Ready for the listing later this week. First horizon ceo, brian jordan, with the pulse check on regional banks post prices and the state of lending as rates continue to rise. Off the opening highs, pretty good breath and among the dow, 30 components. We brace ourselves for a busy week with earnings from giants like adobe, microdata cpi incorporate events and southside conferences. The European Central bank meeting and we have an armed ipo and whats interesting, and we heard from our friend about he says the relationship is so important but we are seeing higher yields today and stocks are rising despite that. Usually they are scared off y that and maybe it has to do with the bank of japan. Overnight, some comments there about scrapping their yield curve control but is a relationship we are going to watch heading into an important inflation week. Breaking that link would be key. We are getting breaking news. We will go to steve. Hey, steve. Hey, carl, thanks. Dodging a bullet here for the moment but the new york fed surveyed consumers dictations finds that oneyear Inflation Expectation rising attentive a point to threepoint 6 and, in fact, well behaved and the part that the fed really likes, which is that threeyear expectation number into play in a percent down a tent in the five year and up a tent at a 3 . We will get back to that in just a second. My me tell you some of the other headlines here. Rising 0. 3 threepoint 1 . The highest weve had since july 2022 and backing up this idea that the ousing market has bottomed here. Price expectations gross for commodities, gas, food, of course, but on the serverside, medical care, tuition and rent up pretty solidly. Job loss concerns were also up the highest level since april 2021. I want to show you this relationship between gas prices and inflation. At least the oneyear Inflation Expectations, they run together pretty solidly. When gas prices go up, peoples Inflation Expectations rise, but look at the end there. The blue and the red lines are a part for now. A lot of the run up in gas prices and oil prices have but at the end of the month. We will see if there is catch up. Its something to watch your. When of the concerns of the fed is the Inflation Expectations and its been embedded in there and that chart shows that we are a percentage point higher than we were before the pandemic and i know the fed will not 13 to have percent and threepoint 6 inflation to become embedded. Im going to look at the fed probabilities here for november, which are pretty much unchanged. Still a 41 for november. 7 for september. Carl, back to you. State, row quick. Your thoughts on the journals and the key example the nature debate. I think, for sure, that is what has been happening and i think the fed does not want a hike more in the idea being the risk being more balanced but they will hike and this number is part of that debate, carl. The idea of having Inflation Expectations embedded, perhaps, three to have percent but if you look at the three your number, it is going the right way and that is going to determine, probably, we are they end up. The ultimate question, i think, is what happens to that Service Number and we will watch that carefully on wednesday but then you have that other journal three saying, people are still traveling like its going out of style. Is there about that. Shes very hip to the travel business and personally, i think, as well. Shes been on the road a bit. I think when that keeps going in those components of the Service Sector keep pushing, its going to be hard to get that really that the fed is looking for. I can confirm. Full flights all around. Out of the country. Anywhere. Domestically, mainly. Steve, thats a great point. We will talk soon. What could this all mean for the fed and what would another hike mean for financials . The original atf close out a negative week and joining us this morning as tom, the ceo. Amara, carl. What do you think we can we have a little acceleration an activity and still keep inflation in check . My sense is that this is going to be a longerterm thing that needs to grind its way out and that, believer that the fed is done and we wont get a november bump in that we will see a slowing economy over the next 6 to 12 months and that we dont have a fed thats thinking about easing until the second half of next year. Second half and that would just be because inflation has continued to moderate . It seems like, yes. We will continue to get to moderate and we can get a lot of progress, even if inflation stays near 3 and then the fed will have a chance to pivot then i think about its dual mandate and not its singular mandate. You are not worried that inflation is going to linger and be sticky . My stats dash stick year, i think it will be bouncy but i think that overall trend is still declining. I think that 5 Interest Rates are going to have a fight on the economy and we will find out that the economy is a little slower than people think and that is my expectation. 5 to 5 1 4, that is real and we are going to start to see more things that havent happened in a wild happen. Likely negative job prints . Credit and the one standout as employment and unemployment, which how good the Unemployment Rate has been, but if the economy slows and that starts to move, that can have an impact in the economy and something we are doing, we have never done before, is we are working off the hangover of covid stimulus and that may be a little sticky in and of itself. Thats exactly what we just heard from chris, ceo of the core who was just on online impact. There is financial tightening happening, even if the fed does not continue to raise Interest Rates. Real rates are higher. There qt, they are tightening and trimming the Balance Sheet and are you surprised that has a had more of a negative impact . Im glad it hasnt but i think that higher rates will have an impact on the economy overall. Look. Already a lot of bad news is in the bank stocks. This is a hard day coming in here and going through the moments of silence. It is an important day though. Yes. For a lot of people including yourself. Correct. As you know, my firm lost 67 employees on 9 11 and we are the 88 and 94 on the World Trade Center and what i have learned, the 9 11 story continues to unfold and it is not over yet. We said we were never going to forget and we said we were going to rebuild our firm and never forget the families. Those things we are doing and we are also learning what never forget me. In addition to always trying to remember those who lost their lives and their families and, by the way, what their families have done is remarkable. The strengthen the resiliency of those families gives us energy to keep moving forward and i still see it today but let me tell you Something Else that we are working on, which is, im a board member of 9 11 day, which is an organization that kbw is a founding sponsor of. We didnt want 9 11 to be too paragraphs in the history book. About a quarter of America Today is not old enough to remember 9 11 and the reason why my firm is still here and why the economy is where it is is because of the tremendous amount of resilience and goodwill and unity that existed in our country, so what this organization did, we convinced congress and president obama to sign a law that says that 9 11 is the national day of remembrance and service, so our organization and 18 cities in America Today, with 23,000 volunteers, is going to pack 6 1 2 million meals for those who are food insecure. Also, we are providing our website, which is 9 11. Dat. Org and it gives everyone in america a chance to catalog a good deed or service. If you just walk nextdoor and speak to an elderly person and say hello to them, it could be anything. We would love to have you catalog it. We think today will be the biggest a of volunteerism in the country. Our goal is to be in 25 cities. Our model is, weve got Corporate America and we got in the nfl and we got major league baseball. My parent company, steve full financial and what we do is, the intrepid where im going to be this afternoon, it will be two days of this mill packing. The last couple years the commissioner of baseball has been there. Today in philadelphia will be in lincoln field where the eagles play. Today we are in st. Louis with the st. Louis blues and enterprise arena where companies are sending volunteer employees to pack these meals and its a way of doing something and not focusing on the bad but focusing on the good and that is the story that we would like 9 11 to be remembered as. The website warmer time. Www. 911aday. Org and you can go there to catalog your day of good deed or show other ways of supporting or walk into your bosss office and asked them to be a sponsor next year. That is the best move. That is the best move. Yes. Tom, great work. Thank you for coming in. Thank you. We have breaking news on charter and disney. David faber back with us following all morning. Last hour, we told you that over an hour and the two sides were near a transaction that would return disneys networks to charter video subscribers. We cannot tell you that a deal has been reached. We dont have a press release as of yet but my understanding, based on a number of conversations is that, we have reached that deal that, again, over an hour ago we told you was near. All of the stocks in question were rising in our initial report and what we can do and sort of ascertain, based on people familiar with the situation is, is that disney will get a marketplace increase. That has been what it was thinking from charter but charter has said, hey, we want our subscribers to get access to disney and espn at a reduced rate or as part of the package. They didnt do that but my understanding is, it will include the ability for charter subscribers to get disney at a reduced price. A discount. A wholesale price. Whatever you may want to call it. It is a win. A resource in these channels, including espn 2 charter video subscribers, ahead of tonights big monday night football game. You know, eryn rogers was not a part of the dealmaking here, but he certainly seemed to loom large and we pointed out many times, what distinguished this particular site was the fact that charter seemed very much willing to allow it to go on without access to dinges knee. Espn, netflix and on from there. Because the video business doesnt make a lot of money and it felt like there was a diminution of overall quality it was paying more and more for for linear cable content and therefore, he was entitled. Subscribers were entitled to actually get direct consumer offerings that it felt that it was helping to subsidize with those increased subsidies. In import a moment here, there, in terms of these two sites reaching an agreement. When we do see the press release, we will get specifics on the actual deal terms. Perhaps. My guess is, they will both pose as a win on both sides and the market is trading at that white. The stocks are off the initial highs. The rumors that the deal was near. We dont report rumors. You, especially. Thank you. Charter said this carriage fetus agreement and you are saying the reflects that too with the addition of disney . Two the inclusion of disney , it is some reduced offering rate or discount and it would be a significant moment here for the relationship between the providers of content and the servitors of content. That said, many people may have already, though sport fans out there, with charter service, spectrum service, may have been looked at a virtual npd. Whether it be a youtube tv, the largest out there, or hulu. It is owned by disney. 66 hulu live or so well. Spectrum had said to its subscribers, here is a link if you need to watch the game. The one that selling off today. Everybody else is up. Communication services. David, thank you. When we come back, we have a real live interview with the ceo of barclays. The set of financial markets, the outlook for the economy, the job cuts at the bank. We are going to cover it all. Benchmark founder, bill gurley, is with us and wwie ll talk with him and get ready for their debut as talk on the street continues after this. G to address operations issues . We can help with that. Can we provide health care virtually anywhere . We can help with that, too. Is it possible to survey foot traffic across all of our locations . Yeah absolutely. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. With gold bond. You can age on your own terms. Retinol overnight means. The smoothing benefits of retinol. Are now for your whole body. Plus, fastworking crepe corrector diminishes wrinkled skin in just two days. Gold bond. Champion your skin. Welcome back. Barclays is holding its annual Conference Today with a number of eggs already making headlines at the event and we are joined by the host, c. S. Venkatakrishnan at the sixers appear great to have you on the show. Welcome. Thank you very much, sarah. Im glad to be here. A lot of big bang at speakers at the Conference Today. We know that you have some updates that you will share with us here on cnbc and our audience as it relates to your strategy. What can you tell us . I would like to begin with a very interesting and important update about our u. S. Cards business, is that today we are announcing the launch of a credit card with a partnership with mastercard and microsoft. An xbox card for gamers and what this is, is a card that allows tens of millions of gamers all over the world, beginning with the several million insiders and xbox, to use their spending and points accrued from their spending to purchase items on the xbox infrastructure. That is a wonderful, Wonderful Partnership with microsoft and mastercard and it allows us to reach a different audience from the one, which we have, which is travelers and hospitality and brings us to a different part of our economy. Its an interesting idea. Yeah. We are very hopeful about the success. Thank you for sharing it here first. I dont think of you, necessarily, barclays, as a big player in credit cards. Am i wrong . How big is t and how big of a growth driver . So we are very important players and a special part of that market. We are the fifthlargest Partnership Card issuer in the United States and we have 20 corporate clients, very blue chip names. American airlines, jetblue and xbox now. We have 20 billion underlined customers and many billions of dollars in assets and what we do is, we work with these customers and corporations to help them increase engagement with their own customers and so with an important service, which we provide in the credit card industry. What are you seeing in that business now that you do have millions of customers . Are there any signs of stress or delinquency rising . We have been covering this. No, in fact, what youre seeing there is what you see with the economy, which is a progression towards a soft landing. Spending continues to be robust in the United States. Partly because employment is robust and faith and delinquency trends are normalizing as the covid stimulus has worn off but it is very much in line with what is a healing economy with a very low rate of unemployment and good Consumer Spending growth. You buy into the soft landing story and the u. S. Economy it sounds like . Yes, i think we are near the end of the effects of the monetary transmission that has been taking place by the fed in the last year and a half and so we are seeing the economy achieve, as i said, that soft landing. Financials are relatively stable and underlying Economic Trends are continue to heal. What about the rest of the globe . Particularly the uk where you have a big Retail Business because there looks like the economy is weakening more and inflation is still persistently high. Yes, that is right. The uk is some months behind the United States in this respect. Dave had a greater effect from Rising Energy prices that has fallen off in the last number of months but also, it is a mortgage market, which is much more shortterm. Here we got 15 and 30 year mortgages. In the uk, the average mortgage is around three years fixed and as Mortgage Rates have reset, you have had a greater impact on Consumer Spending and Consumer Finances in the uk. What that has done, is have an effect of slowing down growth as discretionary expenditure has been crimped just a bit by the demands of paying your mortgage empire and Higher Energy prices. No, no. Finish. We are expecting the effects of that place her in that the uk itself will stabilize a little bit behind the United States. I was going to ask how much do you think that it might be having an impact on some of the troubles there . Inflation, investment. Its interesting that they are not going public there this week. Well i think that they have had an impact on the uk economy. On the one hand, it is giving the United Kingdom voters as they sought a greater say in their own future and on the other hand, it led to a supply shock and labor as people at the uk and now they are replacing it with immigration from other parts of the world and that is contributing to the healing process in the uk and as the uk seeks its own pattern out, i think they will continue to focus on the strength of their economy and the strength of their industry and i think what you see is an example of uks strength and chip design and in science. Theyve got equal strength in the Life Sciences and we are a big part of that economy and a big part of helping those company succeed. Yes, taught me some of the strategy around the Investment Bank here in the United States. I