Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kingtonia with Jim Kramer, David

Faber, post nine of the New York Stock Exchange. Bulls are looking for this bounce to hold after

the S&P's worst day since August. Russell's worst day in two years. And the VIX second highest

single day surge ever. Ten year yield, 454, still a seven-month

high this morning. Robamp begins with the bounce back. Stocks looking for a higher open after yesterday's

Fed-fueled sell-off. Plus, shares of Chipmaker Micron and Homebuilder Lanar are both tumbling

pre-market this on their quarterly results, Accentered Darden and Lamb Weston,

also across the tape.

Lam Weston also not looking so good.

And we're also on shutdown watch.

Elon Musk and the president-elect both forced GOP lawmakers to scrap a bipartisan spending bill.

That leaves Congress scrambling for plan B. It does raise the

odds of a government shutdown. Let's begin with the markets after yesterday's sell off. This is the

comment from the Fed chair that did grab Wall Street's attention. I would say we are, though,

in a new phase in the process, as I said.

So, and that's just because we've reduced our policy rate by 100 basis points.

We're significantly closer to neutral. We still think where we are is meaningfully

restrictive. And I think from this point forward, you know, it's appropriate to move cautiously and look for progress on inflation.

Like a dark room full of furniture, Jim.

Yeah, look, I think that they're data dependent, but they made a prediction.

And the prediction was not right.

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