It's Jim Kramer here. You're listening to the opening bell of CBC's squawk on the street.

Don't miss a minute of the action.

Big event today, the ECB Forum on Central Banking in central Portugal. We're in a few moments.

Kevin Warsh hits the international stage for the first time as Fed Chair. He'll join ECB President Lagarde, the heads of the Bank of England, Bank of Canada in a roundtable discussion moderated by our Sarah Eisen. Markets will pay attention and we will bring it to you live. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanio with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Futureures a little soft as we kick off the second half. Yields a little jumpy, the 10-year back near four and a half, the long bond near five, oils back below 69 as Iran, and the Saudis now are touting the amount they've been able to export, and in the Saudis case, sell on the spot market. Let's begin with the Fed Chair and the markets in focus as we enter the second half of the year, Jim. What do you make of some of this yield action? ADP was actually a little bit below expectations for the month. Yeah, look, look, I had John Gibson last night from paychecks. He basically just said this is the best economy, best economy for hiring. It ages. In that small

medium-sized business, I'd look at this number, and I say, this number's a little bit cooler.

You put them all together and you just say, hey, listen, things are good. And does things are good

mean that the 10 years should go, should rates go way up? I don't think so. David, I do believe

that the fear of what Warsh is about to say is, I don't want to say it's ridiculous, but I do think that this isn't the fore where Warsh is going to put the wood to stocks, more bottles. Okay. It's not that kind of thing. No, but he's going to answer questions and he's going to, I assume, share his view to a certain extent that might be beyond... Is you going to shock us, huh? It's unlikely. Right. That's all I want. Yeah, unlikely. As you would say, okay. Is that what I do? You do it constantly. Do I really? Yeah, I was with someone last night to watch the show. He says, does he hate you? It is.

Is this the dinner where you met the cheese salesman?

I know.

No, I know who you had dinner with last night.

You don't know.

He doesn't think that we hate each other.

Although I do hate that tie.

It's an Hermes tie in honor of the European thing that's going to cut our show by three quarters.

Okay? Thank you.

Look, I do think that the cheese monitor made $13 million in Vida.

I don't think that we're going to have much out of wars.

I think it's going to be very convivial.

It's the first time.

And I look forward to it.

Well, we will be listening for more clues about task forces, more clues about

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