it is 5:00 a.m. here 5 p. 5:00 p.m. in china huawei punching back cnbc sitting down for a rare and exclusive interview with the ceo and founder of huawei. why is he brushing off the financial impact of the u.s. blacklist. nine hours until the fed rate call. will your borrowing costs drop again? and let's see what he does trump putting fed chief jerome powell on notice with that comment yesterday as word leaks out that trump may have wanted powell out but he wants to get in with china's president.

stocks surging yesterday trump saying the two will meet in china discord in the ranks as pricing pressures mount opec pushing off next week's planned meeting in vienna. we will tell you when they will finally have a meeting and maybe have to confront iran. it's wednesday, june 19th. "worldwide exchange" begins right now. ♪ all right. see what they did there. a lot of news out of asia, you got the band good morning, good afternoon, good evening wherever you are. i'm brian sullivan we have a huge wednesday hour for you including our exclusive sit down with that man, the founder of huawei. we'll get to thatin a moment first we'll start with the markets. the u.s. major averages are points away from hitting fresh all-time highs following 1%

gains or more across the board yesterday. all the major averages, the dow, the nasdaq, more than 20% up from their december lows right now futures are fairly muted. we'll call them flat bonds have been a billion dollar story as well. probably more of a trillion dollar story ten-year yields up a bit still remaining low at 2.08% that is your setup here and as the band may have indicated there's news in asia overnight a lot of big gains there japan, one of its best days this year up 1.7%. look at hang seng and hong kong, up 2.5%. shanghai rose. south korea rose that comment from the president about meeting at the g20 with the president of china sending the asian markets up in europe, with their fed, the ecb, also basically hitting you over the head about possible rate cuts there, not a big reaction we're down but fractionally. if you are not paying attention,

the german dax, the dow of germany, is actually up 17% this year, outperforming our dow. so for all of europe's woes, their major market, the dax, has done very well the story line today is jerome powell and the federal reserve out with their policy decision hours from now. this after reports that president trump explored back in february whether it would be legal to demote the fed chief. the president commenting on those reports outside of the white house yesterday. >> let's see what he does. i can tell you that draghi and the eu, if you look at what's going on with the euro, they have a much different stance than our folks do. as you know, we did something today that was very dramatic frankly it helped that part of

the world. we'll see what happens they'll be making an announcement pretty soon we'll see what happens i want to be given a level playing field. >> joining us now is the president of mercadian assets. jerome powell is in right now, and they will have a policy decision today for your clients, for the markets, for our viewers. what's the best outcome today? >> i think powell got the message he has to strike a more dovish tone. he got the message because not only has the president said it, but if he doesn't do it, the markets won't have a good day because the markets have been pricing in the idea we'll start seeing the fed start to cut rates. i think it might be premature to think they'll do it today, but i think heian understands he will be disappointing everybody if he doesn't strike a more

dovish tone. >> not everybody expects a cut today, not a hike either if the fed comes out more hawkish, more likely to raise rates, does that send equities here lower >> investor beware the market is pushing the other direction thinking we'll start seeing rate cuts we've seen that this week in the market look at how the market has rebounded dramatically over the last couple of months and certainly since the beginning of the year a lot of it is fueled by the idea that the fed will keep the party going. >> it is that adrenaline shot. there is a down side though, ken. theoretically if the fed is cutting rates or talking about cutting rates they see something down the road in terms of a slowdown that they are trying to head off it's not just good news if they're dovish >> no. i think they should really be holding off past july where a lot of people think we'll get a cut. the reality is a lot of the

slowness happening is coming from the president and his political stance on trade wars and border wars, all sorts of things like that those things can go away with a tweet or the president just deciding, okay, we declared victory on some other minor thing. >> yeah. >> then it goes away >> let's not forget, the market was giddy because of that tweet of having a meeting. but also yesterday the president talked about the possibility of slapping tariffs on germany. it wasn't all great news on the trade front. >> the problem is we're insensitive to these presidential comments. don't know whether they're part of his reelection bid now and it's playing to the base and saying what he needs to say. a lot of these things turn out to have no teeth the thing that concerns me about the fed moving is the slowdown or the perceived anticipated

show do showdown, and we're going to get this at the end of the year. if we don't have a trade war, if all of a sudden we're all warm and fuzzy again with china, mexico is declared to do great things on the southern border, the anticipated slowdown might exactly turn around to having the wind at our back if the fed already cut, they'll have to go the other way what does that say about the stability of our decisionmaking process if okay the wind blows this way, the wind blows that way, we'll change. the fed's mandate is not to keep the stock market up. >> it's not, but jerome powell has some headwinds of his own. >> no doubt about it another big developing story taking place in iraq a rocket landing at the headquarters of several global oil companies including exxonmobil it happened near the southern city of basra. police say two iraqi workers were injured there was no immediate claim of responsibility for the attack.

have a date finally for the opec meeting it will postpone next week's planned meeting. the group will now meet on july 1st and 2nd. >> whenever they meet, it should be a hot one because of falling prices and the conflict over iran. when we come back here, a cnbc exclusive with the founder and ceo of huawei. his take on the trade war and being blacklisted by the trump administration as well as ipo theft and much more. plus will the third time be the charm? cbs set to make another offer for viacom as the media marriages continue and later we go live to the 2019 cannes lions advertising festival in france

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deidre bosa went down and sat down with the ceo of huawei. >> clearly that blacklist and what the u.s. is saying and doing against huawei is having an impact. ren earlier this week said it would hit the company's revenue by $30 billion. i asked him about this when we sat down he down played that number and told us $30 billion is not a lot of money to him or the company >> if 30 billion is impacted we can reach around 100 billion u.s. dollars the financial statement i saw in may showed we are still growing by 20% we expect to see some slowing of the growth, but we have not seen that yet we are making adjustments internally so we project there might be a slowdown but until yesterday's report i didn't see any slowdown.

and we don't know what will be the growth by the end of the year but we believe the 30 billion u.s. dollars will be a small thing and we can withstand that. we're not a public company we don't attach importance to high numbers we focus on the performance, the quality of the performance >> now, he dug into more of the business as well he said in one month huawei saw smartphone shipments decline by 40%. this is a big deal because huawei's consumer facing business is the biggest and fastest growing unit of huawei, but again mr. ren down played the effect of that >> translator: for consumer business because of the changes in the market, the 40% maximized decline was the number, that was the highest number we had at one time and the growth is picking up and the decline is down to around 20% in overseas markets

so profit margins are quickly recovering, climbing up. so once again the impact on the consumer business is not a big one. >> now, brian, i pressed mr. ren to tell me how they would make up for this windfall he said in the past that huawei would be back on track and he likened it to an airplane riddled with bullets and how they have to repair it i asked about the strategy, and he wouldn't owe elaborate. there wasn't a clear strategy that emerged >> deidre, thank you so much still on deck, a tale of two stocks one soaring. investors making more than 27% this year and it's about to open higher this morning. on the other end flooding and falling prices, some of the many headwinds facing this industrial

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prank. adobe systems reporting better second quarter earnings and revenue. adobe shares are higher today up more than 4% despite the company issuing weaker third quarter revenue guidance and adobe's ceo will be on "squawk alley" today at 11:00 a.m. eastern time. u.s. steel is cutting its second quarter outlook as its flat rolled steel business is being hurt by shipments. u.s. steel will idle two blast purr nas furnaces in the u.s. and one in europe. cbs will make a bid for viacom in the coming weeks the board discussed a potential deal last week and both companies had preliminary talks. this will be the third attempt to reunite cbs and viacom since they split in 2005. on deck, forget make america

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all right. good wednesday morning there forget about d.c., in florida last night the president making it official. he is launching his bid for re-election and maga appears to be d.o.a let's get to tracie potts live in d.c. with more. >> reporter: the new slogan is keep america great as the president officially throws his hat in the ring to keep his job. >> i stand before you to officially launch my campaign for a second term. >> reporter: taking jabs at his opponents, president trump announces his reelection campaign in florida where a new poll shows six democrats could beat him today back in washington acting defense secretary patrick shanahan is being replaced after reports of domestic violence in his home nearly a decade ago did not ask him to withdraw. >> there was possibly a deliberate concealment here.

>> reporter: army secretary mark esper takes over for now >> we need a permanent secretary of defense just to run the place to give it some direction. >> reporter: this shakeup happening amid new tensions with iran >> to have no secretary of df at this time is appalling. >> reporter: republicans are joining democrats demanding that mr. trump explain sending 1,000 more troops to the region. >> we learned over the years that iran's maligned behavior is best dealt with by not turning the other cheek. >> reporter: and lawmakers asked hope hicks about obstruction of justice and whether president trump ever asked her to lie. >> it's time for her to come clean. >> reporter: democrats are promising a transcript of her testimony within 48 hours a white house lawyer is supposed to sit in on hope hicks' testimony today, presumably to

invoke executive privilege and try to shut the whole thing down >> tracie potts, thank you very much let's check the other top headlines including a drug bust that is so big you may not believe it and also a shark so big you may not believe it >> let's start with that drug bust it's one of the largest in american history federal authorities seizing over $1 billion of cocaine in philly finding nearly 17 tons of it hidden inside a cargo ship several crew members have been arrested the ship was previously in the bahamas, panama, peru and colombia one suspect told police the cocaine was loaded on to the ship after they left peru. >> san francisco will be first major city to ban e-cigarettes the measure would prohibit the sale, manufacture and distribution of tobacco products including electronic something

rig sets on city property. a group of fishermen got a great big surprise when they encountered that great white shark off of new jersey. they were fishing for smaller mako sharks when this was captured on camera it took the bait google this with the audio on. we can't share that with you not fit for any kind of morning tv with all the bleeps and, you know, choice four-letter words in it. you can see why. this is huge >> who could blame the fishermen for using colorful language. 16 to 18 feet. i guess the good news is it was 30 miles off the coast, so everything is okay >> they got it on video. they got bragging rights >> man that's a big shark thank you very much. i think i'll go to the lake this

year. the major averages points away from record highs does the fed have what it takes to push investors over the edge? and powell on notice president trump reportedly exploring pushing powell out or demoting him sarah bloom raskin will weigh in and much more with the founder of huawei. a busy 30 miteahd.nus ea

to cut or not to cut, that is the question for you and your money today. will fed chair jay powell surprise everybody and actually cut rates? we'll find out huawei on the record cnbc with a rare exclusive sit-down with the founder of huawei, what he said about the u.s. blacklist that is sure to raise eyebrows. and china confirms president trump and xi jinping will meet at next week's g20 summit in japan. we'll give you reaction live from beijing on this wednesday, june 19th. you're watching "worldwide exchange" on cnbc. ♪ welcome back and thank you for being with us on cnbc. good morning i'm brian sullivan there's a ton of news to get to today. the markets are part of that they remain a big story. we have 1% gains or more across the board yesterday. we point out yesterday because

the markets are 1% from new all-time tiehighs. nasdaq, s&p, dow, transports, real estate, up 20% or more off the december lows. overnight in asia, another big rally there on that trump xi news hong kong, their market gained 2.5% green across the screen. japan one of its best days this week that's not really carrying over into early trading in europe the european markets you see are slightly down, but we'll call them basically flat. bond yields, a trillion dollar story. they continue to drop here 2.08%, up a tick still well lower than we were a year, year and a half ago. benchmark there. we talked a lot about how the german bond market has negative yields, it's not just germany. in the last 24 hours, we have had negative yields on ten-year bonds in germany, france,

sweden, switzerland, denmark and japan. don't look now, as yields drop, you know what's glittering gold that's right gold left for dead for a long time, highest close in more than a year pull dtutor jones said gold was one of his best investing ideas over the next year or two. many markets we have shown you have been helped or shaped by central banks lately our fed hinting at rate cuts europe all but screaming they'll ease up. china stimulating its economy. the question is how long can that caffeine hit continue joining us is the managing director at zorit capital. you wonder why this market that keeps going up is so hated i think a lot of people have not participated in the market that's part of the reason. people complain what the fed is

doing. i want to stress since it is fed day the importance of the fed on the markets. how influential they are the fourth quarter of last year, when powell came out in early october and said we will raise three, four times over the next year, the market couldn't handle that too much debt in the system, whatever the reason is we had a huge decline in the fourth quarter. he comes out early january and says we'll be patient. that helped fuel this rally we've seen so far this year. third example is he comes out in the last meeting in may, may 1st and the market was hoping they would hint towards a cut, he said we'll remain patient. we saw an ugly may down 6.5% in may the point i'm trying to stress is how important and influential the fed is on the markets. >> just because the market wants to see a cut, they like that adrenaline hit, does that make

it the right thing to do i'm not sure what they're seeing out there. they have something on their radar which is making them think they need that >> my theory is that we're in a global economy it's no longer the u.s. just isolated thinking about what is going on here. we've been in ten years of a globally coordinated effort to keep interest rates low, the markets high then the u.s. economy improves better than other countries, we start to raise rates as they say, we sneeze, the rest of the world gets a cold so now other countries are in a recession. so part of the reason the fed needs to cut rates is to help the global economy because other parts of the world are struggling >> you are here on the worldwide leader in business news. you had a tweet yesterday -- >> oh, no. >> i think the bigger question is why are people so bearish my guess is they listen to the news too much which is usually negative in order to get higher

ratings. >> no offense. >> it's okay i get it do you think -- i'm putting you on the spot, i know you can handle it. do you think there is too much angina around the day-to-day with bond yields, deutsche bank, all this stuff >> when you turn on the weather channel, you don't turn it on when it's 75 and sunny, you turn it on -- >> good. because it hasn't been 57 and sunny for about a year and a half >> that's true it doesn't stop raining. part of the reason is the negative news helps fuel the ratings. but too many people are being macro economists the bottom line is the big institutions control the markets. the big institutions have been supporting the market. they're not selling. earnings and interest rates are the main two drivers interest rates are low earnings have been slowing but still steady >> the pool of capital out there, the number of available stocks continues to shrink

>> exactly my point is that we've consolidated the gains from earlier this year. we will still consolidate. if we get rate cuts and a possible resolution from china it takes us higher this year >> fair enough i have my eye on the tweets. >> it's all good to your top newsmaker, huawei's founder and ceo brushing off the financial impact of the u.s. blacklist deirdre bosa sat down with him for a rare and exclusive interview. here's what he said. >> translator: if 30 big onis impacted we can reach around 100 billion u.s. ollars. the financial statement i saw in may showed we are still growing by 20% we expect to see some slowing of the growth, but we have not seen that yet we are making adjustments

internally so we project there might be a slowdown but until yesterday's report i didn't see any slowdown. and we don't know what will be the growth by the end of the year but we believe the 30 billion u.s. dollars will be a small thing and we can withstand that. we're not a public company we don't attach importance to high numbers we focus on the performance, the quality of the performance >> we will have more of this big and exclusive interview throughout the day on cnbc. staying with that trade fight, china did confirm this morning that xi jinping will meet with president trump at next week's g20 summit at japan. let's get to eunice yoon from beijing with a tweet, a comment and a confirmation that made markets happy. >> reporter: the foreign ministry struck a warmer tone today saying the history of u.s./china relations shows positive outcomes are possible

state media has been saying the world wants a u.s./china trade deal and that he is willing to meet with president trump to exchange views on fundamental issues president xi also laid out parameters saying the two sides should talk as equals, accommodate each other's legitimate concerns and that the u.s. should treat chinese companies fairly that's possibly a hint at what china sees as unfair treatment by the united states of huawei technologies speaking to several people here who are still saying it's unclear whether or not this meeting at the g20 between the two leaders would eventually lead to a trade deal so people are wondering what is going to happen next they're hoping there could at least an postponement of tariffs, but, brian, one positive potential sign is that today state tv has not been broadcasting anti american movies instead the one featured a love

story between a world war ii american pilot and a chinese military doctor. she is adorable. i wish i could show you the poster i'm not able to but their common enemy is japan >> she is adorable i assume she meaning her in the movie or maybe president xi. >> she in the movie. no don't think president xi jinping is adorable. that's another thing that will get censored >> that's a nice thing she is adorable. i laugh every time i see your face, brian. sticking with trade, apple is reportedly considering shifting 15% to 30% of its output out of china. japanese news service nikkei is reporting that key apple suppliers have been asked to evaluate options outside of mainland china that would be a big story especially for your iphone. rockets flying in iraq and

an opec delay. two major stories in the oil patch. and we're continuing to count you down to the big fed decision today will they cut rates? will they stay dovish? will they shock everybody and get more hawkish if so, what would happen to your stocks that are 1% away from all-time highs it's a big story line and we have it coming up. you need to buy a car

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i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody i'm all for it. i just wish i would've had a warning. ♪ welcome back the biggest names in media and advertising are gathered along the french riviera for the cannes lion festival julia boorstin is there and has been talking to news americas for the last couple of days. julia? >> thank you very much i'm joined by joanna coles, board member of snap, now founder of a new startup tell us what is butica

you're announcing it here today. >> it is a content platform to connect women across corporate america with the goal of changing the gender leadership gap. we're very excited we'll be launching end of fourth quarter. we'll have ten corporate partners it's a subscription model. they're buying subscriptions on behalf of their staff. among those partners will be cisco and we're extremely excited. >> your background is the advertising supported magazine business what makes you think this is where the future is? >> magazines also had cover charges. so we always charged for content. i'm a big believer in charging for content. it's really important to acknowledge what goes into content and people value things they pay for >> do you see this as an alternative to linkedin or is

there anything else like this? >> boudica will be daily content drops, it will be video-led. it will be women talking about their coping strategies, their tips and tricks for how to get through the day, work/life balance. it's primarily about work and then live meet-ups, conferences. it's really to connect women through their stories. we've been in cannes, the lions festival, collecting and banking stories. we have wonderful experiences and tips for young working women, for older working women wef be wove be we've been doing lots of stuff underlying all of it is the goal of closing the gender leadership gap, the c suite, 70% of white men still run it even though we had a lot of women elected in

the midterm elections, even though we had me too and times up, actually women in the work force, the leadership numbers have not changed >> you're also here on behalf of snap as a board member a lot of talk about how snap could benefit around the negative concerns with facebook and google >> we are leading in the field we have an astonishing exhibit here snap has never varied from what it has been good at, connecting real friends we don't have the same design architecture as facebook or google 678 we nev google we never had those privacy issues snap is not about connecting you to 350 people you don't know it's about connecting you to your eight best friends and having fun it's a creative platform >> certainly a different business model than google or

facebook what do you think of those two companies? what are the issuing facing that digital duopoly, and what about the calls to break up those companies and holding them accountable for the content on their platform >> it's a great question to ask sitting in europe and europe has begun the process of regulating these companies. i think the call for regulation is coming from consumers i think consumers are concerned about their data concerned about their privacy. they have figured out it's very hard to operate on the web without using google or facebook they have become utilities consumers are demanding that people stop paying attention to what these are doing >> joanna coles, thank you very much for joining us. we look forward to seeing boudica as it launches brian, back over to you. >> thank you julia will have more big interviews coming your way from cannes all day you will hear from billionaires

like jeffrey katzenberg and meg whitman coming up. before that, the one big thing -- that's two. the one big thing that could give you sticker shock at the store and it has to do with all the rain around america. look at that chart you know what that is? first, will jay powell cut interest rates today if he doesn't, key be cut loose? umana rdwe ais stuck beten trp d ha place

good morning 5:48 if you're just joining us, here's your top headlines. huawei's ceo and founder punching back. he says the u.s. won't hurt much in a rare interview with cnbc, the huawei chief says a projected $30 billion hit to his

company's bottom line over the blacklist is a small thing make america great again, so 2016 president trump officially kicking off his reelection bid last night hitting on familiar themes like immigration and investigations, and he's rolling out a new slogan, keep america great, k.a.g things continue to heat up in the middle east a missile fired in iraq landing in basra near the headquarters of several major oil companies two people were wounded. there was no claim of immediate responsibility separately opec delaying next week's planned meeting in vienna they announced this morning they will meet on july 1st and july 2nd. caving to white house pressure or credible policy making jay powell stuck between a rock and a hard place as invests await the latest decision from

the central bank this as president trump responds to reports that his administration explored whether it would be legal to demote or get rid of jerome powell back in february >> let's see what he does. i can tell you that draghi and the eu, if you look at what's going on with the euro, they have a much different stance than our folks do. as you know, we did something today that was very dramatic frankly it helped that part of the world. we'll see what happens they'll be making an announcement pretty soon we'll see what happens i want to be given a level playing field. joining us now is former federal reserve governor sarah bloom raskin if you were jerome powell and the president said this about you, what would you do

is it going to affect his thinking >> well, the central bank knows better than to try to cave in to that kind of particular bullying it certainly could be taking its toll especially after the repeated attempts of this president to get the fed to actually cave and lore interewet rates. the fed has moved off of its stance of continually raising interest rates there were nine interest rate hikes over the course of the last couple years ending with december the fed is now in a patient mode they have made further announcements that they will consider now changing direction and beginning a path of rate

reductions what will come out of this meeting will be a sense of when those rate reductions are likely to begin >> jerome powell is, whatever his job is, a human being. one who probably cares about his job. is there any way he could not be impacted by that type of commentary from the president of the united states? >> yes let's look at the function of the independence of the central bank it's very important for a central bank to stand up to outside pressure of the sorts that this president is putting on the fed not just the fed we saw overnight that the

president is also leveling criticism against the european central banks, against mario draghi so the technique of expanding the pressure on central banks is now gathering steam. and, yes, i think you're right he is a human being, it is hard to withstand that pressure >> sarah, would you cut rates today? >> no, not today, but i would start to look at and start preparing the economy, start preparing markets for what those rates might look like in terms of their size, their timing. i think that the fed should in essence start to do some stronger signaling than it has so far >> sarah bloom ras kin, thank yu very much. have a great day >> you, too. if a rate cut is coming today or in july or this year, what should you be doing with

your money as stock indexes sit right at or near all-time highs, jeff ki kilberg is here. would you cut rates today? >> i would not it feels like 1984, it's footloose, and i think kevin bacon is going to lose with the trump administration he sets the tone for a july cut. i don't think he should be cutting, but the market is demanding it >> would the markets be happy with the hint of a july cut today. they would >> if they keep the word patient in the statement, does that make the market nervous because it indicates maybe a rate cut is coming later or not at all >> that would produce a bit of anxiety. i think the rate cut is coming there may be two i'm on board with one in 2019, but if they don't do something to put out and understand where we're going in july, that the going to be a problem today with the market >> all the markets, dow, s&p,

nasdaq, they're at or near all-time highs how much of that is the adrenaline of the federal reserve or is it a positiveinves >> i hear people talk about the inversion, there is no inversion. >> there was the three-month ten-year that was a mini inversion. >> that doesn't count. that doesn't count >> doesn't count >> i've been talking about it for months >> i'm sorry >> you just basically said everything i said is worthless >> the bond market combined is 43 trillion. the stock market is 31 trillion. stick with the themes. we still like technology a name like intel or some industrials, like the boeings and the cats -- >> boeing? >> boeing. >> boeing had issues

>> boeing up 5%. >> 737 max >> it's reclaiming technical levels here. >> you think so? >> i do. i like boeing from the chinese proxy. i think some of these large caps, giant cap names, they've been beaten up oversensitive to the trade tariff conversations names like that you can look at and say -- you have to be selective, but i think there's opportunity. >> we talked about negative yields in germany. we know that viewers know that. they're smart. france, sweden, denmark, japan is that the reason we're seeing our bonds get bid up so much is the ten-year at 2.08 saying things are bad and slowing down or are people around the world saying i'm not buying a negative yielding bond. i will go to america 2% is better than negative 0.2%. >> you're right. certainly we are seeing that juicy yield, but it's also a short covering

a lot of people were not positioned, so they're covering shorts >> stick around. i want to do the rbi now but i want your take on it it's time for your morning rbi if it seems like some prices at the grocery store are going up, they probably are because of what we've been obsessed with here, this weather and all this rain it's not just in the northeast, it's all over in the midwest crops can't get planted in parts of the midwest or are being wiped out because it won't stop raining. corn prices are soaring. that's your mystery chart. up 25% this year corn now at a five-year high they could keep moving higher as the waters keep rising in key planting areas nearly everything contains corn. even ethanol for gas leap. as the fed debates inflation, think about corn think about the rain it may be the biggest story nobody is thinking about yesterday. jeff, can we have your ear on

this one >> you may >> the mississippi river, flooding everywhere. >> flooding everywhere i brought the rain from chicago. >> it's been raining for a year and a half here. >> fair enough >> for the first time in ten years you're seeing this june report from the usda only two instances where they talked about lower yields. one instance with the acreage reduction happening. this is a rare situation i don't think they're able to get some of the seed in the ground like you talked about due to the different moving parts with the rain. yeah prices will stay elevated. it's a great opportunity for farmers to edge here >> hedge a little bit. it's a big story for consumers while gasoline prices have stayed the same or come down, you go into the store, it's sticker shock because this will trickle through the economy. >> the fed doesn't consider food or energy in inflation this is sticker shock. >> keep out food and energy because america you don't drive or eat according to the fed, that's the

right way to measure inflation you're the right guest to have on thank you. >> and i like to eat a bit >> we both do. that's it for "worldwide exchange." a big "squawk box," the ceos of target, chevron, devon energy, the markets, the fed, big day we'll see i tomorroyou tomorrow "squawk box" begins now. >> that sounds amazing the pressure is on for jay powell word leaks that president trump looked into demoting the fed chair and the guy sitting in it. huawei says it expects to take a $30 billion hit after being blacklisted by the u.s an exclusive interview with the company's founder and ceo. and congress throwing cold water on facebook's digital currency announcement. we'll show you the backlash in washington on this wednesday, june 19, 2019, "squawk box"

begins right now ♪ live from new york where business never sleeps, it's "squawk box. good morning we're live at the nasdaq market site in times square i'm andrew ross sorkin along with joe kernen. >> guys, a lot coming up this morning including the sun right now which is coming up behind us i'm at the kpg women's summit. we have a huge lineup of guests that will be joining us here from the women's pga championship, which is kicking off later today. we're on the 18th hole right now. the guests who will be joining us this morning have lots to talk about the ceo of kpmg will be here target's chairman and