fred mishkin, john gagliardi, thank you for the commentary it's very helpful here. we gotta get to the fox business alert. at&t is looking at a nice gain of more than 6% in this final hour of trade. this is a welcome move considering the shares of the telecom giant have been idl ing at multi-decade lows. the spark, today coming after morgan stanley said the telecoms recent sell-off reflects a "over ly negative outlook" that does not take into account this year's wireless revenue growth. the bank raising the stocks rating to overweight but lowered its price target to $28 a share. it's at 23.66 right now. morgan also says at&t shareholders will gain if the pending warner media discovery merger goes through. delta airlines, trading lower, despite the company switching its forecast from a fourth quarter loss to profitability. now it had been higher earlier, you can see its been pretty much the trend with a lot of these stocks today. delta is down 2 1/3% and the carrier says strong holiday demand will keep profits floating higher into 2022 let's check the other airlines

fred mishkin basically disagreeing with the idea that inflation has peaked. >> any time you see shippingosts inaccuracy by 3 hnds those costs will translate to the consumer. if you look long term demographically, baby boomers are starting to retire that's deflationary. innovation and technology, that's deflationary. i think we have already peaked if you look at the bond up decks with the bond market volatility it is showing us inflation has peaked out i am comfortable with that stance. >> as we await chair powell to take us away to the press conference, did you hear anything in the statement, have you seen anything that is going to change anything you expected to do in 2022? >> no, this is along the lines of what we expected. listening to some of the pundits on the area they talk about consumer staples and utilities going up that might be an indication that gdp growth might be slowing quicker than woe expected. that's one of the things i will look at going ford. >> -- forward. >> a lot of people have been in the defensives, the commodity stocks, the utilities. is it time to lighten up >>