moody's analytic chief economist and a analyst at first financial. mark i start with you if i will. given what you nope about the economy and as you see the economy did the fed chief do the right thing? >> yeah, i think he nailed it. i think h scaled back great hike expectations for next year from three t two. that seems very consistent with the message the fed has been sending markets all along. i think markets had very high expectations, overly high expectations and were disappointed. but the reality is the economy is growing strongly. probably will continue to grow sfrongly enough next year that y unemnt continues to decline. i think the federal reserve has it right. >> brett, you know, i feel like we've been talking about this fed meeting for some time now. and the market according to a lot of the analysts we talk to had factored in a rate hike here. so why the vehement reaction by the market today >>in. well, i think today is going to be a historic day. i think it's a day where the fed looked down at the market and they said, look, you're grown up, you need to stand on your own

that could reduce spending by over $100 billion.nd mark of moody analytic says if the december lossesd h the negative wealth effect could cut a half percent from gdp in 2019. he says the effects arey greate tohan in the past because retiring baby boomers have so much intos. one big caveat, real estate which makes up the bulk of welt for mostns per has not fallen as much as stocks. that could helpny offs impact. now there are three sectors that would most likely be hardest hit. airlines, home improvement, building and hardware, and hotels. it turns outhe first thing people do when their investments are down is reduce their vacations. for "nightly businem report" robert frank. >>> and joining us to talk more about the wealth effect is anthony chan chief economist at jp morgan chase. good to see you. thanks for joining us. >> great to be here. >> robertentionedhousing. you are watching housing closely for this wealth effect. >> certainly when youook at lot of studies. and of course robert chiller who won a nobel prize and others have done studiesd that f the housing wealth effect is twice