Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania.

We are live from Post 9, as always, of the New York Stock Exchange. David Faber on assignment today.

Coming up this hour, Delta Airlines CEO, Ed Vastion will be with us as shutdown-related flight cancellations grow.

And as the company rings the opening bell here at the New York Stock Exchange to celebrate 100 years in business. Plus, AMD shares jumping this morning after CEO Lisa Sue laid out a pretty bullish forecast for growth over the next five years. We'll break down her message to shareholders. Stocks up 6%. Let's begin, though, with some breaking news from the Fed. For that, we'll turn to Steve Leasman on a very busy day for Fed speak. Hey, Steve.

Hey, Carl, good morning. Adding to the busyness here, Atlanta Fed President Rafael Bostic announcing

he will retire at the end of his term February 2026. You remember all Fed President's terms

end at the five-year period ending in a six or a one. That is, so they're all up.

And Bostic taking this opportunity to retire. He serves Atlanta Fed President since 2017.

Atlanta Fed announcing it will form a search committee to look for a replacement. I would say that I

don't think that the, there is this bio right there. Since 2017, graduate from Harvardvard 87 phd from stanford 95 former hud secretary

foreign president a professor at u sc i don't think the fed is losing a committed hog or dove here

bostick has been very much in the middle he has also by the way experienced some issues related

to his investments they were found to be not intentional in a series of

investigations, whether or not that would be seen as a potential liability to reappointment,

especially in this very, very political time. All of this points to perhaps the importance of

if the president were to get a majority on the Federal Reserve Board, they would have more control

this group of Trump appointees, more control in who gets reappointed as a Fed president.

Separately, guys, we're watching this.

New York Fed President John Williams at a Treasury conference today that includes the Treasury

Secretary says it will not be long before the Fed begins to expand

its balance sheet again. That's been out there, but something that has animated the bond market,

which also, as you know, was animated by that negative ADP number yesterday, guys.

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