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talking to jeremy siegel, i'm going to review what he had to say. he things we are going to see 25% cumulative inflation over the next few years. he does not see markets that are prepared for how fast the fed might go. are we underpricing that tail risk? let's take a look at his comments for our audience this morning. are we underpricing the tail risk of a faster hiking strategy from the fed? good morning. >> i do believe there is a certain interest to tell us the right story, which is transitory inflation. they have not let it fall under the table. inflation has come to stay and inflation is going to be much more than powell -- they tried to help also in this difficult situation. i think also they do not reach this anymore. this is a problem for central banks. it means they will lose control over the situation. manus: they are worried the fed is verbally falling behind the curve and then will actually fall behind. but there is a shift from tb, citibank, morgan stanley, all talking about buying this. do you think that kind of positioning is the corr

jeremy siegel at the wharton school courtney has earnings. hi. >> hi. yeah so nordstrom's earnings looks like a miss. nordstrom revenues did beat. gross margins were up year over year about 2.3% they do cite markdowns in the quarter. inventories up 13% versus 2019 note some pull forward receipts to support early holiday sales looks like the expenses is issue for earnings higher expenses than expected with sgna at 34% compared to estimate of 32%. labor cost pressure an issue there and reafoirming the full-year revenue increase of 35%. shares getting hit hard here in the wake of these results down 15% after hours for nordstrom results. we'll see what they have to say on the call to fill in. >> this is interesting a metric. inventory up 13% over 2019 that sounds like a surprising number to me relative to expectations were in terms of where we are in retail, supply chain and everything else. >> yeah. it is interesting actually because of the concerns that we have talked about with supply chain and the worries about inventory that many of these big retailers

jeremy siegel will weigh in on the sell-off a reaction to fed chair powell's testimony and the taper timeline earnings from salesforce, box, hp and allbirds and then speak with the ceo of authentic brands all of that to come in the second how sur 069 show. but now we are in the "closing bell" market zone. mike santoli here to break down the crucial moments and today we have scott renz as wells fargo with us, as well mike, broader markets back down to more than 600-point decline on the dow is this all down to powell or are we still remnants of the new variant, european inflation, too? >> i think the everything. i think there's psychologically traders in an unsettled market not sure if we hit a near term low, we worry about the growth threat from covid and not an opportunity to become dovish that's in the mix. >> quite the opposite. >> no, exactly the expectation to try to find more slack or excuse for it. now that being said, the equation didn't change all that much we do have the possibility of a financial conditions tightening in december is the one time december rallies tend not to

. >>> professor jeremy siegel suggesting the stakes are high for investors as they get ready for t for the holiday week details on tradingn tradingnation.cnbc.com more "squawk on the street" coming up. >>> welcome back to "squawk on the street." r let's get to rick santelli with the reaction in the bond market with today's fed chair decision. short end of the curve seeing a pretty nice bounce today >> absolutely. we definitely saw some selling let's go to the whiteboard as this news hit, definitely stocks moved higher, rates moved higher and we had what's call a flattening not to be left out, the dollar index did pretty well too. didn't have a huge move, but it's still higher. i pick the 30s minus 2 spread and see how it flat frnds the 140s to the 130s it's leveling off a bit. interest rates did move higher you know you move from 52, 53, 75 on 2s, your major flattening. 30-year bonds didn't move too much but there's a lot going on here once we get past what markets did and we look overseas, bund yields hardly moved at all that's something that needs to be discussed further there wasn't