let's bring in mark bittner, senior economist at wells fargo.of this report from the journal? >> that sounds about right. janet galan's term ends in january. when you get a new president can do that to a point there in person to the federal reserve. it wouldn't surprise me. president trump has said he's not necessarily opposed. he hasn't made any decision whether you agree or point janet galan. that is who they think they should appoint for that position. also a lot of talk that he himself may be the person the president selects for the position. the president has shown away from evidence that he likes to bring in people that have business experience and his administration. cheryl: i want to ask about the decision yesterday. yes or no, good choice. >> i think it would be an excellent choice. there's some others mentioned as well. john taylor with the one that's a good choice although he's an academic. that may be one of the concerns they have and they really have a preference for business people because they feel there's more immediacy and decis

mark bittner, economist. let's talk about your estimate the shots in the housing sector.for? >> the housing sector and the weaknesses as a result of supply. there aren't enough homes available for sale. we are looking for less than a 1% change at 5,557,000,000 units this past month in an increase of 1%. >> what your prospects for getting tax reform done in the appeal of obamacare past? >> well, you think they'll have to do something on health care before they can get the tax reform. at the order of operations there. the markets are probably getting a little too pessimistic recently. they are more likely to happen than not happy. the election results yesterday. cheryl: a lot of investors looking for buying opportunity. i am wondering, we were looking at some of the housing names a moment ago with interest rates heading up, making their moves. you think i will have an overall negative effect on what we will see with the economy and housing? >> well, the economy late this year or in 28 t. meadowbank will have an impact on housing. long-term interest rates have come down and