The Biden Administration, railroad companies and labor unions are sharing credit for averting a potentially expensive strike. Transportation Secretary Pete Buttigieg discusses the close call, as well as the shadow persistent inflation cast on the negotiations and on the White House’s efforts to celebrate recent legislative wins. The stock markets were headed toward another down week as corporate leaders sound alarm bells for a potential recession. FedEx CEO Raj Subramaniam told CNBC the company is aggressively cutting costs following weaker global shipping volumes and that economic conditions are so weak we could be headed right into a global recession. That follows the conversation Joe Kernen, Becky Quick and Andrew Ross Sorkin had yesterday with investor Barry Sternlicht, who also had a grim warning. Plus, Patagonia’s founder says goodbye to the billionaire’s list, Amazon kicks off its NFL coverage and a record set for a jersey Michael Jordan wore to his “Last Dance.” In this episode: Pete Buttigieg: @SecretaryPeteBecky Quick @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer: @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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