sale. >> carrie? >> fortive. mid cap tech name. it's come down. we buy here. >> crowdstrike, look for the names in your portfolio that are stronger. those will have the best move. good stuff. i'll see you in a couple hours, "the exchange" is now. thank you, scott. in the tug of wars, the jobs report tomorrow morning could dictate the next move. our next guest says stocks and yields are both heading lower here. >> he's here to tell us what he means by that. home builders have been in the sweet spot, and their able to buy down rates. is it time to bail? and sheila behar says stop

pack inning. bob pisani is down at the new york stock exchange. what do you make of the action today? >> make in the long run, now in the short run. rates have moved up. forget about it. the market is in a complete tizzy. we'll have to hear what sheila has to say about this. the consumer names, coca-cola, some of the other names, procter and game able. conagra, so-and-so. the lower-end consumer, the s&p 500, we need a bit more energy here. they were briefly positive, for a nanosect. 13,000 the last two weeks, i

would say again. just let me show you the idea of being oversold. since september, that's when the rates started moving up? well oversold conditions here, that's really the problem. i'm calling it a yield object section. it's a buyers strike. the buyers just don't want to buy anything. so when will it start to stabilize? just look what's happening. right across the board, amex, home depot, mcdonald's coca-cola. verizon is down 7%, u.s. bank corp is not in the dow, but you get the point here. in the meantime we're dealing with the head-spinning moving in literally this week here. these are the biggest oil funds,

some of the biggest out there. they're tied to oil or oil stocks. in the last four days, they're down six, 7%, 8%. and now it's almost deflationary. big, big volume around this. meantime take a look at the largest etfs. curiously you can't see this here, but -- you would think people would be selling like crazy, no, it's quiet out there. this is what i mean with a buyers strike going on. guys, the key story here is watch the 4200 left. back to you guys. >> bob, 4200, a lot of people are watching. >> i think it's 4205 is the

average right now. do you put a stock -- what do you think are the most important raiding activities? >> you put up the ten-year yield. the market gets upset with the metrics. at one point it's oil, but not recently. in the last two weeks you with watch what's going on with ten-year yields. today with flattish yields, i was hoping for more of a bounce, but we're not really seeing that. i think that's -- whether -- what's going to change this? we have to watch tomorrow with what's going on with the jobs report. 170,000, we want not 170, we want 150,000. why am i saying that? if we get 250, forget it. strong jobs, now good.

100,000, now they're going to be obsessed with whether or not the economy is going in a tailspin. the goldilocks is like 150. you want everything just to slow down just enough. here's the soft landing, and it's proven very, very different. the higher rates are affecting large areas of the stock market. >> and the economy soon to be, i think. bob, we always appreciate it. thank you. the perfect segue to our next discusses. jobless claims suggesting that the economy is still hanging in there. it follows a jump in job openings, slightly better ism ratings last month. my next guest says none of the three arguments for higher rates to hold here holds up to scrutiny.

we're entering "in the danger zone." mike, great to have you back. welcome. >> thanks for having me on, kelly. >> i didn't think this was a debate, but let me start. you think there still are lags. some of the in the camps say -- and i don't know, i never kuwait bought it, but i don't think you're a buyer of that narrative? >> and the same people are telling us the economy is less range sensitive, because everybody locked in mortgage rates a few years ago. that means the lags are potentially longer, so it's know a coherence argument. we look back at history. what it says is the lags are there, long and variable, if you're looking at the yield curve or money supply figures. you know, these indicators started inflecting just over a year ago now, so we're moving into a zone here where things

start to break. i admit, the economy has held up better than i expect ed. the fact of the matter is we're headed into more difficult waters here. q3 looks fine, but that's behind us right now. even with a bigger lag than normal. we had dave zerbos on yes, sir, and it means we have to raise rates higher in order to have an effect. >> yeah, that's certainly possible. if the neutral rate is higher, that's effectively what the fed has done, right?

this policy tightening cycle has much more dramatic than the last one. what the fed is telling us, they said belowe-trend growth and they want to hold there. if this q3 data that everybody is all excited about with the atlanta fed numbers, if that looks sustainable, the fed will just be at it with the rate hikes again. they're eventually get the slower growth. i think that's where the -- i thought it will be sooner than this. but the most claimants figures today were good. failed to continue rising. we're just -- but in a recession scenario, i you'll way to boont i long end of the curve.

i think it makes sense to be more of the contrarian here than the happy dance at just the wrong time. >> you say yields have overshot to the up side. how much, do you think? and obviously for those who think that, well, no, the economy will be fine, then maybe it takes longer for any of those arguments to take hold. i mentioned there are kind of three reasons why people think they'll have structurally higher rates. the deficit is one of them. >> yeah, that's probably the trickiest one, because it is quite unusual frankly it's absurd, but keep in mind the used yield was at 1030, and what's happened, staying at elevated levels the 36h month fed funds future has yield to

over the last six months or so, in that perfectly trashed the move up in the ten-year yield. and talking about a potential return to the 17970s. this is a real rate dynamic. at the same time you have copper and other sensitive industrial metals rolling over, still very much. you know, in the 170s, claus and i can switch places. >> in particular the rates have moved lower. brian said it's plummeted this week. meanwhile, after 9 fed meeting we've seen yields widen out, and really final suddenly turn.

i guess at this point the problem is we've been hearing about the recession for so long that people think i'm just tired of hearing about it. maybe the question to ask you, as it boiltz down to investors, to those who would say they would expect a yearend stock rally, would you be expecting that? >> no, not really. the s&p forward multiple ran up to a 20 annual this summer, which didn't make sense with the rate structure, and it doesn'tly doesn't make sense now. , and so i think you want to stick with the less cyclicals here. you have to have some grit now, but that's where we would be focussed. seven to 25 months, that's the

historical range of when recessions hit after a persistent curve inversion persists. so that would take us into the end -- i doubt we we're going to get that far, but we're in the danger zone. >> the last thing i think of you as having the best realtime tracking, and the reason it matters is to figure out if inflation can pick up again. being negotiated, look at the upward pressure. there's a difference between upward pressure or downward pressure on corporate margins, and the ability of the entire economy to pass along what do you think it's telling us now? >> i think we're headed to lower figures the new york fed actually has a weekly tracking

index for real gdp that's high frequency. it comes out every week. it's sub-4% with a 5.25 to 5.5 policy rate. i think those figures will be going lower on the back of a restrictive stance here. you don't have the money supply if the fed is above neutral on policy rates, and that will suffocate inflation. so in that sense i think you want to be more optimistic. >> i shouldn't ask you potentially a long question without any time left, but i'm going to do it anyway. why do you think they could keep it at the levels. if g is lower than r, we're trying to figure out how bad the

fiscal picture will get. >> i think private sector credit demand evaporates. that's way they don't historically have any correlation to bond yields. now, we are in an unusual setting here. i don't want to write off the fiscal situation, because it's definitely problematic. cyclical swings, and the expected path policy dominate the yield curve. in a recession scenario, you want to be owning the long end. if we're talking about a 10 or 15-year projection, even five, that's probably a different discussion. >> for now, mike, thank you, and the dog at always. thank you. my next guest says there aren't a lot of safe havens in equities, but he has three names that look attractive. one of them interestingly is a

derivative that's been under pressure. john, it's good to have you here. >> how do you screen stocks in this kind of market? >> i put on my helmet and hide under my desk. this rate environment is really a tough place. there's no place to hide when you look at the defensive part of the market, you know, for yield right now, we're not going into defensive stocks. those are under pressure because of rising rate environment. i think there's other factors driving the bond market right now, so cyclicals are a tough

place to be. i think you're looking at individual stock opportunities. it's hard to generalize attractive parts of the broader market right now. >> very well. i thinking of lamb weston. it's having a nice day today. go figure. you were looking at stocks. give me a couple names that pop up to you, and why? >> absolutely. first, health care is an area of market that i think generally looks attractive. there's still some growth optionality. biotech in particular has really sold off. understandably, it's a part of the market that depends on capital markets, but sarepta has a treatment for a really horrible disease that was approved this summer. and then another month it's not for the faint of hard.

my research team has a lot of confidence for this to change muscular dystrophy. >> you also have alphabet, but what about co-star group? >> co-star group is a phenomenal business, an under-the-radar business founded 35 years ago. i think it's one of the best stories i see in the market. it's really all about data, analytics and marketplaces for commercial rae estate focused in the united states. they have huge market share in that market, recurring revenue business model, higher rate for their clients. concerns about the broader real estate market are very valid, but i don't think it would impact the demand for the products and services they offer their clients. it's a must-have if you offered in commercial real estate.

there's a future growth potential with exciting potential here in the united states. they're still a largely untapped international market. so, then, why google? >> i think right now -- look, artificial intelligence is real. this would be transformational. i was in a conference last week where one of the cloud proifrs said artificial intelligence is akin to the internet in terms of its significant impact on the future growth of our economy. >> it's been well positioned and there are some threats up to monitoring, but this is a highly innovative company, more so that are the market appreciates in investing aggressively behind their a.i. efforts. frankly, valuation matters. it's trading a to the times next

is 12 month earnings. that's an attractive risk/reward right here. maybe some strategies we appreciate you joining us today. coming up, we have a preview of tomorrow's jobs report and which sectors are seeing the strongest demand. plus former fdic chair sheila bahr will join us. and as we go to break, a quick check on the market. pretty even declines. about a half percent for everything. the ten-year yield has settled back, and as bob pisani said, it's a bit surprising we're not seeing a better reaction.

"the exchange" is back after this. powering sustainable growth in a changing world. powering financial solutions that transform industries. powering innovation with access to capital. powering critical decisions with precise data and insights. powering seamless execution in evolving markets. we deliver our entire global bank to power new possibilities for you. barclays corporate and investment bank. powering possible. this is spring semester at over 13,000 us school districts, which have become top targets for ransomware attacks. but there's never been a reported ransomware attack on a chromebook. which is why thousands of schools like the fairfield-suisun unified school district switched to google tools for education.

so they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. ( ♪♪ ) nice footwork. knoman, you're lucky,ta watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho!

running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. welcome back to "the exchange." job openings, surprisingly surged. adp, on the other hand,

disappointed this week, say private payrolls just rose 89,000, weakest since january 2021. evan sohn, welcome. generally what do you think the trend is? >> well, first of all, thanks for having me back. sentiment is slight will you up on the recruiter index. it went up to 2.9%, but it's really at the 90-day outlook where they're seeing a better world for themselves. 70-something percent, about 70% of the recruiters reporting that their candidates they were interviewing were actually so it's still a quit rate rear looking at. we saw not just the job opening numbers increased, but the quit

rate of august increased from july slightly, about 3.5% higher than it was in the pre-pandemic levels. if we're looking year over year, it's still about 15% higher -- 15% lower quit rate last month than in august of 2022. so it's a very tight labor market. we've been doing some studies where we're seeing the working population getting older. again another testament to the fact this is a tight labor market. >> that's. >> that really doesn't clear anything up to me, by meaning your clarification leads me to bigger questions. so if the job market is still tight, but i'm thinking about our segment looking around the corner things might not look so good, maybe that's why seer seeing so many labor strikes at the moment. which segments are the

strongest? >> health care seems to be the number bun spot. in person and health care are going to line up closely. remote is actually now only 20%, full-on remote, but medical, i.t., sales, hospitality, they're all in demand, but what's really interesting is that the majority of the recruiters in the index saw salaries remain the same. where we saw a bit of an increase was on the higher-end side, and a little lower side. so, it's a really interesting market, but again very, very tight, the quit rate is still is there. we only saw a small percentage of the recruiters actually working 100% on new jocks. they were working on backfill,

that's still the primary jobs that people are working on. and see now compensation is the number one reason people want to leave. so if they want to leave for better compensation, but maybe it isn't in there, which is why or sentiment noochd down. and we've heard the wage hikes anecdotally are coming down a bit. we were experiencing the biggest healthcare strike we've ever had. the tightness is so much bargaining power. >> i think that's what we saw. the retail ticked down a bit. and recruiting is actually flat month over month, still about 1% there. something has to make up for that overall difference. a pleasure, as always.

we really appreciate it. >> thank you, kelly. evan sohn with recruiter.com. after more than 75,000 kaiser permanente workers walked off the job yesterday, protesting better wages and conditions, the work stoppage is set to end tomorrow, but the union says they're planning a longer strike in november if a new contract is not negotiated by then. while they vice president reached a deal, they have come to a consensus on several key issues, including wage hikes. minimum wages of $25, and 23 elsewhere in -- and we'll bring you any new developments. coming up, it's no secret the and we're get comments from lina kahn. we'll bring you those remarks

heart in the show. the dow has two thirds of the dow has two thirds of the blue chips in the red. (♪♪) j&j, visa and merck. to help them adapt. it's inspiring to work at a place where our patients succeed. and we as therapists do, too. with great benefits from principal, we feel appreciated for the work we do. (♪♪)

welcome back to "the exchange." the nasdaq is light will you underperforming. at the lows we were down 188. also, take a look at some of the so-called death crosses forming in the market. that's when the 50-day moving average breaks below the 200 day. the xrt trading at its lowest

level since june. small caps could be next nearing their lowest level since may for the russell 2000s, small caps are neck tiff on the year, and which company here, elsewhere gm is just off the session lows, falling sharply after the "wall street journal" reported at least 20 million gm vehicles have potential a recall for air bags. briefly dipped breath low $30 a share. we're a penny above that level now. remember the ipo price i believe was $33 all the way back in 2010. ty now has a news updaylight. at least 6 on people were killed in a drone attack on a syrian military academy. a war monitor and security source told reuters the drone bombed minutes after the defense minister left a graduation ceremony there.

the civilians and military personnel were reportedly killed in the attack. the defense ministry released a statement. no group has claimed responsibility. the northwestern football coach fired in july over hazing allegations is suing the university for $130 million in damages. pat fitzgerald said northwestern wrongfully terminated him after a law firm's vision found hazing in the football program, but did not find sufficient evidence that fitzgerald knew about it, but the university fired him after the school newspaper published a story in which a student claimed that he actually was aware of the hazing. and president biden's dog commander will no longer be at the white house after a series of biting incidents. a spokesperson for the first lady said they're trying to

figure out what happens next. >> tyler, thanks. sheila bair is armed with a hot take. she'll join us. "the exchange" is back after this.

(♪♪) business can happen virtually anywhere. (♪♪) but there's nothing like being there. at national, you can skip the counter... and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer...

[audience cheering] and really get down to business. go national. go like a pro.

welcome back to "the exchange." while rising rates are putting pressure on stocks, my next guest sees some advantage.

sheila bair sis we may find higher rates are better for growth. here to explain and weigh in, both the banks and if sheila bair, welcome back. good to see you. thanks for having me, kelly. >> i can't help but read the bad cash allocation is so extreme, that between the government and some financial parts of the markets, we have to clean that up, and maybe just hope that mess doesn't impinges. >> yeah. i think that's right. the transition could be very, very painful. there's a lot of zombies out there that have been propped up. it's going to be painful. i'm hoping we can pull off the proverbial soft landing. once we do get to the other side, it will be better for the

economy, absolutely. i think the implications run quite deep. the size of the financial markets, all this private equities, trying more than doubled in size built on a business model that floating rate debt, if it's sustainable, like -- down to 2, 3 or zero, i guess it won't matter. then we go through the pain and tightening. you know, floated the financial sectors. we take -- you know to be able to build them out, but i think it will be very hard.

there's no empirical evidence. there's this mythology that lower rates stimulate the economy. longer term, it's a drag on growth. i hope you can see the wisdom of that. hold on to the reins and get to the other side. we'll be better off. >> it's not like you're saying high rates -- and absolute credit cards, and in banks, and i didn't think rates would be up here. other than the ones with the capital markets, i don't know what they can point to. >> yeah. actually higher rates for traditional lenders to make loans. higher rates benefit that model, so long as, you know, your yield -- the steepening of the

yield curve is probably healthy, but they have some transitional issues, too. increased pressure on -- other places in government where you can get a good rate on a virtually risk-free asset. so they've got some challenges, too, but longer term, there should be additional lenders. they tend to get their credit from banks, not from the capital markets. >> do you think overhanging all of this, it's the fiscal side of this. >> the fiscal side is a real problem. in regards to what the fed does, if we can't get our federal under cele, that is keep, and now congress doesn't give you a lot of hope, and it looks like,

the extremest -- and looking at the government shutdown in november. it's beyond my -- working with bob dole, the congress really functioned. to see what's going on now is really sad. i hope we figure out the lunacy of your ways, straighten up the act and put us on a sustainable path. a more rational immigration policy, part of it is biven driven by immigration policy where people who want to work and -- that would make a lot of sense. we're so far from having that kind of discussion how things apply, too. so there's -- there's a lot on the inflation front that a bunch

in congress could address, but that's hartley part of the discourse right now. >> the last thing i want to ask you about, the supreme court, on top of everything else, the supreme court did hear oral a. where the plaintiffs is arguing that the cfb is unconstitutional. what do you think is at stake here? >> quite a lot. scores of independent agencies are funded outside of annual forecasts. the fed, it is profits they make on their portfolio, they charge fees with the regional banks, so there are sources of funding that congress created, because they recognized it's important to have stability, and in their ability to function.

that can all turn out. if they say we've got to be appropriate, there's a lot of other agencies to legal challenges on the legality of their actions with supposedly unconstitutional funding structures. i do think it's important, especially now as we're seeing what's going on with more and more dysfunction in congress, any government agency funded to say, okay, now we should put more on independent funding. >> as more people are trying to pass the basket, here comes a ruling that could push everybody back through. thank you. it's always a pleasure to talk about what's going on. >> thank you very much. sheila has two new books out. money tales, financial literacy lessons for children. for more information check out

moneytalesbooks.com. fresh comments from lina kahn on making new efforts, what it means for big tech, which is slightly under appreciate. as we head to break, i mentioned this earlier on, but they're almost 10% to the best date since january, remember, this is the maker of frozen french fried products, a notable bright spot in an otherwise ugly consumer staples sector. do you consider climate risk? changing weather patterns are impacting the way we live and the value of businesses large and small. this can mean disruption to supply chains, changing demand for products and shifting regulation. what does this mean for your business, your clients, and your investments? ice offers data and markets that can provide critical insight. manage your climate risk with ice. hi, my name is damion clark. and if you have

both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these plans include a healthy options allowance. a monthly allowance to help pay for eligible groceries, utilities, rent, and over-the-counter items like vitamins, pain relievers, first-aid supplies and more. the healthy options allowance is loaded onto a prepaid card each month. and whatever you don't spend, carries over from each month. other benefits on these plans include free rides to and from your medical appointments. you pay nothing for covered prescriptions, all year long. all plans have dental coverage which includes 2 free cleanings a year, fillings, and a yearly exam. they also have vision coverage including vision exams and a yearly allowance towards eyewear such as lenses or contacts. and hearing

coverage, which includes routine hearing tests and coverage for hearing aids. you'll also have a $0 copay for the shingles and other routine vaccines at in-network retail pharmacies. plus, your doctor, hospital and pharmacy may already be part of our large humana networks. so, call the number on your screen now to speak with a licensed humana sales agent. wouldn't you love benefits like a monthly allowance to help pay for eligible groceries, utilities, rent and over-the-counter items? so, if you have medicare and medicaid, call the number on your screen now and speak with a licensed humana sales agent. if you're eligible, they can even help enroll you over the phone in a humana medicare advantage dual-eligible special needs plan. so, call now. humana. a more human way to healthcare.

welcome back. two of president biden's top antitrust regulators giving an update today. just a few weeks into the doj's landmark case against google, eamon javers has been monitoring the situation.

at the brookings institution this morning, they laid out their vision, including the idea they will push, not just on prices, but consumers, they will continue to push back, and non-compete agreements. better jobs, and jonathan cantor said he's been surprised how many of the comments are coming in from ordinary worker ranges from what he said were farm respect to nurses. the country is watching. it affects so many aspects. >> lina kahn said the push back has led in part to the political anger she says in across the

country today. >> it's a sense that the government isn't out there fighting for them. so i also think the burden for us is getting this right from a competition perspective, but also showing people we have cops on the beat fighting to protect people. >> the two also addressed some criticism they're not winning ought cases they have brought, say they're going to learn from their failures. back over to you, kelly. you alluded to this a bit, but they have faced some big losses in court. people talk about career risks if you're part of that administration. are they changing gears? how do they respond to that, do you think? >> they sort of rejected this. in their view, it's a media narrative. they feel they have put up a big track record of winning as well, and on the cases they have lost,

they said they're going to go back, look at the facts of the case and figure out how to bring better cases, but there's also an idea of a deterrent effect. if they're aggressively pushing against these deals, that will stop consolidation deals that otherwise they would have to litigate again, so in their view, consolidation in general, not always bad, but if it hurts workers, right, if it makes it more difficult for employees to find jobs and to find multiple employers, to play employers off of each other to get a better wage for themselves that's the kind of world they are trying to get to with the focus on what it means for the employees of these companies just as much what it means for the consumers in terms of the prices and products they are paying for. >> eamon, thanks very much. eamon javers reporting in washington. coming up, the builders have had a good run since last year, but now those stocks are down double digits in two months. a good entry point, or should you bail and lock in any gains you ilha? 'lta astl vewel lkbout that nex.

that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses that puts you first. move to the cloud. - so, the question is... - cyber attack!

as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪

welcome back. a quick check on the market

shows the dow that is suddenly erased its losses, and it's headed back towards the positive territory we briefly enjoyed around the open when we were up less than 30 points. we're down 23 and it's an outperformer. home builders, meantime, have been among the few winners in the market but bearish sentiments have growing as others have seen double-digit declines in the past two months and my other guest sees further correction ahead. let's bring in the u.s. equities derivative strategist at ubs. it's a complicated seat that you sit in, but it leads to a very simple conclusion which is? >> yeah, look. home builders are a consumer discretionary industry at the end of the day. you know, we've seen since evidence of the u.s. consumer starting to crack. you've seen that in the most recent consumer confidence data. household net worths starting to wayne and delinquency rates and

debt starting to increase and labor market data under the hood deteriorating when you strip out areas like health care and education. adding to that, you know, higher oil prices, resumption of student loan payments. the confluence of those are more headwinds for the consumer. as a publication home builders were up 17% versus mortgage rates up 13%. home affordability is the lowest on record, right? >> yeah. so it's interesting to me to hear it from your point of view because we've heard the fundamental case. you know, we've talked to some economists and even some analysts who kind of see these problems. talk to me about what -- what the equity driven piece of this is and you overlay that? what are you gleaning, and it sounds like you're gleaning this not just about the builders but maybe other aspects of this market. >> yeah, and it really lines up with our bearish cyclical call, you know, into the latter part of this year.

you know, as you alluded, to home builders, one of the few at least consumer-oriented areas that have actually benefitted from a higher rate environment, that's obviously a function of housing supply remaining extremely tight, so if i can't find a home in the secondary market i'll go out and build my own, right, so that's been a cyclical tailwind for the home builders, but we do think the space appears more geared towards a cyclical slowdown in the short term. home builder sentiment has started and from a u.s. equity perspective we've seen relative earnings momentum turn over and valuations like price the book appear more vulnerable if we do get a more value tile macro. >> you do have strategies, you might want to it xhb december put spreads. this is not my area of expertise whatsoever, but what would you say about kind of the market pullbacks? i guess it depends on your time horizon. is the kind of pressure you see something that goes into year end?

is it something more? >> yeah. look, as i mentioned, we've taken a more bearish stance on cyclicals. we've taken a moderately long volatility and long quality bias into the fall and into the latter part of this year. we've started to see this play out a bit, especially post-september fomc. as the u.s. equity market interestingly continues to trade this, good is bad, bad is good narrative, you know, you saw with the numbers a couple days ago, you saw the reverse of that, you know, yesterday. so, you know, the question is what ultimately breaks us out of that? you know, it's john pingel, our chief u.s. economist on the program earlier, who said you'll start to see further deterioration, you no, in the labor market data. that ultimately hurts the u.s. consume, and that ultimately feeds through to corporate profitability. >> he was great. bad news is bad news again for home builders in the housing market. maxwell, thanks so much for joining us today. appreciate it. >> thank you.

>> that does it "the exchange" but for more analysis on the markets and economy sign up for my newsletters by scanning the qr code on your screen. next on "power lunch," a multi-billion dollar laundering scheme to lead into asset seizures in singapore. we've got details. tyler is getting ready. i'll join him on the other side of this break. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot.

this is spring semester at fairfield-suisun unified. they switched to google tools for education because there's never been a reported ransomware attack on a chromebook. now they're focused on learning knowing that their data is secure. ( ♪♪ ) welcome everyone to "power lunch." alongside kelly evans. i'm tyler mathisen. glad you could join us. higher wage contagion. if and when the various labor strikes are resolved, one thing is pretty certain. thousands of workers will have higher pay, but will all those new salaries lead potentially to higher inflation? we'll look at that. plus, carrying debt weight. this higher interest rate environment could pose a risk to overleverage stocks and we're going to take you through some of the name, kelly, that could be impacted.