interest rates any time soon. liz: no, and eating a little humble pie, they were talking about four rate hikes this year. stuart: not going to happen. ashley: having an unnatural fear of pickles and ninons me can tell you that. so. stuart: time's up, everybody. connell mcshane is next. i'm giving you a 100-point rally. >> that's a really weird looking pickle, by the way. charlie gasparino is over here talking. thank you, stuart, and company. we'll talk more about that. not the pickle. but the message behind it here on cavuto coast to coast. good to have you with us here today. less than 24 hours until the polls open up in california. battle on getting the economy back on track. i'm connell mcshane, again, in for neil cavuto. the first thing we'll deal with is janet yellen. about half an hour away now from the fed chair janet yellen in her speech talking about the path to the economy.

her first remarks, by the way, since friday's decimal jobs report. so that's why we'll watch that closely out of philadelphia. add it all up voters, investors, businesses have a lot to think about here on monday and we have a lot to talk about from the man you heard streaming to my left. charlie gasparino, cristy, and gary b smith to start us off in this excellent panel. i don't know if any of you are in a pickle. but, you know, gary, if you -- we were talking about the timing. i know stuart got into this too. the timing of the janet yellen speech, the timing of the decimal report on friday, and the politics. this should be a good time for donald trump. and maybe it is. but, to me, he has had some issues over this weekend by focusing on some things, this judge, for example, and the heritage of the judge that shouldn't be related to the main campaign. jobs, the economy, and everything else. what do you make of what's happening now, gary? >> well, i tell you what. i think with donald trump if there's a vacuum, he normally fills it with bad things.

when there's going on that he can reflect upon, and i use reflect deliberately. i think that's where he's at a disadvantage. so yellen will probably say something about the economy being iffy. you're going to have sanders and clinton of which he would no doubt be able to grab three or four sound bites and use them against the obama administration, against hillary, i think right now is a really perfect time for donald trump to be donald trump. >> so you're okay with the way he's handle it. cristy, from your point of view, it is -- hillary clinton should be clinching this but she can't get rid of bernie sanders in california. the timing is, again, to me, pretty good for trump because he still has that fight going on. and i think he can't get out of his way in some ways. gather think so it's pretty good the way he's handling it from his point of view. what's yours? >> i certainly do not think that. look, there's a very small window right now where the republicans have obviously

clinched the nomination for trump but the democrats are still having to battle it out for one more day. i think as soon as the polls close tomorrow night, you're going to see them calling it for hillary clinton. and then we will be on equal footing. >> well, do you think bernie will get out right away, though? >> i do. i do actually, yeah. so what has trump done to fill this vacuum in those small window where he should presumably have an advantage? he has all of us talking about how he thinks the judge from indiana is actually, you know, mexican and therefore can't decide his. >> right. >> his court case fairly. i mean, look, that is absolutely the wrong headline that he wants to be leading with right now. >> charlie. >> well, friday presented donald trump with an 80-mile an hour fastball down the middle of the plate, and he when whiffed. >> you mean the jobs report? >> he whiffed like no tomorrow. it doesn't take a rocket scientist to figure out that

bernie sanders is a pain to hillary clinton. >> of course. >> you have continued stuff going on around the world that shows her foreign policy was a mess. libya is basically controlled by isis, and benghazi and income getting worse. and what is donald trump having to respond to? >> the judge. >> right those are pretty dumb. you can attack that judge on a lot of reasons, he's an obama appointee. just because he's mexican doesn't mean he's necessarily bias. societies stupid. and, you know, i -- this is why i think people, a lot of republicans are still worried about this guy. he does not -- he basically steals defeat from the jaws of victory. and he won, he did great, he won with 30 -- listen, he got 35% of and that was enough to have him beat a lot of people and he won a masterful campaign but this is different and if she doesn't get indicted, here's my ifs, if

she doesn't get indicted or if comey doesn't issue a report that slams her, the fbi chief, i don't see how you win. >> you don't think trump can win is your point? >> if he does defendant talk about real issues, i don't know how he's going to win on a platform of attacking judges on being mexican. >> you were just saying, gary, you think it's set up almost perfectly for him? >> yeah. exactly. look, if we went back we're all on this panel for the last year or so, and we brought up the number of times donald trump whiffed, we would have a million sound bites there. he supposedly whiffed about mccain, he whiffed about carson, he whiffed about everyone and yet he keeps rising in the polls. >> how do you know that's not going to wyatt bite him in the rear end? at some point people say what

do we want for president? she's got a lot of negatives on her. connell: right? >> but do they say they want someone with a lot of negatives that seems normal, that doesn't attack a judge for their heritage, not their -- you know, he's an american citizen, by the way, we should point out. connell: from indiana. >> or do we want a guy that's sidetracked. he never got more than 30% of the republican vote. he never did. >> i agree. and i think the thing with charlie, we all sit here and think logically. he should have self destructed, he should have done this. he killed himself, and he's still standing. that's the thing. connell: well, the question is if that's general. i have blake burman on a story, all of you guys are staying here, i'm going to go to blake and come back to this, we're going to talk about charlie gasparino's column in the new york post. but democrat's, blake, are one of the stories today. forget about the presidential race far moment. they really think they can

take the senate back that that's become a big story in washington d.c. fill us in in that. >> yeah. certainly feeling incredible confident just as you mention at the chance of flipping the senate. all it takes here is a net win of four seats for the democrats to do just that. i spoke a little while ago earlier this morning with a spokesperson at the democratic senatorial committee and they said confident, but they say even more so now that donald trump is the presumptive republican nominee and what you were just talking about headlines like that that just keep coming into the fold. however, the d sc is not

and they point to hillary clinton as the likely democratic nominee as the reason. give you one reason here. the directive of the senatorial campaign committee recently described clinton and i'm quoting here as down right toxic and that's what they are leaning on to keep the senate on their side. connell: thank you, blake. an interesting conversation because the democrats seem on optimistic, they are that way despite the economy we were just talking about in this jobs report and everything else.

and in addition to hillary clinton, i would bring president obama into this as charlie did, charlie gasparino and his column in the new york post this morning. charlie, cristy, and gary are with us. cristy, charlie basically said the obama economy, and he describes as a lousy economy, hurts hillary clinton big time, pointing it was written right after the jobs report. i mean he says trump, donald trump should be easily able to exploit this. looking at it from your point of view, isn't there something to that that there's a shot here for trump to take advantage of an economy that maybe isn't as good as we thought it was. >> well, first of all, most people don't feel overwhelmingly negative about the economy right now. for the people who do, sure. normally with his businessman background. >> well, why does hillary clinton keep saying that's lousy? >> but he hasn't been able to. >> no whys has -- if the economy -- if most people why are the has is she do you go that? >> if most people like the

economy, you expect hillary clinton and bernie sanders say how great. but they're not. >> yeah. but so that he needs put some daylight. >> that the economy is lousy. because the economy is lousy. >> because she can't see herself in a third term. connell: has an interesting point, though. why can't she run on that obama third term? his approval generating is 50 plus%. why does that not work? >> because she is different. she's dimitry lots of different ways. she's going to be the first woman president. i'm going to go back actually to the senate map. can we talk about that for a second? because it's so bad for republicans. they have to essentially walk a tightrope over a river of barracudas in order for it to work out. they're doing two things. running on a incredibly tough map. we talked about some of the numbers but one other one is this. of the top ten most contested races, nine of them are in states that barack obama won twice. that's unbelievably bad. and the other part of that is that they're going to have to do that while --

it's a really hard thing to do. you say it's a local race, it doesn't usually work. connell: true. >> i think this. and, listen, what's scary about donald is that he's a wild card, and he may say 20 pour absurd things between now and november or 200 or might do a 180, and he might become a semi normal candidate and go after the economy. >> he hasn't up to this point. >> if he does that. connell: there's an opening. gary, what do you think about that? that he does have, quote, unquote, a lot to work with here and maybe he's not attacking or going after mrs. clinton the way he should. and this is going to have to be the last word just because of time. go ahead, gary. >> well, i do agree i think cristy said the u.s. -- the people are happy with the economy. that's the number in the latest poll. i think the economy was the number one concern. two i think trump did start to bite into the whole economic argument. he made a tweet or two for all i know about the jobs report.

i think he's starting to latch on it. i think if the economy slows down, trump is just going to get stronger. connell: thanks to all of you, gary, cristy, and charlie. take a live look at philadelphia right now we are waiting for the janet yellen speech because it's her first comments we've had since the jobs report on friday. more on that coming up. stocks up now triple digits. 10 # points thereabouts on the dow. we're back in a moment

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call or go online today to switch to x1. . connell: we're back on cavuto coast to coast where we are waiting, a speech in philadelphia from the fed chair janet yellen, the markets up today by 102 points, when neil does this an embargoed release of those comments. they're coming out at the bottom of the hour so i have an e-mail here with all of her comments.

and it says yellen is going to do this and that, so i know everything that she's going to believe. so that's my best neil impersonation. he does that all the time and tells us he's going to -- oh, boy, wait until you see it; right? and then it's really silly. i don't want to say something neil does is silly, but it's true. they come out at the bottom of the hour. anyway we'll go to the speech. let's go to the story now about technology. we were talking about donald trump a few minutes ago and say whether or not some republicans are warming up to the possibility of a trump administration whether some still have concerns about his comments, the judge and everything else, there's a story developing in silicon valley where a number of tech ceos and the like apparently are not big fans of trump. we're talking about some of them who are republicans from the consumer technology association president and ceo gary shapiro joins us now. so it's not, gary, just like liberal. democrats don't support trump. there are republicans like larry h or others who are not

necessarily in favor of trump; right? >> well, it's just not technology companies if you look at a fortune last week did a as you where they supported fortune 500 and overwhelmingly supported hillary clinton. i think trump is a unique candidate. nobody is really sure what he will do. he's been on both sides of many different issues important to the technology industry, including immigration. connell: right? >> he doesn't appear to favor free trade at all. but then, again, neither does hillary. the sharing economy, he's been very quiet on. he does own trump hotels and airbnb is part of the sharing economy but hillary clinton has also said negative things about the sharing economy but the reality is that innovation is very important and growth is important and both candidates should be talking and focusing on the fact -- connell: when you talk to the ceos, do they list trade and immigration as issue one and two? what else is up there? because you're right these are ones that would hurt trump if people think the way i think they do out of silicon valley.

what else? >> there's trade, immigration, privacy, he said some negative things about apple. also positives about trump. look, everyone's frustrated about the rules and regulations from the new overtime rules. eight years of tough regulations squelched business innovation have not been positive and when you look at a trump presidency, there should be light there also infrastructure investment. connell: okay. >> on the other hand you look at hillary clinton and you say know you know what? there's a little bit more stability there globally she could bring to the table. and the third party camp. libertarian chose very credible governor as vice president, and he is totally in along with a lot of the views of silicon valley as well as free trade, pro immigration and -- connell: we had him in here last week and there was a debate whether he takes votes away from hillary clinton or trump and you say technology sector at least it would be trump people, some of them, the ones that would be

republican would go libertarian. >> well, some trump and also some of the people voted for obama. look, obama was a tech user. and he's been very positive on trade the last few years. so he was certainly supportive four years ago by most of this tech world. i think the tech world is going to split up their vote of course. but a more will go to libertarian more than any time in the past. connell: that's right. because it wouldn't be much of an effect. california is taking a look at allow illegal immigrants, illegal immigrants to purchase obamacare. a story takes some explaining to do so next

connell: back on one more story on cavuto coast to coast before we go to janet generally thanks to a loophole illegal immigrants in california may be able to sign

up for obamacare. will burden california residents with the cost. i said before the break it took a little explaining. what i meant by that is that i think from what i understand about this in the state of california, there are no federal subsidies involved. the people would have to pay for it themselves. can you explain better what's going on? >> yeah. actually our federal subsidy is involved. connell: how? >> the illegal immigrants won't be eligible for tax credits on the front-end. but all obamacare policies are subsidized with direct payment to insurers from the u.s. treasury to keep them selling these money-losing plans in marketplaces. connell: so these people sign -- in california there. here illegally and they can get health care through a state -- through one of the exchanges; right? is that how it works? >> yes. but let me be clear. despite what you've heard, there are many, many programs in this health law obamacare that are targeted directly to providing health care for illegal immigrants. and the obama administration

already spends billions with a b, billions of dollars a year on health care for illegal immigrants. you've got the community health centers all across the country federally funded catering almost exclusively to illegal immigrants. you've got emergency medicaid. especially prenatal care, delivery care almost exclusively for illegal immigrants. connell: right so the costs get passed along to the rest of us is the point. >> yes. and the cost is going to go way up sadly, tragically when -- who knows how many -- pregnant women from south america who are fearful of carrying the zika virus arrive in the united states to give birth to a child, their labor and delivery costs will be covered here and the lifetime cost of caring for this tragically disabled care will be picked up by taxpayers because they will be u.s. residents citizens. connell: so we're paying for that. but in this particular bill in

california, i'm looking at a article that was written in the washington examiner about it and that's why i brought it up. it was passed by the state senate and go to governor brown we assume and then become law but it's waiver that they're seeking. >> that's right. connell: so they say they would not make the subsidies available to the illegal immigrants. that's what that story says. >> on the front won't be available to the illegal immigrants. but those plans like all obamacare plans are subsidize subsidized, especially subsidized by taxpayers as well. a small part of the billions to illegal immigrants err year. connell: we know you're always on top of it. so we'll check back with this, betsy, thank you. the janet yellen comments, i told you that i had them. well, you're all going to get them in a moment. the way this works is in four and a half minutes or so, they will be released and then she will deliver them. this no doubt to be more moving.

the dow is up 99 points ahead of it. when we come back live to peter barns on janet yellen and whether these comments move the markets. back in a moment

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connell: we're back with a cavuto coast to coast alert. moments ago, just ahead of breaking comments from janet yellen coming up, martin shkreli arrived back in a courthouse in brooklyn, new york, accompanied by his attorney, benjamin brafman.

he's back in court, different case today. we'll cover it throughout the day. our own adam shapiro is there at the courthouse. that video shot just moments ago. okay, as we come up on the bottom of the hour, the dow higher by 96 points and just being released on the news wires at this very hour, new comments from the fed chair, janet yellen. peter barnes has them. what is she going to say, peter? >> reporter: well, that's right, connell. janet yellen calls the weak friday jobs report, quote, disappointing and concerning, and theys that the fed will be wrestling with what it says about the economy but that another hike in short-term interest rates continues to remain dependent on uncoming data. and if that data shows labor markets strengthening and inflation continuing to head to the fed's 2% target -- and she says here as i expect, end quote -- that further gradual increases in rates are likely to be appropriate. of course, she makes no specific references to the timing of future rate hikes, but it does

sound like the friday jobs report caught her by surprise as it did all of us. in her speech she asks if the markets, if the markedly reduced pace of hiring is a harbinger of a persistent slowdown in the broader economy or will monthly payroll gains return to the pace of job growth seen earlier in the year. in other words, is may a one-off. at 4.7%, she asks if the economy back to full employment. she does note that the unemployment rate declined in may, it was a result of hundreds of thousands of workers leaving the work force as we know. she also cites, however, some positives in the friday jobs report with slightly higher wage gains and says there are other indicators of the labor markets that are healthy such as low claims for unemployment insurance. connell: just a couple things,

peter, number one, it looks like you're at a lunch of some sort. as you say, there will be questions and answers at the event. we will try to carry part of that. we will not carry the full speech from janet yellen because peter basically told us what she's going to say. we'll allow her to say that, we'll come back to the q&a. tell us about this event, and number two, your read on this -- you've had a better chance to look through it than we have -- is the idea of raising rates is still there, it's still on the table, is that right? >> reporter: it is. and she's kind of downplaying the friday jobs report here. so let's hear what she says in the q&a as audience members ask her more specifics about the friday jobs report and what she thinks it means for the economy. com congress right. that may -- connell:. that may well be where we're going to see reaction from the market if we do see it. right now we're not seeing any, the market is up just about that, 100 even at 17,9 right now, so we are not getting any

kind of reaction to these particular comments from janet yellen as they hit the tape and everybody goes through them. we'll go back and see whether or not, as peter points out rightly, when the questions comes up from audience members, does she say anything that gives us a better idea how she's thinking. we have former white house economic policy director here, todd is the author of a book called "the price of prosperity," which we're going to talk about in just a few minutes. it tells us why nations like ours that are rich sometimes fail. so stay tuned. that's my idea of a tease, todd. stay tuned. in a moment, we will tell you why america's about to fail. no. [laughter] so, first, i do want to ask you a little bit about the current-day economy and janet yellen, the federal reserve chair, since she's about to speak, how she's been handling it because, boy, the role of the federal reserve is interesting, isn't it? big role in the stock market and the economy and everything else. >> well, and they're certainly under scrutiny, especially by the republican party. i was just thinking janet yellen's, of course, going to give a dull speech because

that's her job as -- connell: that's why we're talking to you now, and we'll go to the q&a. >> i was just thinking imagine if donald trump were chairman. he'd stand up there and say economy, bad! [laughter] connell: right. >> i was back on this channel back in february, and i said the fed was acting arrogantly because in december it raised rates, which was okay, but then it warned it would be raising rates four more times during the course of 2016. well, obviously, the economy cannot handle four rate hikes this year, and that jobs report was rather -- connell: it was bad, wasn't it? oil, by the way, off earlier highs, a little bit under $50 a barrel as these yellen comments hit the tape. the jobs report, did you take anything big picture to say, boy, we're in big trouble? >> well, look, it is one month -- connell: in other words, are we headed towards a recession, i guess. >> you know, here's the question, is it the pause that refreshes, or is it the pause that depresses and depresses the economy? i was concerned, actually, not so much by the jobs report, but

the jobs report combined with what we've recently heard from the automakers. connell: okay. >> because autos have really been leading the charge for the economy and giving the vigor that it has to the extent it's had any vigor. and i'm a little concerned about consumer spending at this moment. connell: i'm going to bring up full screen, guys, if we can, the markets. todd, your microphone's giving us a little bit of an issue. we have an expert technician on the scene. 106-point gain, 107 about, 17,9 is where we have on the dow. janet yellen saying the fed still on track, as peter barnes reported to us. todd buckles, our guest. his book is called "the price of prosperity." it is an interesting time, isn't it, to talk about this? it's the idea that nations not necessarily when they're struggling, but when they're not, when they're rich, sometimes when they're at the top of their game, that's when they start to show signs of failure. are you just talking about us, or is there more to it than that? >> no, certainly. it's the u.s., it's britain, it's europe, it's japan.

you know, lots of people are written about and come on shows to talk about how poor countries fall apart. what do we do about libya, syria and sudan. but rich nations fall apart too. we just celebrated my wife's grandmother's 100th birthday. when she was born, there was an ottoman empire. i've never met an ottoman, have you? [laughter] they're gone. and those were rich, dominant empires. connell: well, one of the things, i had a chance to read part of your book over the weekend, that you point out is interesting is the birthrate starts to decline. so we have fewer babies being born whereas to your point about older people, we have a lot more older people, right? >> well, that's right. traditional societies used to size up a man by counting his children. now we count, what, rolex watches and twitter followers and six-pack abs. it's a -- children have become, for wealthy nations, kind of like pets. it's a luxury. you don't need them --

connell: we have far more pets, don't we, than children? it's a weird analogy to make, i know you make it in the book, but we're more interested, for whatever reason as we get more educated, in having fewer children and more pets. i don't know if there's a lesson or not. >> well, look, ask any parent, kids are messy, they're loud, they're noisy -- connell: i have three of them. >> there you go. no matter how badly a myna bird feels, he'll never scream i wish you, i never was born. [laughter] kids do that all the time. so on the other hand, we need children, obviously. children bring moments of rapture as love, and they pay into s and medicare -- social security and medicare. connell: are we, is it somewhere where we could put a timetable on something like this and start to be concerned, in x, y, z years because, to your point, entitlements or something else? >> well, look, back in the 1950s you had 15-20 workers for every retiree. now we're getting to the point

that it's just two workers. the numbers just don't work anymore. connell: right. >> and, of course, we're not hearing much serious from the political campaigns dealing with any to this. connell: not dealing with any of that. >> thank god donald trump's had a lot of children, i guess that's a good thing. he's contributing. [laughter] connell: we're not, we really don't hear, i don't think, back in the 2000 campaign they used to talk about the lock box, and it became a big issue. >> right. connell: now, you're right, there's hardly a mention of any of that kind of stuff. >> well, that's right, because it's a tough sell to reform medicare or social security. but if we don't, we're in trouble. connell: are you optimistic or pessimistic, generally speaking? >> you know, i'm generally an optimistic guy. i'm not one of these guys who tells people buy gold because the world's going to -- i don't believe that. i think i kind of agree with winston churchill who said the great thing about the americans is they, in the end, they always make the right decision. after they've tried everything else. [laughter] so i think we're going through a period where we are failing and

falter oring, and it's at a dangerous point. and we've got some tough decisions to make. connell: just a question of where we are in all that, i guess. good luck with the book, "the price of prosperity," we appreciate it. again, more from janet yellen coming up. we have to talk about mark zuckerberg's twitter account getting hacked -- >> anthony wiener hacked it, apparently. [laughter] connell: that's very good. zuckerberg was really hacked, right? we have coming up after the break a story that i hope is not true. in fact, i'm betting it's not true. there's a report of what his password was, and you're not going to believe it. you'd be hacked, too, if this was your password. it's coming up. we asked a group of young people when they thought they should start saving for retirement. then we asked some older people when they actually did start saving.

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$727 plus. oil paring back on some earlier gains following the comments out of janet yellen. as this chart indicates to you, it had been up a little bit more in the straying session, now only -- trading session, now only higher by 66 cents. oil stocks all to the upside, we will keep covering all of that and, remember, live to janet yellen for the q&a session in philadelphia when we return.

connell: well, here's something

that fliers should be happy about as we look at the airline stocks, delta is offering free entertainment on nearly all of its flights. the perk begins on the 1st of july number of airline stocks, wouldn't you know it, delta is lower. we mentioned mark zuckerberg earlier, the latest victim of hacking, but could it have been prevented very easily had he changed his password following that massive linkedin hack? zuckerberg was part of all that. paul is here, and i don't know, paul, i said there's a report -- i, again, i'm going with the fact this is not true. i'm going to say i trust mr. zuckerberg, he would never do this, but they say his password is dadada or maybe -- you know, he's a new dad, but that's not a good idea. >> right. you know what? at the end of the day, connell, i find it hard to believe. i want to believe this isn't true because you talking about a very, very intelligence man, one of the most powerful brand names in the world. if it is true, it's just blatant

carelessness, that's all there is to it. connell: you're almost asking for it. come on. if you're going to go abc123 on your password, this is what's going to happen. are all of us vulnerable at this point? these hackers are pretty good. how do they get into, say, a twitter account? zuckerberg, by the way, hasn't tweeted in years, i guess that makes sense, but how do they do it? >> great question. hackers use brute force, password generators, and it enables them to block through your typical standard password. what does that basically mean? if somebody wants to know how to get into you, they typically research you on social media, see what your life is about. he became a dad, maybe go in that direction, whatever it may be. and that's how they use brute force. now, how you can protect yourself is the most important thing. typically, the more complex passwords have 8-10 combination of caps, numbers, and specialty

marks. you make it much more difficult for any hacker. granted, nothing's impenetrable, but there is something called negative migration. if you make it hard, they won't get in. connell: now, it's interesting, mark zuckerberg is a celebrity and well known person in the technology world, and, you know, he didn't do it, didn't change his password. the other thing i know you and many others is you should change the password often. so he's what they would call a target. the normal person watching at home that says i'm not a target, these guys don't care about me -- >> no, that's not true at all. hackers have a very clear business model, and they shoot for the path of least resistance. you don't have to have a trophy. anybody will do, and any information will do, and anything that's marketable or resellable is important. so if you have a password, your password you could make yourself so much safer by just making it more complex. and no one is immune to this, that's important to know.

connell: right. a bunch of numbers thrown in and capitals, you say they're looking for things that are marketable or resellable. what are the big things they're really after, these hackers? >> anything that could resell. i'll give you an example. so if you're communicating about anything that could bring somebody to something you own, where you live or information about you or somebody else that others can use against you or against somebody else, it creates a business model where that revenue stream then becomes palatable for somebody that wants to come into your life. relatively simple stuff. connell: well, it is kind of the don't touch a burning stove. don't do silly things, and you'll be all right. or maybe you will. these hackers are good at getting around it, but don't set yourself up. thank you, paul, always good to see you. we're awaiting these janet yellen comments that will come in the question-and-answer session with the audience members that are there. she's been speaking.

peter barnes talked about her comments, the idea that rates could still be going up. we're waiting until she wraps up her prepared remarks, and then we'll go live and see what comes out of the q&a. we'll be back. more cavuto coast to coast in just a moment. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪

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♪ ♪ connell: back on cavuto coast to coast. we said we weren't going to make you sit through this janet yellen speech because peter barnes was able to summarize it in, like, 90 seconds or whatever it was. once she wraps it up and goes to the q&a session, we will join her live. let's just see where she is in the speech and what her topic is. >> recent months is concerning, and friday's employment report provides another reminder that the question is still relevant. connell: got it. so there you go, janet yellen. that's what she's up to. you're welcome, america, for not having to sit through the

prepared remarks, and our thanks to peter barnes for summarizing them, again, in short order. peter basically told us, hey, rate hikes are still on the table, and, you know, the data dependency is still there. that's kind of what she was talking about there, even though the jobs report was weak. the market, we're or paring back now, we've come back maybe 30 points up to 68 or 9 up on the dow, and the oil price was the one we initially noticed, it pared back on its gains. so those two things we do see in the markets after the janet yellen comments. we'll get back to them in a moment. i do want to talk about donald trump and the presidential campaign for the next few minutes, and then we'll have the janet yellen q&a. we're joined by ray washburn, vice chairman of the trump victory committee. joining us from dallas, good to have you, ray. we had a conversation where we were talking about mr. trump's weekend in that a lot was set up for him to talk about janet yellen's comments as a reference point. the jobs report came out friday,

it was very -- it was weak. there were not a lot of jobs added, only 38,000. it was disappointing. a lot of people think the economy's in trouble, headed to recession, all this type of talk. however, it seemed as if trump got a bit distractioned over the weekend, did you think so, and he get back on track this weekend? >> well, you know, he started off his comments for the weekend about the jobs report and how pathetic it's been under president obama. so i, i'd say, no, he put a lot of focus onto the jobs report. connell: but then he was brought back for the interviews that he did on cbs and cnn to talk about this judge, and he went for it, you know? he didn't say, oh, that's not a big deal, i don't care about the it misty of the judge. he went there. you don't think that hurt him at least in the short term? >> you know, i deal with donors, and i haven't had any issue at all. i've had calls all day this morning that are really coming on, and we're very enthusiastic about the money we're going to raise for mr. trump.

connell: okay. tell me a little bit about that, because one of our earlier guests was from out in the silicon valley area, and he said trump has add some issues -- had some issues because of immigration and -- i know there's a lot of democrats out there. what are you seeing in the fundraising circles? who's giving money, and are you surprised by how aggressive they have been? >> well, first, the national finance chairman for rick perry, jeb bush, marco rubio, carly, all down the line have all signed up to be involved in the campaign. so i think that shows enthusiasm for him across the entire platform of republicans. connell: so the money that's going to be raised is going to reach the mark of whatever that mark is? this is like a billion dollars, as trump has mentioned, or does he have to raise fewer dollars because he gets all the free media still and people talking about him in the press and interviewing him all the time? does that affect the way you guys raise money? >> look, there are a lot of numbers that have been thrown around. the reality is we have a short

period of time to raise money. the rnc has got an incredible infrastructure built, so it's not going to take the kind of dollars that past campaigns have taken to achieve the results that we know we're going to achieve. connell: what's your pitch to, say, someone who is a little skeptical as some, you know, more traditional republicans -- some republicans in general have been, to your point, some have come around, some not as quickly as others. what's your pitch if someone says i'm not sure about this guy, trump, i don't like some of the ways he says things? what do you say to them? >> well, look, the strength of our ticket from the senate to the other races, it's all about what happens at the top. and so big part of the pitch is trump will be a very, very effective president. he gets the issues, and the supreme court is such an important part of it. and so a lot of the donors look at it and look at it as a macro issue and say we've got to win at the top to win down ballot. connell: so supreme court, okay, that's a big issue. the other story, and that is interesting you wring it up --

you bring it up, the democrats are becoming increasingly optimistic about their chances to take back the senate. you say? >> well, that's their opinion. we feel looking at polling numbers that we look at, i think as strong as trump's going to do, he is going to win in november, and that victory's going to pull our senate races along with him. connell: okay. ray washburn, good to have you from dallas today, we appreciate you coming on, trump victory committee vice chairman. we'll get away from donald trump and the politics of the day for just a moment, sort of, to talk about janet yellen. this question and answer system with the fed chair is ahead, and i say sort of because everything's political, right? we'll go to philadelphia and see what she says when audience members ask her, presumably, about the weak jobs report, maybe even about the political campaign and everything else. janet yellen up next. ♪ ♪

connell: welcome back now to cavuto coast to coast. janet yellen is speaking, and, well, so am i, quite frankly. i'm connell mcshane in for niewl cavuto, we are watching janet yellen, and we will go to philadelphia and hear her question and answer session in just a few minutes. we think, i've been told anyway, that she's more than two-thirds of the way done with the speech. we had assigned a producer to track it kind of line by line to see when she would be done, but that person fell asleep, so we have to the rely on when she stops and says, or hey, any questions? [laughter] one of the things she said the u.k. leaving the e.u., that could have significant economic repercussions. that's been a big story, so look for that in the q&a, and we'll talk more to peter barnes about that. as she was making those comments

and others, the dow came off its earlier highs and said of being up about 100, it's now up 74. back to janet yellen and the markets in a moment, but right now to the campaign trail and hillary clinton asking for bernie sanders to end his campaign and call for unity after the races of tomorrow, june 7th. sanders, however, has been vowing to do can the exact opposite, to continue in until the convention even if clinton, with with the help of super delegates, has, quote-unquote, clinched things. national nurses united co-president and bernie sanders supporter karen higgins joins us right now. what's the argument for, because i know the other argument, i've heard it from many people. what's the argument for bernie sanders even if hillary clinton has the number of delegates to clinch the nomination to stay in the race? why would he stay in? >> you know, i think because, you know, truthfully there is so many people that are backing bernie sanders and that our belief is until this is over, it's not over and that things can change at that convention,

and i think that he believes -- and we believe -- he should have that opportunity to continue that fight and try to get that nomination. connell: all right. i don't know how, to what degree you'll indulge in a hypothetical here, but would you -- if the race is hillary clinton versus donald in the fall, who would you support? >> you know what? at this point, you know, we are so focused and i am to focused on seeing bernie win this that we have really not even looked at that yet because our determination is, is that it's going to be bernie sanders and trump. and when we see that happen or not happen, then as an organization we'll have to look at it. but to be honest with you, we're not backing away from this yet. connell: i guess the reason i ask, and as you say, you won't go into the hypotheticals, others on the hillary clinton side say he's hurting her general election chances. get out, you're killing me here, because i'm trying to build up to a general election, and the longer you stay in, bernie

sanders, the more difficult it makes it for hillary clinton. you say? >> the issue is it needs to be made difficult for hillary clinton because, you know what? bernie sanders really is speaking on behalf of people. as nurses, we are 110% behind him and the things that he stands for. so as nurses, we don't back away from issues especially when it comes to taking care of patients. we're not backing away from getting bernie sanders elected as president. again, we're not ready to make any commitment other than getting bernie sanders into this election at the end of the democratic convention. connell: speaking of the convention, what's that going to look like in philadelphia? i know you guys have a number of people going. some people, to be serious, are worried that it's going to be crazy, violence in the streets. what do you say? >> you know what? you know, i would hope there is no violence in the street, but i do think it will be crazy. i think we will have, obviously, a lot of us will be inside the billing, and a lot of us will be outside the building. those inside are going to try to sway people into believing bernie sanders is the right choice with everything that's

going on in questioning what hillary has done, you know, in the past years and the questions of her behavior and whether you can believe her or not. i think it leads us into, you know, a convention where, you know, who is going to beat donald trump? and i think in the polls, different polls show that bernie sanders would beat donald trump at a much higher margin than hillary clinton at this point. outside, you know, we will hopefully keep it peaceful, but we want it to be known that, you know what? we're there to support him, and we still believe he is the candidate that will lead this country and take care of the people in this country and go in the right direction. and that's what we want. so we will be there both in and outside the building. but our expectation is, as always as nurses, we're not looking for violence, we're just looking for an outcome that we really think is what we need to do for this country. connell: what were your thoughts at what happened in san jose at that trump rally where there were -- and sanders by now, by the time you and i are having this conversation, has condemned

all of that violence. some of them were wearing bernie sanders' t-shirts, people there acting in his name even though he may not approve of it that really caused quite a scene. it was a disaster. what'd you think of that? >> you know, it's truthfully a very sad statement because that's not who bernie sanders is or the campaign he's been running. you know, he does not believe in violence, and he does not believe in that behavior. so i would -- really we don't, you know, there's nothing to say that's good about that, you know? we want to win on the issues and what he stands for, not in the behavior of what we see with donald trump and believing that, you know, violence is the answer. we're not there. and, you know, in response to that kind of behavior, the answer is, you know what? we don't want that. we want you to stand for what he believes in, we want to be there and get this done, but we want to do it in a very peaceful way, make our points, make it clearly understood why he should be the delegate that wins this election. connell: okay, karen, very nice to see you, and good luck with

everything. thank you for articulating your point of view. i know you're hopeful, as you said, and we all hope that philadelphia is not violet by any means, been violent by any means. >> well, we'll work on it. thanks. bye-bye. connell: thank you, karen. let's go back to janet yellen and see how everybody's doing down there in philadelphia. she, i'm told, is wrapping up her extended comments and will be taking questions assembled from those in the audience. in fact, it looks like she has just done so. let's go to philadelphia, and we will listen in to whatever questions come up. elizabeth macdonald is here with me, and let's see, are they going to take the questions right away, guys? maybe not? they are going to take questions. i'll tell you what, e. mac, you wait here -- >> i will wait here with you. copp couldn't janet yelen and what she has to say more important than what you have to say. that's right. connell: here comes the first question. >> thank you very much for coming here, dr. yellen. >> pleasure. >> my question, please. when deciding whether to keep short-term interest rates low,

is your primary concern gdp growth and the unemployment rate over the next few quarters, or do you also consider the negative follow-on effects that occur much later due to low interest rates such as, and i'm sure you've heard this a few hundred thousand times, if you can imagine consumers getting into too much debt, take advantage of the low interest rates and we get a -- [inaudible] up five years from now of defaults or defined benefit pension plans, having to invest more money into the plan meaning less spending now or alternative live, underfund and default later, that sort of thing? do you take that into consideration too? and to what extent do you balance one versus the other? thank you very much. >> thank you for that question. so is the federal reserve takes its mandate and appropriate objectives from congress, and

congress has assigned to us two main goals; namely, maximum employment or full employment and price stability. and so that is our focus, and that's what we keep our eyes on. you asked if our focus is just the next couple of quarters, and the answer to that is absolutely, no. we are trying to take a medium and longer-term perspective in setting monetary policy. we respond in our views on policy, respond to incoming data such as a surprise like the labor market report last friday only to the extent that we determine or come to the view that the data is meaningful in terms of changing our view of the medium and longer-term economic outlook.

so we are focused on the medium and longer term. and you mentioned various negative impacts of low interest rates which we will recognize. you in particular mentioned the impact on insurance companies and pension funds, the fact that low interest rates can reach entities like those but also ordinary investors to reach for yield to take on risk that could ultimately have serious negative consequences. and, of course, as we saw most importantly and dramatically in the case of the financial crisis, such risk-taking behavior when it becomes really excessive has in the medium and longer term very serious negative effects for the economy. and the attainment of the

employment and price stability goals that congress assigned to us. so we look very carefully at financial stability risks. we try to assess those. and on occasions, i think, well, we would prefer -- i think most of my colleagues and i believe there are other tools that can be used to address emerging financial stability risks, so-called macro prudential or supervisory tools. i would never rule out the possibility of of that if we thought a stance of low interest rates was giving rise to serious financial stability risks, that that could become a factor affecting policy. >> thank you very much. >> we'll come over to this side. >> thank you for your time today. i'd like to ask about the dynamics on the committee and your role as chair, because i think that there is a lot of impression either in the

financial media or among market participants that, essentially, your vote is the one that matters. and, clearly, you're the chair, but there's also the other people in the room. and i'm just wondering how you view your role in terms of coming into the meeting with an outcome that you're expecting versus sort of judging the, where the committee is. and i'm wondering if you've faced the situation during your term as chair where you came in expecting one outcome but were swayed by the weight of the committee. thank you. >> thank you for that. so the federal reserve system was intentionally designed to be one where many independent voices and thinkers would come together around a table to work constructively together but to bring independent points of view

formed in part by the contacts that the reserve bank presidents and we in washington also have some such contacts with our local communities, with businesses, households, consumers in our communities assessing and bringing to bear information about the economy and the outlook. so i have assembled around the table at the moment we're too short, we're at 17 -- we're two short, we're at 17. seventeen intelligent, thoughtful individuals who come with their own independent thoughts. and i feel my job is to, first of all, add my own thoughts. i'm also thinking about all of this data, and what is the right policy, and we share our thoughts with one another.

not only at the meeting, but also in the run-up to the meeting and in other occasions, we talk to one another. and i look to achieve a cop census -- consensus in the committee. sometimes people dissent, i have had i believe as many as three dissents on one occasion, and i think some dissent is certainly to be expected in an economy as complex as ours that sometimes changes in ways that are different interpretations as to what's happening. but i am looking to find a consensus, to try to help form that consensus, and i think my colleagues look to me to explain what that consensus is. i will say that i have never found it a difficulty to be in that consensus myself.

so i can't really think of any occasion where the outcome or decision at a meeting is one that i haven't personally been comfortable with. and i think we have come together as a committee, and while there are a range of views and the world hears them expressed, i think we have considerable consensus and respect for one another. >> we have time for two more. we'll take one from each side, please. >> thank you. my question regards communication and the ability to provide any insight or forward guidance to the financial markets which are, no doubt, watching all of this very interestedly. and you referred to the desire to gradually normalize rates to a real normal level which is above the rate that we see today. and yet with the degree of data choppiness and uncertainty around whether or not some of the recent data is a trend or just an anomaly, i wonder if you could comment on the ability to

provide guidance that's any more forward-looking than two or three weeks based on the data that's coming to the committee. thank you. >> so let me start by saying that the committee frequently refers to this process of normalizing rates, and i think maybe it's useful to make clear that that's not some independent goal of monetary policy that we have full employment, price stability and normalization of rates. most of my colleagues and i believe that in a pretty normal economy, it's likely to be appropriate to have a higher level of interest rates, perhaps not the historical average, but something higher than we've had in recent years. but, you know, even that, what is a normal level of interest rates in a normal economy. i tried to emphasize, let me say

again, it's something over which we have to be uncertain. there have been shifts in the economy. i think the current level of neutral or normal rate is pretty low. now, i do believe that will tend to rise over time which, if it does, means interest rates would appropriately for the economy move further up. but i have to say that is something we're uncertain about and have find out over time. now, with respect to forward guidance, i know market participants really want to know exactly what's going to happen. [laughter] and it is only on rare occasions when we're able to provide that kind of guidance. there is, as i said, about 18 times, no preset plan. and we look at data, and we have

to rethink the outlook constantly and in light of the changed outlook, reevaluate. and i really think the best we can legitimately do is explain what factors are guiding our thinking. we do provide detailed information every three months. each participant -- this isn't a committee view, but all 17 participants write down their assessments for the likely path of gdp growth, inflation, unemployment and the path of policy over the next three years that they think goes along with that and is appropriate. and i think that's a lot of information. there is some disagreement, but looking at the central tendency, i think, gives a sense of views. but, again, those views change. they're not fixed. and i would never say, well, look at the path we wrote down

in march, that's what's going to happen, because we constantly have to be reacting to new data and rethinking and questioning things we thought previously. so, you know, i think during the depth of the crisis we did provide some more concrete forward guidance. ask we thought it was -- and we thought it was appropriate to do that. we, for example, gave various dates and said we thought it would be unlikely we probably did this in 2011, 2012, that we would be raising the funds rate before mid 2013 or mid 2015. or before the unemployment rate declined below 6.5%. we had the view this was a very unusual downturn, that it would be long lasting and that we would need to hold interest

rates at very low levels for an unusually long period of time. and without making a promise, we were trying to communicate that view to markets, and it helped because it brought down longer-term interest rates which helped the economy, but that was a very unusual period. >> thank you. >> with apologies to those who won't get a chance because of the constraint of time, we'll get one last question over here. >> thank you for coming. being an extreme layman into my economics and listening to all of the morning shows on sundays and all the cable shows and not having any particular interest of the candidates except in economics and my retirement, they have mentioned, sidebarring, that if the republican candidate becomes president of the united states, that there is a possibility of an economic crash all over the

world because of the world viewing donald trump, of how they view donald trump. is this a possibility? [laughter] thank you. [laughter] [applause] >> i'm sorry. i've got nothing for you on that. [laughter] you know, we're very focused on doing our jobs -- [laughter] and we'll just, we'll see what happens. [applause] >> thank you. connell: all right. the federal reserve chairman, janet yellen. that was quite a way to answer it there in philadelphia after she had made a speech in which she talked about what may or may not happen with interest rates, how she goes about making her decisions, how dependent they are on data. she even talked about, as we'll talk about in a moment, the potential leaving of the european union by the u.k. and what the ramifications of that would be. but what a way to wrap it up, with someone deciding to act her

about american politics. she was just not entertaining it at all. what on earth did that person think the answer would be? [laughter] peter barnes is in the room covering this, and elizabeth macdonald is in the room with me covering it here in new york. looks like a presentation of a sweatshirt or something. e. mac, you fist. what'd you think of yellen's remarks? >> i think the economy is in pretty good condition, that basically the positives outweigh the negatives. she's saying that further rate hikes are likely to be appropriate and further gradual increases of the fed funds rate is what we can expect. and that's the question, the pace of it. but she basically said, as peter barnes has been reporting, don't attach too much sentence to that bad jobs -- significance to that bad jobs friday. the number of positives outraying the negatives. she's saying the number of job openings, that rate is at a record high and people are quitting voluntarily, and that's a good sign. so she's saying average hourly earnings are up 2.5% over the

last year, that basically the gas prices coming down has caused good retail spending and spending on cars as well, all signs that janet yellen and the fed could raise rates. we don't know how many times this year. it could be one and done, we just don't know. connell: and i should point out the stock market after initially showing no reaction, then pulling back 20 or 30 points is now back to where it was, up by 100 points. oil did pare some of its gains on the yellen remarks. peter, did you take anything away from her allusion to and comments on the u.k. and the idea that if they leave the e. e.e.u., that could be significant? >> reporter: yeah, that's something we heard her say in the middle of her peach, and i sent -- of her speech, and i sent a note out to flag that. quote, one that could shift thought, a u.k. vote to exit the european union could have significant economic repercussions.

that's the first time we've heard forceful language from her, and i think the most forceful language i've heard from anybody at the fed on the issue of brexit. and as you know, there are multiple fed, multiple fedex perts who believe that because of brexit, that vote coming in two weeks, it gives a reason for the fed to delay raising rates until we see how that all shakes out. connell: we're going to talk about -- >> reporter: flagging this issue could have serious repercussions. connell: we actually have a former fed official stand by with us, and we'll ask him about that, the u.k. issue, how significant it is and some of janet yellen's other comments. such as it is, the dow's up 100 points, and gerald driscoll is next on some of these big, important economic issues. back on cavuto coast to coast in just a moment. ♪

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>> one development that could shift investor sentiment the upcoming referendum in the united kingdom. a u.k. vote to exit the european union could have significant economic repercussions. connell: ah-ha, those are comments peter barnes was referring to a few minutes ago. we have gerald o'driscoll, former president of the dallas federal reserve bank? do you agree with that and what would those repercussions be, do you think. >> it's a factor. we're going into unknown territory. so one can't be completely definitive. it is only going to be a problem if the leaders of europe and president of the united states and congress want it to be a problem. britain as a process of exiting if it happens, they should negotiate trade agreements with britain so there is nothing disruptive. it is entirely in the power of western policymakers to minimize the effects of the decision of

britain, should it take it, to leave the european union. connell: would you worry though about financial markets in that interim period while those trade negotiations were ongoing that you refer to? >> sure, of course. financial markets would probably be become more volatile and i think it's a entirely appropriate that the chair of the federal reserve system raise that possibility. she's going to have to cope with it if it happens. connell: she is part of that, right? other thing people would say, financial markets are reliant maybe more than ever on the federal reserve and its he can actions. did you take anything away significant from her comments on direction of interest rates? seems like she thinks, maybe, i know she said over and over, data dependent and they look at the numbers and but seems like she said we could handle more interest rate hikes, right? >> yes, she seems to believe that. she is putting a lot of emphasis on the labor markets and betting that these recent bad numbers are anomalies which of course

they could be. and, but i just don't understand how the fed can raise interest rates in a world in which all other central banks are lowering interest rates it is going to pop the dollar and that has all sorts of repercussions. connell: so from your point of view then, get away from the u.k. for a moment and what the ramifications are, ramifications of what is happening here, federal reserve policy, is that the real risk? >> yeah. we're going against the tide and effects is to strengthen the dollar. we know what does to manufacturing. i wish rates were raise adlong "time" ago, don't misunderstand me, they have been too low too long but timing on these rate increases has turned out to be unfortunate. connell: yes, that is a lot of people think that, that they should have gone up before but now where we are is different thing. let me try, a lighthearted moment towards the end of q&a session with people assembled, if i try a similar question on someone who no longer has

official position as former federal reserve member. >> yes. connell: do you think that any political candidate would cause a worldwide market crash if he were elected? >> only if he says what he is going to do. connell: uh-oh. >> that is the big question. i cantor pea dough the world trading system and and not cause deep fissures in the financial markets with it. i rate that much more important than the "brexit." connell: interesting. maybe i'm sorry i asked now. but you, to be serious you just think, you probably, and a lot, there are other financial people that think this, trump doesn't really mean what he says. is that the idea? >> yes, first of all, for instance, building the wall. congress isn't going to appropriate the money to build a wall. he can't unilaterally change trade agreements anymore than he can unilaterally change liable

liable -- libel laws. connell: it does prove that theory, if you ask somebody who does not have the answer than they will give you a more straight answer than poor janet yellen. you knew she would not answer the question. >> of course, that is a no-win situation for her. connell: would be great, yeah. i don't know what they thought she was going to say. thank you, gerald o'driscoll, thank you for giving us your views. we appreciate it very much. >> thank you. connell: "cavuto: coast to coast" alert at the courthouse in brooklyn. there he is, martin shkreli, back in court today. former pharmaceutical ceo. he has a hearing july 14th where they will set a trial date. that is different case. adam shapiro is covering it for us. we'll keep you on top of this. the idea he pleaded not guilty that he lost investor money through bad trades and what have you, looted the company to get them back. a different case he is facing in brooklyn court today. more on it coming up. there's a lot of places you never want to see "$7.95."

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connell: so breaking news we just received update on cincinnati zoo story the gorilla out there. no charges will be filed against the parents. no charges filed against the parents of little boy who entered the exhibit with the gorilla in the cincinnati zoo ultimately you know by now, resulted in the death of the gorilla. no charges against the parents. that just came in. hillary clinton has not held

a news conference of any kind, formal, news conference, we're counting, 185 days. hadley heath man something with us now. -- manning is with us. donald trump talking to much in his own way is the storyline with comments about the judge but 185 days. maybe she takes informal question here and there. that is long time to without facing reporters head on. what do you think of it? >> this is perpetuating the idea that she is not honest and open with the american people. that she is not willing to take many questions from the press. draw as great contrast with trump, even butting heads with members of the press in public way. raises questions about her strategy. is she waiting for latest scandals and email server blowing over? she doesn't want to face questions about those things. her strategy is to wait it out until the storms die down. connell: funny, when the trump story came up about the tax returns. i will not release tax returns,

none of your business, whatever it was. people say, what are you hiding, what is in the tax returns? the same story in some ways is true for secretary clinton. if you're not speaking people start to wonder what you're not speaking about, what you're holding back on, what you don't want to be asked about i guess is the main point, right? >> exactly. both of these front running candidates on either side of the aisle are ranked very low by the american people when it comes to honesty and trustworthiness. answering questions sometimes can be just as harmful as giving an answer. connell: what do what do you thf the way she is running campaign. the narrative around her she is not a good candidate for whatever reason? everybody has her own theories she is not comfortable. her supporters are better as day-to-day operator. she was senator effective they will tell you or effective they will argue as secretary of state. she is not a good candidate. is it the candidate, the strategy, what do you make of this campaign? >> well one difficult problem for the clinton camp is drawing contrast between her and the status quo. she worked in the current administration.

she is very strongly tied to the obama years. connell: right. >> seems her economic agenda would not differ much from the direction of the country currently. she is running campaign against two fronts. bernie sanders is to her left and donald trump to her right. as margaret thatcher says if you stand in the middle of the road you will be hit by both sides. connell: that true. wonder what borne bierne, someone from the --. well you know the story. do you think he will get out wednesday morninor will he stand by what he has been saying he is in this until the convention? >> well unlike clinton and trump, sanders has been rated more highly on his trustworthiness rating. connell: that's true. >> would be unusual for this candidate to say one thing and do something differently. i believe he is in it long haul to influence public policy than win the nomination. connell: it's a pain in her whatever at this point. a pain in in the to have him in

the campaign. i'm sure she thought it would be wrapped up at least by june 8th after the primaries. >> many of us did. many people did. connell: he says he will hang around. hadley, good to see you. hadley heath manning. >> thank you. connell: what mcdonald's and oprah may soon have in common. mcdonald's and oprah. think about it. we'll have that from jeff flock coming up. i have asthma...

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12 months free at mybreo.com. >> from the floor of the new york stock exchange, i'm ashley webster with your fox business brief. what we heard from fed chair janet yellen, markets digesting what she said. she is not taking a rate hike off the table for the summer. she is also expressing concerns about britain perhaps voting to get get out of the e.u. when we put that together the dow off of its highs. the dow up about 99 points. off the highs of 120 points. oil meanwhile up to 49.33. still under $50 a barrel. gold meanwhile paring gains after janet yellen's comments. gold off at 124. off the highs. we had a look at gun stocks -- 1247. background check diminishing, gun stocks are down, ruger down in afternoon trade.

more "coast to coast" with connell mcshane coming up right after this.

connell: hillary clinton in danger of losing california. it is very close. bernie sanders is making a late surge. we have robert gray following the whole thing on the campaign trail. joining us from the los angeles

area, waiting i believe for hillary clinton. hey, robert. reporter: hey, connell, that's right. she is due to speak here about hour and change. we're in compton, just south of los angeles of course. no n.w.a. sightings for you, connell, but looking likely bernie sanders will take this all the way to the convention. there would be a contested convention. magic number for hillary clinton to clinch now, fewer than two dozen delegates. let as look at the count after puerto rico and virgin islands over the weekend. sanders fewer than 300 behind. 475 delegates at stake here in california, if he does win california he can narrow the gap and make a case for himself for some of the superdelegates. if you take a look. that is where clinton's huge lead is. these are mostly elected in officials in california who pledged their votes to hillary clinton. overwhelmingly majority there, 528.

super democrats, sanders criticized the system but only path mathematically to get voters to change overvotes to him. clinton needs 23 votes to clinch. she has three events today including this one. there will also be capped off this evening at the greek theater, with a fund-raising concert. bernie sanders up north today, he is in the bay area, holding a press conference shortly. he will have a concert at the presidio in san francisco. a lot of activity today, raising funds, getting folks out, hitting campaign trail hard. less than 24 hours before the polls open tomorrow. clinton not focusing at all on bernie sanders. will be interesting to hear if she keeps focus solely on donald trump. that is where it has been calling him on weekend shows and sunday shows unfit to be president, to lead, condemning his very vicious public attack on federal judge. connell, you guys have been talking about that. we'll talk about it here from compton. connell: good enough.

robert gray in l.a. or compton as he said, working in nifty cultural references as well. we'll check in with robert throughout the day on fox business. now this mcdonald's story, mcdonald's looking to move its headquarters to chicago. that is where she comes into the story. guess who, guess who's space mcdonald's might be looking to take over? that's right. that's you, oprah. they're coming for you. jeff flock next. ♪

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this is where people used to line up to go to the "oprah winfrey show." they had what they called a golden ticket to go through the audience entrance there at harpo studios. but now, golden arches instead. that what may be in store for the site on "oprah" winfrey way in chicago. yes, mcdonald's, maybe going to move its corporate headquarters here to downtown chicago from the suburbs. part of a big cost cutting measure put in place by the ceo, steve easterbrook. look at the numbers on this they want to cut $500 million, that means people at corporate headquarters. buyout for folks as high as vice president level. they cut 400 people from staff last year and more to come this year. stockholders, well, they're loving it. take a look at numbers on the stock over the course of the past year now. mcdonald's up 28% compared to the dow, which has been flat and competitor yum! brands, for example, think they're down,

what is it 9% i think for the year. so, harpo studios could go away in place of the golden arches. when i say go away, i think connell, really go away. this is iconic spot but, word is that mcdonald's will tear it down. connell: oh really. >> to build their own cool new building. i don't know if they change the name. street. connell: that is, i guess a shame in lot of people's minds. this, does save them a lot to do it this way? i think it must? >> here's the deal. it's a huge corporate campus in oakbrook. that is land they bought cheap but could be developed. they could make a lot of money. they will reduce the size of their footprint. this is a city block. i'm sure they could fit them all in here if they had to. connell: jeff flock in chicago. as we, continue here on "cavuto: coast to coast" we will remember the greatest of all time, the world is mourning the loss of muhammad ali today. we'll take a look at his legacy and more next. ♪

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connell: one more before we go here on "cavuto: coast to coast." the chance to remember the greatest of all time, muhammad ali. the world is morning his loss, died at age of 74 after the long battle with parkinson's. here to reflect on that and talk about sports in general, mitchell modell, the chairman of the modell sporting goods company. good to see you, mitch. what is the legacy in your mind. funny there would abyss legacy, but there has to be big one for muhammad ali. people still remember him and come into the store and want something associated with him? >> absolutely. he will and always be the greatest. i remember meeting muhammad seven years ago at chaster event that sponsored him. he just so special and he is just put a change on the world. connell: showing a picture of it right now, you and muhammad ali.

boy, a shame at the end that he couldn't express himself the way he did earlier. how much more he still had to give, you know? >> look at gleam in his eye. that is the way he was communicating last couple years. but what a tremendous guy. connell: now the reason we had you in initially today, not only with the death of muhammad ali, it was a natural conversation to have, talk about the nba the finals are going on. what a game last night. warriors are in pretty much complete control. you have some merchandise, that is what you do. you have some of your merchandise here today. there is a battle going on for supremacy in the nba between this guy, not really him, steph curry, and these shoes under armour and other guy, lebron james and his shoes, nike. who is winning? >> steph curry is winning. connell: is he? >> looks how he take as half-court shot with such ease. no team ever come back in the history of nba, only three teams have come back in all of being down 2-0.

cleveland has a challenge. connell: well, to put it mildly. but it is interesting, the kids when they come into the store, i mean a few years ago, it was lebron this, lebron that, maybe kobe bryant, but stef has passed them? >> he is the new guy on the block. he resonates with one kids kids and older kids. lebron is still lebron. he is great talent on and off the court but curry is winning. connell: jerseys and t-shirts and shoes. one of the things we talked about with curry, with nike and under armour which is real underdog. nike is the big guy in the room. lebron is signed to a lifetime deal. is curry helping under armour sell shoes and other products? >> gives him thought authenticity. nike is 90% of the basketball business. connell: they still are, right? that they're still a factor. curry is giving a run for the money. kids love up-and-coming thing.

connell: probably more jerseys. >> them and t-shirts. connell: he is guy when it comes to that? >> unbelievable. connell: how is the nba doing real quick. >> very strong. no two greater match ups between curry and lebron. that brings ratings and excitement. back page of the "new york post." not talking about the yankees. they're talking about nba. connell: this is baseball town new york, always was for year but the nba is doing pretty well, right? a few years back people were worried about it. >> adam silver did a trench does job. league is stronger than ever. connell: how is business with you, all right? >> very good, very strong. connell: the economy? >> last couple weeks business really opened up. challenge with weather like everybody else in may but, weather breaks, everyone is out there buying. connell: you're always great. thank you very much for coming in. you know what was great, i don't know if i told you that, "under cover boss" episode. it really was. mitch modell is very good boss at the end. >> thank you.

connell: you may know the senior producer of this program, ralph, neil jokes around with ralph. he said congratulationses with ralph and joanne, the new baby born over the weekend. he will la, el la giordano. welcome to the world. we're getting reports that mom and baby are doing great. ralph, on other hand as he is here at work is completely panicked. he doesn't know what to do. con groots to ralph. he is really a great guy. he will be a terrific dad. probably already is. well ella. we have live primary coverage coming up tomorrow here on the fox business network. "cavuto: coast to coast" portion begins at 9:00 p.m. eastern time. see a panel of greats lined up whether lou dobbs, or kennedy or liz claman. david asman will be along as well. that will take you through the june 7th primaries.

new jersey and big prize out there in california. filling in for neil tomorrow is trish regan. trish, thank you. trish: ella is such a beautiful baby. i forget how teeny they are. connell: so cute. trish: congratulations to ralph and diane, the new daughter. that is so exciting. janet yellen speaking moments ago on the state of the u.s. economy after the terrible jobs report on friday. how is our economy going to affect the race for the presidency? all this as donald trump comes under fire from the left, the right, his own party, as he doubles down on his attacks on the judge overseeing his trump university case. we'll talk about the implications of all of it. i'm trish eog began. welcome to "the intelligence report." donald trump refusing to back down saying the judge in this case is biased.