let's bring in peter boockvar who is here on set.ow does this market sell off, how does the fed factor into the market next week? >> i think the market is up so much already, jay powell isn't paying attention. jay powell is worried on -- not worried, focused on tempering inflation through the next couple of years. i say the next couple of years because he leaves in early 2026. he doesn't care whether the s&p 500 is at 5,300 or 4,500. he wants inflation going down to its 2% target, while keeping unemployment from not going much further higher. >> in terms of how the economic data stack up to what we're seeing out of earnings season, you put out a note, you look under the hood and you're not getting good data points from companies. how do you parse that out? >> i really think that all this government spending is having such a die lutive impact on the economy. it's not just directly, but all the workers that are working on building it, they have money. they're going out for dinner. they're doing this. they're doing that. but if you look