 FNN the Tiger financial news network update. Good morning everybody. I'm Tommy O'Brien company alive from TFNN just after 10 a.m. Eastern time 30 minutes into the trading day and we have the markets in negative territory folks were basically at session lows right now S&Ps little bit of a bounce but we're talking about negative by 1.4% right now that's 54 points in the red NASDAQ 100 your negative 210 that's almost 2% the red at 10,729 you get the Dow off 1.2% 33 points in the red excuse me 410 points the Russell is off 33 points that's almost 2% the red as well we got some action in commodities crude 8807 we have a huge spike in the dollar index 113 we'll call it right now in the dollar at 1299 Bank of England coming out and raising rates by 75 basis points but maybe not as high as the market expected so you have the pound let's jump over to the pound as we jump around on this 10 a.m. update pound right now talk about a cascade there's your volatility on yesterday's Fed action you accelerate lower on the Bank of England the pound right now at 111 71 that with the dollar index strength and get the dollar back up there to 113 obviously putting a hurting on commodities now you just heard me talk about that article on Bloomberg talking about 399 tons I believe it was or 390 tons doubled the record in terms of central bank buying for gold but you take a look at it right I mean take a look at gold all right you're at 1624 last September you were at 1730 so it's a hundred dollar difference all right arbitrarily we should have went to gold first because with this type of run folks last September you were at 92 in the dollar index you shot up to 112 and gold is basically a hundred bucks below where it was trading at right could be worse than that market if you do get a reversal in that dollar index which you may at some point but Powell said and to use his quote as we wrap up this update there's the quote if you didn't hear it yesterday we still have some ways to go in incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected he also said it's very premature to be thinking about pausing people when they hear lags think about a pause it's very premature in my view to think about to be talking about pausing our rate hikes we have a ways to go so remember those words even if they're going to scale back from 75 stay tuned folks Basil did his show at 8 a.m it's coming up right now live programming we got a man Steve Rhodes right after that