>> from the heart of where innovation, money, and power collided, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: this is "bloomberg technology." the fed unleashes its most aggressive policy in decades. to combat inflation. we will talk with liz young about what it means for the

economy, consumers, and tech. plus, demand for travel, that is the message from brian chesky after a better-than-expected earnings report. people join me to talk about how tourism is rebounding. in that provocative tweet about big changes coming. and one third of lyft market cap wiped out in a single session. uber releasing results early. uber taking a smaller leg down even after beating estimates. we are going to speak with john zimmer about what's next. all of that any moment what i want to get a look of the markets and a big day for the u.s. economy. the federal reserve has voted to raise the benchmark interest rate by half a percentage point, stocks soaring, bonds rising during jay powell's press conference. >> the s&p 500, the main stage

of u.s. equities rising by 3%, its biggest jump since may, accelerating gains throughout the press conference. the nasdaq 100 also up by more than 3%. we saw yields pullback. 10-year treasury yield off by four basis points. it was interesting to see bitcoin get caught up in this risk on sentiment, back above 39,000, pushing towards $40,000 per token as equities are rising. my producer points out to me that this is the biggest jump in interest rates since 2000. the focus is very much on inflation. the increase the fomc targets takes us to a range of 0.75% to 1%. we get that quarter rise in much. rates have been near zero because the fed was trying to prop up the economy from the immediate impacts of the covid-19 pandemic locally. but the gap between rates and where we see inflation, which is

at its highest since the 1980's, is the most on record. the spread between those two measures. chair powell was saying he envisioned 50 basis point hikes at the next meeting. he got asked, could we see 75? he said that was not currently being considered. not the only story. lyft and uber, two different stories with similar market reaction. lyft off by 30%, a huge chunk of market cap lost after a weed outlook -- after a week outlook. they are going to have to spend heavy on driver incentives. uber showed some strength, but the stock suffering in conjunction with lyft. for questions about how these companies stand on their own in this post-pandemic world. emily: thank you. los to digest. the federal reserve giving a much-needed boost to tech stocks

by ruling out a more aggressive rate hike path and reassuring the economy will stay strong. nasdaq 100 up nearly 3%. biggest one-day jump in a week. this young joins us now. -- liz young joins us now. what you think the ripple effects are going to be on the macro environment? liz: the reality is this is the first of probably a few larger heights we are going to see. it was important to get this first big 50 basis point hikes behind us because the anticipation was killing us as far as investor sentiment goes. we are probably going to see another 50 in june, we may see another 50 in july. the ripple effects of those together should hopefully dampen demand to a point that some supply demand stuff becomes more imbalanced and we see concurrently a rollover in inflation.

the issue here, and i heard you talking about the spread between the tender treasury and cpi and the fed funds rates, it is not that we are trying to get the fed funds rate in cpi rate to meet, it is that as the fed funds rate moves up, we want cpi move down and hopefully with a quick pace because that is biting into the consumer. the issue we are going to face through summer is we are sitting at 8.5% cpi number. it is not as if it is 20 fall down to 3% overnight. there is going to be a gradual reduction. we are hopeful that as we raise rates, hopefully for 50 basis points and go at it with a heavy hammer, cpi comes back faster in the fed funds rate has to go up. emily: tech equities are among many stocks that have taken a giant hit this year. what does this mean for tech stocks in particular? liz: if we use the nasdaq to

represent tech stocks, the nasdaq is in bear market territory. maybe after today, it is nearly out of bear market territory. but it probably should have been. given where valuations were before we started to worry about monetary policy tightening, some of that needed to come out of the system, some of that bloat. the correction the tech stocks have seen to this point i think makes sense giving the inflated valuations. when you look at some of those tech stocks, they are still at high valuations. i would not say that they are not going to go down further and there is not more risk in the system. but long-term, if we look back on this time period five years from now, we are probably going to say, some of those names were good bargains at those levels. this is an ok time to be looking at tech as a longer-term holding, and i'm talking about two years, five years.

and looking for the companies that are high-quality that are still offering growth prospects and that are not over leveled or trading at unreasonable valuations given where we are in the cycle. emily: how do at a company like lyft, losing 30% of its value? uber taking a slight leg down today. investors are looking at both companies as it gauges the health of the consumer. liz: there's a lot of ways to look at the gauge of the health of the consumer. what we are seeing is because a lot of that bloat came out of the system, you are seeing companies react in the stock market based on fundamentals. we have gotten not as much of a tailwind from low rates and you see earnings come out in companies are reacting to that. generally, the market overreacts in the short term. i think this big rally we saw

after the fed meeting today was a slight overreaction and we probably end up giving some of that back. it is possible that we need the dust to settle on some companies that have drawn down more after earnings reports. i want to see the market react to earnings, i want to see the market paying attention to fundamentals and wanting to get what it pays for and holding companies accountable from a fundamental perspective instead of just relying on the macro backdrop. emily: i'm about to talk to brian chesky. airbnb seeing substantial demand through the rest of the year. are you concerned that some of the demand companies are seeing is pent-up demand coming out of the pandemic and we are going to see another reordering year? liz: depending on the sector we are talking about, i think the travel sector is seeing some pent-up demand that people had been waiting to unleash once they could.

the problem the travel sector is going to face his prices are going up, flights are more expensive, hotels are more expensive, the experience as we were hoping to have are more expensive than a year ago. people are going to start to make different decisions on that front. as far as pent-up demand if we are looking at goods companies, looking at consumers buying things in stores or online, a lot of that demand has already been unleashed and now we are in a place where we can see steady demand but i don't know that we are going to see that huge surge in demand that we saw when things started to open up for the first time. emily: liz young, great to have you back on the show. coming up on thursday, i will speaking with the uber ceo, 11:30 a.m. eastern time on bloomberg television. john zimmer coming up in a moment. airbnb rising as the home sharing giant critics big demand

heading into summer. brian chesky says the biggest change to the company in a decade going to be announced next week. i will ask and what he means by that next. this is bloomberg. ♪

emily: everyone wants to get away. travel experts expect this summer to be one of the best industry has seen after two years of pandemic lockdowns. if airbnb's earnings are an indication, it will be a busy summer. brian chesky seeing higher than

historical demand. joining us to talk about that, brian chesky himself. great to have you back on the show. i know some of the trends you are seeing surpassed even your internal expectations. what surprised you most about the demand? brian: what surprised me the most was i was expecting last year to be the biggest travel rebound we had ever seen in a century. you would have never seen so much pent-up demand. what surprised me is we are seeing even more pent-up demand this year. maybe that is not surprising. people were not quite comfortable crossing borders and you had the delta strain. i think we are going to see a travel season on like we have seen before. there are some things that when they are taken away from you, you don't want to do them again. i don't think that is travel. emily: you used the word pent-up demand. i'm curious how you think this summer might compared to next summer.

are you expecting the growth rate to slow down after people get this out of their system? brian: i don't think so. asia probably will not recover right away, it is going to take time. that is a large percent of the world population. next year, you are going to see huge growth from asia. it is going to be slower this year. we have a lot a pent-up demand in europe and north america. there are new use cases that are here to stay. people traveling to rural areas, people staying longer. but our bread and butter has been cross-border and urban, and that is back at or above 2019 levels. we are seeing a combination of the old trends plus new trends sustaining. then you are going to have other geographies like asia. i am pretty bullish in the next couple years. emily: how strong is the consumer? with inflation, the cost of flights are going up, the cost

of travel is going up. i wonder if you think there is a point where inflation catches up with the consumer and overwhelms that pent-up demand. brian: i think it could affect travel more broadly, but it is important to distinguish our business. during the pandemic, we recovered faster than any travel company. why is twe have nearly every tyf space in nearly every community at nearly every price point. when people feel like they cannot afford to fly, they can still get in a car and book in airbnb nearby and i think a lot of people want to go to the house, airbnb's are typically cheaper than a hotel. emily: lyft is getting pummeled today, investors not excited about their outlook. a different company, but another measure of consumer sentiment. i wonder how you read taht, given that -- that, given that

people in the transportation. brian: every company is different. i think the phenomenon of how people are moving within cities is pretty distinct from the phenomenon of people traveling. people do need transportation within markets, but have our business are for states outside of cities. we have vacation rentals, rural areas where ridesharing would not be prolific. emily: you are seeing huge demand for homes and i'm wondering how that is translating into demand for urban travel. when you think tourism within cities willfully rebound? brian: it is already above 2019 with airbnb. i cannot say it is above for everyone. i think it is already back. i think this summer, it will be back. before the pandemic, our business was dominated by urban areas and the way people

traveled, they would go to los angeles or paris. now there are considerations that involve hundreds of thousands of places all over the world, the are going to small towns. there are a lot wider options now. emily: to use your financial resources widely in that region when there's not much demand, will we see things improve there? brian: i missed the first half of the question. can you ask it again? emily: i'm asking about aipac region, still struggling with covid. what steps are you taking to use your financial resources in that region where there is not much demand? brian: they are gradually improving but money cannot fix the problem. people need to get comfortable traveling and need to start crossing borders. that is inevitable. people will eventually cross borders and travel in asia more

than they have before, but until they are comfortable, that is not something we can fix with money. the best thing we can do is wait for the market to be ready. it will start coming back this year. you're going to see a bigger rebound for asia probably next year. those questions are beyond me. this is more a matter of where the recovery is in the pandemic in those countries. emily: let's talk about something not beyond you, your work from anywhere policy. you have announced airbnb employees can work from anywhere. i'm curious how you think that will impact recruiting and hiring. brian: i will give you one stat. we announced last thursday, april 28, that employees of airbnb can live and work anywhere in the world. if you move within the country you work, we are not going to reduce your pay. we don't do that. you can go to 170 countries.

since that announcement, eight hundred thousand visits have come to our jobs and career stage. that gives you a sense. flexibility is the future. after compensation, flexibility will be the most important benefit employers can offer. the best people are not just in silicon valley, the best people are everywhere and any company that limits their talent pool will be at a disadvantage. emily: you just announced an anti-party crackdown, tightening restrictions around memorial day and july 4. despite the moves airbnb has been baking, we have seen people evade the rules, we saw what happened in pittsburgh, a shooting that killed two teenagers. what more steps do you think airbnb could take in this rv not to make sure that people are always safe when staying at an airbnb? brian: number one, we want to

make sure that people always feel safe in an airbnb and the name of the game is we can always do more and we are always trying to do more than we have done before. we background check everyone in the united states. we have a risky reservation system where we put reservations on high during certain holidays. this memorial day and july, we are going to be high alert about parties. you cannot get an airbnb for more than 16 people in a house. we are doing a lot of things, we are going to continue to get more aggressive. the good news is the incident rate has been going down over time. the bad news is one incident is always one too many so we have to continue to work. emily: you tweeted you will be announcing the biggest change to airbnb in a decade next week. we are on the edge of our seats. what can you tell us? brian: you want me to say that now. i will j

i am excited because we have the biggest updates to our product in 10 years, we have been thinking about this for a long time. i will give a couple clues. there will be a new way to search on airbnb and this is going to be a new way to find interesting homes. the second is we are going to have a big step change to our service level and the customer service we offer. you will see updates next week. i'm excited. it is may 11, 9:00 a.m. eastern, on our homepage, there will be a video. emily: we will be watching. i have to ask about crypto payments. i know that was a top suggestion. what progress have you made? brian: we have been steadily making progress in so far that we have researched it, we have looked at a number of ways crypto can be used. it is a popular request for people to pay with crypto will receive money with crypto. that is all i can say now. emily: i know you have been

tweeting about web three and curious about what it does and does not mean. how do you see web three or crypto opening new possibilities for innovation or are some of these technologies overhyped? brian: i think both are possible. i was not around during the dot com days. most of the companies during that era are not around. that said, almost all of the ideas that did not work now work in some later incarnation. i think that technology is exciting. the idea of empowering people is exciting. i also think that any new emerging technology, the vast majority of companies will not be around but the ones that will be around could be large. look at the dot-com bubble, amazon emerged from that. i think they're will be large companies emerging, but like there's a lot of speculation.

emily: looking forward to next week. hoping to speak with you again then. brian chesky, ceo of airbnb. thank you for taking the time. coming up, why bother? that is the question being asked inside twitter ahead of an impending sale to elon musk. more on what the company is doing to motivate staffers next. this is bloomberg. ♪

emily: a few other stories, twitter doing its best to quell concerns of employees ahead of the elon musk pending acquisition. at a meeting, twitter is vp of product try to appeal to workers a part of a sense of community,

saying they have a responsibility to each other. twitter, which employs a 7500 people, warned about a possible staff exit us -- exodus. musk proposed layoffs as part of his plan to grow twitter. the security exchange commission is investigating didi's chaotic debut when the ride-hailing giant raised $4.4 billion days before revelations of china's probe into data security tent the stock. didi had fallen 85% since last summer's ipo. the white house is boosting support for quantum computing as china pours billions into the next generation technology. president biden signing directives wednesday. one would retire the country's most vulnerable ip systems to adopt new standards against the threat of code cracking of quantum computers. coming up, lift shares taking a

beating, i really be speaking to john zimmer, getting his stake in the market reaction and what is next. this is bloomberg. ♪

emily: welcome back. let's get back to earnings. lyft shares tumbling after providing a disappointing second-quarter outlook as revenue in the first quarter beat estimates. the company planning to spend more to attract drivers. the stocks falling 29%. it steepest drop in a single session. i want to bring in john zimmer for his take on this. clearly investors are spooked. what is your response? john: it matters to us, the

response, we don't like it, we take it seriously, and we believe we are doing the right thing for the long-term shareholder value. q1 was a good quarter. it was a new covid hi. we had improvements on the driver and rider side. what the market said -- reacted to was when we said, in q2, coming out of q1, we want to make some additional investments in the market where we see a lot of upside opportunity for return on those investments and i think what that market wants to hear is more guidance on what they are going to get for that, so we will do that in the quarters to come and it is on us to prove it as we put up numbers. emily: dan said, in 1980's rock star like disaster. part of what you are spending on

his driver incentives. what about concerns that this could lead to a race to the bottom, a subsidy war with newburgh? john: i think that statement is extreme and not tied to what we are doing. i'm not concerned about a subsidy battle. there are fundamental investments we are making. the one we talked about and got the most attention is on the driver side. you had inorganic things happening when you have a spike in covid, whether that is a quick reduction in demand, great increase in demand, and the need to add drivers quickly. we are seeing drivers come back organically. we had 70% do driver activations. based on data we are seeing, there is more demand on the horizon and we want to prepare for that in the most responsible way to have no eta's and investing in drivers and in our marketplace technology is a prudent way of doing that. emily: you have said the cost of

incentives will be passed down in part to customers. do you have concerns about alienating riders? john: we always think about the price. that is a big part of this investment, to make sure we have the best eta's and best prices in the marketplace. we are trying a few things, when you have dynamic pricing and prices go up, those go down and are paid for by the rider. we are making a few investments, that being one of them. emily: investors are wondering if they overestimated the opportunity in ridesharing. our higher prices here to stay? is ridesharing a utility for the masses or a luxury go? how much growth is there to be had? john: we are reporting on q1. q1, we had 40% growth

year-over-year. you had 4.3 million more active riders than a year ago. we are seeing that growth. what is not being given credit is the fact that we are coming out of a pandemic and we need to -- demand turns on a dime and supply takes a few additional months or quarters to catch up and we want to get ahead of that. emily: do you see a bike sharing as a utility for the masses or with higher prices, is this something that a smaller group of people can afford? john: a growing number of people with the 4 million new active riders are going to be turning into its. we just had two years where people were asked to not be around each other. we have continually seen historically and now coming out of the pandemic more people turn to this use case. we are going to bring back shared rides which has been investing for the pandemic, which is a lower priced product.

i am not concerned. we see the demand coming back and therefore we want to invest in supply. emily: uber says they are not going to be spending significantly to maintain or increase supply they are talking about their algorithms to make more transparent for drivers. is this something lyft would consider, other incentives to get drivers to come over? john: we are investing across the board in the experience for drivers. a lot of that is in our marketplace technology, whether that is maps that allow drivers to earn more and higher utilization, whether that is our pricing algorithm to find two things that happen at an airport -- fine tune things that happen at an airport, and all of those pay off as might continue to rebound and we feel these are the right investments to drive

the most growth in the short and long-term. emily: how much overlap do you see in drivers -- uber drivers who are competing with four people and food, what are you also competing with instacart and doordash and amazon and domino's? they need drivers too. john: within the category of drivers, the highest earnings historically on average have been found within the rideshare segment. we typically require newer vehicles and background checks and driving record checks are always required. that is not something in these other industries. so there are segments of the population that want to earn more and have access to newer vehicles and are willing to do those background checks. emily: i want to move to another story we are watching. the leaked draft opinion from

the supreme court that signals that roe v. wade could be overturned soon, which has come out in support of women's reproductive rights, you said you are going to defend drivers facing legal action in texas and oklahoma where we have seen antiabortion laws make progress. what is your reaction to this draft opinion and what more is lyft prepared to do? john: as you said, we have been cleared on our viewpoint on women's rights to have the reproductive health accessed. we have made a donation to planned parenthood, significant donation, to support their work. we were the first to speak out on the laws in texas and more recently in oklahoma. speaking out is important, as are the actions we take. we are working to make sure women who are coming to a different state have access to transportation to make that traumatic experience a bit less stressful and we will continue

to speak out when we think the rights of our community are at odds with what is happening in the world. emily: if this issue is turned over to the states, potentially half of states could enact laws like this and some of those could be triggered immediately. is lyft prepared to defend drivers on a national level? john: the specific laws that we reacted to in texas and oklahoma, in addition to disagreeing with the viewpoint and believing women should have the right to choose, there were laws that said that a driver, without them knowing where they are taking someone, could be found criminally liable for taking someone to an appointment that they had no idea where they were going. that is wrong on many levels and that is something we will continue to defend our drivers fun. emily: do you have concerns about a alighting -- alienating

riders and drivers by taking a stand? why speak out on this? john: it is important for companies and individuals to speak out when they disagree with something. we have shown that throughout our history, we are not afraid to speak up he would we think doing the right thing -- speak up. we think doing the right thing for society can be beneficial for the business, but we care about our impact and our ability to impact the world. emily: john zimmer, thank you for stopping by. i'm going to stick with lyft and uber, take a look at the stock moves. that big move from lyft. talk to us about the size and scope of these moves. john zimmer said he does not like it but he disagrees. ed: investors are concerned, 30% drop in the stock is significant. biggest up on record. it is more than 3.5 billion dollars of market cap lost in a

single session. this is the way i have been thinking about this. that these two stocks in particular, since their ipos, both of which took place in 2019, have not performed well. as we emerged through the initial phase of the pandemic and things improved, we saw a rebound, but it is part of the conversation around economic re-opening may 2021 to the present day, the stocks are seen declines and hoover down as much as 4% on wednesday, dropping the most in five weeks. there are two charts i want to show you. lyft, there are bright spots. one is revenue provider. -- per rider. way above 2019. if they are going to spend on incentives, growing the top line through raising prices, that is not satisfying for investors,

though a lot of analysts said this was overdone. by investing in the drivers, that is a bullish sign that lyft sees demand in the future. uber did not fare well wednesday, but lots of people pointing to their different business model. the orange part of the chart is mobility. but delivery, they have a diversified business. i hope you ask dara about this, they are saying, come to our platform, don't to strive people, you can do delivery. maximize the money you can earn. emily: thank you. coming up, the role nasdaq plays in crypto markets and how that could grow with more regulatory clarity. we will talk about that next. this is bloomberg. ♪

emily: time for our crypto reports viewer some companies are looking -- report. what insights does the nasdaq have and what role will it play in crypto markets? we spoke with kailey leinz and guy johnson earlier today. >> the nasdaq today is a scale of technology company that serves the broader capital market and broader financial systems. we have a big role to play in

facilitating and helping crypto markets as well as banks and brokers managing your digital assets. we provide our technology to 130 other markets around the world including -- we are up to potentially 10 crypto markets leveraging our technology for trading, surveillance, and other means to make sure they can grow and expand their business. we also have a scaled anti-financial crime technology solution where we have created a new module specific to digital markets so banks can evaluate risk in their digital wallets as well as in their traditional accounts. 130 thing is we have a crypto index we have launched outside the united states. we have able to play, but as a market operator, we are still trying to understand the regulatory landscape as well as the overall maturing of it for institutional use of crypto

before we make bigger decisions. emily: adina friedman there. california's governor has heard adina friedman's calls for more regulation. governor newsom just signed an executive order to spur blockchain innovation, we can california the first state to start creating a regulatory framework for web three companies. he said, too often government lags behind technological advancements so we are getting ahead of the curve, laying the foundation to allow for consumers and business to thrive. coming up, how the fed rate hike could impact tech evaluations and investing, more on that next. this is bloomberg. ♪

emily: i want to get back to the biggest story of the day, the fed a tighter, the biggest since 2000 and the fed signaling more to come. i'm joined by mark goldberg to give us some thoughts. he also has insight on fintech. thank you for joining us. look, big macro economic changes afoot. what is your advice to founders in this moment? >> build. we are coming off a year that was the most exciting and exuberant in the tech venture capital market in a decade.

money was available in spades and now the market has changed. what we are telling our companies is to focus on building. emily: how do build without funding? mark: because so many companies raised huge bounce sheets last year, they have the luxury of not having to go back to market, so the destruction of because of the flying every six months can away. emily: i know the private market valuations are going down. it we expect that to continue? mark: the sentiment is about as negative as we have seen. it is negative. i think that is over steered. if you look at other funds, the best investments are made at times of -- on the other side of a cycle and that is the opportunity we have. emily: how is that impacting your strategy? mark: we are focused on can we find the best founders and get behind generational companies? i think we are going to be fine. emily: you are predicting a

synonymy of fintech -- a tsunami of fintech and amazed. mark: i think we are going to see a massive wave of consolidation. we saw a lot of excitement and now what is 20 happen is consolidation -- going to happen now is consolidation. fintech has become horizontal. the acquirers are not just j.p. morgan and goldman sachs, it could be apple, it could be google. it is going to be an exciting year. emily: will we see crypto joining with traditional finance? mark: it might be. the crypto gang is a possibility and we will start to see these combinations. emily: you have made a number of predictions before the start of this year, you set fintech and the metaverse, gen z traders on the rise. which of these things do you

think is still going to happen? mark: we still have seven months . i think one of the more exciting trends from last year is this fusion of fintech and culture. we talked about the meme stocks and what we are starting to see is that fusion of fintech entering the pop-culture mainstream the way that cashout has a clothing store. who thought people would be wearing clothes from a bank? emily: robinhood is way down from last year. the gen z traders are on robinhood. what is going on? mark: robinhood's genius was the ability to democratize access to the stock market and if you step back from robinhood, that has been one of our biggest themes, how do you think about serving the 80 million underserved americans? one of my most recent investments, they are able to offer emigrants an ability to get a mortgage or car loan and we think expanding access is one

of the big themes this year. emily: you are investors in a company called fast, this one click checkout area, which recently disappeared clearly. they said they rein out of money. what happened? mark: what i think you saw, anyone who has been through an amazon checkout experience, there's an opportunity for streamlined checkout. that was our thesis behind fast. he did not work out. but we are excited about the thesis and getting behind great founders. emily: let's talk about spacs. some are saying spacs are a four letter word. what do think about that? mark: spacs is an interesting innovation. as for the broader market, we are going to see what is terrible and what is something that did not last as long. emily: where are you placing your bets? mark: in fintech? emily: and beyond. mark: we are focused on finding

opportunities. consumer finance. there is a tremendous generational shift between people who want to do banking from their phone driven by the pandemic versus doing it at a branch. today, less than 10% of consumers use a digitally native bank, that is going to change. the second is payments. emily: you were an investment banker during the test ipo. what was i like to work with elon musk back then? what do you think of him taking over twitter? mark: back then, it was a formative experience for a 23-year-old to get thrown into that. he was the same figure he was then as he is now. i think he had a few fewer zeros on his pounds sheet, at the same attitude. emily: do you like the idea of him owning twitter? we are looking at some of your tweets. mark: what i'm upset about, twitter as a private company, if they opted nice for the long run as opposed to quarterly earnings. there is so much uncertainty in

the direction he will take the company but i like the idea of it being private. emily: do you think they should open-source the algorithm? mark: i cannot speak to that but it is exciting what they can focus on if they don't have the same short-term horizon. emily: what about employees who want to leave? there are a lot of people, we have a story called, why bother? mark: we are going to have to see. there has been negative sentiment, but if they can make the right long-term bets, it is going to be an exciting platform for years to come. emily: thank you for joining us and coming into the studio. that does it for this edition of "bloomberg technology." we will be back tomorrow, i'm talking to the uber ceo, he will be joining us live. you don't want to miss it. we also have an action-packed show and much more coming up tomorrow. this is bloomberg. ♪

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haidi: good morning, we are counting down to asia's major market open. shery: the top stories this hour. the fed unleashes the most aggressive policy action in decades, signaling a 50 basis point hike is the first to come to fight a soaring inflation. >>