daniel morris at bnp paribas still with us.orm, truly distraught if and deadly as it has proven to be in the caribbean. gdp figures are no respecter of asset destruction. thewe get this rebuild follows, is that the typical response you look for here? there is a lot of demand taken out of the market in the short term as people can't go about their daily lives. daniel: there are two factors in the medium-term. one is, certainly the destruction caused by the hurricanes, but you have the rebuilding and that is going to be important in the context we know we do want to have tax reform and tax stimulus package in the u.s.. we have had the debt ceiling debate resolved by adding more money to the recovery package, so it is a opportunity for the congress to provide a bit more fiscal stimulus like we thought we would have back in november. anna: it does almost seems these natural disasters, as disastrous as they are, focused minds on getting things done before deadlines. daniel: we talked about that. anna: i've got this chart for you, th

still with us, daniel morris and charles diebel. what is priced in? is priced in when it comes to tax reform? daniel: if you look at the multiple on the s&p 500 it was 16 and a half at the election and 17 and a half now. treasury yields were at 1.8 five and we are a bit above that so there appears to be some anticipation expectation. we are waiting to see not only when it is but what it is. from a political perspective, the republicans have to have -- mark: what will that something look like and when? daniel: they have to pass tax reform and certainly before the midterm elections because they have no accomplishments to show. it is a political imperative and should be sufficient, to believe they will come through. if they fail the way they did with health care reform, what does that mean for the markets? mark: and what does it mean, charlie, if they fail in implementing some measure of tax reform? charles: the likely outcome is there will be something, i completely agree, but it is about the scale and ambition that dictates -- saying tax reform sounds