So tastes like a guinness. A little early. Im Andrew Ross Sorkin. Joe kernen is here becky has the day off. A lot of news to get to. Dow up about 26 points nasdaq up about 5, s p 500 up about 2 1 2. Lets show you overnight in a a asia, green arrows across the board. And european equities well also show you, its green, green, green. And if youre buying wti crude by the barrel, oil is moving higher on news of a sharp drop in u. S. Oil supplies wti crude right now at 48. 29 today well get an Interest Rate decision from the fed this afternoon. Wall street is widely expecting policymakers to keep rates unchanged. Big focus is what the fed says about inflation. Well have full coverage beginning at 2 00 pchl we have 175 s p 500 Companies Reporting this week. Today its boeing, cocacola, ford and among all the names youre seeing there. But well get that before the opening bell and then we hear from facebook, gilead, whole foods after the close. And viacom looking to make a cash bid discovery also said to be bidding but not cash offer Scripps Family wants 50 of the deal in cash and the deal could come soon. President trump says that apple ceo tim cook promised to build three big plants in the United States. Trump made that comment in an interview with the wall street journal. Apple doesnt do much of its manufacturing, but one of its major suppliers fox con is expected to mike aun announcement about u. S. Based manufacturing as soon as today in other news, President Trump giving mixed signals on who he height pick to be the next fed chair. The president said he might renominate janet yellen to a second term, but is also considering gary cohn. Trump said yellen has done a good job he also said he likes her because shes a low Interest Rate person. The president said he would likely announce his peck at the end of the year. If i remember correctly, he hated low Interest Rates for a very long time no, he just said that he used to say he liked it as a real he is say ty thestate guy and he was saying the narrative that a lot of people say, that we were no longer in a divergence situation gary cohn told me that he thought trump would be the kind of guy that would want to keep yellen in place because of her relative dovishness. So that was his insight long before he was working for the president. Name dropper. He was just talking about charles schultz. By the way, i just read this im the name dropper. Im just trying to explain the interesting turn of events now that were talking about the two of them together by the way, do you want one no. Enjoy it while you can because that machine in there that i use is like the most expensive coffee machine and it makes great coffee its fine. When cord cutting and Everything Else that comcast when it gets to the point, if we ever go into a slow period in this economy i think my nitro is going people start saving paper clips when times get tough you will not be drinking your little nitrogen oxide 8 two of those. Im clipping coupons. I dont know if this is true, but i just read a note from a ubs guy saying once the president afternoon possibilities a fed chair, that person can the no be not be fired. Which is interesting that the fed wants to make sure they are on autono be not be fired. Which is interesting that the fed wants to make sure they are on auto guy lot in case he puts someone super dovish in place. So we have to check and see if that is true or not. Really youre not supposed to fire he supposedly serves the blind lady with the, you know blindfolded blindfolded lady, right that is supposedly who he interesting piece in the journal today. This is all im going to say i watched some of the president s speech in youngstown last night and he talked about a lot of the accomplishments with immigration and how things are going this is all Jeff Sessions. Jeff sessions is doing a lot of the president s bidding as attorney general so there was a weird disconnect that he was talking about how great everything is going. Isnt that why breitbart was getting upset . A lot of people getting upset. Lets get to washington this morning. Senate republicans narrowly agreeing to open debate on a bill to end obamacare, you about the first effort to repeal and replace failing 4357. Kayla is in washington with more on that news good morning. Well, after the vote last night to move to proceed, lawmakers are beginning an uphill climb toward an agreement on health care but securing yesterdays senate vote to proceed with the debate was touted at a rally in ohio despite the fact that the vote failed sfw failed the senate is working not only to repeal obamacare, but to deliver Great Health Care for the American People. Any senator who votes against repeal and replace is telling america that they are fine with the obamacare nightmare. And i predict they will have a lot of problems. There were two senators who voted no on the motion to proceed, nine who voted no on the senates replacement bill. Now a vote on the standalone repeal so the bill from 2015, that will take place around noon today. The house also though voting to approve a new sanctions package partly on russia that allows lawmakers to reject moves by the white house to loosen them remains to be seen whether the white house will sign the bill when it arrives. This has been an issue throughout the week. Sarah Huckabee Sanders in a Statement Last night said while the president supports tough sanctions on north korea, iran and russia, the white house is reviewing the house legislation and awaits a final legislative package for the president s desk and the are ush srussia investin itself moves forward with Paul Manafort reaching a deal with the Senate Judiciary committee after hours of back and forth to provide documents to the committee. Leaders of the committee saying faced with issuance of a subpoena, we are happy that mr. Manafort has started producing documents to the committee and we have agreed to continue negotiating over a transcribed interview. The chair of that Committee Earlier had threatened to subpoena manafort after the talks broke down, but clearly they have now reached a deal meanwhile the heavy lifting of the president ial economic agenda is largely happening on capitol hill, but i do see that on the white house schedule there is a jobs announcement slated for 5 00 p. M. Today. And were continuing to watch health care which is most closely in focus kayla, we have tom price and kevin brady on, so were where its at. So you need to watch us although well watch you, too about the health care thing, the Huffington Post gets very nervous if it looks like something positive for republicans is happening you can just admit you like it anyway, today, this is gross, they have like a syringe that is leaking blood and its like any way, it says code red, repeal gaining steam so they may be talking about the skinny repeal. There is a skinny bundle but now i thought actual repeal is more of the repeal and then the two years to replace. Youve heard of a skin any g margarita. So this is similar to that the mandates go and the medical device tax goes. And that might go, right the fear is that this skinny repeal would have a little bit of a worse hangover for lawmakers. So excuse the pun there. So they are going to vote on the standalone repeal, that will happen around noon today but the expectation is that that wont pass because it does not have the support similar to right, but getting the vote for the skinny repeal. And then they have to work toward something that mimics both a replacement and repeal and skinny repeal would repeal the mandates but keep the taxes and regulations in place not the medical device . Not the medical device tax. That is the only one that would be repealed. The rest would stay. That is seen as something that at least on the senate side could get enough support to pass but still face issues in the house. So we have the first step down, but there are about ten more steps to go. And some people saying that was the hardest step and now that they got through that, that they will do this repeal and send to the house and then they will handler hammer something out. Its important to note that nothing but the skinny repealdlg out. Its important to note that nothing but the skinny repeal had anything about replacement it simply retracts fewer funds so that is why some senators are more comfortable with it, but it doesnt do anything to provide a plan or tenants of a plan going forward. They would 12i8 hastill have too that i ran into corker and did he not vote for this because it was not moderate enough or not tough enough im not really sure because hes worried about the budget hes worried about what things cost but then i think everyone said do you know what his rationale was . I dont i havent spoken to him personally hopefully well run into him on the hill today but he had been critical of the replacement bill on the hill ast it he was definitely outspoken in that way but was optimistic that they would reach an agreement on a replacement. Obviously they didnt and it was still nearly the exact same bill with a couple amendments that didnt have a cbo score. All right kayla, thanks. Well move on to at t. Shares are rising, Company Posted earnings of 79 cents a share. Revenue also beat. At t lost 199,000 subscribers, but the loss was offset by gains in its direct tv now online streaming service. Jennifer fritz, seen yonior anxs list at wells fargo. Bundled services was a positive, is that the way to read this yeah, joe, i would say the headline here is the bundling strategy is gaining its sea legs under it this was really the driver with direct tv merger two years ago and then another driver driving time warner to add layer content on it. But the Second Quarter showed some nice traction in both those categories i think i have a bundle from comcast. That is just where you have the phone, internet, you have everything in one package and it may not cost as much as some of the parts, right right but comcast doesnt have wireless theyre working on that, yeah exactly so wireless is a key part of this and as you noted, wireless net ads were actual will you less than we thought they would be losing. So that is actually a less bad good scenario. In terms of where at t would like to be a year or two from now, will they be all things to all people by then if they are able to do the time warner deal . Yes i mean, all things to all people is a big statement, but i think that they will be a multifaceted communication player that owns kept and if you really believe content is king, they are buying very good content and we do believe there is very little risk to that deal getting done and i expect to be done probably a few months before the year ends jennifer, rich greenfield is always outspoken in his reports and on twitter last night writing at t direct tochlt v sale blossoms, accelerating even with the benefit of direct tv now. He writes seven times worse year over year without direct tv now, four times worse including it. Good luck bundle. Well, i would debate that point. Would you do good luck at t or not i would say good luck others. I think that the bundling strategy linear tv trend is what it is but at t more video is being consumed than ever and the reason for that is while linear tv declines are indeed happening, hes correct in that statement, more videos being watched over the top or wireless and in that case at t is switzerland because they have their hand in each honey pot so as they are able to touch that video consumer, however that person is consuming that individual i dont axwro video and layering content on top of it with time warner, i think they are going where the puck is going versus reacting to the here and now and i think that will prove to be the right strategy where does this leave verizon . How much heat does it put on them to do deals i think verizon has talked about eachly that they dont feel they need to use own traditional content. So well see if that happens i think verizon pressure that they will face on thursday will be more on the Wireless Services margin or revenue pressure we estimate 7 versus less than 2 for at t this year. So there have been a bit more in a transition but i wouldnt underestimate verizon here i dont think they will be forced in a corner to do a deal and i would very much focus on the Network Strategy that they have in place with the fine abe buildout the stock itself has been tough to move that higher. The yield is 5. 4 , so that is Pretty Amazing but its almost like the time warner deal was necessary, snag almost had to be done. And that might be the answer to moving the stock higher too . And i think i heard the prior reporter talking about washington, and i think washington has been so gridlocked on health care, once we get to tax reformdont forget these two stocks. At t is the largest capital spender of any u. S. Company and right behind it is verizon so if were given any sort of tax relief, in many ways these stocks are like bonds, they will move on that net neutrality, too correct okay. Jennifer, thank you. Thanks a lot. Lets talk chipotle. Chipotle posting earnings of 2. 32 per share beating estimates by 14 cents. Revenue in same store sales fell 140r9 though company said an investigation of the new years day row v neurovirus outbreak found a staff member was working while sick and the restaurants leadership was not folk safety protocols. You will recall the report just of that Outbreak Company lost about a billion of value one sick guy cost a billion good morning. So i want to talk about the earnings, but why does this keep happening to chipotle . Is there is a problem at chipotle to these things happen at the other restaurants and we just dont hear about it . Yes, the latter there are 20 million cases of neurovirus a year in the u. S. And the fact is that chipotle is a lightning rod for these kinds of things now. So the e coal l. Coli incident spotlight on chipotle and there are clearly people waiting for them to fly too close for the sun and fall so there was a little bit of scrutiny beyond even what you might expect from a typical restaurant and so now every time anything pops up with respect to supply chain or in this case highly contagious thing like norovirus, the response will be amplified and revenue still come ka in low. There is always a disconnect between street consensus and where investors might be and you can see that, the stock has pulled back. I think 8. 1 same tore sastore s in line with what people were expecting. And that included a drag from an impact of a data breach that they disclosed i dont know what the promised lachnd is, but i know they are testing out drivethroughs what is the evolution of this company . I think evolution is the right word and in some ways its been accelerated. If there is a silver lining, its that they are doing things to drive the business forward that historically they never would have even contemplated drivethru is certainly one. Clearly people want them to do that in the same vein, people want menu innovation. They are launching queso you look at social media, queso outspiked some of the negative news when they talked about the launch so they are doing those kinds of things do you want them spending more money on marketing . There are two views. Some investors think that they should be just throwing money at the problem right now to try to remake the image and get people in the store and others who think that it wont work. I want them spending better money on marketing we saw that in the quarter they kind of did a mea culpa that some of the content that they used in their Marketing Campaign didnt really have that kind of traffic driving motivation for consumers and that is what we always say in restaurants there are two truisms to advertising. One is National Television advertising is still the best way to get a broad reach and, two, you have to show pictures of the food and they did National Television advertising, but the pictures were a little late in coming in terms of competitors, Steve Easterbrook seems to be doing well for himself and for mcdonalds shareholders and i hent for tmeant for th shareholders i see why you wondered, though ceos are paid a lot. Where do you put chipotle in your universe in terms of your favorites . Were recommending mcdonalds, as well. That is one where i feel like there is a very good risk reward. Chipotle id put at the other end of the spectrum. High risk, but high reward we have probably the most up side to our target price for that one clearly they have to execute very well. Who come you ndo you not lik screen i like strauntd restaurantsy we are more cautious on casual diners its just a lot more wood to chop sarah, thank you. And a quick programming note you want f to catch Steve Easterbrook on squawk on the street 9 00 eastern this comes just a day after the fast food giant reported better than expected Second Quarter results doing well for himself and the shareholders no less and the dow jones yesterday comin coming, Earnings Reports and fed announce chlt. And a full market rundown straight ahead dow implied to open up 17. Who knew that phones would start doing everything . Entertaining us, getting us back on track and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save when you choose by the gig or unlimited. Call or go to xfinitymobile. Com. Xfinity mobile. Its a new kind of network, designed to save you money. Earnings continue to push the markets higher joining us is Michael Tyler along with matt toms they have 134 billion in fixed income assets. So well could to you both. And lets just begin with you, matt fixed income, bond yields, felt like its not all the story this year were focused so much on equity prices what do you expect out of the fed today . We were calling this the jersey shore version of the fed meeting. So