Nikkei flat. European equities, still positive. Nicely positive. Its better than yesterday. Germany, france, ftse, spain, all higher by more than 1 . Even more italy who has suffered so much lately. Price of crude oil up this hour across the board. 47. 97. Brent is reapproaching 50. 49. 34 with a gain of. 55. Danone is buying whitewave foods to expand the presence in the United States. Whitewave is the producer of silk almond milk, Earthbound Farm horizontal organic milk its a 24 premium to whitewaves Closing Price over the last 30 days. Tesla ramping up the word of wars with fortune. The electric car maker saying it did no wrong waiting to disclose a fatal accident with a car with self driving technology. This after fortune accomplished accomplish fd a story that was critical of tesla setting on the news for eight weeks. Criticizing the fact elon musk sold shares in the interim. A blog post late last night denying it knowingly withheld information from shareholders regarding that crash. Shares recovering. Ordering due pant to pay more than 5 million to a man who claims he got cancer after being exposed to teflan. Awarded 5 million to the man in compensatory damages. The company says it will appeal. Have you seen that before . I have. Khemours you say them definitive like i do. Nobody else knows. Deer in head light panic that you havent seen that word before which is how i you should do it. I have seen it before. Did i pronounce it right . You did today. You did so definitivelily i assume thats the way to do it. I remember it from the due pantpant saga. It had come up. This going to take me like five minutes. We have to talk about tesla. Political news. As expected u. S. Attorney lorp ret that lynch accepting the fbi recommendation. Fbi director james comey is going to testify before the House Oversight committee on details of the investigation, but before that happens were going to speak to congress man jim jordan. Hell join us at 8 a. M. Eastern. The reason i was going to audiocassette about Loretta Lynch. Trump is in cincinnati. Your hood. My hood. He is talking last night. He is funny at times. He said 39 minutes theyre talking on that plane, Loretta Lynch and bill. So he goes theyre august about grapd children and golf and trump is like hes got two grandchildren. What do you say about the newborn. It smiles when it has gas. Then you talk about the other one. Then you talk about that. That takes 30 seconds. Then they talk about golf. 37 minutes. What was the other. That was the point he was making. Grandchildren and golf takes like two minutes to cover. What is funny its all happening in sincincinnati. Did you see this shot of what happened with me last week. When you threw the opening pitch. No not that shot. This shot. You took a picture with Elizabeth Warren. Why wouldnt i . This is a country we all may have disagreements. If she ever gets in power shes already been in power and look at what she has done. Shes a very nice woman, by the way. Heres what happened. You guys are talking about golf and grandchildren. Were at this im at a hotel in cincinnati. Theres an executive lounge where you get to go and have free breakfast or something and i walk in. The very right hand entrance after being out on this terrace and i almost fall in her lap, swear to god. She recognized you. She recognized me and i brought my kids in. I think shes a roll model for any daughter. Look at you. Come on. Come on. Im a bipartisan guy. He is amazing. Everyone wan democrats sit down and he thinks he likes them. You deserve an oscar. Speaking of trumps president ial campaign is makin a financial comeback. The likely republican president ial nominee raised more than 50 million in june. Thats more than 16 times what he raised in may and didnt really get serious until the last ten days or so. Wasnt as much as Hillary Clinton. According to the trump campaign, slightly more than half came from digital small dollar operations with the help from the rnc. In comparison to june, republican mitt romney maized 100 million. Clinton raised a total of 68. 5 million, but based on the report. That was a big number for trump and one that even the Washington Post mentioned. Trump is taking aim at disneys frozen. Hes been under fire for a tweet of Hillary Clintons picture with the five pointed star with the words most corrupt candidate ever. Last night trump tweeting an image on the cover of a frozen coloring book which also features a five pointed star. He wrote where is the outrage for this disney book. Is this the star . Isnt it six . Yes, thats what i thought. Its two try angles triangles just trying to be accurate. Calling and then tweeted havent they said something about frozen, its the star of david also dishonest on dishonest media, hashtag, frozen. Leave it at that. On todays economic agenda. A double dose of job. Payroll report is out at 8 00 p. M. Eastern time. 8 30 a. M. Look for weakly jobless claims. Expected to hold steady. On the earnings front, pepsi is reported to report around 6 30 a. M. Eastern time. For me expectations im joined by rob marten. And chris bennett. Does it even matter . Based on what we heard from the fed minutes, are they going to raise . Ever . I think it matters complete for the fed. What is going on with the fed, they got slammed with the may employment number just like the rest of us did. Event justing for the strike, that was a weak number. It came with revisions that gave a downward trajectory. That signals recession so theyre very concerned about that right now and what really matters is what is going to happen friday and over the next two reports. If we see a rebound in employment, if we get an average of above 150,000 per month of the summer, then i think theyre ready to go and theyll go in september. On the other hand, if the labor markets remain saft or weaken further, then the probability of recession rises. What do you think of those two outcomes, what do you think is most likely. Our base case is it bounces back. Were not seeing deterioration in other data. Unemployment and insurance still look fantastic. Still near a record low. You gragree with that . Lets say we get great job growth. Youre going to raise rates . I think thats a great question. Were looking at things and saying we would need gang buster data. What is that. Sort of in the eye of the beholder at this point. We would need to see things to drive that movement in one way or the other. Its going to take some gang buster data to see that happen. Even the job report is not going to erase the brexit fallout. Which has led to the more negative yields. For who knows how long. What are the numbers for 2016 . The last i saw they were pricing in a cut rather than a hike. Its kind of priced out the fed for 2017. Through the tend of when. Next year . Just got a little bit of pricing in there. So markets are very concerned and its to me its all driven by the labor market report. I think that would turn around quickly from both perspectives if we got good numbers. Theres a good chance theyll go south too. I was going to ask. Am i correct theres a slight chance of cut priced in for this year and what do you think the chances are for that. Even if we got a really a pretty substantial deterioration, its going to take the fed a little while to change directions. Its a slow moving ship. Very much on the tightening bias. Thats the message we got from every speaker. Its not a question of whether theyll raise rates again, its a question of when. I dont think theyll do anything before the election. September, would that do that . I just wonder whether were wrong about the whole affect of europe on brexit. I agree with you completely. Were wrong on everything all the time. You have a cheap pound, number one. Which is going to help the uk. Will the messy divorce, will that be so, i guess, amping the animal spirit or getting out from under a global system. Just overdoing the hysteria. No doubt. I think the whole system is one of the reasons its growing so slowly in the first place. When it comes apart, it might be better. Yes and much more simple idea is the elite consensus is so dominant that its so bad and horrific and how correct has that been . I dont think china and russia will ever get going until they combine forces and become the asian union which is really imminent. Thats going to happen quickly because the nationalism in russia and china. Would that ever happen . Will that ever happen and are we okay with russia, you know, protecting its own interest. Its dangerous, but its not a bad way to run an economy, is it . To have your own self interest in mind. Thats wh i dont know. Im getting off. The problem with the eu is they enforce all these rules that are antibusiness, but never enforce rules that help business. Theyre bureaucrats. How are you. Sorry. Why we invited you guys. Is adp going to move in the market or no . Its hard to say. I think at this point, the market has sort of been in a long mode for the near term. Again, i think we would have to see substantial data negatively or positively. When do you stop paying attention to the fed . What i mean by that is look, maybe its my circle think that all Central Banks have lost credibility. Japan, i dont know why they get out of bed in the morning. Everything they do has no affect from kbwhat i can tell. Is it working . When the world wakes up and says is sit working, does it matter what they do at all . I mean, and if when we get to that point, if wroer not there, what kind of crisis is that . Is it a crisis. I think one of the reasons people have lost faith in the ability of Monetary Policy to work is because the economy has been doing pretty well and Central Banks keep trying to erase the downturn of the last recession, but were well past that now. You cant push on a string. Doing more expansive when the economy is doing well doesnt work. If the economy were to turn and go back to recession. Then quantitative easing may work again. I said Pay Attention to the data and look at where the economy is going itself. The market rally yesterday because the minutes were considered dubbish. Ignore it . Innin think so. I didnt learn anything from the minutes yesterday. Thats not going to matter on 8 30 friday morning. Thats pretty much it. I think i would rather not Pay Attention to the quality of factors and stair at the quantitative data the market has given me. Got you. What month is your prediction for the 300 plus jobs. That was back in ronald reagan. But before the election. October. October. It would be the september report because it comes in october. Right. You have to look for first week of october. I look for 300 plus, 350, 400 maybe on october, whatever the first friday in october was. I cant believe it. Like 400. Its usually the way it works. Dont you think . You just watch. Happened four years ago. Remember it was perfect. It was beautiful. Going into the election. Remember . Yes, i remember. We had a famous ceo tweet about it. They would never do that. Coming up, the irs would never target conservative groups. They couldnt get away with that. They couldnt. You would never let a candidate get off. Never get off. Its impossible. Or a private email. Is this me . Am i reading this . You want me to read it or not. Coming up the buzz in washington from the directors date on capitol hill this morning two potential running mates from donald trump. The latest on the campaign trail is next. They may want the latest products and services, but they demand the best shopping experiences. Theyre your customers. And by blending physical with digital, cognizant is helping 8 of the 10 largest u. S. Retailers meet their demands with more responsive retail models. Ones that transcend channels and locations, anticipate expectations. Creating new ways to engage at every imaginable touchpoint. Its a new day in retail, and together, were building the store of the future. Digital works for retail. Lets talk about how digital works for your business. Amazing sleep stays with you all day and all night. Sleep number beds with Sleepiq Technology give you the knowledge to adjust for the best sleep ever. Its the final days of the lowest prices of the season sale, with the our best buy rated c2 Queen Mattress now only 699. 99. Know better sleep. Only at a sleep number store. House republicans making sure the clinton email remains front and center. Fbi director james comey will appear this morning. Lets bring in steve mcman. Tony fratto managing partner. Steve, let me start with you. I understand for me i understood what director comey did, i think. Ive likened it as other people have to Justice Robert not wants to be the news of you know, not wanting to stick a dagger in obamacare. Wanting the voters to do it if it ever happens and comey is going to let the Voters Decide as well. Im not sure though, steve, that the fbi that is in the business of deciding whether something is against the law or not really and then the prosecutor can decide whether you can make a case. For the first 14 minutes, he seemed to present evidence that the law was broken. That was the take although of people had. Was that you take . I think he presented a lot of evidence that the law is maybe loose with respect to what the expectations are and if you know, it will tolerate these kinds of circumstances, and i think he probably would expect congress to tighten it up in some respects. Hillary clinton has made the point before that what she did was not unique or the first time. Obviously there are rules and she should have done it differently. She said that herself. I dont think there was a lot of news there. He did lay ut out like a prosecutor, but remember he was a prosecutor for a very long time. He was a former u. S. Attorney. Pretty respectable guy. If you read the statute itself and you align the statute with what he presented in the 14 minutes thats fwens the law. Hold on the statute requires, im a lawyer so the statute requires intent. I think what he found was there was carelessness. He got a private server to make sure she did, the intent was she wanted it kept secret. She did want it kept secret, but there has to be intent to violate the law with respect to classified materials and what he found was there was no intent. There was carelessness, maybe x extreme carelessness. If i run a red light because im carless, can i tell the cop i didnt mean to do it. Yif theres a picture of you doing it. There were five mitigating factors all of which he went through. All of which apply to the case and many of them did. They didnt apply here. They couldnt find a single instance of prosecution with this set of facts. Going to get their clocks cleaned because james comey is much better prepared for this than they are. Having james comey as confident and as good as he is was not a favor to your candidate. I can tell you that much. Just from watching the 15 minutes. But having him reach the result, having him reach the result he did was the guy has been beyond reproach his entire career. Kept calling it an exoneration. It was like baghdad bomb. We got him on the run. Heres what it was. Heres what it was, finality which the Clinton Campaign needed. Exoneration. Go ahead. Im sorry. I hesitate to go to tony at all. Ill let tony talk about Hillary Clinton as long as you dont get on the republican. I dont know who is worse for trump prospects. We might be on the same wave. Im the guy that gives tens of thousands of my own money to support republicans, joe. I was looking up with the Establishment Republicans are. Hes got more votes than any other republican. There are more people than there were. I found the do do bird. And i said this. Is the do do bird extinction because it didnt have any competitors so it nebraska hver fly on the island of matt gas car. Do you noe how the establishment got to the establishment . By winning elections. Thats a very good point. Wow, i must have missed mccain and romney. I must have missed what happened with mccain and romney and the first bush. Left turn in all borrow curky. I worked for the guy between them that worked p r the elections. This is great. Ushered in barack obama. When you say things like the Vice President ial field is slimming down for trump only because most normal republicans are running as quickly as they can away from him and the only two people that might accept it are Newt Gingrich and christie. That doesnt sound like a guy that is going to oppose steve on our show. I can oppose. Basically on everything you said about Hillary Clintons handling of the situation and classified. Someone who has had to handle classified material and been trained on it multiple times and understands it. Her position on this was completely untenable and really misled people and media consistently through and i thought the case that comey laid out was pretty devastating. Whether its something that could be prosecuted or should be prosecuted, thats a different point, but i can tell you that this idea that you know, she didnt know what she was doing was just not tenable at all. Theres a culture of paranoia around the clintons that everyone is out to get them. The truth is everyone is out to get everyone and that doesnt mean you get to make up your own rules outside of the system that everyone else has to comply with. I thought it was devastating and damages to her. I still think odds are they secretary clinton ends up winning this race, but shes crippled and crippled as a candidate. By the way, i havent been a huge apoll gist for Hillary Clinton on this thing, but theres a question about what she knew and what was important about it. So for instance she definitely knew she had her own email system, but so did previous secretaries of state. Not server. It sound like she should have known that some of the material passing through that system was classi classified, but theres no evidence of intent. The law requires very specific things and we live under a rule of law in this country. Even the former even the assistant director of the fbi the former assistant of the fbi who was with you us yesterday on this program said that extremely careless and negligent are identical twins. As a Legal Standard by the way theyre absolutely not. James comey is the direct orb of the fbi and not t. He prosec