SOTS 2nd Hour: White House Jobs Reaction, Goldman's Chief Economist, & LIVE: Robinhood CEO 2/11/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 11 February 2026

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

January payrolls coming in FAR above expectations: Carl Quintanilla, Sara Eisen, and David Faber broke down the numbers, and got the White House's first reaction to the print with Counselor to the Treasury Joe Lavorgna - before later discussing what it means for the Fed with Goldman Sachs' Chief Economist Jan Hatzius. Plus - AI concerns have crushed software stocks year-to-date... Are contagion concerns overblown here? Hear Apollo Asset Management Co-President John Zito's read from the ground on how it could be an opportunity for private credit markets. Around the edges: Sara brought new behind-the-scenes reporting on Kraft Heinz's decision to pause their planned split; David gave his take on T-Mobile results; and the CEO of Robinhood joined the team for a wide-ranging interview spanning crypto, quarterly results, and even what he thinks of a California wealth tax. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Spock on the Street. I'm Sarah Eisen with Carl Cantania and David Faber.
0:05.2	We are live as always, the post nine of the New York Stock Exchange. Take a look at stocks. They are gaining after this morning's blowout jobs report.
0:12.6	We're going to get the administration's first reaction to the print. Counselor to the Treasury Secretary Joe LaGorne joins us in just a few moments.
0:20.2	Plus news of AI advancements
0:22.3	crushing software stocks here to date. Apollo asset management co-president John Zito is here to tell us
0:27.9	what it all means for the private credit space. And then Robin Hood shares under pressure after
0:32.8	earnings last night, recent crypto weakness hurting that stock CEO, Vlad Tennb will join us first on CNBC and next hour a rare
0:40.3	and exclusive interview with green lights David Einhorn his thoughts on the AI trade valuations and much more
0:47.1	first dose and breaking news out of the congressional budget office for that we'll turn to Steve leasman
0:51.4	morning Steve hey Carl the CBO estimating that the deficit will total $1.9 trillion in calendar year of 20206.
0:58.1	That's up $100 billion from their prior forecast. And that deficit's going to go to $3.1 trillion in 2036.
1:05.1	Deficit will be 5.8% of GDP in 2020, growing to 6.7% in 10 years that held by the public rises to, or from 101%
1:14.3	to 120% in that 10 year period. It raised its deficit projection by 1.4 trillion over a 10-year period
1:20.5	compared to the prior forecast. That's because of policies from the administration.
1:25.3	The big, beautiful bill raising the deficit by 4.7 trillion over the
1:29.6	10-year period. Tariffs lowering it by 3 trillion. Immigration policies going the other way,
1:34.9	increasing the deficit by 500 billion. They did upgrade growth for 2026. That's good. They see
1:39.8	the labor market improving this year. Inflation will hit the Fed's 2% goal by 2030. On the effects of
1:45.6	the president's policies, the Triple B, the CBO says boosts the short-run economic growth,
1:50.8	raises long-term productive capacity. That's good. Trade policy continues to weigh on growth,
1:55.8	says the CBO, raising the cost of imported goods, reducing foreign investment, lowering efficiency of the U.S. economy.
2:02.0	Immigration, slowing labor force growth, putting downward pressure on output.
	...

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