It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Live shot of Jackson Hole, Wyoming, home with the event that markets have been waiting for. Fed Chair Powell set to address the Kansas City Fed's annual summit, and of course we will bring it to you live. Good Friday morning. Welcome to Squawk on the street. I'm Carl Kentineau with David Faber, Sarah Eisen, at post nine of the New York Stock Exchange. Kramer

has the morning off. Stocks do look to recover. Some of Thursday's losses. Yields are pretty tame ahead of Powell. We got Bostick in our pocket now. Two-year has a three-handle once again. healthy diet of single-ticker upgrades today as well.

But we will begin with the Fed Chair's

speech, which comes just days after the Fed minutes indicated that policymakers do see a September

rate cut as likely. Now, Sarah, we got Bostick saying that passive tightening is a thing and that it

might make some sense for him to bring his rate cut view forward. Yeah, but he wasn't as doish as he could have been. He also said that inflation is not close to target, and we've still got more work to do, which doesn't exactly channel where the market is right now. Look, as far as Jackson Hole is, it's hard to imagine that the Fed Chair can go into any kind of specifics as to what the market really wants to know,

which is how big is the first cut going to be?

He's not going to pre-commit to that.

He has no incentive to do so, especially with another PCE report coming next week on inflation

and a jobs report coming before the Fed meeting.

And then what does the path of Fed cuts look like after the first one? He also can't

really do that yet because it's hard for them to know how much they have to do and what the

path is going to look like. So those are the big market questions. And it's hard to envision,

David, that the chair can be very specific on that. The expectation is that he will give a nod to the fact that they have transitioned into a place where they're more worried about jobs, for instance, and feeling good about the inflation risk, and that they are looking to move to cut rates as soon as September.

But that's already in the market.

Right. Right. What's changed between the last time we heard from him at the press conference

and now? More evidence that inflation is looking benign. Got the CPI report, inflation

expectations continue to come down to more normalized levels. Look, the last PCE, and this is the Fed,

what it fed targets, is two and a half percent.

Their target is 2 percent. And that has continued to move in a good direction now four months in a row.

And then the jobs numbers have gotten increasingly soft, not sort of collapsing in terms of

not seeing a pile up of layoffs. We're not seeing extreme stress.

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