Ahead of this take a look at the futures. You did see an update for the markets but now things are relatively flat based on the big swings we have seen this week around greece. It does look like were looking at green arrows with the dow futures up 24 points. S p futures up by 5 and nasdaq up by 10. Greece negotiations between athens and creditors, thats off. At least for now. Everything is in a Holding Pattern ahead of this referendum off the countrys future that comes on sunday. It would back pension cuts and other measures and a no vote could trigger greeces exit from the euro despite the attempted reframing by the greeks. We have a lot more from michelle in athens and shell be with us in a couple of minutes. I agree with the greeks. I dont think either one would result in an exit. Theyre saying a no vote means that we should go back for tougher negotiations and the other europeans are saying thats not what that means. I think both sides are do you remember suicide isnt painless . Youre seeing slow and painful death is not. Thats what theyre watching. It would be faster if they do exit it i mean just the most basic services. Developed countries cant go back to the stone age in three days. It doesnt work that way. What im seeing is the strange bed foalellows. I understand theyre saying theyre being so humane and i dont understand how just asking for reforms that make it possible that the money youre lending someone gets paid back. I dont see how is that so draconian. And even on fox last night i watch fox. I love brett and this guy did this piece, totally antieurope. Total antieurope. Talking all the parties in greece saying look whats happening here because of what the germans are doing to us. And unlike the people that we found yesterday that says we need to get this done. Whats so amazing is you can understand why this is painful now but these are reforms that europeans have been asking for for years at this point. The greeks are repeatedly said no no no and said were not going to change these things. Its like looking at this country. When you Start Talking about reform on Social Security its easier to do and tell people when theyre 30 or 40 years old. Not when theyre about to retire. Its difficult to tell somebody were changing the rules of the game today when youre retiring tomorrow. Thats inhumane. However you can look back at years and years of greek leadership that have not looked at whats happening here and realized that this is the reality. This is what you have to do. In this country we would look at if an area got in trouble we would feel sort of lets just divy things up but over there its not that cohesive. Germany, theres a lot of people its almost like when people wanted to get out of their mortgage and youre saying i havent bought all of this stuff so i can pay my mortgage we have been doing all the right things for so long and weve had our own brand of austerity and not paying everything forward. Now you want to come along after living high off the hog. I dont disagree with you but it takes two to tango and if the goal is to get your money back. Youre going to have to come up to the table. If you owe 100 to the bank you owe the money to the bank. A million dollars. But what i do think is they should lower taxes. Some of the austerity has been insane. They should lower taxes. You know that youre never going to get me to admit to lower taxes. Its like talking to a brick wall. No way. I want more. Not in greece. Money should be with the government. But there are some of these austerity measures that seem like theyre ridiculous and theres no way you could live with them but other issue need to be taken in advance and what bothered me about the statement coming back yesterday is we will agree to all of this with some exceptions and some were Pension Reforms and Structural Reforms that need to happen. Theres a great conversation. At least all three of us will be able to talk about this all next week as its happening. Or not. Or not. Oh you guys are both out. Well be here monday. Sure fine good idea. Thats fine. Ill just talk to yourself. Yeah we have other news to tell you about. Other crisis debt news no less. Puerto rico paid off of its 1. 9 million due this week. Thats good news for an island on the brink of financial disaster. Theres a number of payments still yet to come as the summer progresses. Corporate headlines this morning, the ceo of electrolux says it would not make sense for either party but the company is still open for discussions. Yesterday the doj filed a lawsuit to stop the Swedish Company from buying the ge unit saying the deal would hurt competition. Ge says it will fight that lawsuit. Its a weird one, isnt it . That one is a weird too one. Appliances. Dont want anyone cornering that market. Really . That i have not looked enough at. After being asleep for years the antitrust side of things is just like gone off the rails. Well talk about that later but they have gone off the rails. For 25 years they did go to sleep. Its probably not a good idea to go like this and decide policy based on that so they ask the airlines you know you guys lost 33 billion over the past decade. Why dont you all get together. Get together. That was two years ago and then the minute theyre together and they start controlling capacity and say you guys are all controlling capacity. Did you guys decide to do that together . The stocks have been under pressure because analysts and wall street thought they were not controlling capacity well and they would be expanding too quickly. But what business like commercial real estate do you keep building or try to match demand with supply . Or tim cook do you make so many iphones that you flood the market or do you want to be able to control pricing so you try to match demand and supply together. I will try and take some sort of side. What i will say is look theyre stepping in. You look at justice and whats been happening. Theyre stepping in and its always a pendulum swing. Maybe things got too far this direction. At least theyre not picking on industries that consumers already have a beef with. Do you notice who they pick . Cable. Do you think anyone is going to say dont go after the Cable Company . Because of their own experience with the cable guy and airlines and everybody they lost my bag. I have to pay for baggage now. Everybody hates them. Do you think that anybody is going to defend them . Theyre easy targets. Exactly. What industry is notville villified. Technology. Google has gotten too profitable. They can find a way to hate them. Banks, insurance companies, Drug Companies car companies. Pick a hollywood movie. They like the car companies. They do. The thing on the airlines is its not just about capacity. There is nothing wrong with capacity to the extent youre making it a business the only issue is whether theres any form of quote unquote signaling either explicit or implicit in terms of what their plans are and what that does. They can do it with implicit . You have an email saying were going to make sure the explicit is obviously makes it easier to bring a case. Theres a number of these conferences that theres quotes now where you see them having these conversations. It says we just ran into so and so and we say were not going to do that flight. But when you have shareholders and analysts saying dont control capacity. Youre only as smart as your stupidest competitor. But if they arrive at the same conclusion that we dont want to overbuild this time that doesnt mean theyre all in a back room. That would be tough to prove. Absolutely correct. I was massaging andrew well not literally. It didnt look look a massage. But i said you really dont want i need one after the show. I said you really dont want to take this side do you . Its an argument that you cant possibly take the side but you see what im saying. Its a tough i know how you feel about the airlines. Its a tough one. I want to see what comes out. I dont know the answer. Well talk about it more next week. All of these conversations. Oh thats right. Now back to greece, chief international correspondent. Correspondent is too long to fit. So it always says correspond t. And whats your first name that start with t . Hi joe. Good morning. Greece is in full campaign. Good morning. Greece is in full Campaign Mode today for sundays referendum. The question on the ballot fairly technical and complicated. To simplify it should greece accept the bailout agreement which would inform it on greece. Were going to learn some greek this morning. We can put it on the screen for you. Oxi is no. You pronounce it oxi. Yes is nai. We have that on the screen. We havent so many nai posters but nai advertisements on television. Theyre brutal and show a lot of statements from tsipras and the finance minister over the last several months. All the promises that they made that right now appear to be completely falling apart. He was on National Television last night urging greeks to vote no and telling them dont worry. This is not about the euro. This is about trying to get a better deal where once again the dutch finance minister is out right now doing an interview somewhere saying this is a vote on whether or not you want to stay in the euro. If you vote no we find it very hard to believe that greece can stay in the euro and, in fact a greece that doesnt reform does not even belong in the euro zone. The toaltynality is getting tougher. No is at 43 . Whats interesting is when the question was asked do you believe greece should remain in the euro zone no matter the sacrifices, you get to 74 . On that core question guys this population still very much wants to stay with the euro. Back to you. Before you said that i said i bet you its 70 michelle. Thats what it came up to. Yeah. Michelle you get the feeling that that has been despite what were hearing from greek leaders at this point . If they vote no that they are actually voting that they want out of the euro . Thats what the european versus been trying to say but thats not what the greek leadership has said. I think the people know that already intuitivetyily. If you vote no or dont want the reforms you might have to leave the euro and the people against it said yeah so what. And the people that support a yes vote very much have been saying even before this whole campaign process started they believe this is about the euro. But despite it all the greek people demonstrate to me on a daily basis they think this is a vote about the euro. What happened ifs the yes vote goes through . I know that we have been watching tsipras and he thinks that he can maybe still come in and lead. Is there someone else waiting in the wings . Greek politics are so complicated. Theres so many moving pieces. So he said he would stay and also that he would go. Its hard to know at this point. You talk to political analysts and theyre like no way. If he loses this vote its impossible for him to stay in that position and then the president of the country has a choice to make about whether or not they do elections. Whether or not they try to form some kind of Coalition Government government. I think bottom line what everybody has to remember at this point the banks here are closed for a long time. They originally closed them for six days but that was before the agreement expired a couple of days ago. Now they have to get a whole new agreement before things are going to get better with the ecb so regardless of what happens on sunday were talking about weeks, maybe months with the banks being closed. That seems like an enormous hardship. If they vote yes and want to stay with the European Union is there a chance that the ecb comes in and releases capital controls and floats them a little bit while theyre going through the rest of this . I suppose thats possible but i think what is becoming incredibly clear from all the statements that have come out of european leaders they dont trust this government and they dont trust alexis tsipras, the Prime Minister and i know they dont trust the finance minister and they are overtly pushing for a change in leadership saying we cant trust these people. We need a new negotiating team if theres going to be another deal for the greek people. All right. Michelle, thank you. Well check in with you later this morning. Its not just greece that the markets are watching but the june jobs report coming up in two hours 15 minutes. Joining us is steven friedman. The head of cross asset strategy at ubs Wealth Management and anthony chan who is chief economist at chase. And we know this jobs report is important because people wonder what the fed is going to be doing next. I think the fed realizes the economy is gradually improving and theyre all barring any negative International Development to change your mind. My guess would be september but if things flair up perhaps they wait until december. I look for this number to be up 250,000. I look for average Hourly Earnings to go up about. 2 and i look over the next several months for the Labor Force Participation rate to continue to creep higher. I did work look at Consumer Confidence and you saw yesterday the Consumer Confidence move to the second highest level since this economic expansion began and when that goes up the Labor Force Participation tends to go up. Over a several month period i see that number moving higher. Whats the Market Reaction . If the numbers come in at 250 or above whats the reaction . If it comes in at 200 or below whats the reaction . The neutral zone is probably 210 to 280. The current consensus number is probably lower than the shadow number which has probably been creeping up in recent days with stronger data. So i think given that greece is such an important factor here it does take a number outside of pretty big range to jolt the market in one direction or another. If its a really hot number is that something the market is concerned about . Great news for jobs growth but would the street start thinking does that bring the fed in faster . A strong number could be a little bit of a negative for the markets in terms of the knee jerk reaction. I dont think it matters longer term. I think you look at this from a quarter head perspective it just means that the economy is strengthening and the earnings picture will continue to be strong and thats going to be driving things but i do think you could get a little bit more negative on the news. You pointed out that you think the fed is ready to move. Probably september im guessing unless theres something that happens on the international front. Greece is what we are talking about every day. Is that enough of something to keep the fed at bay . Greece is certainly one of those factors. You mentioned in the show earlier puerto rico. You put both of those together and they flair up. You think puerto rico. Everybody is excited the payments were made but over the next several months they have to have a restructuring of some sort. Thats still going to drag on. Its not as severe yet but they could force the feds hand to postpone it and go in december. You heard bill dudley saying he wouldnt be surprised if its september. If theyre waiting for the perfect time. If youre waiting for the entire global to be calm and things to be headed your direction i dont know how you ever get out of the box and start. Thats precisely why i believe and i indicated they can l do something this year the question is whether they do two or one. The consensus is do two fed hikes. If i were to pick one outcome it would be one fed tightening this year. Think that would be september . If i only had one choice i would say december is the more likely scenario and next year they raise rates by about 100 basis points in addition to whatever they do this year. He says this is the correction that the market has been sitting here doing nothing. Earnings growth has been improving over that period of time. Other people say were still way out. We had robert on yesterday thats concerned about valuations. She was saying sell it. Its weird. 7 to 9 . Off the high which is even less decline than here. Its a weird call. Its fair to consider the first half of the year as a consolidation at these levels and i dont think you get back to a phase where you have multiple expansion leading the market a lot higher but the market will start focussing on the relatively good earnings picture. Might say we have an upside of 6. 5 . That is reasonable returns and thats really predicated on the economy and the earnings pictures remain robust. If you youre looking at growth. Well probably see something around 2. 5 . Last year 2. 4 and one point on the equity market one of the things looking at the yield curve, when you see it steepening and it occurs because long yields go up that has been consistent with about a 10. 5 rate in return. While i think thats too aggressive, i wouldnt be surprised if you get something in the neighborhood of 5 to 8 . We have major ground to make up in the second half of the year. 5 to 8 . If sentiment starts to get positive could occur in less than 60 days. Thank you for coming in. Steven, thank you. Coming up the Justice Department investigating whether airlines are colluding to keep air airfares high. A prince giving away to his own charity. Extraordinary. And whether this is the right time to be buying real estate. But first, heres a look back at this date in history. 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He says saudi arabia and the middle east was his priority but it will also go