White House NEC Director Larry Kudlow; Dr. Scott Gottlieb


This CNBC podcast is sponsored by capital group home of American funds. Nearly Ninety years of experience helps you say I can partner with this firm to navigate times visit capital group DOT, com slash market volatility American Funds Distributors Inc... This is walk pod I'm CNBC producer Katie Kramer today on our podcast. The Corona. Virus Hits a grim milestone with the largest global uptick in new cases in a single day Dr Scott Gottlieb former FDA head on what it means in the US this week's going to really be a pivotal week for us to get a picture of where things are heading states like Florida and Arizona and Texas whether or not they're tipping over into exponential growth or not, and the president's top economic advisor. Larry cudlow on the White House response. There are some hot spots were on it. We know how to deal with this stuff now. There is no second wave continent. It's Monday June. Twenty second twenty twenty days are going to start getting shorter now, fortunately squad. Now. Good morning everybody welcome to swap walks here on CNBC. I'm becky. Quick along with Joe Kernan and Andrew Ross Sorkin and thank you very much, so for the reminder that the days start getting shorter from here literally side as you said that it's. A fleeting to think of that, should I use my old joke? Actually still only twenty four hours. People are sick of that probably wouldn't whenever you tell me as long as they. Say! Always say! Off. Dad Jokes on her father's Day I hope both of you had very good fathers day. We did I hope. I hope Matt did as well, and and Sorkin did as well I didn't see him again. All the. All the invites dating? We're waiting. We had the drinks ready. The s'mores ready the whole operation did I mess up your address? There was nothing at that location. It was like. It's hard to find on. Google admitted Google maps. They send you a little bit of a pasture. Awkward Awkward Direction. It was pastor so. Or it's the wrong address. That's saw like the like the phone numbers that I used to get new. Update now and some of the reopening. That's taking place in America New York City. Entry face to today that means at bars and restaurants can offer outdoor dining in stores can open for in-person retail hair, salons and barbershops Henry Open, but no nail salons massage parlours just yet. Playgrounds will reopen, but team sports are still prohibited. That's in a place where the numbers have gone down quite remarkably. Remarkably in Texas, though on the other end of this officials, suspending liquor licenses for twelve bars for violating cove, one thousand nine protocols is part of an undercover investigation by the state. Liquor Authority the first violation results a thirty day suspension, and a second fraction earns a sixty day suspension and prospects, maybe dimming for college football season this after some more reports of covert outbreaks among teams. On Friday was reported that twenty three Clemson. Football players tested positive for the virus over the weekend sports illustrated, said a large number of lsu football players have been placed in quarantine to try to slow the spread of the virus Kansas State suspending all football workouts for two weeks after fourteen athletes from various sports tested positive last week, there were positive tests from football players, the University of Texas also at the University of Houston, Alabama Auburn South Florida and West. Virginia there continued by the with questions about Major League Baseball. So I don't know where we are guys on all of this I felt like it was one step forward two sips back one step forward I i. don't know I. Don't know either about college in general still up in the notices. Of being made, I, don't know if you saw Harvard Harvard, put out a note. I think on might have been laid on Friday saying that they're going to. It's going to be online classes. No matter what next year in its entirety, however, they're gonna try to bring some percentage of of the students to campus, so you would effectively live on campus living in a dorm room, but all of your. You wouldn't go to a classroom you. All of your classes would be done. Effectively over zoom or some I don't think so I. Don't know I mean they talked about three possible scenarios one being what they call a very low density situation which they talked about being what looks like the school now, which is very density, a third of the students, maybe thirty or forty percent of the students coming back, and then all of the students coming back. They said that was probably unlikely. The scenarios and then the question is which students get to come back. Is it a lottery system by the students? There's GonNa be want to come back. Don't want to come back. It's very interesting to watch. All of this will have huge implications obviously on the economy you saw the latest on. We should have thought about this As people age, all of their organs become less effective. The immune system is like one big Oregon. So you try. You're dependent on your immune system to react to the vaccine to give you immunity, or if you have a really weak immune system by definition, even though you get the vaccine, you're depending on your own white blood, whatever you're depending on your own internal system to develop that immunity, and it's unclear whether the people most at risk because of their weakened immune system can actually. Respond to that. That's the way you might need a moose booster you. Kind of knew that though I guess. Bill Gates told us that. Scott Gottlieb told us that in the past. We're just not sure if it's going to work for pro for old people. Even even young people seem to be immune. Already. kind of I mean some of them. With a strong immune system. And the other issue we watch these states that are getting the higher number of cases all the time they are the states that are already open, and we can say hey in New York, and New Jersey cases of come significantly down. That's because we haven't been open. If we open up again back in the same position I think that remains to be seen to. The deaths are what they were a guess, but we're GonNa have come old concentrated. He's probably going to present the the more positive case. We'll see what he says. The Governor in Florida made a very interesting point, especially in terms of the numbers, the hotspot that you're seeing there. A lot of those people are younger and so again. This goes to the issue. You just mentioned Joe. The death rate has come down a large part that may be because younger people are getting it, and so it's not, it's not as. deathly you will as as as older people if you. Say. Affect parents latch their grandparents. Anybody else who might be vulnerable. That's you know. We're we're back where we started, we haven't. We haven't gotten rid of the virus. We've been living with it for a while, and we may have to figure out how to live with for some time to tell I looked at. A. Letter that allows me to you know if I get stopped, there's something on the way and it was march sixteenth. One at. Sixteen so it's been. It feels like allowed to be allowed to be going into work. Essential. Largest single, the increase in global coronavirus cases was recorded on Sunday according to the World Health Organization after more than one hundred, eighty, three thousand new cases were reported worldwide. The US continues to take the lead with more than thirty six thousand new cases on Sunday, and an additional thirty thousand cases, being reported on both Friday and Saturday, twenty three states showed an increasing trend in. In cases this past week California Texas and Florida are leading the way each with more than four thousand new cases on Sunday alone, officials are warning that some clusters of infections are apparent among younger people who may be crowding in groups new daily cases in the US appeared to be going down throughout May and into early. June but ticked up when some states started to reopen. There is still no. FDA approved drug to treat the corona virus and the National Institutes of Health said on Saturday it had halted a clinical trial of malaria drug hydroxy Clark went tree covid nineteen patients, saying it had no benefits. Here's Becky quick in his latest OP, ed former FDA Commissioner, Dr Scott Gottlieb discusses the British strategy of fighting this pandemic, and why the United States should follow its example. Joining us right now is Dr Scott Gottlieb. CNBC contributor and he serves on the boards of both alumina and Pfizer Dr Gottlieb. Thanks for being here. It's good to see you. Thanks. Let's talk about drop ed I up. What are the British doing differently than we are well the recovery trial, which was a trial that unearth the finding with decks and Beth zone star that was demonstrated to cut the risk of death by third in patients who were in debated with Kovin Bhai twenty percent and patients who were requiring oxygen. That was what we called practical clinical trials, so it's very large. It was still randomized trial where patients randomized to. To different treatments or just routine care, but it was a practical trial in so far as it wasn't collecting a lot of different variables about the patients, and so made it easy for doctors to run this kind of a trial in a crisis situation, doctors who are busy working at critical care units in the US, we've reached for more elaborate clinical trials, and that's made it harder to run and enroll these clinical trials, and it's made it harder for us to get results. We actually affirmatively decided not to participate in recovery trial and I think regulators. Public health authorities need to rethink. Trials and reach for these kinds of practical trials that are going to be easier to run these settings that we start getting answers about what works and what doesn't. We're going to be more dependent upon therapeutic innovation here in this country given the fact that we're going to continue to have a lot of infection, and so we're going to need things that try to reduce the death rate as a way to try to quell the impact of this this disease. Let's talk about a few of those things that we've been watching. Today is a reopening of face to New York. City meaning that people can get their haircut salons. Outdoor dining and drink service a lot of other things that are out there and I've been watching over the last several weeks. Where sometimes people in the northeast? Seem like they've. been thumping their chests a bit about how much better we're doing here than in some other places where we've been taking strict measures, we have seen a decline in the number of cases, other places have opened up and have seen. More cases coming on. Are we just waiting for this to happen to us? Because as we reopen up, it's inevitable that you are going to see an increase in cases, and maybe it puts us right back where we were, we'll see an increase in cases, but we're reopening much in backdrop. First of all cases are way down in the northeast New York new. New Jersey Connecticut cases are way down. I think the population here more aware of the risks that you more likely see compliance with masking people being mindful of their social interactions, and so we also have a lot of infection here New York probably thirty percent of the population has been infected New Jersey and Connecticut probably around ten percent of did seroprevalence studies. Maybe higher than that, and so there's been more infection here, so the transmission rates going to be a little bit less because of that, because now you have more people who have some level of immunity, so I wouldn't expect to see the big increases that they're seeing in the southeast and the South In here when we open remember Florida Tech Says Georgia. Alabama South Carolina. Arkansas Arizona all open against the backdrop of a Lotta spread their cases never really went down, and then they opened up, and so they were destined to have more infection as they open. Do you think that's why when you look at what we're hearing from? Some of the schools already some of the universities that have opened up for their football practices. It was Clemson Lsu Kansas state the University of Texas, the University of Alabama South Florida and West Virginia that have all seen cases. Spikes in the number of kids on those teams who have seen corona virus with a positive, or do you think it's just something that you're going to inevitably see when you have close contact sports for universities across the country, and then potentially high schools to? Your the sports are challenged for the colleges and the high schools I think the professional leagues can do a lot to create a bubble around the players and test them. And put in place measures to control what they do off the field as well. I think it's going to be much more difficult for colleges to do that. First of all to implement it testing, they don't have the resources to do it, but also to control behavior off the field, and so it's going to be much more difficult for them to restart college football than a restart professional football my view, I think they can restart professional football, but they have endless resources to try to work this problem. Get testing and place and try to put measures in place to reduce. Reduce the risk off the field as well, but I don't think it's a question that you're seeing the outbreaks in states where you already have outbreaks background rate of spread there. That's probably quite significant I think this is gonNA. Be a pivotal week for us to get a picture of where things are heading states like Florida and Arizona and Texas whether or not they're tipping over into exponential growth or not. The problem is with exponential growth. Everything looks sort of okay. Until all of a sudden it does, and the cases of building very quickly. Those states that sir down. And I think they'll continue to stay down in part because we're treating this better in part, because the outbreaks for now are among a younger cohort as old people do a much better job of protecting ourselves, but wh what will be the sign what would be the numbers of the statistics? We look at to decide whether this has gone exponential. Well I think if you're if you're seeing cases. Cases continue to build by five hundred to a thousand states like Florida. Texas ARIZONA ZINC cases bill by five hundred a day by the end of the week, where maybe six thousand cases in these states, maybe a little bit more in Florida Texas, California. Now that's that's GonNa. Be a curve Stein. Look like exponential growth a doubling time coming down to something. You know about a week or Or less right now. The W tons about ten days some of these places, so he's been coming down. They're having major outbreaks underway. There's no question about it, and they might be past the point that they can control this. Just with simple interventions like trying to get more people to wear masks and people be mindful their social interactions. They might have to start closing some establishments with people. People congregating indoors and they know the viruses spreading the problem is they don't know what those establishments are there guessing? It's the bars because a lot of young people are getting getting the illness, but I don't think they've traced it back to those locations effectively 'cause they don't have the tracking and tracing in place that other states including New York new. Jersey and Connecticut have as they reopen. Doctor Real quick. Given, it appears that the morbidity rate has come down and that's such a great sign. How should we think about these numbers? Relative to hospitalizations given the younger people that are that are that are getting this? What I mean, again it goes back to Becky was asking about the number. What numbers or data point should we looking at? Is this really at this point about hospitalizations is that? Is that the key to look at relative to total number, because obviously also, and it's become politicized, but obviously we're doing a lot more testing so I'm trying to I'm trying to think through. Where we should be looking well doing more testing, but the positive rates going up, so it's not just a function testing I think we are looking at hospitalizations, because the measure that the political classes looking at his resource utilization by the healthcare system and ask themselves do we have enough capacity to stay in these kinds of outbreaks, the problem with that is that the hospitalizations number one or a leading indicator and hospitalizations are going up, and all these states forty percent of hospitalizations, in Arizona now covert patients, but the other the other challenges that if we get a lot of infection, even if it's among the twenty to forty year old. Old Cohort, that's less likely to get is certainly less likely to come to the infection. If we have that much infection going on in the background eventually, it's GonNa seep into other communities you know people over the age of fifty aren't Gonna be able to keep themselves protected in perpetuity, so you know. What are you racing against erasing against all the twenty to forty year olds getting infected before it reaches the six year olds. Eventually, it's going to get into the older population. These places as the density of infection increases, which is what's happening right now. The dense infection does seem to be pretty hard and he's places right now. Among the younger population taxing Lee, thank you. It is great to see you. Next on squawk. pod Larry, cudlow, top economic advisor in the White House on both the economic and the pandemic recovery gets just you know hot spots. They send in CDC teams. We've got the testing procedures. We've got the diagnostics. We've got the PCP and so I. Really think it's a pretty good situation. This CNBC podcast is sponsored by capital group home of American funds. Nearly Ninety years of experience helps you say I can partner with this firm to navigate tough times visit capital group DOT com slash market volatility American Funds Distributors Inc... This pond from CNBC with Joe Kernan Becky and Andrew Ross Sorkin. Here's Joe. There were just posing the question about the coronavirus and what it means the stock market. I'm wondering when November fourth or whatever that day is. I wonder when when or if you are able to discern. Anything from the stock market based on the prospects of president, trump versus vice-president by at this point because we have, we have President Vice President Biden on the show. Guys and he said they won. Those tax cuts for corporations get get rescinded. I would repeal the two trillion dollars tax cut for the folks who making over a million bucks a year, because as demonstrated as demonstrated very little or no grow for. Corporation that the The the the corporate tax rate I moved back to what I had proposed and twenty eight percent, but we had proposed at twenty eight percent because I wanna make sure that we see that these corporations. That's not going to take them on. Maybe! That hasn't been. Maybe a lot of that hasn't been helpful to. The economy we had before corona virus, but maybe it was so I guess there's a lot of time left, but certain things that flipped certainly the polls, many of them are double digit now the national polls the battleground states don't look much better and the composite of the betting sites. Are. Has Not I. Mean it was like this. It's flipped its widening right now so I don't know. Do we see it depends on the composite of the Senate it depends on. Which controls into the? Questionable too so I. Don't know when we actually start. I mean we've got so much more going on. With Corona virus, especially in the middle of this, what looks like the very troubling spikes in certain states I don't know if we started thinking about. Moving onto. Electoral concerns at this point. I don't know you did see you did see the markets. Pick up when it looked like it was going to be Joe Biden instead of Bernie Sanders when? That was for the MARLINS. That's one of the worst case scenario for the markets was was taken off the. Table But. There'd be a difference good if you're gonNA raise taxes immediately and and get rid of the. Entire trump. tax cut I think the plan is not to get rid of the entirety of the corporate tax cut. His Tax Cut, have you? We'd be part of it, but not get rid of it completely. I thought he said he would just just reverse the entire bill he did he just talking about corporate corporate taxes would be not great either what? He'd go back. Go back and twenty eight or twenty nine, didn't he? SAW wouldn't go back to where you were talking about going back to twenty. He's talking about going back to twenty eight percent on the corporate tax rate I think the real tax rate that would be interesting to see what else can. We happens to the individual tax rate it actually most wealthy, not necessarily well. That's that would be on the table. He says he would do this immediately. I have my own. Questions about whether that would even be plausible. Given where the economy may or may not be at that point. We heard just a few minutes ago. Corona virus cases are surging and sponsor around the country aside from the obvious pub, public health implications that could spell renewed trouble for the US economy joining us right now to talk about the potential need for more economic stimulus out of Washington Larry. cudlow. He is White House national. Accounts Economic Council Director Larry. It's great to see. See You thank you for joining us today. And maybe we can just start with the number of coronavirus cases. We have seen more cases out there I know part of that's because we're doing more testing, but a higher percentage of those tests coming back have been coming back with more positive results in some places. To what do you think actually I think nationwide becky? The. positivity rate is still quite low well under ten percent. Now I do agree The numbers quoted to me by the health people. I'm not the expert they are. Over the weekend there thirty seven states that have virtually no problems. There are thirteen states that do have hotspots by the way part of that is a massive new testing. Run five hundred thousand tests. Per, day, so you're going to pick up some, but just interested. I was going through at this morning. Seventy hot spots that you talked about Arizona no question about it. Florida no question about it Nevada. North, Carolina Oregon Texas, but on the other hand, Becky just to balance it out I'm looking at this Colorado down thirty percents. Here the Washington DC METRO AREA DOWN THIRTY ONE ILLINOIS DOWN Thirty. Six Massachusetts Down Twenty seven Michigan. That's really something there. Dan Eighty percents. On case rates, so you know this. There are some hot spots were on it. We know how to deal with this stuff now. Come along way since last winter and There is no second wave coming. It's just you know hotspots. SEND CDC teams. We've got the testing procedures. We've got the diagnostics. We've got the PPI and so I. Really think it's a pretty good. Situation fatality rates. Incidentally, the Taliban rates continue to decline looking at the one day and seven day. Fatality rates less than one half of one percent Even while as you noted, cases have gone up in some places so all in all. I think it's pretty good situation, and of course reopening the economy is the key to economic growth, and we've had a whole bunch of green shoots that are showing recovery. Faster that a lot of people thought hey Larry. We spoke with Scott Gottlieb earlier today, the former head of the FDA and his his point is that in some of these states where you are seeing hotspots, it's a lot of the younger people, people ages, thirty and younger who are getting it at this point. The good news is a lot of them. Do not have the same sort of adverse reaction to some of these things the concerning point would be do they spread it to their parents to their grandparents to other people there around who who may have some underlying issues and I guess nobody wants to see the economy back down. We WanNA. Get out there. We want to make sure things can open up. Would you be in favor of targeted places? If you find out that it's linked to bars and it's thirty years younger who are spreading it. Would you be in favor of shutting down? Potentially some of the bars are slowing things down just so that things don't get out of hand. Where look again I'm not the public health expert I think that sort of thing is up to the individual states. The governors in some cases. The mayor's Gottlieb is dear friend and a brilliant guy. I'm sure he told you how important it is to maintain. Best Practices social distancing. Where applicable again it's voluntary, but we're applicable. face masks some kind of cloth, face mask and again get testing where possible I not going to advocate shining down any place just if if that's what the locals think is necessary, but again the costs of shutdown in economic terms and psychological turns in addiction terms. I mean. We've learned a lot since last February's so I'll leave that to the locals, but I sure hope not. I mean look. We're in a position now and again I want to get back to economic story. We're in a position now WE'RE GONNA come on much stronger in this recovery Then a lot of folks thought maybe than we thought here and you know there's been a whole bunch of green shoes on retail sales. unemployment new business applications on travel and Apple Mobility Indexes housing demand, strong auto demand the strong. This is great stuff. The employment was up three million in May. The early estimates are about three and a half million new jobs in June. That comes out July second just as a reference point. The Congressional Budget Office is suggesting twenty percent plus q three, perhaps Q. Four. If you get twenty percents, and you got a five percent in Q. One becky, that will get us back to the prior peak in the economy in twenty nineteen. That is wonderful news and the temporary layoffs and furloughs. Folks are going back to work so I think the rescue package was solid and I think the economic numbers are coming on great. We'll all hope and pray continues and look. Let's have best practices on safety guidelines. Any Larry wanted you to comment I wanted to account mine if you could on the president's comment. Over the weekend at that at that rally in Tulsa where he effectively said. that. He said to his people slow the testing down, please. His the bad pug. When you test of what you do testing to that extent, you're gonNA. Find more people you're gonNA, find more cases. So I said to my people slow the testing down, please. They test, they test. We had tested. People don't know what's going on. We got we got another one over here. There have been other members the administration that have suggested somehow that he was joking I saw it with my own eyes. You saw with your own eyes and also suggest to you that just a week ago. He said quote. If we stopped testing right now, we have very few cases. If any, so there's been a series of comments quotes that he has made that have not by the way been suggested to be jokes prior to this. Well as you look. I can't account for all that I felt he was tongue in cheek when he said I was not there I didn't see all of that rally in Tulsa I. Truly believe it's tongue-in-cheek in meetings that I've attended whenever this subject. Come Up. It comes up in connection with the economic rebound and. Testing and best practices have always been. His belief and he's listening to the Public Health people, Deborah burks, and so forth there giving them the right advice. I believe he's taken the right. Advise. I can't settle this I think it was tongue-in-cheek. You'll have to ask him I. Think The Cape Point though I really do think the key point is you've got a thirty seven states are in great shape. You've got thirteen states some odd where there are hospice as I. Mentioned, hotspots are mentioned. Becky I read down the list. You've got tremendous declines. Declines in positive rates from new cases in major major states. New York is opening right now. That's a huge chunk of GDP. People are gonNA. Come in or not, but they're going to be wearing. Face coverings if they need to. They'll be temperature testing if they need to. So I. Think we've learned a lot I think private industry private business is very sensitive to the needs of their workforce. They're doing everything they can to assure them and to take safety measures and I think the local. The local governors and mayors are going to have a piece of that, too. So and I'm not GonNa make much of it. sometimes there's a presidential sense of humor That works for some, but not for all. I can't convince you if you don't believe that but I can assure you that he is. He wants safety and security and economic growth, and that seems to be the trend line right now I think we're in pretty good shape. Certainly compared to where we were last winter, Larry we hear reports that the administration would like to see a two trillion dollar package that that is followed up for additional support and stimulus. Where would that money be focused? What what what needs to happen and there are a lot of questions because the six hundred dollars extra for unemployment that goes into people's paychecks will end at at the end of July at this point while we're planning on this. We're having pretty much constant policy meetings and I'm going to go into one. After we all talk and I I can't ten point a number. There's a pre decisional Shall we say rumors or this? And that nothing has been completely determined I will say as a generic matter. First of all after the July recess, there is likely highly likely to discuss in the House the Senate and and the administration some new plans for economic growth. Okay, there's probably I saw this thing in the journal today. There's almost certainly going to be a package. What's in the package Becky? I don't want to predict. We'll say this things. The president has talked about publicly. Okay. He talked about a payroll tax holiday for the workforce. He's talked about capital gains tax relief. If you buy something in the next six months, you'll be excluded from the capital. Gains for quite some time. There's a story about private equity in the. Today he wants to help out with some form of tax relief restaurants, entertainment athletic contests things of that sort. We want to help out the tourism business which has been hurt very badly. We also WANNA reward. People who are re employing. Going back to work. I think that's important. We're also concerned about protecting liability insurance in Kobe. Nineteen cases for small business and everybody there may be some targeted spending discussions going on between the three major bodies. All this is up in the air. Those are things the president, and said publicly so I'm happy to lay them to you know decisions have been made states and municipalities that may have been hit particularly hard by the pandemic. Should they additional funding? I wouldn't want to say at this point, but I'll say we're looking at everything. certainly anything related to Kobe. Deserve serious, serious attention with respect to some additional spending. We will see about that We will be looking at the whole panoply of options for the state. We've worked very well at the states, I think it's a remarkable achievement. President trump vice president pence has taken the lead on this constant discussions with governors I've been engaged. Many others in the White House had been engaged to help them out. Wherever possible a lot of this of course is the right equipment that right machinery the PP stuff the. The masks. The delivery of tests don't forget. We are making pretty good progress here. with respect to vaccine, development and therapeutic development, which I think is terribly important, especially therapies that might help out during the summer months so i. want you know I don't WanNa get too specific. We are looking at a whole bunch, a whole panoply across the board of possible assistance plans. You know I'll say this, Beca. You Know Me I. Fully supported the Cares Act I. I think the PCP program. The payroll protection program probably saved as much as fifty five million jobs. I think you saw in the May. Numbers temporary layoffs and furloughs going back to work by three million I think a lot more of that's coming I. Think in general. The rescue package was extraordinary led by the president tremendous bipartisan votes in both the House and the Senate I think by and large worked I saw a piece in the New York Times this. This morning that suggested the government support programs actually held down the poverty rate I think that's remarkable and I know. The income increased a lot in April and probably will continue in Maine you so I think that package worked. were proud of it I. Think now I'd love to see us. Move this just me talking from the rescue mission you know through the transition of the reopening into medium and long-term economic growth incentives, so we can really have. Great rebound in the second half, but twenty twenty one could be a big bang year and so twenty twenty two We did it once we had it going great guns. It's fundamentally sound economy as the emergency passes in the opening occurs so That's my view. I'd like to slant it towards economic growth incentives as much as possible. Larry, thank you. It is great to see you this morning and we hope you come back with updates as these conversations progress. John Thanks Becky. Thank you Andrew. SQUAWK POD we'll be right back. That's the podcast for today. Thank you for listening. squawk box is hosted by Joe Kernan Becky quick and Andrew. Ross sorkin tune in weekday mornings on CNBC at six Ham Eastern and subscribe to Squawk pod wherever you listen to podcasts. Sheriff's with a friend and tweet US at squawk. CNBC we'll meet you back here tomorrow. This CNBC podcast is sponsored by capital group home of American funds. Nearly Ninety years of experience helps you say I can partner with this firm to navigate tough times visit capital group DOT com slash market volatility American Funds Distributors Inc...

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