Home builders a few areas in the market that are bouncing back today, this afternoon. How long does it last . They look very different from when you were doing World Wide Exchange this morning. Correct. Futures were down 150. Why are we showing you Richard Cordray because 185 million from wells fargo after employees reportedly created false accounts to receive compensation incentives. That man, the head of the bureau will join us on a first on cnbc interview. And we will have a very special guest here at the New York Stock Exchange. Mr. Meat. Meat loaf will be joining us to discuss his new album and the changing music business with headlines today on pandora. His first album came out still sells 200,000 albums a year. It is still selling out. He was on celebrity apprentice. Donald trump. Lets just look at that. He comes to wall street. Lets start with the latest fed speak although i hate to leave the meat loaf video. Steve joins us from headquarters. I think the market wants to know right now before we go any further. Fed governor make ag fullthroated case for the fed not to high grade. She says the fed has not been meeting inflation targets and there are risks from abroad and the fed should watch carefully. In the presence of uncertainty and the absence of accelerated inflationary pressures it would be unwise for policy to foreclose on the possibility of making further gains in the labor market. Her comments follow those by neel kashkari. Dennis lockhart sounded hawkish and said conditions warrant serious discussion of a rate hike. It all depends on fed chair janet yellen who said the case was strengthening for a rate hike. There has been lukewarm data since she made remarks. We will find out next wednesday if she changed her mind. It appears they are going into this meeting divided. There is no doesnt feel like there is an overarching theme. Wanted to get your opinion and comments from the republican president ial nominee donald trump. During an interview he talked about janet yellen and Interest Rates. Here is what he said. Staying at zero because she is political and she is doing what obama wants her to do. She is keeping them artificially low to get obama retired. Watch what will happen afterwards. I think it is very political. I think she is very political and to a certain extent i think she should be ashamed of herself. I come from a time and a period where one would not make such charges without evidence of it. The question i have for donald trump would be where would you put rates . What evidence is there that the fed is keeping it lower for political reasons. Would he want to raise rates in order to hurt the economy . What donald trump makes very little sense to me but i think it is rather untorrid to make charges without having actual backing. Having said that, do you think the fed is mindful of the election day and the timing of any move they may or may not make before or after that . I think it is mindful. I think they want it to hike in july. I think there was the issue of brexit. They may hike next week. Its a very close call, very divided federal reserve. I think that ultimately it comes down to a question of whether or not the economy can sustain it. I think at second order is whether or not the markets can sustain it. My work is showing pretty substantially that the fed has moved in hike rates both up and down and has very little evidence to show that the fed is active politically. See what happens next week. Thank you. Jp morgan chase Ceo Jamie Dimon speaking out about the federal reserve. Good afternoon. Yesterday jamie dimon said the u. S. Economy is doing okay adding there were no real pot holes. As for the u. S. Financial system he said it is in a position of quote enormous strength whmpt asked what advice about when to raise rates he said this. My own personal view and she does not call me for advice, but 25 basis points is a drop in the bucket. We say 25 base points, dont worry about it. Lets just raise rates. When asked for a preference between september and december this year he said the feds should, quote, go sooner rather than later. In a conversation that covered a wide range of topics he also had this to say about the threat of a cyber hack. Cyber security is an unbelievable big deal. And government is involved none too fast. We have to do it more and quicker. We have hundreds and thousands of attacks every day. Jp morgan is in great shape. He added quote someone is going to get hurt but clearly he thinks that wont be jp morgan. The overall headline for him is Banking Industry is in great shape right now. He did say part of the reason for that is down to doddfrank, certain parts of it he says he doesnt like but on the political discussion he said it wasnt worth repealing enough of it was worth keeping. In contrast the strength of the u. S. Banks to european banks where he said they are well behind and Capital Position still struggling and did have a message saying the banks should be left to get on with their day jobs because at the moment they are with Holding European growth. Shouldnt we say that its not really a surprise to hear dimen saying now is the time to raise rates . That would directly benefit his bottom line and the reason banks come to life over the last few weeks is on the greater expectation of higher rates. Absolutely right. He has been clear that he wanted rates to go up for quite some time. We havent had quite such a pointed direct comment just a week ahead, of course, of a fed meeting. Also, lets say coming just after a big sell off on friday. Despite the big sell off on friday he was clear he would like to see rates go up. Thanks for staying late. Well see you later. My pleasure. Early tomorrow morning. Very early. We move on to the its whilst. I would never i spend a lot of time with him. Here is our Closing Bell Exchange for this monday. Ned favors with us. Steven from Stewart Franklin and look its rick santelli. Is it simple to say friday was a selloff and today it is a rally . Is that what is going on here . It is kind of remarkable that i find myself agreeing with brander at this point because im normally quite hawkish. You have to ask if the fed had normalized Interest Rates when they had the golden opportunity 20132014, not now when growth is slowing would they be talking about easing rights or raising rates . Lets say the feds rate was 2. 5 they would be talking about cutting Interest Rates. How as a longterm investor do you read these comments and major moves we are seeing breaking out of the summer lull of volatility based on some fed comments around september, december. How do you tune it all out . I dont read the comments. We have been in a market regime for about the last seven years. U. S. Stocks and bonds beating everything else. Now we have the market environment where foreign stocks have been doing much better. You have brazil up 70 . Russia up a great deal. Most importantly for an individual investor you want a wholestic approach which is why we announced we were launching the digital adviser which manages money for individuals and institutions for zero percent management fee. It is two etf providers and now manages the holistic or roboadvisers. Interesting. Good commercial there. Rick, of course, you will be honest, but would you prefer fed officials do you like all of the jobowning that goes on publicly where we get a real spectrum of opinion about what Interest Rate policies should be or would you prefer that nobody talk among fed officials . I remember my parents saying sometimes its better to keep your mouth closed for obvious reasons. I think all of those reasons apply to the fed. I think it is just a travesty. First of all, to think that there shouldnt be more scrutiny on central bankers when they grabbed so much more power, scrutiny goes along with it. With that scrutiny has been a disappointment in their behavior. Communications issue is a disaster. The cringe factor has never been higher. One week hawkish, one week dovish. This is no way to run a central bank. If janet yellen was a leader and im not saying she isnt in a pickle because she is she should turn off all the mics at this point in time. I know steve was giving trump static. In the end he might end up in a conclusion that is hard to prove but there is a lot of facts in the notion that they havent won tightening in ten years. The economy certainly not in any type of emergency. Their logic is you cant follow it. The notion of data dependent is an argument that they have used. The propaganda of a central bank to move stocks up or down hundreds of points based on an outcome that is objective is crazy. Ill tell you what, i would rather have more donald trump types talking about it. I would rather have the public be more aware of it because maybe something will change. What backs rick up here is that we sold off 55 points on the s p 500 based on addition of the speech to the schedule. When that speaker stuck to her guns the index comes back 33 points. I mean, is there a better commercial for human floor brokers than this . Which is why i keep bringing it back to the long term. Can you just talk sector wise about what to make of it all . What is leading the rally . The phone companies, the Interest Rate sensitive sectors that sold off so sharply on friday. What do you do . Most people build a diversified portfolio, real estate commodities, a decent first step. The problem with any portfolio theory which is how the vast majority of people do it you are exposed to huge draw downs. Markets like in 08. You have to have in my opinion three things, tilts towards value and momentum and the biggest one is a trend overlay, vast majority of investors dont have that. I think that is the biggest strategic hedge through managed futures that most people can have that will help in these hedging the down markets. We have to go at this point. Thank you all for spending time with us and give us your thoughts. By the way, be sure to watch our special coverage of delivering alpha conference tomorrow. We will hear from leaders in business and policy including treasury secretary jack lew, and billionaire activist investor carl. It is always an interesting newsworthy day. Summer is over and we are seeing one percent days all over the place. And they are back in a big way today. Dow up 247 points just off the highs of the session after what looked like another big sell off today. Coming up, the head of the Consumer FinancialProtection Bureau speaking with us first on cnbc about the wells fargo case. We will discuss which other banks that agency might be investigating. Up next Hillary Clinton falling ill at the 9 11 memorial event in new york city yesterday. Today revelations that she was diagnosed with pneumonia on friday are raising questions about whether she is playing it straight with the american public. We will have that including more on todays market rally. You are watching cnbc. 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California grown with no antibiotics ever. Lets get comfortable with our food again. A surprise after the big sell off on friday and the futures this morning were down sharply. Then things turned around. Fed governor making a speech today that suggested that maybe we wont get the Interest Rate increase. Dow was up 250 a short time ago. S p 500 up 29 points. Tesla is gaining ground. Ceo elon musk discussed improvements to the auto pilot system which he says would likely have prevented a fatal crash that occurred in may. The improvements radar probably cuts the accident rates more than in half. Thats my guess. By far the safest car on the road. Teslas auto pilot improvements will be available through over the air software update. Tesla shares are down about 16 this year. Somebody made the comment that it is probably misnamed this auto pilot system should be more like driver assist. It makes it sound like it is a driverless system. They need to keep hands on the Steering Wheel at all times just in case. He said that the auto pilot still improved safety and over 200 million miles have been driven. He also sounded frustrated on the call. He had a tough week because the space x rocket exploded. He is facing a lot of investor questions. He has a lot on his plate right now. And cash flow problems to boot. A lot on your plate, events over the weekend have put Hillary Clintons health and transparency front and center in the president ial race. Our john harwood has more. How did the campaign react today to the criticism . There is a lot on their plate, too, just like elon musk. It was all about damage control. Because of the video of Hillary Clinton walking out to her car, collapsing for what we since learned was reasons of pneumonia which she had been diagnosed with on friday her spokes men were saying she is going to release more medical information to calm questions later in the week. Beyond that and in the next few days we have been in touch with her physician this morning to get the materials together. We will be releasing that to further put to rest any lingering concerns about what you saw yesterday. Donald trump was examined last week and releasing medical information this week. But for Hillary Clinton this gogoes to something beyond the issue of medical transparency but the pension for keeping information close to the vest, not being transparent. Hillary clinton, by virtue of the fact that they decided not to tell the public on friday that she had munonia and then to wait several hours before disclosing the pneumonia even yesterday she created problems for herself. When you guard information too closely sometimes you raise more questions than you want. Which brings to the point a lot of discussion lately. Donald trump wont release his tax returns. She wont release her medical records for the most part. I know it is tough, you cant legislate this kind of thing. Dont you think candidates should have to release that information . Absolutely. That is why it has been a tradition. Hillary clinton has released a lot more relevant information than donald trump has. She released a legit doctors letter from 2015. Donald trump released this ridiculous letter now he is saying he will introduce real information. She put out a lot of tax return information and he put out none. The fact that she has done more in terms of public release than he has doesnt mean she has handled it properly or been fully transparent. Real issues. Thank you. Thank you. John harwood in washington. Less than 40 minutes to go before the closing bell. We are looking for a nice rally after fed governor suggested that the fed should be cautious when it comes to raising Interest Rates. Dow is up 240 points. S p 500 up about 1. 5 . Coming up we talk with the chairman of Health Insurer about how his company is trying to raise profits. Up next, meatloaf is in the house. Are people excited . The rock star will be joining us to discuss the huge transformation of the Music Industry since he released his first album bat out of hell in 1977. Were drowning in inform. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. With dand bold styling to to stay ahead of the curve. The lexus rx, rx hybrid and rx f sport. This is the rx, elevated. This is the pursuit of perfection. Nearly 250 point rally for the dow. Quite the reversal. 29 out of 30 stocks in the dow are positive. The move is being led here by some consumer names like walmart, p g, apple and cocacola. First drives for the dow in four sessions. Other movers. Perrigo among the best. The wall street journal says the Investment Firm issued a letter to perrigo saying perrigo failed to achieve targets set after a takeover bid last year. Pandora and amazon are rising both reportedly planning to launch new versions of Music Streaming Services over the coming weeks. New york times reported they could charge as little as 5 a month to under cut spotify and apple music. The question is how will meatloaf make money off of that . Our next guest is actor both on the stage and on screen, the list goes on. Meatloaf has a new album braver than we are. Its coming out this friday. Mr. Loaf or do we call you meat . The first person to call me mr. Loaf was clyde barns of the new york times. It was when i did central park. He is the only one who could get away with that. You are one of those iconic rock stars that conjures so many memories for a certain generation. People on twitter itemize the first concert they went to and first time they encountered you. You have a very devoted following, dont you . Yes. We do. We do. And everything i do is really about them. When im on tour i dont talk on days off. Its all about that next show and those people who paid their hard earned money for that ticket for me to be able to do the best show that i can possibly do for them because thats the only thing that matters. And you are still at it. You have a new album coming out. We do. We purposefully made it very different than bat out of hell or bat 2. It is like nothing else out there. In fact, i wanted to make it all one piece without breaking it up into tracks, like a symphony. But