Bouncing off that level yesterday, but today it has slipped below it and it seems as though the breaking of that level happened and caused every thing to accelerate. They are having the worst single sessions and connect to may 17, and having a major volume here of heavy selling going on. Not as the losses today, but the losses we have seen on the nasdaq this month breaking a winning streak. We have this tracking on a month test monthly basis, so before june we had seen the nasdaq rally for seven straight months, but now it looks like it will not make it to an eightmonth. It is looking less likely as we see a 1. 4 drop on the month here, breaking below those Technical Levels we have been watching. In terms of what is declining today, it seems as though it is a wholesale selling of technology and some of the other momentum stocks that had been fluctuating so wildly between gains and losses over the past month. Semiconductors are one of the prime groups, advanced microdevices and insight in onyx genomics falling today, but today, this is one of those stocks and then we have the large cap, whatever acronym you want to give them today, facebook down 2 , amazon, 2 , tumble anding a alphabet as well. Apple is also falling today. We have been talking about the 10 Year Anniversary of the iphone, which sold 1. 2 billion iphones in the past 10 years but the stock is down with a lot of the other large tech stocks today. Another mover we are watching is the vix, which is spiking as a result of the increasing volatility, up now at 40 . 14 percent. At one point, it was around 15 , but now you can see the selling in the volatility as it unfolded throughout the day. At the opening bell, we were not think a lot of change in stock, and that yardage to change in see the morning as we losses accelerate and the volatility as well. All of that said, not everything is down. It is rare that everything is down, and banks continue to beast wrong, even in the face of , even this be strong in the face of all of this selling in the market. We had the stress test that closed yesterday, capital return plans from many of these companies raising their dividends, all many of them and many of them are authorizing buybacks are as well, and yields are hired for the higher for the Third Straight session. We have seen yields on the 10 year session rise three basis points over the past three sessions, so that has been something that has tended to help the banks on a consistent basis. Scarlet thank you, julie for that rap of what is going on in the market. Some breaking news, the treasury moving to increase economic pressure on north korea, unveiling sanctions in order to pressure the country to halt its missile program. Along with some of the sanctions, we are talking about sanctions on chinese institutions and individuals with ties to north korea. They were trying to get china to use some pressure on north korea that did not work out so well. Steven mnuchin is staying the goal is to maximize pressure on north korea to abandon the weapons program, and we have the south korean president visiting the white house today, so this will be something they will beat is nothing during the meeting. We will get you more details on this as it crosses, but steven mnuchin, the treasury secretary will be discussing this to the press shortly in a couple of minutes. Some morning with President Trump suggesting he was not happy with the chinese, and their approach to north korea. To do more,n them but thanks for trying. Will be interesting to see that angle as well. Deals well,t Steve Mnuchin is speaking. Despite multiple Un Security Council resolutions in posing international sanctions, the government of north korea continues its nuclear and Ballistic Missile programs. Today, the treasurys Financial Crimes Enforcement Network has found their bank to be a Foreign Financial Institution of riemer he Money Laundering concern primary moneylaundering concern of the u. S. N 311 patriot. This bank has served as a gateway for north korea to access the u. S. And International Financial systems, facilitating millions of dollars of transactions for Companies Involved in north Koreas Nuclear and Ballistic Missile programs. Standited states will not for such action. This will require u. S. Banks to ensure that the bank of bandon does not access the u. S. Financials us to him u. S. Financial system directly or indirectly. Reaffirms the Treasury Departments commitment to ensure that north korea is cut off from the u. S. Financial system. In addition, the department of the treasurys office of foreign asset control has sanctioned two individuals and one entity for their continued support of north koreas activity. While todays actions are directed at chinese individuals and entities, we look forward to continue working closely with the government of china to stop illicit financement involving north korea. We are in no way targeting china these actions. We will be meeting with china and other countries at the g20 next week to further our efforts to cut off north koreas illicit activities. ,orth koreas provocative destabilizing, and inhumane behavior will not be tolerated. We are committed to targeting north koreas external enablers and maximizing economic pressure on the regime until its pieces its illicit and Nuclear Missile programs. I would be happy to answer questions. [indiscernible] ban,orth korean travel would you see any arguments for guidelines of the north korea travel ban . I have no comments on that today, but i will say we will continue to look at a range of as we are very serious about them stopping their activity. The financial activity that you are trying to stop today, and the access direct and indirect to their bank and the u. S. Financial markets . This is very sick with again is the first bank we have cut. Ff under this significant this is the first bank we have cut off under this and will continue to look at other actions and rollbacks engines. It is millions of dollars, but we are committed to cutting off all illegal funds going to north korea. N we put sanctions what they are doing out what you are trying to stop . Be able tok will not access the u. S. Financial system, either directly or indirectly, so this is a significant action. A you made clear this is not punishment against china, obviously, the white house is increasing pressure on beijing to take action with north korea. Are you satisfied that china will see if that way and what they are doing currently against north korea . As you know, President Trump have haddent xi productive conversations about north korea, and we appreciate their work, and hopefully they will continue to work with us. Withstanding that, we are taking these actions to show the seriousness in which we are going to deal with this. Mr. Secretary, can you talk more about the link between the specific bank and the government of north korea . A betterying to get picture of what exactly they were funding in north korea. Im not going to go into this the civics of that. It doesnt ball certain intelligence, but we have doesfic intelligence it follow certain intelligence, but we do have specific intelligence that this will cut off the money. I know you did the research on the actual Economic Impact this might have on the north koreans, and how that Economic Impact affects negatively may cause them a change in their vision. Know, in iran, these sanctions were very effective, and that is what brought iran to the table, and we will continue to work with our allies and. Peak to people at the g20 we are firmly committed to work with other nations to cut off illicit financement. Mr. Secretary, i was trying was china given a headsup and anyway about the action you are announcing today, and to use the term in your statement, this china is china an enabler to north korea . I will not comment specific we on our behindthescenes conversations. We have been having productive conversations with them. This is not directed at china, this is directed at a bank, as well as individuals and entities in china, and whether in china or anywhere else, we will continue with sanctions. Will this remove their access from this particular bank to another bank in china . Activity, we other will sanction other entities. No one is offlimits. Last week, the president tweeted he greatly appreciated to helpresident xi with north korea, but it has not been working out. Is he giving up . The president is firmly committed that we will cut the money off to north korea until they behave properly. [indiscernible] much is china moved the needle on north korea . Two, as far as tax reform, they say you have 100 folks in the Treasury Department dealing with that issue. Are there any contingency plans in place in case health care does not get done, and currently, janet yellen, and is the ministration is the administration considering her remaining on the fed . No decisions have been made regarding the fed chair. We will at some point make recommendations to the president , but no decisions have been made on that. In regards to tax reform, i think, as you have heard gary and i say, we are very committed to get tax reform done this year. It is one of the president s Top Priorities for Economic Growth. I think the people of america understand that, that we need Economic Growth and are committed to doing that. I expect that health care hopefully will get done, but regardless, we are committed to getting tax reform done. And sony questions, i forgot the first. Onlet me follow up with you tax form if you do not mind. Paul ryan has said that Better Things are on track. Why should the American Public believe that things are actually on with Health Care Reform and it seems like the timeline is getting pushed along . Why shouldnt the American Public believe it . Of course they should believe it. Speaker ryan said it, i said, the chairman said it, we are all committed to getting tax reform done this year. You received a letter from lawmakers saying the Treasury Department should consider sanctioning the bank of china. Youuestion to you is have reconsidered that idea, do you think that idea is on the table, and the second question i have is about jet fuel. My understanding is that the jet fueling deadline for you all as october. , inhat if Conversation Time your mind, or would you still like them to act earlier . I have not given any regards to the dropdead date. I hope that congress ask before they leave, but we have contingency plans if they donts of the market should not be concerned. Again, for the benefit of everybody, the sooner that they do this, the better. As it relates to banks, again, as you have seen we have taken significant action today. We will continue to take significant action rolling out additional sanctions on north korea until they stop their behavior. One question on indirect access to the banking system. Are you aware of other banks that have provided similar access to north korea to the International Financial system, and what other banks are you looking at Going Forward . Both have a team of people in treasury and working with the intelligence agencies, and as we see other banks or individuals or entities, you can expect we will continue to roll out additional sanctions. This is something we take very seriously, we will be having discussions with our counterparties at the g20. This is a big priority of ours. This is not about targeting china, this is aimed at a chinese bank. Does that speak to a message you are trying to send to china in any way, specifically right before the g20 . Indication of how limited were options are in terms of dealing with north korea directly . Way would not say it is any limited, and what our options are, quite the contrary. We are committed and will work with everybody, and nothing is off the table. We see illicit financing, we will stop it. The message to everybody at the g20 is this is a serious issue and we will work with everybody, but if there is illicit financing going on, we will cut it off from the u. S. Financial system, which has cigna forget impact. And as a followup, you say this is no way a message to china significant impact. Ask and this is no way a message to china . This is about north korea and how serious we are taking this. Whether it is china or anybody else, we will take this seriously. [indiscernible] i will not make any comments about that. President ishe certainly committed that we will cut the money out from north korea until they behave properly. How do you define success with that . You will know success when you see it . Im asking how the administrations defining that . I think everybody will know success. Their behavior is unacceptable and it will be very clear that we want them to stop doing test of the Ballistic Missile programs and others. It is very clear. Secretary, i want to ask you something a lot of people do not understand and you are uniquely qualified to explain. The administration, the congressmen are saying there will be 300 and 1 billion in savings 321 billion in Health Care Savings from the bill. But isnt this just to take away a take away . Not at all, and one of the flaws of the scoring on the cbo, when you look at the numbers and the number of people, again, there is a lot of people, when given the option, will decide not to elect to take this health a baduse it is that deal. That is not mean people are losing health care. Obamacare was a giant tax hike on the economy, it slowed down the economy, it is another reason we continue to have up to 2 growth to the last two years, and in this it ministration, it is 100 focused on creating jobs,ic road, growth, and getting this economy back to 3 or higher. First of all, congratulations. I have a couple of finance questions. Could you talk about if push came to shove, would you prioritize debt payments are not, or not . And [indiscernible] again, let me make the comment on sify is. I chair it and taken very seriously, and say the reviews are very careful and involved, no matter who was on the other side. It is important for National Security, and we will use that to the maximum powers. Prioritization, again, i think that congress should act quick we come raise the debt ceiling, and pay our debts on time. Thank you mr. Secretary, and i would like to say congratulations as well. Two questions. First, you were it just append, you were a participant at the last world bank meeting, and you know there was some concern about what the future of u. S. Policy is toward involvement with the International Monetary fund. What is the u. S. Policy toward that, and toward involvement in Financial Relief in the eurozone . I have had the pleasure of meeting with christine, at least one dozen times. I think the imf plays a very Important Role at looking at currency and the world economies. It was very helpful in regards to stabilizing the greece situation and looking at europe working with europe. That was a major problem this summer that would have had significant concerns to the markets and the economy, and i asnk she was very important a part of these negotiations. My second question was how do you feel about maintaining the u. S. Level of support at the imf, the current level, and sick specifically, in regards to relief for greece . The u. S. Role as through the imf was through the imf and the greek financial crisis. The imf commitment to greece was quite small, not even sure that they are going to necessarily use that, so i think the significant was more the significance was more of a stamp of approval, there is no direct cost to the u. S. Are taxpayers and we are supportive of the imf, but we will look at our contributions like we look at all contributions very carefully in making sure we are spending the taxpayers money properly. Could you clarify which entities are being sanctioned, because the paperwork that opec sent out also sent included global unity shipping to chinese individuals, so it is a four total entities . There was an action against the bank, and there are the three sanctions, as you pointed out. Is released from the department of the treasury . And i am not making money comments on our behindthescenes, how we communicate. You are a mathematical man. What are the chances of getting a 15 Corporate Tax rate or a 25 Corporate Tax rate in the final bill . Let me talk about this. Passsale that exercise, and we will pass a plan that is good for the American Public. We are working closely with the ause and the senate, and get bill that passes and will be great for the economy, americans, and the people who work. Thoughtful [indiscernible] as a Funding Source of the health care to lead to lower premiums and longstanding am here . Again, i primarily to talk about sanctions and tax reform, by it will comment again on health care, although it is not my primary area. The health care that has been in place is a bad deal for the American Public, ok . That is why a lot of people are not using it. It was a giant tax hike to the american economy, and premiums have been going up a ton. We are looking at making the system more competitive so people can actually afford it. We have heard from your counterparts that airports all over the world have stepped up Aviation Security because there is this threat, the pr