Antibiotics and generics are in short supply, and it’s affecting every demographic in the U.S. CNBC’s Senior Science & Health reporter Meg Tirrell does a deep dive into America’s prescription drug shortage . In a conversation exclusive to Squawk Pod, Tirrell explores the supply chain disruptions and market failures that are to blame for the shortage. Plus, Joe Kernen and Becky Quick digest Wall Street’s headlines: Jamie Dimon’s upcoming deposition , the Silicon Valley Bank hearings on Capito...
Mar 29, 2023•25 min
The CFTC has filed a complaint against Binance , alleging that the crypto exchange violated federal law. Speaker of the House Rep. Kevin McCarthy (R-CA) has sent President Biden a letter pushing for a path forward on the debt limit. In an extended interview, Speaker McCarthy discusses U.S. economic stability, the collapse of Silicon Valley Bank, and the one thing all American lawmakers seem to agree on: cracking down on TikTok . Oscar Health co-founder and CEO Mario Schlosser is handing over lea...
Mar 28, 2023•37 min
First Citizens will buy Silicon Valley Bank’s deposits and loans, prompting a stock rally in regional banks. Lawmakers are gearing up to question Federal Reserve officials about the banking crisis on Capitol Hill . CNBC’s Steve Liesman reports the many questions Congress will ask during the two-day hearings. Pantheon Macroeconomics Chief Economist Ian Shepherdson warns that the global banking contagion could exacerbate a recession , should we fall into one. In a conversation about the global cre...
Mar 27, 2023•28 min
Lawmakers grilled TikTok CEO Shou Zi Chew on data, the platform’s relationship with Chinese owner Bytedance , and content moderation. Stanford University Geopolitics and Technology Adviser Jacob Helberg recaps the vitriol in DC and suggests that TikTok served merely as a placeholder for all Chinese companies operating in the U.S. CNBC’s Steve Kovach explains the stakes for Apple CEO Tim Cook’s trip to China this weekend, in light of the pressure on TikTok on Capitol Hill this week. European bank...
Mar 24, 2023•35 min
The Federal Reserve announced a rate hike of 25 basis points , its ninth consecutive hike in the last year. Chair Jerome Powell softened his tone on the central bank’s aggressive hiking policy, and the markets interpreted his comments as a hint that the end of the hikes may be approaching. Though temporarily sated by Powell’s comments, markets bristled at those of Treasury Secretary Yellen to a Senate subcommittee. Real estate mogul, investor, and Starwood Capital CEO Barry Sternlicht digests th...
Mar 23, 2023•38 min
In an extended interview, former Goldman Sachs CEO Lloyd Blankfein discusses the fine line for Federal Reserve Chairman Jay Powell , who prepares to speak to markets and investors today. Blankfein discusses the Fed’s inflation fight vs. market stability balancing act, and he shares the lessons on regulation and transparency that he learned from his own experience with a banking crisis in 2008. Plus, a break from the banks: Petco’s business is booming, CEO Ron Coughlin says, thanks to the work-fr...
Mar 22, 2023•37 min
JPMorgan is advising First Republic on strategic alternatives, after JPM and 10 other banks announced a $30B deposit into the embattled bank. Treasury Secretary Janet Yellen lauded the move , but told lawmakers that the government would not refund all uninsured deposits for every bank that fails. The Federal Reserve begins a critical two-day policy meeting; former Fed Governor Kevin Warsh discusses the central bank’s options to hike, pause, or pivot, and he argues that a time-out is in order. Hi...
Mar 21, 2023•37 min
The Swiss government has helped broker a deal for UBS to acquire its embattled rival Credit Suisse in an “emergency rescue” to curb global contagion in the financial sector. Joe Kernen, Becky Quick, and Andrew Ross Sorkin unpack the details of the deal and whether it will work in stabilizing banks and investors. Steve Liesman explains, the Federal Reserve is coordinating with other central banks to improve global liquidity with enhanced swap lines . Sen. Bill Cassidy (R-LA), a member of the Sena...
Mar 20, 2023•42 min
Joe Kernen and Andrew Ross Sorkin digest the chaotic week that was: banks in crisis, markets in tumult, and the Fed under pressure. Lazard’s Peter Orszag unpacks the instability in our financial ecosystem and the action it may prompt from the Federal Reserve in next week’s FOMC meeting . ProPublica’s Robert Faturechi discusses his latest investigation revealing never-before-seen IRS records that show CEOs are sometimes making multimillion-dollar stock bets—and doing so with some very lucky timin...
Mar 17, 2023•35 min
Credit Suisse gets a lifeline! CNBC’s Geoff Cutmore reports on the Swiss Central Bank’s backstop for banking contagion, and CNBC’s Steve Liesman explores how this week of financial instability affects the chances of another immediate rate hike from the Federal Reserve. Today’s podcast further investigates the shockwaves from the Silicon Valley and Signature bank collapses, first with the congressman who represents Silicon Valley itself: Rep. Ro Khanna (D-CA). Rep. Khanna argues for more banking ...
Mar 16, 2023•32 min
After the collapse of Silicon Valley and Signature banks and the subsequent regional bank crisis in the US, European banks are now rattling the global markets . Credit Suisse stock has hit an all time low, and global investors fear that banking contagion is spreading. Stateside, CNBC’s Eamon Javers reports, the Department of Justice and the SEC are investigating the SVB failure. Allianz and Gramercy advisor and president of Queens’ College Mohamed El-Erian unpacks the Fed’s long term policies th...
Mar 15, 2023•30 min
The Federal Reserve’s next rate hike is around the corner–or is it? The latest inflation report , last month’s Consumer Price Index, came in hot but not worse than expected. CNBC’s Steve Liesman considers whether it’s a stable enough report to merit a pause on the Fed’s rate hiking spree. Another concern for the Fed: instability in the financial system. Markets and regulators are digesting the second- and third-largest bank failures in U.S. history , and former CEO of Bridgewater Dave McCormick ...
Mar 14, 2023•33 min
Did we dodge the bullet? Federal agencies on Sunday approved plans to safeguard depositors affected by the collapse of Silicon Valley Bank on Friday, and the Federal Reserve is creating a Bank Term Funding Program to secure financial institutions from instability amid the SVB failure. Squawk Box’s Becky Quick, Andrew Ross Sorkin and Steve Liesman discuss the near-miss, how government action prevented a broader financial crisis, and the moral hazard of the federal action. Alexis Ohanian, venture ...
Mar 13, 2023•37 min
Job creation decelerated in February but was still stronger than expected despite the Federal Reserve’s efforts to slow the economy and bring down inflation. Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, discussed the latest job report and what we should expect from the Fed regarding rake hikes, and more. SVB Financial, parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused regulators to shut it down . SVB was trying to find...
Mar 10, 2023•24 min
Salesforce is the latest tech powerhouse to join the ChatGPT mania , now offering Einstein GPT. The offering draws on OpenAI’s technology that’s taken the tech industry by storm . Salesforce Service Cloud CEO Clara Shih discusses the future of generative A.I., details behind the company’s contract with ChatGPT, and how much data goes back to ChatGPT. Credit and debit spending per household decelerated in February to 2.7% year-over-year according to Bank of America’s consumer spending data. Liz E...
Mar 09, 2023•31 min
Federal Reserve Chairman Jerome Powell testified to the Senate Banking, Housing and Urban Affairs Committee and warned that interest rates may rise higher than expected as inflation continues to show signs of increasing. The remarks led to a drop in stocks and an increase in Treasury yields. President Biden is set to propose a tax increase on those earning more than $400,000 to extend Medicare's solvency by 25 years. House Minority Leader Hakeem Jeffries joins to discuss how the tax increase wil...
Mar 08, 2023•33 min
The move to ban foreign technology – including TikTok – gains traction in Congress. Sen. Mark Warner (D) Virginia describes his new bill , to take a more holistic approach at technology developed in China. Three years this month since Covid-19 was declared a pandemic, Semafor business and finance editor Liz Hoffman shares her inside account of how the CEOs of the world’s biggest companies responded to crisis and changed how they operate - forever. Hoffman’s book “Crash Landing” is out today. The...
Mar 07, 2023•27 min
President Biden’s fiscal year 2024 budget proposal will be released later this week, intensifying the debt limit fight between the President and Capitol Hill. House Speaker Kevin McCarthy discusses America’s debt crisis, his focus on bipartisanship, the legislative work the House has done, and more. Plus a glimpse into the 2024 race for the White House and potential nominees. And the FAA is holding an emergency safety meeting to address a number of recent near-crashes. CNBC’s Phil LeBeau reports...
Mar 06, 2023•36 min
The Senate voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider ESG factors in their investment decisions. The House version of the bill passed with the support of every Republican and one Democrat. Sen. Mike Braun (R-Ind.) discusses the critiques around the bill and how it would play out in real-time. Apple quietly included a new feature on your iPhone called Clean Energy Charging and turned it on by default. Joanna Stern, Wall Street Journal sen...
Mar 03, 2023•31 min
Tesla investors were unimpressed by the company’s presentation at this week’s investor day. CNBC’s Phil Lebeau recaps the stock reaction and investor disappointment, while former Ford CEO Mark Fields offers a big picture perspective on electric vehicles and the competition between software companies making cars and automakers making software. Biometric security company CLEAR is ramping up its presence in US airports and stadiums; CEO Caryn Seidman-Becker discusses traveler traffic and trends, in...
Mar 02, 2023•27 min
In the first meeting of a new House committee on U.S. competition with China , lawmakers displayed a rare show of bipartisanship. CNBC’s Eamon Javers shares the agenda of the group, from Washington, DC. In New York, Virginia Governor Glenn Youngkin discusses threats from China, including TikTok and foreign buyers of American farmland. Plus, as a Republican leader in a purple state, Youngkin weighs in on the 2024 election. Eli Lilly is cutting the out-of-pocket cost of insulin by 70%. CNBC’s Meg ...
Mar 01, 2023•34 min
Two important interviews: First, Target CEO Brian Cornell discusses his company’s fourth quarter results and what they indicate about consumers, the global supply chain, and the American economy. Then, Goldman Sachs CEO David Solomon speaks candidly ahead of his bank’s Investor Day, acknowledging business “stumbles” and weighing in on inflation, capital for fossil fuels and for the energy transition, and global CEO sentiment. Plus, Zoom shares are zooming after reporting strong fourth quarter re...
Feb 28, 2023•42 min
After digesting a hotter-than-expected personal consumption expenditures price index, the markets closed out their worst week so far in 2023. The PCE price index is the Fed’s preferred inflation metric; Aperture CEO Peter Kraus discusses the likelihood of a Fed’s soft landing in winding down interest rates and battling inflation. Warren Buffett published his annual letter to shareholders over the weekend, weighing in on buybacks, fiscal debt, and his own annual returns. The U.S. government has f...
Feb 27, 2023•26 min
In a special Squawk Pod “Reporter’s Notebook,” CNBC’s Frank Holland discusses the AltFinance Fellowship , a talent acquisition program that bridges HBCU students and finance’s biggest players–and hirers. Ozy Media’s Carlos Watson has been arrested , in the latest chapter of the media company’s implosion. Ben Smith, the journalist who broke the first story exposing the company, explains how Watson duped investors and partners. Plus, we’re one year into the Russian invasion of Ukraine , and regula...
Feb 24, 2023•30 min
In two big tech cases this week, the Supreme Court considers reinterpretations of Section 230, the heart of a “free” internet. Tech investor and Plexo Capital founding managing partner Lo Toney discusses the implications of Gonzalez v. Google and Twitter v. Taamneh , as well as the next big tech revolution: AI. After over two years of pandemic-related shipping disruptions, the supply chain is still under pressure. Executive director of the Port of Los Angeles Gene Seroka paints the current pictu...
Feb 23, 2023•39 min
In an extended interview, former United States Vice President Mike Pence discusses the 2024 Presidential race, U.S. competition with China, and the current debt ceiling negotiations in Congress. He considers the best ways to avert a national debt crisis, including implementing changes to entitlement programs like Medicare and Social Security. Plus, Amazon’s return to office mandate is prompting backlash among employees, Starbucks is adding olive oil to its Italian coffee, and Twitter is changing...
Feb 22, 2023•36 min
Nearly a year since Russia’s invasion of Ukraine, President Biden is in Kyiv and Poland. Yale School of Management’s Senior Associate Dean for Leadership Studies Jeffrey Sonnenfeld discusses the business retreat from Russia, highlighting companies that have exited the country. Sonnenfeld suggests that the war and the resulting corporate protest has exposed Russia’s economic irrelevance. Manhattan workers are spending $12B less per year, due to remote work. Partnership for New York City President...
Feb 21, 2023•32 min
Two weeks after a train derailment in Ohio resulted in a hazardous chemical spill, the responsible railway Norfolk Southern, the EPA, and the Biden administration are working to help the affected community. Oscar Munoz, former United Airlines CEO and former CEO of CSX rail shares lessons from his career, and offers some advice to the leaders involved. In the wake of wins for betting giants like DraftKings and Fanduel , Activate CEO Michael Wolf discusses the trends for legal and illegal sports b...
Feb 17, 2023•27 min
Charlie Munger, a shareholder and board member for The Daily Journal, spoke at the newspaper’s virtual annual meeting on Wednesday. The meeting featured a Q&A moderated by Becky Quick that featured a wide range of topics, from market volatility, his favorite stocks of all time, the Federal Reserve’s rate hikes, to cryptocurrencies and investing in China. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for adv...
Feb 17, 2023•2 hr 11 min
Berkshire Hathaway Vice Chairman Charlie Munger, a shareholder and board member of the Daily Journal Corporation, spoke at this year’s virtual Daily Journal Annual Meeting. Becky Quick delivers the highlights from that meeting, where Munger addressed A.I., his favorite stocks of all time , Elon Musk’s Twitter takeover, and what he calls “crypto crap-o.” The Labor Department reported a producer price index hotter than economists expected , raising questions about the longevity of inflation in the...
Feb 16, 2023•26 min
