we were talking from mickey leavy earlier. what markets do is panic first and think later.are seeing at the moment. scott was just saying that things will settle out in a couple of months. cory: ready, fire, aim. mike: exactly. the data from what is happening on will not be reflected september 17. the fed will not be able to say, china is hurting the u.s. , they willoil is only be able to theorize. cory: they do the same in the minutes. they were waiting to see what the reaction would be in the chinese market. we have certainly seen that since those minutes. mike: the dollar get stronger, which it did up until about a week ago. the dollar is being diffused around the world. olivia: treasury yields are down. mike: if the dollar does get stronger, it pushes inflation yields lower around the world area it is hard to say what it is going to be like. olivia: thank you so much for your time. the dow is down 170 points. bring you aned to update. the selling is showing no sign of abating as we get into the early hours of the session. it looks to be a broad-based selloff. take a loo

mickey leavy is an economist at baron berg bank. he has been upfront with the tools used by janet yellen. the cast shadow on it. what is the shadow? mickey: it's a group of primarily private academics who analyze and critique the fed and central-bank policies around the world. tom: in this is the great partition. we have two americas, the haves and have-nots. there is inflation in certain areas. there is disinflation in other areas. is janet yellen looking at the right inflation? mickey: ok. the fed in 2012 set out to percent as a long-run inflation target. they chose the pce deflator. prices in goods and services are rising. if you look at the pce and services, they are rising at 2%. tom: i get this mail from every viewer, the economist or wrong and there is more inflation. is that correct? mickey: no. keep in mind, the bureau of economic analysis, they do quality adjustment. the key point here is we are seven years into an economic expansion. the unemployment rate is low. inflation by some measures is below. there is no with of de