certainly increased i don't think it's high at this moment i think it's increased. >> joining us now, judy sheltoney meltdown, restoring order to the global currency system i know you probably heard rick santelli, judy, the lead editorial, not surprisingly the "wall street journal" takes a more hawkish tone. even as i watched the markets yesterday, some people said, wow, the fed is getting top-on inflation. the markets liked it others said, it was more dovish, really, maybe. or that people thought and the markets were partying on, based on that we're still going to have qe with 7% inflation. where do you come down >> well, i think the rhetoric has certainly gotten tougher and it's hard to imagine that it couldn't given that chairman powell has been spend ac lot of time on the hill and i am sure he has been getting an ear full. if he didn't stop the top-down rhetoric about the fed needs to fight inflation, he would have to deal with those consequences, so that causes pivot from the fed going from being so benevolent and almost growing at the rate of zero until we had full labor force participation

judy shelton's op-ed, she is coming on the show, the fed will not end with less than 1% fed funds targetlation, magically, we're on christmas, looking for immaculate conception. the fed has got to go to work. they have got to sell bonds. they have to raise the fed funds target rate just like they used to do. it is the most efficient thing. the longer they way the worse it will be. that is my warning to investors. inflation is number one. the fed has got to act. if they don't act, that will help the stock market in the short run but kill it in the long run. it is stagflation thing if they just wait and wait and wait. charles: they need a volcker moment. >> well-put. they need a volcker moment. i don't know, you know, jay powell, i know the guy. i hate to speak ill, he is a very nice man. we had lunch for three years. he doesn't strike me as a volcker guy. charles: right. >> here is my other point, the bidens will put all kinds of woke climate change people on the federal reserve board, okay? they will rebel against tighter money that is a problem. i would say powell has three months befor