After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Jim Nussle, a former director of the Office of Management and Budget, told CNBC on Wednesday that a strong U.S. consumer is the only thing keeping the country from recession.Marketsread more
"I don't think the sterling has completely priced in the damage that this will have on the economy, in the short term," Lien told CNBC's "Squawk Box. " "I think we could see another 7-to-10 percent drop."
In a surprise outcome, a majority of U.K. citizens on Thursday voted in favor of Britain leaving the EU, sending financial markets across the globe into frenzies.
The British pound hit its lowest level since 1985 against the dollar, near $1.32, before trading about 8 percent lower, close to $1.3695. The currency also posted its largest move to the downside ever.
Shaun Osborne, chief currency strategist at ScotiaBank, echoed Lien's comment.
"It may be wrong to underestimate just how far we can go. In the short run, probably $1.30 is reachable; below $1.30 as a psychological support point. There's not that much in terms of identifiable support levels," he said on "Squawk Box."
GBP/USD 1-month chartSource: FactSet
Peter Boockvar, chief market analyst at The Lindsey Group, said on "Squawk Box" that the U.K. will be OK in the long term.
"They're going to adjust to this," he said. "I see this for the U.K. a gigantic inconvenience. Deals will get renegotiated, life will move on. The question is obviously for the rest of the European Union, but the U.K. will deal with the EU just as we do, just as Norway does, just as Switzerland does."