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. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Canton-A. with Jim Kramer, David Faber at the New York Stock Exchange. Looking for some stabilization today after the biggest sell-off since mid-December. Jim Bullard on Squawk, arguably not as hawkish as some may have feared. Yields are lower

ahead of Fed Minutes this afternoon. Our roadmap's going to begin with stocks struggling to

bounce after the worst trading day in two months. Bullard does say markets are overpricing

recession risk. Plus Intel's rare move, it is cutting its dividend by 66%, although it is backing

its prior earnings guidance.

And China's AI warning regulators seeking to rein in AI chat boss, reportedly telling tech giants in the country don't offer public access to chat GPT.

Let's begin with the markets, though, after yesterday's sell-off gym, reflections on that.

And the argument that some made that volume, if you were really worrisome, would have been a little bigger than it was.

Yeah, look, I think we're the cat mice game.

The cat of the bonds, as interest rates went higher, there's just selling, selling, selling.

But it seemed like very future selling, not common stock selling.

So I didn't think that there was that much to it.

Today, really unbelievable appearance by Mr. Bullard.

Calm, not throwing bombs, making sense.

Therefore, completely the opposite, David, of everything I ever hear. Everything you've

ever heard from who? Well, from everybody. I mean, the guy didn't say we're about to ever say,

things aren't falling off of Cleveland. He didn't like sound the alarm. He didn't speak like a hedge fund

manager telling you to short everything or get out now. He offered what I regard as genuine homespun wisdom.

Okay, okay.

Well, his projection has rates hitting 5.375%,

not to put too fine a point on it.

That's kind of where a lot of, in the last couple of weeks,

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