good morning it's fed decision day. stocks trade at record highs investors await the central bank's latest policy decision. >> uber fallout. details straight ahead. and the chairman of one of china's largest insurers was reportedly detained. we'll head to beijing for that story. it's wednesday, june 14, 2017. "worldwide exchange" begins right now. ♪ good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> good morning.

i'm seema mody in for sara eisen. >> great to have you with us with us forever the rest of the week >> good to be here i'm here thursday. >> i'm off friday, which is nice indeed straight to the global market picture. futures pointing higher. a decent day on wall street. about a half percent of gains for the s&p and dow. the nasdaq led the charge higher by 0.4%. an important rebound for the tech sector after two sharp days of selling during those two days, the other sectors did not follow suit to the down side and the down side for tech only a two-day occurrence the nasdaq the best performer up 0.7% yesterday for the s&p, 10 out of 11 sectors positive only telcos down the dow is up by 20 points oil prices falling on a surprise build in api crude inventories and a new report from the iea saying demand growth won't

accelerate until next year we have about a percent slide in i'm prices bang on $46. it was down more like a percent and a half so we stemmed some of those losses this after a three-day gain for oil prices up about 0.8% yesterday. we will get an official read from the energy department later this morning >> let's look at markets in asia specifically in china. the factory output growing 6.5% in may from a year earlier slightly better than expected retail sales topping forecasts at 10.7%, but fixed asset investment did come in lower than expectations. we saw a 0.7% decline in the shanghai news around anbang insurance we saw a lot of companies it was invested in move lower that is on news that a

flshgsbaflshg anbang' chairman said he is unable to perform his duties, reportedly because he was detained. that has had a significant impact on companies doing business with anbang >> eurozone april industrial output up a half percent month over month in the last 15 minutes or so we had uk unemployment data, remains at a record low, 4.6%. the attention on the wage growth number at 2.1% it slowed and was below expectations following yesterday's cpi data, it represents a fall in wages of 0.4% that weaker pound taking an effect on workers wages in the uk either way, decent day in

europe we're up about half of a percent or so yesterday in europe. >> big day in the u.s. with the fed kicking off its meeting yesterday. the announcement from fed chairman janet yellen will come on at 2:00 p.m. today. expectations are for a quarter point rate hike. we'll see if we get it the ten-year note holding on to 2.2% look at the dollar ahead of that fed announcement we will get data on inflation, retail sales and business inventory. a lot of economic data for investors to digest before that announcement the u.s. dollar 1.10 against the yen. we've seen some weakness against gold of late up week to date. right now at $1,270. >> i think the bond market and currency markets so calm ahead of this fed meeting. i would say if we didn't get that 25 point hike, it would be

a surprise, but the hike very much priced in all eyes on janet yellen's testimony on the level of tightening to come, and the route they will do that, whether it's balance sheet reduction or interest rates 2.2% for the ten-year note >> as we said, the fed will be front and center today there's also a trio of economic reports before that decision may retail sales and cpi released at 8:30 a.m. eastern, followed by april dizziness buss inventories at 10:00 a.m the fed's statement is die at 2:00 p.m janet yellen will hold a news conference 30 minutes later. you can get full coverage of the decision on cnbc bill gross has a big warning for investors ahead of today's meeting. here's what he said on "power lunch" yesterday >> i think almost all assets are artificially priced. one central banks stop doing

what they're doing, they will at some point, investors should be leery. >> he went on to say he thinks the fed will raise rates one more time this year and only one next year. because the u.s. economy cannot stand a 3% fed funds rate. >> in washington, the president is continuing his week-long push for work force development ivanka trump will lead a discussion on the topic at the white house today with a group of ceos. the president will talk about the actions that the administration can take to further its goals to close the skills gap sara eisen will be there for the event and will be reporting all day from washington. among her special guests, marc benioff, assistant to the president, reid kordish. in other beltway buzz, attorney general jeff sessions is fighting back saying allegations that he or anyone in the trump campaign colluded with the russians are an appalling and detestable lie

sessions testified before the senate intelligence committee yesterday afternoon and there were some fireworks. sessions and ron wyden had a heated exchange when wyden pressed him on why he recused himself from the russian investigation. >> mr. comey said that there were matters with respect to the recusal that were problematic, and he couldn't talk about them. what are they? >> why don't you tell me they are none, senator widen there are none i can tell you that for absolute certainty. >> we can -- >> you tell -- this is a secret innuendo being leaked out there about me, and i don't appreciate it >> sarah huckabee sanders said the president thought sessions did a good job

overall i would have to say another encouraging day for the markets in light of a big test for the trump administration in terms of politics on the hill. markets with a strong day. shrugging it off >> president trump had a lunch meeting with several republican senators yesterday to discuss healthcare reform. senate aides tell nbc news that the president described the bill recently passed by the house as mean senator john thune, who attended the meeting said trump wanted to ensure the bill protects people with pre-existing conditions some republicans hope to vote on the bill in july. to the top corporate story uber's ceo, travis kalanick will be taking a break. yet ooanother controversy up folded at the same time.

landon dowdy has more. >> uber board member david bonderman resigning after some comments he made at the all-hands meeting on sexual harassment at the meeting bonderman cut off arianna huffington jokingly saying more women on the board means there will be much more talking. bonderman apologized calling his remarks inappropriate. his comments come as the company were talking about the investigation conducted by eric holder holder recommendations include 50 ideas to improve workplace culture, including reducing alcohol at work events and preventing intimate relationships between employees and their bosses travis kalanick is taking a temporary leave of absence in an e-mail to his 14,000 employees, he wrote if we are going to work on uber 2.0, i need to work on travis 2.0 to

become the lead their this company needs and that you deserve. day-to-day operations will be run by a committee, which includes several female executives including rachel holt this is a much awaited report. the company has grown so big so fast i have to wonder if this is a publicly traded company, what would the stock be doing >> a lot of people say this will impact it. the >> it raises the question, if it does ipo, does it get away with a facebook or snap style shares. quick on bonderman, is this a single one-off poorly timed expensive joke on his part, or was he also on the chopping block? >> we have a lot of open seats

on the board we've seen top staffers in and out. i can't say it's a one-off deerd dra has reported a leidret on this just a lot of switching around >> just reading on this yesterday, this was pressure that came from the other board member, arianna huffington but it's interesting bonderman, as we all know, very well respected investor. the founder of tpg, 74 years old. done a lot of work >> and gender discrimination was a touchy subject >> it is annoying we can't look at a live share price. either way, it's been a tough couple of months landon, thank you very much. the chairman of china's anbang is stepping down amid a report he had been taken away for an investigation eunice yoon joins us from beijing with the details good morning >> reporter: good morning. the lack of clarity around the

future of the chinese insurance giant anbang rattled investors today. any anbang related stocksfell. that was partly because anbang released a statement saying the chairman would not be able to perform his duties for personal reasons. they said the day-to-day operations would be normal, but what probably is not normal is the whereabouts of the chairman. late yesterday local media was reporting that the chairman was taken away by authorities last friday and has not been heard from since those stories then disappeared from the internet in china it's just been raising questions about the future of the company and whether or not anbang will be forced to sell off assets in order to meet obligations and the demands of its policyholders. anbang has been a very aggressive investor overseas

probably best known for buying the waldorf astoria. it also bid for starwood hotels, and it has a connection with the kushner family it was looking into investing into 666 5th avenue, a troubled property owned by the kushners it didn't happen at the same time it was there. that connection. in china, the chairman is probably best known for become the husband of the granddaughter of the chinese leader. so he is known here as a very politically well-connected person which is why this news sent shockwaves throughout the insurance industry a lot of people were worried about what they were seeing. the chinese government has been pushing the idea of trying to professionalize the insurance industry and trying to clean it up and what they see is that anbang

as well as other insurers have been selling insurance but the insurance looks a lot like wealth management products alternative investments that yield a high return for investors. so they're not policies that provide protection for health and life anbang has been heavily using these types of products. analysts tell me that's probably the reason why anbang has been able to come from nowhere and raise so much money. so we still don't know whether this background has anything to do with the status of the chairman we do know the government is very sensitive about this issue. that they want to clamp down on it they frown upon it we know they're sensitive because as i'm talking now with you, the sensors blo s censore out this report in china >> the signal just holding up

for her to finish this story. a developing story this morning. we want to get you up to speed london's fire commissioner says there's been a number of fatalities in a fire that bloke out overnight in a high rise apartment building firefighters are still working to put out the blaze which quickly engulfed the 24-story building in west london. 50 people have been taken to area hospitals london's mayor, sadeq sadiq kahn says an investigation will have to be looked into the safety of the building. the dow and s&p closing at record highs, but will the fed decision juice the rally or spark a swoon? aye debate coming up st tuned "worldwide exchange" back in a couple minutes [vo] when it comes to investing,

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and advanced fiber network infrastructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. welcome back to "worldwide exchange." let's get you up to speed on the market action. futures pointing higher. the dow higher by 30 points. this comes off the back of a decent day the nasdaq most importantly was up 0.7%, stemming a two day slide we had seen previously in the tech sector. oil prices having gained three days in a row, are slipping this morning on the back of an api report showing that a 2.8 million barrel crude inventory build happened last week

that contrasted with data from the department of energy just down a percent or so. currencies to round things off, they have been calm. the dollar not moving much this week ahead of the fed decision very much a 25 basis point rate hike expected. just 5 or 10 basis point moves in either direction for the dollar the pound slipping a bit on soft wage growth data >> joining us now to discuss markets and where shoe put your money is boris schlossberg from bk asset management and a cnbc contributor. good to see you. >> good to be with you guys. >> remarkable comeback everyone was saying higher valuations would prompt this larger selloff it started on friday but back at record highs. what happened? >> market remains complacent longer than you can short it it's tough to short this market. the market continues to -- investors shrug off every

possible problem that we have in the market at this point i still couldn't believe that the danger is to the down side rather than to the upside going forwa forward. profits are slowing, it's hard to make a valuation case for how stocks with rise further from here though today, with the fed, we may get a lift if the fed provides a dovish message to the market we could get further higher if the fed backs off further ideas of rate hikes going forward in 2017. >> let's talk about fed expectations ta b 25 basis rate hike baked in already. it would be a surprise if we did not get that >> yes >> whether or not the tone is dovish or hawkish, would they rather use interest rates or balance sheet reduction? >> i think they're still far away from balance sheet reduction. it's just talk at this point for them to move towards balance sheet reduction they need to be

convinced that the economy is on sound footing. even before the fed, we have key data, the cpi, and retail sales. the consumer in the u.s. has been a woeful disappointment at this type of unemployment rate, the consumer should be stronger, yet the consumer has been deleveraging. consumption has been much more depressed. i think that should be a concern to the feed instead of trying to raise rates. that could be putting salt in a wound for them i think they'll provide a much more tempered tone to the market the market right now is pricing 40% chance of any additional rate hike besides the one today for the rest of the year it will be interesting to see what is said today >> your highest trade at the moment >> if the fed backs off any further notion of a rate hike, what's been happening in the market is there a return back to

the australian dollar, kiwi dollar, they have rallied significantly. you will see those currencies outperform if the fed suggests there will be no more rate hikes besides the one we have now. that's the interesting trade going forward. >> thank you very much for joining us >> thank you >> the aussie dollar the only big move their morning up half a percent. hope boris got his trade on this morning. coming up a round up of the stocks to watch, including toshiba on the move. another firm is joining the biing war for the chip business. details straight ahead this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today.

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there's only one invokana®. ask your doctor about it by name. h&r block shares jumping after beating on the top and bottom lines the tax preparer announcing a 9% dividend increase. the company's ceo will join "squawk box" at 6:30 a.m. eastern. a japanese government led consortium bidding for toshiba's chip business will include sk hynix you can see shares of toshiba down 4%. activist investor elliott management is calling for bhp to upgrade its board of directors bhp's board is preparing to select a new chairman this week. shares flat on the day boeing is restructuring its defense space and security

division the company will cut about 50 executive positions. no move in the share price inditex seeing stronger sales lift in the q1 profit print. the owner of retailer zara seeing net profit rise 18% from a year ago down 1.4% today. intel planning to invest 8 $178 million to build a new chip design and verification facility in india intel up about a quarter percent this morning the nba finals were a tv hit. the golden state warriors beat the cavaliers in five games. espn said the finals had the highest ratings of any since 1998 when michael jordan and the bulls won their sixth championship game five on monday night averaged 20.8 million viewers. last year's finals which saw the cavs beat the warriors in seven

games, averaged 20.5 million viewers on both tv and streaming. what i find interesting about this everyone knew they were going to win. it was 4-1 lead it wasn't really a close final face-off they still brought the viewers in did you just call my vilfred >> no, wilfred >> you snuck in a german "v. >> i think you misheard. coming up, a pair of shoes that are not made for walking. we'll tell you how much this pair of nike just sold for at an auction. iry they were not just a regular pa of kicks. we'll be back with that story and more i love you, couch.

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the countdown is on. the fed makes its latest decision on interest rates later today. what you can expect coming up. what was he thinking a high profile uber board member gone after making a joke about women at a company-wide meeting on sexual harassment and going back to the future nike just took a page out of marty mcfly's playbook we'll explain and the cost of it it's wednesday, june 14, 201, you're watching "worldwide exchange" on cnbc. ♪ good morning warm welcome to "worldwide exchange" on cnbc.

i'm wilfred frost. >> good morning. i'm seema mody in for sara eisen. >> good morning to you good morning to everyone watching let's check in on the global market picture futures pointing higher after a decent day on wall street yesterday. up about a half percent for the dow and s&p. the nasdaq was higher after a two-day slide in the tech sector and the nasdaq we saw it rebound knislnic nice yesterday. we did not see the tech selloff affecting the rest of the markets. also coming in light of another tough day for politics on capitol hill with that jeff sessions testimony more on that to come futures pointing higher. asian trade for you, mixed session, but not really negative just slight declines for japan hong kong was higher australia nicely higher. hang high down 0.3%. this after mixed data.

retail sales in line fixed asset investment is the one area that did miss still higher 8.6%. european trade up a half percent yesterday, up again today. we had decent mroichemployment out of the uk. france leading the charge up 1%. >> on the agenda in washington, the white house continuing its week-long push for work force development. the president's daughter will lead a discussion on the topic today with a group of ceos washington is still buzzing over attorney general jeff sessions' testimony yesterday on capitol hill tracie potts now joins us. >> reporter: sessions did a good job according to the white house. he denied any collusion going on between the trump campaign and the russian government but also

failed to answer a lot of questions. that was frustrating for democrats. want to tell you about some of that testimony first, sessions saying there was no collusion going on in pretty strong language. listen >> the suggestion that i participated in any collusion to hurt this country, which i served with honor for 35 years, o or to undermine the integrity of our democratic process is an appalling and detestable lie >> he also failed to talk about any private conversations with president trump about the comey firing, about the russian investigation. he was even asked about problems with his own recusal from that russia investigation which led to this testy exchange with senator wyden. >> mr. comey said there were matters with respect to the

recusal that were problematic, and he couldn't talk about them. >> why don't you tell me they are none, senator wyden there are none i can tell you that for absolute certainty, you tell -- this is a secret innuendo being leaked out there about me, and i don't appreciate it. >> there is jeff sessions, the attorney general, the highest ranking trump administration official so far to testify about russia still with lots of questions unanswered >> leave it to the oregonian to spark the heated exchange. tracie potts thank you very much sticking with washington, sara eisen will report all day from washington, d.c. covering the ceo at the white house among her special guests, marc benioff, andrew liverest and reid kordish

>> as we said, the fed will be front and center today there's also a trio of economic reports before that decision may retail sales and cpi released at 8:30 a.m. eastern, followed by april business inventories at 10:00 a.m the fed's statement is die at 2:00 p.m janet yellen will hold a news conference 30 minutes later. you can get full coverage of the decision on "power lunch." >> the ten-year just below the 2.20 level not real movement in it this morning. a 25 basis point hike priced in by investors oil prices for you coming off the back of 0.7 % gain yesterday, three days in a row of gains soft this morning. $46 the price of wti down 1%. api data showing a bigger inventory build than expected compared to the doe release we

got. only a 1% slide. dollar board for you the biggest mover, aussie dollar most of the other dollar pairs within a five or ten basis point movement ahead of that fed meeting, expecting a 25 basis point hike gold prices for you, just to round things off, a little bit higher by 14 basis points. >> record highs on wall street interestingly enough bond giant jeff gundlach sees big trouble on the horizon during a call yesterday he told investors if you're a trader or a speculateder, i think you should be raising cash today, literally today. gundlach reiterated his call for a coming summer correction in the stock market it will be interesting to see if he changes his view on emerging markets. he made one of those big calls in 2017 to gomerging

markets, and he's been pretty right. >> so much of that on the pull back on the dollar that hurt emerging markets that's the focus if the fed came out today and did telegraph much more hawkish tone going forward, you would see emerging markets pull back >> i would say that earnings picture has dramatically improved many of these emerging markets including india and china, that has reconfirmed this bull rally. moving on to the top corporate news stories uber board member david bonderman stepping down after what he called an inappropriate comment about women. at the meeting bonderman cut off arianna huffington jokingly saying more women on the board means there will be much more talking. his comments come as the company

and travis kalanick said he would be taking a leave of absence. >> more coverage on uber today the focus also on its valuation, which is reportedly $68 billion. one of the most highly anticipated ipos everything happening on their board, how much will it affect what this company is worth and future uber rides, will that he o. they be affected hopefully not. china insurer anbang says its chairman is stepping down. the company issuing a statement saying he left his post for personal reasons shares are lower on the news >> london's fire commissioner says there's been a number of fatalities in a fire that broke out overnight at a high rise

apartment building firefights >> reporter: still wo firefighters are still working to put out the blaze 50 people have been taken to hospital london's mayor says questions will have to be answered over the safety of the building our thoughts with all those affected now to some of the top trending stories a pair of nike mag self-lacing sneakers selling for more than $52,000 at a public auction. the shoes which were released last year, are inspired by the ones featured in back to the future 2 the auction house says the sale is a world record for a collectible sneaker sold at a p public auction >> these are superficial pictures i don't know if we have the actual pictures. i would like to. particularly if i'm spending that much. either way, a nice collectible

audi is gearing up for the launch of its next generation a8 the car is expected to have level 3 autonomous and self parking features audi releasing a teaser video. the video shows the car will turn itself around and back into a parking space by pushing a button the a8 will launch on jewel 1 july 11th >> still so much innovation happening in the auto industry >> i like the audi, smart car, but slightly lower ceiling than some others. >> you are quite tall, my friend >> with the volkswagen scandal, in the u.s. there's less acknowledgment that audi is a volkswagen brand >> good point. >> people have not noticed that.

sales globally still ticked on well today is president trump's birthday he turns 71 years old. trump is america's oldest president to take ffice. former president reagan was just high of hits 78th birthday as he left office. trump beat him in age on nongrano nongrano inauguration day >> a very happy birthday i wonder how the president se celebrates his birthday. happy birthday, mr. president. lots of changes at uber. today's must reads are coming up and futures calling for a higher open. "wlddexcng wl orwi ehae"ilbe right back mom gets breakfast in bed...

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good morning to you. welcome back to "worldwide exchange." futures pointing higher encouraging a second day of gains, about a half percent of gains for the dow and s&p yesterday. the nasdaq up 0.7% the tech sector rebounding after two days of declines yesterday 10 out of 11 s&p sectors were higher. teleco the only sector lower we are pointing higher this morning. the nasdaq leading the charge. only 10 points, 20 basis points

higher let's look at treasuries as well all eyes on the bond and dollar market which have been remarkably stable given that we have a fed decision coming we are expecting a 25 basis point rate hike. it would be a huge surprise if we did not get that. we have the ten-year at around 2.2% it's been solid around that over the last two weeks or so 2:00 p.m. eastern time the fed decision comes out coverage on cnbc now time for our must-reads. my pick is in the "new york times. titled why companies like uber get away with bad behavior this is written by randall strauss, he says behavior sun fortunately all too typical in silicon valley encouraged by weak boards, investors who compete among themselves to be the founder friendly and dual class stock structures similar to those at facebook and google

that give founders shares 10 times the voting rights as ordinary shares. >> my pick is also on the uber story. it's the "wall street journal" angle on it. uber's growing pains i bring out this paragraph one question for capitalism is whether uber's shakeup would have occurred sooner if it had already braved public equity markets two days ago startups went public much earlier in their cycle, but sarbanes-oxley made going public far more costly public markets are sensitive to losses and bad publicity so they can be useful for disciplini disciplining managers as they are for rewarding investors.

so does this change the pricing structure, where the voting rights remain to mr. kalanick, and if they listed earlier, would they be in a better position now because corporate golf flans wou golf flavernance would need to stronger. >> i think also rebranding the company around the sexual harassment and leadership crisis >> we're approaching the top of the hour the team is getting ready for "squawk box. joe kernen has a look at what's coming up. >> wilf, i saw the -- i saw gundlach warning, is he talking about stocks again >> he says investors, short-term traders should raise cash now, he said. literally now. what if they listened to his previous warnings about the stock market and don't have any investments in the stock market to raise cash from can you -- if he said don't have any down here, can you -- what do you sell up here? >> good question, joe. it's a good question

i'm glad we have you to offset that argument. hopefully people listened to you when it was down there >> okay. all right. just trying to figure this out you know what we'll talk about today? >> mr. sessions, the fed meeting and uber >> i wanted to talk about healthcare we have senator thune on, the third ranking republican and he was at the meeting watching yesterday and thinking about -- i thought the sessions -- i get bored watching those senators talk a lot of times. a lot of times they're not questions. >> they're statements. >> they get their chance, the camera is on you can see it it's an expression with people on tv, like air time is like oxygen you just try to get as much as you can. that's a lot of times what they do maybe tom cotton will be president some day iraq vet, harvard guy. just great i liked his -- john lacarea has

nothing on the narrative -- how long has sessions been in the senate, he supposedly is at the mayflower with all these people around talking to his russian moles about how we'll swing the election because the podesta e-mails -- the whole thing >> the most important thing is the market rallied in light of it >> sick of it. i want to know bh healabout heae >> you keep talking. you have to go is that what you're saying >> no. what else is coming up >> that's mainly it. some other market guys i think bill daley will be on. some others. it will be unbelievable. there he is. i'm most interested to hear what was discussed at that healthcare meeting to see if the senate can put something together not just before july 4th, but

before 2018. >> joe, final question for you, have you sorted out the air conditioning problems you've had? >> not yet we have -- >> that must be tough. >> who do you like in the open >> i hope mcilroy wins as a brit, or as a republic of ireland. i don't know that much about golf, i'm afraid >> yeah. >> i'll take an englishman or rory mcilroy who says 'tis injuhis injury is holding him back >> some people do, but you can't use your feet in golf to kick the ball if you can't use your feet to kick the ball, it's not interesting. >> no, i like cricket, tennis, but soccer is my favorite. >> joe, thank you very much. looking forward to "squawk box." coming up, we're counting down to the big fed decision we're about eight hours away what you can expected from janet yellen icouarnd the show will be right back. [vo] when it comes to investing,

looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.

welcome back to "worldwide exchange." policymakers announce their latest decision on rates wall street widely expected to like the big focus is on what janet yellen forecasts going forward with us now is bruce kasman of global research at jpmorgan chase. i suppose as i just said, if we didn't get that hike, it would be a surprise. all eyes going forward, what do you expect >> we expect a 25 basis point hike as you look at the fed guidance, they'll tell us they're disappointed with the first quarter growth slowdown, the recent inflation numbers, but still reasonably confident the forecast is on track with that they'll guide us towards another rate hike in the second half of the year as well as the start of the balance sheet unwind >> bruce, pleasure to see you. if we do not get the rate hike, could we see this market fall,

the same way we saw stocks sell off on friday? >> given the fed's desire to be relatively predictable coming into a meeting, it would be a big shocker if they didn't give us a rate hike today there's a bit of a risk because we have the ccpi report out thi morning, if that's a bit to the down side, there could be some movement >> bruce, we have seen the dollar pull back significantly a few months ago been stable over the last few weeks in a sort of weak range, you might say. to what extent is that driven by politics, uncertainty around the trump administration and to what extent is it the idea that the fed might be more dovish or may use the balance sheet rather than interest rate hikes >> i think the dollar weakness is a combination of three things one, as you said, people are becoming less optimistic that we

get fiscal stimulus and policy change the second is the slowdown in growth lower inflation numbers have taken out confidence that the fed follows through on guidance. the third point is the global economy is doing better, particularly em. i think we're seeing in that context money flow into other parts of the world and the dollar get a bift weakness bit of weakness off that >> do you think markets around the world can continue to move higher if we do, in fact, get that rate hike so many economies like india, russia, china are sitting on high dollar denominated debt >> if we're seeing a world in which the fed is moving gradually, following the economy, it's moving in an environment where global growth is solid, i think the normal pattern would be that fed rate hikes are consistent with pretty good risk appetite globally, as well as an opportunity for other countries to ease policy where rates have been high >> just want to touch on oil

prices it has been affecting the energy sector, other sectors, too. what is your take on that? we've seen range bound but with downside impetus at times. >> as an economist, any time you see oil prices move, you try to figure out how much is demand swings, how much is supply and market technicals. in this case we don't see the oil price decline connected to weak demand. as a result, we do see the forces on oil being very much driven by what's happening supply, market, technicals if demand holds up, oil will remand into the second half of the year but i don't have a lot of conviction into forecasting the politics and supply side of oil. >> bruce, thank you very much for joining us bruce kasman we have shown you oil prices a bit of a leg down, about a quarter percent. down 1.25% all eyes on the fed today. >> fed and inflation numbers, especially given the weakness of the oil sector

>> futures are pointing higher the nasdaq again positive. that's if ft for "worldwide exchange." "squawk box" is next the future isn't silver suits and houses on mars,

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an uber board member is resigning over what they're calling a sexist comment on the same day that the company releases its report on sexual harassment we'll talk to a crisis management expert about uber's culture problems. are smart devices making your home hackable we'll ask a white hat hacker if connected devices are making our homes vulnerable to attack >> ready, set, hike. markets expecting the fed to raise the interest rates a quarter point this afternoon i think it's flag day. is it also trump's birthday?

"squawk box" begins right now. live from new york where business never sleeps, this is "squawk box. >> good morning, everybody welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures this morning markets closed higher yesterday. most of those indices, record closes for the dow, s&p 500, russell 2000, all closed around session highs. you can see green arrows this morning. dow futures up by 30 points. the nasdaq up by 12.5 points overnight, the nikkei was flat once again that ended down 15 points, but flat just like the day before. the hang seng wa