SOTS 2nd Hour: Treasury Sec. On The Hill, CPI Breakdown, & Musk’s Mea Culpa 6/11/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 11 June 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

A big morning for trade as Treasury Secretary Bessent testifies on Capitol Hill following U.S.-China trade talks in London: Carl Quintanilla, Sara Eisen, and David Faber got the biggest headlines this hour and discussed what it all means for stocks alongside this morning’s better-than-expected consumer inflation print. Goldman Sachs’ Chief U.S. Economist joined the team with his take on the Fed’s next steps here – as rate cut odds rise, and yields fall… Plus: an AI boom or bust? A quick check on the AI trade, and who’s winning the growing arms race – with Meta’s new $14B stake in Scale AI a key focus (along with a new lawsuit out of Disney and NBCUniversal accusing AI image generator ‘Midjourney’ of copyright infringement). Other top stories: Voyager Technologies going public at the New York Stock Exchange – hear from the CEO of what some are calling “the Berkshire Hathaway of Space” ahead of the first trade; Elon Musk walking back his feud with President Trump – what it means for shares; and a first look at CNBC’s 2025 Top States For Business. 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 Kintaniat and David Faber live as always from post nine of the New York Stock Exchange.
0:07.5	Stocks are having another update. It's a small rally given some of the big catalyst today.
0:12.5	Like word of the U.S.-China trade deal, more benign inflation reporting. The NASDAX up to tens of a percent.
0:18.8	Healthcare, actually the leading sector in the S&P right now.
0:21.6	Some of those names coming back.
0:22.6	Information technology, consumer discretionary, all doing well.
0:25.6	It's materials, staples, and industrials that are negative in the S&P.
0:30.6	As for Treasuries, reaction to the CPI report coming in softer than expected,
0:36.6	leading to a further rally in treasuries with
0:39.5	yields lower, especially that policy-sensitive two-year yield below 4%. Odds go up of a second
0:46.2	rate cut this year. Today, Goldman Sachs chief U.S. economist will join us with his first take
0:51.5	on the morning CPI print and how it could factor into the feds rate path. Plus, Voyager technology, sometimes called the Berkshire Hathaway of Space. Getting ready to make its public debut right here at the New York Stock Exchange. We're going to talk to the CEO ahead of the first trade. Got some breaking news out of Washington this morning. The Treasury Secretary gets set to testify at House Ways and
1:11.2	Mainz after just returning from those trade talks in London. Let's get to our Amon Javvers in Washington
1:15.9	with the latest morning, Amen. Yeah, good morning to you, Carl. Treasury Secretary Bessence
1:19.9	may be a little bit jet lagged here this morning in Washington after flying from London after
1:24.9	yesterday's meeting with the Chinese delegation. We saw a post on social media
1:30.0	this morning from the president, and there you see a live look in at the Treasury Secretary
1:34.6	arriving in the House committee room there. We will hear from him, presumably his assessment
1:42.7	of what happened in that session yesterday with the Chinese delegation
1:46.7	talks not over. We saw a post from the president on social media earlier this morning
1:53.8	in which the president suggested that a deal of some kind has been crafted that has to go to
1:58.7	the two leaders now, Xi Jinping and himself,
	...

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