Closing Bell Overtime: Former Council of Economic Advisers Chairman Glenn Hubbard on the Fed’s Big Decision; Affirm CEO Max Levchin Talks State of the Consumer 03/20/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 March 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages finish higher as the markets digest the Credit Suisse rescue. Cantor Fitzgerald’s Eric Johnston on why he’s still bearish while Macquarie Group’s Thierry Wizman discusses the huge swings in the bond market. Glenn Hubbard was the chair of the Council of Economic Advisers under George W. Bush; he discusses what the Fed is watching most closely ahead of this week’s rate decision. Our Phil LeBeau on why auto inventories are finally increasing at dealerships while Eamon Javers brings us the big ruling a judge made against JPMorgan in a Jeffrey Epstein lawsuit. Plus, Affirm CEO Max Levchin on where consumers remain strong and where weakness is showing and Cowen analyst John Kernan previews Nike’s earnings.

Transcript

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0:00.0	A Relief Rally to Start The Week as Banks Bounce.
0:04.8	That is the scorecard on Wall Street, but the action is just getting started.
0:08.3	Welcome to Closing Bell overtime.
0:09.6	I'm Morgan Brennan with John Port.
0:11.8	Coming up this hour, we'll talk to former
0:13.8	Council of Economic Advisors Chairman Glenn Hubbard about the signals that he
0:17.6	sees in the economy ahead of this week's Fed decision. Also his thoughts on the
0:21.2	latest round of layoffs from Amazon.
0:23.0	Also we're going to hear from a firm CEO Max Left Chin about why those tech layoffs aren't a macro issue yet
0:29.2	and one cohort of consumers that is feeling some stress.
0:32.0	Let's get straight to today's market
0:33.8	action though shall we with our first guest joining us now Eric Johnston
0:37.1	from Cantor Fitzgerald. Eric great to have you on we did see stocks pop here
0:42.3	this Monday with the S&P up to 3951
0:46.7	the Dow finishing the day up more than 1.2 percent. We did see some of those
0:50.1	underperformers from last week that are so economically sensitive like
0:54.0	energy materials industrial's leading the charge today your thoughts.
0:58.0	So today was a little bit of a relief post the you know CS news over the weekend but I would not get
1:05.9	distracted by some of the nuances around whether around Credit Swiss or
1:11.2	what's going to happen with with F or Silicon Valley Bank out of receivership.
1:17.0	I think the bottom line from the events over the last two weeks are twofold.
1:22.0	Number one is that credit is going to tighten significantly
	...

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