Watch CNBC’s full interview with Nationwide Mutual’s Kathy Bostjancic and Morgan Stanley’s Jim Caron [Video]

Kathy Bostjancic, chief economist at Nationwide Mutual; Jim Caron, CIO, cross-asset solutions at Morgan Stanley Investment Management; and CNBC’s Steve Liesman join ‘The Exchange’ to discuss June manufacturing data, the implication for Fed rate cuts, and how to position.