"Rick Santelli" is an editor for the CNBC Business News network. He joined CNBC as an on-air editor on June 14, 1999, reporting primarily from the floor of the Chicago Board of Trade. He was formerly the vice president for an institutional trading and hedge fund account for futures-related products. He is also credited with being a catalyst in the early formation of the Tea Party movement via a statement he made on February 19, 2009.

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Every October there's always increases or drop-offs, and I think this year will be no exception.

The big boys are changing their bets.

The Fed funds [futures] contract is pricing in a 50-50 [percent] chance. The market seems to be unsure whether we are going to get an ease.