are getting some breaking news out of the Fed. For that, let's get to Steve Leeman. Hey, Steve. >> Hey, Carl.Yeah, timing is everything. You ask about Schmidt. We got Schmidt here, Kansas City Fed President, uh, who desented at the last meeting, saying monetary policy is modestly restrictive, and that, he says, is where it should be.He suggests in the speech he's about to give his intention to oppose additional cuts again in December. Says he mind could change, but right now, that's the way he's leaning. cu ...

Office Market Dynamics - Manhattan office buildings are becoming the "people data centers" of the AI era, attracting companies seeking talent and prime locations with amenities [2] - There's a "flight to quality," with 140 leases signed at over $100 per square foot in the first nine months of the year, matching the total for the previous year, indicating scarcity of high-quality space [4] - The scarcity of high-quality office space is causing demand to trickle down to other properties [4] Real Estate Conversion & Public Policy - Tax abatements, specifically the 467M program, are broadening the scope of buildings suitable for conversion, potentially unlocking more capital for these expensive projects [5] - A 90% tax abatement for 35 years is making conversions financially viable, exemplified by the conversion of 5 Times Square into 1,200 residential units [6] - An estimated 20,000 to 40,000 residential units (20 to 40 million square feet of space) could result from office building conversions [6] New York City Governance & Politics - New York's governance structure places significant oversight with the governor, particularly regarding real estate taxes, fiscal responsibility, and public safety funding [8] - The mayor has some influence over rent regulation, especially for rent-controlled apartments, but past attempts to freeze rents have been unsuccessful [9] - Public safety is the biggest risk to New York City, and the mayor's influence over the NYPD is critical for maintaining safety and his political success [11][12]

Market Trends & Industry Dynamics - The American consumer is potentially reducing beef consumption due to demand destruction [1] - Focus on digital infrastructure companies, exemplified by Vernon [1] - Nuclear tech companies, such as Terrestrial Energy, are under scrutiny for performance [2] Company Performance & Strategy - Micro Strategy is experiencing intense selling pressure, with its stock down approximately 40% in a year [2] - Doubts are expressed regarding Micro Strategy's strategy, despite past successes [2][3]

Let's get Kramer's mad dash for this Friday countdown of the bell. >> As part of that former year of magical investing, companies came public and they seemed interesting, but they tended to be a little more risky than we thought. StubHub, uh, CNBC, good article, stock tanks 20%.As CEO says it's not giving guidance for current quarter. Now, Warren Buffett didn't give guidance either, but I'm um, this is what happens when you report an okay quarter. you come public and uh you don't really have a a great story ...

Rental Market Dynamics - High home prices are driving more Americans to consider rental options [1] - Invitation Homes' renewal rate was approximately 77% through Q2, with customers staying for about 40 months [2][3] - There is demand for new rental products, with Invitation Homes delivering approximately 1,500 new homes through builder networks in the first two quarters [3] Housing Market Challenges - New home sales data for July came in at 652,000, an 82% year-on-year decline [1] - The cost of homeownership, including property taxes, insurance, and HOA fees, combined with mortgage rates, makes renting approximately $1,000 per month cheaper in Invitation Homes' markets [4] - There is a mismatch between seller and buyer expectations, leading to sellers pulling listings rather than lowering prices [4][5] - The number of units on the market for sale has increased from approximately 1 million three years ago to approximately 2 million, indicating a liquidity issue rather than a supply issue [6] Mortgage Rate Impact - 16-19% of Invitation Homes' customers are moving out to purchase a home, lower than the typical 20-25% [8] - A decrease of 100 basis points in mortgage rates could potentially stimulate more aggressive buyer activity in the housing market [10]

President Trump has announced frameworks for agreements on reciprocal t trade with El Salvador, Argentina, Ecuador, and Guatemala. Joining us right now on the latest on trade negotiations is United States Trade Representative, Ambassador Jameson Greer. And Ambassador, thank you for being here today.Uh the way it's being boiled down, at least in the headlines, and tell us if this is the right way of seeing this, is that there are going to be uh exemptions to these terri tariff barriers that are there for goo ...

Last time our next guest was on CNBC, he was expecting Bitcoin to be $150,000 by the end of the year. Want to find out if he's changed his tune uh since late October given the recent move in the crypto space. You're looking at Bitcoin right now at $94,000 632.Michael Sailor is here, strategy founder and executive chairman. Good morning to you. What do you think.150 by the end of the year. What do you think's happening here. You know, I think um we all want to go to the moon, but if you want to ride the rock ...

Meanwhile, AI uh not only changing the way employees work, it's also transforming the way the human resource leaders consider how AI will change jobs. For company leaders, there are often more questions than answers. CNBC pulled some top HR experts to get their take on all this.And guess who's here at the table, Sharon Eerson, she joins us now with the survey results. Good morning. >> Good morning, Andrew.You know, AI, of course, is changing the way that HR leaders think about their workers. So over the pas ...

All right, some breaking news earlier this hour. It is pretty shocking. Uh Walmart CEO Doug McMillan announcing that he will retire.John Ferner is going to be taking over as CEO on February 1st. Joining us right now is Stacy Whit. She is with SS SSW Retail Advisors.And Stacy, the market sold off on this news. Right now, Walmart shares off by 2 and 3/4%. Uh Doug's been a stalwart.he has really led that company to impressive levels not only in the market cap but also with what he's done in terms of diversifyi ...

Let's get right to Ron Baron. He is the chairman and CEO of Baron Capital, which has $45 billion in assets under management. Ron is joining us ahead of the 32nd annual Baron Investment Conference.And Ron, it is great to see you this morning. >> Great to see you, too. >> So, 32 years.We've been doing this for a long time. Not 32 years on Squawkbox talking to you on the morning of your annual investment, but a long time. >> Amazing.>> Um, and we're going to jump into the investment, but I want to ask you beca ...