Fed Meeting Kickoff & Sen. John Fetterman (D-PA) 7/28/26

**SPEAKER_1** (0:00)
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**SPEAKER_2** (0:29)
This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast, or find Schwab Market Update wherever you get your podcasts.

**Cameron Costa** (1:02)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, the new Federal Reserve under Kevin Warsh meets on interest rates. Is now the time to make a move? We talked to Stephen Miran, who President Trump named to the Fed's Board of Governors. He saw the central bank's recent leadership transition firsthand.

**Stephen Miran** (1:24)
Should monetary policy be restrictive? And to me, the answer to that is no.

**Cameron Costa** (1:28)
How to study money?

**Stephen Miran** (1:30)
After a few bad predictions, monetarism really lost a lot of its shine and eventually, it eventually became disused and people stopped looking at the money supply and the Fed stopped monitoring it.

**Cameron Costa** (1:41)
Then Senator John Fetterman can be a contrarian in his own Democratic party.

**Joe Kernen** (1:46)
You're not going to become a Republican, are you? I've talked about that. How could I be?

**John Fetterman** (1:51)
I couldn't be a Republican.

**Joe Kernen** (1:53)
You can't be a Republican. You're a Democrat.

**Cameron Costa** (1:56)
What he says he was wrong about.

**John Fetterman** (1:58)
I would rather stand up to this extremism and just tell people, as a Democrat, I think here's the truth where we are right now.

**Cameron Costa** (2:07)
Plus, Cracker Barrel's branding nightmare, Johnson & Johnson's quarter century of legal troubles, and there can only be one.

**Joe Kernen** (2:16)
Like, my favorite, Love Island.

**John Fetterman** (2:17)
Big Watcher.

**Joe Kernen** (2:18)
Big Watcher.

**John Fetterman** (2:19)
You are.

**Cameron Costa** (2:20)
The popular show driving one streaming business.

**Joe Kernen** (2:23)
I mean, is there a lot of, is that what happens?

**Cameron Costa** (2:27)
It is Tuesday, July 28th, and Squawk Pod begins right now.

**Stephen Miran** (2:32)
Stand Becky by in three, two, one.

**Becky Quick** (2:35)
Cue, please.
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. A down day for the Nasdaq yesterday as well. At this time yesterday, in fact, the futures were pointing to big gains for the Nasdaq, but the index closed in the red. You can see it was down by about 43 points. That came even as the Dow did close higher. Fears of overspending on AI pushed Nvidia shares down by 5%, allowing Apple to reclaim the world's most valuable company title for the first time in more than a year. SK Hynex's American shares slumped to a new low. SpaceX fell more than 1%.
It has now lost the equivalent of a Tesla in market cap since its post-IPO high last month. And you can see the losses there. SK Hynex was off by 7.5%.
All of those technology fears spreading to Asian stocks today as well. You can see the Nikkei closed down by about 4%. And South Korea, the Kospi, down by 10.8%.
And these are things that we're going to continue to watch. Energy prices this morning are lower. Once again, in fact, WTI is sitting just above $80 a barrel. $80.60 cents. Brent is all the way down to 85.90. So we've continued to see those declines in oil prices. And then Treasury yields ahead of the Fed meeting that starts today with the press conference anticipated tomorrow. The 10-year sitting at 4.62. The two-year is now below 4.3% at 4.29.

**SPEAKER_8** (4:11)
Kevin is fantastic, but he's got a board. And the board members are very political, I would say. So, you know, we fight our way through the race because we're doing so well. But, no, he's got a board. He wants to do the right thing. I know what he wants to do.
You need the consent of some people that have perhaps bad intentions.

**Joe Kernen** (4:35)