Lipstick, Loans, & Jay Powell: More Pain Ahead 8/26/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 26 August 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

At this year’s Jackson Hole meeting Federal Reserve Chair Jay Powell has assured the U.S. that the central bank will continue hiking interest rates to ease inflation, even if it prompts an economic slowdown. Jason Furman, former chair of President Obama’s Council of Economic Advisors and a speaker at that same Jackson Hole meeting, discusses the various players working to lower inflation: the Fed, the Biden Administration, and Congress. Furman and Steve Liesman consider the labor market and the student loan forgiveness plan that’s concerned many investors. Next week kicks off one of New York’s biggest sporting events, the US Open. USTA CEO Lew Sherr discusses the players hitting the tennis court and the ones sitting out. Plus, CNBC’s Courtney Reagan reports on the “lipstick indicator,” the metaverse is getting a few updates from Williams Sonoma and from Mark Zuckerberg. In this episode: Jason Furman, @jasonfurman Lew Sherr, @usta Courtney Reagan, @CourtReagan Steve Liesman, @SteveLiesman Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C.N.C. producer Cameron Costa.
0:07.0	Today on Squawk Pod, Fed Chair Jay Powell
0:11.0	live at Jackson Hole.
0:12.8	Higher interest rates will bring down inflation.
0:15.2	They will also bring some pain to households and businesses.
0:18.3	Recapbing that huge headline and how the Biden administration is helping or may be hurting the
0:24.7	inflation reduction effort with former chairman of President Obama's
0:28.7	Council of Economic Advisors Jason Furman.
0:31.3	When you give a worker a raise if they're not getting more productive you can't
0:35.3	afford that raise without raising prices so this to me says more price pressures
0:39.9	ahead a harder job for the Fed. Upgrades for the Metiverse think nice furniture and facial expressions.
0:46.0	And the lipstick indicator.
0:48.0	We're getting dulled up, recession, inflation be damned.
0:52.0	CNB C's Courtney Reagan.
0:54.0	You know, consumers may be pretty cranky when they're filling up their cars and their
0:57.4	grocery carts because of inflation, but they're looking their best while they're doing
1:01.1	it.
1:02.1	Plus, it's that time of year.
1:07.4	The U.S. Open is back in New York, United States Tennis Association CEO Lou Sheer.
1:13.7	We didn't see the international fans last year in the way that we're seeing them come back this year,
1:18.6	which is great for the event, also great for New York City.
	...

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