 Stocks taking a hit as tensions rise with North Korea. Mary Ann Bartels of Bank of America, Merrill Lynch, when President Trump says that North Korea is going to be met with fire and fury. I mean, even for this resilient market, you have to take that seriously. Well, it's certainly not a positive, and the market is certainly not looking at it as a positive. But we've had conditions where we've been expecting volatility, with the VIX index volatility so low. It could be anything that really kind of rocked the market. And from a seasonal standpoint, it's really interesting. August tends to be the month where markets get some type of peak. You go into a corrective phase going into September, September being one of the most volatile periods for the market, and then creating an important low in October to follow by very strong year-end rallies into November and December. And maybe we're going to have that traditional type of pattern for the market. Well, what is the investing playbook for North Korea? As you have a $2,600 price target on the S&P 500, and I know you're bullish long-term. We are. But this is obviously very unusual risk for the markets. Well, there's been a lot going on with North Korea. This is not a new event. There's been a lot of words that have been going around between the Trump administration, between North Korea, and of course, we're trying to get China involved. Right now, it's just a war of words. War of words doesn't mean anything. Most things start flying in the air. That's going to mean something maybe potentially a little different. But I think we need to put Guam into perspective from a global macro standpoint. You think the debt ceiling debate is more important than Guam? I do. I do. Guam is not an important component for GDP. We're going to be facing a debt ceiling in September, and I think that is a much higher risk for the markets than what's happening right now. Now, does the debt ceiling along with North Korea keep the Fed on pause for the rest of the year, not just from a rate hike standpoint, but also from the balance sheet point of view, which the Fed says is going to happen, quote, relatively soon? I think that's a great point that you bring up, and I think the answer is yes. The Fed is facing two interesting points. They already have full employment. In fact, they may have passed the part of employment, but they're not getting inflation. They have very, very low inflation. The last time we saw this was actually in the late 1990s, and we did see during the late 1990s an ebb and flow of Fed policy. So it is very possible that the Fed is not that aggressive as we move into September and year end. But they won't be that aggressive because of low inflation or because of the tail risk from North Korea or the debt ceiling? I think it's all of it. I think all of it could create a soup pot where the Fed says, hey, we may back off a little bit here. And in the long run, I think that's positive. I think what you really want to watch here is the 10-year Treasury yield. The 10-year Treasury yield right now, as we speak, is trading about 2.2. You start trading below 2.2. You're going to start getting technical signals that the yield will actually go lower. What does that mean for stocks? Well, here's the thing, nobody's been talking about what's the possibility of the 10-year hitting a one handle again. And I even mean like 1.9, 1.8. I think it's extraordinarily high. And if we keep rates in a very, very low rate environment, I think the long run bodes extremely well for equities, particularly income-producing equities that could raise dividends because the one thing that we've stopped talking about are baby boomers and the income demand that they face as they move into retirement. So then you would perhaps disagree with former Fed Chair Allen Greenspan, rather, who claims that the bond market might be in a bubble. Well, I don't know if the bond market is in a bubble, but I can tell you the trend for rates still remains down, and that the risk still is is that you see a one handle on the 10-year. And that's going to surprise a lot of people, and a lot of head scratch, and we'll go on if that happens. We have a lot of risks to watch as we head into these volatile months. Mary and Bartels, thanks for joining us. Thank you.