Fed's Williams: Rate Cuts Not a Topic of Discussion, "Special" Costco, Home Depot's 1,000,000% Return 12/15/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 15 December 2023

⏱️ 43 minutes

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Summary

Jim Cramer and David Faber led off the show with market-moving comments made to CNBC by New York Fed President John Williams: Fed policymakers "aren't really talking about rate cuts right now." You'll want to hear Jim's reaction to Williams' remarks. With major indices on track for a seven-week win streak, David highlighted the worst week for hedge fund shorts since March 2020. Also in focus: Costco posts better-than-expected results and declares a special dividend, Home Depot shares up 1,000,000% since the company's 1981 public debut, Lennar falls despite a quarterly beat, Jeff Bezos' take on the dangers of AI, Blackstone's holiday video with a Taylor Swift twist. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis.
0:01.8	You're listening to the opening bell of CNBC, Squawk on the Street.
0:22.9	We're getting ready here. It's Friday morning, clearing our throats. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're alive from post night at the New York Stock Exchange. Carl's off this morning. Let's give you a look at futures. Things have changed a little bit since we heard from Williams. Yeah. Sitting down with Steve Leasman, you can see, alright, I don't know.
0:22.9	Higher open for the NASDAQ, right? Things have changed a little bit since we heard from Williams. Yeah. Sitting down with Steve Leasman, you can see, all right, I don't know.
0:42.1	Higher open for the NASDAQ, right, I guess? Killjoy. Yeah, Killjoy. We'll deal with it. Let's get to our roadmap this morning. It does begin with the S&P. It closed in. It's closing in on a new record. But as you just saw, futures are pairing their gains, as the New York Fed president did tell CNBC that they aren't, quote, really talking about rate cuts now.
0:50.3	We have Costco reporting another strong quarter, says it is starting to see some prices come down, but not for food.
0:53.0	We'll hear from Jim on that. Of course, you had the CEO last night.
0:54.3	And Blackstone, it's a little fun here. Getting on the Taylor Swift craze, private equity firm's Christmas card.
0:59.5	They're singing and dancing. It's an alternatives era music video. We'll show you a bit of that.
1:05.3	Let's start with the markets, though, and those comments as well from New York Fed President,
1:09.1	John Williams. They were made about rates to our Steve Leasman moments ago.
1:13.3	Take a listen.
1:15.2	We aren't really talking about rate cuts right now.
1:18.0	We're very focused on the question in front of us, which, as Chair Powell said,
1:22.1	the question is, have we gotten monetary policy to a sufficiently restrictive stance in order to ensure that
1:29.6	inflation comes back down to 2%?
1:31.8	That's the question in front of us.
1:33.4	That's what we've been really thinking about for the past five months and I think we'll
1:37.0	be continuing to think about for some time.
1:39.2	What do you thoughts?
1:40.4	Any changes really from what you might have expected or?
1:42.9	Fed Chief didn't say that.
	...

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