Also raised. Very interesting cutting edge, well talk about that. An fda panel backed an experimental Breast Cancer drug. Shares of the company soaring, it was up 50 on monday in anticipation of this. The news came out now, another 26 . Meg tirrell will have details in a little while. Puma is good jumpers, we know theyre fast and can get up a tree. The name of the km is puma biotech, not a totally nonsec ter. Treasury secretary mnuchen making comments on the debt ceiling. Reporter thats right, he was testifying before the house ways and Means Committee and called on lawmakers to raise the debt ceiling before the august recess. I urge you to raise the debt limit before you leave for the summer. It is absolutely critical that where we spent money, that we keep the credit of the United States as the most critical issue. Reporter he said that he believes congress should pass a clean bill, meaning that nothing else should be attached to it. Thats already running into resistance from conservatives who see this as an opportunity for broader debate over the budget and spending. Onb director said in his testimony earlier on capitol hill that tax receipts are coming in more slowly than expected and it could mean that the government bumps up against that debt ceiling limit earlier than expected. Right now the deadline is forecast for the fall. In addition, mnuchen reiterated his concern with the border adjustment tax. He has been meeting with kevin brady every week and opened the door to a temporary tax cut. He said the administration supports comprehensive tax reform and permanent is better than temporary, but temporary is better than nothing. Permanent is better than temporary, got it. Got it. Thank you, ylan. Keep us updated on that. Get to fed minutes released about an hour ago. Steve liesman is at Federal Reserve building in washington with those numbers. How did they look, steve . Pretty interesting, bill. Minutes of the meeting affirming Market Expectations for a june rate hike, with most at the meeting saying a rate hike would soon be appropriate if the economy rebounds as expected. Now, there were some concerns and officials at the meeting said they wanted evidence that the economy was indeed bouncing back from a weak First Quarter before they hiked again. The economy grew less than a percent in the First Quarter but it is expected to rebound with a 3 number or so this quarter. There also was some concern about recent soft inflation readings and deep uncertainty over timing of any fiscal stimulus from the white house and congress. In fact, suggested a number of participants as the committee took a general swipe at washington with saying clarification of prospective fiscal and ot policy changes would remove one source of uncertainty for the economic outlook. In other words yellen to trump, get on with it. On the other hand, most said the types of fiscal policy under consideration presented upside risk to their forecast and other worried about a labor market running too flight and might pose an inflation risk. That is some hawks think the fed might be moving too slowly. All participants agreed to reduce the feds 4. 4 trillion Balance Sheet this year and would do so according to a plan presented by staff but not yet approved by the committee, do so in a gradual way, reducing a bit every month and increasing the amount they reduce by every three months until it got back to a level of normal, but theyve yet to say what that normal level is. Bill. All i know is that you look at the financials, theyre a little bit weaker after this sense of rate kind of dropping a little bit. Yields went down. Yes. Interpretation, kind of make sense to you here . There was one part of the minutes that maybe i should emphasize where they said, you know what, we need more evidence that the economy indeed has turned around. You could read that as saying, you know what, it is not on autopilot, this june rate hike. Remember, if you look at the fed fund futures for june it is around 80 . Maybe it is a little less if the data doesnt show up the way it is expected. We are supposed to do a good 3 . I think i have seen seen the rapid update around 3. 8, 3. 9. If the data doesnt show it and theres not good evidence by june, maybe some members of the committee will say, you know what, lets wait a little longer. Always leave themselves an out just in case, right . Like when youre in traffic. A little safety valve. See the tires of the car in front of you. Thats the first thing i thought of, too. Thank you, steve. Speaking of state of the consumer, another retail wreck on wall street today. Courtney reagan is back to survey the damage. Reporter hi, kelly. Today seemed especially messy because of the trends that tiffany and lowes break. Tiffany did beat on property but disappointed in every region but europe. Points to lower tourist and domestic spend evening in the key market of the americas and the stronger dollar for a negative of translating it back. Tiffany shares had been up more than 20 this year but today it halved that moving down 8. 5 . Signet, the owner of kay jewellers and others, those are down, too. It is on a downgrade, and a price target cut from buckingham ahead of those warrants. Buckingham is worried about signet sales and small exposure. Turn from jewelry to power tools, lowes turned in a disappointing quarter a week after rival home depot knocked it out of the park. Lowes missing on all of the major metrics, comp sales positive but weaker than expected and far shy of what home depot was able to turn in. The main difference between the two is that home depass has cornered the professional and they spend more than, say, a doityourselfer consumer. Chico is the biggest disappointment but maybe not as surprising because of the weakness we have seen in the womens mallbased apparel. The company has 1500 stores under name sake brand but also white house market sonoma. Wifd when compared to expectations. A far cry. Falling nearly 9 , the worst performance for that metric since january of 2009. Remember what was happening then . I know. It feels like it is a crisis for retail today. I guess, courtney, the question or the conclusion most seem to be coming to, it is not the case for the rest of the economy. So theyre left on their own in this one. Exactly. Everyone thinks that retail and shopping, hey, it is an easy thing to figure out. It is not so easy. It is really hard to figure out exactly what the consumer wants, when they want it, the price at which theyre willing to pay for it and how theyre going to get it and, by the way, make a profit at the end. It is very difficult especially in todays atmosphere. For sure. Thank you, court any. Thank you. See you later. Courtney reagan. We have a lot to talk about in our Closing Bell Exchange today we have a full house. Gabriella santos with us, next to her Kevin Nicholson from riverfront investment group, steve grasso from Stewart Frankel and Rick Santelli from chicago. I want to get your response on the fed minutes, rick. Not a huge response, but more than we had recently. How do you read the declining yields, the dollar index after the minutes came out . I think it is a great question and it is enlightening even though the moves moderated a bit. The dollar index yeefr, five year down the most, three or four basis points, stocks still higher. Only one way to describe that. Less aggressive. Somehow the interpretation is that the fed is going to move slower, Balance Sheet reduction will take longer in terms of its final completion of the plan that they discuss. I cant tell you the reason. It is such a rohrshack when you read statements, but the market was universal. I agree with that. Is by far doing more the right things than any other central bank. However, i still think theyre going to go kicking and screaming on the final tightenings Balance Sheet reduction. All right. Well, how do you make moves in this atmosphere . We have not talked that much about the fed. Are you that concerned with what the minutes said or do you feel, kevin, it is more about the Bigger Picture . I think it is more about the Bigger Picture. For us, we have at riverfront thought there was going to be three hikes this year, we kind of bit it into everything that were looking at. So when we look at our positioning overall we have been tilting the portfolios towards europe. We still like the u. S. , but we have pulled about 10 out of the u. S. Over the last couple of months because, you know, going right after the election we put a lot of money into the u. S. And we started taking it off the table because we havent had any policy powers ripped. We think things are pushed further and further out throughout the course of the year. But i think overall you are seeing horrible growth everywhere. So you kind of have to ride the momentum. I think things will be higher when we get towards the end of the year. Your mantra has been slow and steady as well for this market, even as we bump up against alltime highs here. Do we keep doing that or what do you think . Slow and steady for the market because ultimately it is a slow and steady economy. I think if you look at where we were a few months ago, there were a lot of expectations about upside and down side risk coming from washington. Both of those risks have been removed, and what you are left with is a 2 kind of economy with a healthy, solid consumer. Thats a good backdrop for earnings and for the markets to rank higher over the next two years, but it is slow and steady. As a result, were being much more selective in the u. S. And making sure to incorporate international as well. Some of the key levels, steve, were kind of sitting here and burning with are 24,000 on the dow, 2400 on the s p 500. What is it going to take . Think theyre still the only game in town. I think people are poised. We had an equity market that ran up and then plateaued an now you have a prospective pro growth policy that isnt getting any place other than no new regulation. You are afraid to sell the market. So the bears keep getting rolled over, but it was interesting when you talked about yields. Rick hit it. Slow, slower pace than people would think. But if you look at what happened right off of normalization by the fed. Correct. But if you look at what happened on an intraday basis, the utilities ran, real estate ran, xlps, the staples, gold ran. Maybe that hint or a sniff out of inflation could be the reason why gold ran, but theres no other place to get yield. If i told you that utilities outperformed the overall market you would be shocked but yet they have. When you look at that, the financials are flat yeartodate and they remain as such and theres no real motivation to jump into financials. Yeah. But people are looking for utilities, slow and steady. I highlighted the utilities yesterday for that very reason, and now were seeing them again doing pretty well. Part of this slow and steady strategy, does it take you to something as moribund as utilities . No, it doesnt. When we say slow and steady for the market overall, it doesnt mean slow and steady for different sectors within the market. If we look at it the next few months, what we think we will see is utilities doing less well and financials do better because that slow and steady growth means that our loan volume, which is great for financials, means more rate hikes, again but we could have said that for the last couple of months as well and we havent seen that actually play out. So i wonder if were actually all missing something. Right. And people think that maybe their financials maybe youre not going to see the 3 growth. I still do think you will see a transitory 3 growth, and i think thats why people are diving into equities, because if you get that print, you are looking at 2550 in the s p, not staggering over 2400 either side. So it is just one our view on financials in the slow and steady market does not need a 3 economy. It is just based on a 2 economy. Think it would be a mistake to read the minutes because to me the message is steady as she goes. And youre nodding your head over there. I totally agree. I think that it is slow and steady. I think that the fed is going like i said earlier, the fed is going to raise three times this year. I also think that what were seeing is that any time we get any type of pull back in the market you notice people come in. Oh, yeah. Because theres been so much cash on the sideline, so i think we have you know, we have a bottom level set. You know, we have a floor thats already set here, and so thats why i think we will continue to grind higher. I think that, you know, the u. S. Is while were still growing, europe is growing faster than we are right now. Yeah. Which is a good thing. Last time you were here, you made the case for europe. Is that still where you would overweight relative to the u. S. . Definitely, and thats why were overweighted in our portfolio. Rick santelli here. Doesnt it bother the big rally in europe is based on an economy with really large training wheels and negative rates in the hands of potentially very weak holders . Well, no, it doesnt really bother me because i think that, you know, europe is basically three years behind the u. S. And if you think about it, what did we do . We reflated our economy and europe is doing the exact same thing we did three years ago. Rick, if i can jump in here three years, the discussion let me just ask you real quick. Just might. I wanted the Rick Santelli take on whats been happening with big coin quickly. The thing is doubled, the funds exposed to it are way over net asset value. It is not just that it is all of the digital coins, if you want to call them that. What do you say to people that want to be part of this phenomenon . Theres a sucker born every minute. All right. Im with you. Stay away, stay away. Thank you, everybody. Thank you. This is why we call it the exchange. That was a good one today. Thank you. And were heading into the close with 45 minutes to go. Dow has taken on a gain of about 47 points right here, quarter of 1 , same ganls of the nasdaq, s p about that much higher. Russell is lagging. Having said what we said about bitcoin, we still love you, brian kellie. Always. Remember this victory lap earlier this month . The house may have to vote on the American Health care act yet again depending on the senate and the Congressional Budget Offices analysis of the bill, and the cbo score on the bill is due out later this afternoon. We will tell you what the report is likely to say coming up here. Up next, google is expanding ad tracking what consumers buy into the real world. We will discuss privacy issues at stake and how theyre going to pull it off. Youre watching cnbc, first in business worldwide. The bond report is sponsored by 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. The power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. With all the things youlltion. Never learn from a book. Expedia. Everything in one place, so you can travel the world better. Intu i think is hitting an alltime high today, up almost 7 with the tax preparation soft wear maker reporting better than expected quarterly earnings. It raised its outlook as well, intuit ceo says a 59 jump in quick book subscribers was helped by an increase in self employed and Small Business members. Who are clearly into it. You are running hot today. I couldnt resist. She wanted to share with you as well. Didnt want you to miss out. New tools available in the Digital Advertising space, google out with an ad measuring tool that shows whether onlines and clicks lead to actual instore purchases. How . For those nervous about google tracking your data the Company Tells us, we have developed a new, cuss toll Encryption Technology that ensures users data remains private and anon miss. Join us, to talk about it, matt gritton and dave ferris, founder of millennial, a marketing agency. Im still trying to get my arms around how it works, the google part. The facebook thing we will talk about later, but the google part, how do you find a measurement that tells me exactly how effective a particular digital ad has been in terms of the sales there . This is what they do. They partner with a variety of Third Party Companies to have credit card transaction data. What theyre doing is matching that credit card transaction data to ads. So if you see an ad for a brand, lets say victoria secret, on a google property and you purchase at victoria secret, google can connect the same user to seeing an ad online and connecting off line. If you think about it, only 15 , or less than 15 of all sales are happening online now. If google wants to grow to be a trillion dollar company, they have to show they drive sales off line, not just online. They dont know exactly what i bought, just i bought something. From a particular retailer that advertised on the google property. David, i guess what google is able to do is tap credit card information and overlay it with what i have searched for. Are you guys, millennials in particular, do you think there will be push back on this or does it represent the next phase of advertising . I think it is evolution. We have accepted you know everything about us and you can have all of our data as long as you make the media in our lives value added. Enhance my experience and you can know whatever you want to know about me . You think thats true . Everybody has my information and as long as you dont charge me for it, as long as i benefit from it, it is fine . In general. As social login as an experience becomes more prevalent across the web, we are getting used to touching with one button and giving people access to our information. Is there sensitivity . Sure. Is it still an important issue of prifseer . No question. But in general we are getting used to idea advertisers know everything about us, maybe better than we do, and make our lives better and distribute tailored media