good morning with the nasdaq and s&p 500 at record highs, the fed is now in focus. jay powell and company meeting today. we have survey data on what to expected the big question for the fed and the markets. is inflation here to stay? jamie dimon says yes president biden preparing to face-off with russia's vladimir putin. leading the eu counterparts this morning. we take you there live it is tuesday, june 15th, 2021 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross sorkin joe is out today andrew is reporting from brooklyn andrew, i guess it is not because you get an early seat for the game against the bucks >> that would be a good idea we are here, becky, because it is game five tied 2-2 we have a big interview in the 8:00 hour this morning with the owner of the brooklyn nets joe tsai co- founder and executive chairman of alibaba. we will talk sports, media, basketball and social justice in america and so much more we are here at the barclays center, as you can see, behind me 15,000 people will be here this

evening. this is effectively the big reopen trade to some degree. 98% of the folks here this evening and game two, the last game played here, 98% were vaccinated i know we had a conversation about vaccination. there is an unvaccinated section. we'll talk about that as well. testing and everything that has gone on here to make this game and the playoffs happen this season we have a lot coming up. we'll bring it to you throughout the next three hours becky. >> can i say, first of all, that's a beautiful shot. second of all, it is worth it already. you were able to takeover the jumbotron. >> can we show the shot again? jack, our amazing producer, and by the way, remarkable production team here today they have been up all night putting this together. >> i like it

we can take over that and maybe we can take over the times square one here. "squawk box" all over the place. this is the reopening trade. this is what is happening. >> this is the reopen trade. >> i like it lots to talk about this morning. of course, we're focused on the markets. the big fed meeting coming ahead of that. you are watching the futures stuck in place dow futures indicated down 4.5 points s&p futures up 3 nasdaq up 10 i say stuck in place we should say that place is a lofty one. if you are looking at the s&p and nasdaq which are setting records. s&p, the 29th new record it set for this year. the nasdaq has closed higher at a record level the first time it has done that in a while it hasn't set a new high since april. this is the first time we have seen serven days in a row.

before we check that out, let's check out treasury yields. this is the other place where people are watching and waiting to see what the fed does and what has been described by our guest yesterday. just watching what happens paul tudor jones saying this is the most important decision of jay powell's career. ahead of that, the 10-year is 1.45%. not a lot from the bond market that you see any activity today. we will continue to see. let's look at the "squawk stack" this morning. growth is back in action check it out again we are leading with the russell k growth a gain of 0.9% that is the seventh positive session in a row you see the growth trade the iwd is down .30%

you see growth in play and value selloff a little bit we have watched wti continuing to climb yesterday, it hit an intraday high since october of 2008 before settling back down a bit. you see it is up .50%. wti up to $71.22 a barrel. natural gas is up. it continues to take off up this morning slightly the gain there year to date is 32.3%. andrew, we talked about lumber we better mention it on the way down it hit the lowest level since march 31st yesterday this is a week that has seen an incredible selloff for lumber. up 14% for the year to date. coming back down and coming back down quickly >> it is fascinating to watch. interesting to see what it does to construction. i'll tell you what is on the "squawk planner.

a busy day in data the latest on retail sales and consumer prices at 8:30 a.m. the fed with the two-day policy meeting this morning more on that in just a minute. and oracle reports after closing bell president biden continuing in the overseas trip with the summit and economic recovery and climate change and trade and mutual foreign policy concerns on the agenda. he will travel to switzerland for the summit with vladimir putin. we will have more on the putin meeting at 6:30 this morning becky. new this morning, the uk agreed to a post brexit trade deal with australia. it costs less for british businesses to ksell cars and whiskey in australia it doesn't come without controversy. farmers could be under cut by

cheaper agriculture imports. >> as you mentioned, becky, jamie dimon out with a warning on inflation he said the bank has been stockpiling cash rather than using it to buy treasuries or other investments. he says because of a possibility of higher inflation to force the fed to boost interest rates. the bank has positioned to benefit from rising interest rates which will let it buy higher yielding assets dimon says inflation has a chance of being more than just transitory the bank now expecting $52.5 billion in net income in 2021. as the firm stockpiles cash, the stock is down a bit. >> this is the thing that confuses me. you are saving the cash, but not

keep it in cash. if you think inflation is here, you will not keep it in cash you with plow it into something else it sounds like they are looking at bonds for where they would put the money. the other thing is you hear people stockpiling cash who put it in the markets. if inflation is coming cash is the worst place to be unless you are quick and nimble and get into the plays where with you make good on it it is not an argument to keep cash over a long period of time. it is an argument for keeping cash to be opportunistic with. that makes more sense. >> what he did not say is what he considers the inflation trade play which is what we talked to paul tudor jones about yesterday. 5% he said bitcoin. and 5% gold. he talked about the commodity

complex with the quote/unquote inflation trade. i would be curious if jamie dimon sees it the same way also, frustration at the airport for thousands of southwest airlines passengers. the issue with the weather data provider forced them to ground flights yesterday. that setoff complaints from travelers on social media. most complexes were up around midnight eastern time. a andrew, you have to think this after all of the air rage, bringing on lack of patience overall this >> it was just yesterday the news about the flight attendant who happened to be on the plane, but to the working. had their own air rage situation. >> no, i didn't see it.

>> unbelievable. another example. it is not just the regular passengers this was a flight attendant not working who had a rage moment. >> the rage argument with the flight attendants and other passengers being annoying? >> other passengers. i don't know enough about it i know enough about it to be dangerous. i won't go into detail it looked interesting to me. >> coming back to work and getting out there made me realize how anti-social i had been for 14 months it's not easy to readjust to talking to people and nicities i was used to not talking to anybody until 6:00 a.m. when we come on air. going back and forth doing everything myself and silent i had a different routine. now i'm talking to people. there is a readjustment factor

we are all rusty >> how are you feeling inside stores i had a couple of moments yesterday with no mask and they would say -- they are not wearing a mask and i'm not wearing a mask i'm feeling naked. you are not sure if you are supposed to wear a mask or not. >> it feels like it is a fight i don't want to make anybody feel uncomfortable i went into a couple of stores last week. i kept a mask on one store was requiring people to wear it the other wasn't the workers in the store requiring it were complaining the people next door got to go w without a mask i'm socially awkward >> i was peer pressured. i walked into the store with a

mask on and nobody else with a mask the woman who worked there wasn't wearing a mask. i asked do you need to wear a mask she said no, no. >> you were asking her if she was breaking the rules >> i was flustered by the whole situation. there was not a mask in sight. then i was there with a mask and everybody else was not she said if you are vaccinated, don't worry about it then i took it off >> then you coughed immediately. the weird thing is, it is not polite to ask somebody if they are vaccinated it leaves you in the uncomfortable gray zone where you are not sure -- i'm socially awkward. >> here we are at the barclays center and we are unmasked and a lot of space everybody is vaccinated. massive checks when you get

here >> do you have to prove it with your passport? how do they check? >> they didn't for us, but they do tonight >> yeah. coming up the next couple hours. a lot of businesses are starting to ask as you saw the goldman sachs, the goldman sachs did you see that video years ago on youtube about goldman sachs we will bring you more over the next couple hours. more on the inflation debate and the fed's next move. we have the survey on what to expected from jay powell on the fed meeting. later, we hear from daniel tarullo about the rise in inflation. as we head to break, here are the names weighing in. >> if they treat it with nonchalance and say we're on, we're on path, things are good, then i would just go all-in on

the inflation. on the inflation trade i'm buy commodity and gold and cr crypto. >> when is transitory not transitory you will never figure out it isn't on the way in because by definition you are saying it is in the middle. we need to be careful. >> the question is when does the fed move it has to move at some point i think it is earlier than the current issue suggests rather than later i have no special wisdom on it my gut tells me the economy is recovering faster and flioinatn is moving quicker. it may not be as transitory as we all think please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪

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♪ welcome back to the barclays center here on "squawk box." game five kicking off tonight. the fed kicking off the two-day meeting today. we have results of the fed meeting survey we have ylan mui with the details. >> reporter: the survey shows that respondents are convinced that the central bank will remain on hold for now despite the surge in inflation the first rate hike is not expected until november of 2022. that is one meeting earlier than

the last survey. they don't think the fed will taper until january after the economy is back on track on average, respondents are forecasting the economy will peak in november and economic activity will be restored by the end of q4. this is the first time as inflation is the number one concern of respondents ahead of the pandemic. majority, 60%, think it is transitory 29% believe it is permanent. the same thing is also true for the labor market 77% think the worker shortage is temporary and will eventually sort out compared to a fifth who think it is longer lasting the bottom line is the majority of respondents agree with the fed's stance it doesn't need to raise rates now. there is a feeling there is too much an accommodation in the system respondents want to see the fed address that immediately by

reducing asset purchases the consensus in the fed forecast is the first will not happen until 2023. the central bank has breathing room here, but probably won't wait that long back over to you >> okay. the real question i would ask you is what your sense is in terms of the survey showing people who think inflation is temporary, but how long do they see it lasting when will it peak in their minds? >> reporter: the average date for the inflation peaking is november, but when you look at the data and look at the survey results deeper, what you see is a plurality believe this will be over by july and there are also a number of people who believe there are other dates over when this will end by the end of the year when you saw the survey over

forecast for inflation this year and next year, we saw the first decline in four surveys in the 10-year this year and next year. that tells me people believe this is temporary or the fed has the tools to handle this there are concerns of near-term inflation is not translating into long-term worry. >> thank you, ylan we will watch it over the next 24-to-48 hours i want to bring in global head of rate strategy at td strategies good morning to you. pri priya, what do you think the market is expecting and tantrum or not will they have come tomorrow afternoon if they don't hear what they're expecting? >> so, we had quite the rate move in the last couple weeks. i think rates have declined.

a lot of that was position capitulation and short covering. it is difficult when we're stuck in the range we are heading into the fed meeting with the dovish priced in we don't expect the first rate hike there are many steps the fed needs to do. they need to have the talk do they start to talk about the plan for think this is the meetg they will do that. given the rate market is priced for the dovishness and they don't need to talk about qe. i don't think the 10-year is above 1.70 i think the fed will continue to see this as transitory they need more data to see the rise in inflation is sustained let's start to talk about it what is the sequencing and the timing and tolerance

we think all of these questions at least start that process of discussion this meeting. >> priya, paul tudor jones said yesterday, if he doesn't hear anything, it is game on. he would go long in a major way. let's assume you don't hear too much, but hear a couple of the right words. does that settle things down by the way, what happens to the equity market? does the equity market take off on that or retreat >> i think it is all about how chair powell chairs that meeting. number one, what is the view on how long of a tolerance will the fed tolerate it? if it is a couple of years, i think this is game on for the equity market. growth certainly has become stronger and including the fed, most economic forecasters.

growth as well as inflation has got even better. if the fed is staying patient because it has the tools to handle that overshoot or bring information back down, i think that combination is here for a while. that means the first rate hike may be in may of '23 or '24. what are the tools >> what is the chance -- >> sorry, go ahead >> no, you go ahead. >> i was talking about how quickly do they want to bring it down if inflation rises and the fed slams on the brakes, that is a problem because that tightens financial conditions much sooner the 10-year yield is minus 10% that is bad news for the equity market i don't think we hear that just yet. >> that is what i was going to ask. what is the chance that jay powell appears to have the

revelation that paul tudor jones is having and jamie dimon is having what are the chances he comes out and rethinks this? not rethink, but the data changes. >> i would say nothing in the inflation data is telling us it is sustained just yet. i have to say, this is unprecedented times. we never had this level of fiscal stimulus. maybe it is offset with the stimulus the fed will be good from the data, we see the increase in inflation with the covid impact sectors travel and used cars we are not seeing wage increasing that is what is sustaining this. we don't know a lot or lived through the episode. i think that will tell us they won't let it run forever >> priya, thank you. we'll keep our eyes on all of it

over the next 48 hours i'll pass the ball over to becky. i'll catch it. good basketball reference there. when we come back, signs of a slowdown in the nft market new numbers on the collectible tokens next. it's a slowdown already, but it is coming as it was starting to takeoff. we'll see. a programming note evolve global summit is coming up tomorrow. gathering leaders and innovators from around the world for provocative conversations and sharing strategies for adapting and transforming in the new era of business. i'll sit down and talk to dick's sporting goods ceo lauren hobart you can learn more and register right now at bcen.c/elve.

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right now it is time for "executive edge. and the slowing in the nft market the plunge from $176 million on may9th according to date from n nonfungible. the volumes are back to the start of 2021. i don't know if that is a dropoff or how high and quickly things ran prices of major nfts are sliding.

crypto punks fell from $100,000 in may to $51,000 at the start of june. andrew >> maybe my big plans to create the next nft -- >> too late. you missed the bubble. >> i actually think long-term nfts will be a huge. >> we saw a huge run-up that came out of nowhere. we will see. coming up on the other side of the break, president biden preparing for the meeting with vladimir putin tomorrow. we will tell you what to expect next and take a quick check on crypto powered higher yesterday in part by paul tudor jones' comment 5% of wealth in bitcoin. that is at $40,000 right about now. ethereum trading higher as well. as we head to break, s&p 500

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welcome back, everybody. following a warning on cyber attacks and use of chemical weapons from the group of 7. russian president pvladimir putn is gearing up with a meeting with president biden tomorrow. we have mick mulvaney who is the founder of capital and we have the former deputy secretary of defense and eurasia. welcome to both of you this is an important meeting one taking place early earlier than many anticipated to be setting up the showdown mick, the rhetoric has gotten a

bit harsher than the trump administration how is it setting up today >> i think you will see the rhetoric calm down today it nicer when you are face-to-face to calm things down a bit. i look past the rhetoric, becky. the rhetoric is hotter than under trump, but activities are cooler biden administration waved sanctions with the approved gas p pipeline in europe that action will speak louder than words russians will look to what biden is saying today and looking to what he does a lot more. i don't put value on the rhetoric i expect nothing extravagant out of the face-to-face meetings so rarely anything happens the issue is what is the follow-up action that is where we will see it >> evelyn, the waving of the concerns about the gas pipeline did come as a surprise

not only to people over in europe and to the people watching from that perspective, but within the own democratic party. criticism came from it why do you think that happened >> i think, becky, thanks for having me on i think it was really a gift to the german government, not to the russian government having said that, i think, hopefully there will be further steps down the road taken to make sure the pipeline doesn't come into service. if it does, there is on the other side of the equation, some deal for ukraine ukraine is the country that is put into jeopardy with the pipeline the bigger issue is what will happen at the summit it is not what comes out of it, per se, immediately. i would agree with mick mulvaney i think what is happening right now is president biden needs to go into the meeting and firmly explain to the russian president why his actions against the united states are so dangerous

to russia and the united states and to the world everything the russian government has been doing over the last decade, attacking elections and invading countries. the latest, you know, hacks and the ransomware attacks, those are aided and an betted by the russian government these are increasing in tempo. if they don't put guardrails on this, there will be an attack on the united states and loss of lives. as you imagine, it will be a dangerous situation. president biden needs to lay this out to get the russian government to stop >> evelyn, i agree with you 100% as a stern talking to do it when it comes to putin? it seems like there has to be real understood consequences for the russian government continuing to go down this path.

>> we have a lot of power and infl influence. we can do a lot to harm putin by exposing his assets globally and conducting cyber attacks that are proportionate in response. i know we have according to media accounts to some extent. we are allied with the europeans and autocrats like russia and china. it is to the just stern talk, but it is spelling out the likely consequences. >> mick, that is an excellent point. what happened with the natural gas pipeline may be a different to germany to get them on our side with these other issues we definitely see the cohesion with the g7. the autocracies like russia and

china do it that way what does this mean for the potential of russia and china partnering up? >> i like it if anything good came from the g7 conversations, it was it is the western style democracies against the autocracies. biden is in a pinch now. as hard as he might push on russia, where is he pushing? he is pushing him toward the chinese. the way we deal with it. it is together if joe biden can accsend that message, that we're on the same page and here is x, y and z. i don't think he cares about the united states. he cares about how actions impact himself and his country if biden is able to send the

issue russia versus the world, you will have a propductive meeting. >> evelyn, the analysis of vladimir putin does better when he is in friction with the united states and he can say, yes, this is how we rally around mother russia and how we deal with things. is there a point where too much friction with the world lined up against him suddenly becomes a bad thing? >> that is a good point, becky domestically, he is the most unpopular he has been. his party is more unpopular. they have elections coming up. the elections are rigged to get him to win it does impact him it gives him less room to maneuver i would say if he starts looking like he is not effective on the world stage, the russian people will notice that again, it doesn't mean he will not maintain power what happens basically in systems like this is there is a lot of dissent with alexei navalny and the opposition

they gained strength over time they don't have the strength to take over. you need the russian people to be dissatisfied to make a change that is possible we never know when things change inside russia in particular. >> mick, we have to run. would you guess that we can have some impact on the cyber attacks that seem to be happening with incredible frequency at this point? >> i think evelyn makes a good point. prop prop proportionate responses. i think we don't have an olive government or industry approach. it is a fragmented response. we take away the ability to hurt us and that puts us in a worse position and helps in the negotiations if we do better defending us, it puts biden if an a good positio. >> thanks, evelyn and mick. coming up, investing in breakfast. the latest food company going

public the details next. and congress heading back to washington this week where talks are continuing we have the latest with rob portman. you can watch us anytime on the cnbc app we are back to the barclays center in a moment ♪ ♪ this bathroom is too cute! this one is too cool! this one is just right. visit kohler.com. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness.

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welcome back to "squawk

box. chobani set to go public this year the yogurt maker working with bank of america to bring in $710 billion. i'm here for an interview with joe tsai coming up at 8:00 a.m becky, brooklyn nets superstar james harden, sidelined with an injury, is making off court moves. purchasing a stake in luxury retailer saks. he will become a board member. he has invested in body armour this combines passions of love of fashion and brands which have the potential to lead and making an impact on the communities they serve a little news off the court this morning as well, becks

>> can we go back to the j jumbotron shot this is my favorite shot "squawk box" has taken over barclays center. there is the jumbotron andrew, i want you to look at what i have. check this out over my shoulder. i have the "squawk box" port-a-potty in times square we have our own branding taking place here. >> wow wow. >> fabulous times square so good to be back >> you know, we're all trying to brand. just because i'm marvelling it myself it is not just the jumbotron even on the court. can you see it >> it is hazy. we need another shot it is hazy in your corner.

>> we have the ticker. we have all over the entire set. all of barclays. >> can you hold on to this for the game and keep that signage that is valuable property. >> i think we can ask. there are people paying a lot more money, i assume, for that space. >> my guess it is costs more than my branding here in times square that is my favorite part of the entire thing branding taking place there. works all the way across when we come back, morgan stanley's public policy strategist michael zezas will join us to talk about the latest infrastructure talks. and check out the price of oil. we talked about crude oil holding above $70 a barrel it touched an intraday high, the highest since october of 2018.

goldman sachs saying it cannot rule out oil hitting $100 a barrel this morning, wti reaching $71.48 "squawk box" will be right back. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪)

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welcome back from barclays center here we are on "squawk box." big story, not just the game tonight but infrastructure reform is still in the works as lawmakers return to capitol hill joining us now to talk about the plan and the potential impact on the nation's deficit and spending is michael zezas.

great to see you this morning. what do you think is going to happen >> it's a sensitive moment for the negotiations that's a pretty benign outcome in the sense that you'll get a smaller package that isn't deficit financed what we think is going to happen is the bipartisan talks will break down and give way to a democrat's process and there's probably going to need to be substantial deficit expansion to go along and accommodate that process because you've got democratic moderates on the one side who want a more limited touch on taxes but all democrats seem to agree on multiple trillions of dollars deficits have to bridge the gap. we think they will if the political incentive is there to do that. >> michael, how does what jay

powell is trying to maneuver over the next 48 hours play into this which is to say there's a real question of does the fed put its foot on the accelerator, brake, take its foot off the accelerator while the administration or congress is putting its foot on the accelerator or taking it off >> from the fed's perspective, they can only sort of watch and wait and see what the actual observed impact is so from that perspective there's a lot to speculate on but not a lot of hard evidence to move on, right? and the difference in the deficit impact that we're talking about between a bipartisan process and a democrat's only process is probably in the neighborhood of 4 or $500 billion of deficit expansion and we're probably not going to know the answer to that question truly or at least in the way the fed can hold its hat on until our view the fourth quarter of this year there's a lot of data to observe

between now and then particularly when it comes to inflation. the fed is watching and weighing in on the inflation data than it is on projecting the observed impact even though bond investors are paying a lot of attention to it. >> what do you think the ultimate number is if democrats have to figure it out, what kind of number are we talking about? >> our base case bakes in $10 trillion over four years of spending met by $1.8 trillion of revenue. $2.2 trillion of revenue we think there's going to be some front loading for that hard infrastructure spend ing in in the neighborhood of 65 to 70 spending gaps. the first deficits would be $500 billion next year. it's not as big as the deficit this year from the covid stimulus bill but it means in our economist's view that

there's not going to be a cliff to having major stimulus and no stimulus in 2022. >> michael, we've got to run if those who are listening to you, what's the trade? is there a trade here. >> yeah. i think this is in line with our expectations of bond yields moving up over the course of the rest of the year that doesn't necessarily mean this has to be a route or major problem for the bond market but the by pass should be higher and steeper for the yield curve. >> michael, great to see you we appreciate it we'll be watching. we'll all be watching. >> thank you. coming up in the next two hours, senator rob portman is going to be joining us a bipartisan group of 10 senators coming on discussing why and what the details are that he thinks will make or give this plan a chance to pass plus, our big exclusive interview with alibaba executive

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the fed in focus for investors as wall street gets ready for what some say is the most important meeting ever for jay polwell president biden in brussels as he prepares for tomorrow's face to face with russian president vladimir putin what it means for investors and your portfolio coming up. senator rob portman coming up on getting a deal done on infrastructure we'll talk about all of this as the second hour of "squawk box" begins right now good morning and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin along with becky quick joe is off and i'm live at barclays center this morning as we get set for game five of the eastern conference semi-finals

between the brooklyn nets and milwaukee bucks. the series tied at two games apiece while the excitement is building, we are excited to talk with joe tsai. so much to discuss with him. basketball, media, u.s./china relations, social justice and so many other issues. we'll be speaking with him in the 8 clock hour u.s. equities, dow is off marginally the nasdaq about 15 points higher s&p 500 looking up higher, 4 points a couple of other big headlines. policy makers beginning the two-day policy meeting today in what could be the most impactful meeting in months, that according to paul tudor jones, jamie dimon and so many others investors waiting to see what

happens. paul jones will go all in on inflation if the fed regards it as transitory. meantime, california fully reopened now as of today the state is the first to implement a pandemic lockdown in 2020 it's now eliminated statewide mask mandates, businesses can still implement restrictions if they wish to do so cryptocurrency product saw out flows. total out flow is $21 million last week. brings the total since mid may to 257 million bitcoin now increasing trading around $40,000 mark. becky? >> thanks, andrew. president biden participating in the u.s./european summit today which leads up to tomorrow's meeting with the president of russia,

vladimir putin eamon javers joins us now. he's on the ground in ge neefr va good to see you again. >> reporter: good to see you we're getting news out of the meeting taking place now in brussels the president of the european commission suggesting they may have a deal around aircraft subsidies around the eu and us that deal may have been struck already. we'll wait for more details on that we're about to see a pool spray where they bring the cameras in. we may see more details if there is an agreement that's been reached and what's specifics might be palpable relief on the part of the european officials they are excited to have joe biden here and not donald trump. the president of the european commission said the last four years have not been easy they feel like they can make deals with this president of the

united states when they couldn't with the previous president. yesterday we did get some indication about what he's thinking about going into his meeting with president putin the president suggested he's going to take a nonconfrontational approach when the two people meet off the lake, lake geneva, take a listen. >> i'm not looking for conflict with russia but that we will respond if russia continues the harmful activities and we will not fail to defend the trans atlantic alliance or stand up for democratic values. >> reporter: president biden also responded to some of the criticism that his trip and his meeting with vladimir putin is coming too early before he's prepared an agenda for that meeting. he defended the decision to take the meeting by citing the comments he got from other nato leaders in brussels. here's what he said.

>> every world leader here as a member of nato that spoke today, most haven't mentioned it, thanked me for meeting with putin now. every single one that spoke. >> reporter: so the president will be arriving here later today in geneva. we'll get a sense from his entourage about what will be unfolding. top is cyber crime and the wave of ransomware attacks that hit the u.s. in infrastructure the big question is is there anything that joe biden can say to vladimir putin to get this to stop if you could use any leverage, what will that leverage be >> eamon, the key being the

emphasis president biden is putting on the idea that he's speaking for all of the g7 which actually puts a lot more umph behind the message saying every one of those leaders thanked him for meeting with russia now conveys a much stronger message than if he had been going it alone. >> reporter: you can tell biden is core rio graphic this now he's meeting with the european union now in brussels. he's gathering all of that credibility from the democratic countries of the world and bringing that to the table in his meeting with vladimir putin if that's going to be enough they destabilize the west, bring currency to them

there's no blow back unless it's blow back to the west. >> you mentioned that press spray that's taking place in brussels what the heck is the spray over your shoulder taking place >> we're on lake geneva. this is the jet dodge. that is the giant water fountain here in the lake in geneva it actually began in the 1800s as a hydraulic release valve for water. they realized the aesthetic qualities of that water spout and they put it in the center of the lake and it's a big tourist attraction you can get sprayed from it. it's a beautiful site to see. >> i love you. i can ask you anything historic, back to the 1800s. >> i'm full of the fun facts. >> you want to see what's over my shoulder, something to catch spray, a little less dramatic and fancy.

>> you don't have sorkin there he's out of the building. >> yeah. he's the wise one because i see what's behind his shot too welcome back to times square we're back eamon, thank you we will continue to check in with you. >> you bet. >> this is great news. we will continue to follow up what happens next with this. thanks, eamon. >> sure. >> andrew, back over to you. >> thanks, becky coming up when we return, the fed kicking off what some say could be the most important meeting of jay powell's career we're going to preview what it means for the markets. we'll do that next before we head to a break, here are the futures as things stand right now. still 2 1/2 hours before the market opens dow off marginally nasdaq opening 14 points higher. check out the 10-year note this morning. will there or won't there be a taper -- i was going to say a temper tantrum a tantrum of some point.

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they need to be ready for anything. i hope you're ready. 'cause we are. obviously this is a great debate in the markets. everybody is lower for longer. are they going to start to remove some of the accommodation? the answer is they'll have to figure this out. everybody thinks that they have

this grand view of the next 20 years. what they really are is mountain climbers moving hand hold to hand hold meeting to meeting based on the data. >> that's bank of america ceo brian moynihan who joined us yesterday answering the question on whether the fed could be wrong about inflation being transitory joining us is dan turullo. current professor at harvard law school dan, you hear that word transitory, let's call it what it is. is this going to be temporary or is this for keeps? what do you think about the inflation picture right now? >> becky, i'll be straightforward, i don't know. i think that's actually the problem that the fed has had and has had for some time. there really is not a workable theory of inflation that helps them to make decisions on meeting-by-meeting basis output gap, phillips curve kind of analysis hasn't worked for a couple of decades now. the fed relies heavily on

inflation expectations being well anchored but nobody really has a good understanding of how those expectations and why those expectations change when they do so i think they're saling in the sort of cliched unchartered waters and i think that presents both a substantive policy making problem and also a big communication problem. >> when you're sailing in unchartered waters isn't the thing you would do is slow down and kind of find your way, maybe trend a little more carefully and cautiously as you go i think that's why the feeling on wall street at least seems to be that, hey, they're going to have to do something sooner rather than later. stop the incredible measures they were taking during the height of the pandemic. >> right i think if this was two or three years ago, i think that's probably what you'd be seeing right now.

there's another consideration here which as you recall just last august they put into place a new guiding framework for monetary policy and that framework indicated that they expected and wanted inflation to run above 2% for some time, which jay powell characterized as a form of inflexible inflation targeting. but we don't know how long we don't know over what period they want it to average. we also know that they changed their understanding of the maximum employment part of the dual mandate there again, we don't have and they haven't had a chance to give us much more sense of exactly what they mean so i think part of the communication problem here is if they were to materially pull back or suggest a pulling back, that seems inconsistent with the monetary policy framework. at the same time, as you said, both markets and former fed officials and some academics have been suggesting that we

have turned a corner on that period of low for long inflation. >> if you listen to the people who know it because of the numbers they see every day like brian moynihan with bank of america's numbers, like american express ceo who was on with cramer on "mad money," they are seeing real-time business money and seeing it pick up. what numbers, what data is the fed watching on this >> this gets back to the transitory issue, right, becky >> yeah. >> on the demand side, you can be -- i think they're probably going to be looking at the degree to which those stimulus checks that have been saved by consumers are going to get spent down and the kind of things on which they're going to get spent. they'll obviously be paying attention to the size of what's coming fiscal packages on infrastructure, education, child care, that package as well and

the degree to which those are or are not paid for with taxes. on the supply side, the big issue is going to be the labor market of course and there i think they'll be looking at labor force participation again. will that apparent spate of early retirements be reversed and bring people back into the labor force even when they've appeared to retire something i know you've reported on which is the chip shortage issue and shortages generally. so the supply bottlenecks. >> the shortages, by the way, you can label them temporary or not. we know that the chip shortage, for instance, is not going to be fixed any time this year this is going to stretch into next year. i guess that gets into this whole idea of when is it temporary and when is it oh, my gosh month after month after month after month after month? >> right it's not a month cutoff. what's important for inflation

purposes is whether as a result of one set of price increases other actors in the economy begin to raise prices as well. >> right. >> there becomes a dynamic again, i don't think coming out of this very unusual period on the heels of a decade or it two decades being the part of that subtarget. it's very difficult for people to make an evaluation of it, which is why you see different assessments and why the 10-year, for example, has been a bit of a puzzle in recent months. >> you keep coming back to this communication problem they have right now. i think that's an incredibly key point. there is this theory out there that this time the fed can do it differently, that there's not going to be a taper tantrum from the markets as they start to change their policy. if they just say it the right way. if they can just thread that needle i tend to think that that is

almost an impossible task because markets are waiting. we heard from paul tudor jones and if they say nothing and whistle past the graveyard, it will be all bets on on any inflationary trades. but i also think that markets respond and move very quickly. if there is heavy signaling that there is a change that's about to take place, markets are going to run 180 the other direction how do they keep up? >> yeah. it is -- it's going to be an issue and i think there's no way to avoid at least some abrupt movements. the abrupt movements don't have to be of the 2013 magnitude. i think that's what it's trying to avoid look, after what rich and john williams have said over the last couple of weeks, it would be surprising if there were no

communication. will it be a little inconsistent or the language of the statement itself to change or change in any significant fashion? what you can probably expect is some discussion from jay powell at his press conference and i would expect actually it would be in his opening statement. if they tweak the statement, i think they'll try to do it -- on the tape perfecting issue, i think they'll try to do it in a very incremental fashion where i would look, becky, for changes in the kind of thinking there would be in the early paragraphs of the statement. what's the sentence on inflation say? what's the sentence on labor markets say this time? and do those sentences indicate some shift from the prevailing view they had just seven weeks ago? >> so, dan, that is big messaging to any traders, anybody watching this today, get your trigger finger ready. if this is going to be in the

first paragraph or two, get ready. that's where you're going to see the action we alwayspenn this as a communications problem on the fed. i don't know if that's fair. when you're shifting positions, it's hard to do this gradually and markets always move quickly. >> that's right. people have trades, they have exposures. when they hit a point, they're going to move an not wait for confirmation. >> great talking to you. thank you for your time. >> thank you, becky. >> andrew. becky, when we come back, amazon going deeper into the grocery business with the launch of its first full-sized branded stores details next. later, senator rob portman later on the infrastructure framework. at the top of the hour brooklyn nets owner joe tsai will join us here for an

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welcome back, everybody. amazon is going to be opening the first full sized grocery store in washington on thursday. this is the first amazon's fresh technology just walk out. you don't have to go through the checkout line to pay for items it will have alexa kiosks. it's that walk out without paying that's going to be interesting. i can't wait to see the bugs get worked out of this one go ahead, just walk out. woops. amazon also launching the black business accelerator that's a business designed to get more people to buy from black owned third party sellers. frank holland has more. >> good morning to you, becky. an estimated 90% of black owned businesses do not have the ability to sell online creating a digital divide for the entrepreneurs as they try to grow their business. a black business accelerator is designed to dramatically increase the number of black third party sellers on that global platform.

$150 million initiative provides grants, strategic business guidance and promotion we spoke to two owners who have been in the pilot program since november it's selling african baking mixes and spices and says the program increased sales and equally important to her, the ability to collect data about the business >> we sold over 300,000 units of one particular baking mix. a lot of that started on the visibility that we got on amazon so we got visibility, we were able to use that data to say let's use that to drive retail store success. >> and participants can apply for $10,000 grants and credits for amazon services such as product imaging and marketing. this follows initiatives by other publicly traded companies in 2021. earlier this month salesforce noted a program with p. diddy.

walmart says 2% will go to black firms. and target will spend 2 billion with black businesses by 2025. >> frank, thanks a lot great to see you we've got to run because we have some breaking news out of geneva right now. eamon javers is there and he joins us with that eamon, what's happening? >> reporter: becky, we're now getting the details from the u.s. trade representative on the deal between the united states and european union on aircraft subs subsidies. five year deal that resolves a 16-year dispute over how each side subsidizes the companies in their sector what we're learning is all tariffs that were authorized by the wto are suspended for a total of five years. this will go into effect by july 11th this agreement is reciprocal that is obviously it applies to both sides the united states will retain flexibility to reactivate the

tariffs if the e6789 u. krotss what's called the red line and makes it difficult for use s producers. they're counter acting china's rising influence they're seeing a need to work together against china that was a theme we saw in the nato summit yesterday and in some of the e.u. bilateral meetings that president biden is having in brussels all of that taking place before he comes here to geneva, switzerland, later on today, becky. new news out of the trade agreement happening in brussels as we speak. >> eamon, let's just be clear about this i want to make sure i understand this during the trump administration president trump put duties of i think it was $7.5 billion in tariffs on european goods because of a wto ruling that said the e.u. was unfairly helping airbus and subsidizing airbus the e.u. responded by putting somewhere between 4 and $4.5

billion on tear ris back on u.s. goods because of an earlier wto ruling that said the united states was aiding boeing and subsidizing boeing so they said let's call the whole thing off for five years, no more tariffs on either side and we hope that we will work together and work this out >> reporter: yeah, that's right. they're saying the dispute predates the trump years. >> 17 years. >> reporter: the dispute is 16 or 17 depending where you date it this gives you a five-year window where it will be resolved the u.s. side seems to be retaining the ability to impose the tariffs again if they don't like what's happening in the eu. it's going into effect often july 11th. coming up here in a couple of weeks now. >> thank you very much folks, we're watching boeing shares up by .7 of a percent check things out with the dow, still a little bit under the fair value number looking right

now down by 2.75, a little higher than we had been earlier. still to come on "squawk box" this morning, the wealth tax debate continues we're going to talk about taxing billionaires with john hope bryant and former sec chair jay clayton. that is next. congress heading back to washington wherein from structure talks are going to continue as they have been for years. we're going to talk to senator rob portman for the latest proposal on this first, june is pride month all month long we are spotlighting cnbc contributors, business leaders and very own cnbc anchors and contributors. now let's talk to emily decisio. >> coming out meant trusting the feelings that i had been repressing for decades and freeing myself from restrictive expectations, i felt completely burdened by. they held me back, but when i learned advocate for myself, i was able to step into my own

life and everything is so much brighter

absolutely i think you've got to look at -- so the ones that they picked out have made all their money through owning stock in their companies, and they made all their money because of the fact that they haven't realized capital gains to a great extent in those companies so it's really, really difficult because you cannot, you cannot tax unrealized capital gains because of the volatility of it. it's really difficult. >> so what would -- >> should the top 1% pay more? absolutely >> that was paul tudor jones on "squawk box" yesterday when asked if billionaires should be taxed at much higher levels, that was his answer. joining us right now to discuss all of this former sec chair jay clayton. cnbc contributor and operation

hope founder john hope bryant. want to thank both of you for joining us john, i want to start with you this all came, this conversation we've been having for years, really was spurred on by this report in propublica about a number of billionaires that managed a couple of years to actually pay nothing in federal taxes and i'm curious how you would do it if you are in favor of trying to tax the wealthy. >> well, i think cap ex for the economy. we were here before, by the way, andrew fdr was dealing with a war i think we're at war now, at war with china and russia who are economically at war with us and we're not prepared all the ransomware that's showing up, social unrest, all of this is suggesting that we are under invested fdr called on dupont, chrysler, ford, j.p. morgan chase, they were taxed at 98%.

we're not talking about anything like that. those companies surged after that and did better 20 years after that than at any other time if we look at this as a reinvestment and the businesses as a special forces team and things that grow the economy, internships for all, getting people retrained, our human cap org infrastructure you will see a cap that pays back not only the economy but the billionaires do better as well. i think that we can structure something that has everybody pitching in at this time of reset. but generally speaking, andrew, i think that we should be for the less taxes during periods of stabilization. that's not this period and i think that's the first thing we all have to acknowledge. >> jay, i think you're on the other side of this issue >> well, i don't know if i'm on

the other side of the issue, andrew i think john and i are broadly in agreement on a lot of things, including what the tax system is supposed to do they're supposed to generate revenue, pay for things within our commitments. we're also supposed to tailor incentives to make america more competitive. productivities and continued growth are key to america and they're key to inclusion and development of human capital as john mentioned also in the tax system we need fairness and compliance. they all go together going back to what paul tudor jones said about capital gains and investing, we want to continue to encourage people in america to take their after tax income and invest it in the future of america. john and i both agree that this is extremely important one of the things in the future of america that we both agree on, and john just said, is human capital. how do we develop human capital across the spectrum in america for tomorrow's economy

that's where we should be having the debate where do we put this money where do we put this money in infrastructure we all agree this infrastructure needs help where do we put it in human infrastructure so people can compete? i think that's where we should be having our discussion. >> john, do you believe in privilege in capital gains over ordinary income? >> i think that in this particular case if you're trying to recapture revenue that was set aside, there might be a case that can be made now i'm going to defer on jay as to which tax approach might be more appropriate. i think you're dealing with the average joe, you're not dealing with a cap at that point gains issue. if you are dealing with where the wealth is being set aside, of course you're dealing with a different group. i think we've got to unleash the

capital to invest in areas where there's a need you've got to find a way of doing that elegantly i'm going to say this again but in more basic terms, andrew. as you know, i own some homes, lots of them, i'm a capitalist if i defer capital gains, defer millions so i didn't pay in the short term i'm going to get nailed in a year or two, which is what happens when you have deferred capital gains or deferred cap ex on real estate. i'm going to pay more later. >> look, andrew, i a grew with john we have to invest in our infrastructure and we have to invest in our people one of the things the american people are asking us, what's the roi on that cap ex what return are we getting i was in government. i tried to bear this responsibility we need to talk about what kind of rush we're going to get,

truly measure it on investing in the infrastructure i'm very happy to invest, but let's do the other side of that coin, which is what are we getting for it have we truly elevated a broader spectrum of the american public? >> jay, let me ask you a question and it goes to the sense of fairness. democracy relies on the country feeling like the system is fair, that it's not rigged and that certain people are not getting benefits that others are not and so when people look at specific individuals who are effectively paying no tax and of course have enormous amounts of money, they raise questions and they say, does this make sense in the private equity world you're now on the board of apollo the issue of carried interest, for example, i think a lot of people -- jamie dimon, the ceo should be saying things in favor of its client is saying, this is

crazy. this makes no sense. we just saw this "new york times" piece over the weekend, private equity taking not just carried interest but trying to move management fees into carried interest there are things that are wrong with the system. the question is why people in the industry won't come out and say, this doesn't make sense at least we'll say stuff that is clear to everybody, i think, that it's not on the right side of history >> you make an extremely good point here, andrew, which is if the american public doesn't feel the tax system is fair, we start to have more compliance problems people don't trust i will come back to your point one of the things i really did not like from the propublica stories. one of the fairness elements is we don't disclose people's taxes. that is a story in itself. if we start disclosing people's taxes broadly for political reasons, for other reasons, that

undermines fairness, undermines capitalism going back to your point on capital gains and favorable treatment of capital gains, i believe strongly we should have favorable treatment of capital gains. where we draw those lines is something we should be continuing to examine. we raised carried interest we examined that we raised borrowing against your gains and realizing, you know, capital. we should be forever looking at those things and the american public should understand it all goes back to incentive advising growth with the tax system. >> andrew, one of the reasons that folks are not getting this is bill clinton once said, it's hard for somebody to agree with the truth when the lies are paying their paycheck. folks who are short-term thinkers are looking at their paychecks and not the country. knock off the silly stuff and be

all in for the country otherwise we're rearranging the deck chairs of the titanic. the ship is sinking, it's time for everybody to panic and everybody to build. >> it's a debate that is not going anywhere and i know we'll continue to have 2 jay, thank you john, thank you. great to have you both. >> thank you, john thank you, andrew. >> thank you. this is a good time to remind everybody that the cnbc evolve global summit is tomorrow june 16th. jay clayton is going to be a big part of it he's on a panel moderated by our own melissa lee. provocative conversations and sharing strategies and tactics necessary for adapting, innovating and transforming in the new era of business. learn more and register at cnbc events right now cnbc events.com/evolve. back from barclays center in just a moment. of relief.d sighs and the sound of a company watching out for you.

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date basis it is only 3% of the s&p the financial sector in the second place up 26%. it's ruffly we'll call it about 12%. 3% for energy and a consumer staple is up 5%. worst performing one still in the green. roughly 6% waiting for the overall s&p 500. so each of these sectors doesn't even equal what happens with technology still, energy is a big part of the story. the reason why, oil prices hovering near their levels you have to go all the way back here to see where exactly we're seeing crude oil prices since then $71.85 the last trade there. negative prices up for wti crude. then take a look at some of the stocks we're keeping a close eye on on the meme front amc entertainment up 2.5%. gamestop down 1.5% clean energy fuels and corseair.

clean energy fuels is number 26 and corsair gaming i posted all of those tickers on my twitter handle. one last place to watch what's happening with the cryptocurrency side of things, big prices, bitcoin just a hair below the 40,000 mark. 39,796 ether as well. coinbase and microstrategy, some of the stocks closely tied to it coinbase and microstrategy will be in the premarket as well. andrew, i will send things back over to you on the hard wood in the ateboroughs. >> we are having a lot of fun, dom. at the top of the hour, we have the man of the hour, joe tsai is here the man who owns the brooklyn nets game 5 is tonight. we're going to talk all about the business of basketball, social justice, u.s./china

relations, our economy, this is the ultimate return to work, return to life trade we'll talk about all of it with joe tsai in a little bit back after this.

. a group of bipartisan senators, ten in all, is going to be discussing an agreement on infrastructure proposal as congress heads back to washington this week

their plan would total about $1.2 trillion over eight years and would not be paid for by raising taxes. senator rob portman is part of that group and joins us right now with the details senator, it's great to see you this morning thanks for being with us >> hey, becky. nice to see you. >> this never ending discussion about infrastructure, which spans years and years at this point, may be coming to a bit of a head, but i have to tell you, it doesn't look all that positive for those of us reading the tea leaves from outside of washington what do you think about things it's great that the ten of you have come up with a deal that you can agree on that's a far way from actually making this into a bill that can get past the house, senate and be signed by the administration. where do things stand? >> becky, i'm optimistic we have a path forward you're right, everybody talks about infrastructure we always have president trump talked about a $2 trillion infrastructure plan

and others have talked about it, including president biden during his campaign so let's get this done i mean, this is about roads and bridges that are crumbling this is a need out there and people want an infrastructure bill because they know this will help our long-term economic growth this is a good idea. president biden unfortunately started off with a package that was not really about infrastructure it's $2.65 trillion. it's called a jobs plan and about 25% of it had to do with what we would think of as infrastructure the rest is for other things, including social programs including nursing homes, schools, child care, so on some important things that shouldn't be part of an infrastructure package a group of us sat down, republican and democrat alike, sat down and said how about focusing on an infrastructure plan and it doesn't have tax hikes which would hurt the economy as we're trying to get out from under this pandemic that's what it is. it's really very simple. focusing entirely on

infrastructure that's the scope of it it's not paid for with tax hikes that president biden had proposed so it won't have the negative impact on the economy >> how is it paid for? >> well, it's paid for in a number of different ways one is to repurpose some of the funding that has gone out of the door under covid-19. much of it not for covid-19. some of that would be repurposed some of it, as you recall, is coming back because states are not accepting the $300 federal supplement on unemployment insurance. 25 states have decided they want to send that money back to take advantage of that. second is funded by a slight increase in the gas tax going forward because that would be adjusting the gas tax for inflation going forward. the gas tax hasn't been adjusted since 19d93 that would be an index going forward. it's got some interesting

infrastructure bank proposals. public/private partnerships as well as allowing local and state government to take advantage of the leverage that they can get from borrowing at low cost the infrastructure has been out there for a while. there are ways to fund the infrastructure different than other funding they have day-to-day expenses likely to fund it one way, long-term capital can fund it from long-term borrowing that's what the infrastructure bank would be. there are ways to do this without hurting the economy and raising taxes. >> rob, i want to get to the realities of what's at play here you have seen the administration, the biden administration shut down talks with republican senator shelly moore cappie tow they said forget it. we will move our own way and look at doing this with budget reconciliation and a much bigger bill they've been talking about.

the biggest question is do they have enough votes? do you know where krysten sinema or joe manchin are at this point? would they vote for the biden plan >> you have to ask them. they are very excited about this infrastructure bill. we have five republicans, five democrats who have done the original work on this framework. there's a much larger group that's interested. shelley more capito did a great job. we're not raising taxes on american workers and we're not doing something that's not infrastructure that's the basis for our infrastructure they weren't able to get to an agreement with the white house it laid the groundwork for a bipartisan approach here. >> the thing is you're going to need a lot of republicans to sign off on this, not just 5 or 10 people are saying maybe 15, 20 republican senators to sign off because this bill would lose the support of some of the far left

in the democratic party because it's not the bigger initiative people like bernie sanders would never sign off on this because they want the guarantees if they say yes to this, they get all of the additional spending they roll out they don't want to see it in a separate package is there enough republican support that if you lost 10, 15 democratic senators you could pick up that support in the republican side of the field >> there certainly should be this is a proposal that they have supported it doesn't raise income taxes and makes sense in terms of the economic growth, long-term competitiveness of our economy it's going to get a lot of support on both sides of the aisle. what's so bad about having 30 or 40 on the republican side or 30 or 40 on the democratic side coming together. you mentioned senator sanders, that's fine. isn't that the way congress ought to work? >> you would think. >> you look to grow from the middle out

>> yes what's congress think about it >> i think it makes sense. it's a logical approach to how we deliver infrastructure which is very popular. >> what does mitch mcconnell say about it >> he's open minded. as he said to the media. i'll let you speak to him directly he's been great to work with democrats are talking to senator schumer as well. it's time for us to get this done we've been talking about it as you said for years, maybe decades. we do have a non-competitive infrastructure situation now, not just roads and bridges but our ports. this is a way to do it it's a long-term expenditure and would make us more competitive it's time to get it done i think we can work from the middle out and figure out a way to get there. >> senator, maybe i'm too skeptical at this point. maybe i'm jaded from what i've seen over the last several

years. you sound sincere. you really think this is a plan that can get full support, get picked up in the house and get signed by the administration >> i do. i do look, i'm not suggesting democrats aren't going to try by reconciliation to do the big tax increases and spending outside of this, i'm sure they will, but in the meantime let's go ahead and get this done. this can be bipartisan, make sense for the american workers, make sense for our economy in the long turn and it's time we do it. >> from your lips. senator portman, thank you for your time today. >> thanks, becky take care. when we come back, our exclusive interview with joe tsai, alibaba's co-founder and the owner of brooklyn nets he's live with andrew from the barclays center. we have more on this coming up straight. heyman capital's kyle bass gives us his thought on the fed, china, much more "squawk box" will be right back.

♪ ♪ this bathroom is too cute! this one is too cool! this one is just right. visit kohler.com. good morning a critical federal reserve meeting kicks off today. paul tudor jones told us

yesterday it could be the most consequential of jay powell's career. what the fed says about inflation will be key. we're about to get another data point on that front. this hour we've got consumer prices and we're going to break down the number with kyle bass we've got a very special interview you do not want to miss with joe tsai, alibaba co-owner and owner of the brooklyn nets. he talks about ecommerce, basketball, u.s./china relations. the final hour of "squawk box" begins right now. good morning, everybody. welcome back to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe is off today andrew's at the barkleys center

with the big interview with brooklyn nets owner joe tsai coming up in a moment. let's check out the u.s. equities things are trading in a tight range this morning as we await the fed meeting that kicks off today. we get the press conference tomorrow in the meantime, dow futures are up by about 5 points s&p up by 4, nasdaq up by 15 even though we're trading in a tight range, the nasdaq and s&p 500 both setting new records yesterday. on the high end. it looks like the 10-year is yielding around 1.499% just around 1.5% andrew >> thanks, becky i'm going to get straight to the big interview. we are now joined by a very special guest. joe tsai is here, alibaba's co-founder, executive vice chairman and the owner of the brooklyn nets.

we are at barclays center this morning. thank you for having us. this is your home. thank you for the -- i don't know if everyone can see the shot to have "squawk" there on the big screen we appreciate seeing you and tonight's the big game >> it's the big game thanks, andrew, for having me. >> thank you for having us let me start with this we talked in september, i don't know if you remember, delivering alpha, talking about the economy. talking about what the post pandemic world would look like this is the ultimate post pandemic trade, if you will. i'm curious, we're going to have 15,000 fans plus in here tonight. sort of how do you see the economy coming back here in the united states. what you've seen in china. sort of how you see this all playing out at this point. >> well, andrew, i just came in from hong kong where the economy is terrible. that's because the government has been focused still on the spread of the virus. where here in the united states

everybody's been focused on vaccinations if you have been vaccinated you can live a normal life when i landed in new york i was very surprised i went to our home game, game 2 with full -- we had a full house, right you know, and we had an unvaccinated section with some social distancing. >> 98% were vaccinated. >> 98% were vaccinated and that's very, very encouraged based on that staa stat, the ecy is coming back it's going to roar back. when you go out to restaurants people are having a good time. this is pretty much normal. >> you said in hong kong not so much >> not so much right now but i think pretty soon they

will focus on vaccinations in china, it's 40% what are you seeing in europe and even in japan they're having trouble with the vaccinations with the olympics coming up. >> 90 plus percent of our business is in china. >> in terms of the supply chains and whatnot? >> in terms of the supply chain and in terms of consumption. in the last fiscal year we had 40% year-on-year revenue growth. that's very encouraging. we're now up to over 800 million annual active consumers on our chinese retail platform, but if you count southeast asia and europe where we're active, we have over 1 billion annual active consumers

we see various places will come back it's all dependent on vaccinations the rate at which the population is vaccinated. >> how worried are you about the u.s. overheating big questions about inflation, the fed meeting over the next two days on this very issue. where do you stand >> so i'm not an expert. i'm not an economist but the way i see it you're going to see some sort of short-term tick up in the inflation rate. obviously year on year is a robust conversation. employment numbers will come back things don't get overheated unless there's a huge shortage of labor and i think the fed has been very clear on a very sort of benign policy they can tolerate some over

shooting of the inflation rate. >> let me talk to you a little bit about your role as the owner of this team and also in the context of social justice. this has become a town square for social justice a lot of business leaders are grappling with this issue of their role in it how have you thought about that? >> so one thing that i realize when you own a sports team is it's larger than a sports team it's a social institution. you're doing it for the fans you're doing it for a broader population i'm really glad we're situated in brooklyn because we have the best fans in the world and having this building, barclays center here, kind of fortuitously we have this square or plaza in front of us with some empty space so thenthis became a location for people to gather and focus on whatever social cause that they want to

focus on this building has been the site for us to hand out food in cooperation with food banks. >> right. >> it's been the site of vaccinations it's the site of voting and obviously with the last year after the george floyd incident people protested for social justice against racism that's very, very important. see all of this happen organically in front of barclays center, that was great i felt very, very good about it. >> you just bought this team now a couple of years ago. did you ever think you would be involved in all of this? >> no. i didn't -- i guess four years ago i didn't -- i had no idea, but the nba's very interesting it's a very -- i think it's a quite interesting sort of economic proposition in addition to all of this glitzy fanfare, right? when you look at the players, they are huge mega super stars

but the business side of things is also quite attractive in that team values are rising every year and -- but before i came into this i had no idea that this was going to work the way it did. >> i want to talk more about the economics of basketball in just a minute i want to ask about this you got involved in something called the asian-american foundation founding it effectively. it's the first foundation focused on asian-americans in the country in this way. >> right. >> and it comes, by the way, on the heels, we were talking about, black lives matter. how did you get involved in that what is it you're trying to do >> so this happened more than a year ago, actually you know, i started to notice sort of rising anti-asian sentiment because of covid everybody thinks that covid came from china and, therefore, as a chinese person, you know, i kind of felt it personally. and then you start to see a lot

of crimes happening so there was a period of time when every day you wake up, you see a new report of anti-asian crime a group of asian-americans got together we formed the asian-american foundation what are the problems we're trying to solve? if you look at the asian-american community in america, everybody is okay with asian-americans as long as things are going well. if the economy is well, asian-americans play by the rules, prosper together with everybody else, that's fine. but if there's a crisis, if there's a pandemic, there's a war or an economic downturn, asian-americans get scapegoated. >> right >> just look at history, right back in the 1800s they banned chinese immigrants coming into america. and during world war ii when america was at war with japan, they actually interned, put

120,000 americans of japanese dissent into concentration camps. in the '80s you had vincent chin what happened was there was an economic downturn because japanese cars were overtaking american carsso there was a huge animosity against japanese in detroit vincent chin, who was chinese, got beaten up, they culled him, they beat him to death by two auto workers in detroit and these two guys got off pretty much without any jail time so there's a lot of that under tone of anti-asian sentiment when things are good, that's fine when things are bad for everyone, that's when those ugly chutes come out. >> you've partnered with people like jerry yang, founded yahoo and so many others >> right. >> joe bay who's at kkr to put this group together.

i was shocked to see that the amount of philanthropy focused on asian-americans is .054% >> right we were shocked to find that number our team did research and they said over the last 20, 30 years if you look at the foundation money dedicated to asian-american causes, 0.5% or less so we said, well, if money is the issue, this is what we're going to focus on as the initial thing. so the credit to people like jerry yang, joe bay, li lu, pen zau from citadel securities, and all of our board members as well as the antidefamation league, we got jonathan greenblat from the adl involved as a board member because they gave us huge support on the issue of antihate

that's familiar territory for the adl. thanks to the board we stepped up with a commitment ourselves of $125 million and then we went out and told the corporates, look, 0.5% is the number what are you going to do about it to our surprise, everybody came in very enthusiastically we had all large corporate partners coming into this. by the time we launched we had -- i think you reported on it it was like $250 million when we launched from corporates right now we have raised over $1 billion. i think the number is $1.1 billion we've raised from corporates and foundations not all that money is coming from us and the foundation most of that moneywill be spen on other asian-american organizations that are doing great work in anti-hate, in getting people to go out to vote and in, you know, all the great work that they're doing. >> so here's a hard question for you. i think it's a hard question

i don't know how do you think about your role as a leader here in the united states on issues around asian-americans, black lives matter, voting rights, all of that and whether and how you can speak out about, for example, human rights abuses in china it's a hard one, i know. >> you have to be specific on what human rights abuse you're talking about because the china that i see, the large number of the population, i'm talking about 89% of the population are very happy with the fact their lives are improving every year when i started at alibaba in 1999 the gdp per capita was $800 in china today it's over $10,000. if you talk to a parent in china and you ask them, are your children going to have a better life than you are? >> right. >> most of them will say

absolutely, yes. they're going to be educated they're going to find good jobs. the economy is expanding so i'd like you to be more specific on that. >> let me just ask it to you in this way then. there are a lot of american business leaders today that are being pushed by their employees, by consumers to say, look, we're taking a stand here on voting rights, for example, in the united states. you're also doing business in china. you should be consistent, right? marco rubio and others were criticizing american companies for what he was arguing was a hypocrisy and when you talk to a lot of american business leaders, they say, look, i can speak out here but i know that i'm not in a position to speak out there because if i speak out there, it's not that my hand is going to get slapped, it's that my business is going to be damaged by the government because i'm just not allowed to do it. >> yeah. i think american companies, ceos understand this very well, which is different cultures have different values and morase and

in china youhave different values and a different political system in that one single party dominates the governance of the country which, whether you like it or not, there are some great benefits, like china has this -- managed to build a terrific infrastructure because there's no politicking around whether you should build a highway from point a to point b, right? >> right >> so these are all the benefits and the bottom line is you have to look at the results are people happy when i look at china, the average citizen is very hopeful about the future they're happy about where they are and, you know, i think that's -- >> but you read the same headlines that i do about some of the human rights issues, no >> i live in hong kong so everybody is worried -- i still think it's kind of funny that people call me up on these big

zoom calls and they say, joe, where are you? i say in hong kong oh, are you okay they imposed the national security law hong kong is one of the very few places that did not have a national security legislation in place. what is this for it's against sedition, it's against people that advocate splitting up hong kong as a separate country these are things that are not allowed. you know why because hong kong used to be akol low any a few hundred years ago china lost hong kong to the brits because of the opium war the british wanted to sell opium into china and as a result of battles, hong kong gave it up. having foreign powers come in, car of up your territories so if you put yourself in the

chinese people's mindset, if you are a chinese citizen, i look at this history i want to make sure that we prevent foreign powers from carving up our territories i think hong kong ought to be seen in that context i think there's a lot of criticism of the democratic freedoms or freedom of speech being suppressed. i was afraid to go on the streets because i grew up in taiwan they speak mandarin there. so i actually felt physically threatened with these protestors, right? so i think now we have more

stability. hong kong's going to be fine you know why it's a free market economy when you invest in hong kong, free flow of capital you put money in in hong kong dollars, tomorrow you can take it out in u.s. dollars it has the most benign system. the income tax rate is 15% then there's no capital gains rate no capital gains dividends >> becky >> the global stage. more of the notifications of the businesses

>> so we'll separate it. >> on the financial side of things and also in antitrust regulation, we had to pay a big fine, but we've gotten that behind us so we're looking forward. in jack's case, he's fine. he is lying low right now. i talk to him every day. i message him. we have our own messaging platform he's doing very, very well he's taken up painting as a hobby. i can show you some photos later. >> as a follow-up from becky, there is speculation or headlines that suggest that the chinese government effectively has effectively taken his power away from him.

because of a role of government. the business role that he was putting together do you see that? do you feel that does he feel that? give us a little bit of color on how we should think about them and understand it. >> jack is -- since about two years ago he's stepped down as the ceo of the company also he handed over the chairmanship of the company to daniel zhong who is our current ceo. for the last two years he's currently out of business. i think the idea that jack has this enormous amount of power, i think that's not quite right he is -- look, he is just like you and me normal individual. he wants to -- he has built the

tremendous company of this scale. he's done great things for society. he's done quite good things in the philanthropic area so, you know, i think today he just wants to sort of say, hey, i want to focus on what i really want to spend time on, which is all the hobbies, all the philanthropy and that's where he is now >> just to put a fine point on it, do you believe he's laying low willingly? maybe that's the question. >> i think so. i think he's -- well, i don't think he's laying low, you know, in the area of philanthropy. >> right. >> i don't think he's laying low with his friends and everything. he's living a normal life after business. >> let me ask a couple other questions about basketball because tonight is going to be the big game

james harden is not playing but he's just joined the board of sacks. did you see this >> i saw instagram. >> do you advise him or any of the other players -- kevin durant, so many of these players have become players, entrepreneurs in their own right. do you have conversations about venture capital and maybe investing money? >> yeah. so i don't think you should see players as these one dimensional people, right? they have a skill in basketball but they care about what they want to do outside of basketball, maybe post career in the nba. it's pretty natural that they realize how much power they have and the fans that they -- you know, they attract, they can leverage that to market whatever they want. i think it's great by the way, i didn't advise james harden on getting on the

board of sachs he did it himself. i think it's a great thing look at the fashion walk coming into the tunnel, right >> right. >> all these guys with, you know -- nba fashion now has become a thing, right? >> right. >> something that my son, my kids, my two sons and my daughter, they follow all the time they care about what these guys wear before the game >> we've got to run. where are you going to be sitting tonight? >> i'm going to be sitting somewhere across from the bench, probably on the floor and -- >> you have a couple of -- how does this work do you get to choose your seat the day of or how does it work >> well, i have to fight among my friends for seats because they all want seats and sometimes i want to be nice and give them my seats, right. it's always a fight. >> what do you think is the best seat in the house for real >> i think -- i think -- >> centre court on the court some people like to be, by the way, right behind the basket

>> you know what, i think the best seat in the house is where steve nash sits because he's got the whole game plan. he's got formations and where the players -- he wants players. sometimes it works, sometimes it doesn't, but i would just love to be in that seat and also sort of have his brain, think through him. >> well, i'm rooting for the home team. i wish you lots of luck. >> i assume mark lazri will be here. >> not be sitting together but maybe. i don't know, do the owners sit together >> sometimes we do >> anyway, good luck thank you. becky, back to you. >> thanks very much. when we come back, we've got breaking inflation data just as the fed kicks off its latest meeting. we're going to get you those numbers and then we'll be speaking with top hedge fund manager kyle bass. stay tuned, you're watching "squawk box. this is cnbc

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because these are the last inflation numbers the fed are seeing before its meeting kicks off today. two-day meeting. we'll get the decision from the fed tomorrow and people are waiting to see what happens. you can see the futures have barely budged. dow futures down by just about 3 points s&p futures up by 3 points nasdaq up by 18. also the 10-year can take a quick look is sitting right at about 1.5% let's just double check that 1.487% let's get to rick santelli rick. >> reporter: the first numbers that pop up are june read on empire bit of a disappointment. expecting 22 and change and we end up with 17.4 that follows an unrevised 24.3 on the retail sales side, down 1.3% that's much worse than expected, however, we knew autos were going to be a distortion so what we really want to do is considering that the chin issue has really pushed off the inventory on the auto lot, we

want to look at ex autos ex autos and gas is down .8. a bit of an improvement. also much worse than expected. now we'll go to the inflation numbers until the rest of the retail sales propagate ppi for the month of may expected up half of 1% is hot, hot, hotter up .8 of 1%. strip out the all important food and energy, up .7. .2 higher than expected. all of these are hotter than expected now let's really get to the money ball numbers the year over year we go final demand year over year, it's up 6.6. a new all-time high for the series dating back to november of 2010 and the current calculation form and if we look at the year over year ex food and energy, up 4.8 exactly as expected and that usurps up 4.1, which is the

highest going back to november of 2010. the last of the year-over-year is ppi ex food energy trade, 5.3. yes, you guessed it, that's a new high for the series. this series only goes back actually to 2014 okay let's go back to retail sales, shall we we know the headline was minus 1.3. it should improve when you strip out autos. there was a drag there's not a lot of inventory on the lots. it did almost half. it's still down, down .7 this is where it was supposed to flip positive. ex auto and gas station sales minus .8 it's a miss on all cylinders with regard to retail sales which means the control number is a minus .7. that gets plugged into other data points. becky, you know, hot often inflation, weak on empire manufacturing, weak on retail sales due to glitches in the supply chain and we see interest

rates ticked up one basis point from 148 to 149 and change on 10-year noeld yields we lost our preopening positive dow jones. it popped back a little bit. we lost some of those points yeah back to you. >> rick, if you take this whole picture, what does it mean to the fed as they're sitting down to this two-day meeting? >> listen, to me the fed's the easiest call here. they have no idea where inflation is going to be down the road the transient argument makes sense. this recession is unique do you put all the chips on transient? if i was a trader i'd be more like paul tudor jones. i'd be a little leery of that. the fed can't tell the future. the prognostications of the past have been a d minus at best so i think the fed is going to stick with the current tail. the tail is it's going to be transient and they're going to err on the side of overstaying their welcome with regard to

some crisis policy still in place, like the purchases of 120 billion a month combined of 80 billion treasuries, 40 billion on mortgage. >> rick, thank you great job breaking down lots of moving pieces there. when we come back, hayman capital management's kyle bass is going to join us with his jonghts on this new informati weust got. quack box will be back after a quick break. ♪all by yourself.♪ you look a little lost.

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the may producer price index coming in hotter than expected joining us to talk about the new inflation data and what it could mean for the markets and the fed as the central bank kicks off the latest two-day meeting is kyle bass. founder and chief investment officer of hayman capital management kyle, what do you think? as somebody looking to invest in the market, what do the hotter numbers mean what does that mean for the fed? >> first of all, becky, when you look at the inflation numbers, these are chain weighted inflation numbers. these are numbers designed to be artificially be low. if you look at a long chain weighted index of inflation, we think it's running 12% with short-term interest rates still at zero, that means people that have money in the bank, in savings are losing call it 5 to

12% of their purchasing power now annually so we have 34% more money in the u.s. system than we had 14 months ago of course we're going to have inflation and it's going to be significant. i think investors and savers, retirees, really need to think about how to maintain the purchasing power of their capital. i think there are plenty of interesting places to put it some of it might not be in the market. >> where i mean, inflation itself is an argument for not keeping cash around >> no, i agree i agree. you have to be invested given the amount of capital that's in not only the u.s. market, the global market. look at the global central bank's response to not only the virus but back to the financial crisis in 2008 i think that we're going to launch a private equity firm to stay ahead of inflation and invest it in the environment and environmental remediationgiven

the nonlinearity of population movements. there are plenty of things to do where i think you can stay ahead of the inflation curve typically stocks keep up at 85% of inflation you're not going to lose too much by owning the market vis-a-vis inflation but i think you're going to need to make mid teens numbers just to break even given the numbers we're seeing today. >> that's a pretty lousy argument for investing you're not going to lose too much money if you're invested in the market kyle, what do you think happens with the fed at this point i bring this up because jamie diamond made some comments about how they're keeping things around and they want to plow into the rising infra rates structure as the fed picks up and takes a look at inflation. >> if you look at retail sales, right, retail sales are at new all-time highs in nominal terms today much high jaer than they were pre-pandemic. we still lack about 8 million

jobs so it's fascinating to see the net results of such fed largess and the money they've printed generating a monster nominal retail sales number in the absence of jobs. i think we're in a new world where unfortunately the wealth gab is going to widen. the income gap is going to widen. we're going to see more social pressure in the markets. when you look at the fed itself, i think the fed's got to -- look at housing housing is in very, very short supply in many places in the country. yet the fed is buying 40 billion of mortgages in new mortgages per month. they buy 6 billion a day when there's housing unaffordability everywhere there are some policies that would be inconsistent with rational behavior. the fed is going to have to make some adjustments in its plans going forward. >> and what will the market's

reaction be? because we're getting to this point where the fed is going to have to make some sort of a pivot. as an investor when they do that what does that mean? will the market handle this smoothly or will investors and market players move immediately to try to get to the terminal point? >> that's a good question. i mean, we've all seen what's happened in previous what they call taper tantrums and you've seen, you know, 10, 12% pullbacks in the market. would that be healthy? it would be healthy, probably scare some people. i do think that in the end you can't worry about the market's every move i think in real terms we have negative real rates, we think, of over 10% today meaning you're losing 10% of your purchasing power annually at the current moment so negative real rates are pretty repressive and when food prices start moving like

the u.n. ag and food index has moved, that's a huge regressive tax on the poor. they have to start thinking about food prices. >> so you say that you think people are going to have to get in the mid teens just to make sure they're not losing money because of inflation i mean, that's a really tough thing to get your head around. pensions, endowments if they could get 7 or 8%, they'd be doing okay 7 or 8% returns is pretty tough to come by, at least consistently is this a new paradigm in terms of investing >> well, i mean, we've never had -- the u.s. has never increased its money supply by 33 -- by 1/3 in 14 months in the history of our country and so is it a new paradigm? i think it's a new tectonic shift in the amount of money that's in the system and the fed doesn't know where this is going to end up and neither do you and

i. i just know it just makes sense to me that with that much more money in the system, it's no wonder that we're seeing prices move the way we're seeing them move when we look to the fed's inflation number that's reported here in our country, you know, chain weighting takes let's say a new car that you buy today and let's say the average price of that car is $40,000, 30 years ago might have only been $13,000, but the amount of inflation that makes its way into that number might only be 5% instead of 200% because they take the new car and they say, well, you have electric windows and back then you have rollup windows. if you price rollup windows today, the new car's a lot cheaper. but your checkbook says another thing. you have to actually pay for the car. i think when you start looking at the true inflation numbers that are hitting people's wallets, people need to be more defensive about how they're thinking about their cash.

cash is really hurting them today. >> kyle, what are you doing? you're right, we may not know how inflation's going to play out. we may not know exactly how the fed is going to play this out. what are you doing to try to protect your investments >> i actually think you think about the population demographics of the u.s. market and the people from the northeast and the west coast are moving in a non-linear way to places like texas, tennessee, florida. when you think about business moves, sure, there are a lot of rich people that move to aspen and this and that, but when you think about real business movements, you're seeing a fairly predictable population move and those population moves are causing strains on those particular economies and it's causing rapid development in a non-linear way also causing rapid environmental impacts. i think there's a way to stay ahead of it by buying land within major -- within 2, 2 1/2 hours of major metropolitan

areas and investing in environmental remediation. i think there's a way that you can stay ahead of inflation that's fun and might do something great for the environment. it's something we're going to be doing over the next 15 years >> andrew? >> hey, kyle, i wanted to actually ask you a little bit about what you think president biden and the g7 should be doing in relation to china i know you've been quite hawkish about china. we've been talking with joe tsai about what's happening in china. i'm curious how effectively constructive you can be on one side and, frankly, how hawkish or how much leverage you need on the other right now. >> look, biden rallied our closest allies in the g7 to push back on china. they called them out on basically respecting human rights and fundamental recome tos that is something that they

hold near and dear to themselves you call it hawkish, i like calling it being truthful about what china is doing. i think the g7 meeting was very successful in rallying those western democracies to promote a rules-based or values-based order against china and their gross human rights abuses, the genocide in jinjang and when you look at china's actions and not their words, they've become a belidge ger land global actor with a complete lack of respect for human rights i love that the biden administration is sticking to its guns and secretary blinken and president biden are hitting china where it hurts, which is

in their abuses of human rights. so i -- >> kyle though, i think the question though is do you think it will be effective >> oh, absolutely. i mean, i -- should we just turn our head to genocide and crimes against humanity or should we actually stand up to our values? and i think that what the thats going to do is put together an alternative for the emerging infrastructure i think they will put together a financial plan to lend into that to compete with belton road and they are going to call out china for its gross human rights abuses which is something truthingly trump didn't do until the very last day secretary pompeo labeled what they were doing in xinjiang a genocide >> when come back, jim cramer's

first take on this hour's new inflation data stay tuned watching "squawk box" right here on cnbc. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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>> draftkings shares plunging. research out with a new call on a three-way spac that brought draftkings to the public market. alleging the merger brought exposure to extensive dealing in black market gaming money laundering and organized crime reached out to draftkings for comment but straight down to the new york stock exchange. jim cramer

very curious what you think about this report. i have no information on exactly what they are alleging in this instance but what is your quick takeaway. >> yeah, i got to go innocent until proven guilty because i haven't spoken to nate -- was brilliant little pot stock just misjudged the market on it. grow generation and thaflgs more of a valuation call. i got -- because i think the guys around draftkings i have a program with them. always felt they were good but nate is a very thorough guy. and he also got hurt on clover he was right onclover in the facts i believe but the meme guys went nut on it. so i really want to go innocent until proven guilty. the guys i worked with at

draftkings have been great you might say i'm biased because i have a program but -- i have to expose that, andrew hindenburg is right now 3 for 5. and really 4 for 5 until the meme guys went nuts on clover. in in terms of how you are thinking about the markets today and tomorrow there is a lot of speculation what we may or may not hear. >> i think you have to believe that he's been saying i'm going stay the course. but there is just this torturous q&a thing that he does, which is just a nightmare and they are going to be people who just ask about the ppi eight straight times and they are going to try to wear him down and maybe at one point he's just

worn down. he goes yeah i know we're buying too many mortgages or slips up on the eighth or ninth question i think he's going say listen, i'm going to look at this and that is going freak people out it is not necessarily going the statement. i think. it is going to be much more of just the endless heckling by the press about what they think let's just say the inflationists want to hear >> and you think that if he lets up even just a moment, the market does what. >> market goes down big. >> and we go down for about four or five days what can i -- >> acknowledgment of the communications problems here if jay says that is the basically just an admission of what everybody knows right now, is that inflation is picking up. things are looking better. maybe we don't need all thesestream measures has to be so carefully done.

>> i do not share the hyperinflation rap i'm hearing from all the billionaires on the network. billionaires seem to be much more worried about hyperinflation the others want to keep a job. and the person on the street wants to keep the job, or that unbelievable take out on amazon, "new york times," wants to find a better job if possible i really think there is a difference between the billionaires who i'm really frankly sick of and the regular person that steve squaring the ceo of --. and jo sigh, i'm sorry i don't want him to be heckled oar worried. but what the chinese did in hong kong was a travesty. gave us the history. we've been wrong towards china more if years. but lately politically freedom, i'm not going to come out against it

it is an ill advised position to come out against political and religious eem.frdo ill advised. >> we'll see more of jim, in a few minutes. bye pi this is how you become the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪ ♪ ♪

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