 All right, one week ago stocks sunk, but the broad S&P 500 has reached 2,400 once again. Let's talk about it now with Ernesto Ramos, head of equities at BMO Global Asset Management. So Ernesto, the S&P 500 crossed 2,400 before last Wednesday's sell-off, and then we breached it again on Tuesday. So what do you make of the rebound we saw here? Well, it just means the market is very optimistic about the prospects for some of the changes that President Trump has proposed in the areas of deregulation, tax cuts, and infrastructure spent. I'm not as excited about it because I see potential for those things not working out so well. In and of itself, he has had trouble passing some of the legislation regarding Obamacare and other things, and let alone the fact that there's a lot of investigations going on that could put him in a difficult position to negotiate with Congress. So I think we might get a pullback as the market realizes that all of the promises that he made may not come to fruition, and that's why at BMO Global Asset Management we're recommending a slightly defensive positioning towards the stock market. We don't not like the stock market, but we want to approach it in a cautious way. Well, so when you say pullback, are we talking a 10 percent correction or something a little bit more subdued? Well, it's always hard to predict the numbers, but I would say I wouldn't be surprised to see a 5 to 10 percent move in the market, especially if we get a signal from the investigations that things might be a little bit stickier than the market has anticipated because all of that presages the fact that we will not get those three things, deregulation, tax cuts, and infrastructure spent that we're driving the market upwards. So then does that put the Fed back in the driver's seat of the markets? Of course, we're getting the Fed minutes on Wednesday. What are you expecting from that? The Fed minutes are not a big event. It's the Fed meeting itself that it's a big event. This is just going to tell us what they discussed about last time. We still could get some insight on the balance sheet, which everyone's talking about. Yeah. And I think the balance sheet will continue to shrink, but the Fed is data-driven and they have told us that repeatedly. So what I expect is if things start becoming unglued in the economy because of political noise or whatever, the Fed will step back from the tightening that they've embarked on, not necessarily just in the form of cuts, but also in terms of shrinking the speed at which they shrink the balance sheet. So the Fed can provide a little bit of a cushion if things don't go as well as the market expects. So you think they might delay that balance sheet unwinding process? They might slow it down or delay it, yes. The Fed has told us that we are data-driven, we're watching every data point, and we make adjustments accordingly. All right. Ernesto Ramos from BMO Global Asset Management. Thanks for joining us. Thank you, Scott. All right. I'm Scott Gamm, and you're watching The Street.