Welcome to the CNBC special taking stock. I'm Mike Santoli and we've been canceled.

With that for another hour Mike. Hi, I'm Josh Brown and welcome to the arena. Let's make

sure we get that clock going. You know, lots of color.

By the way, Josh, we've been doing this show since the very start of August. The peak

of the market was July 31st and we're down for, I hope you're not taking it personally.

Is not always correlation is not always causing. I've heard something about that. We're going

to, we're going to definitely stick to that line. Feels like today, first story is the Fed and

the market's response to Jackson Hole, Jay Powell speech. I think the takeaway is first of all,

market kind of geared for a slightly hawkish message. But here's a Fed chair who is admitting

that we're kind of at a crossroads. We're going to go slow if we go anywhere. We're going to be

data dependent inflation. We've seen progress not quite done. A patient data dependent fed not

looking to make any sudden moves is kind of what got the market up here in the first place.

Maybe not too much of a joke. Yeah, I was going to say like today felt like just a redo of yesterday.

A little bit of panic going into a Fed speech is never a bad thing quite frankly because on the

way out of it, it always feels better. Even if you're just running in place, which I think is

the story of the month of August quite frankly. Yeah. But the big thing to me though is that just

because the last Jackson Hole produced an outside, outside response, we were down 6% in the week after

in the S&P. We had a 25 basis point 10 year yield rally. Of course, we were down 12% within a month.

That sets the table and people have whatever they remember most was the thing that just happened.

And of course, it didn't go that way. You had an absolute what if on people's minds as they

went into it. Powell used the phrase proceed carefully twice. So clearly, intending not to

necessarily put the market on notice, but that of course does leave us at this ambiguous spot,

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