AI at the G-7 & A Memorandum of Understanding 6/17/26

**SPEAKER_1** (0:00)
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**Joe Kernen** (0:58)
Bring in show music, please.

**Katie Kramer** (1:02)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, President Trump at the G7 in France, speaking about his memo of understanding with Iran.

**Donald Trump** (1:13)
If they don't behave, we'll go right back to dropping bombs right smack in the middle of their head.

**Katie Kramer** (1:18)
Former nuclear weapons inspector David Albright says the document needs more work.

**David Albright** (1:23)
This deal is giving away a lot of US leverage. I mean, it's paying a very high price to get the Strait of Hormuz open, and there isn't going to be a lot of leverage left to deal with the nuclear questions.

**Katie Kramer** (1:35)
Also at the G7, Google, OpenAI and Anthropic. This meeting comes right after Anthropic suspended access to its newest AI models, former White House chief technology officer Aneesh Chopra.

**Aneesh Chopra** (1:47)
What went wrong here? Was the model evaluated? What did they see? Did they miss something?

**Katie Kramer** (1:54)
Plus SpaceX, Fed Day, and what goes around comes around.

**Joe Kernen** (1:59)
Jimmy Carter was in the White House. It was lusted as hard.

**Becky Quick** (2:01)
And Iran was in the news.

**Katie Kramer** (2:04)
It is Wednesday, June 17th, 2026 Squawk Pod begins right now.

**SPEAKER_9** (2:10)
Stand Becky by in 3, 2, 1

**Katie Kramer** (2:13)
Cue, please.

**Becky Quick** (2:16)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernen. Andrew is out today.

**Joe Kernen** (2:26)
And the Federal Reserve is set to issue its decision on interest rates today, the first under new chairman, Kevin Warsh. The market widely expecting the central bank to stand pat on rates.
The decision comes at 2 p.m. Eastern with a Warsh news conference scheduled for 30 minutes later. The FOMC also set to issue updated economic projections in the so-called dot plot. Most Fed watchers think that Warsh won't participate, either because he's too new at the Fed or because he wants to underline that he's not a fan of the dot plot and all the implications for all the forward guidance.

**Becky Quick** (3:03)
He's been talking about pulling that for a long time.

**Joe Kernen** (3:05)
He thinks they talk way too much, and Greenspan did not, and it's all changed under Bernanke.

**Becky Quick** (3:13)
There are pretty unusual circumstances with Bernanke. Good reason for maybe talking more frequently because of the financial crisis.

**Joe Kernen** (3:20)
They never, like government programs, once they're out, they never go back. They never go back. You mentioned oil.

**Becky Quick** (3:27)
Yeah.

**Joe Kernen** (3:28)
What, $76?

**Becky Quick** (3:28)
$76 for the FBI.

**Joe Kernen** (3:31)
That's a different number than even a week or two ago that Warsh was going to be facing. Japan's raising interest rates because of oil prices.

**Becky Quick** (3:40)
Japan's in a much more complicated position.

**Joe Kernen** (3:42)
But they use that for inflation too? They use higher rates to end inflation?

**Becky Quick** (3:49)
Yes.

**Joe Kernen** (3:49)
So they got the same tool. It just gives him, I think, a little more flexibility, maybe not to cut, but maybe not to indicate that the next move would be a hike.

**Becky Quick** (4:00)
I agree.
Look, I don't anticipate there'll be much difference in the communique that comes out. Maybe he'll want to get his fingerprints on that, but really it's the meeting after the press conference afterwards, to see what Warsh himself has to say, what he wants to put forward as the main points on his agenda, that people will be watching.

**Joe Kernen** (4:19)
Right. It's true, it's his first meeting, so I would tread lightly. We'll see if he doesn't, that would be news.