Course, and also snapchat. Highlights from that interview and i did a little golfing, yes, golfing, nfl great joe montana, and he said i was standing on the wrong he said i was standing on the wrong side of the ball. Yes, we were trying to get it in the clowns mouth. Are you lefty how long have we been working together anyway, well see who won that putting contest. Who you betting there on there i know who my money is on well see, thats coming up we begin in washington, Janet Yellens testimony wrapped up a couple hours ago before the House Financial Services committee, we are joined with some of the highlights kelly, this could be yellens last two days of testimony on the hill her term ends early next year. And politico reporting that nec director gary cone is the front runner for her job when pressed by lawmakers on this question, yellen trying to deflect them. I absolutely intend to serve out my term. Im very focussed on trying to achieve our congressionally mandated objectives, and i really havent had to give further thought at this point to this question. You know, whoever is sitting in that seat early next year will have to grapple with a question of inflation and why its remained so low, even though the labor market has strengthened yel nl said today she believes these factors are temporary and that the fed will be able to get in one more rate hike this year. Most of my colleagues were at least the median anticipated that one further increase in the federal funds rate would likely be appropriate this year, but as it say, we constantly watch the economy, the evolution of inflation in the labor market, and well make decisions on the basis of our evaluation of that information. Yellen also defended the feds process for setting Monetary Policy and pushed back against calls that follow strict rules, guys, also said that Monetary Policy should be free from politics. Back over to you all right i didnt goat hear all of the testimony, but did i hear her at one point say that this may well have been her last appearance before the House Financial Services committee she did say that. She did say that this could be her last Humphrey Hawkins. Wow that takes us back Humphrey Hawkins. Thats true, i think its technically renamed, seeing gary cone itll always be the Humphrey Hawkins testimony. Thanks a lot Humphrey Hawkins in our hearts. Yes, indeed lets get to our Closing Bell Exchange today, lots to talk about including todays testimony, thats why weve included Steve Leishman to the panel today. Michael farr from farr miller in washington is with us, keith bliss is at post nine, and Rick Santelli checks in from chicago. Steve, im starting with you. The market off to the races first thing this morning when we got the text revealed of what she was saying should the market have been surprised that we got dubbish comments from janet yellen you know, shes been the one kind of spear heading this very gradual return to normalcy so the idea that it may be not quite as fast as some of the market maybe earlier believed, she echoed comments made by brainard the idea that there isnt far to go when it comes to raising rates. And the idea that because of concerns about inflation, maybe that next rate hike is a bit of a 50 50 proposition. In fact the probability for the next rate hike or rate hike in december has fallen below 50 at one point today was down at 39, it was 41 , just before we came on air here. So, that probabilitys been knocked out. So that helps a bit. And you have to remember, bill the context here, the context is that there does not appear to be a whole lot of help coming from the fiscal side. And you notice that there werent a lot of questions about fiscal policy proposals, which is what you normally have when theres something hot and heavy on the mind of congress to adopt. Didnt sound like a whole lot of momentum listening to those congressman for the fiscal side. Yeah keith bliss, the inflation stuff seems front and center for the market here yellen did not describe the recent slowdown as being quote unquote idiosyncratic, maybe just partly the result of a few unusual reductions in certain price categories so is this response warranted here when you look at the broader indexes, the larger index which is what we focus on. It probably sl because they will benefit from the rate environment maintaining its status quo, if not being dubbish. I think what chair yellen said was basically the goldy locks testimony where she gave salve to anybody that was thinking the economy was not tracking well or they were going to raise rates quicker than theyve said or suddenly unleash all the bonds on to the market, but i think when it comes to inflation, one of the things we need to keep in mind is that the small caps are the ones that will get hurt here and youve seen that reflected in some of the surveys of Small Businesses they have zero Pricing Power at this point in time and until we get some kind of movement on the fiscal side of things as steve was just eluding to, theyre not going to see any real growth in the business. And thatll have the affect of anchoring the market, at least moving it sideways run up here is welcome based on fed chair yellens testimony it wont be longlived until we get the fiscal side straightened out and stimulants with measures on that side im paraphrasing her, she said something to the affect that maybe the new normal does require low Interest Rates right now. Do you think that this economy could withstand much higher rates at this point in time . When they show a fed rate thats neutral with a three handle i remember being on this show saying thats 50 to 75 basis points higher than the ten year. I dont think anybody sees that in the crystal ball. And i think its official. Listen we dont have inflation because we dont have the growth we dont have the growth because we dont have the productivity all of that gives us no velocity on money and about price tags the power of attorney during the credit crisis was grabbed by ben bernanke and the Federal Reserve. What they did is make one trade for the whole world. They decided to have a shallower depression recession and the price tag for that is the type of growth and the new normal we now have there is no going back anymore just my opinion. Michael, let me ask you about the personnel changes here at the fed. First of all, corals going to the board, perhaps leading more of a deregulatory vent and also, based on politicos reporting, maybe gary cone taking yellens seat next year what does that add up to for you . It looks like clearly a lower Regulatory Environment and that would probably affect Bank Reserves and lower them a little bit and make the operating environment for the banks less stringent. Im not sure that all of the proposals that were hearing perhaps are all that healthy some of them kind of strike me as dangerous certainly removing some of the regulation does make sense, but i think it levers things up. I didnt take from the chairs testimony today i didnt think she was as strong about the dovish point i would still be surprised if they dont raise this year theyve moved on that path and i think you could certainly see them begin the rolloff i think she wants to do before the next chairman comes in i think she wants to start that ball rolling. And steve, another context we should be mindful of is things that marios been saying recently, you know, how do we reconcile what hes thinking with what she said today well, its all coming together i mean, look, hes quite a bit behind where the fed is in terms of where he is on the road, but hes headed in the same direction, and thats been a big part if you look at the last couple of weeks of whats happening to Interest Rates and brainard made note yesterday both japan and europe, europe more so than japan are talking about beginning to reduce their stimulus United States was probably, i dont know, four or five, six years ahead of where europe ended up in terms of quantitative easing and many believe that the better results here in the United States relative to europe are responsible for that that europe didnt get around until 2015 after the fed had been doing it for a number of years already. And thats going to help keep down yields as we move forward, but also overall, over time, its going to mean higher yields as they first end and then perhaps begin to reverse their policies heath, is there anything to add about canadas rate hike this morning too theyre one of the very few major Central Banks to be raising rates here well, i think it speaks to whats going on around the globe and what may be happening near north america. I want to get back to the economic picture and how it would play into the equity prices for me connect the dots the following, we are starting to see signs of capital expenditures, cap x, youre starting to see hiring equal to serviceproducing sector were seeing tightening there. As long as you have cap x, compromise will then go out and drive up productivity, then youll get growth in the market, really if you want to accelerate, get those tax cuts put in place and get them put in place soon and thatll set the unleash every economic beast out there and then you will have the fed really starting to look at a more normal Interest Rate policy moving forward fast per. Keith, hang on, its michael, what happens when that agenda for those tax cuts and that fiscal reform doesnt happen how does the market react then well, that is the real risk and thats, thats the point i was about to get to, michael, if you dont get those things put in place quicker, ive been saying for a long time that its on a knifes edge. And its been waiting, patient, and moving up and moving sideways if we dont get those things done, at least movement in the right direction im not sure i agree. Keith, i would defer to michael and you on the issue of equities, i will point out the market sensitivity to yellens dovishness, were back, unfortunately, in this world where the fed is the only game in town right now. And michael, i dont think the market i think the market is very smart about this. I think they see whats happening. That the agenda is not moving forward, and yet theyre keeping up these equity levels despite all of that. So i think as long as they had a nonaggressive fed, earnings on top of that and 2 growth, i guess theres a case here that the market will be just fine everything seems to be stable i mean, and when you get stability, at least out of a Federal Reserve and Monetary Policy, markets know what to do and theyre not surprised. Its a positive. Just dont call it the new normal thats for sure. Thank you, guys, appreciate all of your thoughts on todays market action. Appreciate it very much. So, happy day after prime day. Boxing day. It is boxing day this day, right . Tens of millions of amazon prime members did make purchases yesterday during the companys third annual event Courtney Reagan has been taeling it up on her side. She has the results. Zbloompb bill and kelly. 30 hours, 13 countries, more than 100,000 deals, amazons prime day is the biggest sales day ever sales grew by 60 over the same 30 hours last year, and maybe more important, amazon says more new prime members signed up on july 11th, then any other single day in its history. And we know that independent Research Shows prime members spend almost double nonprime members annually its a valuable group. Participation also was higher this year with 50 more prime members buying something on the site this year then did on 2016 prime day. Now based on all of this, John Blackledge estimatings they topped a billion dollars in rev hitting between two and a half and 2. 9 billion. Now the retailers owned device was the overall bestselling item throughout the world. Seven times more echo devices in general sold this year over last year globally. And remember, this is a key product that keeps consumers further connected to amazons echo system if you will. Other topselling u. S. Products include the Pressure Cooker and the dna test weve been talking about the push into apparel, 200,000 dresses were sold, the same as the number of light bulbs. Boom rang commerce which is run by a former amazon employee says discounts did average between 31 and 45 . With the Third Party Sellers offering higher discount rates then the products shipped and sold by amazon directly, but maybe whats more interesting is that boomerang found the bestselling products in appliances, home and kitchen, electronics, toys, and games werent discounted on prime day at all in fact, they were slightly more expensive. Back over to you guys. So clever now can i make a humble suggestion. Sure. Package bills book with a dna test. Thats a great idea i cannot believe that a dna test was one of the top sellers. Be careful, folks, for what youre going after out there that is hilarious. Is that not interesting i mean, the deals that were featured were just all over the place from different younds facelift in a bolt, acid pills to the dna test to a number of different headphones, Pressure Cookers, gel pens, i mean, you name it, it was almost everything many of them brands that we hadnt heard of which is why i think boomer range makes an interesting point, topselling products in the categories, those werent on sale at all and slightly more expensive. Very savvy. Wow, they did it again. Thanks, courtney see you later. Weve been watching a developing story out of new york, sue herrara has it for us right now, sue our are filing criminal charges against 14 defendants in an alleged 147 million boiler room scheme that took place in long island, new york, allegedly. They basically say these 14 individuals, allegedly conspired to defraud investors in five publicly traded companies in a scheme that ran from january 2014 to july of 2017 a number of these people are going to be arraigned in brooklyn tomorrow, and then various other courts for the remaining four basically, what they are charging them with, and these are criminal charges, securitys fraud, conspiracy to commit securitys fraud, wire fraud, and Money Laundering basically, they say that many of the victims were Senior Citizens who were repeatedly pressured to buy stocks and receive stock recommendations. The five stocks involved in this particular alleged scheme are very Small Companies they are National Waste management, ces synergies, Grilled Cheese truck, hydrocar issue energy and intelligent content enterprise so its a 147 million alleged scheme of boiler room scheme that took place apparentfully long island, new york. 14 defendants. Well keep following it for you, kelly, back to you they just never learn that is crazy. 20 years later. So the same thing and its sick if theyre targeting older people too, get a life. Its terrible thank you, sue. Well keep track of it for you. Thank you heading into the close with about 45 minutes to go here and the dow up 140 points. Thats close to sessions highs and its enough to be an alltime territory nasdaqs up 19 nasdaqs up 71, its the best performer of more than 1 . And the biggest names in media and tech are out in sun valley, idaho, dead, including barry diller well weigh in on President Trump and one song he really likes right now. Plus as we mentioned, airlines have been underperforming the broader markets so far this year, but powering higher today. A debate on whether the airline rally can last or not. And we want to hear from you. Reach out for the show on twitter, facebook, or send us an email, closing bell sissorwirsining cnbc, fit bune wldde what if we could bring you better value by having better values . At blue apron, we work directly with more than a hundred family farms. So instead of spending on costly middlemen and supermarkets, we can invest in the things that matter most making farmland healthier. Cutting down on food waste. And bringing you higher quality, fresher ingredients for less than you pay at the store. Because food is better when you start from scratch. Get 30 off at blueapron. Com cook for years, centurylink has been promising fast internet to Small Businesses. But for many businesses, its out of reach. Why promise something you cant deliver . Comcast business is different. We deliver superfast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. We do business where you do business. Welcome back shares much grub hub up about 3. 5 right now in fact its trading at 45 right now. Saying that grub hubs Growth Profile and leadership are underappreciated in an improving market and the stock is responding accordingly right now. Up 3. 5 and some of the biggest names in media are ascending in idaho today. Chairman of iac and exmedia, joins us now with the highlights, julia. Reporter hey, kelly, thats right, media mogul, exmedia, barry diller told us hed be friendly to Jared Kushner and ivanka trump if and when they arrive here in sun valley. They are on the guest list, but that he continues to be critical of the policies. Net neutrality, immigration, and environmental of the Trump Administration i think its just a joke. And hopefully itll be over relatively soon. It inexplicably began and inexplicably end reporter diller hopes that the Corporate Tax reform that President Trump has been pushing for will happen. I hope it happens ive hoped it would happen during the obama administration. Ive always hoped t