Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Wednesday morning. Welcome to Squawk in the Street. I'm Carl Kington, Ewa, Jim Kramer, David Faber, at Post 9 of the New York Stock Exchange. Futures do pop here as May CPI comes in with a goose egg on headline below estimates in the lowest monthly print in four years. Core is also light, 10 year now at a a two-and-a-half month low, and the Fed, of course, is on deck.

Our roadmap begins with that cool with an expected inflation print with the Fed's latest interest

rate announcement and projections coming later today.

Plus, shares of Paramount under a bit more pressure this morning after Sherry Redstone pulled

the plug on that deal with Skydance.

And we have a big AI-fueled boost for Oracle.

Those shows are up rather sharply on Google and OpenAI Cloud Deal news.

Let's begin with this market reaction to CPI ahead of the Fed's decision and press through this afternoon, Jim.

Man, the internals

on this, whether it's gas prices, core goods, insurance. Oh, my insurance finally broke.

The San Luis Fed had a piece out last night saying that prop cash broke and auto breaks, and those

are things that we all have to pay, you know, you drive your car to work, and gasoline is front and center and property casual, but also auto.

Now, I thought the most interesting one was on page 17.

All items less shelter, minus point two.

There it go.

So it's shelter sticky and everything else is coming down.

This is one where, I mean, David, I got to tell you, if you're the Fed, if you're Jay, press conference. Hey, guys, I got to tell you if you're the Fed if you're Jay

press conference

hey guys I'll talk to you later

right

guys good to see you

do you just say victory and

...