Former fed chair Alan Greenspan will join us. A new program were monitoring. That call and any news out of the Conference Call as he examines a tesla. Right now. Relatedly, we do have solar city. Did he help build those cars . Work on the Assembly Line . There are teslas everywhere in norway. One of the biggest usages hydropowered, as well. Its so interesting. So anyway we have earnings coming up here, as well. Earnings getting crushed after weak guidance on the companys Conference Call last night. Down about 14 right now. Investors are looking to see whether facebook can deliver now after the bell. Its up about 1 today. Weve got a top tech Portfolio Manager who says theres only one number in facebook earnings that matter. Hell tell us where it is coming up. But lets get to fed headquarters in washington where Steve Liesman is standing by with more on todays announcement. Steve . Hey, bill thanks. The fed leaving Interest Rates unchanged in july as expected. But the question is whether or not it hinted at a rate hike to come in the next meeting. On the one hand, it upgraded one part of the equation needed to raise rates. Jobs, but it left the other part of the equation unchanged. Thats inflation. The feds said they were quote, unquote solid job gains suggesting it moved a step closer in that criteria needed to hike rates. Even suggesting it was already there. It also suggested, really by saying itll hike when it sees, quote, some further improvement. Not just improvement. It doesnt need very much to get there. But the fed characterized inflation in virtually the same terms that it used in june as running below its 2 target and likely to only gradually rise in the medium term to that target. So, no progress there on the second criteria. That means, a september hike still depends on strong to moderate job gains in the next two reports before that meeting. And it depends, of course on inflation that doesnt slide backwards even amid lower Commodity Prices and slowing global overseas growth. So was there a hint . Yeah. There was a hint. The fed is going to make up its mind when it sees what job growth and inflation do before the next meeting. So the question i dont know is that much of a hint at all, bill . I dont know. Is it much of a hint . Steve what i was going to say, though, looking at last statements before the fed has risen Interest Rates. Its not that passes necessarily, prologue but is this really kind of language theyre going to leave us with if theyre going in six weeks time . Yeah you know, i reported that pretty extensively with some background conversations. They are not going to drop a hint that is as explicit as the last time they did this back in 2004. I think you have a guy on who did drop the hint a little bit later. What they wanted to be they do not want to use calendarbased guidance. By the way theyre a little bit critical of how former fed chair handled that last round of hikes, making it too predictable, they thought, that is not the way they want to go. They want you to do very simple. Read the first paragraph about how they characterize the economy, and then read the third paragraph about the criteria for hiking. If one matches three, theyre going to hike. If it doesnt, theyre still on hold. Yeah i wonder if mr. Greenspans going to bring his infamous briefcase and if its stuffed. Well have a sense of when theyre going to raise rates. Steve, thanks very much. Well see you later. Pleasure. All right. Joining our Closing Bell Exchange with their thoughts about the market and the world, weve got kate from edward jones here at the post 9 00 and peter costa from empire executions and Rick Santelli in chicago. Said yesterday when the announcement comes out, therell befire be fireworks for about 15 minutes. We are higher than we were at that time. Is the market still of a mindset it doesnt want the fed to raise rates anytime soon . The market is showing that any rate hike preferably one that was later out would help the economy more than it would be if it happened in september. But to be honest with you, i think that, you know, you listen to thank god for Steve Liesman. Let me tell you something, i saw the read the comments is and i couldnt figure it out from the beginning. Youre not alone. Yeah, i mean, it was a lot of of fed speak. Not giving you any kind of indication, anything. You know, leave it up in the air like theyve done it for the last four or five meetings. You know i think were probably not going to see a rate hike for a while. I think that the economy you know, i know im digressing here. But i think that the economy if you look at the employment numbers, yeah, theyre getting stronger. But when you have stronger employment numbers, you would expect to go up concurrently. And theyre not really as strong. So i think theres still some room there. Kate how are you reading the tea leaves here . Well i think the fed made it clear that theyre considering raising rates, which, of course we all know. I think they did not do anything that suggests whether its september or october or later. And they clearly trying not to. But id take away a really important change, which was the characterization of the labor market as stronger. And i think thats important because more jobs means more spending, and thats exactly the virtues you Virtuous Cycle the fed would like to see. Theyd like to see higher wages. And i think thats not likely to happen anytime soon. But im not sure theyre going to wait around for higher wages before they begin to raise shortterm rates for the first time. Because theyd like to change the conversation from when do they raise rates to how fast and how much do they raise rates . And i think the sooner they do that, actually the better the market is and the better the economy is. Yeah, we cant wait for that first liftoff so we can move beyond that. Did you see any hints in the markets after the fed announcement of which way the markets betting right now . Yeah theyre not betting as though theres going to be any aggressive normalization of rates anytime soon. But, differentiate that from the potential for a lift in september, even though im not sure were going to get it. But we could get a lift in september. I guess we could get a lift in december. But i think now the discussion in the marketplace has moved beyond that. I think its now how were going to see how small the first one is and how they promise that there wont be many more. And i think some of the longterm dots are where they see overnight rates in 2016 or 2017. Im not sure that holds water. So i think in the end, everything everybodys talking about most likely is correct. If youre really being data dependent, theres a lot of reasons maybe not to do it. But the overwhelming two reasons to do it they have no encore performance should disaster in any front of the Financial Sector on any continent strike. And maybe the other is we are in a 2 to 2. 5 economy. That doesnt justify zero. We will get the gdp number in a couple of days. Were going to focus. Yeah, tomorrow, thank you, rick. That Consumer Confidence number, kate was not good, though. Has people wondering if were going to see a slowdown next time around. You know, to the underlying point here is this economy Strong Enough for the fed to raise rates . Well i think the economy actually is Strong Enough for the fed to raise rates. While we dont know what the gdp report will be certainly it looks like Second Quarter growth was a lot stronger than first quarter. I think everybody agrees on that. We see growth moving forward at about 2. 5 through the second half of the year. Thats Strong Enough not only to lift consumer sentiment, which i think really was driven by other things. Remember, that sentiment poll was coming out with greece was in the headlines and everybody was worried about things that were foreign, not domestic. The more you focus on the domestic economy the stronger it looks. Its not going gang busters, but really Strong Enough i think, to give the fed a good argument for why they need to keep rates or move rates above zero. Peter, let me move you off topic on to oil. We just showed the graphic that crude oils been up 1 . That inventory report was pretty bullish for crude oil. And that seemed to spark the rally in stocks earlier today. There are those that feel that maybe some of the drillers and other integrated oils are dirt cheap these days. Do you agree . Oh, my god, yes. If you look the a anyat any part of the energy sector, you find a lot of value. If you buy a wellpositioned oil refiner or an explorer. Demand will pick up in the u. S. And that will spark the stocks to go higher. Does that mean the peter costas money is back in the market . I hate to give a hint to all of those people that try to trade ahead of my positioning, but i would like to say, yeah, if my money was going back into the market it would go into the energy sector. Thank you guys really appreciate it. Thanks folks. Good to see everybody this hour. China, meanwhile, dominating headlines is wild card for wall street. Take a look at whats been happening in brazil meantime. Yeah s p putting brazil on negative credit watch. Investigators there shrugging off the news though but should they be paying closer attention. Our chief International Correspondent for once not in athens, michelle is back with more on that story. Now we worry about brazil. Is that the idea . For sure brazil a big producer, as is a lot of latin america. And in fact just today, reports when they surveyed the vast majority of economists think brazils going to be downgraded to junk at some point. Right now, just one notch above junk. They warned they reduced their outlook, potentially downgrade brazil to junk which would be an immense comedown for this country. Because when it was upgraded to Investment Grade back in 2008 this was considered a watershed moment for brazil and for latin america. That part of the world had finally arrived. But, boy have things changed. S p was focused solely on political issues in brazil because theres this epic Corruption Scandal going on there involving dozens of politicians and ceos and threatens the current and past president at this point. We want to show you three charts. First, lets show you iron ore. Look at whats its done over the last two years. Even though its rebounding today. Why do we care about it . Because its brazils number one export. It is the world brazil is the worlds second largest export of iron ore. Who is the biggest consumer . China, of course. Lets show you soybeans another major export for brazil. It is take a look its also declined sharply down 21 over the last two years. Its the worlds second largest exporter. Who is the biggest consumer . China, as well. And then sugar which is the Third Largest export. They are the number one exporter in the world. Look at that. Thats a stock down commodity thats down 32 . China is the second largest importer. So they face head winds on what is supposed to be one of the biggest drivers of revenue for the country, guys. And things maybe are just Getting Started if we see this selloff keep on going. If were coming off this bubble, what options does that leave brazil with in near term . Wow, theyll have to do massive things like really cut budgetary spending which is already leading to a bigger political crisis than the president there had planned originally. Theres questions about whether or not theyre going to be able to achieve that. We talk about austerity in greece. Theyre going to have to Start Talking about austerity in brazil thats going to lead to bigger slowdown. Theyre also raising rates at the same time to preserve the value of the currency. Theyre in a pretty tough bind. How soon before we see you in rio . Im wondering myself. Thanks, michelle. See you later. Rally mode this afternoon with the dow now up 121 points. The s p, once again, the outperformer percentage wise with a gain of 14 almost 15 points here. Facebook whole foods, those are among the big names, reporting earnings less than an hour from now. Well do a deep dive on facebook next. As investors are suffering quite a bout of social anxiety after twitters sluggish Revenue Growth, sluggish growth i should say. Plus our fed coverage continues. We have former fed chairman Alan Greenspan speaking with us exclusively this afternoon. Well also get reaction from black rocks fixed income guru and Morgan Stanleys chief equity strategy. Do not go anywhere. Back with more closing bell after this. A new season brings a new look. A chance to try something different. This summer, challenge your preconceptions and experience a cadillac for yourself. The 2015 cadillac srx. Lease this from around 339 per month, or purchase with 0 apr financing. What do you got to offer us today . Balance transfer thats my game bank you never heard of, thats my name haa thank you. Uh, next. Watch me make your Interest Rate. Disappear. Theres gotta be a better way to find the right card. Whatever kind youre searching for, creditcards. Com lets you compare hundreds of cards to find the one thats right for you. Just search, compare, and apply at creditcards. Com. A one, a two, a three percent cash back can it make a dentist appointment when my teeth are ready . Can it tell the doctor how long you have to wear this thing . Can it tell the Flight Attendant to please not wake me this time . The answer is yes, it can. So, the question your customers are really asking is can your business deliver . Whats interesting is the lockup period has expired on shares owned by Company Insiders and major shareholders. Typically, when a lockup expires, kelly, the stock will go down. Insiders are able to finally sell their shares. Lets remember, this is a stock that came public the end of january at the end of 21 a share. And today its trading above 61. Twitter getting crushed today over concerns about the monthly active user growth. Cfo addressed that issue in last nights periscoped Conference Call. We did not expect to see sustained meaningful growth until we start to reach the mass market we expect that will take a considerable period of time. Well unlock value for shareholders by ensuring discipline execution. Love the Conference Call last night. Thats perfect. Joining us no uh, kevin landis. His fund holds both twitter and facebook. Which well talk about briefly, as well. Kevin, you know, a lot of hand wringing over this. This is a company that has more than 300 million users. Why cant they figure out how to make money with this thing . Well 300 million sounds like a big number until you look at facebook and googles numbers. Google figured it out a long time ago. Its still hard. Theyve got a great franchise. I dont think theres a second place where you can go to tweet. Theyre struggling to make tweeting a first place thing. I mean anthonys remarks were about them breaking into the mass market. What more is it going to take . Theyve been around for 7, 8 more years than that. By now, are they missing their moment . Well, you know, people who tweet they use twitter all the time. And weve pretty much established that population. But, you know, you pick up peoples tweets. I mean my newspaper has the tweet of the day that gets printed on paper, right. So i dont need to go to twitter to see the funniest tweet in the sports world. Its on the local sports page. I think thats the problem. Is that people who, people arent dependent on their twitter feed the way they are for say, their newsfeed in facebook. Thats the big difference right now and thats what theyre struggling with. What should their new ceo, whoever thats going to be do to try to turn thing this around. Give them some advice. Well, the good news is you want to set expectations that are reasonable level so you can exceed expectations each quarter. So Mission Accomplished on that. I think theyve done that. Then, i think they need to be relentless at growing the user base get the user base growing, making it an important part of peoples everyday lives. And then the other side of that coin is going to be working with advertisers. I mean, today if youre if youre in charge of a media strategy for a big company and dont have a twitter strategy you better have your resume up to date. Youre going to get fired for it. Twitter, on the other hand, you wont get fired for not spending money on twitter. You can take a wait and see attitude. That has to change. Facebooks a must buy. You must go there. Twitter has to become that. And, that means better tools for advertisers, and it means a growing user base. You mentioned facebook kevin. I want to remind people what we heard as well about their potential to monetize instagram. What does that mean . As video and photos and video become more lucrative here, what do you expect to hear from facebook today . That instagram is growing like a weed. And that people are projecting that its going to grow to just an enormous size, but i can tell you after being at this for a while, its always youre kind of taking a stab at it. You dont know where the numbers are going to come in. Where you do know thats exactly where you want to be. Mobile and based on video. And thats the instagram purchase. Boy, can you believe they paid 1 billion for it . It seemed outrageous at the time. Now it seems outrageously cheap. It wasnt too long ago. Nobody could get out of their own way. Now, they are the king of the hill there. Kevin, good to see you. Thank you as always. Thank you. Meantime teslas elon musk on a Conference Call right now announcing an experimental refer a Friend Program under the new program, anyone who orders a new model s before september 30, using the rereferral link will get 1,000 off the purchase price. And the current owner will get a 1,000 discount th