about suburban real estate and i am seeing it on the verge of a breakout, ghvi. >> and liz >> all aboard the inflation train, invitation homes, inc. >> and what about you, jon >> abbvie. >> and you, joe? >> waste management. >> good stuff. thank you, everybody and now the "the exchange. >> i'm jon fortt, and here is what we will have today a conversation with john williams about the fed and everything to asset purchases, and should the

joke currency doge coin be taken seriously and why it matters to the market, and the chip industry and how it is affected by the weather. and we begin with dom chu. >> and not from the macro perspective, but the industrialized markets. and showing real life, the dow industrials are here up .25, and the s&p 500 up roughly off of the highs of the day, and the nasdaq is holding steady at 13.88 level, and currently up 0.10 of 1%. so jumping up looking at the hot spots of the market. and checking out the shares of palantir, and this is roughly off of the highs of the session so far, and the big data analytics had a big earning report, and disappoint there, and the six-day losing streak that saw it lose 34% of the overall value is popping up here, and remember that ark and

cathie wood made some investments and they announced that, and then a little bit of activity with palantir mentioned in the wall street's reddit forum, and that is going to result in those stocks up. and then you have to talk about bitcoin, record high of 7465 as the last trade there, and this is a hair below the 5466 or thereabouts record high that we saw in the last few moments here. but still the 5% move higher is putting the one-year total return at 440% overall, and bitcoin is catching attention, but i would say this, jon, over the last eight or nine sessions, we are close to the extended 50-day average price. we will see if it matters. >> is that a thing >> i don't know if there is a fundamental or technical metric to track these things. >> dom chu, thank you.

the markets are getting a boost from janet yellen's comments on cnbc yesterday that a large covid package is necessary and it could help the u.s. return to full employment in a year. she also said that there are some risks to the economy. >> inflation has been very low for over a decade. it is a risk, but it is a risk that the federal reserve has tools to address, and we have had this pandemic taking a permanent life-long tool on their lives and livelihoods. >> for more on the state of the economy and maybe the state of the tools, we are joined by steve liesman and new york federal reserve president john williams. steve, take it away. >> john, thanks, and it happens that john williams is a former colleague of janet yellen and we will see.

john, thank you for joining us, and how much you agree or disagree with the new secretary treasury. and let's come back to the stimulus, and they are all related, john, but the issue of the 10-year yield which is up near 135 and quite a run and down below 1% when we again the year. do you worry that the yields are up or near a place where it is restrictive to economic acti activity >> hi, steve. and good to join the program, and today is my oldest son ken's birthday and hello, ken, if he is watching the program. and for the 10-year yield, it is an important indicator, and what i have seen over the past several months is the reflection of a number of factors the around the economy, and one, it is clearly extra additional fiscal support that we saw late last year, and obviously a lot

of the discussion around that, and extra expectations of the fiscal support, and vaccinations here in u.s. and around the world, and the treasury market responding to the good news on the vaccination and progress there. maybe reduce downside risks there, and news around additional fiscal reports that we should accelerate to get back to maximum employment. and to my mind, we are seeing the expectations back to levels that are consistent closer to consistent with the 2% long-run goal and signs of a somewhat higher yields off to the future, and reflecting higher optimism to the economy, and to me, it is not a concern, but more of a reflection of the market's perception of the stronger market outlet. >> john, as you are correctly state, you know, the real yields are up a bit, but they are still

negative if you are taking a general inflation number, and extract it from the yield. how do you think about when and if the rise in the yields are becoming something that is restricting or putting a brake on the economic active such that you think it is something that the federal reserve needs to do something about? >> well, as you point out, they are quite negative and not just in the united states, but in many economies that have a negative long-term yields. t i think this does reflect the negative downturns that countries around the world have taken and it is going to take some time for the economies to get back to full strength. it is also in the context of a very low or neutral or normal interest rates as we have talked the about before, and interest rates before the pandemic have had the low level of the interest rates are quite a bit lower and in terms the oof thin about this again, and maximum employment to think of this

sustained t2% inflation rate, ad for me, the not so much of thinking of the 10-year yields or the other financial prices, but really how we best position monetary policy for success and in achieving the goals. >> let's now layer in the discussion, john, if you would of the coming stimulus or the relief bill if you will. the idea that the president has asked for 1.6 or 1.9, and pours gasoline on the hot fire of the gdp forecasts are right now, and perhaps worry you too much stimulus come down the pipe? >> well, the first thing won't surprise you that it is job of the elected members of congress

and president to decide on the fiscal policy and i will stay to the monetary policy, the economy is in a very deep hole. employment is down by roughly 10 million from where it was before the pandemic. and the unemployment ratios are higher than we would like to see. so right now, the economy has quite a ways to go to get back to maximum employment, and we have a ways to get back to 2% inflation target, so i am not concerned about the stimulus or the fiscal support right now being excessive or anything like that, but really what i want to see is the economy that is going to get back to full strength as soon as possible obviousfully the context of the sustained 2% infla

inflation. >> john, talking about the asset value pressures returning to or exceeding the pre-pandemic measures, which is high, and how much concern of that, and the fed policy underpins those types of asset prices? >> well, it is going to take us back to where we had very high asset prices even last year and before, and clearly the equity prices are quite high and we are seeing quite a pick up in the residential real estate prices and tight spreads on the corporate debt instruments, and definitely a lot of indications of the very strong asset prices. i think it reflects a couple of the fundamental factors and market participants and investors around the world are looking ahead through the year, and looking ahead to the economy that is going to have a robust recovery and strong expansion over the next several years which would support a stronger valuation. and i also think that we will

see a globally low industrial environment extracting from the cyclical part of that which is very low yields on sovereign debt or treasury securities or things like that which does all else equal imply higher valuation prices. so the big driver is a fundamental driver which is really optimism among investors to get, you know, the u.s. economy and the global economy is going to have a strong recovery and expansiona and expectations of the low rates, you know, well off into the future. and those combined will give you higher asset valuations. in terms of the concerns around this, it is one thing to say that fundamentals tell you that the asset prices should be somewhat higher. obviously, the concern would be if that is out of control or we see the strong imbalances, resulting from that in terms of the business or the household or

households or the financial institution, and there, i don't see the evidence for that. >> okay. john, let's talk about another asset price that seems to be high right now which is bitcoin. tell us how essential banker is looking at not only the crypto currency, but the crypto currency doubling in value in a short amount of time, and are there levels of concern, and what do you say to people who say, one of these days that bitcoin or cryptocurrency could become one of the normal currencies of the united states? >> well, i won't comment specifically on the bitcoin or any of, you know, the cryptocurrencies, you know, in terms the of what the proper valuation is, because i'm not an expert of that, but technology broadly described is transforming the payment landscape globally and not here just talking about the scrip to currencies is, but the federal reserve is developing a new

realtime settlement payment system and essential banks around the world are doing that, and seeing innovative ideas in the private sector to do payments faster, easier, more efficiently. and so in the broader context, this is a period of a lot of innovation, and products that are hopefully actually going to solve the problems in the payment system which is high cost, and the challenges of the cross border payments or the remittances and some of the other issues, and this is a period where the private sector and the central banks and others are actively thinking of how to make modernize, if you will, the payments. i think of the cryptocurrencies perhaps a separate issue of that, and definitely in the world of central banking and in the banking world, too, there is a lot of study of the technology, and the underlying technology and that, and how that could either help or be

used in with some of the ideas. i see it as a world of change. i don't know exactly, and i won't comment specifically about any of the particular kind of the product, but that is how i see it. >> john, one more question here. i can't let you go without asking about the future of monetary policy. i think that you guys have made it clear that quantitative easing which you are doing or the asset purchasing which is $120 billion a month is going to go down before you raise interest rates and what is the outlook there if you are reducing it or tapering it is on the cards this year? >> as we have said from the beginning, our decisions of monetary policy, and we have communicated this consistently are going to be based on where the economy is, and specifically relative to maximum unemployment and priceability goals so the answer to that is going to be it depends, but more

importantly, it depends where we are in the economy in terms of the actual data and performance in referring to the actual employment and labor market and actual growth and how we are doing in reaching the 2% inflationobjective on the sustained basis. so it is going to be all of the decisions whether it is around the asset purchases are going to be driven by how we are doing, and how we see us doing in terms of the two goals. now we have used specific language around that, and looked for substantial progress in terms of the asset purchases, and obviously right now, we have not seen since we have made that announcement, and the economy is in a slow period due to the winter wave of covid, and you know, the spread of covid, but so right now, i am in a wait and see mode, and we will watch the data and see how the economy does and specifically focusing on the progress and the two goals and hopefully make the

decisions thatare appropriate for achieving the goals in the future. >> john, you have been generous with your time, and appreciate you joining us here on "the exchange" and happy birthday to your son who has to be watching and what else would he be doing? >> i hope so. all right. >> thanks. jon, back to you. >> thank you, steve liesman as well. and coming up, the overall market's performance that might have been underwhelming this week, but the opening trade was red hot in cruises, airlines and casinos and at-home names fell short. is that the right rotation for investors? plus, elon musk says bitcoin is less dumb than cash, and is he right about crypto we will find out. we are back in two. check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

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>> welcome back. the dow hit a new intraday high today despite a mixed week for stocks the investors are having a tough time to find the gains, but one place could be reopening stocks like marriott and wynn and including a 18% surge for carnival cruise lines. but meanwhile, dozing on the couch are netflix and peloton and zoetis and microsoft.

so, let's bring in our guests. how much of this, catherine, is bringing in major gainers as other indices are hitting new highs? >> thank you, jon, for having me on the show. the market is strong, and the earning season delivered some great surprises. i think that, we are definitely going to get on board with the reopening philosophy, and get beg hind the cyclical names, and getting behind the story of reopening and repositioning our portfolios to reflect what is going to come in that post-vaccine and post covid era which is really exciting, but having said that, i think that the consumers have developed some powerful habits over the course of the last nine months in stay-at-home names should not be discounted, because there is a place for them in the

portfolio. we certainly are paying attention, and owning them. >> yeah, it is not as if we are not going to be spending any time at home when we are eventually cleared to really go out. george, i was just listening to steve liesman's excellent interview with the new york fed president john williams and something that struck me is this idea of the optimism justifying so many of the valuations that we are seeing in the market now, but it seems to me that the optimism has become the story driving the optimism, and isn't that dangerous at some point >> it absolutely could be. so we are valuing the investors, and the valuations are important to us, so if you are thinking of the fed's impact, they have had two major impacts, the interest rates are low to drive up the asset prices, and two, they have stimulated a certain behavior in the market where people are a little bit more irresponsible, and we have seen it through certain examples like gamestop for example, and so, yes, to

your point, we are seeing it, and it is behavior that is led through fed action, and that is something to be cautious about. and then, going back through the inflation trade, and it is important that we are income investors, and you are seeing the dramatic impact in the bond market today and that is another thing that is important to keep an eye on. >> katerina, how do you sort of hedge against or protect yourself against being too optimistic about the optimism getting numb to the valuations, and i mean, the bonds don't do what they used to do, so what is your strategy? >> the larger strategy is that this is not the time to perhaps just invest in the broader i ind indexes, and this is a stock picker's market, and the market very much where the investors have to pay attention to the earnings and the valuations and the data and the interest rates for example is one of the most important pieces of data to

watch specifically that the interest rates are going up gradually over the course of the course of the past couple of months, but the speed to george's point, and we can expect some type of pullbacks in the market, and expect that the interest rates are going to have an effect on theconsumers and the confidence of the consumers in the market, but if the interest rates were to go up really quickly, and unexpectedly or to the extent that the general public is not expected, then perhaps a broader correction will happen. >> so, george, you were talking about the value, and where do investors go for it now? >> i agree 100% with katerina, you have to be selective and not as broad as in the past. if you bought just the broad then you are going to have a steep decline. so as income investor, we have

found incline in the broad and small dividend payers and also found on the front end of the dividend curve and also in the convertible bonds that have a beautiful rich reward relationship where if you buy the right company with the right balance sheet, you are protected on the downside, but as the stocks are increasing in the underlying common stock, you can make the multiples of 25 to 50% to 100% on the money, and we like that risk/reward tradeoff. >> thank you, katerina. and george, you both have a great weekend. >> thank you. >> thank you. and for more ideas of how to invest in this market, go to cnbc.com/pro, and you will find the growth plays and why citi is seeing a 10% pullback. now, coming up, president biden is getting ready to tour a pfizer manufacturing plant, and we have more on the distribution

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you get a shortlist of quality candidates from a resume data base. claim your seventy-five-dollar credit when you post your first job at indeed.com/groomer welcome back. i'm rahel solomon. drinking water is taking center stage in houston, texas. the mayor visiting a shortage

site this morning. and shortages have spread to tennessee and mississippi. andrew cuomo says that 70% of the nursing home residents have been vaccinated for covid-19. and he announced a indoor easing of capacity for restaurants. >> we will go to easing for restaurants which is consistent with new jersey and what is happening is that new jersey and manhattan and staten island is going to those restaurants, and so it is not accomplishing a purpose. and prince harry and meghan have said they will not continue their royal duties, and so we will look tonight with the news with shepard smith at what led them to that decision. and it is friday and maybe you can rest, but money never sleeps.

we will look ahead at what is in store for your money next week this is a "friday fast forward." maybe it is the shortest month of the year, but february is closing out with a long list of events. earnings will test the at-home trade. and dominos and papa johns will give us a glimpse of the hot pizza trade, and draft kings justifying the big rally, and in the earnings review, we will hear from darling doordash and air bnb, and on the data front, we will get key reads from the consumer confidence and also from the kay schiller home index and tell us how housing is hot and still is, and jay powell will testify in front of congress, and apple will have the shareholder annual meeting. and as the vaccine is more available, the fda will look at granting emergency authorization for johnson and johnson and vaccine manufacturers will appear on the hill that is the friday fast forward. >> we will talk to some of that

as we are awaiting the fda meeting ahead of the johnson and johnson vaccine. where we stand now as the health officials have said that the weather has delayed 6 million vaccine doses. bringing in meg tirrell. and we are seeing the news on the vaccine where the cold storage and the one-dosage efficacy and what do we know >> well, a lot of the data normally when we are not in the pandemic would come out before a product is getting the fda's clearance, but because they got it to market as fast as they could, we are getting more information about the vaccine after it has been on the market. so, one big piece of news is that pfizer and the partner biontech has said that they can store the vaccine for two weeks at regular freezer temperatures the instead of having to have it at the arctically cold 94 degrees fahrenheit and that is going to make it easier to have it distributed in the country and around the world.

two separate studies out of israel where there is a massive vaccine rollout, and not peer reviewed is, but they are suggesting that the vaccine may reduce transmission, and also some data suggesting that there is high protection after one dose. jon, we have heard the debate of whether we should spread out first doses of the vaccine and potentially delay the second dose of the vaccine, and dr. fauci and andy slavitt on the covid briefing today said they are sticking to the two-dose need, but this is going to raise more questions. however, the data that we are out to 28 days of one dose, and so the knock is that we don't know how long that one-dose protection is going to last. >> meg, all of that is potentially really important to the logistics especially that two-weeks at regular freezer temperatures as to have all of this special equipment. have you heard anything about how the sense of how much loss there has been of vaccine because of the subzero freezing

issue? >> you know, it is not something that we have heard is very well documented we do here anecdotes of this happening or when there are power failures and how the doctors and the health care workers have to scramble to use these vaccines as fast as they can, and of course, in any situations like in texas, it is becoming even more of an emergency. but there have not been great data on the vaccine loss. one thing this morning andy slavitt saying there have not been any doses lost to spoilage because of the delays because of the weather, but in terms of storage in the hospital, we don't know. >> because it could make a positive difference. thank you, meg tirrell. >> thank you. and coming up, twitter hitting an all-time high as investors are ignoring the call by congress for jack dorsey to testify. why are they so bullish? >> and it is black history month, and we are honoring our

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let's catch you up on a few stories that should be on the radar. it is time for "rapid fire tech edition" and here to break down the headlines are josh and deidre and john. and now, twitter, the stock has lost almost all of the gains this week, and it actually had surpassed $74.73 the all-time peak it set in december of 2013 shortly after the ipo, and the question is why? in fact, twitter has been on a tear since the capitol hill

riot, and the platform's decision to permanently suspend president trump and folks assumed it lost the main attraction that day, but the social media giant is proving it is fine, and maybe it is not a giant exactly, josh. i mean, i don't know, but what is driving twitter the promise of maybe some more paid services layered on top, and the competition with clubhouse -- i don't know, what? >> well, it is interesting the competition with clubhouse and the rivalry and i loved that conversation with ""squawk alle" and i loved that conversation to jump in and raise your hand, "and they will jump in with the clones of their own -- >> could it be, josh, anti-facebook trade and look at what is going on there, and we have lost tim and deidre and rapid fire there, lipton edition

here, but is this anti-facebook? maybe? facebook having plenty of issues here, with australia for example? >> well, listen, there is, all, look, all kinds of content, and all kinds of ways to distribute the content and the distribution is getting easier, and easier. i get it, and i can see the interesting attraction on there, and how the companies are getting into the space, and they put their own spin on it, and the own character and the business model it is going to be a lot of fun. i don't know if it is necessarily one winner, and we will see how it plays out, but the attraction and the interest. >> and i am looking at this, and one month twitter is up 57%. let me look over there at square, the other company that jack dorsey is running up 22%, and this is crazy. the valuation of these things is getting longer than jack dorsey's beard. and hop across the pond, and uber is losing major employment

rights in u.k., and the drivers rin deed workers and not c cont contractors, so what now this could jeopardize the business model and set a precedent for the other company, and so they have to work with the u.k. authorities to set compensation for the drivers involved and they say it is also going to consult with all of the u.k. drivers to understand the changes that they want to see. investors though, they don't seem to mind the ruling, and the shares of uber have been higher today and had reversed course, but not that much, and the shares are slightly in the red, and josh, i don't know, the bureaucratic things. and look at slow brexit moved, so how slow will it take uber to hit the u.k. and not all of europe, and who knows if it has broader implications, and are the investors used to the idea that if it is uber, it is a slog, and you have to figure it out, but there is no huge number, too? >> well, i don't know, jon. maybe if you are a tech

investor, you have gotten used to the headlines of europe, and the cost of business and you knew that the headline was a risk for some time, and jon, i am interested and you would know this better than i, have we seen the surveys of the drivers in the u.k. the uber drivers and the men and the women driving the uber themselves and what they thought about it did it in some way, was with it tracking the surveys that we saw of the drivers here in the u.s., and would that matter to you, jon? >> well, you know, i think that it would matter, because i certainly care what the workers and the contractors feel. and let me tell you what, we are shuffling the lineup like a deck of cards, and we have deidre bosa back, and dom chu is back, and how much does it matter on uber when you trying to be rouroug roughly global and ex-china, because they are not there anymore, and ex the food, as

well. >> well, we have been having the discussion in the united states of full time employee, and this from the driver's perspective and whether you want to be a full time employee or the gig worker to turn the app on and take the rides and fares when you wanted to. in europe, i could see it plays out, because they are more focused and the worker's rights and the economies are socialist in nature and the taxes are more citizenry in nature, and the precedent that it sets is whether the drivers want to punch a time card in/out, be if i were an employee to be made to work eight to ten hours a day, with a one-hour paid break, and have to work a shift that the employer told me to, and i don't know how many of the drivers would want to do that with the minimum wage in place p and that is a big precedent to set across any jurisdiction with any ride sharing app out there, jon.

>> and deidre, we had this story on months ago about the uber's driver making $8,000 a month, and he does not want to be an employee. >> well, there is the argument that if you make them employees or the workers as they would be in the united kingdom, does it strip away the flexibility, and this is a sensitive point where the labor activists say, that is not the case. you can have flexible hours, and uber has said that would take away the flexibility, but i would argue that this is hugely important. u.k. london is a very important market for uber. 60,000 drivers and that just on the ride sharing side. so it is going to set a very important precedent, and uber is hopeful that it won't apply to all of the drivers and right now just a small group of them, but it was an important victory in california and we have talked about it a lot, prop 22, but we will see how it continues to play out, because guess what, prop 22 has passed on higher

costs to who us, the riders. and uber, the company less higher than they would have been if the workers had been classified as employees, but there is so much here, and so it is a reminder that there is regulatory battles ahead that are far from clear-cut even in california. >> and aren't the riders just burritos now it is not people so much that the uber drivers are driving around and it is just the food. bring it back home, and talk about the chips, and not those chips, not the takeout, but the chip manufacturers are facing yet another challenge in the ongoing semiconductor shortage, and the extreme storms slamming texas are impacts the semiconductor shortage as the chip facilities are being shorted in austin, and it could be $50 billion in total damage and economic loss. josh, i'm wondering if this is going to change the pitch of texas to everybody else move here if they are going to have

to face the questions of the the infrastructure is ready for that >> that is a fair headlines of the chip manufacturers thinking of building the big new facilities there, and is that given the infrastructure and changing their minds, and certainly coming a tough time, because you know that you are already seeing the chip crunch and the chip shortage that is the most severe in years and it has impacted production from computers to cars, and now what you are seeing from because of the weather the chipmakers in the austin area are having to idle the plants and facilities and think exp and finnion and when you are looking at the chipmakers this is usually in the normal times would not be a big deal, but because of the shortage already feeling, it could exacerbate the short annashortages,

jon. >> and whether this is an opening for them to be fail safe. and dom, it seems that we can't go a week without bitcoin reaching a fresh all-time high and talking aboutt that in the beginning of the show, but today, milestone and the value of the cryptocurrency topped $1 trillion and what might have pushed bitcoin over the threshold this not so ringing endorsement from the tesla ceo elon musk. he called the crypto a less dumb form of liquidity than cash. he went on the tweet that bitcoin is less b.s. than fiat money, and the key word is almost. and elon musk says a lot of things, dom, on twitter, and he goes through the streaks and even though he said that, most of the tesla reserves are in cash, so should we pay attention to what he is saying or where he has the money? >> most of the world's reserves

are in cash, and i would argue and most of them in u.s. dollars, because it is the pre-eminent reserves. so most people in the bitcoin and crypto world are talking about the ben fitz of crypto versus fiat of cash reserves, so the idea of the fiat cash that is the money supply put on the market by central banks has debased the values of these paper-backed currencys and the central-bank-backed currencies which is why there is a fundamental case of crypto currencies, and whether or not you believe that, there is a use case to be made before people widely adopt it, and of course, you know that the central banks and the regulatory agencies is, and by the way, if a government comes out and a centrally-planned government comes tout say that you know what this is illegal, and we will make a black market and do whatever like that, that is going to take away a lot of the use case out of it so there is regulatory risks

that deirdre mentioned like ride sharing and it is a concern for the crypto people out, there because in the early days, it was used for currency for the arms deals and the drug transactions and that sort of thing, and if that is going to back to it, it is not widely as adopted as people believe it will be, jon. >> we will end it there, and fun edition of "rapid fire" and switched the slingshots and changed the ammo, and dom chu and deirdre and john, thank you. now, to push some consumer staples names to highs, as more people are getting the vaccines, is that staples sector coming to an end we will look at that. and now, following bumble, despite the drop, it has still climbed more than 64% since the ipo last thursday. "the exchange" will be right back.

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welcome back. the pandemic has lifted some consumer staples names to record highs as people stocked up on packaged food and cleaning supplies but as more people are vaccinated is the sector setting up for a slump dom chu at the wall for more defense? >> it is starting to play out, jon. that is the key here for consumer staples and investors out there, they have seen the value coming out of some of the quote, unquote high flyers. now, looking at the sector overall, you can see with the consumer staple sector up modest 1.5% over the last 12 months and handily underperforming the broader s&p 500 which is up 1.5% over the same time frame. and looking at the broader valuation, we have seen over the course of the last decade for the most part, investors are

paying a higher premium for consumer staple stocks when it is coming to the price they will pay for every dollar of earnings. now that has been the case over the last decade and you can see here, the reddish orange line is the pe forward on the next year's basis for the consumer staple sector, and it is above the blue line. up until the past couple of years and certainly in the virus pandemic now all of a sudden it is trading at a discount to the overall market the s&p 500 at record highs right now but a little of that allure coming out of the sector. that's one to watch there. opposed to what's happening with elsewhere in the market, we are seeing the momentum come out of the names. look at clorox mccormick, spices, cook at home trade and p&g. you can see a little bit of a decline in trend so maybe it's a trend to play out if the

vaccination protocols and distribution keeps on the upward trend we are seeing. >> thank you, dom. very real things there but coming up, the nominal crypto currency named after man's best friend is up what is behind the surge i have likened it to chuck e. cheese tokens but should we be taking them seriously? that's next.

dogecoin that started off as a joke is not a laughing matter. the dog-themed crypto up 1,000% year to date thanks to elon musk, snoop dogg and others. it is time to take it seriously. joining me now is emily parker, the writer of that op-ed emily, i'm not convinced i really do think that dogecoin

is like digital chuck e. cheese tockens. they're valuable to a toddler at chuck e. cheese but once you leave in three years is this really going to have value >> i mean, i get what you are saying is dogecoin is ridiculous but the chuck e. cheese tokens with a market cap of $7 billion? there is some difference right? the point that i'm making is not that dogecoin is like a serious investment it is just that this is real money and reflects the moment we are in now where basically collective belief and action on social media can create a -- can really raise the price of an asset and that's what we have seen with dogecoin and what we have seen with gamestop. >> i hear you. i think if we gave 4-year-olds the power to make serious financial decisions would you like this car or bag of chuck e.

cheese tokens, they pick the bag so is this more time to take it seriously, dogecoin itself, or time to take seriously the fact that people are swept up in the meme-like moments that they have a financial significance that can have real world implications >> yes that's more accurate to just be clear, i don't encourage people to buy dogecoins. just saying that's exactly right. we are in a really interesting moment where assets are kind of being valued by the masses, the mob, the social media and of course there are people who truly believe in dogecoin but i don't think that all the investors in dogecoin with investing based on fundamentals but based on a crowd sentiment and the fact that it's just part of a zeitgeist.

>> believe in things that may or may not have a fundamental basis and so be careful out there, investor, whether it is gamestop, amc, dogecoin, what have you emily parker, of coin desk, thank you. >> thank you. ch> now that will do it for "the exange." "power lunch" picks up after this quick break before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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good afternoon, everybody. welcome to a frigid friday edition of "power lunch. right now president biden is set to tour a pfizer facility in michigan that makes the covid-19 vaccine. the rollout ramping up a little haltingly but ramping up nonetheless. the case numbers are down but will it be enough to get the economy roaring back by summertime we'll talk to the ceo of a company counting on it trip adviser shares are higher today and up nearly 40% this year how about pot stocks they have cooled off this week did the cannabis craze get overhyped or is this industry only going to ge