Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with Jim Graber, David Faber at the New York Stock Exchange.

Future is mostly unchanged here as the Dow's up nine of the past 10 days got a fed decision at two o'clock

repo squeeze quiets down although we will get a new york fed operation for a second day today

europe is green uk inflation disappoints oil down as the Saudis give more intel today on those attacks

and the president orders treasury to increase sanctions on iran our roadmap begins with watching the Fed. Investors expect the second rate cut in a decade. Stocks mostly lower ahead of the open. Plus FedEx is falling this morning. The shares are down in the pre-market over. Trade worries, policy uncertainty, of course, as well, continuing to weigh on the delivery giant. And right idea, wrong approach.

House Speaker Nancy Pelosi is sitting down with Jim.

You'll hear what she had to say about the president's China trade strategy.

As we said a few moments ago, the president tweets,

I've just instructed the Secretary of the Treasury to substantially increase sanctions on the

country of Iran.

So nice that our country is now energy independent.

The USA is in better shape than ever before. Strongest military by far, biggest economy,

no longer even close. Number one, an energy.

MAGA equals CAG. But Jim, I mean, the story here is going to be about the attacks

and what else the Saudis can tell us about us.

As Aramco had that statement out yesterday.

Right. I think that we have to – we're following the Saudis lead here.

We're not leadership.

I can't wait to see what happens when Joe interviews Vice President Pence and tries to pin him down on this, because have we

ceded our foreign policy to a foreign country? Are you asking me that question? Well, unless you're

on the podcast, he answers yes. Yeah, I don't know if that is the case. I don't think so. Okay, but we are very close to the line with the Saudis. But I don't think so.

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