i think it's compelling here >> brenda? >> i'm going to go with stryker. solid organic growth that will continue as we see more elective procedures work through the back log wynn resorts that does it for us. "the exchange" starts right now. >> thank you very much, melissa. welcome to "the exchange." i'm kelly evans. they're calling it goldilocks. was the jobs report just right yields are pulling back, and the deluge of largely better than expected earnings is helping sentiment, as well amazon, one of those posting its biggest profit since 2020. apple shares are weaker, 84% of s&p companies have reported now with 80% beating expectations and revenue growth turned positive is the stage set for our markets

to keep roaring? our next guest says all good things must come to an end before that, let's start with the jobs report. just 187,000 jobs added, but better signs on the unemployment rate which dropped to 3.5%, and what to make in the surprise uptick in wages. who better to ask about this, that would be the chief economist diane swan, who came within 6,000 of the number last month. and she's watching three events that could send shockwaves through the economy. she's back with us with steve liesman. your own forecasting chops aren't bad either, steve >> i haven't been forecasting since the pandemic, but i think the question for diane is obvious -- why did she miss by 7,000? i mean, what went wrong, diane >> you sound like my dad >> that's what my dad used to

say. >> why did you get that a minus, diane? >> why 95 and not 100? >> do you think you're picking up -- do you think it's just -- tell me a little more about this and what your reactions were to the report >> oh, i was extremely pleased with the report. it was exciting, because we're seeing continued -- this would have been a blowout month in the 2010s. the labor market, we've got job gains continuing, the unemployment rate back down to 3.5%, wages at 4.4%, the same as they were in may but productivity growth has accelerated. the data suggests that it accelerated even more than what we saw in the second quarter that's the elixir that makes us able to retain these wage gains as workers, and not have it threaten the fed as a spillover into inflation and so the idea that with fewer workers, we're still at a low unemployment rate, and wages were, you know, still there.

that's just wonderful news i mean, i'm leaning into this report i'm worried about the bond market and the blood bath we have seen there, and what's going on but for the moment, i'm going to take this win. >> can i be the goldilocks spoiler and point out some of the things we could be more alarmed about. payroll revisions looking lower, what are some of the other things temp jobs, that's been an issue for quite some time. just the general desscelerationi hiring >> a couple things i was looking at the history of these things is this a situation where payrolls decline and stop declining? there have been some situations like that. middle of '85 and '95 was a situation like that. soft landings are not the rule but they can and have happened in the past. leisure and hospitality,

interestingly, has leveled off and has been a huge source of job gains for the past several months and now it's down to like 10,000 or so. and they're stopping some 300,000 short of where they were before the pandemic. that may end as a source of job growth i don't like this rate that leveled off at 62.6. i would hope it could be attracting more people into the workforce. that does not appear to be happening. that's potentially significant so those are some of the weaknesses out there but we keep talking about this idea of this asynconicity of the economy. look at what happened to health care, 63,000 workers >> i saw someone calling these mini recessions, saying we had a housing recession,

manufacturing. where do we go from here >> what we have seen is, the fed saw fighting inflation as a marathon, not a sprint and here we are getting from 3% inflation down to 2%, and it's becoming a relay race. that's the important thing, because the labor market is held up as weaker sectors have handed off the baton to stronger sectors. and overall, employment gains are slowing to a pace that would have been considered extremely good in the 2010s. at this level of unemployment, still very good. on the participation rate, one of the things i would encouraged by was the strong pickup in the over 65 crowd. that's something that's been missing since the pandemic, and driven by women. so there are still some signs out there that we can get more workers that we're bringing in, but we do have retirements, we do have an aging demographic we don't have the same immigration that we did prior to the pandemic and even prior to the 2016 era

and i think that's important, as well but right now, things look very good remember, soft landings are to borrow jay powell's phrase from march '22, soft-ish landings are not without pain pain is a euphemism for unemployment >> i'm going to call you after this session, because i want to call you about a story we are working on for monday. we have missing or zombie workers, because we keep adding a lot of workers, double what we should be adding, but we're not bringing any more workers into the workforce. i don't know where they're coming from. >> they're coming in the workforce -- >> if you're going -- >> they're showing up -- >> but not in the households august 23rd, right that down, i want to -- >> what are we preparing for is the big announcement that they're going to stop hiking

we haven't talked to you about fitch and some of the issues there. >> i want to talk about one thing, i don't want you to lose the powerful bond market rally going on today >> when we hit 4.20 earlier on, they were sweating >> take a look at the ten-year there's been a pretty strong rally. maybe fitch got people a little nervous. so the street must have been short duration, and then they said wait a second, this is an all-cheer signal to fulfill orders or whatever was going on. but now you're back down to 4.07, which is where my conversation with rick santelli, he said if we get to 4, all hell is going to break loose. it's powering the stock and bond market you ask is it too hot, too cold, or just right? the stock market and bond market is telling you that goldilocks

found the right bowl of porage >> and no more hikes >> it's not in the cards right now, guys. i think we're at a 13% or something like that probability. what is that number? those are all down a couple points >> wow so the higher odds of another hike is in november. diane, quick last word >> you know, this is -- i've got to savor the moment. there's still risk ahead, we noted those, and i think the economy is going to slow and soft landings are not without consequences this is a relay race that said, i'll take a relay race to get across the finish line if it means more of us get to cross working >> absolutely. thank you both very much on this jobs day we appreciate it the data may be just enough to fuel the market euphoria we have been seeing so far this year my next guest says that's the problem. it's getting harder to find bargains

he says there are still good names out there. joining me is the chief investment officer at smeed capital. bill, welcome. >> thank you for having me >> do you want to react to the jobs report and what you think is going on here >> we made the argument over the last couple of years that the millennial dominance that would take over in the marketplace of economics would make it hard to slow the economy down, even with a severe fed tightening. we have talked about this over the last couple of years the housing recession didn't last very long, because there's too many people with too much money chasing too few houses so that was going to be a factor the irony is, that led us to think it would make it more difficult on stocks, but this is such an amazing euphoria episode, nothing stops stocks.

crypto didn't stop stocks, beyond meat and peloton didn't stop stocks. and now a company can report 55 cents a be worth $140 a share. you have everything you want in this particular media. >> that was an amazon reference? >> slight humorous amazon reference. >> i'm just making sure. we talked about whether that part of the market is overvalued, and everything we have seen with names like tupperware and the rest taking off, where do you want to be positioned if you're still in stocks, obviously. but you want to avoid anything that might look frothy in retrospect >> yeah, here's a fun one to keep an eye on so joe biden did kind of a brilliant thing by selling a whole bunch of oil at high prices the reason that was brilliant is that what you pay at the pump is

probably ten times as important psychologically to people's read on inflation as it is on actual inflation. because what you pay at the pump is a very small part of your personal consumption expenditures in the last 50 years. we're down to 2.5%, and it used to be up to 5% but psychologically, it's american's main read on inflation. if you go to the gas pump, if the price is down, you think it's down. if it's up, guess what we're back to $83 a barrel, and the gas stations are going to be charging quite a bit more at $83 a barrel than they were at $66 a few months ago so that is going to be interesting, because they're all betting that that game was over. but the most important psychological thing is about to hit the other direction. that's where i would differ with diane. i don't see us getting to 2%

if we do, it would be the most temporary 2% in the history of mankind. >> i noticed, maybe this is just my store, my town, but milk, egg, chicken prices higher by about $1 or so so i found that a little unusual. speaking of oil, though, you do own oxy. so from the investor side of this, what are the plays here? >> well, it's -- we own oxy, apa, obb, devon energy the more the merrier, right? it's just going to be a great era, because the prices are only going to go up if you are someone that wants a quicker clean energy transition, the higher the oil price gets, the quicker the transition so $125 or $150 barrel oil would cause people to make the switch sooner, but it won't cause us to not need gas

so we'll just get cleaner use of it so oxy is at the forefront of the best combination that's why buffet likes it so much he's going to store carbon in the ground through oxcci and hae a delightful time selling oil and gas for the next 20 years. >> so i want to ask you the two final questions. i want to mention "barbie" because warner brothers is a stock that you like. although you don't strike me as someone that wants to invest on a box office hit >> it's just the tonic this company needed there isn't ever seem to be any good news that would indicate that their effort to get back to copious free cash flow and improving the balance sheet enough to allow the earnings to show up in a big way and i've already seen it twice i think it's the best

intellectual satire movie since mel brooks i wonder if mel brooks was a consultant, because i just busted a gut both times. it's a brilliant movie with serious legs >> all right so let me ask you my last question, which circles back to the market you say we continue to believe this financial episode is going to get solved with difficulty. when you say solved with difficulty, are you talking about rate hikes, a market crash, what kind of difficulties do you foresee >> unfortunately, euphoria episodes are incredibly good right up until they're terrible. it won't end well. in fact, my only concern for berkshire hathaway, in our management of our strategy, we sell maniacal pricing. and 40-year-old companies that are mature, we would consider 30

to 40 times earnings maniacal. and that hasn't bit people yet, because anything at high quality they have stuck with so that's the big risk at some point, you come in, and the historical market multiple is 15, the market goes to 13, and those stocks go to 18 times earnings and you get some serious damage. >> right, although you would feel comfortable in that case where you are positioned riding it out so you're telling me that apple, amazon, you know, meta, 18 times earnings, that could happen in the next 12 months >> yeah, and remember, a lot of people confuse this, disney and coke were 89 and 60 times earnings in 1972, and the companies did spectacularly the next ten years and their stocks did terrible. so don't confuse corporate success with stock success a lot of times the stock price, all the future success comes

very early >> do you think the high rates would be the reason for a big market repricing >> i think seth carman was saying free money caused an everything bubble, and he's right. but the price-to-earnings ratio is adjusting you can buy a six-month t-bill at 5.25% >> somehow it's reassuring to hear this from you bill, as always, thank you so much for your time today >> thanks for having me. >> bill smead. for more investing ideas, mike santoli and josh brown will wrap up the earnings week and explore some different ideas coming up, the battle between the s.e.c. and coinbase is heating up, as the company asks a judge to dismiss the law sought

-- lawsuit it's one of the hottest companies in health care not a drugmaker, no, nothing weight loss or alzheimer's the co-founder of figgs will join me. and here is a quick check on the markets. nasdaq is leading the way with a 1% gain. (♪♪) i was having relationship issues with my old bank. next to no interest, the fees sfx: [typing] it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.50% apy,

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welcome back coinbase asking a judge to dismiss the suit brought by the s.e.c. coinbase just reported a narrower than expected loss and were optimistic on the earnings release, shares up a fraction of a percent. joining us now is coinbase chief policy officer with our senior washington correspondent who has been closely following the crypto clash in d.c. welcome to both of you so you guys have taken an aggressive stance in defending yourself here. do you think it's going to pay

off? >> i think so. it's an area where regulatory clarity is needed. you have bipartisan support in congress, the house, and the senate we're excited to be a part of that the court cases are a part of that, but really congress is going to have to pick up the gavel and get the work done. we have big bipartisan progress the last week, so that was pretty exciting. >> do you want to jump in on that how do you think coinbase will separate itself from the field, if it will, and what are the odds of shrugging off an s.e.c. lawsuit, which is typically one of the worst things that can happen to a company. >> we're in unchartered territory here take a big step back you're arguing to the s.e.c. that crypto and these other things are not securities, right? but i think the big philosophical question is what are they and what are they good for? what is the actual purpose of crypto when it was developed, it was

going to be a currency, and you can buy things with it you can't really buy a lot of stuff with crypto. you're saying it's not really a security this will be an investible asset, that makes sense. but it's also -- is it a commodity? not really, because when you buy pork bellies or something, there's an actual pork belly under that contract that you can eat. there's nothing like that with crypto so what is crypto? what's it good for >> yeah, great question. so the answer, if you take yet another step back and look at the rest of the world, they have answered this clearly. virtually every other major economy has created a new asset classicaled crypto asset class so the eu, very high standards, very, you know, sophisticated regulatory environment they passed a piece of legislation called the market and crypto assets regulation

the issue we have in the united states is we have two different market regulators, and their jurisdiction is defined by whether something is a commodity or a security. so what we have in the u.s. is not a big philosophical question, we have a turf battle that congress needs to resolve on the use case, the answer is clear. on the internet, we all live our lives on the internet. the early stage of the internet, you can get on there and read content, the second stage you can read and write, but you haven't been able to translate value. crypto allows you to transmit value, and that value can be concert tickets, gaming points, it can be a security or it can be the token itself in terms of how it allows you to navigate a particular protocol so i don't think it's that complicated and we should just be careful not to let turf disputes decide something. >> no question there's a turf

dispute going on here in washington, and that's endemic of washington being washington the question about the asset, if you talk about the core value of crypto, what is to prevent this asset from just going to zero? is it an asset that depends on the greater theory that somebody else will pay more than i paid for it or is it an asset that has core value like that pork belly, which there is something way below those derivative contracts, is there something there that you can eat with bitcoin or crypto in general >> well, there is different use cases. so when you hear about like the 25,000 open source code block chain developers hard at work, they're developing applications on different protocols the tokens are the mechanism by which you navigate the protocols. so people, you know, are buying these tokens because of the function -- >> what value is that creating is the question?

i mean, is it a video game nav dating the network i say that tongue in cheek but what value to consumers does that create at the end of the day? >> well, the value can be in different forms. you can have a token that's ultimately a piece of artwork. you can have a token that is a concert ticket it's the application that determines the value crypto itself is just simply a technology it's a way to permanently record an ownership interest. that's a really big deal, a pro-found thing. so we'll see the applications develop, whether it's identity solutions, storing of carbon credits, land titling. when we were in colorado, we had hunting and fishing licenses on the block chain, each represented by a token >> one question about the administration's approach here, which we have seen for instance on mergers they have gotten some pushback in court about their intentions

there. could we see similar pushback? obviously, the coinbase is appealing to a federal judge to push back against the ftc here how likely could a pushback like that be to prevail in court? >> you have to look at the politics of this, kelly. crypto is an enormously popular thing. there are a lot of people who care deeply about what's going on in crypto those people vote, they express themselves on social media i'm sure we'll get some tweets or xs after this segment that is part of the political power of the crypto ecosystem. i think for the biden administration, the challenge is, how do you regulate this without il y-- alienating all those people that's the political danger the biden administration is dealing with they try to do a soft touch but

maybe not as soft as in the past >> you've got some thinking okay, once those regulatory is cleared, it will be the dollar stocks others saying this is just retail price hikes so there seems to be questions not just about what happens with the s.e.c., but also just, again, about the durability of interest in using a platform like coinbase's. >> i think the interest is enormous and it will remain enormous 20% of the american people have participated in the crypto economy. the users around the world number in the hundreds of millions the adoption of different jurisdictions around the world, different economies, is enormous plus, you have central banks hard at work trying to tokenize digital currency it's all happening around us it's the next generation of the internet coinbase is a public company audited, highly regulated, well run.

the quarterly earnings results demonstrate that you have bipartisan support in congress the runway ahead is a good one, it's a very exciting time. the fact that we had members, big bipartisan majority passed clarifying legislation this is an exciting thing. we'll get there. >> all right chief policy officer at coinbase, thank you both very much coming up, a tale of two travel stocks. booking hitting often all-time high and expedia coming off its worst day since the start of the pandemic "the exchange" is back after this

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exchange." booking holdings hitting an all-time high and tracking for its best day since november 2020 on the flip side, expedia is coming off its worst day since the pandemic began what is behind this divide we go to seema for those answers. >> kelly, it seems like expedia and booking delivered solid earnings, but there were slight nuances. expedia missed on second quarter, and booking raised its outlook. there were some differences there. it's the resumption of international travel, where booking outscheibed its peers. the ceo has been expanding into foreign markets, forging new ties with chinese companies. and that is certainly paying off. the company's second quarter in asia jump ing 40% year over year

expedia gained back some of the losses after plunging around 16% yesterday. regarding future demand, pricing will likely play a bigger role on airbnb's quarterly earnings call, the ceo saying - >> kelly >> if it's affordable, for sure. seema, thank you very much we appreciate it we turn to tyler mathisen now for a cnbc news update federal courts do not allow cameras in the courtroom, but house democrats want to change that with president trump. they are asking to allow them during his trials because of the importance to democratic institutions and the need for transparency meantime, two tennessee

democrats won back their seats thursday night after being expelled by republicans in april for protesting in support of gun safety both lawmakers were reinstated by a local government official after their expulsion, but they had to run for their old seats a special legislative session was called to address gun reform the centers for disease control voted to recommend an infant rsv shot. babies up to 8 months old entering their first virus season or infants 8 to 19 months old who are at high risk it delivers antibodies to the blood stream directly and should be available in the fall kelly, back to you tyler, thanks. coming up, wall street seems

torn on figs but head winds could worsen when tso ameloan payments resu lo ttalkbout with trina spear who joins me next. nce to business travel. and discover the equilibrium that works for you. at national, you're in control. skip the counter, choose any car in the aisle... and manage your rental right from the app. so you can mix work... with leisure. or leisure... with work. giving you the control to find the perfect balance. go national. go like a pro. somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying.

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welcome back to "the exchange." shares of hospital scrubs maker figgs are higher this morning. they are up half a percent right now. net revenue, up 13% from a year

ago. guidance adjusted up it comes amid ongoing strength in the market for medical workers. steve liesman pointed out earlier, health care was the leading industry for job creation, adding 63,000 jobs joining me now to talk more about this is figs co-founder trina spear. welcome. >> thank you for having me >> it's one thing to have topline growth, another to have the bottom line in there, as well talk to me about earnings and how that projection looks, especially as a relatively new company. >> sure. you know, i think we are really pleased with our second quarter results. we had 13% growth in the quarter. that's stacked on top of multiple years of 100% growth. so, you know, to your point, that was coupled with profitability, which is always important to us. growth and profitability continue to build the business and continue to execute on our strategic priorities and show up for our health care community. >> anecdotally, i see figs

everywhere direct to consumer starts out well for companies but is hard to maintain, because that customer acquisition cost might be just as high as going wholesale. are you wedded to the direct to consumer model, or could the company show up in a lot of different ways going forward >> our direct to consumer model has worked out well for us, and you see that in the market stability. it's been about 15% of net revenue quarter after quarter. we continue to show that even if our last quarter but to your point, there's more where we want to show up retail is a priority for us. we're opening our first permanent store this fall, and we're following that by our second store in philly these aren't just stores, they are community hubs where our health care workers can come together and connect with us as a brand and connect with each other. and i think direct-to-consumer isn't just e-commerce but in-person events, it is showing

up in a store foot print, and we're excited to be where our community is >> interesting and the stock, of course, went pub hick during the ipo crazy days, where it was about 2021. do you think that going forward, figs will be a company that emulates -- maybe you can pick a better example, when i think about some of the restaurants coming public that they want to be the next chipotle >> i think we want to be a global, iconic brand there's a few examples, lulu lemon. that's an incredible company, and there's not a lot of comparisons given we are a health care company, as well we are in a resilient industry right before i jumped on, we sell nondiscretionary products to the people that are the backbone of our society.

we really don't attract the consumer necessarily, as we are a health care company, selling uniforms so people can do their jobs >> the stock was once in their 40s a couple of years ago. a lot of names have resized since then but you have been more confident about the earnings trajectory. what would you say to investors who aren't maybe giving you the benefit of the doubt >> we are focused on executing and continuing to serve health care workers i think our numbers speak for themselves eventually, the market will catch up so we're just going to keep doing what we do next, keep focusing on building incredible products quality matters. keep connecting with our community. keep building out our product line it was great to see that our non-scrubs portion of our business grew 25% in a quarter, and our customers, about 40% of our customers are buying not just our scrubs, but also our

vests and underscrubs. so really building ourself to be a lifestyle brand for the long run. we're just going to keep executing. we grew over 50% in the quarter. so we'll keep doing what we're doing. >> you know, i would be the worst health care worker of all-time i pass out at the doctor's office, but i look at the figs and think those are pretty cool. so maybe there's potential outside of that. the student loan overhang, what are your thoughts on that? >> i don't have a crystal ball, but i can tell you what we are seeing with our community. i think the student loans, you know, our health care community, there are many that have them, but that's been around since before the forgiveness program went into place. up until 2020, health care workers had student loans, and we had the highest growing years during those years

so we are -- we aim to sell affordable, accessible products so our health care professionals can get what they need to go to work but it's your uniform and you need it to look good, feel good and perform at your best we don't think that health care workers are going to go naked to work >> we hope not so los angeles, maybe philly is next we look forward to watching your story as you grow. trina, thank you for joining us. >> thanks so much. >> trina spear, co-ceo of figs companying from shake shack to colorox is reporting slower demand that's coming up, next we see the people. marcus: detroit, it's just changed so much. you can see what it once was. and then, i think about what it can be. as an entrepreneur, it's about how i can give them the tools to empower themselves if we can just all do something small,

all the small things will start to amount to something big. that's why we're here to help make it happen.

welcome back to "the exchange." a new report is showing that with home prices hitting another high, home equity is also approaching record levels again. diane is here with the numbers

>> after a brief drop last year, home prices have been rising again for several months, and just hit record highs in 60% of u.s. markets that's according to an exclusive new report from black knight their national home price index is up 0.67% from june of last year nearly every major market saw gains month to month just as a comparison, current homeowner, most of whom carry mortages with rates in the 3%, 4% range, they need 21% of their income to make the mortgage payment. that's principal and interest. perspective home buyers today are looking at more than 36% of their income on that payment, thanks to higher home prices and higher rates the 30-year fixed is well over 7%, and has been all week. yesterday, it had been rising

all week, and is now holding there. so home price growth has made home owners wealthier. equity levels are back to within 3% of last year's peaks. total equity was over $16 trillion, with tapable equity rose to $10.5 trillion, just under $200,000 per homeowner cashout refies are still low right now, but second home equity loans are slowly rising kelly, that speaks to potential consumer spending going forward. >> it's fascinating, because home equity lines of credit are so expensive so people are thainking they don't want to pay that 8%, 9% on tapping on their equity. >> that's the big barrier is how do you get the money out of the house? because that home equity line of

credit is so high. if mortgage rates pulled back and you could get that equity line for 5%, 6%, a lot more people would take home equity out. >> a lot of people, you know, they don't hate it, but that's not a lot of ways to translate into consumer spending or something like that. >> but remember, home owner wealth makes you feel better about your own personal finances even if you're not taking the money out of the home, you do know it's there. there's also a very low number of people who are under water on their mortgages. so there's not a lot of stress when it comes to being a homeowner and having that wealth in your home that may emotionally translate into feeling better about spending money you don't have in your home. >> idiana, thanks, appreciate it still ahead, bonds are rallying, stocks are rallying. we would ask how you grow your money, but maybe that happens no

matter where you turn. that's next. as we head to break, check out telephone data systems and u.s. cellular. look at these gains, best day ever for both of these stocks after the board decided to explore strategic alternatives for u.s. cellular. ubngn isept.th stocks almost doli oth ror "the exchange" will be right back type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children.

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exchange yields are jumping this week big tech stocks are still outperforming even as the rally broadens out bank of america pulling its recession call, but jobs and manufacturing and services data are all still coming in light. so if you have questions about how to protect and grow your money right now if you're a little confused, you're hardly alone. we'll tie to get answers from my next guests, jean chatzky is on set with me along with karen finerman welcome to both of you they launched investing fix, an investing club for women quickly explain to me, why launch this platform

>> actually, it was jean's idea, and we want to create an environment that women can feel comfortable learning how to invest, even if they have no knowledge to start with, and ask the questions they want to ask and we try to present it in a way that they can break it down and really sort of understand what one thinks about, for example, the kind of thing i think about when i build a portfolio, but in an environment that's only women, which actually is a very different vibe and that was sort of one crucial element of it. >> what, jean, do you think are the main questions are they about stocks verses bonds or taxes >> it's all over the place, actually we keep a chat running during these classes. they're live every other monday night on zoom. we have hundreds of women building this portfolio together we tee up stock ideas, mostly courtesy of karen and people vote on which ones get added to the portfolio. >> really? >> very interactive, then we talk about your personal finance

questions. everything from your 401(k) to ira questions to annuities and the like >> i put some questions out to the instagram followers on instagram and twitter as well. they're probably pretty familiar the first one is how do we take advantage as interest rates continue to rise >> well, the most simple thing you could do is be short tlt or long blt >> like bill ackerman. not working out so well today? >> not today, but that would be one way. i think about the question as, why are rates rising are they rising because the economy is doing well? and things are growing that's generally good. so there's a lot of places you could be travel and things like that. or because the fed is really fighting inflation then you have to be -- that's a different kind of answer you always need to look at a company's balance sheet. they have debt, that's trouble

>> great point to unpack why and then also kind of look at who would stand to gain and lose. another question, jean, that came in, this is an interesting one. why can't unemployed or retired people have access to fsas >> it seems completely unfair. fsa, flex spending accounts, are offered only through employers the way they work, if you don't exhaust the money in your fsa each year, that money actually reverts to your emplowyer. >> no? >> it does >> i have often reverted my back >> unless they want to change the tax code, that's not changing >> i didn't realize that this one, karen, back to you this person says why bother investing in any stocks other than faang they're the only ones time and again that outperform? >> i have a lot of faang exposure, but we can think of a time, last year, for example, where that wasn't the right place to be. i think that there's a lot of

other things that don't get as much attention that are definitely worthy of investing in, but if you only have a very small portfolio that you want to build, that's fine it's an okay way to go, but there's a lot of other things that work well also. >> diversify >> actually, excellent point thank you for bringing that up diversification is really important. even if it's a small portfolio, diversification is important one thing i want to add about the club that i think is important. not only what i look for when i look for investments but also some of the knowledge that i have gained through being in this business a long time. they answer questions like why if a company reported bad earnings does a stock go up? things like that learning about expectations. and sort of just market knowledge you get having made a lot of mistakes. >> and how to keep your emotions at bay, too. karen keeps us all calm when we're not feeling so calm.

and by the way, if people want to join us, we would love to have them. it's @athermoney.com >> is it tax efficient or, you know - >> it can be incredibly tax efficient in terms of your portfolio, but you also have to ask yourself, are you going to be able to keep up with this pace of buying individual treasuries is this how you actually want to approach the bond component of your portfolio are you better off just going with a total bond market fund, knowing you're never going to rebalance and calling it a day >> that was a question from jill what about the t bill and chill strategy >> i had never bought a t. bill until last year and i'm embarrassed to say i didn't know how. it's a little clunky i did the lame thing and ended up having a broker do it, but

the risk reward, at 5.43, i happen to remember, i never felt like, wow, there's treasuries like that. >> exactly, we look forward, monday night is the meeting? >> yeah. look what zoom lets us do now. amazing. thank you for joining me that does it for the exchange. next on "power lunch," a fun google story tyler is getting ready for. i'm joining him on the other side of this break what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

good friday afternoon, everybody. welcome to "power lunch. alongside kelly evans, i'm tyler mathisen coming up, a just right dobbs number even though it came in short of the estimate, markets are saying it is enough to keep the economy out of recession and the fed may be on the sidelines. the other bit of news boosting stocks today, strong earnings from amazon, ell