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mike, thank you very much. bailey and santoli, we appreciate it. thanks guys. >> bond yields -- strong jobless claims data. rick santelli is with the traders in chicago, rick i haven't talked to you in a whole hour. >> i know. i'm going through tyler withdrawal. one thing i'm not going through though is beaumont withdrawal. whether you look at two's, tends, the s&p's, yields are up into,'s yields are up in tents, dollar index is up, other than today the s&p down these are all big moves, how many would've guessed that not that many months ago as a matter of fact when you look at what's going on right now with regard to the s&p, the think that we are whisker under 5000 is the high, harkens back to when we are whisker below 5% and we couldn't quite get to it, which tells us psychological levers are huge, and speaking of which let's go talk to a trader. paul? >> eric. >> has it going? >> good to see you. >> let's start right with it. everybody i'm talking to today has one thing on their mind. cpi benchmark revisions tomorrow, and hy? because it demonstrates that seasonality's are up. there's a lot of data points that aren't

mike santoli reporting for us. >>> we're also seeing a big reaction to that cpi report in the bond market. interest rates moving markedly higher. rick santellioins us now from chicago. hi, rick. >> hi, tyler. indeed. it's a hot day and it's due to hot cpi. let's start at the beginning. let's look at year over year core cpi. came out 3 .9%. that's the ten-year chart. nobody thought inflation would be linnier. now, here is the most important chart, in my opinion, and i'll tell you why in one second. this is a year over year cpi core, which they start the index. this is the index that everything is derived from. when you say up .3, down .3, they look three different indexes. this is the year over year core. it started in 1957. today it was 3.14.44, it's never been higher. now here is the rub, okay. you heard all the analysts today, smart economists, erb with one refrain and that is, wow, there's the seasonality, january. it's called a reset of prices. it happens at the beginning of the year prices go up. but don't worry because january and february most likely will moderate. so what they're saying is that that chart i just showed you 314.44, if