Carl Quintanilla and Jim Cramer discussed rate hike fears, courtesy of employment data that sparked a market sell-offand sent the 2-year note yield above 5% to a 16-year high. ADP said the private sector added 497,000 jobs in June, more than doubling economists' estimates. The anchors also reacted to comments from Dallas Fed PresidentLorie Logan and New York Fed President John Williams, both making the case for additional rate increases.Also in focus: Treasury Secretary Yellen arrives in Beijing for talks with Chinese officials, market bright spots, Meta launches "Threads" in a direct challenge to Twitter -- how might monetizing the new app and disrupting the ad market fit into the picture? Squawk on the Street Disclaimer