Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania, live from Post 9, as always, of the New York Stock Exchange. David Fabers is still on assignment. Stocks moving lower to end the week as President Trump wraps up his trip to China with some new details on Boeing, InVIDIA, Taiwan, and more. We'll head to Beijing for you for the latest. Plus, chips moving lower after a wild week for the space, which saw Nvidia reach record highs and the

blockbuster debut of Cerebrus. We'll talk to an analyst about the next big catalyst. And Apollo's chief

economist, Thorsten's lock with us as Fed Chair Powell wraps up his final day as chair. And that is what I'm

focused on today, which is the final day of Fed Chair Powell's eight-year

term. I put together what I think are some defining charts for his term. And when it comes to any

Fed share, really, it has to start with inflation, right? One of the two mandates for the Fed is to keep

prices in check. And here is what it looked like over Powell's

tenure. You know, no real problems. And then coming out of COVID, we saw this spike where CPI,

consumer price inflation went all the way up to 9%. And then it was brought back down. Now,

was Fed Chair Powell a little late to be serious about the

inflationary threat and hike interest rates? Some would argue, yes. Was transitory wrong? Yes,

that's the mistake that he noted. However, they forcefully, he forcefully acted when it became clear

that price inflation was sticking around and was getting serious,

and they saw the tightest monetary policy that we've seen since the Volker era, and it has come

down. Now look at that little tick up recently. That's the Iran War, and that's the sort of

challenge that the next Fed chair, Kevin Warsh, is presented with. I also want to show you

CPI versus unemployment because everyone

thought that when it came to that spike in inflation there, it would be almost impossible for the

Fed to get a hold of it without causing a recession or without causing a big spike in the unemployment

rate. But if you look at what happened with the unemployment rate in the orange line, it's really been stable. It only ticked up a little bit. This is the soft landing. Remember, we were always debating every day. Can you do it with a soft landing? 22, that was the debate, right? There's no way he can get the soft landing because he has to raise an... Remember, at one point there, it was a triple rate hike. He raised rates, 75 basis points, and yet they achieved the soft landing. We did not see a spike

in the unemployment rate. The other one I'll tell you about is the balance sheet, which of course

is also widely debated, but encapsulates, I think, really one of the greatest feats, which

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