How is this for a ringing endorsement of the economy . The economy continued to expand across most regions from mid february through the end of march. Demand for manufactured products , we can act weakening activity and the harsh winter weather. Not anything we did not know. Speaking oil prices, investment in oil and gas drilling declined. Laos related to the decline in oil and gas prices recorded this reported in multiple districts. Despite the decline in permits into new investment, overall production in the oil and gas sector remains strong to increasing. A majority of districts report higher retail sales. They cite consumer savings from Lower Energy Prices as helping to boost transactions. This is still a mixed picture. A number of districts including boston, minneapolis, San Francisco recording higher retail sales. Business service firms, some good news. Rising activity. They expect positive nearterm growth in that. As for the labor market the feds question should they raise rates. Labor Market Conditions remain stable or continued to show improvement. There were layoffs in the manufacturing and oil Services Energy sectors. Firms in many districts reported having difficulty finding skilled workers, especially in professional and business services. Modest or moderate wage press ure reported. Mark michael mccain. Michael, thank you so much. Lets check the equity market reaction. Scarlet fu is at the breaking news desk. Scarlet good afternoon. If you come inside the terminal you can see how the s p, dow and nasdaq have been moving before the release of the beige book. One of the more highly anticipated data points of the day. This was the trading action right before the 2 00 p. M. 2 00 p. M. Release of beige book headlines. We are pretty much continuing on this slow downward trend of the last hour or so. Not much change on that front. Were still looking at gains of about half of 1 to three quarters of 1 for the dow, net s p dow s p and nasdaq. The two year yield, 49 basis points. I know mike mckee was telling us about on the one hand come on the other hand this does form a basis for discussion on the policy meeting on april 29. So many people in the market were talking it up as an important data point is a were trying to figure out whether the federal service will be raising rates in september. Mark Kathleen Gaffey is a Portfolio Manager at eaton vance and she joins me. Thank you for your time. What is your reaction . A lot of noise with not much information. Something to talk about but it is backward looking. I think it is more important to think about where the employment numbers where are the employment numbers and where are we headed. Mark the beige book said, among other things that modest upward pressure was reported in wages and overall prices. How will that factor into the thanks inking the feds thinking . That is the inflation we want. That is a positive sign. If i were the fed, i would want a move now rather than wait until september. We are strong dollar and the stronger that stays, the more it boxes the fed in. Employment is where they want it to be. If wages are starting to pick up, nows the time to act. Mark how important is this beige book given that we are a couple months away from the fed making a decision to raise Interest Rates . It is a moment in time and it is more backward looking. I do not think it gives the fed a lot of information in terms of how they want to act. I think they want to get analyst fears going. I think you want to and sent they want to incense corporate america. Mark is a message of confidence or concern for the domestic economy . I think it has been mixed and measured. I think they are confident but they continue to stay data dependent. If you become too dependent on the data, youre not really thinking about what is happening forwardlooking in the future. That is a concern. If they hesitate, they are missing a Good Opportunity as we get to june. Mark that they are to backward looking as you suggested, what should they be looking for down the road . They should be looking at hours worked and what the momentum is in the economy. I think that positive wage inflation, when you think about that with the tailwind of Lower Energy Prices, that should get the consumer going. Mark im speaking with Kathleen Gaffey. When the fed does decide to raise Interest Rates, how the markets react . Is there going to be some volatility . Im expecting more volatility. In a perfect world, everyone is looking for the fed to gradually raise Interest Rates in for everything to go very smoothly. I think the challenge is, we are at the zero bound so even a small rise in rates could lead to negative returns for investors who were at the short end. They are there for capital preservation. It is less about what the fed does and how gradual they are and how investors react to a new environment, transitioning to life back to normal. Mark lets talk about how your managing things at eaton vance. We saw in the Fourth Quarter of 2014. It gave us a lot of room to maneuver. We have 20 in cash going into the Fourth Quarter. With the increased volatility what we saw with the treasury action in october and particularly Lower Oil Prices presented an opportunity to look for opportunities in the corporate sector and also with that strong dollar, opportunities away from the u. S. Mark your Global Positioning includes places like brazil. Interesting in the Fourth Quarter. Brazil is sensitive to Energy Prices and they have had an election. Not only did you have that double whammy of what is going on with the sovereign itself and how fiscally prudent will they be but you also had concerns about corruption and low Energy Prices. A difficult, uncertain environment but one where there was real opportunity. Mark when i was doing my research i was looking at some notes. You believe it is time to go against the flow that clients should take a look at nontraditional fixed income. Why now . Because we are transitioning off that zero bound. When you think about it, this is a time when you do not want Interest Rate risk in fixed income so you want to get as far away from traditional fixed income as possible. That means not treasuries and even traditional credit as it offers a little yield. That yield has been taken away by voracious demand. I think you do want to think about being more opportunistic in less traditional markets. Mark Kathleen GaffneyPortfolio Manager at eaton vance joining me this afternoon. Always a pressure. Always a pleasure. Police arrested a man who landed a small helicopter on the west lawn of the u. S. Capitalist afternoon propping a temporary lockdown of the capitals visitors center. Youre looking at a live picture. The mans identity and motive were not immediately known. Police identified the aircraft as a gyro copter with a single occupant. Homeland Security Panel chairman Michael Mccaul said the pilot landed on his own at that he had made it much closer to the capital them authorities were prepared to shoot him down. Street in the area were shut down for a time. Small craft presented a strange sight. Its lowers its rotors slowly spinning. A robot bomb detector was sent over to the craft. A small one person helicopter landed on the west lawn of the white house. That headline prompting a temporary lockdown of the white houses visitor center. As the ceo of Goldman Sachs hank paulson had a unique view on the u. S. china relationship. In his new book he offers his take on doing business with the peoples republic and on chinas future. Peter cook sat down with secretary paulson. Heres his take on p his take on president obamas handling of. The right thing to do would have been to say right on, we want to be an observer. We want to argue for better standards. That is the right policy i believe. To keep working to bring china into the existing institutions with a bigger role. Many observers and much of the press said this is landmark. This is a watershed event. China passing the torch. That is bull. That is not a huge thing. We do not get everything right. Mark former treasury secretary hank paulson. Coming up, who will stand druckenmiller who will Stan Druckenmiller back in the 2016 elections . Mark welcome back. A tense moment at todays Ecb Press Conference in frankfurt, germany. A protester jumped up onto a table where president mario draghi was speaking. Demanded an end to what she called the ecb dictatorship. The woman was taken into custody. After a short break, mr. Draghi resumed speaking. Interest rates, unchanged. Aaron hernandez has been sentenced to life in prison with the parole following his conviction today of firstdegree murder. A jury in massachusetts found hernandez guilty in the shooting death of odin lloyd who was dating the sister of hernandezs fiance. The conviction will be automatically appealed to the states highest court. Hernandez was selected by the patriots in the fourth round of the 2010 nfl draft. Coming up Stephanie Ruhles exclusive interview with stand druckenmiller and his take with Stan Druckenmiller. The president with the boston the president of the Boston Celtics. At 2 45 the spring housing outlook. Stay with us. Mark Stan Druckenmiller has one of the best track records in the history of investing. He spent years working with george soros before striking out on his own. His fund was returning 30 annually for a quarter century. Mr. Druckenmiller does not just invest in markets. He is a major supporter of various politicians including governor Chris Christie. Esther druckenmiller spoke with mr. Druckenmiller spoke with Stephanie Ruhle about 2016 president ial election. Stephanie we just heard from a politician who you supported in the past, Chris Christie, about entitlement reform. Does Chris Christie have a chance at anything anymore . Stan he is a tremendous talent. Tremendous communicator. That speech he gave today, what guts . We will see how it plays out. If there is anybody who can deliver that message, it is chris. Stephanie you believe in entitlement reform will be an important theme in the to the 16 election . In the 2016 election . Stan no. Stephanie does that disappoint you . Stan a year or two ago i thought we had an incredible window when the sequester fight was there. That is why i was so vocal at the time. You shrug when you think you can have an impact. You strike when you think you can have an impact. The kids did not seem to stay excited three or four months down the road. The one chance entitlement reform has becoming a big chance into the 16 is the Communications Get in 2016 is the communication skills of Chris Christie. It is a courageous road. Stan would you back him stephanie would you back him if he decided to run . Stan i think you would be a great president. Stephanie what to think about Hillary Clintons announcement . Stan i think old people like Hillary Clinton and i should not try to be called with social networks. Maybe shoot should leave that stuff up to chelsea. Maybe she should leave that stuff up to chelsea. Stephanie the amount of money that is going to report into this election is beyond grotesque. You could be a big contributor to pouring that money in. Money that could really help save the environment, the country stan i would rather give to harlems childrens home. It is a free country. Apparently that is peoples priorities. I do not have any judgments or issue about people who give to politicians. I give to some politicians. I will say that my waiting is skewed wweieighting is skewed towards nonprofits. The most important issue for me is we have a leader who does not look myopically and is more interested in the longterm. If youre talking stephanie how are you going to get elected with that . People do not vote that way. Stan we have not had proper communication. Youre talking about a single issue, i think tax reform. Stephanie it seems that a lot of people in new york are excited about jeb bush. Stan i think you would be a great president. Stephanie are you going to support him . Stan i think he would be a great president. Mark tomorrow, publix party city goes public on the new york stock exchange. The value of the company is estimated at nearly 2 billion. What are the key things investors want to know . I was going through the prospectus and a lot of tidbits came out. A quarter of all annual revenue from party city actually comes from one holiday. Mark halloween . Youre exactly right. 2. 2 billion was reported in revenue. That means that half 1 billion comes from one holiday alone. That is a scary thought if you are an investor because if one thing because of something happens, and economic downturn or a rainy halloween, that will affect bottom line. Mark after costumes, where does party city make its money . Birthday parties, tableware things like that. Balloons and pinatas. Apparently the pinatas come from mexico. Mark when i saw this helium how does display the party citys revenue . How does this play into party citys revenue . Between 2011 and 2012, there was a 2. 6 million fall year on year because of decreased helium surprised helium supply. Between 2013 in 2014 its off 5. 5 Million Dollar increase. Proceeds are going to either a management termination fee mark it is 1. 9 billion dollars. Hows that going to play into expansion . Right now they have about 900 facilities in the u. S. As well as canada and theyre going to grow by about 30 a year. Maybe more over the next 10 years. We are all going to keep our eye on the ipl tomorrow. Mark we will be following that. The president of the Boston Celtics. I will speak with rich gotham about the end of the regular nba season and the upcoming playoffs for his very young teen and his very young team and coach. Mark welcome back to bottom line. Im mark crumpton. They can for staying with us. Thank you for staying with us. As you see on your screen, in new york, crude finishing up the day 5. 5 . Factory output in the United States early climbed in march. Automakers rebounded but other industries w retreated. Cheap oil has led Energy Companies to cut back operations. Lower fuel costs have Delta Airlines flying high. Delta posted firstquarter earnings that Beat Estimates. The airline is forecasting it will save more than 2 billion this year because of the collapse in oil prices. Delta plans to reduce International Capacity next winter because the strong dollar has heard overseas sales. The Boston Celtics will play the Milwaukee Bucks tonight as both teams close out the regular nba season and had to the playoffs. Rich gotham is president of the Boston Celtics and joins be now from boston. It is good to see you again. Rich nice to be with you again. Mark does making this years playoff appearance make it even more rewarding . Rich i think it does. We have known since we traded pierce and garnett that we were in a bit of a building phase. You hope you get through that in the minimum amount of time and youre not out of the mix for too long. We took a oneyear reprieve from the playoffs. This season has us further ahead of plan than we expected. Very excited about this team. Mark from a purely business standpoint how do you market a team with few if any household names and whose coach is probably better known than a majority of his players . Rich you market it as a team. You market the team culture which is one of hard work and celtic pride. Our fans in boston identify with that. They like the idea of a bluecollar team that exceeds expectations and overachievers and a coach who is equally egoless. I think its a prize a few people i think it surprise a few people but we are going in on a roll. Mark the celtic mistake has been a part of the the celtic mystique is part of the franchises history. Rich we go is say it is the name on the front of the jersey, not the name on the back. Yet fans with been seasonticket holders for 50 years. A lot of them fall into that category. When you have a year like we have had the last couple, what is important is that you are communicating to fans what your plan is. I think fans will stick with you as long as they understand how you are progressing and going about your progression in putting the team that in a position to contend. We of been strong on Clear Communication with fans on how we are building this team into a sustainable contender. We have the luxury of loyal fans who have seen a lot of basketball over the years and know it is cyclical. Their inpatient. They want to win now. Mark what does building a team through draft picks mean for fans . Rich the way we look at improving our Team Overtime is we are not married to anyone way to do it. You want to develop young players, build up a cache of draft picks. You want to create multiple options for improving the team. If youre basing it on one blockbuster trade or winning the lottery, those are not high probability things. Weve put ourselves in a pos