Federal Reserve Chairman Kevin Warsh hits the international stage for the first time as Federal Reserve Chairman: In Sintra, Portugal at the ECB Forum on Central Banking, he joined ECB President Christine Lagarde and the heads of the Bank of England and Bank of Canada for a roundtable discussion moderated by CNBC&#x27;s Sara Eisen. Hear what Warsh had to say about charting a new course at the Fed, the AI boom and why this is a time of huge opportunity in the U.S. Carl Quintanilla, Jim Cramer and David Faber explored the road ahead for the markets as we enter the second half of the year, including a look at shares of Meta surging — the company reportedly planning a cloud business to sell AI computing power.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanillo** (CNBC)
- **Kevin Warsh** ()
- **Christine Lagarde** ()
- **Mark Carney** ()
- **Andrew Bailey** ()

## Transcript

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[SPEAKER_02] 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.

[SPEAKER_05] Big event today, the ECB Forum on Central Banking in central Portugal, where 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 Quintanillo with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange.

[SPEAKER_05] Futures a little soft as we kick off the second half. Yields a little jumpy. The 10-year back near 4.5. The long bond near 5. Oil's 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 chair 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 month.

[SPEAKER_02] Yeah, I mean, look, I had John Gibson on last night for paychecks. He basically just said this is the best economy, best economy for hiring. It ages. And that small, medium size business. I look at this number and I say, look, this number's 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.

[SPEAKER_02] David, I do believe that the fear of what Warsh is about to say is,...

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

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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9am Hour: Fed Chairman Warsh On Stage at the ECB Forum 7/1/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.