Civil suit. The Justice Department dropping its twoyear effort. Weve got the details on that coming up. Meantime, amazon is making a big bet on its echo device called alexa. All the alexas answering out there, people listening in. Theyre looking to make it a 1 billion business. Will increasing competition from apple and google get in its way. Thats something well look at coming up here. Plus, the end of an era. The partnership between American Express and costco will officially end on monday. Weve got new details on how American Express is looking to address the losses. What citigroup and visa are planning next. Lets start with the concerns over next weeks uk vote whether to leave the European Union. Will fred front is about to head over to london for coverage of that big event. Before you leave, though, will, give us the latest. Thanks very much. Campaigning on both sides of the Brexit Debate was postponed today following that Fatal Shooting of labor party, a member of parliament, jo cox yesterday. The date of the vote remains unchanged, thursday next week. Jo cox favored remain, and whatever the motivations behind her murder, the most notable response has come in the pound over the course of the last 24 hours. The pound rallying significantly, up over 1 as you can see today. The lows of yesterday, it was at 140. And it is up at 1435. Of course, highlighting the change in momentum weve seen in markets and its reacted with the s p 500 significantly also over the last couple of days. The other development over the course of today, we heard from labor leader jeremy corwyn who said the parliament will come bark on monday to pay tribute. Ill pick things up again on monday outside the houses of parliament. All the developments over the course of the weekend. Guys . Im just wondering, wilfred, i heard one theory, and that is the betting markets, while they were moving a little bit, before this tragic episode happened, they were moving closer to the leave camp. They were always giving a slight edge to the remain camp. The idea that obviously this happened, nobody expected it, its terribly sad, they called off two days of campaigning, meaning that the leave camp needed those two days of campaigning to push it over the edge. And lost that time. Thats one theory out there as to why things have changed so dramatically in the market. I think one theory that was discounted over the last day is whether in fact the vote would be suspended, which now seems tob discounted. We can put that one aside. Youre right, the leave camp had momentum. Well find out when things pick up tomorrow, particularly early next week. Of course, important polls will be coming out over the weekend. What the polls do now after this 48 hours of suspension of campaign will be important. The other important thing to see, this morning we did see David Cameron standing next to jeremy corwyn. That wasnt them campaigning, that was them paying tribute. One of the crucial problems the remain camp has faced is the lack of unity between the labor side of the bargain and the conservative side. And David Cameron needs the labor vote to turn out in full if he is to get this over the line. I wonder now whether we see a bit of unity, both between conservatives and labor on the remain side, and within the labor part on the remain side, whether that unity can help David Cameron get his interests over the line and get a vote to remain. Wil, thanks. Have a good safe flight. Eventful six hours. Hes leaving now, for the airport. See you on monday next week. See you next week, guys. Very good. Meantime, back here, jim bullard shifting on the economy, as well as his Interest Rate outlook. He expects rates will remain unchanged this year, next year, and into 2018 following a single rate increase, maybe this year. Double line capitals jen gunlach was on earlier. I think hes coming around. I think the fed, you mentioned losing credibility. I think they gained a little bit of credibility but at least acknowledging reality. Lets talk about that now, what it means for the markets. Time for the closing bell exchange. Weve got elon from the Washington Post. Jason pride. And keith bliss. And our very own rick santelli. Along with jim bullards comments. Just explain to us why theyre such a big deal, and they sort of echo the comments we heard from janet yellen during her news conference. What changed this week . Yeah, i think theres the tension in the markets on are they going to move in june, july, november, december. What you really heard out of the fed this week is that theyre not so much focused on the specific timing of the rate hike, theyre more embroiled in a bigger debate over whether or not their fundamental view that the economy is only being sort of held back back these persistent headwinds, that will eventually will cede and get to a more normal level of growth, a more normal level of inflation. Is that still correct. Is theres a more existential crisis, if you will, going on within the fed. Lets not forget Charlie Evans a few weeks ago put forth a very, very different view, saying its wait until you see the whites of their eyes argument. It goes well beyond just the timing of the second rate hike. Jason, do you think this gives them more credibility as Jeff Gundlach suggests . Its clearly admitting by the fed officials theyve gotten the economy wrong at this point. I dont know if its admission or credibility issue. I think the reality of the situation that theyre facing is were dealing with a very slow growth economy, border line on being able to absorb a lot of Interest Rate increases. On near term basis, we have a couple of things piling on in terms of risks, brexit obviously being one of them. But the primary real issue is growth has been slow since this recovery started. The expansion has been slow. Even though we got hit really hard at the start, and that slow growth nature does not allow for rates to rise a lot. I still think theyre going to be raising gradually. I dont know if i agree with the no Interest Rate increases whatsoever for three years thought process. But the path is going to be very low and slight. Rick, the market implications, we may have actually seen the bottom in treasury yields. He said with the Federal Reserve on hold, theyre not itching to raise Interest Rates. Actually, it could rise from here. Because what we have been seeing is the reverse, the more they talk about rising Interest Rates, the more yields fell. Do you buy that . No, i dont really buy that. I think that could be one of the outcomes for sure. Im not sure if its my outcome. And its not so much i disagree with his direction, or the fact we could hold a july 2012 low right under 140. I guess what i disagree with him about is how the market perceives and trades on the fed. You know, to me, the issue isnt whether they raised or not or do it in july or september or in two years from now, this is like going to the doctor for six years. And them treating you for something that they call, lets say disease x. And you say, no, i dont think thats it. They say, yes, it is, they keep treating you. And after six years, they say, youre right, it isnt that, its something else. That wouldnt give me more confidence in my doctor. It would cause me to want a new doctor. I think that really underscores the fed at this point. The fact that they seem to be the only smart people in the room who didnt see the new normal. And whats more, i think that what the anger was that so many traders i deal with over the last couple of days is, what this really means is they missed so many opportunities to normalize, and what flipflopper James Bullard is now saying is that window, as Jeff Gundlach rightly said, that window is closed. What thats code for, we applied the wrong salve, we missed the window and the Business Cycle will run out. I think thats the x on the map were at right now. Rick, knowing you as i do, i think you would have been looking for a doctor long ago. You wouldnt have waited until now. I know, exactly. Keith, we havent forgotten about you. I want to bring you around now as we think about this market. You and sarah and i were sort of handicapping this market before we went on the air. When we think things will start to pick up here. Its a very quiet day, even though we have a big expiration coming at the close today. We all know whats coming next week. What is your expectation of what the market is going to do over the next six, seven days. Youre absolutely right. There is an s p rebalance thats happening today as well. We do have a lot of action in here. One of two things could happen, you could have a lot of volatility on days like this, or people can sit on the sidelines. Whats abnormal is the brexit vote. I think well start to pick up steam inside the cash equities market around tuesday, wednesday next week. Ill be watching the polling data all week long as they come out with more frequent polls. Well be watching the betting odds as well. As we see which way the wind is blowing on that vote, were going to have to get prepared either on the long or short side. I think if the uk votes to leave, i think well see damage done to the indexes. Were basically at a purgatory state right now. Wife not moved since march. Were 3 away from the alltime highs. Were moving sideways. I would wait until tuesday, wednesday morning before we see the real action occur. It may be a quiet day. But during this week, the german boone went negative. The tenyear yield went to 152. Gold went up to multiier highs. Is this all the brexit related . I think a lot of it is brexit related. Theres a lot of concerned citizens sitting out there. Its happening in the back drop of a slow growth economy. With that slow growth comes the likelihood it could be derailed. Were in the back part of an economic expansion here. Im not willing to call this annist mat expansion like some seem to be going out on that limb. Were in the back part of the expansion. The growth is slow. Its easy to take that off. Its not base case, but risks are higher than they were before, and portfolios should be positioned accordingly. Folks, thank you all for stopping by. Your thoughts on todays actions such as it is. We were also discussing, weve got two days of testimony from janet yellen next week, too. Starting on tuesday. Tuesdaywednesday. Ahead of the brexit vote on thursday. Adding to all of the fun thats going to happen next week. I think minutes from the boj, housing data in the u. S. It doesnt get any better than that. Weve got 48 minutes left in the trading session. The dow is down 44 points right now. Apple battling Chinese Government regulators over alleged patent violations by the tech giant on its iphone 6 and 6plus. The developments in this key battle moving the stock, coming up. Down 2 today. Also ahead, well tell you how costcos credit card changeover is going right now. And what American Express is doing to counteract the loss of its single biggest source of spenders these days. Thats coming up here on closing bell. Youre watching cnbc, first in business worldwide. Welcome back. 45 minutes left here. Viacom shares lower after now warning that profits in the Current Quarter could fall more than 25 short of estimates. Media giant also said its film teenage mutant Ninja Turtles out of the shadows shockingly did not connect with moviegoers. Did you see it . I somehow missed it. Well wait for payperview. Viacom spiked yesterday after redstone removed five viacom directors from the board, including dauman. Dauman remains ceo of the company for now. We all know life after a breakup can be tough. How is it going for costco and American Express after their very noted split . Life after a breakup. Yes. Its still in the process, its very messy for American Express and costco, as you would expect it to be when it concerns your single biggest customer. That Partnership Officially ends on monday when the citigroup and visa card goes into effect. The 11 million card holders were 10 of amexs customers. And 20 of its loans. And its a 12 billion portfolio. They still owe quite a few card balances and theyll have to make those payments to amex until those payments are fully paid off. All new spending is going to accrue toward visa and citigroup because they were willing to give much more of their revenue back to customers in the form of cash back. You can see in every single category, visa and citigroup were willing to pay more in cash back than amex. Here, its how customers feel about it. I prefer American Express. I have multiple amex cards. Benefits are becoming less. And its better now with the other cards. So im looking to more using of my visa card. I think more people carry the visa card. American express is a little pricey. I dont like it at all. I use it for everything. My son is happy for it. He only holds a visa and mastercard. Hes happy about it. People prize their plastic so much, they have so much brand loyalty. Starting monday, they wont have a choice. Theyll have to use the visa card. The rewards are better. If youre looking to sign up for the card, you dont have one yet, wait until after next week when the dust settles. It seems like American Express fell asleep. Competition caught up, passed them and they didnt do anything about it. This is particularly bitter, because it was amexs idea in the first place. They approached costco in 1999 and said lets partner up. It got very acrimonious toward the end. Amex is currently trying to make up that lost business. Theyre trying to convince costco shoppers to apply for other cards in the amex portfolio. Some of them have. Some of them like to have multiple cards. But they cant completely make that up. If you have a costco amex card, it just doesnt work as of monday . It doesnt work as of monday. Citigroup and visa have been sending the new cards to customers for the last couple of months, explaining the benefits. You can still use your amex card through this week. But starting monday, it wont work. Get something for dad. We live in 1,000 square feet. Buy in bulk. Kayla, thanks. Meanwhile, federal prosecutors have reportedly abandoned their case against mozilo. We have confirmed it, eight years after the housing collapse, nine years after countrywide began tapping into lines, mozilo is off the hook. The Justice Department has dropped an investigation into the man behind one of the most successful Mortgage Companies ever. Of course, one of the most toxic. This was a civil prosecution being investigated by the Justice Department. Earlier, criminal investigation yielded no charges. The u. S. Attorney opened a civil one two years ago, but that as were now saying is gone. Six years ago, though, mozilo settled with the s. E. C. , agreeing to pay 22. 5 million. Which was covered by insurers for bank of america, which at that point owned countrywide. Mo zilo is now 77 years old, living in Santa Barbara. Insisting he did nothing wrong. The only thing the government has gotten from him is the s. E. C. Fine which he did not have to pay. Back to you. Jane, thank you very much. Jane wells there in l. A. 40 minutes left to go before the closing bell. Lets take a look at the major averages. Still lower. Nothing extreme compared to some of the moves weve seen this week. The dow down 46 points. S p down about 1 3 of 1 . Were heading into whats called qua quadruple witching. Right. Well no doubt see a lot of volume, maybe as much as 2 billion shares trading by the end of the day. But we may not see a lot of price movement. Well keep an eye on it. Thats what were here for. Alexa. Do you have one . I do. Youre speaking like you have one. Thats 7 million more units than its expected to sell this year. Well have details on that coming up here. Beijing, accusing apple of violating patents on its design of its iphone 6 and 6plus. What does it mean for the china prospects. Thats next. Uff, what are you working on . Let me show you. Okay. 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Visit a local office or call see Car Insurance in a whole new light. Liberty Mutual Insurance apple shares losing some ground today. The stock is down a little more than 2 . The tech giant battling chinese regulators that they violated a patent. Josh lipton has the very latest on these developments. Josh . Well, sarah, if youre an apple investor, how worried should you really be about this news. Analysts covering apple dont seem to be, at least right now. First the facts. As you mentioned, a patent tribunal in beijing saying apples iphone 6 and 6plus violated a local companys patents. But apple has appealed that ruling. That injunction is stayed. So right now, its business as usual. As this case works its way through the Chinese Court system, apple products all on sale right now in beijing. I also just