And there you have it with those bells on Wall Street markets have closed the day continuing

their slide with the S&P falling into bear market territory and the Dow tumbling nearly

1,000 points. Welcome to Meet the Press. Now I am Christa Welker. It has been a very

busy day in Washington with the January 6th Committee holding its second hearing

on former President Trump's lies about the 2020 election. We've also got new developments

in Congress as a bipartisan group of lawmakers say they've reached a deal on new gun

legislation. I will speak with one of those senators about what happens next that's

coming up. But first with the S&P 500 falling worth 20% from its highs gas prices above

$5 a gallon on average and rising inflation we do want to start with the breaking news

on Wall Street with NBC News senior business analyst and the host of the 11th hour on MSNBC

Stephanie Rool Stephanie. Thanks so much for joining me really appreciate it. So help

us put today into context if you would does a bear market mean a recession is coming.

What do you make of today's numbers?

Kristen Walker I don't hear you if you're speaking to me so I'm just going to start speaking

I'm going to guess it's 4 p.m. and what am I here to talk about the markets and the

economy clearly it's a really rough day in the markets and why well fears of recession

and what could cause this recession inflation and all eyes really are on the Fed the two

day meeting we're expecting to take place this week why is it important because we can

talk all day long and tomorrow about what is the White House going to do but the clearest

and really only big lever the government has is with the Federal Reserve and that's to

raise interest rates we're expecting they're going to do that this week the question is

how much and Kristen it's really really a balancing act threading the needle if they raise

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