Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber.

We are live as always from post nine of the New York Stock Exchange. Coming up this hour,

markets and market participants still reacting to President Trump's pick for Kevin Warsh to be the Fed Chair.

We're going to talk to two experts on opposite sides. One who thinks Warsh was the weakest of the final four and one who rates the pick as nine out of ten.

Plus, Disney stock now down sharply as it kicks off another big week of earnings results this morning.

Quite a turn.

We'll talk about the takeaways as reports swirl around Bob Iger's potential successor.

And we are watching Oracle this morning after the company said it would raise tens of billions of dollars to build out AI capacity.

We'll talk about what that means for shareholders. Another turn in the stock, that one is higher.

But guys, on the worst front, you know, David, you always have asked me about the size of the balance sheet.

So we're going to dive into reaction in the markets and the balance sheet.

Just want to show you what's happening with some of these moves and precious metals,

for instance.

And what's happened just over the last week or so, major liquidation, sell-off mode for gold,

for silver, which is quite dramatic.

A lot of the sort of leverage positions coming off here.

Bitcoin has sold off.

I mean, this is just a one-week chart, which shows you a big dip. Is it the

Warsh pick? Is it something else? You know, we don't know exactly, but let's just show you what's

going on with the balance sheet. So when the Fed expands its balance sheet, right, it's printing

reserves to buy bonds and pushing money into riskier assets.

That's basically what an expansion of the balance.

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