SOTS 2nd Hour: Ray Dalio's Debt Warning, Sen. Warren Slams the Fed and Wells Fargo, Trump Tax Bill Scrutiny 6/4/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 4 June 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Sara Eisen discussed weaker-than-expected May jobs data from ADP. Oppenheimer Chief Investment Strategist John Stoltzfus joined the program to discuss his market perspective. He also reacted to Congressional Budget Office analysis which shows President Trump’s tax and spending bill would add $2.4 trillion to the national debt. Bridgewater Associates founder and legendary investor Ray Dalio discussed how failing to rein in debt would result in dire consequences for the U.S. economy. Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) appeared on the show and slammed Wells Fargo’s 7-year, $2 trillion asset cap being lifted by the Fed – saying Wells should “stop breaking the law.” Warren also reacted to Elon Musk’s criticism of Trump’s “big, beautiful bill.” Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Squawk on the street. I'm Sarah Eisen with Carl Continia,
0:03.9	live from post nine of the New York Stock Exchange. David Faber is off today. Take a look at stocks.
0:08.6	We're going for three days in a row of gains here. S&P 500 up a tenth of one percent. The
0:14.0	NASDAX's up a little more than that. Another positive day, it is being led again by technology
0:19.5	and communication services in particular.
0:21.6	Met is up 2%. Alphabet's up a little more than half a percent. Healthcare is gaining today.
0:26.2	So are materials as those steel tariffs kick in and industrials. Financial is a little bit down and
0:31.4	utilities. The worst performers down 1%. As for treasuries this morning, we have some new jobs data to discuss going into big jobs
0:39.6	day on Friday, and there's buying. So relative calm in the bond market, 10-year yield 4.4%. Two-year yield
0:45.8	moving south. That's the one that's really sensitive to where interest rates go, 3.9%. We've got a big
0:51.3	show coming your way. In just a moment, Bridgewater's Ray Dalio will join us with a new warning about America's ballooning deficit and how to avoid an economic crisis in this country.
1:02.0	Plus, Senator Elizabeth Warren, calling the Fed's decision to lift Wells Fargo's asset cap, quote, an outrageous giveaway to one of Wall Street's most derelict banks.
1:11.4	She will be with us to discuss.
1:13.6	Meantime, you can see markets responding to ISM services.
1:16.5	Let's get back to Rick Santelli.
1:17.7	Hey, Rick.
1:19.1	Yes, boy, you're watching Yields move down again.
1:23.0	And the issue is our May reads for ISM services, PMIs, and here they are.
1:29.2	49.9.
1:30.8	The headline was supposed to come in at 52 expansion territory, but instead it moves to contraction
1:37.1	under 50.
1:38.4	And the last time it was under 50 was June of last year, and that's when we comp to on this
	...

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