CNN’s Richard Quest on the Stock Market: ‘Dose of Reality That’s Coming In’

ACOSTA Joining me now ░░░░░░░░ Business Editor at Large ░░░░░░░░ Quest and Mark Zandi ░░░░░░░░ Economist at Moody s ░░░░░░░░ Richard let me go ░░░░░░░░ you first What s ░░░░░░░░ on here Is this ░░░░░░░░ folks venting their frustrations ░░░░░░░░ the Fed here in ░░░░░░░░ U S What do ░░░░░░░░ think QUEST No I ░░░░░░░░ there s a dose ░░░░░░░░ reality that s coming ░░░░░░░░ We ve had 10 ░░░░░░░░ in interest rates rate ░░░░░░░░ from just about zero ░░░░░░░░ 5 5 percent And ░░░░░░░░ s taken its toll ░░░░░░░░ it s taken this ░░░░░░░░ if you will to ░░░░░░░░ through the full effects ░░░░░░░░ the economy And now ░░░░░░░░ are realizing the market ░░░░░░░░ that things are slowing ░░░░░░░░ possibly faster than the ░░░░░░░░ had anticipated And as ░░░░░░░░ result and and you ░░░░░░░░ this Jim through the ░░░░░░░░ numbers Inflation the hard ░░░░░░░░ on inflation has been ░░░░░░░░ But the other side ░░░░░░░░ that scale is that ░░░░░░░░ s going up This ░░░░░░░░ entirely predictable at one ░░░░░░░░ If you will this ░░░░░░░░ the Fed s medicine ░░░░░░░░ We can argue and ░░░░░░░░ whether it s taken ░░░░░░░░ than we first thought ░░░░░░░░ monetary lag of 9 ░░░░░░░░ 15 18 months But ░░░░░░░░ is what you get ░░░░░░░░ you have so much ░░░░░░░░ rate increases in a ░░░░░░░░ period of time it ░░░░░░░░ take its toll and ░░░░░░░░ the market in a ░░░░░░░░ is now seeing it ░░░░░░░░ was already hyped up ░░░░░░░░ doesn t like what ░░░░░░░░ sees.”