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Closing Bell

Closing Bell Overtime: Markets Close Higher Despite Midday Swoon; Randal Quarles on the Fed 3/23/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 March 2023

⏱️ 37 minutes

🧾️ Download transcript

Summary

Stocks finish higher despite briefly turning negative in midday trading. G Squared’s Victoria Green and JPMorgan’s Phil Camporeale discuss the market action. Former Fed officials Randal Quarles and Alan Blinder weigh in on this week’s rate hike and why Blinder called the 25bp move a “mistake.” Plus, Evercore’s Mark Mahaney on why this time is different for TikTok and regulation as the CEO gets grilled on the hill. Block shares dropped nearly 15% after a scathing short seller report: SVB Moffetrnathanson’s Lisa Ellis and Empire Financial Research’s Herb Greenberg discuss what to make of the claims.

Transcript

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0:00.0

Well, you got your scorecard on Wall Street, but winter stay late.

0:05.1

Welcome to Closing Bell Overtime.

0:06.4

I am John Ford.

0:07.4

Morgan Brennan is off today.

0:09.1

On today's show, did the Fed make a mistake by raising rates?

0:12.8

That's what former Vice Chair Alan Blinder says.

0:15.5

He's going to join us to explain why.

0:17.6

Plus we'll talk to the man who headed up bank supervision for the Fed,

0:21.0

Randall Quarles, about the turmoil on the financials and the oversight changes

0:24.9

during his tenure. But let's get straight to today's market action now with major averages

0:29.9

all finishing in positive territory, though off the best levels of the day and

0:34.8

frankly all over the place joining us now Victoria Green from G-square private wealth

0:39.2

and Phil Camporelli from JP Morgan asset management great to see you both Phil from J.P. Morgan Asset Management.

0:43.0

Great to see you both.

0:44.0

Phil, why all this chop?

0:47.0

Is this just the typical post-fed, everybody trying to figure out which way things are going?

0:53.0

Yeah, so the uncertainty is really high right now.

0:55.0

So I think it's kind of ironic that on the three year anniversary,

1:00.0

you know, I love dates, March 23rd of 2020.

1:03.2

Fed comes out and says, we're going to buy corporate bonds.

1:05.2

They basically saved capital markets back then.

1:08.7

Three years later, people are like,

...

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