A Fed-Fueled Rally, FedEx, & the Fourteenth Amendment 12/20/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 20 December 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

The market rally surges on, after the Federal Reserve announced its pivot. Former Fed Governor Kevin Warsh discusses the rally and the Fed’s next move. FedEx shares tumbled after disappointing Wall Street in its second quarter report and lowering its revenue guidance; Broughton Capital’s Donald Broughton explains why this company is often considered a bellwether for macroeconomic conditions. CNBC’s Steve Liesman reveals America’s public opinion on its billionaires, and coming out on top was the ‘beloved Buffett.’ Plus, the Colorado Supreme Court has barred Donald Trump from appearing on state ballots in the 2024 Presidential election, citing the 14th amendment, and Rite Aid will shelf its facial recognition strategy after thousands of customers were wrongly targeted as shoplifters. Donald Broughton - 10:24 Kevin Warsh - 17:04 In this episode: Steve Liesman, @SteveLiesman Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squackpot.
0:09.0	The end of the year market rally, the Fed says rate cuts are coming but wait when Kevin Warsh translates
0:15.5	Fed speak for us the goods economy the economy that's around widgets that
0:20.4	economy is in recession the services economy is in recession. The services economy is in an expansion
0:25.0	and the government economy is in a boom.
0:27.0	Donald Trump blocked from the presidential ballot in Colorado.
0:31.0	If he was involved in insurrection, by the way, it's right there in the
0:34.8	Constitution. This was the 14th Amendment to the Constitution that was put in
0:38.6	place after after the Civil War. It's never been tested by the Supreme Court. It's never been enforced.
0:45.0	And FedEx falls on weaker revenue guidance, Rite Aid's facial recognition out the door.
0:51.0	I might be embarrassed if I was buying like I don't know
0:54.6	Kail or something but drugs stores just should not be a place where people are
1:00.6	watching what you're doing.
1:03.0	Plus billionaires, not so beloved.
1:05.7	The NBC Steve Leisman with data on the likeability of our nation's wealthiest.
1:11.2	You could be loved, rich, or famous, but you can't be all three unless maybe your I don't know, Taylor Swift.
1:17.0	It's Wednesday, December 20th, Squawk Pod begins right now.
1:22.0	Stand Becky by in three, two, one, queue please.
1:28.4	Good morning, everybody, and welcome to Squack-box right here
1:31.3	on CMBC.
1:32.4	I'm live from the NASDAQ stock market in Times Square.
	...

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