A very

A very special early bird edition of 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,

Our Pea Jerry and Tim Seymour, Dan Nathan, and Guyadami.

Our mission this afternoon to get you ready for trading tomorrow.

And this after yesterday's wild ride that saw the Dow down 800 points, adding to the panic we've seen in the past couple of months.

Dow has now fallen 7% from the highs

S&P 500 down 8% and the Nasak is down 12%

and of course a big fear factor for the market is the Fed.

The Fed in fact just releasing the

Bage book moments ago let's get straight to our own Steve Leeson for all the

details Steve. Yeah Melissa thanks so much and the change in the

Bage book the collection of business anecdotes from the 12 Federal Reserve District

they said the economy expanded at a modest to moderate pace that's a repeat but four

districts are noting slower or just slight growth and then there's this quote in the base book quote,

while firms remain positive quote, optimism has waned.

And let's look at what's behind that waning optimism.

Tariff uncertainty is one thing listed there.

Rising interest rates is another.

Labor market constraints is a third one.

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