SQUAWK BOX, FRIDAY 12TH MAY, 2023

A second presidential meeting on the debt ceiling is reportedly postponed until early next week, while reports suggest Treasury Secretary Janet Yellen will sit down with Wall Street bankers in the coming days. Factory inflation continues to ease across the U.S. with producer prices rising at their slowest rate since January 2021, moderating for the tenth straight month. The Bank of England hikes rates to the highest level in almost 15 years and ditches its forecast for a recession this year. We hear from Governor Andrew Bailey. Shares in PacWest plunge after the regional lender reveals an almost 10% drop in deposits in the first week of May. And Elon Musk claims he has found Twitter's new CEO, saying "she will start" in 6 weeks, with reports suggesting a senior NBCUniversal executive will take the reins.