News. It was down 3 . And remember this follows 3. 5 earlier in the week. The shanghai was down half a percent. We had a boj viewing party last night. You didnt make it. You look tired. We ordered sushi and got some red bull. Just to, you know, full effect. You are trending on start saying sushi and stuff like that. I dont want to get too stereotypical here. Well, you know. It is a safe zone. Since when . Im with becky. Since when. Lets look at the futures, they are indicated lower follows the first five day losing streak since february. When did you come one that though . That borders on a shtick for you this morning. A stick . You told me i wasnt allowed to use yiddish. So the mid western version of stick. I was up we had a viewing party. Lie. Coming one things now. Try good. Youre doing a stick. Because you i dont you really didnt stay up. No see, you aric making that up and you are going for a laugh. Ive learned a lot. Because i was going to pull away. You could get me. U. S. Stocks gave up gains after the Federal Reserve held rates unchanged but signalled a slower pace of Interest Rate hikes. Really . Slower . Shocking. Slower. How do you get slower . Is this a stick . Yes. And i told wilfred and sara this. Do you remember new math . There is a point. In geometry. There is a point in geometry. Two points, you connect them it. Makes a line. I know the answer and you know the answer to that too. The dots were meaningless. They werent real. Only one point in time we have no gonna be at 0. 5 still. What is the pace of rate increases so far when you have got one rate increase in nine years, what is the pace of that, other than glacial, other than not believing anything they say or not having any credibility whatsoever at. Steve leisman threw in the towel yesterday. I read that too. The fed kpacht icapitulating. Its over at one . At a quarter point the rate hike cycle is over. This is all very strange. I dont want to call it the new normal. I want to call it the Rinehart Rogoff idea is wrong. And now self inflicted. This actually eight years later. Long leverage. No its overregulation. Not doing the things necessary to get economies moving anymore. It is turning into also us being hampered by Global Growth. We could lead Global Growth. We are. Right were leading it under 2 . And they did this weird thing where they lowered their forecast so it averages out to 2 so they can still say hey were doing 2 . I mean, if you were cynical and we have Richard Fisher and hes not known to always be a poly anna. I think well get him to just say. They could have said or done a lot of things yesterday that made the lack of a rate hike yesterday feel like it wasnt the end of the end. We wont be japan because we know how do these things. Our bank clears things up quicker. Despite their best efforts this is what it looks like to me. This looks like were going to be here forever. Were never going to have negative rates here . I wouldnt bet on that, would you . I wouldnt bet on never. It is a better version of japan. Elevated version of japan. Lets tell you what is going on with the yield. It did tick back below 1. 6 following the feds announcement. Go out and get yourself a mortgage or refie today. In the meantime in the early european trading weve got why would they go up . How can it possibly go up now . Equity markets. The only thing going to go up now is gold. And you missed your opportunity. I missed my opportunity. Here we have ed arrows across the board. Five Straight Days. The fed is part of the problem. Definitely not part of the solution at this point. Okay. Well debate that but im also, i feel hampered because i cant use this. Stick. And other times searching and realize i cant use it. And you had an issue yesterday with wilfred yesterday trying to use i dont want to say the word because it is supposedly an epithet in another land. He used an epithet himself. So kind of cleared the way. Does it count if you vega is far or somethint or somethin. The air around the world. Take a look at crude moving lower there. Following government report that said u. S. Inventories fell last week. Less than half of the barrels expected. And quick as joe mentioned, he wished he had bought that well. Via com . Wished to buy gold. We were going to sumner still thinks that via com is gold. Theres gold. The dip is where you tried to buy but didnt get your act together in time. You need a special account to buy that. So mad at that. Right there too. There is a full slate of Economic Data on the days agenda. Weekly jobless claims. May Consumer Prices both out at 8 30 a. M. Eastern. Headline cpi is forecast to rise on higher gas prices. Well see whether the cpi is also hotter than a time square rolex at like yesterday. And dirtier than a mouth of a pos some. You needed more texas. We had dan rather on yesterday. We had fun. And he had fun. Also look for current account figures for the first quarter. And 10 00 a. M. A National Association of Home Builders month survey. Earnings front, kroger and rite aid are going to report. Earnings somebody has been over a month. Stragglers. And oracle and smith and wesson after the close. And in political news, speaking of wopder if they did on this purpose . Nder if the did on this purpose . Just did smith and wesson earnings. And yesterday democrats had a 17 hour fill bust they are finally ended early this morning after Republican Party leaders reportedly agreed to allow votes on two proposed gun control measures and in his statement senator cris murphy that a deal who whether the. And whether to expand background checks to gun shows and internet sales. Ask yourself. What can you do to make sure that orlando or sandy hook never, ever happens again. With deep gratitude to all of those who have endured this very very late night, i yield the floor. Over the course of a 14 hour and 50 minute filibuster murphy was joined by other senators, including blumenthal and booker. And i guess the other part of this story is that donald trump has at least shown a glimmer of and this is i. Im very curious where you are on this. Well i would have thought other liberals would have said wow this guy might be pragmatic. Maybe this guy will do things right . I thought that i actually was very you can imagine how the nra after endorsing him how mad they are now. But the daily news deciding that trumps plan is actually groveling. Come up with some ideas that he would like to go along with some of these restrictions. That is what i mean. And that is a pretty purist sort of ideological i understand where it comes from because everybody deserves due process. You cant just take rights away. But i also understand if the guy cant fly and if hes on a terrorist watch list and just to put a fine point, what trump has suggested thus far is he would be prepared to make sure people on the terrorist watch list cant buy guns. Come prepared to understand what im talking about. Dont need to surmise. And the other component is he was not prepared, unlike bill oreilly. In terms of the assault weapons and the size of the magazine. Hes not inclined to support who knows . At least thus far. Because there are purists and then there are people that at least would listen. And also he said there are some indications that there are other parts of the gop. Not maybe the guys in the most there are two bills we should say also. We showed that one. But there is the other one as well. I just, you know. It is anything now. I dont want the left i think you should focus on that paper and the hufgten pofi post. Great op ed about donald trump as a businessman. Well just try to explain the phenomenon in how author today set 160 in terms of vanquishing pretty good candidates. Nonetheless a man who thus far cant be vanquished. Sumner redstone continuing in that battle. Sumner receipt stone saying he no longer trusts the board or ceo philippe. He made the comments. Redstone wrote i no longer trust philippe or those support him. The board are ignoring his wishes and he doesnt think they are acting in the best interest of shareholders. Citing the decision to sale stake in Paramount Pictures and via com shares are down 36 the past year. Former ceo tom preston also had harsh words for management in an interview on cnbcs fast money last night. The whole soap opera versus the redstone and the women and the lawsuit i think has been a side show compared to the real story which is the fall of via com from grace over the years that have been really one of the leading Television Networking companies in the business and now its fallen to a level below really any of his its peers on almost any metric plagued by all times trieps of problems. Redstone is never one to want to sell anything. While known has floated the idea he couldnt take the ceo job if asked. In the meantime lets get back to this morningss market moves. Dependingen what you think happened yesterday and what may brexit joining right now is. You heard the argument from joseph. There is no line or dots. There is only one dot. We want to slow down the pace. If the line of equities now as a result is functionally going to continue going this way. To me the uncertainty and in fact the fed feels very uncertain. Situation where they said things are lousy here not going raise rates and the equity market has said this is spectacular. Lost control though. Right. Is this a moment of the loss of control . Weve been in the correction camp for a while. And i think what the fed did yesterday was a relative ily easy decision that just reflected the reality of whats going on in the marketplace. The dual mandate, the labor market has been noticeably slower. The metrics have ticked down. First quarter Economic Growth and corporate earnings were terrible. The brexit vote in eight days, which right now is probably no better, no worse than a coin flip. Given all of that uncertainty what else could the fed have done. Is it possible they come back in july . If the data supports that . Overly pessimistic about the data currently. We feel really good about december. But july or september is going to be a tougher call. The data has to support that and right now that is a crap shoot. Is larry right . Are we the new japan . Is that whats going on here . Well joe making the point in the first segment were relying way too much on the fed to solve our problems and the fed cant solve the problems. We need better government action. When things are tough we need a government to comes together and sets good policy and we havent had that. Are we the ones leading the world into the slow growth . Or are we following . I think were doing it together . I agree with allison. Fiscal policy matters here. Were at 1. 7 full year gdp. The fed was at 2. 5 working down to 2. I suspect they are going to be sub2 for the second quarter. We dont think were going to get anywhere near the bounce that a lot of folks. One side of the dots but not the other. Because they missed two years ago. And you can fault the fed at a lot of points along the way. But at the very minimum when they should have a couple of years ago, it is not just that they are, you know, suddenly unable to do any good. It is they own part of this. And when you say well the fed did the right thing yesterday given the economic backdrop. Well that is a given. And the economic backdrop is part of. It is not just that they are not part of the solution. They are part of it. But not the whole solution. No. And youre not following me. They are part of the problem. It is not that they cant do anything. It is that they are part and parcel of the issue that wore facing in the first place. They own central bankers own this malaise. And now because they didnt do it two years ago were totally painted into the corner. In terms of the corner there is a projects, not a high one but a probability that we could be looking at the recession in the next year or two. The fed would like to reset to a hundred basis points. To be able to do something they are at a quarter point right now. They have to force in a couple of hikes to reload. Make it practical here. If i missed the gold trade what do i co i dont think you missed the gold trade. Weve been playing defense all year. We continue to play defense. The allocation in equities in stock bond right now is two ticks below neutral. We havent been this low since the great recession. Weve got more cash. More bonds. We like gold. Stock market is going lower. You have got to play defense here. I think the second half of the year is going to look a bit better. All of the head wind we had last year should be working against us and were just seeing moderate growth but there is too much unserntd near term. And that is what makes a market. All habituated to believe that now and that its not self inflicted. Half more than a decade of planning the Shanghai Disney resort opening today with a price tag of 5. 5 billion. And eunice, ive been watching some your tweets this morning about the average line to get in, about two hours long. Just to give you a sense of the crowds. The average wait outside of the gate to get into the park was two hours today. Tens of thousands of people braved the rains to get into the park. And so on a day which is very important for disney. Earlier today the ceo bob iger was presiding over a dedication ceremony for the grand opening. Several high level government officials took part including the vice premiere. And the ceo stressed the importance between disney and the chinese government. Today is a celebration of creativity and collaboration, commitment and patience. A triumph of imagination and innovation. And a testament to the Strong Partnership between disney and china. Disney said that they had congratulatory messages, both from president obama, as well as president xi jinping. Now, this part has been long in the making. Five years of construction. 5. 5 billion. And it is all to as iger told me, to create a booster rocket for the business here and the expansion in china. This is a brand building exercise in many ways because the park could have more people come here. People get more familiar with the brands and characters and might want to go out and watch more disney films and buy more disney products. And there is some reason to believe that there could be a big payoff. And because by disneys own estimates, 330 Million People live within a three hour radius and can travel there in that time either by train or by car. And are what they call income qualified. And that means they are able to afford a vacation here. So already if you believe as many economists do that the chinese economy is advancing in the longterm and that people are seeing their incomes rising and that Household Spending is playing a larger role in the economy, disney is well poised. And already from what analysts are told us, they have some pretty optimistic estimates about how many visitors they expect in the first year. The range is from 10 million all the way up to 15 million. Visitors in the first year alone and that already if it does come true is going to really launch this park to some of the top numbers in terms of the most visited parks by disney. The company has also been tailering this park to the chinese. 80 of the tractions here are unique to china. And one thing they are not doing and not allowing is the selfie stick. This beloved by Chinese People and many people in asia but unfortunately it is not allowed here for safety reasons. Thank you eunice. A great story. And a great day to celebrate what is going on over there. I did want to ask given that its been in the news here in the United States and whether it became a conversation at all over there given the disney executives, this terrible incident down in florida with this toddler and an alligator. You saw a statement from bob iger later in the day offering his condolences to the family. Is that a conversation happening over there . Or not really . It is not really a conversation happening amongst the public. Certainly as you said iger issued a statement sending his condolences to the family. But from a public level of course people are heard are of the story and are horrified by it. But in terms of their enjoyment and their fascination with disney and this park it really hasnt resonated very much. Okay. Eunice yoon how to much. The country in crisis. One Opposition Leader has a plan to turn it all around. That interview is next. I was reading how they are attacking trucks on the way into the ports, that they cant even make it into the cities now because the road to get there. Really are free when you have socialism. Amazing. Clearly this is a country on the brink. Believe it or not the parliament is controlled by the opposition but the to what people believe are senior antidemocratic measures. Theres been a movement for a recall referendum of the president. Have been trying to push a vote a National Referendum immaterials been thwarted. This comes as john kerry just yesterday says he also backs this referendum and the dialogue with venezuela. I said to mr. Vek owe, listen, from o outside what we see on the ground t only thing we think might happen there is military kups. Is that possible . Military coupe could be a disaster in venezuela. We dont want to get to that point. And that is why we are pushing so fast. Do you worry a possibility . Yes. We are in a totally collapsed country right now. It is not working. So well see if there is enough pressure from other leaders to get maduro to actually allow this recall reverend skpm to have a constitutional process what so the process would be they allow that renchds referendum to occur. If it occurs next year and people vote yes he should leave office then the Vice President can take over and be in charge until 2019. Dragging his feet. Absolutely i dont know how you keep control when you see scenes like this and when people are starving. Which raises the fears of the military cue. The military is deeply entrenched. Very much a lawless militaristic state is the way its been described. And dont forget theres been a lot of cuban influence as well. Because they still supply oil on a daily basis to the cuban government. How long has this president been control . 2013. And you have had socialism there since 2002. Hugo chavez presided over much higher oil prices. Thought he was nnt power until 2002. There was a couple of iterations. Im look at the piece here written just last year. At that tim