heidi: speaking to dennis lockhart about whether this is enough to rein in inflation, whether he sees an inflation -- a recession,. shery: meta reporting the first ever quarterly sales decline. shery: we are seeing the downside pressure in u.s. futures, this is after the s&p 500 sores. -- soars. slowing the pace of rate hikes, and nasdaq 100 saying the best day since 2020. we had a treasury yields falling as well. we had oil also rallying in the new york session, holding at about $98 a barrel. this is coming at a time when we watch what is happening with the after hours trading session, they are all losing ground. meta first ever sales decline, qualcomm has a lackluster forecast. we are seeing rallying around 6%, they have good sales despite the fact that prices were also higher. heidi: let us take a look on how asian markets are shaping up to the fed decision, getting more hawkish hikes ahead. take a look at australian futures, potentially a gain of almost 10% -- 1%. the fed is straining a bit as you see the u.s. dollar sliding, hitting the three week low. the kiwi equity session is

dennis lockhart is a former president. he held the post during the height of the financial crisis enjoins us on fast money. dennis, it is great to have you with us. they make you think 75 basis points as a foregone conclusion. very chance of 100 basis points. what do you think the message will be in the press conference afterward? >> i think they will put the folks focus on inflation. it is a challenge we have not yet seen on deceleration. that will clearly come through. i think they are going to emphasize the commitment to tackling the inflation problem. >> dennis, you say they have very few tools. and limited toback is the phrase you used in the interview to fight inflation, particularly when there are so many issues going on around this environment, which are major factors the fed cannot control, particularly when it comes to russia's invasion of ukraine. i am wondering if you think there will be collateral damage. if they only have a hammer, for instance, and you need a phillips head screwdriver, they don't keep hammeri

arguably, like dennis lockhart was saying, the truth is we are moving to a different place now that theunds rate has reached a level that the fed estimates is close to neutral. you asked exactly the right question. how can we think that is neutral? nonetheless, the fed has moved to a point where it is no longer accommodative. going forward, perhaps, it is not as -- it does not need to be as aggressive or move as aggressively as we have seen. of course, it is going to be data-dependent and i will cite the market reaction, i do not think the fed was as dovish as the market reaction was suggest market participants thought the fed share was -- chair was. >> chair powell made it clear, two months of data will get two new inflation reports, gdp, a lot of numbers. economists have to look ahead. are we going to point out in september that as of 75 basis point rate hike is on the table again? >> everything is on the table. one thing we were happy to see is the fed chair did not try to guide markets with so much information ahead. that caught the fit into trouble with recent meetings, they try to

that is good news dennis good to see you this mornings thanks very much endennis lockhart joining use are taking a look at quarterly earnings from amazon, apple web bush securities managing director will weigh in there tune in to "fox business tonight" for maria bartiromo wall street exclusive with frontier airline ceo on losing spirit airline takeover fight, what is next? wisconsin senator ron johnson will weigh in on latest threats out of china and xi-biden call, plus waying in state of the u.s. economy 7 pm eastern right here on fox business, you are watching fox business live, right now with . . o ♪♪ ♪♪ i don't know i don't know why can't get enough of your love ♪♪ . . . yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quali