Half hour, joining us for questions. If you had to pick one, would you rather buy gold or bitcoin a lot going on this morning on squauchl thats actually a game we play on fast money would you rather that answer, the day after bitcoin crosses, particularly saling at the section. What i like best when they move in the opposite direction with pops and drops. Was that not a fast money that is like classic fast money circa 2007 classics are the best that is peered the way they are moving together. The way of the digital gold story. Weve got all of this money printing the depth of the crisis getting down to 4,500 . I think lower like 3,500. I wanted to ask you i dont know where you are i dont want to know what type of lease arrangements have you seen. When are they coming back to work at google summer 2021 what is it now . Summer of 2020 it is a year from now google, alphabet is the most out there. Facebook is june 30, 2021. I wonder if all the Big Tech Companies follow suit. Microsoft was originally going to be back this fall i wonder if theyll get pushed out. So it is me and mack. Hes all i have here they dont have a shot of him. Are you in the shot . He looks good today. Hes got his knight jersey on. You are not going to be here becky is not going to be here . Until we dont know it is google i dont know. I dont know what our policy should be is maybe it is a round of vaccine maybe well get the vaccine and everyone will feel better. Im leading into the discussion with bill gates we talked about that. I havent seen the interview but just looking at the sound, he loves the prospect for science solving a lot of our problems we are miles ahead of when we were trying to do this with polio. We know a lot about the mechanism of this stuff. Maybe it will help maybe it wont this is what gets him excited. This is the ultimate version of innovation and humanity. It affects both. Look forward to that interview. Well get part of that this hour it takes your mind all these places always an interesting ride with you. Getting to the back drop of earnings onethird of the s p 500 will report the flood of names today. 3 m, pfizer raytheon set to report before the bell visa, amgen and starbucks among the names to watch after the bell of course, dont forget the fed, the central bank holding a meeting this morning a policy announcement getting started. Investors watching for includes about what they might do next. Getting a jump here indicated lower across the board the first time all three major averages were higher about three days it looks like we will get higher across the board nasdaq looking to be down about 35 at the open taking a check on treasury yields higher from where we were 24 hours ago. The 10year yield. And the dollar hitting a twoyear low as the dow is now down triple digits this morning, the latest package leader Mitch Mcconnell unveiled it. The relief plan includes enhanced federal Unemployment Insurance as was told us last week, 70 of a workers previous wages which would replace the 600 which will stop paying out this week. Direct payments of 1,200 to 2,400 to individuals or couples and also shielding entities like businesses, schools and doctors for lawsuits 190 billion for paycheck protection loans 105 billion to help schools reopen in the fall and 16 billion to states Testing Capacity on paper now and ready to argue about it it matters to the markets. We snapped a win streak last week doing days are specifically the last days of august. I think it is the last two weeks of august. I dont know in this day and age if that is because everybody is at home what if you decide to take a vacation, what would you decide what you are doing now hes working, joe hes home but hes working. You are on 50 acres somewhere. After you get off here, you are out fox hunting on a horse what are you doing when you quit im on this thing all day, joe, typing, typing. This is how i look all day you might be outside looking around occasionally outside. Occasionally a jog or playing with the kids. Of course, playing with the kids has been the best part of it im so jealous of them now they are living their best life. Im so close to it in a way i wasnt before which is great but i want to be them. I dont want to put this idea in your head what do you think you pay in state taxes . Think about that number and think about if florida ever gets its act together is there any reason why we shouldnt be i know. We should talk about this maybe not on air we are not on air i thought this whole conversation we are on air. I hear music joe, we are going to show the bill gates interview later well show you a piece of that interview where he talks about the flight from cities we should talk about that. Maybe thats when we should do that you are right. Is he like in the ml central . On the other side of this break, joe well show you that conversation and maybe that clip about the cities as well bill gates a tndhe fight against the coronavirus and the race to a vaccine. Stay tuned you should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. But inside every etf. There are untold hours of careful construction. Infinite what ifs . And contingency plans. Creating funds that help target gaps in client portfolios. Tap untapped potential. And strengthen confidence in you. Flexshares. 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Bill gates has donated 300 million towards the global effort to combat the virus i sat down with bill gates and asked him about the vaccine studies and which efforts he thinks show the most promise im enthused about all the vaccines the u. S. Has funded there is the first wave, which is about five. Then the second wave, which are cheaper, could be more effective. But they have to wait. Various stages will start. Johnson johnson is a good lowcost vaccine moderna and astrazeneca are the first to get out there we live ever day talking about these. How we put the worlds resources behind these isnt driven by a normal market thing. This is cooperation to figure out within a country and across countries where this vaccine should go. On the therapeutic side, do you see any drugs out there youll be able to get a prescription and go to cvs or walgreens or that it is not and in person or hospital event . The antiviral that is approved, remdesivir, is right now once you have serious symptoms it is possible to move that to a form we would move early and make it easier to administer there are two other antivirals that would be oral by the end of the year, those other two antivirals, that could be figured out also antibodies are another class. They are doing pretty strong work those trials are much faster you can see the benefit much faster i think there is a good chance well have substantial death rate reduction by the end of the year with the combination of those new tools. Several of which when you start to have serious symptoms, you would be treated before youhav to go to intensive care. Guys, we got into the issue of the potential profits some of these may or may not make well show you that in the 8 00 but more on what we were talking about about leaving a city and more about how we might live in the future versus working from home it is something bill gates road about in 1985 in a book called the road ahead. Here is what he said about what it could mean for the economics of cities. Overcrowding in cities does have some negatives in terms of the real estate costs and traffic problems you get into. The fact that only a few cities have gotten a lot of these highpaying jobs thats a little problem for the cities and areas that get left out of that. I see this flexibility that has been accelerated where you can do telemedicine. We invest in Distance Learning to make it far better. I see that as basically positive, giving people options. I know some tech employees are living in different places and asking, hey, when do we need to go back so they can plan it was interesting that google went out to mid2021 before they can resume normal office work. I think others will follow that. There will be less travel. There will be more flexibility about these jobs i think that is a really great thing. Do you think these businesses will thrive . Not just beieconomically but to be able to grow and be creative you are living a distanced life yourself how much do you crave getting back in a room with them do you feel like creativity has been lost . Im amazed at how productive we are as a new employee comes in, its tough. The kind of conversations they would have after the meeting or running into people. The on line experience today isnt as good as the casual thing before and after the meeting or just hanging out. Some of that is improved i think well do less Long Distance travel. There is room for creativity on which benefits you get from what type of get together we are thinking about school this fall and what it means for kids i asked bill gates whether he would send his own children to school this fall he had an interesting answer im a big believer for young children, the benefits in almost every location, particularly if you can protect the teachers well, the benefits outweigh the costs. As you get up to like age 13 or higher, you have to look at the local to decide what theyll do with high schools. If they are not in, you have to put in massive efforts to continued learning on line our system has revamped education to get in and get out and ramp those up and make sure minority and lowincome students arent suffering the most. It is a very tough set of tradeoffs everyone is going through. We got through a lot there. There is more coming up. He made some fascinating comments about elon musk and his view conspiracy theories out there. The role of social media we also got into big tech. We talked about the stock sales and the drug makers involved in these vaccines well show you all of that in the 7 00 a. M. Or 8 00 a. M. Manner if you asked us what would be the big trends it would be urban living it is 180 degrees. If we are all distributed and doing everything, im scared the internet goes down there is a big concern that internet is a target of hackers. Think about it the next virus we get is going to be a Network Virus which shuts down our entire that would be worse. Well not worse if i wanted to shut us down in the future we are relying on. When my wifi goes down now in my house, they look at me like, you cant let this happen. Things are going off there are sounds i have learned to turn it off and turn it back on. Thats the extent with everything think about it. If we had this pandemic without the internet it is amazing it is. There is something just like kids need the experience do Companies Need the collaboration of inperson contact . I still think they do. I think they probably do. I think they do. I think it is the issue he mentioned. I think you can maintain a business how many new people have you met over zoom or one of these services and either created a relationship very hard to do. Right i havent met anyone on zoom look forward to the rest of that interview, andrew coming up, a new survey on how parents and students feel about returning to college and whether it is still worth the cost wetures now are pointed to a lor open you are watching squawk box on cnbc pandemic has changed when it means to attend college. What parents and students feel about it and is it worth the cost joining us now i wasnt on the phone. You could have called me i have some thoughts on this here is the headlines. No plans for a gap year. Many students are concerned but few are taking the year completely off those are the latest findings from the how america pays for college survey 70 perts of families say theyll attend the same school as last year 13 are uncertain about what theyll do 5 will enroll in a Different School but only 2 plan to take time off, take a gap year and not attend at all. A survey found that two third of parents think college is worth it even if classes are only online more than half worry about how they are going to pay for it completing the fafsa is really important the free application for federal student aid. It is critical to unlocking about 150 billion in federal aid, loans, grants, work Study Programs last year, more than a quarter of families didnt even fill out the application, joe peoples financial situations right now, currently, could be a lot different. The key is getting one of these fafsa loans. Here is the issue that form is based on your tax return from two years prior. So there is no ones financial situation anywhere near two years ago. This is when you need to call Financial Aid office directly to negotiate for a different package. Ive thought about it, sharon, a lot. The College Experience a lot of people say it is the greatest time of your life greatest six years, including graduate school. It is not the same, is it worth it you do need that diploma and degree and what happens if you are not in college a lot of universities and students are asking about it that way when you do a gap year and take time off, you might travel or do an internship. That probably wont happen many are saying well just stick with the school we know and take some online classes there. Given a challenging year for Colleges Research found the top private schools are stanford, harvard and university of chicago. Top Public Schools are university of washington, university of new york for the full list head to cnbc. Com make it coming up, the Corporate Party begins well hear from 3 m and pfizer in minutes analysis are straight ahead. Woo el be right back as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Yeah, everything is runningis smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. 3m results. Reaction is down because adjusted earnings of 1. 78 is just shy of expectations below the 7. 322 billion expected i wish people would think about how they write it. The headline, organic local currency sales growth decline 13. 1 . It is not growth it shrunk by 13. 1 talking about how difficult it has been to operate during the pandemic at the same time expressing giving kudos to their employees and others for managing costs better than they normally would but dealing with the same time of environment the guidance remains withdrawn it will continue to provide Monthly Sales updates. Thats not helping the dow at this point down a little bit they do note july month to date sales were up that is an improvement versus what they saw in the prior months seeing 3m shares down 1. 4 the fed are expected to kick off a meeting where they are expected to keep rates the same. Talking to our guests. Kathy and jeffery, great to speak with you kathy, what are you expecting. A lot of talks that the fed will talk or walk towards a more telegraphed targeting message such as yield curve controls what do you think about that i think theyll wait until the fall to do anything meaningful they may take a half step towards the inflation targeting. They will do that by adjusting indicating they are certainly in no way in a hurry. The inflation is at 2 or even higher the other thing they could indicate the easing not just at sustained market stability and also to provide additional stimulus to the economy. Jeffery, what are you expecting . The timing is interesting given that the stimulus package in congress is continuing to be hammered out as we speak, hopefully. Theyve been very vocal in saying they cant do it alone. They might be on hold but do you think theyll do more jaw boning here thats a good point. The focus is not really on the fed but much more on the competing proposal well hear from the fed what weve heard from continued policy support it is not a major attorney here. Maybe something in terms of developing on Forward Guidance the major policy changes are still to come. Theyll be deliberated in this meeting. We are not going to know that until we get the minutes i think the focus of the market will be past the fed meeting and focus on the fiscal policy issues weve seen the 10year yield hit its lowest weekly close ever on friday. Im wondering where you think the 10year will go and what that yield curve could look like that issuance will continue to go lower and lower here what you are seeing is the secular trend where Interest Rates will stay low. Concerns the economy is stalling or reversing gears the idea as jeffery said the fed is not going to do anything dramatic now there is speculation that will be something later that also helps to put downward pressure we are not looking for any large increase that this would be very gradual and slow Going Forward great to speak with you thank you. We appreciate it coming up. When we return, a lot more we have Quarterly Results from pfizer and Goldman Sachs ceo by day, dj by night David Solomon in the hamptons this weekend why G