The Federal Reserve will make its next decision on interest rates immediately following election day. Former Fed Governor Kevin Warsh is advising his former colleagues at the central bank to do less talking, and more thinking. Warsh considers the meaning of inflation, the role of the Fed, and offers his perspective on the last decision to cut rates by 50 basis points. The morning after Vice President Kamala Harris’ town hall with Anderson Cooper on CNN, pollster and strategist Frank Luntz explains why Harris may be struggling to win over persuadable voters. Steve Liesman breaks down CNBC’s latest election survey and explains the margin for error in both state and national polling. Plus, Boeing machinists on strike rejected the company’s latest labor contract, and Peloton’s stock is surging after an investor’s bullish comments.

Kevin Warsh 19:11

Frank Luntz 36:44

In this episode:

Phil LeBeau, @Lebeaucarnews

Steve Liesman, @steveliesman

Becky Quick, @BeckyQuick

Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Cameron Costa, @CameronCostaNY

Pershing Square Capital Management CEO Bill Ackman discusses why, after years as a “centrist,” he is supporting Donald Trump in the 2024 election. Comparing the Harris campaign with Trump's, the hedge funder says a Trump win is “in the best interest of the country.” Ackman also discusses the spread of misinformation online–including in his own posts. Plus, a conversation about treasury yields evolves into a spirited political debate, and billionaire Warren Buffett tells CNBC he will not endorse any political candidates, despite impersonators and misinformation about him on social media.

Bill Ackman - 19:17

In this episode:

Bill Ackman, @BillAckman

Becky Quick,@BeckyQuick

Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer,@Kramer_Katie

Billionaire and legendary investor Paul Tudor Jones is raising alarms about the U.S. government’s fiscal deficit and the increased spending proposed by both presidential candidates. In an extended interview, he warns that more spending could trigger a sell-off in the bond market. In managing his portfolio, Paul Tudor Jones is betting on commodities and the Nasdaq–but not on fixed income. Plus, Federal Reserve presidents Neel Kashkari and Mary Daly are speaking out on monetary policy, Nike renews its contract with the NBA and WNBA, and TGI Friday’s is filing for bankruptcy.

Paul Tudor Jones 13:06

In this episode:

Paul Tudor Jones, @ptj_official

Becky Quick, @BeckyQuick

Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Cameron Costa, @CameronCostaNY