. >> wow, it's a monster bob, thank you so much bob pisani rick santelli is also standing by and yesterday the market remains unimpressed. >> that's because we haven't seen inflation yet i think if we do and when we do, the market will not be as blase as we think. twos, they're a whisker under 14 basis point. >> tens were at 666, and 30-year bonds around -- fixed markets haven't moved. i certainly do want to weigh in on this conventional wisdom that they're advertising something, and oh, my goodness, this is so important, it's never happened before, 2008 to 2015, seven years, credit crisis, seven years before we normalize rates from zero to 25 to the first rate hike by janet yellen in 2015, because the economy was truly dented how we come out of covid, if there's a vaccine? nobody nose. if the fed could keep this rate at the same rate for three years. that is loss figureser getting smaller and smaller. we don't know how it will end. policy will changes once we get on the other side of covid >> john bellows, let me come back to you. your thoughts on what this fed just said basically. it wou

bob pisani we are going to get jolts at the top of the hour. let's go to rick santellimorning. hey, rick. >> hi, carl. you know, obviously the effects of the big down moves in equities especially many days in a row of them has taken a bit of a toll on treasuries as you see on a two day of tens but the thing that 66 basis points when the all time low yield closes at 50, there is an issue here that we just don't seem to be gravitating to the same type of safe harbor buying pushing rates down on the latest go round with the weakness of equities as we have in the past if you look at some of the drops in march and some of the areas actually just a couple of months ago were the equity markets didn't have huge moves, but the fixed income markets still seemed to be soft. what's going on here well, you can also look at a two day of bunds and see that it's very similar across boundaries there is a certain correlation going on there in the correlation of course is central banks and how they buffer and mask some of the signals between markets. if we look at the high yield space, lo

rick santelli. i got most of the dow components in the green today, let's get to bob pisani as well hey, bob. >> hellopy wednesday, everybody very familiar scenario, an up day, an up open and it's been this way for several weeks now and the same components are leading, it's the same semi-conductor stocks are having a good day, a lot of new highs in the semi-conductor list, consumer discretionary as well industrials a little bit better, but, again, look at that, banks and energy just have been doing nothing, nothing for weeks on end. they are not participating in this rally in the slightest extent and that's a little bit discouraging new high list it's the same familiar names every day we put up nike and amazon and walmart and alphabet and amazon and apple, they are all there every single day what i don't see is the big expansion, over 100 new highs on the nyse today, there's 2,50 stocks on the nyse you want to see 300, 400, something like that. we are not seeing it right now the semis, yes, again, every day what the other part of the new high list is always the semi-conductor names, you can see some o

bob pisani, thanks. >>> been an interesting morning of fed speak, including from some members who dissented this week let's get to rick santelli> yes, absolutely, but it doesn't seem to be moving the volatility needle much in treasuries, as you look at a one week of ten year note yields look at how flat it is volatility is quite low. as a matter of fact, the move index which measures treasury volatility, ice bank of america index it's at an all time historic low, yesterday it closed just above 38 that's the money month volatility read. if you contrast that with the three month volatility read what you have is a huge differential, a big difference, which points to the fact that the buzz in the treasury complex is that volatility index is pointing to the 11/3 election as the potential biggest event risk for treasury volatility in a decade, something to pay attention to. now, if we look at the dollar index since july 1st, what you can see is that it really has outside of july for august and september been a sideways move as well. this is a big deal considering it's so close to 27-month lows also keep in mind if you really want to