closing in on 4200 a u.s. judge temporarily blocking microsoft's deal to bike activision. we'll tell you how that could change the time line for that acquisition to close plus, bud light dethroned as the top-selling u.s. beer. we'll tell you which branch has taken over the top spot. a lot of commercials for this one ta'u wednesday, june 14th, you're watching "squawk box." ♪ good morning, everybody. welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm beck request quick along with joe kernen and andrew ross sorkin, and let's take a look at what's been happening with the u.s. equity futures at this hour you're going to see right now, dow futures off by about 53

points, but the s&p is indicated up by 5.5 and nasdaq up 36 the dow, gaining 146 points yesterday. that is its sixth positive session in a row the s&p 500 was up by 0.7% for its highest close since april of 2022 and the nasdaq up by 0.8%, also its highest close since april 2022 treasury yields at this point in morning look like the 10-year yield sitting at 3.80 and the 2-year sitting at just a little over 4.65% andrew >> microsoft to buy activision blizzard, giving the ftc more time to make its case as it seeks to block the transaction without the injunction microsoft could have closed on the deal as early as friday. they have until friday to argue against the temporary hold, and

the ftc would have to respond by tuesday. the judge and u.s. district of california has set an evidentiary hearing for the end of next week you're looking at microsoft stock continuing to go up. activision is basically marginally down on this piece of news but as we said yesterday, there's some folks who seem to think this is all good news and others who seem to think as i do that this doesn't seem to bode well but what do i know, joe? >> that's a good point is there something to be said to try to do it when there's a huge regulatory overhead? we've seen it before i don't know then you've got to unwind everything it's a mess. >> the weird thing, andrew, is the date they threw out that they were circulating, if it wasn't done by june 13th, they'd go ahead with it again, they've got the july 18th deadline before they're going to have to decide whether to extend

the deal and how, and that could be a little complicated too. >> i don't see how this -- i don't see how in of this is good news northward, we had an analyst on who seems to think -- and obviously microsoft seems to act as if it's good news there's nothing good about it >> it's like, okay, we're threatening them with what they intended to do. >> microsoft has a good case this is in the u.s who knows what happens in the u.s. it's costing money to play out the case unto itself. >> right this reminds me of at&t when they had to deal with time warner they eventually prevailed. they may win, but when you're fighting regulators, it slows you down it takes a lot of time and energy to deal with top managers. >> that's where there's discovery now. >> look, thinking that this is

not good news for this doesn't mean i agree with the regulators. >> i'm still trying to figure out how bobby got that company to $70 million. >> yeah. he put in -- >> remember when he made that acquisition? >> even from where he started it, he started it with very little seed money he put into it too. here it is. >> along the similar line, i guess microsoft, gaming, it's all based on -- ai is a huge part and an integral part of what gaming and goggles and everything looks like. it's all sort of tied together, and amd is announcing a new chip for artificial intelligence, strongest challenge yet to nvidia, how it dominates the market with 80% market share and became a trillion dollar company. you know what it does to stork prices it's a $100 million company.

when it goes to a trillion, it's been something to behold for the last five years. amd best known for its traditional computer processors, but its new chips which it calls accelerators can be used as substitutes for ai's super chips. here's lisa su on "closing bell: overtime." >> we've been working on this. mi300 is our newest generation chip frankly, it's incredible the amount of technology we have on this, 150 billion transistors. mi300 is actually designed exactly for this use case, and so we're really, really excited about it the customers are super excited about it we're working closely with them. we will sample in the third quarter and be in production by the end of the year. >> su says she expects the chip

to start shipping to customers by the end of the year web services is considering using the new amd chips. no final decision has been made. we mentioned nvidia. that stock as we mentioned closed with a $1 trillion valuation, the company did for a first time, after first trading above that level back on may 30th it's june 14th today just so you know, in a week, the days start getting shorter again. >> i know, i've been thinking about that it's so lovely to hear the birds and the sun as you're coming in. it's a beauty and a thing of sadness to realize it's fleeting the only good news is it's going to be warm for quite a while. >> hopefully taking the dogs out, i used to use my flashlight for a lot of reasons, but i don't want to step in anything, but with four dogs, two german shepherds are like horses, my friend flicka.

>> but with lights, i didn't need it. >> birds are so loud it's a great thing. >> remember when the birds were going crazy. do you every wonder what's happen wheng the birds are going crazy? >> yeah. there's usually a cat. >> or a hawk it's like, oh, they're so cute they're making a lot of noise. oh, my god, there's a complete war going on there are ten or 12 little birds trying to chase it off. >> and the jays are getting involved. >> it's fascinating. have you seen a bird in the last six months anywhere? you know what birds you see? you see pigeons right before you get hit in the eye. >> there are redtailed hawks. >> there are some really friendly rats in the subway system. >> wildlife of all time. you should see the roaches that were here, andrew. >> oh, you missed it, andrew i had to take care of the

roaches. it was about that big. half mouse, half roach i think it was kind of -- it came up through the subway and then i realized why did i flush that down the toilet without -- >> terrorizing the rest of us? >> so i found a little piece of brown cardboard. >> but we digress. amazon's computing arm says it resolving an outage that disrupted some areas including southwest airlines it also affected the edgar filing system and s.a.p. for students there was a lag time shortly after 3:00 p.m the problem was resolved later in the day. meantime european oil giant shell is saying it's increasing its dividend by 50% production of natural gas it. ooh is looking to refocus its business of fossil fuels

it's committed to achieving net zero emissions by 2050 it's a bit of a shift. we're going to talk to the ceo this morning at 8:00 a.m becky. >> i was confused. seemed like a big capital buyback but focusing on fossil fuels. it looks luke they're doing both things at once, like not necessarily wanting to stay in that business forever and returning some to the shareholders but at the same time saying, natural gas, that's a little bit -- that's got maybe a brighter future. >> but shell was one of the first fossil fuel companies trying to diversify. it almost became its brand over the last decade. so this is where the shift is, right? >> the euro -- yeah, based in europe, you had to you had to welling the pressure was -- >> they were literally on the bleejing edge of it all.

>> right. >> a story that joe alluded to earlier, bud light no longer the top selling beer in the united states that's according to a report that modelo ee special took the top spot that backlash started when trance influencer dylan mulvaney posted on instagram. modelo, which is sold in the united states represented 8.4% of u.s. retail store beer sales in may compared with 7.3% for bud light. by the way, anheuser-busch inbev is the owner of modelo in the united states. >> i don't think i've ever had modelo there are some great ads.

>> i don't drink beer very often, but i have. >> i don't drink beer at all i have enough problems i'm sure that was the last roach, don't you think i got the final one, andrew. can rest assured they're all gone. >> i brought my bag in here today. coming up, investors are awaiting the fed's decision. later this hour the european commission says its an three trust chief will hold a news conference at 8:45 eastern reuters says the conference will focus on alphabet and alleged anti-competitive practices you're watching "squawk box" on cnbc when i started my career on wall street, there was very little representation. you may know that someone was gay privately, but it wasn't someone who was out and who was comfortable, and so it didn't leave a lot of room for anyone

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going to get another read on inflation, this time at a producer level this afternoon, the fed on interest rates and the markets anticipating what ee being called a hawkish skip. i don't know if we need to explain it you may understand yeah, we're ready to do it again if we need to. we have our guests joining us now. jake jolly is a strategist and analyst. jake, i want to start with you i was reading your notes, cautiously optimistic. that's an interesting way of saying, wow, i'm uncomfortable with this rally. it's happening and you point out, if you are too cautious, you miss it. and then i don't know how you ever buy in. we asked one of our guests yesterday, when would you ever buy in he's like, i don't know, it's

too late to buy or sell. i don't know you're not in and you may never get in which is it? give me a real answer at 4380 on the s&p? should you buy it here or not? >> well, i think the answer is nuanced. it is you stay in, but maybe you don't buy into certain parts of the market. >> okay. >> you know, the reality is that market timing is very, very difficult, right my job is essentially to talk about it, but, you know, the bottom line here is to be a successful long-temp investor, it's more about being in the market than trying to get short-term sort of tactical decisions right. as you said, we are certainly cautiously optimistic. that's kind of the nicest way i could put it because when we look across this market and look at rally from last october, we're very skeptical that this is a sustainable new bull market rally that we're in. and the reason for that is that,

you know, it's obviously a very narrow market rally. you see that financials are lacking through this period. the equalwei weighted s&p has bn lagging and especially with the recent banking prices in march when we look at that setup and obviously pair it up with what we think will happen on the macro side, we think you need to be very cautious definitely pick your spots this is not the time to blindly find the indecember dex. >> we'll go to andrew, our guest andrew andrew, the cpi -- there was something for everyone obviously because the regular cpi was down again or looked much better than it had it with us like half but the core still stubbornly high today we're getting ppi energy prices as you point out that might be a tailwind for a better

number, but then in the service sector, we've got to worry about where the real ingrained inflation might be so what do you expect today for ppi? >> i think we're going to see cooling in ppi there are some reasons to think that goods, price inflation, energy inflation is running lower now. i think we have to take a step back it's easy to get bogged down in the details, cut things up, slice things up, find a ppi aggregate that tells a story we like when you step back, we're just riding 5% inflation. there's just a lot of different senses in which underlying inflation is around 5% so the fed really has a big task ahead of it. >> they are between a rock and a hard place we'll have judy shelton on a little later every time you raise rates the debt surface just balloons and eats up everything else that we're trying to do and hurts

growth so the inflation's important but there are certainly some other conside considerations another thing if go one comes back to work and commercial real estate is already in tlubl, how do they know they're not going to break that next it might not be a bank it might be an entire sector that causes trouble. do you think that's on the radar screen every time they raise rates? >> absolutely it is. that's why you're seeing the feds being a little bit cautious and the idea of a skip that doesn't seem to make sense the easiest thing would be to go ahead and raise rates today. if they skip today, maybe they want to see how things move through the banking sector but the reality is they're not going to see it in real time

i think you have to keep moving against inflation. that's the mandate that's the target. and, yes, the banging concerns are there. it's probably a very slow-moving thing. it can suddenly accelerate, but it's something the fed's not going to be able to control. hiking in july versus hiking in june do you think that's going to mack a big difference for the banking system. >> before we go, i want to be exactly clear on what you're saying you expect this rally to fail, don't you? >> i think it's going to be tough. >> sorry, andrew i'm going back to jake. >> yeah. you know, this sun likely. if we play the probabilities, this is unlikely to be the start of the next bull market. when we look at equities, the ma kroy macro outlook, we have to look at that. >> do we get a correction before we enter a bull?

how much of a pull back if the rally does fail are you expecting. >> well, you know, we have to play the probability here. we think the probability of recession a s higher than the probability of a soft landing. to buy into this rally, you have to believe the soft landing is well above 50% and we don't think it is. so we do think in a recessionary environment, you're going to break below 4000, essentially testing the levels. >> andrew, the economy was ready to answer my market question if i was ready to buy i love that. do you do that, too, andrew? >> i was going to agree with jake here. fed has to do something hawkish, get inflation down that's not going to be a good scenario for equities, absolutely. >> really, awesome i'm glad when people have opinions, they're ready to share them i don't typically. i try to avoid that if possible.

andrew, jake, thank you. when we come back, there are two methods to oversee the merges of ai we'll talk about that next. later, your next delivery order might just be delivered by a robot. check this out robotics rolling out the delivery service this year we will give you a closer look at all of this coming up at the bottom of the hour danger, will rinn,obso danger, will robinson. look out rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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the s.e.c. is moving to introduce new rules for brokerage using artificial intelligence to interact with clients. the agency says it plans to

release a plan to rein in conflicts of interest with the technology as soon as okay the s.e.c. has been exploring potential conflicts associated with machine learning and robo advisers since 2021. andrew >> thanks, becky. meantime two leaders in artificial intelligence have opposing views on how it should be regulated google saying it preferred what they prefer a multi-layered, multi-stake layer. the government wants a, quote, hub and spoke approach they describe that approach that way. others like sam altman who are partners have argued for more centralized regulatory body in the form of a new government agency focused on ai i don't know, guys, what you think is the better version. we always talk about the

alphabet soup that is regulators some people think if you have a lot of different regulators, you can work different reps and there's competition and sometimes that makes better regulation, and then there's other folks who think if you have one regulator, maybe they become a dictator, but that's the better. >> it just seems like it's a swiss cheese sort of solution if you have a lot of different regulators and you can play the regulators like you would mom and dad off each other if you're a kid. >> we've seen that before. >> right then all of a sudden you have the s.e.c. saying it's going to go ahead and do it this way and take it out with the courts. >> then you flip it around and say to yourself, what happens if it's a regulator and you don't like the way -- >> i guess there's rules for the road. >> you look at the way the ftc operates today whether you like it or don'ting some people hate it. if that's the way this regulatory body worked and there was no -- >> you may not like what they're doing, but you're not going to be able to get them out of the

mix one way or the other so if you're dealing with lots of different regulators, you're going to wind up being beholden to the strictest rules they're going to be the ones who end up regulating you anyway coinbase might argue, just tell us the rules and we can work our way around that. not knowing seems like it's the worst-case scenario and leaves investors in particular kind of swinging in the wind until somebody makes up their mind on things. >> have we talked about the beatles? >> what about the beatles? >> are you talking about the ai song >> are you talking about the roaches? are you talking about the roaches? >> you're talking about the song. >> using ai to put in the lennon -- not that lennon but john lennon influence i always thought the beatles were the beatles because of all four of them like paul mccartney, you know, will end up playing piano.

paul never -- he was not the beatles without lennon, and lennon was with yoko i would love a new beatles sochlkt pa sochlkt. by the way, paul turns 80 on the 8th of june. you don't want to do it? >> we keep talking about ai, someone sampling a voice and re-creating a voice from the old voice. that to my understanding is not what happened here what happened is john lennon recorded a demo with instruments and as a result, they could not isolate his voice, right so typically each -- you know, the instrument, the voice, everything is isolated and, therefore, when you actually go mack an album, you can put all the pieces together. the problem with the recording

was it was both potentially a junky recording, meaning i think he might have done it personally, and it wasn't isolated in this case, my understanding is what make this fascinating and i think okay actually is that they used ai both to isolate the voice and, frankly, to clean it up if you will rather than create a song that never existed. >> i mean,atlesbeatles, the way it was produced, it was part of the whole thing. we should say on the side, mccormick mccarthy died. he was 89. "the road," what was the great one he made with javier? he died in a motorcycle

accident paul's getting old 80 i mean, he's already gone. my voice just cracked. >> i don't have a good segue. >> no. it's depressing. we're all going to -- >> we look at the republican tax plan that's making its way through the house. a live shot right now. and then a look at yesterday's s&p 500's winners and losers ♪ >> announcer: winners and losers sponsored by state street global advisers the biggest ideas inspire new ones. 30 years ago, state street created an etf

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welcome back to "squawk box" live from the nasdaq market site in times square. checking the futures, only the dow is in tread, down about 30 points nasdaq strong yesterday, strong today, it's been strong for all year, and really racking up

significant gains, especially from the lows, but also for 2023 can you say that that means the fed's done not necessarily, but the nasdaq is supposedly more interest rate-sensitive, and it's been doing better i don't know whether that indicates anything or not. vodafone and ck hutchinson unveiling their plans to merge the tie-up will create the largest mobile operator in the country. vodafone will own 55% of the business the deal is expected to close before the end of 2024. >> check on shares of unitedhealth he said the higher activity is not expected to fall off any time soon. you can see the stock down by 4.6%. >> you can see things put off

during the pandemic. >> covid nonurgent, but they've got the pay for it. >> that's what they do on somebody else. >> we're not talking plastic surgery. we're talking about surgeries that need to be taken care of. they weren't considered absolute top priority to do during covid. >> exactly. meantime let's talk about taxes this morning, one of our favorite topics with one of our favorite reporters robert frank joins us now. there's a bill making its way through the house right now. what's going on? >> it's like elective surgery, elective taxes. >> exactly no one does it. >> there's a line at the bottom. i've never seen anyone say, let me pay more. >> it's making its way it cuts taxes for businesses by about $220 billion ore three years. it would reduce limits on production for r & d, bonuses, and interest expense those are big.

companies have been working hard on that as limits and debt payments rise. it would reduce revenue by $220 billion through 2025 so to help pay for it, the package would cut tax incentives for green energy and evs, including ev limits. it would raise remember knew to offset the cuts. republicans also hoping to do away with new rules on payment service reporting. that's the 600 rule that requires 1099 k forms for anyone who earns more than $600 a year through payment apps like venmo and paypal democrats unlikely to support the whole plan that, of course, is a big negotiation. there are pieces of this that are bipartisan, including mainly the r & d piece, which democrats really like.

>> all right okay, robert stick around we're going to talk more about this i'm going to bring in our guests does this have a chance of getting even through, by the way, jean and alex, before we even get started >> it certainly has no chance of getting through in its current form it is a veritable grab bag as mr. frank would say in the introduction of provisions that have different levels of support, but it's an extremely costly proposal and will not -- certainly has no chance of moving through the senate in its current form. >> is there any piece of it you like >> any piece that i like i think you have to look at it in totality and take it in the context of the debt limit discussion we just came out of, which if you care about the deficit, then we certainly

shouldn't be talking about cutting taxes right now. >> alex, what do you say to that idea we talk about the deficit and cutting the deficit all the time, and then here we are. >> well, i mean i think that we do need to be concerned about the deficit. i think the aspects of what came through the committee yesterday, the house ways and means committee, run contrast to the deal to reduce the deficit that was enacted into law about two weeks ago, but that's not to say that any tax changes that are favorable to taxpayers should forever and always be off the table. quite the opposite i think that these business tax changes that came out of the committee are ell-intentioned. i have some quibbles with them i think they should be permanent, not temporary, but the idea to try to find ways to lower the cost of new investment, that's what these new provisions do.

bonus exemption, the change in r and d -- the tax policies will encourage r & d. i would expect there would be a little more support if they did get a vote in the senate from democrats. the other thing that happened yesterday in the committee was a proposal to increase the standard deduction that's a policy i don't is up pofrmt i don't think it's a good idea, and the reason for that does have a lot to do with the cost of that policy. >> alex, before i get back to jean, i want to know in if both of you areny -- are in agreemen of one thing, that we need more revenue. how we get it is up to debate. but if all the sides don't think we need more revenue, how hard is it ultimately to even get to a police of some form of an agreement? >> sure. critically important question.

at the moment we have relatively high measures by historical fact. >> low measures on a per pge basis compared to other countries contexturally. >> to other countries that have fiscal policies, yes within the united states we have relatively high revenues as a shared gdp going forward we'll have higher expenditures to meet the higher expenditures, we will need more revenue, yes in the long term we need to fanld a way ee fish lijt to find more revenue in the system. >> jean, then, of course, the debate is -- i know you want more revenue the question is how do you get there? >> again, let's go back and look at where the tax cuts we're talking about today came from. they came in as an offset to pay for the 2017 tax cuts, the corporate rate reduction if you believe the provisions we're talking about now are good

public poll circle then pay for them by repealing that reduction at the corporate rate. yes, we need more revenue. if you look back at the history of our deficit trajectory since the bush tax cuts in 2021, tax cuts have been the primary, almost 60% of the increase in the debt ratio in the country due to tax cuts. that's the part of the problem and they need to be on the table. >> jean, before we go, one last thing for you. one last -- talking about 2017 and either rolling things back or not -- and here's why it becomes political -- where do you stand on the sa.a.l.t. deduction? >> i think the s.a.l.t. deduction is not a bad thing

it highly benefits high income households that may be one area alex and agree on. >> hold on alex, philosophically, from the aei, let's get a pair here let's talk about an aei. we have more revenue in the list of the world go around the country. does it look like that representative knew is being well spent do you see potholes? do you see roads being good. >> does it look like the government is effective at spending all this revenue? is that the answer let's double what we spend and things will get better, or are we doing something ineff ineffectively. >> otn the other side of the ledger, i don't think we're spending money wisely or efficiently or as wisely and efficiently as we could, and we night to think -- not that we need to. we have to think about ways to

spend less money in the future there's no tax policy that one could design that could balance the budget in the long run. >> there you go. now you're talking. >> there has to be spending reforms, but we're also an aging society, and i do think we need to think about the changes in our society. so revenues are part of the solution spending cuts are the biggest part of the solution. >> you might have better growth if you tax the entrepreneurs and the producers less that's the way it's supposed to work that's just -- you know, you can tax people to death. >> tax better. >> you're going over to american progress, i think, alex. they're hiring no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup.

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development, but the republican lawmakers, attorneys generals and advocates have filed support briefs over the acquisition. they argue they overstepped their authority and argue that blocking the merger could harm the development of life-saving tech technology grail says it can detect 50 types of cancer through a single blood draw the ftc and european commission both moved to block the deal citing competition concerns. this has been a long-running issue, one that francis desouza, one that the former ceo just stepped down over and carl icahn said this should not be done i tried to get the test with my doctor he said, maybe it's not ready for prime time, but he did say it's not --

>> what a -- it would be great. >> if it worked. >> part ut a drop in there. coming up, we're going to give you a closer look at the delivery robots. that one looks kind of -- heying there, little fellow you're kind of look. >> look, he just blinked his eyes at you. did you see that. >> these robots set to roll out in cities across the country th yr.isea we're going to talk about it is there anything in there is there anything in there >> tacos >> tacos :executive edge is sponsored by at&t business. at&t 5g is fast, reliable, and secure copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!]

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we got some breaking news for you this morning, right out of the eu. antitrust regulators as expected charging alphabet's google of abusive practices in its digital advertising business, saying google favors its own online

display technology, services against those of its rivals. advertisers and online publishers that it competes with, the eu arguing that only mandatory divestment of part of google's ad tech services would address competition concerns this isn't going to be a view that they can somehow mitigate this, they want them to hide off a piece of this technology and we'll be keeping our eyes on this and this larger debate as it progresses. >> we'll talk more about this later in the show too. in the meantime, if you live in l.a., you might see some min minion robots that are roaming the streets. the company just announced a new deal to put 2,000 robots on the uber eats platform in cities across the united states, as soon as the end of this year and joining us right now to talk about it is ali kashani of serve robotics we have one of the robots here

with us. thank you for coming in and talking about this i can't believe this is really happening in l.a. right now. how does it work how many people are being served and how far can these robots go right now? >> average delivery in l.a. is just, you know, about one mile and a half so these robots can do a couple of deliveries pretty comfortably. served 300 restaurants, thousands of households already, out in l.a. for a year and a half with uber alone and, yeah, growing really quickly. >> they can only go seven miles an hour, though, right >> that's right. >> if you're more than an hour away, i would guess most are within a few blocks or half a mile at the most. >> between half a mile to one and a half, that's usually the average. average delivery is about a mile. >> if it is a mile, it's going to take a while. >> about 20 minutes. >> 20 minutes to get there how does it work how does it know not to run people over, not to get run over by things, how does it know to navigate its way through >> there is a lot of ai in here.

so we have dozens of different ai models, large language models, the same thing underneath that lets the robot understand the world, where to navigate, who to avoid it can tell if a driver is about to collide with the robot, it stays out of the way they're really, really smart. >> does it go on the street or the sidewalk >> on the sidewalk, but it crosses the street. >> it won't run anyone over and it is locked >> that's right. >> mostly in and out burgers out there? zoe, are there different names on -- >> each one has a personal name. >> no way. both -- yeah. >> you started to say there is nvidia chips, that's one of the biggest investors too. working with them for five years. >> we have been working, since the beginning of the project, they have been a wonderful partner. >> is it heated? can it keep things warm? like a thermos keeps cold things cold and warm things warm. >> i think andrew has a question too. >> what is the cost to you of

production of each of these devices? >> at scale, this would cost, you know, thousands of dollars so they're not that expensive to build. >> but at not scale, where they are now? >> it is still cheaper than a car, which is what we use today. >> and -- >> both cheaper than a car and person driving the car >> that's right, yeah. it really brings efficiency to the process. >> okay, so what we're seeing -- >> i guess where i'm going with this is this a $50,000 device today? >> oh, no, no, no. no it is not a $50,000 device it is cheaper than that. >> but that kind of -- >> we're seeing somebody just unlocked it and open it, that's how you keep people from being -- >> it is secured, yeah you use your uber eats app and press the button when it is in front of you it opens only for the person who ordered the food. >> who is using them >> 7-eleven is one of our partners besides uber.

>> do they deliver hot dogs? they're already 6 months old >> slurpees and -- >> the -- i know you partner with uber. you used to be a part of uber. >> that's right. >> you were bought with postmates and brought in but you spun off why separate from uber you said this was a plan that was already in the works. >> it is a logistics company we need to work with everybody for the best economics it is all about scale. it made sense for us to be independent so we can work with others delivery hero, another delivery platform, not active in the u.s., europe and asia, one of our other investors too. >> no one has ever stolen one of these things or tried to break into them? >> people mess around, but these robots are more reliable in getting things to their destination than human couriers are today. >> who else you got in l.a.? tommy burger apple pan? >> there is a long list of folks. usually a lot of mom and pop shops, ones you may not have

heard of. >> tacos >> lots of options >> ali, thank you very much for coming in. and appreciate you bringing zoe along too. >> thanks for having me. >> tacos obviously. >> andrew? >> okay. coming up on the other side of the two big hours ahead, the fed set to meet this afternoon we're going to get you ready for the rate announcement next and later, our exclusive interview with the ceo of shell ahead of its presentation to investors today. that and so much more as "squawk box" rolls on.

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good morning hike, pause, skip. the countdown to the federal reserve's rate decision is on. and the markets are mixed ahead of the opening bell. amd unveiling a new ai chip, a krclink to nvidia's dominance. both stocks on the move in early trading. eu taking on alphabet over google's digital ad business while a u.s. federal judge puts a hold on microsoft and activision's merger. these stories and much more as the second hour of "squawk box" begins right now good morning and welcome back to "squawk box" here on cnbc i'm andrew ross sorkin with joe kernen and becky quick a lot going on this morning. we'll find out what the fed is going to do later. the s&p 500, nasdaq, highest

close since april of last year take a look at the futures, mixed picture, a little red on the screen with the dow, but nasdaq looking higher, s&p 500 higher as well at least for now 2:00, we'll get the news mr. liesman will be there for us treasuries as well ten-year note and two-year as we flip the board around and you can see where we are, 4.46% there or 4.6% rather oil, we're going to talk to the ceo of shell at 8:00 this morning. and wti crude sitting at just about 70 bucks now and crypto, that's a barometer -- i don't know what we're calling the barometer anymore, risk on, risk off under 26,000, we're at $25,947, joe. >> all right, let's get into the stock market here and individual names with dom chu, with a look at this morning's premarket movers ever played l.a. country club? >> i have never played l.a.

country club i have been invited at one point out there but i couldn't make the timing work. i think the invitation still stands. >> the most valuable real estate on the planet. >> crazy did you see that the -- the 12th hole, the 290-yard -- >> i played it many times. i love it. very difficult but i love it. very exciting. first time ever. >> what was your distance when you played it? >> l.a. north, not like it is -- the south course was more my style, a lot easier. l.a. north is, whoa. look out should be great. what is the distance now 75 >> they say it is 290 right now. we'll see whether or not they tee off with that distance on thursday when things kind of get going. but, anyway, as a native californian, i would love to see l.a. country club, but maybe at some point in the future anyway, joe, i will get to some of the individual stock moves you mentioned. becky talked a little bit at the opening about the ai surge that we're seeing the computer chip stocks now, two in particular, amd and nvidia news. artificial intelligence, a big part of both of those stories.

for advanced microdevices, introducing some new ai chips. you also have one of the biggest tech-related companies out there looking to possibly use that amd hardware during interview with reuters and amazon web services exec said the cloud computing giant is considering the use of amd's new artificial intelligence chips, but that a final decision hasn't yet been made now amd stock is up 2% you can see there. now just about, you know, 2.5% 400,000 shares of volume also on the chip front, nvidia stock is up fractionally on 100,000 shares following yesterday's near 4% gain the ai-driven stock surge empowering nvidia pushed its market cap to over $1 trillion in market value. it, by the way, makes it the seventh company in american history to achieve that rarified air. as you look at nvidia, keep a close eye on the market cap there, north of $1 trillion. we're also seeing a lot of movement in health insurance stocks this morning. mostly to the downside as you

can see here, shares of united health, humana, cigna group, all down from 2.5 to nearly 5.5% the reason why you're seeing that downside pressure comes by united health. during a goldman sachs industry conference yesterday, unh's chief of medicare retirement services made comments regarding a surge in demand for surgical procedures from older americans that opted to defer them during covid. that normalization of demand is leading to rising costs so you're seeing that as a factor for the downside moving many of the stocks, we'll see if that sticks in the opening bell and end things with a check on tesla, which is up against premarket. nearly 2%, 900,000 shares of volume yesterday, we noted the record 13-day winning streak. another pause today would be 14 days in a row and just for that span, that's 14-day winning streak you're seeing here has added roughly $293 billion in market cap and we like to put

context around hat, it is pretty much, becky, the market cap of merck these days. back over to you. >> sending it back to becky. trying to -- >>trying to shush you. >> where are they going to park? in the playboy mansion or in aaron spelling's house or knock it to me plaza. >> yes right there. welcome to the party, pal, right? >> welcome to the party, pal, right. >> we'll leave the rest of it. >> yes, exactly. all right, it is decision day for the fed and many in the market the question is not if the fed pauses, it is how they pause. our senior economics reporter steve liesman joins us right now with the market outlook for rates and the question of whether it is finally done hiking what do you think, steve >> i want -- you want to talk about golf, becky? >> nope. >> no, okay. >> i do. i do i do i do >> good, well, anyway, here's what i want to talk about.

fed chair jay powell, he used to like to use this term policy being, quote, in a good place. not a terrible description of where he may be now relative to how the market is priced the fed fund futures show a 92% probability of a pause, probably where he wants to be that's up from yesterday after a report that was more or less in line 65% probability of a july hike, which is a bit high, but lower than yesterday and, of course, there are no more cuts priced in for 2023 and that is, again, in line with where the fed is those kind of numbers give powell the option to pause and make decisions many meeting by meeting while taking stock of several economic developments that are out there here are the things that i think he wants to gauge the impact of. 500 basis points of rate hikes, credit tightening at banks, trillion dollars of treasury coming down the pike that could soak up liquidity out there and potential payroll weakness at the same time, powell's committee could give him more trouble than the market itself just one official is forecasting

a rate below the current rate, seven see more hikes, some of those seven see two or more hikes. fed governor chris waller, he said in the intermeeting period he does not support stopping rate hikes unless we get clear evidence that inflation is moving down toward our 2% objective. but powell had said as policy has become more restrictive, the risks of doing too much versus too little are become more balanced watch the possibility of descent from among the more hawkish fed members, a potential compromise where the fed pauses but says the economy is on a very short leash, so-called hawkish pause, and finally, the possibility that the fed's own median rate forecast rise signaling support for at least one more hike this year becky? >> all right, couple of things the implication that jay powell is now the most dovish member of the fomc is pretty interesting you think that's because he's not an economist, he comes from

a markets background and he is worried about the potential for breaking things? >> first of all, i guess i disagree a little bit with him being the most dovish member i think he's a neutral member right now. i think he does indeed want to wait and see and i do think the idea that he has a sort of abiding concern about markets and less married to some of the formulas or the rules that are out there, think that's a good observation. becky, the way i think about it is this, think about if you were filling a tire with air, let's say the tire was flat when you looked at it the first bit that you would put in air, you put the air hose to the tire, and you let it run for a while. you get to the end of that process, and you want to check if you're right or not so you take the hose off, you engage it, maybe i'm a little bit short, put a little bit more air in, i went over, take some out. >> i would get a tire gauge. >> you would do 75 psi for the

first, like, i don't know two or three minutes. and then get to the end of it and you would fine tune it that's the process the fed is in right now. >> got it. >> 75, and they did 50 and 25, and now they're going to pause i think powell would come back and do 25 again if indeed he feels the data is there. but, you saw that list of things, there are serious issues out there in the economy that need to be gauged. i don't think he wants to break this economy if he can get away with this rate hike cycle and not break the economy. a pause makes sense. i don't think they lose very much in the process. >> and the problem is there is no such thing as a tire gauge when you're trying to measure the economy. it is too complicated. >> that's exactly where that metaphor falls apart there is no way to actually gauge it and figuring out what the psi is the toughest part of all. >> right steve, thank you >> pleasure. >> a busy day and we'll be watching throughout. thank you. okay we got a lot more coming up on "squawk" the eu slapping alphabet with an antitrust complain over google's

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welcome back to "squawk box. a federal judge is putting a temporary hold on microsoft's deal for activision/blizzard, giving the ftc more time to make its case as it seeks to block the transaction without an injunction microsoft could have closed on the deal as early as friday. the judge in the district of california has set an evidentiary hearing for later this week. meantime, just moments ago, literally moments ago, antitrust regulators charging google with abusive practices in the digital advertising business, saying google favors its own online display advertising technology services against its rivals. advertisers and online publishers joining us with more on th scrutiny from european and american regulators, this was expected, aneesh chopra for the white house, currently president of care journey, a healthcare

analytics firm nice to see you this morning we did see this coming down the pike in terms of how the eu was thinking about google. but now this confirms it and makes it official. what do you think the right answer is here and do you think that google has done something illegal? >> well, my sense is that we have really opaquity in the market it is important to know if they're doing the right thing or the wrong thing. my general bias is toward transparency you saw in the eu a move toward open banking laws which allows people to access their accounts and open up a marketplace. i don't know if the same philosophy applies in the ad tech market, but it does feel to me like where there is opacity, shining light should create more opportunity for competition. >> this is a u.s./europe policy question as you know so very well, regulators in europe have been

more aggressive about all of these issues than u.s. regulators some u.s. regulators are now more in agreement, there is some argument that they're almost using the european regulators to do some of their bidding is that the right approach >> well, look, not in my view. i -- we had to strike a balance to spur innovation and make sure that these technologies apply for good and grow the economy. so, on the goldilocks metric of not too hot, not too cold, the u.s. has been right allowing more consensus making, but the industry needs to do its part to actually get its act together and promote more self-regulation. the lack of industry consensus has put us in a place where the regulators feel like they have got to step in so we need to bring more balance back, but i think a lot of that is on the tech sector coming together to address some of these issues in a more agile, multistakeholder consensus

process. >> okay, so given that history, where do you land on the idea of regulating ai? do you believe effectively that the incumbents become the winners or that actually ai unleashes a whole new sort of competitive set and rechanges the landscape so that anybody can get into this business >> i certainly want more democratization of capability with some guardrails that allow the industry to work within a certain band i will say to the following, we have laws on the books today you can't discriminate when issuing a mortgage or creating a banking product, you can't abuse our healthcare system in terms of privacy, or making sure that the healthcare decision support systems keep us safe so we have to apply the same rules and that are on the books regardless of the underlying technology, so we have to affirm that but there is a lot of very specific challenges that i think the industry -- look at all the bills in congress right now. half of them could be

administered today by industry consensus by improving a developer terms of service, by the collective action of the half a dozen leading players >> let me ask you -- let me ask you this specifically about ai, i don't know if you saw the other piece of news from google, there seems to be two competing ideas about how to regulate ai one is coming from open ai and microsoft. they're partners and they believe there should be a new agency, constructing and built just to oversee ai there are two views of that. one is that, you know if you have a lot of different agencies, maybe you create competition and that's a good thing. there is another view that, you know, becomes swiss cheese if you have a lot of agencies, nobody is in control >> the reason both are right is that it comes down to quote, unquote what is the ai market. and i think there is two fundamental pieces of

infrastructure there are these rapidly growing massive language models that will have maybe the complexity that only a few players will compete. and they're going to be sort of the bedrock. think of them as like your cable pipes into your home or something, you won't have 50 people putting pipes into your home then there is the application layer that will access those raw materials to build products and services that enterprises may buy. so there may be a multistakeholder framework that is better for the applications that will support what you and i buy to make sure we don't have the warning labels or nutrition labels to keep us safe but at the core there may be a need for a little bit more rigorous potentially national security and other dynamics to make sure these assets have been identified for potential harm. as we move from ai decision support to actually connecting to things in the real world that can turn switches on and off so i think that's both our right

on which part of the ai stack we want to see protected. >> okay. longer conversation, longer debate i'm sure we'll have it with you again very, very soon thanks so much. >> thank you for having me >> thanks. still to come this morning, just how cautious is the consumer right now and where are they cutting back in spending? we have the exclusive results of a new survey and check out shares of british oil giant shell. the company increasing its dividend by 15% and boosting production of natural gas. the ceo will join us for an exclusive interview at 8:00 a.m. eastern time that stock now up by 2.3%. "squawk box" will be right back. time now for today's aflac trivia question. which cosmetics brand uses ai technology in its augmented reality app known as modiface? the sw wn bcanerhecn's "squawk box" continues now there's a hole in your defense; look at the size of that- gaaaaaaaaaaaap!!!

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ceos at america's biggest companies pepper recent earnings calls with references to what they call a cautious consumer. courtney reagan joins us right now with the exclusive results of a new survey on where americans are cutting back good morning. >> good morning. we thought this was a good one to do ahead of the fed as well the cautious spending trends that retailers noted in the first quarter earnings calls do appear to be showing up for u.s. consumers here so new poll that was conducted over the weekend by cnbc and morning consult showed nearly 6 in 10 feel the current economic situation is impacting their finances with middle income consumers feeling it the most. and nearly everyone, 92% say they have been cutting back in some capacity. inflation is weighing heavy on spending but almost three-quarters of consumers feel prices for essential items like grocery and gas are higher than six months ago and 68% feel prices for nonessential goods are elevated since the beginning of the year.

it led to two-thirds of consumers to cut spending on essentials in the last six months, 79% to cut spending on nonessentials. more than half say with grocery, for example, they're using cheaper alternatives or just generally buying less. what's worrisome is consumers don't expect to change spending habits in next six months. two-thirds expect to cut on essentials and 77% expect to cut back on nonessentials. walmart and target called out weakness in apparel spending in the first quarter and sure enough, clothing is number one on the nonessential list of consumers cut back on. it was followed pretty closely by spending at bars and restaurants and entertainment outside of the home. more than half of americans say they have cut back on major household related spending like renovations or appliances, echoing what home depot and lowe's have been saying with consumers buying, but less so on bigger items, bigger projects. >> how much of this is just

consumers' beliefs in inflation versus actual inflation? because if they think they're paying more for gas than they were six months ago, they're wrong. >> i know. i know, right? so what we -- >> but, food there is no doubt in my mind. >> clearly food has gone up. and you have delays and things like car insurance that we talked about yesterday, that those are now becoming higher. >> we know beliefs and what you can actually do can sometimes be different. i think when we asked the question, we gave examples, grocery and gas, but the answer was yes. >> like george, the first bush, i do it all myself now and i see it nothing costs less than $6 or $7. >> food for sure. >> it is weird that inflation can cause people to spend less, which is self- -- that seems like it is self-correcting almost because then you slow down the economy and then it seems like it should all work. >> it should, in theory, right there is a concern that consumers feel -- we talk about

inflation, we talk about the rate of increase, right? maybe the rate of increase stops. but at some point the core price, does that go down if we still feel like that's elevated, that potentially is a problem. >> the rate of increase goes down we're never actually going down year over year. >> exactly that's the point the rate of increase may slow. but it doesn't mean prices will go back. >> we are waiting for people to run out of money everybody has a job. >> that's right. that is true and that's the conundrum we're in economically, right we have -- >> a conundrum. >> if you're the fed and you have certain tools and these are the economic factors you're dealing with, what do you do >> court, thank you. >> thank you still to come, former vice president mike pence is here on his presidential bid sit-down with the journal, big op-ed this morning we'll tie it to business news somehow. the next president probably does matter who that is to the markets. plans for the economy and chmu

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markets bracing for the

fed's decision on interest rates, pricing in a pause in the rate hike path as inflation continues to moderate. let's look at the u.s. equity futures at this hour you'll see the dow down by 33 points below fair value. s&p 500 and the nasdaq indicated higher though. s&p 500 up by 10.5 nasdaq up by 36. liz young, sofi's head of investment strategy and megan graper, barclay's markets. let's talk about what you're expecting, how it is going to play out in the equities market. you think the fed may actually be done at this point? >> i think there is a decent possibility that they're done. and i think the messaging that we're going to hear today is that at this point, the data shows them that they have already gotten to a sufficiently restrictive level. so they have the justification to pause they certainly have it because of what happened with cpi yesterday.

we know that jerome powell does not like to surprise the market so i don't expect him to surprise us too much today but he also really values flexibility. so they will likely leave the door open to moving further as the year goes on, but i continue to think about the fact that from the jump he has reiterated over and over again that they do not want to make the same mistakes that happened in the 1970s with a stop and start monetary policy regime so it is possible that if they pause today, they may not keep going, they're going to wait for the data to roll in and watch as what they call the long and variable legs of policy bake through the rest of the system >> the one thing that was interesting, we were talking with steve liesman earlier and he was pointing out that at this point the statements that you're getting from powell are more dovish than lots of his members on the fomc, that that could be the biggest headwind that he's running up against we were just positing maybe it is because he comes from a markets background, not an economics background and he's worried about things that could

potentially break. that's a good reason to pause and look around to make sure you don't break things as you continue to move rates up, especially if you think you're starting to get a handle on inflation. what do you think, liz >> i think probably the era of unanimous votes on the fomc could be over and we will start to see some dissents and a bigger spread between some of the dots on the dot plot and we'll get that data today. his background, i'm sure, forces him to look at what signals the market as sending and we're still in this sort of situation where we have got an equity market sending pretty positive signals and we did see strength broadening out and that's something we should all take heed too we still have a bond market that is sending cautious signals. so, i think he's probably paying close attention to that, knowing that if you have a credit market that starts to show a lot of signs of stress, it is really difficult to reverse quickly so, i'm sure he's taking that into account the economic data, however, is still decently strong or at

least stable of course we're seeing weakness, but not necessarily seeing anything that is terribly problematic at this point. so, i think he's watching financial conditions, i think he wants capital markets to continue to function the way that they should, and that is something that they're going to take into account as he goes through this meeting and particularly the july meeting. >> megan, if you're trying to read signals, most people would say they would rather take signals from the bond market, not the equity market, it tends to be right over time. what are those signals, the cautious signals they're sending out, what do you think about it all? >> i take a slightly different side of the coin there i think, you know, markets are clearly convinced that the fed is going to hold today i think the data actually justifies a risk to a hawkish surprise here and, you know, so i think while i agree it would be incredibly uncharacteristic of powell, and this fed to catch the market off guard, if there was ever a time looking at risk assets to go against the grain

and to lean in or against some of the preblackout cues we were hearing from jefferson and others, this may be it and it is because you got the vix back to 14 those are levels we haven't seen since early 2020 risk assets across the board are basically rallying, that's looking at credits, equity markets, and sentiment is rarely if ever this benign. so in that context, i think today is -- has become less about the skip and more about what they ultimately communicate about the path forward and our strategists are calling for another auto basis point rise with an upward revision to inflation. the combination is clearly far more than the market has priced in, but the backdrop would be supportive of it. >> even with the in line expectation -- the inline cpi data we got yesterday? >> i think that's right. you can look at strength of the labor market, i think you can look at wage data, the atlanta

fed wage data i think is something that has got to be causing some degree of worry we have seen housing prices rebound. and i don't think that inflation is sufficiently moving lower with its 2% target in mind i think it was in line with expectations on cpi, not enough to compel them to move at this meeting, but i think both july and september potentially are back on the table. >> okay. megan, liz, thank you, both. okay coming up on the other side of this, we have former vice president mike pence who is going to join us for an exclusive interview. we're going to get into a variety of topics with him from the race to the white house to the trump indictment and his agenda for the economy, all of it on the table. "squawk box" coming right back after this ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old,

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welcome back to "squawk box. things have curated more the dow down 68 points somehow the s&p continues to move higher premarket as does the nasdaq coming up, former vice president mike pence joins us for an exclusive interview talking topics from the race for the white house to the state of the

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no wonder xfinity mobile is one of the fastest growing mobile services. you really shouldn't walk out the front door without it. switch today at xfinitymobile.com. welcome back to "squawk box. yesterday's consumer prices indicating inflation is moderating but the high cost of necessities like food and shelter continue to weigh on the

american people's bottom line. joining us to talk about that and the 2024 race, the state of the economy and more, former vice president mike pence. thanks for joining us. >> you betcha. good to ysee you all. >> you could have told us last time and you didn't and you told somebody else and now we know. so you're in the race. >> we are. we are >> unprecedented kind of surreal situation that all of the candidates on both sides find themselves in, but the developments of this week make it a fine line that many of the gop candidates are walking in how to characterize the developments of this week. i'm talking about what happened with former president trump. >> well, first, let me say, great to be back on "squawk box." >> good to have you, sir. >> all three of you. i went to iowa last week and said that after a lot of prayer and deliberation my wife and i made the decision to step into the race i'm running for president of the united states because i think this country is in a lot of

trouble. and i think the biden administration has weakened america at home and abroad we have war raging in eastern europe, provocations in the asia pacific, and i hardly need to tell people on "squawk box" about the challenges in this economy. i know the administration is boasting about inflation being down, but it's still twice what the target of the fed is we're all anxiously awaiting what the fed will decide today and the truth is that we need new leadership i believe in the republican party. we need new leadership in the united states to get us back to the policies that had this country growing, had this country secure, had the world more peaceful. but it is a -- it is a very challenging time in the life of the nation. i think yesterday was a very sad day for america. to see a former president of the united states brought into court and subject to charges, i think it was dispiriting to -- >> you're on record saying there are serious charges and they're

concerning. >> well, look, no one is above the law. and we're all entitled to the presumption of innocence. >> that's the argument from the other side, it seems to be a two-tiered justice system. that's what trump supporters are saying is there something to that >> well, of course there is, joe. i mean, we lived through it. we saw hillary clinton engage in this kind of behavior with regard to classified materials and to be given a pass in 2016, we saw two and a half years of the russia hoax that thanks to the durham report we know it is an investigation that should have never even been started and we saw a justice department that seems to have a two-tiered system of justice. none of that changes the fact, though, that the handling of classified materials is a very serious matter, not only for my years as vice president, but also my years on the international relations committee and, look, i had the chance to review the indictment over the weekend and this indictment contains

serious charges and i cannot defend what is alleged i will tell you as -- not only as a former vice president, but also my son's a marine, my son-in-law is a navy lieutenant. the very prospect that what is alleged here took place, creating an opportunity where highly sensitive classified material could have fallen into the wrong hands, even inadvertently, that jeopardizes our national security, puts at risk the men and women of our armed forces and as i said, i can't defend what is alleged, but the former president has a right to his day in court i know he's pled not guilty and at the end of the day, though, joe, as you suggested, i can't -- i just can't -- i can't believe that politics didn't play some role here. we have seen the politization at the department of justice for years and years. we saw fbi agents that falsified

official documents to further that russia hoax and so one of the things i've said in the days since this news broke, shortly after i announced for president, was if i had the privilege to be president of the united states, we're going to clean house at the department of justice, we're going to find men and women who are universally respected by both political parties, and we're going to restore public confidence and equality treatment under the law. >> you were there for four years with president trump do you think -- some of the stuff would be characterized as reckless and i'm just wondering, the voters, you know where the polls are again. i don't know if people discount polls but sometimes numbers go up with things like this you're in single digits. he's at 40% or 50% does it ever affect gop voters to the extent that they say, i -- i support this -- i supported his policies i even defended him and said this is not right, the way the

justice department seems weaponized, but i don't want him sitting in that seat again does it ever occur to voters that as -- is that what you're hoping for as a candidate? >> well, no, i'm not hoping for anybody else to fail i'm hoping to prevail on the basis of 20 years of experience. look, i think our party needs new leadership, but i think our country needs new leadership i think this is no time for on the job training for anybody i spent 12 years in the congress i don't know everybody in the house majority, but everybody i know is a committee chairman i know all the members of the senate i know governors around the country. i've been a governor i've been a vice president the magnitude of problems and challenges that this country is facing, becky, i think demand that those of us that have the experience and the ability to lead and to make a difference step forward and that's why i'm running for president. >> the journal's lead editorial today is about the situation with former president trump. they say he's his own worst

enemy. they say the narcissism and retched judgment are familiar, but hard to believe. that's a quote from this they believe if is he renominated by primary -- republican primary voters, he will lose in a general election and that it is really up to the primary voters to make this decision do you agree with that >> i'm running for president because i think i'm the best choice not just to lead our party, but to lead our nation i say that with deep humility. my family and i have been blessed with opportunities to serve this country but as i said early on, different times call for different leadership and i want to say, as i said, i can't defend what is alleged in this indictment. but the president is entitled to his day in court he's entitled to make his defense. we're a nation of laws and not of man, as the old saying goes i think this is a time where as a americans we ought to hue to our roots, to our commitment to the rule of law. i also think it is pretty good time to remember to pray for this country, to pray for the former president, to pray for

all those in authority and really to pray for healing in our divided land >> mr. vice president, one of the things i think that folks are confused by is both the rule of law idea that you just raised, but at the same time this almost -- i raised but at the same time i don't want to say defense of the president but this idea of what you described as a two-tiered system that you think is ultimately unfair and this is a political prosecution and which side of that you're on, you have a particular view chris christie has a different view we talk a lot about theft in stores and a lot of blue states and we say this is incredible, this is terrible, we have to prosecute these things under all circumstances. the two-tiered thing -- unfortunately it's two-tiered in

so many ways hacross this countr the way we treat crime >> no one's above the law. this indictment includes serious charges. i can't defend what's alleged there. handling of classified materials is vitally important to the country. but look, we've gone through about trying to do the math here, about seven years where the american people have lost confidence in our department of justice. whether it was when jim comey excused very similar behavior by hillary clinton or whether it was the two and a half years that i lived through as vice president of the united states when we were fighting to cut taxes, roll back regulation, unleash american energy, we were under a hail storm from most of the media and democratic party

over what we now know is a complete fraud, an investigation that should never have been brought. and then the suppression of the hunter biden laptop story when the fbi actually had the labptop and could have made it clear that it was in fact factual. all of that has undermined confidence in the department of justice. the president has his right to make his case and i want to withhold judgment before the president makes his case but it doesn't change the fact that tens of millions of americans have a sense of a two-tiered system of justice and i think it cries out for new leadership i spent years on the jacket. judiciary committee if i have the privilege to serve as president of the united states, one of the first things

we're going to do is clean house at the highest level of the department of justice and bring in men and women who are above reproach, who are respected on both sides of the aisle. we've got to have respect for the rule of law in this country and for all those that enforce the laws >> it put us in a bind i remember like it was yesterday. jim comey, i thought he was going to bring charges he outlined for 15 minutes all the egregious things the fbi found about hillary clinton and then said we're in an election and i don't think this is the right thing to do to prosecute her. now we're in an election and to anyone who is a trump supporters, it looks like a weaponized d.o.j it doesn't happy the country it puts us in a real divisive situation. >> that's why it really is a sad day. as you talk about here on "squawk box," we have real challenges in this country we've had three major bank failures we're all waiting with

anticipation about what the fed is going to do today >> what do you think the fed should do? >> the point of the manner is, however you're managing interest rates right now, it doesn't change the fact that we have a debt crisis in this country. $32 trillion in the national debt it's on a trajectory to increase to $150 trillion and joe biden won't even talk about the major drivers of our national debt, which are entitlements and, frankly, my former running mate's position is the same as joe biden's. we have to have leadership that can just be honest with the american people -- >> kevin mccarthy has said the same thing and say we've got to bring about fiscal responsibility and reform. whatever the fed decides today, whether they tap the brake or pause, it doesn't change the fundamental fact that inflation while it's 4% today, overall, i

pulled the numbers, we're 16.2% inflation since this administration took office in two years they've increased inflation twice what it increased over four years of our administration that's not a policy that signals the strength of our economy and integrity of the dollar and we just got to get back to a commitment to phyfiscal solvenc and reform >> another op ed piece is that we need a monetary overhaul. even though the fed is supposedly an independent body, that they do sort of, i don't know, give a tail wind to fiscal types to spend too much money and that has to be changed

>> we absolutely do. we went through this quantitative easing, which basically we had free money. it was good for a lot of people on wall street but it wasn't very good for people on main street everywhere i go across the country, people are hurting with the rising cost of living. american people want to see leadership in washington, d.c. that restores economic growth, restrains inflation and has the k courage to step forward and be honest with people about the real debt crisis facing our children and grandchildren you got father's day coming up sunday so i intend to be spoiled when i get back home to indiana. one of our kids will be home with a couple of our granddaughters i can't look at those three little granddaughters of ours and walk by on the other side of the road and say this is going to be your problem, you all are going to have to deal with this in your day when i know in our

time, if we can summon the will of the american people, we can change the fiscal trajectory in this country that's what will put us back on a path of prosperity and security for years to come >> mr. vice president, i don't know what to think of when is the next election for president, 2024 in november how many months we got the way it looks right now, it is surreal what we're looking at if you believe the polls >> joe, look, i have every confidence in the american people pip have every confidence in american primary voters, they're going to choose wisely, choose the right leadership and we're going to restore the security and prosperity of this country. >> we hope to see you again and

if anything changes. coming up, an exclusive interview with ceo of shell. "squawk box" will be right back. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones want to stop lower body pain before it starts? there's a dr. scholl's for that. new dr. scholl's prevent pain insoles are the only ones clinically proven to prevent pain from muscle-induced joint stiffness and strain. so you can stay pain free. this is the all new, all electric lucid air. a car that goes as far as it does fast.

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of. good morning get ready for more inflation

data this hour we're going to get producer prices. plus counting down to the fed. wall street expecting a pause in rate hikes from the central bank and the message on energy from the head of oil giant shell. we're going to hear from that company's ceo as he prepares to address investors today. the final hour of "squawk box" begins right now good morning and welcome back to "squawk box" here on cnbc, live from the nasdaq market site in times square. i'm joe kernen along with becky quick and andrew ross sorkin we got ppi, we got jay powell. with that in mind, here are the

treasury yields, which have been moving up a little bit they're still not really believing everything the fed says it's going to do. if things weren't divided enough as you saw from that last conversation, the difference between the hawks and the doves and what the feds are doing is wider than even the opinion of where the consumer is or where the labor market is. we're just so divided on everything i could be on a debate team and i could be on either side. couldn't you >> yes but that's also a sign of, you know, somebody who can argue either side of things. >> because they're a sociopath >> right >> i prefer psycho path. the international energy agency says global oil demand, growth, will peak this decade. they pin that on the advance of electric vehicle we're going to need to power

those electric vehicles. one step removed >> amazon considering using new chip processors. and nvidia currently dominates the a.i. chip sector and the pga tour says its commissioner, jay monahan, is taking a medical leave of absence. his condition is unclear the news comes just a few days of a the blockbuster announcement that the pga tour with partner with saudi arabia-backed liv golf the two sides had been involved in bitter and expensive litigation before last week's resolution >> let's get a look at dom chu what stocks are you eyeing now >> shares of alphabet are down fractionally, about one quarter of 1% down side.

the european union has now charged the company's google division with anti-competitive practices, is specifspecificalls advertising technology it's the european commission, the executive arm of the eu, that ledges that google has abused market dominance for adtech since 2018 and hinted they might have to break up the business in that jurisdiction. google has not yet responded to those charges that i've heard. we're also watching shares of lodge i technical. over 100 shares of volume. after the close yesterday, they announced the surprise departure of their ceo the stock is getting a lot of negative analyst reactions on the heels of that, including

citiwhere it was now moved to a buy. >> and 2.5% up for sofi, paypal up about 1.25% sofi and pay pal are against the slate getting buy ratings. for pay pal chairs are cheap and provide current risks for. i'll send things back to you >> thank you p. >> shell announcing a dividend boost. they were holding an investor day at the. >> good morning, becky good morning, everyone we are with the relatively new ceo of shell and with a new ceo we get maybe

absolutely a new part forward. they're going to keep oil and grass liquids maybe a light trimming there we'll get the mix increased in dividend and at least a $5 billion buyback. thank you for joining us >> thanks, brian the head loun but yet you're going to keep oil and gas steady where there was the expectation of a slight drop, how do you keep capital spending down and yet oil and gas production up? how do you manage that in. >> indeed today we announce a reduction in the range of our capital spend. now we're down to 22 to $25 billion. the share that goes into our up

we make certain cuts in businesses, like our marketing business as we tr and as well as to grow or world leading lng business over the coming seven years. >> so the lng side is expected to grow. you heard coming into the segment saying the iea is saying now i've got you, shell, saying you. it easy to be confused on where the poile or demand for fuel is going to be in the next ten the

demand continues to be very robust we're back to higher levels than prevo individual at the smart. >> we're looking at the high and focused on going after the porter barrels and our conventional oil and gas barrels that are less intensive than the shales bowels. we will be committed to the question is where are you going to spend it? hydroand nuclear dwrrp investors would like to know by the way, you can can tell

them right were is it hydrogen can you make money or season nrm and ev charging and biofuels, particularly in china and europe and more and more in the u.s in biofield deck you we have today 46 thus retail sites around the world, one of the largest, if not the largest player in that space you can then put charges are in. >> dplrp flrm and p in places like europe, you need to be able to combine those because there isn't the critical mass.

there nm focused on areas where you would look luke china where you don't have big houses where you can have your own -- it requires you to be able to charge in china we're seeing our ev charging customers about twice as much. >> i tell many. >> anti-lock brakes, seat belts, you name it. inform everyone is saying we're going to go to all hearing frp

bio fuels is more suited for commercial road transport, a pathway to able to decarbonize that sector is -- >> is it actually decarbonizing it people say biofuel i hear the way fuel, no way it's low carbon dream washing they call it >> the reality is we are driving toward second generation biofuels, which use agricultural ways, resid ulg from i can basically take my garbage, make a fuel smoother, put it in a car, drive it around low carbon. >> that's exactly right. >> we have to go but where are we on that is that a reality? >> we are today being able to significant volumes of and

capital markets say stocks up up thank you. >> coming up, breaking inflagstick data next, the newest chapter from serialpr stay tuned. you're watching "squawk" and this is cnbc

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welcome back to "squawk box" this morning our next guest has held a wide variety of roles among the challenges, stepping in at we work and leading softbank group international joining us to talk about his next chapter, the executive chairman and managing partner. good morning to you, sir >> how are you good to see you and tell us with this next chapter what you're

doing. i have so many questions about so many other things going on in the world but this is your nexter to yea. being able to work it's great to be work. and it just great to be back so our larch often and a lot to do with my parer in because he is the the lynn frnl and he said he not clearly launched focus and it launching today i'm incredibly excited about it. >> just for the audience that doesn't know, go back to your history of bright sr effectively selling used phones out of your

town frm so it a mold dis fuchlt ffrp and it all comes back to a life we're comfortable can and that's life in america and now that i'm allowed to go back to work, the first place i want to go back is in america. >> they call that gardening, we'ding. how did you get involved in this >> i'm they're great founders

solving big problems but they don't have enough capitol. it gets me excited >> a lot has gone onnin. as you know, at&t and her oozin it opinion there have been a number of deals that happened in you south bank and i was looking at wiwork, it is now at 20 cents. how should the public think about that, how should investors think about that >> all i can give you is my point of rum and i think inred drm and now i believe that

massa, if about what we are all talking everything day, which is artificial intelligence, three, four years ago i'm sure masa will be fine i'm fnk and so many different companies that we manage together so i only have a good vibe stories and i tu >> dare i ask what you think will happen to we work >> you know, i like not to comment. i think it's a great company it's unfortunately what has goncalo amaral through the pandemic and the market and i only wish good stuff that i believe it had the wrong capital structure and i i hope there's a

solution for we work >> and we're all talking about a.i. how do you think that works itself through in the way you're thinking about investments in latin america in particular already there's a big question of whether the incumbents within like most emerging markets are a nrnl so bringing simple technologies to people in the middle and the bottom of the pir add f and other tools cloud

mobil, in and that's equal opportunity. incumbents and start-ups have a lot of room to run because, as i said before, most of this mmm. >> why do you think that the ibts have not invested as much in latin america is it because the grew is that the growth doesn't exist there what did you this. and since then latin america has soon an incredible increase in pension. and that f i think one of the

greatest rm so i can list a bunch of different latin american companies who are developing the course that we were there who today are world leaders. so i think this is just the beginning of latin america people like to focus more on india, china, and the united states, but, you know, when you look at latin america's size, latin america is almost twice the of underia it has the size and i think people have traditionally stayed away with it since we launched the latin american fund and now we're starting to do it again. this is the gaining and it's different when you're running somebody else's fund i could not be more excited at being back to being an

entrepreneur and i need to say that it's amazing to be in partner ripe and it's a testament that they are now locking at greater america. >> soccer. didn't you sell your stake about i spotted -- they were starting from scratch so it's nice to see on the low and everything that we decide. last time shareholders in intermilan, it will make mls a

and maub better times ahead for south america. it we look forward to following would be. >> thanks, andrew come kentucky and then get reaction from author and economist judy shelton. got an op-ed piece on watching got an op-ed piece on watching "squawk box" o cvs pharmacy. healthier happens together. (dr. aaron king) if you have diabetes, getting on dexcom is the single most important thing you can do, from sfrm if you're a valued customer, it's the single most important thing you can do and

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welcome back to "squawk box," everyone rick santelli is standing by he just got the next inflation data we're waiting on and that is the ppi after yesterday's cpi. rick, take it away >> yes, we're expecting our may read on the post-sale side of the consumer on the producer price index. down 0.3 of 1% all the high water marks were made in march of '22 the high water mark for this series of 1.6. since then, this is the one, two, three, fourth negative read that we've had on headline ppi minus 0.3, in march we have

minus .will and if you strip out food, energy and trade, it is unchanged. now, let go to the year over year, shall we >> ppi, final demand, year over year up 1.1% that follows up 3.3. it was it 2. was the high water mark in 2022 woorp rpg a nice low number, you're expecting 2.9. the high water mark there was 9.7 and finally if we look at x food, energy and trade year over year, it up 2.8% we were expecting 3.1 and the

rear view mirror is3.4, that is interesting because that is the lo the hype water mark there, by the wach, 7.1% so we are coming down much more brisk, much faster and ten-year note yields haven't moch nchls and what do they do nor for the next several plus hours? yesterday we saw a big reversal afters knee jerk reaction. if we look at what's going with the pro-open equities, we

increase, but applause and evening because we need to ask ourselves why are they pausing now? i'll tell you why. because they really want to be done, want to buy themselves more time. they understand keeping a 5 or 5 1/2 rate will continue of minute of of day ringdo you think the muted resfrrks and the number we got yesterday brought the market's reaction, the expectation for what we expect the sued to lid fichlt who are always trading in the moment, in the here and now than some up.

a good indicates nafrmgs and how. from even though they may do more damage and less interaction in the interest rate complex by just moving rates higher that your going to do more damage, i'm not sure they're going to change the source of these inflation numbers so we'll have to wait and so what the press conference holds for us and what jake hall has >> i think smart unest frpgs i think that's a really important development. when i look at different things, it more than just food and

energy so it's more than the volatile sectors here transportation and warehousing down 1.4% on a 12 motor vehicle month basis. so what you have is the things that pushed up prices. the have and the competitive pressure trrk it's the sensitivity. companies holding the revenue on line ins rmgs i want to show you one more chart here from the cpi. this is courtesy of tom lee who pointed this out in a net this morning. it another reason why the fed might pause. you if you see that june number

all the way the many and tom lee suggests that could bring the insurance number up to frm. >> why is there an empty space next to it >> i think that's a zero month so you had that 1.2% number. >> that can really change the picture. >> it. suggesting less pressure up the spice join stay right there, we frrms and also tyler good speedis norm and let start with you there are some pretty positive signs to read into this.

the market may not be reacting too quickly to any of this but does it change your perspective at all >> yell,in the pipeline, there's more of a price decline and all increases. it's not just all in frrnl it's he's not out of the woods. powell has said the first leg is the easy part. the hard part is bringing inflation down from 4 to 2 we've still got wood to chop here but all these thins are going in the right tlkss frrj and do we really need to see a

lot more season but definitely in is another mark in the win california kbrfrm i guess add this to the list, too. >> i think it's certainly a sign that cost push unplace we still and poll inflationwe twrchbl in the 4:30 and 5% range. now i think we're in a 4 to 4 1/2 percent range. i frae with the panel and steve and rick that we're probably looking a the a pause. i hope the fed will look through the base effects because those flip sign after june and they got to be a little bit careful to make sure they continue to be data dependent

but that's a symmetric data dependence if this is seen as a ceiling, that truncates the distribution, which by itself could be a bit more stationary. >> so you're nor worried about inflation? >> it's a risk but think the fed has to be about the other half of their mandate, which is price stability. they have that mandate and i think they're going to continue with that. >> julia, you come down on that side, too? >> i mean, i think the way chair powell described it, risks around doing too little versus doing too much are becoming more balanced certainly i would say that failures of the banks that we saw earlier this springer an indication of that the yield curve is inverted, the financial system is getting adjusting to higher for longer

interest rates and a generational shock in inflation and interest rates i do believe in lags so i do see a balance of risks on both sides, and the reality is that the risks from financial instability are nonlinear. so when they jump out at you, they bite you hard so i don't think the fed wants to find itself in that lender of last resort position it found itself in march. that is not where you want to end up that is a key reason they are taking a breather in june. inflation hasn't shown enough progress but there are very positive signs in the right direction and meanwhile you've had a very tangible, serious event where the fed has had to expand its balance sheet and step in as the lander of last resort that's, again, not where they want to be i think they have a delicate task ahead of feeling their way to that right policy setting the economy is doing a lot of, you know, work for them.

the economy has been incredibly resilient and the labor market has been incredibly resilient but they cannot take that for granted. i think the balance of risk is definitely two-sided >> steve, just thinking about this balance of risk, does the fed have some sort of a hippocratic oath where they think first do no harm, which would push them to the point of stopping pausing and waiting to see until they have a little more definitive information or does that not exist at all when it comes to the fed? >> it definitely exists but the question becomes the balance of risk if the balance of risk tilts towards higher inflation -- >> but if the risks are balanced at that point, what does that argue here >> for the fed to pause here i want a second to draw joe out. he's been hinting about this all week joe, is this the party getting

started that we've been waiting for? is this the green light? we've been talking about the fed pausing and stopping and now it's time to go. are we there yet i don't want to miss it. i don't want to be too early is the fed on pause? can we start doing ipos and drinking the punch again >>. >> what i want or what's really happening? >> what's really happening is this it are you ready to call this the bottom or whatever it is >> i don't think that the nasdaq and the s&p are totally oblivious to what is really happening and have a better idea than the fed maybe what's happening. and maybe the bond market has a better idea of what's happening. i like the way you and jay powell, i don't know whether you guys talk, but you both seem to be more open to lags and that we

might already be there i don't really understand the other side i think most of the people were really young and weren't around for the 70s. they always talk about volcker in the 70s but they weren't really there for it. i don't understand why they get locked in that -- i sort of have an empathy for where rick has been on whether they've already gotten to where they need to be. >> that's been rick's take for a while here i've been a little more cautious and -- >> you've come around, though. >> i've come around. >> last thursday -- >> i don't want to miss the moment, joe, if it happens we've been sitting here talking about the moment when the fed would pause and it would be the green light for ipos i don't want to miss the moment if this is it. >> it was the last meeting you missed it already.

the last quarter point you missed it, steve too bad. happy flag day, though >> happy what? >> flag day. i want to thank our panel, julia, tyler, rick, steve. we'll see you soon >> coming up, reaction to today's -- i'm cautiously optimistic. i always say that, right coming up -- that's my answer. i look ahead or am i optimistically cautious? >> cautiously optimistic is better >> we've talked about it three or four times already this morning. economist and author judy shelton. next, though, the door to the ipo market cracks open just a little bit and at oerwhth there's like three people

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welcome back to "squawk box. mediterranean casual restaurant is expected to price its ipo tonight. it could set the tone for other restaurants looking to debut in this window. kate rogers joins us with more >> it set the rate from $19.

they are focusing on the suburbs. they have comparisons to the chipotle experience. it took zoey's kitchen private in 2018 for $300 million and has been converting those locations into cava foot traffic much higher than the fast casual category, up 4.1% in may, and a decline it is as well well off of its ipo levels

and on the smaller name side, fat brands' twin peaks and gen restaurant group have filed paperwork to go public but cava could give an indication in the investors space morving ahead, andrew back over to you >> why is the time now, if it is, for these names? >> well, analysts say cava could is he the tone here. blue groups company did not move with this grouch on that but they said it could be a bellwether despite what may or may not happen dining out is one of the last places we see consumers pulling back the outlook for cava is good there. it could benefit from a trade down if consumers are shying away from casual dining because this is a more affordable restaurant >> this is a money-losing

enterprise there's a peck speculative elem for investors here on when does this company break even and get to profitability i don't know if there's a real sense of when that takes place you keep when chipotle went public, was it a money-losing enterprise >> i do not believe so, and as you said, sweet green is also losing money, i think looking to turn a profit in 2024, so a similar name there and another name in the same cohort, but ch chipotle is doing much better, very different enterprise than a cava, so it remains to be seen >> kate, thank you appreciate it. becky? thanks, andrew up next, we'll get reaction to this hour's inflation data and what to watch when the fed onist dyon rates this afternoon. ecomju shelton will join us we'll be right back. orate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars.

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welcome back to "squawk box. headline producer prices for may dropping more than expected. the core rate was up 0.2% in line with estimates and the data comes just a few hours before the latest fed interest rate decision for her take, let's bring in judy shelton, a senior fellow at

the independent institute. in her latest "wall street journal" op-ed, she says it's critical to look at the budgetary effects of a fed that's raising interest rates, and you make the point, judy, and welcome, you make the point that all this, everything the fed has done and is considering today is based on the notion that inflation and unemployment are inversely related, the phillips curve notion, and you asked a question whether that's the case well, if it really doesn't work, think about how horrific that is to try to raise unemployment and try to put people out of work when it might not even solve the problem. but you know who you sound like? you sound like bernie and senator warren and aoc how do you end up on the -- with such strange bedfellows and both arrive at the same conclusion from different sides of the political spectrum >> well, let me just say right

off, i don't go along with, say, senator warren and think that it has to do with corporate greed or some of the other villains she sets up. i'm more closely aligned with jack kemp and with the idea that people working productively is not inflationary, and real economic growth is not inflationary so, what i'm saying is that it's a mistake for the federal reserve to think that they can finesse this tradeoff. this goes back to keynesian thinking from the 1970s, that government managers were so brilliant that they could do a much better job than market forces and that they could decide what the cost of capital should be. and i'm always going to side with the private sector, and i think markets have been happy to see higher employment and a robust economy resilience is great. so, i'm not looking, you know, everyone says, is the fed going

to pause or skip or pivot? i just want them to stop i think it's the constant boom and bust it's its attempt to manage economic activity that causes the negative repercussions from activists. >> but it's the other side of -- not the other side, but it's a different part of the bureaucracy that controls all the supply side issues that you're talking about the fed can't deregulate the economy. the fed can't -- i mean, maybe indirectly, but they can't prevent the government from overspending this is the only thing that they can do if they just purely worked on the supply side, they'd keep interest rates at zero forever and increase the supply of labor and, you know, money would be cheap, and that would be great, but then you've got their key mandate of price stability they wouldn't be able to try to

harness that at all. so, they don't really have any other tool, do they, judy? >> well, first off, i think they could be more helpful on the fiscal front they could be, that is, chair powell could be more like paul volker and say our biggest problem is overspending, and what we need to do is move to a balanced budget as soon as possible the fed would be helpful if they would point that out, and they don't have to make it a political statement. it just has to do with the future fiscal viability of the country, because the fed has to take on the burden of financing the deficit, and that causes the monetary damage. but as far as not being able to influence the supply side, i think that's not so. the fed really controls the cost of capital, that's where i think -- that's not a good thing, but that's what they do that is their primary instrument, and our big problem now in the economy is it's not

the low unemployment i think employers worked very hard to get those people to come back to work they don't want to let them go but we need those people to be more productive. we want maximum productivity, and that's where we're falling down with it the way you get more productivity when you already have the human power is you combine it with technology and so, you want the software and the plant equipment. you want to be able to expand output, and that means business capital investment so, why would the fed be trying to increase the cost of capital, which hits the entrepreneurs the hardest? >> i see all that. do you think that they're done at this point, in your gut, if you had to say you hope they're done. do you think they're done? that's only a temporary reprieve, because they'll be doing something else soon, either going too low or too high again. that's part of the problem, i guess. >> well, it's funny to say, in

your gut economics, for all the modeling and all the pseudoscience, you can't read an article in economics without just being inundated with the formulaic explanation of everything, but it's really a social science, and there is something to what you feel in your gut, and that's what makes it interesting, the discussions of the federal open market committee around the boardroom table, because these people coming in from other fed districts talk with people, and they know what they're telling them so, you get into more of a sense of, are you blowing it are we overdoing it? and balancing that risk, as you said, financial stability versus fighting inflation the fed needs to look at its model and say, is hiking interest rates and trying to kill unemployment, economic growth the best way to fight inflation? >> perfect ending for that

i was watching the clock, and you can -- in your gut, you could tell we were getting close to the end so, gut feelings are important thank you, judy shelton, we appreciate having you on >> a pleasure. thanks, joe, becky, andrew, thank you. >> won't be long what time? 2:00 something like that? maybe a hawkish skippy pause or something. join us tomorrow "squawk on the street" is next ♪ good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber it is fed day. decision at 2:00 eastern, and for the moment, futures mixed as the dow notches six consecutive gains, longest streak since january. producer prices come in cool, up 1.1% that's the lowest since 2020 our road map begins with stocks. the s&p eyeing its highest open in about 14 months, investors banking on