i bought it earlier this morning. >> interesting day for certain in the markets certainly as you're talking about one of the biggest ipo teches ever on a day that the nasdaq is coincidentally lower the dow is good for 200. there is the story of the day, though it is snowflake, the biggest software ipo ever, the biggest ipo of this year the fifth biggest tech ipo ever is open for business we're done "the exchange," though, starts now. thank you, scott hi, everybody. and he's right, it's one piping hot snowflake as the biggest software ipo of the year is now even bigger. the startup snowflake soaring and it's open just in the past half hour. the stock was even halted for volatility we'll have the very latest on its size and whether there is too much froth generally speaking in these ipos they are to announce the sale in an hour.

we'll tell you all the important market comments you need to watch for and what change the fed as underway. we're also heading to a new call to boycott facebook stripe will pay you to move and who wants t-rex? we'll explain. dom chu here an hour before the fed. >> i want snowflake. >> $1800 >> if i could afford to invest in snowflake, maybe i could afford the it hat-rex. $319 a share that was the entry amount, by the way, once the halt was lift. a decent day for the dow off the best levels of the session s&p still up one quarter of 1% down one quarter of 1% in the composite. interest rates always a focus as

is market reaction to what happens with a certain industry group, and that is what happens with the financials. so it the banking side of thing jp morgan chase, sit i group, u.s. bankorp let's talk about fedex, a transportation stock that has nearly tripled since the lows we saw back in march. you can see that huge move higher for fedex has been powering the dow transports to a near multi-year high close to a record hyatt thigh at this poin. and get this, that run we've seen and that 14% gain in the transports let me put it this way since the lows we saw, kelly, fedex responsible for more than one-fifth of the entire move in the dow transportation index something to keep an eye on with that transportation sector fedex a big stock. i'll send things back over to

you. >> the economy absolutely grinding to a halt and now opening back up for business let's look at snowflake. it opened at $245 a share. let's just pause on that for a moment snowflake priced about half of that level after it was hyped up already in pricing as it was preparing to go to market, it opened at 245. we're around 252 right now it was briefly halted for volatility in the past half hour since it began trading leslie pickering is here she's following the whole story for us leslie, this is not a tiny microcap this is what, a $7 billion company now? >> now it is and just to put a fine point how rare it is to see a company this size or any size double on its first day of trading, i pulled up some data from the university of florida just now. in 2019 there were three companies that doubled none of them were the size of snowflake, and if you kind of follow this law of large numbers, you would think twit would be a lot more difficult for a company that's raising

$3.5 million to double that's exactly what we're seeing with snowflake this is almost an unprecedented ipr. i have not seen anything like this, at loeast in terms of thi size and this scale going back to 2019. one company doubled in its first day of trading and we pulled some data as to what companies have done. snowflake the biggest of all of those, after that companies generated returns of 50%, 40% on their first day. so a lot of investors who got stock at the allocation are happy right now, frank slootman telling jon fortt in the last hour that, this is just a hot deal, quote, unquote, and we will have to face the consequences of that if the consequences mean insiders or previous investors making money, they are certainly happy today. those investors who did not get stock in this allocation are clearly trying to bid that up today if they did, indeed, seek

demand for this company, kelly >> right, because frank slootman, this company could have raised money in this ipo but it raised a high enough amount snowflake, for those who know it well, would say this is a really great company with a lot of runway and a lot of great clients. but what is the feeling out there about software ipos? the number that we've had, the trading that we've seen, the froth that i'm sure people will start to talk about. >> yeah, this is a perfect microcosm of how important software has become in a pandemic world this company just raised money in february. they were valued at $12.4 billion in a private round back then their valuation in the ipo was almost three times that level, and now we're seeing a company that's upwards of 70 billion mark cap right now so clearly the pandemic has changed things for software companies. j. frog another software company that went public today

that stock, last i checked, was up more than 60% in its debut. i was asking investors are you seeing some spillover, people who didn't get snowflake, are they opting for j. flag. they said they're really independent companies, it's hard to say, but clearly snowflake has seen incredible demand despite the pandemic is nowhere near over. >> we'll keep an eye on snowflake. it's more than doubled since beginning to trade in the last hour leslie, thank you. leslie picker will follow it for us we're less than an hour today from the feds on interest rates. we'll see what the feds want from congress. steve, this is not an epical one, but we're expecting them to lay out a framework, right

>> yes reservedly i answer that question, kelly, because the market approaches this meeting with many questions you had on the policy, but it may remain unsatisfied with the economy still uncertain with the fiscal future the fed may not be ready to give out the answers the market is looking for right now. here's some of those questions how much inflation will it tolerate after that new average inflation targeting policy that it announced last month? is it ready to do more quantitative easing, that is, bond purchases what happens if there's no fiscal package and will it remain on hold in 2023 the outcome for rates will show up in the economic projections we'll get those today, first time since june, and since the economy appears to be recovering more rapidly than the fed, here are those projections and take a look at the work the fed has to do the original projection was down 6.5 this year. our survey is now closer to 2.5.

unemployment rate, 9.3 the current unemployment rate is already 8.4. the inflation may tick higher. 01 through '20 to '22. our base case is no action today but a triple play of dovish signals. google expects those statements to come from the fed chair's press conference, but kelly, as you suggest, there are a lot of questions to be asked and j. powell has his work cut out for him. >> how do you expect him to tie together the fact that the recovery has been better than they expected with the fact he'll be talking potentially about more measures the fed is undertaking? >> i think he has continued to outline the risks to the forecast, and that has been the way that he and other fed members have really decided to portray this issue, the risk of a second wave which, by the way,

it turned out to be accurate in the sense that we did have -- i don't know if you want to call it a second wave or a second first wave, whatever you want to call it, but there was another outbreak in july it did seem to, in august, create some moderation in the recovery process, and i think he's still going to be worried about that i think the fed is happy to have economic data come in better than they expect and keep going the way it's going until it has to or is forced otherwise to change policy right now. >> fascinating steve, thank you very much, sir. we'll see you in a moment. steve liesman. what can we expect for the direction of the fed in 2023 joining me, julia coronado, founder of macrobiology perspectives and brian would you tie the froth, if i can call that, in software ipos

to the fed's liquidity is that emblematic of what's happening in the market? >> i think it's more emblematic of portfolio managers having a hard time managing their apple positions or their microsoft position or their amazon position and really the need for additional companies that are giving growth. it's really a factor, quite frankly, kelly, of the changing dynamic. we said it, i think, a thousand times. from every recession we've got from despair to hope and we're going to see new leadership, and i think the market wants that, it needs it. you get a lot of questions on the froth of stimulus and the fed. what are you doing with all that fed money and stimulus money, well, you're buying stocks that's why i think america is still best poised with respect to equities around the world, because we have the best companies in the world and that's where the money is going. >> what are your expectations, brian, for the fed meeting today? as somebody who has been pretty optimistic on the markets and the recovery, this is a fed that will paint a much more dire picture of what's happening out

there. i guess it still all comes back to the liquidity that they've already generated and how much you think the markets can count on for the next couple of years. the higher cpi and that sort of thing notwithstanding. >> it's a great point, kelly just remember, we took off our scheduled forecast on march 23rd for year end, but we published a brand new forecast at the year end the day following mr. powell's statements at jackson hole i think that's a watershed event. we expect the fed to do nothing today. i don't think we'll get a lot of quantifiable color, but i think the message will be they stand at the ready i think that's going to help investors continue to feel very good with the decisions that the fed is making. >> julia, i'll turn to you on that note. you know, as someone who i think is largely supportive of the fed's policies here, do they risk blowback, because people say, wait a minute, there are all these traders making all this money in ipos but this does

not translate to main street weav we've heard this over and over and over again how do you expect powell to answer questions like that >> the answers have been from powell and almost a unanimous chorus from all fed speakers has been, we need more fiscal. we can lend, not spend our tools are limited. we're doing everything we can. we are committed to keep doing whatever we can for as long as necessary, but there is only so much the fed can do and the fed has been unusually open and aggressive calling for more fiscal support rig right ahead of this meeting, chair powell kind of struck an optimistic tone on recovery that things are proceeding, but that, you know, still more fiscal is probably needed and they're expecting it he's probably more optimistic than realistic on the fiscal front, but for now that's where they're going to lead. they can't do it all, they can't solve problems for all people.

>> sue, let me ask you about positioning going into this meeting. i've heard thoughts on two different things i think you're more on the dovish side here, expect the fed to be more dovish here to make sure they don't take too many steps too soon and shake off recovery i've also heard people say they might be hawkish maybe because of political bias. we don't want it to be too good a setup and re-elect president trump. but there is more coming out on the hawkish side and the dovish side what would you advise people to be on the lookout for? >> i think i'm leaning toward a more dovish side, because from a data perspective, they haven't really gotten any tangible confirmation that the recovery is actually on strong footing. for the most part, i've said this in the past, the fed is in

a monetarily policy sweet spot the dollar is actually weakening, and interest rates are extraordinarily range bound. so since the market is already doing what they want them to do, for them it's more a question of keeping status quo and making sure that they're not creating any volatility in the market, so i think they probably stick to the dovish message >> and i know you think we'll kind of be in this half percent and 1% range for some time brian, let me circle back to you on the markets i hope people didn't miss when i asked you whether snowflake is froth in the market, you thought it was necessary for other companies to find places for growth so they're not stuck on apple and the famed names. do you think that's the explanation for all the

liquidity in the markets, the participation of retail investors? you're absolutely right, but there is another category of people who are in stocks this year, and you wonder if that goes back to the fed and everything it's done to support the economy. >> i think it goes back to people not being able to go to baseball games and sitting at home but i think too much has been made of the retail investor in terms of rushing into the stocks i just don't think -- it does not have a lot of founding if you look at the contribution of performance of the stocks that they're actually buying, it's deminimus on the point of the apple call, too, if you're a growth manager, kelly, think about this. you might have to own 10 to 15% apple to be benchmark. the need for additional software, the need for new leadership is what i think will drive the technology sector in

the stock market higher. >> what's going on, dom? >> a pickup in volume on the highs so far we have headlines from reuters coming out of the morgan stanley laguna industrials conference, the ceo saying they see positive moves in 2020, also with regard to the aviation unit larry culp saying they see markets by and large stabilizing. those particular names and headlines moving that stock. i should point out, kelly, the stock is down 42% year to date we're seeing positivity there. i'll send things back over to you. >> thank you, dom chu. still ahead to prioritization of profits over safety, the boeing flaws that

led to the 737 max grounding we're going to look for the finding in the fed reaction. and is the facebook freeze due to thousands of advertisers leaving? that's ahead on "the exchange," after this [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know there's a 30-minute limit, right? tell that to the rain. [ beeping ] for those who were born to ride, there's progressive. [ beeping ] our retirement plan with voya gives us confidence. they help us with achievable steps along the way... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe?

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boeing and the faa's missteps on the 737 max is out while we were expecting it to be pretty damning, some of the details are still shocking the stock not doing much right now, but take a look at the last 18 months. that's how long the max has been grounded shares went down 56% during that time phil lebeau here with that report and the ramifications phil >> let's be clear that the house infrastructure committee are slamming boeing and the faa. this 18-month investigation included dozens of interviews, going over scores of documents, e-mails. a lot of this news has been out there which is one of the reasons the stock is up today, but the conclusion they make it clear they believe boeing made a lot of mistakes along the way and it ultimately led to the final conclusion in the report the report's main investigative findings point to a company culture that is in serious need of a safety reset. boeing has gone from being a great engineering company to being a big business focusing on financial success. that success, according to the

house, was predicated upon getting the max developed and out the door as quickly as possible they blame production pressures for many of the max problems they also slammed boeing's culture for being a culture of concealment. in response to the report, boeing says, as this report recognizes, we have made fundamental changes to our company as a result and to continue to look for ways to improve. change is always hard and requires daily commitment, but we as a company are dedicated to doing the work keep in mind that the 737 max, which has been grounded since march of 2019, is scheduled to be ungrounded or at least the expectation is that it will be ungrounded in the fourth quarter, maybe in november, early december the expectation is then that deliveries of the max on a very limited basis will begin later this year. if you take a look at shares of boeing the last year, keep in mind the backlog of commercial airplanes, which is largely the 737 max, has come down substantially now stands at

4,387 planes just for a point of reference, kelly, go back to before the max. the backlog was about 55, 5600 planes, somewhere around there, far higher than where it is right now for the commercial market >> we'll see how much this opens them up for further criticism, even litigation now. phil, thank you very much. phil lebeau with the congressional details. coming up, snowflake has all the attention today but it's one of four companies debuting this week we'll tell you other names that should be on your radar. shepard smith stat down with bob woodward on the controversy over his new book. shepard smith also has a new show next our customers... and deliver our products. but no matter how things change, one thing never will...

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a 2% gain for the s&p so it's hanging on to a 6% gain right now. here's the constellation energy and financials are your leaders. very interesting setup into the fed decision will this be confirmed or thrown out? in about half an hour, hour and a half's time, stay tuned and we'll get it figured out here's sue herera with an update hi, sue. >> hi, kelly just minutes ago words from the top spokesman of the health and human services is taking a 60-day leave of absence to focus on his health and family, end quote. michael caputo was highly criticized for suggesting covid should be blamed on trump. the cdc says we'll probably have to wait until summer for

enough dosages to be available for americans to return to what he called a normal life. india's number of cases passed 5 million cases today they have added a million cases this month alone it also has the third highest death toll in the world and is expected to become the pandemic's worst hit country in weeks, surpassing the united states health officials are asking everybody to get their flu shots early this year because of the ongoing fight against covid-19 it takes about two weeks after the shot for the immunization to develop for the full response. you're up to date, kelly see you in an hour back to you. >> sue, thank you very much. as i mentioned, stocks kind of mixed but mostly positive as we wait for the latest fed decision this one, by the way, the last one before the election which is now less than 50 days away in his new book "rage," author bob woodward says president trump remains heavily focused on

the markets. shepard smith sat down with woodward he joins me now. shep, welcome to cnbc. >> kelly, thank you very much. i talked to bob woodward literally about dozens of subjects, including the president telling woodward one thing and the public another about covid-19 woodward said often the president would pivot between the markets and the economy. >> the stock market is one indicator of what's going on in the american economy for the tens of billions of people who don't have jobs, who don't have enough food, who have no steady income this is a crisis like the great depression in terms of people who live here and work here for tends tens of billions of people >> he's a new york real estate developer, he's a businessman, his muscle memory is clearly about markets. were you surprised that in this

pandemic his focus, or at least part of it, appears to be on the markets? >> well, it's fair to raise, but -- and i said to him, i said, you know, do you realize what is going on, and he will acknowledge it, but he's not acting on it it's a good term, shep, muscle memory we all have muscle memories. we all have history and the past, and we need to use it, but we can't be prisoners of the past >> again, bob woodward talking about how the markets have informed president trump's approach to the infection. what about the business world, which is also important to the president? >> he addressed that you have to look at the last conversation woodward had with the president. it was the middle of last month. the world focused on the pandemic and how to slow the spread woodward asked him about it. the president turned to the economy and the markets, asking, why don't i get any credit for

that woodward pointed to the book and what the scientists and public health officials have been telling us all along the virus must be brought under control before the rest of life can stabilize and return to something we all can live with virus first, special local economies and those for the underprivileged, and the markets follow at least for the long term, kelly. >> it's funny you say that because i kind of want to ask you an inside baseball question about, as you guys get ready for the show, we have the fed, we have the markets, we have covid. what should we expect? >> this is a business news day and a business channel, but at 7:00 eastern, 6:00 central, it becomes all news it becomes the facts, the truth, the news in a general sense. tonight i think our headline is, in fact, i know it is, water those who have it, way too much of it in the gulf south and those who need it desperately in the west tha that's our lead and that ties directly into covid. during this period with people running from fires and running from water in southeast, they're all headed to shelters where

they're concerned about covid and fear that the spread is going to become worse in the face of these catastrophes there's enough news for two hours tonight. our entire team is upstairs preparing as if we had a newscast at 7:00 two weeks from today we will, and i'm pumped >> i think it's going to be a much needed perspective here shep, we thank you so much and look forward to it >> thank you, kelly. >> shepard smith, "the news" debuts right here on cnbc. 20 grand to move to the big city, but there's a catch. there is a t-rex -- not a live one -- but it esgo up for auction. all that and more on "rapid fire." stay with us

welcome back let's catch you up on a couple headlines that definitely should be on your radar today it is "rapid fire. michael santoli, julia boorstin and robert frank all joining me. the protest for what they're calling facebook's repeated failures to stop hate speech and election issues on their platform it includes these celebrities, kim kardashian west, katy perry, ashton kutcher what are they trying to accomplish here?

will it accomplish anything? >> it stop for profit is a group of nonprofits that together organized and advertised their boycott back in july they then expanded that boycott in august to bring in some international companies as well. now they're trying to maintain attention on these issues, the idea that facebook could be enabling the spread of hate speech to do so today, a number of big celebrities, including kim kardashi kardashian, who has nearly 189 million followers on instagram, are taking a pause on instagram. so yesterday you might have seen something that looks like this stop hate little logo here on some celebrities' instagram pages. she posted explaining why she was going to be taking a pause from instagram today, trying to raise awareness around these issues of the spread of hate speech so what i think is really interesting here is this is not going to have the same kind of material impact on advertising revenue, but it could have an impact on engagement this could be the first time that those 189 million people

who follow kim kardashian are aware of these issues, are aware of this controversy. will it have a meaningful impact on the amount of engagement on facebook today it's unclear probably not significant it's only one day. but this is the first time we could really see this issue cross over from being an advertiser issue to a consumer issue. >> possibly. robert, what would you say >> julia has it right about the lack of material impact. mark zuckerberg is getting protested all wait the way to te bank yesterday he gained $2.3 billion in wealth just yesterday so he gained more wealth in one day than the entire net worth of the kardashian family. look, i just think the fact that they could only take away or get out of facebook and instagram for one day shows just how dependent all of them, and all of us, are onsocial media. >> absolutely. unless they get off for good, start their own, go somewhere else, it doesn't have as much

heft still, i think it speaks to the politicization, certainly, of facebook that's undeniable. it hasn't stopped the share price, though. let's talk about spotify they called apple out after they released their bundle yesterday for as little as 15 there a$15 . spotify said, we call on competition authorities to act urgently toll restrict apple's behavior which, left unchecked, will cause irreparable harm to the developer community and threaten our collective freedoms to listen, learn, create and connect. will this work >> what is interesting is spotify does have a larger market share in music than apple

does, so it's unclear if the heft of spotify is going to be more of a threat to apple or the fact that they're that big means, in fact, that apple has not been able to leverage its advantage in a way that maybe spotify says it is all those things in the mix, i will say a lot of -- the very few successful antitrust efforts that you've seen in these areas are about bundling they are about putting stuff in there at a lower than economic cost to the consumer because you have -- you're making money somewhere else there's probably something at the core of this criticism >> this is a fascinating point, julia, because we're going to see more and more of these super bundles, if you want to call it that they've got music, they've got fitness, they've got cloud coverage i expect spotify to have its own. if they can't open their own bundle, maybe they have to be part of someone else's >> they can't offer their own bundle, but they have podcasts, they are investing more in

video. spotify has been bundled with hulu, spotify has been bundled with at&t cellular service, sometimes with samsung phones. it has been part of other bundles. they were all talking about going ala carte, now they're going back to bundles again. stripe is telling cnbc -- it's offering employees a one-time payment of $20,000 if they decide to move out of seattle, san francisco, or new york city because of the pandemic why is this interesting? the bonus is to make sure they are not hindered by the cost of relocating, but you get a 10% bonus. kate rooney is here. kate, what do you think stands out about this today

>> twitter says, you can leave san francisco or one of these expensive metropolitan areas stripe is the only one who says, hey, you will get a pay cut but here's $20,000 up front to help you move it helps mitigate the cost of moving a lot of folks don't have $20,000 lying around to make that move. a lot of us never predicted we would all be working from home like this. that 10% is less than other companies. vm air said they would cut pay by less than 10% they're still considering this life, though they're moving from san francisco. they have a huge office opening sometime next year, so the question is how many people are actually going to take them up on this when they do offer that bonus? >> robert, is it a bribe is it, hey, we'll pay you 20 grand to get out of these cities because that will be in our interest in the long run >> it's a bribe i would take in a heartbeat. if you take a look at the cost

of living in san francisco or new york city, taking a 10% pay cut to go almost anywhere else in the country is a huge pay increase the average cost of living in san francisco is about 80% higher than the national average. average home price 1.4 million, average rent 4,100 a month absolutely you could go to austin, you could go to chicago, you could go almost anywhere but new york city, and it's a huge upgrade in lifestyle >> kate, do you think they do or don't want people to leave i think robert is absolutely right about that it's not a huge pay cut, so maybe they don't actually want people to leave and they're hoping that's not a big enough incentive. >> stripe is one of the companies that has been sort of remote first they have these remote engineering hubs, so i would think of any of these tech companies that's actually going to realistically encourage people to work remotely, they're very much a global company, i could see them meaning it and say, yeah, go live where you want if they're offering this in incentive. but i have to wonder for an

employee, do you really want to be that far from the mother ship if this company is based in san francisco, do you really want to take the risk careerwise and move somewhere where the lifestyle might be better and it might be a little cheaper to live >> julia, we'll give you a quick last word on this. >> i was going to say, california-based companies, i'm here in california the air quality is terrible, the smoke is everywhere with the fires. a lot of people are thinking about where could they go not just but the quality of life but the ability to go outside would be better. i think they'll start to invest more in events every couple months, every year to bring their employees together, but i think everyone is going to want to leave san francisco >> the fires on top of everything were really just awful. kate, thank you. we appreciate it, kate rooney. and one of the most amazing fossils ever to be on earth is expected to make 6 million to $8

million when it's auctioned off. it's named stan after the paleontologist who founded it 30 years ago and it will be on display until october 6. we were talking about this, the team and i, and none of us liked this idea of taking this precious artifact of our shared planetary existence and letting it go sit who knows where. >> yeah, i agree look, there are a lot of scientists who say that dinosaur bones and fossils are part of the earth's memory, and this needs to be collectively owned, not owned by some billionaire that wants it in their living room but on the other hand, you need to fund these digs this dinosaur stand took 30,000 hours to excavate in south dakota someone needs to pay for that. and while t-rex skeletons of this quality are very rare, there have been about 50 t-rex skeletons found. they are rare but not that rare, and likely, this one will probably be purchased by a

wealthy person or even a company and then put in a museum where scientists can still study them. >> santoli, don't you think we should require it somehow? it should be in a museum >> i wouldn't mind a requirement saying it should be on public display. i could see it in a hedge fund office basically being their risk management program, essentially. just a little bit of a warning of how you don't want to end up. >> and hedge funds are also going extinct, so that would be appropriate. >> robert, we have a picture of you with stan. i think if anyone is curious about the scale here, this thing is massive you can see why someone would be interested please, if you end up buying this thing, take precious care of it. let us all come bring our kids to see it. julia, you would bring your kids, right? >> oh, my kids would love to have this. first of all, 6 to $8 million. i don't know who could afford to p put this in your house or how much room you would need to have it, but i do hope it ends up in a museum or some public place.

assembly not included. 188 pieces a lot of structures that are needed to hold it all together and hold it up, but even after you buy it, you'll have to pay to have it assembled >> this could be a disaster in the making thank you, all, for "rapid fire" today. coming up, we're about 15 minutes away now from the last fed rate decision before the election with federal stimulus stymied, a bold idea next some of the big names, some of the big names, stephen schwarz pl -- there are untold hours of careful construction... infinite "what ifs," and contingency plans. h.e.yasir al-rumayyan. we're back in two. and strengthen confidence in you. flexshares. powered by over a century of investment expertise

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presidential election. let's bring in chief economist at the milken institute. >> kelly, the fed has blasted some pretty significant holes in our economy. the short circuit of the fed to really push the economy because huge segments of leisure, hospitality, retail, and even business services have been pretty much suppressed by the public health reasons for shutting down the economy. what the fed has to do is make sure when it pushes on its instruments of quantitative easing and try to push funding into the markets, it goes to the right places the last thing we need is to overheat the already overheated markets like housing and auto sales. what i'm suggesting is we need a targeted measure whereby the fed can purchase and provide funding to smaller businesses, which are really suffering and we saw that the banks have really been unable to do this under the sba administration

because the events are just too slow on the other hand, financial markets, a lot of ipos and a lot of spacs and a lot of the venture capitalists are specialists to get the money out to people who need the funding, especially people who will be innovative and shift their business modelling to be more adaptive in a covid world. i think that's where we need to go >> you're saying small businesses should be directly able to go to the markets, supported by the fed, maybe borrow that way and keep their businesses going the tools you're describing by the fed aren't necessarily balance sheet tools. you talked about the fact that quantitative easing needs to go to the right places. are you worried that's not happening right now, or are we just in the early innings of this economy >> it scares me that the fed's balance sheet is no larger than it was in june it scares me that the lending program really has not taken off, so the fed clearly is not in the position to be able to do

it itself. it needs the help of specialists to be able to push the money into the right places. the fed has said, we're going to support the capital markets so we will buy the special instruments that are designed to get money to the right places. all we need are some regulatory chang changes that allows the fed to buy these special instruments and allows them to package it in a way to sell them to the public don't forget, there are a lot of people waiting for investments that have some high yield to it or chances for profit. it's not like these things will go unsold. so the key is to be able to shift and target the regulations in a way, and that's the role of fiscal policy. >> no, it's true, and it kind of reminds us that the fed is trying to do -- kind of be all things to all people right now we'll hear more from them directly in just a couple minutes, bill. for now, thank you for joining us billie of the milken institute let's look at soaring ipos

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the only software debut happening this week. bob pisani has more. >> it's quite a year marc an degreesen said software will eat the worrell, what, ten years ago? it's happening how much is being raised 7.8 billion so as far as, including the four ipos coming this week not including palantir it pales in comparison the biggest one ever was $5 billion back in 2018 will have we passed the biggest ones ever. why not? ever company has to upgrade their software to address the fact that the company is moving online snowflake is big in data management, a pure play on cloud computing. jfrog does software updates. unity soft wares does 3-d game

sumo logic, they show how customers interact with companies' web sites big help for the market is the existence software ipos that have done well people can zoom info, all of them are up. that's a real big help finally just on snowflake, guys, can i point out, 120 is not the price. 245 is where people were buying it it traded as low -- i saw 232 trade several? it's above that right now, but you can see we were trading between 232 and $319 this has a $70 billion market cap. okay, but that's pretty crazy numbers to trade in between. remember, below 245, a lot of people are losing money who bought early back to you. >> that's a great point.

for such a big market cap. we'll see you shortly, bob. we're about five minutes away from the fed's latest rate decision we'll have a quick break don't no anywher te,he fed call of the day in a couple minutes' time when i was in high school, this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart

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good afternoon, everyone, we are minutes away from the federal reserve's decision on the interest rates nasdaq remains in the red, down by about 0.3%. let's take you to our all-star panel. david kelly, chief global strategist at jpmorgan

and john bellows is port follow for manager. david, you go first. what are your expectations i suspect you don't expect any change in rates, but maybe a change in tone >> that's right, they're going to have to put on you new forecasts, that means a lower unemployment rate, less of a draw down, did you they'll still cooing like doves. so i think it could be interesting, even though we don't expect in the policy change cooing like doves, mona? >> that's a great way to put it, david. they'll be supportive, accommodative. they won't want to make any waves ahead of the november elections, and perhaps 'em after. we have another fomc meeting on

november 4th, keep in mind i will be interested in seeing what the projections looks like. since june, we did get some firming in the economy as david alluded to, gdp, inflation, unemployment, all could be upgraded. i'll also see what the '20 and '21 forecast will look like. >> the idea of somebody more elaboration on average inflate targeting might be helpful to the martz, either in the statement or in the press conference, what that means and how this will play out in practice. >> i think it's an interesting -- recently fed speakers haven't had much urgency, but that means that any type of concrete progress could be a surprise and a real -- i think the cases there is a very deep hole, a very uneven recovery and there are real

risks. against the very low expectations, i think that would be a real surprise. >> very interesting. we await the decision here in about 17 seconds i don't want to squeeze another question in and put under the circumstances over the point there where we go to steve liesman for that, and kelly will take us there in just a moment. >> let's mention the setup we have the dow up 250 points. steve liesman has the decision from the fed. >> federal reserve leaving interest rates unchanged in the september meeting, saying it would maintain an accommodative policy of interest rates until its inflation target is achieved it goes on to say, in answer to the comments by the panel, it would aim for inflation above 2% for some time. that is specifically now in the policy statement as a goal of the federal reserve. it actually makes note of that twice in the statement it was notice aiming for inflation above 2% for some time in order to achieve that average