And risks surrounding the then upcoming uk vote changed the thinking on Interest Rates at the fed. Ot long before the june wang to hike rate, but a lot happened in the weeks and days leading outlook for the u. W that downgrade the change in outlook caused sparring inside the worlds most powerful central bank. Amon javers has more. The committee thought it would be predoesnt to wait for the brexit referendum before deciding on whether or not the raise Interest Rates. The consensus was that it could generate turbulence and that is what ended up happening. Now, jobs were the other area of uncertainty. Almost all participants judged that the surprisingly weak may employment report increased uncertainty. Most participants judged that in the absence of significant economic or fishock, b gains and inflation mor above 2 to warrant an increase. However, several expressed concern that a delay in resuming l funds rate would increase the risks to the Financial Stability r overshoot committees objectives and some others were uncertain whether economic increase in the target rate for the feds funds rate. Also, several expressed concern that the committees communication themselves had not been fully effective in informing the public how incoming information affected the committees view of the economic outlook, its degree of confidence or the implications of monet policy. For nightly business report. So, what might todays newly releaseded fomc minutes be dell tellin us . Lets find out from ellen, the chief economist at morgan stanley. Nice to have yhere. Thank you. I see you have the fomc moving to the sidelines until further notice. What was it about the minutes mov anytime soon . Round iing th well, i think we have to look at even before the uk referendum, what was the we seem to be moving into the late phase of the business expansion. With credit turning. Earnings under pressure. Job growth slowing. This was the environment facing monetary policymakers even prior to the uks vote to leave the European Union. After that vote, it only piled uncertainty on top of uncertainty and when the prevai uncertain environment, monetary policymakers sit on their hands and wait for further evidence. I think what were reading into these minutes is that th arent that convinced that there are better days around the corner. So, did the fed miss the moment to raise . Well, i think we have to ask ourselves what was that moment. Inflation is below the feds 2 and has been way for eight straight years. This certainly c an economy hea towards overheating. Youre raising Interest Rates to slow the economy, so im not sure we can say the moment was even there. For them to pass up. I dont think theres ever been a compelling moment for them to raise Interest Rates. You know, i know theyve mentioned the brexit vote. And that they want to see how that plays out. That could take some timi mean,y put in place some of the mechanisms to leave th so, the fed might have to wa a well, exactly. And our uk economists belief there to be a very prolonged period of uncertainty around just how far reaching could the global impacts from the socalled breck it be. And that is something that the fed has to weigh. They have to ask themselves how confidence are we in that environment in the outlook and how much data do we need to convince un further raise rates. Janet yellen, chair of the fomc, has been clear that when they are close to theo lower bound, they have to take into account that there are asemitic risks to raising rates too soon or too quickly. Meaning when youre close to zero, you better be extremely cautious in how you proceed. Thats why we believe we are just going to see the fed sit on. He sidelines with morgan stanley. Fed governor says he wants to see more evidence in inflation before raising Interest Rates the next time. He has a vote at every fed policy meeting, said the approach made since following britains vote to leave the eu. He said it may be some time before its clear how the vote will impact different economies and he described the current economic environment as you guessed it, uncertain. And that is p out in uk property funds. Following the brexit vote, investors grew concerneded about values. Oo as a result, owners of uk funds asked for their money back. Today, three more funds halt to to six. That means half have been frozen. These types of funds cannot quickly liquidate their holdings to meet redemption. The trade deficit in may hit a threemonth high, strong dema for imports like cell phonincreased the deficit by 10 . The nations trade gap climbed to more than 41 billion. Lik ruong eer dollar and remain a drag on u. S. E ports. A separate repor services sectod by the fastest pace in seven months. The ism Services Index came in much stronger than expected for june. Experts consider that a positive sign for the economy. On wall street, stocks erased early losses after falling more than 120 points. The dow jones started rallying midmorning. The averages picked up steam after the releasnt in no rush t Interest Rates. Chips dow index rose. The nasdaq at 36, s p 500 gained 11. Despite the days rise, a major bank expects a stock market pullback. Goldman sachs says it sees a near term sell off of between 5 and 10 . They cite a number factor, deaccelerating stock buybacks and growing Political Uncertainty that could result in market weaknes the next three months. Not all bad. After the pullback, Goldman Sachs expects a reco the s p 50k to current levels by yea this o of america, says retirement plans will likely put more money into treasuries. Even as prices rise and yields fall to record lows. If the three trillion u. S. Corporate pension industry follows through, that could depress yields further. Bank of america is call iing foa yiele ten year note by the especially of september. Recent forecasts for rising rates have proven wrong as Economic Growth remains tepid and inflation remains below the feds target. With investors seard income, piling into safe havens for protection, but are they as safe as you think they are and in this environment, can you really get both safety and return . Brian jacobson is chief portfolio strategist at wells fargo funds and joins us now to discuss as so many pile into safe haven, dividend paying toks, the prices of those assets become very high so they lose their safety. Advantage. Thats right. One of the iron anie everybody perceives something to be safe, its no longer as safe as what everybody thought. Thats the situation you have with a lot of treasury r securities. Look further in the yield curve along like ten years to 30year treasuries. Those just arent very compelling. Y cases, it didnt compensate you for over whatever the matury of those are. Then you look at you tillties and telecoms and prices drop for those securities. Whatever you gained in income, you might lose in pr i see you like shortterm hi wield. Would you look in the corporate debt market for that . Thats correct. Actually, thats one of my favorite areas for investors looking for inco frad what happens if Interest Rates stay where they are, maybe go lower or go higher, you want to try to beat inflation and in order to beat inflation, onehalf to 2 over the next year. Next few years. Set that as your bogey and look. Or yields t in terms of trade offs. You either expose youre to risk or credit risk, where defaults increase, you could lose money. A shortterm high yield debt in that area, i think credit quality is very good and you can get 3 to 4 p , which is a lot better than 1. 37 on a tenyear treasury and only half of a percent on twoyear treasu quick answers. Is gold a sa he and number two, i see you like european dividend paying stocks. Another add virz said the same thing because the prices are cheap and the yields are hire. Can you get them through an etf . I think that as far as gold, its volatile. Historicallyi volatilities, so dont perceive it as a safe haven. In terms of my favorite area, look for dividend paying europeaieequities. I think people have thrown the baby out with the bath water here with the brexit vote for european es and theres good value to find. Thank you. Still ahead, are revolutionary changes coming to the media industry. One of the most influential name james comey will testify before the House Oversight committee tomorrow. The topic, his recommendation that charges not be brought against Hillary Clinton and the use of her private email server while secretary of state. The chairman and the Committee Says the American People have the right to understand the depth of the investigation. Donald trumps president ial campaign is making a financial comeback. The likely republican nominee raised more than 50 million in june. Thats more than 16 times what it raised in may. The Campaign Says slightly more than half of the money raised came from its digital and small dollar operation with the help of the repub but in come air pair son, mitt romney raised more than 100 million in june of 201 as donald trump ramps up his antitrade rhetoric, the west changes underway at the panama canal. As weve been reporting, the panama canal is now wider and can handle a lot more shipping traffic and with billions of dollars on the line, west coast ports are making their own ports on the east coast. Tition jane wells reports from long 102 years after become k one of the wonders of the world, its gotten some work done. Over 5 billion worth to accommodate bigger ships from asia and no one is wats container port complex in southern califor we are the fastest route from asia to the middle mar simply that. Even so, the long beach and los angeles ports have lost some business. Billions of millions of jobs depend on these ports, which bring in almost 40 of all sea born trade. So money is being brought in here. 6 billion on the port of long beach side. 2 billion for this new semiautonomo terminal. Its all electric. Robots to speed turn around times for truckers as the port has d fro slowdown over a year ago, but perhaps most importantly, the expanded panama canal can accommodate ships over teus. 4 thourk. Beac a ship so big it hasnt been designed yet. More than 50 of the ships on order in this next few years, are bigger than 14 thourk, so that means none of those ships being delivered will be able to go through the panama canal. Issues in check and a infrastructure is improv advant is the lower cost of building docks rather than locks. Walgreens warns inves trs of uncertainty. The company which owns boots locations in the uk, said the plunging pound volleying britains vote to leave the European Union could have impact on sales. Shares are down to 81. 55. Dupont was found liable for a mans te cancer. A jury found the chemical giant order it had company to pay 5 million in damage. Duponts recent pin off, kenmore, will pick up the liability. The Company Faces regarding n w. Shares of dupont and its spin off down today with dupont at 61. 85 and key more at 5. 95. Medivation has signed with san ta faye, ws sweeten his bid for the company. Share as up to 62. 33. The u. S. Listed shares of santa fe fell fractionally to 41. 23 and sales of mcdonalds all Day Breakfast menu have been huge for the economy and the giant announced today it will add additiono its all Day Breakfast menu. Its going to add the mcmuffin and mcgriddle sandwiches. Shares down slightly on the day. By about 13 cents. Well even buy you a mcgriddle. Britains Melrose Industries is buying cooling and heating manufacturer nor tech for 3 billion including some debt. They cited their large presence in north america as e deal and t vote casts uncertainty. Shares surging more than 38 . Tesla provided more transparency into a death of a driver while autopilot was engaged. The company said it alerted flal authorities nine days after the incident. Time thing of the disclosure has come under question with elon musk defending the decision. Shares of the electric automaker are up slightly to 241. 44. Starbucks customers may have had to dig a lt deeper into their porkts after the company ina inadtly started a planned price hike a week earl will i. The issue has been fixed, but the Company Plans to raise prices as high as 30 cents per drink on july 12th. Shares barely moved today to 56. 75. Verizon is also hiking prices. The price change raises from 5 to 10 depending on the plan, unused data can be heir d carried ov are up half a percent to 56. 26. Its that time of year when some of the most powerful names in business, politics and the media head to sun valley, idaho, the plot the course of their industries and maybe do a little deal making on the s discussed are taking on greater than usual importance. Julia boorsen. Hey. Over 30 o media moguls and investor in the world are o participate in panels addressing topics from the impact of brexit to artificial morning, we saw e liberty ceo, along with facebook ceo and act visions ceo. Arriving with his wife dill predicted more morning thanks to new ability to distribute withere. The internet, where you can publish direct, without going through anybody, you can use our video. You can use all sort of devices to do it. Will allow creators for the first time to not be dominated by distributors. An all together healthy condition. In addition to dill er, a number including Tim Armstrong and a david zappof have told us they expect more deals to happen between internet and content companies or perhaps some outright acquisitions. The other hot topic, brexit. Armstrong and others say theyre focused on growing their companies through what looks like a period of slower grow in europe. Rare ceo here who isnt concerned, cbs ceo. Uk. Ortunate ly, we have were not as big internationally as some of the media competitors, so, it hasnt affected us at all. Haes been spending time here with sherry redstone. Hes in a legal battle over her fathers other giant, viacom. Hes on attendee list, which is sure t tension to these beautiful mountains. For nightly business report, im julia boorsen in sun valley, idaho. To read more, head to our website. Coming up, its a controversial law causing one of americas those record low bond yields are pushing up mortgage refinancing. The mortgage banker es asn reports a 21 rise applications last week. That is more than double what it was a year ago. Lionel message imessi has been sentenced by a Spanish Court to 21 months in jail. He was found guilty of tax fraud g con and he wasshore com fined more than 2 million. His father also received a r spanish law,term those lower sentences mean that he likely will n serve any time in jail. Activist groups are pressing their calls for boycotts after the North Carolina legislature adjourned last week after not making any changes on the law that dictates where transgender people can go to will the protests make any difference . Scott cos raleigh tonight. The protests have been loud. The threats have been dire. This is about longterm risk with the way lity fo our repetition has been damaged by this law. The largest city, has cost the area 283 million and 1300 jobs. The nba, which has a basketball franchise in charlotte, is reconsidering on whether to hold next years allstar game there. The governor and legislature are unmoved, ref ch in the law, but if they arebl with the states economy k there are some reasons they might win. North carolina is traditionally one of americas most competitive states. Its economy now on the upswing. Consumer spending here, more than 30 proponent of the law say thatst what businesses should focus on. Businesses who care about being bullied by big groups like the humaning rige citizens they serve or the profit tin this isnt the first time businesses have taken sides in the culture wars. Last year, they were threatening to boycott indiana over its socalled religious freedom law that critics said was a license to discriminate. The state did make somt changes, but the law remains in effec b business in indiana is up. The North Carolina law is mo opr fight isnt over. The question is whether business will put its money where its mouth is. Scott cohn, nightly business report, raleigh, North Carolina. Zpl. Bill thats causing the state of North Carolina million, head to our website, nbr. Com. And finally tonight, half a billion dollars. Thats the jackpot up for grabs in the next megamillions lottery drawing. With no winner lasting night, the pot now rolls over for the drawing on friday. The jackpot is the Third Largest ever in megamillions history and the seventh in u. S. History. Add another look at the day on wall street. Th pontes. Nasdaq gained 36 and s p 500 adde. So, if we win and you dont see us here, well know. That does it for us on nightly business report. Thanks for watching. Thanks from me as well. Have a great evening, everybody an narrator fish are the most Diverse Group of vertebrates on the planet. From the gigantic whale shark to the tiniest minnow. There are 32,000 species of fishes that are known and new ones are being discovered all the time. Thats more species than all of the amphibians, and reptiles, and birds and mammals put together. Narrator because of their diversity, fish have evolved varied reproductive strategies, ranging from the expected to the very bizarre. Whether its theyre born male and turn female, born female turn male, or change back multiple times, fish have found a way to utilize sexual reproduction