Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

today's the day the street and global markets have been waiting for in about an hour the fed chair will deliver a keynote at the fed symposium in jackson hole and of course we will bring it to you live good friday morning welcome to squawk in the street i'm carl cantonio with sar Eisen, Mike Santoli at post-9 of the New York Stock Exchange.

Kramer in favor have the morning off. Equity is going into the speech with some green arrows, but S&P coming off a five-day losing streak for the first time since January. Let's, of course, begin with the Fed Chair in Jackson Hole later this morning. Our Steve Leesman is there. Big day, Steve. Yeah, a little light on the mountains and maybe we'll get a little light shed on how the Fed Chair feels about where we ought to be going with interest rates. I think this is important for a couple reasons. Obviously, it'll provide some guidance to the market, but also guidance to a very, I'd say, divided committee and the opportunities we've had to chat with the committee members.

There's very, very different views. And we had Patrick Harker, the former Philly Fed president,

who really just left office in June. He talked about the fuzziness of the data. And I think

that has led to the different interpretations of what the right outlook is among committee members.

I divide it like this. A couple folks ready to cut right now, they were ready to cut in July.

And a bunch of folks who say we shouldn't cut at all and a couple, and really a very large

middle of folks who say, I want to wait and see. And I think Powell's going to lean on that

in the sense that there's

still quite a bit of data. Another inflation report, another employment report, the benchmark revision

September 9th. Write that down in your calendar. That'll be important for shaping the views.

And then more data, of course, on inflation and from companies and listening to those earnings

reports about how the tariff are working through.

And then some discussion, I would say, among committee members about the idea of, in the

inflation report we just had, there was not just kind of tariff-linked inflation, but

tariff on the service side that caused some concern, guys.

I mean, I guess so is, what is the likelihood, Steve, that he's going to say anything

definitive about September, given we still have another big inflation report and another big

jobs report before that? I think it'll be subtle, Sarah. I think that's probably a more

operative word. I think it'll be a bit of a war shock test

in terms of people who look at it who think the Fed's going to cut, they'll see what they want in it, and people who don't think the Fed ought to be cutting here, don't think the Fed will cut, they'll see something in it. I think you're right. I think the idea is maximum flexibility. And it's really fascinating, Sarah, to look at how the futures market has

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