Debt Default Averted, Summer Travel Trending, & ‘Bull’ Has Entered the Market Chat 6/05/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 5 June 2023

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The markets may be poised to exit the bear market, and Washington has averted a debt default crisis. House Speaker Rep. Kevin McCarthy (R-Calif.) discusses the passage of the debt ceiling deal, spending cuts, and bipartisanship moving forward. Labor disputes in California have congested shipping flows, and oil prices are on the rise in the wake of the latest OPEC+ meeting and an announcement from oil giant Saudi Arabia. Plus, over 50% of Americans are packing their bags for vacation over the next 6 months; Marriott CEO Tony Capuano discusses this year’s summer travel demand and the strength of the travel industry, despite economic uncertainty. In this episode: Kevin McCarthy, @SpeakerMcCarthy Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer today on Squawk Pond.
0:09.0	On the other side of the debt ceiling deal, how they got it done with House Speaker Kevin McCarthy.
0:15.0	I think this was a turning of the ship, a movement in the right direction.
0:20.0	Think about what we were able to achieve for one of the first times we are going to spend less than we spent last year.
0:27.0	Plus the travel trends of the summer with Marriott CEO Tony Capwano.
0:31.0	What's really encouraging to me it's across every segment and really every part of the world.
0:36.6	The recovery has been consistent.
0:39.8	Everyone's got the travel bug and the spending bug. We just decided that there is no recession
0:44.8	tomorrow or next week. Oil prices are rising. Stocks are rallying for now. So it's a
0:50.4	week full market of that. I'm not feeling flush.
0:53.0	And labor disputes are clogging shipping at one of America's biggest ports.
0:57.0	But don't worry.
0:58.0	Robots could clear it up eventually.
1:00.0	Robots will do it for you.
1:01.0	We're going to need a lot of people taking care of those robots and
1:03.4	watching their ass because I don't trust them.
1:06.7	It's Monday June 5th, 2023, Squack-POD begins right now.
1:11.8	Stand Becky by in three, two, one, queue please.
1:17.0	Good morning everybody.
1:18.0	Welcome to Squackbox here on C.
1:20.0	We're live from the NASDAQ market site in Times Square.
	...

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