The Exchange

Episod

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  Rate Hike Regret, Iran Negotiations, and Mortgage Mayhem 9/25/26 25.09.2026 43min

  The so-called “Bond King of Texas” says the Fed made a mistake hiking rates. Stocks pop and oil prices sink on reports U.S.-Iran talks have entered the technical stage, but Helima Croft, who served as a commodities analyst at CIA, says seemingly nothing has truly shifted in negotiations. Plus, are mortgage rates above 7% the new normal?
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  Navigating Rising Rates and the Trump-Xi Summit 9/24/26 24.09.2026 43min

  Long-term yields above 5% present a good deal of “shock value” to the markets, but are likely over-rated as a driver of the economy, according to CIO Group’s Steven Wieting. Utilities under pressure amid those rising rates, and trader Jeff Kilburg is going bargain hunting. Plus, AEI’s Derek Scissors says the pageantry around Chinese President Xi’s first state visit in 11 years is setting the stage for a political clash between President Trump and other members of the GOP.
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  Yields Jump, A High-Stakes Visit, and Lefrak’s Real Estate Warning 9/23/26 23.09.2026 44min

  Yields, and rate hike expectations, climb on strong manufacturing data. With President Trump pushing back on creating a global entity for AI oversight, will a visit from Chinese president Xi Jinping’s be more show than substance? Plus, legendary real estate developer Richard LeFrak’s warning amid higher rates.
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  Inspiring the AI Trade, Peloton Product Launch, and Muni Bonds to the Rescue? 9/22/26 22.09.2026 43min

  Meta’s Muse is a hit with Main Street, but is the next phase of AI enough to keep the trade alive on Wall Street? Peloton launches a new suite of products. Plus, how muni bonds are coming to the rescue when it comes to climate disasters.
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  AI Stocks Rally, Meta’s Muse Moment, Nike’s Swoon 9/21/26 21.09.2026 44min

  The Nasdaq is climbing 2% as semiconductors and tech stocks rally. Meta having its third-best month on record amid investor optimism about its Muse personal agent app. And we look at whether Nike is nearing a bottom, as shares hit a 12-year low
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  Nvidia Too Cheap to Ignore?, AI Safety Debate, Apple’s iPhone Launch 9/18/26 18.09.2026 44min

  Our market guest’s favorite big AI name used to be Microsoft but now says Nvidia is too cheap to ignore. Plus, the AI safety debate is heating up in Washington and across the country. And the iPhone 18 Pro and Pro Max are launching today, but Wall Street is already looking ahead to next month’s Duo launch.
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  A Post-Rate-Hike World, a C-Suite Warning, and a Former Treasury Secretary 9/17/26 17.09.2026 44min

  Stocks higher, yields lower as markets digest the first Fed rate hike in three years. The CEO of Sentinelone says AI labs are engaging in “self-serving marketing.” Plus, an extended conversation with former Treasury Secretary Jack Lew.
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  Countdown to the Fed Decision 9/16/26 16.09.2026 42min

  Ahead of the Fed’s decision on interest rates, Kelly Evans and Brian Sullivan sit down with lawmakers, former Fed Presidents, and investing heavyweights from Washington DC.
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  Yields Surge, The Fed vs. Oil, and a Predictions Pop 9/15/26 15.09.2026 43min

  The yield on 10-year notes hitting the highest level since 2007 ahead of the Fed decision. Jefferies’ David Zervos expects a more dovish Warsh and says the market is wrong on rates. Plus, prediction markets are already scoring this NFL season.
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  “Pace the Frontier,” The Case for a Cut, and Healing Healthcare 9/14/26 14.09.2026 44min

  After Anthropic’s Dario Amodei calls to “pace the frontier” on AI, one of the researchers who discovered OpenAI’s hack of a German website says slowing U.S. model development will also curb China. Jefferies’ Chief Economist makes the case for a December rate cut. Plus, the billionaire founder of Groupon and CEO of Tempus AI on how AI is changing healthcare.
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  Hikes on the Horizon, Diesel Distress and Remembering September 11 9/11/26 11.09.2026 44min

  JPMorgan’s Michael Feroli raising his rate hike forecast to two this year after inflation comes in slightly hotter than expected. What record high diesel prices mean for the US economy. Plus, 41-year New York Stock Exchange veteran Peter Tuchman reflects on the 25th anniversary of the September 11 attacks.
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  Bond Bonanza, Driving Oil Action, A GOP Guarantee? 9/10/26 10.09.2026 44min

  Yields continue higher, and on the heels of a strong 30-year bond auction, Rick Santelli says it’s “war, not Warsh” moving rates. Real Macro’s Jeff Currie on the “toxic” double-trade pushing oil prices higher. Plus, President Trump’s $5,000 midterm ‘dividend.’
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  Crude’s “Crash Diet,” Tariff Tiff, and Hold off on a Hike? 9/8/26 08.09.2026 43min

  West Texas crude reapproaching $100 a barrel, and while Middle East tensions are ramping, Rapidan’s Bob McNally says China is also playing a big role in driving up prices this time around. We talk to the CEO of AGCO as retaliatory Canadian tariffs going into effect on U.S. goods like dairy and ag equipment. Plus, whether a 25 basis point rate hike at the next Fed meeting would do more harm than good.
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  Jobs Jolt, Hugging Face’s First Investor, and Where the Pricing Power Is 9/4/26 04.09.2026 43min

  With markets pricing in a rate hike in September after a strong August jobs report, Steve Liesman and KPMG’s Diane Swonk weigh in on whether Chair Warsh’s ‘forward silence’ could backfire. The first investor in Hugging Face reveals the three companies he’s investing in now. Plus, the trade that still has pricing power.
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  Nvidia Buys Hugging Face, AI Outages, and Data Center Dissent 9/3/26 03.09.2026 43min

  Nvidia will buy open-source AI platform Hugging Face for nearly $13B. BofA’s Vivek Arya says that will extend Nvidia’s sphere of influence well beyond Silicon. Meanwhile, ChatGPT, Claude, and Grok all experienced outages in the morning--former Marine Corps. hacker David Kennedy says while that can be attributed to new models causing massive usage spikes, there could also be other, more sinister, factors at play. Plus, a Kansas union leader on why he broke with tradition, aligning with Republicans on data centers in the state.
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  The Great Data Center Debate, Apple’s New Era, and Not Swooning in September 9/2/26 02.09.2026 44min

  As West Virginia says ‘yes’ to data centers, Governor Patrick Morrissey is focused on clean water and keeping energy costs low. Steve Jobs biographer Walter Isaacson wants Apple to get back to its roots under its new CEO, creating devices that bring humans closer to the machines and intelligence they use. Plus, trader Jeff Kilburg says, despite a potential rate hike, stocks won’t experience a September swoon.
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  Hike vs. Cut, FTC Chair on Amazon Lawsuit, and Why Electricians Love Data Centers 9/1/26 01.09.2026 46min

  Investor Barry Knapp makes the case for a Fed rate cut with global yields back on the rise. FTC Andrew Ferguson on the agency’s new lawsuit against Amazon. Plus, an officer from electrical workers union, I.B.E.W., Local 26, tells us why data centers are “the best opportunity in generations for blue-collar workers to attain a portion of the American dream.”
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  Renewed Iran Tensions, Colorado’s Data Center Fight, and the Summer Software Surge 8/31/26 31.08.2026 39min

  The US striking Iran for the first time in a month as the G20 kicks off and Secretary Bessent says the administration can keep the pressure on without China’s help. Colorado AG and Democratic gubernatorial candidate Phil Weiser on his plan for data centers. Plus, Sarat Sethi’s leader-to-laggard pick for the second half has already surged nearly 60% since July.
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  Warsh at Jackson Hole, Retail Roundup, and Treasury Trouble? 8/28/26 28.08.2026 43min

  Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there’s more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute’s Adam Posen calls the Treasury’s increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America.
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  Nvidia’s Record Quarter, Connecticut Sues Kalshi, and So Long, SaaSpocalypse? 8/27/26 27.08.2026 43min

  The AI trade roaring back on the heels of Nvidia’s blowout earnings and strong guidance. Connecticut Governor Ned Lamont on the state’s suit against Kalshi, the impact of Canadian tariffs, and how to lower energy costs for New Englanders. Plus, Anthropic’s Dario Amodei reassures the software industry, “we’re not interested in destroying anyone.”