Bring in show music, please.

Hi, I'm CNBC producer Katie Kramer.

Today on Squawk Pod, where does the true cost of inflation go?

Wall Street has not reacted badly to the tariff yet.

And the question is, should they?

We go behind the numbers with economics reporter Steve Leesman.

At least in the data, we cannot find the idea that foreign exporters are absorbing this price,

at least not now.

The latest data suggesting that companies are still bearing the brunt of tariff uncertainty.

When does it hit consumers?

We talk exclusively to Chicago Federal Reserve Bank

President Austin Gulesby, who is sounding a note of caution. Let's not overreact to one month

of CPI or PPI inflation, but it's at least an area of concern. Plus, the surprising news that

the U.S. government is considering taking an ownership stake in Intel.

Days after President Trump wanted the CEO fired, our Aman Javers reports.

We don't know exactly what happened in that meeting, but something happened to turn the president's mind around in a big way on Liputan and Intel.

But can Uncle Sam really pick winners and losers?

We have been trying, maybe you could argue unsuccessfully, but I think relatively successful

over the last hundred years, to export our brand of free market capitalism to other

countries.

We have long denounced national champions when other countries have taken these

golden shares and golden stakes. We've said that's a bad idea. It's not going to open up the

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