply wrong. Around 1 in 10 have Mental Health problems, below the incidence in the general population. Nor were they typically career criminals. 12 have served time in prison, compared with about 11 of the american male population. He didnt give any delusion, its probably difficult to find out but he said theyre generally motivated by militant ideology. They need to attach them to an ideology to give them a sense of purpose. All of it is interesting to try to grapple with some kind of an understanding which you cant possibly do. But as the fbi tries to tackle this new threat of homegrown. A huge amount on this in the last interesting days. An interesting comment i saw if your twitter feed is saul about guns then you need more exposure. There hasnt been Common Ground to see serious action on both issues. Were approaching the top of the hour. That means the team is getting ready for squawk box in new york. Joe kernin joins us with mawhat dumbing up. Hes got something to say. I tried so hard to not read the new york times. When i do the tease, i end up knowing from you, sara, anyway. I dont always go with the new york times. I leave it on the very bottom. So theres the times, the daily news and then the f. T. I do always go with the Financial Times. Thats third from left. We mix it up. I dont know, maybe i catch you on the wrong day. Anyway, i dont know what janet yellen is going to say. I was thinking about something, im told that her comments are very important. Her comments, again, and it just made me think, so for how many years now weve had to listen to those comments about the potential for a future rate hike, and weve had a grand total of one. Ive listened to a lot of commentary from her and all of these fed guys, parsing every word. Sometimes, they add a word. Sometimes, they leave out a word. Sometimes, they change a word. Whats it mean . I dont know. Its meant one rate hike. Its probably not july. Now i hear its not going to be september. Maybe its december. Were waiting for it and its a commentary. Its even better, joe, than parsing words because you also get to parse dots today. I know, the dots may move. And weve had one. Weve had one after all of this. You know what, its kind of a sad commentary on just how weak everything has been. Deflation is back. I thought we conjured that demon, but obviously, we didnt or we wouldnt have the negative rates. That begs the question how much of this slowdown of this malaise is due to central bankers in the first place. Is it selffulfilling . So, i dont know. Or is it britains fault. Its britains fault. Blame me. Blame me. No i like you, i like faraug and boris. Its weird that the right in this country seem to be proexit. Im not reading what they say and deciding what to do. I dont know why. The whole idea of unelected bureaucrats in this country. I will see new about an hour and 20 minutes time. Thats going to be the highlight of the show. I doubt that very much. Dan rather is pretty cool you got him coming on. Squawk box is coming up in nine minutes. Still to come here on Worldwide Exchange, futures pointing to a high open for the dow and s p. Down days but not too pronounced. Well get you ready for the busy market ahead and the fed decision. Stay tuned. Worldwide exchange is back in a couple of minutes. Cathys gotten used to the smell of lingering garbage. In her kitchen yup, shes gone noseblind. She thinks it smells fine, but her guests smell this. Ding, flies, meow febreze air effects heavy duty has up to. Two times the odoreliminating power to. Remove odors youve done noseblind to [inhales] mmm. Use febreze air effects, till its fresh and try febreze small spaces. To continuously eliminate up to two times the odors. For 30 days febreze small spaces and air effects, two more ways. [inhale exhale mnemonic] to breathe happy. Plumping surface cells for a dramatic transformation without the need for fillers. Your concert tee might show your age. Your skin never will. Olay regenerist, olay. Ageless. And try the microsculpting cream you love now with lightweight spf 30. Welcome back. The results of our twitter and facebook question of the day, we asked if u. S. Equity investors should fear a brexit . Interesting results pretty close here. 44 of you say yes. A little more, 46 say no. And 10 say i dont know. It would have been interesting if we would have not but in i dont know. A lot of people dont know. Joining us in the studio to discuss it is Portfolio Manager at ubs. Should u. S. Investors fear a brexit . Obviously, the brexit is the star of the show. The fed in the star anymore. The important thing about brexit is not what the results are, but the threat of what peoples cent sentiment is around the world. Theres a dissatisfaction, the challenge of the status quo. A big discussion to be had around that, there are differences i would argue between the two. Either way, on the day, if we see a vote to leave are markets priced with that in the u. S. . So, i think the federal reserve, when they speak today, well see what veiled interest or express interest they have with brexit. The markets have to look at the data and they have to process the data. And brexit is a data point within a broader data scale. So, given the shortterm risk that we have going on. And the fact that the fed is in play in some way or another, what sectors do you want to invest in right now . Well, i think its interesting binterest interesting because we had a big statement that Central Banks have lost control. By Jeffrey Gundlach . Yes. And the fed has been trying to accede to the numbers for a long time. Finally, the fed is manifesting that data dependency. We have a zero percent chance of a rate hike today. That data dependency is the most important thing that people are focused on right now. Big, big risk up move in bond and vix in the last few days, certainly to european equities. Is that going to correct for the next week, do they have to catch up . I think you see a risk off trading high to highs right now. The reason for that, theres a chance that everything is going to be okay. That black swans arent going to derail us. Given the fact that you have zero percent Interest Rates abroad, and if American Companies can figure out what to do with this beautiful macro environment that were in right now, i think we may have a successful start. Beautiful is not the word were expecting from communications today. Thank you. Thank you for joining us from ubs. Thats it for Worldwide Exchange today. Thanks so much for joining us. Weve got squawk box coming up next. And all of todays fed coverage on cnbc, you dont want to miss it. First in business worldwide. Good morning, Global Markets on the rise. China posting gains despite a high profile objection from a large index provider. The live report from shanghai is straight ahead. Countdown for the fed. Its decision day for janet yellen. Will they change a word in the statement . Will the clocks move. And the brexit vote, it might be a bigger concern for the markets. Well take a look at the unintended consequences if the brits vote to leave the eu. And obama and trump face off on the terror attacks in orlando. The war of words. And the latest poll conducted after the weekend attack. Wednesday, june 15th, 2016. Squawk box begins right now. Announcer live from new york, where business never sleeps, this is squawk box. Good morning, everyone. Welcome to squawk box here on cnbc. Im becky quick along with joe kernin and andrew sorkin. Taking a look at equity futures, finally seeing positive direction for the bulls. Dow futures up by 60 points. S p up by 5, nasdaq up by 14 after the markets finished down once again yesterday. Take a look overnight in asia, chinese stocks shaking off a high profile rejection from mscis emerging markets index