Inflation Data and Regional Banks' Rebound Fuel Rally, Treasury on SVB Fallout, Meta to Cut 10,000 More Jobs. 03/14/23

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 14 March 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with key inflation data that helped to boost the markets: The February Consumer Price Index came in as expected at 6% year-over-year -- down from 6.4% in January. The results sparked investor hopes of a smaller rate hike by the Fed next week. As for the fallout from Silicon Valley Bank’s collapse: Regional bank stocks began to rebound after days of massive selling -- and a senior Treasury official told CNBC that the deposits of uninsured depositors in banks across the U.S. are safe. Also in focus: Meta's plan to cut an additional 10,000 jobs -- and what CEO Mark Zuckerberg told his employees about the layoffs. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.
0:08.7	Good Tuesday morning. Welcome to Squawk on the street. I'm Carl Kintania with Jim Kramer, David Faber, post nine of the New York Stock Exchange.
0:14.6	Futures hold some gains here as CPI comes roughly in line, touch hotter on core. Still eight straight months of declining year-on-year inflation.
0:22.2	The two-year yield rebounds to four and a quarter as attention remains on the banks.
0:26.5	A roadmap's going to begin with inflation and Fed expectations. CPI continues to rise,
0:31.2	adding to the Fed's rate hike challenge. Plus seeking buyers, regulators planning another auction
0:36.3	for Silicon Valley Bank this after they
0:38.3	failed to find suitors over the weekend.
0:41.4	And speaking of trying to calm banking fears, well as senior treasury official tells
0:45.8	CNBC that all uninsured depositors are safe.
0:50.3	Let's begin with CPI ahead of next week's Fed decision on interest rates.
0:54.0	A lot of interesting internals, Jim. Use cars we were worried about, down to 2.8 on month?
1:00.0	Yeah, I look like index for rent is up 0.8, and we've been just reading a lot of stories about how rent has peaked.
1:07.0	That's very important. Lodging away from home, we're now hearing that maybe people are at their last leg in terms of spending for going away,
1:16.4	Morgan Stanley on consumption.
1:18.6	And then airfare is definitely a problem.
1:20.8	There's no doubt.
1:21.5	But if you're going to stop traveling as much, or you could say that United is saying the opposite,
1:26.4	airfares actually are still up.
1:28.4	And then I look at this overall and I just say, well, it's not a great number.
1:34.0	It's not a spike.
1:35.5	The trend line's okay.
	...

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