josh brown, what do you have >> carlisle group had very good earnings 300 billion in total assets under total management and the fee income on those assets is growing despite the lumpiness of dist rubougz i love this name 2.7% dividend while you wait >> i'll see you in the o.t "the exchange" is right now. thank you, scott hi, everybody. and the sharp rebound from yesterday's lows continues today. with the fed decision only 25 hours away a half point hike is widely expected one of my guests says don't rule out a 75 point base point hike down the road. and where you can find opportunities in the meantime. and housing affordability is at really bad levels historically as rates surge, riskier, cheaper loans are making the comeback. how will this effect the market and economy going forward?

and it's the ririturns of earnings exchange? we'll get you set is up for those reports with our trader today. but first let's get a check on the markets. the s&p leading the way with and up 41.85 and the nasdaq lagging but it is still up a quarter of with 1% going all the way back, of course, to yesterday's turn around these look a little bit more significant. and the best performing sect isser still this year, up 40%. we have names like devon, coterra diamondback. and on the flip side, not a great day for the travel and reopening trades expedia down almost 15%. booking holdings down 5% these are some of the biggest lag rtds in consumer discretionary after expedia reported smaller than expected loss and sited higher than usual wages as a head wind for the are rest of the year

i almost feel like i have to write this here. higher than normal wages are the reasons expedia shares and the whole reopening trade is falling apart during what should be a very strong period the 10-year, meanwhile, let's take a check on rates back below 3% after hitting the milestone yesterday for the first time in three years. 2.938. so, we've pulled back considerably and the online education company cutting the energy outlook with consumers prioritizing earnings over learning. not a great development for chegg shares down 30%. normally investors can at least count on bonds to deliver a decent safety trade return but definitely not this year the aggregate bond atf down more than 10% earlier on "squawk box" hedge

fund manager said nothing is working in this environment. >> you start with that, are it's goring to be a very, very -- a very negative situation for either one of those asset classes, right i think we're in one of those very difficult periods where simply capital preservation is i think the most important thing that we can strive for >> on that note, joining us is brian smolok energy's working i mean, there are pockets of things working, brian. what is your advice to investors? >> it's definitely a choppy environment. growth is slowing. costs are rising everywhere. we talked to 400 companies every quarter. costs are are definitely more of a problem than they've ever been and it's hard to pass it along, although most companies are able to offset it for the most part

and it's really tough to navigate it. where are small cap growth investors. we're trying to capitalize on companies we think are going to deliver on earnings. even in a rough environment, we can add value. it's choppy from a return perspective. that's until we get visibility on factors like inflation. right now the problem is there is not much visibility on things improving. >> small cap growth has been one of the most challenging pockets of the market. how do you look for stalwarts and places you think can preserve your capital for the next six to 12 months? >> it's just doing a lot of hard core research, talking to a ton of companies, i mentioned earlier 400 companies every quarter and you're trying to find the right mix of great businesses where we think estimates are set up

conservatively because of small cap growth to capture those and make sure valuation is important and small cap growth our goal is to do the opposite you can always find a bull market somewhere and we try to find those >> for instance, chart industries is a benefit of hydrogen and lng and you have a name like celsius fast growing energy drink maker. we know insurance companies, even in the down, have been a strong part. and i don't know how to pronounce it vvi. lively events and hospitality. i can see grammatically why the stocks could work. but do you have confidence they could perform even with everything the fed is throwing at us right here >> it's tough when the tide's going out from an absolute return perspective

they're going to go up the earnings estimates are going to offset that and those particular stories chart is, really good bookings the numbers are are going up so, the stock responded favorably. and they're able to take up pricing and going up a lot less than that. celsius is growing 200% and 60% growth so, that can offset those macro issues for the most partandh things turn and get better, you don't know when that's going to happen, then the portfolio's positioned to really out perform with names that are fundamentally executing great. >> do you have any advice for the fed as your parting words? do you want them to be aggressive and keep inflation in check? you kind of have a base book >> my advice would bow to i

would like to pick it up as fast as they can as quick as they can. i would be fine with 100 basis points the market is already giving them enough growth to take up rates. let's get to normalization sooner rather than later and the longer you drag your heels with, the longer the problem is going to persist and the higher the risk that inflation is going to continue to rear its ugly head and you want to nip it in the bud as fast as you can >> i love it you could say go slow, make my stocks go -- >> no way. let's get there sooner why wait >> i love it thanks, we really appreciate it. thanks for all your candor and thought. on that very note, around this time tomorrow the fed is expected to deliver a half point rate hike as it scampers to get inflation under control. but what if they hike bide three quarters of a percentage point or one and a quarter like brian

just said. you can't rule out a higher hike in the month ahead it's great to see you. just play off what brian just said why not just hike by a full point? who cares. wouldn't it be better to take more pain now to avoid it down the road >> certainly much easier to come up with arguments to why they should verses why they shouldabout. the only argument against it is they worry about tightening financial conditions too much. but as your previous guest suggested, the markets priced in a lot of tightening and i don't think getting to neutral would be particularly upsetting. the fed keeps saying they want to get to neutral fast to react to inflation if it proves to be a more persistent problem. but if they hike in 50-base irngriments, they won't have any optionality until september. i think there's a strong

argument taby made for getting there faster again, the fed doesn't like to vise the market. so, i don't think they're going to pull a surprise tomorrow but he could suggest they could move faster at the next few meetings. >> i thought your colleague made a great point yesterday, we shouldn't overlook the fact that, for one, this is double barrelled tightening and pretty considerable and that they might want to lean on the balance sheet to avoid the risk around yield curve inversion or the signal to market could balance sheet become a bigger tool or how do you think their priorities shake out >> they're going to announce that tomorrow as well. i think they're if wing to have a very quick phase-in period so, based on the cap they announced, they're going to shrink it at a trillion dollars per year i don't consider that to be particularly aggressive. they rowelled out treasury sales.

and i think for good reason. it's largely off the run in liquid securities and that could quickly create securities for the treasury market and that leaves us with potentially selling mortgage-backed securities i think there's a limit to how quickly they can grow. they're going to use the balance stheet the extent possible at the end of the day, they need be more aggressive than they've nurkted so far, i think the incremental tightening will have to come largely from moir hikes. >> we like to think what the surprises could bow. they have a statement, and details about balance sheets, the press conference what are your ears especially pitched for tomorrow what kind of language or hints what, to you, is, aside from what's priced in, the events that could move markets? >> i think powell said something very important two weeks ago he ratcheted it up with labor

market conditions from historically tight to unsustainably tight. i think he'll have to elaborate more on what that means. but what that means to me and since then, we've had indicators suggesting they're even higher than they were two weeks ago the eti, and yesterday suggests that actually the great resignation is picking up steam again. that wage pressures, it might reaccelerate during the next few months if people are quitting their jobs in droves interestingly this is happening about two weeks after the spike in energy prices so, it does look like a little bit of a wage price spiral, people reacting to higher prices by demanding higher wages and changing jobs to get those higher wages i think that's if wing to bow a big concern for the fed, looking for powell's assessment of the labor market situation because that's where i think inflationary a pressures are really moving to

and again, certainly announce or preannounce 50 basis point hikes at the next few meetings but he's going to keep 75 firmly on the table >> i know it's your job to tell us what you think the fed is going to do and not necessarily how the market will react. this will beone of the worst performance years for stocks and bonds on record. >> look, the markets are hoping for less hawkishness from powell i don't think, unfortunately, they're going to get again, the only argument would be financial tightening already a lot. but given the wage price dynamic that we're seeing in the last few weeks, i think powell moigtd actually out cost himself. i don't think markets are going to get much are eleaf from him tomorrow >> we will let you go. good to see you. and still ahead, housing

affordability in the country is at its worst point on record as mortgage rates cross 5.5%. and what it means for home sales and prices plus earnings exchange is on deck and wore are looking at amd, starbucks and lyft, all set to report after the bell today these stocks are down big from their record highs 40 to 65%. is this the opportunity investors have been waiting for? the action, the story and the trade.

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at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. welcome back to "the exchange." mortgage rates hitting 5.5%. their highest level in more than a decade has borrowers looking to get more creative. but first let's get a sense of where affordability has gotten the worst right now. joining us is vice president of inner jz research. welcome back what particular markets jump out at you here? >> there's a handful of different markets when you look across the country they're now the least affordable they've ever been. phoenix, atlanta, dallas, denver, portland, san diego, among many others. >> let's talk about affordability. i see the monthly payment to buy the average home has risen by

$500 a month just this year. >> that's absolutely right over the last four months and when you expand the timeline over the life of the pandemic, $800 to buy the exact same home you could buy at the beginning of the pandemic. a 70% rise across the board, we're seeing severe tightening from an affordability perspective. >> and we've seen home prices on a steady increase. and both prices, now rates are going up what's the effect so far, the number of mortgage applications we're seeing on the pace of home sales. >> so, through really march, we had a seen purchase volumes hold relatively strong. i think that's expected to change as we move through the latter part of the year. it's not only ea disincentive to buy, it's a disincentive to sell a third locked in at 3% or below. you're mentioning rates up to

5.5% range not only is it a struggle to buy homes but folks are having a strong disincentive to list their home for sale as well, which lim thts overall volume or volume expectations in the market >> rents have been surging as well so, you think basically that -- i don't know if we want to say activity or the market peeked in march and you're expecting us to see, maybe continued moderation and prices and sales and inventory. >> that's absolutely right i think there were a coupleal major fuel sources in the market and given the rises in prices and rises in interest rates, that is now gone, the affordability is gone. we're not the least affordable outside of a 10-month window we have upward pressure from the supply side. we're 70% short on inventory keep prices higher than they

wo otherwise would be >> and tell us about the arms. the adjustable rate mortgages. you think this would be the last kind of environment someone would want to take one out a lot of them have five or seven-year lock ins and then they are reset so, people might think i'm going to wait out the inflation bulge and avoid the rate reset and it will befine. >> i think there's a couple of reasons they're looking at arms. it's extremely affordable in the market they're looking for ways to maneuver and adjust in the market arm rates are are extremely attractive get a quarter percent lower on a fix. and that said, i'm not as concerned as i otherwise would be less than 10% is adjustable rate mortgages. and as you mentioned, the initial term on a lot of these, 80 to 90% of the arm

originations have a fixed period of -- so, they operate like a fixed-rate loan for an extended period of time, which gives ohome buyers a little more security >> feels like a ticking time bomb, if it were me. thank you. can coming up, pfizer is cutting its full-year guidance, despite reporting a beat on the top and bottom line. ahead, ceo with the latest on the covid variants and when they expect a decision from the fda on the vaccine for kids under five and demand for office space is heating up. how can investors maximize their are rereturns on this rush for office rush? and take a look at the dow heat map. with j.p. morgan and boeing leading the way and nike and visa some of the laggards. only six names are in the red. massively complex supply chain

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welcome back, everybody. we have a lot of green on our screen today a session ahead of the fed areeral reserve's decision tomorrow we're about 60 points off session highs. the s&p up nearly 1% the nasdaq up three quarters of 1% as for the movers this hour, how about a name we don't mention that often ipg photo nics they're a laser maker and plan to increase production capacity and pull their their dependence on russia. it had fallen 9% in march after with drawing guidance due to the russian exposure

shares are still down 37% year to date. western digical seeing a similar pop. activist investor elliott management offering to invest a billion dollars if they spin off the flash business wgc up 50% and saying this would be worth 20 billion if they spun out the flash business shares are still down 5% for the year and net gas prices breaking out to the highest levels since 2008, as the eu considers a sixth round of sanctions on russia's energy complex. doesn't help that u.s. production is down and gas in storage is 20% lower year on year and just below that now, up 6.5% still ahead, amd hasn't missed on earnings in the past five years. and since going public, lyft has beaten estimates every time. and will this be the fifth we have the key numbers to watch

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isn't the only thing on tech we are have three big names reporting after the bell stock number one is amd. they've gotten drag would with the rest of the chips down 37% on the year. supply chain challenges, lockdowns in china is all weighing on the sector amd has dropped on two of the last four earnings report. and oppenheimer manager has our trades >> i want to mention that amd is the worst performer out of the semiconductor etf. worst performer for the s&p 500 and yet 62% of analysts pulled have a buy rating on the stock you have retail traders. that shows it's the most bought stock by everyone sitting at home right now so, what are we going to look for? i'll look for any comments about pc weakness with intel commentary last week with the earnings

report, that had a sell off across the entire sector think gpu prices have decreased. that's because availability has improved maybe forward comments on the conference call and lastly, the zilink acquisition closed february will that close any guidance >> are you picking up amd here >> i'll frame it like this i think it's too early to buy this stock the reason why there was trend damage on the way down in april. the stock fell below its january low at 100 there and i think it essentially places it in the penalty box, if you will, for the can coming months i think investors should have it on their shopping list semiconductors are a great buy idea once ewe get -- potentially in the third quarter, i think the

industry is a great source of cycle kalt and while we're making the case in the cyclical bear market, i thin it's too early etosay we're at the end of what's been a tech-led secular bull market for the long term. in terms of levels to watch, respect the breakdown as it stands and i think there's risks to last year's lows at around $75. >> up around 91 right now. this is a stock that has been one of the best performers in the last decade now turning into one of the biggest laggards. they're not immune but is there anything to the broader tech reset? anything they could say to insist, it's a a different story for us than the others >> it would bow more central processing units whether that could help propel them forward, especially with pc sales, we think.

they have been the darling, like you mentioned. so, we will be looking for the cpu commentary, the gpu commentary all of these acronyms are which are incredibly difficult to remember for a lot of people but out performed the last five quarters so with, maybe today will be no different. >> and "squawk on the street" an interview with lisa su 9:00 a.m. eastern. let's turn to lift, which is down more than 3%. taking it on the chin after expedia's results. lyft is off its high, as the whole driver industry suffers from a driver shortage dierdra. >> i think whole ride-sharing industry has struggled over the pandemic and since they went public both uber and lyft trading below those ipo prices

we're looking at post pandemic recovery people take more ride shares but last quarter they fell short on active riders does that decline or increase? driver supplies still in focus we know there's a labor shortage that's hitting theride-share companies as well. lyft is -- uber does more and has eats what i find fascinating is on a price to sales ratio, they're actually valued the exact same though they are very different companies. >> and which one make it into the portfolio? >> neither of them would both technically weak. and i think it goes beyond the ride sharing subset of the market lyft really captures this midcap growth theme february, march of last year and is have been the hardest hit t they've been the culprit area.

and the worst performing bucket of the market should be in line. they typically underperform into a major market low they typically then show robust gains at the start of a new bull market we can't make the case that we're at a turning point for the market we don't think that comes until our cycle work improves in the third and fourth quarter with that said, i think there is still risk i think over sold it i think it's still a stock to sell on strength, rather than buy on weakness. the recent breakdown, below the zan ware low a at $34, very often, prier support comes resistance on the way back up. >> what are they saying in their own defense? expedia is down because of wage pressures. this is the primary battle that uber and lyft have in terms of their business model >> they would say their business model is a strengths because it

allows workers, they call independent contractors, to work whenever they want gives them flexibility this has been debated for many years and is one of the risk factors. the last thing i would add is is particularly when tech is be toing sold off, companies are a difficult place to bow because they're still not profitable a lot of investors don't want that they want net income, which they don't have >> that really wraps it up we appreciate it thank you. lyft and uber both down ahead of those results. and finally, starbucks report second quarter results after the bell and shares are down 36% this year afz they face wage problems the growing unionization of workers. and kate rogers is here with the story on this one. are we going to hear from howard >> this will be his first earnings call.

and 59 cents on are revenues of 7.6 billion for the quarter. second increase by 6.8%. that includes a 9% increase in the americas 0.6% increase internationally. china, starbucks second home market will be key as covid weighed on its performance in q 1. and the big story will be howard schultz's return and he wanted to suspend the buy back program we'll wait to see if anything is made on that front and the union battle in terms of cost and public image for starbucks the stock is down 20% or so. >> 30% below its 200-day moving average. that is a really big move historically speaking, isn't it. >> it's amazing. the last time it was 30% below the average was during the depth

of the 2020 collapse before that, you have to go back to 2009. the case can bow made that the stock is so bad, it's good it leads us to think that it's at least too late to sell it but here's the issue, if we look back 2009, 2020, it needed a broader turn in the overall mark toot get the inflection point and i don't think we're there yet. for those reasons, i think it's too early to buy it. i think the base still needs to play out, a name to sell on strength the i think it's trading 75. it does go to show that the counter trend moves in a down trend can be very strong you have to time it well >> so, the only time starbucks has been this far below the moving day average are in 2020, the pandemic day lows and 2009 you're telling me this is as bad as when the pandemic first hit

and the teepest point of the great financial crisis that's extraordinary >> this bad for starbucks. unfortunately for the market, it isn't as bad as those points net new lows, stocks belolow the 200 day. i think it could get there the market has a bit to go before you get to that point >> it's almost like starbucks is a bell weather here. and they suspended their buyback earlier this year. that was a historic moment howard schultz saying he wants to reinvest. sounds like they need bigger ice mushaens, among other problems they're facing what kind of capital expenditure should we expect if we acknowledge the world changed and we need more ice >> this is a $20 billion number on both buybacks and dividends they announced last year

there should be a big chunk of change to invest in both stores for training that's a sticking point for workers unionizing they need more training and ice machines so, i think you'll see the money invested there they haven't announced anything yet and we don't know when and if the news is coming. there was no additional announcement of what else that money would specifically be allocated for. remember, the people who want this union want better benefits. starbucks is known for paying well in the industry at large and for good benefits. but they want more and better. we'll see what they have to say. >> that is is a a huge sum waiting to be deployed always appreciated, sir. and tyler matheson with our cnbc update thank you. here is your cnbc news update at this hour. republican senator, murkowski of alaska that her, quote

confidence in the court has been rocked after a draft decision to overturn roe verses wade was leaked yesterday and said this was not the direction she expected the supreme court to take. meanwhile, democratic governors are reacting to the potential decision illinois's telling women in his state, no matter what atrocious opinion comes, abortion will be safe and legal in his state of illinois governors of pennsylvania, new jersey and new york have made similar statements and 100 civilians have safely arrived in a ukrainian controlled city after being evacuated from an embattled steel plant in mariupol. they were in a ceasefire over seen by the u.n. and red cross civilians became trapped with little to no food, water or heat tune in tonight to the news with shepherd smith for more on the javelin antitank missiles the u.s. is sending to help in ukraine.

kelly, back to you >> see you soon. thank you very much for now. and ahead. demands for office space is back where it's surging and this name down nearly 8% over the past month. flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. 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.

in two seconds, eric will realize (laughs) they're gonna need more space.. gotta sell the house. oh... open houses. or, skip the hassles and sell directly to opendoor. wow. when life's doors open, we'll handle the house. welcome back take a look at shares of boston properties about 3% after postinghigher than expected earnings and revenue and up almost 5% this year while sporting a 3% yield. that's helping calm nerves in the office space but it lacks like america's return to the office is real this time around dianna is here with more dianna >> reporter: well, kelly, after five months of total stagnation, thanks to omicron, new office

demand jumped 20% from february and up 8% from a year ago. that's monthsly index tracking new tenant properties and it's an indicator of forward-lacking leasing. despite the surge though, demand for office space is still just two-thirds of the prepandemic average. still top office gainers are in boston, chicago, l.a., san francisco and right here in d.c. the demand is obviously led by employers calling work withers back in and new employer survey found 36% said return to office is already underway. just over a quarter said it would beunderway by the end of this quarter 13% said it was up to workers and just 10% were still uncertain. what does that mean for the office stock boston properties doing better still below prepandemic levels but some are climbing back boston properties just are

rep reported quarterly earnings. and the biggest office landlord just got an update from analysts and rents are finally growing for the first time since the pandemic began >> it's a a fwliglimmer we ealld in this market still ahead, shares of pfizer are higher today as covid vaccines and treatments enter first quarter are results but not enough to sustain their previous guidance. the ceo joins us nt.ex t in the 0 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp.

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with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ welcome back pfizer cutting it's 2022 earnings guidance today, despite first quarter earnings in revenue and it's up 1.5% joining us in a first on cnbc interview, pfizer ceo, along with our very own meg tyrell >> albert, thanks for being with us and let's start right there with the guidance and out it is look for the rest of the year. had head winds that effected both the top and bottom line outlooks you reiterated your revenue guidance but it did effect earnings

how are you looking at the contributions from the underlying business and covid business >> no, the exchange rate we covered in revenues and eps is we egave the same eps fwiedance. we just have an accounting treatment which is different we have different way of accounting, given the request for u.s. authorities adjusted in process r&d. a separate line and 11 cents and as are a result, we've used that as a guide there is 10 cents impact on exchange rate but we're absorbing it all >> and just thinking about the underlying business and the covid business, i think analysts and investors are really trying to get a sense for how those are both performing. how are you looking at the are rest of the year

>> i think health and our own calculation. this gauge is the compute rate to rate. our fwiedance from 98, 200, which is 100 billion point of revenue, despite the fact we have 2 billion of the same rate. we increased our guidance by 2 billion. when it comes to covid or the vaccine or other treatments, most of the exchange rate effected the business. as we ehad, between the two of them, $1.5 billion of negative exchange rate. there is getting very strong compared to euro compared to everything so, a as a result, we maintain the same guidance but sales increase by 1.5 billion. >> as a head wind more and more people are are going to be facing let's get back to covid for just a a moment for instance, i have heavy,

large children why not do vaccines by weight instead of by age? >> it is a standard practice that they're asking how to do that it's not always the weight that koupts counts. for it's how immune system of the kids and it has been found that it is better based on age rather than weight. >> understood. what is the timing now for your vaccine, you think, to receive emergency use authorization from the fda for children under the age of 5 >> i think we will submit pretty soon data. just to remind everyone that we submitted data back in february months ago to the fda. i think actually i came to your show and i discussed that a little bit the day that we're pretty much in line with what moderna, for example, has publicly stated >> didn't feel that the two

doses is the right one, these results, i don't think we found them -- as a result we felt that we should go to a third dose the third dose will be submitting the next few weeks. we did the release data, what is the difference between two or three doses in a normal economic environment with kids above 5 years old, and the difference was astonishing. it was 36 times higher, 36 times full immune response is higher in the third compared to the second dose. i don't have any reasons to believe that would be any lesser in young kids younger than 5, although we have to see. so just a few weeks, and i think we will have a very -- keep in mind that we're given only three micrograms of this vaccine to younger kids three micrograms, it's one tenth of the dose we're giving to adults we hope to achieve very good

efficacy with this very good dose. >> so albert you're saying your results with the two doses looked similar to what we've sf seen from moderna with the two doses so far can one assume that you expect the three-dose data to be significantly better >> yes, this is what i expect. of course we have to see the data, but when we saw the difference between two doses and three for kids above 5 years, we had example 36 times higher. so if this is replicate to even to lesser than 36 times in younger kids will have a way better vaccine with three dose >> we all hope to see that i want to ask you also about the fall you know, the fda has set a tentative meateting at the end june what are you thinking in terms of what you're saying from omicron, ba.2, ba.2.121, ba.2, 4

and 5, and if they say one of those is going to be the best to put in the vaccine, is the end of june going to give you enough time to update it by the fall? >> right now we do have an omicron vaccine, but it seems that will work against all of them but as you said, fda at this time would like to give guidance after the meeting they will have i think june 28th, as to what we should include in this vaccine, it could be guidance to inc include -- we will be ready with both and we will be ready also to manufacture any of the options that the fda requires. >> and i want to ask you also about paxlovid, your covid antiviral drug you said today you have about 90% market share in terms of covid antivirals, and we know that the u.s. government has placed orders for 20 million courses, but they're having some issues with funding.

would that affect the second 10 million courses they've ordered from pfizer, or are those secured already? >> i don't think that this funding -- the funding is a problem because affects everything, the vaccines, and affects the treatments, but so far we have -- from the u.s. government. >> i see, and so that is not in jeopardy whereas we know that the vaccines for the fall potentially are an issue if we don't see more covid funding i want to ask you about an issue that's come up for paxlovid, and it seems like rare cases but we're hearing about it more and more, people take paxlovid for the five days, they test negative a few more days go by, the symptoms come back and they test positive again, a sort of viral rebound idea is pfizer looking into this? would a longer course of treatment be something potential ly pfizer is looking into for that >> we monitor to see for this

phenomenon and we're doing proactively a viral load test. so we are not expecting only to be self-reported based on the symptoms, but we were taking a viral load that goes down and then comes back. we found that it is a very small percentage that this is happening. it happened actually in the clinical trial, the control, less than 2%, but it was the same between placebo and treatment. this means that likely it's not something about related with the treatment, it's related with the virus but in some cases bacteria as well. your body can clean it and snow it comes back. when we look also in databases with already real world data and we have some databases that have almost already 300,000 cases in their database, we witness even lower number, 1 in 3,000, but we had a rebound. so we are still monitoring very

well, but what i want to say is that, look, it's doing what it's supposed to do it's reducing the viral load this is why in all these anecdotal cases, indeed after taking paxlovid, they became negative, so the virus disappear. in some cases the virus came back, which because the paxlovid is reducing by 90% the viral load, and then the last left the organization to do, you need to take care of the virus in some cases the immune system is not enough and then you give a second treatment and in all these cases, the second treatment took care of it and it disappear. but i can only imagine what these people if they wouldn't take paxlovid, if their system cannot clear the 10% that remains what would be the clinical symptoms. >> greatly appreciate your time. more questions we could ask. meg, thanks for bringing that to

us albert bourla is the ceo of pfizer again, their shares slightly higher today toalave the latest figures on au ses right after the break. stay with us here on "the exchange."

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hi, everybody, and welcome to "power lunch," i'm tyler mathisen, here's what's ahead on busy tuesday we are one day away from that fed decision on interest rates, 50 basis points, half a percentage point hike. that's what's expected, but it all comes down to how hawkish the fed sounds about what it will do in the future. future hikes, that's what the markets are waiting to hear about, and as the fed fights inflation, consumers are figuring out how to deal with it, what will they cut back on where will they keep spending? we will talk to an analyst who says sell the staples, kelly. >> not so staplely anymore, are they tyler, thanks. hi, everybody, let's check on the markets. the dow's up