In march and inflation continued to run somewhat below 2 , that in addition to Consumer Prices decline to go march is new language. Consistent with statutory mandate, the Committee Seeks to foster maximum employment, the Committee View it is slowing and growth during the First Quarter likely to be transitory and continues to expect that with gradual adjustments with policy. Labor moderate conditions will strengthen further and inflation will stay 2 over the median turn. In regards to the lack on unwinding the Balance Sheet, theres been no change. The statement continues that the committee is maintaining existing policy of reinvesting principal payments and mortgageback securities and of rolling over maturing treasury securities at auctions, it anticipates doing so until normalization of the level of federal funds rate is well under way. The committee expects that economic condition wills evolve in a manner that warrant increases in the federal funds rate. This was a unanimous decision. Back to you. Cheryl im looking at treasury prices, treasury yields rising after the fed statement. Thats a little bit not a lot of Market Reaction but certainly the treasury yields is reacting. Adam, i would like you to stay with me. I know youre pouring through the language in the statement which, of course, we care about. I want to bring in our power panel to talk about this. From the Kings College business and finance program brian brendberg, jack mcintire, steve cor at the cortez, we had an unchanged decision, thats what they got. Absolutely, all eyes are focused on union because thats where we are seeing according to fed futures rates, 70 chance Interest Rate but whats interesting with this rate announce mint, decision, is how the market came in a little bit first and foremost and Interest Rates rise a little basis points. I think that can be attributed to the commentary on whats going to happen with the feds Balance Sheet. 4 and a half trillion dollar Balance Sheet. Last time around the market was caught off guard by the fed starting to get organized as it plans to unwind, perhaps more details on how we are going to do that. As of now and mortgages and treasure, they have have been reinvesting assets and now it looks like they are going to let the assets unwind so its going to shrink the unBalance Sheet. That explains why we may have sleen slight bumpup in the treasury shields. Cheryl rose more than 2 right as the decision came out. Adam just told us is that as far as winding down the Balance Sheet right now, no change in that. Many have said that they we wanted to see the fed begin to give us some language that would indicate that they were going to start to sell off the multitrillion dollar Balance Sheet that they are sitting on right now. Right, cheryl. Im one of those people who like more guidance from the fed, more specificity on how they plan to unwind and i dont think its enough by the way to just let things reach maturity and expire and run out the clock because what theyve done over the last decade is something unprecedented in american history. The good news is they are starting the raise rates, we are starting to emerge from the Long National nightmare of slow growth and the fed micro managing the economy. Lately a lot we are talking about corporate earnings, innovation in stocks, we are not focusing on what is the fed going to do next, what are foreign Central Banks going to do next. I believe they are going to hike in june. I hope they do. I want to get back normalization albeit slowly. Cheryl brian, that to me says you have hard data or soft data, the hard data that inflation is slowing and that makes it more a difficult case, absolutely, youre going to raise Interest Rates in june but not if the numbers arent there. The important word in this is transitory, the word transitory came up a number of times and the reason that came up because they are saying saying the blipse we have seen and the fact that that word came up a couple of times is very meaningful. That was a question is the fed going to see this as an ongoing problem. They see it as a bleep. June is definitely on the table here. Cheryl remind our viewers that we have unchanged decision from the fed that policy meeting wrapping up, no press conference from janet yellen, we expect that to get, next meeting june. At the same time they have two more jobs report that is they have to look out, one of them coming this friday and based on adp, that report can be a gamechanger. It looks like right now we have the disconnect, the labor market is certainly a lot stronger than the real underlying economy. I think the fed needs to get clarity, it was sort of q1, a bleep, are we going the get a little better growth. I just think the fed, if i was advising the fed i would say, go slow, we dont see inflation getting out of hand, if you start doing something with the Balance Sheet too early, that will cause upevil in the Financial Markets and we are right back to be a drag in the economy. Market positive. Cheryl we are watching the dow turning positive on this. We are close to 21,000 number, a lot could happen in the last two hours of trading. 20,950. 21,000 could be coming and also, i had to say this adam, i was wondering if they were going to mention anything about Global Growth in the statement, i didnt hear you Say Something about whether it was Central Bank Actions in europe or japan. Was that in the statement . Have you had a chance to look . Adam no, i i have had a chance to look. Even as growth and Economic Activity slowed and then the slight change in language was job gains were solid on average. The last time they said job gains remained solid but then there was a comment too about prices excluding energy and food Consumer Prices declined in march and then, of course, reference to the slow growth of the u. S. Economy in the First Quarter when they said they believed that to be transitory, they actually wrote the Committee Views slow growth during First Quarter as likely to be transitory. Cheryl okay, sure, blah, blah. At one point youre right, adam. At one point your point says blah, blah anyway. Steve, i have to ask you, adam is talking about jobs, that seems to be the key Monetary Policy and labor market are watching, thats the fed, that is their job. You look at the estimates for the april job report we are going to get this on friday, estimate is 185. But in march we got 98. Are we really going to go from 98,000 jobs created in march to 185,000 in the month of april, that seems like a big stretch . Seems like a jump to me as well. I wish i could be optimistic. Im generally optimistic by the way. President trumps policies of sensible deregulation and tax cuts and i do believe we are going to get them this summer will propel growth. Having said that, i do think the job market is slowing and i say that because of the jobs report that you mentioned from last month but also adp today, they released a preview of the jobs numbers. Im more focused on adp the company, payroll and how Human Resources company. That worries me. If adp is not doing well as a company, probably the job market is slowing. I think its temporary but do i think its slowing. Cheryl thats a very interesting take on it. What do you say about what steve just said, though . Brian the number we saw last month was affected by weather, you to remember that adp and bls measure things differently. Bls you have to get paid, for adp all you have to do is be on payroll. They measure two different things. This month, thats going to iron itself out. Do i think the bls number is going to be a lot stronger. Job numbers have been pretty good. Thats one thing thats kept the economy boyant here. Thats important language because that means theyre ready to continue to hike rates. Cheryl jack, we are seeing back and forth right now with the dow, we are negative. Not a huge Market Reaction, but again, the numbers were pretty baked in if youre a market participant, june is a different story. But when you look at what we are seeing with u. S. Market action, does it maybe make you think about adding cash overseas specially when youve got europe and japan, those banks are like, hey, we are fine at 0 percent, we are going to stay right here, not a problem, what do you think . I agree 100 . I would looks overseas for better investment opportunities, in the case of euro you have a weak currency. Ecb is running Monetary Policy, Global Economy is doing fine. Japan is doing fine as well. In the u. S. We have central bank thats tightening, we have the dollar thats still strong and we have a lot of uncertainty over fiscal policy. Im in the camp. I think tax reform is going to be at the earliest 2018, its a messy process. Cheryl really . 86 tax reform reagan announced in 84, it didnt get passed till october 86. These things are messy. You dont have one republican party. Its like herdings calves. Cheryl it seems to me, adam, that in washington where you are, you have been covering congress this week, it looks to me that theres much more motivation in the republican side, excuse me, to move on health care, to move on tax reform, to move on the budget. Adam and they are going to move on the issues. On health care they have to get the votes together. When you talk about tax reform, they are walking, as we are talking right now, house and Ways Committee is writing legislation, they are meeting with members of the administration, steve mnuchin, secretary of treasurys office. We agree on 80 of this and 20 we dont. This is where this is taking place. Cheryl the thing is, lori, we are getting close to summer, we know what markets do in summer, you see a slowdown, theres been all the momentum and all new records for dow and s p, the russell even, lori, does that stall out if we dont see more objection action in dc or maybe in fed meeting in june . The fed, if you really think about our coverage in the last couple of weeks has really taken a back seat. The drivers, catalysts, we have the the disappointing report on gdp and it was shrugged off. Today we see reactionary market where its been down around a little bit because quite frankly investors havent been focused on the fed. They are in the process of digesting the statement. We know its kind of inbetween meeting because we are not hearing from yellen. It was a unanimous decision. We are getting more transparency Going Forward about what the path of rates will be so its just another factor to put in and i have to say, i dont think its going to be a boring slow summer. I think theres a lot more news. We have all the european applications coming. Thatll be a huge factor. Cheryl viva la france. That was great. Thank you very much for that coverage, brian, jack, steve, lori, of course bringing us the decision from the fed. Thank you, guys. We do want to turn it we already turned it to politics, White House PressSecretary Sean Spicer will be speaking any minute now. We do expect him to address a number of topics today including the republican healthcare bill which is showing some new signs of hope today after representative fred upton introduced an amendment that will help people with preexisting conditions. Thats been the big Sticking Point in the gop. Also we expect spicer to answer questions on the spending bill which the house is going to vote on later today as we await though for mr. Spicer, i want to bring in former illinois congressman joe walsh and scott bolden and its great to see you both. And, jim, i have to start with you on this. This preexisting condition fight has really become a Sticking Point for the moderates, but upton seems to be sort of bringing everyone together. I mean, 22 republicans can kill this or they can give it their blessing, where do you think we sit right now, state of play . Joe, im sorry. Im sorry. You know what, i think the pressure to pass something is so great that theyre probably going to do it and theyre probably going to vote on it tomorrow. You had a republican senator, i think, yesterday say, its more important to pass it than whats in it. Thats something pelosi said seven or eight years ago but i think thats where the republicans are at as well. Trump has layed down the law, they have to pass something. Its ashame because i think passing this bill is really going to hurt republicans but i think the political pressure is just too great for these guys. Cheryl scott, do you agree with the political pressure. We expect the democrats to say no but they are loving the infighting that we continue to see among republicans. I think the republicans understand that and i also think that they are under a lot of pressure. They have gotten several phone calls from the president , we understand. They have gotten phone calls from each other as well. This healthcare bill, its been like are rubicss cube, i havent seen the bill. It depends on where the 8 billion is going to come from, on whether what period of time, whether you can get republicans to place nice in the sand box and to pass it. The outreach to the democrats is still lacking and when it gets to the senate or if it gets to the senate, youre right, it doesnt really matter to the house republicans, they are so embarrassed and dysfunctional that just getting something out they can sell it during the midterms, thats really empty politics if you ask me. Cheryl joe, isnt Something Better than nothing at this point considering they have come together in preexisting conditions, it looks like, we think, also you have to talk about tax reform, you have the budget vote today, i mean, theres other things that they have focus on beside health care, joe. This is to answer your question briefly, no, something is not better than nothing. Think about it, this is a bill that will not repeal obamacare and it really doesnt protect preexisting conditions. Its kind of this messy thing right in the middle thats not going to please either side. Cheryl i wish i could tell you know where we sit on preexisting conditions but its mirky. 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Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Cheryl the state of connecticut thought that placing taxes on the rich will give them revenue boost but many wealthy residents are moving away to avoid the tax bill leaving the state with a deficit of 2 billion, our very own jerry willis has been looking into this. State income tax revenue plummeting in connecticut as fall 450 million below expectations and this in a state where legislators have targeted the wealthy for tax dollars. Now, though, the state as you say looking at a 2. 2 billion deficit for fiscal year 2018 up for 1. 7 billion deficit originally forecast and it gets worse, cheryl, the state needs 217 million to close the gap for the rest of the fiscal year and to that end, democratic governor has put on hiring and scrutinizing current spending, how did this all happen in well, at least partly to blame is the states obsession with tapping the pockets of hedge funds. Connecticut is the Third Largest hedge funds. Fund managers left for greener and cheaper pastors in florida. But now governor daniel says maybe the state went too far saying to local news media, quote, the reality that in connecticut we get most of our money from very few people, that can produce very wild swings, even though semicontracts in democrats are backing 19 hedge funds and tax hike on easterners 500,000 and more is in the bill and you guessed it a bill to raise taxes on bed and breakfast. So cheryl, i guess theres no learning curve there. Cheryl the minute you said, florida, of course, theyre all going to florida. Thank you very mu