let's also add steve liesman, bob pisani and rick santelli steve, let's start with you and the change in language that kayla laid out >> she highlighted the most important part and it looks like there's two pieces to it the first one here in determining the pace of future increases in the target range, the committee will take into account the cumulative tightening of monetary policy, the lags with which affects activity and developments. so the first part, the part i didn't read, is they want to make sure it's sufficiently restrictive to return policy that tells you maybe they have more work to do but the idea they're taking account lags may mean they're going slower here i don't think i would mistake this for saying the fed is ready to pause it's something you might say the fed is aware that it's done an awful lot and doesn't feel it has to do as much as it had done in the past. i'm going to take a quick look what's happened to fed fund futures. they've come down a little bit we'll see if it holds, but the may contract was trading at 503. now it's at 496 so not much of a change, but

steve. let's turn to rick santelli for instant reaction to what you just heard from steve and fed governor wallers interesting because data dependent would imply that you want to wait and see how the data points look, see how the next cpi looks but to be picking these numbers for december, saying you're going to tighten half a percent, maybe two, to me seems awfully aggressive considering the data may turn sour. especially on a day like today and i'll tell you why in a moment hey, 20-year bond auction. i gave it an a-minus they couldn't get enough of them look at a two-year and pay particularly close attention 8:30 eastern that's when basically we made the high we had a good r today. the r, retail sales was good but it marked the high yield instead of marching higher, which it would normally do if it was strong, and it all has to do with mr. waller and the federal reserve. look at a 10-year. very similar except one difference. yes, it spiked, but it kept moving lower as a matter of fact, if you put a two-day of 10s, you'll see why it sped up because it started trending under yesterday's 2 3/4% lo

thank you, jason, liz, michael, steve leishman, rick santelli, thank you one and all. >>> let's get down you thinking, that number the markets seem to like >> it no letup in the hiring manufacturing, it's incredible we've become much more of a manufacturing nation than anybody realizes and it's just -- all these things that worked in terms of trying to get infrastructure built you're seeing health care back to the plus 53,000. i got to commend american business people for recognizing we have to make things here. the secretary of commerce was talking about this last night. we have 2% increase in hourly wages. but what an incredible quarter when it comes to making things, and that's not what we've been good at for a long time. we have to higher rates. but i like the makeup of this. i think it's terrific. >> one concern people have brought up that we've heard a few times here, concerns about liquidity crunches or other things that come next, we had a pretty fantastic october and bun we're out of the woods just yet. >> well, i mean, you know, this does not include all the freezes and layoffs