Market Moving Insight and Analysis. Join Jim Kramer, David Faber, me, Carl Cantonia on the opening bell hour of CNBC Squawk on the Street.

It's the event around the world. Investors are watching the Kansas City Fed Symposium at Jackson Hole, where Fed Chair Powell is set to speak in about an hour. We're going to cover all of the bases for you today. Good Friday morning. Welcome to Squawk on the street. I'm Carl Kintanier with Sarah Eisen, Mike Santoli at the New York Stock Exchange. Jim and David have the morning off. Futures were steady until China added this new twist, adding retaliatory tariffs on $75 billion of U.S. goods, including oil and soybeans and autos.

Futures are red, so is Europe. Crude is taking a spill as well, 10-year yield right around 161.

Our roadmap begins with breaking news as China retaliates, announcing those new tariffs on U.S. goods.

We're going to go live to Washington with the tales.

And a moment of truth. Federal Reserve Chairman Jay Powell just one hour away from taking the

stage at Jackson Hole. We will break down what to expect. And the big week for retail

continues with Foot Locker and Gap on the move today. We'll dig into the consumer.

But obviously the big event, it's only fitting that Fed Chair Powell's Jackson Hole speech comes at an event whose theme this year is, challenges for monetary policy.

Fed officials Patrick Harker, Esther George, telling our Steve Leesman they see no case for a rate cut right now.

Take a listen to that.

I didn't think the cut was appropriate necessarily, but I went along with it to get back to neutral.

But I'm on hold right now.

My forecast is just to hold where we are for exact one of the reasons is that.

But I think we run the risk of creating too much leverage in the economy.

My sense was we've added accommodation and it wasn't it wasn't

required in my view. In my view with this very low unemployment rate with wages rising with

the inflation rate staying close to the Fed's target, I think we're in a good place relative to

the mandates that we're asked to achieve. And St. Louis Fed President Jim Bullard made his case for lowering rates.

What the market thinks inflation is going to be over the next five years, let's say,

and you adjust it because it's CPI, you adjust it to PC.

Markets only expecting about 1% or 1.1% inflation.

...