morgan jamie dimon. from irvine, california, for now, i'll send it back to headquarters, brian. >> wilfred frost, thank you very much. okay, guys, a lot to get there. he made a lot of good stuff, a lot of patriotic stuff. i get that man an eagle on his shoulder for some of the comments about america. but he said two things that stuck out to me. number one, when wilfred asked him about gdp data, we had a discussion and i said i didn't necessarily believe the gdp either. he said he wasn't sure how sort of relevant it was. >> how accurate it was. >> hats off to him for that for agreeing with me, which is always a great thing. >> obviously a brilliant man. >> and i saw you scribbling furiously, melissa, said i would not be a buyer of ten-year bonds. >> i think that's interesting on the s&p 500 hits a fresh record intraday high, we have bonds holding on. so you have this situation, this environment where stocks are up, but so are bonds. bonds are still managing to hold onto gains. so it's refreshing to hear s

a highly coveted stock than jamie dimon and jamie dimon is a great ceo. also how they run the company, not just about the stock price. >> right. just to interject quick. interesting you have bezos on your list. no one doubts the genius that is base sew bezos. look at it through two prisms. earnings per share, different story. profitability of the business is different necessary been than the way you look at stock performance but both are important. >> why it's a matrix and bezos created an industry, online shopping and brought the rest of retail to its knees. they have to succumb to what his business model is. >> he changed the game. that's a different story. >> one of the best there is. >> sorry, josh, didn't mean interrupt you before. >> should be said a lot of the stuff is backward looking's if yahoo! had acquired tumbler and turned it into an up-and-coming facebook, saying she's a great ceo. no one is saying that now, obviously. that's an important point to needs to be brought ow. >> wait. let me say. that's one instance. >> yeah. >> where stock perfo

we mentioned jpmorgan ceo jamie dimon's comments.sat down with wilfred frost on the trip to california. >> hi, kelly. yes. we spoke to jamie dimon saying he wasn't concerned about oil prices falling below $40 a barrel today. in fact, he was fairly upbeat about the long-term outlook of the u.s. economy. in a message to the presidential candidates, outlined what he thought should be top of the next president's agenda to deliver growth. >> what i would worry about more is the next president, whoever it is, focuses on the right things. i think we are going to 4%. okay? and those are why things are proper immigration reform, proper infrastructure spending and road, bridges, tunnels, hospitals, schools, airports, would be great for the united states. you know? we need corporate tax reform. i would also expand things like the earned income tax credit to help the lower pay. >> reporter: despite that positive outlook, he did express some concerns about bond market valuations. >> i'm not a buyer of 10-year bonds. i would be worried about drast

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morgan chairman and ceo jamie dimon. wilfred frost doing that interview.'m certain they'll hit on the markets talking about oil is a story in itself. there's a look barely hanging onto $40 a barrel, briefly breaking below that level just a short time ago down nearly 4% today. we've had this conversation more broadly than just oil is the markets overall impact to falling crude once again is what? >> again, it goes back to energy equities, which i believe right now the street has a higher weighting to relative to having an equal weight. you hear a lot of numbers thrown around in terms oil could go to this price, that price, very difficult to predict the price of oil. trust me, i spent many years losing a lot of money doing it. the thing that's important as it relates to oil is on a longer term basis where we began the year $37. and think about that swing area as kind of like a fence. getting back below $37 longer term would be a problem. >> is the importance of closing above 40, steve, mean anything? >> i think today psychologically it's important. keep in m

we're talking jamie dimon, telling cnbc today the banks are a buy for the long-term. maybe not surprising. our traders ain't buying that. we'll explain. plus, biotech stocks surging into six-month highs. analysts will tell us what the street is missing about this group and concerned about august swoon, we've got the three stocks history says will do well in august and one is a scratcher. when fs munz runs. new bikes aren't selling guys... what are we gonna do? how about we pump more into promotions? ♪ nah. what else? what if we hire more sales reps? ♪ nah. what else? what if we digitize the whole supply chain? so people can customize their bike before they buy it. that worked better than expected. i'll dial it back. yeah, dial it back. just a little. live business, powered by sap. when you run live, you run simple. >>> tons of capital, liquidity. healthy financial market makes the country grow. you know, there's regulatory pressure, banks and banks document lifts over time. and our client rs happy. that's what i worry about. build the company today and the stock price

today on "power lunch," wilfred frost with jamie dimon. a minute. rs insurance life insurance automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member because of my service in the military to pass that on to my kids something that makes me happy my name is roger zapata and i'm a usaa member for life. usaa. we know what it means to serve. get an insurance quote and see why 92% of our members plan to stay for life. >>> welcome back to "squawk on the street." kick off a new month today and a new week. we have a lot of earnings, lot of macro. got a bank of england decision later in the week and now, economic data crossing the tape. let's get to rick for that. >> wow, some interesting data. let's take the june lead of construction spending. we were expegting half up 1%. down .6. last month, down .8. it's revised up about what we missed today to minus 110. but here's what the last three months look like now. minus for construction spending, three necks in a row. minus two from

what they look like right now and i get a 3% yield in terms of execution nobody is better than jamie dimon. >> look at financials now, takes me away from jpmorgan and sort of the big banks, and i want to look more at the exchanges. look at asset managers. black rock is having a fantastic year. up 8%. rewarding the investors with strong capital allocation returns. that's a place i want to look. look at a name like ice. cme. exchange working well. look there, look at regionals, bb & t. >> would you be concerned in exchanges? i bring it up, just yesterday talking about volumes, thaw they're going into this june, july, now august being really awful, when i see volume starting to come down, i think i'd be a little more concerned with the exchange. >> i would say over the last four to six quarters that was a concern that we've now lapped i think, a lot of the ex-changes are learning to live in an environment of low volumes and looking at earnings and the earnings producing, strong earnings and again reflected in the stock prices. >> now 27 days without a 1% move in either direction for the s&p,

shown, jpmorgan -- did you see jamie dimon the other day in the polo shirt?e bmb terry labonte green and the dogs them below ubs and deutsche bank. bnp is not joining in the rollover of ubs. the green line hasn't rolled over like those at the bottom. it is about attitude. >> where is the angle of courage? there is some courage in the united states after own nine. tom: where in europe? >> when you talk about anglo-saxon courage, you have to talk about british banks untangling themselves from the european banks. it is a new rule. more importantly, in the near term you've got monti prostate. -- monte kospi. it is not a surprise to me to see for no reason, the european banks getting hit hard on relatively minor news of some soft losses. god for bid the economy softens. i want to push back against anglo-saxon courage. the u.s., undoubtedly was the first to get the bank sorted. at the u.k.back banks, let's not forget that this country had to run the bank. forced them to be a lot quicker than europe. is that clear? on europe, they were slow, but the economy is a hug

yesterday jamie dimon said i don't think the gdp numbers are that accurate. sounds like you feel the same way. >> absolutely. there are going to be more and more misleading. if you look at auto sales. we think ford is right it's peaked. it's a secular peak. this movement towards ride sharing is going to eliminate a lot of auto sales. >> okay. >> now let's get back to your first point. does it bother you that facebook's market cap is more than exxon despite exxon having ten times the revenue. >> it doesn't bother me at all. we think energy prices. >> justify that valuation. >> first of all, let's talk about energy prices. if we're right and electric vehicles are going to take off, electric vehicles are four times more energy efficient than regular cars. a lot of people say yeah, yeah, yeah, when you put kas lean into your car, you loose 80% of it when you're putting the wheels forward. we think oil prices haves a big problem as electric viex. >> i'm nor interested in facebook. justifying the facebook valuation. >> facebook is really taking massive share. it's

i think jamie dimon did an interview with one of our contributors, the ceo of chase.careful not to attack donald trump. they're saying they don't know where they're going with the money or where this election is going. charles: do you think jamie dime onld be a donald trump supporter? >> no! >> but the fact he didn't raise issues, jamie dimon was one of the few guys i remember on wall street, during the 2008 campaign, he actually gave a pro-immigration speech during the campaign. he said why immigration is great. i'm not saying i agree with you. i'm saying he said that. for him not to go after trump -- charles: on the money issue, hillary clinton raised $90 million last month. 63 of it went to her directly, to the democratic party. donald trump is in the mid 30s. >> right. charles: it will be officially announced in the next 24 hours. that's a pretty big haul. >> here's the thing. charles: by the way, they had a record-breaking day just a couple days ago online. >> who? charles: hillary clinton did. she's getting a bunch of money. >> donald's people are saying they're

deutsche bank, post market, jamie dimon buying jpmorgan stock. >> bottom. >> in a lot of ways, but i think there are a few headlines away. not to say you can't trade 15.5 or so. >> your brother buy it for a trade a month ago? >> he did. >> i think he's okay in it. >> still in it. >> as far as i know -- >> have you been? >> no, i still think they have issues. in front of. >> next up, another big day of gains for twirt surging to the tune of 5%, this time on rumors googing may be looking to buy the social media giant. >> we did digging here. looked at several other major twitter takeover rumors. it turns out in three of the past four instances, it's presented the perfect opportunity to sell the stock. pete. >> i own some calls in here, so i was happy to see this. at times, these rumors come out. she floetd that out there. >> didn't really float it. >> set the right things. said he is backing jack and his fellow members. the service, how unique of a service is. i think we're going to see that this fall with their new nfl, the location and the last thing you said real time search. i thin

. >> i'm stuck in a world where jamie dimon came on the floor and said four rate hikes equals x.ank of america is so levered to the rate hikes and that stock, come on, that stock is moving. that stock gets closer and closer to the 16.30 book value. that i will another front run you. the key to this market. >> right. most are trading a lot are trading below book and as we pointed out a lot don't seem to be having a return on equity that's above their cost of capital. >> morgan stanley moved from 28 to 31 while you were away. >> 31.16. you're right. >> no earnings news. >> yeah. no earnings moves in semiconductors and banks very telling. semiconductors i have a list of a half dozen. >> they're consolidation play. >> too many semis, too many retailers but we haven't seen that. you missed a blood bath in the dollar stores. and a lot because walmart cutting prices. the analysts were blind sided by dollar general cutting prices on 400 items. maybe the analysts don't shop at the dollar stores. they shop at neiman maybe or go right through the brioni stores. i don't know. maybe not tiffa

jamie dimon is on a magic bus. magic bus trip. >> wilfred frost is joining me, the man on the bus trip as well. >> it's his birthday today. >> is it really? >> he's much younger than you. >> and you. >> but better looking, younger, i mean what else is there? smarter. oxford. >> it's horrible. >> i know. >> change the show. >> bring him out and let him solo it. >> "vanity fair" has not yet done anything like on me but that's ekay. >> it is okay. >> the geriatric section. vanity/"old fair". >> more done on you. >> i was around when he wrote that book. it's a good read. >> it was good. >> all right. we're towards the end of earnings season. >> we are. wrap it up. >> how things are. some people saying the multiples seem fairly high. we had joe lavorna on friday talking about margins hit a high in '14 for corporations. some people still talking about recession without at least the consumer being there to a certain extent we would be in one. >> okay. >> retail, more retail this week to get a bit more of a sense as to whe

jamie dimon has worried about -- has warned about liquidity issues. how does this play out?ll be sell be -- will the sell side come back? >> this is just the new world. regulations are such that it is much more expensive for banks to provide liquidity in the way that they used to and therefore, they are not incentivized to be market makers anymore. i don't think that will change. -- they are taking authority into their own hands and seeing what they can do about it. guy: a great he's. thank you very much. up next, in the face of record low rates, is it time to start investing in wine? we have that story next. this is bloomberg. ♪ guy: welcome back. at what is a look happening ahead. u.k. official data, post-up brexit. july cpi and ppi inflation data will be out. fact of thethe softening. we will get the details on the bank of england's bond buying program. last week did not go that well. later in the day, 10:00 a young u.k. time, we get the investor confidence numbers. theline: thinking about world of drinks. in this world of negative rates and bond markets, it is time to ge

thought jon would fall out of his chair when he said morgan stanley and he's going to take the i love jamie dimonff and throw it at you. >> i love jamie. he has done -- he has built what you have called, judge, because of what one of our guests -- >> you are the one that makes that case. >> i do. but mike mayo said the lebron james of finance and banking and he truly is and look at what he's done. and he has had the guts to buy the stock at 52 this year and put his money where his mouth is and something you are familiar with, kevin, because he believed in the upside of the company from there, it is what, $12 liar than that -- higher than that right now. it is a heck of run. i don't think it is moving in september. i don't think they move until december and it is a one and done yet again. >> you don't have to pick a black. you could pick black stone which has over 6% yield for total return. and you could pick kkr which has a big yield and if the market cooperates, you have an exit for their ipo and stuff. so you are not limited to banks and financials. but i would personal will go with -- i bought

jamie dimon. he says if the next president focuses on immigration reform and infrastructure spending and lower business taxes, the economy can grow at 4%. a huge move from 1.2%. proper immigration reform and proper infrastructure spending. those are the three things he says the next president could do to get the economy moving quickly. >> they think they have all the answers. >>> the cdc issuing an unprecedented travel warning to pregnant women. avoid one major u.s. city. we will have the details flex. next. so..ndve ten. she said "jen, go pro with crest pro-health advanced." advance to healthier gums... ...and stronger teeth from day one. using crest toothpaste and mouthwash makes my... ...whole mouth feel awesome. and my teeth are stronger too. crest-pro health advanced... ...is superior to colgate total... ...in these 5 areas dentists check. this check up? so good. go pro with crest pro-health advanced. mom's right...again! ♪ one coat, yes! ♪ there is a day, for every number. ♪ ♪ there is a tim

about stability i think the one thing that turned the market around a little bit on monday was when jamie dimonng interviewed and said, look, there are some issues. it's not a great market for us right now but we see ourselves moving higher. and by him putting his money where his mouth is that stands out. still, look where that stock is right now. even today, scott, we talked trading little under 63, here it is 64, gets a yield, to your point. you can understand j.p. morgan being one of the banking sector long focus. >> much of the bank is about that chart and others in europe, that was deutsche bank we just had on there. but the italian banks have been a real flash point of concern. >> yeah, well, look, you got past the stress tests, which by the way were not pass/fail. they were a little more subjective. more like a beauty pageant than a test. but that's fine. deutsche bank is trying to double bottom here. if you look at the lows from july when we were at max pessimism on the heels of what happened with brexit, it's right now at those same levels. but the selling doesn't seem to be quite as a

last year when jamie dimon got his bonus at jpmorgan, he used it all to buy stock. it was a big boost of confidence for the company. isn't it the opposite when a ceo sells like this? >> yeah, that was the famous dimon bottom of last year. melissa: right. >> i think overall, overall you see the public and the media for what it's worth to vilify, to use your word, the ceos who have these monster compensation packages who run unsuccessful companies. that is really the issue you're talking about. as the other guest said, tim cook, why would anybody have a problem of ceo of apple who has beaten the s&p over the past five years, who fulfilled the first check mark of being ceo of apple five years success fully, it is okay if he takes some money out of the company and puts it into his family, his future, et cetera, or his life in general. so it is really not a big deal. he has done very well on apple. this is part of his rewarded. david: 36 million, not a big deal. news about another tech darling, "the washington post" which is owned by amazon ceo jeff bezos is reporting th

>> coming up, this morning's biggest stock movers and later today, our exclusive interview with jamie dimonwilfred is out west, he's going to sit down with mr. dimon, 1:00 p.m. you're watch cnbc. announcer: todd's a great guy. i mean, look at him. what. a. sweetheart. attaboy. wait, todd, what are you doing? how totally selfish and un-toddlike of you. come on, todd, come on, man. >>> you've got to keep your eye, i know it's odd, but u on the italian banks. this follows friday night's release. unicredit, down 7.5%. down 4%. some are down 50 to 75% this year. >> and monty was one of the one that struggled the most under the scenario for the stress test. obviously trading at 32. >> keep in mind though that the stress test did not include a brexit scenario. kind of why do them. either way, italian banks have been weak, continue to get weaker. the other one that's up in monte. a programming note tomorrow on cnbc, do not miss another big exclusive interview. this with the prime minister of italy. his take on his nation's banking system in the wake of these european bank stress tests. >> a couple

>> well all the shares i was give than i didn't get i sold to jamie dimon for $2.y you haven't got and part of a bonus that's deferred and at a share price at the time the award is made so when the share price falls suddenly you have a little net worth statement you can pull up and suddenly you're lets well off but you never had that money in the first place. more importantly, if you're still there and you were to get a bonus this year you would get it at the share price. does it help morale? absolutely not because people are saying what is management doing? our net worth is going down. it is bad for -- francine: talk to me about the psyche of ooh banker. do they jump ship or are they alan: for a couple years even if it's going badly? chris: i think it depends on how successful they are. so people want to be bought out of the shares they have bought a previously. so you're only going to get bought out at a much lower level. so you're taking the chance the slares not going up but down in your new bank but the reason they do well in london is because of course sterli

that has some concern, including jamie dimon who said back in june, the auto market is overheated.loomberg viewpoints out greater intensity of sales than any other point in the current economic expansion. consumers appear to be paying for an increasing worst of the auto purchases with borrowed money. increasing portion of the auto purchases with borrowed money. leasing is also a huge deal. we will track the numbers. when they all come out thursday, it will be interesting, especially for me as a big fan, to watch. nejra: time for the bloomberg business flash. the u.s. government has filed an antitrust lawsuit to stop purchasing between monsanto and deere. the u.s. says it would limit condition and raise costs for farmers. more problems for certain is, blood test for the zika virus after regular discount problems with how they gathered patient data. they are the been sanctioned by u.s. health regulations for failures to run its laboratories of to standard protocols. that is the bloomberg business flash. back to the markets, bullish on banks come european banking stocks are posting th

scarlet: jamie dimon does not get in front of the camera every week.ver: it's great as far as a journalist but can we read into that? >> that's a very shrewd observation. rocky start to the year. in terms of messages to start, some veryding negative signals about a conflict between him and management and executives in terms of potentially hiding information about air liquide positions. that has been a bit of backtracking to boost morale. it's still a people business and you have to make sure your staff is on board it comes to simple business and trading but also restructuring. there's a bit of trying to show that he has supported internally to bring about his strategy. scarlet: so he is selling his message to his own bank. pivoter if credit space's -- if credit squeeze feels the need to build their business. in the interview coming talks about famous clients such as roger federer. the push for credit suisse is in asia which is the expansion story. a lot of it depends on the economic outlook in asia. wealth management and private banking which was done

jamie dimon would come here and argue with me about this thing that we are not as enough we cannot compete against deutsche bank. goldman sachs is a good job in a less regulated environment. >> 132,007, to fascinate in the great cereion we'll y have to in the world. the ones that were above are banks suffered greater. deutsche bank took on too much in the economy. we talked a little bit about the democrats. one of the big things don't talk about because we hear this with ronald reagan. the rich got extremely richer. the supply-side trickle-down doesn't work. it didn't trouble down enough. the first draft i saw were people who made 2 million a year with huge tax benefits. they will keep two or 300 extra grand mal someone making 40 grand. >> someone making 40 grand doesn't pay a lot of those taxes. the guy making 2 million doesn't put it under his mattress. he spent that her say say. that helps investment. the economic rationale is pretty weak when tax breaks don't help anybody else because they do. my dad was a bartender for a long time. love rich people. rich people tip come poor people do

of everything right there as well as deciding not to have this immigration speech this week as jamie dimon is reporting, someone who travels with trump on a regular basis. they are trying to fine tune the speech with some less offensive language. and i'm hearing they didn't want to have the speech this week because they see the opportunity for hillary clinton to have to take the spotlight the next couple of days, on e-mails, foundation, bill clinton's speaking fees and appearances. and whenever there is an opportunity to take a step back and allow hillary clinton to try to take a little bit of the fire from the media, donald trump would always good out there and say something and take it back from him. now the trump campaign can take a step back and see how the clinton campaign handles this e-mail controversy. >> what about twitter? you know you will see days wherefore instance this story today with judicial watch, that there are 15,000 more documents including e-mails not previously released that arguably by standards should have been. and yet he says something about cable news host, call

when jamie dimon says i don't think these number rs as good as they're set up u to be, there's a lotmaking that stam. >> what are the implications of perhaps understating the growth in the economy? does it get to this that people are now talking about where productivity is up perhaps understated or has been lagging what we expect? >> yeah, it does. in other words, your revenues are higher than being reported, it's easy to calculate the cost. i mean, you can get the figure frg the labor department about what the wages are and how many people are working. but if your revenue number, determining what productivity is is a relatively difficult thing to do. these people do really great work. they work extremely hard. they're not politicized as all. but it's a really tough job. it's a huge economy and the nature of the economy has chaenged so dramatically that it's doipg to take a while. if you brought one on, you would find they'd agree. >> hasn't this always been the case? technology being ahead of the data crunchers and analysts. you mentioned eisenhower. how is is it having all sorts of

what is new, you have the name that you cited, jamie dimon, warren buffett, you have an activist investor in the group, this group, this is probably the first time they got together and said, this is how the companies should be run. this is what we think is important for people to know about. host: and the principles that is a group came up with some of the board of directors should be truly independent from the company, they should be diverse and have enough turnover to make sure that they are fresh, they should have a strong independent lead director, especially the ceo has a dual role, and others that we will go through. .e're talking to peter gleason taking your calls and questions as we talk about corporate governance in this country. you have the phone numbers. independents, democrats, republicans, if you want to call. we will go to glenn from california. good morning. would: good morning, i like to talk about quantitative easing. the trillions of dollars that the federal reserve has pumped and, whostock market is benefiting from this? the big banks, the corrupt politicians like the

we had gross today saying he does not like bonds and had jamie dimon the other day on "power lunch" sayinge would not be a buyer of bonds. what happens when that slows down? does that then drag down in any way the equity markets? >> well, i think what we've seen broadly in the equity markets is sort of a reach for yield, right? >> right. so the tina argument is in place because of what is going on in bonds. >> right. >> so if that no longer exists, then what happens to that tina argument? >> well, i mean, i think right now in terms of stocks we're looking for catalyst in terms of something to drive earnings. we talked about i mentioned earlier comps get easier, but there's really no big broad story in terms of either economic improvement or real help from the fed. like i said, i think -- >> but isn't there an inevitable turn in stocks if interest rates for whatever reason and these people believe that's going to happen, rise? because the trade-off, the choices that you make. >> and at the very least in these areas that have been the yielding areas, that have high valuations, historically t

. >> we did hear jamie dimon say prepare for drastic action in the 10-year treasury market that he wouldf 10-year bonds. that is guy running a company whose bread and butter is issuing debt for companies and said there's massive dislocation in the bond market. >> such an important point. when's happening at the same time? bank of england is another central bank buying corporate bonds. does this make any sense to you? >> in the sense that on a country by country basis, the monetary policy makes sense but on a global basis it doesn't. and that is, you know, for mark carney to do what he is doing, as the head of the bank of england, yeah, makes sense given he doesn't want the british economy to dip into a strong recession. i get that. but in terms of global outlook, negative yields in japan and negative yields in germany make no sense to me. >> he said the same thing. mark carney said i don't want to go there and helicopter money and negative. tim, same question. you know, while understanding that these guys want to ease and up against zero, is buying corporate bonds a shortage of debt in t

. >> was it mentioned in the "vanity fair" article about wilfred frost he interviewed jamie dimon at monday. >> did that happen? >> i don't know. >> amazing. the bus tour, coming up. >> got to love the bus tour. >> the bus tour. >> now, david, jpmorgan stock is doing quite well. >> yes. the banks had a good day yesterday. >> did you see that? >> i did. why? >> i think people feel that rates are going to go up. see the rates cut over there. i don't know. uk. >> european banks had a bit of a rebound too. deutsche bank hit a -- >> well because hsbc announced a buyback and the british banks, obviously, need higher rates. they've been under pressure. looks like the oldest bank in the world could be okay, based in siena, a gorgeous chance. >> i have been to siena in the last three, four years. beautiful. >> second beautiful building after the church. >> in the square. >> better than hershey which i think is in play. >> interesting you say that. i don't know if it's in play. only one potential buyer, mondelez is not going to say much of anything for a while as the trust, the hershey trust -

we saw that in february and from jamie dimon from jpmorgan when stock at the bottom of the market.an: insider buying, there are signals like that that are intended to reassure markets and did have that effect in february. that is age, difficult type of trade type of activity to really get clear signals on generally. lection flexion -- infelc points, the smart people by at the right times. alix: you mentioned that companies have so much cash on their balance sheets, but companies are using debt to fund buybacks. they are building up their leverage to do that. julian: which is why we discriminate between and the market has discriminated between rewarding companies that use less leverage to buy back their shares versus those that borrow more. that's what we've seen. indexp buyback generic has underperformed the s&p 500 just because there is a growing discomfort with the use of debt. jonathan: pessimism, toppy markets, what is the trade to express the discussion of the last 10 minutes? julian: hedge yourself into these events, whether it is jackson hole, the fed meetings in september a