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Goodness. we don't know if this will be a sraeufrpbt tha variant that smolders and disappears we don't know. we will have to wait and see how much of a threat this variant is. >> thank you. we will be waiting to see what comes out of the meeting today. >> word of this new covid variant has spooked the financial markets. the dow tumbled 700 points overnight. chief business correspondent christine romans is with us now. this is the thing. covid is so tied to the economy, and we're seeing it in the markets. >> reporter: absolutely. there's an old adage, markets hate uncertainty. we don't know if ...

But the consumer spending number were very good. i think this shows the importance of those trump tax cuts actually that we got a couple years ago. i think it served a little bit as a buttress in terms of allowing us to be a little more immune from the global trend, holding it off for a little bit. again, it's coming. it's happening everywhere. paul: the case for the tax reform and the corporate tax cut was more investment. you did see that in the immediate aftermath for about a year but then the trade uncertainty hit and now what this gdp report confirms in my mind are the ebbing dough tall e...

Were very good. i think this shows the importance of those trump tax cuts actually that we got a couple years ago. i think it served a little bit as a buttress in terms of allowing us to be a little more immune from the global trend, holding it off for a little bit. again, it's coming. it's happening everywhere. paul: the case for the tax reform and the corporate tax cut was more investment. you did see that in the immediate aftermath for about a year but then the trade uncertainty hit and now what this gdp report confirms in my mind are the ebbing dough tall evidence we've -- anecdotal eviden...