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

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with David Faber here at post-9 of the New York Stock Exchange.

Kramer's at FedEx headquarters in Memphis today, ahead of his exclusive with

Raj Subramanium tonight on bad money. Meantime, some equity weakness here, as April CPI does come in hot.

Year on your headline, 38, is the highest in three years. Biggest jump in food prices in almost

four years. Long bonds back above five. Oil, meantime, back above 100, as the president says the ceasefire

with Iran is on life support. Roadmap begins with CPI rising on the spike in gas prices. Kevin

Warsh moves a step closer to being confirmed as the next Fed chair. Also ahead, geopolitics is on Wall

Street's radar this morning amidst heightened U.S. or on tensions, President Trump is heading

to China tonight for those high-stakes meetings with President Xi. Plus, eBay rejects, game stops

unsolicited, $56 billion takeover offer. Remember, it was half cash, half stock, but they call it

neither credible nor attractive.

Let's begin with Jim this morning at FedEx and Memphis. Jim, I know you're psyched about today's show. Yeah, I really am. And look behind me. This, by the way, just we have all the introductions.

This is Livia, okay, and this is Electia. They named planes, employees names, okay? And I think that we should get that

straight and it's really kind of a three box here too. You know what? This is a great place to

discover exactly how bad what oil's meaning because they have a fuel surcharge. And so far the fuel

surcharge has been passed on pretty well. David, you know when you see the CPI number,

it's pretty obvious that the idea that you could keep inflation under control during this period

is just out the window. And so the question is, we always hear the same thing, gasoline up,

and we all see the prices, midterm elections, therefore there has to be a settlement. I don't know, David,

maybe after China, but I just don't think that after that life support comment, I see something happening imminently. I don't know how you, maybe you take it differently. No, I don't have a, I don't really have a view. I rely on a lot of other people to help me sort of understand what's going on here. What I would say,

Jim, is the, you know, the market has not paid close attention, I would argue, at least, to what has been going on. And then we episodically sort of tune in and we tune out. It doesn't

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