Closing Bell Overtime: Stocks Drop Ahead of Fed 9/20/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 September 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Fed decision is less than 24 hours away … and the question is, is today’s sell-off a precursor to an even bigger move tomorrow or will the Fed chair soothe investors? Virtus Investment’s Joe Terranova weighs in. Plus, GSquared’s Victoria Greene says “the pivot is dead” ahead of tomorrow’s big meeting. She explains. And, market expert Mike Santoli’s final Last Word before the decision. What he’s watching. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Sarah, thank you very much and welcome everybody to overtime.
0:02.8	I'm Scott Walkney, you just heard the bells, we're just getting started here from
0:05.5	Post 9 at the New York Stock Exchange.
0:07.5	In just a little bit, I'll speak to Ed Yardenny, who says the Fed is going to be more aggressive
0:12.4	than you think in the meetings ahead, but that stocks can still stay away from the June lows.
0:18.0	Is that really possible?
0:20.0	Well, you know we're going to ask him and we'll debate it.
0:22.0	We'll begin though with our talk of the tape.
0:24.0	That fed decision less than 24 hours away now,
0:27.0	the market's not waiting around to find out what happens either.
0:30.0	The question is, is today sell-off a precursor to an even bigger move tomorrow or will the Fed
0:35.6	shares soothe investors just when they need it the most? Let's ask Verdes Investment Partners,
0:40.7	Chief Market Strategist Joe Terra Nova joins me right here on set.
0:44.7	It's good to see you.
0:45.7	Good to see you.
0:46.7	Lesser 24 hours away.
0:47.7	What are you expecting?
0:48.7	What do you think the market's going to do tomorrow?
0:50.6	Well, I think investors want comfort, and I think the press conference is the venue that ultimately Chairman Powell can deliver the comfort.
0:58.8	He could deliver the comfort by letting investors in a very subtle way know that hawkishness is transitory.
1:05.8	If he does that, then I think the way that the market right now is currently positioned,
1:10.5	both from the standpoint of sentiment and actual positioning in the market.
	...

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