If you look at the yen, to see how the markets are focusing up on all this, the dollar yen looks like its sitting at 101. 52. The nikkei up by about 2 on this. A lot of options that the bank of japan had. This is not one of the four major ones people were anticipating. A bit of a head scratcher. Jim can make make sense of it later on. I was listening to Worldwide Exchange driving in. Its a little wonky. Just trying to fix tenyear bond yields, but probably all about the yen. I dont know what to make of it. Heres the thing. This is the wall street journal saying yesterday stocks moved up based on it. The dow edged up as investors awaited policy decisions. The bank of japan is the big the bank of japan, for the hard core investors, this is the game. I will say, jim can clear some of this up, by not easing further, by not luring Interest Rates one more time, by saying they wont buy more in bonds, that may give our Federal Reserve room in terms of going ahead and pushing rates higher. Its been a huge part of whats holding them back, not wanting to be the only one moving in the opposite direction of the central bank. So basically moms 401 k and 529 plan are driven by stock investor heres here, which is by the fed, which is driven by the bank of japan . Sort of. So if we go higher at the end of the year, i urge everyone to send an email to kuroda. Thank you very much. The federal vooreserve and jt yellen taking central stage today at 2 00 p. M. Eastern. Thats followed by a News Conference. We will be parsing the language for any hint that the rate hike may be coming at the december meeting. Power lunch will have full coverage of that decision and follow up. The show begins at 1 00 p. M. Eastern. Hosts are nice. Futures indicating some optimism. European markets across the board are higher. All the major indices, germany, italy, france, spain, all up by 1 . Driving that may be crude oil. Crude oil has been volatile lately, but this morning up 2. 13 . Rbob, gasoline futures, up about 2. 5 . A couple corporate stories to tell you about. Samsung saying that more than 500 replacement galaxy replacement note phones have been shipped to stores in the u. S. And will be available starting today. The Company Recalled 2. 5 million phones due to a malfunction that causes the battery to overheat, catch fire and explode. Apple now spending more to make that new iphone 7 than it did on the iphone 6s, due to knew features such as bigger battery, larger storage capacity. This is coming from a tear down by ihs market, finds the total cost to manufacturer the iphone 7, 235. Still a healthy margin. The estimated cost is similar to rival phones made by samsung but apple commands better margins. Finally a little bit of earnings news. Fedex beating the street and raising fullyear guidance, it sees its income rising for the year despite its acquisition of tnt express, which has weighed on the bottom earnings. Revenue of 14. 66 billion beating expectations. The shipping giant citing Strong Revenue in express ground and freight business units. Fedex offering an upbeat assessment for holidays saying they will benefit from ecommerce transactions. The question is how much of a signal this is about the rest of the Retail Market and the world. So much as it is about the fact that i think they cleaned up a bit of their operations. They got more efficient. Ceos under fire in washington. This was the reception for wells fargo ceo john stumpf yesterday on the hill. You should resign. You should give back the money you took while the scam was going on. You should be criminally investigate investigated. Mylans ceo seat later on. Heather bresch will be talking about the epipen price hikes. Meg terrell has more. Reporter Heather Bresch will testify in front of the House Oversight committee today at 2 00 p. M. Well be at that hearing covering it. She is going to be asked about the rising cost of the epipen, the price for a two pack has risen to more than 600 from less than 100 a decade ago. In her prepared testimony bresch is sort of expected to break out what the cost of the epipen s sort of what she did with you a couple weeks ago. They say after rebates and the cost of goods, the total profit is 100, or just 50 per pen. She says in her testimony that price and access exist in balance and we believe we struck that balance. Also going through a lot of the Access Programs they laid out to help patients pay for the drugs. They says looking back i wish we had better anticipated the magnitude and acceleration of Financial Issues for the growing minority of patients who may have paid the full wholesale acquisition costs and more. About that price and decisions on who raised the price and why. They will be facing questions about their epipens for schools price, and classification under medicaid. Many states claim that mylan misclassified the epipen to pay a lower generic rebate. Heather bresch not the only one testifying, there will be someone from the fda, but most eyes on Heather Bresch. Did they watch yesterday . Was there a lesson in what happened yesterday . You know, i didnt ask mylan whether they watched yesterday. I assume they have been. Elizabeth warren will not be on this Committee Asking questions, im sure shes following the situation closely. This is a different situation, too, because her own connections with people on the hill, her father is a senator from West Virginia. The lead story in usa today talks about how her mother used her post to try to push epipens into schools, 11 states, then later signed on and said the epipen is what you had to have in schools through the nurses office. Raises all kinds of questions. I wonder how that will play out on the hill today, too. Will be very interesting. Mylan having so many connections with the government and important connections for them. These legislative actions have been helpful in increasing awareness of the epipen, getting them into schools, also stocked on airplanes. Mylan argues this legislation is important for awareness of an anaphylax anaphylaxis. But it also boosted the bottom line. When she did that interview with you and came up with a number of new programs to get to people, epipens for cheaper prices, that seems different than the accountability that we saw from john stumpf. Totally different scenarios. Well see how much of a grilling it is. I thought yesterday was brutal. Both with wells fargo and this situation, youre dealing with direct contact with consumers who are hit hard by this. Consumers are paying more out of pocket now than a few years ago. Raising prices in that scenario looks like it was tone deaf. Im sure they would take back some of these things. I have not spoken with them, but i assume what well hear today this is important for investors, too well probably hear more of what we heard in the interview, which is were not making 600 an epipen. That everybody is taking a bigger chunk. Watch the pharmacy benefit managers, the cvx, express scripts. Well hear how much theyre taking. And Insurance Companies, as heather tried to lay out, the Insurance Companies are taking more. Mylan raised the price, but everybody is taking a bigger cut. Let me ask, what confused me is their contention that they only make 50 per epipen. After costs, after everybody takes a chunk. Theyre now offering a 300 rebate. Are they taking a 250 loss on every pen theyre giving away . No, i believe some of that is subsidized. I dont know who is eligibility for the rebates. Im not sure anybody does. I had some people write me saying they applied for rebates and were rejected. We talk about is this political theater but does this mean the regulators across the board yesterday, thats what happened with wells, thats the issue. Its much tougher regulation on every player. I guess or does the regulation go across the board . When you hear Elizabeth Warren call for vast criminal investigations, that changes the game completely if, in fact then regulators is there one upside into this which is for the first time in a decade we have actually seen members of senate and the house come together and agree on anything. Thats the thing i took away, too. Both sides are equally outraged over both issues. If you want to find a positive in all this, i know its a small thing, at least maybe now the two sides are talking of a common beef. The epipen issue. Its a big deal. We buy them. The problem is that you buy these things if you have one child who has an issue who needs this, you need it for your house, you need it for the car, you need one for the school and these things expire every year. I can afford to pay it, its not a big deal, but for a family, its 1800 to make sure youre covered and you have to throw it away every year. Thank you, meg. The stage is set and the markets will hear from the fed on its decision on raitts. Joining us is jim mccoggin from principle investors. Drew mattis is also with us from ubs. I just frame this whole conversation around the fed. Before we do that, because its the part of the day, i wonder if it will impact what happens later, what do you make with what happened to the bank bank and what that means . It was unexpected for us. What were seeing out of the bank of japan is good news. We cant keep doing the same thing thats working and hope it continues to work. Theyre trying to figure out a policy that does work for them. Thats a much healthier environment than the one we had yesterday. We go to a zero Interest Rate target for ten were government bonds. Whats the lesson in that if youre gjanet yellen . Im not sure there is one because the Economic Situation is so different. For japan, theyre trying to do everything with monetary policy. They need a more accommodative fiscal policy. Its too tight. They need structural reform to get the labor market moving. This has been an ongoing conversation. Are they not going in the right direction . Theyre not. Are you talking about taxes . The taxes at times they pit off . Yeah. We have heard the prime minister, shinzo abe, talking about trying to change the structure of the work force getting more women involved. That will take years. It takes years and years culturally but it also takes quite a bit of policy change to make it really happen. You have to work through education. You have to work through training. Get people on to the labor system. I never got the sense that women in japan are not highly educated. Theyre highly educated but not in a sense to get a job. Thats not been their insenttce in the past. But you need more of a Vocational Training attitude and getting people into the work force with more diversity. While women are out of the work force in japan, to the extend they r you will see slow growth. These are the kind of Structural Reforms they need. On the fiscal side, they had the right idea moving towards goods and services tax, but they did that without giving relief on the other taxes. That means fiscal policy is too tight. Now, they have a high debt level, so its very difficult how do you manage that. My view would be that they need to have a more accommodative fiscal policy in order to pay off the debt. I worked for the japanese more than 20 years ago. Not for a whole long time, but you get an insight into the culture. In japan they dont have nursing homes. When youre elderly, you live with your family. The demographcrat gra demograph people of japan, so many older people are living at home, i dont know that anything that bank of japan is doing will solve that, because all the excess cash is going towards tending to the elders. Shinzo abe talked about monetary policy, fiscal policy and structural reform. Theyre trying to win with one arrow. You think the other stuff is just talk . At the moment it is. I would like to see them be more accommodative fiscally and get to grips with structural reform. The contrast to the United States is we had some really quite significant structural reform for example, twe had a period, correctly under both parties, of fiscal easing and of a big deficit. That worked in the u. S. Lets go domestic, since we did set this up as a fed conversation. What would happen if they move today . Nobody thinks it will happen. I think the initial response would be negative with equities down. How much . I really cant put a number on it. No one is expecting it. I dont think it would be a great day. How bad a day . Couple percentage points. At the end of the week i think you would look up and people would be more okay with it. I think it would be a net positive if they had gone today. Any chance in the world . There is a chance but not a high chance. I hope they raise rates. The economy can take it. How would you position your portfolio if you were a shortterm trader today . You would be looking for the dip to buy. All right. That would be my advice if its any use. Well leave the conversation there. Guys, thank you. When we return, former president bill clinton weighing in on trade and Corporate Taxes. We have his comments from our interview with him from the Clinton Global Initiative. Thats next. And music that can make you feel better. Well tell you which song is the happiest song in the world. I can think about five that might qualify. Thats just me. With this level of engineering. Its a performance machine. With this degree of intelligence. Its a supercomputer. With this grade of protection. Its a fortress. And with this standard of luxury. Its an oasis. Introducing the completely redesigned eclass. Its everything you need it to be. And more. Lease the e300 for 549 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Welcome back to squawk box. Youre listening to dont stop me now by queen. Were playing this song because its supposedly the happiest song in the world. Boo. A neuroscientist at the university of missouri used answers from a British Music survey to come up with what he says is a formula for songs that tend to make people happy. Among the findings, the average tempo of a feelgood song a higher than the average pop song. This song is not happy. Im just telling you what this gentleman hes just the messenger. The song is making me angry. Me, too. It includes key, theme and lyr lyrics. I have gone online to see what other songs that might make me happy. They have not put out a full list. I can think of 50 other songs. I can think of another queen song. Youre my best friend. How much do you think this is a cultural thing. Yes this is a british thing this culture does not translate. It is based on a bretti ibri survey. This song is filled me with rage now. Can we play youre my best friend by queen . Thats a far better uplifting thats a good one. This is ear worm. This will make you happy because you knew it as a child. Which song was that . Small world. That makes me filled with rage also. If you go to disney, you realize its not a small world. If you want to be happy for the rest of your life something fun. Yesterday i sat down with former president bill clinton is that meatloaf . No. Much older. I digress. Yesterday i got the chance to sit down with bill clinton, the former president at the 12th and final meeting at the Clinton Global Initiative in a wideranging conversation on cgi and Hillary Clintons race for the white house, we talked about Economic Issues as well this is what he said about job losses from tpp, even though he is still defending nafta and where he thinks the u. S. Corporate tax rate should be, and its not what the Hillary Clinton campaign is promoting now. What do you think about tpp . People look at that as the legacy for nafta. I dont think it has anything to do with nafta. The geopolitical reasons for it from americas point of view are pretty clear. Its designed to make sure that the future of the Asia Pacific Region economically is not totally dominated by china. Its clear what hillary said about it. And that is that there needs to be provisions on currency manipulation that are enforced. And there needs to be, again, measured put in place in america so that we take care of whatever dislocation ever happens simultaneously. Everybody makes nice about doing something about it. Then at least for the last 20 years for most of the Time Congress never wanted to do it. You just cant do that. Its not true. In places where theres physical isolation, the market economy will not make up the difference unless there is a Real Investment or a Real Investment incentive or both. Whats the right Corporate Tax rate to make sure youre bringing in income and also incentivizing businesses to be investing in america . 15 . 35 . Somewhere in between . I was the president who urged it to be raised to 35 . But when i did it it was precisely in the middle of the oecd countries. It isnt anymore. So i believe i think it should be lower. This is just me now. I think it should be lower. And there should be we should do sort of what the japanese did. We should try to get it as close to the international average as we can, so well be competitive. But we ought to have an alternative minimum so everybody pla pays something thats acceptable and you dont have to worry about finding every last tax shelter and every last this, this and the other thing. Just say, you know, do that. I would like to see a Repatriation Initiative that works differently than when president bush signed one. This is one where he has a more liberal position than i do. Because he got so mad that he signed the 5. 75 repatriation bill, and he said none of it was it was reinvested. It was all stock buybacks. I think we should allow repatriation if x percent of the money, whatever it is, some percent, goes into buying investments in the National Infrastructure program. If we have Infrastructure Banks. This is not