Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with Jim Kramer here at Post 9 of the New York Stock Exchange. Faber has the morning off.

Futures take a bit of a tumble as July PPI is a barn burner. Biggest monthly jump on headline and core.

In over three years, services actually track hotter than goods,

but the 10 years still below four and a quarter. A roadmap begins with the future for rates.

Fed officials weighing in as the Treasury Secretary does suggest a half-point cut.

AI demand fueling Cisco's quarterly beat. Chuck Robbins is going to be with us in a few moments.

And then Deer shares under some pressure.

The company trims the high end of its full year guidance. PPI, though, is the story of the morning as we watch the marker reaction here. Jim, Short end is higher this morning. But people are looking

at portfolio management, some of the inputs that sometimes move this number. Well, I go through

it once again and now a lot more skeptical than it was after what happened in the previous one. And I look at things like, all right, machinery, I'm just going to reel off some say tariff, no tariff. Machinery and equipment, way too hot, tariff, okay? Truck transportation of freight bogus. There's been a freight recession. That makes no sense whatsoever. I don't know who they're even talking to. Martin called J.B. Hunt, get a little information there. Diesel fuel index. How are we going to control diesel fuel? Duciful is actually going down. I don't get that one bit. And then warehouse services, well, I mean, like, well, that's why we have robots. So give me a break. The ones that are really bad are going to get better, which is one of the reasons why I think

that the bonds are not going crazy. When they look through it, and I think people just say, where are they getting this information? And I don't think that's such a bad question to ask after what happened. Where are they getting it? When you say say talk about the freight recession

that the trucking companies have and you see the freight rates are up

i don't know

who they're talking to

there's no there's no freight freight increase recession how do you explain

uh... the services which like with cp i is not acting like an offset investment

services are up?

Well, I mean, how is that possible, unless you're talking about jamming people with private

equity or something?

Well, this is normally a function of asset prices, yeah?

Yeah, well, I mean, I think that's the case.

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