[laughter] ashley thank you very much, charles. By the way, i drove a jalopy, and it wasnt a collectors item. Its been a gradual and small downturn, stocks slowly retreating right up until 2 p. M. Which is when the Federal Reserve released the minutes from its policy meeting last month. The reaction has been pretty mute after the minutes revealed what we already knew, that the Federal Reserve is still fully daydependent, and its next meeting will remain a live one with inflation still too high. They also, the fed appears a bit divided, theyre not on the same page. The minutes also a reaffirming that the fed does not see a mild if recession at the end of this year, but theres still significant probability for one in 2024. But it is the retailers that are making some of the biggest market moves with a surprising day in the green for target despite cu cutting its fullyear earnings forecast. Now investors also happy with tj maxx and marshalls participant Tjx Companies which beat on the top and bottom line, tjx up 4. 33 . Jd. Com also posted a beat, but that stock down more than 3 on weak chinese Economic Data thats been putting a damper on these markets since monday. Jd. Com, by the way, as you can see, down 3. 75 and down despite chinas economic woes data, meantime, for the u. S. Came in strong today. Housing starts posting a surprise rise in july with Building Permits also rising although not as much as analysts had expected. A bit of a mixed bag, isnt it . Meanwhile, factory output rose more than expected last month after posting a surprise decline in june. Figure it all out. Investors, by the way, also waiting on ciscos earnings coming up after the bell. To make sense of all of this, lets go to the floor show. Joining me now is Carnivore Trading ceo Dutch Masters alongside Fox News Contributor gary kaltbaum. Thank you both, gentlemen, for being here. Gary, let me begin with you. The fed, you know, we were hoping to get a clue from the minutes that were released today, and we found out they, well, they really dont have a clue, to be honest, to kind of repeat what youve been saying. Theyre divided on whats needed next. They say id some said some fed members talk about Downside Risk to economic activity, then industrial production, Housing Starts blowing it out of the water. Where do they go from here, gary . Yeah, well, the fed just told us what they were thinking three weeks ago basedded on the information that came in, now well wait for the rest of the information that comes in, and theyll tell us again what they think. Look, my biggest problem is in two words, bond market. Finish ive been saying for a very long while now dont watch the fed, dont watch what they do, watch the bond market, and we are now up to yearly highs while theyre telling us inflations come down a lot. Thats a big question to answer. Thats number one. Number two is you have Oil Prices Going from 68 up to 83, so the cost of energy and the cost of capital have gone up and, guess what . The market has done nothing but deteriorate leading to fitch doing this, that and the other thing the. And now i the financial stocks which were in a nascent rally off the lows from Silicon Valley, theyre croaking again to the point where citigroup is now at the lows of when it was during the Silicon Valley debacle. So call me wary, call me worried. Whatever numbers have come out now, i think the market looks forward, and i think theres something going on, and i think were going to find out in the next two or three months. Ashley all right. We have been warned, gary. Dutch, let me bring you in. You say that its 2022 all over again. Oil, you say, the only sector that wants to go up. Everything else is a short. Is so what breaks that pattern . Well, i hope that what we see is the s p 500 retakes that 4500 level and holds. And if it does, then maybe weve got a shot and this is really just a pullback in a new bull market. Thats a, thats a big hope and theres a ways to go to make that happen. [laughter] i looked at the charts, i look at the charts and i see a lot of stocks that are, have ripped off the bottom and then have retraced 50 . Generally speaking, thats kind of a time to start to see whether they can hold and whether they might come back. But one of talking about what garys saying is, you know, the bond market does need to catch a bid with, and i think that a lot of the smart bond guys that we know are out trying to raise a billion dollars right now, and theres a reason for that. They see the fed stopping sometime in the next 46 months and maybe having to lower which means that if theyve got fresh capital that they can put to work today, theyre going to make a lot of money over the next 12 months. Ashley interesting. Gary, let me e get back to you on the tech side. You know, to dutchs point, everythings pulled back. We had the magnificent seven, of course. Any point that you look at these stocks and say, you know what . Theyve dropped enough that now theyre, you know, worth a nibble and get back in . Not this second. Three weeks ago i put out the note i thought tech was about as extended and overlove and overbought as ive seen in a while, and i got out. The last thing i sold was apple right before earnings and then the rest after earnings. And one interesting thing, a few of them are in bad shape. The biggies, i think amazon anding google are still in good shape. Theres been a ton of blowups in these software area, semiconductors and the like, and technology is supposed to lead the market both up and down. And right now it is definitively under pressure. Eventually itll stop, itll lead another bullish move again. But right now i just think you stay away, let the coast clear. I know nvidia reports next week, and that a may be a biggie, but just overall im a bear right now on tech until something gives and something changes. And again, i have to repeat, youre supposed to get big blowups in a sector during real bear markets, not bull markets, and that has me scratching the forehead a little bit. Ashley yeah. Let me ask you, dutch, about the tech side. You said, look, as we talked about the magnificent seven, are you looking at any of those names in particular to gauge market direction . Yeah. I look at apple and i look at microsoft. And i figure if those two guys can hold, then the market as a whole can hold. Since theyre so heavily weighted. Garys right, there have been a lot of blowups, and, you know, were seeing a cascading market that opens up, all the buy on dinners come in in the morning, and it just sells them off. They get trapped immediately, and that is not the sign of a bull. Ashley let me follow up with you, dutch. Do you see a recession early next year, sometime next year . A lot more people are saying it. I happen to think that we are going to wake up in 3 6 months and the fed is going to say, holy moses, what happened . [laughter] the economy will have just screeched to a stop, and theyre going to have to lower rates hard. Ashley yeah. I would say you agree with that, gary . Yeah. And all you have to look at Savings Rates have are plunged, credit card usage have skyrocketed and the Interest Rate on credit cards is at a record high. Mortgage rates is at a multidecade high. Cost of capital, cost of energy going hire, the economy goes lower not to mention and i have to use the worth insane growth of government, deficit and spending by this administration that takes the championship belt away from any other administration, and thats not going to have a good effect as we move forward. [laughter] ashley i hear you. Very quickly, i want to follow up with you, gary, on the housing market. A lot is being said about this. Yes, Housing Starts came in remarkably strong the, but overall this is a market that has been struggling. Does that impact the broader economy . And its a real tough market. The housing stocks actually have been strong, and whats happened recently, theres really no inventory because you have people that refinanced and had new mortgages at 3 , and new if they move, its going now if they move, its going to be 7. 5 . Thats why thats going on. Im a big believer that distortion comes from the fed that kept rates too low. And all the distortions the fed created usually ended this trouble. So thats just another thing to watch Going Forward. If it starts moving the other way, i think it moves pretty quickly and prices start coming down. Ashley right. And, dutch, let me ask you, get back to energy, oil. You say youre long oil and oil services. Anywhere in particular . We just liked marathon, we bought a little bit of the oil services, we like those. We have adsi is one of ours. You know, 2022 it was the only sector that went up, and if this is feeling a little like 2022 even if its just short term, thats really the only place its going. As it relates to home builders, we were just on the phone with a number of them this morning, and the bottom line is that theyre building inventory. If you look at their balance sheets, their building theyre building inventory, and their sales are slowing, i think. Ashley yeah. Very quickly, one question for you both. Dutch, does the fed pause in september or goes for another rate hike . Well, 90 of traders think that they pause. I, you know ashley yeah. They usually do the wrong thing, so im kind of in the 10 . I sure hope its the 90 thats right. [laughter] ashley very good. Gary, what do you say . Well, they spend their two days playing Space Invaders during their meetings [laughter] and i gather weve got a pause coming, but watch the 10 year yield. If we start seeing 4. 54. 75, 5, that will be indicating inflations starting to kick into gear again, and they may have a bunch more to do. Ashley fascinating stuff. Great conversation, guys. Covered a lot of ground. Dutch and gary, thanks so much for joining us, do appreciate it. Thanks, ashley. Ashley now this thank you. Coinbase in the green after it gets the green light to operate a crypto futures trading service. So is this moment u. S. Retail customers have been waiting for in were going to ask the ceo of Crypto Exchange kraken next. And by the way, the closing bell rings in about 48 minutes from now. The claman countdown coming right bag. Right back. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so. Glad we did this. [kid plays drums] life is for living. Lets partner for all of it. Im so glad we did this. Edward jones im saving with liberty mutual, mom. They customize your Car Insurance so you only pay for what you need. You could save 700 dollars just by switching. Ooooh, let me put a reminder on my phone. On the top of the pile oh. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Goli, taste your goals. Ashley all right, lets take a look at these markets for you with about 45 minutes left in todays session. We are hitting market lows right now, as you can see. The original low for the dow was down 103. The same story on the s p and nasdaq, we are down across the board as you can see now. The dow off 158, nasdaq down 134. All of this on fears of more inflation as we get into the fed minutes, the fed appears to be a little divided on where to go here but not providing any sense of direction or clarity for the markets, and they are selling off just a little bit more. All right, lets move on. Shares of coinbase are flat this hour, slightly higher by barely a tenth of a percent after the Commodities Futures Trading Commission gave it the green light to offer crypto futures trading to retail investors. Finish this is the first time a cryptofocused platform will be allowed to offer futures trading alongside the traditional spot trading. Joining me now in a fox business exclusive is dave ripley, ceo of the second largest u. S. Crypto exchange, kraken. Great to have you here with us today, dave. Lets start there there. A victory for coinbase today. Does kraken plan to offer a crypto futures trading on its platforms . Where do you go from here . Yeah, thanks, ashley. Great to be here with you. So its a great question for us. First of all, always great to see a step forward for anything, any company or or any part of the crypto industry, so we applaud that. Its fantastic. Its actually a great question for us. Weve offered futures in derivatives now for over five years in the crypto spate. We have a license space. We have a license entity out of the u. K. Actually, a multilateral trading facility where we offer our futures products and derivatives out of that space. And is so we dont offer them in the u. S. , of course, that requires the license that you just referenced that coinbase attained and, you know, were always looking to bring our products to more and more geographies and touch more and more individuals out there, so i cant say anythings imminent for, like, a u. S. Entry, but, you know, its certainly out there for us. Ashley you know, interesting, spot etf trading getting a lot of attention. Youve got half a Dozen Companies now hoping to get approval. However, weve seen delays after delays after delays. When do we get approval in when do you think this could all get rolling or maybe not at all in what are your thoughts . Yeah. Good one. I think, well, the easy question is this i am certain we will have a bitcoin etf in the at some point in time. I mean, other countries already offer, have, you know, Companies Offering these products, europe, the u. K. And elsewhere. We know this firsthand, i know this firsthand because we provide the reference rate the these various different products. Our subsidiary cf benchmarks, its the largest benchmark and indices provider in the crypto space. We also happen to be, kind of have somewhat of a front row seat in that we are the selected reference rate provider for the majority of these etf applications in the u. S. Now to the harder question, when is that actually going to happe [laughter] you know, right now the sec, yeah, predictable, i dont think is the best adjective to [laughter] describe them. Ashley no. You know, im hopeful itll be, or im hopeful one of these that are in the queue or several of them, actually, will get through. I think its possible this year even with greater possibility that well see it at least by sometime next year. Ashley how has the crypto space in general, dave, recover from the ftx collapse, debacle, whatever you want to call it . There was certainly a lot of people saying, ark h, told you ah, told you, theres all sorts of shenanigans going on in this space, but has that kind of been pushed to the side . Is there, you know, what has been the fallout from that . Yeah, you know, its a little bit of both. I mean, we call it a debacle, a fraud as well, right . I mean ashley yeah. Incredibly unfortunate, you know, to frankly see this happen anywhere. This guy who came from traditional finance and came into the crypto space, it kind of hits us pretty hard to see this happen. You know, are we fully past it . In some ways, you know, look, you know, it was never really an issue of bitcoin or cryptocurrency, it was an issue of a fraudulent, trusted third party which is precisely what bitcoin and crypto looks to remove. And that is the long, longterm path, right, that we see for crypto. You know, frankly, you know, when there are trusted third parties like this, in some ways i hope we never forget, right . We never forget that ashley yeah. That this is endemic to a trust third party. But, you know trusted third party. Innovations are moving on and are going to continue to move on. Ashley very good. Of course, a big question mark,day, has always been regulation. This is a number of bills being debated in congress. Whats your take the on that, and could this put, you know, is your concern it could put a bit of a stranglehold on the Crypto Market . Where are we headed there, do you have any clarity . Yeah. Well, this is a good one. I think [laughter] yeah, you kind of always see, you know, there is that will regulation strangle an industry, any industry, whether its, you know, Financial Services or transportation or you name it and so forth. In this particular instance, we do see that regulation is coming, right . You know, across the board. Ashley right. Europe alreadied had their framework defined. Canadas already in implementation mode. U. K. Has taken a fairly thoughtful path to building out their regulation. The u. S. , you know, were kind of stuck in the mire of lack of clarity and so forth. So what does that mean . It means that these bills, you know, from our standpoint, theyre positives. Theyre positives. You know, the bill that we see today in the house and theres one in the senate, theyre positive for the space, provide clarity and,ly, regulation frankly, regulation the right way as opposed to kind of regulation by enforcement which is really hurting everybody out there. Ashley yeah. I hear you. Before we go, dave, i just want to say this, kraken just celebrated its 12 year an resterly. Congratulations on that. You anniversary. You just recently took the reins as ceo. Whats your top priority as it stands . Yeah. Well, thanks, congrats to all the kraken jites as we affectionately call them on the 12year anniversary. Yeah, i think Going Forward for kraken, you know, its a number of different things. One, we start with the mission, and so so thats going to be unchanged with the with me coming in as ceo. This is about advancing cryptocurrency adoption the achieve economic freedom. Ashley right. And for us its both focusing on the fundamentals which are a lot of what brought us through the, you know, the past 12 years putting clients first, focus on security, you know . Really looking to develop a strong9 platform. But also at the same time embracing all the fantastic innovation of this space. Ashley right. Bitcoin and crypto. Weve made a lot of these innovations accessible and were going to look to do more of that. Ashley we wish you the very best on that. Dave ripley, head krakenite joining us on this wednesday. Dave, thanks so much. Apprec