jess minton and michael mckee nailing it with the cpi take. let's continue with a true expert. veronica clark joins us from citigroup global markets. she is an economist. give us your initial take on the cpi reaction. i feel like markets are celebrating. are you? veronica: a little bit. we are moving in the right direction and i think the fed can sleep easier tonight relative to the alternative if we had a pick up in inflation. i would be cautious that if we have learned anything over the last year, it is not to get optimistic too soon inflation is coming down. if you look at the details of this report, you are seeing strength in service inflation but also in these non-shelter services. jon: to mike mckee's point, the wording always matters when it comes to the fed chair. as we look toward that fed decision tomorrow, how does he address today's inflation report if it comes up? veronica: i think the most important thing for him to say is the fed's job is not done yet. we had two softer reports in a row but that is not enough data for the fed to be convinced we are getting sustai

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joining us now to break all this down is just minton.'s talk specifically about this more arguably tradable event than the fed. 3% on cpi data. not necessarily something we have seen on fed day. walk us through the numbers. >> typically, if you look at the last couple of months, usually the s&p 500 is going to swing 3% in either direction. if anything, we should expect there to be more volatility tomorrow, once we get those cpi numbers. sometimes, typically the way futures react once those numbers hit at 8:30, usually they go in the way you would expect to say it comes in hotter or cooler than expected. but by the time market closes, it's not necessarily the way you think like october, posting a gain of more than 4%. if you look back at november, the s&p 500 actually rallied and posted its best cpi day on record according to data from bloomberg intelligence, tracking that for about the past two decades. if anything, we should expect there to be more turbulence and volatility tomorrow, especially ahead of the federal reserve decision on w