Working through the Shutdown: The CPI Report 10/24/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 24 October 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Well over 3 weeks into the government shutdown, economists are eager for federal metrics that help paint a picture of our nation’s economy. To that end, the Labor Department brought back some workers from the Bureau of Labor Statistics to release the Consumer Price Index, or CPI. 10 days late, CNBC’s Rick Santelli, Nomura’s David Seif and Richard Bernstein Advisors’s Michael Contopoulos dig into the numbers and what they mean for the data-driven Federal Reserve. It’s the second-longest shutdown in U.S. history, and lawmakers like House Minority Leader Hakeem Jeffries (D-New York) and Senator James Lankford (R-Oklahoma) are standing firm on their respective sides of the standoff. Both explain their perspectives on how the country can move forward. Plus, Target announced it would be laying off about 8% of its corporate workforce, and President Trump says he’s halted trade negotiations with Canada over an Ontario ad featuring President Ronald Reagan criticizing tariffs. Rick Santelli - 17:09 David Seif & Michael Contopoulos - 19:29 Sen. James Lankford - 21:47 Rep. Hakeem Jeffries - 38:26 In this episode: James Lankford, @SenatorLankford Hakeem Jeffries, @RepJeffries Rick Santelli, @RickSantelli Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:03.0	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today on Squawk Pod.
0:09.0	Numbers, real numbers, about the state of the economy.
0:13.0	We're gonesing for some actual government data that we're going to get it today.
0:17.0	The loan data point released in a government shutdown tells us price inflation in September was not only bad news for consumers.
0:24.6	Our panel gets into it.
0:26.6	Fundamentals, Joe, are pretty strong right now, and there's no doubt about it.
0:30.6	Speaking of shutdown, Republican Senator James Langford on the State of the Stalmate in Washington.
0:36.6	Thirteen times we've had a continuing resolution where we've got to the same moment. In the last 13 times, we voted to say, okay, let's keep negotiating. Let's keep it open on it. And Democrats this time just say they're mad at Trump. And Democrats leader in the House, Hakeem Jeffries, says there is blame to go around. Yeah, we haven't shut the government down.
0:56.0	Donald Trump is the president.
0:57.0	Republicans control the House and the Senate.
1:00.0	Plus, layoffs at Target, another halt to trade negotiations with Canada, and can we strike for a four-day work week?
1:08.0	My idea is to shut down Swackbox until our demands are met.
1:14.2	It's Friday, October 24th.
1:16.5	This super-sized Squawk Pod begins right now.
1:20.3	Stand Becky by in three, two, one.
1:23.2	Cuea, please.
1:25.1	Good morning, everybody.
1:26.5	Welcome to Squackbox right here on CNBC.
1:29.0	We're live from the NASDAQ market site in Times Square.
1:32.0	I'm Becky Quick, along with Joe Kernan.
	...

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