"Indications" suggests (minimally) no "indicated" air speed(s). Possible loss of both PFDs?
Probably, since these words were spoken to Captain as he entered (?) it was offered to support the statement "we have lost control"? Later statement by Captain: "Here, Here, and here...." Might be his gestures in attempting to help PF understand his attitude? Also "Watch your lateral" likely spoken at the verge of worse upset. In the challenging situation, he was not likely to be suggesting the Rudder bar to merely "fine tune the ride". (?)