This may be a one off. The big question what it will do to the fed. Could weak retail sales cause a different approach to raising Interest Rates. Maybe the market likes it. It is tightrope the fed is walking and market is walking. Well talk all about it as we watch triple digit gains with our allstar panel next. Former george w. Bush advisor, karl rove, he is here to discuss new developments coming out of white house on infrastructure and immigration reform. That is next. I want to look back at the markets. Quite a turnaround from earlier in the session. I think people were pretty speakinged with that Consumer Price index number came in a little hotter than it would. Nicole. Hit nail on the head this morning when the Consumer Price index number comes in showing inflation, came in higher than we thought. Biggest onemonth jump. When people saw Rising Interest Rates they got a little spooked. Futures were down over 300 points at one point. You knew they would pick them up. They are buying up the dips. Everybody expects volatility. That is 182 points. That maybes it fourth day in a row of gains, taking a look at dow winners. Nike, Goldman Sachs, cisco systems, jpmorgan. Majority of stocks in the green. You27 names in the green. The rest are red today. You can see ibm, another winner there. Financials and tech are helping to lead the way. We see Rising Interest Rates. Financials on Rising Interest Rates. That is waiting for financials. That is sort of the play. See bank of america and citigroup and Goldman Sachs up 2 . A quick peek at the tech stocks. Also doing very well, apple, microsoft, ibm. With up arrows. They expect volatility to continue. Trish. Trish lots of volatility. You know it is good in some ways. It gives people opportunities to get in. Thanks, nicole. Keep checking in. With more kaltbaum capital management, gary kaltbaum. Janney Montgomery Scott chief strategist, mark luschini. Gary were you surprised with the cpi number this morning . No. Ive seeing inflation tick up. Moderate amount of inflation is not bad, but a lot of inflation is bad. Im not sure were there back. As far as markets i have thought a low was put on friday this is looking like the low. Youre getting strong action in financials, commodity, and growth high beta names are just rolling in here. So i dont think revisiting those lows anytime soon, im not sure we get to highs anytime soons but maybe we back and fill this is good action and quite surprising if you ask me. Trish unless you get more reads on inflation that suggest this wasnt a oneoff thing or wasnt or isnt as tempered as people hope, mark. Then, were looking at a whole new ball game. It is interesting, trish, because the fact of the matter it was most widelyanticipated cpi reading that i can recall. Werhere we got the number that market feared most. Came in higher than expected. It corroborated the number from the bls report. We showed wage gains surprisingly strong. I thought the Market Action severe premarket was probably the right one. It wasnt what the market wanted to see. Rally on weakerthanexpected retail sales and decline in the dollar. Not only boosting equity prices but putting a huge floor under commodities as well. I think there is a suspicion perhaps putting two together brings out Federal Reserve likely continued on intended pace but not have to be more aggressive which the market expects. Trish market is relieved, retail numbers that the consumer is not as strong as fed would like to see and we need to be aggressive by the ford. Gary, that onein if youre making 2. 9 more money, we saw Wage Inflation in the last jobs report, bonuses as a result of tax reform, companies are giving more money or raising wages wouldnt that theoretically correspond to increase in retail sales . Im pretty sure its a oneoff. The trend has been pretty darn good on the retail front. Watch retail stocks. They have been strong also. But i do have to add on the central bank front, the bank of england basically came out and said theyre not tightening. Europe, theyre not tightening and japan said, they will add to the easing going forward. If that doesnt backstop markets i dont know what does. I think were still in bigtime easy money. Were here at 1. 25 on fed fund which is still a joke. Easy money has been the formula for markets since 09. All this talk about tightening, i dont think so. Trish january cpi, half a percent growth. People were looking for. 3 of a percent. Gosh, there would have been a time, mark, that i would have welcomed any kind of percent growth. But half a percent is nothing to knees at. How do you think about inflation as we move forward here . Trish, it is interesting you say that. It only looks like one month. If you take the threemonth trailing moving average, it is 2. 9 . So that is a little bit more aggressive than i think even the fed would like to see necessarily. So well have to watch it, if this develops a i along a more certain pattern of wage increases. The bond market is watching it. We have the 10year hitting a fouryear high. Can we show you the yield on 10year right now . Gosh, were getting close to 3 . That said, i do want to point out, i mean, hey, if someone said can i borrow money for 10 years from you, gary, and you said, sure, 3 , youre going to really let them borrow for 10 years at 3 . Even though everybody is freaking out because these yields are moving higher, i would still point out they are historically low. It is pretty pessimistic to think you will lend someone, in this case the u. S. Government for 10 years, all you will get a 3 whoop tee do return. So on comparison basis, it is higher but historically its nothing. It is a drop in the bucket. Come visit me at 4 , when i think there could be real trouble. Look, for me it is not the news. It is always how the market reacts to the news. Markets acting real strong here in spite of some of the stuff we think is not so great. I think, im just hoping we back and fill a little bit here, and then getgoing higher. Im liking what i have seen the last few days and lets hope it continues. Remind everyone a little inflation is necessary. You know why . Encourages people to do things today instead of waiting until next month or six months from now or year from now. If you think something going on sale, why get it now . If you think you can borrow cheaper next month, why take out a loan right now . Inflation is a important part of our economic health. We just dont want too much of it. Gary, mark. Thanks, good to see you guys. Turning to politics, President Trump pushing ahead with his next legislative agenda, infrastructure. He held a bipartisan meeting where he urged lawmakers to Work Together to fix our crumbling infrastructure system. For the latest we have blake burman at the white house. Reporter a lot of key players on the hill at white house, seven republicans, five democratses both from the house and senate, both the white house feels will be the eventual decisionmakers that will have influence up on capitol hill. The president thinks ultimately they will come up with a solution on infrastructure. He touted how his plan trying to put the onus on state and local governments. For them to choose the projects they want, the most important projects because they know best, the need their people. So we want the states to be very much involved in the choice of where this money goes. Reporter now the numbers are important here because the plan puts 200 billion in federal money, essentially hard money right into infrastructure needs and what theyre trying to do here is to incentivize about 1. 5 trillion more. Essentially leverage that one of the ways theyre trying to incentivize is through Public Private partnerships. The white house though conceding that at least in the case of roads, that could lead to more tolls. In many cases you have seen some of the projects across the midwest where there is actual revenue from say toll roads and other projects that come in. We think there is actually a significant opportunity and private investment will come alongside. Reporter trish, that is not flying with democrats. Chuck schumer calling this trump toll plan. They want to see 200 billion of that hard money, although the Administration Says eventually it will branch out into the trillion dollar plus range. In all of this, they can not use the measure of reconciliation, 51 votes in the senate. They need 60. It will need democratic support. Why you saw at white house, democrats, nearly half and half sitting at the table alongside with the president. Trish as they should. They should welcome infrastructure. For many as you point out, it is not enough. Nancy pelosi is calling it puny. Feels like crumbs. Reporter democrats want to see this as high as a trillion dollars in hard money but it is not going that high. Trish blake burman, thank you so much. Joining me fox news contributor, former deputy chief of staff to president george w. Bush mr. Karl rove. Karl, really, is this puny . I was talking to John Garamendi just yesterday from california, democrat. He would like to see 2 trillion. Yeah. Trish i did remind him that 200 million in seed money, if you get private companies involved, that can then turn into 1 1 2. And thats, that is a big deal i mean thats, thats real money. I think you have to divide this into three parts. The idea that the federal government is going to step up to say to states and local communities, if you want to undertake a project, we will give you 15 cents out of every dollar you want to spend on it is not going to generate a lot of activity because a lot of states dont have the 85 or the 85cent match that that would require. Theyre hardpressed as it is. Trish yeah. On the other hand if you did this in the Public Private partnerships, you would be in a place where you could get a lot of activity. In fact some Public Private partnerships require no federal dollars. One of the biggest things that could happen here was, the president supported this last year, turn the air Traffic Control system in the United States, take it away from the federal government, by it to a quasiprivate corporation in essence funded by airlines, funded by airports. Has all the people who have a, an interest in this, sitting around the table. Get the government out of it. This is how most other major industrialized countries handle air Traffic Control. It would cause immediate savings, i am people i cant think improvement, big economic growth. Big advantages to the transportation industry. We get from point a to point b cheaper and faster t doesnt require the federal government to put up a lot of money. It requires the federal government to get out of the way. Trish that is the fundamental difference between pelosis view of things, schumers view of things and the conservative, fiscally conservative view on things. Right. Trish you want more private industry. Yeah. Look, the state and local governments and the federal government and the private sector will benefit from the third part of the infrastructure plan which is, get rid of unnecessary regulations that cause these projects to be tied up in endlessly in litigation and endlessly delayed for years and years and years. So i think it is unlikely theyre going to get much if anything at all on the federal, local government, State Government cooperation. They will get on some of the Public Private partnership. The big impact is regulatory relief it gives people involved in these projects. Trish let me ask you about the topic de jure. I dont want to spend too much time on it, but frankly i think its a big distraction right now. The whole rob porter thing thing and timing were hearing christopher wray, different than what the white house told us, is this going to be costly to the administration in any view . I think it already has cost him some credibility but there is a deeper issue here which is, who is in charge of making these decisions . In january, 25th, 2017, rob porters wife first wife, talked with the fbi and told them about the incident in italy. By march they had a preliminary report. I assumed they talked to the second wife by then the by july they had their final report, gave it to the white house. That report obviously had to contain information about both incidents, with both wives, maybe even the third woman who is not his wife. The question, who did this go in the white hat to and why did the issues languish as long as it did. Trish someone was protecting him . Well, look, somebody needs to have, somebody needs to be held to account because somebody should have looked at that, said this person will never get a clearance. He is one of the most sensitive jobs of the white house. We may like him personally but things in his background could put him at risk. He may be blackmailed over these things. He has no business here. We need to move on. By july of last year, there were at least enough serious questions the white house went back to the fbi, asked them to look into additional things. They were told by the fbi conclusively in november what it was. Ive seen leaks from the fbi protecting themselves they said, by june we had told them it was unlikely he could ever justify getting a clearance. And yet it languishes to this year and gives the administration, i hate to say it a black eye. These were terrible instances. Im shocked by them. This is a man who on the hill had an impeccable reputation for his efficiency and his leadership. It is a great family. His father served in the administrations of several republican president s, highly respected professor at Harvard Business but this was shocking. Something happened over a period of months to allow him to continue to work at the white house. Trish they need to get management, chain of command in line over there. Perhaps someone, someones head will roll as a result of that misstep. Very quickly before i let you go, will we get anywhere on immigration, karl . I hope so. There is piece in the wall street journal i commend it to you. It is insightful, wellwritten, tight. Trish is it yours . I strongly recommend it to you. I make the case for why contrary to conventional wisdom there is a path that is, that is popular with the American People. It requires balance but also requires some adult leadership in congress with both sides stepping back and saying in order to solve this issue we, each side needs to do something that is popular with the American People but is not popular among some of our, some of our base or among some of our supporters but it is a popular, broadlypopular among the American People. I write about it tomorrow in the wall street journal. Trish i love reading your columns, karl. We love talking to you. Come back soon. Thank you, trish. Trish after nineyear bull market is it time for a year or two of a bearish market . I dont think so. I really dont but somebody here does and he is one of our favorite guys, veteran market watcher Dennis Gartman. He is going to explain whether or not you should be selling into this market as were up 200 points. Next. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. 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Were climbing because everybody says, i dont care about inflation. That reading came in hotter than expected. Maybe the weak retail Sales Numbers that the economy is not as hot as people think and of course the fed will have to stay active. I dont know i like that scenario very much because i would like to get off the fed sugar high. Editor and publisher of the gartman letter, Dennis Gartman who is getting increasingly worried. In an email this morning i told you, dennis, i am worried about inflation. I did not like what i saw this morning. Your thoughts . And you shouldnt. I mean we are seeing inflationary pressures begin to show up around the board. Were seeing grain prices turning higher. Were seeing meat prices turning higher. Cotton prices are turning higher. Look at gold it is up demonstrably more than the stock market, opening up sharply which shows you at times markets can remain illogical. Look what is going on in the bond market. The bond market is saying great 35year bull market in bond ended 16, 17 months ago. Bear market is trending in bonds. Not quickly but over a period of time. But there are clearly inflationary concerns abounding. Your concerns i think was wellplaced. Trish i was a little surprised it came in higher than expected. I expected a little inflation. You have to see this over the course of months to get a real picture here, dennis. Yeah. Trish i do think it is appropriate to have inflation in our economy. We should have inflation. We havent had enough. That is in some ways we have deflationary environment is much harder to fight. That is kind of a decentsized read for january. And, while we want wages to grow, we dont want the price of everything to go up, right . Well your explanation about 15 minutes ago i thought was very appropoe. In an inflationary environment the propensity of people to speed up their purchases of things is increased. In deflationary environment the propensity of people to defer purchases are increased. What we have is propensity on the part of purchasers, perhaps well see increase in housing. Were going to see increase, i think retail sales number was a bit disturbing on the downside, likely to be erased next month. Inflation, give me 1 1 2, give me 2 1 2 inflation i can live with that the problem that i see, once inflation gets started it tend to creep its way to four and 5 over protracted period of time. Therein lies the problem. That is what the bond market is worried about. That is what gold is worried about today. The stock market is celebrating the fact well have 2 inflation. That has been the feds target. Trish talking to an investor last night, who made logical argument for need of 5 on the 10year. Are you tying up 10 years worth of capital . Who would do that in their right mind, tie up ten years worth of capital allows sy 2, 3 . At a lousy 2 or 3 . We should be back to the 10year, that is whole lot more normal but effect the coulding significant, dennis. As i said last time i was on your show. Ive been in a bond market a long time. I remember coupon of 14 on the long bond and eights of 86 sold at discount. Thinking we get back to the 10year at 4 is very simple circumstance. It may take a year or so to get there but well get there. Can we get to 5 on the 10year . Yes, of course. By historical standards as you just said even those are not still exorbitant rates of interest and reasonably historically precedented. Trish i know youre bearish, explain that to me. If youre saying it is normal, within the historical norm to be looking at four or 5 on a 10year. That is actually healthy in the scheme of things f youre growing at fast enough clip, dennis, then shouldnt that mean the equity market is okay . I will argue, and say what ends up happening at the ends of longterm economic periods of growth which what weve had, we will continue to grow, lets not kid ourselves, this is a very strong economy. But what is happening with the monetary authorities reducing the supply of reserves, they had been the great creator of food for the equity markets around the world they are going to stop or have already begun the process of stopping the injection of reserves in the system and will roll off debt. What happens . At the end of economic upturns, money has to come out of someplace to fund plant, equipment and labor. It comes out of the capital markets. I do think the highs we saw in the stock market month 1 2 ago are highs for long period of time in the future. The fact we had a nice rebound, were up from worst levels. Dow, s p, nasdaq are still down five and 6 from their highs. The fact that were seeing strength in the markets with weakness in the amount of volume is disturbing. So im slightly bearish. Not demonstrably so. But bearish of equities. Dennis gartman, thank you. Good to see you as always. Always good to see you, trish. Trish growing concernss everyone among republican fiscal conservatives about the partys big spending plan and its budgets. One prominent member of the Freedom Caucus saying quote, the swamp won, the american taxpayer lost. Arizona republican andy biggs is joining me on that, and the battle over immigration. Hes next. Trish want to point out were off the highs of the session. We were up better than 200 points. Were up still in the green. 24,784 is the level, with the majority of dow 30 stocks within the green. With all this talk of spending, budget, no real need to balance the budget so it seems, we want to know what happened to that party of fiscal conservatives, remember them . Deficit hawks are up in arms after the president released his 4 trilliondollar budget plan this week. Days after Congress Passed a 400 billiondollar spending plan and 1 1 2 trillion dollars in tax cuts. The swamp won and the american taxpayer lost. Heres the frustrating thing. We were so poised to win. Three weeks ago we sent a bill to the senate. Chuck schumer should down the government, didnt pay our troops. He said amnesty was more important. Our leadership said, no, no, do what washington always does. Lets spend more on everything, grow government. Give in the democrats, instead of fighting, stand firm to do what the people elected us to do. Trish joining me republican congressman andy biggs of arizona. Congressman, is jim jordan right . Yeah i think he is right and the people that i talk to over the weekend after that bill passed, theyre incensed. Theyre outraged. Im outraged. Quite frankly there is a reason to be outraged. There is no way we should have lost this battle. To think were, were ballooning this deficit this, structural deficit for the year. Were ballooning our national debt. It is a unsustainable. It all could be avoided and should have been avoided in this most recent round. Trish why wasnt it . You know, no one knows that yet. The senate is going to claim they had the 60 vote rule and they couldnt get 60 votes. My position would be to change the rule to get 51 votes, pass something fiscally responsible for the American People. Dont keep digging the hole. We reached the bottom. Time to stop digging and start filling it in. Trish it is interesting, you think about the Tea Party Movement based on this idea that we needed more fiscal responsibility in washington and we completely lacked it. But then you look at the success of donald trump. He had some wonderful economic policies that he has put into place with less regulation, tax reform, not perfect. You know, i have kind of made my peace with that as the viewer well knows. Not perfect but helpful. And yet, you know is someone who hasnt ever really worried about debt. He made a career using debt to his advantage. Maybe he is not as interested. And so, is it causing some republicans to kind of rethink their traditional view of debt as bad . Well it certainly not the, in the echo chamber that i work with here, not with my constituents, we want that debt to go away. We want the deficit to go away. You cant, you cant be at 110 of gdp debt ratio and hope for longterm economic viability. Another 10 points well become greece. Trish let me ask you this. Are you willing to make those hard choices, okay, we cant do tax reform right now because we cant afford isnt. Well i think, look i think that tax reform has given us some great growth in the economy which will give us longterm tax benefits. It is spending problem. We had record revenue each of the last four months but only one of those months did we actually cover our spending. The rest of the time we dug the hole another 80, 100 billion. Im okay with the tax cuts, but if you cut the taxes for petes sake, cut the spending. Our problem is spending. Were profligate. Trish i remember getting into this argument with obamas chief of economic advisors. He saw this, if gdp was growing, the economy was growing, you needed spending to go just as much, if it doesnt grow just as much, even if it was growing it was a cutback in spending. I think almost, look, we ought to be willing to cut back in spending. We dont need to index for inflation, our spending, just because the economy is growing. Doesnt mean we need to spend that much more. Like a family, right. If youre fortunate to make money one year, do you completely change your spending habits and live to the max . No, you try to rein that spending in. That takes a lot of will. We have longrange things as families we care about. It may be college, it may be retirement. If we get more money in the year were not out there buying, spending instead of going to mcdonalds, going to a highend restaurant. We dont do that. We budget according to longrange plans. Here we dont seem to have longrange plans. So i mean trish two year and sixyear plan. It is get elected, get elected, get elected. I dont buy into that two, four, 68, who do we appreciate type of thing. We need to be cutting spending. I am supply side guy. I believe reducing taxes will stimulate the economy and well get revenue. The other sides keep increasing spending theyre keynesian at heart. They believe if you spend more in the economy that will build it up. I dont buy into that i have never seen it work. Trish i dont buy it either. It doesnt need to be political in my view. Jfk cut taxes. This doesnt have to be a partisan issue. But you need to give as much money to the people and let them spend it accordingly as opposed to putting more and more into the hands of government. Im all for that. I hope you guys are able to do work on this congressman. Well keep pushing. Well keep pushing. Trish thank you so much, congressman andy biggs. Treasury secretary Steve Mnuchin grilled on capitol hill today. Steve mnuchin perhaps i mean. Have him confused with gary cohn Steve Mnuchin was on capitol hill on topic ive been pretty passionate about. You know this this is how i was referencing i wasnt thrilled with everything in the tax plan. Because theres one little loophole in there that makes it so that, well, you steve cohen and his buddies, you know, these private Equity Investors, can get away with paying a whole lot less than you or me in taxes, percentagewise. Why is that . How did Steve Mnuchin respond . Well have that for you next. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. 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Trish Domestic Violence story with rob porter really captivated the medias attention over last eight days. One of the concerns that the president hadnt come out hard against Domestic Violence. He was a good worker. I, you know insist that he says he is innocent. So he really didnt seem to like the idea that he was getting tarred and feathered by the media. Nonetheless we have learned fbi in fact interviewed one of the exwives who said she had been abused by him and, apparently a girlfriend and another exwife as well. So it is not adding up to very good situation for rob porter. As you just heard, karl rove was saying this should have been better managed. Someone in the white house was trying to protect him. Someone should have told kelly should have told the president. Here is the president on issue. Thank you all very much. Thank you. [shouting questions] thank you, were leaving. Domestic violence and everybody hearse knows that. I am totally opposed to Domestic Violence of any kind. Anyone knows that, it almost wouldnt have to be said. Now you hear it but you all know it. Thank you all very much. Appreciate it. Thank you very much. Thank you. Trish so very good, im totally opposed to Domestic Violence of any kind that should be pretty violence. Everyone is opposed to Domestic Violence of any kind. He might have been better served to come out said something a little more emphatic. This is in fact the platform he has, to address the issue, an issue that is amazingly a problem in this country. I mean the idea that any man would ever hurt a woman in a physical way is so beyond my comprehension. Maybe this was an opportunity for him to say, anybody who would do this is the most despicable kind of man but he at least made the statement. He is totally opposed to it. Here with reaction deirdre bolton. I dont know. I think that people are looking for a little bit more from him. This is an easy layup, right . He can say, he has daughters. He has wonderful wife. I mean this is not the kind of behavior that any real man would ever accept for tolerate. From a strategic sense, i am glad he made the comment. He was facing a lot of criticism as the president , as leader of the country, a leader of the free world. Criticism from the republicans. There is angst ahead of midterms where there is some concern about some pollsters, maybe particularly white women voters in the suburbs are losing a little bit of their enthusiasm, particularly around this issue. People to your point wanted to hear from him in a stronger way. They wanted to hear from him in a stronger way earlier than today but im glad that he just made that comment now. So hopefully, this is something we can move past. Then focus on what people care care about which is a lot less emotional, economy, money, some issues, when voters do go to the polls for the midterms they will be asking themselves am i in a better situation. Trish in fact this whole thing has been one big gigantic sideshow that has taken away from real issues at hand. But you know, nonetheless, it is important for very important issue. Trish it is that he said something, its a platform, right . Get out there and people said he should have been tweeting about it. Obviously he is not shy about using twitter. He could have come out stronger earlier. But it is out. Trish it is out. Lets move on. I dont know that most of the Mainstream Media can move on. Perhaps they want to keep painting him in a certain light. Were it be as racist or sexist. No one want as sexist or racist in the white house. Perhaps that is all they have got to run on because the economy is doing as well as it is. Im so glad i have you here today. Because i want to talk about something, i am disappointed in, still, i make the point the treasury secretary could actually fix it, i would like him to. There is a little loophole in the tax reform plan that basically allowed the wealthiest of wealthy to get away with paying less tax on their income than anybody else. Yep. Trish percentagewise. 23. 8 , as opposed to 37 is, category most of those people youre referring would be at. This is all about this carried interest loophole. The idea is, if youre running a hedge fund, if youre running a venture firm, you know the argument has always been, you are putting your own capital on the line. Trish but theyre not. Theyre not. This is the problem, deirdre, theyre not. If i go to you i say here is 100 bucks, would you invest it for me. You say sure, i will put 100 of mine in too. Then that 100 that you invested with my fund, fine, you can take that out as investment rate of taxes. But if you took my 100 and invested it, that is your job. That is what youre supposed to do. You should be paying income tax. The trick is, lovely state of delaware, Corporate America favorite state, a lot of these fund were setting up individual sort of fund instead of one group fund. Essentially getting these tax breaks. This is what the treasury secretary spoke about. Trish we have him. Go to that. This is why were by the way doing this story because it is now coming up. Im glad to say on capitol hill. Where Steven Mnuchin was grilled. I would like to grill him about this today. Here we go. Irs and tax policy intends to send out within the next two weeks guidance that we do believe that taxpayers will not be able to get that loophole by going through subchapter ss. That is something we believe we have the authority to do under the existing code that left certain discretion to me as secretary and the irs. Trish this is a big deal. I mean this is a big deal, everyone. Because the president campaigned on on the inequity in the tax system. This wasnt fair, his buddies on wall street that hedge funds are getting away with murder he said on the campaign trail. Trish im surprised it was never addressed by congress. No one bothered to bring this up. We ran the numbers. Theyre all getting payouts from the private Equity Investors and first. So theyre not incentivized to a lot of these they were taking advantage of a certain amount of ambiguity in the language. To get the carried Interest Rate which is 23. 8 , you have to hold your assets for three years. So it seems like some of these firms were essentially holding the assets for one year. So that is the specific loophole that the treasury secretary was talking about. So if you are just trading, that is not good enough you to your point trish doesnt fly for me. Im not exciting then. The truth is every private Equity Investor holds their investment long term. Were talking about five years as shortterm investment. It is 10 years. It is 15 years. It doesnt apply to them at all. Okay he is going after hedge funds but the private Equity Industry continue to get away with the loophole. They continue to get away with the loophole. What is proof i went through bookings and registration in december for delaware, they were up 19 . Point one month alone. I was talking to a few people who have tried to take advantage, they said it is not so much that were trying to game the system. That all our competitors are. If we dont, we look like fools. Trish yeah, yeah. I will trish well, im sorry it is just wrong. Deirdre bolton, thank you. Mr. Treasury secretary, i think you have got some more work to do because you can still close the loophole and you should. Well head down to the floor of the New York Stock Exchange where we have a big, big rally going on. Up nearly 200. Stay with me. Were back right after this. In the eastern United States supported by innovative packaging that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Neil we have stocks up trish we have stocks up 200 points. Off the highs of the session. Read on cpi we got, this is perhaps most watched Consumer Price index report in years. I can never remember being so excited about this thing. The big question, will we get any inflation. Sure enough, we did. And we dont really like that but, that said, you need a little inflation in the economy. So, how is it that investors are shrugging it all off right now . Joining me tim anderson, tjm investments from the floor of the nyse. Tim, good to see you. Nice to see. Were marching up to the highs. Investors dont care about inflation suddenly . I think theyre selling that one on in preopening after the cpi came out at 8 30 into the first 30 or 45 minutes of the day was really misguided. The investors have been clamoring for inflation for three to four years and we finally get a little inflation. We beat core cpi by a whopping. 1 of a percent, and a lot of people that sold headline rather than reality of the event just, were not really paying attention. You know, were still, reality still, if the economy can grow faster than rate of inflation, well be fine. It just means economic growth. Trish yes, im with you. What about january retail sales . Is that a oneoff . That was a little more concerning. Not just the january number but the december number which came in earlier last month at 12. 4. Got revised to plus one. All the talk about retailers heard Holiday Season strongest in last 10 or 12 years. Trish i have to leave it there, im sorry, tim. The computer will cut us off. I have a hard break. Thank you, tim anderson. More next. hi im joan lunden. Todays Senior Living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. And theres never been an easier way to get great advice. A place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. A place for mom. You know your family we know Senior Living. Together well make the right choice. Trish all right, just a reminder, im joining my friend sandra and harris on the outnumbered couch tomorrow on fox news channel. Make sure you tune in at noontime eastern on fox news. In the meantime, you know the conversation doesnt end here. I love to hear from you. Follow me on twitter i have an underscore in there. You can tell i didnt know what i was doing when i set up that account. But its mine and let me know what you thought of todays show. The good, the bad, the ugly. Happy valentines day. Over to liz. Liz did somebody steal your twitter handle, oh, because trish regan was taken . Trish yes, by the dolphin lady in hawaii. Liz seriously . Trish she swims with dolphins. Liz dont mess with the red heads. The two of us. The White House Press conference just shifted the start of Sarah SandersDaily Press Briefing for a third time in nearly as many hours. Was to have started at 3 00 p. M. Eastern but got word its suddenly been moved again to 4 00 p. M. Eastern. One hour from now, this, as a third white house staffer has just resigned. Were working the phones and