Paul Tudor Jones' Message for the Fed and Take on Inflation and Crypto, The "Musk Tweet Effect" Moves Bitcoin Again, Shakeup At Lordstown Motors Sends the Stock Tumbling, and what's next for FAANG stocks: Is the Tech Trade Coming Back?

Squawk on the Street

Jim Cramer and Scott Wapner kicked off the show by reacting to various comments legendary trader Paul Tudor Jones made to CNBC. Among them: This week’s Fed meeting is the most important of Jay Powell’s tenure, it's dangerous to say inflation is transitory, and if the Fed doesn't make an immediate "course correction" he's going to bet heavily on the inflation trade -- commodities, gold and crypto. Speaking of crypto, Bitcoin getting a lift after Elon Musk tweeted on Sunday that Tesla may resume accepting the cryptocurrency if 50 percent or more of so-called "bitcoin miners" use clean energy. The anchors also discussed the shakeup at Lordstown Motors: Shares of the electric truck maker tumbling after it announced both its CEO and CFO have resigned. Also in focus – a deep dive into the inflation trade: Chipotle gets a Wall Street upgrade after announcing price and wage hikes, autos and the chip shortage, and why FAANG names and other tech stocks may be ripe for buying.