CNBC.com Warren Buffett

WHEN: Wednesday, June 25 at 12:05 PM ET
WHERE: CNBC's "Power Lunch"

The following is an unofficial transcript for a "First on CNBC" interview with billionaire investor Warren Buffett on CNBC's "Power Lunch," which aired June 25, at 12:05 PM ET.

All references must be sourced to CNBC.

HERERA: NOW TO BECKY QUICK AND MR. BUFFET IS ALSO WITH HER RIGHT NOW. BECKY?

QUICK: SUE, THANK YOU VERY MUCH. WE'RE STANDING BY IN NEW YORK CITY FOR AN ANNUAL GATHERING, SOMETHING THAT HAS BEEN HAPPENING FOR YEARS NOW. THIS IS A BENEFIT TO – BENEFITS THE GLIDE FOUNDATION. THAT IS AN ORGANIZATION THAT WARREN BUFFET VERY CLOSELY ALINED W WE WANT TO THANK YOU VERY MUCH FOR JOINING US.

BUFFETT: THANK YOU.

QUICK: OUR FIRST QUESTION, WE WANT TO TALK ABOUT WHY WE'RE HERE TODAY. THE GLIDE FOUNDATION IS AN ORGANIZATION YOU'VE BEEN WORKING WITH FOR MANY YEARS AT THIS POINT. SO FOR PEOPLE NOT FAMILIAR IT WITH, WHY GLIDE AND WHY THIS LUNCH WHERE YOU'RE GOING TO BE MEETING WITH PEOPLE TODAY WHO PAID OVER $600,000 TO GET THE CHANCE TO BREAK BREAD WITH YOU?

BUFFETT: WELL, GLIDE IS AN ORGANIZATION IN SAN FRANCISCO, IT'S RUN BY A REMARKABLE MAN NAMED CECIL WILLIAMS WHO MORE THAN 40 YEARS AGO WENT OUT THERE AS A YOUNG BLACK PASTOR TO A DYING INNER CITY CHURCH. HE TURNED IT INTO A MARVELOUS, MARVELOUS REALLY SOCIAL ORGANIZATION. HE TAKES PEOPLE WITH THE WORLD'S GIVEN UP ON, SOMETIMES HAVE GIVEN UP ON THEMSELVES AND HE BRINGS THEM BACK. HE GIVES THEM HOPE. THEY FEED 750,000 MEALS A YEAR. THEY TRAIN PEOPLE. THEY HAVE CHILDCARE. THEY HAVE HEALTH CLINICS. THEY HAVE 52 ROOMS WHERE PEOPLE WHO DON'T HAVE SHELTER CAN COME. AND THIS FELLOW DID IT ALL BY HIMSELF BASICALLY. AS THE YEARS HAVE GONE BY, PEOPLE IN SAN FRANCISCO HAVE GROWN TO APPRECIATE HIM. AND I HAVE LEARNED ABOUT HIM SOME YEARS AGO.I JUST DECIDED THAT MONEY COULDN'T GO TO A BETTER CAUSE.

QUICK: TODAY OVER $600,000 WILL BE GOING FROM THIS LUNCH. WE'LL TALK ABOUT THE PEOPLE YOU'RE EATING LUNCH WITH TODAY. WHILE WE HAVE YOU HERE, I'D LIKE TO GET TO THE NEWS OF THE DAY. PEOPLE ARE WAITING TO HEAR ABOUT SOME OF THOSE THINGS. THE FED IS GOING TO BE COMING OUT WITH ITS ANNOUNCEMENT IN A LITTLE OVER TWO HOURS. AND THERE'S BEEN A HUGE DEBATE ABOUT WHETHER THE FED SHOULD BE MORE CONCERNED ABOUT HIGHER INFLATION OR SLOWING GROWTH. IN YOUR MIND, WHAT IS THE MOST IMPORTANT FACTOR?

BUFFETT: THEY SHOULD BE CONCERNED ABOUT BOTH. BOTH ARE GOING ON. GROWTH IS SLOWING AND IN FACT I'M NOT SURE IT'S GROWTH ANYMORE. AND INFLATION IS REALLY HEATING UP. SO IT'S NOT AN EASY JOB TO HAVE WITH, YOU KNOW, CERTAINLY TWO MASTERS IN EFFECT. AND THAT'S WHY I'M GLAD THAT BEN BERNANKE HAS THE JOB AND I DON'T.

QUICK: PRETEND YOU WERE IN HIS SHOES. WHAT WOULD YOU DO?

BUFFETT: I WOULD BE OFFERING MY RESIGNATION.

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