Welcome to Lead, I'm Phil Mattingly. In for Jake Tapper. We are just moments

away from the closing bell on Wall Street on what has turned out to be a significant day for economic news.

So far, the markets have tanked. You hear the bell right there. The slide, a reaction to two big developments in the last two days.

The Fed's decision yesterday to hold their rates at a two decade. two added last month. It's all underscoring fears. The job market is slowing too quickly and could

trigger a recession. A recession that of course would have major implications on the presidential

race. The economy, the top issue for voters in the presidential election.

And in this election, well, there's now officially a presumptive Democratic nominee just a few

hours ago.

The Democratic National Committee said Kamala Harris had earned enough delegate votes to seal the deal.

We are excited about the future, but we also know that we got a lot of work to get there and we have a lot of work to do.

It's good work. We like hard work. I am honored to be the presumptive Democratic

nominee for President of the United States.

Now this all comes at a pivotal moment for the Harris campaign as the Vice President

is set to meet with her top Vice presidential contenders this weekend and announce her

running mate in just the coming days.

We'll have all the latest reporting and analysis

cover for you over the course of the next two hours, but we begin with

CNN's truly a chatterly who is closely watching what has been a rough day in the

market. Australia, what are we seeing right now?

I think you said it and it's red across the board.

Phil, good to see you.

It's been an ugly day.

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