SOTS 2nd Hour: Fed Chair Race Developments, The 4 O's of a Bubble, & Moody's Chief Economist 12/15/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 15 December 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with new housing data and fresh developments in the race for the next Fed Chair - before breaking down one Chief Market Strategist's sky-high S&P price target into the year ahead. Plus: longtime market veteran Ruchir Sharma joined the team with what he calls "the 4 O's of a bubble" that are flashing warning signs right now... while Moody's Chief Economist Mark Zandi brought his expectations for tomorrow's blockbuster double jobs report. Also in focus: a fresh read on the consumer out of CNBC's latest All-America Survey - hear the surprising results, this hour... Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Monday morning.
0:08.0	Welcome to Squawk on the Street.
0:09.4	I'm Sarah Eisen with Carl Cantonea and David Faber, live as always from post-9 of the New York Stock Exchange.
0:15.0	Coming up on today's show, the four-oes of a bubble.
0:18.5	Rockefeller's Rochere Sharmer joins us with his take on whether stocks are starting to look stretched here with the market at record highs.
0:25.0	Plus, Moody's chief economist Mark Zandi will be with us ahead of a key double jobs report coming in less than 24 hours.
0:30.8	And then later, can't miss interview with Fed Governor Stephen Myron after his third doveish descent in a row at last week's Fed meeting.
0:39.7	Let's get some NHB with Diana Oleg this morning. Hey, Diana.
0:43.6	Hey, good morning, Carl. Yeah, Homebuilder's sentiment for single family homes in December rose
0:48.1	1.39 on the National Association of Homebuilders Index. That's a small beat. The street was
0:53.6	looking for unchanged,
0:54.7	but anything below 50 is considered negative and sentiment has now been below 50 for all of this
1:00.1	year. Now, of the indexes three components. Current sales conditions increased 1.42. Future sales
1:05.9	expectations rose 1.52, the only one, the positive. and buyer traffic was unchanged at a low 26. Builders
1:14.4	continue to cite rising material and labor prices due to tariffs, rising inventory, and the
1:19.5	existing home market also has increased competition for newly built homes. Now, regionally,
1:24.3	on a three-month moving average, sentiment rose everywhere except in the Northeast, but that is actually where it is the highest. Now, regionally, on a three-month moving average, sentiment rose everywhere except in the
1:27.8	Northeast, but that is actually where it is the highest. Now, 40% of builders reported cutting
1:32.7	prices. The second straight month, that share has been at 40% or higher since May of 2020,
1:38.1	and the use of sales incentives was 67% in December. That is the highest percentage in the post-COVID period. Back to you guys.
1:47.1	Okay. We'll take a beat on sentiment there. Thank you, Diana. Diana, O'Leck. This is a very
1:51.7	exciting week because we get all our data back from especially October and November. So it really
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