Even though it was disappointing, and the Unemployment Rate stayed flat, but he has some regulatory steps to announce in terms of going after Money Laundering and tax evasion, and remember that the trez is sure Ri Department has taken a series of steps on tax inversions and i dont know that the precise nature of what the president is going to announce, but that is the direction. And the president has been expre expressed what is termed a frustration that either he is not getting as much credit for what is taking place in the economy or the perception is out there that the perception is that the economy is worse off than in reality, and he expressed those concerns with our colleague Andrew Sorkin in a article last weekend with the new york times. And how is that factoring in . Well, the administration is claiming the longest streak of private sector job growth by month on record. So that is one of the things that he is going to be talking about, but in reality, the president has been getting credit for the economy, and if you are looking at the approval ratings, part of it is because he is out of the news and people are foe cushion on the president ial race, but the numbers are creeping up which does reflect at an underlying level increasing appreciation for the fact that the economy is on solid ground, but obviously a lot of discontent in the country as well, a and this is fueling the president ial race on both sides. And john, you will be listening to the president as we will, and we will talk to you on the other side of that. We have the traders with me as well as we are watching the markets are react to that jobs report which was a disappointment, and maybe reacting further to what the president has to say. Josh brown, what are you making of the Market Reaction today . Well, it is minimal. So you saw that the bond move and then reverse. You are back to unch on treasuries and ief and iee and the treasuries staying in there at their highs and relatively undisturbed, but the bigger picture, a real problem with the n nasdaq right now technically, because a lot of people are pointing to the broken down Technology Giants which is a bigger issue for the stocks. You are looking at the payrolls report this morning, and you are looking at the miss in air quotes, because you cant see me, but 40,000 in the context of an economy of 150 Million People working, and so it is more of the nonevent, and last month was incredibly strong, and averaging it together, it is a run of the mill month of pretty good jobs growth. And trying to gauge what the fed is going to do with the jobs report, and you have now others saying that september is likely and june is off of the table, and watching the dollar closely today, and we feel that it is the most important impact of where the rally is going to go. Do you agree . Yes, the jobs report, and the trajectory is positive and a month of 40,000 less than expect and the next couple of months, the fed is on hold, and maybe you have to wait for the end of the year, and the dollar is important, because if you did get a strong number, the dollar wouldle rally, and the commodities are coming down, and you have a stock market selloff and we have seen that story before and the correlation of the commodities and the stocks is too high. And steph, a good debate in the market adds to whether the rally of 1810 back up to 2080 on the s, and p and certainly it has come down since then, it is about to roll over altogether, and the data out of china is not good, and the jobs report, and wondering what the fed is going to do in light of the internals inside of the jobs report which is not so bad. The average Hourly Earnings were up. Yes, it is going to be choppy, i think as we get through the earnings, and the you focus on the macro data, and we are all going to be focused on it, and it needs to be better for the market to do bet ter. And here is the thing about the jobs to average the last six months averaging 220,000 jobs which is compared to last year of 20 2015 of 229,000 jobs, and if we see it slow down, okay, we have to watch it, but we should not overreact. And the earnings number was the encouraging part of the report, and that is why gold is continuing to go up, and the reason why i think that the bond market actually are reversed because the people are thinking that they have more inflation in the system, and the cyclicals continue to lead and even in the choppy market, and they are leading and outperforming relative to defensives. And doc, jim cramer has what is a clorox market speaking that those are the kind of stocks now in the environment that seem to be shaping up that may outperform the ones that have run, the industrials, the utilities, and other areas, and it may not work for you much long longer. Jeffrey gund lauk on this network from the ira sohn conference said it is time to sell the utility indekts. How do you play it . I love jeff, but i dont believe he is right about that as far as the timing right now. As far as the employment report, i think that the Goldman Sachs had to be the only outlier who believed that june was on the table and not with brexit out there, and certainly not with some of the weak numbers that we have been seeing lately. I agree with josh and steph that you munch together the last couple of the jobs reports, and it is, you know, still a pretty good job creation. It is not exactly what wed like to see as far as big and small companies, sor, big and mediumsi Mediumsized Companies not doing that well according to adp, and that is not where the jobs were being create and they were slipping dramatically in the adp report, and if that trend is going to continue, that is worrisome, but overall, the jobs repo report today was not going to be driving anybody except for goldman and it just drove them to a sense of reality thinking that perhaps out there september, but i still think december. You had me at munch together. And josh, you have thought that the beginning and the end of the conversation of where the rally is going to go from here hinges on the tlar modollar mor anything else . If you could only watch one thing, and clear off everything of the screen, it is the dollar. My friend john kremsky says that the dollar is the 800pound gorilla in the market. And cramer has talked about it for months and the super freaking dollar he referred to it, because it is the biggest problem for corporate earn inin. One of them, and the things that key off of the dollar, and as mentioned the junk bonds have a negative 0. 7 correlation for the dollar, and moving inversely to the tight relationship, and so a lot of the reasons that we have been able to have the rally from february is that the dollar is rolling over, and down 9 from the december highs and broke below the 100day moving average and broke below the 200day, and squeezing longer that the net long specs have dis disappear and even if you are going to get a bounce higher in the dollar, and still on the down trend in the intermediate term, andped it is going to be supportive to the better earnings expectations of the year, and if the dollar is ripping back, however, you can look at all of the commodity sectors that are buoying us, and say good night, because they are going to do what serat suggests. And Joe Terranova was talking about the impending commodity roll over, and the stocks running so far, and the miners and the players in the space, along with the energy names themselves. And the emerging markets are in that boat. One big trend. And it is ready to roll over whether it has run the course. Well, the dollar is the important part of it, and they tont roll unless the dollar is strong. If they roll, the whole market rolls, and we will test the back lows again, because you are will get the growth scare again as to where are things going, but you need more macro data at that. That is what i was suggesting at the top that the bulls in the market got exactly what they wanted today if you are getting a weaker than expected jobs report, and the fed pushed back a little bit fur the than expected though, i dont know what is expected anymore when it comes to raising the rates. And the only thing that is 5050, judge, is 2017. I mean, when you are looking at the actual numbers, the only, based on what is trading as far as real dollars instead of the best guess, it is out to 2017 with a 5050 bet on the moves. And by the way, after brexit, and the elections, and we will see what happens with the elections, because you could have the fed on hold again. And this dollar trade that we think is ultra important of where the stocks are going to go from here, and you would figure from the jobs report here today which is a disappointment with the fed pushed further off is a positive to keep the dollar weaker. For sure, and then the leadership in the market is the cyclicals, and i have been consistent to say that i would rather see the industrials and the Energy Leading us versus the utilities and the staples, because it is more of the defensive rally if you will, and that being said, staples have been a good performing group this year, and they are not cheap by any means, but i can see why people are there, because actually when you are look at the earnings, they have come n and basically in line, and they have a good Balance Sheet, and good yield, and then barbell it with the cyclicals, and that is what we are seeing this year. And it does not look like the twominute warning here, and the president is ex pepected in the brady Briefing Room to talk about the economy and other initiatives. We will take a quick break and come right back after this. Okay. We are back on the Halftime Report, and that picture on the lefthand side of the screen is the brady Briefing Room, and we expect the president to make a statement in a matter of moments about the e kconomy and perhaps reacting to the jobs report weaker than expected with 160,000 jobs are recreated an last month the Unemployment Rate at 5 , and stom internome of ths are not as negative as you would think. And as you know, we look into the Interest Rates and the kbe, the bank indexb is having the worst week since january, and steph, this group cannot get anything going. No, it cant. It is a broken record, but it is a fact. Yes, and it is encouraging at least when the Companies Reported the earnings, they were better than feared and so you did have a nice bounce but they are down double digits. And clearly, the data if the fed does not move, it is not a positive for the sector, but that said, the stocks are extremely cheap, and if the data does get better, and loan growth is going to improve. The thick business is also trying to bottom. You will hear a lot of the data points that it is getting a little bit better, and if you have the activity better, and the loan growth the continue to be solid, there is enough of the valuations that can continue to at least children here, and you can pick the spot, and buy them, and they are cheap. I go back to steve wyche selling out of citi, and it is almost, you know, throwing in the towel at this point. You can talk, and talk and talk and say that the environment is going to be better for the banks and cheaper than book value, and reason to own the stocks, and then at some point, you have to be a realist, and say, i dont see it. And why anticipate, and forget about the longterm, but shorter term if they were paying a you a 4 or 5 yield like at some point in history banks used to do, sure, sit in them until things are better and you will be paid, but before that happens, what is the sense of repeatedly going into the names saying that they are cheap, and Everybody Knows that they are cheap, cheap, and they are cheap for the reason and when they are ready to break out, the price will tell you, and you can pick the favorites burk i dont see the urgency when they dont go anywhere month after month and year after year. I agree and the right thing to do is to look at the Valuation First and look at the book and the dividends, because if you are getting i say forget the valuation of the banks, because we know that. No, look for the support. They are all cheap. And a 3 or 4 yield, then you have great coverage. But most are not paying that. And you have ccar coming up, and that is the payout going up. And the multi nationals dont well, jpmorgan has a 3 yield, so dont say that. And the bank united and bbbt. Well, if they are, they are capitalized and the Balance Sheet is better than in decades and underappreciated by the preferred and double the coupon. But you are taking a huge risk on that, and if you are right on the banks and get the rates to move. And you are the opposite of the Duration Risk with the common, because you are own iin it thinking that the rates are going to go up, and they dont. And that is why you have the call on the dividends. On that note, you can add another voice to the chorus of those calling for a rate hike. Here is the pt resident of the United States. Seven years ago in 2009, economy lost nearly 700,000 jobs and the Unemployment Rate hit 9 on the way to 10 , and seven years later in april of 2016, our e kconomy added 160,000 new jobs, and that makes april the 7 74th consek sek youtive month of private sector job growth in ameri america. Over that record streak of job growth our businesses have created 14. 6 million new jobs in all, and wages have been rising at an annual rate of more than 3 this year, and so, the Unemployment Rate has been growing, and unemployment has been falling, and wages have been rising. But the Global Economy as many people here are aware, it is not growing as fast as it should be, and you are seeing the lagging growth in places like europe, japan, and now china. Here in the United States, there are folks out there who are still hurting, and so, we have got to do everything that we can to strengthen the good trends, and guard against the dangerous trends in the Global Economy. And if the Republican Congress joined to us take some steps that are pretty commonsense, then we could put some additional wind at the backs of working americans. To create new jobs they should invest in the infrastructure, roads, bridges, schools, and our water mains, and some of you join joined me when i went to flint this week, and it is a great example of the kind of work that is out there to be done, and we could be putting people all across this country back to work with huge multiplier effects across the economy if we started investing in the infrahave ublg chur to make us more productive. To reward some of the hardest working people in america. Congress should raise the minimum wage. This is something to not only help those individuals who are getting a bigger paycheck, but it means that they are spending more and that would be a boost to business. So level the Playing Field for American Workers and crack down on unfair foreign competition, they should pass smart new trade agreements. And congress should reform our tax code to promote growth and job creation which includes closing wasteful loopholes and simplifying the tax code for everybody. I have been talk about this for a while. Only congress can fully close the loopholes that wealthy individuals and powerful corporations all too often take advantage of, and often at the expension of the middleclass famili families. If they are getting out of paying their fair share of taxes that means that the rest of us have to shoulder that burden. And i have put forward plans repeatedly to do exactly that. Close loopholes, make shure tha everybody is paying their fair share which would not only give people greater confidence in the system, but it would be good for the economy. It would make shure that familis and Small Businesses who dont have fancy lawyers and accountants are being treated the same as big corporations who do. And i think it is fair to say that congress will not act on the big tax reform plan before the election. That the would shut down some of the loopholes, but what my administration has been doing is to look for steps that we can take on our own to make the tax system fairer. In recent months we have seen just how big a problem corruption and tax e evasion have become around the globe. We saw what happened with the release of the Panama Papers and we have seen the degree to which both Legal Practices of tax avoid answ avoidance that are bad for the economy, and ilLegal Practices that involve nefarious activities continue to exist and spread. So combatting this kind of tax evasion, and strengthening the Global Financial system are priorities of mine since i took office and part of the broader goals of the office to make sure that the rules are not rigged and the economy is working for everybody. Here at home, we have made the tax code fairer and asked the wealthy americans to start paying their fair shareer and last month the Treasury Department took advantage of a tax loophole that allowed them to shift abroad to avoid paying taxes in america, and taxes that they rightfully owe. We have taken steps to make sure that the tax laws are enforced including leading efforts to the crack down on the offshore evasion, and as result, thousands of individuals have come forward to disclose off shore accounts and pay the taxes that they owe with the interest and penalties. Today, we are building on the efforts. And im believing that you have heard from treasury, but i want to amplify what they have told you in detail. Number one w we are requiring the banks and other Financial Institutions to know, verify and report who the real people are behind the shell corporations that set up accounts at those