Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange. Futures a little wobbly overnight with the ECB on deck in a few minutes. The S&B lifeline to Credit Suisse, Yellen on the Hill, Goldman raising its recession odds, and a mixed bag of data today.

A roadmap begins with Credit Suisse, Yellen on the Hill, Goldman raising its recession odds, and a mixed bag of

data today. A roadmap begins with Credit Suisse, the embattled lender receiving a lifeline from the Swiss

National Bank. Speaking of central banks, the ECB is due out with its decision on interest rates

at 15 minutes past this very hour. And here, back in the U.S. Choice Secretary, Yelan is heading to Capitol Hill, set to tell a Senate panel, the U.S. Choice Secretary, Yellen is heading to Capitol Hill,

set to tell a Senate panel the U.S. banking system remains sound.

Let's dive right into CS this morning, borrowing nearly $54 billion from the Swiss National Bank

after touching that all-time low in yesterday's session. The company out with the press release

saying, quote, Credit Suisse is taking decisive action to preemptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank.

This additional liquidity would support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs. Jim? Well, in David was

being yesterday, David on today's show off at the time of the situation, David was saying

yesterday that actually the bank itself is pretty solvent and it's really just kind of the chaos around

it, but it's not. Right. The liquidity ratios, capital ratios are okay. They certainly want to reassure

everybody. But that said, as we've talked about for a long time, it really comes down

to how many people are simply pulling their accounts. As one person termed it to me this morning,

you know, when you're dealing with them, it's more about counterparty risk than anything else

in a sense. But isn't that why... You're not really a depositor, you're a counterparty risk than anything else in a sense.

But isn't that why...

You're not really a depositor.

You're a counterparty.

But the government can take care of it.

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