Ranges i agree and it occurred to me again why the market went up yesterday, we just dont know how to enjoy good things, good times. I mean, it really looks like we have maybe progrowth policies, Interest Rates that will probably still stay low. Inflation that probably wont be a problem. Everybody is worrying about Profit Margins hitting peak because wage gains will start hurting Profit Margins its bad for income inequality, but in the meantime Profit Margins stasy sustained. Everyone is saying its overvalued, but are we missing the point that there is like a perfect storm . Yeah, and yesterday you were talking about Profit Margins and once wages go up, Profit Margins by definition have to come down. But i think and im guilty of this all the time. We make this more difficult than it has to be to your point, maybe it is this simple now and i think the intelligence i cant, they try to figure out ways where ty the market will go lower. I cant, they try to figure out ways why the market will go lower. And lets check on equity futures. This of course after a record close on the Dow Jones Industrial average we are looking at another higher open with the s p looking at about 4. 5 points, dow up 31, nasdaq up 29 points at this hour overnight in asia, it was positive import export data that helped lift the indices. Hang seng up, nikkei basically flat european equities, we are seeing green arrows across the board with the biggest gains in spain right now. Ten year yield, we see that here again this morning ten year yield at 2. 331 . The two year note 1. 347 and it is just about a one month low. Mark grant a dooum dacouple g gee said we go lower before it heads back up. All the gary cohn stuff yesterday was interesting. Because depending on who you are, hes like a rorschach mark grant said that i think gary cohn will reverse the errant yellen policies to people who think that she has been behind the curve, that means that he would raise rates. But mark grant was talking about that these recent increases given the economic factor have been counterproductive, with the rest of the world still easy, that it was a misthat that yellen was raising so it was weird to watch some people think that gary cohn will be great because he would raise rates. Oh, he would be great because he would reverse the rides. So weird if you think donald trump was a wild card as president , gary cohn as a fed chair is even a wilder card. Because hes not an economist . Hes not a twrrained economit but he grew up in a trading environment. He was lole on the Commodities Exchange for years so a completely different skillset than the fed requires. But as somebody who always thought that the exit for easy money would be easy and fruit with challenges, maybe gary cohn is the perfect person. Who is better suited to get out of it. And maybe he would bring a trader mentality that you would love maybe fed funds could change intra day, go up, go down, just are depending on we went up a quarter, were going back with down get gary on the show, well have a conversation. One other point about the market 1999, we were at 10,000. I know we went to 666 on the lows, but just forget about that, hard do, but go from 10,000 to 21,000 in 18 years, and do the compound rate of return, what is that, 4 its not that this is not necessarily way out over not gang busters. Youre are right and to your original point, yet this is again we say it all the time most hated rally in the history of man kind. And im not sure why are and the iea is raises its forecast fdemand for global oil. You can see were back to 45 or so temperature several members did pass much more oil than allowed by their supply deal. Separately, new custom also data from china showed Rising Oil Demand in that country which imported 8. 5 million per day, a 14 increase from last year, makes china the biggest crude imt po importer passion the United States and weve talked about this, janet yellen heads back to capitol hill today yesterday she struck a dovish tone most of my colleagues or at least the median anticipated that one further increase in the federal funds rate would likely be appropriate this year but as i say, we constantly watch the economy and evolution of inflation in the labor market and will make decisions on the basis of our evaluation of that information. Today real hear from Charles Evans and fed governor Lael Brainard and look for weekly jobless claims, prior price index and federal budget and Delta Air Lines reports before the opening bell. Went home yesterday and sometimes i turn the tv on as background and i said yellen is on, ill watch a little what time did yop i tried to watch and even in i said you know what, ill read the summaries. Ill wait until its over and then read the salient points because i couldnt do it and i switched and it was a different hearing. It was chris wray on that hearing. So i watched that for a while. And you thought you would read the summaries the next day, right . That one i didnt watch that long either because it was not about chris wray out it gave them a chance opine and filibuster about russia and that surprised you why are . No, it didnt surprise me thats what they do. But it was one big russia you wonder why cnn only covers that. Thats all they do in anyway. And speaking of which, here we go well talk about trump here todays top political story is President Trump arriving in france he will meet with macron later this morning and i meamon javers joining us h more the president has landed in france hes staying at the ambassadors residence. Hes expected to discuss syria and terrorism with president macron of france were also expecting that he will give a News Conference later today and he will also visited too many of floriof flnn they are expecting some protesters against mr. Trump, so we will watch to see whether he gets similar reaction that he got last week in hamburg when he is in pairs are. But all that teed up for today meanwhile yesterday the president gave an interview to reuters where he laid out his defense of his son donald trump junir. Who scheduled the controversial meeting with the russian officials who suggested that they might be bringing some information on behalf of the russian government that was harmful to Hillary Clinton heres what the president said about that meeting that his son took he said i think many people would have held that meeting he also said on his meeting with Vladimir Putin last week in hamburg, i said did you do it, referring to election reference, and he said no, i did not. Absolutely not and i then asked him a second time in a totally different way. And he said absolutely not so the president saying that he pressed Vladimir Putin twice on the issue of election interference in 2016 and putin simply denying it. So expect that News Conference will be dominated by russia this afternoon depending on who the president calls on remember, those are two and two, so only two questions from the u. S. Side depending on the reporters he calls organizatin, expect a question about russia did we city that that was a meeting with russian officials fair pint point. A russian lawyer whose gobetween said she was conveying information from the russian government because i think that is probably true, about i dont think we know whether that is true but now it looks like it was very interesting, you saw a guy that we have had on a bunch of times, the Hedge Fund Guy that it all came from and that they are sanctioned so much that and this woman suosedly just seems like more than coincidence at that was so high on her list of things do. And it looks like some people were directly tying to what president putin really wants like a lobbyist for putin on that issue you not on the election, on that issue you. Right and lob be biists make entire careers off of issues like that. So you can see where that could be alucrative niche for somebody with a russian background and a line to the putin regime but the right is saying that she got in for some no good reason why she didnt need a rea to get here, that the Obama Justice department let heard in for some odd reason. I have not seen that. Lead story on drudge. You have to check it out youre stuck on the Huffington Post you can move over to drudge occasionally. I didnt read the Huffington Post either. I woesk up aboutwoesk up about a minute and a half before this. I work on all day. I know you do i wouldnt know how to act i will tell you that i talked to a former u. S. Intelligence official who is very experienced in counterintelligence who said that his view of that meeting was that it was a probe by russian intelligence they send forward people to see what the reaction would be and he said he thinks the russians were probably surprised that don jr. Took the meeting after that probe but once they got that receptiveness, then they could have moved on to other steps so on this former intelligence official says he thinks there is more to it, they would have kept going after getting that response there don jr. And now were going back to 2014 or 15, i think weve gone back to before trump had announced and they were eavesdropping on some russian types talking about some people that knew trump. Ooirts g its gotten to that point glp ye yeah, they hop toremonitor af people and they unmasked every person that could ever run for president i think glp so were they all just where fans of the apprentice or was there something more sinister going on you can only imagine the man hours listening to all those tapes in russian well, they can listen to those or watch janet yellen. Kind of the same no anyway, thanks you bet works all day he does by the way, so does melissa lee. Well, shes not here every morning. Shes here a lot. I knew this was going to happen you two together, youll be just oh, come on, joe. Some news just in from uber. It is combining its ride sharing business in russia and neighboring countries in to a joint venture. Uber isnt publicly traded, but yandex is. Its a producer of search mapping and Navigation Software. It is nine as the google of russia and you see they are up 10 . Lets talk markets following a record close for the dow join position us is karen cavanau cavanaugh, bruce kasnan, chief economist at jpmorgan. That is a big job. Yeah, a lot going on in the globe be Global Economy are there different divisions with other chief economists . We have regional heads. Im the chief economist for the bank and Investment Bank there is an Asset Management business which is separate hes the big swinging person i know what he is but its early these fast money guys, still in the boom boom room. Im talking about urt babout yog guy there. And in the past i kind of thought you were too negative on things and i think its thinking born about out because this is a real strange economy that were in it seems pretty good gleeb alob but then there are areas where are it is hard to get above 2 gdp. Well, our view has been over the last year that the Global Economy is doing quite well. But its not thinking driven centrally by the United States so its not a u. S. Centric story, but a very positive upbeat story on growth and recovery in pricing power. And i think as we were saying before, corporates are doing quite well in that environment i dont see anything that is breaking that. And i think the world as we go through the next six to 12 months will continue to deliver a good outcome how can it not be rip roaring with the nominal plimt numbers that were seeing now . Its threatening to get down to theoretically could get down near 4 i dont know if you want to say there is anything wrong with the u. S. U. S. Economy in the sense that were generate be jobs in the First Quarter, about 1. 5, well go about 3 , about 2. 25 in the first half and about 2 whole year. So trump wants 3 and youve been no, were not doing that. We dont have are fiscal stimulus built in and we havent had it since the election. We dont think congress has enough coherency to deliver are clear skrooutcomes deregulation is moving very slowly second of all not moving in the same direction in terms of its growth impact. So five years from now, i think the deregulation could become an important story. Karen, that would seem to indicate the market has moved up to reasons unknown the reason they moved up is because companies can make money in this low growth environment its not the best environment, but companies have shown time and time again they can get it done and they will continue to get it done and they did it in the First Quarter with Earnings Growth of almost 14 they will to it again in the Second Quarter and so that is why the market is moving up. The market and the economy arent always the same thing and it would be great to have a backdrop of a 3 or 4 growth economy, but we just dont see that and until we see the fiscal changes and deregulation, until we see tax cut, we wont see that but it sdntsd mean that the market cant continue to go up what about all the confidence numbers that you see with Small Business and consumers it was all meant to happen because of profits or have they actually started acting wheels have are started to turn and weve seen it in the confidence numbers and then well start to see more, but we really go nedo need the tax cutd regulations to change. But the confidence is there. So the wheels are starting in motion and that just will be a bigger boost for the market. I think if the chief economist of jpmorgan was more bullish, i think that would be part of the animal spirit. Youre Holding Things back single handedly. I wish i had that much you spoker, but we call it like we see it i think the other thing we want to keep this n. Mind would it kill you to get on board, would it kill you to be more the other thing to keep in mind, when you think about a 3 , 4 u. S. Economy, youre thinking when to 10, 15 years ago when demographics were moving and also a key core view we have is that productivity growth is not jen can rating the samd kind of gain so 2 economy in terms of what it delivers in job growth and more broadly in temps of the labor market is like what a 3 economy was 10, 15 years ago people do think that some of these things could juice that productivity, that that is work fbl. And maybe even you bring people out that arent in the participation rate, bring them back, in a that can help with im more skeptical on that point. But the confidence readings, what weve seen in the first half of the year is an economy glow growing 2. 25, but 10 investment growth what is holding it back is government and even stori invens and those are not things you worry too much about so on the u. S. Economy i think is doing okay. I dont think 2 is a bad number especially given what would happen if we have a 3 economy and potential is 1. 5 it keeps the fed moving slowly that is a reason the market is doing well but the big story on the world right now is what a happening in europe, recovery that were seeing we have global backdrop which is very good for u. S. Corporate earnings its good in terms of the overall global backdrop we live in do you agree with all that . I agree with that and thats why i think investors need to go and spread their net wide. But youre not pulling your horns in absolutely not. The bias is to the up side so all this talk about yellen and raising rates, i think that rates will drift hire, but ighe not worried about it there are plenty of bears and skeptics that hate bullish talk. And i was kidding. You keep your opinion. But they watch and say that there was all this bubble i was just kidding if you want to stay dower like youve been for a while, that is your prerogative karen here who is very optimistic fair and balanced did you know that is available . Thats why i just said it oh, really, are you going to claim it i should. Weve lived it. The no spin zone. Yeah, dont even you went down the path. Yeah, but do you know all the names . That is your old buddy. Anyway, lets move on i didnt name the show. He has nothing do with it coming up coming up opecs output surged in june. But prices stabilized overnight on strong command numbers from dhoo china. We will talk crude realities the future isnt silver suits and houses on mars, its right now. Think about it. We can push buttons and make cars appear out of thin air. Find love anywhere. Hes cute. And buy things from, well, everywhere. How . Because our phones have evolved. So isnt it time our networks did too . Introducing americas largest, most reliable 4g lte combined with the most wifi hotspots. Its a new kind of network. Xfinity mobile. Celebrity entering the political arena could be kid rock he hinted on social media that he intends to run for u. S. Senate in 2018 hes 46, amichigan native. He promised a major announcement is coming soon hes been on the show. Love the guy anyway, i said do i call you mr. Rock senator rock. It would be senator rock, but we may have supposedly a president the rock and then senator rock hard for you. I saw some of my buddies that used to be at cnbc that lean a little bit left for saying oh, really, kid rock well, i guess he will run for senate now that the Supreme Court spot is filled and the fbi looks like its filled maybe he can run for senate. I go oh, yeah, he doesnt have the al franken how can kid rock he was not on saturday night live. How about schwarzenegger jesse . We could go on and on but we wont Opec Oil Output rose in june despite the group extending a deal to limit production joining us now from nasdaq corporate solutions, great to have you here. So what do you see in terms of the price of oil . Some people are saying that we will break 40, other people saying above 50. I think that we continue to stay range bou