Fast money starts right now.

Live from the Nazac Market site overlooking New York City's Times Square.

I'm Melissa Lear.

Traders on the desk or Tim Seymour, Karen Feinerman, Dan Nathan, and Guyadami.

We start tonight's show with the massive market rally.

Powell saying the magic words, patient and flexible

and stocks were off to the races.

And this was after the markets were already up

on a strong jobs number in hopes of a China deal. The Dow jumping 750 points.

The S&P also up 3% and the Nasak up a whopping 4%. Let's get straight to our

senior economics correspondent Steve Leisman who was in Atlanta

where he attended the Fed panel earlier today. Hi Steve.

Hey Melissa when you said those words patience and flexible I thought of like a

running back and a

gymnast that's what they think Powell is now I guess let's get to some of the key

takeaways that Powell said today here in Atlanta one One, flexible on rates. Two, inflation is muted, which allows

them to be flexible on rates. Three, the balance sheet is up for discussion in a way that

he hasn't perhaps said before, and as Melissa said very correctly there.

Maybe the most important thing was he said the Fed can be patient.

With the muted inflation readings that we've seen coming in, We will be patient as we watch to see

how the economy evolves. But we're always prepared to shift the stance of policy

and to shift it significantly if necessary in order to promote our

...