Right now in fast the Fed is now on the clock just 21 hours and counting until

Chair Powell releases his next decision on rates. How high does a Fed need to go

to break the back of inflation and how much pain is this going to cause for

the markets? Plus Nike just not doing it. The sneaker giant falling after a

downgrade lingering inventory fears. Troubles in China and currency headwinds

all behind that collar. Nike's troubles going to ripple through the rest of

retail and later rolling the dice on casino stocks. Homebuilders get hammered

again and the big bank CEOs making their way to Capitol Hill with a sobering

message on the economy. I'm Melissa Lee. This is Fast Money Life from the

Nasak Market site on the desk tonight. Tim Seymour, Dan Nathan, Jeff Mills, and

Julie Beale will join us in just moments. And we begin with that countdown to

tomorrow's latest most important, mostest important decision on interest rates

traders expecting Chair Powell to hike rate 75 basis points in signal. They are not

done yet. All the major averages posting declines of around 1% on the day

of a finishing off their lows. Every S&P sector down for the day, only two

Dow components finishing higher. That would be Boeing and Apple. Yields continue

to climb the two year now at just under 4%. 3971 after the last Fed meeting, it

was just under 3% and one year ago was 0.2%. 1% think about that. It's amazing.

The dollar index also continuing its climb closing the session, your 20 year

highs and check out shares of 4. The biggest loser on the S&P dropping 12%

after the automaker warned that inflation is driving a cost from suppliers to

the tune of a billion dollars in the third quarter. Sounds like inflation.

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