It's Jim Kramer here.

You're listening to the opening bell of CBC's Squawk on the Street.

Don't miss a minute of the action.

Good Wednesday morning and welcome to Squawk on the Street.

I'm David Faber with Jim Kramer.

We're post nine of the New York Stock Exchange.

Carl has the morning off.

Let's give you a look at Futures. Big Day I had, of course, Fed meeting. If you haven't heard about it, I bet you have. You can see. Not much. A bit of a mixed picture there. Not looking like too much direction. Our roadmap, though, does begin with the Fed, of course, front and center for investors. Powell and Company are expected to cut rates today. It would be the first time.

We've seen that at about nine months. Plus, NVIDIA's CEO, Jensen Wong, saying he is, quote,

disappointed on reports that China is telling its top technology companies to stop buying NVIDIA's AI

chips, and those shares are down just a bit in early

trading. And another big IPO debut today right here at the New York Stock Exchange,

Stubhub. Going to go public valuation, a little more than $8 billion. The company's CEO will

join us first on CNBC. That'll be a bit later in this hour.

All right, let's start with the Fed, expected to cut rates, first time this year.

And it's not like we haven't talked about this.

It's not like you have not said in previous shows.

We talk way too much about the Fed, but today's a day where you kind of have to.

I think it's like earnings.

You got to talk about the company and reports earnings.

David, look, everything's on the line here in that last year this week, we saw something

that we obviously don't want to see, which is that the long end interest rates went up, not down, which then kind of destroyed the mortgage story, and then we got the pause a couple months later. Well, mortgage rates are at the lowest, at least very recently in three years. Which is really interesting, isn't it? Yeah. So it looks like the market's making a serious bet. You cut rates and then boom, get long. But I think your point is an important one. We have a steepening yield curve. Right, which the bank's law. Banks have been benefiting from that. It's playing by the banks doing so well. But David, look, the numbers that we're getting in mortgages, they're indicative two things. Housing market getting softer. But look, unemployment has really not been great. That is something that might trump prices,

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