it is 5:00 a.m. on cnbc. here's your top five@5 the fed decision, labor shorts 'will the fed give a hint when they will make a move on interest rates in geneva, president biden meeting face-to-face with vladimir putin we're on the ground on what you can expect the big tech boom. a $10 billion vaccine market that has nothing to do with covid. cyber security flaw exposed with new reports of mcafee has

shares of peloton running scared and one hot commodity seen the price soar recently one that will surprise you given it's 2021 here's your morning rbi and it's ahead on today's "worldwide exchange." ♪ well, good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching. i'm brian sullivan thank you very much for joining us here on cnbc. well, there is going to be a lot going on today it's all ahead of the fed. ahead of that, why don't we get a check on your money and the futures. they are mixed dow futures down 48 technology which has been high, by the way, is up 13 points right now. now, overall, those stocks have been slowly sloggingly scratching out new highs but

they've been doing it on very smooth news. check this out, 14 of the past 15 trading sessions the s&p 500 has moved less than one half of 1% so, kind of slowly grinding higher, but higher, nonetheless. what's not higher? bond yields. they keep backing up and ahead of the fed, the benchmark ten-year note is below 1.5%. what is up is oil and oil stocks and oil is higher once again today. right now, crude oil above $72 per barrel wow. so watch gas prices, by the way. and watch oil stock prices the sle, sector etf coming off its biggest move yesterday, so far in june. and up again right now it has been a great year for oil stocks and while many say that bitcoin may be the ultimate inflation hedge, given that inflation is the ultimate watch word of the day, maybe of the week, let's

check prices bitcoin, we'll call it flat, ripple ethereum flat, slightly mixed there, 4,004 as always, your market and your money. but right now, this morning's top story as we're just hours away from that highly anticipated face-to-face between vladimir putin and president biden in switzerland eamon javers has been on the ground all week. and joins us now with more on what we may expect today eamon. >> reporter: good morning, brian. it is a beautiful day for a summit here in geneva, it's summery by the lake. that's where the two leaders are going to meet. it's a villa here on lake geneva where the two men will meet later this afternoon this is what we know about what the schedule is going to look like 7:00 a.m. eastern time, we'll

see both men at the villa. we'll see putin arriving first and then joe biden arriving. that's because vladimir putin has a history of standing leaders up this way, if putin gets there first, biden doesn't have to be there log. this delicate dance choreographed. each leader will hold their own individual press conference on the way out. it's a change from what we've seen in the past where you had the joint press conference between the two leaders. joe biden says he doesn't want to do that because he doesn't want people calculating the matter of seconds each man, looking at the body language, the handshake, all of that analysis biden doesn't want to do any of that, he wants to simply say how he felt on the way out the big issue on the table between these two men, so many things to discuss, starting with that state of ransomware that we see in the united states and then moving along to the situation in ukraine which is still unresolved election interference in the united

states and around the world, by the russian side, all of that is going to be on the table, brian. so, a big day coming up here in geneva >> all right how do we measure success? how will we know what we may get out of it? and what the ultimate end game may be >> reporter: that's a good question, brian. i mean, officials on the white house side and on the kremlin side have been downplaying expectations for any big deliverables here. they've been saying, you know, we're not going to negotiate a new treaty we're not going to have any unusual breakthroughs between the two men. the one thing i think you can look for, if this is going to be a success, both countries have withdrawn their ambassadors to the other countries in the course of the past few months by tension. if they recall the ambassadors today a lot of people will look at that and say, you know what, that's a success the biden team says all they're looking for is a stable and

predictable relationship between the russia and u.s. side if they reinstate the ambassadors that may indicate a sense of stability returning to the relationship, brian. >> a big meeting later on today in geneva, you're right, eamon, a very beautiful setting good to see you my friend, thank you. >> reporter: you, too, brian now, to the markets and the big fed rate decision today. while no one actually expects the fed to raise rates the intention will be, of course, on the fed language and whether there will be any hits that the fed will get more aggressive in fighting inflation. what could this mean for your money, joining us federated steve chevron. steve, good to have you back on. do you expect the slight changes by the fed that give us a hint that maybe higher rates are sooner than we expect? or kind of a repeat of the last meeting?

>> we're certainly hopeful for some of those signs we think are appropriate. you know, we think the fed needs to do some stuff on the short end of the yield curve to stabilize the repo market. again, that's not a big thing but you have to do the easy things before you expect them to do the hard things we're looking at the dots, that move into 2023 that we're thinking about tapering. we think or hope we may see commentary that suggests that jackson hole really is the forum in august where the fed will get more detailed about their taping plans. we'll see, we'll see where chairman powell comes out during the press conference this afternoon. >> yeah. we're looking at a chart of the ten-year bond yield, steven. not to take anything away from the drama, but it appears the bond market kind of had its taper tantrum of a few months ago with steep rise in rates

between november and march and we've been slightly down since then all of that begs this question, what do we do? do we change our stock ownership because of this, and if so, how? >> yeah, we're not throwing on the towel on our set of calls. our view is that inflation is going to last a little bit longer than the fed expects. we think transitory is right but we think transitory is a two-year story, not a six-month story. and we think it's going to run a little hotter than expected. not '70s or '80s-style dangerous inflation but hotter than prepandemic. with that environment, you're going to see that ten-year yield break up above 2%. you're going to be want to be overweight cyclicals and international stock. those are parts that are best positioned the last couple weeks with the stocks falling abit but they're holding at 1.5%. we think the next move is

luclikely to be at 2% versus 1%. >> we have a poll coming up on twitter, sort of getting the pulse of the people what they expect >> all right >> you said dividend payer, steve. a lot of companies pay dividends, you can be more specific >> yeah, you wand high dividends 3% or above, growing at a great, similarly, 3% to 5%. you really want that -- well, you do want it relative to the overall stock market but relative to fixed income if you are in an inflationary environment, equity income tends to hold up a lot better and yield much higher yields in return than fixed income does. so, we think that's a key call you want to trade away a little bit of that downside protection to get that higher yield in an environment where yield is hard to come by >> so, do you think it will be higher on december -- than they

are now, steve, the s&p 500? >> yeah, we do we've got a 4500 target for this year we've got a 5000 target for next year again, that assumes that inflation doesn't scream and run away >> or, yeah, inflation doesn't eat into those earnings expectations but, my friend, you've been long, you've been strong and you've been right on these markets the last few years, so, we appreciate your views and coming on this morning steve, thank you >> thanks, brian, take care. >> take care all right. when we come back, has your exercise bike been hacked a major potential flaw imposed in the software including maybe its camera plus, the bears are out. why morgan stanley is throwing cold water on a market that seems red hot. and later on, significant ga p singapore taking a big issue on

the g7 and the proposal. we'll tell you what that's about when "worldwide exchange" returns right after this flies. don't worry about me. i'm fine. you can't beat turkey hill memories.

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welcome, or welcome back, and good wednesday morning let's get you up to speed on some of this morning's top headlines including more over the concern of a potential hack on peloton software. bertha coombs is joining us with those. bertha, are hackers spying on us while we sweat away on the exercise bike? >> yeah, it's not a pretty

picture, i'm sure, for a lot of them, according to mcafee, that is a possibility they said they found a security vulnerability in peloton products and the issue has not been fixed but hackers could have installed malware on a b port and potentially spied on riders in gyms and other places. this would put places like gyms and hotels at higher risk. hackers can get access to the bike and install fake versions of apps like netflix and spotify that would trick users to entering personal information. peloton fixed that meantime chinese trucking startup full truck alliance is looking to go public and raise as much as $1.6 billion. softbank and ten cent are among the biggest backers.

and starbucks naming john culver as its new chief operating officer. culver has been with the chain for nearly 20 years now. he will replace roz brewer who stepped down as starbucks coo in february to become the ceo of walgreens boost alliance, and this week marks 90 days at the helm of walgreens. back over to you >> it just seems like brewer is kind of the perfect name to work, you know, at a coffee company. but congratulations to the big promotion to a fortune 500 ceo job, brewer. >> and more calls waiting to see what they're going to do >> there you go. bertha coombs, we'll see you in a few minutes, thank you very much all right. we are just getting started, on deck, traveling the road to recovery what we're hearing from ceos about global travel, including the all-important business travel market.

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on cnbc, boughecause our evolved global summit is happening all day and all around the world gathering leaders and executives from the globe and looking at innovation and new era of busi business joining us looking at travels, long road to recoveries and what ceos are saying nancy, good to have you back on it's a big deal because i myself would like to hop a flight from new york to singapore soon when is that going to happen >> well, brian, i haven't been on a plane actually since november 2019. you and me both. what i take away from my panel it's a rather uneven road to recovery even though many companies in asia handled the pandemic well to begin with, the vaccine rollout is much slower than what you're seeing in the united states i had a chance to talk to industry leaders about the issue of that. tony fernandez who is an industry titan out here weighed

in on the question whether or not we would see an internationally recognized vaccine passport take a look at what the ceo of air asia had to say on this. >> i'm not optimistic, but what i think is consistency for the travel industry. if you've got two vaccines, okay, you don't need a quarantine that seems to vary country to country. i think there's got to be an acceptance that all vaccines should be approved that are approved by the w.h.o. should be acceptable i don't think countries can say you can only come in with this vaccine, or that vaccine so, those, i think, are a little bit more a challenge >> so that's a message from one of the industry incumbents, if you will but i also had a chance to speak to the leader of one of the startups hardest hit, that's the ceo of the hotels based in india with a huge global footprint take a listen to what he had to

say when i asked him whether or not this covid crisis made him rethink the moto at any costs. >> we want to make sure to-s sure we double down on geographies with a large footprint where we do our jobs in india, southeast asia, and europe andthe markets suggest china i a critical market to continue to invest in innovation >> so, you there have it, ritesh agarwal of oyo he talked about a more thoughtful approach to growth. it's more difficult, brian, to find a silver lining in this crisis but if there is one, we're talking about a bigger sector when it comes to scale, whatever it takes because they're looking at more the core business when it comes to doubling down in certain areas. let's get back to the breaking news, you haven't been on a flight since november 2019?

what's the story in southeast asia it's the best airport in the world. i've been on four flights in the last seven days. that's a true story. >> i know, brian -- don't make me cry >> no, what's going on when are you going to hop on a plane, what's the issue? >> soon, soon, very soon, i hope you know, they take it very seriously here in terms of not letting the covid crisis get out of control right now, we still face a three-week quarantine if i did want to leave and come back. i'll be honest with you, brian, i have a 6-month-old and the idea of a three-week quarantine is rather daunting hopefully, we'll get to see you in person. >> wait a minute, if you flew from singapore to hong kong, you have a three-week quarantine at home when you return >> i wish -- if it were at home,

i might consider that, right now if i want to go to the united states and come back, three-week quarantine at a designated hotel facility >> in a designated -- the marina sands is very lovely this time of year, maybe the fullerton, perhaps but with a 6-month-old, i don't know >> you can't choose. you can't choose fullerton would be lovely but you can't choose >> yeah. it's like you're tom hankses in that volcano movie but you're in a hotel instead of an island singapore, we'll go to santos sa island and have have a singapore sling. nancy, good to see you cnbc and the evolved global summit continues throughout the day. the u.s. stage kicked off, look at that wall of high-profile

people, tune in register cnbcevents cnbcevents.com/evolve. let's get a look at other headlines including the blow to the biden administration over a band over oil and gas drilling nbc's phillip mena good morning >> good morning, brian yes it was a major blow to president biden's efforts to target climate change. a federal government in louisiana blocked the administration's new leases to drill for oil and gas on public lands. the interior department said it will comply with the decision signaling that proposals to drill in the gulf of mexico and alaska will move forward for now. extreme heat in the u.s. has led to several parts of the country shattering record highs. cities like denver and montana saw highs in triple digits and parts of the desert southwest could see temperatures as high as 127 degrees and relief may be some time away

with about 200 million americans projected to see the thermometer passing the 90 degree mark over the next week. the u.s. drought monitor saying half of the u.s. is under extreme drought. finally, red bull is showing you have its formula one car by pulling off this incredible stunt. check it out that plane flying upside down by david kalter, he was able to see it and the pilot had to keep his eyes on the run yeway to make se he did not crash all of this ahead of the grand prix coming up over the weekend. >> going over, yes, old bridge, a great driver as great a driver that david may be, that pilot takes the cake. >> he's a great pilot. it's cool to see there >> what's "top gun" how did you

see that, maverick i was inverted >> i remember goose. >> rest in peace, spoiler alert. >> yeah, talk to me, talk to me, phillip. talk to me thank you very much. ahead, much more on the biden/putin meeting in geneva on a more serious note. plus, it is the year of digging stuff out of the ground. your morning rbi has the most unusual red hate market of the year and do you like what you see and hear here? if you do, subscribe to our podcast. you might be commuting back to the office soon. check it o, orwiut"wldde exchange." we're back ♪ ♪

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it is fed decision day will jay powell and company get more aggressive on inflation or let your money run high? president biden is set to come face-to-face with vladimir putin in switzerland, the cyber attacks by america's infrastructure by criminals topping the agenda and developing overnight, more good news in the fight against covid and big new news on one major treatment cases crash all around america it is wednesday, june 16th, and this is "worldwide exchange" right here on cnbc ♪

welcome, or welcome back, and good wednesday morning, everybody. thank you very much for joining us here on cnbc. i'm brian sullivan let's get a check of your money ahead of the fed's decision and future, well, they're pretty much mixed we are seeing dow futures down 75 as you see in the bottom on the right side of your screen, technology stocks are flat, to slightly higher. now markets have been sluggish lately but they've been sluggishly sneakily hot. the trend is very good why do we say that the s&p 500 and the nasdaq are up 7% since april 1st. in kind of a sneaky good rally we'll see if that will continue today. bonds have been kind of rallying as well. as prices go up, yields go down. good news, by the way, for anybody who wanted to buy a home or refi a mortgage ten-year yield at 1.5% everybody a bit surprised.

everybody is talking tapering. number one, the fed is tapering, they're selling off the court bond portfolio why that doesn't do anything for treasuries, it's something it's the beginning of the beginning if you like. and we probably already saw the beginning of that taper tantrum if you will. we throw up a chart of ten-year yields from november to march, the ten-year yield spiked. when is the bond market going to move the bond market to those on wall street may have already moved. remember, the job of wall streeters is not to wait until things happen. it's to anticipate and move, so when everyone else moves, they can sell it to you maybe you already saw a taper tantrum, if you will, by the bond market, about six months ago. what continues to move is oil and oil stocks oil, what's new, higher again, above 72 bucks an appeals court judge, a federal court judge in louisiana, saying that president biden does not have the power to

ban oil and gas leases on federal lands. we'll see if that is going to be appealed by the way, price of oil is up a little bit right now, the xle, oil and gas stocks, they continue to remain hot as well the xle coming off yesterday its biggest move in june quite the move oil stocks and a quick check of the crypto market, they are quiet this morning, bitcoin, though, is holding above 40,000. not by much, by 52 bucks but it's at $40,052. at least above 40,000 right now. more on the markets at the moment to the top geopolitical story. and that is, president biden will be face-to-face with vladimir putin in geneva today cyber security, one of the top items, if not the top item on the agenda the white house says the president will confront putin over the recent ransomware attacks by cybercriminals originating from russia.

that targeted critical infrastructure life, the colonial pipeline and meat packing giant jbs. now, russian officials have denied they control the criminal gangs. and also calling hackers whose activities meet the criminals' goals, quote, patriotic, hmm let's talk more about this with shane tu, president of global market strategies and visiting fellow at the institute. shane, welcome, we don't sanction these gangs, they have nothing to do with us, but what they're doing is patriotic is kind of a wink and maybe a nod to the cyber-acting criminals in russia what is the best case scenario that what president biden may be able to get putin to commit to, or at least agree to, in their summit tonight >> i'm not sure there's anything actually they can agree to

cybernorms have been a challenge. what you have to understand, it's usually not the russians. they're weaponized the internet and networks and they've exposed the soft underbelly of the internet by recent attacks they're constantly testing our network. as congressman michael mccauliffe mentioned many times we have to be willing to punch back attribution has been tough but not impossible the dod has shown up with evidence, even though he said they have not. and rolling back all lines to russia and they're doing this as part of testing the multiinternet and the power sources which are really the key to our economy >> well, you're not sounding very optimistic, shane >> i wish i were. >> yeah, biden can scold putin, ask for favors do you, though, ultimately think that putin could, you know, tell

these criminals to knock it off? i'm not sure president biden or any president around the world, by the way, has the ability to tell criminals, hey, stop what you're doing, okay, we'll stop does putin even have that power? >> he does, they passed legislation in pay that says all of the russian isps basically have to have a network back into the system he has that and done that with his own laws so, yeah, it would be great if president biden were able to make headway there but as we know, he does need to have the truth on his side and he has no reason to stop this. they've been toying with us for years, testing our system and they've now realized over the last ransomware attacks they can have great action on our economy. >> that is incredibly important, by the way i want to get to the final point, shane, that our viewers

did not realize, i did not realize, until studying for this piece, every piece of information, twitter, facebook, i'm making those up, in russia have to go through a centralized government server. >> yes >> they have the power to turn off.water pipe, if you will. i mean, it's pretty incredible if you think about it. do you think anything like that could ever happen here or do you think what russia is doing is uniquely designed, maybe with china, to do that, control, or maybe promote mis or disinformation >> absolutely. internet disinformation has been a challenge. one of the things that's we weaponized what we created here in the united states to allow signal intelligence to come back here to monitor what's going none other countries and also allowing people called dissidents to act through their own freedom network.

now, russia has decided that is not the one they're going to use. they're going to use one 100% controlled by the government aside from the cyber attacks with economic problems here, we're seeing that with the russian people and china, we've known for a long time, the great fir firewall, the truth is made up for them and the whole concept of fake news continues to loom very heavily in russia. >> state-sanctioned fake news it sounds like, shane tews, thank you very much. i want you to thank you about that for a second, folks, all the news, everything in russia on the binternet will go through centralize servers imagine that here. put your head around that as well, pretty shocking stuff. shane, thank you very much all right. let's get down to other key headlines this morning, including more from our elusive evolve global summit

bertha coombs is back with those head headlines. former xerox ceo burns, the first black woman to become ceo of a fortune 500 company currently serves on the boards of uber and exxonmobil she said the idea that there are a shortage of candidates female, people of color or both is small-minded >> the specifications are biased the specifications are biased. not that people are incapable. some people are. but this is not what we're talking about here expected in such a way that only five people or ten people could possible fit the specification and every one of those guys are boarded up some of them are getting too old to serve

general motors is reportedly set to ramp up its spending globally on electric and autonomous vehicles according to reuters. the automaker will spend $35 billion through 2025 that's a 30% increase from its most recent forecast the report says as part of the plan, gm will build two additional battery plants. and an antibody treatment plant from regeneron shows significantly cut covid patients, with 10 patients showed using the treatment along with the usual care for the virus cut the risk for dying by one-fifth among hospitaled patients who haven't produced the antibody due to the virus. brian, they started introducing that drug for people to get it at early stages before they get hospitalized so it's a very interesting time. >> and yeah, very good news, by the way, hospitalizations and fatalities down 90% from their

january high so, some really, really terrific data coming out on this as well. and other health bertha coombs, thank you very much in fact, folks, there are many days fewer than 10,000 new cases. and that's with testing being pretty much cheap or even free and extremely prevalent. very good for the u.s. the fight on covid coming up, a potentially holy grail when it comes to vaccines, vaccines that have nothing to do with covid and a potentially $10 billion marketplace, and maybe the next global health care fight and other key headlines, oracle's fourth quarter earnings, cloud service demands and shares down. la-z-boy, the best dang company in the world, sales are up, with companies struggling to keep up with demand with supply chain issues

roblox down, the users on the spending platform in the month of may, daily active users down 1%. dow futures now down 58 points we're back right after this. ♪ anything for youuuu!! ♪ what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

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that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. the new rules cannot be set by the g7 companies alone. it really needs multi lateral, among all countries big and small. with the new rules in place,

singapore will adjust accordingly to be in line with the global consensus, and also in consultation with businesses here >> that was singapore's finance minister speaking at cnbc's evolve global summit earlier today and it had to do with the g7 agreement this past weekend on the global tax. singapore's foreign minister effectively saying, yeah, not going to happen here by the way, evolve continues today. check out cnbc.com/events. let's talk vaccines, but not vaccines that have to do with covid, because despite all of the health attention being rightly focused on covid in the last 15 months there's still really big stuff to fight including one called rsv and big pharma is racing to solve it according to your next guest, this could be a $10 billion market or more let's talk more about it with jeff porgis, he's director of

svb leerink. one of them calls rsv, what is it and what kind of a market for vaccines do you think there might be >> all right, brian. rsv is something we've been chasing in the vaccine world for many decades it's been a well-known respiratory virus since the 1960s, and it's tricky, like influenza, it's something that we get reinfected with regularly. of course, about 150,000 hospitalizations and tragically some deaths in premature infants as well but it also sneaks up to you later in life, people in their 60s, 70s and 80s are vulnerable to rsv. rsv can precipitate hospitalization and respiratory

infection. it's one of those diseases that affects you like influenza, not guide as severe as influenza, but probably more common and therefore it's worth preventing. but it's a tricky virus to prevent. a little like influenza as well. it can shift we've had fits and starts with the program in the past. we have very good news this year that suggests we're actually going to be successful this time with all of the big vaccine companies are completely involved >> and who are the potential winners here aside from obviously the families and the kids this is like covid something that really goes after the very young. who are the potential winners here, geoff? >> yeah, so far, this category looks like it's going to be dominated initially by what we call the big three or four, gsk, pfizer, johnson & johnson, and the only company not involved

right now is merck that's a way for the program, all of them in phase three, or approaching phase three. as i said there's a program an antibody to prevent the virus. they told it's positive but we haven't seen the full data but just behind them, the upstarts, the moderna, the bionteches of the world, they're conducting an mrna for rsv prevention there's the first wave which are the big guys and then the innovators are going to come along and try to employ the novel technology against this pathogen it's going to be competitive but an exciting space. >> yeah, it truly is, that's kind of the thing, geoff, why we appreciate you coming on reading your notes, the biotech world has been so singularly focused on covid, rightly so for

the last 15 months there's a lot of bad stuff out there. weight gain, diabetes is going to grow. a lot of things we didn't think about, cancer deaths are up. in fact, affecting somebody very close to me right now, as a matter of fact what other opportunities do we think unfortunately are out there as we come out of this covid haze >> yeah, the interesting thing about the bio pharma industry, they haven't been sitting idly by progressing covid and we're appreciative of what's come out of it, the companies dwelling the vaccines but behind the scenes there's been breakthroughs in cancer, with the big meeting for the year seeing breakthroughs in lung cancermetastatic cancer. and esophageal cancer.

a lot of progress in cancer. and now the drug for alzheimer's in the last week there's controversial views but there's that deeisease and we still have progress in gene theories and other diseases as well. so there's been a lot of programs behind that we've got to hear about now. >> yeah, we are seeing the rates of certain cancers like breast cancers and others soars geoff porges thanks a lot on the rsv vaccines it's a reminder, it's pride month, here's suze orman >> being a lesbian has been the greatest part of my life be proud of who you are. stand in your own truth. tell everybody because if you know who you are, i promise you, it will get you

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i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough

creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. today's rbi is a continuation of a theme that we've been talking about all year, 2021 is shaping up to be the year of taking stuff out of the ground gold silver, oil and many things found underground are booming. that includes something that may blow your mind a little bit. coal that's right coal prices are surging. and one big reason is that demand is suddenly spiking in all places europe. reported yesterday because natural gas supplies are so low, many european power companies are kind of sheepishly having to go back to coal to produce electricity. in fact, coal use in europe is up double digits in many countries this year.

and it's not just europe, despite being down from its highs, coal still accounts for more than half of china's power production and they're building out a huge number of colal-fired power plat and funding the building of plants around the world. think about that coal on fire in 2021 not exactly stuff of the paris climate accord, now, is it no, it is not. but it's certainly random but interesting, in a hidden market of the world that is also on fire all right, back now to the markets and your money, and investors are eagerly, i mean with bated breath, just awaiting the fed's latest policy decision due out at 2:00 p.m. eastern time today of course, while no one expected them to raise rates it's that sudden change in language. but we care about what you think, loyal viewer and listener so, we put out a twitter poll and asked where the ten-year

bond yield be at the end of the year above 2%, 1.3% to 2% by the way, i'm below the 1.5% camp not that anybody cares by the way, most of you are in that middle. everybody always chooses medium. what will size do you want medium here you go, 55% close 1.5%. 2%, about the same ratio, above 2% and below, 1.5% so, you don't see much move in yields nor does the next guest see, joining us now, katerina si simmonetti where do you come in on that poll >> brian, so many surprises, i'm going it tell you that i would come in right there in the

middle i think it's widely accepted that the rates are going to be going up and while the biggest objective for the federal reserve at the moment seems to be getting us through the economic recovery. we know the higher rates are on the horizon. and what we're waiting for is for them to change the narrative and get ready for rate increases and then we'd know we're ready for the strategy change, meanwhile, we're telling you -- >> okay, do you expect a big change, katerina, in the fed's language i mean, that's what it's all about, right these little nuanced changes in the word, use strong or tough, what it may be, do you expect a change that they will get more hawkish, whatever, around inflation? >> not at the moment, brian. i really think that they're taking this wait and see attitude to see if this changes in inflation that we're seeing that investors are still concerned about are temporary in

nature they want to see, perhaps, if the post-covid recovery is what is causing the data and buying themselves a little bit of time. while we see the rate hike is definitely on the horizon, we're not really expecting a serious change in language or setting of expectations yet in the future, absolutely. >> okay. so if you're right, and if that happens, is that kind of the all-clear until maybe the -- because everybody else is looking for the jackson hole fed symposium in august to be the time where they will sit down in a beautiful field with steve liesman with a fence in the background and say, yeah, we're going to change things up. is this the all-clear for the summer >> well, brian, i think while we know what is coming, the question is what does it mean for investors. and investors should be activelily requisitions their portfolios right now, we have expectations that rates will be high so what if it doesn't happen a

week from now or a month or maybe a year from now. the point is we need to reposition to safety we need to prepare for the midmarket transition that we are in and rotate out of the risky stocks to the defensive position which is an appropriate thing to do at the moment >> katerina sisimonetti, thank u for being on thank you for joining us we look forward to that fed meeting, take care most of you are right in the middle, why do we pick medium when it comes to everything. most of you picked that medium with interest rate call by the end of the year. thanks for watching "worldwide exchange." a big fed meeting today, dow down a ltlite, nasdaq futures up we'll see you. "squawk box" is next take care.

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regeneron's covid data dr. scott gottlieb is here to weigh in it's june 16th, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin and mike santoli. joe is off, mike, great to have you with us. >> great to be here. >> yeah, we were just talking about how beautiful times square is and what a magnificent place this is. you see they got rid of the port-a-potties so we got that going for us today let's take a look at the market dow is down by 55 points, s&p down by 2, nasdaq up by close to 10 days. the nasdaq was the