Welcome to overtime. I'm Mike Santoli in for Scott Walker. You just heard the bells but we're just getting started. In just moments you'll hear from double lines Jeffrey Gunlock his take on today's C. P. I report and what he thinks the Fed should now do

at next week's meeting.

It is a big call.

You'll want to hear it.

We begin, though, with our talk of the tape.

The brutal sell-off on Wall Street

is a red-hot read on inflation since stocks tumbled. of the

walk off on Wall Street is a red-hot read on inflation since stocks tumbling all three major averages

plunging you see there the dow down almost 1300 points

S&P 500 down 4.3% NASDAQ composite downside leader. Once again, the big expensive

gross stock suffering down more than 5% today alone. Russell 2000, down 4%. Now Treasury yields rocking higher so clearly it wasn't as if the

bond market was positioned for this unexpected tick higher in core inflation

which we got this morning you see the two-year note up to 3.75 percent, that's about a

15-year high and the 10-year at 343 or so. That's pretty close to the highs for the year.

Jo Terranova, a breakdown today's drop.

C.M.

C. B. contributor, Joe Terranova, Verdes Investment Partners,

chief market strategist.

Joe, great to have you here.

I mean, you know, in addition to, to of course the number itself the

CPI number being unexpected it clearly met a market that was off balance for

exactly this kind of thing because as dramatic as those one week drops are it

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