forward. if they get the supply chain challenging met, they can provide upside because it's a 3% dividend deal. definitely for this market >> yeah. willis towers watson kind of a pension consulting, insurance brokerage, i guess another one we don't talk too much about >> exactly really hit me under the radar today. really, i mean, it was done on purpose. these are the things not talked about that execute they block and tackle. they do what they need to do from our perspective, the plan consulting business, you know, tends to be very resilient so for people looking for ebbs and flows and inflection points, these are not the names. but these are good block and tackle companies that are now trading at pretty significant discounts to their long term averages that we think can be in a rebound over next six to 12 months >> i guess the big question that is hanging over every company is, okay, the stocks are down a

fair bit have the earnings forecast become more realistic? is there any priced in have you lookeded to t to make that companies you're interested in is not in that situation where there is further down side surprises? >> the one that is probably the most at risk is medtronic. it is smi upply chain issues but that could be the one most impacted but if you look at long term history of a earnings revisions in these companies especially, they don't tend to revise a lot unless we're in massive economic calamity which is not our base case scenario by any stretch of the imagination. >> okay. and what are you not going for that maybe looks like a val ue track? >> higher valuation type of heavy cyclical stocks. that's a tough one they're extremely high if you have a global allocation that, kind stuff, and then second airily with, he do see economic slowing

so if you're carrying a high valuation and you're in that ultra cyclical area, that's going to be a challenging spot right now. >> yeah. for sure some people like cyclicals, they have to be cheap, i guess. we might be looking at global a regulation here after all. jeremy, appreciate the time today. thank you so much. >> thanks. take care. all right. that will do it for "overtime. "fast money" is up after this quick break. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools,

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right now, keeping a tight grip on wall street. the major average is falling for the fifth straight day the trigger, the drop for the british pound are these outside moves in currencies, commodities and bonds, masking a bigger looming problem straight ahead plus, amazon getting primed for christmas early next month launching a second prime day in october. is this a sign retailers are worried if they don't get consumer dollars for the holiday early, they'll be gone and later, billion dollar buyer stopping by "fast money. we'll talk about the state of the debt market, inflation, and health of the consumer i'm melissa lee. this is "fast money. we begin with the s&p 500.

closing the fifth straight day in the red the dow jones industrial average slips into bear market territory. dropping 20 periods since the high hit in january. all this as a british pound falling to a low this morning against the dollar just this month, the pound is dropped more than 8% the pound's pain is the dollar's gain it's up again today. for the month, it's climbed close to 5%. rates continuing to surge also the two year climbing more than 13 basis points, closing above 4.3% check out the ten year surged 22 basis points just today. the yield now 3.92%. something just doesn't quite feel right >> i think coming back from -- when i look over my career and you watch that big day where somebody hit a bad fat finger trade and then things, you know,

escalated out of control we had trade down from 38 to a penny. >> right >> those days -- and then you're right back you're trying to get an order in so everything that used to take months and sometimes quarters now is done in minutes and weeks. so i think that's what we're watch right now. think about it everything relies on the fed what does the fed control? they control rates what do rates have an outside effect on? the dollar the dollar controls the rest of the market it controls the effect of the dollar in reverse correlation. dollar goes up, commodities go down rate go up markets goes down that's what we're witting right now. until the dollar stops, the market does not stop the drop. >> when you see the moves in single days or over the course of a couple days, i wonder if you you this there is a problem out there with liquidity

if there is -- if this is all symptoms of something else that might be broken or might come to be broken soon >> yeah. well, one, we know that there is a lot less liquidity in th market but that's not why these things are moving these are historic moves that we're witnessing right now particularly in the currency markets. there are real economic reasons for that effectively, every government, the uk is the poster child for right now is fighting inflation on one hand, trying to raise rates. they're conflicting with one another. we're seeing it in the uk and j europe and japan and can see it in the u.s they might have been a recession or a hard landing. it's more likely with the big type of moves that we're head

ford a global recession vent. >> do you think it's worse now >> i think about several shows ago. what is worse, recession or stagflation? a recession with an inflationary recession wasn't an option we're seeing that really is the worst situation. that's you see such volatility in the bond market in the you are kency market, typically bonds, currencies, these are markets where you scale your trade because the actual far out paces the move and volatility that you typically see. not to mention these are also leverage bets. so these moves are going to continue to be exacerbated the moves we saw last week in terms of the british pound are pushback because traders are essentially saying these moves that we're seeing in terms of fiscal policy are erroneous or error or going to lead to worse financial situations

that ten year move, trading around 435 that is significant. i think you're seeing that trickle down effect into other markets that steve mentioned. >> barrinorrowing costs going u. companies dealing with an fx impact most certainly with the dollar index up almost 5% welcome back as you were enjoying yourself in sicily. all this was going on. so what's your take? >> i was watching from afar. i saw you on the "squawk box" this morning and it's remarkable now that people are talking about things that we've been talking about on this show literally the last year or so and listen, in a world of free money, everything is opaque. now we're starting to learn the hard way what price discovery looks like i agree with everything steve said except one thing. he said the fed controls the bond market. no, they don't when you see moves like we're

seeing over the last few months, it's ridiculous. obviously, 18 basis points at this level is not what it was a week or so ago it is still a tremendous move. it's dumb. and the thing that is concerning me all along, nothing is -- nothing made its way into the credit market yet. but look at how hyg is trading we've been pointing this out the general is on the show, he brings it up welcome at lqd trading below for emphasis the levels we made at the worst of 2020. that is remarkable if you you this about it. investment grade corporate bonds. again, all these things coming to fruition. pretty much the wrong time but here we are. >> yeah, going back to you you were saying that a global recession is now in the cards. i wonder, are we price ford

global recession is that what the markets are telling us how much more do we have to price that scenario in >> yeah. i don't think it's crazy i'm not the first person to say there is a global recession out there. i think you got to say the odds of it have absolutely gone well above 50% at this point in time. we have to reset the valuations. s&p 500 at 17 times, when we look at the 70s or 80s when we got control of inflation and were in a recession, you had s&p ratio of 12. i don't know if we have to get down there we're certainly at an average of 17 or 18 that's not the right number. i know that much and we haven't really seen any companies warn on demand destruction. we've seen margin problems we've seen a couple things here and there.

with you might see that in this quarter. we haven't seen it yet i don't think we're priced for a global recession >> yeah. we haven't really heard about the inteenterprise demand dryin. maybe that's next. 3500 for the s&p 500 what do you think of that level? >> so, you know, i have to look -- they're all in the same ballpark i've been looking at the 33 to 3400 3400, 3350 if you go back to before -- what i was looking at is the february 2020 level but if you go back because we had a runup into that january and february level f you go before that, it's 3,000. now if you go back to dk's, you know, line of sight where you talk about valuation and market, we were all accustom to an s&p 500 that you buy at 16 times sell it over 20 times.

you have no stability to make that case yet. >> you're seeing this really ratchet down you're seeing that is not a step function you expect to see the moves from 4800 to 4600 and 46,000. you see people move the year end expectations from 44, 4600 now 36, 35, 3300 >> exactly so the point that you're making are a lot. i will say there are pockets of the market that are still trading at 24, 25 times. there is defensive stocks that are still trading at 30, 33 -- defensive. quotation marks there. the market has now traded down to 17 multiple you're still seeing nookts are much p more expensive >> great to have with you us

there is some thought that the dollar index is so extended at this point, there's got to be a limit to this. and we're closer to the top than we are not so curious, how much farther do you think he can go? >> so we have been in a situation where we essentially had the dollar firing on all s cylinders. global growth is weakening this year we have a european minute crisis which has really damaged all european currencies which are among the most important occur enyou ises in the world. and then what we've started to sceviour the last three, four days is that it is not helping the other currencies even the other major currencies in the world that interest rates in their economies are going up so this is something that is new and very dramatic.

uk interest rates have exploded higher and look what happened to sterling so this is an emerging market currency dynamic starting to impact currencies that are not supposed to be emerging market currencies that's a very, very big deal and this is what is causing this fresh leg in the dollar that essentially is making the dollar go to levels that people thought were not possible even a couple weeks ago. >> hey, yans, it's b.k we see on the dollar index, when it gets to around 120, that's where we've had major crisis in the past do you see the moves and currencies start to cause real economic damage and real economic crisis? >> yeah. like if you think about what has happened in united kingdom in the last couple days, right, we

essentially really cannot find any other examples where the yield curve is moving as fast as it is. this is causing incredible monetary tightening in a very short period of time so this is historical thing going on so we have to sort of just recognize that it's very hard to find examples of this happening in history and it's all about inflation we have not had inflation right for several decades. and all the policies that were possible in a low inflation environment are not possible so when the bond market starts to misdebehauf, they come in and calm it down buy bonds here and there but that's going to go inflation fighting so it's liken central banks have the hands ties against their back in this environment and that's why the market volatility is so extreme and why it's very hard to say okay, this specific level of the dollar is enough we are going through what people

thought would be the max if you asked them very, very recently >> so we've not seen this before i just -- i'm going back to his question what -- do you have an answer to it in terms of what is going on and whether that actually causes financial crisis it's not just europe you take a look at what is going on in asia as well with the yen hitting new lows as well and their major trading partners in that area. what is going to happen? there are so many hot spots around the world with currency being the ground zero. >> yeah. no, so i think you're asking exactly the right questions in a sense that we've had a situation where it's clear we're going into a situation where we'll have weak economic growth. maybe recession on the cards but we didn't really have financial crisis type of dynamics it was no the 2008 and that type of instability around financial institutions.

but what is going on in the last couple days is the prits action is getting disorderly. maybe not in the u.s. yet. certainly some other big global bond markets and that is something that is going to be a problem for major financial institutions so we have morphing from economic trouble into financial sector trouble right now. and that's what is new about the new and that's why we have to be open minded that we can go further than people thought a couple weeks ago >> ya in hs, great to get your unsight. thank you so much. >> okay, thank you >> yans. brian kelly asked him about whether or not the dollar index hit close to highs the you were sort inform that camp that it is so stretched that there is a limit to how much can we hire you have changed your mind at all listening to yans? >> no. i mean, i guess what i'm saying is, you know, this dollar has been running for a bit

we are in the early innings of a currency crisis as yans pointed out. you need to stop thinking about, okay, is it now time to start putting dollar trades on and think about where this ends and how it ends. that's why i asked are we getting towards a crisis usually in a cross-ice, central bankers and governments, they make three or four mistakes and then figure it out so that's more what i'm thinking i still think, as i said last week, they're going parabolic. we saw it with the british pound. we'll see it with the yen and woint be surprised to see it with the euro before this is all over so if this is a deep end of the pool type of trading though. this is not for the home gamer to try to get into and say oh, i'm going to call a top or bottom in the dollar >> yeah. >> if you can, see, the problem is you have to have a clear view on the dollar. for me to have a clear view on where the markets are going. because if you look at these charts, they're clearly taking their first move from rates. we all agree on that, right?

rates are pushing around that is the elephant in the room so if you can figure out the dollar, can you figure out the market so if you think that the dollar is close to topping out, i this i that's -- i think you are in a capitulation event in the dollar and currencies but by proxy, it's got to take the lead from rates. if you can figure that out, then the market has bottomed. i think we're probably, b.k. said it before, we're probably 10% away from a bottom and that's where things get messy, squishy, and everything else i do believe that the midterm elections are the only tail wind for the market so this next month could be a little hectic and a little crazy and test our own strength. >> guy, if you're just listening to yans, i don't want to say scary, but to be on watch for a financial crisis sparked bha is going on in the currency market that, is frightening there has been no playbook before for these kinds of moves and the impact that's scary

at the same time, for the u.s. stock market, we don't often pay attention to currency. the theory is you look through currency moves when it comes to the impact on revenue. are we going to hear that again? or are things different this time >> yeah. no it's not -- no absolutely and i watched you again on the "squawk box" this morning. you brought it up. microsoft warned on currency 6% ago i think in terms of the dollar if the currency moved 1% or 2%, you'd be doing back handsprings. now they do it in seconds. it's just broken and again, i'm a fed hater absolutely proud of it. and so you want to blame a group of people? it's central bankers that can orchestrate this that's what we're dealing w in terms of the ramifications for the market, yeah

companies are going to warn on currency, absolutely and what i -- i don't know if we're in a recession i'm not an economist i'm not smart enough nor humorous enough to be a one. we're on the brink of an earnings recession you'll start to see companies ratchet things down in this environment. >> let's moven here. amazon, it is doubling down on the prime day events they will hold the second sales bonanza of the year in a couple weeks. the prime early access sale will take place october 11 rnlg and 12th it comes as amazon is more than 38% off the year high as the e-commerce giant grapples with sales. so prime day encore the answer to slower consumer i don't know if you're telling consumers in october can you start holiday shopping and save money, maybe they'll spend on amazon and not other places >> that's the thing. i think amazon is trying to be first out of the door.

i think so for them, you know, on the margins, it's a positive. i think generally speaking what this says about the consumer and their perception, their read through of the consume ir, i don't think is a very positive one. i also think this is the way for them to bolster the prime sales. you've seen it trickle down with the nfl and thursday neutral football clearly to me, amazon is telling you, okay, we burnt a ton of cash cap ex-is $40 billion, $60 billion. they're trying to shore that up. but the reason why they're doing it is because the core constituents is going to suffer going forward. >> seems like a nice time though also to put out sales and get consumer shopping. if you're a believer that things in the economy will get worse as the year breauprogresses, guy, t the consumer to to spendearly.

it makes a lot of sense and is a smart business move, it speaks to somethinge investor and houston rockets owner will join us in a few minutes. he's taking the rks,maet inflation, and debt market don't go anywhere. "fast money" is back in two.

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joining us now is tillman frotita. fantastic to see you it's been too long >> i agree, melissa. the good to talk to you. >> good to talk to you too i wish it were under better circumstances in terms of the economy and inflation. let's deal with that problem of inflation to help the economy and jobs in particular, the debt markets. we've been seeing some major moves. >> well, first off, thank god i refinanced in january and didn't wait until february. so all my debts out to 28, 29, and 30 but right now this week the spreads are where they were in june when you basically couldn't get a deal done.

so the only deals you're going to really see out there are small deals where people can hit their rerevolver and that's it there is no financing market even investment grade is tough right now. but in any leverage finance deal, you know, the one big deal that was done, you know, it was a tug deal and the banks lost all the money. so banks are not real excited right now to go out there and give commitments whatsoever. and in which to do a public company deal, you have to have a commitment >> yeah. what is -- what are the ramifications of that? i would think that if businesses get started and projects get launched, some businesses that are not as fortunate in terms of you in terms refinance, they go under. are we at that point >> definitely. what you're going to see happen in the next six months is if we

don't get ahold of this and companies that didn't refinance, they're basically going to have to do a deal that is a crazy rate and i'm talking about, you know, 10 to 15% money. if it's not a company with a lot of cash flow or it's a company that has a whole lot of debt that when you start touking about those kind of dollars, it's a big number. i'm a billion dollar company but just our floating interest next year we feel like it will be $60 million more than it was this year but we're, like i said, a huge kmch company. but what about the companies that are not you'll see bankruptcy ands issues the next 12 to 18 months that we don't get ahold of this. >> the knockdown effect is the

impact on consumer ultimately. you say that from what you're seeing and you certainly have got your fingers on the pulse of the consumer, the consumer is okay now the consumer spending now. but how you are preparing your businesses for the could be assumer in six months or in a year >> well, right now the consumer spending but the issue, melissa, watch same-store sales that's the biggest thing that you can watch right now. and i'm one that used to say don't worry that much about same-store sales if you're in that zero to 1 to 2 positive or negative the margins are less than they were last year and the year before because of the effect of inflation. so even though we're doing so the profit margin is really getting pushed down right now.

you go from positive 5 comps and positive 7 comps to a negative 2, 3, 4, 5 comps, it's going change the world for so many different companies. so that's something you really need to watch right now. that we're covering up some of that with great sales. but that isn't going to continue and put an end to inflation. >> are you seeing business spending come back i mean a lot of the properties are showing, you know, some of the fine dining establishments are business account, business expense sort of dinners and meals, you know, you have maestros or what not you are seeing that come back fully? has that not rushed fully? >> this is really interesting that one of the reasons that our sales are very good right now is the business group is back spending money taking those private rooms and having the dunners for 10 and 12

and 50 and we're seeing a huge number every day right now. and so that money is back. and that's part of it. but once again, it's not as profitable as it used to be. so we just got to keep watching this but when companies come in and say because they have to start laying people off because that's what's going to happen when you keep raising rates because there's no new capital structure out there. companies are not going to be doing m & a. they're not going to be spending money that is when you're going to start seeing the slowdown in the consumer >> last quick question, tillman. there is never enough time when it's a conversation with you last question. the price of what own which menu has gone up the most >> beef prime is the most expensive of all right now and when you have a bunch of high end restaurants like we do

from maestros to del frisco to martin who's all serve prime it's hard. and the consumer needs to be patient when they see a $65 and $70 steak on that menu because it's not just that that went up, our energy prices are up >> right >> every lease that's come up, the landlord wants more. it's everywhere and everything and like i said, we're being hit. >> wow tillman, thank you so much for the conversation always appreciate it >> thank you, melissa. good talking to you. >> tillman from landry's tough to be in business out there right now, guy i mean, $65, $75 rib eye, extensive. >> that is the high rent district i'm not going to those establishments, mel. i'll push back on something that tillman said not looking to bring the guest back as you know

that, is taboo here on "fast money. he said when companies start laying people off, third time i bring back "squawk box." someone made a quick point this morning. you can't lay people off because you can't find people to work in the first place. this unplaument rate, i'm not happy to be saying that. p it's not going to go that much higher, i don't think. because quite frankly, companies are still looking for people they can't fill empty seats. you have a real issue here in terms of, i think, what's going to happen to margins going forward as well. >> b.k.? you're take? tillman gave a fantastic view when fed policy lags will right we're talking about margins getting squeezed now he's talking about, hey, i can't do a deal. there are smaller companies because of the interest rate increases are going to go out of

business and m & a is going down. wall street is going to spend less at his restaurants. and those are the lag effects that have not come into this economy yet. so we're really seeing it from what yans said in the beginning about how we have the massive interest rates and currency moves moving on down the chain i know people are going out of business and that's why guy is going to get the other people to hire because these companies aren't coming back. that's not a great situation >> coming up, stocks, bonds, and shoes. one company doubling down on tradable assets as stocks continue to swing. we'll get a check on how ezs are doing. first casino stocks winning big. big names gearing to reopen major gambling hub is the gupor bti oro wthetngn? the details when "fast money" returns. at do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are?

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welcome back to "fast money. casinos winning big today. the topper if formers after they announce they will ease back on mainland china visitor restrictions both stocks surging 12%. the news sending sands into the green for the year guy, you watch this space very

closely. i feel hike we're always one lockdown away from the stocks coming back to earth >> yeah. i mean, valuation is still even after this move valuation is compelling on so many of these names. as you know, mel, because you do have memory like an elephant, wynn is on my trade. above 40, it starts to break out in a meaningful way. if we're behind, zero covid china shind us and things do start opening up, i it this stocks, even in the environmental that we find ourselves in should go higher. >> you know, i thought it was interesting, particularly jeff's note out about it. it really was them saying we already kind of priced in a lot of the reopening this is about mult iple expansion. that's where i have a pushback there. if you look through the chinese real estate market, citi came out with a note saying that is being deemed compromised

there is a bit of tug of war there. i think up 13, 14, 15%, i already missed the move. i'd look at, if i have to -- i only like the space if i have to be there i'm looking at mgm, snag is domestic altogether. i'm not willing to play the binary bets of chinese zero covid policy >> coming up, we're lacing up for sneaker talk we're breaking down how the company is walking into the next generation of consumers. that interview in just moments and hispanic heritage month, we're celebrating our contributors >> my mom cleaned hotel rooms and my dad worked in a kitchen at restaurants and what always struck me is how much pride they took in their jobs and that's something that always stayed with me i could remember starting my career and being the only latino in the room. really being the only person of color in the room.

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welcome as "fast money." stockx, could it be a viable option to get away from the volatile stock market? let's get answers from the cfo of stockx. great to have you with us. >> thanks for having me back >> have you seen any change in the behavior of the consumer whether it be how many transactions they may do, what they're buying let's say over the past six months or so >> we have a unique unsight into the next generation of consumers. these are 70% of our customers under the age of 35. we have 30 million visitors that come to our site every month six million active buyers. what we're seeing out of this

snechlt next generation is there is no question that rising prices at the pump impacts their ability to spend at the same time, what we've seen in our business is that we've seen trades increase on year over year basis when we look at the first half of this year versus last year. and we're also coming into the holiday season which is really the most exciting time of the year for commerce. and brands are expected to release exciting products that are hoping to tract the attention of this next generation of consumers. >> so when you say trades increase, are people looking to sell what they have -- i mean, obviously two sides to a trade i'm trying to get an understanding of whether or not the consumer is looking to sell things to lock in their gains. >> so as a marketplace, there are two sides, as you say, to

the transaction. we have sellers. 700,000 of them. the sellers are acquiring products typically in retail environment and selling those products and for many of the sellers, this is their economic livelihood they leverage the platform to drive the business manufacture the prouducts sold, you couldn't get access. you're buying it from people that are reselling that item again. so the trend in terms of sellers trying to monetize investments and trying to find great products works in a real time marketplace in which we see. so we see as a real time marketplace the price fluctuates between brands and products every single minute. >> what is the sneaker or fluke is the equivalent of a share of

apple, let's say >> well, let's see share of apple would be a product that is increased over a long period of time. we've got in this sneaker space, of course, nike brand jordan have always been great products. what we see -- i wouldn't call it the mean stocks it's really the exciting brands. these are brands like puma, burkenstock, new balance brands you heard of before but leveraging collaborations, scarcity model and, in fact, in some of those brands you're seeing really significant year over year increases on our platform in puma as an example up 400% year over year burkenstock, popular during my years, but now up 200% on a yaer over year basis. again, i sigh the micro trends reflecting, again, brands that are kind of riding the wave of this consumer and finding ways

to reach them in really interesting collaborations >> scott, great to speak with you. thank you. >> thanks so much. >> scott cutler, stockx. better than bitcoin, bk. birkenstocks >> absolutely not! you're talking to a guy that wears flip-flops or ski boots. i'm not the person to ask about fashion footwear people had a little extra cash, they go to a local nike store and pick up air jordans and sell them online. that doesn't seem to be the type -- this doesn't seem to be the type of thaef might be good for them >> yeah. >> yeah. i mean, i do agree with b.k. i will say trying to find a positive silver lining here, i think that the consumer base is going to be a bit stickier they tend to be enthusiasts. i will say that there is significant business models between people building aal go

rhythms. there say proven business model behind it. facing consumer discretionary is challenging. >> i think this is moran investment case versus anything else i don't think you're going to see this blow up as far as people trading issues on their network. it's interesting that they do have an nft element to it. but when you branch this out to nike, nike stock is, you know, just taking the elementary basis of this. nike stock is at the february 2020 level under armor is at the pandemic low. so the reward in the sneaker industry that is trading like retail community and stockx is catering to the investment community. so to his point, there will always be investors in certain elements of it they'll spend more for fewer

things or less on a bunch of things and try to make kalg. >> scott made an interesting point in terms of companies using this to spark excitement and continued interest i know you're smiling. i don't know what this company does i would never buy anything on line >> guy doesn't even know anything about that. >> you know what's funny i'm just actually looking around trb, the reform broker, bought me a pair of what he called at the time fly 7s for my 50th birthday 26 years ago. i have to tell you, the suckers are still in the box, man. i have to get myself a stocks account and go nuts. you might not see me for a while. >> you going to go back to sicily on the earnings coming up, a day late and a dollar short the recent runup in the u.s. dollar details when "fast money" returns. (vo) the fully electric audi e-tron family is here.

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we have the action mike >> yeah. the utf that tracks the dixin' dechl traded four times the average daily option seven times the average daily put volume a lot of that result of the most busy contract before the october 30 puts. we saw huge number of those trading for about 25 cents buyers of those puts are betting that uup could fall below that 30 strike price between now and october expiration giving up the recent gains you're at home right now you're a professional. how are you positioning this >> yeah. i mean, i'm long on dollars. i think there is more to go. i sold about -- got out about a thirdst position so, you know, short pound short yen and euro i covered about a third of those

shorts you can get intervened on. central bank comes in and coordinate on you or something like that. it's difficult second airily, to try to trade a strong dollar stock, i don't think is a great way to do it. >> yeah. mike, thank you. tune into the full show friday at 5:30 p.m. eastern time. time now for the final trade wow. that went by fast, right b.k. what do you say? >> you know, i agree with guy. that was an ugly close today you saw the triple close tomorrow. >> guy, welcome back once again. good to have you back for the show >> i missed you. listen, people should not only go to sicily, they should go to italy as well. that's for another show. too cheap here, pru. >>. >> the sector is weak all month. there is a lot of free cash flow dvn. >> stephen >> i can confirm that bk is long a lot of dollars

that's the one thing i do know a lot of dollars he's long an enormous amount of the green back in general and on a micro version. the world is a scary place >> all right >> thank you for watching "fast. we'll see you back here tomorrow at 5:00. more "fast money." do not go anywhere a cnbc special, "the fed factor" starts in two minutes. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade

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ameriprise financial. advice worth talking about. this is a cnbc special, "the fed factor." powell keeps hiking the interest rates and says he can't stop until he breaks the back of inflation. >> we have got to get inflation behind us. i wish there was a painless way to do that there isn't. >> the fed's action rippling pain across the markets, core e br -- corporate america coast-to-coast.

>> this is a