Drop 20 i said take all the gray out, this is what happened. High and tight. Certainly cheat the wind if you go out on a motorcycle. Man, no drag whatsoever. How come you didnt mention this until we went on air. No jacket, youre happy with that at least. Im happy with that. The whole look is clean today. Good. Good. You didnt answer my question, are you ready for baseball sunday night . Have you focussed on im focused on saturday night. Basketball . Yeah. Is it saturday or friday . Its saturday, isnt it. Not tonight. Saturday, both games. Yeah. I still have North Carolina. Good. Then im hoping South Carolina beats gonzaga, so all the people who have gonzaga do not win the bracket. Then its a North Carolina and South Carolina so youre rooting for yourself and against everybody else. In life and in the brackets, yes. It is the last trading day of the quarter. Right now it looks like the futures are indicating a lower open. Dow futures down by 41 points. S p 500 is off by five. Nasdaq down by 11. Overnight, in asia. Youll see that the nikkei was down by 0. 8 . So was the hang seng. Shanghai was higher, up about 0. 4 . In the early trading, in europe this morning, you will see right now things are a little bit weaker. Though the dax is flat. The cac is off by a quarter percent. The ftse off by a half percent. The tenyear yield, which was below was above 2. 4 yesterday, closed at 2. 418 this morning. Sitting at 2. 25 . Crude oil prices yesterday were up, today down about 16 points. Still above 50, 50. 19. Personal income and spending numbers are out at 8 30 a. M. Eastern. Followed by march chicago pmi at 9 45. The final read on march Consumer Sentiment at 10 00 a. M. Also, you know, i was going to talk about baseball for a second. I said i should do these important stories. And then im reading them, its like oo like i can talk just for a second. Im from cincinnati. Thats why you dont want to talk. They need to show me theyre competitive. Im hopeful. Yyou sound like a fair weathered fan. Theyre still my team. Who are you . Im a yankees fan, but i dont root against the mets, and this looks like it could be the mets season. I like sicindesyndergaard. He put on a lot of weight. Looks like thor. How about you . Im a mets guy. I would be a mets guy, however theyre a team i dont like but im a reds fan. Most people dont like excellence. Dont like what . Excellence. Jealous . When its bought and paid for. Instead of developed. Used to be. Im still mad at the way it happened in the 70s. We still killed you in 76. Yes, you did. But that led to a what am i living on . 40 years . Fumes. 41 years ago. Fed guys are talking today. Hold the presses. Neel kashkari is going to say something. Then st. Louis fed president James Bullard will say something. Thats why i didnt think i needed necessarily to rush into this without the baseball talk. And then last night you probably already know this, how you could miss it, new york fed president William Dudley say Interest Rate hikes are appropriate to reduce the risks of overheating. He also argued that even after the hike earlier this month, the federal funds rate remains inushi unusually low. Dudley believes fiscal policy is likely to become more stimulative, but said there is consideribility uncertainty for those policies and their potential contribution to the economy. Man, are you selling it. You are selling it. I did say anything at all . You left out the ecb. If you want to go there. I dont think so. Lets go to washington. President trump is expected to sign two executive orders today aimed at trade. One calls for a study of past trade agreements looking at whether they delivered on promised benefits. The second order designed to improve the collection of penalties for other countries illegally dumping goods. Yesterday wilbur ross told cnbc that the Trump Administration wants to formally start the nafta renegotiation grags pproc before Congress Goes into the april recess. Secretary ross will join us this morning at 7 00 a. M. Eastern. The president also tweeted this china meeting will be tough. It will be tough and we can no longer just sit there and be flooded with cheap goods if it hurts. If it hurts the jobs picture. Foreshadowing like that. I dont think he did that with germany, even when he handed them a bill for what they owe for nate to. Nato. Will be a difficult conversation, and it will be largely be about north korea. Im glad tomorrow is april fools. A lot of times you forget, someone comes in, does something, you are not thinking about it, you fall for t or you see, like, a newspaper or something, it is like, totally fake news. But i see it every day in the New York Times and Washington Post any way. How will i know the difference between an april 1st fake news and just what they put out every day . You know what i hate about the fake news story, it erodes confidence in every institution we have. The idea that we dont believe anything anybody says. If we dont like something somebody says, you call it fake news. Thats what bothers me about the fake news scenario. I used it the other day and was joking around about it, the more i think about it, it drives me crazy. Dont call anything cnbc does fake news. But it erodes our faith in institutions, in congress, in the presidency, in the media. And we all just decide to believe the facts we believe. The main team media erodes our faith in their institutions from there have been problems and there are things that are right to be called out. But other issues where if you dont like it at this point, people call it fake news. That draives me crazy. Ive been seeing fake news for a while. I agree that there have been things that have been its the placement on the front page. The idea that theyre objective is crazy. There is no objectivity. But some are worse than others. And there are some stories where people have ignored the reporters have ignored the facts and set that up. That needs to be driven out. I digress. Was my fault. Mike flynn has told the Senate Intelligence committity he is willing to be interviewed about trussia. The house and Senate Intelligence committee are investigating russia, and they could subpoena him, but he would not be forced to say something. The journlt sajournal says for immunity, but in the letter itself theres no request for that. When they interviewed the lawyer, the lawyer said he would be crazy not to get some type of assurance. Its asking for immunity. It is. He even said on meet the press, when people ask for immunity, youve done something wrong, youre right. Ive seen the carter hayes interview yesterday, you dont know whether to if you take it at face value, saying did you do this . Absolutely not. Absolutely not. Absolutely not. I dont know whether flynn will say that, yeah, i was i was doing this because the i was my assignment was to court the russians to get them to hurt my reaction is there is more thunder here than you will see in the actual testimony. Either way, it would be surprising. Politics is so dirty. You think about what the democrats were doing with the dnc. All it did was shine a light on a bunch of dirty stuff they do. Would it be totally ridiculous for an administration to say, hey, theyre helping us . I dont know. I dont know. Both sides are so dirty. His lawyer says he has a story to tell. Thats what makes people think, oh the question becomes, from the market perspective, how long does in drag out . Think if the democrats knew that there was remember that ridiculous dossier about the crazy stuff that went on over there, thats been sort of thrown out by that british think if the democrats got ahold of that. You dont think they would ask the russians to get that out . To hurt trump . Until all of this comes out, the information youre getting, which you identify as fake news, is nothing more than just a continual editorial, whether its social media or wherever it may be, youre just getting editorials. Twitter is causing fake news. All you need remember the cuba gooding thing, nobody would have written about that. Cuba gooding jr. Was playing around with one of his ill never do that. We go way back. I might screw around or something. I wouldnt be dehumanizing a woman, just busting your chops. People see cuba gooding doing that. They tweet about it. The Mainstream Media is watching what people tweet about and write about it as if its relevant or true. Social media has not improved the journalism process. You dont think its increasing productivity in this country . Not at all. Youre right, the real issue is what this means for the markets. How long is it going to take . I dont think anyone identified this. Phil orlando is here, too. This is our issue of the day, what next with the markets . The russia stuff, all that is just a distraction. What i prefer do is focus back on the economy, the potential implementation oftrumponomics, all this other stuff is a side show which takes our focus away. Assuming it doesnt bring down a president if its all true. That would be a problem, your trumponomics wont work if its pencenomics. It would be huge if it were true and we see resignations. At that point, thats not the case. Its the last day of the quarter. Yeah. We matched march come in like a huge bull. We did great. Came in like a bull, had this sort of wave of pessimism that came in. The healthcare bill not getting passed, wondering whether the rest of the administration could get the tax plan through. Where do we stand now . Thats the issue. As disappointed as we were with the way the whole healthcare debacle played out, we dont think thats the whole death nail for the execution of trumponomics. They screwed up. We would not have prioritized healthcare first. We would have built up positive momentum first, and then gotten to a more contentious issue like healthcare that was going to be uglier, later in the cycle as we got some positive momentum. One of those things being infrastructure in. Infrastructure in our mind is at the top of the list. Getting tax reform, repatriation and infrastructure done earlier, we felt had more bipar san suppo bipartisan support. Do you feel we still have the policy put and what is the next catalyst . Do we look to the emerging markets and europe which are performing well, and now Money Managers saying we dont want to be in the u. S. , we want to go outside the u. S. For investment opportunities. We still like whats going on domestically. The next thing is well start earnings season in about a week. Right. The earnings recession is over. We had seven consecutive bad quarters year over year. A good quarter in the third quarter, a good quarter in the fourth. This quarter we think will be up 9 , 10 year over year. I dont think the street is focusing on the fact that things have gotten better. Part of that is that the Energy Market troughed. We dont see crude prices back into the mid 20s. We do think well start to get some better positive momentum going in the economy. If we can get some trumponomics things in place over the course of the year, we think that trend accelerates. Where do you focus. If you are telling people to invest money, where should they put it . Weve had this negative rotation the last month or so. Given the improvement weve seen coming out of the election the first two months of the year, we tell clients we could reasonably expect a 2 to 4 correction into the march april time frame. We had that. We came back about 3. 5 . If you were waiting to put money in, you missed it we started adding into that. What weve done, because a lot of economically sensitive names got hit in march, thats where were focused here. Energy, financial services, those are two areas that we think are attractive. All right. Phil, thank you very much for joining us. Thank you. Good to see you. Coming up, all day long on cnbc were taking a closer look at President Trumps plan to rebuild americas infrastructure. Up next, former pennsylvania governor ed rendell tells us why the plan should be fast tracked. Hes the cochair of a Bipartisan Group encouraging investment in roads, rails, bridges and more. He looks really good there. Great shot. Thats what he looks like, though. Squawk box will be right back. With e trades powerful trading tools, right at your fingertips, you have access to indepth analysis, level 2 data, and a team of experienced traders ready to help you if you need it. Its like having the power of a trading floor, wherever you are. Its your trade. E trade. Start trading today at etrade. Com i provide for my family. I will use my education to help my community. I will inspire our next generation of leaders. I am a college student, but i am only 1 . Only 1 of College Students are american indian. Donate now, and help our numbers grow. Ways wins. Especially in my business. With slow internet from the phone company, you cant keep up. Youre stuck, watching spinning wheels and progress bars until someone else scoops your story. Switch to comcast business. With highspeed internet up to 10 gigabits per second. You wouldnt pick a slow race car. Then why settle for slow internet . Comcast business. Built for speed. Built for business. Welcome back. All day here on cnbc, were looking at rebuilding america. President trump promising 1 trillion dedicated to Infrastructure Spending. Ylan. Mui has more. The trillion dollar plan is still taking shape but three Big Questions are framing the discussion. The first one is figuring out what counts as infrastructure. Transportation secretary elaine chao has said the president s package would not just include roads and bridges, theres energy, water, and broadband and veterans hospitals. The secretary is in canada today to learn about how it privatized its air Traffic Control system. The second big issue is regulations. Cgla estimated it takes 9. 5 years to move an Infrastructure Project from start to finish. Congress tried to streamline this process in a law passed over a year ago, businesses say provisions have not been fully implemented. The big roadblock to the plan is how to pay for it it. On the campaign trail President Trump proposed tax credits, and secreta secretary elaine chao said there is a place for public and private partnerships. Every time we talk about this, we say this issue has bipartisan support. Thats probably nuanced when you try to find both sides and where they agree and disagree. You get a sense this is Something Congress will come together for . We talked to peter defazio, the congressman and Ranking Member of the house transportation committee. He told us that he is willing to work with the president , but he needs to see federal dollars behind this program. They are not willing to leave this all to private investment. Theyre worried that could leave Rural Communities behind and that projects that dont turn a profit wont get funded. I know you said you will answer to anything. Were still working on thepronu. Ylan mui. One syllable. My spanish is like mui bueno. I never this was our argument before you came on. You just need to say cervesa. Thats right. Or uno mas cervesa. [ speaking pspanish ] thats welcome parking lot. Okay, mui. Mui. Mui . Mui. Mui. That sounds like two. Ylan mui, am i saying it correctly . You got it. Ha. Thanks. Rendell is easy. Our next guest says the president s infrastructure plan should be fast tracked as a priority. I cant believe that, that a democrat would say anything that trump wants to do should be fast tracked as a priority. Hes been out of office for a while. I dont know. Youre on the wrong page, ed. Youll get yelled out for saying that. That is an old democratic thing, too. Ed rendell former governor of pennsylvania, now cochair of building americas future a Bipartisan Coalition seeking to improve infrastructure. Saun s well have ron klain on, he says this is not an infrastructure plan trump has, he says this is like a tax plan or a he disparages it. You want to do infrastructure. Do you want to do it the trump way or do you have a different way you want to do it or at least have a seat at the table. When we say we need to repair the american infrastructure, its more than bridges, roads and highways, it is our electrical grid, water systems, our wastewater systems. So the president is dead right about that. Secondly, the president is correct that even though fast track had some things in it to speed up the regulatory process, its not good enough. We can do better. We should do better. I think democrats basically agree with the president on those two points. The third point is how to fund it. The president is also right theres a place for private dollars. Private dollars can be invested into good, big projects whereas you know the private sector wants a decent rate of return. Lets take one example. We have 55,000 structurally deficient bridges in america. 55,000 that are potential tragedies just waiting to happen. That hinder our economic competitiveness. Now, probably no more than 500 of those bridges could be told to produce the return on investment the private sector needs. The other 54,000 plus have to be done with government dollars. It doesnt have to be all federal dollars. 19 states raised their gas tax to do roads and bridges, but they need help from the federal government. So, mr. Defazio is right when he says that we need federal dollars behind this. Theres twoways to do it. One, raise the gas tax, which we ought to do, it hasnt been raised since 1994. Its worth about twothirds of what it did in 1994 because of inflation. But theres probably not votes in congress for it. I ask americans when i go out and speak on this issue, anybody know what the federal gas tax is per gallon . No one in the audience knows. No one knows. So its fairly easy to raise. Assuming theyre not going to do that, we have to use some of these repatriation dollars to fund the federal share of the infrastructure plan. Thats a good idea. It will put the repatriation dollars to use. Not such a good idea because when this next phase is over, those dollars disappear, we still need to Fund Infrastructure revitalization. So there is