guy: neel kashkari says the idea crypto is nonsense. thank you very much indeed. matt miller's show etf iq on mondays at 1:00 p.m. in new york right here on bloomberg. ♪ alix: we are about an hour into the u.s. trading session. you had equities deflating a little bit. nasdaq 100 now flat. abigail: it's a bit of a roller coaster ride over the course of the session. these are the s&p 500 futures. basically flat. higher of about 1% and now down -- excuse me, down from the high of just about .3%. lots of different factors. one being housing. we have oil down. the last time i looked it was down more than 3%. that's another risk asset. you can make the case it offers better inflationary pressure. commodities sliding in this sort of a manner is not necessarily good for stocks and is dragging down the energy sector. exxon mobil down one point he percent. yields higher -- down one point he percent. you'll -- 1.8%. microsoft was down nearly 1%. now down .3%. at the end of the day it comes down to rates. it seems as though people are pricing in the idea we will see the end o

and minneapolis fed president neel kashkari, who is not a voter but will be next year, is saying in the last hour the u.s. economy is sending wildly mixed signals and that there is a lot of tightening in the pipeline. as he is not seeing much evidence of cooling. so that kind of ec ecos what bullard said -- echoes what bullard said. let's get to the floor show, teddy weisberg and john pa tree d.c. john, i will start with you. it is hard, isn't it, depending on which fedheads are out and about talking the or you've got some pretty good earnings numbers prosecute likes of cisco and macy's. >> yeah, i think the fed wants to continue to throw cold water on the market rally that we've seen last week off the cpi number. there's the still more work to be done, and i was at a conference yesterday and ben bernanke said the fed's policies, slow down the process which it's going to be another 50 basis points in december, pause -- so this has to marinat. and it's he's thinking that the fed, that inflation is going to be at 3% by this time next year. there's time has to work through the system, and

neel kashkari is -- remember were inflation is, way outside the 2% range.al bank can not pipit until they are back down to 2% give or take. you have to assume the weight of the debate for the moment is on getting inflation much lower than it currently is. as we head into next year, we probably start to hear more conversation about pausing or waiting to see how the rate hikes are playing out. manus: if we have a tight cpi print jp morgan says bonds could trade under 4%. what is the risk? or is that just dreaming? >> the risk comes from services and shelter, rent prices. look there if there is a risk of stickiness. manus: we keep an eye on those elements. short and synced. you can come back. enda curran in hong kong on the hot button issue of cpi. let's get dug into crypto. binance coin was only up 72%, now 140%. this is the backlash in bitcoin. whether it is a crypto asphyxiation moment because you are going to possibly see ftx go into an organized bankruptcy, that seems to be the top line, but does that create bigger opportunity for other cryptocurrencies?

tom: maybe neel kashkari of minnesota will drive that forward.han: that's what i was waiting for, to see if someone said i agree with the news conference and not the statement or vice versa but i haven't seen that at all over the last few days. lisa: i can imagine you have seen that because we have seen a loosening of financial conditions most of that conversation is over even though we have a five point 1% terminal rate. that's what the feeling and markets is is that the fed's next shift -- you seen an incredible rally in high yields in stocks in a weaker dollar and we've seen rates become more stable. this is not screaming fear so wide with the fed back away from its hawkish and us? jonathan: we will look at the next cpi prints because tomorrow is the last one before the federal reserve needs. you get another one in december. tom: at the december meeting, do we get a new forecast and dot plot? jonathan: that will be in december. i think we are priced to hear the report by chairman powell is this september meeting bumped up the dot they are mayb

ed: neel kashkari slamming the concept of cryptocurrencies. he says the whole idea is "nonsense."on of ftx revealed shortcomings. many officials -- his comment represents one of the most forceful denunciations by a fed policymaker. for more on crypto fallout, let's bring in donotpay's joshua browder. invest -- as well as automate legal issues. ftx is one of your backers, right? let's put that on the table. you are working on in getting investor's money back. walk us through it. >> they invested in us about a year ago. from a practical standpoint, it was a very small investment. culturally, it goes against everything we believe in. we are working hard to help people get money back from ftx. the most important thing to know is that there is a regulation. if you have deposited money in ftx through ach direct deposit, you can get it back if you have deposited within the last 60 days. there is no discretion the banks or anyone has. you can tell your bank they that -- that you want to reverse the deposit, then they will appear and then ftx is on the hook. we have been automating the sor

atlanta fed president bostic and then bullard and then loretta mess after and neel kashkari and thenhairman jay powell gives a toast to charles evans who is retiring next year a lot of fed speak let's talk about the markets and what it all means with the markets coming off the second negative session in the past three. let's bring in victoria fernandez. victoria, i reeled off fed speakers and earnings reports. what is the most important thing in the market for you right now? >> i think you could have a busy day, dom, if you do nothing but listen to fed speak. you will hear the same story over and over. the fed is telling you that, yes, cpi was a positive number for them it is telling you inflation has probably peaked. you look at longer term inflation expectation which are well anchored. you look at import prices that are declining and supply chains are doing better all of these things tell us inflation has peaked on the whole. i think there are elements within the reports that will continue to be higher, especially when you look at food services i think what we will hear from the fe

lauren: neel kashkari says the entire notion of kip co-- cryptocurrency is nonsense.o harsh? >> i think it's way too harsh. i think invest a knee-jerk reaction to what's happening right now. it's the easy reaction. the hard reaction is going forward and thinking about how we can actually use these technologies to improve capital markets without the distraction the of what's happening right now. we learned some critical lessons that we need to move on from. how should we work with cryptocurrency exchanges when they're holding our assets, and there are some serious questions we need to work on. but the notion that crypto is bogus because of one bad actor, i think it's nonsense. lauren: doesn't it peel like just more than one bad actor? i understand that sam bankman-fried was this 30-year-old wonder kid, right, that really got wall street and big withtime investors and even politicians on his side. i get that. but he pulled the rug out from urn them really, really fast -- under them really, or really fast, and he blindsided some really experienced investors, sequoia with

we are getting james bullard, neel kashkari all -- fed chair jay powell, new york fed mary daly of san, but they're not going to be giving central policy statements. the message has been clear. they see downturns and they need to see that, i focus on inflation and willing to raise rates. between 4.5% and 5.4% -- 5.24%. the economic data, how quickly is this making its way to the economy? october housing starts and building permits, it is grim and changing at a rapid speed that is not necessarily going to filter into some of the inflation data for some time but in the meantime people are feeling it in real time and sales or marketing done. and when people can't afford to buy. tom: jason said in the last one for hours when you look at spot rents, the actual inflation statistics are coming down, this inflating much more rapidly. lisa: and you get the october sales figures, and the earning set up and coming out we did get from macy's and kohl's, it is a tale of two different stores. macy's doing well, more than 7% in premarket trading at kohl's plunging. it is distinct customer basis. who