Squawk Pod: The Fed moves and Rahm Emanuel looks at 2028 - 09/17/26 | Audio Only

Watch on YouTube ↗  |  September 17, 2026 at 17:10  |  42:23  |  CNBC
Speakers
Roger Ferguson — Former Vice Chair, Federal Reserve
Steve Liesman — Senior Economics Reporter
Joe Kernen — Co-Anchor, Squawk Box
Becky Quick — Co-Anchor, Squawk Box
Andrew Ross Sorkin — Co-Anchor, Squawk Box
Rahm Emanuel — Former U.S. Ambassador to Japan; former White House Chief of Staff; former Mayor of Chicago

Summary

The episode focuses on the Federal Reserve's first rate hike in over three years under new Chair Kevin Warsh, a hawkish move that initially sold off stocks before a bounce. Former Fed Vice Chair Roger Ferguson argues higher rates are necessary given strong growth, AI investment, and credit demand, while Steve Liesman offers a benign neutral-rate explanation. The show also covers Rahm Emanuel's 2028 political ambitions and Democratic Party strategy, plus OpenAI safety disclosures and AI misalignment concerns.

  • Fed raised rates 25bp to 3.75-4.0% and signaled more hikes may come.
  • Stocks sold off initially after the hawkish Fed decision, then rebounded.
  • Roger Ferguson says higher rates are needed; expects one or two more hikes.
  • Steve Liesman says a higher neutral rate may mean the Fed is closer to neutral.
  • Rahm Emanuel discusses Democratic Party strategy and a possible 2028 run.
  • Emanuel proposes ethics, healthcare, tax, and energy policy changes.
  • OpenAI discloses additional AI model misalignment issues.
  • Anthropic policy head says AI safety cannot rely on an honor code.
Ideas
Steve Liesman Senior Economics Reporter 9:31
Neutral rate higher, Fed near neutral.
Steve Liesman offers a benign explanation that the neutral rate has likely risen because of strong investment and AI-driven productivity, so the Fed may just be removing accommodation to reach neutral. This implies the Fed may not need to raise rates much further.
US Treasury yields MED
Roger Ferguson Former Vice Chair, Federal Reserve 12:13
Fed needs higher rates, more hikes.
Roger Ferguson argues the Fed needs higher rates because the economy is strong, the AI boom and public/private credit issuance are raising the neutral rate, and the market was already signaling higher long-term rates. He expects at least one or two more hikes to move from accommodation toward neutral, with the data determining the path.
US Treasury yields HIGH
Up Next
1:04:28
How Bonds Quietly Built the Modern World ft. Robin Wigglesworth | Ideas Lab | Ep.53
Top Traders Unplugged · Sep 17
4:51
Steph Curry on Li-Ning deal: Company's product reigns supreme, following brand 'free agency'
CNBC · Sep 17
31:53
Should You Pick Stocks or Buy Index Funds? | ATC
The Compound News · Sep 17
3:59
Market Midday: Stocks Rise, Diesel Sets New Record, Palantir CEO on AI Safety • 9/17/26
CNBC · Sep 17
1:27:07
Stocks Gain in Wake of Fed
Bloomberg Markets · Sep 17

This CNBC video, published September 17, 2026, features Steve Liesman, Roger Ferguson discussing US Treasury yields. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Liesman, Roger Ferguson  · Tickers: US Treasury yields