Carl Quintanilla, Jim Cramer and David Faber discuss the swift move lower for stocks. Major averages tumbling on the heels of comments from the Chairman of the Federal Reserve yesterday and reopening fears. Fed Chairman Powell saying, “We’re not thinking about raising rates. We’re not even thinking about thinking about raising rates. What we’re thinking about is providing support for the economy. We think this is going to take some time.” The Fed sees rates staying near zero through 2022 and GDP tumbling 6.5% in 2020. Investors also becoming concerned about a second wave of coronavirus cases, continuing to rise in certain states, as the U.S. pushes deeper into reopening the economy. Treasury Secretary Steven Mnuchin joins the “Squawk on the Street” gang to discuss small business lending, the state of the economy, and shutting down again in the face of a second wave. Hear why he says, “we can not shutdown the economy again.” Plus, the CEO of GrubHub on the big deal news of the day, as his company is acquired by Just Eat Takeaway for $7.3 billion.
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Squawk on the Street