Stocks surging yesterday trump saying the two will meet in china discord in the ranks as pricing pressures mount opec pushing off next weeks planned meeting in vienna. We will tell you when they will finally have a meeting and maybe have to confront iran. Its wednesday, june 19th. Worldwide exchange begins right now. All right. See what they did there. A lot of news out of asia, you got the band good morning, good afternoon, good evening wherever you are. Im Brian Sullivan we have a huge wednesday hour for you including our exclusive sit down with that man, the founder of huawei. Well get to thatin a moment first well start with the markets. The u. S. Major averages are points away from hitting fresh alltime highs following 1 gains or more across the board yesterday. All the major averages, the dow, the nasdaq, more than 20 up from their december lows right now futures are fairly muted. Well call them flat bonds have been a billion dollar story as well. Probably more of a trillion dollar story tenyear yields up a bit still remaining low at 2. 08 that is your setup here and as the band may have indicated theres news in asia overnight a lot of big gains there japan, one of its best days this year up 1. 7 . Look at hang seng and hong kong, up 2. 5 . Shanghai rose. South korea rose that comment from the president about meeting at the g20 with the president of china sending the asian markets up in europe, with their fed, the ecb, also basically hitting you over the head about possible rate cuts there, not a big reaction were down but fractionally. If you are not paying attention, the german dax, the dow of germany, is actually up 17 this year, outperforming our dow. So for all of europes woes, their major market, the dax, has done very well the story line today is Jerome Powell and the Federal Reserve out with their policy decision hours from now. This after reports that President Trump explored back in february whether it would be legal to demote the fed chief. The president commenting on those reports outside of the white house yesterday. Lets see what he does. I can tell you that draghi and the eu, if you look at whats going on with the euro, they have a much different stance than our folks do. As you know, we did something today that was very dramatic frankly it helped that part of the world. Well see what happens theyll be making an announcement pretty soon well see what happens i want to be given a level playing field. Joining us now is the president of mercadian assets. Jerome powell is in right now, and they will have a policy decision today for your clients, for the markets, for our viewers. Whats the best outcome today . I think powell got the message he has to strike a more dovish tone. He got the message because not only has the president said it, but if he doesnt do it, the markets wont have a good day because the markets have been pricing in the idea well start seeing the fed start to cut rates. I think it might be premature to think theyll do it today, but i think heian understands he will be disappointing everybody if he doesnt strike a more dovish tone. Not everybody expects a cut today, not a hike either if the fed comes out more hawkish, more likely to raise rates, does that send equities here lower investor beware the market is pushing the other direction thinking well start seeing rate cuts weve seen that this week in the market look at how the market has rebounded dramatically over the last couple of months and certainly since the beginning of the year a lot of it is fueled by the idea that the fed will keep the party going. It is that adrenaline shot. There is a down side though, ken. Theoretically if the fed is cutting rates or talking about cutting rates they see something down the road in terms of a slowdown that they are trying to head off its not just good news if theyre dovish no. I think they should really be holding off past july where a lot of people think well get a cut. The reality is a lot of the slowness happening is coming from the president and his political stance on trade wars and border wars, all sorts of things like that those things can go away with a tweet or the president just deciding, okay, we declared victory on some other minor thing. Yeah. Then it goes away lets not forget, the market was giddy because of that tweet of having a meeting. But also yesterday the president talked about the possibility of slapping tariffs on germany. It wasnt all great news on the trade front. The problem is were insensitive to these president ial comments. Dont know whether theyre part of his reelection bid now and its playing to the base and saying what he needs to say. A lot of these things turn out to have no teeth the thing that concerns me about the fed moving is the slowdown or the perceived anticipated show do showdown, and were going to get this at the end of the year. If we dont have a trade war, if all of a sudden were all warm and fuzzy again with china, mexico is declared to do great things on the southern border, the anticipated slowdown might exactly turn around to having the wind at our back if the fed already cut, theyll have to go the other way what does that say about the stability of our decisionmaking process if okay the wind blows this way, the wind blows that way, well change. The feds mandate is not to keep the stock market up. Its not, but Jerome Powell has some headwinds of his own. No doubt about it another big developing story taking place in iraq a rocket landing at the headquarters of several Global Oil Companies including exxonmobil it happened near the Southern City of basra. Police say two iraqi workers were injured there was no immediate claim of responsibility for the attack. Have a date finally for the opec meeting it will postpone next weeks planned meeting. The group will now meet on july 1st and 2nd. Whenever they meet, it should be a hot one because of falling prices and the conflict over iran. When we come back here, a cnbc exclusive with the founder and ceo of huawei. His take on the trade war and being blacklisted by the Trump Administration as well as ipo theft and much more. Plus will the third time be the charm . Cbs set to make another offer for viacom as the media marriages continue and later we go live to the 2019 cannes lions advertising festival in france my mom washes the dishes. Before she puts them in the dishwasher. So what does the dishwasher do . Cascade platinum does the work for you, prewashing and removing stuckon foods, the first time. Wow, thats clean cascade platinum. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. All right. Hong kongs stock market rose 2. 5 last night. Lets not focus on hong kong, lets go to the north and west of hong kong this is perhaps the most talked about and Controversial Company in the news today. It is huawei currently blacklisted by the Trump Administration and possibly a key pawn in the u. S. china trade fight deidre bosa went down and sat down with the ceo of huawei. Clearly that blacklist and what the u. S. Is saying and doing against huawei is having an impact. Ren earlier this week said it would hit the companys revenue by 30 billion. I asked him about this when we sat down he down played that number and told us 30 billion is not a lot of money to him or the company if 30 billion is impacted we can reach around 100 billion u. S. Dollars the Financial Statement i saw in may showed we are still growing by 20 we expect to see some slowing of the growth, but we have not seen that yet we are making adjustments internally so we project there might be a slowdown but until yesterdays report i didnt see any slowdown. And we dont know what will be the growth by the end of the year but we believe the 30 billion u. S. Dollars will be a small thing and we can withstand that. Were not a Public Company we dont attach importance to high numbers we focus on the performance, the quality of the performance now, he dug into more of the business as well he said in one month huawei saw smartphone shipments decline by 40 . This is a big deal because huaweis consumer facing business is the biggest and Fastest Growing unit of huawei, but again mr. Ren down played the effect of that translator for consumer business because of the changes in the market, the 40 maximized decline was the number, that was the highest number we had at one time and the growth is picking up and the decline is down to around 20 in overseas markets so Profit Margins are quickly recovering, climbing up. So once again the impact on the consumer business is not a big one. Now, brian, i pressed mr. Ren to tell me how they would make up for this windfall he said in the past that huawei would be back on track and he likened it to an airplane riddled with bullets and how they have to repair it i asked about the strategy, and he wouldnt owe elaborate. There wasnt a Clear Strategy that emerged deidre, thank you so much still on deck, a tale of two stocks one soaring. Investors making more than 27 this year and its about to open higher this morning. On the other end flooding and falling prices, some of the many headwinds facing this industrial titan. Well leave you with one of the best american bands, the jayhawks rba aerhiwee ckft ts. Youve been making headlines. Smart tech is everywhere. But is that enough . I need tech that understands my business. I need tech that works at scale. Dear tech, dear tech, dear tech, were using ibm blockchain to help make sure food stays fresh. Were exploring quantum to develop next generation energy. Were using ai to help create more Accessible Health care. Were using iot to create new kinds of digital wallets. Lets see some more headlines about that. Lets expect more from technology. Lets put smart to work. The first survivor of ais out there. Sease and the Alzheimers Association is going to make it happen. But we wont get there without you. Visit alz. Org to join the fight. Cake in the Conference Room showing em youre ready to be your own boss. Thats the beauty of your smile. Bring out the best in it with crest 3d white. Crest removes 95 of surface stains. In just three days. You mighyour joints. Ng 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 discovered in jellyfish, prevagen has been shown in Clinical Trials to improve shortterm memory. Prevagen. Healthier brain. Better life. Lets get a check on some of the dig stocks y big stocks you need to have on your radar today prank. Adobe systems reporting better Second Quarter earnings and revenue. Adobe shares are higher today up more than 4 despite the company issuing weaker Third Quarter revenue guidance and adobes ceo will be on squawk alley today at 11 00 a. M. Eastern time. U. S. Steel is cutting its Second Quarter outlook as its flat rolled steel business is being hurt by shipments. U. S. Steel will idle two blast purr nas furnaces in the u. S. And one in europe. Cbs will make a bid for viacom in the coming weeks the board discussed a potential deal last week and both companies had preliminary talks. This will be the third attempt to reunite cbs and viacom since they split in 2005. On deck, forget make America Great again. How about keep America Great trump launching a new campaign and a bunch of people will have to get new red hats. If youre heading to the jersey shore this summer, we have a shark video that will make your jaws drop. The first survivor of alzheimers disease is out there. And the Alzheimers Association is going to make it happen. But we wont get there without you. Visit alz. Org to join the fight. All right. Good wednesday morning there forget about d. C. , in florida last night the president making it official. He is launching his bid for reelection and maga appears to be d. O. A lets get to tracie potts live in d. C. With more. Reporter the new slogan is keep America Great as the president officially throws his hat in the ring to keep his job. I stand before you to officially launch my campaign for a second term. Reporter taking jabs at his opponents, President Trump announces his Reelection Campaign in florida where a new poll shows six democrats could beat him today back in washington acting defense secretary Patrick Shanahan is being replaced after reports of Domestic Violence in his home nearly a decade ago did not ask him to withdraw. There was possibly a deliberate concealment here. Reporter Army Secretary mark esper takes over for now we need a permanent secretary of defense just to run the place to give it some direction. Reporter this shakeup happening amid new tensions with iran to have no secretary of df at this time is appalling. Reporter republicans are joining democrats demanding that mr. Trump explain sending 1,000 more troops to the region. We learned over the years that irans maligned behavior is best dealt with by not turning the other cheek. Reporter and lawmakers asked hope hicks about obstruction of justice and whether President Trump ever asked her to lie. Its time for her to come clean. Reporter democrats are promising a transcript of her testimony within 48 hours a white house lawyer is supposed to sit in on hope hicks testimony today, presumably to invoke executive privilege and try to shut the whole thing down tracie potts, thank you very much lets check the other top headlines including a drug bust that is so big you may not believe it and also a shark so big you may not believe it lets start with that drug bust its one of the largest in American History federal authorities seizing over 1 billion of cocaine in philly finding nearly 17 tons of it hidden inside a cargo ship several crew members have been arrested the ship was previously in the bahamas, panama, peru and colombia one suspect told police the cocaine was loaded on to the ship after they left peru. San francisco will be first major city to ban ecigarettes the measure would prohibit the sale, manufacture and distribution of Tobacco Products including electronic something rig sets on city property. A group of fishermen got a great big surprise when they encountered that great white shark off of new jersey. They were fishing for smaller mako sharks when this was captured on camera it took the bait google this with the audio on. We cant share that with you not fit for any kind of morning tv with all the bleeps and, you know, choice fourletter words in it. You can see why. This is huge who could blame the fishermen for using colorful language. 16 to 18 feet. I guess the good news is it was 30 miles off the coast, so everything is okay they got it on video. They got bragging rights man thats a big shark thank you very much. I think ill go to the lake this year. The major averages points away from record highs does the fed have what it takes to push investors over the edge . And powell on notice President Trump reportedly exploring pushing powell out or demoting him Sarah Bloom Raskin will weigh in and much more with the founder of huawei. A busy 30 miteahd. Nus ea to cut or not to cut, that is the question for you and your money today. Will fed chair jay powell surprise everybody and actually cut rates . Well find out huawei on the record cnbc with a rare exclusive sitdown with the founder of huawei, what he said about the u. S. Blacklist that is sure to raise eyebrows. And china confirms President Trump and xi jinping will meet at next weeks g20 summit in japan. Well give you reaction live from beijing on this wednesday, june 19th. Youre watching Worldwide Exchange on cnbc. Welcome back and thank you for being with us on cnbc. Good morning im Brian Sullivan theres a ton of news to get to today. The markets are part of that they remain a big story. We have 1 gains or more across the board yesterday. We point out yesterday because the markets are 1 from new alltime tiehighs. Nasdaq, s p, dow, transports, real estate, up 20 or more off the december lows. Overnight in asia, another big rally there on that trump xi news hong kong, their market gained 2. 5 green across the screen. Japan one of its best days this week thats not really carrying over into early trading in europe the european markets you see are slightly down, but well call them basically flat. Bond yields, a trillion dollar story. They continue to drop here 2. 08 , up a tick still well lower than we were a year, year and a half ago. Benchmark there. We talked a lot about how the german bond market has negative yields, its not just germany. In the last 24 hours, we have had negative yields on tenyear bonds in germany, france, sweden, switzerland, denmark and japan. Dont look now, as yields drop, you know whats glittering gold thats right gold left for dead for a long time, highest close in more than a year pull dtutor jones said gold was one of his best investing ideas over the next year or two. Many markets we have shown you have been helped or shaped by Central Banks lately our fed hinting at rate cuts europe all but screaming theyll ease up. China stimulating its economy. The question is how long can that caffeine hit continue joining us is the managing director at zorit capital. You wonder why this market that keeps going up is so hated i think a lot of people have not participated in the market thats part of the reason. People complain what the fed is doing. I want to stress since it is fed day the importance of the fed on the markets. How influential they are the Fourth Quarter of last year, when powell came out in early october and said we will raise three, four times over the next year, the market couldnt handle that too much debt in the system, whatever the reason is we had a huge decline in the Fourth Quarter. He comes out early january and says well be patient. That helped fuel this rally weve seen so far this year. Third example is he comes out in the last meeting in may, may 1st and the market was hoping they would hint towards a cut, he said well remain patient. We saw an ugly may down 6. 5 in may the point im trying to stress is how important and influential the fed is on the markets. Just because the market wants to see a cut, they like that adrenaline hit, does that make it the right thing to do im not sure what theyre seeing out there. They have something on their radar which is making them think they need that my theory is that were in a Global Economy its no longer the u. S. Just isolated thinking about what is going on here. Weve been in ten years of a globally coordinated effort to keep Interest Rates low, the markets high then the u. S. Economy improves better than other countries, we start to raise rates as they say, we sneeze, the rest of the world gets a cold so now other countries are in a recession. So part of the reason the fed needs to cut rates is to help the Global Economy because other parts of the world are struggling you are here on the worldwide leader in business news. You had a tweet yesterday oh, no. I think the bigger question is why are people so bearish my guess is they listen to the news too much which is usually negative in order to get higher ratings. No offense. Its okay i get it do you think im putting you on the spot, i know you can handle it. Do you think there is too much angina around the daytoday with bond yields, deutsche bank, all this stuff when you turn on the weather channel, you dont turn it on when its 75 and sunny, you turn it on good. Because it hasnt been 57 and sunny for about a year and a half thats true it doesnt stop raining. Part of the reason is the negative news helps fuel the ratings. But too many people are being macro economists the bottom line is the big institutions control the markets. The big institutions have been supporting the market. Theyre not selling. Earnings and Interest Rates are the main two drivers Interest Rates are low earnings have been slowing but still steady the pool of capital out there, the number of available stocks continues to shrink exactly my point is that weve consolidated the gains from earlier this year. We will still consolidate. If we get rate cuts and a possible resolution from china it takes us higher this year fair enough i have my eye on the tweets. Its all good to your top newsmaker, huaweis founder and ceo brushing off the Financial Impact of the u. S. Blacklist deirdre bosa sat down with him for a rare and exclusive interview. Heres what he said. Translator if 30 big onis impacted we can reach around 100 billion u. S. Ollars. The Financial Statement i saw in may showed we are still growing by 20 we expect to see some slowing of the growth, but we have not seen that yet we are making adjustments internally so we project there might be a slowdown but until yesterdays report i didnt see any slowdown. And we dont know what will be the growth by the end of the year but we believe the 30 billion u. S. Dollars will be a small thing and we can withstand that. Were not a Public Company we dont attach importance to high numbers we focus on the performance, the quality of the performance we will have more of this big and exclusive interview throughout the day on cnbc. Staying with that trade fight, china did confirm this morning that xi jinping will meet with President Trump at next weeks g20 summit at japan. Lets get to eunice yoon from beijing with a tweet, a comment and a confirmation that made markets happy. Reporter the Foreign Ministry struck a warmer tone today saying the history of u. S. china relations Shows Positive outcomes are possible state media has been saying the world wants a u. S. china trade deal and that he is willing to meet with President Trump to exchange views on fundamental issues president xi also laid out parameters saying the two sides should talk as equals, accommodate each others legitimate concerns and that the u. S. Should treat Chinese Companies fairly thats possibly a hint at what china sees as unfair treatment by the United States of Huawei Technologies speaking to several people here who are still saying its unclear whether or not this meeting at the g20 between the two leaders would eventually lead to a trade deal so people are wondering what is going to happen next theyre hoping there could at least an postponement of tariffs, but, brian, one positive potential sign is that today state tv has not been broadcasting anti american movies instead the one featured a love story between a world war ii american pilot and a Chinese Military doctor. She is adorable. I wish i could show you the poster im not able to but their common enemy is japan she is adorable i assume she meaning her in the movie or maybe president xi. She in the movie. No dont think president xi jinping is adorable. Thats another thing that will get censored thats a nice thing she is adorable. I laugh every time i see your face, brian. Sticking with trade, apple is reportedly considering shifting 15 to 30 of its output out of china. Japanese news service nikkei is reporting that key apple suppliers have been asked to evaluate options outside of Mainland China that would be a big story especially for your iphone. Rockets flying in iraq and an opec delay. Two major stories in the oil patch. And were continuing to count you down to the big fed decision today will they cut rates . Will they stay dovish . Will they shock everybody and get more hawkish if so, what would happen to your stocks that are 1 away from alltime highs its a big story line and we have it coming up. You need to buy a car and you want to get an excellent price youd think with all these options it would be easy. But with terms like msrp, invoice, list price, things get confusing pretty fast. You just want to get a real price and thats where true car comes in. Only with true car can you see what other people paid for the car you want and you can connect with certified dealers who offer prices based on this same information. None of those other sites do that. From end to end, true car is your only one stop solution. And everyone ive ever opioloved away from me. Thing everything. I blew my ankle out and i got prescribed pain pills by my doctor. If making my detox public is gonna help somebody im all for it. I just wish i wouldve had a warning. Welcome back the biggest names in media and advertising are gathered along the French Riviera for the cannes lion festival Julia Boorstin is there and has been talking to news americas for the last couple of days. Julia . Thank you very much im joined by joanna coles, board member of snap, now founder of a new startup tell us what is butica youre announcing it here today. It is a content platform to connect women across Corporate America with the goal of changing the gender leadership gap. Were very excited well be launching end of Fourth Quarter. Well have ten Corporate Partners its a subscription model. Theyre buying subscriptions on behalf of their staff. Among those partners will be cisco and were extremely excited. Your background is the advertising supported magazine business what makes you think this is where the future is . Magazines also had cover charges. So we always charged for content. Im a big believer in charging for content. Its really important to acknowledge what goes into content and people value things they pay for do you see this as an alternative to linkedin or is there anything else like this . Boudica will be daily content drops, it will be videoled. It will be women talking about their coping strategies, their tips and tricks for how to get through the day, work life balance. Its primarily about work and then live meetups, conferences. Its really to connect women through their stories. Weve been in cannes, the lions festival, collecting and banking stories. We have wonderful experiences and tips for young working women, for older working women wef be wove be weve been doing lots of stuff underlying all of it is the goal of closing the gender leadership gap, the c suite, 70 of white men still run it even though we had a lot of women elected in the midterm elections, even though we had me too and times up, actually women in the work force, the leadership numbers have not changed youre also here on behalf of snap as a board member a lot of talk about how snap could benefit around the negative concerns with facebook and google we are leading in the field we have an astonishing exhibit here snap has never varied from what it has been good at, connecting real friends we dont have the same Design Architecture as facebook or google 678 we nev google we never had those privacy issues snap is not about connecting you to 350 people you dont know its about connecting you to your eight best friends and having fun its a creative platform certainly a different Business Model than google or facebook what do you think of those two companies . What are the issuing facing that digital duopoly, and what about the calls to break up those companies and holding them accountable for the content on their platform its a great question to ask sitting in europe and europe has begun the process of regulating these companies. I think the call for regulation is coming from consumers i think consumers are concerned about their data concerned about their privacy. They have figured out its very hard to operate on the web without using google or facebook they have become utilities consumers are demanding that people stop paying attention to what these are doing joanna coles, thank you very much for joining us. We look forward to seeing boudica as it launches brian, back over to you. Thank you julia will have more big interviews coming your way from cannes all day you will hear from billionaires like Jeffrey Katzenberg and meg whitman coming up. Before that, the one big thing thats two. The one big thing that could give you sticker shock at the store and it has to do with all the rain around america. Look at that chart you know what that is . First, will jay powell cut Interest Rates today if he doesnt, key be cut loose . Umana rdwe ais stuck beten trp d ha place good morning 5 48 if youre just joining us, heres your top headlines. Huaweis ceo and founder punching back. He says the u. S. Wont hurt much in a rare interview with cnbc, the huawei chief says a projected 30 billion hit to his companys bottom line over the blacklist is a small thing make America Great again, so 2016 President Trump officially kicking off his reelection bid last night hitting on familiar themes like immigration and investigations, and hes rolling out a new slogan, keep America Great, k. A. G things continue to heat up in the middle east a missile fired in iraq landing in basra near the headquarters of several major Oil Companies two people were wounded. There was no claim of immediate responsibility separately opec delaying next weeks planned meeting in vienna they announced this morning they will meet on july 1st and july 2nd. Caving to white house pressure or credible policy making jay powell stuck between a rock and a hard place as invests await the latest decision from the central bank this as President Trump responds to reports that his administration explored whether it would be legal to demote or get rid of Jerome Powell back in february lets see what he does. I can tell you that draghi and the eu, if you look at whats going on with the euro, they have a much different stance than our folks do. As you know, we did something today that was very dramatic frankly it helped that part of the world. Well see what happens theyll be making an announcement pretty soon well see what happens i want to be given a level playing field. Joining us now is former Federal Reserve governor Sarah Bloom Raskin if you were Jerome Powell and the president said this about you, what would you do is it going to affect his thinking well, the central bank knows better than to try to cave in to that kind of particular bullying it certainly could be taking its toll especially after the repeated attempts of this president to get the fed to actually cave and lore interewet rates. The fed has moved off of its stance of continually raising Interest Rates there were nine Interest Rate hikes over the course of the last couple years ending with december the fed is now in a patient mode they have made further announcements that they will consider now changing direction and beginning a path of rate reductions what will come out of this meeting will be a sense of when those rate reductions are likely to begin Jerome Powell is, whatever his job is, a human being. One who probably cares about his job. Is there any way he could not be impacted by that type of commentary from the president of the United States . Yes lets look at the function of the independence of the central bank its very important for a central bank to stand up to outside pressure of the sorts that this president is putting on the fed not just the fed we saw overnight that the president is also leveling criticism against the european Central Banks, against mario draghi so the technique of expanding the pressure on Central Banks is now gathering steam. And, yes, i think youre right he is a human being, it is hard to withstand that pressure sarah, would you cut rates today . No, not today, but i would start to look at and start preparing the economy, start preparing markets for what those rates might look like in terms of their size, their timing. I think that the fed should in essence start to do some stronger signaling than it has so far sarah bloom ras kin, thank yu very much. Have a great day you, too. If a rate cut is coming today or in july or this year, what should you be doing with your money as stock indexes sit right at or near alltime highs, jeff ki kilberg is here. Would you cut rates today . I would not it feels like 1984, its footloose, and i think kevin bacon is going to lose with the Trump Administration he sets the tone for a july cut. I dont think he should be cutting, but the market is demanding it would the markets be happy with the hint of a july cut today. They would if they keep the word patient in the statement, does that make the market nervous because it indicates maybe a rate cut is coming later or not at all that would produce a bit of anxiety. I think the rate cut is coming there may be two im on board with one in 2019, but if they dont do something to put out and understand where were going in july, that the going to be a problem today with the market all the markets, dow, s p, nasdaq, theyre at or near alltime highs how much of that is the adrenaline of the Federal Reserve or is it a positiveinves i hear people talk about the inversion, there is no inversion. There was the threemonth tenyear that was a mini inversion. That doesnt count. That doesnt count doesnt count ive been talking about it for months im sorry you just basically said everything i said is worthless the bond market combined is 43 trillion. The stock market is 31 trillion. Stick with the themes. We still Like Technology a name like intel or some industrials, like the boeings and the cats boeing . Boeing. Boeing had issues boeing up 5 . 737 max its reclaiming Technical Levels here. You think so . I do. I like boeing from the chinese proxy. I think some of these large caps, giant cap names, theyve been beaten up oversensitive to the trade tariff conversations names like that you can look at and say you have to be selective, but i think theres opportunity. We talked about negative yields in germany. We know that viewers know that. Theyre smart. France, sweden, denmark, japan is that the reason were seeing our bonds get bid up so much is the tenyear at 2. 08 saying things are bad and slowing down or are people around the world saying im not buying a negative yielding bond. I will go to america 2 is better than negative 0. 2 . Youre right. Certainly we are seeing that juicy yield, but its also a Short Covering a lot of people were not positioned, so theyre covering shorts stick around. I want to do the rbi now but i want your take on it its time for your morning rbi if it seems like some prices at the Grocery Store are going up, they probably are because of what weve been obsessed with here, this weather and all this rain its not just in the northeast, its all over in the midwest crops cant get planted in parts of the midwest or are being wiped out because it wont stop raining. Corn prices are soaring. Thats your mystery chart. Up 25 this year corn now at a fiveyear high they could keep moving higher as the waters keep rising in key planting areas nearly everything contains corn. Even ethanol for gas leap. As the fed debates inflation, think about corn think about the rain it may be the biggest story nobody is thinking about yesterday. Jeff, can we have your ear on this one you may the mississippi river, flooding everywhere. Flooding everywhere i brought the rain from chicago. Its been raining for a year and a half here. Fair enough for the first time in ten years youre seeing this june report from the usda only two instances where they talked about lower yields. One instance with the acreage reduction happening. This is a rare situation i dont think theyre able to get some of the seed in the ground like you talked about due to the different moving parts with the rain. Yeah prices will stay elevated. Its a great opportunity for farmers to edge here hedge a little bit. Its a big story for consumers while gasoline prices have stayed the same or come down, you go into the store, its sticker shock because this will trickle through the economy. The fed doesnt consider food or energy in inflation this is sticker shock. Keep out food and energy because america you dont drive or eat according to the fed, thats the right way to measure inflation youre the right guest to have on thank you. And i like to eat a bit we both do. Thats it for Worldwide Exchange. A big squawk box, the ceos of target, chevron, devon energy, the markets, the fed, big day well see i tomorroyou tomorrow squawk box begins now. That sounds amazing the pressure is on for jay powell word leaks that President Trump looked into demoting the fed chair and the guy sitting in it. Huawei says it expects to take a 30 billion hit after being blacklisted by the u. S an exclusive interview with the companys founder and ceo. And congress throwing cold water on facebooks Digital Currency announcement. Well show you the backlash in washington on this wednesday, june 19, 2019, squawk box begins right now live from new york where business never sleeps, its squawk box. Good morning were live at the Nasdaq Market site in times square im Andrew Ross Sorkin along with joe kernen. Guys, a lot coming up this morning including the sun right now which is coming up behind us im at the kpg womens summit. We have a huge lineup of guests that will be joining us here from the womens pga championship, which is kicking off later today. Were on the 18th hole right now. The guests who will be joining us this morning have lots to talk about the ceo of kpmg will be here targets chairman and