on the fomc, michael gave an joins us now -- michael --michael gapen joins us now. ld be stopping between now and then? michael: not much. he would need a major shift on say the omicron effect on the economy, a geopolitical event that would somehow disrupt the economy. in terms of where the fed is on their dual mandate, inflation in the labor market, they are basically there. so coming out of the last employment report with the unemployment rate at 3.9%, another month of solid employment gains, .6% rise in average earnings. that pretty much meets their bar. in january at the meeting at the end of this month, they could declare we are at full employment. yesterday powell said we are at or very close to full employment. they have already told us they are on the inflation side, so i do not think anything stops them from going in march except an outlier event. tom: you are not are the only ones that will understand 1982, i've the tiger reigned supreme. when inflation's rise up back on the street, is this the same inflation as 1982? michael: no. that was rocky three, righ

. >> it is interesting the way michael gapen put that which is to say the brunt of the tightening couldall on the stock market as opposed to the real economy, which i imagine would kind of be the goal. >> right now, put that together, kelly, with the very interesting comment you gave me yesterday from david zervos, who i talked to i called him after that because i wanted to hear more about it he said the fed's tolerance, what is called the put strike, where the fed gets concerned about the impact of the stock market on the economy, it could be lower this time the idea that the fed may tolerate more of a sell-off in stocks than it would before either stopping its tightening or slowing its pace, it could be higher this time because the stock market could be the primary conduit for doing policy or affecting the economy >> very, very interesting and nerve-racking for everyone in the positions in the red, steve. thank you very much, our steve liesman. >>> if this all feels familiar, this discussion, the fed talking about tightening but maybe having to backtrack on their plans after a sell-of