the recovery has progressed more quickly than generally expected and forecasts from fmoc participantsconomic growth this year have been revised up since our september summary of economic projections even so, overall, economic activity remains well below its level before the pandemic and the path ahead remains highly uncertain. in the labor market, more than half of the 22 million jobs lost in march and april have been regained as many people were able to return to work as with overall economic activity, the pace of improvement in the labor market has moderated. job growth slowed to 245,000 in november and while the unemployment rate has continued to decline, it remains elevated at 6.7%. participation in the labor market remains notably below prepandemic levels although there has been much progress in the labor market since the spring, we will not lose sight of the millions of americans who remain out of work looking ahead, fmoc participants project the unemployment rate to continue to decline. the medium projection is 5% at the end of next year and moves below 4% by 2023 the economic

stocks have been earned in the 24 hours preceding the fmoc announcement, there are eight of them on theear that's not a typo. 80% of the equity premium has been gained during the 24 hours before the fomc meeting. this is a very well studied phenomenon, carl, it is not one of the you're imagining things, i see ducks and horses in the sky, the federal reserve itself acknowledged this phenomenon is very real and it allowed papers to be published on it on its own website, you see a tweet i did on the morning -- this morning if you want to see a link to that maybe the fed drift here is a part of this vaccine optimism that we're seeing today. back to you, carl. >> thanks. bob pisani speaking of which, we'll see what the fed decides and says about the next year tomorrow let's get to rick santelli hey, rick. >> there is also an influence on the treasury complex, of course, with the fed meeting tomorrow. first day of two-day meeting today. there is a drift upwards and you can see it, clearly. look at 24-hour chart of 10s now. long dated maturities around the high yield, low prices of the day. le