Were back. Back together. It literally feels like months. It has been. What Great Stories to cover. Absolutely. Well show you what theyre doing this morning. U. S. Futures under pressure after a selloff yesterday that sent the dow down a little less than 1 . Dow futures down. S p down 7. 6. Nasdaq down 22, but all the action has been in Government Bonds. A massive rush in into this safe haven treasury debt. Look at that 10year treasury note yield. We are in record territory. I think japans longterm bond went to zero this morning. It is unbelievable. Record bond buying across the board particularly out of uk. That out of fear, not confidence. I wonder when we get a moment that we think this is crazy. Every time you think that, it continues. Its the trade everybody has been wrong about. The reason we dont see it sell off is were not seeing inflation. I wonder if the uk will be the first one, not immediately, but with what youre seeing in the pound, do we see inflation pick up and if you do see that, what will happen to these bonds. Thats the risk. The massive snap back. So far, not yet. We see mark carney more easing and that helps the bond trade even further. What does it mean fortune equities, hasnt meant positive moves today. Mixed in european trade. The ftse 100 outperforming relatively down. Benefitting from the lower pound. Lets dive in just very quickly on italy and one bank in particular. Bank this is the three year chart, big moves over the year or so headlight the problems with the italian banks. Montepaschi. Up today. Its been a short selling ban imposed on that bank in particular. Italian banks the most short term affected by brexit all be it existing problems. Not creating fresh problems. Good asian trade weve seen a bit of selling there, but not guilty as pronounced as you might have expected given the big fall no oil prices. The broader markets show you the flight to safety as well. Check out gold rallying to a twoyear high. Up again this morning. 12. 70. Silver has also been soaring. The real action has been in the british pound. Continues to get pummelled this morning. Lowest levels since back to 1985 for the british pound. Got all the way down to the 1. 27 region. The pound continues to bear the brunt of the selling. The fear and negativity. I would point out quickly the japz is yen is stronger by a percent. A level at which people say the bank of japan could step in and intervene if the yen gets too strong. It looks like the markets are pushing them this morning. Lets show you oil. A 5 slide in the price of oil yesterday. That didnt help the equity markets. Energy was the worst performing sector. Wti down. Brent down to 47. 73. Comes off the back of mark carney speaking yesterday suggesting more easing to come. Interesting cartoons in the paper today. Partly because he suggested more easing, but a speech to calm markets and he seemed to strike a tone of i told you so with this. Its still interesting to see. This is manifesting very much in the uk bond market. The equities are getting a boost off the back of it. How destabilizing is the drob in the pound. Yes, a weaker currency can be a good thing for the economy and experts as evidenced by some of the big company there is, but this kind of record move unprecedented move, that has got to cause some negative problems. It erodes the purchasing power of the british. Could have a real impact. The key is the moment markets are still functioning well. No massive sort term fallout. You focus on big inflation in three, six months times. In terms of equity, its the ones with exposures to minors to the likes of fwoegold and silve right, appear of economic reports and some feds speak fill up todays agenda. The gap is expected to have widened in may. At 10 a. M. We get the service injectii ind index. Speaking today while wall green Boots Alliance report before the opening bell. Outside of the world of business, breaking news this morning, Oscar Pistorius has been sentenced to six years in prison. Thats lighter than the 15 minimum sentence for the murder of his girlfriend in 2013. Hes already served 12 months. Either way it feels like a very short sentence to me. Much shorter than the 12 he could have gotten. As we went for the minutes thats due out this afternoon, bill dudly offering some insight to the Federal Reserves. The policymakers can be patient due to low inflation and uncertainty over pos pekts for the u. S. Economy including britains vote to leave the european union. Said the brexit votes is among the cloeds on the horizontal for the u. S. Find out who else is taking a cautious approach due to the brexit and other headwinds later today. This echoes very nicely my conversation with fisher. These two are the core. Theyre the closest to janet yellen. Coming out saying it looks like theres not going to be a big impact. Its a little early to tell that. Yes, last week was a good week. The stock market jumped, but this week is starting off on the wrong foot. Well see. Exactly as you said for the fundamental economy. You come back to the size of moves you see. Theyre not being replicated across u. S. Equity markets for example. Not anymore. They did on day one. That sugge impact is going to be on europe. That could spill over a lot more exposure for u. S. Companies and u. S. Trade when it comes to the europe relationship, not to mention some of the Financial Risks around that. Absolutely right. Interestingly in the shortst ii saying this is a uk problem, not a u. S. Problem. It is also down since brexit. The Political Uncertainty there doesnt help. Right. More on the fallout from the uk vote to leave the european union. A third fund has held withdrawals. That brings the total funds frozen to almost 12 billion dollar of assets. Aviva, Standard Life have had to close Property Funds at the moment. All react accident negativelily again today. Ive got a must read come can go up on this topic later on in the show. Distancing the comparisons to 2008. A lot of different factors, but of course every day trading in longterm Property Funds is tough to deal with when you have people making withdrawals. Meanwhile theresa may winning the first round of the uk leadership vote. As a result both stefen crabb and fox dropped out by default. Stefen crabb decided to back out. Both of them backed theresa may. She is now certain to be one of the final two. Andrea fighting to be the other. You might have another female prime minster. We might have a female president as well as. They could become best buddies. The fbi say ss it launched 30 undisclosed probes of insider trading. The office has about 50 ongoing investigation. Increase in cases with u. S. Prosecutors in manhattan charging 1 1 people this year. The u. S. Security office . Youre in the market for a new iphone. Wait a few months. Getting rid of the entry level 16 level when it launches the 7 in september. The new starting point will be 32 points. Adds new and improved features to use more storage. Several reports says apple is getting rid of the head phone jack on the oi phone seven. Theyre going to change the dock for headphones. Were all going to have to buy new head. That never held enough storage. Always a mistake to buy the entry level anyway. You try to save money then you buy it and regret it and have to pay extra every month. I know from experience. Stocks to watch today tesla says it didnt alert u. S. Safety regulators about a crash in may involving the auto pilot feature in one of the cars until nine days after the accident. The company is defending the news not to make the news public. The national highway traffic says the investigation is active and wouldnt comment further. The stock down another 2 . Twitter twitter is naming brett taylor to his board. He is the start up of. He worked at google where recocreated gog the maps. Possible sell to one of the several suitors throw. San if i sanofi. San if i is partnering with the pentagon to speed up development of a vaccine for the zika virus. Gives access to a promises new treatment thats produced positive results in mice. Finally. When we come back, Commodity Prices in focus today. John kilduff joins us next. As we head to break, sending out birthday wishing to former president george w. Bush. He earned an mba from the business school. Part owner of the Texas Rangers and sold his share of the team for more than 15 million. All three facts i did not know. Thank you so much producers. Well back in a couple of minutes. We mean how can we help . We mean what can we do . We mean its our turn. To do our part. To serve you, for all youve done to serve us. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Welcome back. Reporter safe to say risk off was firmly the mood here in asia. We saw strong support from core save hacven plays outside of trade. Our local bond yields touched record lows today. Well get more on that in a minute. I want to show what led the equity declines in asia. We saw a drop of near 2 here. Our map actually catches this well. As you can see a 290 point decline. Early on in the wake there was some talk we could see some potential intervention to try to curve a lot of this brexit volatility, but we havent seen that yet, but on our wall right now is what could actually force the bojs hand. We continue to see significant yen strength. Of course this being a key beneficiary of that safe haven. The yen strengtheneniing to tha 100 level. Well keep an eye. Now we go to europe. Louisa bojesen joins us. We got excited that draghi was speaking today and then we found out it was about statistics and granular data. That could be a sigh of relief. Talking about record low yields in his part of the world. Here in europe, germany, uk, suede d sweden, france, denmark. The list goes on were looking at record lows across the board here in europe swep. Were seeing all the equity markets trading in negstive territo territory. Some pressure seen when looking within the sector. Some pressure seen especially on banks still insures and autos off 2. 6 . The worry being whether were heading into a. The epicenter still of this Market Action that were seeing. Youve got aviva. Youve got mng. Standard life. All move to spend dealings in their Property Fund amid increasing fears of redemptions especially in commercial real estate. The three hold 9 billion pounds of assets guy. Lets check in on oil prices. A big fall yesterday for wti. Join iing us to discuss more. John kilduff. Good morning. Thanks for joining us. A big selloff yesterday. To what extent is this Financial Market driven with the rebound weve seen in the u. S. Dollar. Its partly oil being taken down with Everything Else on the moment with the brexit fears to a degree. Interestingly enough oil is very react ichiro ive to the currenc its a mixed bag for the dollar. Were up big time gikbens the pound, but down against the yen. In that regard, oil is short of treading water. Theres bigger problems out there beyond the brexit fears and you really have tro go with the fundamentals in the market in terms of asian demand outlooks. And the big star of the complex was supposed to be gasoline. Now were finding out it wasnt as great as we thought it was earlier this year. The numbers might not hold up even p for past several weeks. Now were passed the 4th of july holiday where it generally heads south. Given what youre saying, what explains the period of stability that weve seen in the price of oil. The fact we just came off the best quarter since 2009 and even after the brexit vote, oil held up near 50. Part of it has been a fundamental story. We did get supply disruption events. The worker strike scared the market. Whats going on in libya and nigeria. A sense in the market we were coming back into balance that we were going be able to work off this glut. I dont see it getting worked off. Storage tanks around the top. Theres overproducie ining diesd over producing gasoline. Were seeing that hit up around the world now. Have brexit related selloffs of oil been overdone. The uk is 3 of the global economy. It shobt be affecting oil prices, should it . Not sho much. Its so much uncertainty right now. Ive heard others say this is something that hasnt started to kick in the process yet. Its going to take two years. Its hard to see the eu punishing the to uk to such degree. They worked so hard to build something here. Its hard to see them over this point of focus to throw out the baby with the bath water, if you will. Whats the next big event risk for the price of oil. Key level were nearing right now is 46 dollars. It held up twice pretty feiercey and got nice rebound off of it. What youre going to see over the next several weeks to watch is the Economic Data out of china. Not sure why theyre letting the yuan depreciate as much as it did. Theres bigger problems there than we ever thought because this is what theyre doing. Thats going to be bad for oil. Im watching closely the chinese data. We already know the japanese data is not good. Asia is the keef demand ser. I talk about how theyre the equivalent on the flip side of things how the saudi are the swing producer. Asia is the key in sort of demand. Thingsic up there, it gets hot there economically. Thats great for energy demand. Until you start to see that, you just cant in my view. Thank you very much for joining us this morning. Still to come, the fbi says it wont recommend charges against Hillary Clinton for using a personal email server while he was u. S. Secretary of state. Thats not stopping criticism from Republican Leaders and donald trump with the latest from the campaign trail coming up next. The face of their business was tellers. Then atms. Today its their mobile app running on the ibm cloud. Across every transaction, the hybrid cloud helps their data move quickly and securely. Our clients are building out features and pushing updates faster, on five continents. With the ibm cloud, they can move at the speed of any startup. Welcome back to Worldwide Exchange. The fbi says charges will not be filed against Hillary Clinton for using a private email while secretary of state. Edward lawrence joins us from washington with the details. Good morning. Exactly Hillary Clinton put out a statement saying that the fbi investigation is now over. She considers it done. She is not yet publicly talked about this decision. Fbi director james comey finds himself in the middle of a very contested president ial race. He announced the fbi will not recommend charges against Hillary Clinton, but calls her actions with classified material extremely careless. Although there is evidence of potential violations of the statutes regard lg the handling of classified information, our judgment is that no reasonable prosecutor would bring such a case. Comemy says sanctions would have been placed if that person was still working in the state department. Clinton did not address the fbis conclusions as she campaigned with president obama in charlotte. Someone who has never forgotten where he came from and donald, if youre out there tweeting, its hawaii. The bottom line is i know hillary can do the job. Republicans hope to capitalize on the strong language. Its a disgrace. She is laughing at the stupidity of our system. Donald trump called the system rigged. She was guilty and it turned out that were not going to press charges. Its really amazing. He again raised the question of clints judgment. And the investigation has been turned over to the attorney general for a final decision on if charges will be filed against Hillary Clinton. Wilfred, sara. Edward, thank you very much for that. Still to come this mornings top stories and Market Action. Plus, tell me what you want, what you really, really want. A remake of the spice girls. Going viral preventing awareness of a major global issue. Well discuss that and more coming up on Worldwide Exchange great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Good morning. Global markets on high alert. Brexit fears creep back in. Figures out the fed. We are waiting on the last meeting. Loto. No one won the prize leaving half a billion dollars up for grabs. Its wednesday, july 62016. Youre watching Worldwide Exchange. Good morning and welcome back. Im sara eisen and im wilfred frost. Lets check in on this mornings market. Futures lower by about half a . The dow 73. The nasdaq by nine. Yesterday all three were down around twothirds of one or a little more. The big action of course over the last couple of weeks remains in bond markets. Record low yields so across the curve, across the world indeed as well, 1. 328 on the u. S. 10 year this morning. Out of global bounds. The action of trading in europe. Were looking at more than 1. 5 decli decline. Ftse 100 doing the best of the group in part because the accompli british pound continues to tank. The ftse 100 as far as the italian stock market down 2 . Some of these down and really caught until the eye of the storm postbrexit. Asia overnight also was pretty much red across the board. The dollar yen is getting awfully close to breaking the 100 level. Thats a stronger yen thats been harmful to the japanese stock market. Hong kong finishing lower. Shanghai comp managing to rise about three tenths of a percent. It is down significantly since brexit. All that weaker pond. The ftse 250 are suffering. Broader markets lets have a look at gold prices rallying to a two year high. 1372. Its the pound thats a big move. We hit a fresh 31year low overnight. We dipped below the 29 handle. Just above that at the moment. Oil prices have a quick look at that. We saw a big fall yesterday. Wti fell hit lg 46. Just below that level at the moment. Falling half a percent again, 46. 45. What really stands out is the sub zero yields youre seeing across the bond curve. Whether its in japan, or switzerland, or record low yields in the United States, the dash for safety when you didnt think people would have the demand. Especially with mark carney and the bank of england getting involved after the brexit and this idea we could be heading for a lower leg in economic weakness. I think the best way to highlight how crazy these moves have been, the uk where the move has been, on the 10year, this has come as the ratings on the uk outlook has been downgraded. Which happened in the u. S. Too. Every time that downgrade the credit rating, people buy. Its building up a bubble of some form. Its not being bought because of fundamental strength. Its being bought because of fear. Its something to keep an eye on. Theyre willing to take the risk which just shows you how much demand there really is. The great distortion continues. A pair of economic reports and some feds speak. Todays agenda. The gap is expected to have widened in may. And at 10 a. M. Well get june ism services and at 2 00 p. M. Its the minutes from the last Federal Reserve meeting from brexit when they were worried actually about the impact of brexit. Will be speaking today. And wall green boots ace license. Ken, good morning to you. Thank you so much for joining us. A couple of big factors over the last couple of weeks. Identify heard. Interestingly we may have not talked enough about oil prices. Oil has worked it back to a spot where people are not so nauseous anymore. I think were going be range bound in the oil market in the mid 40s and i think the markets will probably be okay with that. Especially after what weve seen earlier in the year, but yeah oil still remains a very big story and demand as we know coming out of the july driving season, july had is usually the peak of driving here in the states. Im cautiously optimistic that we hold this mid 40s range. I noted your note you like u. S. Small caps. That makes sense. That thesis. They dont get a lot of revenue from uk or europe. They dont have to deal with currency swings and yet during this periods of risk, they get hit harder than some of the bigger perceived safe haven. You just gave the entire thesis for looking at them. Theyre less exposed to international by various studies. Its about 10 of their revenue comes from overseas and the old adage buy them when theyre crying. This flight to quality, people dont want to have ekts poe sure to what theyll call risky assets. We have in our mind that small means risky. In my cases Small Companies are not nearly as these big multinationals that have currency risk and a lot of Small Companies have done a lot to beef up the Balance Sheet because they cant borrow money. Are you buying on the dips. I absolutely am. Would i overweight them. No. If you dont have them in your portfolio now, theyve been underperforming for a while. Does that thesis apply within the big caps on a sector basis. Should we be buying the stocks that have been hit recently. Financials down 6 for the year. Should we be buying them now or staying in the safety. Im always of the mind you have to buy things when thairp out of favor. You have to have a longer horizontal on them. The financials will do well. The fed is seeming to take rate hikes off the table for a while so theyre not going to get that tail wind we were hoping for, but these businesses have not only right sized their models. Their Balance Sheets are stronger than theyve ever been and if they ever get lending again, they really are poised to make a lot of money. I think people noeed to be positioning for where were going, nowhere were at now. Yields are at record lows because oif this flight to safety, flight to certainty, whatever you want to call it. Its not going to stay there. When that rubber band bounces out of there, its going to be slung shot. Do you not see the 10year at 133 today. Take your pick of some of these sectors that do bay a dividend yield now higher than global bounds. Ive made fun of my dad for the longest time being utilities, utility, utilities and hes been the hero of investment world. Were going to all need electricity and plugging into the utility grid. I think as you look at those as safe havens, theyre psychology set for a whole set of investors to say thats where we need to be. I think those sectors are going to continue to do well. Ken, thank you so much for joining us this morning. An update on the drama. Hogan claims made a 200,000 loan to denton. Doesnt believe ga wker should prevent from paying bankruptcy. Part of a sex tape on line. Tech mogul has admitted to funding a team of lawyers to mount cases against ga wker. New viral video set to Tyler Flowers spice girls hit wanna be is calling to the leader. The lyrics to the song is the same, but the video shows girls what they really want. Some messages include equal pay to work. Many celebrities showing support. Including victoria beckham. She tweeted on, 21 years on, girl power. Were old. A long time. Pathetic i like that song as well. Its the best. Google is teaching its self driving car to share the road. Also being taught to recognize hand signals. The car is also able to detect what kind after bike a person may be riding, even if its a union cycle. Im not sure as a cyclist i would be that confidence that a self driving car would recognize if im turning right or left. Better that it should be programmed to do so than someone who is control of their own car. I dont know. I still think i would get behind a self driving car. It would be safer than me droifing no matter what. Maybe. The jackpot has hit a wopping 508 million. That jock pot rapg ranked as th second largest in u. S. History. Should we buy tickets. Yes. I didnt get around to buying a ticket. Thank god no one won moi jackpot. Ive still got time to get one. Lets go in together and buy more. Im not sharing. No chance. Maybe if i get 508, ill give you the eight. Deal. Comey versus clinton, is it a case of he said she said, a great comparison of both assessments straight ahead. Before we head to break, a forecast on the National Weather channel. Good morning. Lets take a look at the forecast around the country. Two trouble spots. This area. Chance of strong storms heavy rain and hail. Its a possibility. Meanwhile back into the Northern Plains and not far from the front range of the rockies have another area of storms. Seattle beautiful with a mix of sun and clouds and breezy conditions in dallas which is actually a good thing because its going to be warm there. Expect highs going into the triple digits. Warm times for you in atlanta. Maybe a few stray showers. 92 expected in miami and back in new york going with 93. All right folks stick around for more on the other side of the break from cnbc. At the beginning of the 21st century, the earth needed to find a new way to keep up with the data from over 30 billion connected devices. Just 30 billion . So, a bold group of researchers and computer scientists in Silicon Valley had a breakthrough they called. The machine. The machine. It changed the basic architecture of computing. Putting a massive pool of memory at the center of everything. And by doing so. It changed the world. Its been a part of every new technology for the last 250 years. Everything . Everything this year, Hewlett Packard enterprise will preview the machine. And the future of technology will begin. See star trek beyond. In theatres july 22. Now to our must read stories. Those catching our attention. Pretty much every paper with Hillary Clinton and james comey. Just a he said she said Hillary Clinton versus james comey on the email parking garapractice especially elum iilluminating. She said that back if 2015. Comey yesterday, quote, 110 emails and 52 email changes have been determined to contain classified information at the time they were sent or received. A lot of editorials out there, just like ten in the Washington Post alone about whether this is good for her or democrats because ultimately shes not going to get indicted or the opposite that republicans are saying its not fair because he clearly showed there was a gap in what she said, but just read the he said she said if youre a voter because clearly voters need to know as theyre electing the next president. Clinton, quote, comey, quote. What about eisen quote. I wasnt quoted in there. The conclusion is you should read it because the statements dont line up. But the story is worse off without testimohe eisen quote. My pick in the financial times. Titled Property Fund here we go again of course it comes off the back of three funds in london closing to redemptions because of too much interest in people pulling out. Standard life, aviva, all closing around. It says there are key differences between 2016 and 2008. A regional political event. Not a Global Financial crisis. Leverage in the sector had been more exposed. Lending has halved since the financial crisis according to the bank of england. Yes its a worry. Yes its a thing people are pointing out. Is brexit going to lead to wider financial con takenon th contag. This article saying no, its not. It does feel like there are certain parts of the economy in the uk, we felt this when they were there too, that are going to be hit harder than others. Property, commercial real estate. That is one in the cross hairs. Some of those stocks have been decima decimate. Duane . The commercial property has been soft anyway. Brexit speeding that up. Its catalyst the sector doesnt want. Its not the only cause of the instance, but certainly closer of three fund has grabbed the attention. Were approaching the top of the hour. That means the team is getting ready for squawk box. Joe is new york with a look at what is coming up. How is it, the first day of the rest of your life. After coanchors for two hours. How are you today. He missed me. His chest was really out. Youre feeling good, arent you . Did you go on closing bell yesterday do i didnt joe. I have to say it was a real privilege and i hope well do it again sometime, but nothing beats being back alongside mrs. Eisen. Thats nice you played along. It was great having you here. People that say we could see par, thats like 28 more ticks. If the market goes down every time, its going be a problem. Im not saying it will, but you know, i thought 132, 133 was going to be it. Im talking about the pound. I know. I guess this is you get the initial shock, you get the nice rebound and now everybody is taking a step back and saying wow it really is going to happen and what to we need to do. Thats what well be dealing with along with whatever we see on friday. And, of course, weve got the political backdrop which was everybody is talking about that. Thats something happened yesterday . Yes. So i guess we may touch on that a little bit as well. Im surprised, joe, that you didnt comment on my must read. He said, she said in the wall street journal. Its a good one. The straight facts. Goes through what she said all last year about the emails and about what comey said yesterday and its all you need to read. I watched someone talk about that and put together the 30 second trump spot which has her saying something and comey saying something skpst five things that are polar opposites. You probably will see that ad i think. You dont have to thank me. I have to do this. You love doing this. Dont reveal the truth. I do. Hes very right about the pound though. 127 it went to overnight. Yes. Were waiting on the rate hike details. Anthony chan when we come back. Youre watching cnbc first in business worldwide. We mean what can we do . We mean its our turn. To do our part. To serve you, for all youve done to serve us. Americans are buying more and more of everything online. And so many businesses rely on the United StatesPostal Service to get it there. Because when you ship with us, your business becomes our business. Thats why we make more ecommerce deliveries to homes than anyone else in the country. The United StatesPostal Service. Priority you with new cabinets this wfrom this shop,house, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. Welcome back to Worldwide Exchange. Have a look at futures right now. The dow expected to open 50 points down. Joining us to discuss markets now, anthony chan, chief economist at j. P. Morgan chase. Do good morning. Thank you for joining us. Once again, sterling being hammered over the last 24 hours. Do we feel the contagion for u. S. Is going to be much more muted. I think its still going to be muted. The pound is down 14. 7 from 150 at one point right before the vote before remember there is a lot of uncertainty as to who is going to be the leader and that is very fluent and the currency is taking it in the chin. Thats really the; ly equalizer this brexit situation. Youre an economist. What is the translation of an economy that plunges 14 in less than two weeks. Its going to have inflationary impacts, when they kborpt stuff its going to be a lot more expensive. Prices will start to rise. It will be one of the first economies that will experience inflation in a world where we have floebl inflation. Is inflation going to be a catalyst to see markets in the uk to suddenly change in direction and start to see yields suit up again. I think that will be the first ground zero where you start to see yields picking up and then of course it will be a function of what ore central ba other Central Banks do to react to that. Will be focused more there. As we wait for the minutes this afternoon, stan fisher the vice chairman told us on friday its too soon to see the Brexit Impact on the u. S. , but by the july meeting the fed should have a clearer picture of how it will impact the u. S. Whats the fed response to that. Definitely to soon. Came before brexit. I take stan fisher at his word. If you recall last year in september he also indicated it was not appropriate for the Federal Reserve to act because of the uncertainty in china. Stan fisher is focused on Global Economic conditions and now we have the brexit situation and the potential spillover. The fed is not going to move for a while. Weve seen great performance in precious metals, gold, silver. Does that continue from here. This is the sweet spot for gold so we look for gold prices to continue to rally this year as all this uncertainty continues to play its out. What if the fed goes sooner than the markets expect. Thats not necessarily the message were getting from the Federal Reserve. Theyre saying wait and see, theres some uncertainty, but we got a few good job reports and inflation moves closer to the target rate, which are it is doing, why wouldnt we see nor by the fall. This is a Federal Reserve that tiptoes through the Financial Markets and wants to make sure everybody is smiling. In other words, theyre going to be dictated by the market. I think they will be influenced. I dont know if i want to use the wordic dated, but heavily influenced. We look at the bond yields around the world, we mention the uk as being one that could turn around. Are there any areas where things are overdone or continue to see sachb buying. You have a 10year bond at 133. Its almost 12 trillion of Government Bond out there with negative yields. Anthony, thank you so much for joining us. Anthony chan, chief economist at j. P. Morgan chase. About a minute left. A few things to watch today. British pound has to be on the top of your agenda. Overnight it went to 1. 29. It continues to get absolute pummelled as the prospects for the economy. Also keep an eye on oil prices because its not just brexit moving things over the last week or so. Down sharply yesterday. Down a bit today. Maybe that will allow a little bit of reprieve for the u. S. Markets. I would say gold and silver on the plip side have been beneficiaries. Both a twoyear high. See if it continues. Thats it for Worldwide Exchange. Ery time i drive. Want my number . And cash back for driving safe. And the power to automatically find your car. I see you car and i got the power to know whos coming and when if i break down. You must be gerry. Hey. In means getting more from your Car Insurance with the allpowerful drivewise app. Its good to be in, good hands. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. 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A weakness around the globe generally speaking except for shanghai. The hang sang and low. European equities lower across the board. The dax is lower by 1 . The ftse is lower by quarter of percent. Mib 1. 5 . Were not showing you yields at that