Welcome to Closing Bell. I'm Scott Wotner live from Post 9 right here at the New York Stock Exchange.

A lot of action this hour. A big exclusive with Warner Brothers Discovery CEO David Zaslav,

that company rolling out its new streaming service. We'll get to that momentarily. In the

meantime this make a break hour begins with the markets and the fed on a

collision course. One says enough is enough. The other says not so fast. So

who will win? Stocks it seems aren't so sure.

Here's your scorecard with 60 minutes to go in regulation.

The Dow led higher for most of the day by cyclical groups such as industrials and materials

though as you can see it's going to be a fight right to the finish discretionary

week today questions continue to squirrel about the health of the consumer, tech lower bond yields falling

following that inflation print and the Fed minutes which showed staff

predicting a mild recession following the banking turmoil of the past couple of

months leads us to our talk of the tape the road the escalating. We'll ask Schwabs, Kevin Gordon and Cameron Dawson of New Edge in just a moment.

What's in store? First though, let's bring in Steve Leisman on this new forecast from the Fed.

At least Steve from Fed staff a baseline forecast I might add of a mild recession this feels like a pretty big change from where they were

Yeah, and that's a change from where they were Scott.

I'll get into that.

What they saw at the meeting took place during these banking

stresses that had flared up and the staff look at those and put those, I guess, into their model and said it was likely to lead to a mild recession.

They previously said that a recession was a plausible alternative to their baseline or a possible outcome,

but it wasn't the baseline in the previous minutes that we read.

They saw the economy recovering over the next two years, 24 and 25.

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