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 Kington here with Jim Kramer,

David Faber, all back at post nine of the New York Stock Exchange. Stock's trading a little

heavy ahead of Powell, day one on the hill, although his prepared remarks are out. Meanwhile,

UK inflation runs hot core CPI at a three-decade high.

Our roadmap begins with the macro picture.

Powell is set to testify, and FedEx sales fall short but says e-com is on the upswing.

Plus, of course, we're watching that EV race.

We're going to hear what Ford's CEO Jim Farley told Jim, that is our Jim,

about why he didn't hesitate to team up with Tesla

for that charging partnership. And keep an eye on housing, mortgage rates, they're flat,

but those home builder stocks, well, they are shrilled on a tear.

Let's begin with Powell. Headed to the Hill this morning, the Fed share kicking off two days

of testimony on the economy. Today, it's House Financial Services, tomorrow's Senate banking. In his

remarks, he does say nearly all FOMC participants believe it is appropriate to raise rates, quote,

somewhat further, adding there's still a long way to go to get inflation down to the Fed's 2%

target. They says, Jim, the banking

system is resilient and that this pause is expected to be temporary. Well, I think that he was

trying to make no news. We knew that Austin Goolsby was softer. The board wants to be more

data dependent. And everybody else is just saying bring on the hikes.

So I think what he's trying to do.

And David, you know when you make the testimony,

...