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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with David Faber. Mike Santoli at the New York Stock Exchange. Kramer has the morning off. Pre-market really didn't like the macro today. PPI comes in hot, up seven-tenths, biggest monthly increase since June, although the year-on-year

is a fresh cycle, low, up six. A lot of earnings in Fed speak, including Mester, who says she saw a

convincing case for 50 basis points last meeting. Our roadmap is going to begin with the murky

macro outlook, wholesale prices with that big gain, claims under 200K for a fifth straight week.

Plus, we've got some pain in media this morning, keeping an eye on insurance of paramount,

which we're going to be down.

You know, you've got a tough ad sales market.

Obviously, a lot of costs for streaming.

$500 million in negative free cash flow, but they say, hey, they're going to turn things around

over the course of this year.

And Cisco's strong quarter, CEO Chuck Robbins, saying the company is better position now than

any time in his tenure. He will join us exclusively later this hour. Let's begin with that

hotter than expected PPI number. We mentioned seven-tenths, looking for four-tenths. Even the

core mic, five, we were looking for three. It's a-tenths, looking for four-tenths. Even the core, Mike, five,

we were looking for three. It's a lot better than 11, which was the story almost a year ago, but still hotter than the market expected. Yeah, the slope down is not as steep as we've been getting used to and wanting, I guess, and the market, you know, has been dealing with some hot data all around this week.

So CPI, only marginally so, retail sales and now PPI. And now the conversation quickly turns to,

you know, we were worried if we could navigate a soft landing. Well, the economy doesn't look even soft enough in the near term. The Mester comments Cleveland Fed president saying that she preferred

or saw a good case for a 50 basis point hike last

meeting as opposed to 25, that really got the future's attention.

Because I think this measured quarter point per meeting pace where we're going to kind

of navigate gradually toward the terminal rate was pretty acceptable, I think, to the stock market.

But here we have a market that is, you know, up 8% year-to-date, started to get over-excited.

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