jpmorgan funds david kelly, and of course our very own steve liesman.d the gdp print was for the quarter. the fed has probably already made up is mind. i doubt they would know that figure. is it going to play any role down the road? >> i think it plays a role. i think it plays a role in the decision today. i don't think -- or signal an early exit, but they're hooking at it, it was a sharp rebound, especially not just the real number. the nominal number being up near 6%, that's something they have to consider. if this kind of strengths continues, i think it's fair to think they may accelerate their pace, but it has to continue. remember the words of janet yellen, he used the term false dawn, so the fed will not be fooled again. >> if you go back over the last five years, down 2.2% gdp growth, relatively slow growth, slow growth in product activity. it doesn't take a lot to overheat this economy. >> bob, you think that stocks are down today on the back of that. no way to should is it, you have a fantastic gdp print, because the market expects to pull forw

david kelly, you're our global strategist here. what do you make of the visa report itself and the implications for the global economy? >> i'm not too worried. what we're seeing across the globe, and you can see this in the flash pmi numbers earlier on this week, is modest positive growth. better numbers out of china, a bit better out of europe. nothing's booming and there isn't a lot of inflation. and if you think about visa, they will do best in a booming economy with pending inflation and really strong real growth. but when you're interested in earnings in general, you want a moderate improvement of the global economy and that's actually what we're getting right now. >> of all the companies i expected to cite low volatility as pressure on their earnings, visa wasn't one of them. i don't understand what low volatility in the currency space had to do with their underperformance in the quarter and how telling that is about global strength or not. >> i think it's a little bit towards the geopolitical side, too. i mean, obviously, th

david kelly joining us, chief global strategist with jpmorgan funds.rket seems resilient in the face of horrific headlines. >> should be. there's a lot of senseless human tragedy involved in gaza and ukraine. i think from an investment perspective, realize this means stalemate in both cases. we're not going to have a strong, independent ukraine, but, ultimately, i don't think they meant to bring down a passenger jetliner, but whatever it was, weakened putin's hands. i don't think you have a conclusion in ukraine, and i don't think israel will smash hamas, but have an impact. it's stalemate in two cases. stalemate in the conflicts, next week, i think americans will start turning back to the earnings season that's looking good. i think that should allow the e equity market to resume the slow upper climb here. >> cracks in the rally, not at least the outflows we had from high yield effs. some confidence overnight. your chief worry is the fed is behind the curve? >> yes, it is, and what i'm worry about investors would take the wrong message from this. you

i would be interested to see what david kelly thinks about it, but it's a push me/pull you. it might put the fed further toward ending policy, but the idea of introducing this concept of underutilization, i would point out it's a very uncertainly market. we don't have a singled bharkt for that. >> if we just look at the market reaction here, we've seen some of the losses on the dow and the s&p being peared. the dow is now just down by 27 points. the s&p is actually positive now, the nasdaq still positive. as for the ten-year we're sitting at 2.551%, we were at 2.54% going into the decision. gold i think, little change, it's gone up just a couple bucks. is this the kind of market reaction you would expect, or do we always see a bit of a knee-jerk, and the market decides what -- >> i think it probably is the latter. i think the market is confused by this. you can see the tension in the statement. janet yellen is actually putting her imprint on it, talking about these other measures, but charles placer at the end of the statement saying i'm not buying this idea that we've got t

joining us is the cheech economist and david kelly. diane, what's the reaction to the data?here's great data in here, actual weather effects, hate to say that anymore, but we saw some 20,000 teacher jobs created because the snow jobs delayed when schools were out. that got teenagers not participating in the labor force, 16 and 17 -year-olds and 20 and 24-year-olds. we saw good news on the unemployment rate coming down, but that participation rate still stubbornly low and wages low. meat on the bones, architect jobs and that's good news out there. no wage gains on the downside, and that's what yellen is looking at along with the number of people taking part-time instead of full-time work still hot. >> david, i know you want to default to a conversation about when interest rates rise because it's a theme, and rightly so of the analysis, but just to dwell for a moment in the great news which was the employment both now for a third successive month rs a great second quarter, david. >> absolutely. i think it puts a light to the first quarter drop in gdp. i mean, we've seen 2% ann

joining us now is david kelly, chief global strategist at jpmorgan funds. on't know, i think of you as an economist. are you ready to tell us where the stock market's going to go, whether it's expensive, whether it's cheap, where are you? >> well i think it's pretty central to this. right now the overall economic environment is getting better. the earnings numbers look good. the key point to recognize is we're probably too late here to achieve a soft landing for the u.s. economy. i hate to get back to the airline analogies given the stories we were just doing but the reality is we're within one percent of full employment. we're 3.5 percentage points away from a normal federal funds rate. i think the fed is moving too slowly which means we're going to end up with some inflation, some asset bubbles. so i think for stock investors yeah, i'd be cautiously positive, but just be very diversified. have alternatives in there. have european stocks in there. you need to do something to protect yourself against the fact that the fed's really got the wrong policy in pla

the question is, can anybody he is talking to right now, whether it is david wildstein, bridget kellyask acan any of them be to say to the u.s. attorney that here is proof, that chris christie, one issue he knew about it. the other issue is can you prove he knew about it before he says he knew about it? can anybody bring that about? in terms of specific charges when it comes to federal prosecution, generally where there is a will there is a way. but in terms of kind of exposure for christie, that is the exposure that has to come out. you're right, it is an opaque process, chris christie did not have this kind of an opaque office. there are weeks constantly, i know he benefitted. he used it for public gain. >> one wonders, and this has happened repeatedly for this, you detail this in your piece, brian. it is not just bridgegate, the investigation has brought closer national scrutiny. the port authority as the sort of cookie jar/sort of an office for political favors is abundantly clear. you detailed that effectively when pataki nominated one for his office. the process of having sort o

jordan kelly is the ceo. davidout for summer, but what does this tell us about the overall intelligence? we talked to some working and nonworking individuals next. liz: one bank giving 30,000 customers quite a thank you present. see some of the gifts that the customers received coming up next. my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only co

with ben rosenfield and naomi kelly to take a look at ways to increase and improve local purchasing with small businesses. and i do know that there is -- i think supervisor david chiu is looking at doing some revisions to the 14 b ordinance and also the mayor and naomi kelly reported back a couple months ago, have done -- have conducted some outreach workshops to lbes to get their recommendations on ways of which to improve and make it easier for lbes, sbes to do business with the city. the formula retail, so, the planning heard both of the items at the thursday, july 17th meeting. the planning commission is going to continue to support the planning department's recommendations around the number of entities that will trigger formula retail. and at this point i think there will be two kind of parallel pieces of legislation for the board of supervisors, then, to finally bring together. the planning department formally introduced their ordinance last week and, so, technically this should come back before the commission and i will, you know, let me know if you'd like to hear it again. if you don't, you don't have to. but that's to decide in the next week or two. a

david. >> your welcome. john kelly >>> coming up, more on today's selloff, markets down 120 and s&p down 12 points now. and "squawk on the street" will be right back. the gap begins to close. so let's simplify things. let's close the gap between people and care. in india we have 400 million people who don't have electricity and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. i think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when it's needed by the consumer. a smarter energy system is made with the ibm cloud. in a we believe outshining the competition tomorrow quires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opport

>> obviously bridget kelly and david wildstein are the big players and merit is in there. >> in terms to her. >> no, he did not. >> what is it? did she act alone? what caused her to write that e-mail? >> that is the mystery. the mist are did wildstein and kelly act alone or did everybody else know? and, you know, they are the two, obviously, the texts came out so they can't hide from that. i think that is the big question were they from that. were they alone or did everyone know? she worked 50 feet away from his office. she was the deputy chief of staff. that's the mystery and that's what the investigation is going to find now. >> the bigger thing is about the perceived cover-up. not so much object who concocted the idea, although that's important, but what took place after the threads all started to unravel. >> when did christie find out and how much did he know? that's what the investigation is going to find out. >> there you go. the new issue of "vanity fair." david brown, thank you so much. you have kate middleton on the cover. >> i'm trying to get younger. >> first year of the pr

david perdue. now, he faces michelle nunn, that will be tight as well. kelly? >> john, thank you.r the latest on this race now back over to "the o'reilly factor" segment tonight, update on the southern border on fusion tv this evening at 10:00 p.m., univision actor jorge ramos will present a special report from the border. as part of that presentation mr. ramos swam across the rio grande river himself. demonstrating how illegal aliens sometimes enter the u.s.a. as you may know, it's estimated about 100,000 migrant children along with hundreds of thousands of adults will enter the u.s.a. illegally by the end of this fiscal year in october. joining us now from miami is mr. ramos who is apparently toweled off. i would have liked to have got you right when you got up on the shore. what did you learn from the swim, first of all? >> well, you know, i learned that it is really dangerous, strong undercurrent, full of debris, contaminated. but, during the last nine months, 33 people have died, drowned just in the laredo area. what's interesting, bill, is that despite the danger, central am

david, for your time tonight. >> thank you very much, reverend al. >>> coming up, republicans are hoping kelly ayotte can help themith their lousy pr on women's health issues. it's in tonight's gotcha. >>> and new 911 tapes from an l.a. freeway in the moments before the police beating was caught on tape. the justice files are ahead. she's still the one for you. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or di

david? >> i love it, ginger. you have to get it on now. >>> kelly osbourne coming up next. we love her.on back on "gma." derstands you got to make every dollar count these days. that's why they have lots of ways for you to save.al big cu real big clu real big club card deals, the safeway app and gas rewards. celebrate the fourth with envy apples, just $1.99 a pound. rancher's reserve tri tip roast is only $3.99 a pound. for the grand finale, dreyer's ice cream is just $2.99. there's more savings to love... at safeway. ingredients for life. >>> the unpredictable and frankly amazing, kelly osbourne is taking on a new take of the seven dwarves. and kelly's character, she does whatever she can to create chaos. we have a clip of held di and her husband, right now. >> the only time the queen rings the bell, is when there's trouble. but we're right here. we're not making any trouble. wait a minute. what if someone else is making trouble? >> that sounds like trouble. >> come on. >> where are we going? >> to find out who is making trouble instead of us. >> they're going to be in trouble. >> how

colin and david, thank you both for being here. >> happy birthday, kelly. >> thank you.et's definitely out. stick around, because we'll be seeing more of guy adami coming up later this hour as well. melissa lee and the "fast money" crew are going to join us from delivering alpha. it is a kind of "closing bell"/"fast money" mash-up here. we should call it "cb money." it starts in 20 minutes and you don't want to miss it. >>> and from apple to ebay, activist shareholder carl icahn has made a ton of money and news in the past year. he's about to make more headlines, taking the stage at delivering alpha. this must-see tv is straight ahead. ♪ during the cadillac summer's best event, lease this 2014 ats for around $299 a month and make this the summer of style. ♪ we're changing the way we do business, with startup ny. we've created tax free zones throughout the state. and startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. thanks to startup ny, businesses can operate tax free for 10 years. no property tax. no business tax. and no

david cote, thank you for being here. it's good to see your perspective. >> nice to see you again, kelly. >> appreciate it. >> bye-bye. >>>tigroup. dominic chu? >> here's breaking news, courtesy of dow jones. the u.s. and citigroup are near a multibillion dollar deal to resolve mortgage problems here. so, again, citi and the u.s. government at least near a multibillion dollar deal to resolve their mortgage issues. this according to a report from dow jones, citing sources -- progress in the settlement talks is related to the sale of mortgage securities, comes after the u.s. threatened to file suit against citi for this. the settlement could happen as early as next week, according to sources over at dow jones, and citi's expected to pay more than $4 billion to resolve these particular issues. so, again, the u.s. and citigroup near a multibillion dollar deal, could be more than $4 billion to resolve mortgage issues, mortgage-related lawsuits between the u.s. and citigroup. we'll bring you more details, but for right now, again, an interesting development for a very, very large cap financial stock that's currently very much i

david? >> i love it, ginger. you have to get it on now. >>> kelly osbourne coming up next. we love her. "gma." every month, mr. johnson goes to the drugstore and connects with a pharmacist to renew his arthritis medication. which means he can keep up with his granddaughter at her wedding. when older pennsylvanians make the most of programs supported by the pennsylvania lottery, like prescription drug programs, we all benefit. learn more at palottery.com. the pennsylvania lottery benefits older pennsylvanians every day. >>> the unpredictable and frankly amazing, kelly osbourne is taking on a new take of the seven dwarves. and kelly's character, she does whatever she can to create chaos. we have a clip of held di and her husband, right now. >> the only time the queen rings the bell, is when there's trouble. but we're right here. we're not making any trouble. wait a minute. what if someone else is making trouble? >> that sounds like trouble. >> come on. >> where are we going? >> to find out who is making trouble instead of us. >> they're going to be in trouble. >> how much fun is it to be

kelly connelly is with jhs capital advisers. rob morgan. david wright from sierra funds. cnbc contributor john rutledge with us today as well as michael block and our own rick santelli as well. >> yeah. guys, let's start off here, actually, we want to talk about the fed, we want to talk about social media stocks. michael block, what did you think about the way that janet yellen, while not herself specifically in the testimony, the report issued with her remarks this morning named these two sectors? >> yeah. you know, kelly, i think this was very distribueliberate and this was coming. i've been talking about this for a while now. back in march, bill dudley from the new york fed, usually known as being uber dovish, came out and talked about biotech stocks and about credit and he talked about social media and farmland prices. this is a very deliberate attempt by the fed to let a little bit of air out of the tires, rather than go into full hawkish mode, which they know might derail the train. they're very worried about doing that. so in the short to intermediate term, while t

david petraeus was already under investigation. by late spring, the fbi alerted petraeus' cia security detail his schedule had been compromised after a biographer sent e-mails to kelly. a week after the 2012 election, petraeus resigned citing his extra marital affair. as part of the investigation, fbi agents were probing whether the retired general improperly stored classified information. in april, eric holder was pushed to explain why the fbi case is still open. >> when is this going to be complete? >> it's a matter that's ongoing that we're working to resolve. >> reporter: after three months without a full explanation, congressman sent a letter to holder suggesting the open investigation is meant to silence the general. i find the time line to be perplexing and suspicious and his testimony is of keen interest to the new benghazi select committee. because the former cia director can explain what the agency and state department were doing in eastern libya leading up to the attack. the open investigation may have a chilling effect. >> it creates all of this hesitation from the department of justice and the administration as well as general petraeus himself and reluc

david remnick from "the new yorker" thank you very much. great to be with you. >>> bob dole followed up his 91st birthday with a trip to capitol hill. together with kellytte and the latest push to get the 67 votes needed, this is so unbelievable. i was involved in the beginning of this. this is the ratification of the convention of the rights of persons with disabilities. our law here was harkin and bob dole together and it is just incredible that the united states has not ratified this. listen to bob dole. >> but most of all, there's one person who is the reason why we are here today and that is because of our beloved senator bob dole. we would not have united in this effort. we would not be continuing this effort until we see it through to completion without senator bob dole. >> this is a bipartisan and should be more bipartisan effort and i'm just pleased to be a part of it. thank you, john. i know what you're thinking. you're thinking beneful. [announcer]and why wouldn't he be? beneful has wholesome grains,real beef,even accents of spinach,carrots and peas. it has carbohydrates for energy and protein for those serious muscles. [guy] aarrrrr! [annou

david do recall disappointing earnings. because of the weather. >> so perhaps those people are immune to the weather. >> hey. >> wee see you. do you have scott wise, is the ceo on the show? kelly know where scott wise is from? >> virginia. >> he's from harrisbuonburg, virginia. >> they have some in toys as well they'll be talking about. i know you won't want to miss that. >> harrisonburg blue street high school football. thank you. if bill ackman is trying to bring down herbalife, he's doing a really bad job. the stock is soaring despite another presentation on why he thinks this is a fraudulent company, this is herb greenberg, a cnbc contributor and at one point he started to tear up or cry openly on stage. do we know why? because the stock is up 16%? >> i don't know, he's probably getting emotional about a variety of things there. he claimed he did not know what the stock was doing certainly at that point. i think the situation here is that -- and his mistake is that he came out and said this was going to be a bombshell. if you look at the details of his argument, they are actually very important questions and the results of their investigation, two years of investigating th

david, do you have other concerns with this? >> no, the valuation certainly isn't high, but it's cheap for a reason, kelly. first, look at this bank. i look at some line items in here, and there's some red flags here. trading down 15%. well, that beat the expectations of wall street, but that stinks. it's just terrible. and one line item in particular that for me poses a real red flag. we look at net interest income, and we notice that, you know, some analysts would point out, maybe each michael would point out it's starting to stabilize and look better on a year-to-year basis, but when you drill down and see that one loss provisions are declining each and every quarter, that's a red flag, and it just points to me the discretion they have to make, these numbers and massage these numbers. the numbers would be a lot worse if those numbers were being held steady. >> what about michael's point -- >> david. >> go ahead, mike. >> david, are we seeing anything here that you're not seeing across the other banoard? >> michael's making a good point. investors in citi have two questions to ask themselves, first, do i

david don't take it too hard. don't look at your computer monitor for a few days. >> okay, bill. >> thank you for joining us. >>> kelly mentioned the strong auto sales. don hsu joins us to tell us how they looked in june. >> this is the data from auto data coming out and we've had a strong month of sales, the light vehicle rate of sales for june of 2014 is nearly 17 million units per year, that's 16.98 million units. the same time ralast year, last june we were talking about 15.9 million light vehicle sales. now this is the highest reported seasonably adjusted annual rate or sar as people call it since july of 2006. back then it was almost 17 million vehicles so we're at the highest annual rate of sales since july of 2006, a very big deal especially looking for the auto sales as a possible indicator for the health, bill, kelly, of the overall economy. back over to you. >> when it takes us back before the financial crisis that is something to keep an eye on. >> gm shares are up 3% today. >>> pull back a little bit, the dow up 151 points. that's record territory, isn't it? you lose count of the old highs. >> today we se

david. also today at noon a fourth of july tradition. today is wawa hoagie day, part of the wawa welcome america celebration. constitution center for a big hoagie give away. live tyler the guest on kellyhael strahan! [cheers and applause] ♪ kelly: thank you. [applause]

. >> david will be back watching for storms on afternoon at noon plus the latest from the coast guard as they search for a man whose sailboat capsized in the delaware >> it's "live with kellyde possible by disney-abc domestic television] >> now here are kelly ripa and michael strahan. [applause] kelly: hey! hey! hey,