 Alright, market fundamentals are strong, but could the Trump agenda be stalled by the firing of James Comey here now as Steve Rees, global head of equity strategy at JP Morgan, private bank? So Steve, how come the market isn't reacting more to the firing of now former FBI director James Comey? I think the market is looking beyond the politics and focusing on the fundamentals of the economy, which remain quite strong. We just wrapped up the first quarter earnings season where earnings in the U.S. grew about 13 percent year-by-year. That's really what the market cares about is the recovery in profits, the sustainability of that and how the overall economy is doing, and we think it's doing quite well. But the markets also care about tax reform. That is largely what has driven us to these record levels since the November election. And we're now almost six months into the year. We have six months remaining in 2017. Now we have this Comey distraction. It seems very hard to believe that tax reform is coming this year with six months to go, and Congress is off for a couple of those months. So how is tax reform going to get done any time soon when they haven't even done health care reform? So I guess we disagree in that the tax reform or expectation has driven the market. We actually think the market is where it is because the fundamentals and the underlying earnings is quite strong. So nothing to do with tax reform? Well, there's optimism around tax reform, but we have not modeled that in our current expectation for 2017. And why is that? Just because it's too uncertain? I mean, we don't know the magnitude. We don't know the timing. We don't know exactly how it's going to work. We are advising clients to maintain their exposure to the U.S., even though we are currently at our price target for the year, in hopes that tax reform will come at some point later this year, which will drive more upside into 2018. I mean, the numbers are quite significant. If you assume taxes go to 25 percent on the corporate level, we could see another eight or nine percent of earnings upside to our forecast. But I think at this point it's prudent not to model that in. So with that, I mean, do you go overseas? Because a lot of the European economies are outperforming our economy, and obviously many are worried that U.S. stocks have run up a little bit too much here. Yeah. We've actually favored international equities over the U.S. since about February. We had a strong start to the year in the U.S. So where specifically? Both Europe and Asia-ex-Japan. And the call there really is the earnings growth, which has seen a nice improvement in both Europe and Japan, or Asia-ex-Japan, rather. We're not recommending Japan. And the valuations actually look more attractive than the U.S. So bottom line, no matter how hectic this Comey situation gets, tune out the noise and focus on fundamentals. I think you do have to tune out all the political noise and really focus on the fundamentals of the economy, the earnings growth, and of course the valuations. And right now we see the most upside outside the U.S. All right, Stephen Rees from JPMorgan Private Bank. Thanks for coming on. Great to see you. All right, I'm Scott Gamm, and you're watching This Street.