michael feroli, chief u.s.st at jp morgan, and carl riccadonna of bnp paribas, we thank you as always. you are still seeing the stock market under pressure. the s&p 500 down .5%, nasdaq still under pressure, down .2%. here is what is catching a bit, the bond market. 10-year yield 3.46. something we have to keep an eye on in terms of volatility going into the fed decision. stick with us. coming up, special coverage of the much-anticipated federal reserve decision. 25 basis priced into the market. tom, john, and lisa leading the coverage. this is bloomberg. ♪

michael feroli, ban him forever. presented today. it is a topic of discussion. i wanted to mention we got the numbers for the core services x housing. this is what matters to the fed. what we are looking at is a .6% gain during the month which is crazy. a lot more than people anticipated it would go pop. we are -- it would go pop. -- it would go up. the total number now over 6% for the gain on the year over your number. 4.6% for the year-over-year and .6% for the month. though show core services x housing still accelerated. tom: at the minimum has not turned down. goods has turned down. services has to get back to a normal three. michael: not so fast. this is the interesting part. the core services ex housing which is jay powell indicator he is watching, but durable goods prices were up 5.5% while services prices were up only .6%. at this point the goods price deflation we saw has started to level out or go in the wrong direction, which is part of the reason we are seeing these higher numbers. tom: what is housing goi

. >> michael, good stuff covered some good ground michael feroli. >>> we're about to get a wave of research reports from economists on what chatgpt means -- >> or disinflation. >> there you go. >>> still to come, alibaba losing early morning gains, much like the rest of the market, and other early winners. something our next guest says could be a head fake. >>> plus a lot more on this move in nvidia and the role ai could play in driving growth. >>> wells fargo pulling back from parts of the u.s. mortgage market hundreds being laid off. the cnbc reporter behind the scoop later this hour. we're just getting started on "squawk on the street" this third hour dow's gone negative, down 30 dow's gone negative, down 30 pointsople. ♪♪ inner voice (kombucha brewer): if i just stare at these payroll forms... my business' payroll taxes will calculate themselves. right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate tax calculations guaranteed. i screwed up. cheers! mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your m