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

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Sarah Eisen and Mike Santoli at post-9 to the New York Stock Exchange. Kramer in favor of the morning off.

Futures do fall out of bed here as January CPI comes in hotter than expected, up five-tenths, biggest monthly jump since

22. Year-on-year core ticks up to 3-3 and the 10-year yields now 4-6-2. That's almost a one-month

high. A roadmap begins with Elon Musk defending Doge in the Oval yesterday, making the case for the group's aggressive actions in this new administration.

Speaking of Musk, shares of Tesla trying to avoid their sixth straight day of losses, stock already down 15% in February,

on growing concerns over Musk's focus on the company and rising competition.

And we will take you down to Miami for a CNBC exclusive

with Bank of America chairman and CEO Brian Moynihan. His reaction to this morning CPI print,

the Trump administration, and Powell on the Hill again this morning. Let's begin with

market reaction to CPI ahead of the chair's secondary testimony on the House side today. A lot of discussion about whether

this number was front-loading tariffs or whether there were some wildfire effects. But

year-on-year headline, Mike, since August, 24, 26, 2, 7, 2-9, and now 3-0. Yes. The market also

was leaning in the direction of this being a little bit of an unfriendly,

sticky, hot print. But then it actually was even hotter than that, probably, as the bomb market is suggesting right now.

There's also kind of the immediate search for the one-offs, as you mentioned. So whether it is wildfire effects,

obviously bird flu. But the other, and tariff pull forward,

but also just this annual tradition now of hot January numbers, seasonal effects.

So all that being said, you can't explain it away fully.

We basically said, you know, we've been sideways at best on inflation for a while, well, above

the Fed's target. It does sort of reinforce the idea that they should. you know we've been sideways at best on inflation for a while well above the

the feds target it does sort of reinforce the idea that they should just be in

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