we're going to get into all of that and much more i do want to go first to our leslie picker. she's been following that hearing on capitol hill with the bank ceos and has an update for us on what's been taking place as we've been following this lawsuit by the new york attorney general. >> that hearing by the house financial services committee about two hours under way with seven of the largest consumer facing bank ceos answering questions about the broader macroenvironment jamie diamond expressing his views on the any he said there's a chance of a mild recession and a chance of a har harder recession >> i don't want to second guess all the people doing that. that might have been predictable at the time. but i don't think you can spend $6 trillion and not expect inflation. i don't like to cry over spilled milk, we have to move forward, grow the economy, which is the best way to reduce inflation and help all our citizens. >> the ranking member patrick mchenry began his questioning by asking citi group's about the consequences of a higher inflation environment. >> we are concerne

guidance of the volatility do not miss cnbc's delivering of a fa conference just 24 hours away leslie picker joins us with a preview. leslie finally almost here all excited. >> it's finally almost here. it's going to be a very busy day. it's hard to think of a better time to convene top investing minds from all strategies and asset classes to help us make sense of the recent market volatility in the tech space in particular, joined by two top-tier growth investors familiar to the "techcheck" audience. blackstone president john gray and whitney, ceo of bumble speaking about their partnership and fireside scheduled with citadel and pimco, up to the minute perspective on the market environment. of course, with the midterm elections actually six weeks away today, we'll get a sense of the political and regulatory landscape with deputy treasury secretary wally and virginia governor and former carlisle ceo. jon fortt closing out the day with a micro panel of rock creek and jillian salisbury runs goldman sachs asset management less than 24 hours away but i believe still tickets available if you'd li

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back the ceos of seven major banks testifying in front of the house financial services committee leslie picker hearing. joins us now you're waiting, bated breath. >> the candy that you got me to keep my sugar and energy levels high certainly has been working. >> is it working how many are left? >> not many left, but i did share with my producer, just to be fair. >> okay. >> but to your point, this hearing is about to enter its fifth hour now the lawmakers currently on recess should reconvene shortly, but so far much of the questioning of the country's seven largest consumer facing ceos involve the state of the economy. wells fargo ceo charlie scharff said the firm plans to retreat from its mortgage business. >> we do operate within businesses that are susceptible to market conditions, volumes go up and volumes go down the changes that we've seen in the mortgage business are the most significant changes we've seen in the shortest amount of time, given the moving rates, and so we, like all other mortgage companies, have had to take a look at our own infrastructure and ensure that it's sized prop

leslie picker, thank you. >>> the unilever ceo speaking at the barclays consumer staples conference todayople are swapping out, for instance, body wash for bar soap but also there's pockets of strength including e-commerce where he is seeing customers add on to pints of ice cream, for instance, on their uber eats orders joining us is unilever ceo alan jope it's good to talk to you, given you have a broad reach across food and household products. what are you seeing globally right now from the consumer as we monitor how they're holding up in the face of a lot of macro economic challenges? >> you bet hi, sara thanks for having me i mean, unilever is quite a different company from where we were three years ago that we were entirely focused on growth. we're not tied to a long-term margin commitment. we're executing with more discipline we've made clear strategic choices and we find ourselves in a position where we're quite well equipped for the continuous volatility we're living with it's wrong to make sweeping global aggregations and generalizations. what we're seeing is continued strength i

our leslie picker has been monitoring some of the panels today.hts hey, les >> hey, scott, yeah. it's been a very busy morning here with a lot of talk about inflation, geopolitics, where to put capital to work amid these very volatile markets and the prospect of inflation. what it looks like clearly front and center for many of the panelists today. as you mentioned earlier in the program drukenmiller said, quote, he'd be stunned if we didn't have a recession next year pimco's ceo echoed a similar idea >> we just think you're going to see continued economic momentum throughout year end, any type of material slowing will likely be a 2023 phenomenon, and the economy may, you know, surprise over our resiliency in this market it doesn't mean it's not going to weaken eventually, but you could end up seeing some stickiness that create, again, more volatility, more uncertainty. >> he said there's still a shot of a soft landing, but it's not the firm's base case scenario. carlyle's david rubenstein also believes some sort of slow down is around the bend, b

here to tell us what they are expected to say, leslie picker >> mel, the title of the hearing is quotelding mega banks accountable, over sight of america's larger consumer facing banks. financial services committee majority of staff say they're looking for the ceo's to address a variety of issues including consumer protection and diversity and inclusion and diversion in the banking smm the kre's adroesed those topics. many of thome touting the role they played during the pandemic, processing ppp loans and waiving or lowerer overdraft fees an raising minimum wages of employees. they addressed what they're doing to promote diversity within their organizations and the controls they have in place from a cybersecurity standpoint now a privacy standpoint now while the hearings were called with a focus on kconsumer products, they expect the line of questioning will be in other areas as well. esg and governance and as will the regulatory environment and the overall health of the economy. how consumers and businesses are faring in the face of inflation. the hearings will be hybrid format and ki

cnbc finance and investment reporter leslie picker is following the hearings.> yeah. that's right. the hearing is still on going into hour six now. quite a diverse line of questioning and to your point since this thing has seen fireworks. racial equity to cybersecurity to overdraft fees to the mortgage market. joe politics front and sent we are them pressing the bank ceos about the ties in particular with entities in russia. >> yes or no question? >> you have not your ties. you continue to own major stake in the russian bank. >> no, we do not own a stake. pure bank, i think that is -- >> thank you. >> we cut out some of the -- >> i wish you would cut all the ties to them and let me go on to citigroup. you have cut your ties with luke oil? >> i have one other thing. >> not on my time you can't. reclaiming my time! >> the time belongs to the gentleman from california. >> can you do a press conference afterwards and comment as you like. not on my time. >> the bank's ceos were asked about relationship with china doing business in china and russia. and they said the

i'm quarrel quintanilla with david faber and leslie picker. jim cramer has the day off 315,000 shows job growth moderating a bit labor force matching the post-covid high, as becky said yields are down ahead of a weekend. futures rallying as the number comes in as expected, cools fears of a more aggressive fed ahead. >>> plus a retail outlook lulu continues to see strong sales. >>> and fresh off signing a major contract extension, russell wilson kicks off a partnership with carrier the carrier ceo joins us at 9:00 to explain >>> we're looking through some of the internals we mentioned labor force the discussion this morning, guys, is if we can put together a moderating cpi number on the 13th, what does that mean for the fed this month >> yeah, i think that's the key. when you look at the market reaction to this report, it's very clear that it's a mixed report it's not out of water hot. it's not too cool. so you've got kind of a positive, muted reaction people of course are going to look ahead to what's going on with cpi neal kashkari says he's

there's opportunities everywhere we're going to hear from bravo co-founder orlando brav cro with leslie picker at delivering alpha. hi, leslie. >> hey, contessa it's been a wide ranging conversational, important day here at the delivering alpha conference i'm glad to be joined by orlando bravo. as you mentioned perhaps we can start macro a lot of talk about recession, the impact of inflation. when we caught up in berlin you said there was more pain to come in the tech sector i'm curious where your head is at right now with regard to tech and just the potential for a recession broadly? >> leslie, first of all very nice to see you. thanks for having me every single lp is asking the question and every investor is, are you seeing a recession now in software? do you see it? the answer is with roughly $20 billion of revenue in our portfolio, we currently don't see any slowdown we can tell it's coming. we can tell purchasing managers are getting in to the deals and slowing things down. they're making more methodical decisions. we clearly see a slowdown and software will not be immune from that it wil

leslie picker has been monitoring some of the panels and she joins us now with some highlights druckenmillerfor example, obviously longtime investor, once ran the quantum fund. he's been negative for a long time >> and that continued. that continue. no sea change there. we're on about our four panel of the day with conversation spinning global policy, global opportunities, investing hard truths including that of duquesne's stan truck en miller. saying the central bank made a big mistake and the repercussions of not acting fast enough on inflation will, quote, be with us for a long time as such, he's predicting a hard landing by the end of next year. >> our central case is a hard landing by the end of '23, but i don't know i've been wrong on a lot of things i can be wrong on this since i do it for a living, that's our forecast, which is a recession in '23 >> despite the market volatility and unprecedented crosscurrents out there mary callahan erdoes says there's a runway for market outperformance. >> it's actually the easiest time in the world to find alpha. there's alpha everywhere the littl

the so-called spac king closing two of his funds our leslie picker following that money. set with us today. wow, okay. >> quite a difference a few years makes here to your point once dubbed the spac king is winding down those two vehicles after failing to find companies to merge with them the $1.5 billion worth of funds will be liquidated and returned to shareholders. in a blog post this morning he said the team has evaluated more than a hundred targets and came close to doing several deals, but ultimate lay they decided to walk away due to an inability to agree on valuation and fears from management teams about public market volatility the unwiding of two of the largest spacs underscores a broader market here. however, the six deals that were completed using these vehicles are deeply in the red here to date so is the cnbc spac index which has seen its value cut in half in 2022 at the market sold off profit risky names in the face of high interest rates those markets are spooking prospective investors and using new issuance to fall off a cliff and spacs still searching fo

one, contessa brewer and i will be anchoring together for the first time ever, and number two, leslie picker'savo we'll talk about the private equity world, why orlando is pulling back on his crypto investing that is at 2:15 eastern. dow is up, oil's up. we're back right after this. we lost about everything trying to pay for prescriptions. we spent our whole pension but couldn't keep up. so my husband just stopped taking his medicine. and then he had a stroke. i can't get back what i lost, but thanks to aarp, a new law will protect seniors with a cap on their prescription costs. that could have changed everything for us. i'm just grateful that no one will have to face the terrible choices that we did >>> welcome back hurricane ian is beginning to pummel florida heavy rain and catastrophic winds are expected to knock out power across the state in fact, more than 700,000 people are now without power already. well, the entire nation of cuba and multiple caribbean islands have already been left in the dark wisconsin-based generac has sent a response team to the tampa area to try to keep critical b

. >> diana, thank you, i think >>> let's get to leslie picker for a cnbc news update. >> thank you yourate at this hour a new report today says that unemployment fraud during the covid pandemic may have resulted in over $45 billion in losses. this is roughly three times the previous estimate. the labor department says that more coordination is needed to investigate and charge those responsible. >>> tesla is recalling more than 1 million vehicles over an issue with the automatic windows not responding correctly after detecting an obstruction the electric vehicle manufacturer says the issue affects five years of model 3 cars and a few model ys and x vehicles tesla said it is issuing a software update for the program and no injuries have been reported >>> and as you guys were just discussing, target and walmart have announced they're hiring for the holiday season target is planning to hire up to 100,000 seasonal workers, about the same number as last year, walmart expects to hire 40,000 seasonal employees which is down from last year retailers are still recovering from a year of excess inv

. >>> we do have a news alert on the ipo market for that we'll turn to leslie picker. >> hey, carl, yes. just the latest victim of the ipo drought that we've been experiencing this time it's chobani known mostly for their yogurt. they filed a request to withdraw their registration statement for their s-1 with the s.e.c. saying that they have decided not to pursue at this time the contemplated initial public offering initially it was reported that they were looking to debut in the fall of 2021 that was then pushed to the early winter, early spring this year then it was reportedly delayed even further there were executives that had left the company as they grew impatient about this ipo that never was to be. ultimately it could pop up again but at least at this point in time given the contours of its registration s-1 not in this current environment. they were reportedly seeking about a $10 billion valuation. just given the recent market volatility, the lack of ipos, the lack of interest in ipos, it's just one of those companies that decided now is not the right time, carl. >> certainly ref

we have leslie picker joining us with a preview >> reporter: andrew, in the year where the average 60 stocks and bonds is down 20%, up performance is paramount. that will be the thread that will run through the conference. the delivering alpha event taking place tomorrow in new york city. it will be the first time we are back in person since 2019. the speakers span asset classes and strategies stan druckenmiller will be with us as many others. i'll sit down with dan ivascyn we'll have a panel focused on short selling and a one-on-one with ken griffin with the midterms over a month away, we get the climate with the deputy secretary wally adeyemo. tickets are still available for purchase at deliveringalpha.com. >> leslie, it will be an amazing day. we will get a snapshot across the country and how investors are thinking especially given the federal reserve and other central banks. what is the one thing you are looking forward to >> reporter: andrew, this is cheesy to say. this is the first time back in person in three years. i'm looking forward to the conversations that take place in th

of respondents said it was an even more important issue this year than last year even guys. >> leslie pickerfor that report. we're going to talk a lot more about these new findings i want to bring in the ceo of just capital martin whittaker good morning to you. we've been talking about the new stats and maybe how ceos should think about them i want to throw into the mix, how you look, we've been talking about this company because it's been in the news a lot recently, how you would look at starbucks and how something like that would rank or rate in this context given the sort of push/pull of what we're seeing from labor on wages and so many of the other issues. >> well, good morning, andrew. thanks for having us on. starbucks actually does pretty well and if you look across the retail space and companies with lots of front line employees, you know, hourly wage workers, you know, a lot of the issues in the top 6 that leslie just identified are very relevant for them i saw your interview with howard schultz recently you know, i think this issue that you brought up about how companies are addres

that event taking place tomorrow morgan >> leslie picker, thank you. >>> as we head to break, check outmorning. closing in on 10% gains for the week back above 20,000. >>> in other crypto news, ftx continuing its buying streak, winning an auction for bankrupt crypto broker voyager digital. other names like coinbase are moving higher as well. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq . >>> welcome back to "squawk on the street." i'm bertha coombs and here's your cnbc news update at this hour hurricane ian has slammed into cuba as a category 3 storm with sustained winds and up to 125 miles per hour ian is expected to strengthen further before hitting florida tomorrow night >>> dramatic video of the baltic sea boiling above the broken nord stream 1 and 2 gas pipelines. danish armed forces say the surface disturbance is more than 0.6 of a mile in

i'm david faber with leslie picker carl, as you can see, is in beverly hills.'s at this year's code conference a quick look at the markets. we have the s&p up, which is not something we've seen, including the nasdaq as well, coming off, what is it, seven straight negative sessions for the nasdaq. >> a nice change in green today. we have 30 minutes into the trading session. here are three big movers we are watching, after the company cut i did guidance, the ceo saying it's -- in retailer orders, and continued inflationary pressures on the consumer shares, down 1.5% brian cornel agreeing to stay on in his role for about three more years nio post ing in april and may, but the stock up about 2.9% in early trading >>> steve liesman is in washington, d.c., and he has some fresh comments from cleveland fed president loretta mester. >> she said it will move into a restrictive stance, very much echoing comments she made to me in jackson hole late last month. she had the fund rate neither to be near 4% by early next year and does not anticipate pushing back some market p

i'm carl quintanilla with leslie picker dave is bringing us disney chief bob chapek along with verizon'serg. a little buying, 3960 almost on the s&p will take you above yesterday's intraday high. as we said, a lot of data, got blockbuster m&a, the rail strike averted. >> plenty of positive news we're 30 minutes into the trading session. here are three things we're watching starting with rail operators csx naming former ford president jim heinrichs as ceo we will have more on that in a moment shares of csx down 1.7%. netflix getting upgraded to outperform at evercore citing the company's ad supported tier and password sharing netflix getting a boost, up 5% adobe getting crushed after falling short on revenue outlook for the current quarter and announcing it has acquired a design platform figma for $20 million. >> the deal is really all about the top line and accelerating top line you know we're an extremely profitable company what we have said is we have some aggressive goals in terms of being able to make this a in year three, which is -- as well as ro driving top line growth. what we sa

. >> leslie, thank you leslie picker. >>> it is decision day for the fed, expected to approve its thirdve .75-point hike steve. >> you say it like it's nothing. it's absolutely historic what the fed is going to do what's going to happen, the fed and fed chair will probably be on guard at this meeting, not provide markets with any wiggle room in which they come to believe that the ped is anywhere near apivot point like it did in the last meeting in the plans to hike rates and battle inflation. most likely powell will stick to three basic points he made in his short jackson hole speech, racing sufficiently restrictive return to inflation to 2%. restrictive policy stance for some time. some pain to households. see points one and two the fed will keep rates high despite the pain you can see here, after today's meeting, call it another 100 and change of rate hikes through the end of the year. a peak rate of 4.51. at a much higher rate than before the 2024 -- the end of 2023, january '24 contract at 407. the shoe is on the other foot. where investors will pay close attention with how far the

i'm quarrel quintanilla with david faber and leslie picker.the day off 315,000 shows job growth moderating a bit labor force matching the post-covid high, as becky said yields are down ahead of a weekend. futures rallying as the number comes in as expected,

the heads of the biggest banks will face questions from the house financial services committee leslie pickerslie, i would if he is a lot of pretty tough questions. >> oh, i would suspect a lot of tough questions as well, becky the witnesses today will include ceos from the seven largest consumer facing banks. those include jpmorgan's jamie diamond, brian moynihan, citigroup's jane frazier and charlie sharp among those that will be grilled by congress on a whole host of issues the committee convened this group to discuss consumer-related topics, things like overdraft fees, emerging technologies like crypto and zell and privacy protection, but it's likely during the q&a lawmakers will venture into other areas including the polarizing world of esg, the regulatory environment of financials in prepared testimony dimon and sharp plan to tout how they've kept the economy afloat. sharp also plans to talk about how wells fargo is responding to a variety of regulatory reactions in his remarks saying the firm has, quote, made progress in strengthening their risk and infrastructure while noting they hav

sounds like a big number until you see the year ago for more, let's bring in lauren hursh and leslie picker with the details. what is happening here >> goldman sachs historically laid off under forperformers bottom 1% to 5%. they put that program on hold during the pandemic. as you are aware, the deal making frenzy was out of control. they have too much work and not enough bodies and not only did they not layoff people, they hired people we turned a chapter in deal making environment david solomon said in the last earnings call that goldman had that the pipeline has slowed i'm hearing that from the bankers i talked to. goldman is reinstated the program and they will layoff probably closer to 1% of the work force than 5% it is significant. it is telling us where we are right now in the economic environment and how the ceos of the banks are viewing the year ahead and conceding and not going to be as good from the deal making perspective from the past two years >> i think we realized that. i think the firms stepping in and making changes after tiptoeing carefully around all of the employees fo