Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with David Faber.

Jim Kramer, who's back at post-night of the New York Stock Exchange. Market fairly steady after

Tuesday's drubbing. Powell's on the House side today. Market firmly in the 50 basis point cam from

March, dollar three-month high, and ADP comes in hot 242K.

Our roadmap's going to begin with higher for longer.

The Fed chair cautioning that interest rates are likely to continue to rise, leaving some to question if 6% is really in the cards.

Plus, Tesla shares are moving lower ahead of the open.

The EV maker downgraded at Berrenberg, wherever that is, saying there's quote less room. Be nice. Who's Barrenberg? No, we're stopping that. We're not being mean. All right. Oxonel Petroleum is moving higher. Warren Buffett's Berkshire Hathaway is adding to its already large stake in the energy company. I didn't get that memo, Marlon, not being here. Let's begin with the markets. Day two of the Fed chair's testimony on the hill this time before House Financial Services. It'll be the first big hearing for a new committee chair of Patrick McKenry. Jim, even though you've been off for a few days, you've been pretty vocal on price action. Well, look, I sometimes you sit down with people who know more than you, and you just own that. Jamie Diamond, I sat down with him in Philadelphia. He said six. What? What? He knows what I do? Oh, no. Without a doubt. That was an important thing he said. He said over six, actually.

But it wasn't like he was, and now I'm making a proclamation.

It's like, you know, obviously, obviously it's going to for six.

And I sit there, I thought it was like going to go five and a ham.

And then he just revised your thinking because someone who's really in the midst of things,

he very much as a banker, just said, look, this is how it has to go.

Inflation is awful.

The interchange between Senator Warren and Fed Chief Powell is very interesting because it should have flipped.

I mean, the Fed, Elizabeth Warren should be very worried about the millions upon millions of people who are wiped out by inflation.

Instead, she focuses on the people who maybe lose her job in an atmosphere where you can get another job.

So I think she obviously, I think she misplayed her role.

And in charge instead is a very liberal, very, very liberal Fed chief. We We should say, listen, this is about people not being able to afford things? Right. And I just thought, man, is he out in front on this thing? He knows where the, he knows who's going to be decimated to keep us up. Yeah, the exchange with Warren was interesting yesterday. But the Diamond thing, going back to that, is really pivotal when you look back on it.

As a reminder, here's what Diamond told Jim, not too long ago.

If we go into recession, the consumer is in better shape because unlike 08-09, mortgages are well

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