Yelp. Well tell you what to expect from those very volatile stocks. Rob reiner, actor and filmmaker. Hes here with a film written by his son about his own addictions. Sending crude Prices Higher maybe. Deird deirdra bosa is with us. We had to move as we were leaving a wall of smoke was closing in on our location. We had to move quickly. We snapped a photo that i believe we can show you. It looked like this big plume of smoke. Over the last few hours we were camped out near the highway. We saw a long line of emergency vehicles headed into the blaze. It isnt threatening oil sands operation but production is being impacted. Reuters have calculated that at least 140,000 Barrels Per Day in capacity is now offline which isnt huge in the grand scheme of things but a lot of that oil goes the u. S. An alberta official says theyre conducting basic wildfire training. From the looks of it, there have been a lot of firefighters and vehicles heading into the affected area. So who knows how long it will be. Well continue to push it as it pushes further and further down the highway. Back over to you. Dear degree, thank you very much. Later theyll be featuring a panel of four pretties. Thank you very much. Im here with Dennis Lockhart. Dennis, lets start right off with growth. Is weak growth that weve had First Quarter, 0. 5 maybe to rise to 0. 7 . How optimistic are you well have a rebound in the Second Quarter . First, its a little early to tell about the Second Quarter. Weve got a little bit of data. The data arent in any way signaling certainty how the Second Quarter will go, but im sticking to the view that the remaining threequarters of the year will be much better than the First Quarter, and, therefore, the First Quarter is an anomaly. Ooert its statistical noise. Im optimistic for the remainder of the year. You say you could support a june rate hike. Ill take is that wrong or are you laughing . Im laughing because i think we should keep the option open. But im very much at the moment on the fence and lit depend how the data come in. Thats what i want to talk about is the data dependence here. What does the scenario look like in terms of do we get a jobs report tomorrow and gdp growth and inflation thats one that, okay, you could support a june rate hike . The report tomorrow, i think, is important. Well get a second one but for the june meeting, and clearly, i think, in terms of focusing on our objectives, a continuation of solid reports is very important. I would also be looking for a growth picture that seems to be more consistent with the reports and, therefore, data coming in that suggests that were going to see a bounce back if we take it at face value so the overall picture is more coherent. Today we have a disconnect between the Growth Numbers and employment numbers. Clearly id like to see Inflation Numbers continue to move in the right direction. Is 200,000 your benchmark or if it came in at 15 oar even 100 200,000 is a good round number. Im not going to panic if were below thachlt certainly id be pleased if were above that tomorrow. And any number that comes in has to be taken apart and decomposed and looketed a very carefully to see what the underlying story is. But, you know, for practical purposes, 200,000 as a threshold is a good way to kind of organize your thinking. June is a tricky month. Theres this brexit vote. After we meet. After you meet, theres the brexit vote. How much instability do you think that could relate if, lets say, britain did leave the european union. What could it mean and how much could it stay your hand . Its a big unknown and i think its possible as the market absorb information running up to the brexit vote that the markets are volatile and certainly the brexit vote raises uncertainty. Some of that is short term, but a lot of it is profound long term uncertainty about the uk, about the european union. Its a consideration. I cant be more details than that. I dont have exacting scenarios. If polls were even going in, would bit a bad time to hike rates if you go either way . I hesitate to take a position on that at this stage. Let me just say, steve, its a big deal. And therefore its something that i think as a policy maker i have to pay real careful attention to. Another big deal in this country is the president ial election. And one of the themes thats been consistent in the president ial election is a sort of antitrade. It appears to come from both parties. Is that as an Economic Policy maker, something that gives you pause, that creates uncertainty in the outlook for you, giving you the idea that america might be pulling back on International Trade . As a policy maker, im watching the electoral season on slis wi obviously. Intuitively i have to believe or am prepared to believe that who gets elected in november or what policies ensue from that, that choice from the public could be affecting consumption decisions and maybe Investment Decisions of businesses, both of which have been weak recently and both of which are ski determine nanlts. I think the election, its fair to say, could be a factor in this years economy. Longer term, it really will depend on what the elected president is able to implement. Do you think a loud kotb achieved . To you think its possible that International Agreements could be changed and the immigration policy could change drastically . I think the one thing to conclude from this year is whatever your starting assumptions are, you may want to revise them. I just dont know. I really dont know. President s certainly can have a big influence. But at the same time the president s ability to shake the outcome is perhaps not as that of the Federal Reserve or congress with fiscal policy. Dennis, thanks for joining us. Thank you. Dennis lockhart with atlanta fed. Thank you. Lets get to our closing bell with the dow down 30 points. Joining us here at post 9, serge, what did you hear from president lockhart and do you think the market has begun to price in the possibility of a june rate increase . Actually i wrote about that the other day in one of my notes. Thats why i asked. Thank you. These are uncertain to me right now. Thats his job. Hes trying to sound uncertain. This meeting tonight is really a circle of hawks. Their talk is to talk the dollar up. They like that around 95. They want to leave that possibility open for a june hike. Core inflation is running around 2. 2 . Thats already. The macrois kind ofousy but not god awful. I think we have priced in over a six or sevenday peered the possibility of a june hike. Meanwhile sri, youre talking about the tenyear yield going below, right . I see it going from the 150 toward 1 . Id be saying when everything was looking for it to go up, now its going toward one. Theres no fed rate increase coming up any time soochblt i dont think june is an open thing at all. Whats the fundamental reason that you think conditions are so weak that theres a lot of skepticism already priced in with the tenure yield of about 10. 175. What pushes it down to 1 . Three reasons, kelly. First, you look at the tenyear german bund. Youre talk about one country creating 30 basis points and the other, 75 to 180. Second, i dont think the radius is going pick up by any means and third i think its going to slow and not just in the First Quarter. Were not looking at more than 1. 5 on the entire year. But its been so long after the economic recovery began. Hey, rick. I know youre stunned that you heard a fed official on the fence about the possibility of raising rates in june, but what did you hear and, you know, in the context of where we sit with the markets and whether or not they are pricing in a possibility for june. Well, in the memory of the late yogi berra, deja vu all over again. I harden back to lockhart and others, the april meeting being very hawkish. I remember march 29th, appearance by danny yelin in new york to dismiss all that and show shes in crow. Its pretty much the same. Same cast and crew. Theyre hawkish and i agreed with much of what mr. Lock hard said. Lets look at the reality. It will be point to see if Second Quarter gdp picks up. Two days after the fed meeting. Okay. Lets go to the next meeting. September excuse me, im sorry. The next meeting is in september but i dont know if they can push september through but it is a possibility. November 2nd is the next meeting. The election is the eighth. My only opinion, it lives december. In regard to it, he nailed it. Is renailed it. I even stopped paying so much atechks to the boon. Can we get to 150 or 1 . Sure. If the jgb tenure is at minus 50. We have this policy contagion issue thats going to be very difficult to deal with. We showed the world some tring. Boy, they learned really quickly and i just thing to fight this kind of dropping yield outside of the u. S. Sorry to deal in here. It appears a Honolulu OceanCargo Carrier had a lot to do with dragging it. Its down 12 and the transz ported turned negative. Theyre down 77 points and that is weighing on this market. They talk about weakness on the market. What do you think . Things are deteriorating, but youre missing the retail story. They were surprise. Three of them are among your weakest interests on the day. Serge is getting popcorn out. Last one . Theyre stuck. They have president s giving contradictory views. Today alone we had three contra dixs. I think its to keep the market from speculating too much but they really cannot hike. Theyre put into a zero Interest Rate for so long, i think they cant change it. Thats where they are. That is where they are. Gentlemen, as always, thank you for your thoughts. See you later. 45 minutes go. The dow down 25 points. It was in positive territory most of the day but a lot of things happening. The dollar index interestingly enough knocked back. The s p is down. This time, gopro, squared, wynn resorts will be among those. Well tell you what to expect when the tape hits, coming up. Up next our f, whats trendit in the stocks. Youre watching cnbc, first in business, worldwide. All on account. Of penelope. But with the help of at t, and a network that scales up and down ondemand, this hospital can be ready. Giving them the agility to be flexible reliable. Because no one knows like at t. This cit added this other level of clean to it. It just kinda like wiped everything clean. My teeth are glowing. They are so white. I actually really like the two steps. Everytime i use this together it felt like leaving the dentists office. Crest hd, 6x cleaning, 6x whitening. I would switch to crest hd over what i was using before. Welcome back. About 30 i dont know, 40 minutes left in the trading session. Chesapeake energy is higher. Up 34 . The shale gas explorer signing a deal to sell oklahoma drilling rights to Newfield Exploration for 70 million. That brings the total assets sales for cheese peek this year to 2. 1 billion and the company says more are on the way. Chesapeake also narrowed its quarterly loss, basically in line with wall street forecasts. Now tesla law. Shorting the stock. Its down almost 5 on the session. Gunlock telling us on the show yesterday tesla could be a buy if it continues. Ive liked tesla for years because of their battery technology, and ive told them elon should have a badry company. Tesla shares have been on a wild ride. Its trading at 212. Jeff needs 200 more before he gets in here. But phil lebeau has more on tesla, phil . Its not just a battery company. Its an auto company. Its the auto business getting a lot of attention today particularly for the production from 2018. They believe that by 2018 theyll have an that. By the way, any analysts and i read almost all the notes, all of them doubt tesla can hit the sales or production target. Heres why. When you look at annual sales. Last year it was 50,000 vehicles. 50,000 last year, a tenfold increase by 2018. Many are saying thats too far of a jump to be made by an automaker. It is hinged on the belief from tesla that the model three, of which they have 400,000 reservations for, theyll get more reservations, and that will be the real catalyst between behind this. First sales by the end of 2017. And, oh, by the way, for those skeptical that tesla could do this, we asked elon musk on a Conference Call, we asked him. The naysayers say that the very same people will transition from saying it was impossible to saying it was obvious. Elon musk said he heard it before and he heard it sfwechblt we know this. Almost everybody on wall street say theyre not going to make 500,000. I also wonder, phil, how much money theyd need to take care of current production levels, not to mention future. It sounds like the money they raised were used to repay a loan. Our guest yesterday told us they might need to do 400 to 500 billion in capex. Maybe they can raise it on kickstarter knowing elon musk. Theres going to be a capital raise. Theres going to be a capital raise. Elon musk said it ee either going to happen in the form of debt or equity or some pham of operation. You cannot expand production to this degree without needing that money at least for a cash cushion for the company overall. Yeah. Lardless as mentioned even as they try to ramp up production. Phil, thank you. You never see a skeptical on tre pre nufrmt theres never a douchlt thats how they are. You need guys like that, dreamers and people willing to fail. Lets see if they can do this. Were heading to a close here. Well see if it can turn possible tij. The nasdaq down 6 3 4. Coming up, gopro, squared and wynn next. Up next from hollywood, walking, here he comes. Carl reiner to talk his new film and his thoughts on the president ial race, and he has a couple of them. Stay tuned. We started with it. We already started talking. An Award Winning actor and filmmaker with such classics as the princess bride, ted cruzs favorite, and when harry met sally. Talking about his latest film, which is being charlie, rob reiner. Thanks for having me. Your first time. First time at the new york stock exchange. Whats your impression . Theres a lot of colors here. Its very exciting. And you were telling me that there used to be a lot manufacture activity because now so much of it is online, not as much actually here at the exchange. Well, the same in the movie business, right . Yes. You have so much more electronics than you used to, right . Yes. Absolutely. Theres no movie you can make now that doesnt you can go anymore. I mean i made a movie years ago called buck eed bucket list a never left the parking lot. We went to the pyramids and great wall of china. Your new movie is being charlie. Your son wrote it. Right. Did it come through the scripts or what was it like working on it together . When your child is going through difficulty and nick did, you know, from 15 through 19. Hes in very good shape now. Hes in very good shape now. But during that period youre like parent. You just want to keep your child safe and youll do anything. As we say in the script, youll listen to anybody with a desk and a diploma and youll do anything, but you dont really get to know because the programs are so kind of cookie qatar. It was through the making of the movie that i really got to understand what he had experienced and i think he understood what i was going through and what his mother was going through and it brought us closer together. It was an amazing experience for me. Being a parent watching your child go through that. No. You pretty much relived it. Its devastating. Its absolutely devastating. Yes, we did relive it. It was uncomfortable but at the same time the most thrilling Creative Experience we ever had. This morning speaking of devastating. Are you interested in politics . No. This morning on morning joe, you said a lot of Trump Supporters are, quote, racist. Trump called in this morning to say this. People havent had a wage increase. One of the reasons i have 25,000 people show up to hear me speak at one night and turn away 15,000 people is because these workers, these incredible workers, thee are the middle class, many of them havent had an effective wage increase in 20 years. Dont you think just people are angry . Theyre angry at washington and their boss . Yes, yes, they are. That is what i said on morning joe, that there is a big chunk of Trump Supporters who are very upset at the income inequality, the economy has left them behind. But the same can be said about a lot of the sanders supporters. Same kind of feeling. Feeling like the system is rigged, the incomes are not there. And yet there is a difference, and i eenl nm not i didnt Trump Supporters. Say theres a strain of racists there. When you to the sanders rallies there is no racist rallies. Theres things on College Campuses of trying to say safe things or what have you. You near the filmmaking business. Do you feel like you cant really say things or express things, that certain things are just very button because things have run amok . There are certainly comedians who feel like that. I never felt that. I came out of the 60s. Came out of all in the family, and im the same. Archie bunker, what do you think . Total trump supporter, total trump supporter. No question. Good to see you. Nice to see you. Thanks for having me. By the way, i love following your father on twitter. Isnt he great . Hes so much farther technologic lick advanced than me. Hes tweeting all over the place. Carl, we love you. Rob reiner, thank you. Thanks for having me. Do you want to do this. No, please. Time for a cnbc update. Were killing our director. Sue herera. Heres whats happening at this hour. The Food Drug Administration announcing a ban on the sale of ecigarettes and other tobacco products. They must seek permission to continue marketing all ecigarettes launched since 2007. Senate democratic leader harry reid says democrats must guard. In a Conference Call he said the race could be a debacle for the republicans but he isnt going to take anything for granted. A choking hazard has prompted money kin to recall about 108,000 pacifiers and clips. The clip cover can detack from the pacifiers clip. The company has recei