We also have a packed agenda today. 8 30 eastern time. June cpi. Economists are looking for the headline number to rise by. 4. Among other reports to watch today, Industrial Production. Thats up at 9 15 a. M. The nationality association of Home Builders survey at 10 00 a. M. Our market newsmaker of the morning, squawk master Mohamed El Erian will join us. We have a lot to talk to him about. Beyond the data, the other big economic story of the week, fed chairman ben bernanke heading to capitol hill. Hell testify before the House Financial Services committee. Thats at 10 00 eastern tomorrow. Then repeating that performance in front of the Senate Banking committee on thursday. A lot to chew on there. Politicians are expected to grill him about the feds Bond Buying Program and plans for tapering and, of course, if widespread rumors that bernanke will step down in january true, this could be his last Monetary Policy report to congress. I bet he would miss that. We should also note that tomorrow say huge day at cnbc. In addition to the testimony, well be holding our delivering alpha conference. You can catch it all day on tv and online. Squawk box will be live at the event. Well be starting at 6 00 a. M. Eastern time tomorrow. Among our guests, famed short seller jim chanos joining us. Along with david mccormick, and then at 8 30 eastern time, treasury secretary jack lew. Not a bad day. Youre all coming across yes, were coming to your home. Is it safe . It is safe. Should we you should come over after the you know how you jones to wear the jacket. Want to do it tomorrow . Ill wear a jacket tomorrow. If you want me to wear a jacket with pierre and audience and all that stuff. If you want, you know, get it out of your system, well do it tomorrow. I wonder what bernanke i dont know what hes been thinking lately because he hasnt said anything. I think tomorrow what are we on . She loves me, she loves me not, she loves me, she loves me not, she loves me, she loves me not. Im doing all the reasons. Tomorrow, i think he says he will taper. I think thats what hes on. Back to that. Yeah. Hes done each side. I dont remember the last one, im sure it is back to tapering. Corporate news today, investigators are probing whether a fire on that boeing dreamliner in lon been last week, oh, oh, no. Oh, no. Was caused by thats a different a battery. A different battery. The battery of an emergency locater transmitter. The part was built by honeywell. Honeywell says it joined the investigation, but declined to discuss details. It said it had no previous experience of difficulties with the transmitter. Airlines continue to fly the boeing 787 as the investigation if it wasnt anywhere near the lithium batteries where the previous problems were, yeah, but the stock sold off at an all time high. The Airline Engineers are suggesting this honeywell battery, which has been indicated as a potential, may not be at either, but may have exacerbated the problem. May have been there was a fire and that that lithium ion battery potentially exploded later. A good story in the journal, the New York Times and a great engineering website about all this stuff. What do we know about two things. Brandnew plane, and it was being maintained at heathrow. So it is not exactly not Ethiopian Air per se. But the stock regained most of back to a high. Yeah. Regained almost everything they lost. The new York Financial regulators reportedly examining whether to overturn insure r f a, usually like the hotel one this london. Or in new york too. I would say it like that, just to sound more important. For the Annuity Business of britains ariefia, the journal says this is part of the crackdown on private equity and insurance deals. The new york regulator said hes concerned that private equity firms insurance ventures could place annuity holders at risk. And preparing to vote tomorrow, thursday, on michael dells buyout proposal, now adding uncertainty on one of the companys biggest investors. T rowe price says it continues to believe the propose bideout does not reflect the value of dell and we do not intend to support the offer as put forward. We have been discussing carl icahn, new offer for dell. New day. One of the featured speakers tomorrow. T. Rowe price doesnt like either deal. Doesnt like either deal. Bingo. Talk about other Technology News as well. A court has cited with yahoo in a Data Collection case. This is victory for yahoo . It could help the public learn more about the governments efforts to obtain data from internet users. The u. S. Foreign Intelligence SurveillanceCourt Reviews government requests to spy on individuals. Yesterday, it ruled that information should be made public about a 2008 case that ordered yahoo to turn over customer data. The government sought the information under the National Security agencys prism data governing program. Users must pay full price for their smartphones, people are very used to getting that completely subsidized by signing a longterm deal with the carrier. This change will let the carrier cut back on the cost of s subsidizing devices if you agree to stick around and have a longterm contract. Another story for you, first data, will be suspending 401 k contributions to employees and replacing cash bonuses you with stock. The announcement was made to all 24,000 employees of the company yesterday. This payover haul takes effect on january 1st and will save the company 60 million in cash next year. At this point, first data matches 3. 5 of employee contributions to 401 k plans. Under the new arrangement, those contributions will be suspended and employees will get stock instead. The employees have to hold on to that stock until 3 to 6 months after they have an ipo and then they can cash it out. The trial of fabrice tour is now under way in new york. On day one yesterday, his lawyers told the jury that he never misled anyone. An s. E. C. Lawyer arguing that he deceived investors about toxic securities. Tough to say. In a classic case of wall street greed. This is being cast as a financial crisis. The complaint has been this is the best the s. E. C. Can do, youre not going to go after the high level guys, who actually walked off with lots and lots of money in their pockets that were this is it. Youre going after a 20yearold shes nice. Toxic securities, not hard to say, but she helped you. Youre very empathetic. He has no one when youre not you mean, you dont no. I go like this when he starts messing i even try to distract him. What a week. We had billy bush and Maria Menounos sitting in. We had we almost brought in that guy that said fns on his first he was scheduled to come in. If you didnt show up today, we were billy bush and Maria Menounos. That would have been good. Thats all youre thinking of . Thats a joke. I was out for that. You focus on your hall pass and your infatuation. That will not happen unless you can produce matt lauer for pi r pilar. Im at a support level. 185. I think i look i know what youre saying. A lot of saggy skin. I need to thats not what im saying. Thats kind of what youre saying. You look like you should not lose any more weight. Your face looks really thin too. There is a lot of extra skin. Thats not what im saying. Its paying off. If you weigh 140 pounds, youre in the shape of your life, but youre young. This will come to you. Youre a handsome man. Im just going to it is paying off. It is also the swimming and pushups and Everything Else. It is easier in the summer. The jack lemon movie, he turned he cant handle getting older and hes like on a treadmill and crying and trying so hard and everything starts not working as well and taking longer and should take it as a compliment, the compliment that was offered. You look good. Okay. Thank you. You look tan, thats probably because of the white shirt too. Im paddlingup stream as quickly as i can. Its working. Cheating. Anyway. Enough about me. Lets talk about me. Enough of me talking about me. Why dont you two talk about me . We were. Well talk about washington for a moment. Senate leaders you look good. Everybody is looking good today. Im not, but you guys are. Its good. Democrats plan to bring up seven executive Branch Nominations today. They say if republicans filibuster any of them, theyll change the rules so that 51 senators rather than 60 will be in charge. They can end the debate and proceed to a vote. And that would be a shift in washington. Also, the Senate Banking committee released a draft bill aimed at bolstering the finances of the federal housing administration. The fha faced mounting losses from mortgage defaults. Fannie and freddie helping the bottom line on the treasury. Back to you, joe. Okay. I dont know what i think about that. What do you think about it . I think it is a bad idea. I think there is a reason both sides should have to work together. If youre in favor of it this time, youll be opposed to it when your party takes over. 18 held up. Total prior to this was 20. More held up more reasons, right. I wish they could find some way to they say republicans are threatening, if you do this, all the other well go even slower on the other stuff you want to do. I dont know how thats possible. If you take the nuclear option, thats a bad thing in washington. You wont find ways to compromise only on the appointments, mostly for the it is going to poison the well on everything that theyre working on. The well is so thick with arsenic now there is no water left. Doesnt mean add more arsenic. Thats fun to watch, i guess, anyway, as were not expecting anything ever good. At least watch the theatrics. Lets check on the markets. What a run. Becky, one thing i didnt mention to you, i made this point, you werent around, all the people that said no, no, no, you got to wait until we get a little none of them said when were down 6 they wanted 10 . No, no, no. Not yet. The train is leaving the station. Theyre not on board again. You may have seen the lowest level this year. None of them told us they just i dont know. Some of them need to go find another line of work, i think. Regular people can do as well, just acting on their own. The futures this morning, i think theyre up about 11. Yesterday, managed to eek out a small gain. But, you know, from some of the previous sessions, nice gains. The oil, thats whats surprising. I wasnt paying real close attention for a week. Holy cow. We need to get down to 50. No. The tenyear, quieted down, we couldnt have made it couldnt have done this eightsession streak or whatever it is. But if that hadnt happened. If we were at 290, it would mean a different arena. And then the dollar, which i keep saying that the european countries, by being so turbulent now to they have given the fed so much cover, because we have all this accommodation and our dollar stayed strong. We have been able to do all this, as the best house in a bad neighborhood and china is getting even worse. I think the biggest concern globally is china. And then gold has come back a little. Back to 1286 or so. Bounces along the bottom. Nobody knows yet whether it starts goes back to 13 and tests that or 14 or whether it goes back down and head business low 1200. Well see. Time will tell. Lets talk about global news. Trains ground to a halt and hospitals worked with emergency staff. The strikers are protesting government plans to fire thousands of Public Sector employees, so, yes, the chaos continues. And once again, you see the protests. Also in india, the central bank raising shortterm bore rogue costs, restricted funds, banks said that they could restricted funds that bafrmgs could access and it says it would drain cash from the market via 2 billion bond sale. India is to create demand for the rupee. Trying to create demand for the rupee, which hit a record low last week. That move sent stock and bond prices tumbling today. You can see the rupee at that point at around 59. Now time for the Global Markets report. Ross westgate is standing by in london. Good morning. Good morning to you. Were getting back toward the best levels of the day. Equities under water for most of the session in europe. Advancers outpaced by decliners 32. A bit of data out today, which played into that slightly better inflation data than we might expect out of the uk. Mark carney, the governor, doesnt have to writer a letter to the chancellor. The annual rate came in at 2. 9, a tick up in june from may. People think that will be the peak. Boosted by a rise in petrol prices. Ftse 100, we are outperforming, just up 3 points. Helping is rio tinto, one of the worlds second biggest copper miner, iron ore miner. Had record iron ore output in first half of the Second Quarter, up 7 . Rio tinto up 2. 7 . Contrast the impact of rio with the cac down a third, xetra dax down a quarter as well, with the sectors, basic miners, basic resources that are higher across the board. Best performer, 1. 2 . Helping miners out, the australian Prime Minister saying he plans to scrap a carbon tax. Controversial carbon tax introduced last year. He will have to win the election before he does that. Thats all pretty good news for miners despite the volatility in iron ore prices and copper prices, the production is up and it is working okay. Media, travel and leisure. As we stand on equities, as far as the other data is concerned, disappointing Investor Sentiment survey data out of germany. It did just mean we got bounds got a kick earlier on. Economic sentiment, 36. 3. Expected a tick up to 39. 6 in june from may. Basically some of the german data hasnt been quite as good. Elsewhere, gilts lower yield because of the inflation data. We keep our eyes on spain as well. Yields still elevated 4. 7 . Spanish Prime Minister getting a lot of heat about what he knew or didnt know surrounding his partys slush fund scandal. Keep your eyes on that. It might blow up after the german elections in september. Thats where we stand ahead of the u. S. Open. Back to you guys. Ahead of the u. S. Open. Im thinking british open. Thats whats today, ross . Tuesday. We kick off on thursday morning. Have you seen a forecast . Not over there it is always raining, right . No, the weather we are in a mini heat wave. We havent had a heat wave like this since 1976 and it is even extended, believe it or not, up to the northern part of the country. Scotland having really good weather. Hopefully the course will be fairly fast running. Hard and fast running, the way we like links golf. So fun, i know. You got to land it 20 yards in front of i cant even tell where the greens start over. There is no fringe it is original. Original landscaping. They didnt make the courses with bulldozers. The bunkers look like a lot of them like youre in the middle of a construction site. They dont look planned, half of them. Is that really in i think on the old golf courses the bunkers were literally because it was links golf, it was sandy soil, they didnt have to they made a bunker by scraping away the top part of the earth and there was the sand at the bottom of it. They they were easy to create. A lot of things in england, they think because it is old, it is better. Like their food, for example. There have been advances made in Food Technology too, ross. You dont are to eat that you know london is one of the culinary capitals of the world. We have moved up. You loved it when you were there. I do. I like the white tower. You have an Amusement Park basically that is real. Built in the 12th century or something by william and it is like youre at like in over here, we built it like 15 years ago to make it look old. But you go to the tower of london it was all and there is like on a thames there is this place where you can see some of the guys coming in bringingbring ing prisoners in, right, ross . They cleaned up all this stuff. The new resorts look so good, you think it looks like it has been built recently because of the modern resorts are so well done, replicas, that you think right. And its neat. All of it is neat. Im coming back. Now i due a trip. We hung out. I know. We had dessert together, which is weird. Not just us. Not just family, the kids, all okay. See you later. Coming up, one year ago, Marissa Mayer, do you like mayer or mayer . You said both. I say both. Depending on my mood. Took over ceo of yahoo . Set to report results today. Well talk about the future of the company next. Up first, tonight is Major League Baseballs allstar game in new york. Last night, i wish i followed baseball a little closer. I guess i dont know the oakland as that well. This guy that you can see there, that andrew will pronounce after the break, be yoenis cepedes, left out of the allstar game to take home the crown. Winning the home run derby, that will get you a cup of coffee. Like winning the dunk contest and not being in the real thing. He beat bryce harper 98 in the final round. Bp supports nearly 250,000 jobs here. Through all of our energy operations, we invest more in the u. S. Than any other place in the world. In fact, weve invested over 55 billion here in the last five years making bp americas Largest Energy investor. Our commitment has never been stronger. Welcome back. National Cancer Institute scientists released the largest ever database of cancer related genetic variations. The move provides researchers with the most comprehensive way to date to figure out how to target treatments for the disease based on your own genotype. Open access to the new database is expected to help researchers accelerate development of new drugs, better match patients with therapies, different side effect profills, different efficacy, prime example is herceptin which works incredibly well depending if you have that one particular genetic anomaly. I read something today, a new study out that just suggested even mild exercise, if you can get one to two times a week, can help prevent e