Fed Tips from the Tetons, A U.S. Trade Trip to China, & Drug Pricing Power in DC 8/28/23

The Federal Reserve’s Jackson Hole meeting is over, but chair Jay Powell’s comments there are still echoing through the markets. Allianz Chief Economic Advisor Mohamed El Erian digests Powell’s Wyoming speech, including his comments that inflation is still too high, and his choice to leave the door open for more rate hikes in the future. U.S. Commerce Secretary Gina Raimondo is in China this week, meeting top officials in an effort to pursue a more stable relationship with the CCP. CNBC’s Beijing Bureau Chief Eunice Yoon reports from China on the local response to Sec. Raimondo’s visit, and what Chinese officials expect to get from the meetings. Plus, the Biden administration is poised to negotiate costs of Medicare drugs directly with pharmaceutical companies. Former FDA Commissioner Scott Gottlieb discusses the impact of these negotiations and the complications still ahead to lower prescription prices. Eunice Yoon - 11:46 Mohamed El Erian - 17:46 Dr. Scott Gottlieb - 28:27 In this episode: Eunice Yoon, @onlyyoontv Scott Gottlieb, MD, @ScottGottliebMD Michael Santoli, @michaelsantoli Robert Frank, @robtfrank Joe Kernen, @JoeSquawk Katie Kramer, @Kramer_Katie