Live at the U.S. Open at Shinnecock Hills 6/18/26

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**Scott Wapner** (1:00)
I'm Scott Wapner and you're listening to CNBC's Halftime Report, the podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.
And Sarah, thank you very much. Good afternoon and welcome. We're live today from the 126th US. Open at Shinnecock Hills in Southampton, New York. Welcome to the Halftime Report. I am Scott Wapner. The wind is blowing, the fog is lifting, the humidity is up and it is going to be one heck of a test for the best golfers in the world. We'll talk some golf today and of course, we will talk plenty of markets. Long Island's own, Josh Brown and Joe Terranova, they are here with me. The Golf Channel's Rich Lerner will be along in just a little bit as well. This is a spectacular place and we are so happy to be here. We'll show you what the markets are doing. Of course, we are rebounding today following yesterday's Fed-Fueled Sell-Off, the worst first Fed day for any new chair since 1994 But as we said, we do have a nice snap back in the markets today. It's great to have you gentlemen with me here. So that's our big story number one today is how the market took the news yesterday.
Kevin Worse's first meeting, his first news conference and the rebound Joe today.

**Joe Terranova** (2:22)
Yeah, the rebound real quick on Kevin Worse back in the summer of 2020 I moderated a fireside chat 90 minutes with Kevin and Scott, I could tell you emphatically he was focused on inflation at that time. He was concerned that we were not pulling back the stimulus enough. So what I heard from Kevin yesterday is consistent. He will zero in on fighting inflation as far as the market. This is and it continues to be a momentum driven market. We talked a lot about that, Josh.
The 52 week highs, the all time highs, yes, it is your memory names, it's your Micron, it is your Seagate, your Weston Digital, but it's also the financials. It's Citigroup at an 18 year high, it's Goldman Sachs, it's Morgan Stanley, it's JP Morgan, it's broad based and I think that's what's critically important. Momentum is actually outperforming the S&P market cap and the S&P equal weight.

**Scott Wapner** (3:17)
This was like a momentary tantrum it felt like yesterday. It was an undoubtedly more hawkish tilt I think than the market might have been expecting for a worse first meeting and news conference. But nonetheless, the markets obviously bounce back today. Black Rock's Rick Reader comments today, new era of monetary policy, Bank of America, much higher risk that the Fed will hike this year, Wells Fargo.
Was it as hawkish as everyone seems to believe? We're not so sure. Goldman raises the risk of interest rate hikes later this year. Base case is still that they'll leave policy unchanged. Muhammad Al-Aryan told me yesterday, right after the meeting, that he thought the market overreacted. What do you think?

**Josh Brown** (3:56)
Well, it absolutely did, because they unwound the whole thing less than 24 hours later. So I don't really know who is doing these trades. It's algorithms, maybe it's some pods at some of the big pod shops. But the equity market was sort of unfazed by the end of the day.
And then you just knew they were gonna gap them up today, especially in tech. I don't think anyone trading in momentum stocks right now or the AI capex theme was put off for more than a second. The 30 year is now down 32 basis points in one month. And back to four spot eight eight, the gain in the two year yesterday, about 14 basis points was the biggest jump we've seen in the two year bond on a Fed day since the March 2008 meeting. So it was clearly way overboard. I asked my chief market strategist, Callie Cox, what her biggest takeaways were from what Warsh was saying. I think it's the focus on real time data for us. So putting aside the emotions, oh no, they're not going to be transparent. They're not going to do the same amount of forecasting. I really think it's, okay, wait a minute now.