Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with David Faber, Sarah Eisen, at post nine to the New York Stock Exchange. Kramer has the morning off. Pre-market is adding a bit to Thursday's losses. Even with yields backing off a touch, 10-year yield below five, Powell's speech seen by some as dovish, but we are going

into a weekend of geopolitical uncertainty, Vixnear 21. A roadmap begins with watch on yields.

Ten-year does cross five for the first time in 16 years. Stock's looking to pull back at the open.

Plus signs of a resilient consumer. Amex beats expectations record revenue for the sixth straight quarter.

And transports continue to be in focus. They're on pace for what would be the fifth straight

weekly loss for that group. CSX reporting a mixed quarter on weaker rail demand. Knight Swift saying

freight demand remains steady. Let's get to that tenure, hitting five, as we said late yesterday, just hours after the Fed

chair's remarks to the Economic Club of New York. This is what he had to say about bonds and rates.

Are we seeing the longer-run bonds, are they increases in rates? Are we seeing those come through in financial

conditions in a persistent way? And I think if you look at financial conditions indexes, the answer

so far would be yes, you are. Persistence will be a matter of just seeing with our own eyes.

But certainly, if you look at financial conditions indexes, they're showing tightening

and it's a lot because of longer rates. he did say a few months of disinflationary data is just the

beginning sarah of what's going to be needed but what did you think of his discussion about term

premium well he mentioned it and he said that that that could be having an impact here on long term

rates my my takeaway on powell was for the doves, they got what they wanted, right?

He didn't make a strong or forceful case for raising rates again this year.

But he did leave the door open for it.

So for the Hawks, he didn't manage to cap long-term bond yields.

So there was a little bit of both, but I think overall the message was he's content

to wait and see, like some of his colleagues on the Fed are. But, you know, David did mention that

if the data continue to come in strong, they're resolute on inflation, they're proceeding

...