half of next week next on the show we'll be joined by national bureau of economic research chair john lipsky, the group that determines if we're in a recession plus talk to former twitter coo, ali rowghani about expectations for the musk era but let's break down the action with mike santoli. what are you watching on the final day of the month where everyone is talking seasonality. >> it's an understandable themes there are clear historical patterns i would say today is a lot of month end trimming after a big run higher of course pre-fed apprehension as well is at work look at the s&p 500, we were up 90 points on this index on friday, giving back less than a third of it at this point. just for curiosity sake, where was the s&p 500 right before the last fed meeting in september, september 21st, it was right about there. actually about 30 points lower but in a similar position except there hitting it on the way down, this time we rallied up into it as the market once again seems to want to believe it's in tune with what the fed is likely to say on wednesday. the earnings picture is quieter toda

it is fabulous to have john lipsky here.like king charles in the motorcade, waving to everyone as he comes into the international monetary fund. he is a director at the mf, but his public service for economics is noted. dr. lipsky, thank you for joining us. you are the only one reading it was actually at plaza accord. we need another plaza accord in that. i don't want to go into a long discussion on this, how do you respond to people that say we need 1982, 19 84, 1985 again? >> people forget the role of the plaza accord. the markets have started taking what was perceived as an overvalued dollar down beginning in february of 1985. the issue with the plaza was, were the central banks going to take the markets lower? in plaza, they decided no, we are happy with it going lower. later, they tried to say that the louvre accord, stop, that's enough. markets paid no attention and carried on. tom: what about the time to sell and all your work, and where we are now? i think about your first speech when you first join the imf, this acc

john lipsky does not see the element of accord necessary to get that global solution. it is a bremmer meeting, every nation for itself. jonathan: as always, good to catch up, tom keene and washington. we will catch up with tk later. we are not getting a global solution to a global problem anytime soon? lisa: nobody said we would get that until we would see the pain feet into the u.s. and right now it is helping when it comes overall inflationary pressures. jonathan: i'm curious about retail sales later. is that confirm the story of underlying strength? lisa: my concern is and this is somewhat nuanced this you are seeing the upper income individuals and household continuing to spend and spend even more. a lower income much more constrained. you are getting very different stories depending on which bracket you look at. jonathan: joining us now is the senior portfolio manager at offspring global investments. first question, unfortunately, is the awful when i start the show with, what on earth happened yesterday? i margaret: think it was a typical short-term traders rally,