Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.

We're live from Post 9 at the New York Stock Exchange.

Stocks finding their footing despite more tremors coming from the

European banking sector with the S&P 500 up on the day also heading for a

positive week the market firming up after the European market did close which leads us to our talk of the tape

should the stock market be more worried about the message coming from bonds

following the Fed's latest rate hike this week or are things less dire than the

plunge in Treasury yields now suggest? Here to help us answer that question is

Wharton School Professor of Finance Jeremy Seagull. Professor Seagull, look, I mean, the Fed went through at the quarter point hike.

A lot of criticism and the bond market had a pretty profound reaction to it given that it came

at this time in financial instability.

Jay Powell and other officials making the case.

We can fight inflation with higher rates with one hand and with the other.

We can take measures to try to ensure banking stability do you agree that's possible

no I don't and let me tell you michael how absurd the feds conference and projections are. They lowered their GDP projection for this year

to 0.4 percent.

Now we already know that the first quarter is over 2 percent.

In fact, the Atlanta Fed GDP now is at 3.2 percent.

So this means that the Fed is projecting negative GDP growth over the remaining three quarters of this year.

Negative GDP growth over the remaining three quarters.

If that's not a recession, I don't know what is.

And by the way, that also implies negative payroll

...