Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Mike Santoli and David Faber. We are live, as always, at Post 9 of the New York Stock Exchange. Carl's off today. Coming up this hour, Senator Elizabeth Warren with us following yesterday's grilling of Fed Chair nominee Kevin Warsh on Capitol Hill,

will get her take on his performance, of course, the state of the economy, private credit,

and much more. Plus, Alphabet, ramping up its efforts to compete with Anthropic and Open AI

for enterprise customers. Details on new steps revealed just this morning. And it's another

Supreme Court opinion day. We are awaiting a potential decision this hour on President Trump's authority to fire Fed Governor Lisa Cook.

We'll bring you the headlines as soon as we get them if we get them.

But guys, we do have a lot of new data and new commentary about how the economy is faring,

given the rising gas prices, the rising oil prices. You know, we've been monitoring

some of the commentary to see how consumers are doing and so far so good. I just wanted to bring

you a few callouts. How about Capital One? Okay, credit cards. CEO on the call. This was the sort of

most explicit acknowledgement of what's happening as a result of the war on the consumer.

CEO says the new conflict in the Persian Gulf represents a significant cloud on the horizon.

If energy prices remain elevated for an extended period of time,

that would be a real headwin for consumers, okay?

But so far, we've not seen any adverse effects on our portfolio, either in our credit

or spend metrics.

We continue to really feel good about not only our portfolio performance, but our credit or spend metrics. We continue to really feel good about

not only our portfolio performance, but good for the credit outlook of consumers. Why are you

laughing? Because we played this sound at 9 o'clock. So I do the macro pullouts from the

I'm sorry. We played it because it was, you know, was seemingly important. And to your point,

it was one of the first times I think somebody's addressed it so clearly. And also said, it's a concern, but to your point, it's not yet being seen in the metrics. Yeah. I mean, you and Jim can talk about it, and then we can talk about it, right? Got it. No, of course. And I'm happy to do that. So give me your take, Sarah. I mean, the take is that so far so good. No adverse effects on the portfolio, credit or spend metrics. It's exactly what we heard from the regional banks last week. It's exactly what we heard from the big banks last week, the city groups and the J.P. Morgan. And it jibes with what we're hearing from consumer CEOs as well. How about United?

I mean, we'll talk about United as a mover and what the jet fuel impact is going to be,

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