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Hike #9, Winning AI, & the SEC’s Celebrity Targets 03/23/23 Mar 23, 2023

Show notes

The Federal Reserve announced a rate hike of 25 basis points, its ninth consecutive hike in the last year. Chair Jerome Powell softened his tone on the central bank’s aggressive hiking policy, and the markets interpreted his comments as a hint that the end of the hikes may be approaching. Though temporarily sated by Powell’s comments, markets bristled at those of Treasury Secretary Yellen to a Senate subcommittee. Real estate mogul, investor, and Starwood Capital CEO Barry Sternlicht digests the Fed’s policy and its impact on the American economy. CNBC’s Jon Fortt maps out the AI landscape and its potential winners, including big players like Microsoft, and smaller contenders like Duolingo. Plus, the SEC is cracking down on crypto by going after celebrities.

In this episode:

Jon Fortt, @jonfortt

Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick

Cameron Costa, @CameronCostaNY

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Lloyd Blankfein: Market Stability & Fed-spectations 03/22/23 Mar 22, 2023

Show notes

In an extended interview, former Goldman Sachs CEO Lloyd Blankfein discusses the fine line for Federal Reserve Chairman Jay Powell, who prepares to speak to markets and investors today. Blankfein discusses the Fed’s inflation fight vs. market stability balancing act, and he shares the lessons on regulation and transparency that he learned from his own experience with a banking crisis in 2008. Plus, a break from the banks: Petco’s business is booming, CEO Ron Coughlin says, thanks to the work-from-home surge; the Mets are going members-only (for $25,000), and Nike’s pace is lagging–for income, at least.

In this episode:

Lloyd Blankfein, @lloydblankfein

Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer, @Kramer_Katie

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Time for a Time Out? Former Fed Governor Kevin Warsh 03/21/23 Mar 21, 2023

Show notes

JPMorgan is advising First Republic on strategic alternatives, after JPM and 10 other banks announced a $30B deposit into the embattled bank. Treasury Secretary Janet Yellen lauded the move, but told lawmakers that the government would not refund all uninsured deposits for every bank that fails. The Federal Reserve begins a critical two-day policy meeting; former Fed Governor Kevin Warsh discusses the central bank’s options to hike, pause, or pivot, and he argues that a time-out is in order. High profile tweeters like Elon Musk and Bill Ackman are also weighing in. Plus, sports merchandising, betting, and collectibles company Fanatics has scored a new deal with the National Hockey League. NHL Commissioner Gary Bettman joins Fanatics CEO Michael Rubin to discuss the outfitting deal and the future of live sports. Spoiler: sports streaming isn’t off the table for Fanatics–at least in the long term.

In this episode:

Michael Rubin, @michaelrubin

Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer, @Kramer_Katie

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An Emergency Swiss Rescue, A Liquidity Crunch, & ‘We Love NYC’ 03/20/23 Mar 20, 2023

Show notes

The Swiss government has helped broker a deal for UBS to acquire its embattled rival Credit Suisse in an “emergency rescue” to curb global contagion in the financial sector. Joe Kernen, Becky Quick, and Andrew Ross Sorkin unpack the details of the deal and whether it will work in stabilizing banks and investors. Steve Liesman explains, the Federal Reserve is coordinating with other central banks to improve global liquidity with enhanced swap lines. Sen. Bill Cassidy (R-LA), a member of the Senate Finance Committee, considers the banking regulations that could mitigate poor management in finance. Plus, New York City Mayor Eric Adams and President and CEO of the Partnership for New York Kathryn Wylde discuss the city’s road back from Covid-19, including their launch of a new “We Love NYC” campaign.

In this episode:

Sen. Bill Cassidy, @SenBillCassidy

Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer, @Kramer_Katie

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The Week That Was: A Bank Crisis, IRS Records, & The Next Fed Decision 03/17/23 Mar 17, 2023

Show notes

Joe Kernen and Andrew Ross Sorkin digest the chaotic week that was: banks in crisis, markets in tumult, and the Fed under pressure. Lazard’s Peter Orszag unpacks the instability in our financial ecosystem and the action it may prompt from the Federal Reserve in next week’s FOMC meeting. ProPublica’s Robert Faturechi discusses his latest investigation revealing never-before-seen IRS records that show CEOs are sometimes making multimillion-dollar stock bets—and doing so with some very lucky timing. Plus, Emmanuel Macron is making a big decision on retirement in France, much to the distress of his populace.

In this episode:

Peter Orszag, @porszag

Robert Faturechi, @RobertFaturechi

Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Klaire Odumody, @klairemarie

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A Swiss Lifeline, the Rate Hike Risk, & Threatening TikTok 03/16/23 Mar 16, 2023

Show notes

Credit Suisse gets a lifeline! CNBC’s Geoff Cutmore reports on the Swiss Central Bank’s backstop for banking contagion, and CNBC’s Steve Liesman explores how this week of financial instability affects the chances of another immediate rate hike from the Federal Reserve. Today’s podcast further investigates the shockwaves from the Silicon Valley and Signature bank collapses, first with the congressman who represents Silicon Valley itself: Rep. Ro Khanna (D-CA). Rep. Khanna argues for more banking regulation and considers the culture that could have pushed these banks to the brink. Former 4 star General Stanley McChrystal also unpacks the fallout; in his current role as a CEO consultant, Gen. McChrystal says, the best crisis response is drafted before a crisis even hits. Plus, the US government is threatening action against TikTok, and Virgin Orbit is coming back to earth, and its staff–and stock–are taking a hit.

In this episode:

Ro Khanna, @RepRoKhanna

Andrew Ross Sorkin, @andrewrsorkin
Kelly Evans, @KellyCNBC

Steve Liesman, @steveliesman

Geoff Cutmore, @GeoffCutmore

Klaire Odumody, @klairemarie

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Banking Contagion: U.S., Europe, & Larry Fink’s Warning 03/15/23 Mar 15, 2023

Show notes

After the collapse of Silicon Valley and Signature banks and the subsequent regional bank crisis in the US, European banks are now rattling the global markets. Credit Suisse stock has hit an all time low, and global investors fear that banking contagion is spreading. Stateside, CNBC’s Eamon Javers reports, the Department of Justice and the SEC are investigating the SVB failure. Allianz and Gramercy advisor and president of Queens’ College Mohamed El-Erian unpacks the Fed’s long term policies that have led us here, the real picture of financial stability, and the rocky road ahead. Also digesting the banking contagion: the CEO of BlackRock Larry Fink is warning investors that more bank seizures could be coming and that inflation’s going to stay high. Plus, ChatGPT has reported its latest model has exhibited ‘human level’ performance on standardized testing like the bar exam and the SAT.

In this episode:
Eamon Javers, @EamonJavers

Mohamed El-Erian, @elerianm

Andrew Ross Sorkin, @andrewrsorkin
Melissa Lee, @MelissaLeeCNBC
Klaire Odumody, @klairemarie

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Delta’s Demand, Inflation’s Rise, & the Repercussions of a Rescue 03/14/23 Mar 14, 2023

Show notes

The Federal Reserve’s next rate hike is around the corner–or is it? The latest inflation report, last month’s Consumer Price Index, came in hot but not worse than expected. CNBC’s Steve Liesman considers whether it’s a stable enough report to merit a pause on the Fed’s rate hiking spree. Another concern for the Fed: instability in the financial system. Markets and regulators are digesting the second- and third-largest bank failures in U.S. history, and former CEO of Bridgewater Dave McCormick is asking whether the government’s Silicon Valley Bank depositor rescue set the correct economic precedent. In a wide-ranging interview, McCormick compares 2023’s bank backstops to the 2008 financial crisis and discusses the rest of the challenges facing the American economy. Plus, Delta CEO Ed Bastian says, air travel demand is strong, despite safety concerns and sky high ticket prices.

In this episode:

Ed Bastian, @Delta

Dave McCormick, @DaveMcCormickPA

Phil Lebeau, @Lebeaucarnews

Steve Liesman, @steveliesman

Andrew Ross Sorkin, @andrewrsorkin
Becky Quick, @BeckyQuick

Katie Kramer, @Kramer_Katie

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Near Miss: A Bank Collapse and a Crisis Averted 03/13/23 Mar 13, 2023

Show notes

Did we dodge the bullet? Federal agencies on Sunday approved plans to safeguard depositors affected by the collapse of Silicon Valley Bank on Friday, and the Federal Reserve is creating a Bank Term Funding Program to secure financial institutions from instability amid the SVB failure. Squawk Box’s Becky Quick, Andrew Ross Sorkin and Steve Liesman discuss the near-miss, how government action prevented a broader financial crisis, and the moral hazard of the federal action. Alexis Ohanian, venture capitalist and Reddit co-founder, describes the 72 hours of chaos experienced by young, start-up companies following the shutdown of Silicon Valley Bank. The veteran entrepreneur who also funds early-stage companies said venture capitalists raised the alarm but should say “thank you” for the government backstop. And, Camp cp-founder Ben Kaufman runs his business from the funds in his Silicon Valley Bank account; he shares the anxiety he felt over the weekend, looking for a cash infusion.

In this episode:

Alexis Ohanian,@alexisohanian

Ben Kaufman, @benkaufman

Steve Liesman, @steveliesman

Andrew Ross Sorkin, @andrewrsorkin
Becky Quick, @BeckyQuick

Katie Kramer, @Kramer_Katie

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Jobs, Gun Sales and the Silicon Valley Bank Failure 03/10/23 Mar 10, 2023

Show notes

Job creation decelerated in February but was still stronger than expected despite the Federal Reserve’s efforts to slow the economy and bring down inflation. Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, discussed the latest job report and what we should expect from the Fed regarding rake hikes, and more. SVB Financial, parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused regulators to shut it down. SVB was trying to find a buyer and hired advisors to do so after attempts by the bank to raise capital failed. Priscilla Sims Brown, Amalgamated Bank CEO, discussed the company’s effort spearheading a merchant category code for gun stores, afer major credit card companies paused the effort.
In this episode:
Priscilla Sims Brown, @AmalgamatedBank
Rick Santelli, @SantelliRants
Jason Furman, @jasonfurman
Hugh Son, @Hugh_Son
Andrew Ross Sorkin, @andrewrsorkin
Becky Quick, @BeckyQuick

Katie Kramer, @Kramer_Katie

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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