Yields Rise on CPI, UAW Latest Strike, Consumer Names Report 10/12/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 12 October 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Jim Cramer kicked off the program breaking down the latest inflation print, with CPI coming in hotter-than-expected for the month of September. The consumer price index increased 0.4% on the month and 3.7% from a year ago, above respective forecasts for 0.3% and 3.6%. Following the market discussion, the anchors brought in Phil LeBeau to talk the UAW launching an unexpected labor strike to one of Ford’s most profitable plants. After the opening bells, the desk also discussed the latest earnings reports from consumer names Walgreens, Domino’s, and Delta Air Lines. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.7	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington here with Jim Kramer at Post 9 of the New York Stock Exchange.
0:10.4	David Faber has the morning off. Pre-market is holding on to gains despite September CPI running a touch hot.
0:16.7	Up 4-10s on Headline, Core was in line, yields are higher, but that-year, managing to stay below 4-6 for now as we turn our attention to earnings next.
0:25.0	Our roadmap begins with that latest inflation print.
0:27.2	hotter than expected for the month. What could it mean for Fed rate policy?
0:31.1	The UAW expanding its labor strike against Ford, targeting one of the company's largest plants,
0:36.6	will get the latest,
0:38.0	and the IEA, saying the Israel-Hamas war poses a risk to the oil market, saying they will
0:43.8	remain on tenterhooks as that crisis unfolds. Let's get to the CPI print, though, Jim,
0:49.7	the general take is that X shelter, which was more than half the gains, means the Fed may look past
0:55.1	this one. Well, look, they're struggling on shelter very much because it's rent. Remember,
1:01.3	they took the housing out in the early 80s, and there's just not enough places built. We had some
1:06.2	numbers this morning. I was watching on Wex, which was Frank Hollinship, that it's 1% down in New York.
1:14.6	Well, that's not, that's not going to cut it.
1:18.3	You mean, Japan wants to see housing rolled back a little bit more.
1:22.1	It's up 40%.
1:23.2	Rental, you need more apartments built.
1:26.2	I think that he wants to see more good numbers in a row.
1:31.3	And I can't say that this is a good number.
1:35.9	People were hoping for a one-tenth, and you do have one-tenth if you take core
1:40.8	at shelter.
	...

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