Indexes were pulling back. You can see, were now flat across the board. The nasdaq just inching positive. All and all, one of the rare not up days for your stock investments. And of course all of this coming ahead of what is likely just the second fed rate hike in a decade. Tyler . Thank you very much, brian. We are less than an hour away from that fed rate decision. Most people do expect a quarter point hike. Could it be more . Well explore that in this hour as well. It has been a year since the last hike, then there is yellens News Conference, thats at 2 30 eastern time. Steve liesman following all of it for us live in washington. Hi, steve. Good afternoon. Just a quick note that we got some data this morning, the fed got some data on the second day of its meeting when it makes its policy announcement. And decision. And that data was weaker. I want to show you the cnbc rapid update. What happened is economists have taken. 2 off their forecast for the current quarter, down to 1. 8, th
170plus billion dollar company. Thats a huge move. It is and its incredible those earnings still could blow it out. A lot to do with frozen. We talked about it yesterday but the reaction initially was not as strong as what weve seen throughout the session. Its held up well throughout a volatile session. Speaking of volatility, look no further than oil. Remember the big rally weve been talking about and the price of oil, it has reversed itself. Its now given back all of the gains that we saw the last two days. The price of oil settling down more than 8 today. For a period of time it was down 10 just off the lows. Well talk more about that coming up. More market moving earnings also due out in an hour. We have 21st century fox today, Keurig Green Mountain under armour yum brands. Dont miss a moment of it. Were waiting for the big unemployment number on friday. Right now it stands at 5. 6 and the Unemployment Rate is a big lie. Thats not me saying that. That would be the ceo of gallup of
Exchange as we get right to it steve dudache. Peter Anderson Kelly conley, john kenley and our very own Rick Santelli. What do you think is driving the selloff today . I think its a misunderstanding of this new adjustment in the china markets. Shorting the markets, allowing that to happen kelly, isnt necessarily causing markets to be regulatory in the sense that they will drive prices down. You know shorting doesnt prevent bubbles. And i think everybodys looking at this as a sense that if you introduce shortings to the china marketing with all of a sudden that bubble may burst. If that were the case kelly, look at the u. S. Weve had shorting here for a long, long time. Yet weve still had market bubbles. So i think its a little bit of a misunderstanding. It probably will help price discovery but in general, its just going to make the market more orderly and not necessarily a bearish instrument that most people i think are interpreting this news today. Steve money has been flowing into e