In europe in this early hour, this has been our focus all week as concerns about the brexit rose. Weve been looking at weakness in european stocks. You can see in early trading that most of these shares are up by 1 . Dax up by 1 . Ftse up close to that. Take a look at crude prices. Crude under pressure once again and again this morning. Wti is below 48 a barrel. Sitting at 47. 95. Brent sitting at 49. 12. Lets get you through the big stories were watching today, it is another day and yet another survey on the brexit survey. Coming from comres showing that the poll remain leads, in favor of the uk staying in the eu which is recovery from 55 reported yesterday. On some of the polls, by the way, the margin of error, on some of these, is looking like 10 . Hard to make a judgment whats going on. On the economic front, prices expected to rise. 3 . The fed announces its decision as we said 2 00 p. M. Eastern time. I laugh, because we know what the decision will be. And we will look for, as joe said a possibility that she might like theres a word a maybe word could go to a might. Well have leisman on about what that could mean. We parsed every word for five years now. I know. Im over it. Im with you. Do you know how many times seriously, its one word that used to be there about the economy describing it or if they changed the word. And its not moved whether its there or not. 93 havent raised it one quarter point. They havent done anything. Until they actually do something, lets just assume youre probably right about the thing with the brexit, that the sort of going to be compelling is that no ones going to believe what the latest polls are showing. No ones going to know which side this trade will be on. There could be a big surprise one way are 0 the otheor the ot. Normally, you have an idea whats going to happen. If its that close, probably stay is whats going to happen. The betting market, 62 . You really dont know. You dont know. Potential for a huge surprise. Then if youre on the wrong side of that, think of the global you never know. Eight days, right . Eight days from now . Thursday. Thursday. Today is wednesday so eight days. Anyway, watch 2 00 p. M. , or dont watch at 2 00 p. M. , because we told you whats going to happen. No, no, watch. Listen carefully, take notes. Along with the latest Economic Projections followed by Janet YellensNews Conference which everybody should watch at 2 30. Maybe theyll raise. Maybe they wont raise. But it will be interesting. We do have also political news for you. Hillary clintons lead over donald trump in the president ial race has narrowed since last week. Thats according to the results of the first reuters ipso poll. The poll showed that clintons lead narrowed in the days since that attack. Trump is blaming democratic policy for the worst in history. Clinton on the other side warning against the humanization of Muslim Americans. 13 . Not that big. Investigators are casting a wide net in the probe of that terrorist attack in orlando. It includes examining whether the wife of gunman omar mateen knew anything beforehand. Reuters reports that she could soon face charges for failing to notify authorities about the impending attack. According to a sloshgreport, sh the fbi that she once drove mateen to the site because he wanted to scope it out. And another sad story, deputies are searching the waters that an alligator pulled a boy into the water at Disney Resort lagoon around 9 30. According to the Orange County sheriff. The family of five were vacations from nebraska. The child and his father were wading in about a foot of water. Officials say theyre gng to continue searching until they find out what really did happen. Disney released a statement saying everyone here is devastated by this tragic accident. Our thoughts are with the family. Were helping the family and doing everything we can to assist Law Enforcement. Lets get back to this mornings Global Market news, msci, the Worlds Largest index in the world not to include china stocks in the indices. Eunice yoon joins us. Eunice, that is a decision in the past and analysts that we speak anticipate it might be added and that would in turn call for more Global Demand for some of these stocks. What the the fallout . Absolutely, we did see, as you guys were talking about, the stock markets shrugging off the mscis price decision. But there are many investors here. Thats because of the runup in the decision, chinas meeting pumping up the expectation that chinas domestically traded stocks are going to be included in the premiere index. But the msci basically said that they didnt believe that the markets here were open and transparent enough to warrant inclusion. Of course, over the past cub of weeks, chinese authorities have been hoping for a different answer and theyve really been trying to address concerns of the msci. Theyve been curbing trading, for example, and widening access for foreign investors. But the problem is investors still dont feel comfortable enough by what they see as constrained access to the chinese market. Also many expressing concern over the governments policy and approach towards the stock market, saying its so unpredictable, since they have stepped in so aggressively during the turmoil last year. Today, its interesting to see the governments reaction in the way that theyre trying to manage the potential fallout from this msci decision. We saw the staterun News Agency Xinhua run a commentary, telling investors that they shouldnt feel irritable, that its just a matter of time before china is included in the index. And also crated, and they say theyll continue with the Financial Reform Program that authorities here say its so important for china on its own. But they also said that they believe that china is such an important market and shouldnt be ignored. And any global index that does not include chinese stocks is what they called incomplete. Guys. Eunice, theres a story on the front page of the wall street journal here in the United States, talking about now disney opening the chinese disney park, bob iger had to give up on disney demands because it was disney, a force to be reckoned with, being meeting up against the Chinese Government. And the Chinese Government won in that situation. In a situation like this, were still waiting to see who blinks, msci or the Chinese Government officials. I think its going to be really difficult to say, i mean, china is going to be up for review again in about a year. One of the points that the msic had made is that this wasnt the final decision and in fact was delayed. But its an issue that were seeing not only with the msci but also with the imf. Theres a lot of discussion about whether or not the imf is going to include the rmb into the basket. There are people that think that the imf blinked and that the yuan shouldnt have been included. That kind of thinking was also the same. Youve seen a lost debate among investors as well as analysts here. Other one debate going on is how a lot of the investors were latching on to the fact that pakistan was included in the msci index. And there were aggressive newspapers calling on the regulators to create a more open and transparent environment. I dont know if this is a face issue, but it seemed as though a lot of these more Progressive Papers were feeling uncomfortable with the idea that pakistan would elevate itself to emerging market index status, when china has still yet to go. Eunice, thank you very much. Good to see you. Lets get another check on the futures this morning. As we showed you, were actually see Something Green arrows this morning with dow futures indicated up by about 64 points. S p futures up by over 5. Nasdaq up by 16. Of course, were waiting to see what the Central Bank Says later today. What janet yellen will say that those comments, statements. Joes closing his eyes and nodding his head. Shes got a lot of body language. Check out the beyond market. This is the most interesting market to watch. Not just the u. S. Treasury but whats happening nationally. German bund fall in negative territory. The tenyear note at 1. 637 . But Jeffrey Gundlach making comments about where youre seeing control. The bond market is where its playing out. If you look at currencies this morning. The dollar is down against the euro at 1. 1224. Its up against the yen. Its a reversal of all week long. The yen sitting at 106. 27. The yen was strong, the pound was weak. And the euro, too. We want to take a look at whats happening with gold prices down by 1. 2 . Buying opportunity, joe. Gundlach when did the central bankers lose control, 1986 . Thats 30 years. When did we havent lost this is u. S. Theyre just now losing control, you think . I think he thinks that things are out of their hands. Theyve been trying to wash their people say qe 1 may have worked qe 2 and 3 not at all. Weve been able to get out of this all of this has generatgenerat generated a. 08. For more on the fed, joe, financial strategist, and youre karin, not caron. Jim karin, Global Fixed IncomeGlobal Portfolio manager at Morgan Stanley. It would be bad to shock the markets to say, surprise, we had you all set up for it would be bad . I think it would be really bad. Futures probabilities are zero percent. I think the question is how does the fed actually feel about the fed being priced at 50 . The fed will have two rate hikes in their bias. The longtemple neutral rate from 2. 35 to possibly 3. Theyll probably adjust it down. Showing three rate hikes a year, as opposed to 4 1 2 rate hikes. But, look, the fed is not the only central bank. You also have the doj. It announces tonight. If youre looking for excitement around a central bank, that might be it. Thats 50 50. Whoa. What time . Its around midnight. Youre going to have to stay up. Whew. This might be worth it. Get your bare red bull out. You still think july is out . If julys going to happen a lot of things have to happen between now and then. Theres a zero percent in june happening. Right now, july is pointing to 18 to 20 . The fed gains absolutely nothing by coming out and shocking the markets. In order to have the feds come out and raise rates and the market expecting it why would they gain nothing. If you throw out the idea that the Central Banks are going to be popping this stuff up. It seems like one less they have to do later. Well, youre shocking the markets negatively. Youre going to create more volatility. I think one can argue the felds had a third mandate which is providing market stability. Thats crazy. Congress never said they never did. You can argue that the fed is watching not only with the u. S. Economy but whats happening abroad. So, of course, this brexit. People are looking at markets that have been artificially propped up. Assuming thats going to happen endlessly. I think the fed has painted themselves into this corner. Theyre in a very difficult place as pointsed out a few times, the fed is losine ing control. You know the fed is part of the problem, not part of the solution even right now . I would argue that the fed probably should have raised long ago. If their bias is to raise rates two times if you would have done that long ago and you still got something, wouldnt you want to start today . Well, you could start today. What happens if todays off the table. You have july which obviously is a very big maybe. But i think its a long shot. If july doesnt happen, now youre pushing september. We take joes approach, just sort of take your medicine now. What would be the real impact of, i think, if the rates increase right now, what would happen . A quarter point would do nothing. Lets be clear. Interest rates are incredibly low. Were going from very low to low. Zero, zero impacty. I think as far as the real economy, bond market and Interest Rates . Close to nothing. Youre not bolstering your case. Thats what im trying to understand. Well, i think the negative impact it creates on markets if 2 has a negative impact on markets is that going to a negative impact on some way youre not counting on the economy . Ultimately, do you believe that if you sit in that declachair a believe the way you do . I believe it has an impact on markets answ s and sentiment. I think if you look at the fed and focus on their mandate and what it is theyre supposed to do, looking at the market and inflation, theres a strong argument to be made that they need to raise rates. I just dont think were going to do it. Its just that were coddling, okay. They dont know everything thats going to happen. Oh, my, im on the other side. Theres risks. This is how things work. At zero, its almost like you cant mac any Investment Decisions anymore. Well, i think part of the feds calculus is if they go sooner, they can go slower. Right. But they havent done that. They say that, but they havent. If they go later, they have to go faster which could be more disruptive. Theyre running out of time. Zell. Well, theyre running out of time. Right now, were debating one move, two moves. I agree with joe, this is a very, very slow pace. What we have to think about, what does this mean for the markets . I know we have a brexit date out there and things like that. Theres lots of things that still have value. The cnbs markets, single family, multifamily home, this is 6 . Housing markets are doing okay in the u. S. We have the Second Quarter tracking in the high 2 . Some people say the low 3 trajectory. The u. S. Economy is doing okay. There are assets within even the high yield space. Paper, packaging, 6, 7, 8 . There are many opportunities out there. Brexit i think is giving bargain hunters the opportunity to do that. The fed is important but its not the only game in town. And there are other Central Banks that are thinking about moving as well. I mentioned the boj earlier. I think thats important. But the ecb. Everybody is singing the same tune. There may be a hike in the fed, there may be action, budget its a very slow pace. In my space fixed income, assets i manager. Is this an area assets whose fundamentals are strong but risks are cheap and thats your investment opportunity. Word is they might be behind the curve but everyone says, well, theres no inflation so theyre not behind the curve on inflation. But you might be behind the curve in another way and that is having ammo next time we have a slowdown. If theyre behind the curve in what theyve got in the tank to offset any weakness, then were due for another recession. Or behind the curve in trying to span the asset inflation. Even if youre inflation 12 months from now, even if they were rushing to the gates with Interest Rate hikes s not just Interest Rates, right . You can do other asset purchase programs. Im with you. I dont know. I dont know. I think these people messed up a long time ago and were living with it. Thanks. Gentlemen, thank you. When we return, the ceo of a new platform that he wants distribute contents for millennials well explain how odyssey helps from facebook and twitter. Show me movies with romance. Show me more like this. Show me previously watched. Whats recommended for me. X1 makes it easy to find what you love. Call or go online and switch to x1. Only with xfinity. Welcome back to squawk box this morning. They say that all news is local. But now all news is social. Odyssey is a social network it that reaches thousands of communities of writers and editors it it has earned more than 30 million in equity funding. Evan burns is the company ceo. Good morning. Thanks for having me. Help us understand what odyssey is. I can be a writer. I submit stuff to you you have a team of editors of algorithms that are going to make my writing better . More or less. Its a social media that is going to dma going to democratize the way content is created. The idea is to give them data to give them human editors we can help them. You have three thought leaders here. Joe is im going to have to write it from scratch. Were going to write something no. Youre not going to write anything . I can dictate. Can i calm you up and dictate . Im sure we can figure it out. You have a team of editors. What do they do . If you submit an article, its going in two different lines of human editing to help you tell your story. As a former copy editor, its difficult to take people who have no training i cant imagine doing that job. The thing thats different, its not that were trying to make everything perfect to ap style. But trying to translate it into english. I think thats why we created the company. Its not an idea if you dont have a background in writing, how do you show that idea. Talk about algorithmic part of this which is you make suggestions to the editor or writer about how to make the article better and more shareable . Yeah. More about the structure of the content. A lot of people hear algorithm and think oh, its going to tell us what to right. It can analyze structure. It can analyze data points and it can match that with engagement over time. And it can make recommendations back to editors. Does is this any better than the little squiggly lines that i get under microsoft word . Do you ever have that on microsoft word where it tries to fix your grammar . Yeah. Its syntax and grammar . Its more than that. A lot of that comes back to like an editor. Youre taking ideas and putting them into some sort of sense. You got an algorithm that could be the facebook progressive slant. That anything that you write will come out in the way that Mainstream Media would like it to come out. Is there a progressive algorithm in there. We zroptsdont have a progre algorit algorithm. Do the authors make money . The way it is all through advertising, like a social media platform, right . We are building a model this is Alpha Testing right now. That top person that drives the most engage mpment can get proportional pay on. Youre creating because you want to. Theres 12,000 creators. The news is like a bargaining platform for the world. Were not trying to be a place where everybody can write. Were trying to be a place