the fact that the eci was the highest since 2007 is pretty notable.bviously wage inflation and eci is a fed's favorite measure for wages. there is a steady trend upward for wages. they will look through that as well. may, the reflation trade got over exuberant, but now, it has gotten to the opposite in the spectrum and the markets are now being place in as it relates to reflation. jonathan: looking at the eci print today, how significant was that for you? >> it is being driven about -- it is being driven by three factors -- rent, health care, d gasoline prices. health care and rent of the big drivers. the housing demand is very strong. the inventories are superlow. that is helping to drive rents up, but it is lopsided in our view. pc, 70% of pc is driven by health care. that is a huge driver. we are always telling our japanese investors, it is consumption, but it is not what you think it is. jonathan: when people talk about complacency, jeff, when the market is vulnerable -- when is --arket vulnerable a spark when is the market vulnerable? of tightnes

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programs and organizations across all sectors.i am impressed by our community of practitioners and they eci membership in and of my personal experience and a social research -- the work you do in your organization makes a huge difference. like all of us in this audience, i also believe that effective law enforcement is critical to the success of organizations across all sectors.the enforcement community helps a level playing field, it ensures accountability for wrongdoers. and as we've seen in the past three years, the department of justice itself in particular plays an important role in encouraging the establishment of effective ethics and compliance programs. so in light of that, it is my distinct honor to introduce our next speaker. my friend, jeff sessions was sworn in as the 84th attorney general of the united states on february 9. he has an impressive career having first-served in the united states army reserve from 1973 to 1986. obtaining the rank of captain. general sessions, and a lot of people do not understand this. general sessions may have more law enforcement experience than a

i think what we are seeing in the eci, that is what we would have expected.th what janet yellen has said, that the fed has shifted the focus from providing as much support if they can to just maintaining and defending the gains that we have seen. they are getting more confident that we are at or close to full employment, and the inflation and labor cost measures corroborate that. jonathan: harm bandholz of unicredit, and jim caron of morgan stanley, thank you very much. quarter,irst annualized one percentage point, gdp. let's get you to top stories with emma chandra. emma: in washington, president trump plans to extend offshore drilling. he ordered the interior department to order a five-year schedule for drilling rights. the president also will order a review of rules designed to prevent a repeat of the deepwater horizon disaster in the gulf of mexico. house leaders had agreed to a vote on repealing and replacing obamacare. majority leader kevin mccarthy says that when there are enough votes to pass the measure, a vote will be scheduled. a number of moderate

by law, we are supposed to do a 2.4% pay raise, ecis to keep pace with inflation. 2.1% is built into it. if the -- if we go to a cr or go to bca funding, that's going to kill any pay raise. right now our soldiers, sailors, airmen and marines we're reasonably well paid according to global standards. we want you to consider in world war ii, only 10% of the united states military was married. today 60% of us are married and on average there's two children so talking about families of four here so an e-5 or e-4 sergeant or a specialist corporal with a family of four earns just slightly above the poverty level. there are thousands of soldiers, sailors, airmen and marines today that still use food stamps. that should really get people's attention. and if we don't pass the budget with the supplemental, it hurts their pay, it's going to hurt other forms of benefits, it's going to hurt services and it's going to crush morale. it will be very devastating to morale so, again, i can't highlight enough yellow ink here to get the budget and the supplemental passed because to do otherwise will have