9AM HOUR: Big Market Week: Bessent, Warsh and Earnings from Nvidia 8/24/26

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**David Faber** (0:57)
Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.
Good Monday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live at Post 9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to begin the week of trading. One half hour from now, we are set up, as you can see, for a lower open. And our roadmap this morning, well, it starts in the bond market. Treasury's big bond move. Source is telling CNBC that Secretary of the Treasury Bessent could tap the nearly $1 trillion Treasury General account as it seeks to double its bond purchases. Plus Nvidia, spending billions to boost America's AI position against its Chinese competitors. Certainly we'll talk about that company with earnings only a couple of days away. And California's Attorney General cancels a plan meeting with Paramount. It was to discuss at least the beginnings of a possible settlement of the antitrust case that the state AGs are bringing to try to block Paramount's acquisition of Warner Brothers' discovery. Let's start though with what's going to be a busy week for the markets. It does include Secretary Bessent's news conference later today. That is on US plans for what he calls Economic D-Day against Iran. But Jim, certainly a lot of focus on the bond market will continue. Steve Leesman obviously having this story in terms of how they're going to use some of the proceeds from the Treasury General account to help support the long end of the curve.
But, you know, I've made note of the fact that we've been beginning the broadcast oftentimes with the bond market because you have to sometimes. It kind of runs the show when it wants to.

**Jim Cramer** (2:46)
Well, this is one of them. Steve Scoop was terrific in his turn around the bond market, which then turned around a lot of key stocks that were looking very, very weak.
And look, yes, short-term, you can do this stuff. You decide that your 30-year schedule was wrong. You did 30-year bond that was $25 billion, and that was wrong. I mean, that was wrong in the sense that it's kind of like, all right, look, I made a mistake. I didn't know that 30 years was going to go so badly. I didn't know there was that much competition in 30 years. I didn't know people were worried about inflation that much. So, you know what, that doesn't work. So, I'm going to buy 30-year and I'll sell, I don't know, this year. And, again, we played this game last time, and I think there was a psychological problem of 40 trillion government debt.

**David Faber** (3:31)
Yeah, the 40 trillion, it is just a number, but it somehow seemed to have resonated to a certain extent, or at least settled with people as, wait a second. It just, people refocus when you hear a number such as 40 trillion, not to mention, of course, the interest costs for the US budget, which crossed well into over a trillion is the number one, I believe the number one single revenue cut, 20% of the overall tax revenues at this point.

**Jim Cramer** (3:57)
Yeah, well, I mean, David, at a certain point, I don't want to use the word joke, but at a certain point, the idea that you can grow out of this becomes impossible. Yeah. At a certain point, you just hit yourself, all right, crypto goes up, because the only way you're going to pay it back is to devalue the dollar in a dramatic way.

**David Faber** (4:14)
Right. I mean, it is notable that, of course, Bitcoin had one of the best weeks it's had in a very long time last week.