Interesting. We saw a lot of volatility after thoses 00 p. M. 2 00 p. M. Minutes. And youll rose. In the equity, really a push and pull with equity and banks. You had the bank index at one point up the most since march. This started way before the minutes even came out. You saw the yield curve deepening slightly today, so if you have higher yields, basically better interest margins, and that helps banks, and within the s p, you had goldman and jpmorgan adding Something Like 36 points to the dow, so really helping to offset losses,es, and the guys, came from retail. It was truly an ugly day, target and the retail etf dragging lower. Target down the most since 2008. It is like a repeat of last week. Joe ok, ethical look at what happened in the Government Bond market. Putting june on the table as a possibility for a rate hike, increases in rates across the board, the twyear yield up, the 10year yield up, and lets talk about the spread between those two security levels, because we have been seeing a lot of flattening. There is a lot of declines. That has been the big story, and today we saw a reversal of that. Intraday, a bit of deepening, so we saw steepening before the minutes. Then we saw a little bit of flattening after the minutes and then further steepening, so the threat has been towards the flattening, towards the this is part of the reason the bank stocks were rallying, the banks like those higher rates, higher interest margins, and that is that reversal from what we have been seeing recently. And one thing investors may not like is the move north. The dollar overall was stronger against all of the major currencies except for the pound. Here is versus the yen, the dollar climbing as much as 110. 23, and analysts are tripping over themselves. Some are seeing parity by yearend. All about gold, down about 22. Gold has run up over the course of this year, but nonetheless, this goes to show that if you think youre going to have a rate increase, you are going to want to sell gold. Scarlet we also have breaking news of tesla. Two are going to have billion dollars of Public Offerings so selling public shares for its model rampup. Tesla to so shares to raise the money to accelerate the rampup of its model 3. Elon musk will boost the shareholdings, offering about 1. 4 billion of stock. Elon musk is exercising his options to buy about five and a half million shares of tesla. You can see tesla shares falling 223 and . 20. Lets bring in our guests, our chief economist, and our stockmarket reporter for bloomberg news. News. Bloomberg sound like june is a possibility to go with a really big if, if all of the data cooperates, and then in the very next sentence, there is a range as to when the data will fall in line, and then they went further to say there is further significant doubts as to whether there is enough information to even declare to sound the all clear. Joe yes. Headline was dramatic. This is a job ever but not really pounding the table for june. Joe but be shifted expectations , a sense that we will hike rates in june if the data supports hiking rates in june. Can you see why the markets took it as a hawkish surprise . See whysolutely, i can they took it that way, but maybe it was a bit overdone. There was a Communications Agenda from the fed. They are not happy with the dovish view that was really in the market prior to the fed speak in the minutes, so there is now a coordinated pr campaign, if you will, to get back to a view more consistent with the feds central line of thinking. We have got breaking news. Raising a forecast in so far as they are looking for a . 2 billion in revenue when the consensus among analysts was for eight point one 3 billion, so raising at least the lower end of its forecast. Now, in terms of its First Quarter, the court that just ended, adjuster earningspershare of . 24, meeting the consensus estimate, a big increase from last year at the same time of . 16. There was an increase in revenue from the same time a year ago, so at least a 25 increase there. Analysts were looking for just under 1. 9 billion in First Quarter revenues, so again, salesforce coming in with a heat beat here. This, just ampare modest drop from the same time a and we are looking at adjusted earnings per share for cisco higher than what cisco itself had forecast back on february 10. The average analyst estimate was . 55, and this is an increase from one year ago. When it comes to gross margins, 65. 2 , and analysts were looking for the 3 , so it looks like a top line, and salesforce again coming in with a better than expected outlook or the second quarter. To point out, both stocks are really popping, cisco up almost percent, same thing for salesforce, so a big day for big tech names and Cloud Computing and that respect. All right, we see there the afterhours chart with cisco up about 5 . So moving back to sort of the fed and what the take is there, had not beend they happy with the market being so dovish. The market overreacted, but doesnt the market need to overreact to get to where the fed wants it to be . Carl the fed had to sort of shake them by the lapels. It does not guarantee how the detail will evolve. Joe i want to bring you in,. Liver with the expectations about the fed. As you can see on the bottom chart, this is based on the euro dollar futures as you can see, both leaders see positive correlations, meaning expectations about when the fed will raise rates have been positively correlated with the markets rally, and when it is down, a push back on their estimates. We have seen these negative correlations come with the Market Selling off. Are are the people you talking to saying about the fact that the market seems to happen caught by surprise, selling off the last couple of days . Today is basic black, but not liking these hawkish tone that are coming out. Oliver meaning a possible rate hike has risk on an risk off, and a think it comes back to the point that carl brought up, which is that the fed clearly has a different mindset than the atket, where when you look the fed funds futures, looking at the probability, it has been so low, like 12 . Now it is up to 24 . 4 . yes, a few days ago. It has gotten so narrow, and the expectations of dovish nest by the fed, you have these big reactions on days like today, where if there is any kind of surprised the dovish nest is just so great baked in that any kind of a surprise, youre going to have the sectors that selloff and drive the market down, like utilities and staples, that are not only rate sensitive to begin with, but with the ship the value this year are so overpriced relative to history that it is not surprising to see those rate down a little bit. Whenps to they sayo june, they areint not necessarily saying we are going in, june, but they want the market to be, lets say, in the 40 to 70 range in terms of probability of a move. Everyone is looking ahead to when janet yellen speaks next, and she has got a couple of speaking engagements may 27 and june 6. Do we expect her to be more clear about telegraphing a rate increase . Think at those in general, but i think instead, we need to see confirmation from the data, not just the fed speak. Only get one jobs report and one retail report ahead of the june meeting. June is simply too soon. It is not enough. Instead, they will air on the side of caution and wait until the july meeting. July, due too soon, or. , and it is getting close to the election, and they do not want to go towards what happened in 1992, where greenspan was brought in about the election. Joe one of the things we saw, the bank stocks rallying. Remember standout i the psychological, by the banks, it really works out that way, but now it looks like there is a steepening yield curve and the interest being rekindled. Our people getting excited, saying this is the time it is actually going to work out . Oliver financials were up, utilities were down, and even though these sort of riskpositive trends and correlations have dropped off a little bit in recent months in terms of the correlation with oil in terms of correlation with the dollar, that has weakened a little bit, but you still have these strong sort of Interest Rate correlations that very much exist in the market. We look at the relationship between the two, and that is why. The not to mention a, value and banks, a lot of these banks trading below their book value, which is sort of a matter of time before it clicks over, and what you are saying, the valley trade is kicking up. That is a oliver insight. All of the winners that have done well last year, nobody was in those, and then you shifted companies,lue type and you look at stuff like staple stocks, it is pretty much historically unheard of, and you expect that kind of volatility to emerge. Maybe the sectors will be the most volatile going forward. Us, thank you for joining Carl Riccadonna and oliver renick. Scarlet coming up, the fed moving in june . Alix and late trading, tesla reporting 2 billion in offerings will accelerate the musks rampup, and elon taking advantage. And the cisco ceo will be on bloomberg tv tomorrow. Do not miss it. All right, we had some breaking news about tesla selling some 2 billion worth of shares to accelerate the rampup of their model 3, and we want to information from cory johnson, our editor at large. Get a lot of people think they would not need to tap into the markets to fund this ramp up here . Was thought they were not going to, and then they change their minds that they were going to. The conference call. This is a big equity deal and a big dilution for current holders. They have ambitious plans about building this model 3, but they do not have the capacity to build it. They do not have the batteries or the ability to build that many batteries, so this is a costly venture, and of course, tesla is losing money on every car they make, so this is a problem. You are hoping they can somehow make a 35,000 car that is profitable when their 100,000 car is not. It will take a while to get into that direction. Joe cory, we are seeing a bit of a selloff. The ball having to come back into the equity market to raise more money for their ventures . Looked like the preferred way of doing it was and the be equity number, that was what i was kind of expecting when i was figuring out what it would cost, but who knows with this company . There is a lot of speculation with what is realized out there, Something Like 10 deposits for the model 3, hoping it would be able to be sold at a profit when the car is shipped, so there are a lot of different analyst estimates about how many orders will be canceled, what is the true demand, and they are looking at the model x, and they are saying that half of those orders got canceled, and investors want their money back. Tesla has to figure all of that up, pulled a factory to manage that production, and try to sell that car, so it is a great struggle, and this will give them the cash to do it. Scarlet cory johnson, thank you, reporting from mountain view, california. Right, whatd you miss . 22 things like weaker longterm expectations, but here is what the data tells us. Pce and others. Us now. Joins martin, you have seen signs of inflation gathering speed, but the fed just does not buy it. Why not . You alluded to earlier, the Inflation Expectations are sufficiently lower than their longterm target, at least marketbased expectations, where you have fiveyear,oomberg and we think it is substantially below what would be the fed target equivalent. Joe do you think the fed is willing to let inflation run hot, theoretically . We are kind of aways from there, but that there is a believe that that is something the fed would be willing to do, and if so, how far would they let it run . Martin i think that is a really, really interesting because when you look at the sensitivity of Global Financial markets and the Global Conditions to the u. S. Real Interest Rates, when you look at the real Interest Rate, you look at the nominal and the inflation, and when you look at the back half of 2015, with u. S. Headline inflation collapsing and the fed actually tightening rates in december, you had a severe typing of Global Financial conditions, as he was real Interest Rates went from 1. 5 to plus 50, so as we look orards the next tightening at least the next phase of tightening, i do think that will be dependent upon the level of Interest Rates, at least from a real respective with the u. S. Economy, so that would imply that headline inflation would have to get somewhere nearer to target levels or perhaps even higher to keep u. S. Real Interest Rate sufficiently negative to allow the fed to nudge rates higher. So when you look at todays minutes, todays fed minutes, what about when they will do this . Theres a possibility of something in the summer, but will they actually do so . Martin that is, again, another good question. What recent medication from the fed has tried to do is push back against the Market Pricing that you and some of the guests for i came on talked about, that we are pricing in very little chance of tightening not only by the end of 2016 but in 2017, so the fed wants to maintain option audi to hike, and we have seen maintain optionality to hike, and we have seen this in the past. This is relative to where expectations were to the dollars performance in 2016. I think there is a meaningful chance that inflation ends 2016 with a little bit more gusto than we had shown at the end of 2015, the beginning of 2016 so far. You mentioned a level not being where the fed wants to see it. What would be good . 2 . 3 . Martin the fed inflation target is based off of pci, and others are based off of cpi, so i would expect them to want to see that fiveyear metrics somewhere near two and a half, so at least they have some notion that the markets giving them some sense of credibility of reaching their goestion target, and this to what i alluded to. Joe so what is the data to watch . What should we Pay Attention to between now and that june meeting or the july meeting that will really tip the scales one way or another . Martin we get one more employment report before june. We do not get inflation data until after the fomc meeting in so i think not having that information at that point in time is something they would ideally like to have, so that probably tips my hand more towards july than june, and when you look at the fed meeting in june, we have the vote on the horizon, which was actually mentioned in the minutes today as a potential little risky that to keep in mind, so my bias is right now they want to maintain their option audi optionality. We have got bill dudley speaking tomorrow morning. You and your guest before mentioned yellen speaking later in the month and in early june, so i think they just want to maintain the optionality, but july, in my perspective, is more likely. Scarlet thank you, martin, blackrock. Rty, from next, a trend you cannot miss. Next. Joe i am joe weisenthal. Whatd you miss . Repeating problems. Lets look at this chart. Death row. 500 there you go back to 2000, the s p, and what people are paying attention to is that purple line, the 50week moving average has crossed below the 100week moving average exactly twice since then, one time in 2001, one time in 2008, and we know what happened after both of those times, calamity in the market, so people who are fans of these kinds of size indicators topping out, there could be trouble ahead. Alix from the peak to the. Rough joe there is always a cross in there somewhere, like a golden cross or something. If you look for it, you will find it. That is a different type of death cross. Looking at the 200day moving average. Here,me inside bloomberg and this is the relative strength of the s p 500 by sector, and what you see is a move away from these bond proxies, which is consumer staples, utilities, and to some extent, the telecoms, as well, because of their fat dividend yields, super juicy in this era of low Interest Rates. Boards gaining momentum meeting . The leading quadrant right here, you have Energy Stocks and material stocks. Industrial seen to have rolled over and are now moving into the weakening phase. Of course, if the dollar continues to strengthen, you might see more rush on prices and then on these sectors. Alix one person was saying he would have bet on the cyclicals and would have done well this year. The rotation. All right, coming up on whatd you miss . The u. K. Donald washingtonn, trump arrived with a meeting for henry kissinger. Trumps has looked to sharpen his foreignpolicy knowledge. It follows last week s meetings with Republican Leaders in washington, including House Speaker paul ryan. Worried more about their own finances than the nations own economy. 45 describe the economy as good, according to a new poll. 2 3rds say their households are faring well. It suggests many people worry about risks beyond their control. From the stock market to another economic downturn. A series of airstrikes in a rebel held syrian town killed at least 12 people, including 10 children in the Northern City of aleppo. Activists and rescue workers seychelles and workers continue to fall on a main highway workers say shells continue to follow the main highway, cutting them off from the outside world for a Third Straight day. Chinas top official from hong kong calls for the citys independence. Official to ranking visit hong kong in 4 years. He told Business Leaders that rocking the boat wont do any good. He said separatism will harm the economy and peoples livelihoods. Global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. I am mark crumptom, back to you. Scarlet a recap of todays market action. No change in the s p and doubt. A lot of drama at 2 p. M. When the fed minutes came out. You had banks rallying that offset declines in consumer shares, particularly retailers because of disappointing results. Underneath,violent but looks placid on the surface. Increasing longterm rates you saw utilities getting slammed. That sector down 2 . Of course, rates in general and the dollar after those feds minutes that perceived to put june on the table. Alix janet yellen will be speaking in late may and early june. We are also taking a look at factors in afterhours trading. Tesla motors falling in extended trading. Its going to sell 1. 4 billion in shares to fund its expansion of its production of the model 3. It will boost annual production to 500,000 vehicles in 2017. There was a lot of speculation. Tesla says it will spend 1. 4 billion. Alix cisco and salesforce. Salesforce estimate, their large corporate customers are spending a lot of money. Announcing 2 billion in sales for this quarter. In terms of cisco, obsessed also forecasting avenue to july. ending in they are trying to change what they offer in their company. They are looking for softwarebased networking, management products. They have made a lot of acquisitions to do that. The revenue side was helped by these acquisitions, which helped offset demand. It seems to be transitioning well for both of them. Scaret we mentioned how retailers are having a tough go. Not so much urban outfitters. It be analyst estimates. It beat analyst estimates. For that brand, comparable sales rose 2 . A lot of people are apparently going shopping. Alix 800 for a tank top. Not really, but scarlet they are selling pizza while you shop . That is part of the experience. Geopolitical risk holds back global gross. Global growth. The case was made on this mornings bloomberg surveillance. The imf has only downgraded their expectations for global growth. I would expect further moves in that direction over the course of the year. Its not that i am pessimistic. But there are too many serious political headwinds, too many countries, too many issues that can drop of things that could go wrong. 12 of which are going to hit. Whether it is about the next shoe to drop across the middle east, whether its aired one in turkey. Erdowan in turkey. There is a lot of chun geopolitically. Churn geopolitically. It is unclear whether Monetary Policy has worked. If it is not working, then abandon it. That would put more pressure on politicians. Or whether we need to press on, to give these guys more time. I think that fiscal policy is something well see a lot more of. Unless youre going to invest more seriously along the longterm in all sorts of infrastructure, including education, youre not going to fix the current populism that makes people concerned that the countries having at the wrong direction. Europe has the same sort of problem. In brazil, that is where i am optimistic in the nearterm. Precisely because there are political reasons before the 2018 election that everyone will join up and say, we have to get our house in order. And that is pain that needs to be taken. You are not seeing a lot of leadership around the world that is willing to actually deal with local populations and power through and give them what the country actually needs over the longterm. Only in asia are you seeing this kind of thing. That goes back to the fact that the kind of politicians that are popular at the moment are those that are inward looking. We look at donald trump, the conserves of the concerns of they want to elect a those that might not conform to the fiscal spending and the like. Look at Angela Merkel. She is now starting to spend much more on pensions for those that would otherwise be supporters of the alternatives for storage land. For deutsche land. As much as she realized that she has been the voice for austerity , that her own political fortunes require her to take a shorter term perspective in the way that she governs. If Angela Merkel cant do it in europe, who possibly can . For time magazine, we have a condition for the person of the year. We argued that we should give it to merkel. In 2016 you will see that play out. Alix the emergingmarket currencies tend to be very vulnerable to a lot of headlines, to a lot of risk aversion. The pound is trading like in emerging market currency. This is my deep dive chart from yesterday. A 50 date correlation between sterling and emergingmarket currencies. While its not in lockstep, we are pretty much at the highest since the financial crisis. Interesting that the link is as strong as it has been since then. Alix we have a first word analyst saying look, sterling never traded like the yen and euro. The liquidity is not there. You can get a lot of moves when you have these people coming in and out. We need to view the vote as a upcoming black swan event . This would have a major impact. We know there is a high likelihood its going to happen. People have spent an immense amount of money on accountants, lawyers, and the rest to get them ready for how they will react. Corporations are definitely prepared. Swan. Akes it not a black but the unwind of europe has been happening in front of our eyes for several years. The inward lookingness, its a must a coin flip whether they stay in or out. The fact that the europeans need them stay they need a british ownership is nowhere part of the conversation in the u. K. The brits have already abdicated so much of what had made britain great. I think that is ultimately what the brits stand for. That is predetermined. In 5 seconds, who has most to lose . The u. K. Or the eu . Date eu has the most to lose, because they will suffer. If they vote to leave, Boris Johnson and others in favor of breaks it will say we need another vote. We need it on the basis of a new engagement on the europeans. It will be kicked into the hands of europe, will we allow them or not . The uncertainty will be immense and immediate. Alix very passionate eurasia groups on bloomberg surveillance. Up, the fiveng powerful forces driving any quality today. Driving inequality today. That is next. Scarlet it is time for a look at the biggest business stories in the news right now. Cisco sees skills and earnings beating the current quarter, thanks to avenue from acquisitions that is easing tepid demand. Is chairs are climbing in afterhours trading. Cisco is shifting its offerings towards softwarebased networking, security and, management product. Alix sales and sheer force are extending in trading. Thanks to strong spending from large corporate customers for its productivity software. Salesforce is benefiting from the crowd. The cloud. Isrlet Southwest Airlines raising its dividends and buying back more shares. The ceo says the board approved a 33 increase in dividends to . 10 per quarter and a 2 billion buyback plan. Delta and united have made similar announcements in recent months. That is the Bloomberg Business flash. Alix whatd you miss . The most important chart in the world. What this chart shows is that around the world, that is been a huge surge in wealth in the past 20 year for people in all Different Levels of income, except for those in the 7080 percentile. Int is the middle class developed economies. Those in the 50th and 100 titles saw their wealth increase almost 90 . Professor. A visiting you figured out the data for that chart. I was collecting the data for that 15 years. As you said, essentially you chinese andains in indonesian countries. Significanty growth. Joe what are the ramifications of this situation . So many people have seen wealth growth, except the developed world and middleclass. That those in the rich world are squeezed between the resurgent asia, those that can work for much less, and their own national top 1 . You can also see what will happen in the future, even if the same situation continues for another 1020 years. How will it play out politically . Ou come up with 5 forces that are driving inequality. I would say that the link between wealth and political process is the most important. Actual capital income and labor incomes are in the hands of the same people. It is difficult to deal with that politically. These people are not really a meritocratic part of the wealth. Joe you talk about the middle class, in europe and the u. S. , we see this resurgence of populism. Do you think there is a connection . People feeling frustrated and angry . Do you see this collapse of the traditional power structure . I do believe that is the case. There are actually two forces. One is populism, the other is plutocracy. The plutocracy is a counterpart to populism. You can see it quite well in europe. The recent president ial elections in austria. Both middle parties, the mainstream parties were wiped out. We will see in france in the second round of the elections. We see it in the u. S. And in sweden. It is a general phenomenon. Alix another force that the professor sees is those with high paying jobs have significant income from their investment. So they hold both, right . They tended to benefit from a perception that they deserve it because they have high degrees. Joe are there any historical examples where you have this delete and this elite and their wealth continue to snowball . What does history tell us about how these things wind up . That is a good question. What is new in the case is that we have this combination of labor and capital income. If you look historically, you can go to the roman empire, the originalvolution, the accumulation of capital you have generally those that either have land or were clergy. They were significantly different from the others. What is unique now is that meritocratic late, you have people that work 810 hours a day. They make significant money from work, but they are also investors. In some sense it is better. You dont have those that just have land and are rich. This makes it more difficult to deal politically. Alix we have talked about this before. Gdpensation as part of continues to climb. Been taking up a little bit. Is this part of a secular shift, or is this noise that might be cyclical . You can see Wage Compensation as a share of gdp. Is this a meaningful shift . It is difficult to tell. There has been a relatively mediumterm decline, which also came as a surprise. 1015 years ago we believed the shares were more likely to be fixed. The Capital Shares went up. Where is this uptick now . I doubt. I think we are on a downward trend for wages. Joe so we should not get too excited. Alix thank you very much. Thanks so very much. Alix coming up, walmart was the biggest lagger in the dow industrial, the lowest since january. We will dig into the number ahead of its earning results tomorrow. Scarlet whatd you miss . Walmart might be in trouble, because its annual revenue shrank since the first time in 4 5years. Its expected to decline as retail traffic flows across the u. S. First, you have walmart stock. Yes, it made a comeback in 2016, but over a fiveyear period, walmart is trailing the s p 500 and the retail etf. It comes down to the slowdown in revenue growth. Analysts project sales to stay flat before recovering and gaining about 3 next year. All of that is dragging walmarts bottom line number. Net income falling 13 this calendar year due to spending on its web operations, labor costs, and a strong u. S. Dollar. Overseas markets make up one quarter of its 1 trillion and avenue. In avenue. It has been struggling outside the u. S. It might shave 12 billion off 2016 sales. Food deflation is another issue. It makes up half of its revenue. Walmart is extending more grocery locations to make up half of its sales. Walmart is openings lowers smaller stores. A smaller version of its supercenters, averaging 42,000 square feet. These are outpacing the chain wide average. Walmart will release its earnings before thursdays u. S. Opening bell. Alix joining us now for more on walmart is a bloomberg columnist. Walmart has been hit after the retailers like target. Does walmart offer the same disappointed . I think yes, probably. Quarter after quarter, they are sales are going down. For the First Time Ever they are earning less money than a did the year before. They will say that is about currency. But currency has been a problem up and down for the past 45 years, and they managed to do ok. It is still a problem for them. Joe how much of an issue is labor cost . They announced they are going to raise their base pay. Generally wages are on the rise. What is happening to the walmart writeins . Walmart margins . Shelly it reduced their profits, in a big way. They are the uses the hugest u. S. Employer the onto the government. The thing with walmart is this they are such a big missing big machine that they can iser raise sales or raise profits, but they cannot do the same at the same time. They want to shift the boat a little bit. Scarlet these are all well known issues. This kind of masks some of the movement. At one point, walmart shares were gaining at least as 14 year to date. Shelly amazon stock went down and walmart stock went up at the beginning of the year. That hasnt happened in quite a while. That was at the beginning of the year. People were saying, im going to put all my money and shift some from walmart. Amazon was a big story last year. We will see how that goes. Now we are seeing to see that calm down. More and more investors were leaving that stock. This such a now pivotal turning point for these big bucks guys . Shell saidy shelly the same thing that happens in retail. You are seeing walmarts ecommerce sales slowing down. If that is slowing, than what is their growth driver . Joe i was just about to ask about ecommerce. Why is there no momentum . They seem to have no competitive advantage there. Shelly that is what is so fascinating. They keep putting money into it. It has grown to 10 last quarter. But it was going 20 before. It is becoming less of a percentage of their revenue. What is wrong with this picture . They are putting more investment in it, but their sales are not going. Alix the same thing with target. They grew in terms of ecommerce, but not as much as they did before. Shelly i think this is a lot of an amazon story. And its all the other retailers that have figured out ecommerce as well. They are all fighting for that same part of the pie. Amazon in all the other retailers. It is difficult for them. Alix shelly, great stuff. Thanks so much. Scarlet check out the afterhours trade of american eagle. They are surging after topping firstquarter estimates. Coming up, we will tell you what you need to know to gear up for tomorrows trading day. Scarlet whatd you miss . You have australia unemployment at 9 30 p. M. Eastern the labor markets setting off mixed signals. The Unemployment Rate has been falling, but most has been parttime workers, not fulltime. Alix im checking out u. K. Retail sales at 4 30. What is the impact of Consumer Spending . Everybody is worrying about it. We want to see the hard data. Joe i will look at initial jobless claims, as i do every thursday. Last week there was a fairly big spike. People wondering if that was a fluke. It was concentrated in new york. We will see if that was just noise. Alix that is all for whatd you miss . Joe have a great evening. I am donny deutsch. Mark and im mark halperin. With all respect to what donald trump is, lets respect what he is not. She is not hitler. He is not a democrat. He is not a member of the political class. He is not a republican. Hes not a conservative. I am not a politician. I am not a debater. I am not a masochist. I am not passive battle. No i am not a bully. I am not a shriek or. I am not thinskinned. I am not hateful. I am not an angry person. By him not an obama person