michael farr, lindsey pea yates ka, and steve liesman. >>> a big interview to remember on "the exchange," mary daly will join steve and i. >>> for more reaction to the latest commentary from fed chair jerome powell, let's go out to chicago. rick, did anything stand out to you, and is the market reaction what you would have expected given the auction results today? >> listen, i know that powell's really important and the fed has a huge mission that can effect short rates. but today they were a drop of sand on the seashore compared to the way the markets moved after that horrible 30-year auction. now there's all variety of reasons coming to try to explain it the latest is icbc, industrial and commercial bank of china, had a ransomware attack. i get it, okay that may have affected them. maybe it affected the -- what we call the indirect bids, which are on the weak side so, with the directs, the dealers took twice the amount they normally take the bid to cover was horrible. the taillight is seven basis points maybe that's one of the reasons, but it doesn't define how horrible today's auctio

around mid year next year let's bring in jason draho, head of asset allocation for the americas and michael farrf high tower advisers is also a cnbc contributor welcome to both of you jason, i'll start with you sounds like your outlook is more bearish, more muted, more down beat maybe what's driving it? >> i wouldn't say it's bearish what we see across the board growth, inflationary rates all think they will go lower from what has been elevated levels this year. more of a moderation and perhaps more of a subdued macro environment versus this year, growth exceeded expectations inflation is low, but still above the fed expectations and as a result we have seen rates go higher. i wouldn't say it's bearish. more of a normalization getting closer to trend or slightly below trend. >> what should be on my buy list for the remainer of this list and sell list? >> buy list, fixed income or equiti equities, buy quality fixed income we think rates from probably peaked this is a good time to be buying high quality bonds, corporates, ig, munis, things of that sort extend duration. the same thing on equities y