market and the labor market may out in third quarter earnings let's bring in cnbc's senior analyst ron insanaa and jack ab listen with creditsity capital ron, how does the market interpret this jobs report and the what it could mean in terms of fed policy and more >> you know, i would agree with steve liesman that it doesn't necessarily mean much and doesn't alter the course of the fed policy going forward their on track to taper. they are getting the substantial further progress on the unemployment rate in particular. one note that steve made talking about the household survey, there was a decline of 710,000 individuals who were previously unemployed so there is a divergence between the non-farm payroll number and the household survey, the latter of which is much stronger. i think the fed will weigh that more heavily given the upward revision we have seen in the recent months. i always thought we had to get through september to get a real read on employment i think that has been proven to be the case. >> jack, your thoughts here and what it could mean for the fed. >> sure. i think the jobs re

. >> ron insanaa, react?been writing about pan-flation. >> if you dial back to the prepandemic environment where the unemployment rate was 3.5% inflation was still below the fed's target all of the supply disruptions all of these price increases that we see, as far as i can tell are not fully a function of monetary or fiscal policy. they are literally the result of a pandemic distorting the economy in ways we have not seen probably ever. when you look at 72 ships off the coast of long beach with 500,000 containers cumulatively sitting on board waiting to get unloaded that's not a monetary or fiscal policy issues. when look at disruptions to the labor force. has to do with the pandemic. this pan-flation probably doesn't go away until we conquer the pandemic i think that's a health care policy issue almost more than anything else. i am concern that it lasts longer as jay powell indicated earlier in the week. i just don't think that the typical tools that we would use to counter it, higher interest rates, taperi

joining us now are michael fehr, and ron insanaa. fehr, and farther, welcome, gentlemen. >> fehr and wide i keep going with that one. >> i keep coming back to it. if it doesn't work the first time, it will work the 11th time secretary yellen says that maybe pouring more money into the economy -- it is over ten years. it is not a big slug of $177 trillion immediately, will ultimately slow the increase in prices michael, do you agree? >> ultimately, maybe, tyler, but if you have a supply problem, right, you've got a lot of money -- we don't have a demand problem right now. we have got people who want things we can't get them in ports prices are going up. price of food has gone up, price of fuel has gone up. lots of prices are going up. providing more liquidity just provides for demand. i think secretary yellen must be using some very, very creative mathematics in order to see how inflation will ultimately be lowered. maybe ten years out, but right now you add more cash to a supply problem, it creates more demand, prices go higher no, i