You hear that guitar riff, an homage to the great Gary Rossington, an original member of Leonard

Skinner, who passed away at 71 years old the other day.

As you know, Danny, I'm a huge Skinnered guy.

But you see Danny Moses there, and folks, I will tell you that I met Danny a few years ago.

And I've yet to find somebody as rigorous as Danny Moses in terms of understanding markets,

but not only understanding, but actually

taking the time necessary to do the deep dives to create tremendous opportunity. So this is

market call. It is Tuesday, March 7th, 1 o'clock Eastern time. This market call brought to you

by CME group, Danny, where risk meets opportunity. Of course, our data

provider is fact set. Dan Nathan is in Arizona at a Moody's conference, but the two of us

together, and this is a perfect day, as it turns out, for us to be doing market call with one

another. Great to be here. Great to fill in for Dan. you are not filling in. You are a huge component of what everything that we're doing.

And look, let's get right to it because obviously top of mind today is Jerome Powell.

So let's slide it, Earl, as they say, and take a look at some of the headlines coming out of this.

And I think he's pretty clear. if we go to the Jerome Powell slide,

he's pretty clear in terms of what he's wanting to do. And Danny, you said it earlier.

You said this sounded not like a testifying in front of Congress, but this sounded like one of the

Fed meetings. It was a Fed press conference. Clearly, he had one on February 1st. Obviously, then he was a little bit, you want to call it dovish there. Then the Fed Minutes brought it back a little bit. The data we've seen in the last few weeks has been certainly on the inflationary side. And we previewed this on the tape Thursday night, which was at least Friday to pay attention to this meeting. And this was a press

conference. And so our next meeting now is on, you know, March 22nd, I believe is the next time

we're going to hear from them. We may hear fits and starts, you know, between now and then.

But this was certainly a kind of hawkish tone for certain. And it caught the market off guard.

I mean, the chart you just showed on

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