this isn't just a one-day fluke. these are great trading ideas. and spikes in volume. volume always moves before news, folks. i'm looking at nordstrom, some rumors out there. also a stock called wish. it was $30 in january, less than a buck now. huge volumed to. obviously, high risk, but that's on my list as well. be proactive, right, liz? liz: are you going to carbo load tonight? [laughter] charles: i do every night! liz: i try not to, and then the chocolate gets me. charles: yeah. liz: every time. charles, big day, we will see you tomorrow. we are officially in the final hour of trade. stocks, yeah, i should not have worn red because now everything's red on the screen. the dow jones industrials down 410 points. s&p down 50. we've got the nasdaq lower by 122. russell and the big loss leader, down 1.6% or 29 points, to the downside.

as we look at the four majors, they have pretty much lost all the gains that they clocked in this hour yesterday. a lot of the red comes from freight nerves a-- frayeded nerves ahead of, yes, tomorrow, when federal reserve announces etc. interest rate hike decision can. to the countdown clock we started yesterday. we are now just under 23 minutee wednesday's 2 p.m. eastern are release. but bond yields, they are not waiting around. take a look at the 10-year. the benchmark 10-year yield hitting 11-and-a-half year peaks. 3.57%. actually, we're there. and after blasting to a 15-year high of 3.9%, the 2-year yield is right there, in fact, it looks really close to about 4.0 here. we do have it at 3.97 at the moment. it really hasn't taken much to push investors into safe haven treasuries. nike morning barclays

downgrading the sports apparel leader from equal right to overweight and cut the price target to $110 a share. we're at 102 the.70 right now -- 102.70 #. down 4%. that's all it took for investors to sprint away from the if stock. barclays saying there's too much volatility and pressure stemming from china's covid lockdowns. nike still the biggest laggard on the dow jones industrials. at noon eastern "the wall street journal" reported gap's going to cut 500 # corporate jobs, shares falling at the moment by 33 cents to $9.20, and still taking a hit of just about 3.6%. and ford getting hammered all day long, but it's kind of getting worse in this final if hour of trade. we've got ford palling $1.83 or 12%. it's the worst performer on the s&p. a auto giant warning its inflation-related costs this quarter will actually come in $1 billion more than expected.

persistent supply chain problems, rising materials costs at the supplier level are the cull culprit. -- culprit. and western look at gm. it's getting painted unfairly, ignoring gm's huge announcement that hertz will buy some 175,000ing chevy volt evs over the next five years. doesn't matter, people are selling it at the moment. so as we barrel toward the closing bell and, of course, tomorrow's rate announcement, is the fed if already starting to look like a bear in a china shop, getting perilously close to breaking something? wells far bow's paul christopher warned three weeks ago the s&p would break below $3,000, which it -- 3,000, which it did. and, paul, the bond yield horses have kicked down the barn door, right? ahead of the announcement.

what do you believe the fed will do tomorrow? >> yeah. we think the fed will go with the 75 basis point or three-quarters of a percent rate hike. that's pretty much what the market expects. the real question will be what sort of messaging does the fed give on their refrain -- remaining hikes for their meetings in november and december. liz: i mean, do you think the market is underpricing the chance of a 100 basis point hike? it's only at 16% right now, i get that. but is there any chance, paul, that the fed would give that kind of -- i don't know, nasty surprisesome if some people would like to see it, actually. >> yes, a nasty surprise is right. is there a chance? sure. but, look, the fed doesn't need to surprise the markets at this point. the fed if has the markets' attention, especially since jackson hole last month. what the fed needs to do here is to be firm and show that it will continue to show resolve and be aggressive. so 75 is fine for now. the real question for the fed is what will they do in the future? will they keep going with jumbo

rate hikes, 75 bits at a time, or will they come back to 25 and be a little bit more careful here, as you said earlier, not to to break something before they can tell what the accumulation of their rate hikes since march will mean for the economy. liz: jeff, do you think that the fed is going to break something, so to speak many if to so -- speak? if so, what would that be? and how do you as an investor protect yourself from getting hit by the shards? >> i think the fed is going to break something. i don't know when and i'm not sure what it will be. there are a lot of candidates from currencies to banks to the economy, the u.s. economy, for instance. but at some point, the fed is going to have a conundrum; do you continue to fight inflation, or do to you solve this large problem that is created by increasing rates? and my guess is that they're going to have to solve that problem, and inflation is going

to come back, because they're going to have to stop squeezing. liz: look at the dollar today. the dollar is also stronger. you don't see the dollar breaking, do you? it's now -- the euro is now at 99 cents per dollar, so below parity. >> i fever the strong -- fear the strong dollar will break for someone who depends on it to buy oil. if you're having to sell treasuries or generate yen if convert hem to dollars, their oil is getting very expensive. that's just an example. that's not messily my prediction, but manager like -- necessarily my prediction, but something like that could occur. liz: paul, as you're talking to the legions of all of the clients, do you say get into energy or stay in energy? >> yeah. we've been in energy for most of the year. we find that it's a good cash-generating sector. it's one of the few sectors in the s&p that hasp generated net positive -- that has generated net positive cash during the course of this year.

but we would also go with a something a little more quality oriented like health care and, yes, we do like tech here. i know it's been taken behind the wood shed and spakd, but there's a lot of good value, ask we like that sector. liz: yeah. a whole bunch of names have sold off pretty dramatically. all 11 s&p sectors are in the red right now with technology the worse performer, down about three-quarter withs of a percent. when your looking at the broader-based market. but, jeff with, in your multicap core fund, you have a name like apple, you have microsoft. where do you stand on tech? and even now that apple is the most heavily shorted stock, more so than tesla now? >> we've reduced our holdings by about half, maybe a little more over the past year. we saw that tech got overpriced, and then the momentum and the prices started to come out, again, last her. so we'd lighten up on that. i disagree a little bit with paul. i think patience is probably going to be rewarded in tech.

that was a very popular place to be for a number of years. it's going to take a little time for the prices to wash out and for everybody to forget it. liz: well, what's your small, jeff? because people are saying, that's great, you're telling us to wait and be patient, but at what point will it become that moment where you say, okay, i'm ready to get back in? >> from a broader market perspective, i would say it's when the fed reverses course. so when the fed has broken something, now has to do something different to solve the problem that's kohl up and they either stop raising rates or they start reducing rates, that would be a signal for the broader market. for tech specifically, i would really look at the price and see when it, you know, calling a bottom is always difficult. but when it quits going down, when the 200-day moving average starts to turn, those sorts of things, when you start to get some upward momentum back. liz: we're looking at your picks at the moment. paul, can i just ask you about

the terminal rate? what is your terminal rate for the fed? >> right now a range of 4-4.25 for the fed's fund rate. liz: and that's where you believe they'll either pause or perhaps if pivot. >> that's when we think they'll have a chance to stop for a whale and let the -- while and let the other tools -- that's going to gain more teeth as we move forward now that that pace of balance sheet rolloff is accelerating. that's an important one. and the winter's going to be a tough one with energy prices especially in europe and the slowing economy. you really have a convergence of factors that could make a storm for this economy in the first part of next year. we do agree with jeff that you need to be patient if p. we still like our favorite sectors, but with the dollar cost averaging here, an incremental plan, be disciplined, put money to work a little bit at a time. over the long term, our long-term clients will do well with that strategy. liz: jeff, or what are you

absolutely avoiding? >> cryptocurrencies. liz: really? well, it is below, we have bitcoin below $19,000 once again, or least earlier it was. none of the crypto universe you look at all? >> i say that with a little bit of humor. i've never invested in crypto. i was never convinced of the investment here sis for crypto. but my opinion is that the excesses that built up during the last decade of cheap money are embodied in crypto, and it will fall the farthest. i'm not saying crypto will never be important or it's going to go away. that's not what i'm saying. it's been the swing end of what's been fueled by cheap money for a decade. so it went up the highest, it will fall the farthest. i'm not a crypto investor, take that all with a grain of salt. liz: and doesn't sound like you will be. >> not in the near term, but never say never. liz: okay. we've got bitcoin at $18.956. jeff and paul, thank you. again, we are fewer than 23 hours before the fed announcement, but then we do

want to remind everybody that we will be, of course, in the middle tomorrow of the news conference where the financial reporters start to grill jay powell about the decision and about their current and brand new economic projections. so this is going to be important, excruciatingly or maybe excitingly, important. either way, you've got to be with us. we got the latest tranche of housing market data striking scary similarities to the 2008 collapse. the remax ceo is here on what the numbers mean to both buyers and sellers. plus, he is going to share what his army of realtors is now seeing when it comes to listing versus closing prices. a fox if business exclusive. you will want to stay tuned for that. closing bell ringing in 49 minutes. the dow falling 420 on this tuesday. "the claman countdown" just getting started. so glad you're with us. don't move. ♪

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liz: you know what we should do? we should check the 30-year sixeded rate mortgage. 9 it continues its march to now 14-year highs. here's the latest, today the rate has hit 6.3 3%. yes. a year ago it was just 3.29. so as mortgages climb higher, home sale prices are now starting to fall below the list price. we haven't seen that in a long time. re/max, which has more than 100,000 real estate agents across the country, just released its august national housing report. look at the average a close to list price ratio. unlike the last year when many

houses were selling well over their listing prices -- the crazy, right? -- the average home last month sold 1% below its list price. that's down if july when average home sold 1% above its listing price. so as we start to see crucial fissures, what are the friends and what are they saying, no matter how minute, about the entire housing market? re/max ceo nick bailey is here in a fox business exclusive. what do you read into that close to list price? >> hi, liz. what it says loud and clear is we are balancing or returning to a more balanced market. i mean, let's face it, we've had over 125 consecutive months of runup in pricing, and in the last two years that's been double digit in most markets. that's just not sustainable long term. but it has added a lot of seller equity. but as we return to a more balanced market, this means there's opportunity for buyers. more inventory, heir not bidding against one another, and they're got an opportunity to negotiate,

and that's good for most buyers. liz: you know this and hopefully our viewers do, but we, unlike other business networks, don't assume everybody knows everything. when the fed hikes rates, they are not hiking the 30-year fixeded, but indirectly more mortgage rates can be awe affected d affectedded. and right now we don't see an end in sight. we've seen these mortgage rates go so high that it's deterring buyers, is it not? >> i'med glad that you mentioned the fact that these rates are not directly tied to mortgage rates. it's more about the 10-year treasury. in fact, last hike that the fed made, the 10-year treasury went down and mortgage rates fell a little bit. but here's the reality, we know the feds are putting the brakes on to control inflation, and that's going to affect housing and even indirectly affect mortgage rates. but at the end of the day, we know that people form families, they get married, they buy homes regardless of what's happening. and because we came off a record

year of '21, anything less than is going to be exactly that. but when you look at now people are talking about the return to adjustable rate mortgages which are lower than the 30-year fixed. so those are more than 35%over the more -- of the mortgage products pre-pandemic, ask is these alternates are coming back which means buyers have choice. it's not only the 30-year fixed that people should be looking at. liz: absolutely. nick, what are you hearing from your agents in the trenches? you can't tell me that we're seeing the bidding wars and the lines to come see open houses that we did a year ago, right? >> we're not seeing those, no. it's not a parking lot in front of open houses. but that's, exactly what i mentioned, that's a return to a balanced market. average days the market is showing a little bit longer, but what's interesting, even hoe the median sales home price if many august dropped, there was something unexpected, home sales

were actually up 5.3% from july which shows that a housing and the demand for housing is still strong. we're estimating there's still between 4-4.5 million homes that we're short across the country. and if so as long as demand remains high, it is going to continue to provide opportunity for buyers. but the reality is sellers have to know they have to price right because it is not completely a seller's market in their favor any longer. liz: but -- agreed. all you haved to do is look at the debt to income ratio. and right now for new buyers, we understand unit's on par with the levels that we haven't seen since 2008 just before the housing bubble burst. so again, when you really look at the ability for people to afford a mortgage now, just, for example, news breaking at noon p.m. at least on the "wall street journal" web site saying that gap is about to cut 500 jobs, in fact, not only that, this always scares me, they're going to eliminate open

positions. they're noting filling positions. we're hearing that a lot. so does that mean that people who were planning to sell their home -- because we're also seeing this trend -- are now saying, wait a minute, let me rent it out, get some money every month in rent so i can cover, you know, the cost of actually the running the house, and i'll just wait til the market kind of calms down a little bit here or or recovers, so to speak? is that a mistake? >> well, we have some, some people that are looking at it as let's put the moment on the market now because -- home on the market now because we have buyers that are saying let's get in before rates end get even higher. it absolutely has slowed down from, say, where it was a year ago by about 20% on transaction numbers. in terms of the debt to being bity, affordability remains a hot topic. from 1983, 1984 all the way through about the peak of 2010, debt to income rose. it had a couple of slight dips. it obviously fell during the great recession that housing led

us into that, but it has come up a bit. now, as wages increase and, by the way, as you know, we're still sitting with record low unemployment -- liz: true. >> -- and at the end of the day, one of the number one drivers people buy houses is if they have jobs. so as long as unemployment remains low even with rates moving around a bit, i believe that we're still going to continue to see a fairly strong housing market. liz: nick bailey of re/max, thank you so much. and nick makes an excellent point. you never know what the market and what rates will do even after of the fed tightens. so this is important, you guys. all the fed action begins tomorrow, 2 p.m. eastern, with the fed rate decision. they will announce it at that point. and then, starting at 2:30 p.m. in charles payne's show, fed chair jerome powell begins his news conference. that, of course, carries -- and this is so important -- right into the 3 p.m. final hour of trade. he will answer all the questions from the press.

and depending on what he says and depending on the question, the markets may very well spike or drop. you just don't know. we are going to watch every tick of it. we've got with really smart people who are going to give postgame analysis and and reaction right here on "the claman countdown." as i said, set the dvr if you can't watch it live. it is a story beyond real. the beyond meat chief operating officer arrested in a postgame road rage incident in arkansas. yes. after tailgating. but it's what he was arrested for that's got tongues wagging and noses bent out of shape in corporate america. the details straight ahead. 37 minutes before closing bell rings. the dow off the lows of the session but still down 334. s&p losing 43 points or one full percent. nasdaq down under 1%. russell down 1.33%, losing 24 points. we are coming right back with the beyond meat story and a very bizarre story about charter

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liz: all right. we continue to watch the dow few fall about 324 points. live to the united nations in new york city and lye right now -- live right now inside the president of philippines, ferdinand marcos jr., world leaders gathering in new york city for the 77th united nations general assembly meeting.

president joe biden is expected to depart the white house within this hour to join his fellow world leaders here. it's the first in-person general assembly since the pandemic began and, no surprise here, ukraine is expected to dominate discussions. let's go live to connell mcshane who's at the u.n. in new york city. connell. >> reporter: hey there, liz. yeah, it's not the only topic, as you know, but you're right, ukraine top of mind for so many world leaders gathered in new york and, without a caught -- doubt, it will be tomorrow. we've been watching world leaders arrive here on day one, everyone from france's emmanuel macron to canada's justin true trudeau. and it seems like in many ways tomorrow is the main event. president zelenskyy of ukraine has a speaking slot, are remote if prerecorded, the only speech that we know of that will not be many person this week. the very same day that president biden will speak, of course, in person. and all comes as a new report today says a group of

russian-backed separatists in ukraine are going to hold a vote later this week on potentially becoming part of russia. at the white house today, national security adviseerer jake sullivan said the u.s. would never recognize russia ooh's claims on any annexed parts of ukraine. >> the bottom line is that russia is throwing together referendums on three days' notice as they continue to lose ground on the battlefield and as more world leaders distance themselves from russia on the public stage. and russia a is scraping for personnel to throw into this fight. these are not the actions of a confident country. these are not acts of strength. quite the opposite. >> reporter: when president biden makes his second speech here as president, sullivan says he'll offer a, quote, firm rebuke with of russia's war in ukraine. remember, the u.s. has already sent $15 billion in aid to help the ukrainian effort, and there's a push now in the senate

to add $12 billion to that total and have that approved by the end of the month ifful we'll see what president biden says about all that tomorrow. liz? liz: connell, thank you very much. fox market alert, let's take a look at the moment and see exactly what's happening. it's about half hour into the final hour of trade, and here we go at least we're above 30,000 for the dow jones industrials, down 1%, or 367 points. the s&p now even more, shall i say, comfortably below 3900? no. 3,851 is where the s&p stands. the nasdaq is down 1% or # 16 points lost -- 116 points lost at the moment. beyond meat's stock hit a record low after the company's coo, doug ramsey, was arrested saturday for allegedly biting a man's nose. the incident happened in an arkansas parking garage following the university of arkansas/missouri state football game. according to the police report,

a subaru made contact with the front tire of ramsey's car in the lot. then the coo punched through the back windshield of the subaru. the car's owner then got out at which point ramsey start allegedly punching him and then bit his nose which, according to the police report, ended up with ramsey ripping, quote, the flesh off the tip of the victim's nose. the 53-year-old ramsey charged with third-degree battery. before joining beyond meat, he had spent three decades at tyson foods overseeing the pulte and, of course, mcdonald's -- poultry and, of course, mcdonald's buzzes. -- businesses. losing 5.7% right now. and here is a disturbing story as well. charter communications is now touching an 18 month low after "the wall street journal" report a texas judge has ordered the cable company to pay $1.15

billion in damages for the murder of one of its customers. in july a jury held that charter was responsible for the 2019 robbery and murder of a texas grandmother by one of its technicians. and awarded punitive damages of $7 billion to the victim's family. ed today's judgment lowers that number, as i said, to just over $1 billion. but still the stock is selling off. charter had said it would night, but we don't know exactly what's going to happen from now. charter down 2.6%. change health care rallying at this hour after a federal judge ruled against the justice department's antitrust the challenge of united health care's purchase of the health care system company. the department had filed an antilawsuit to to stop united health care's acquisition of change. the health insurance company will acquire change for $7.8 billion. change is jumping 6.5% right now. united wants to diversify its business beyond insurance and plans to merge change health care with its op tunnel, data

and consulting business. united is just about flat on the session. investors taking a gamble on casino stocks on news that hong kong plans to ease its covid restrictions. beijing supports hong kong's decision, so u.s. stocks with macau exposure which, of course, is the chinese mecca of gambling, wynn, las vegas sands and mgm moving higher. paypal moving lower as susquehanna downgraded from positive to neutral. analysts worried that the online payment product will be a drag on the company. it's a drag on the stock. it's down 3.25%, but braintree accounts for 31% of paypal's total the payments but is expected to grow to 44% by 2023. many have tried for years to come up with ways to scrub carbon from the if air we breathe. but they -- bet they never thought about this, how about capturing it and converting it into sneakers?

in a fox business exclusive, the co-ceos of the roger federer-backedded on holdings are about to hoe you how they've done it -- show you how they've done it and when you could soon be walking not in the clouds, but on carbon emissions. safe, i would imagine. we'll find out more about that. speaking of eco-friendly businesses, entrepreneur stu landisberg ditched his big job to chase his idea of making a company that sold sustainable beauty products. he got 176 nos from potential investors. so how did he land a heck yes from billionaire sir richard branson who helped stu? hear how he battled the naysayers in the brand new edition of my everyone talks to liz podcast. think about that, guys, 176 rejections and and he still fought on? it's available on apple, google, spotify, wherever you get your podcast. closing bell 25 minutes away. dow is down 300 points.

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ahead of the company's first quarter report -- third quarter report warning it could produce low quality earnings. earnings are not nike's only problem though. the competitors are swirling including on holdings. it has announced it will make the world's first shoe made from carbon emissions. the shoemaker unveiling its latest venture called cloud prime. it's a running shoe made of foam that has been create ared from -- created from emissions that have been pulled from harmful atmospheric gases. wrap your mind around that, or least listen to these two guys. here in a fox business exclusive, co-ceos, martin hoffman and mark more a rah. -- mora. mark, please explain how you take emissions, i know it took you five years of hard work to do this, but how you take emissions from the air or wherever and turn them into a running shoe. >> so thank you so much for

having us. yes, i think, you know, it's been our dream to be able to do that for many, many years because many components of footwear are are made out of oil and fossil fuels. and we felt, you know with, when you pollute the air, you have to be able to take it out from the air again and kind of bring it back into the same form that was originally made out of fossil fuel. so we partnered up with a couple of, if any, companies, and, you know, we're -- carbon companies, and we're basically able to, in then end, create new footwear and make soles out of it. liz: i would imagine if, martin, you did a little bit of market research to find out what the market desire would be for something like this. what did you find? >> well, it shows what we stand for. with we stand for products that are rooted in innovation and performance. they look good, so design is very important, and they have to be sustainable, more and more

sustainable. next to the clean cloud shoe that marc just talked about, we just launched our first physically circular, you can actually own a subscription. you can't buy it, but you can return it, and we can shred it and make a new product out of i- liz: let me just jump in here. how much does that drive your core consumer? >> you know, i think in the end this is a bit, an, e peopler we're doing on a large scale. but our goal is to, you know, become a circular company. and and with that, we want to be able to take product back and create new product out of it. and this is the first product that does that, and we also launched onwards which is a program that allows consumers to send their product in. so i don't think you can look at just one initiative that a we're doing, but you have to look at all the things together. and we feel good that we can change how the industry is looking at sustainability and and how consumers will, you

know, think about products and sustainability. liz: when will the cloud prime be available in stores and online? >> it's basically right now a concept car. so i think we've proven that we're abled to do it, and now what we're doing can is we're taking this one shoe and producing it at scale because if we can do it in one product, we will be able to do it in many different products as well. and that's where we are right now together with our partners. liz: i mean, listen, you're a $5 billion market cap, that's what i'm seeing right now. obviously, much smaller than nike, pupil ma, adidas -- pupil ma p.ing however, you've come in with very strong numbers, sales in north america spiking 102.5 in the second quarter year-over-year. what are you expecting in the third quarter? >> as a total company, we have grown 67% in the first half year to more than half a billion in sales. we've just increased our

guidance for the full year to 1.1 billion which is over 50% growth. so our target for the full year is 145 million. so we are really on a strong traject arely, and this is driven really by all the product categories that we have. so you can run in our shoes, you can go you outdoors, you can a play tennis if or wear shoes in a day to day environment because hay give you comfort. liz: well, that's me. i e do the slip-ons. that's how i first found out about you guys several years ago. but, of course, you know, roger federer, your big investor, just announced that he is retiring from tennis. what role will he continue to play in on? >> you know, together with roger we feel we've created a brand which is the roger in tennis

footwear at this point. and he will continue to be a partner of us. he spends a lot of time, actually, with us developing product, bringing the tennis vision to to life. and, you know, we're veried sad that he is -- we will not see him so often on the courts anymore, but we'll see him probably more often in the office, and that's definitely a positive for all of us. liz: it didn't hurt nike when michael jordan retired. martin, marc, we will be watching for the cloud prime shoe. this, i got that see. you're scrubbing emissions from the air and turning them into a sustainable shoe. i'm really interesting to see -- interested to see that, so please come back. >> thank you so much for having us, thank you. liz: you got it. it was exactly a year ago that on went public. [laughter] by the way, exactly a year ago that apollo global completed its acquisition of yahoo!. now charlie gasparino's hearing that apollo maybe jettisoning

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♪. liz: take a look at shares of apollo global, parent company of yahoo!. falling about 2 1/2%. following a tough year that has seen shares of the hedge fund giant fall 25%. sources inside the company telling charlie gasparino possible sale of yahoo! could be in the cards. >> let me back up. liz: they're private equity. they're not a hedge fund. >> they were always going to sell it at some point. liz: why are we going them a hedge fund? they're private equity. >> did you -- liz: no i didn't. >> someone is blaming someone else. liz: i'm innocent. >> they're private equity. they're private equity! i've been practicing my trump imitation. anyway, let's get back to this. there is nascent talk inside of apollo about selling it, selling yahoo! finance. we should point out this, i

don't know many journnan list i can operations that are owned by private equity. it can't be the best thing in the world because private equity, especially these guys, these guys are highly intense value investors. they make money when they sell stuff out and you know -- liz: they want to improve a company, right? >> they do want to improve it so they are talking about at some point selling it. they're talking about it. when places start talking about it that means it is on their mind as well as improving it. just keep that in mind this thing is something that they are starting to talk about. these are nascent talks. we should point out apollo's spokeswoman said there are no -- they're not planning to do this tomorrow. there is nothing imminent. she also said we are just getting started in revamping yahoo!. they want to put money it. they bought it five approximately. it was 90% cash they paid for it. they have to obviously improve before they sell it. they're talking.

who are the potential suitors? "wall street journal" come up internally. bloomberg is another name. who knows who it could be down the road. yahoo! is a interesting platform because those great analytics which are interesting which negates bloomberg they have the tv stuff, figure out a way to make it work. i'm on it all the time. i think it is pretty good. very nascent. the company is pushing back. we're not planning anything. i'm getting this no from watercooler people. they're talking it internally. let's turn to blackstone this is kind of a private equity hit today. blackstone 10 years ago bought a renewable energy company called tdi. it has been trying for years to work out a deal with new york state where that company essentially would get power from canada, transmit the power through lines that are in the hudson river, deliver it to new york city. liz: wow. >> they got the approvals over the summer. what has not been known we're breaking right now, is that

blackstone has finished the financing for this thing. it has not been announced. i've seen the term sheet so it's bouncing around. they basically will put a billion dollars into this project, again a project to take renewable, hydropower from canada to new york, to the city. they're putting a billion in. they're getting five billion dollars in bank finances, usual suspects, cibc, they're in there, it's a syndicate. they're planning to, this will be one of the largest of its kind, this renewable -- you don't hear much about private equity getting involved in this is long time coming a lot of environmentals pushing up against this, going into the hudson river, i guess they're afraid of killing a couple fish. anyway, you're looking at me funny. liz: i will punch you in the face. >> it is fish. liz: you want three headed fish. >> no, killing them. unearthing their habitats. liz: yeah. >> you saw a picture of indian

point. this energy is designed to essentially replace that indian point energy. again a 6 billion-dollar deal. financing will be announced later in october, early november. we got the term sheet. it's pretty interesting. you will hear a lot about this deal. they have been working for a decade to get this done amid opposition from environmentalists even though nominally clean energy but we should point out this is a big, big thing if they get it done in terms of -- you trying to shut me up we have three minutes to go. phil flynn is standing by, with yes, three minutes before the close. at this time tomorrow we'll know the impact of the fed's interest rate decision and the markets absorbing it ahead of that investors are making their trades heading into today's close. phil flynn has been watching the computer screens. phil, where are the flows. >> right now people are preparing for pain tomorrow. that's been the story of the day, right? liz: right. >> federal reserve chairman jerome powell basically said get

prepared for pain. we might hurt the economy. we're seeing that in the marketplace across the board. we're seeing sell pressure build into the close. when you get from 3:00 close, you get idea what traders are thinking. if some kind of people believe we might get a nice surprise, dovish surprise we would see some buy flows coming in right now. we're seeing the opposite. not really aggressively but definitely solid selling going into this 3:00 close. that tells you traders are very uncertain. they don't want to be long stocks now. with bond yields taking off, almost 3.5, 3.6 on the 10-year, when you're seeing that and the outside possibility, 24% chance that the fed could move by a basis point traders do not want to be a hero. one of the concerns the market has, a lot of traders i talk to, the fed, if they are too aggressive is going to have a

dollar problem. what is that? that means if the dollar gets too strong against some of these other currencies we could create a emerging market crisis. the fed has a very tough job tomorrow. we're seeing that priced into the market today. liz: i do see. i have to point out with the dow down 330 points. you're saying there is selling pressure sure here it makes sense people would remain on the sidelines but i want to stress to our investor audience, it is not the announcement by how much the fed tightens rates but what jay powell says during the news conference, what he sees, whether they are more data dependent than ever et cetera. phil, give me your last thoughts what happens tomorrow? >> right now we know fed jerome powell wants us to get the message and that is very clear from his last speech and i think he will reiterate that. i think he will send a message to the market that inflation is still the number one job. even if we push the economy through some pain, you better watch out. it is coming. those rate hikes are coming.

liz: yep. he has made it very clear. so nobody can act surprised. phil flynn, thank you very much. here we go, the closing bell about to ring. markets selling off ahead of tomorrow's fed decision. [closing bell rings] we will have full reaction to chair powell's press conference right here on "the claman countdown." we'll carry it live. you cannot miss it and all the market movements. that will do it for us. "kudlow" is next. ♪. larry: hello, folks, i'm larry kudlow. i want to make a quick point this evening. if you ask him president joe biden will tell you how he is more is sim pet thick to federal oil leases in the wake of skyrocketing oil prices, ukraine war, he said this several times but now comes a story, the biden administration is siding against native americans in a crackdown on oil leasing near their indigenous site. despite heavy opposition fro