Welcome back to Worldwide Exchange. On cnbc im sara eisen. And im wilfred frost. Very good morning from me as well. Lets check in on the Global Markets this morning because we are seeing the selling continue after a rough week on wall street at least for the bulls. The s p did close lower by 1. 3 . Dow futures down 1200 points. Nasdaq futures down 31. Youve got the whole riskoff trade. The dollar is selling off. Treasuries are in demand. So is gold right now. As for the tenyear treasury note yield, lower yields across the board. This feeling that the Health Care Bill failed. And what does it mean for the rest of the stimulus and growthfriendly trump agenda like tax reform and infrastructure . Well talk more about it. But its some concern across global wall street. That 240 level. Absolutely. Some expect to see a move today. Given that friday afternoon kind of a muted reaction to that failure of the Health Care Bill. Didnt really do well, the markets, week as a whole, as you said, were down particularly on the start of the week. On that note, financials like the markets down significantly. Goldman sachs down 6. 4 in financials. And the moving yields that you just pointed to very much having a lot to do with it. That ended at 2. 5 and now well below 2. 4 . Another reason why futures are down so sharply today is that International Equities are reacting to the downside today as opposed to later friday. Asia is sharper. Particular particularly, the nikkei. You can see is down 1. 5 . The yen is markedly showing about 1 which well come to in a moment. As you look around europe as well, red, its just improved a little bit in the last half hour. We asked for them, the 1 . Lots of news has brought the euro over the weekend and the export markets across europe. By the way, as we just said, both asia and europe weighing on futures this morning. German Business Sentiments came in a little bit higher, a bit of a surprise. That came in at 112. 3, up from the 111, the index. But friday you got decent data out of europe, over the weekend, a german election result that went in favor of Angela Merkels party. That was a better performance for her. She is set to lose from the other party. Weve got less focus on the French Election than perhaps a couple weeks ago. All of that playing into a much stronger euro. Its about the dollar weakness story. Lets just show you commodities which are under pressure along with the dollar. Wti crude down 0. 5 . And another worry spot for the markets. Showing increases outflows over the last few weeks. Brent hangs above 50 a barrel. But it is down about 0. 30 . And nat gas up 1. 4 . The dollar index a good measure of the dollar, the euro, down, but now has officially erased all of that first election trump rally inflation rally gain that we saw for the u. S. Dollar. Theres the strong youre owe, 108. 56. Seeing pronounced weakness this morning. Weaker against the british pound as well. 125. 63. We said a couple weeks ago, on economics alone, if people can take their focus off the political picture in europe. The euro, talking about whether we hit parity or not. The euro could be 107, or 108, weve done that. And the real differentials which have narrowed significantly. Thats why weve seen the euro rise so significantly. Now, the same cant be said for the pound which has been marked over the last weeks. It went from a fiveweek low rallying back up to that 125, 126 level. The same economics there, it has improved a little bit but a lot of currency structure saying that once we get past some of this momentum on the political side, and the vote, we can put focus more on the yield. And the pound, whereas the euro is struggling. Theres uncertainty not just financial, political as well. The talks begin wednesday. Absolutely right. Lets show you gold. You are seeing some flight to safety kind of action this morning. Weakness of the dollar is yielding some strength in gold. And in treasuries. And gold prices up almost 0. 30 . Now to politics, the white house reacts. Mick mulvaney saying yesterday on nbcs meet the press that the bill failed because washington is more rotten that the administration had thought. When it fails. Folks will come back to us no longer a 100day priority . No because weve moved on to other things. The president has things he wants to accomplish. Hes not going to sit around and wait for congress do the right thing. Vice president pence giving more specifics on what the administration will turn to when it comes to the focus on the agenda next. Listen. Next up, as the president said yesterday, were going to roll our sleeves up and were going to cut taxes across the board for working families, Small Businesses and family farms. Working with this congress, President Trump is going to pass the largest tax cut since the days of ronald reagan. And were going to get this American Economy moving again. So, clearly, this is a line from the administration. Were going to focus on tax cuts. Many people actually have said in retrospect, they should have just started with tax reform as the first agenda item, instead of obamacare. And there are two schools of thought on this, as they relate to the markets and where the trump rally goes next. Number bun, tax reform is what the country wanted anyway, doesnt care about obamacare. Thats good for the markets. We can learn some specifics. And number two, on the flip side is the more negative investigation, and perhaps what youre seeing in the markets, its a lot harder to do tax reform when youve used Political Capital for obamacare and youve actually used some of the budget economic. Well get to my oped later in the must reads about saving money. As we saw in the republican party, an adjustment tax incentive. Absolutely right. The complications in obamacare, they cant get it through, there will be complications in tax reform. By the way, the reaction on friday i was in a plane during that, when i landed i was surprised, a, to hear that the vote had been pulled. And b, on friday, clearly an reaction around the world for whatever reason this morning, one key difference i want to point to, we had selloffs earlier in the week as were seeing this morning. And the moving yields i think is interesting to point to. There wasnt really reaction in the bond markets on friday, we stuck around to 2. 4 to fridays close on bond yields and the markets doesnt really. Today, were seeing the market react. With the dollar slipping. Clearly all of these things are linked. You cant sbrat them out. That was true earlier last week. Tuesdays big selloff, we saw a big slip in the euro, big slip in the dollar. Friday, there wasnt that really that reaction with the bond and the market. Today there is. Its important that whats happening in the bond market has had such a big impact to whats happening in other markets. I think thats true. Equities taking the lead with a 100point decline right now money comes out of stocks and safety with the gold. And also you could consider the ramifications for global growth, if the trump agenda doesnt get us optimistic. Right. Lets stick on political news. Other news out of washington. President trump has announced a new White House Office in fixing the government with business ideas. The White House Office of American Innovation will be run by trumps soninlaw and Senior AdviserJared Kushner. He will work with businessmen including tim cook, bill gates, elon musk. Its expected to operate as a s. W. A. T. Team of Strategic Consultants expected to float above the daily political grind. In terms of Political Capital being used up, im sure this is something that wont particularly please most washington insiders. Hmm. That theyre going to turn to ten executives. Ten executives. We need to solve the problems in washington. To do that, were bringing in washington outsiders. Im sure that will ruffle some feathers on capitol hill. Speaking of capitol hill on the agenda today, the Senate Judiciary committee is expected to vote on the nomination of neil gorsuch as Supreme Court justice. The Committee Chair said the vote could be held over a week. Republicans hope to have gorsuch confirmed before april 7th. This weeks wall street agenda is full of economic data. Look for Consumer Confidence in the speech by fed chair janet yellen. Wednesday, pending home sales. Friday, personal income, chicagchicago pmi. And look for results from lululemon, Dell Technologies and blackberry. And United Airlines is coming under criticism for two teenage girls were wearing leggings. They were flying under a pass which requires a specific dress code. United defended the decision in a series of tweets. And the Company Released a Statement Last night saying, quote, the passengers this morning were united pass Rhode Islander its and not in compliance with our dress code for the Company Benefit travel. To our regular customers, your leggings are welcome. Theres a lot of outrage out there. Including i flew united yesterday in leggings. Im not a teenagers. Girls fly, women fly in leggings. Theyve much more comfortable than jeans. I know theyre on a Company Benefit pass, but nobody else knew that. Thats right. Why did they defend it on social media. Defend what . That they have the right to bar people because of a dress code . Im just trying to find the full dress code which says no ripped jeans. Its not like its targeted two girls that wear leggings. Theres a set of rules who should the children should . No the airlines said that leggings are part of a rule is a rule. Theyve got to enforce that. I think the slightly unforgi unforgivable thing is that these two were 10 and 11. If this were two women the fact that theyre 10 and 11, clearly, these children didnt know about that rule. Therefore, it is a bit harsh of united. If theres a rule and theyre traveling for free how are leggings inappropriate . Similarly, ripped jeans and a long list of things not to wear on this thing. The point being, its not targeted at women who wear leggings. As a woman who wears leggings well, fine, you can wear leggings when not traveling on this if i were on a buddy pass despite the rules saying otherwise . Especially doesnt say leggings no, its a long list. Ive got to find it. This was tweeted out by the company. It said on this im going to find this for the next time we discuss this. It said no ripped jeans, various other things, no shorts. It wasnt targeted at women. It wasnt targeted at leggings. The fact that theyre 10 or 11, they should have waived that. If this were a 25yearold only the same ticket wearing the same outfit, i think they could. The react is how quickly people get on twitter and it starts hitting the stock. Having said that, i dont think this should affect ticket sales in the slightest. Moving on to uber which is temporary halting its crash tests after a crash on friday. There were no backseat passengers. Uber has been testing selfdriving volvos as part of the partnership with the automatic mow maker. Some stocks to watch now getting a buy rating from goldman sachs, with a 27 price tavern. Jpmorgan giving snap a neutral rating and a 24 price target. Other wall street firms, rbc capital, and stifle nicolaus calling it a hold. And ing saying chinese dont infringe on patentses for smartphone design. Bt has been fined about 15 million by a british regulator for failing to install highspeed business lines fast enough. The Company Spokesman mr. Garrin said not allowed to wear like california, spandex, half shirts, jeans or flipflops. Notal allowed to wear spandex . Im just saying its not fair. Its not up to date. And its totally inappropriate. Not totally inappropriate. Youll be standing from your next united flight in defiance . No, i dont think i will. Anyway, a few stocks to watch today. Barrons thinks shares could rise 40 . The paper points to the companys new ceo and other networks of viacom to turn things around. And anadarko may be leading to a tendecline in properties to speed up Company Drilling and development. And China Southern in talks with American Airlines which could result in the carrier taking a stake boosting the routes between the worlds two largest travel markets. Still to come, this mornings headlines from overseas, including the bank of england, outlining its scenarios for this years bank stress tests. But first, check out the futures. Dow futures down 93 points. S p futures down 14. Remember, this comes after the worst week for stocks, up 2017. Youre watching Worldwide Exchange on cnbc. Nbc. Welcome back to Worldwide Exchange. Only about 20 meters from sara still arguing. Im going to return to the market action. The futures low, coming on the back of sharp declines in both europe and asia as well. Of course, the citing of the pulling of vote on health care as one of athe reasons. It does come this morning rather than friday afternoon. Either way, you see its down option 1 on the futures markets. What could be another for that decline would be yield information the dollar which are slipping today. In a way, didnt slip on friday afternoon. The tenyear note, 2. 6 . End of friday, 2. 2 . And that continued slipping of yields and flattening the yield curve. Certainly a reason why were seeing markets decline. And banks were the worst performing sector off the back of that. Also means the dollar is slipping. Lets have a look at that particularly against the yen. The yen is over 1 higher. Nikkei sharply up in asia. The pound and euro as well. The colors are confusing. Pound, the yen and the euro, all higher against the dollar. The dollar is weaker across the board. So theres a more clear picture of what were looking at, dollar index this morning. Making headlines around the world. The bank of england published hypothetical cal scenarios, focusing on that coming up. Wilfred in other global news this morning, german chancellor Angela Merkel got a victory as her conservative party won big in the state election. The christian democrats got nearly 1 of the vote and the Western State of farline which hugged the states of lux som bourge. And that led america to winning a fourth term in septembers national election. A small one, but it was seen as somewhat of a sentiment test for merkel and her party. Exactly, for merkel and her party as opposed the mr. Schulzled party. The party either way proeurope party. Either way a victory. And general sentiment towards european politics, sentiment has improved. The European Union is calling on russia to arrest demonstrators in protest its yesterday. Opposition parties staged rallies with people chanting russia without putin. The protests took place a year before the countrys president ial election in which Vladimir Putin was expected to run what would be a fourth term. And worth pointing out that the highprofile leader of the opposition was one of the people arrested. Still to come, billion dollar backlash. Just how much money North Carolina will lose because of its controversial bathroom bill. Stay tuned. Well be right back. Upstate new york is a good place to pursue your dreams. At vicarious visions, i get to be creative, work with awesome people, and we get to make great games. what i like about the area, feels like Everybody Knows each other. And i can go to my local coffee shop and they know who i am. Its really cool. New york state is filled with bright minds like lisas. To find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. You give us comfort. And we give you bare feet. Search i love you, couch. Backsweat and gordos everything. I love you, but sometimes you stink. New febreze fabric refresher with Odorclear Technology. Cleans away odors like never before. Because the things you love the most can stink. And plug in febreze to keep your whole room fresh for up. To 45 days. Breathe happy with new febreze. The markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. Welcome back to Worldwide Exchange. Good morning. Were monitoring this Global Market selloff for you early this monday morning. Dow futures have improved a few points. Down 92. Down 100 at the top. Hour. S p futures down about 14 points. Nasdaq futures down 28. This comes a week after the s p 500 lost 1. 2 , 1. 3 of its value. Worst week since back in november before the election. And the selling continues this morning, with a focus on politics and the trump agenda. A new analysis this morning by the Associated Press puts a dollar amount on how much the bath room bill will cost North Carolina. To use the restroom which corresponds with the sex on the birth certificate. The ap estimates it will cost them 3. 7 billion in lost business over the next two years. Now, to sports and the ncaa tournament. The last spot for final four up for grans last night in a thrilling finish between kentucky and North Carolina. Down by three with less than ten seconds to go, the wildcats tied up with 73 with a crush threepointer. The tar heels were able to get the ball in and down the court. Finding the open player for a basket to put them up by two. North carolina won, 7573. Reaching the final four for the 20th time in that schools history. Unc will go on to play oregon on saturday. The ducks havent been to the final four since 1939. The other game feature d versus gonzaga. This is the first time the school has made the final four. I guess investigate gas hvegas has gonzaga winning. Weve got two joining us in the next show. I wonder what theyll be focusing on stories Like Washington news or just a big smile on their face. I think theyll be celebrating in light blue. There you go. Still to come, the Global Market, trousers are trending. Well tell you why United Airlines is caught in a social media slash. Theres no issue thats why youre totally on the wrong side of all of this. Well, well continue this debate. Their experience is coveted. Their leadership is instinctive. Theyre experts in things you havent heard of researchers of technologies that one day, you will. Some call them the best of the best. Some call them veterans. We call them our team. Good morning. The asia and europe, u. S. Equity futures pointing lower, too. Washington watch. The gop Health Care Bill failed. So whats next for President Trumps agenda. A live report from capitol hill straight ahead. Plus, todays trending stories, why two girls in leggings were not allowed on a United Airlines flight. But our sara eisen on united was. What could possibly explain that. Well have all the details and memories of my own British Airlines flight back in a tuxedo. Its march 27th, 2017. Youre watching Worldwide Exchange on cnbc. Good morning. Call it waist coat, pocket watch, tie, the works. All rules are followed. Obviously changing when the bbc welcome back to Worldwide Exchange. On cnbc. Im sara eisen. Were in the middle of a big fight here. Continued from a break and the focus on this United Airlines story. Weve got a pretty big selloff to talk about. Got us back to serious, thanks very much, sara. Lets have a look at the markets. Pointing significantly almost 100 points for the dow, just a moment ago down. S p down 13. Nasdaq down 26 points. Somewhat of a surprise given the fact that friday afternoon we didnt really react to the downside on the back of the Trump Health Care vote being pulled from congress. Markets ending slightly lower. Down from the week, down 1. 5 . Nasdaq down 1. 2 . Financials lagging in the market significantly. They had their worst week in 14 months down 4s. Goldman sachs 1. 6 . One reason were seeing negative reaction is around the world. With the yen almost up. And in that case, 1. 4. And european trade, significant weakness, down the best part. Weve improved a little bit in europe over the last hour, but still lower. Also, this comes in light of a stronger euro. Various factors, barring that currency. Why you see asia down in face of the dollar weakness. Dollar weakness but commodity weak answer as well. Lets show you the bottom market picture. Oil prices lower. 47. 64. Down. 33 . Brent down 50. 58. Buying of treasuries, youre seeing the safe havens like the yen and gold. 2. 37 , significantly lower. The dollar is weak, virtually against every major currency this morning. Weaker against the euro. Shooting higher to 108. 59. Weaker against the yen. Weaker against the pound. Thank goodness i got in all of my shopping over the weekend in the uk. I think i got 1. 24 rate for my credit card. Thats nice. Particularly since it was 1. 25. It was in the high 1. 24s. A lot cheaper than last year. Actually, if youre approaching in, you could have got an eightweek low. Im a little disappointed you didnt try even better. I did buy i did actually book my Hotel Reservations during the pound slash. You bought the hotel. You could buy the poundage. Yeah. Very nice. I dont get to gold, lets see whats happening there. Youre seeing flight to safety. Off the dollar weakness, cold up. The hotel is one of the best. Politics taking center stage. Investors focusing in on the gops Health Care Bill. Leaving some questions about whether or not President Trump will be able to tackle promises on his agenda which caught investors so excited to begin with. Kayla tausche joins us. The president for his part is trying to pivot to establish a new working group for american businesses. Well get to that in a second. Meanwhile, his administration seems to be in damage control mode. Defensive mode, over the weekend, following that friday failure of the American Health care act to get a vote. The Vice President was in West Virginia on saturday and blames congress and says the white house is still committed. Congress just wasnt ready. You saw it. With 100 of house democrats, every single one and a handful of republicans actually standing in the way. Of President Trumps plan to repeal and replace obamacare. Were back to the drawing board. He did say that the white house is still committed, though and they will repeal and replace the Affordable Care act. But Mick Mulvaney was involved in the process from start to finish. He said it was no longer a 100day priority and again placed the blame on republicans in congress. This is exactly what republicans said he couldnt do. This was the president being the president. What you saw this week is simply things are a lot more rotten in washington than we thought. Well, if that is the case, the president is trying to infuse pressure flood into that problem. Washington post reporting that the president s soninlaw geraJared Kushner is leading a group with ceos with particular focus on improving the technology and data at the federal agency level. Kouchner telling the post, quote, we should have access in the government. The government should be run like a Great American company. Our hope is to achieve efficiencies for our customers who are citizens. The question is whether the administration is moving on, desperate to change the message here, but leaving no time for introspection for fencemending with the republicans. Which they need desperately to enact legislation whether theyre running into road blocks. Whats the time line on that . Are they still sticking to they by august recess that we heard from the treasury secretary . Well, theyre certainly hoping for that. We heard the treasury secretary reiterating that time frame. Theyre working on tax reform. They have a lot of business minds inside the administration who have been informing the president about maybe what portions of his Campaign Promises for tax reform will potentially survive congress. Of course, speaker ryan has his own plan. And weve seen that when the speaker and the president try to meld their plans together, they end up with a mishmash as weve said for health care itkacare e clear for republicans to get behind. Where is the compromise between the Speakers Office who drafted this plan and the chairman of ways and means have been she s shepherding tax reform. Kayla, this latest plan, is this going to anger members of capitol hill, suggesting washington is bad, business is good . Is that going to use up Political Capital and make things like tax reform harder to achieve . It seems like, wilfred, that this office is going to exist outside of congress. And its going to spearheading things like workforce innovation, something that the president s daughter has been specifically involved with herself. They are working with people like bill gates, elon musk, marc benioff. And it seems like theyre trying to get good ideas on how to reform specifically the agencies and where they feel there is federal bureaucracy. Access called a s. W. A. T. Team. Kayla thank you. We continue our sector series this morning. This time looking at the newly defined sector. Landen dowdy joins us. The sector is mostly made of real estate trusts. One of the worst performers to date, reits focused on Shopping Centers dragging down the sector, kimco down 10 . Maicerich down almost 10 . And federal reality down 5 to date. And bankruptcies in addition to the continued growth of Online Retail have increased investors with risk around these companies but is now the time to buy . Theyre noting that the downside with sentiments with these names, they see visible earnings growth, and corporations strong Balance Sheets with kimco. And value as a whole. But a lot of value in shifts. Indicating that the buy on it could stop including easier comps. Peaking Interest Rates by midyear. And they expect it to continue but expect weeks to be better insulated given the quality of the portfolios. Back to you. Landon dowdy. It makes sense that real estate was separate out of financials because it reacts to various economic factors. I liked when it was. Though, it is interesting to see yields moving. Right. I mean, you should probably split insurance away from banks again, slightly different factors that can move them. Anyway, we would know about it anyway, banks are doing that. That round number is gone. Time for top trending stories. The other big story besides the blame game over the weekend. United airlines coming under fire after two teenage girls were barred from boarding a flight because they were wearing leggings. The initial response from the airlines said the conversation came in the form of a tweet saying united should have the right to refuse passengers who are not properly clothed via our contract. According to united, the two girls were not allowed on the plane flying on an employee travel pass that requires a specific dress code. Quite a firestorm of criticism over social media. United defended the decision saying, quote, the passengers this morning were united pass rider it riders and not in compliance with our dress coat for Company Benefit travel. Your leggings are welcome. Of course, this creates a whole controversy. They have to be careful about, i think, social media summorespon. Ath leisure is a trend. Its been here for years. Well, good, we discussed it from the earlier point, i think the bottom line is compared to what reaction is. Theres rules. Theyve got this rule. These people are traveling on a free pass because its related to you cant criticize the employee for enforcing the rule. There are rules like dont let someone on with a gun. Thats not his decision to update the rules on the day. I think the fact that these are 10 or 11 year olds means that the company should have a separate rule at least. I think if youve got a 25yearold airline 350ipilot t happens to be traveling on their own, theyve got a rule, no flipflops, not just leggings, no ripped jeans. Theres people in the report that the man they were flying with was wearing shorts and was not told. Well, ive read the same thing im not sure it was traveling with those two girls. It was a separate person. Either way, it doesnt matter. Enforcing the rules. The Company Handled the reaction pretty poorly. But they singled out two girls. Wilfred, id trade all the rules for tuxedos on other airlines. I think im always going to do that. It used to be a ploy that some people thought they upgraded me. That doesnt work anymore. Shocking. Our must read stories are next. But first before break, heres a look at where european stocks are trading. Red arrows across the screen. The german dax down. U. S. Futures falling, too. Welcome back to Worldwide Exchange. Time for some must read stories catching attention in the papers today. From the wall street journal from the ed board is the tax reform damaged . Its interesting they called this. He were kind of extrapolating from the Health Care Bill, and the article notes the ryan bill would have reduced the budget baseline for taxes of 1 trillion over ten years this means that republicans will have to find 1 trillion in loopholes if they want their budget to be tax rates to be budget neutral. This is an advantage from the tax reform to not doing Health Care Reform first. Everybody is trying to see whether the politics make it harder to do tax reform. Now economic indicated tax reform is. Maybe it will be easier. This is one procedural tactic. Theyre going to have to find 1 trillion. But, the reaction, of course, on friday, surprisingly muted, the week as a whole negative. That negativity sparking back up guide fridays reaction to the pulling of that vote. When we come back, well get you set up for the trading week. Steve wieting joins us next. Youre watching Worldwide Exchange on cnbc. Okay, so whats our latest data say . Our customer is a 21yearold female. Heavily into basketball. Wait. Data just changed. Now shes into disc sports. Ah, no shes not. Since when . Since now. Shes into tai chi. She found disc sports too stressful. Hold on. Let me ask you this. Whats she gonna like six months from now . Who do we have on aerial karate . Steve. Steve. Steve. And alexis. Uh, no. Just steve. Just steve. Just steve. Live business, powered by sap. When you run live, you run simple. You. Smells fine, but yourin your passengers smell this bell dinging new febreze car with Odorclear Technology cleans away odors. For up to 30 days smells nice. Breathe happy, with new febreze. Getting ready for squawk on the street. Andrew sorkin is coming up good morning. What do you think were talkitalk talking about . Leggings. Leggings. And the dollar that she had on her twitter account as well. I tried to set the agenda early . Excuse me . I try to saet the agenda early. On twitter you set the agenda every day. And a personal order of what took place on friday, the repeal or lack of repeal, in this case of obamacare, what it means for tax reform. Were going to talk about a lot about it. Tommy thompson, the former hhs second. Representative bill haskell is joining us. Representative david swietsard is going to be joining. You a lot is on tap. I should just look at your tweets. Right. Or watching Worldwide Exchange. Thats another way to set the agenda. I saved for twitter to show you in person. I made a chart for you, andrew, this morning. Okay. If we can pull it up. See if you know what were looking at here. I do. I do. Dont tell me what happens. Theres a whole episode about a currency evaluation. That chart there, andrew, i was going to ask you that Bobby Axelrod on central bank . I dont know please tell me what happens, andrew, im such a fan of the show, i have to wait until the series ends. I cant dissuade you from being you. It went to a new level. By the way, did you see that story in the New York Times over weekend by jeff sumner about the peso . No. The peso has risen given whats going on. Who knew. And given it in series, too. Youve given sara what she wants. In series three, i think there needs to be a big political vote in europe. I think theyve done that in homeland theyve done similar things in homeland, exactly. Andrew, were looking forward to squawk box. Checking in on futures. Dow futures down about 95 points. The slowing continues pretty much across the board. Its gone global, youve got safe havens like the yen and gold. Jou joining us, steven wieting. By phone. Are you surprised by last week . I think you can see that the futures have come off the bottom. A good deal of expectations that this would be a significant setback. Are already in play last week. Even the delay from thursday, created a good deal of the damage. And, you know, the question now is how fast do they regroup. What compromises are made. And is this total play . On tax reform going to be smaller in scope. Steven, of course, the yield moves which are linked to politics. The yield moves that seemed to be a vehicle from last week. Ke didnt see actually much. Move today. Both factors are playing out. How closely are you watching that . Well, you know, taking back expectations of a real massive stimulus in the United States is going to put us closer to a trajectory than we were. I think those expectations were naturally going to wax and wane. Theres still four months for congress to get its agenda down. I think there would be a view that there would be no setbacks along the way. We were just surprised at the continued low volatility and confidence that this would go smoothly. This is legislative drama. I think its a surprise to see what looks like gridlock under one partys control. But in the end, i give it some chance that were still going to see some significant tax reform. I think, for example, the tax repatriation is the lowest hanging fruit of all the taxes that might actually pass. I mean, it was almost included under democrats plans previously. So, they can come back to this. I would say, though, i think its very important when you look at market moves. You can see dollar weakness. Yield weakness, all of this has been policy dependent. And i argue now that this policy move, its uncertain to actually get it, but whether or not we do, this is the international strengthening youre going to see very late in the cycle for u. S. Dollar strength. And were likely to see substantial strength in other currency start to emerge over time. Like the sixyear bull market in the u. S. Dollar. So we are looking at the dollar. The fact, steven, that this morning its sitting at a fourmonth low and has nearly wiped out all of the gains post eve election, does that mean that stocks are going to follow suit . Look, i dont think well see that kind of comparable equity market in this. We are not at the end of an economic expansion. If you look at u. S. Equities in the Fourth Quarter we were at record high profit levels already. I didnt find it that difficult to get to 2017 in the absence of tax cuts. I think that means a good deal for equities. I think that International Component of equities and the currency dont is now the more interesting player. Steven. Good luck with the traffic. Steven wieting of citi. Thats it for Worldwide Exchange. Squawk box is next. Good morning, Global Markets are in the red. Given the health care failure. And the party if the white house moving on to tax reform. Getting down to business, President Trumps sonld Jared Kushner to run the American Office of innovation. Finally, the final four. North carolina got to win everything. Pulling out a lastsecond victory over kentucky. It was dicey there. Monday, march 27th, 20 ste17, squawk box begins right now. Announcer live from new york where business never sleeps, this is squawk box. Good morning, everyone. Welcome to squawk box here on dr. Nbc. Were live from the nasdaq markets on times square. Im becky quick with joe kernin and andrew ross sorkin. Welcome back. Thank you. Back from the slopes. A little cold, too. It all came together. Ill tell you how i got the cold, then youll understand. Did you need a jet to fly back here . You know, i knew i was thinking what was he going to say . Did you need a plane or were you just floating on air the way back here . How did you sleep over the weekend . Im not real happy