Squawk Pod: David Rubenstein, the FOMC, & saving Spirit Airlines - 04/29/26 | Audio Only

Summary

The episode covers Jay Powell's final FOMC meeting, with David Rubenstein discussing his legacy and the challenges for successor Kevin Warsh. A debate over a potential $500 million federal rescue of Spirit Airlines features arguments from union president Sara Nelson and economist Joel Griffith. Also covered are the UAE's departure from OPEC, Elon Musk's ongoing testimony in the OpenAI trial, and Starbucks' strong quarterly results.

• David Rubenstein offers a generally positive assessment of Powell's Fed tenure, citing transparency and avoidance of recession.
• Rubenstein notes that rate cuts are unlikely in the near term due to war-related inflation uncertainty.
• The UAE officially leaves OPEC after 57 years, with analysts viewing it as an economic evolution toward closer ties with Washington.
• Oil prices remain elevated (WTI above $100, Brent near $115) with focus on Strait of Hormuz blockade risks.
• Sara Nelson argues for a temporary government loan to Spirit Airlines to preserve jobs and competition, citing unique post-COVID and war-related disruptions.
• Joel Griffith opposes a bailout, stating Spirit's failure poses no systemic risk and would reward long-term mismanagement and union contracts.
• The hosts debate whether airlines should be treated as regulated utilities, given their systemic importance.
• Starbucks shares rise after raising full-year outlook, with CEO noting no customer behavior changes from higher gas prices.