Take you there live for an update. And then donald trump once again slamming president obama and Hillary Clinton for their reluctance to use the term radical islamic terrorism. What he says could have prevented the latest terror attack. And hundreds of thousands of Illegal Immigrants are gaming the system. Staying in the u. S. Long after their visas have expired. Why so little is being done to stop. Plenty of time for all of those stories so back to the market with breaking news as stocks sold off into the close today, which is interesting after the Federal Reserve comments, the dow in the red for the fifth consecutive day. So theres the d dow 30 on our big board right there. Scott from tjm investments is watching action in oil and gold that the cme today and well get to stock in just a moment. But lori rothman is up first on the floor of the new york stock exchange. When the fed came out, lori, we did see a little bit of a spike; right . No rate change but a little bit of a spike and then everything fell flat on us. What happened . Well, janet yellen started speaking and the folks down here believe blame yellen for cracking the market about 3 30, 3 45 eastern. You know, yellen commented that they underestimated the impact of cheap oil prices on the broader economy and the guys here, again, very critical. And ladies too of yellen tap dancing some very pointed questions about the direction of our economy and global influences, et cetera. But before she started speaking, as you said the decision on Interest Rates was no surprise and the statement itself was pretty doveish and the reaction was exactly how you would expect the markets to react when Interest Rates are being pushed up. That was also part of the statement that were seeing fewer rates here going forward. So we had higher markets, that turned around. The vix actually went up, and it came in a little bit. But, you know, it a fifth day of losses here when all said and done. Back to you. All right, lori, thank you. Scott react to the fed today where you are. Well, you know, a whole lot of nothing going on here. We thought that we didnt think there was going to be anything happening. But i know that the talk on the floor behind me and this is kind of doing the rounds now that its this is a trade you want to get onboard. Were seeing a big shift in our economy here because weve got a worsening labor market yet we havent really seen the gdp catch up to that or some of the growth things that janet has been talking about. So were going to start to see Technology Take over more and more, a gap between rich and poor, widen more, more of that wealth concentrated at the top. From those technology providers. And were going to start to see the middle class of america suffer some more. Were not going to pay off a lot of those debts, the car loans, student loans, see the money go towards the technology, the technology is going to be the upper economy and tax base and thats one of the shifts here and the fed is having a hard time getting onboard. They cant make it there. This is something we havent seen ever before. Thats a problem. Yeah. Well, we havent seen a lot of things before. Lets get to the panel and talk about the day on the markets leaving the day unchanged but the comments certainly something we can talk about it and what might happen next is something we can debate. Weve set you up with jonathan from capitalist tig hemorrhage fund, tim cane is also here, economist from the hoover institution. Daniel former adviser to the Federal Reserve and tom harrwitz from bubba trading. Nice panel, the four of us, and myself and cheryl. Six people. Raise your hand if you have Something Interesting and provocative to say and then you can go first and well see where we go from there. Jonathan, youre usually good for were you angry at all today . Yelling at the screen . I wasnt angry, connell. But i think i was mystified as often time janet yellen herself was. Janet yellen and the reserve will be wrong, she has to be because the fed itself is central planning. So this is why we shake our head at some of the fed speak because you get the sense that the fed doesnt really know whats going on. So i try to watch the markets reaction and what i saw today were gold stocks at 52week highs, the dollar continuing to drop and a lot of the commodities, whether its cocoa, sugar, continuing to go up. So where am i putting my money right now, connell . Im really favoring commodities over stocks, i think thats where youre going to make the money. Lets head over to michelle, chief economist at rbs, michelle, the fed has a credibility problem here. This is an economy fueled by fed giving since 2007. And this economy is not growing, michelle. Their gdp estimates were down right wrong. Negative. Well, you know, were growing of course it doesnt feel nearly as strong as anybody would like to see. Particularly when youre thinking about how low Interest Rates are. I tell you, though, the take away i thought from the fomc today particularly the fed chair conference is that the fed isnt particularly confident that were going to continue to make progress on the labor month, that were going to continue to make growth. Theres so many uncertainties. To me, it sounds library a fed that isnt sure about the outlook and couldnt really give us much guidance about where Interest Rates are ultimately headed. If you did one of those, the bubbles, im sure they could have done it with maybe somebody already has on twitter, daniel, or somewhere else. Im sure it would be uncertain; right . That would pop up you always want to know what the feds plan. They dont really know; right . You know, i think the fed is lost. There you go. I wrote today that theyre increasingly using a really distinct methodology of throwing the spaghetti against the wall and seeing if it sticks. To strike a little bit more serious tone, when we have the incident occur in orlando, that sent the odds of a rising appreciably in the polls. People forget very quickly how hawkish janet yellen and other fed speakers have been in recent weeks and insistent upon ignoring the data thats been worsening and insisting theyre going to raise the rates in the coming months. Those were her words but after what happened in and so forth spill over effect you saw in the british polls, i think thats what stayed the feds hands today and they dont know what theyre going to do. Well, todd, in a statement that even mentioned the possibility of england leaving the european union. She was asked about it certainly in the press conference about her own peter barns but at the same time this is a fed dealing with 12 million jobs that have been lost since 2017 under this administration. Can you make the argument that shes doing the administrations bidding and thats actually hurting the economy and not correctly guiding Monetary Policy . The first thing i can make is that theyre clueless. If you dropped off in the middle of nowhere, they wouldnt find their way home. There is no real growth. Thats the first issue that we have to deal with. We continue to talk about job growth and job creation, we put 4 trillion into the system, been wiped out every single day because they wont raise rates if they will not raise rates, let the stock market fall, then whats going to happen is the banks arent going to loan money and the average entrepreneur, businesses will not be able to borrow money which means were not going to see hiring except for crappy jobs. And thats the problem when you dont allow an economy for price gouging and grow on their own. Well, we have two commentators on their own characterize the Federal Reserve as lost and clueless. So i dont know fished go back to michelle for do not come to me yet. [laughter] i dont think wants to defend that. Maybe doug. No. Melissa tim, its your time. So lost and clueless. What do you add to that . One second. Has had any chance to speak. Im not going to throw a fed a lifeline, but ill say this. I think theyre independently making a really bad decision. The fact that we opened the show talking about its been almost ten years about an theyve been stimulating, stimulating, stimulating, anybody out there who has been watching and done an allnighter, another cup of coffee is not going to help. So im worried theyve overstimulated the economy and setting up the economy for a fall. Look, the Unemployment Rate is 4. 7 . Its really tight. The reason people left the labor force, the fed is powerless to do anything about it. It needs to recognize that. You know, at the same time, jonathan, you have to wonder if we have fed speak overload over the last several years. We have press conferences, we have coffee, we might as well have crumpets along and the fed goes out and talk, talk, talk, but they dont do anything because of it and the economy seems to be suffering because of that. Yeah. Allen greenspan was undecisive but with the transparency its even more difficult to understand and i think us as investors, you quickly realize that the Federal Reserve is subjective. Theyre not operating on any objective rules. They talking too much. All they do is talk and talk ask talk. So i understand what theyre saying. Greenspan made sure that was english. If i could jump in for just a second. Put out a fascinating little snippet today that said not only have the number of words in a fed statement increased as a factor of time, the number of characters per word have also increased, in other words, theyre trying to use bigger words and hope that that makes them sound like they know what theyre doing. Which is why i think you need to follow the price action and what the security themselves are doing the fact that gold is doing quite well is worrisome. What are you watching most closely, michelle, from here out given what you heard today . Well, i agree listening to what daniel said too. The truth is we heard a lot of words from the fed chair today. A lot of expanded answers that didnt really seem to say anything when you actually looked at wha what she was trying to communicate. So its not 100 clear. I mean obviously we want to see the outcome of the brexit vote, we want to see how the june jobs report is going to look. But i have a sense its going to take more from this side, and i also agree what has been said. Im an optimist about the economy, im concerned about some of the trends weve been seeing, the fed has missed their opportunity; right . If they had moved to raise Interest Rates up off of zero a year or two ago, they would be rival sitting in a more comfortable position watching as all of these uncertainties play out. Now of their kind of in a awkward position because they really probably shouldnt be raising Interest Rates. Right. But they recognize rates are uncomfortably low and theyre kind of caught in between. And theyre in a very different position. Well, thanks to all of you, an extensive panel today. I was keeping track of everybody. So apologies to tom who spoke 46 seconds. Thank you to everybody involved. Cheryl. All right, connell, we have to switch gears for just a moment here. Were getting breaking news. The Associated Press is reporting that the egypt Investigation Committee and the egypt airplane crash says that it spotted the plane wreckage. So were going to be keeping an eye on this story for you. Bring you any update and of course its all about the search for the black box. Well, thats always the key in any plane crash. Absolutely. Move here to whats happening at home in the state of florida, orlando. Law enforcement and dives scouring a day care of disney world for the body of a 2yearold dragged away by an alligator right in front of his parents. And there are no details emerging in the investigation of the terror attack in orlando. What a time for that city. Meanwhile the fbi is reportedly swamped by what some are calling an avalanche of terror tips coming in. Is the bureau capable of keeping up and keeping americans safe . And donald trump blasting president obama and Hillary Clinton once again over the dangers was being too politically correct. Well be right back. 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By switching to xfinity x1. Rio Olympic Games show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. Cheryl well, it has been a difficult week for orlando, florida. We are waiting right now for a Live Press Conference from the Sheriffs Office. They got new details on the search for the missing 2yearold that was attacked by an alligator near disney world. Jeff flock is standing nearby in orlando as we await this press conference. Jeff. Have been monitoring sources here in orlando and the local news radio is reporting that the body of the 2yearold boy has now been recovered. We have not independently confirmed that but they have been searching since about 9 00 or so last night for this little boy who was snatched off the beach at the seven seas lagoon inside a disney world not too far from the Floridian Hotel for those who know disney world. Earlier today at a noon press conference, the sheriff of Orange CountyJerry Demmings said that he believed it was impossible for the thought boy to have survived and said that they were then now in a search and recovery mode. Listen to what he said at noon today. For me, this is a very Human Experience that were talking about dealing with this Family Member were talking about no question would lose a 2yearold child. It has been now about 15 hours since the child was taken into the water by the alligator. So we know that we are worked on recovering the body of the child at this point. Now its been about 19 hours and apparently, cheryl, unconfirmed, but they have recovered the body of that 2yearold boy. There were no swimming signs where he was had his feet in the water. I didnt say anything apparently about alligators. And this is rare even though chicago is the chicago thats where i live. Even though florida is the alligator capital of the world, these unprovoked attacks are rare. Just 28 people have been killed since 1948, the last 68 and there was a third if he count the Christina Kime murder last friday. But to the shooting, press Conference Today local authorities, not a whole lot of new information about it. They asked for the publics help. Anybody who had seen mien prior to the shooting, they want to know about it. They say still theres no credible threat against florida or the u. S. They believe pulse, the nightclub behind me was the only target. And the u. S. Attorney for the Central District of florida did say a lot of people have apparently been threatening the Muslim Community in florida. He says knock it off. That is pulling our focus. Heres what lee bently had to say. Making these threats is not only wrong, in most cases, making a threat is illegal. Stop it. Any threat like this subtract from what were doing in law enforcement. And no word, cheryl, on possible indictment or charges against miens wife. We had hoped to hear something about that today but nothing on that. Still waiting on that press conference from disney world. Cheryl actually, jeff, were being told here that the camera positioned on the podium, were told right now that it may be underway. Just any moment. So were watching obviously all of these microphones to see if the sheriff does come out at any moment. Thank you, jeff, i know youre standing by as we monitor events in orlando and disney world, and we will take that press conference live. Jeff flock, thank you so much. Connell as we wake for the officials in orlando, lets talk a little bit about the fbi right now in relation to the shooting jeff was reporting on. There had been critics coming out and claiming the bureau didnt do enough to prevent the attacks at the nightclub in orlando. Some reports have surfaced sa