I might have met one yesterday, patrick harker. The new philly fed president. Has a business background, academic background. Went to the university of delaware. Interesting guy. Has a Civil Engineering degree and a master in economics. He was trying to be a homer. I know. I got it. I was ignoring it. Thats your first meeting with this guy . Yeah, it was. Hes not as hawkish as charlie plosser. Much more down the middle. Love charlie. Hes on board with a few rate hikes, but not in a hurry to do more. Three more or three total . Three total. Two more. We had kashkari on yesterday. I know. I saw that. You did . I read the transcripts later. You did . Yeah. Some people with that viewpoint like the interview, my viewpoint. You heard, if you read you know what i was saying to him, i think hes crazy. Right. Because youre close enough to the statistical Inflation Numbers to where if youre at all forward thinking at all, now is the time. He just kept trying to defend that position. I thought what maybe was interesting is how people look at the participation rate, its everything to all people, to people that think the labor market is tight. Its the reason its down is because of i mentioned you. Did you see your name in there . I did not. I thought you said you read the transcript. I read his answers, joe. I said you thought the demo was older people retiring. I said half of the retirees. Okay. Some of them are there are people and Research Shows they are coming back. Ill tell you off camera who i heard from and they said they loved it. The way you questioned him. Yes. And that he was left in shambles. You dont always get that in a transcript. Right. Exactly. You needed to actually watch it. You should be dvring the show. Probably on the acela. No excuse. Lets check the u. S. Equity futures. You will see right now it looks like things are indicated higher. Dow futures indicated up by 37 points. S p 500 up by 5. Nasdaq up by 14. Can i interrupt . This tells me that the markets just dont care about what happened yesterday. I have a different take. Okay. Yesterday markets did get weak. You could see during comey . I dont know if it was during him. I think if the markets believed there was some right now were back to where theres smoke, there must be a fire. Right. Theres smoke. We know clapper and morrell both said it goes back to july, as recently as a month ago, they were saying they didnt have anything. I think the market is saying that comey is eventually going to come out he has to eventually. If theres nothing, he has to come out with a hillarytype exoneration, and hopefully not come back two weeks later saying we found Anthony Weiner talking about russia. I think the market is assuming i really do think if the market thought that this presidency was in jeopardy in a serious way, i think the market would go off. Just because its tumultuous but also the tax hikes. The market doesnt trade with a moral bend. Are you implying something is wrong . No, no, no. I dont know that it would be a leading indicator. I dont know the market knows more than we do. I have no idea. You have flynn the market is only trading outcomes. The only outcome i think that matters to the market is whether theres two. One is the potential for an end to this president circumstances the worst possible outcome for the Trump Administration. The second one is whether this weakens his presidency and his ability to get through the policies the market so far the market doesnt seem to think that either is happening. I dont know that the market knows anything more than we do. I think what we see when we look at the market is the way it bets on different outcomes here. It doesnt seem to be incorporating much weakness in the Trump Administration into the outlook from this, even though some editorials i read say this will go on for years. Either that or the ignored story yesterday, how well gorsuch performed. Thats giving strength to the markets to get that ninth fifth on the right side. On the conservative block. Correct side you mean. Right. No, right side. I have to read something. Here are the big stories were watching today. House republicans releasing a package of amendments last night to their healthcare bill. The two key alterations exc accelerating the engxpiration o the affordability care act taxes. President trump saying the goal of the changes is to bring down costs. Well have a great Competitive Bidding protest. Medicine prices will be coming way down, way, way, way down. And thats going to happen fast. Were just adding that to the bill. I said we have to add that to the bill. We were going to do a bill later. Well try to add it to this bill. If we cant, well have it right after. We have some crazy laws in case you havent heard. President trump will meet with lawmakers on capitol hill this morning to push for support of the American Healthcare act. The bill will be voted on on thursday. In washington, Supreme Court nominee neil gorsuch will head back to capitol hill for the second day of his hearing. And secretary of state Rex Tillerson plans to skip a meeting of flat to fnato foreig ministers scheduled for april 5th and 6th going russia later. I heard two different things. Ian bremer said he is doing this to meet the chinese president and doing russia later. I have to get to the bottom of this. This was a reuters story. If you go with nato versus china, go with china now. Thats right. Because of whats happening rush thsia is late. With everything happening with north korea now, you would be crazy not to focus on the chinese meeting and make sure were looking at the most important problem right now. Russias big, but north korea is a much bigger issue now. The only way we can deal with that is go through the chinese. President xi jinping is expected to visit President Trump at his maralago resort that week. And Rex Tillerson is expected to attend that meeting. No confirmation from the state department. Reuters reports that tillerson will visit now e. Momoscow on a. That is what was conflating, that he will visit moscow before china. But i personally would like to see china number one. For more on the political stories, lets get to eamon javers, hes been watching all of this from washington. What do you think . Good morning. First, something to bring you up to speed on thats breaking at the top of this hour. New flight restrictions for aircraft coming into the United States from certain countries. U. S. Intelligence is saying theyre concerned that terrorist groups continue to target aviation, possibly with explosives hidden in electronics. So that means passengers on flights from ten overseas airports will be affected by these new restrictions. They cant carry on Electronic Devices larger than smartphones, that affects things like tablet cameras, laptops, dvd players and the like. A they have to go into the checked baggage. Nine overseas airlines have 96 hours to comply. Jordan, jiptd, tuupt, saudi ara could wait, morocco, qatar and the uae. And we learned a couple of things from fbi director comey, y there is an investigation into the 2016 leelection meddling in it, and any relationship between the Trump Administration and the medd meddlers. And james comb my saey says theo evidence to back up the president s accusation that he was wiretapped by former president Barack Obama Barack obam and then we saw this fascinating moment. You had a hearing going on about an investigation into the president s campaign. And then you had the white house live tweeting that hearing as it was going on. Then the fbi director asked to respond to those tweets in realtime. Heres what they put out from the white house from the official white house account. They said the nsa and february fib Tell Congress that russia did not influence elelectoral process. Congressman jim hines saw that tweet and had the opportunity during the hearing to ask fbi director comey what he thought of that tweet. Its not too far of a logical leap to conclude that the assertion that you have told the congress that there was no influence on the electoral process is not quite right . Right. It wasnt our intention to say that today. We dont have information on that subject. Thats not something that was looked at. So, comey there saying that the white house simply got it wrong in that tweet, and that thats not their intention at all. So, we had this wild meta media moment here. Bottom line is this a story, as you were talking about, that is going to be causing problems for this Trump White House, possibly for months to come. Because once this investigation gets started, its going to have to run its course. As you say, were headed to one of two possible outcomes. One is a full exoneration, in which comey, you would expect, would be forced to come out and say we did a deep dive and found nothing. Or some other legal outcome here that would be significantly adverse for the Trump White House. So, something that will really take a lot of their time and energy in the coming months. Its like a rotest where everybody sees Something Different. Even in your language you said we found out there is a investigation. That implies to me that we assumed there was an investigation and it was confirmed. Had beethere had been a lot reporting that there was an investigation, but they never said yes. But if comey came on and said we are not investigating russia ties to the Trump Campaign, the fbi is not that would have been a huge story. That would have been a huge story. When i heard it, it confirms it. The other thing you said, the investigation has started, we have to see where it leads. It started in july. As far as i can tell. I dont have any sources in the state department leaking things to me. Right. So i have no idea whats there. According to clapper and others, i dont know. Its been going on since july. As of a month ago, if i believe clapper from july to a month ago there was no smoking gun. Right. I dont know. Right. We have to wait and see what they come up with. Even msn, you tell them there is an investigation of ties, its just like, well, youre telling me theres ties. Youre telling me theres ties. If theres an investigation, theres ties. Thats the knee jerk reaction. I watched gloria borjer say this is the most perilous day in the Trump Administration. Its like you dont know anything more than you knew the day before about whether theres any fire to this smoke. Watch any other cable network, you will see hyperventilating among democrats and their enablers and it would be Law Enforcement malpractice for the fbi and u. S. Intelligence not to look at this. One of the outcomes here is we could get a full exoneration, very much the same way we did with Hillary Clinton and the emails. You remember how everybody leapt to a conclusion when the fbi came out and said publicly in a letter to congress we found more emails. Well look at that. Then this incredible moment before the election where everyone thought, wow, there must be something here. Then the fbi had to walk back off the edge of that cliff and say we looked, we didnt find anything remarkable there. This will take longer than that because its a much more complicated story. It involves overseas intelligence, multiple officials within the trump camp. So all of that will take more effort to unravel. Its not something that can be done in a few days. It will be distracting for the Trump White House for a period of time to come. They are so mad at comey because Anthony Weiner. Its nice to see god, they love him again. Comey is hes in the hot seat. Hes unbelievable. Now theyre back they love him again. Hes trapped in a logic box. Hes trapped in a box he created himself. He did. Typically fbi directors say we will never comment on an fbi investigation. He femt lt he had to about hill clinton last year, so he did so he broke that cardinal result that is in the fbi director handbooks. Now we understand that rule why that rule is in the handbook to begin with. Now he has to break it again like he did yesterday. Now the question is will he break it a third time and talk about leaks . Is there an fbi investigation into leaks . He didnt go there yesterday. Republicans pressed him hard. Theyre frustrated by what they see as unprecedented leaking from the federal apapparatus. Comey did not say whether he will be investigating that. He will be forced to break the Cardinal Rule a third time . Once you start doing it, becky, as you say, you have to keep doing it. Hopefully he doesnt exonerate him and then some russian stuff turns up on Anthony Weiners laptop. With that laptop where its been, anything is possibility. Just dont touch that thing. Yeah. Sticky keys. Thanks, eamon. You bet. Lets get back to the broader markets. Joining us now is jack caffrey, equity portfolio manager. Chris retzler from neidum fund. We were kicking it back and forth earlier about when the market starts thinking about the general news. I read the notes from both of you gentlemen. I didnt see the word russia to be found in your notes. At this point thats not on your radar screen . Its on the radar screen, but it is you dont know either. I dont know either. If i had my own counterintelligence operation, maybe i would have a stronger view. I think stocks are trying to anchor themselves back to where we will see earnings develop. Are we continuing to see better Economic Data . That gives us more confidence in the earnings story which gives us more confidence in the valuation story. Chris, the only thing you delved into as far as things is rates and the fed. So the fed and rates are more important than putin and trump. Were certainly watching the rates. Its a positive indicate their things are doing better so they can raise rates. What i did hear yesterday listening to comey was the need for cybersecurity. As an investor im looking for opportunities. I think on a bipartisan basis they will be investing money to protect data. That aside, thats a great area for equities. You see you felt the need, jack, to comment on the transportation sector. Has it been weak . Theres been a breakdown in terms of what youve seen. Dow transports is the older technical indicator out there. Right. If the transports are not doing well, i do have a bigger problem . Response to some thinking about that, i just added that we see more seasonality being injecteded into the transports, when you think about the parcel business being a Fourth Quarter story. I would suggest we should spend less time on the transports, more time on the banks and lending activity. So, what other than that, the transports what do you think investors ought to be paying the most attention to . We had a good jobs number, right . The jobs story has been consistently good. Not so great that the fed is forced to panic. If i think about what i spend my nights worrying about at 2 00 in the morning, we should be paying more attention to, what does the fed look like a year from now . When we think about the potential openings on the fed, what do we wind up seeing in terms of Monetary Policy that comes nine months from now, 12 months from now, 15 months from now . Thats an interesting debate that we are not having because we have other headlines that are sort of capturing our attention. Did you wear green on friday . I did not wear enough green on friday. Did you throw back a couple . I can neither confirm or defly that statement. Deny that statement. Corned beef. I had a lot of corned beef. Did you . Yeah. Oh, boy. Final thoughts not final. You look healthy, but last thoughts for your appearance today . Look, were about to enter earnings season. I think, you know, we need to see earnings come in to support the p levels were at. Vix is low. Volatility is not out there but there is rotation under the surface. Stock pickers market, you have to find areas that have growth. Heres something, the drug stocks did not move yesterday very much. The comments from the president were pretty strong. Im surprised to not see more reaction in the market from them. I think theyve been in the headlines for almost two years so theyre pretty beaten down. Once you get a deal, you can value these drugs and you can then move forward. Coes can begin to plan. It will be great once they clear the air. Take the price cut, thats fine. If you get lower regulation in the fda, and i can get you a drug a year earlier, thats a great opportunity that they should be willing to give up pricing. All right. Talking about st. Patricks day, thats like the last bastion of political that will probably be outlawed fairly soon. You couldnt do that with im trying to think of any other ethnicity. Im irish, part irish, im allowed, but talking about st. Pratt ti patricks day, did you have a couple of cocktails . Youre stereotyping, right . Sure. Steve . Youre afraid to comment. Its your show. Youre okay, jack. Youve expanded the boundaries of television. Theres probably a defense fund i wonder if there are irish people who dont like that. Corned beef. I think correspondent beefne. I think the drinking thing may be stereotypical. Nobody drinks on st. Patricks day in ireland. They dont . Its a religious holiday. Inspecting towers way up high avoiding turbulence in the sky. Personalizing treatments with dna and recommending who should play. A dress that thinks, which crops to grow, tax prep to help keep payments low. You can find me on an oil rig, i answer questions small and big. Hello, my name is watson. Welcome back. A border adjustment tax is a key component of the gops tax reform plan but retailers have come out strongly against it. Ra kate rogers has more on the impact on retailers. Retailers are basing for the impact of border adjustment tax. Manufactu the other 98 of products are manufactured in europe. For our business, that 145 shirt they make from italian fabrics that we sew in poland, that will have an additional 20 tax on it. Some people might say 20 , thats not a huge deal. But whatnot everybody realizes is were paying a huge amount of duties to bring these shirts into the country. He says shipping shirts in from other countries would be too