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

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintenea with David Faber, Mike Santoli at the New York Stock Exchange. Kramer is the morning off. CPI does come in pretty much in line, up five-tenths on headline, six-four year-on-year, which is the seventh consecutive month of declines. Market seems to have priced that in pretty well.

Futures relatively steady.

A robot begins with that in pretty well.

Futures relatively steady.

Our roadmap begins with that sticky inflation data.

CPI showing annual deflation, again, down seven straight months, but signs that the pace of easing may be leveling off.

Plus, Ford is cutting costs.

It's laying off thousands as it shifts its focus to EVs. Chairman Bill Ford's saying

the company took its eye off the ball. And sure as a Palantir are having a rare day. Why? Because they're

up. The head of the open. The company slows hiring, but it forecasts its first profitable year.

Let's get to that CPI print. Obviously, markets been waiting for this for days,

trying to price it in advance. A lot of focus this morning on core services and shelter, especially.

And that's important because if that does make up the lion's share of the inflation,

you could argue, I guess, it operates with the lag, and maybe things are happening faster than the data can reflect.

It's been the prevailing idea that you can, to some degree, look through the shelter

component.

Even FedShare Powell has more or less nodded in that direction by saying core services X shelter

is really the super core item that we're looking for.

That was on an annual basis down below 4%,

although still kind of stickier than you'd like to see. So the monthly prints are still elevated.

But yeah, the market has had a fix on this. I think just in general, the components are not whipping

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