joining us now for what is next in energy is michael cuggino and marc pouey. san francisco. i know you are a long term trend or -- trader, when you look at how the different asset classes have been responding to the shift down in oil prices. do you get the sense oil is driving everything and everything is on hold? michael cuggino: maybe not driving a but part of the story. you have a lot of supply globally and demand has not picked up sufficiently globally to offset that access. you had last week with the rate.l reserve rising the the inflation numbers were less than everybody expected. you have this deflationary filling with that and oil would be part of that story. you saw that in the price of gold going down which was a deflationary story without the fed coming in and rescuing. it is part of the story. with values traitor higher in other parts, it is an with valueser higher in other parts, it is an area you want to look at. scarlet: and marc pouey, why isn't it halfing morbid impact on the -- why isn't it having more of an impact? atc pouey: if you look bac

trading, i think, last trading at 54 times earnings michael cuggino, you also thought this was lookingxpectations as it's popping 3 misin the after hours. >> great companies, great businesses in a growth sector, but it is had a little pricey right now, so i would agree with that i want to go back to one thing that jason was talking about with the markets' lack of reaction to paul ryan. i think it's interesting to watch the bond market the last book or so since the fed came out. flattening of a yield curve and the two to ten-year spread has tightened and you don't have the long end partition baiting in the same way you would expect if you were expecting growth hand that bears watching to, again, the strength of economic growth and the expectations for policy initiatives going forward. >> reporter: i go that you brought that up and iled asked him what he thought the treasury market would do if in fact they were able to get a tax reform package through congress i mean, theoretically that would be good for growth >> i think the growth trade would reflect the long end curve. you didn't see