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This is CNN Breaking News.

Welcome to the lead-up, Jake Tapper, and we start with breaking news in our money lead

a huge sell-off on Wall Street today. The Dow just closing down 1059 points, the Nasdaq

and S&P also taking huge hits. The loss is coming one day after big gains. Let's get

to CNN's Richard Quest, the host of Questvines Business. Richard, what is behind today's

massive sell-off?

Reality check, Jake. The reality that the Fed is going to have to raise rates and maybe

harder and faster than anybody thought and that is going to slow the economy. Now, there

are many economists who have said, duh, we knew that was coming. Why all of a shock?

The reason is because there had been a hope, a prayer, whatever, that they were going to

get this soft landing. It's looking less likely now and that means inflation will be

remain high for the foreseeable future. We may see an uptick in unemployment over the

longer term and we may see a recession into next year. That reality has finally dawned

on the market. Richard, should we continue to expect stocks to stay in this rollercoaster

pattern for the immediate future?

Absolutely. Take that to the bank. The market is looking for a bottom. It's looking to

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