including richard fisher and jeremy siegel and this gentleman, paul tudor jones. and then glenn hutchins. you are watching "squawk box" on bccn >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com of the. >>> today, the fed will start a two-day meeting. expecting a 50 basis point increase we have jim with us. jim, your take is the fed is well aware of the misstep, perhaps, in under estimating inflation and whether it was transitory or how long it would last you say there is an institutional pride that is driving the fed at this point which risks the fed actually being too tight to try to show they can handle inflation and they overshoot is that where you are now? >> approximately the fed, i think, realized the error of the ways in the fall it continued to implement what we call qt the purchase of bonds for that purpose. they continued to do qe through march when it was running at 8%. the months of 0% interest rates and the rest of the qe was the fed not wanting to admit out lou loud the market would take the first loss the fed is a bure

>> richard fisher, the other day, talked about when he was part of the federal reserve, he did not wantage-backed securities to be added to the balance sheet. if there's an acknowledge the reserve would be an active seller, i think that would upset the marker >> we talk about that being the catalyst to crack the housing market if mortgage rates riding doesn't do that. we'll watch closely for that why don't you give us a final trade. >> best conference ysk been in 30 years i'm buying this when it's over if you do it, use a tight stop on it so you don't get run over and only stay there for the afternoon or through tomorrow morning. >> so, super short term. thank you. carry on liz young, final trade. >> short term treasuries and they'll come down. >> okay. >> i like revenue here they've been out performing the market >> nice foreign name >> great stuff, everybody. i'll see you in overtime "the exchange" begins now. >> thank you, scott, hi, everybody. in one hour, we eget the fed's decision on interest rates what will chair powell himself say in the press conference and most importantly, wh

richard fisher today, i'm paraphrases but said we're not looking at market. it is an after thought so they're setting everybody up. more hawkish than that or more potentially market destructive than that tomorrow, that would surprise me. >> could i ask you a question. because you are someone who i like to ask and we don't pay attention on the way up to upside volatility, it is no different than the move we're having down. how about a case where a fed that was very focused on asset prices, the wealth effect that comes from the stock market and the housing market, would they be just as interesting in seeing the stock market get destroyed and we've heard -- we've kind of heard that too so don't you think because they recognize the wealth effect and targeted the stock market in the past that they should be just as tarngted on the downside. >> brian kelly points that out all of the time. this is a different administration when the market was a report card for the administration and when jerome powell, in my opinion, in october of 2018, when he said we're on auto p

. >> thought it was interesting too what richard fisher says, we don't have much time to chat this, as long as credit wasn't seizing up, the fed was more or less okay with the fact that you had a market the way you have now. >> that is the primary indicator. we'll see. >> mike santoli with his last word as usual. that does it for us. i'll see you tomorrow. "fast money" is now. >>> right now on "fast money," with dow components front and center, apple selling off hard data, dragging down the major averages disney volatile in after hours reporting, better than expected growth for streaming deep dive on both stocks straight ahead buying in the board room which corporate insiders are scooping up their stock and what kind of message that could send to the markets and later bitcoin buzz kill. shares of coin base down more than 25% and news of a stable coin that lost its stability the bitcoin baller is here to break it all down. i'm melissa lee. this is "fast money" from the heart of times square. on the desk tonight, tim seymour, karen finerman, brian kelly. we begin with apple's deep declin