Powell Jackson Hole Day, Markets After the Sell-off, Wild Retail Week and the Theft Effect 8/25/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 25 August 2023

⏱️ 43 minutes

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Summary

Carl Quintanilla, Courtney Reagan and Mike Santoli focused on what investors could expect from the Fed Chair Jerome Powell at the Fed symposium in Jackson Hole, Wyoming. Friday's event comes one day after a Wall Street sell-off which erased gains sparked by Nvidia's blowout quarter. Retail back in the spotlight and capping a volatile week for the sector: Gap posted mixed quarterly results, while shares of Nordstrom fell despite a quarterly earnings beat. The company said losses due to theft were historic. Also in focus: Sara Eisen's rare interview with the CEOs of Simon Property Group and Authentic Brands, along with the executive chair of Sheinabout a new fast-fashion retail partnership involving the Forever 21 chain. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.
0:06.1	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantona with Courtney Reagan,
0:09.8	Mike Santoli at the New York Stock Exchange. Jim and David have the morning off. The wait is
0:14.4	almost over. Powell's speech at Jackson Hole just over an hour away. Future's pretty supportive
0:19.5	here after the Bulls dropped the ball
0:21.0	yesterday. The Dow's worst performance since March. A lot of earnings sneaking under the gate
0:24.8	before the weekend as well. Our roadmap begins with Powell's inflation pitch, though. Investors
0:29.1	closely watching the rate policy tea leaves at Jackson Hole. Plus, retail's reckoning, Nordstrom
0:34.5	saying theft is at historic highs and Gap, also warning of an uncertain consumer.
0:39.6	And we'll bring you Sarah's rare interview with the CEOs of Simon Property Group, authentic brands, and their new partner, the executive chair of Sheehan.
0:47.9	Let's begin, though, with the Fed Chair's remarks scheduled to be delivered in the next hour.
0:51.4	Steve Leesman is in Jackson Hole's been busy all morning long
0:54.8	and has a preview. Hey, Steve. Hey, Carl, yeah, you know, despite the five percentage point decline in
1:00.4	inflation since the Fed last gathered here in the mountains, Fed Chair Jay Powell not expected
1:05.3	to deliver a victory speech here in Jackson Hole. While Powell may acknowledge the progress and even hold out the
1:12.1	possibility of a soft landing for the U.S. economy, he'll retain his flexibility, I think, to raise
1:17.3	rates or hold them at a high level until there's convincing evidence, is the phrase they've used.
1:22.6	Inflation is headed to the 2% target. Ian Sheperson from Pantheon economics. He writes, we see no reason to think
1:28.7	that Mr. Powell is ready now to give up optionality given the tendency of inflation in the past
1:33.7	couple of years to disappoint after appearing to improve. Now, markets have already kind of embraced
1:40.0	this. September probability of a rate high trading 20%, but there is November at the even
1:45.2	odds line at 50%. That's up from yesterday after Harker's remarks and up over the past couple
	...

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