President jim bullard said the fed could begin winding down its massive Balance Sheet later this year. He suggests the shift makes it nez to raise fund rates but bullard told reporters it differs on the topic. Janet yellen is speaking at the university of michigan this afternoon. Wednesday, look for import prices, thursday brings jobless claims and march cpi. Markets as i just told andrew closed on good friday. So there is no work. Is that why you didnt know . I said to you how great a morning it is on squawk box. I did realize that there might not be a squawk box on friday morning. Ill give you the benefit of the doubt because easter is early this year. Its like so, i wasnt thinking. I mean, im not going to be here as of wednesday. Right. You already planned your so, i knew that was coming because there was packing involved and things like that. But im glad that that set you off in a good mood. As you know, positivity is my new mantra. Three steps forward and two steps back last week. He came in was it wednesday, was your first positive day and you were good. Monday, tuesday, wednesday then a little blip on thursday. Monday was horrible. Beaten down. Then, tuesday you came in positive. Do you have a log of this . Do you keep track on a spreadsheet. You surely should. Im in large part responsibility for sure. For him to stay positive. But for a lot of people with tds, its hard to beat positive on a given day. Youre trying to make the belt of it on a bad situation. You does successfully, but you did have setbacks. Occasionally. Im going to move on. Even though the markets are closed on friday theres Economic Data, march retail, cpi and consumer sentiment. Earnings season gets under way on wednesday. With citi and wells fargo before the opening bell. And the merger of two of the largest truck companies, wall street journal reporting the deal will be announced society, swift which will own 50 of the company. And this would be the largest deal in the trucking business since xpo bought conway for 3 billion in 2015. Its good to be its glad that youre in that process, were going to talk about google. Whats that atomic clock as we get closer to oblivion, we definitely moved a couple notches in the last couple of weeks . If were all dead, were all dead. It doesnt matter. You dont have to worry about your investments, either, right . If this was just a flash. The general mood is a little disconcerting right now. I dont know who is going to back down, theyre not going to back down. Hopefully, people are talking behind the scenes. And then were moving the navy i know that little clock is so, are you planning your plans for the summer, are you saying, you know what, im going to wait and see what happens. Were redoing the basement and the pool house. Yeah. Okay. Radiation bunker. Building a bunker. With food that lasts forever. Stocks with Google Offering at least 880 million to help lg boost output of its oled screens. For flexible supply of flexible oled screens. And tesla is denying a report it plans to open a factory in china. The report initially in the local newspaper in guangdong province. Tesla said its committed but the plans to open a factory is not true. And mondelez is reportedly looking for a successor to ceo irene rosenfeld. Its board recently discussed candidates. The shareholder pressure and stakeho stakeholder ackman have earned mondelez to be acquired by someone and it wont even have to have that name anymore. I dont know what it means. Its like made up. I think when the name was first announced before saying theres a term in russian thats almost like prostitute. You there go. Its a horrible name. Did they give up on that see that Company Become part of something else. Moving on, regulators investigati investigating barclays ceo. Cashing barclays has republic from mansded him. The Justice Neil Gorsuch will be sworn in today. Kayla tausche joins us with more. Good morning, andrew. Judge gorsuch will become Justice Gorsuch as hes sworn in as the 101st justice to the supreme court. Its a win for the white house which now has two weeks to regroup with congress. With infighting and potentially organize personality. Its widely reported that Deputy National security adviser k. T. Mcfarland is going to be reassigned as ambassador. Elsewhere, Foreign Policy will come into focus with secretary of state Rex Tillerson meeting g7 leaders before russias foreign minister wednesday as the u. S. Steps up criticism of russia over syria. On meet the press, u. N. Ambassador nikki haley went even further to reiterate her push for regime exchange. In no way do we look at peace happening in that area with iranian influence. And no way do we see peace in that area with russia covering up for assad. In no way do we see peace in that area with assad agency the head of the syrian government. And we have to make sure that were pushing that process. Meanwhile, north korea has said the syria air strikes justify its Nuclear Program just days as president xi and President Trump agreed on denuclearizing the region. A spokesman for the foreign minister staying this, quote, our tremendous military muscle with a Nuclear Force as its pivot serves as a treasured sword of justice capable of fooling the u. S. Shamsless hiel highhanded and arbitrary practices. Some small concessions might be on the table over specific access to Financial Investments in china. And beef exports between the countries but as commercial secretary wilbur ross said over the weekend, words are easy. Actually acting on them is a bit harder. We want to thank you kayla. Thank you for that report. What do you know about what came up over the weekend, back to the tax plan, given the comments on friday and the idea of pairing it with an infrastructure plan . Did you hear any more on that . Well, thats been an idea, and drew, thats been bandied about for quite some time. Its just a question of how much you can raise and what the structure of the Program Actually is. I think until you actually get details about how big they want the program to be, you could see a little bit more. Infrastructure is something where i keep hearing you might see a few largescale bigticket projects that are pursued first. So the administration can show its committed to infrastructure, rather than this wholesale 1 trillion program that comes out in the near term. Well see, infrastructure being paired with the repatriation tax is something that discussed for a while. Republicans, whether or not they can find common ground, well see. Kayla, youve probably seen or heard murmurs, the hardcore, bannonist types if we get bogged down in the middle east which is the last thing that those guys want, any type of intervention there, that lessens, i dont know, the political will, or the momentum for the legislative stuff. Here we are bogged down in the middle east again. I was reading that in those circles i dont know. You can walk and chew gum at the same time, its not theoretically like invading a country like iraq. But who knows. It is the first time that the u. S. Has actually attacked syria which is why i think people are rightly taking this very seriously. But secretary of state Rex Tillerson has said over and over again, he reiterated this weekend that the u. S. Policy and strategy in the middle east hasnt changed just by nature of this single series of air strikes that happened thursday night. But well see whether they pursue anything greater. What congress does, if they come back early to potentially debate additional funding for this. Thats really the wildcard here. Weve got to go, but the palace intrigue, you think about how many different factions, its kind of interesting, then youve got the kids. Priebus is out. Priebus is in. Gary coons is going to go in as chief of staff. Bannen is on a short lease. Hes not on a short lease. A gun fight. Theres a lot going on, isnt there . Well, it was reported that Reince Priebus wanted to be the adult in the room. He convened the meeting on friday with Jared Kushner and steve ban tnon to try and settl differences for them. Saying, look, were all in this for the same cause. Theres this idea that you cant criticize family. You cant criticize the children. And they actually have some of the most power and the most trust within the white house. So, it seems that some of the advisers might be taking out some of their frustrations on other members of the west wing that they might have otherwise been able to direct at Jared Kushner or ivanka. What about blood blood is thicker than water. I was thinking about that. I dont know id want to go up against ivanka and jared. Anyway, thank you, kayla. Keep your ear to the wall. You should be reporting some of this. You love watercooler gossip. I love watercooler gossip. You know, i only know what they tell me. It may be a holidayshorted week, but also the first week of earning season. Lou breed, strategist. And lindsey stiefel, chief economist. Jobs slowing down, were averaging 160,000 or something, what do you do at 4. 5 , where do you find people . In a note it says youve been waiting for the rally to end since 2009. Its like i feel bad for you. I mean, where are you right now . Do you think its finally going to happen . No, i mean, i was being actually facetious, march 10th, 2009 comment. Just all along, theres been a lot of good reasons during the last seven years when the rally could have ended it seemed. And there were some sometimes where we felt 17 . 20 . The fed was there each of those times. And now, the fed is not going to be there. And if there is some trouble, i dont know that the market ends but 5 , 10 , Something Like that that happens. Markets trade. And i dont think that theres anything right now on the horizon that suggests were going to have any sort of a flip of the market. Were just 1. 5 from the alltime high. But as you said earlier, theres some pretty dark news out there. And at any moment, something that weve taken, at least set aside, and not really paid attention to as far as the market goes. Like relations with china or russia. Or, you know, disturbances of trade. Those things could have an effect on the market. And if the fed is not going to be there, which they have been throughout this rally, then it could get interesting but i dont see anything right now. I wonder if it would be a geopolitical thing or legislative disappointment, i wonder if its anything . Sometimes, you find out after the market correct what is it was looking . Thats right. You know, how much has been priced in in the outlook for trump to get things done, when, you know, a couple months ago there was the expectation that some of these big plans would already be entrained. And were not sure how much of that was priced in. I think you can see some of that in the tenyear note. We got up to 260, since the fed made a move, we fell back to the yield pretty significantly. Getting lower under 230. Technically, it could be a very interesting story. The news cycle is insane right now. I mean, it was a week ago. And it was nehes recused himse and find out what happened before the election. And were not talking about that part of russia at all anymore. Now, were a totally different like putin bizarre. How does this play in with the economy . Does uncertainty with ceos and other leaders does it cause them to nauot act, i think weve mad that point in the past . Well, i think the increase in uncertainty is certainly going to undo some of the optimism that has been carrying the market for quite some time. Under this idea that the Trump Administration is going to usher in all of these progrowth initiatives really, the reality has not changed the gdp is shaping up to 1 . March employment report on friday, very disappointing, down from january and february. Were talking about the weakest monthly gain in terms of job creations since may. We also talked about the slowdown and theres really not a bright spot that has this optimism in the market. Now this geopolitical you certainty, this geopolitical risk maybe shaping it up differently, despite the fact that the Economic Data all along has suggested a very moderate and tempered conditions in the u. S. Second quarter, will we double First Quarter gdp in the Second Quarter or more . I think thats very optimistic. I think right now, what you see is a declining trend, still positive in many of the key sectors. Its really that secretary derivative, that loss of momentum. As we go into the Second Quarter, should we see more progrowth policies come into fruition, absolutely, we could see an acceleration in activity. But right now, there isnt any blueprint put forward to suggest yes, we are going to see a change in the tax code. Yes, we are going to see a significant rollback in regulation. Right now, its political promises. And without actual reality driving some of these decisions in tellers of new orders, in tellers of hiring, in terms of new construction, its going to be difficult to see anything above a 2 Growth Profile in the Second Quarter. All right. Thanks, lindsay. Well check back. Now, to sports, in a thrilling finish yesterday at the masters 18 holes were not enough to decide things between Sergio Garcia and justin rose so it went to sudden death playoff. Rose midhssed his putt for par after he had to chip out from the woods. Sergio had two putts to win. He needed one. Curled it in. The 37yearold won his first major title in 18 years on the pro tour. Garcia is just the third spaniard in history to win at the masters. He had be in more major its and not closed the deal than just about anyone. Hes only 37, hes always had so much talent. Maybe one of the greatest riter cup competitor. One of the greatest in europe. He drove us crazy if youre in the u. S. My view on this, andrew, is that things happen sometimes in sports that are almost transc d transcendal. There are things that can happen. Seve would have been s60 if he hadnt died that the early age of brain cancer. There are pictures of el nino as a kid with seve. Everything that happens on 13, sergio hit it in the trees. He had to take an incredible you know it looked like he was out of it at that point. Then he birdied 14 and eagled 15. Just watching it happen, you could almost feel it. Augusta for some reason, this tournament sort of brings out things like this. Every year, there are theres history and memories made at augusta that last a lifetime. This is like the spiritual side of joe kernin here this morning on a monday morning, right . Like an angel watching over him . This is all sort of we seem like were headed for heaven. I feel like im headed the other way. One other question, a fashion question, which is the green jacket, how many sizes do they have . It always seems to fit them quite perfectly . Im sure they have every size. Do you think its good enough and maybe they do it looked like it fit perfectly. Shoulders were perfect. It was cut perfectly, it was as if they spent time at the tailor in advance . It transcends human existence. Did you realize, melissa is here, shes wearing green . I was thinking gaufg ing aug. Green, man in the boat overboard. Coming up President Trump is running the white house like a family business. Thats not necessarily a bad thing. He complains after texplains af. Its been over 100 years since the first stock index was created, as a benchmark for average. Yet a lot of people still build portfolios with strategies that just track the benchmarks. But investing isnt about achieving average. Its about achieving goals. And invesco believes doing that today requires the art and expertise of highconviction investing. Translation . Why invest in average . Hey ron theyre finally taking down that schwab billboard. Oh, not so fast, carl. Oh no. Schwab, again . Index investing for that low . Thats three times less than fidelity. And four times less than vanguard. Whats next, no minimums . No minimums. Schwab has lowered the cost of investing again. Introducing the lowest cost index funds in the industry with no minimums. I bet theyre calling about the schwab news. Schwab. A modern approach to wealth management. Welcome back to squawk box this morning. Critics have complained about President Trumps Family Members being tapped as Top White House advisers, the next guest wrote in political magazine, here to talk about it jeffrey signs at the yale school of management. Jeffrey, we have not seen you in quite some time. Youre like mr. Governance, you normally hate nepotism. You hate Family Members being involved in all of this stuff. You talk about the conflicts of interest constantly. Here you are in politico saying not so fast. Trust is whats political. Family enterprises are not necessarily awful things. Wee seen lots of wellrun businesses with family stakes in them. Ford motor company, a Strong Family stake. Campbells assume. Weve seen Family Members oh, but ive heard you talk about dual stock structures that you hate because they belong to families . I dont have a problem with bclass stock. Its a great strength. Thats one of the strengths in chinese enterprise, often longer term investments, and that reminds us why panera, just as we saw at the end of the week, by selling themselves to longer term patient even though theyre spacing the market, still i think theres advantage to having family behind you. In this case, were not talking about a private enterprise with public trust. Weve seen this completely unjustified moral outrage against a supposed youngster and inscenesed Family MemberJared Kushner stepping in. We have a long history of seeing these personspecial assistants pr broad portfolio. You know, kissinger had parallel kinds of things. All of the stuff he took on was a special assistant not as a formal title, Henry Hopkins who was a special assistant to fdr did everything