the business is on fire. so wish me look. >> we're going to let you go the dow on track for a 14-day win streak that will do it for us "the exchange" starts right now. ♪ ♪ thank you very much. i'm tyler mathisen in today for kelly evans. got a busy hour. gdp topping expectations inflation continues to cool. so could the fed be done raising interest rates from here our market guest says what the fed does doesn't matter. he'll tell us what he's watching instead. all aboard the cruise rally. royal caribbean, the stock on pace for a record year three more names getting ready to report this afternoon,

autos, energy, streaming what to watch and how to trade the stocks that's all ahead but we begin with bob at the new york stock exchange. >> good to see you, old friend can we keep the streak going on the dow? 14 days right now. let's look at the major indexes. dow is helped by mcdonald's. salesforce also helping. s&p 500, we were at 4600 a little while ago tech stocks are holding up consumer discretionary strong there. the nasdaq being held up, microsoft down, but most of the other big tech names up, meta up, as well. there's been a lot of arguments where the stock market can't advance. we have had all sorts of headwinds. basically, the market has dealt with all of them concerns about high valuations and oversold conditions. all of that is true, yet the market advances. we have had seasonal weakness, weak parts of the year

nonetheless, the market has advanced people have said earnings, prices are high, there for the earnings are going to have to be really good. it's going to be tough to impress to move the market forward. look at the companies that have reported today we have new highs on all the major reporters. comcast, new high. meta, lam research, royal caribbean with an amazing report there. bookings were strong textron, that's a new 52-week high why are we rallying? what is going on i think the important thing is to note top stocks still strong earnings still enough to impress. and the consensus is, the soft landing is winning the day that's a major point here. we see great economic numbers today. of course, this fwrbroadening ot story, energy stocks, health care, all moving forward where are we on this earnings story? about 43% through earnings

season, 219 companies reporting. 80% are beating, slightly better than normal. the average beat is almost 6%. if you go back prior to covid, that's pretty good normally the beats are 3% to 6%, so we're at the high end of the average here revenue beats are a little lower, because corporations are having trouble raising prices right now. one important point here, tyler. look at the volatility index we are below13 that's a new multiyear low for the volatility index lower volatility means a little less trading but generally, that's positive for stocks tyler, back to you >> bob, thank you very much. now, between yesterday's somewhat dovish commentary from fed chair powell and this morning's better than expected gdp data, the case for a soft landing seems to be strengthening. steve liesman has a closer look now. hey, steve >> tyler, it's like the u.s.

economy stared 525 basis points from the fed and said, is that all you got? the government reporting strong gdp and business numbers and raising questions does the fed have to do more? let's look at the numbers. gdp, 2.4%. we were hoping it would hold on this quarter but instead it accelerated from the first quarter. jobless claims ticking down. continuing claims ticking down so no sense that those who are losing their jobs aren't finding them durable goods, business investment inside that, doing better 4.7%, beating the estimates by a long way capital economics, 2.4% annualized dwayne. the economy expanded at close to potential pace higher interest rates are having little impact. the fed staff now no longer

forecasting recession. powell came out on future hikes, not tipping his hand what the next fed move would be the probability of a 25 basis point hike, 40% for november, 24% in september there's the market at 61% banking on a cut next spring by definition, folks, an economy growing at or above potential is not creating slack to bring down inflation. yet, the gdp report showed inflation ticking down, so it could be potentially at least for a -- maybe it's higher than believed, workers coming back into the workforce and supply chains opening up. >> does that stronger than maybe expected gdp number make the fed's job tougher? >> it would if inflation wasn't also coming down we've had some very positive reports. some of that inflation coming down, tyler, is base effects rolling off.

so we'll have to see you know, i thought powell was decidedly in the middle on a lot of this stuff. he's waiting to see what happened he wants to see these inflation numbers come down. inside this gdp report were several inflation indicators, all of them coming down, some of them remaining much higher than the federal reserve. >> steve, thank you very much. we appreciate that the real estate sector overall has felt the impact of tightening credit, but the retail segment has been insulated from that pain, thanks to a resilient consumer. the company is the largest publicly traded owner and operator of what are called open air shopping centers, tenants include tjx, home depot, among others shares up double dim its over the last couple of months. connor, good to have you with

us nice quarter here. everybody seems worried about commercial real estate, but not about you and the sector you're in why is that? >> it comes down to fundamentals i think when you look at supply and demand right now, there's been over a decade of no new supply demand is very strong across the board, not only for the anchor supposes as we saw with bad, bath, and beyond we replaced multiple places at 31% higher rents than before and on the small shops, as well. that's one of the big takeaways, the strength of the small business, which is the lifeblood of the u.s. economy. that continues to reach all-time high occupancies in the portfolio, a good indicator of the small business environment of many new businesses opening in our shopping centers. >> what kinds of retailers went into those rather big-box bed, bath, and beyond locations >> the diversity of demand is incredible when you rook at the tenants we

ex-doubted leases with this quarter, it was many retailers, so tj max, marshal's, burlington, ross, nordstrom. we also had groceries expanding. trader joe's, whole foods, albertson's, kroger, crafts growing as well with hobby lobby. sporting goods growing with dick's it's remarkable to see the wellness component continue to expand you have fitness, medical. it's a nice way the shopping center continues to evolve it's all about convenience and more retailers, as well as medical users, want to be closer to where people live >> that's very interesting that's an interesting point you make about the medical users you see many, many more of these -- in medicine or urgent care centers popping up in shopping centers like yours. let's talk about higher interest rates and how if at all they have affected you. i note that you have very

little, maybe even no debt coming due for the remainder of 2023, which i guess is good news that means you don't have to roll anything over into higher rate loans so how is it affecting you, how are those rates affecting you if at all, and your kus pers? -- customers >> we're fortunate where we are at the lowest leverage the company has ever had, which is wonderful. that being said, next year we'll have to refinance coming due bonds at higher rates, and we feel like we have ample amounts of liquidity to handle that. we sit with over $500 million with cash on our balance sheet, the most we've ever had. so we are in a position of strength when it comes to the interest rate environment. it's a reality we are dealing with fortunately for us, the fundamentals, the strength and demand, the growth in net operating income continue to be robust so as our interest expense

rises, we should be able to push through that and have some growth >> i come away from our conversation here feeling two things number one, you think the consuchler is very healthy, that's one and number two, the rumors of the death of retail stores was exaggerated. >> we are in a new paradigm in retail, no doubt about it. it's become crystal clear post pandemic that we were a net beneficiary of what consumers went through in a very challenging environment. they want to shop locally. they want convenience and value. and you are seeing huge demand for those locations. with virtually no new supply, pricing power is squarely in the hands of the land lord right now. medical and other users are looking to get closer to where people are living, and that's benefiting our portfolio >> connor, it's clear that you run a lean shop with all the

people behind you. tell those people to get to work thank you, my friend >> thanks for having me. seven-year notes up for auction. rick santelli doing what he does, and that is tracking the action hi, rick >> hi, tyler not a pretty auction this is the last leg of a $120 billion of coupon supplies to the u.s. treasury. the one issue market was trading around 4.07, it fielded the dutch suction 4.087. it had a collie tail, as we say. when you have a higher yield, that's a lower price when you compare it to the market 4.087% on a seven-year is the highest yield at an action for a seven-year note since they brought it back in 2009. as you look at the chart, you can see that it's moving higher in yoeield, messy auction. i gave it a d as in dog.

looks like we just missed it, and we're at the high yields of the day. and for the auction, the metrics, you know, the indirect bidders, the foreigners were pretty good. and the bid to cover was pretty good where it went off the rails was the pricing component and direct bidders like insurerers, which has been the high water mark that was at the lowest level since august of last year. but here's the issue -- there was stories earlier, tyler, how regulators continue to look at raising capital requirements for large institutions, banks. well, what would they do to raise capital? in addition to the rough auction, right around 11:00 eastern where rates started to move higher, those were some of the headlines that were spooking many of the investors selling treasuries back to you. >> rick, thank you very much jay powell acknowledged the overall economy's resilience and he did leave the potential for further rate hikes on the table.

but the next guest says the fed is a total non-starter, no matter what happens with rates and that liquidity is what investors should pay attention to let's bring in keith fitzgerald, principal at the fitzgerald group. when you say liquidity is something we should pay more attention to, why do you say that are you concerned about a lack of liquidity in the market or what >> well, it's actually an interesting contradiction. it's the opposite. i'm concerned about the amount of money that's in the markets, not the classic sense of the term or the definition that matters, it's how fast and how far people can leverage up or de-leverage as rates come and go it's become a very sophisticated, computer driven marketplace, posing more risk to the average investor than people understand >> how do i get my hands around that if i'm an average investor? what should i be watching

specifically >> well, it's ironic this is the greatest opportunity i've seen in the last 30 years you have the opportunity as an investor to focus on the basics. you can get a very short list of great companies putting up great numbers. when in doubt, zoom out is an expression we use. if you engage in battles, wall street cannot pick you you have. if you stick to your numbers, you're calm and take a big breath the day-to-day noise is not going to bother you when it comes to microsoft or nvidia or mcdonald's they're going to put up numbers. >> let's go through a couple of those companies that you call great companies. mcdonald's is one of them. >> you know, it is it was off my buy list for a long time, but i just picked up additional shares personally this is a technology company that happens to make hamburgers.

every kiosk they put in improves their profits. the fact that they are growing sales internationally. there's a long way to grow with this one it's a sign the consumer is very strong >> and nvidia, which is really a market darling right now >> well, it is but it's also a long-term favorite when you think about the themes that we are living through in today's world, ai is not going back in the he bottle. we're going to see this develop on par with the introduction of electricity. this is the kind of stock where they control 80% to 90% of the marketplace. this is a company a few years down the road, investors who don't own it will be kicking themselves >> you say the fed is fundamentally kind of irrelevant in this market what makes you come to that -- i don't know whether i'm overstating what you are saying, but what makes you come to that conc conclusion >> well, again, the fed has clearly got a tough job on its

hands, but they are as wrong about rates and labor as they were about transtitory to begin with the liquidity i spoke of has nothing to do with what the fed is doing the fed can raise rates until the cows come home and still not fix the problem. this is a fiscal issue that stems from the other side of the government >> and the fed, is i guess you would say, pulling back on liquidity to the extent that they are selling off securities and reducing their balance sheet. >> yeah, they are. you know, again, that's sort of a classic economic model the liquidity i'm concerned about is the use of leverage by high-speed, low-drag, computerized traders, et cetera. every time there's a major change in rates, many of the leverage traders have to buy or sell to avoid their margin

calls. and that screws with all of the margins. >> keith, thank you very much. joining us on the phone today, keith fitzgerald coming up, the cfpd is at the center of efforts to crack down on so-called junk thieves in banking and elsewhere and like most things in washington, it's not without controversy. senator warnock will join us next to discuss that and more. plus, it is the busiest day of earnings season with nearly 100 companies reporting results. we'll hone in on three key name. "the exchange" is back after "the exchange" is back after this i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innnds at no upfront cost. sometimes you need a second opinion. [coughs]

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welcome back to "the exchange." the senate holding its first hearing this week on junk fees and whether the consumer financial protection bureau has the authority to curb them this includes credit card late fees, overdraft fees surcharges even on ticket purchases which cost consumers tens of billions while fees help fund some critical fee, our next guest says some are excessively high and exist so large corporations

can pad the bottom lines joining me now is the chair of the subcommittee, senator warnock, a democrat from georgia. you won the same senate seat twice in a little less than two years. congratulations, senator >> thank you very much representing the people of georgia is the high honor of my life >> happy to have you with us i don't think anyone would dispute the idea that bank fees are meddlesome and concerning, not just bank fees, that these junk fees are troubling, particularly to lower income individuals who may not qualify for the kinds of banking or checking accounts that are sort of no fee. but my question for you, senator, where and why does the federal government have the power to come in and intervene in a matter of pricing isn't that sort of just price

controls you're talking about? >> thank you for the question. the government has a role to play and a responsibility to protect consumers, and that is something that i remain laser focused on as the chair of the financial institution and consumer protection for the banking and housing committee for the u.s. senate. consumers deserve to know what they are paying for. what we are seeing in too many industries is a kind of bait and switch, and consumers are told one price, only to discover there's something else, which by the way, reduces competition so the ways in which this has dragged on the total marketplace, on our economy, while at the same time slamming ordinary consumers is a real concern. and we're very focused on doing something about this >> i certainly see and am sympathetic to the idea that transparency is critical here,

people need to know what they are going to be charged for, but can't consumers -- if they are dealt with transparentally, can't consumers in effect protect themselves bishoping around and shopping for the lower fees, shopping for the bank that doesn't charge $3.75 for using one of its competitor's cards in its own atm? >> we are seeing this across several different industries i will give you one example that in the atlanta market and other markets, as many folks are renters, dealing with the issue of affordable housing, and there's not a lot of housing available in the first place they apply, and there's a fee attached to that and then they find out what they think the cost of the rent is not the cost of the rent and by that time, you're already hooked in and you're talking

about an economy where the average american doesn't have $400 for an emergency. and people are literally being trapped, where they're already on the hook, and then getting out of it is not as easy as you suggest. too many landlords know this, and they're playing games with the consumers. and we have a responsibility t do something about this. >> i'm curious, because i'm unfamiliar with the scenario you just described i understand there is an application fee when somebody is applying for -- >> there are fees being charged to tell you that we are getting ready to charge you a fee. and this is a drag on the economy. not only is this the right -- addressing this to protect the ordinary consumer, not only is it the right thing to do, but the smart thing. this is adding no value to the american economy at all, and the federal government and local

governments, state and local governments, have a long tradition of protecting consumers. the public sector has a role to play and the private sector has a role to play and we want to see competition in the marketplace and in order to encourage that competition, consumers need to know what they're on the hook for from the very beginning. >> you mentioned, i think, that there are occasions where renters -- where the rent they think they're paying isn't the rent they are going to pay so there's confusion there i don't understand how that happens. give me often example of how and why that happens >> i can tell you that the attorney-general of the state of pennsylvania, who testified in the hearing yesterday, has had to go after bad actors in that space. what we have seen over the last few years is a lot of the housing, of course, being

purchased in georgia and other markets by private equity. and it's not everybody, but there are bad actors in this space who are preying on vulnerable people and getting out of this. and then getting any rental unit and then finding that it costs more than they revealed in the first place with pages and pages and pages of documents then moving your family to another unit, that's not easy. and they know it >> let's switch -- >> and when you are seeing this kind of failure rate, there's a degree of attentionality on that >> let's turn to a fascinating topic and i know we will come back to you for more on it securities trading and ownership by members of congress and high government officials

where do you come down on that i'm told, my notes indicate that you are not an owner of individual corporate securities yourself where do you come down on whether trading in individual company securities or fixed income securities issued by individual companies ought to be banned for members of congress >> yeah, i think that the american people deserve to know that when members of congress are voting on one issue or the other, for example the one we were talking about, the issue around fees. the reason i'm able to speak in a clear voice about this is that i'm not owned by any of these companies, and i don't own individual stocks in those corporations so when i make decisions about what we ought to be doing to protect consumers, i'm guided by what's best for the people at home, not thinking how this will impact my own pocketbook and so it's about conflicts of

interest, it's about transparency, about making sure that the people who send us here to represent them can be assured that we are representing them, that we are thinking about them, and centering their interest as we make important decisions about a whole range of issues. >> just to button it off, reverend, do you think that your colleagues in congress should practice what you preach, and that is not own individual corporate securities >> i am hopeful that we are going to bring a bill to the floor of the united states senate and force people to vote on this issue. because i think when you -- when you look at it in the light of day, clearly we want to make sure that the representatives of congress are representing the people, and i think we ought to be forced to vote on this issue. >> and you would vote in the affirmative on that kind of a ban? >> absolutely.

>> senator, thank you so much. we're out of time. fascinating conversation we'll have you back again soon thank you for joining us today >> thank you so much keep the faith >> yes, you too, sir senator raphael warnock of georgia. still ahead, fears of a drawn-out freight recession are weighing on the transports one company, a key i woundicator that market, says a turn around is around the corner "the exchange" is back after "the exchange" is back after this and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training on tech. uh, how long are you... i'm done. i'm okay.

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it's really made a difference. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. welcome back to "the exchange," everybody the payment processing company wex does business with truckers

and fleets across the country. christina spoke with the wex ceo on the heels of the company's earnings and joins with us the highlights >> shares of the payment processing firm are down about 1% lower today, even after it raised its full-year earnings per share guidance the company provides consulting to commercial and government vehicle fleets, so they're really exposed to the auto industry and trucks, of course so in the second quarter, they did see a substantial drop in fuel prices, contributing to the 10% year over year in the mobility business. but i was able to catch up with the ceo, melissa smith, after the earnings call to learn more about this freight recession, and where we are in the cycle. listen >> we're hearing from our customers that they like we're at the bottom of that, and that we have a couple more quarters where that will continue to impact the freight market, and then reset next year

>> so just a couple more quarters, but more optimistic about commercial shipments she also told me they saw strong volume growth from their travel related customers, including many travel agent sis, which really echos the bullish commentary from royal caribbean today, visa, american express. the american consumer just wants to travel. but back to wex. wex making news announcing they'll invest $100 million in electric vehicle technology, which sounds like an odd match, because they are a payment processing firm, but there is a lot of exposure to the space >> we have over 18 million commercial vehicles we do business with today. we know that those customers want to have an integrated bill, which tracks both their gas fired and ev vehicles. so we're working on products associated with that >> they will be looking to give out millions to about 10 to 15 early stage startups, focused on

ev charging and similar technology until 2025. >> christina, thank you very much let's go to bertha now for a cnbc news update >> the house judiciary committee will not hold mark zuckerberg in contempt today, jim jordan said the decision was based on facebook's new-found commitment to fully cooperate with the committee's investigation. but jordan added that contempt charges could still be revisited if the company fails to cooperate fully. the nigerian army will not resist forces in an armed couple in that country. two u.s. defense officials said u.s. forces are on restricted movements while officials assess the situation. the u.s. has more than 1,000 troops throughout the country tasked with training and supporting nigerian forces nigeria has been a key partner in the west's fight against easy

laumist groups in that region. lebron james offered a positive medical report on his son, bronny, saying everyone doing great. he thanked everyone for supporting his son after he was rushed to the hospital in cardiac arrest on monday the all-american and top nba prospect is an incoming freshman at the university of southern california we are certainly going to wish him well good to hear that he's doing better >> absolutely. bertha, thank you very much. coming up, ford , roku, exxonmobil, on deck with eainrngs that's next. we'll be right back.

welcome book "the exchange." rounding out a big week of earnings we have the action, the story, and the trade in our earnings exchange, starting with ford, the automaker up 25% this year, but facing a lot of headwinds. tough rollout of the electric f-150. labor negotiations loom thing fall, and fears of a weakening consumer boris has the trades today he's bk asset managing director and a cnbc contributor boris, welcome >> i think there's a lot of reason why there's so much angst with ford right now. the ev rollout has not goern as

smoothly as they hoped some of the figures is it cost as much as $65 per unit until they get up to scale on the ev side of course, all of the plans rest on the f-150 ford lightning, the ev version, really becoming a flagship model that's going to be the big key tell going forward i think a lot of it depends on the consumer, because right now, basically ford credit is financing all of this invest emt into evs they need a very strong demand for all of their regular vehicles for the next year going forward before they can show some operational changes in the company. to me, this is kind of a belt and suspender stock. i would not own the stock unless i could own a put, because i do think there's a lot of risk

here especially the noegotiation wit the uae could merit some worry here >> that sounds like a stay away from now shares are down 4% with exxon this year, as the energy sector lags following two years at the top. analysts expect it to fall roughly 50%. we will be watching for guidance your thoughts on exxon >> i think long-term, this is a great hold basically, oil went down but it's stabilize and it's realistic to think we're in a 65-85 range, which is good for producers. they have cash flow, they have an understanding of the market going forward. the fact that exxon is such a dominant force, i think it's

$400 billion operations in the globe, will keep it at the forefront. i really like the stock to maybe 120 over the next six months there is a couple of possible wild cards here that could play its way. in the ukraine war, if there is a vacuum leadership in russia, that's going to create a lot of turmoil in the oil market. if we have a cold winter with natural gas in europe, so there's upside and the downside also >> let's move on and finish up with roku. up nearly 80% this year but still well off the 2021 highs. the company expected to report a loss, but with meta's positive commentary yesterday on ad revenue, there could be some hope here. remember, the media industry is dealing with strikes, ballooning cost, and those will be a key factor for roku and its profitability as we move forward. your thoughts on rok snuu?

>> if you're not willing to lose half, you can't touch this stock. it's a very speculative play it's the darling of arc because of its interesting technology. it's trying to do something unique in the streaming space, it wants to make shopping -- it wants to make ads shopable, something nobody has been able to do. if they can achieve that, that can revolutionize the whole business right now, if they can get it up to ten pennies per hour by 2026, it could be massive revenue run for them so the estimates are from $4 billion on the bearish side to $30 billion on the uber bullish side >> making ads shopable would mean something like seeing an ad for sketchers and buying it on

the spot >> it basically takes ads from being a persuasion medium to being a transactional medium if they can succeed, the sky is the limit here but that's a big if. >> the holy grail for media companies. boris, thank you coming up, we'll look at another name set to support. intel is the worst stock in the semiconductor etf. shares are getting a reprieve as of late, though. up nearly 20% since the last report what to expect after the belisl next

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focus of today's tech check. >> there are concerns that ai mania may be coming at the expense of it. the calculus is that it could mean less server chips, having wall street cautious ahead of earnings we heard from alphabet, snap and others they are making sure to take advantage of new ai opportunities. much of that will come in the form of cloud infrastructure upgrades to support compute power needed for generative ai but the data center spend may shift money to gpus. guys, as a side note, it's kind of amazing that almost every big tech ai story points to one clear beneficiary, that is nvidia the manufacturing of chips for other companies, so mega tap techs look to bring nvidia and

other chipmakers look to diversify, and intel is hoping to be a player and win their business intel's test chips look "good. that was in taiwan still, in the early days, it's largely been met with skepticism from the street, though shares as you can see are underperforming the broader chip space this year. the immediate future, the ai boom could prove to be more of a threat to the company. >> diedra, thank you very much john ford will speak with intel's ceo shortly after the earnings are released. catch part of that interview coming up at 7:00 p.m. on "last call." still ahead, shares of royal caribbean popping on blowout earnings, and a massive guidance hike the company seeing strong demand, despite record prices. ceo jason liberty will join us next bang wl rhtilbeig ck

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quark welcome back tolt "the exchange," everybody smooth sailing for cruise

stocks so smooth carnival and royal caribbean fourth best performing in the s&p respectively. shares of both more than doubled while norwegian gained more than 80%. and more shares up nearly 10% blowout earnings, record revenues and big full-year guidance remains hot despite record prices for more seema mody. >> great day to have you on. >> great to be here, seema >> we saw a strong beat and raise today. stock clearly responding up over 9% what wall street is trying to figure out whether this is the early innings of a longer-term rebound in cruising and if so what do 2024 bookings look like at a time when a lot of economists say that's when consumers will start to slow down >> yeah. well, seema, a lot of things

we're seeing in these bookings the vast majority of bookings we've been taking for some time are bookings for 2024. so the rate in which bookings are coming in are substantially higher than we saw pre-covid at rates significantly higher as well that really bodes well for the outlook for 2024 of course, we're having millions of interactions with customers each and every day and see what their spend behavior is and ambitions to travel going out. we feel confident about the consumer, not just because democgraphics in our favor, wit our consumers, where they are in terms of their wealth and leverage, also it's really driven by pretty significant value gap to land-based vacation closing a lot of, some of that this year, still a lot of runway in order for us to be in a competitive position to land based positions. >> dig in on that point. how much runway, jason your increasing prices on cruise customers had a time hotel

rates, airfares down over the last couple months do you plan to continue increasing prices and by how much >> in earlier part of this year that value gap was somewhere around 45% today we've closed that value gap by 10 percentage points. we still think there's a lot of runway that is still there to close, and the way our pricing environment works, very dynamic and based off of, as, you know, changing prices back and forth and looking how demand is coming in we see we continue to take on bookings while rising, raising prices as well as getting our customers to book all of their onboard activities well in advance and we know if we can get them to spend $1 before they get on the ship they'll spend 70 cents to $1 more getting on enjoying their vacation experience? >> capitalize on growing demand seeing now, one question you've been asked is just how many more

ships you're able to bring to sea? quickly, right you have three this year, but perhaps most anticipated debut is icon of the seas, which is set to sail in january 2024. we'll be on it, but more importantly, how many more ships are coming up? >> yeah. first, sitting in our innovation lab where we design incredible ships like "icon of the seas." in all the different markets playing in our brands we see a lot of momentum and demand for us to grow moderately. our goal and formula for success moderate yield growth, good cost control and growing business in a moderate way and think all three of our brands and their segments that they freed can take on more demand sourcing guests from around the world. >> jason, tyler mathisen here. talking about a term of art the value gap. i'm curious there. if i'm understanding correctly, that would be the difference in

price between comparable land-based vacation and what you offer as a cruise vacation don't you want to maintain a value gap of some magnitude to attract people and keep your demand up? >> well i think we always want to be as competitive as you possibly can be, tyler of course, we want that goop to be much smaller. we were able to close that gap to 10 points to 15 points pre-covid and think there's opportunity to close the gap further. you see it in actions taking with more short product. bringing up incredible destinations like perfect c cocoa cay.

>>ati >>ation -- asia slow coming back after covid. our brands exploring asia as well and next year planning to deploy again out of china. leader in that market pre-covid and have a ship deploying saturdaying in may 2024. look forward to continuing to track those journeys great to you have on ceo of royal caribbean seema, thanks. thanks to mr. liberty as well. that, folks does it for this edition of "the exchange." coming up on "power lunch" a read on strength of the consumer with the ceos of the travel and leisure and crocs. and look over the other studio there's courtney getting ready join her on the other side of this break we'll be right back.

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hi, everybody. welcome to "power lunch"

alongside courtney reagan i'm tyler mathisen coming up regulation nation. companies facing more and more regulatory scrutiny. regulation is back and not just one industry more is the pressure coming from just one source. plus, getting a pulse of the economy. talking to two power leaders shining a line on the consumer ceos of crocs and the travel and leisure company joining us live. a check on the markets things mixed dow the laggard downed 32 points watching it closely, because closing in the green for the dow making thinks 14th straight day of gains something that hasn't happened since before 1900. meta surprising wall street. off highs but still up reporting better than respected results and guidance living up to promise of more efficiency in that year of efficiency love to talk about diving deeper into that later in the show as higher by 5% other earnings mover, chipotle, ebay missi