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Join Jim Kramer, David Faber and me, Carl Cantonia,

on the opening bell hour of CNBC squawk on the street.

Global markets paying close attention to the ECB central banking summit in central Portugal.

Coming up, don't miss Fed Chair Powell, ECB President Lagarde, and Brazil's central bank chief.

They are all with our own, we like to say right here, Sarah Eisen, who will be conducting the affairs for that conversation. Good Tuesday morning. Welcome to Squawken the Street. I'm David Faber with Leslie Picker and Wilford Frost. We are live for post-9 at the New York Stock Exchange. Jim and Carl have the morning off. Let's give you a look at futures as we get ready to begin trading one half hour from now. And you can see we are looking for a down open at this point. We'll also keep an eye, of course, on the bond market. We begin, though, with the World Central Bankers. They are gathering at that ECB annual forum. It is in Portugal, as it was last year. Sarah Eisen will be moderating. It's a panel that has Jay Powell, Christine Lagarde, the governor of Brazil's national bank. Last year, I think it was Japan's national bank this year, Brazil. And we, of course, will bring you live coverage of that event this hour. Does Sarah get to pick the extra central banker to bolt on? I don't know. The extra. I don't know. Well, look, let's be honest. Most of the questions are going to go to Powell, then to Lagart. You know, I don't know, but it adds a great diversity to it. Didn't you want to add that to your trip, David? Which one? To Central Portugal?

You know, thankfully I was there about a year ago, so I did get to see it, but I am not the, I'm not the Central Banker interviewer at this network. I didn't think you knew that. You're a big fan of all areas in Europe. I am indeed. I am indeed. Good timing, as always, for something like this that Sarah's book,

that 2.5% inflation coming in from the Eurozone this morning, down from 2.6% in May.

It was in line with expectations.

The service inflation ticking up to 4.1%, and that's why the headlines crossing from the

speech part of what Lagarde has been saying, that they're

in no rush to cut interest rates from here. Interesting couple of similarities and one key difference

to the US. The similarities, unemployment remains low across Europe, 6.4%, which is very low for the

Eurozone, and also that service inflation remains sticky, similar to here. Both of those factors, of course, suggesting there's no immediate need for a cut.

The big difference from the U.S. is that they have already, of course, cut once,

3.75% of the rate having cut 25 bits in June.

Altogether, you can see why Lagarde's headline from her speech is,

we're not in a rush to add an extra cut from him.

Yeah.

How do you extrapolate that inflation data based on kind of the actual activity of cutting?

I mean, is there any way to draw a correlation there or is it something still in wait and see?

So there's one similarity between the Eurozone and the UK, which is that we're about six

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