Speaking theyre lower no matter where you are in the world. Weaker against the yen. Were sitting right there at that 100 level. Pound is now 1. 29. Went to 1. 2796 at one point. Price of crude oil up this hour. Brent at 47. 76. Lower by. 20. Tesla says it doesnt alert regulators until nine days after the accident. The company is defends its decision not to make the news public before a federal probe was announced last month. The national Highway Traffic Safety Administration says the investigation is active and would not comment further in response to an article about the time iing of that disclosure. Elon musk tweeted the may fatal quote was not material to the stock. Bio tech firm is ready to explore a sell to one of several suitors. San if i has signed a confidentiality agreement. Gives access to a treatment that has produced positive results in mice. You cant say that something is not material to a stock. Thats its not his position to say that. Number one the stock did go down. It was material to the stock. Maybe he meant its not material to the finances of the company, but he cant say that either. You dont know how things play out over time. When i first read it, its like, okay. So not surprising. Things are going to happen with autonomous you know, there were wrecks all the time. So many people die on the road that are driving so theres going to be wrecks from autonomo autonomous, but then reading the actual details. Normally a semiturns in front of you. Youre slowing down a little. This guy straight turned thing. Didnt even think about decelerating. Thats where it gets a little scary. Who should determine when something is material or not. Remember apple didnt think getting a transplant when steve jobs didnt know where he was and he had gotten in the front of the list to get a transplant. They didnt think that was material on the operating table. And steve jobs and the importance of his presence to apple, youre saying, looking in hindsight, that wasnt material. That was material. That should be the decider of when something is or isnt. I love when you say decider. Im the decider. Im the uniter and the decider. Its not easy. Its hard work. Anyway, you got a thats it. Youre not going to answer the question. Well, its a rhetorical question. I dont know how to answer it. Who should be the decider. You should. Scott of half time report should be the decider. I dont know either. The board maybe. You dont think maybe. You dont think is head lines related to autonomous driving and the deep interest in it and you have this kind of fatality and you think its not material. It suggests to me its so obviously yes. He wants to know who is the decider. Ive made him the decider. Lets make michelle the decider. I would be a great decider, let me tell you. You would think the board or any board would be in a position to say no, elon, we actually do think it is Material Information and in is disclosed for the sake of disclosure. We dont even know if the board knew. All boards sans and this ceo happens to be elon musk on top of everything else. Hes got friends and family. Weve got a pair of economic reports today and some fed speak on todays agenda. The deficit out at 8 30 a. M. Eastern skpchlt we always said trade deficit even though it may be a surplus. Not until someone makes America Great again. At 10 a. M. We get the june Services Index and at 2 00 p. M. The minutes from last month. A fed president and fed governor are also speaking today. We have that going for us. Dudly spoke yesterday. Said policymakers can be patient on raising Interest Rates due to low inflammation and uncertainty over prospects for the u. S. Economy. I understand how were down a little bit yesterday and today, but i dont really understand how the u. S. Is still reeling from brexit because all it means for us is Interest Rates stay lower for longer. Even for britain, just means they sell more stuff at 1. 27. How great is that if youre trying to export stuff. And throw off the shackles of the eu. You have a much more competitive economy. I understand the other forces going down because the whole thing might imemployed based on next. Who is frexit and we want romania to say so we can use the term romania, but italy, to you point, the pound keeps getting hammered. Now nearly as much as the euro. If you had to bet which currency is going to be around if ten years, the euro or the pound, what would you put your money on. Ive got my money on sterling. You do . I do. What a rebound last week. You must have been reporting on it every day. He was on vacation last week. I was on the ground reporting. Were you in of italy. Yes. When i go to italy i cant understand how that country is not number one in the world. Why do you say its not. Youve listed all the reasons why. There is thatle banking crisis, but you didnt noets that. I didnt notice it, i didnt hear a Single Person talk about it or worry about it. They were more worried about the pound and the soccer game. Definitely the soccer game. One of us live to work and the others work to live. They work to live i think and we over here, we dont live quite a as well. And the work is arguable. Use work in a lieu sieve sense. The all i heard yesterday as i was watching tv to get caught up a little bit was italian banking crisis, big deal over there not in ten days did i hear a Single Person mention an issue with the bank whatsoever. Not one time. North, south. North. Venice . And other areas. Me too, venice. It was saw as mauas saw as many theorlando is doing a trip planner. Or buying some property. For more on todays market moves lets bring in phil orlando. Steve reese is here as well. Hes the global head of strategy j. P. Morgan. What should with take of the last lets say six trading days. The fact we had our first downwind yesterday in five. Whats more representativeover where you think we go from here. Were looking lower. The 6 moved down on friday and monday after the brexit vote was exactly the knee jerk reaction down we thought. We expect a little bit of recovery, but not a retracement virtually of that whole move up. So the move down that we saw yesterday, we think we grind down lower here over the next couple of weeks. Because you think theres more brexit heck to pay. Yes. I think theres a couple of shoes to fall. Part of what were hearing from clients and investors last week is in the aftermath of brexit, folks are believing the brexit is not going to happen. No one is going to execute article 50 and were going whistle past the graveyard. There are more shoes to fall. Eventually the market is going to figure that out. There is this school of thought you have all these issues around the world. People are worried about the brexit. What else is going to happen in the euro zone which makes the u. S. Attractive in the storm. This week is all about rates. What is happening there. I agree. I think were positioned at j. P. Morgan for a volatile summer. We havent changed our outlook for our position this year. We are not all that negative. We think there are some opportunities. Were focusing on quality, income, stocks look better than ever. Especially given whats happened to Interest Rates and i think there is an earning recovery coming. I dont expect the Second Quarter news to be that great, but people will focus on an Inflection Point where the dollar and Energy Sectors start to help. I think youll get it. Why are rates doing what theyre doing. Its all about whats happening in europe. Concern about the situation. I dont think its an indicator of stress in the u. S. This has been our call all year. We dont think the u. S. Economy is heading to recession. Unfortunately what is happening in europe, the rates look attracti attractive. Were seeing more wall street houses say the way it is working could be a recession. What do you think. Were not in the recession camp. I agree with steve. A massi iive flight to safety trade. Ordinarily if you were looking at the economics of that, you would suggest the economy is going in a recession. We think Second Quarter gdp going to be around 2. 5 . Thats better than 1. 1 we saw in the first quarter. The swing factor the market is expecting a nice bounce up in corporate earnings. That is very much in doubt unless we get a better sense of how long will this strength continue. Those are the swing factors that will determine second half earnings. I am so curious has to how history is going to write about this time period. All of switzerlands bond are in negative territory. Were using brexit to some extent as an excuse. To me its that jury rigged union with in and out a single Southern Country had the none of them qualified to be in the eu based on debt to gdp and all these parameters. None of them had it. Now we find out about italys banking problems. People try to estimate what it is. Other people will like so much higher than that. How much capital youre going to need. How much capital youre going to need. The loans are beyond 300 billion. So now by britain exiting, thats one less Strong Economy to help the rest of these. To your point, exactly. It remind me of obamacare. If everyone is sick and the last two guys are on their death bed what is the premium. They worked sod hard to keep greece in. They did everything possible. They forgive them for everything. The uk, do they work hard. No, see you later. What are their priorities that they would let they wouldnt do anything to help David Cameron to keep the uk in, but they did anything to keep greece in. The ultimate country in the eu, its greece. I love greece, thats another place. I just think. It all comes back to if youre going to put your money somewhere, you go down the laundry list of problems in the world. It makes u. S. Look attractive. Maybe we should have never stopped worrying about the eu. I agree. To what degree do you need to worry. This is the new norm. Its not going to change. We dont worry about germany, but now do we worry again about an italian banking crisis going to be the next financial crisis. I dont think its a threat to the u. S. Banking system, but it certainly is an threat to the eu. What if the eu breaks down completely . Created for stability purposes, right . Thanks guys. Can you imagine if we try to make one country from south america. When i landed it was 1. 10. We have gone 14 minutes and you havent mentioned yet. Whats coming snup. I didnt even see this yesterday. K comey made a fbi director calling Hillary Clinton extremely careless which apparently is different than gross negligence. It sound the same, but its not because gross negligence, that would have been a criminal offense. Anyway, in her handling of classified materials on a private email server and that crickets her comments that he made to john this year. Would you concede that you and the people who work for you at state department were sloppy in the way you handled top secret information. No, let be clear about this, there wasnt a single one of those that was marked classified, either sent or received. Im not sure thats true. Now lawmakers are calling for the mib fbi to release the deta of the investigation. That story comes up next. Tokyostyle ramen noodles. When you cook with incredible ingredients. You make incredible meals. Fresh ingredients, stepbystep recipies, delivered to your door for less than nine dollars a meal. Get your first two meals free at blueapron. Com cook. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. President barack obama and Hillary Clinton campaigned together for the first time in charlotte, North Carolina. And there has never been any man or woman more qualified for this office than Hillary Clinton, ever. Not even george washington, i dont think. There was no mention during the rally of the fbis decision to not recommend any charges against clinton, but it might not have been new news to the president , considering that whole thing was planned to fly around on the day when this was coming out. It would have been bat if she would have been indicted. Would that have i cancelled the trip . I dont think they i dont know. Is not speaking about it and body language are two different things. Our sources. Charades. Did he really not know . Donald trump also campaigning in North Carolina. Not surprisingly, he had plenty to say about the fbis decision. But for bill clinton to go and then have what happened today, where essentially, i thought everybody thought based on what was being said she was guilty. She was guilty. And it turned out that were not going to press charges. Its really amazing, but ill tell you, look, we have a rigged system, folks. For more on the fbis decision, were joined by amon to run down a lot of the water cooler talk, i guess, and then some today. Yes, thats right. It was a dramatic moment yesterday with nearly no notice to the media and no heads up to the political possesses. T if fbi director joeames comey s up some of the specific details of what they uncovered. Heres what he had so say. From the group of 30 thousand emails returned to the state department in 2014. 110 emails in 52 email dhchai have been determined by the owning agency to contain classified information at the time they were sent or received. Eight of those chains contained information that was top secret at the time they were sent. 36 of those chains contained secret information at the time and eight contained confidential information at time. Thats the lowest level of classification. Despite those extensive findings. Comey stopped just short of recommending charges for Hillary Clinton. Heres how he described their ultimate conclusion. Although we did not find evidence they intended to violate laws of mishandling classified evidence, there is evidence they were extremely careless in their handling of highly sensitive information. The next step is for the department of justice to review the fib east recommendations. It is considered highly unlikely the department of justice would go against what director comey said yesterday and its likely Loretta Lynch will go along with his conclusion that Hillary Clinton didnt do anything that warrants kl charges. That said, as you know the political controversy of this is going to continue. The media today is full of different bullet points of statements Hillary Clinton made over the past months or year that turned out not to be accurate in light of what the fbi director said yesterday. So this is going to cause some lasting political damage to Hillary Clintons president ial campaign, guys. Okay. So you would think they if you were to lead an article in the morning that comey and the president put a bounce in Hillary Clintons step, would that be a strange lead for an article in terms of is that how you would have seen yesterdays . Im wondering who wrote that. I dont want to sandbag my colleagues. My take, small take is this not a bauounce in her step. She dodges a legal bullet here no question. There were other outcomes that could have been much worse for her, but the director said she was extremely careless and shes running for the United States. Democrats have reasons to celebrate. Their candidate is not indicted on a felony. Its good news for them. They got a candidate that is has not be indicted for a felony. Good news for them. Lets bring in shelby holiday. Senior video reporter with the wall stre wall street journal. My conclusion, he couldnt do that yesterday. Hes not going to insert himself into this election and take the democratic candidate in the summer of an Election Year and indict her for a felony. Its back to the voters need to make a decision. Just like john robert said, you want the get rid of obamacare, vote someone in to do it. Same thing. But if you look at i dont think he had a choice. If you look at what he said, he didnt say he didnt recommend charges because clinton did nothing wrong instead he laid out a laundry list of all the reasons clinton lied about her email server, not sending and receive lg classified information, doing this out of convenience rather than use on r server and one device. She actually had multiple and used multiple devices. He laid out a scathing critique of her job performance. There was a lot of read between the line in that statement yesterday. Everyone including i watched it from the fwining to the tend. The 15 minutes. It was a little roller coaster. Everybody went through the same emotional ride on it. It was like, wow, the sources at cnn had it wrong. He is going to do it. Right. It was a movie with a bizarre ending. Then all of a sudden that came out of nowhere, but we dont think and everybody had that same feeling he was making the case for pressing charges for an indictment then he didnt. I do understand you can say it should always be equal treatment under the law, but political concerns are you cant just say that there arent any and you discount them. No way it was going to happen. No doubt she cleared a significant hurdle yesterday. As you said, shes not going to be indicted. Thats a very beg deal. This is not the end of her emall saga at all. You can see he wanted to dispel a lot of the comments shes made. He wanted to say not only was there not just one at the time that was classified, there were hundreds. 110. At the time that were marked classified. And thousands of emails were not turned over. She should have known. Right. She should have known. Shes a smart lady. Saying the way it was hacked. Almost undoubtedly. The wall street journal is one of many publications that have the words laid out side by said of what clinton has said about her server. What comey has said. Its a direct contradiction. This is the journal youre referring to. Does that come out every day. Its a good one. There are reports. Some outlets have report