Fed Decision Day, Regional Banks After the Sell-off, AMD and Yum Brands CEOs 5/3/23

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 3 May 2023

⏱️ 44 minutes

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Summary

Jim Cramer and David Faber explored what to expect from the Fed's much-anticipated decision on interest rates -- and where regional banks fit into the picture following the group's Tuesday sell-off. AMD CEO Lisa Su and Yum Brands CEO David Gibbs joined the program to discuss their companies' respective quarterly results and outlook. Also in focus: Lilly gets a boost from its Alzheimer’s drug trial, reaction to earnings from the likes of Ford and Starbucks, plus why shares of Estee Lauder took a 20% hit. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Wednesday morning, everybody. Welcome to Squawk on the Street. I'm David Faber along with Jim Kramer. We're live from Post 9 at the New York Stock Exchange. Carl has this morning off. Let's give you a look at futures as we get ready to start trading a half hour from now. You can see we are, I don't know what you call that. Not much. No. Inconsequential. Thank you. Inconsequential open. That's what we're going with right now. You can see we are, I don't know what you call that, not much. No, inconsequential.
0:21.8	Thank you. Inconsequential open. That's what we're going with right now, but we'll see what we
0:25.7	get 30 minutes from now. Let's get to our roadmap. It does start with Fedwatch, of course. Wall Street
0:30.4	is expecting another rate hike and then hints of a pause. But will the ongoing regional bank
0:36.3	volatility perhaps change the path of rates?
0:40.0	Plus, we're keeping an eye on shares of AMD and Yom. They're both down in the pre-market that following
0:45.1	quarterly results. We're going to have the CEOs of both of those companies join us in this hour.
0:51.2	And FTC chair, Lena Khan is calling for new regulations on AI and pointing to raw material controls as a path forward to do so.
1:00.0	Let's start with the countdown of today's Fed decision amidst course concerns about regional banks, particularly yesterday as I was getting ready to leave.
1:09.0	Milken, we were watching, you know, many of those shares declined dramatically, Jim.
1:14.6	Let's start off on the Fed, though.
1:16.6	I assume you don't have any new thoughts or do you in terms of incorporating some of these continued concerns
1:21.6	about parts of the banking sector?
1:23.6	Well, I mean, I've been saying that this is a 100 basis point problem,
1:26.6	that you're getting 100 basis points of tightening.
1:29.7	You know, even down to the granularity, you go listen to the Ford call, which I felt was excellent.
1:35.0	Market, I thought it was excellent. Market, I thought that we're about how do you buy cars?
1:38.4	Cars are done by regional banks.
1:40.6	There are parts of the economy that are not controlled by regional banks.
1:44.0	A terrific quarter by Simon Properties last night.
1:47.0	Simon Group Properties does not need a regional bank.
1:49.0	No.
	...

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