On cnbc. Im sara eisen im wilfred frost well get to the Global Market picture in just a moment and Hurricane Irma and todays agenda first overnight a powerful magnitude 8. 1 earthquake striking off mexicos surn coast ea Southern Coast this morning this triggered a tsunami warning. The epicenter hit about 70 miles off the coast of chiapas, mexico multiple aftershocks have been recorded we continue to follow details of that story a bit of a market reaction. Peso getting hit on that lets get an update on hurm machlt the most p Hurricane Irma its still a category 5. Wind speeds decreasing to 160 Miles Per Hour t is headed for miami. The death toll has reached 12. Forecasters say irma has peaked in intensity and it is supposed to weaken slowly, but even a slightly weaker irma is expected to do serious damage a full report coming up as florida, georgia and the carolinas all brace for irmas arrival. This is the front page of all the newspapers with florida expecting a direct hit this weekend. Lets check in on the Global Market picture this morning. We had a slightly negative day yesterday for the dow, the s p, the nasdaq was fractionally higher solid declines, down 1 for the dow, a half percent for the s p and nasdaq most of those declines did come on tuesday after mondays holiday and various north korea headlines. It looks like we will add to the declines today the dow called lower by 35 points the nasdaq by 11, the s p by 4 or 5 points. Lets look at the dollar that was the big mover yesterday. The dollar index itself against all currencies down 0. 8 it was sparked by Mario DraghisEcb Press Conference it didnt just lead to a move against the euro the euro firmly back above 1. 20. Another day of dollar weakness particularly against the yen 107. 71 the pound up to 1. 314. Part of this is the yield story. The tenyear treasury note back below 0. 5 2. 04 this morning mario draghi didnt really say anything that bullish for the euro they lowered their inflation forecast for next year ecb has a single mandate either way, it sparked a broad selloff. Because he didnt jawbone the euro weaker in a stroke enough way, so everybody took it as a license to keep buying it. He talked about how the strong euro is impacting inflation, they have to work on it, incorporate their analysis and decisionmaking but he did not say anything about extreme moves, or anything but thats not in his mandate. I didnt expect that personally. It was an odd spot for it. If we look at the euro dollar pair, yes, yield differentials between treasuries and bunds have moved in a way the last three, four months to suggest the euro needed to rally, but not to this extent i dont see what spark was yesterday to see it jump up again. We talked to strategists about this, it was happening on squawk on the street, beyond the euro factors, the fact that draghis lack of stronger words was a license to buy north korea creating a safe haven bid for u. S. Treasuries, yields lower, dollar weaker has been a theme the euro has looked at now as a safe haven theres political nows around the u. S. None of these are as strong as rate moves, but all of this you hear if youre buying u. S. Treasuries for safe haven trades, thats buying of dollars as well. But its lower yields, money chase yields thats a weaker dollars. If foreigners are buying treasuries, they are also buying equities the nikkei closed lower by 0. 6 hong kong up a half percent. That was the bright spot in the region shanghai comp was flat for the session. As for the early action in europe, lets show you whats happening there. Were seeing some softness german dax was selling off i thought it was interesting to see the stocks withstand the euro strength yesterday in the session. Thats been a weak point because of the exporters particularly the dax which has a lot of exporters within it, up about a percent the loser of the week is the ftse 100 the dax has had a good week. Oil has had a good week. Up nearly 3 4 for the week coming into today. But losing 0. 6 . So it takes the gains for the week closer to 3 for wti crude. 48. 8 gold prices to round things off, also had a decent week up 1. 5 before todays trade so a 2 gain week to date. 1356 for gold. Florida bracing for Hurricane Irma lets get the latest on where the storm is tracking. Kalee dionne joins us now. Reporter as of 5 clock the storm has weakened a bit more. Its down to 155mileperhour winds. The storm very strong. Still a large, major hurricane whats happening here, why its weakened is because its going through an eyewall replacement cycle. Theres stronger thunderstorms outside the eyewall that is now having the inner eyewall collapse we expect once that eyewall forms back up again for it to increase in intensity. So you will see fluctuations going from category 4 to category 5 its still over very warm water and it will continue to do so until it gets to south florida heres the updates overnight hurricane Warnings Issued for south florida. Hurricane warning for the bah a bahamas and some of the northern shore of cuba also hurricane watches as far north as West Palm Beach and the southern edge of Central Florida a lot happened overnight we are still expecting the potential in regards to track, if you want to move over here, you can see the track better that will go towards south florida. Everyone needs to be prepared and finish that this morning thank you for the warning there. Wanted to ask you im read being barbudas Prime Minister saying the island is barely habitable as we look at some of the destruction irma caused now were on guard for hurricane jose what do we know about this. Hurricane jose wont pose a threat to the United States but some of the islands will be on the outer edge of that storm its a major hurricane, category 3 storm. Theyll not only deal with storm surge once again, but also some very strong win gusts. Unfortunately that island is in for it again as we go into the rest of the afternoon today. Well continue to watch the track. Thank you. Among the top corp trorate stories, equifax says a cyberattack revealed the data of 143 Million Consumers. Reporter equifquifax says tt criminals used a vulnerability to get access to certain files potentially 143 Million Consumers were affected. The data includes names, birth dates, drivers licenses and Social Security numbers. In addition, three equifax Senior Executives sold sock on august 1st and 2nd after the breach was discovered but before the cyberattack was revealed the firm said the trio had not been informed of the incident and had no knowledge of the issue before selling shares worth almost 1 1. 8 million look at the stock. Equifax shares are tanking on the news, down about 13. 5 on early trading. Third of americans now have their information exposed on the dark web were talking about Social Security numbers how do we know you can call in, but some have tried to call in and it wasnt working i havent had the update yet, they are setting up ways to see if your information was exposed. Right now, hope for the best just to be clear, do you have to be an equifax customer or is it just anybody who has had a credit check. Do you have to be a customer. You have to call in, check and see if you were one of those like you said, its a whole, whole ton of the u. S. That uses this service landon, thank you very much for that all sorts of corporations use it to do checks even if people are not sure they themselves have signed up for equifax, they could be used by it particularly damaging for a company like equifax whose job is Data Analysis jt a and Identity Theft. Its a damaging blow for their image. Down 13 this morning. Dont miss the 2017 cambridge super summit on october 4th bringing together Top Technology leaders, ceos and officials to discuss the latest on cybersecurity theres a pair of economic reports to wrap up the week today. July wholesale trade numbers out at 10 00 eastern at 3 00, july consumer credit. Philly fed president Patrick Harker speaks at a conference on consumer behavior. Kroger will report before the opening bell the cfo will be on squawk box at 8 20 eastern. A few weeks ago, the ceo of kroger came on cnbc to talk about the new whole foods deal and how he was not threatened by it, wasnt threatened by lower margins or the move into online groceries by amazon. I think theres still questions for investors. Well hear the answers later today. New york fed president bill dudley says the central bank should continue gradually raising Interest Rates in a speech the policymaker pointed to expectations for a rebound in inflation unlike his comments from a few weeks ago dudley did not go as far to say he expected to raise rates once more this year. Dont miss Steve Liesmans exclusive interview with dudley today at 10 00 eastern can he stem that slide we saw in the dollar this week the house is expected to pass a 15 15. 3 billion Disaster Relief package today that bill linked to an increase in the debt ceiling which would keep the government operating for three additional months. It was passed by a vote of 8017. The house vote would send the plan to the president for the signature. This is the deal he made with the democrats attaching the harvey aid to both the continuing resolution and the debt ceiling in corporate stories, adp is pushing back against blackmans pershing square. In a lert the hedge fund said it would end its proxy contest if adp expand its board but in a statement adp responded that pershing squares approach spren hissings to risks to shareholders. Shares of akzo nobel are down the company says it will not achieve its operatingised was tr in july, akzos ceo also quit due to health reasons. Second Quarter Results for c cloudera rose. It is raising its fullyear outlook. Up 44 this morning. Shares of American Outdoor brands are sliding the gunmaker reported First Quarter earnings and revenue that fell short of forecast. This quarter faced a Challenging Comparison to last year which was driven by demand for firearms on concerns about potential gun control legislation in the u. S finisar is reporting First Quarter earnings in line with estimates. The Fiberoptics Company gave a Second Quarter outlook that missed forecasts. Veriphone reporting a surprised Third Quarter loss due to restructuring charges related to china operations. They also gave a weak outlook for the Current Quarter redfins Second Quarter earnings in line with expectations. The. Zumiez is reporting a narrower Second Quarter loss revenue slightly topping forecasts. Samestore sales rose nearly 5 . Merck says a closely watched Clinical Trial shows combining a drug with chemotherapy appears to provide durable benefits for people with advanced lung cancer that was previously untreated. The fda approved the drug cocktail in may. Merck says people in the trial survived 19 months on average before the disease got worse versus about nine months for those on chemotherapy alone. The fda sent a warning letter to a unit of fiz their manufacturers the epipen saying the company failed to investigate product failures even in cases where patients died the epipen is sold by mylan but is produced by pfizers meridian unit between 2014 and this year meridian received 171 complaints about injectors that failed to activate in a statement pfizer says it is confident in the safety and effectiveness of epipens produced at its site. When we come back, wells fargo one year later did they manage to shake off the fake accounts scandal . And then later this morning, dont miss an interview, nelson peltz is joining squawk on the street to talk about his new white pipe argaper arguing for s and why he should be on the board of p g and whether or not hes an activist investor. He doesnt like that title youre watching Worldwide Exchange. I did. I didnt pay for anything. You never do. Send me what i owe. Ive got it. I mean, you did find money to buy those boots. Are you serious . Is that why you dont like them . Those boots could make a unicorn cry. Yeah, tears of joy. The bank of america mobile banking app. The fast, secure and simple way to send money. You myour joints. Thing for your heart. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost, so all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Today marks one year since the news of the wells fargo scandal broke. Welcome back. Wells fargo was fined 1 185 million for creating unauthorized bank and credit card accounts for millions of customers without their knowledge. You have not returned a single nickel of personal earnings mr. Stumpf, are you considering resigning . Will you give up your own bonuses . Tim sloan will take over as ceo of wells fargo and that ceo john stumpf will retire as chairman and ceo i guess all of that happened within the first month of that breaking youve been following the developments since then. And some news items to still worry about here. Yeah. And a perspective of what comes next for them. It got worse for stumpf, he had to 69 million of pay nine members received 70 approval or lower. That led to a new chairwoman being announced last month but the most significant recent revelations, as you were saying, the original sales scandal could have affected 3. 5 million accounts rather than 2. 1 million on top of a fresh issue in auto insurance. That raised questions about the new yearold Leadership Team given their messaging earlier in the year you said in the past that you thought things would get worse before they get better where are we on that sort of scale of things . Is the worst behind you . Is it improvement in Sales Numbers in terms of trends from here i think so. I think so we accomplished all the business changes we wanted to accomplish, now its about execution where do things stand now do new revelations of false accounts, auto lending issues and lawsuits need to lead to more ninl cofinancial costs . The company says no. Secondly, has the share price taken a hit . The price has underperformed the bank index by 27 already, almost all of that from lost multiples, not lost earnings question three, does there need to be more Board Changes the august announcement saw 3 of 15 leaving with one new addition final question, tim sloans position, is it safe given the most havent extension of the crossselling scandal under his watch . Thats a question for the new chair, betsy duke to answer. Certain politics would love to have their say that share price relative to the rest of the index quite stark. Why are the new revelations and issues coming to light why hasnt there been a more thorough investigation to put it behind them as theyve been trying to do for the whole year . Thats a totally legitimate question clearly these things did not happen on tim sloans watch, but in march he said the worst is behind him youre seeing this come out later. Its a worry for the bank. If you talk to the analysts, theyre not that bothered about the extension of the number of potential accounts in the cross selling scandal. That came from an extension of the time frame the auto lending issue is more of a wildcard for them the other wildcard is if these guys have to go down in front of another political hearing, it gets so much focus with that does that do more reputational damage so far this hurt the Bank Share Price based on multiple as opposed to earnings. Still 30 . Feels like one thing going for the banks, theres a mood in washington to alleviate some pressures on the banks, to deregulate, make life easier, get them loaning again so you dont have the bankers coming in facing the tough questions like you used to. Thats one factor a big factor the other factor is mr. Stumpf faced this at the end of a period a congressional period coming into an election, they didnt have much else on the agenda now they have so much on the agenda, that pushes the likes of this down for the consensus view. When we come back, the pharma breaux o at it again. Why the dsfe wanted shkrelis revoked. Whuuuuuat . Rtgage offer from the bank today. You never just get one offer. Go to lendingtree. Com and shop multiple loan offers for free free . Yeah. Could save thousands. You should probably buy me dinner. No. Go to lendingtree. Com for a new home loan or refinance. Receive up to five free offers and choose the loan thats right for you. Our average customer could lower their monthly bills by over three hundred dollars. Go to lendingtree. Com right now. We, the people, are tired of being surprised with extra monthly fees. We want hd. And every box and dvr. All included. Because we dont like surprises. Yeah. Like changing up the celebrity at the end to someone more handsome. And talented. Really. And british. Switch from cable to directv. Get 4 rooms with hd, dvr, and every box included for 25 a month. Call 1800directv. Welcome back to Worldwide Exchange. Vanity fair releasing its 2017 International Best dressed list featuring highprofile political figures. One name notably left off the list, Melania Trump did not make the cut. Many pointing to the fact that her predecessor, Michelle Obama was named by the magazine. Other best dressed politics included Justin Trudeau and emanuel macron i was surprised by trudeau, i like his socks, but thats not a fashion world thing to do. I think theres a lot of political undertones to this because melania dresses extremely well i always admire her outfits. I know Michelle Obama got credit for dressing well, too. What about the president . He just wears suits he wear astute well melania is super high fashion. Was theresa may in it doubtful. Because you dont rate her clothing or because of a political statement . Clothing. Yeah . Just that. Im just looking at the clothes. The pharma bro at it again Martin Shkreli could have his bail revoked after he posted about Hillary Clinton on facebook writing the Clinton Foundation is willing to kill to protect its secrets, so on hrcs book tour try to grab her hair i must confirm the sequences i have will pay 5,000 per hair obtained from Hillary Clinton, payment after sequence matches good luck patrollers theyre saying this is threatening. Encouraging people to pull out her hair a weird thing he digs deep. Did he also see john mccains dig about Hillary Clintons book tour no. Good luck to her, if you lose, you dont write a book move on. People are interested shell make money. Thats not necessarily always the reason to do it. It was an amusing dig by john mccain who doesnt usually do that kind of thing it wasnt cutting. It wasnt encouraging people to pull her hair out wasnt. Nor is he trying to keep his bail either way all good for john mccain. Still to come a round up of the Global Markets and the top ea aies including a major data brcht equifax. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. The dollar index drops to its lowest level since january 2015 irma taking arm e ining aima the category 5 storm roaring in the atlantic and historic hack. Equifax breached exposing more than 140 million americans to Identity Theft what you need to know coming up. Its friday, september 8, 2017, youre watching Worldwide Exchange on cnbc. Good morning welcome back to Worldwide Exchange on cnbc. Im sara eisen im wilfred frost good morning and happy friday to you from me as well. Lets check in on Global Markets. Stocks are lower for the week as a whole. And this morning were looking at continued weakness. A little bit on the futures. Dow futures down about 16 points s p futures down by less than 2. Nasdaq down half a point saw some weakness yesterday in groups like financials on the back of those lower treasury yields disney issuing a profit warning. Comcast and cable stocks getting beat up yesterday. The u. S. Dollar, thats the main theme of the markets this week and overnight. We see new lows for the u. S. Dollar against the euro, charging towards 120. 54 it is near the highest point since back in 2015 dollar weaker against the japanese yen, also this morning by 0. 6 . Thats a strong move into the yen. And its even weaker against the british pound, 131. 55. A lot of reasons for it. Draghi seemed to spark the move yesterday on that stronger euro, not doing enough to squash the stronger euro, even though the ecb is not happy about it. You have factors like north korea, which a lot of people say is boosting the price of gold, the weaker dollar boosting treasuries you have got the political turmoil in the u. S. And some uncertainty around the legislative agenda all of this factoring in either way it will be helpful for the multinational u. S. Companies reporting earnings to have that weaker dollar sure. The dollar index against all of these currencies down, including todays moves, 1. 6 , 1. 7 a bigger move. Y yields have moved lower, 2. 4 on the tenyear treasury note, all of this sparked by mario draghi on the ecb side why are we moving to clearly to the down side against all of these currencies it is a surprisingly big move. Theres the tenyear. Its below 2. 04. Were at the lows of theyear. It is i feel the moves sparked by things like mario draghi yesterday, who did not even say anything particularly some saw him as dovish. I thought he was dovish they massively reduced their inflation target for next year thats what dollar is doing who would bet against it at moment asian equities for you now as well, which are finishing the week mainly in the red mixed. Hong kong posting a positive return european trade for you, which has been quite diverse this week japan germany is up over a percent for the week as a whole coming into today. The ftse 100 is down over a percent for the week oil prices which have had a decent week have been up nearly 4 coming into today they lost half a percent or so more like 3. 25 of gains for the week 48. 8 gold prices to round things off, up about a percent and a half coming into today. Adding about a half spent more 1356 the price of gold. Florida is bracing for Hurricane Irma lets get the latest from kalee dionne we were waking up news this morning that irma downgraded to a category 4 hurricane i want to put it in perspective, first, its 155mileperhour winds. Category 5, 157 Miles Per Hour its a huge major hurricane still. And look, jose right behind it, its a major hurricane, category 3. You can see a huge distinction in size. Irma is huge its very wide the wind field will be 185 Miles Per Hour or 185 miles for tropical storms for winds, up to 70 miles wide in regards to hurricaneforce winds. This is a huge storm when could south florida see something . It will move between cuba and the bahamas throughout the day today. And looks to make landfall in south florida early sunday morning. Way before that you could see tropical stormforce winds in you look at the area in yellow, they could see those winds as early as saturday throughout the day saturday it will inch up higher into Central Florida. Into sunday, those hurricaneforce wind also go up. Well watch this well track it still looks on track for a south florida landfall guys thank you very much for that. Lets move on and get a look at how things are in florida this hour Jackie Deangelis joins us from ft. Lauderdale with the latest good morning to you theres a lot of activity on the ground even this early in the morning. Especially at this gas station behind me which still has gas. The manager told us on a normal day at this time he has 5,000, 6,000 gallons, he got a shipment last night that gave him 10,000, but he thinks that will only last through half of today people are taking a wait and see if they should get out of here, but today is the last day to get out. The gas station across the street from me is completely out of gas, boarded up Governor Scott said yesterday they would take emergency precautions to get some of the remaining supplies, gasoline supplies out of the port and into the places that needed them we actually observed some of this process happening some of the Petroleum Products going off of the ships, getting loaded into trucks we have video of that for you. But at this point its one of those situations where if you have not left yet, you probably want to leave early. Were hearing reports that traffic on the roads going north right now is pretty heavy and it has been heavy a steady stream of it as people try to evacuate. I will say this its been orderly. I got gas at this gas station last night people were not fighting they were patient. Doing the right thing by one another. So lets hope that that momentum lasts. Guys, back to you. Absolutely. Thank you very much from ft. Lauderdale the impact Hurricane Harvey had on east houston and east texas is showing up in the Economic Data. Jobless claims jumped by 62,000 to 298,000 the largest increase since 2012 after hurricane sandy. Flooding and damage in texas expected to cause economic disruptions including significant job losses temporarily. Joining us is kathy berera from zip recruiter. Its interesting that harvey hit americas fourth biggest city. So we are expecting this to have a continued impact on the Economic Data and florida also is home to some major hubs thats true, when we look at mick indicators for the labor market were better off looking at local indicators rather than the National Indicators when we look at the impact of a situation like harvey. How will this compare to a storm like Ka Treen Trina in te impact labor markets unlike other markets fors good and services are highly localized workers tend to live closely to where employers are situated when you have a big daisaster like this, it will impact both sides of the market, both the number of Jobs Available and the labor availability katrina was an interesting situation because so many people were displaced there was a labor shortage that resulted in some areas wages being driven up. When we look at these indicators, we need to look at multiple data points in order to get a feel for the situation now, it seems that in houston fewer people are displaced so in new orleans, they lost about half the population a year later, it seems like around 100,000 homes were impacted in harvey its a question of the jobs coming back online as posed to the labor being available. Its both so we want to look at two things one is the business side obviously repairs to facilities, rebuilding are issues. You also want to think about whether the demand for the goods, those businesses are producing is going to be impacted so in the aftermath of katrina that was an issue because the economy there was largely tourism base that may not be an issue in a place like houston then you also want to look at whats happening with the displaced individuals and families and whether the labor is still going to be there in katrina that was a big problem. It seems like thats going to be less of a problem with Hurricane Harvey when you talk about the temporary messiness of the data as a result of these storms, how temporary is that . How long does that last before it gets back to normal that depends a lot on the issue of displacement. So for the aftermath of katrina, people were displaced for a very long time. In more recent hurricanes like sandy, people were able to get back into their homes much faster so theres less disruption to the labor market you talked about this being more of a local issue if we step back and think of the nations data, gdp, will this have an impact im not sure that well see it reflected in the numbers for a couple of reasons. One is that again, these are such localized places that it is unclear whether or not well see it particularly again in the labor market numbers houston has slightly less than 1 of the u. S. Population, so i dont think well see huge jumps in Something Like the unemployment number. That being said, theres a lot of National Businesses there, so when we look at indicators like gdp we might see more of an impact you said look at the localized data how do you do that what kind of data . The bls will break down their numbers, jobs added, even unemployment by state, and you can sometimes even get to more localized regions if you look at some of the detailed data. Got it, kathy thank you for dropping by. Thanks for having me. Talking about the labor Market Impact of some of these storms equifax says a cyberattack has exposed the personal data of about 143 million u. S. Consumers. The company says criminals exploited a website vulnerabilities to gain access to certain files heres what we know. Equifax discovered the breach july 29th. The data exposed includes names, birth dates, addresses, drivers licenses and Social Security numbers. In addition, three equifax Senior Executives sold stock on august 1st and 2nd after the breach was discovered but before the cyberattack was revealed the firm said the trio had not been informed of the incident and had no knowledge of the issue before selling shares worth almost 1. 8 million. To check if youre involved go to www. Equifaxsecurity2017. Com equifax shares are tanking on the news, down 13 the story here is how broad this is and how much data is compromised. You often hear about cyberattacks, like yahoo huge in scale, affecting a lot of americans but not involving peoples Social Security numbers, addresses, birth dates thats a new level the other question is who will take the fall for this based on recouping the customers that have been hit clearly we dont sign up to equifax directly if were taking a mortgage out, getting a credit card, the bank checks with companies predominantly like equifax, but equifax itself. Is that then falling on the bank who you went through to get your data to equifax . Im not sure where it will land. Equifax down sharply this is what they do, which is why it is such a hit fib fb locoming up a look at shakeup. Das st rtoymueads are coming up al. Al. Has grown into an enterprise. Thats why i switched to the spark cash card from capital one. Now, im earning unlimited 2 cash back on every purchase i make. Everything. Which adds up to thousands of dollars back every year. And helps keep my passion growing. In every direction. Whats in your wallet . Hey, hows it going . Um. Who are you . Im val. The orange money retirement squirrel from voya. I represent the money you save for the future. See . Were putting away acorns to show the importance of being organized. Thats smart. Whos he . Hes the green money you can spend now. Whats up . Oh you know, gonna pay some bills, maybe buy a new tennis racket. Tennis racket for a squirrel . Hes got a killer backhand. 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She digs deep into the deal with the democrats, and the change in posturing and the dealmaking of this president and talks about some of the pros and cons that could come out of it if he continues to side with democrats a trump in close alliance with them, it would be disorienting to his closest allies in the house, the conservative members of the Freedom Caucus they broke with the president on healthcare but they come from largely pro trump districts. They defended him and more voekvoek vocally than the gop has, but they are traditionally conservative on their philosophy and stands one more thing for the president to thick about as he makes this new strategy with the democratic leaders. Weve seen a lot of inconsistencies in the policy positions, where he stands she says on one hand its not surprising he is siding with the democrats, because heschummy we republicans. Its hard to see many other issues where the democrat also side with him. Are there any meaty issues where they side together that depends. They have to discuss daca, tax reform a biggie we saw a brief move up in yields when that was announced but have moved lower. My must read is in the Financial Times by adam pozen Stanley Fischers departure reveals weakness at the fed. The article is not just about Stanley Fischer but more about the formal structure of the fed. The current design of the fomc and the Federal Reserve system which ensure as majority of Bank President s will be more important than ever given the rapid turn of the board of governors, when the time comes to redesign the fed part of the reform should be reducing the discretion of all fed officials including the chair, vice chair for supervision and the federal bank of reserve new york president in the interpretation and implementation of financial policy and interesting he compares it a bit to the bank of england where there is more flexibility by the members to sort of go against what the governor is wanting, things like that its a good geeky comparison about the structure of the two he sat on the Monetary Policy committee of the bank of england. Im not sure anything will change but the president will get a lot of opportunities to shape this fed absolutely. He goes what this could mean by certain members have more ability and its crazy how many vacancy theres are for what is a coveted, powerful position we know its coveted. Gary cohn covets it, that doesnt mean you would get it. I think sara eisen would be a good pick. I would love to have an fomc vote as long as i could get exclusive access in terms of interviews were approaching the temperature of the hour, the team is getting ready for squawk box. Andrew ross sorkin has a look at whats coming up we will be talking about what i think you imagine well talk about. Well talk about irma and the impact and what it all means our big guest this morning, we have a number of big guests coming to us from florida. Jeb bush will be with us in the 7 00 hour. Well talk to him about the preparations being made in florida now. Also about a whole number of other issues well talk to mike jackson who is down in florida well talk politics with jim vandahi of axios, and dominos will make a delivery at 8 00 thats a little early for pizza. Thin crust. Andrew, would you like a seat on the fed would i yeah. They need names im with gary, its too academic for me. Oh. It needs a bit of a change, maybe mr. Sorkin should go they need more women. Im voting for sara and be y becky. I agree see you at the top of the hour. Still to come, stocks look set for a downbeat day the dollar slipping to a twoyear low well set you up for the trading day ahead. And delivering alpha less than one week away dont miss the lineup of newsmakers, steve mnuchin, jamie dimon, ray dalio and many more thats happening september 12th. For more dai gtoetlso delivering alpha. Com music plays throughout for the holidays, we get a gift for mom and dad. And every year, we split it equally. Except for one of us. I write them a poem instead and one for each of you too that ones actually yours. That one. Regardless, were stuck with the bill. To many, words are the most valuable currency. Last i checked, stores dont take words. Some do. Not everyone can be the poetic voice of a generation. I know, right . Such a burden. The bank of america mobile banking app. The fast, secure and simple way to send money. And im the founder of ugmonk. Before shipstation it was crazy. Its great when you see a hundred orders come in, a hundred orders come in, but then you realize ive got a hundred orders i have to ship out. Shipstation streamlined that wh the order data, the weights of , everything is seamlessly put into shipstation, so when we print the shipping ll everythings pretty much done. Its so much easier so now, were ready, bring on t. Shipstation. The number one ch of online sellers. Go to shipstation. Com tv and get two months free. U. S. Futures pointing to a lower start for wall street. Dow futures down about 23 points s p down 3. Nasdaq down 2. James lu is with us. The weak dollar is a driving theme. Any implications for stocks . The dollar is one of the most watched metrics out there. Were watching it closely given everything thats happening with central banks. The reason for the weak dollar are twofold. One is theres strong Global Growth abroad. The other issue is that the policy promises that drove the dollar higher at the end of last year have not come into play the Silver Lining with the weak dollar is this should help stocks over the medium term. This should help corporate earnings, it should be the reverse of the weakness we saw in 2014. We had such a run in terms of dollar weakness so far this year it seemed to reinvigorate yesterday based off one of the pairs giving impetus in terms of the euro side and dollar weaker against everything do you think theres short tore go in the shortterm or is this the final move in terms of dollar weakness nor 2017. We think the dollar weakness will hover in the 90 to 95 range. Right now were at 92. We think the dollar will stay in correction territory theres lots of reasons for that in addition to the Central Bank Action yesterdays move was interesting, because the ecb statement, you know, it wasnt very hawkish by any means, but it drove the euro up further the bottom line for invest sers that the weak u. S. Dollar is a positive over the medium term. This should boost stocks and give some justification to the earnings expectations that we have for stocks over the next 18, 24 months. What drives the treasury yields this morning at 2. 03 . The treasury yield is the biggest conundrum were facing if you look at the yield curve, its completely flattened. The fed moved the fed funds rate up to 1 , the tenyear moved down to 2 we think theres a few factors there. Over the medium to long run we expect those yields to slowly creep back up. But it looks as if slow Global Growth over the last several years, the structural issues were having with the economy, around 2 , we think thats probably is keeping yields pinned down at the moment. Preference between u. S. Equities and International Equities its not that we dont like u. S. Equities. We think if the u. S. Dollar stays where it is, u. S. Equities can do fine. The challenge for investors is that the opportunity set is shrinking around the world because nothing is cheap the only cheapness you can find is in places like emerging markets. Europe had a lot of positive events this year unlike last year thats boosted european equities for investors they have missed out on the bulk of the returns around the world the u. S. Is up 10 , but in u. Ds are up 15 , lets look at those as well. Thank you very much for joining us thank you thats going to do it for us on Worldwide Exchange. Have a good weekend. Squawk box is coming up next where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. They save us from gettingones . Lost, getting hungry, and getting tired of places like this. Phones changed everything shouldnt the way pay for them change too . Introducing Xfinity Mobile. Where you can pay for data by the gig, and share it across all of your lines. No one else lets you do that. See how much you can save when you pay by the gig. Xfinity mobile. Its a new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Good morning story continuing to develop. Hurricane irma pummelling the caribbean and setting course for florida were live on the ground with the latest on evacuations and preparations. Americans exposed this data breach is massive. Is that a big enough word for it 143 million. Equifax could be putting your personal information at risk. And the pharma bro is in trouble. Why prosecutors wanted a judge to revoke the bond of Martin Shkreli. Its friday, september 8, 2017, squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning. Welcome to squawk box on cnbc. We are live from the Nasdaq Market site in times square. Im becky quick along with joe kernen and andrew ross sorkin. Yesterday the dow was down by 22 points look at whats happening with the futures this morning right now we are looking at declines once again. Modest declines. Dow futures indicated down by 28 points s p futures off by 3. 5 the nasdaq down by 4 the top story, Hurricane Irma just downgraded to a category 4 this morning but it still could destroy parts of florida winds of 155 Miles Per Hour lets get the latest on where the storm is tracking from kalee