Ill start with you, peter. You kind of saw this coming. You are a Global Market observer. You saw this coming in part because of the sharp move in Interest Rates. Everyone had been talking by the. 2. 5, 3 isnt a big deal. But i guess its the rate they were moving. From the very low level they started to rise. We hadnt observed a lot of Interest Rate volatility. So twoyear treasuries rates had not increased too much until september or october of last year, and they went up 1 . Frofrom 165. Charles what does it mean for the bus driver or Police Officer with a 401k . No one has seen this drop on the dow industrial average. The day on the market today was an overreaction to the moving rates. When you get a lot of market volatility, people start to buy treasuries again and rates stop going up. So this a reflexive move back into treasuries which takes away the reason people started to sell in the first place. Rates in our view will stabilize. The fundamental backdrop is fairly robust. We have decent growth in the u. S. And globally. Overall we are bullish. Charles report then year yield pulled back 6 basis points. David, we had this conversation last week and we were pretty optimistic. Its different when you are in the eye of the storm. They are at 4. 5 decline. Its not the biggest ever. We have never seen these kind of numbers before. Tomorrow morning it will be in the headlines of every newspaper. 1,100 points, and 1,200 points. You hit on some of the positives. The economic backdrop is very good. Thats all good. The fact that the rates have moved up, therein lies the problem. Multiple expansion is no longer with us. Valuations matter again. And now and then you get punched in the face. The bears put up points on the board. The fact that it got as high as it did is a good sign. Charles you wanted to see people be afraid. Lack of complacency was a problem for you. It was the highest in a pretty long time. Charles gold got a little bit of a bid. Crude oil down, commodities have been leading the way. In part the global demand. But not a lot of places to hide out in your neck of the woods either. Pound my bed was proper under my bed was probably the best place. When i look at the selloff in crude oil, those are positive signs to me. If you look at the relationship of where crude oil prices are and where the stock market has been, they are actually out of whack. Oil prices are actually cheap based on what we are seeing on Economic Growth and the enthusiasm in the economy. I think that the market is selling off today because what every analyst and what every fed official in the world has been hoping for, thats rising wages, a better economy, and signs of inflation. Thats not all a bad thing. I think its a good thing we saw a correction. Charles it seems counterintuitive to the average person that we could be doing so well and this could happen to the market. The problem is when we value stocks, we have to use a cost of capital to discount those cash flows. The cost of capital is what Interest Rates rising affects. So thats to your other guests points of earlier, we dont have the tail winds of expanding price ratios. My question is does this change the calculus for the fed. Ill expect them to try to calm the markets. Charles jay powell, thats his job. He started today. Hes got to make or break it right now. I think the people that work for him will come out the next week or two. Charles and moment ago we had the futures up and it looks like we are getting a bit after bounce. But on the down side holding, testing and then going back up. I want to bring in our Political Panel to talk about the impact of the selloff. Beverly caldwell, Ford Oconnell and caylee mcinerney. The headline that President Trump made a big mistake bragging about the stock market. No, we are higher than we were a year ago. Alongside of it you have a growing economy. This is a historically economic presidency. And he deserve to the tout that absolutely. Charles beverly, i dont disagree with that. I think the president could have touted the underlying data along with this. Its simple to understand when its going up and down. Today its down, friday was down, people are you ar you ner. When you have historic highs they couldnt be consistent and remain that way. We expected to see some of these lows. But one of the reasons we are seeing it is because of fear. And thats due to Interest Rates. You had the discussion about whether in march Interest Rates would go up. Lets not forget they have been kept arbitrarily low for quite a few years. I think this is a good thing. We have to make sure Interest Rates a match where they need to be. So im encouraged. I definitely think beverly is right. We need to take a deep bright and keep today in perspective. But the truth of the matter is unlike 2008, in 1987, the fundamentals of the economy are strong. Wages are growing, the Manufacturing Index is at 17 . Unemployment is at a 17year low. I see the market getting in sync with the mainstream economy. But it will be good going forward. Most of americans arent invested in the market outside of their 401k. Lets brush off today and move forward and see what happens. I think President Trump is okay to tout the market as a reflection of the overall economy. They do tend to pull back. Thank you all have much. Thats whats happening right now. We are pulling back a lot. But when it comes to american manufacturing. We are crushing it. I have got the details on that next. You cant predict the market, but through good times and bad at t. Rowe price weve helped our investors stay confident for over 80 years. Call us or your advisor. T. Rowe price. Invest with confidence. Smile dad. I take medication for high Blood Pressure and cholesterol. But they might not be enough to protect my heart. Adding bayer aspirin can further reduce the risk of another heart attack. Because my Second Chance matters. Be sure to talk to your doctor before you begin an aspirin regimen. On the only bed that adjusts on both sides to your ideal comfort, your sleep number setting. And snoring . Does your bed do that . Right now during the ultimate sleep number event, save 50 on the ultimate limited edition bed with adjustable comfort on both sides. Ends soon. Visit sleepnumber. Com for a store near you. Hi, im the internet you knoarmless bowling. Lt . Ahhhhhhhh you know whats easy . Building your website with godaddy. Get your domain today and get a free trial of gocentral. Build a better website in under an hour. President trump we already created nearly 2. 6 million jobs since the election including 200,000 jobs in manufacturing. Those are veal jobs. We are bringing back those four magnificent words, made in the u. S. A. Charles President Trump touting the manufacturing jobs under his tenure. Im calling it a manufacturing renaissance we havent seen in this country in decades. Drew, you are in the center of all this. You must be seeing this firsthand. Manufacturing renaissance. Its real, isnt it . It is real. We have two Great Stories to tell you about. We brought a job back that was made for decade in germany. Charles lets listen to adam schiff for a second. Distortions and inaccuracies in the majority memo. We asked that the unlikely process that was used with the majority memo, that the department of justice and fbi be consulted and they have the opportunity to street any information they may be concerned about in our memo in terms of sources and methods. We want to make sure that those are in the best position to vet that have the opportunity to do so. The department of justice and the fbi have already had our memo for several days. And we want to make sure any redactions that are made are fully explained to our committee by the fbi and the department of justice, and likewise by the white house. We want to make sure the quite house does not redact our memo for political purposes. The majority found themselves in an insupportable position when they released a misleading memo and refused to release the democrat response. I think they were compelled to take the action they did today. I want to say my colleague repeatedly asked the chairman whether he or any of his staff consulted with, coordinate or conceptualized this memo with the white house. There was a Campaign Early on in the investigation. And mr. Nunes refused to answer the questions. At the end of the hearing he gave a lawyerly written response saying the white house had not been involved in the actual drafting of the memo. But in terms of whether it was coordinate with the white house or whether they were consulted or extra jieds. He refused to answer those questions. Thats an important question for our committee. The reality is as this investigation has progressed, our own perhaps most of significantly the investigation by bob mueller, as more and more individuals have been indicted or pled guilty in connection with this investigation and the evidence has mounted in terms of the issue of collusion and obstruction, there is a rising sense of panic clearly in the white house and as well on the hill. As a result we see a tactic we have often seen in criminal cases where when the facts are increasingly incriminating of the defendant there is an effort to put the government on trial. That brings us to where we are today. Where our committee endeavored to put the fbi and the department of justice on trial and impeach and impugn the hard work of these dedicated servants at the fbi and the department of justice. The chairman announced his intention to continue with other phases of this socalled investigation toibt fbi and department of justice and maybe other agencies. He publicly described this memo as phase one. In fact its phase two. Phase one began the midnight run with the presentation to the white house and the information he got from the white house. We hope these phase of distraction will come to an end and we hope the committee will focus on what the russians did to interfere in our election. What we know about the Trump Campaigns collusion with the russians and what we can do to prevent this from happening in the future. Thats where we hope our investigation will get back on track. With that im happy to answer any questions. [inaudible] the vote was unanimous to release this. The republican members understood after calling for full transparency they were getting hammered oath course of the week for trying to hide the minority response. What will we do with the white house essentially either redacts to protect itself or prevent its release. I think it will be hard for the white house and the republicans 0 our committee to blocking the release of this. We are going to insist that the department of justice and the fbi report to us on whatever actions they think are necessary so week segregate any political interference from the white house. The department of justice and fbi have had our memo for days. Unlike the process the majority used. We want their feedback and input. They had it for days. Its our understanding and expectation that our memo will be going to the white house tonight. So as of tonight the fiveday clock is ticking. Have they given any information on redactions they want . We fully would next any rational process that the agencies that are most of heavily implicated, here its the fbi and department of justice would have the paramount say in terms of what might be revealed as to sources, as to method. Also as to the ongoing investigation. Charles thats adam schiff of the house intel committee. The committee voted to release the democratic memo. He stated that it wont have the distoargs or inaccuracies the gop majority membership oh had. He would like the doj and fbi to be done consulted in vetting it. He says hes concerned about the white house redact or editing certain parts of this memo. He says he hopes this clears the air and he hopes the republicans no longer put the fbi other doj on trial. E some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. Clearly better money management. 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You deserve an he norm as amount of credit for getting this inserted into the tax law. If you were in a Different Political Party you would be on the cover of time magazine. But well try to educate the public on how these opportunity zones work. These are private sector dollars coming into Distressed Community where 50 million americans live that provide longterm opportunities to transform communities and the people who live in there. Everything from workforce investment to better education, to businesses being attracted into these opportunity zones. Because these resources are not government dollars. We are providing incentives for private sector dollars to find their way into distressed communities. Charles one of my fears sometimes with opportunity zones in the past is you will have this oh i cities in an impoverished area and they will ship in all the jobs like secretaries but they dont get to learn the building blocks. You are right. If we were to target the locations for opportunity zones you will see a new plant low dmaitd an area where located in an area where there was a loss of an employer. 90 of the folks come from a metropolitan area around the county. In spartan tburg we have seen the same type of success. Existing residents have become part of the board of directors for the next wave of opportunities. We hope to see a Real Investment of time, talent and treasure into these areas and as a result will excavate these hidden talents and communities. Charles i have been calling this a manufacturing renaissance. Over 200,000 manufacturing jobs created in the first year of the trump administration. Is this something you see building on for the rest of the ask economy, and can you keep this going considering the roadblocks you have in d. C. People like to see the infrastructure and the wall done. And they like to see bipartisanship on the issues clouding it for some time. We have 6 million jobs open in America Today and 75 of those jobs dont require a college education. We have an immigration issue without any question. Here is what we know. Our greatest potential talent pool is right here in our own country in our own backyards. Lets put those folks to work and reduce the unemployment rates of people of color, and find ways to attract the rural folks into the areas where we need them. Whether you are or inner cities, if you have high employment, it will attract more capital into your neighborhood. Charles im glad you are getting the recognition for this because its something thats sorely needed. The House Intelligence Committee voting to release the democratic memo. Ust 4. 95. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Results. We call that the golden hour. 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