Thats largely on the back of currency moves. Shanghai is roughly flat. Hong kong is up. 5 . European equities. The ftse 100 is the only major average that is in positive territory. We did see a better than expected q2 gdp number for the Second Quarter. That was up. 6 from the last quarter. 2. 2 from the last year. Thats going into the brexit vote. Take a look where we are on crude. Brent still below 50 a barrel. Wti about 47 47. 18. We are getting job onning from opec numbers. Nothing is too certain. Couple big stories were watching this morning. Apple is issuing a security update from infecting your ipad or iphone. Devices can be affected by clicking a web link and hackers take over using the camera and microphone and tracking information on apps like facebook and gmail. Advising customers to update to the newest version as soon as possible. Inning im going to do that on the show. Mylan announcing yesterday its going to be reducing the outofpocket cost of the emergency epipen allergy injection for some of the patients after price hikes more than 400 . Senator Chuck Grassley appearing on closing bell last night saying the savings is not enough. Price hikes are cheating taxpayers. Competition will draw down the price and we want to know whether that process can be speeded up to get competition to market. Because i think one of the reasons mylan had the guts to move this price up so rapidly is because they do have a monopoly and about 40 of their client tel is medicaid. Well have more reaction. Couple data point on the docket today. Second estimate on q2. Growth forecast slightly lower. Also look out for july International Trade numbers in the final report on august Consumer Sentiment. You give me mixed signals. Youre going to download this thing. I am literally. You told me never do that when it first becomes available. Li you looked at me like i was a novice. I want to be clear. Dont ever download the software on the first day. Nobody ever does that. Distinction. Andrew it sorkin over here. If youre going from one ios a full letter or number grade you wait. If they have a immediate Security Patch where they say the world is about to end if you dont do it, do it. How does a layman know these things. How do you . Because i am a lay manman. I watch squawk box. You go right here to the settings. You hit general. It doesnt really have. You hit software update. Checksing for updates. Doing its thing. This will is not good tv because its taking too long. Let me go. Like a cooking show where all of a sudden the food is like ready, well have it ready later. That is going to be some scintillating television when it is ready right there. This isnt one that says a little one you have to find this one. Yes, yes. Let me go on, stocks to watch today. Game stop. Talk about Second Quarter results. Revenue missed forecast because the weak sales. Video citing a lack of new titles and the push by video game makers to get consumers to buy products directly on the consoles instead of in the stores. Seems like thats been happening for a while. Auto desk raising full year guidance. Company makes design jenging and entertainment software. Saw a surge in subscriptions. More customers shifting to higher priced deals. Ulta salon reporting seventh straight quarter. Beauty product retailer also raising full year outlook. Those projections are slightly short. A u. S. Judge has ordered the state department to release certain emails by september 13. Specifically the order includs s any emails from clinton and the white house of the week of the bangladesh attack. Meantime, on the campaign trail, Hillary Clinton is striking back one day after donald trump called her a bigot. Speaking at a rally in right knee neo, clinton cite sized trump for his divisive rhetoric. Now, trumps lack of knowledge or experience or solutions would be bad enough, but what hes doing here is more sinister. Trump is reinforcing harmful stereo types. And offering a dog whistle to his most hateful supporters. Its a disturbing preview of what kind of president heed be. Donald trump speaking in New Hampshire about an hour before clintons rally. He offered a prebuttal of clintons attack. Its the oldest play in the democratic play book. When democratic policies fail, they rely left with only this one tired argument. Youre racist, youre racist, youre racist. They keep say iing. Youre racist. There are now speeches scheduled today. We will be talking about the author of the book later on. Quiet markets for most of the week. That could change today when federal chair speaks at jackson hole. Joining us for more is ian micro economics and jason pride director of Investment Strategy at glen immediate. Guys talk all the time. Yellen herself, ill grant you that. Im going to go ahead and pretend that this could be really monumental because its august and its been quiet this week and weve been waiting for news other than political so im going to say, okay, this is a big deal. Am i just playing along with this or is it a big deal . I expect her to say what we expect her to say. This has been hyped up like nothing else. I cant remember a jackson hole event that had so much hype and excitement. I dont really think shes going to say anything really rev la toir. Shes going to stick to the line they need to normalize policy and data dependent. Shes not going to say September Fmc were going to raise rates or not raise rates. Shell leave the door open. Sheel be vague and well scratch our heads afterwards and think away was that about. Jays jason, i was reading an analyst that said it would be crazy for her to do that. One job support certainly sufficient to either do it or not do it. In a fed thats so good at predicting future Economic Growth and just has a good handle on everything, any given number of any given month could be enough to scuttle their action. Thats sad. Its sad and. Sure, i think theyre in a position, joe, where tlair hey a point they need to put in another rate hike. Theyre starting the wheels are in motion to try to get the market to that viewpoint. Whether it comes out today or not, i dont know. It will probably be wish wash like ian suggested, but theyre trying to nudge the consciousness to believe that there is another rate hike on the table. The reason for that is is their mandates basically met, employment is pretty full, job market is feeling tighter. Were actually starting to see wage growth. Inflation is starting to poke its head around. Its been almost a year since the last rate hike and lastly, reality is the markets could take a quarter point. This isnt that big of a number. They could probably take it. Trying to nudge the communication that way. We might see a hint of that. I dont know. If they do communicate that way, tell me how the market ends today. I dont think theyll communicate it in september. I would say another rate hike this year. My guess is december. I dont think theyll come out and communicate that. It will be a lot of economic or data dependent. That sort of stuff. Basically suggesting the economy has gotten stronger. Employment markets are a little tight. Should the market sell off on that or do you buy because you think things are better than we otherwise thought. I dont think so. I dont think the market would sell off dramatically on that. Basically expectations starting to see the market has priced in 50 50 chance of rate hike in december. Maybe move up a little bit there there. Its a quarter point. Ian, were in a tight are we in a tightening cycle because to draw a line, a point is not a cycle. Dont you need two hikes to be to draw a straight line, you need two points. Is that threat tongue people that in a tightening cycle you get more than a quarter point from zero or whatever we are. Well, we have to. Ultimately we have to do more than a quarter point a year because the inflation picture is beginning to change and unemployment is pretty full. Below 5 . Its going to take more than a couple of quarter point hikes a year apart to start putting some pressure on those on that inflation picture over the course of the next 18 months or so. Which i think they will need to do. The problem is one piece of data doesnt go their way, theyre like rabbits in the headlight. Completely frozen. Everyone is unsatisfied because people think they should be hiking faster are unhappener and people who dont think they should hike are unhappy. Theyve become four experts and every single move they make has to be viewed in how its going to affect currencies around the world and maybe the dollar gets a little stronger. Even though i always thought the feds main mandate was for stable currency, but when youve got both full employment and like this crazy inflation target, you actually might want a weaker dollar to get to your inflation target. Theyve got so many thing going on. So many things going on that cant do anything good. I actually dont think the path they put in place is all that bad. Youre a money manager. All you care about is stocks going up. Dont take the punch bowl away. Its sick to watch the way you sell yourself. Just so youre portfolios might getted marked up a little. We need this wait a second, joe. Were dealing with deleveraging. This economy is in tough shape. Eight years later we got emergency numbers because were dealing with the leveraging. We cant take a quarter point increase. Get rid of the punch bowl. Im saying we can take it. Im saying we should continue this path. Its going be a very slow one. Look at what happens with rates abroad what other Central Banks are doing. That puts pressure on the United States to some degree and lets face it, weve been dealing with 2 growth. 2 growth isnt rampant growth or rampant inflationary environment the fed has to fighten quickly. After all this easing and all this qe were still at 2 . Maybe that should tell you thats not the antidote though what ails us or the groeb. Why keep trying. The problem theres not a great antidote to access debt. You have to grow your way out of it and it takes time. Ian, they have some culpability in this, dont you think, Central Banksers around the world . Yes, they do. Theyve learned i think fairy recently the negative rate doesnt work. I think the zero rates in qe is questionable as well. It hasnt done what its supposed to do. You read the textbooks, the economy will go to the moon. That hasnt happened. The Central Bank Response has been do some more. The response should be maybe it doesnt work and maybe were scaring people every few weeks the economy stinks. Maybe if we raised rates and told people things are normalizing they might feel lisz scared and mend more money. We dont invest here at cnbc. We may have some mutual fund or comcast or ge left over. I havent done any. Im sitting here like a big mutual ju mooch not worried about anything. I see these commercials if there was ever a time where the entire globe has built up sort of too much excess from printing money, if its ever happened, this would be the mother of all busts. Im watching it going, probably not, but if it ever would, has it ever been like in in history where they built up so much excess where it could be manifest in all asset prices being overvalued . I might be sitting here holding a bag. Well look back on it and say, oh, that was really obvious. You watch the fed do that for so long. And it was obvious its coming. Here we are not selling anything. This makes he nervous. Its a very risky scenario when you have an enormous Central Bank Balance sheet not just in the u. S. , but other countries as well. We now have employment and inflation pressure. What if over the course of the next 18 months rates have to rise by 2 . Whats going to happen then to all those people who have been buying all assets. Seems more. What happens when the money isnt free anymore. Hindsight everybody knew housing was in a bubble. This is a huge thing built up. If after this is over you say that you saw this coming, im going so say no, you didnt. You never said anything about this. We had to be careful here a little bit. We look at equities. Equities are at about 18, 18. 5 times earnings. The whole financial system, yes, theres support built in by low rates and as rates go up, they should deflate a little bit, but 18, 18. 5 is not that expensive for the equity markets. Its not the sort of expensive that brings about negative returns. Unless earnings go down. Anyway. If you think earnings are going down. Just a point. Ian and jason, i dont know about you guys, but its building for me. Do you feel it . The excitement over jackson hole. I have to explain . Then its not building for you guys. I thought you were talking about the impending unraveling of the market. I cleared my calendar for the whole day. I plan to get the remote out. I dont even need the remote. Im going to sit there. I got my. Smoking jacket. Got your microwave popcorn ready to go. Got much better. Raisins. All sorts of candy ready to go. Watch this big event. Speaking of this big event, as we have been discussing, fed chair janet yellen speaking in jackson hole later this morning. On the opening day of the conference, protesters in the town turned up the pressure on the fed more than ever. Steve joins us from jackson hole with more, steve. Reporter hey, kayla, good morning. Protesters now in the third year. Reaching a new and pretty extraordinary level in year. Firm first of all, not only did the well funded group hold a rally outside the meeting. Later they met and chanted and rallied for the fed not to raise rates. Later met with 11 fed president skmts foempbs where they discussed Monetary Policy and its affect on labor and the poor. Want to be sacrifice against your enemy that isnt even here so my exact question to you is this, why not test the bonds of maximum employment. Reporter fed officials including vice chair along with several fed president s mostly expressed sympathy with protesters. They agreed to research the central question. Just when minority employment starts to make gains. What happens is eventually this economy will create imbalances or overheat and get into situations somehow that has to be we have to react to that. When we react to that, it leads to a recession or some other bad outcome. There was some push back from boston fed president. He noted that periods of too low unemployment were followed by painful recessions. The fed also committed to another demand from poerotester increasing diversity. Were going to be able to ask a bunch of fed folks about this today. We have at 7 30 coming up on squawk box. And then loretta. Then janet yellen. Shell speak at 10 00 a. M. Eastern time. We have stan fischer the vice chair at 11 30. Im wondering what the talk is at jackson hole that lays blame on the fed for this outpouring of populism and inequality in this country that weve seen. Reporter so it was out there sort of last night. I didnt get to talk to too many folks about it. They had seen it. Talked about it. They do agree they have a terrible communications probable. At least some of the folks i talked to. Mostly they think the policies they pursued have been the right ones so theres a bit of disagreement as to whether or not the policies are wrong between the story and what im hearing from fed folks, but they certainly agree theyve got a pretty bad job at communicating the reasons for their strategies. They didnt say, boy, did we screw up those policies, were autism. They said they thought the policies were good. Right joe, let me ask you, do you buy the idea, i dont know if theyre still here today. Is there a direct flight from newark. How quickly can i get there . Reporter you want to protest for higher rates. Is that what they want . How quickly can we get you a barn jacket. Reporter i wanted to ask you a question though, do you think its a bit much to blame the whole break down in the political system on the Federal Reserve or does that make sense to you. I blame it i was just reading julian asan blames it totally on the politicalization of the meadia. A i blame pit it on that as much as anything. I cant stand the media. Youre part of the media. Steve, weave sll see you in little bit. Well see a lot of your from jackson hole. Im going to be sitting on the lazy boy today watching. Pretty much. When we come back on squawk box. The ceo of mylan making head looirns on this very show. Blaming the cost of epipen on a broken health care system. Reactions from the industry, next. Your Business NeedsBetter Technology to drive better performance. So you need it to be reliable and fast. Really fast. Introducing the comcast business Summer Savings event. Fast Internet Speed to drive performance, plus cutting edge wifi for your employees and customers, and voice mobility so your calls find you wherever you are. Get some of our most advanced products at a great price with over 500 in savings. Call today and ask how to get these savings plus a 250 prepaid card. Comcast business. Built for business. Welcome back to squax. My frustration is theres a list price of 608. There is a system. I laid out there are four or five hands that the product touches and companies that it goes through before it ever gets to that patient at the counter. No one everybody should be frustrated. I am hoping that this is an Inflection Point for this country. Our health care is in a crisis. Its no different than the Mortgage Financial crisis back in 2007. Meg terel joins us now. What the mmylan ceo did yest was bring a fight. It usually takes place behind closed doors. This really affected the stocks of the rest of the supply chain yesterday. The pharmaceutical Care Management association t trade group for pharmacy benefits managers came out with a statement responding yesterday afternoon loop lg mylan and saying that mylan is simply the latest drug maker trying to reframe the pricing problem into a coverage problem. Blaming payers for the massive price increases is a red herring and doesnt pass the lab test. We also talked with a chief million dr. Dr. Who issued a channel to mylan. We would love to see lower drug prices. We pass the savings we take from the marketplace back to our plans. I challenge her, she can lower the price today and well make sure our patients get lower copays and our plans pay lower prices. Because of course Heather Bresch was making the argument that the system incentivizes higher prices on branded