cnbc contributor david zervos is jefferies chief market strategist. david, great to have you. on a day like today, why are we all overstating the impact of tariffs here? what are we getting wrong? >> i just. >> think we're missing the bigger picture, melissa. >> the bigger. >> picture is the deregulation story. and the smaller federal government story and the movement of resources out of an inefficient federal government into a more efficient private sector. the re privatization of the u.s. economy. as secretary bessent. >> has. >> talked about last week, i think that's the biggest story. i know that it can be disruptive. i know that it can take a little bit of a shine off the market as we move those resources out of the public sector into the private sector, both labor and capital resources. but the longer term picture is just so optimistic for me. and i think we're getting bogged down in a tariff discussion that's just, you know, minutia in the grand scheme of things. to be honest with you, i think it is negotiating tactics. it's moved up, it's moved down. it's getting more

let's talk about how to position from here david zervos joins us. rket strategist and jeffrey kleintop charles schwab chief global investment strategist. guys good to see you both. thanks for joining us. >> good to see you, karl. >> david, on steve's point, i mean, and this nick timiraos piece in the journal today about stagflation. i'm going to bet you're not a buyer. >> it's a good bet, carl. we've we've got to know each other pretty well over the years. so. yes, definitely not a buyer of that story. don't believe, as i think we've talked about many times that the tariff story is really the big driver. the big driver for me is the story. and even more importantly, the smaller government footprint story. or as secretary bessant likes to call it, the re privatization story. i think that's a huge productivity win, a huge positive supply shock, ultimately disinflationary and great for growth. and i think that's really what the big picture focus should be on. the tariff story is just not nearly as important as we make it on a day to day basis, and the m