welcome to "power lunch," everybody. nice to be back together again we are 24 hours now away from the fed meeting, and a big jump in inflation today, in that ppi report wholesale prices is the fed about to set off a taper tantrum number two >> or has inflation peaked

there are some key commodities down today plus the many parts of the economy are back to normal the amex says it's almost back to pre-pandemic levels, but not for the live events business we'll talk to a theater operator about his company's struggles, and the failure of the federal government to help the bureaucracy getting in the way. markets of heading lower ahead of tomorrow's fed meeting, the nasdaq leading down with a 0.6% decline including real estate, materials and consumer discretionary the best sector to date is oil, energy, as oil climbs another 1% it's back above -- look at this hike, $72 a barrel wow. >> the fed has begun its meetings, two days, tomorrow

we'll get the results. the key issue for economists and investors like you is inflation. results from a new fed survey show that most people do not expect inflation to last the word of the year, ylan mui, is transitory. she's got the details. ylan >> that's right. it's not changing expectsations for rate hikes so far. respondents expect won't happen under november 2022. that's about the same as in our previous surveys economic activitily fully restored by the end of the year and inflation will people in november survey respondents do, however, see rising prices as the number one risk to the economy. and failure to take the vaccine as their chief concern our june survey saw a big jump in inflation forecasts, now at 3.88% by the end of 2021

that's more than a percentage point higher than it was back in april. but, guys, this is an interesting dynamic, the projections for ten-year treasury yields moved in the opposite direction it actually fell this month. from element 2% in our last survey so the majority of respondents say that they believe the spike in inflation is temporary other tran transitory, more than three wards said they don't think the problem is serious, that the fed needs to raise rates now back to you. eight years ago ben bernanke testified that the federal bank was considering. >> if we see continued improvement and have confident that that is going to be sustained in the tex few meetings we could take a step down in our pace of purchases.

10% through the month of may now it turns to fed chair powell's lindsey, let me start with you we'll get to chair powell and what may happen tomorrow my basic question is this. if inflation signs are as high as they are, if the ppi is where it is, why are bond yield on the ten-year going the opposite direction, down? wouldn't you expect the opposite >> i think right now the market is clearly buying into the fed's inflation dismissal rhetoric the fed has been veg clear they view this as temporary or transsorry, as pointed out it's a reflex of these base

effects, as they fall out this year, simply by the way we calculate inflation. but going forward, as the economy recalibration, and producers desperate to meet this rise in demand as we need a new equilibrium. so going forward, we know the market is forward-looking, and they're pricing in the easier levels of inflation that we're still waiting to see, but expected very much to come into play. >> larry, are you in the transitory inflation camp, or are you worried it may be more persistent >> no, i'm in the transitory camp.

and then a year later you stream it at $3.99 to your home you have all consumers simultaneously coming out of spending hibernation, spending on the same things i this i the best example i can give you is travel if you want to travel this summer, you're going to pay a premium price, whether it's hotels or airfare, but once we get to september, when children are back to in-person schooling, i think that's when you see prices start to come down. i think it's a digestive period. >> let's talk about chair powell a bit, lindsey, and what you might expect him to say tomorrow my impression is you would expect him to be resolute in saying this inflation, this spikelet we're seeing is transitory, number one number two, you would expect him to be resolute that you will continue the stimulus as is, for

the time being or the foreseeable future or whatever time period he suggests. let me ask whether you agree with that, and whether you think the continued stimulus is called for, giving the way the economy is performing. >> well, there's two parts first off, i think the chairman will reassert their assessment the inflation is transitory and point to some of the category that is less impacted by the virus. so rent, medical care services, these prices were slowing their effect, so already we're starting to see evidence of exactly what the fed predicted, in terms of inflation continues to rise, but again, expecting that to slow going into the end of the year. the second part is policy implementation the fed is going to be -- the chairman is going to be very clear that the taper process is going to be very transparent, very deliberate, very slow and that they're going to begin to have that conversation in the coming months when it's appropriate, giving the market

ample time to digest an eventual decision to taper. we expect that to come by the end of the year. it's very likely the chairman begins to open the door for that initial conversation which could occur in the august-september time frame going to your question whether the current accommodation is appropriate, the chairman will also have to reconcile the fact that the economy is gaining significant momentum and that the labor market improving substantially, but again here, too, i think the chairman will focus on the glass half empty, suggesting that the recovery is still not complete, with millions still out of work, supporting the notion that accommodation is appropriate for now, but again, they're going to slowly move down that longer-term path to eventually taper, and then even further eventually that first rate increase. >> i love listening to

bernanke's comments from the taper days all over again. it's interesting, he said in the next few meetings that really spooked everybody. my guess is, especially after that experience, powell would never say something like that unless it really was their plan. so what keywords, phrases, budwords would set off the market, do you think >> i think the downside risk for tomorrow -- and i think this is near term -- if you see the fed increase the inflationary expectations while simultaneously bringing forward the potential for some fed rate hikes. i think that could spook the market near term, but if you go back over the last seven times that the fed has begun a tightening psych t-- cycle, one year before the hike, and 7 on% of the time if you look at six months before. anytype of downside risk, i would use it as a buying opportunity.

larry, lindsey, thank you both very much today. now let's trade it what do you buy in the language veers from its current course. here is strife grasso, a "fast money" trader. steve, let's go with the, first of all -- how do i phrase this if they stand pat, inflation is transitory, you don't hear anything different or out of the ordinary, what do you want to own? >> if inflation is transitory, you want to own at the nobody stocks you don't want to go that far out on the curve you want to buy appearing, maybe a little amazon. i wouldn't be a buyer of zoom. that's too far out on the growth curve. i wouldn't be a buyer of peloton. if you think what they're saying is the truth, then you buy those five or six names that everyone

has been talking about the last, i don't know, ten years or so, kelly if you think that it's not transitory, and you think inflation is spiking, then you roll big into value. >> maybe the way to think about it is kind of a matrix it's what they say or don't say, and if you believe them or not, right? that's kind of what paul tudor jones was saying, if they don't say anything i buy inflation, but if they don't say anything and you believe them, you can go with the trades that have been working. whathappens if they talk, hint use the dots, whatever, if it's more of the taper, then what do you buy? >> well, if it's more of the taper -- this is what i found interesting. if you go back to 2018, the ten-year was at 3.2% what was oil back then, kelly? oil was at $76 a barrel. now we're at 1.5%, and $72 oil

something is disconnected in that life cycle there, and i heard tyler mention it in your previous segment why is the ten-year moving lower? that to me is the most worry some thing that means that we enter the pandemic in a deflationary scenario that could be scarier than any of the scenarios you played out. >> the ten-year sweet spot is between 1.5 and 1.75%. if you're there, you're buying the market if we go below that, that would suggest deflation is a bigger worry than inflation, despite what the current numbers seemed to indicate. what underlying that deflationary impulse is it that we have too much supply >> yeah.

>> and not enough demand what takes us there? >> i think you're on the right track there. there's been a supply shock due to the pandemic. now we're seeing things come back online. the mailbox money will end shortly. what happens when that end if you have an end to that, people are going back to the workplace, which is good so you don't get a lot of the shock that we have seen currently, but when you see europe rolling out vaccines at a quicker pace than they have in the past, we led the market there. so if the world starts recovering and the world supply chains are coming back online and the sweet spot, as i said, in the ten-year drops below, that's going to spook the market, which means you want to sell risk assets, not buy them. >> if you stay in the sweet spot, then you continue to buy both value and technology, both value and growth to a certain extent that's why we've seen the s&p,

though it's at all-time highs, sort of flattening out here, deciding on which way it should go the reason why it's flattening out -- >> let me see if i can boil it down to a simp adage interest rates, get out of the technology and growth, go value. interest rates stable and where they are, play conservative growth >> yep yep. you're there i think that makes a ton of sense. obviously, if we see a shock in either direction, people are going to hold on to their wall either and their investment portfolios really quick, but the problem is the bank of america survey with 72% of the people thinking it's transitory, that makes everyone think that everyone is a bit complacent in the overall market and people are at an all-time low or there abouts in their cash star, so it makes people think we are due for a correction people are just sort of riding

those horses, value and growth, they want to see which way the ten-year leads them so they can make their decision, tyler. >> the lone rangers of the nyse has been unmasked. we're happy to see you, steve grasso >> well done well done. we're continues to look at areas of opportunity as the markets and the fed try to figure out whether it is here to stay or not. the so-called dividend aristocrats, the company that is raise dividends come what may. stay with us

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welcome back dividend aristocrats have paid a dividend for the past 25 consecutive years. dom chu is here with a look at the names and how they're performing, dom. >> we thought about this we have analysts reiterating their buy rating on shares of exxon mobil, not because of the new activist investor slate, but they think the capital structure will allow them to pay an increased dividend in the coming years. remember, exxon mobil is one of the these that consistently grow their different. you can see here, these particular stocks in the basket of n.o.b.l. has pretty much

tracked in line with the s&p 500 over the course of last 12 years. generally speaking the performance is right up there in a much smaller portfolio that pays outside dividends we decided to screen to see which one of these dividend payers paid the heftiest, but still are doing so, because they're not depressed. the stock price hasn't fallen so much our screen looked at the s&p 500 aristocrats, different aristocrats. they had to have pod year-to-day and performance, and then ranked them out of that, 26 stocks came through with dividend yields of at least 2% or more with context, 1.5 yield for treasury notes among them exxon mobil the highest, 5.5%. ibm about 4.5% realty income, 4.1%, and 4% for

utility and coned. so those are the top ive people always ask, what are the other stocks i i posted them on twi twitter @thedomino >> so that's about what that was. i guess, dom, the question is, are they consistently getting, you know, this kind of outperformance or when we talk about the dividend names, does it become itself a problem, more a sign that, hey, this company, this stock price may not be attractive enough that they're investing that heavily in the dividends? >> there's no real set winning formula. the reason why a lot of folks like to look toward these dividend aristocrats, they're looking for companies with a history of managing their balance sheet, managing their capital structure done servetively enough where they can still afford to pay their

dividends and increase them consistently over time when you look at the dividend payers, they look for the biggest ones out there, but yochb times you get the outside because the company pays the same dollar amount, but the stock price keeps falling and falling. so in screens line this, what some traders look to do is mitigate some of those risks away, mitigate some of those factors and variables, and not everybody can handle all of them, which is probably why there's still a market out there. >> i speak when experience, i've suckered by high dividends, including one on your screen, which shall remain unnamed there. thank you, dom. >> still ahead, everybody. we're all over the commodity crunch prices of copper and soybeans lower on the week, even lumber

having a rough month s cnbc's evolve global summit is tomorrow tomorrow register at cnbcevents.com/evolve.

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good afternoon i'm leslie picker. the pace of deaths in the united states has slowed dramatically, but the count is still going up today it crossed above 600,000, according to johns hopkins the cdc is calling the delta variant as a variant of concern. it causes more cases than previous versions of covid. and elizabeth holmes arrived today for a pretrial hearing to focuses on how a jury will be selected in august the defense wanted one-on-one questions, arguing many will be prejudiced against her due to publicity surrounding the case the judge rejected that c argument in florida, an overnight visitor tess door, an alligator

surprised the owner of this house when he looked at the video from overnight after waiting a while, the croc walked away, couldn't reach the doorbell. >> it was an amazon delivery, i think. look at that guy whoa, look at the tail on that son. whoa >> he just gave up, though >> beautiful thanks, leslie. shares of lordstown motors spiking in the past hour based on comments from the owners. the stock has been volatile. phil lebeau is following it for us up to date, phil >> it is, tyler, a bit higher, but all the comments made by executives to reporters as part of a webcast in the last hour, there's nothing new, nothing that makes you say we haven't heard that before, more reiteration of what they have said in the past executive chairwoman angela strand saying the company is

still planning to begin product by late september. what they're targeting, they have binding firm orders to 21 and '22 production of the endurance pickup truck so it's similar to says we've got orders, we will meet the production, but we're not knowing exactly how many are going to be built in those two years. the company says it may have to race money from adjust earlier investors. and they are also seeking additional funds by the way, they could increase plane capacity beyond $20,000 a year that would be -- or 20,000 vehicles a year. excuse me. that would be an element of what they raise money for finally, they continue to have no comment with regard to the s.e.c. investigation that's until way against shares -- them. ahead on "power lunch,"

bitcoin has made its debut on tiger '21 survey we have the numbers of on where the money is flowing, ahead. reopening road blocks, as theaters and concert venues struggle to reopen. lumber prices are all over today. they have popped in the last few minutes, still down for the month. red-hot lumber finally cooling out of what it means for the housing market, when "power lunch" returns. (♪ ♪)

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le oil market closing for the day. we also just heard from jeff currie on today's. >> oil continues the steady climb today, hitting another multiyear high wti crude futures ending up 1.75% at $17.42. crude oil advancing to $74.03. all eyes are on tomorrow's inventory report, where crude stocks are expected to decline, but the more important figure to

watch is gasoline and distillate stocks, which unexpectedly jumped last week, sparking some demand concerns. the sector is, by far, the top performing s&p group with a gain of more than 1%. exxon, diamondback and occidental are some of the names leading the way. >> pippa, thank you. producer prices jumped over to the bond market now, it's all the talk these days rick has the latest for us. >> hi, kelly, yes, let's start with the ppi if you look at the year over year, final demand, you can see it's the highest with respect to retail sales, all i will say is this -- retail won't give you the information it once did. all the horsepower is going into the service sector what we're looking at is trying

to guess where the hot part of the economy will be. so, the give back really on this one is that nobody is really buying cars. if we look at the 6:00 a.m. start to the ten, you can see the rates popped a bit after all the data was out, but now they're drifting lower after a very good auction of 20-year bonds. if you open the that's right, we're basically bouncing off three-month los, but not without a lot of horse poutser there's just money everywhere, whether you look at the -- the records for the reverse repos, but barclays, investment grade, tightest since 2007, high used some of the tightest spreads since 2018 there's a lot of sugar out there, kelly back to you. >> rick, thank you very much with the subpoena near record highs, we want to get a pulse of where investors are putting their money,

experienced. tiger 21 is an investment network that brings together the sophisticated investors. in the latest quarterly survey of the 900-plus members, real estate was the top investment, as it has been for quite some time, 27%. public equities close behind it, 25%. currencies only up 1%. we'll explore that with michael sonnenfeld, founder of tiger 21. let's talk about the growth in public equities. that means common stocks, basically, which are now a greater percentage of these folks' portfolios even than private equity why is that? is that because they have bought more stock, or because the stock they own has gone up in value? >> i think -- i think we have two major themes you have just touched on them, the crypto

blockchain area, and the climate energy area. both of those are new areas, certainly on the renewable side, can't express them in private equity we've had sort of a shift in priorities of how people express their investments. you have these two currents going on also between inflation and maybe a market bubble, some people think, and on the other hand a long run of extraordinary opportunity. when you have this kind of choppinessy waters, our members feel they can express it easier and quicker in the public market, so they're compressing that around energy stocks, crypto, the faangs and other areas. >> i'm not quite sure how you invest in crypto through the public equity markets, but i am sure how you invest in clean energy stocks through the public markets. if i'm hearing you right, you

seem to be suggesting that the increase in public equity exposure in the sophisticated investor portfolios is attributable in large measure to investments in clean energy. stocks like which ones >> well, first of all, it's also in the faangs and the longer themes, but in energy, you know, there's been not just the interest in tesla. you have the new competitors, lose i had area being traded through the churchill spac, and the trust stocks, there's a number of them, and etfs members are looking at the different way to say play it etfs for batteries, wind, renewble these are all public market opportunities. just one point a decade ago, the old fossil fuel energy stocks were 16% of publicly traded

stocks today they're 3%, so although there are a lot of policy debates, the market has said the end of fossil fuels is near, notwithstanding the current activity you're talking about in supply and demand, but long term they're on a one-way decline. >> i wanted to ask you about real estate. this is coming up so much lately now is the time to investigate and they're looking for the stream of rental payments, and i guess, two observations are, number one, what if it's not that inflationary of an environment. number two, the prices are not a bargain right now, are people investing in real estate doing so for the wrong kind of macro environment? or do you think it will still

perform well i'm looking for reasons to invest in real estate, and if it's too crowded, basically. >> our members have created the largest amount of -- but these are operators, people who really know how to move this way and that way there's still a lot of negative headwinds coming, but the flip side in that trade is in industrial real estate serving all of these online purchases. when we're in our meetings, typically at any given group, a couple of the people have deep expertise, but in different sectors. one of the big questions is -- i was speaking to one of our members this week who has a multigenerational office business they keep buying, people will still go to offices in whatever new format is going to evolve.

so it's still a bedrock, heard asset that people are comfortable with because of its income-producing capacity. about a third of your members say they have added -- initiated or increased investment in crypto over the past three months, 20% in a fund, 31% have bought bitcoin, 31% have bought ethereum explain why. >> first of all it's crypto and blockchain crypto is really a currency. the younger you are, the more you tend to accept bitcoin as a storehouse of value. even our older members in the meeting with younger members are learning from one another. whether it's bit counsel other ethereum, coinbase has been an extraordinary situation, but then you get to blockchain if bitcoin and ethereum and the

other coins are currency substitute that's historic lip been 1% to 3% like gold, but blockchain, some of our members believe, will be as disruptive as the internet was in the way commerce is going forward. so you really have to look at the long trend of the impact blockchain will have on the way we do business. >> michael, as always, good to see you. we look forward to your next report in a few months' time appreciate it. up next, cashing in on commodities, copper down 4% today. should you buy the dips? our traders debate that, next. managing network connections used to involve a spinning wheel and juggling multiple inputs, but now with solutions to simplify network management from anywhere, the future works better. a vmware® future ready workforce solution orchestrated by cdw®, automates and scales, access to applications and data, keeping employees secure and productive in the cloud, on premises and everywhere in between.

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the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo welcome back to "power lunch. traders often look to the pride of key commodities after a big run-up, prices are starting to cool copper and soybeans down sharply copper off by 5% now trading at a seven-week low.

does the recent pullback suggest inflation has peaked how do you trade that -- >> they're -- they collapsed in 2020, you have supply chain issues now, you have issues on purchasing, something as simple as furniture to building houses, and so if there was a massive run-up because of all these issues that came together. i think you'll continue to see inflation. i hope it's not as rapid as it has been the fed meeting this week is very important to see what is their tone i don't think they'll raise rates or anything that drastic it will be interesting to see, do they continue pumping money into the economy at such a rapt pace as they have? i think that would tell a lot about where commodities go and where inflation goes

remember, gradual inflation is something that's positive for our economy. we haven't had it in how many years. as long as it's not a rapid spike, or a continued long spike, i think you'll see a positive outlook on the fed continues to move forward. >> matt, in the last hour, goldman sachs calling copper the new oil. would you buy it >> i would buy it on further weakness ayering this month, i said we're at the beginning of a new bull market in commodities and will last several years however, you know, it would an unbelievable run-up as michael talked about a perfect storm just took them to unbelievable levels also made it very, very overbought you look at the chart of copper. i mean, it's weekly rsi, relative strength index -- is

overbought and this is representative of many other commodities. they're still a little overbought, so they may come down further, as we go through the summer, but over time, i think they'll present a great buying opportunity, not just the commodity, but the commodity-related stocks will be ones we want to look to buy as we move through the summer. >> that chart really tells a story. mass and michael, thank you. we discuss more on tra tradingnation.cnbc.com the ceo of the count basie theater will join us and share his those.

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travel and restaurant spending seems to be picking up nearly to pre-pandemic levels, but on the flip side venues have not quite been so six months the save our stages program passed back in january but as of last week fewer than 100 of the nearly 5,000 approved venues have received funds. i think the number was 90. the next guest says his venue running on fumes until that aid arrives. adam philipson is the president and ceo for the center of the arts in red bank, new jersey if you think it's a little local thing, adam, i am really blown away number one ticket selling theater in new jersey and number two ticket selling venue with a capacity under 2,000 in the world as of 2019, so congratulations on that. >> thank you >> let's talk about the save our

stages act and why the money has not been flowing what's going on here >> you know, i think there's been a lot of red tape that we've gotten caught in some of that had to do with the fact that it was called a grant. and i believe that that began to trigger some bells and whistles as opposed to calling it what other stimulus money has been called, which is recovery money and emergency funds. once those terminologies began to change, things have opened up a little bit we've heard from the sba they have gotten rid of a team that was managing this grant and are now moved into taking the team that were distributing the money with the restaurant recovery and things are starting to move a little bit but we have been waiting for six months. >> yeah, i see that the sba told variety via email kind of crowing, they provided hundreds of billions of dollars in economic relief to america's small businesses the grant program awarded nearly $128 million to date well, that sounds big and it is

big, but there are $16 billion in the pot to be distributed, so that is a drop in the bucket. >> yeah, it's really -- at the moment although we do hear it's moving faster and maybe within the month we'll start to hear more, but you have to understand that first we were awarded, then we were told we could not get ppp funds. then we were told we could ask for ppp funds because the sbog was going to be delayed. then we were told we were going to get it all in one disbursement then we were told it was going to be over four disbursements, so we have not been getting a correct story and it's been disheartening. every time we think we're about to get the awards and putting it into our projections for cash flow for how we're going to survive, we're being told it's changed again. >> are you hopeful that you'll start to get some of the money -- how much have you applied for, and have you received any >> no, we have not received any. we have received the ppp 1 and 2, which has been incredible for

us you know, we think we should be able to get somewhere around $2 to $3 million, perhaps a little more all this depends upon how many apply and what's the order we're in the second round of funding. they haven't even given the first round out although i hear there's a smaller number so we've been told there could be supplemental funding that comes after, by the way, there's 14,000 organizations that have applied. once we work through all those, there actually may be more at the end but this is just going on and on. >> let's talk about where you are in terms of reopening your venues i know you have a new one but your main one in the count basy center in red bank if you haven't been to red bank, new jersey may get a bad rap for a lot of things, but nred bank i a cool town. when will you be back to full capacity events? how soon >> we're told we're allowed to be back at full capacity

whether that means we have tours that will be able to get together at that time, probably not. i think by mid-august you'll see us in full capacity in all of our venues in the hackensack theater and also outdoors at concerts on the green at sun eagles. that's a golf course and we put up an incredible facility, 514 seats. we have another 75 shows we'll be playing all summer so we've got a lot of possibility all smaller capacity and then we'll ease up to full capacity by mid-august. >> have a great summer and fall, adam philipson, it's great to have you back. >> i'm thinking i need to get down there. >> it's really cool. it's a nice town. home builder sent meant dropping to a new low but prices have started to see declines what could it mean for the builders that's next. erent. oh, we can help with that.

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♪ quite as often as i could have ♪ we're delivering for the earth. by investing in more electric vehicles, reusable packaging, and carbon capture research. making earth our priority. i thought i'd seen it all. ( ♪♪ ) welcome back those high lumber prices are driving construction costs higher and home builder sentiment to lows. diana olick is here with more. diana? >> kelly, builder sentiment in june dropped to the lowest level since last august. they are blaming the high cost of materials and delays in getting the materials. yes, the price of lumber has come down off its recent peak but it's still 275% higher than pre-pandemic higher costs are passed on to buyers pushing new home prices up 20% from a year ago

smaller builders who make up two-third of the market say they are losing construction loans because the appraisals aren't coming in as high as those new home prices. back to you guys. we turn to dom chu for a closer look at this lumber trade, dom. >> it's something that we've been talking about quite some time, this notion that it had to come down eventually the prices that you've seen couldn't stay that high for that long if you look at the lumber prices we've seen, there is a massive, massive difference between coming off its highs and getting back to where it was before. if you look at where it was over the last month, we've lost more than a quarter of its value. if you go back ten years for lumber prices, you're talking trading ranges roughly $200 per thousand board feet up to 600, 650. that's a wide range but that's been normal for the past decade. when you see $1,700 for that same lumber now versus what it was six, seven, eight years ago

then it becomes a problem. even if it falls to these levels, it's not back to where it was before. the real issue is whether the moderation happens at $1,000, $900, $800 or it goes back to that $200 to $500 range we've seen before. that's something we'll keep a close eye on for the numbers fans out there, the standard deviation is massive on these, which just means a very volatile trade. >> kelly has gotten out of our chair and walked over here i didn't know that lumber got you so excited, kelly. >> this is the debate for fed week in a nutshell which matters more, is it this down here or is it this higher level that goes all the way back there. >> right so it's going to be bad if it stays at $1,000 because that means there really is true maybe nontransitory price appreciation right now what we've seen before is we could see these prices come down. if they get back to pre-pandemic levels, maybe things are okay but not now.

>> so lumber over the past 12 months is up how much? we had it there earlier. >> 275% from where it was. >> it's way up, it's tripled or something like that. there you go, one year, up 180%. i was a passive bystander there. i guess we've got to go. look at that newlumber talk. >> soft wood. "closing bell" starts right now. we'll see you tomorrow thank you, kelly and tyler and welcome to "closing bell." i'm sara eisen here at the new york stock exchange. stocks drifting lower on this eve of the big fed decision. the dow and s&p are well off of the worst levels of the day. >> should we go join mike at the telestrator? i'm wilfred frost. today there's plenty of new data for investors to chew on, including another red-hot inflation ad