 Anytime central bankers speak in public, there's always risk of a taper tantrum. Here now is Graham Bugman, senior equity specialist at UBS Asset Management at Grant. I'm referring to the taper tantrum sparked by former Fed Chair Ben Bernanke in 2013 when he signaled the end of quantitative easing. And here we are again with Janet Yellen on Capitol Hill, potentially giving more details about the balance sheet. Is another taper tantrum upon us? Well, we don't think so. I think ultimately if you look at the past experiences like in 2013, when things are unexpected, that really causes a lot of unnerve and volatility in the markets. And I think when you look at, you know, under Fed Chair currently, Yellen, what you've seen is very well thought out methodical process to milestones, whether that's the first rate hike that we saw almost 18 months ago or ultimately unwinding the balance sheet. So we think that a lot of this is already in the market and in the price and it will be very easily digested once they make that decision. Although we know that the markets tend to have, you know, this ability to overreact to news like this, we had a mini taper tantrum a few weeks ago when ECB President Mario Draghi basically declared victory against deflation and we don't have second quarter earnings season yet. So the environment right now could set the stage for some sort of overreaction. Sure. Well, there's always a question of overreaction in the short term. I think as investors we're long term in nature and I think you need to make a distinction between short term trading and long term investing. And so while there may be some volatility as news comes out, really the longer term picture in terms of economic growth, earnings as you mentioned is really what we think is more important for investors. And what does earnings do to stocks in the second half, right about 24, 25 in the S&P 500, where do you see the broad index ending the year? Sure. So we don't have a target date, so to speak, or target price in terms of the S&P, but we do see kind of high single digit earnings growth for the rest of 2017 and a continuation of that in 2018. So when you look at the market, no one's saying that the S&P broadly is at cheap levels on a price to earnings metric or any other type of measure, but we think that you basically see continued earnings growth and maybe you see some multiple expansion, but even if you didn't, the earnings component will be enough to move the market higher. And tech and healthcare really led the way so far this year. Do those themes continue into the second half? So it's been a massive rotation if you had this conversation back at the end of 2016. It was a very different market. What you've seen is the Trump administration's agenda has been somewhat stalled and so the hope that you're going to have infrastructure, spending, regulatory reform, tax reform has kind of been put aside to some extent and the growth sectors like tech and healthcare have done very well this year. We have lightened up a little bit within technology and our portfolios. We've actually added to some areas of healthcare within small cap and to some extent within the large cap areas. And we think that those areas are poised to continue to outperform, but maybe not to the magnitude that they did in the first half. Alright, Grant Bugman from UBS Asset Management will leave it there. Thanks for joining us. Great to have you. Thanks.