Fed Tips from the Tetons, A U.S. Trade Trip to China, & Drug Pricing Power in DC 8/28/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 28 August 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Federal Reserve’s Jackson Hole meeting is over, but chair Jay Powell’s comments there are still echoing through the markets. Allianz Chief Economic Advisor Mohamed El Erian digests Powell’s Wyoming speech, including his comments that inflation is still too high, and his choice to leave the door open for more rate hikes in the future. U.S. Commerce Secretary Gina Raimondo is in China this week, meeting top officials in an effort to pursue a more stable relationship with the CCP. CNBC’s Beijing Bureau Chief Eunice Yoon reports from China on the local response to Sec. Raimondo’s visit, and what Chinese officials expect to get from the meetings. Plus, the Biden administration is poised to negotiate costs of Medicare drugs directly with pharmaceutical companies. Former FDA Commissioner Scott Gottlieb discusses the impact of these negotiations and the complications still ahead to lower prescription prices. Eunice Yoon - 11:46 Mohamed El Erian - 17:46 Dr. Scott Gottlieb - 28:27 In this episode: Eunice Yoon, @onlyyoontv Scott Gottlieb, MD, @ScottGottliebMD Michael Santoli, @michaelsantoli Robert Frank, @robtfrank Joe Kernen, @JoeSquawk 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 Squackpot.
0:08.0	Predictions, we can't make any.
0:11.0	Eight months ahead for the Fed Funds futures.
0:13.9	It's like the preseason college football poll.
0:15.8	The Federal Reserves hotly anticipated summer camp in Jackson Hole
0:19.6	has come and gone.
0:20.6	The whole way that they do their business is perverse.
0:24.4	And the outlook remains hazy.
0:27.0	That we're navigating by the stars and cloudy skies
0:30.0	and looking backwards.
0:31.2	Chair Jay Powell's message,
0:33.0	Mohamed Alarian of Alleons, joins us.
0:35.2	First what Powell did, and it actually came as good news to the markets,
0:39.1	is he didn't say anything new.
0:40.6	And that
0:45.0	the elusive inflation target way out on the horizon. The key issue is 2% the right target.
0:48.0	And cheaper drugs for seniors.
0:50.0	The White House wants to renegotiate prices.
0:53.2	Former FDA Commissioner Scott Gottlieb on what that means for big pharma.
0:57.2	There are places where there's a lot of spending in the Medicare program where we don't have as much
1:01.7	competition as we should from lower cost
	...

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