. >>> right now on "fast," an unmitigated disaster that's what stephen roach is calling china's covid policy what it will mean for our markets here at home >>> plus, a ba humbug holiday? black friday hit a report, but could it be hiding a lump of coal we dig into the numbers to find out how strong the consumer really is. >>> and a three decade deal. we'll talk to tabula about his ad with rackspace. i'm melissa lee in the heart of times square on the desk, karen finerman, dan nathan, the dow nearly dropping 500 points, closing down almost a percent and a and a half the nasdaq seeing even losses the moves coming as wall street grapples over the unrest in china over zero covid policies and what that means for market and supply chains. apple down more than 2.5% after the hit to production of its latest high-end iphone could be double than what expected. lumen technology shedding 6% a better outcome for casino stocks china granting wynn resorts, mgm provisional licenses to continue operating in macau went up more than 4% melco up more how much was it, all the protest video we started seein

this is a question for global wall street, with great respect for your shop and the legacy of stephen roach cats and dogs. wonderful to see the morgan stanley process. what is the debate right now, what is the singular thing that you are arguing about at morgan stanley? andrew: i think a few things. there are always a number of things under debate. the idea that inflation comes down in 2023. inflation was hard to forecast in 2022. the fed struggled with it, a lot of forecasters stood. i think there are a lot of reasons why inflation comes down in 2023, but there is some uncertainty around given how hard it was to forecast. then also this question of can the fed pause without reversing the progress it has made in tightening financial conditions. by definition, once it stops hiking, it is easing. does that work against everything the fed is trying to achieve? tom: so what do you and ellen zentner make of the bloomberg standard index. shockingly accommodative over the last 20 days. andrew: this is a challenge the fed will have. we forecast the last fed hike to be in january but we don't think