9AM Hour: Fed Chairman Warsh On Stage at the ECB Forum 7/1/26

**Carl Quintanilla** (0:00)
I want to grow the game of soccer and give every kid a chance to play.

**SPEAKER_2** (0:03)
What would you like the power to do?

**SPEAKER_3** (0:06)
Bank of America champion, street soccer advocate Kyle Martino and is proud to be the official bank of US. Soccer and FIFA World Cup 2026 Bank of America NA member, FTSE.

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You got this.

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Yeah, I do. Now, where did I put my keys?

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**Carl Quintanilla** (0:38)
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**SPEAKER_6** (0:40)
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**Jim Cramer** (0:45)
It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

**Carl Quintanilla** (0:57)
Big event today, the ECB Forum on Central Banking in Central Portugal. We're in a few moments. Kevin Warsh hits the international stage for the first time as Fed Chair. He'll join ECB President Lagarde, the heads of the Bank of England, Bank of Canada, in a roundtable discussion, moderated by our Sara Eisen. Markets will pay attention, and we will bring it to you live. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures a little soft as we kick off the second half. Yields a little jumpy. The 10-year back near four and a half. The long bond near five. Oils back below 69 as Iran and the Saudis now are touting the amount they've been able to export and in the Saudis' case, sell on the spot market. Let's begin though with the Fed share and the markets in focus as we enter the second half of the year. Jim, what do you make of some of this yield action? ADP was actually a little bit below expectations for the-

**Jim Cramer** (1:48)
Yeah, I mean, look, I had John Gibson on last night from Paychex. He basically just said this is the best economy, best economy for hiring. It ages in that small, medium-sized business. I look at this number and I say this number is a little bit cooler. You put them all together and you say, hey, listen, things are good.
And do things are good mean that the 10 years should go, should rates go way up? I don't think so. David, I do believe that the fear of what Warsh is about to say is, I don't want to say it's ridiculous, but I do think that this isn't the form where Warsh is going to put the wood to stocks or bonds. It's not that kind of thing.

**David Faber** (2:24)
No, but he's going to answer questions, and he's going to, I would assume, share his view to a certain extent that might be beyond-

**Jim Cramer** (2:30)
Is he going to shock us, huh?

**David Faber** (2:31)
It's unlikely.

**SPEAKER_9** (2:34)
Right.

**Jim Cramer** (2:34)
That's all I want.

**David Faber** (2:35)
Yeah, unlikely.

**Jim Cramer** (2:35)
As you would say. Okay.

**David Faber** (2:39)
Is that what I do?

**Jim Cramer** (2:40)
You do it constantly.

**David Faber** (2:41)
Do I really?

**Jim Cramer** (2:42)
Yeah. I was with someone last night to watch the show. He says, does he hate you?

**Carl Quintanilla** (2:47)
Is this the dinner where you met the cheese salesman?

**David Faber** (2:50)
No, I know who you had dinner with last night. He doesn't think that we hate each other, although I do hate that tie.

**Jim Cramer** (2:58)
Look. To Hermes Tye, in honor of the European thing that's going to cut our show by three quarters. Okay, thank you.
Look, I do think that the cheese monitor made 13 million in video. I don't think that we're going to have much out of worse. I think it's going to be very contiguous the first time. And I look forward to it.

**Carl Quintanilla** (3:16)
Well, we will be listening for more clues about task forces, more clues about comms strategy and the reaction function. Jim, what criteria do they use when they evaluate rates?

**Jim Cramer** (3:27)
I think it's about trying to not be hated by these people.
I mean, this is a government that is not liked by any of those people. I think he wants to demonstrate that he's independent of that government.

**David Faber** (3:39)
Oh, well, then that might mean you do get something that's somewhat unexpected.