let's bring in ron insana. ron, what say ye, what's going to play out here >> i don't think the financial markets are acting any differently than in any other cycle in the past where of course they lead the federal reserve. interest rates are falling, the yield curve is inverted because the financial markets particularly the bond market believes the fed is overdoing it and driving us into recession, and the worry has shifted from inflation, which is clearly over the last five months in a downshifting mode, and we have seen that in commodity prices, lumber at 380, unleaded guess at 211. the market is discounting a future where growth is weaker, not where inflation is higher. i think the fed obviously is jawboning its position to make sure that financial conditions stay relatively tight. but in my estimation, and steve may disagree with me, i think the fed has this almost entirely wrong at this jungture >> because you see a much softer economy? let's put it this way, ifyou think the labor market is going to crack

times like this >> we have to leave it there. >> if it doesn't work, just put a band-aid on it ron insana, michael farr go ahead, ron. >> two spots to watch, one, collateralized loan obligations in the private debt market there are some risks there and tether, stable coins watch those because they could be two hotspots that cause some problems down the road insana and farr. thanks a lot >>> still to come, a nice midday pop for boeing and a huge three-month gain for the stock y the street so bullish that's next. [newscast audio] hello, world. or is it goodbye? you know, it seems like hope and trust are in short supply. [clap] now, as businesses we can blame and shame. or [whistles]... we can make a change. [clap] we can make work, work for our communities. create more equal opportunities. [clap] maybe, just maybe, get a bit more unity. ♪ let's have less cancellation and more conversation. prioritize conservation. and... empower future generations! [clap] [chuckles] let's question again what we think we know. use our power and our people... to pay back what we owe! [clap] ♪ it's time for bu

. >> joining me now is cnbc senior analyst ron insana. good to see you here.passport and report to his parent's california home by 10:00 a.m. and get an ankle monitor, but are you surprised that he was offered bail at all, and what is this sending, what signal is this sending to investors who lost everything? >> yeah, i am a bit surprised at the bail, but however, $250 million is a lot of money, it puts his parents entirely at risk, given that they put up the collateral for that bail. so to an extent, and there are rather large deterrents for him attempting to flee because he can't do because he doesn't have a passport and can only travel in the confines of california around his parent's home and wearing an ankle monitor as well. so the flight risk is probably somewhat greatly diminished here but this is a scandal that may well be twice the size of enron, and somewhere in the neighborhood of $50 billion in liabilities, and as many as a million different creditors. so it is large. but i suspect he's not going anywhere, given the magnitude of this. and the coope

. >>> joining me now is cnbc senior analyst and commentator ron insana, it has been a bumpy week to say least, for stocks and i know you're laughing, but some people may not find it funny. what can we expect? >> well, i think, you know, at this juncture, we still have a federal reserve that is bent on raising interest rates to quell inflation, even though every measure of inflation has been coming down now for several months. the fed is intent on raising rates, as we understand it, at least three more times going into 2023. it is very hard to envision an environment where stocks go up meaningfully while the fed is still raising rates. we just typically don't see that throughout history. so i would expect more rocky volatile activity going into early next year. and i think most people, if they're not exposed to stocks, could probably wait a while to get there or if they are, they can put whatever additional cash they have into safe places like short-term treasury bills and just wait out this environment. >> and there are growing fears, about a recession. do you think that we need to hit

i'm hallie jackson in washington, along with cnbc correspondent, ron insana, and senior adviser, good to be with both of you. and let's take a beat and talk about where we are with the news from the fed this afternoon. they will ease up a little bit, pull off the gas a little bit on interest rate hikes and announcing a couple of minutes ago a half point hike, smaller than the last four, you can see them all on the big screen, the big question now, what is the fed going to do next? jerome powell, the fed chair, the king of dropping tea leaves if you will, giving some clues about what is coming in the new year. what's coming? it may be more hikes. with inflation still way higher than where he wants it. >> we continue to anticipate that ongoing increases will be appropriate, it will take substantially more evidence to give confidence that inflation is on a sustained downward path. >> so frank, with that as the backdrop there laid out, help us understand the clues that powell is giving. is this what he is saying, that this is not the end of the rate hikes? >> absolutely. i think it was a