World Cup Bets, HUD Secretary, & an Unconventional IPO 6/10/26

**SPEAKER_1** (0:00)
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**SPEAKER_2** (0:40)
Department of Health and Human Services and the Ad Council.

**Joe Kernen** (0:43)
Bring in show music, please.

**Cameron Costa** (0:47)
This is Squawk Pod and I'm CNBC producer Cameron Costa. On today's episode, we are two days out from SpaceX's enormous IPO. Why this listing looks a little different.

**Leslie Picker** (1:01)
In terms of IPO conventions, they're really thrown out the window here.

**Cameron Costa** (1:05)
I mean, it's Elon Musk, after all. He's not the only one who stands to benefit, though. It will be a major wealth generation moment for some state pension funds as well. State Treasurer for North Carolina, Brad Briner, is watching closely.

**Brad Briner** (1:20)
We managed just about $200 billion for the people of North Carolina, the teachers and the firefighters and the police officers. And so we're trying to bring them world-class investment management, which they certainly haven't always had.

**Cameron Costa** (1:32)
And Housing Secretary Scott Turner on affordability in the United States.

**Scott Turner** (1:37)
The number one thing I hear, what's crippling our housing development is regulations, regulations on the state level, the local level, and at the federal level.

**Cameron Costa** (1:47)
Plus, the US and Iran have exchanged strikes, and New York City's tri-state area is gearing up for the World Cup. Contessa Brewer is at the Meadowlands in New Jersey, where the final will take place.

**Contessa Brewer** (2:00)
This will be the biggest sports betting event ever.

**Cameron Costa** (2:04)
It is Wednesday, June 10th, 2026, and Squawk Pod begins right now.

**Brad Briner** (2:10)
Stand Becky by in 3, 2, 1, cue it, please.

**Becky Quick** (2:15)
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 off today.

**Cameron Costa** (2:29)
Up first today, a note on inflation. Today marks the first major reading on consumer inflation since Kevin Warsh started as Federal Reserve Chairman. The big question, what the Fed will do with interest rates? The jobs report on Friday came in doubly as strong as economists expected, and that pushed the prospect of a rate cut much further up. If today's consumer price index came in hotter than expected, it could put rate hikes on the table. But today, the CPI came in right in line with what economists expected. A year-over-year rise of 4.2 percent. The first time, it rose above 4 percent in three years. 4.2 is the highest level since April of 2023 Now, oil prices drove about 60 percent of inflation costs for the month. But stripping out oil and food prices, the monthly gain was below estimates. So what does that mean? Our economics reporter Steve Leesman broke it down.

**SPEAKER_12** (3:29)
My question going into this was, is this a number that's going to push other Fed officials through the door towards being concerned about higher inflation and possibly thinking about hiking rates? I don't think so. I think this stops them more at the hold position than it does at the hike position.

**Cameron Costa** (3:46)
Let's get back to the rest of today's show.

**Joe Kernen** (3:49)
The US striking Iran after an American Apache helicopter went down near the Strait of Hormuz and Iran lashing out against its Middle East neighbor, CNBC's Dan Murphy joins us now with more from Abu Dhabi.
Dan, you're going to talk about that very cool, what is it called, a Corsair. It was a drone which rescued those two guys. It's got a thousand pound payload and it's not piloted. And they were in the water for a couple of hours, I think. And this like, almost like a Starbucks coffee little robot or whatever it is, they do everything now. And I saw pictures of it yesterday, pretty cool.

**Dan Murphy** (4:29)
Pretty extraordinary story coming out of the Middle East, Joe. And also what's striking this morning is just how quickly events here have moved away from diplomacy and back towards military escalation. Less than 48 hours ago, you and I were talking about how President Trump was saying the US and Iran were in the final throes of a deal. And then the focus really shifted to the downing of that US. Apache helicopter near the Strait. US. Central Command saying it responded with self-defense strikes targeting Iranian air defense systems, radar sites and ground control facilities. And then of course the Iranians responded. Iranian state media saying the Revolutionary Guards carried out attacks against US forces in Jordan and targets across Bahrain and Kuwait. Regional militaries here reported missile interceptions and air defense activity with several Gulf states placed back on high alert. Interestingly, what's also changed this morning is the tone from Tehran on diplomacy.