Mike, thank you very much. Welcome everybody to overtime on this Friday. I'm

Scott Wopney, you just heard the bells. We are just getting started from

here at Post 9 at the New York Stock Exchange. In just a few minutes I'll speak

live to former Fed Vice Chair Roger Ferguson on what the Fed's next move is likely to be now after that very hawkish power speech in Jackson Hall.

In interview, you cannot literally afford to miss. We begin though with our talk of the tape

this ugly sell-off what could be a reality check for investors on where rates are going

and the fallout for stocks. Let's ask Liz Young,

so-fies head of investment strategy and Joe Terra Nova,

Verus Investment Partners, Chief Market Strategist,

both members of the Half-Time Investment Committee,

both sitting next to me here at Post-9.

Liz, I turn to you first.

What's your big takeaway from what was undeniably

a very hawkish Fed share today?

Undeniably, but what I heard from him

was, I don't know what everybody misunderstood

from my comments before before so allow me to

repeat myself and not leave a shadow of a doubt.

Still going to do what they were planning on before.

He has said already he expects there to be some pain in the economy, both on consumers

and probably on businesses and on the labor market.

So none of this, and I know everybody has said this today, None of this has really been a surprise.

...