Late Rally couldn't quite get there. That's the score caught on Wall Street, but winter's day late. Welcome to Closing Bell overtime. I'm John Fort. Morgan Brennan is off today.

Coming up this hour, former Fred Governor, Fed Governor Frederick Michigan breaks down today's consumer price index data and the

renewed spike in Treasury yields that sent stocks tumbling.

Plus Bidenomics in focus this hour, as CEOs from Target, IBM and more gather at the White House

for a meeting with the President.

We will keep you posted as headlines emerge.

But first, breaking news from Boston Fed President Susan Collins Steve Leisman has it Steve

Hey John yes Boston for president Susan College who just spoke yesterday sounds maybe a little bit more concerned about inflation

today she says he's too soon to be confident inflation is heading back

towards the Fed's 2% target she makes specific remarks about today's

CPI report saying it is a reminder that restoring

price stability will take time and could be uneven. The current phase of policy she

says requires patience that repeats her comments from yesterday and again repeating

says we may be at or very near the peak of rates for this cycle so still not

definitively saying that the Fed is on hold because she goes on and say

she would not take further tightening off of the table

uh... may need to stay higher for longer that's been out there

uh... but she adds then the Fed's previous

forecast that is the one in September suggested I guess raising questions

about the two rate hikes the Fed has the two rate cuts the Fed has kind of built into its average forecast for next year.

She says recent economic reports have been strong including both labor and economic activity

broadly and some further rebalancing of the economy will be needed.

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