brenda, you first. >> eaton corporation, more demand for electricity >> and there is a lot. transdigm. >> look, it's just a great company, and their end marks are defense and after market >> goldman sachs >> all right well, see you on "closing bell." ♪ ♪ >> we will see you then, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. stocks are lower once again today, as those yields keep on climbing the ten-year hitting 4.25, the highest level since july our guest sees some opportunities, but other areas to remain cautious, particularly on the long end. we'll dive into that speaking oh of cautious, it's robust on the economic front, but the winner of this year's prize in economics says america is sleepwalking into an economic

storm. it's not just skyrocketing debt that's got him concerned plus, tesla reports after the bell tonight the shares are lower we'll explain why there's still so much downside ahead and what we might hear from the company tonight. let's get a broader look at the markets right now with the three major averages lower across the board the dow and s&p on track for a third straight down session after coming off a six-week win streak and notably, the nasdaq is underperforming today. we've been seeing strategists wonder if it will ever get more directly hurt by the impact of rising rates, down 1.5% today, maybe connected, maybe not there's some softness in apple 4.25 we hit on the ten-year, and gold meanwhile is touching yet another record high. it's 46th so far this year, still around $2700 an ounce, taking a bit of a breather here today. or at least later in the session today. and the dollar index, look at

this, $104, continuing to strengthen this is the highest level since early august but the fact that these have both been rising has defuddled some let's start with the ripple effects that interest rates have been having. the ten-year has moved 50 bases points higher since the fed cut rates. rick santelli has more on this action joining me also are my other guests they'll tell us what it means for housing ahead of the historically slower season we're heading into rick, kick it off for us when will we stop seeing yields going higher >> yeah, i'll tell you, there's so many questions as to what's driving yields higher. my answer to that is, pick a category we've had better data, especially in the labor market

that's one reason. we see term premium expanding, meaning the distance between various maturity points on the yield curve, and it's not just in the u.s. but a global phenomenon but underneath all of that, let's be real here global debt is at an all-tyke historic high. u.s. domestic debt at an all-time high. what's the other side of the street when you have historical debt usually followed by historic supply you need to put out those papers, securities and bonds to pull in the money to keep spending that really is the driving force here so whether you're looking at a mid-july start to ten-year in the u.s., as you see on that chart, or move towards the european side, with regard to boons, which are hovering at the highest yields since early sent, but close to the highest yields since mid-july if we look at the uk, the ten-year gilt, it's at levels we

haven't seen since early july. and a name i don't often throw out there with interest rates, but things are changing. maybe the most indebted nation on the planet with respect to percentages versus gdp, that's japan. their 40-year security is very close to 2.6%, and that is the highest level sense 2008 16 years so how is this all going to sift through? i'll tell you what, central bankers be a little nervous, because when you lower rates as a central banker, and this is the response you get domestically and globally. bank of canada had its fourth rate cut today you need to be careful, the markets are sending a message. is anybody listening kelly, back to you >> i'm listening rick, thank you. our next guest is finding opportunities in fixed income. not treasuries per se but corporate credit, which has been super strong joining me is mark avalon. mark, you might think people

would be burned to some extent by this backup in yields, but spreads are the tightest they have been in like 15 years, and the appetite for corporate creditseems unabated >> well, there are a couple of reasons to own bonds, and for a lot of retires and investment counts, it's a balance against inevitable stock volatility. it's been a proven diversifier, except for that awful 2022 so jumping ing back in here wi corporates in the 5% yield range is not a bad way for investors to stay above long-term inflation. goldman came out with a report that said stocks may nch 3% for the next decade. so instead of thinking bonds are a slow waste of time, think about taking on equity risk and only getting 3% for the decade if you can go out and get investment grade, solid american companies at a 5% plus rate of return, we think that can be

attractive for investors >> i like the way you put it you're not looking to hit home runs with the bond portfolios, just looking for maybe some diversification, a little bit of cautious positioning and so there are a few other ways of doing that on the shorter term allocations, but i think there's a lot of people who just want to side step this all together until things settle down >> that's right. on the short end, money markets are hard to beat, and we understand why the emotion is there. we try to lengthen duration a little, whether it's jpmorgan's ultrashort bond, we lean on those great companies to take care of that end of the yield curve. we want to get individual securities further out on the timeline but we think that investors who have been burned, if they have availability throughout the yield curve, they stay interest rate neutral, stay away from the long end leave that for those looking for

capital gain and you'll avoid those massive price headaches. >> i just want to point out when private credit is blowing up, using that in a positive way, it's becoming an enormous asset class with a lot of people excited about the opportunity for retail investors, but you sound a note of caution here >> we're very much against individuals buying private credit i was a lender for many years, and i understand that banks say no a lot of times, but a lot of times it's for good reason what we learned in 2008, if you give wall street bankers bonuses to make debt and then sell it to another holder oh of that debt, you're running a big risk. there's a reason commercial bankers are mostly paid a salary with a small bonus wall street, maybe the reverse and i don't mind if they hold a large portion of that and then sell a portion to their retail or private client, but i'm concerned when a majority of that debt is off their balance

sheet, they're on the next deal, and someone's holding the risk that has rarely proven to be a good, long-term play for fixed income investors >> yeah. again, a lot of these are floating rate instruments, so the yields will look even more attractive right now, but the risks to the companies grow as well, because these are expensive to service they have to make enough money to justify that. just a final word mark, on the markets and how you ex-pekt the economy to digest this, how are you positioning? >> we thought when the fed lowered 50 basis points, we were together that day, and i said i wouldn't be buying bonds right now, the ten-year was almost 3.8. we backed up almost 50 basis points this is a more attractive entry point for bond investors i don't see it staying higher much longer. it can spike up, especially in front of this election the fear of what both candidates are saying is very inflationary. but i think investors need to

realize campaigning rhetoric, most of it is not going to come to pass. we think that rates settle in, in the 4% range, which will be favorable for some borrowers we don't expect anything near the 5% so we're still bullish, and stocks generally perform well with the ten year in the 4%, 4.5% range or lower. >> mark, thank you for your time today. appreciate it. that rate cut last month was widely expected to jump-start the housing market, be you the moves in the ten-year have put the kibosh on that lately. let's bring in diana olick with more on the latest data we just got this morning >> reporter: the average rate on the 30-year fixed rose seven basis points to 6.92%, nearly a quarter oh of a program point gain just this week so far and this morning, we got the latest read on existing home sales for september. they dropped to the lowest level in 14 years. now, this count is based on

closings so contracts signed, mortgage rates started july close to 7% and then fell slowly through august to just below 6.5%. rates are more than a full percentage lower than they were a year ago inventory was helping, rising to a 4.3 month supply still not a balanced market, so the pressure continues on prices, which were up 3% year over year in september, a and the 15th consecutive month of annual price gains that may be why cash is now king 30% of sales in september, that is unusually high. homes are sitting longer, an average 28 days compared with just 21 days a year ago, and first-time buyers really fell out. just 26% of september sales, that matches the all-time lows set in august, kelly >> wow so now that rates, you know, are lower than they were a year ago, why is mortgage demand still falling? >> well, we got that from the mortgage applications data this

morning. we know that refies came down because rates went up, but demand for buyers fell 5%. a lot of people are saying maybe it's the election, they're just waiting. this is the most up-to-date indicator we get is that weekly mortgage applications on home buying, so people are concerned about the economy. they may not want to make such a big investment but remember, when we talk about supply coming up, the supply that is increasing is on the higher end of the market, so there's a very big affordability challenge on the lower end >> diana, thank you. our next guest says the surge in mortgage rates that we have seen lately is the equivalent of a 6% increase in a homes price monthly payment perspective. allen, welcome so this really has an impact >> yeah, hey, kelly, thanks for having me. no question it has an impact there's a lot of noise in the housing market right now diana mentioned the election, higher rates, et cetera. at the end of the day, this is a market where affordability

remains incredibly stretched there was a lot of optimism this time a month ago that rates would continue downward, maybe dip into the 5s. of course, we have seen a reversal there so it's important to keep in mind what impact that has on the consumer every 25 basis point increase in mortgage rates is the e give rant of a 3% in home prices on a monthly stand point. >> what does it mean for the housing market overall >> well, i think from the housing market perspective, we continue to see a slow grind higher over the next several years. you know, rates obviously off of the bottom here, but still down year over year we're seeing a solid economy and i think from a very high level, more inventory. as long as that's not stressed is a good thing to get the wheels moving again in the mousing market, because the resale market has been constrained by a lack of inventory. the new home market, on the other hand, we see solid activity there

the builders have a real competitive advantage, they can buy down mortgage rates, so they can solve a portion of that for the buyer. and they have taken some share from the resale market >> in that case, where does that leave the home builders? >> from a home building perspective, we see single digit volume growth. where the stocks have been under pressure recently, down 10% from the highs, i think is more around concerns about gross mar margin and what impact that will have so there's demand for homes and they're selling, but the question is what price and margin given where affordability is, we don't see a lot of opportunity to raise prices or lower incentives to drive that marnlen b -- marging back up. >> although we're hear that's what some builders are doing >> there was a lot of optimism in the industry, that they would

be able to dial back those incentives and stabilize margin. that really hasn't happened. we heard from a number of companies over the last several weeks and now earnings season is kicking into high gear, that incentives remain competitive, and that's putting a downward pressure on gross margin >> all right allen, thank you for joining us. we appreciate you checking in today. >> thanks for having me. coming up, it's been a scary october for tesla investors. that disappointing deliveries number, and shares on track for their worst month since january, we'll ask our guest. but first, the ai boom is pushing vertiv to a record high, although shares are slightly lower in a volatile session. the company manufacture alreadies the cooling equipment needed for the infrastructure. we'll speak with the ceo on a guidance hike. and here's a look at all the

major indexes at session lows. we're back after this. >> this is "the exchange" on cnbc

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shares down as much as 7.5% in premarket, then in positive territory, despite better than expected q4 earnings outlook that along with what jim cramer called the outperformers could be pressuring shares today vertiv is up more than 700% the last two years as ai fuels the need for cooling equipment joining us now is the ceo. welcome. >> thank you for having me >> what would be your message to investors who are skeptical of maybe the gains you have seen recently can continue? >> well, we have 37% 12 months order number we have very strong plans measuring the volume of

commercial activity that has been growing quarter to quarter. so we believe we are in a very strong position to really enjoy the benefits so the acceleration of demand that ai is driving to the entire industry, and we are a leader in the data center infrastructure so i'm very optimistic about the future >> obviously, the share price has reflected that, and people are still looking for big gains when it comes to ai. do you think that positive momentum can continue for one quarter, two quarters, six quarters, 12 quarters? >> let me talk about ai in general, and building the infrastructure for ai. this is a very, very early stage of whatever ai will be probably another revolution. and it will go on for quite a long while so i'm very optimistic, and also very, very optimistic about that

in this space. for both the power provided for output volume, we are essential to the industry for the growth and we see that in our numbers >> what differentiates you -- there are many others that do this, from established companies, others that will be startups going after some of these profits. what is your plan? >> it has decades of experience in the industry. certainly an extremely strong rnd, let's say strength and tradition and investment we are a leader globally in digital critical infrastructure. so we play with the biggest -- we work with the biggest players, both on the customer side and on example the nvidia, defining the technology of the future so not only is our ability to

scale our certainly very strong presence today, but the fact that we can, without customers, ensure that they are future ready, and that they will win in the ai market. >> understood. i just want to mention as well were you guys a spak >> we were a spak in february 2020 >> why did you go that route, and that whole sort of opportunity of public -- going public that route has not had a great reputation, but you guys are probably the most successful of all of them >> we're a very strong company we were a very strong company then, and we're a real strong business now with a lot of good fundamentals and our performance is showing this. so they want to comment about spaks in general, i think vertiv

was a very strong company in a very good market, and outperformance is the benefit of that >> electricity being used by data centers, i heard it's 10% of all u.s. electric demand and how much that is going to require. is there anything from your point of view to make this process more energy efficient or anything like that >> well, energy efficiency is built in everything we do. we don't deliver products that insist -- we're constantly more energy efficient but if you think about the data industry as a whole, it's an industry that is built on electricity. so the electricity has an opportunity for being long-term sustainable. data center demand is growing, and so is the power for data centers.

that will continue and that industry is getting ready for that but more and more efficiency, and over time, also heat reusers, all to, you know, make sure that energy can be also utilized for all participants. >> you are head quartered in westerville, ohio, a popular state for the election is there anything there that could change based on the election outcome >> we are very confident in the future, as we look at the markets. i think that the future is bright for us, regardless of the direction of the elections >> gio, thank you for your time today. >> thank you very much >> hope to see you soon. as we head to break, take a look at shares of starbucks, bouncing back from a sharp drop in extended hours yesterday after they focused preliminary fourth quarter results that showed a 10% drop in traffic to north american stores.

also suspending its outlook for fiscal 2025. meantime, mcdonald's is on pace for its worst day since the start of the pandemic after an e. coli was linked to its quarter pounder burgers. the agency says 49 cases were reported in ten states with most of the illnesses in colorado and nebraska ten hospitalizations so far, one death. mcdomcdonald's is removing the quarter pounder from colorado, kansas, and wyoming. we're back after this.

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yesterday, as travel demand shows some signs of weakening. that has hotels down about 3%. now to tyler mathisen for the cnbc news update >> thank you very much a chinese influence operation is targeting down ballot races in the united states, according to new research published by microsoft. an army of state-controlled social media bots are attempting to influence voters in alabama, texas, tennessee, by creating fake accounts that disparage gop lawmakers. the report says the lawmakers were targeted because they had spoken out against china's policies the carbon dioxide removal industry is calling on the u.s. to adopt standards in regulations in an effort to boost confidence in the business the report today, industry nonprofit the carbon removal alliance recommended ways to improve monitoring, reporting and verification and former pitching acore er

if ---er if demand e-er if nano valenzuela has died >> tyler mathisen, thank you coming up, tesla shares are down 11% since that robo taxi event two weeks ago. can today's results after the bell help to turn things around? we'll have that next "the exchange" is back after this

welcome back to "the exchange." october has been tough for tesla. the shares are down 17% after the company fell short on q3 deliveries and failed to impress with its robo taxi reveal. the ev maker reports after the bell my next guest says 2025 ain't

looking too good either. his $120 price target is one of the lowest on the street, 44% downside from the current price. let's bring in tony, welcome to you. and the problem with tesla, it goes through periods where it makes the bulls and bears sound like geniuses, but never one consistently >> good amp, kelly yes, it's a really tough stock to trade well. and sentiment shifts largely on what elon musk is saying and what investors are hoping might happen based on those statements and so tonight, when you get real results, we know what deliveries are going to be i think investors will be focused a little bit on where margins are, which are always a key question tesla's had to be more aggressive in its discounting and financing over the last several quarters, so investors will look at automotive gross margins x regulatory credits,

that's a key metric. more importantly, they'll be listening to what musk will say about next year and potential growth when will the tweaks to existing models occur, and do investors feel confident that tesla can start to grow again? >> what is your expectation for margins x credits? >> last quarter, kelly, they were 14.6% we're forecasting them to be slightly down. there are pushes and pulls on that number. we think the commodity cost environment has improved, but tesla has been more aggressive on financing and has also cut costs. so we expect them to be flat to slightly down this quarter >> fair to say we only care about these results because there wasn't more razzle dazzle from the presentations that could have focused more on software autonomy, tech valuations, and not the automow save business? >> i theink so

i think after the robo taxi event, investors were like, okay, that's not happening in the immediate term so let's focus on what is happening fundamentally in the business and so, yeah, i think there is -- there will be a focus. but, again, looking forward, we know what deliveries are tesla reports those at the beginning of the move, so it will be about margins and about what can you -- what can tesla tell investors that will make them feel confident that the company can get back on a growth trajectory >> why should the shares be trading at your price target and kind of -- have they ever been at that kind of multiple in recent history >> yeah, i mean, it's difficult to ascribe a multiple to tesla certainly they've been at my multiple, because earnings expectations for this year, for 2024, were $7. they're now under $2

and so earnings have fallen by 80% and the stock has not fallen by 80% or 70%. so clearly, they've traded at this multiple. you know, they're still trading at nearly 100 times earnings and that's based on the belief that there's something more than just the current earnings stream likely self-driving revenues from full self-driving software sales likely from robo taxi and from ontymus robot. we think the automotive business is probably worth $40, $50 a share, that would make it almost the, you know, the highest automotive -- highest valuation among any traditional oem. and then the rest of the valuation is how much you want to ascribe to tesla's other businesses and that's where the difference of opinion comes in, and why

there's such wide range of valuation among tesla is, some people believe that those income streams could be very, very large. other people are more conservative on them, and we're certainly in the latter camp >> $40 or $50 a share for the automotive business and the shares are at $213 is there any risk event if musk ascends to a role at the white house, or investors already comfortable with the fact that he's not giving tesla his full-time attention these days >> that's always been a concern that's been mitigated of time, because musk has proven he can do many things very well at the same time. these are obvious questions about whether there could be potential conflicts of interest if he does become very engaged in politics and takes on an official role, and whether that might prevent him from continuing to act in the same capacity at tesla or other

companies. that's the bigger question he's proven time and time again that he has, you know, an incredible capacity to manage multiple businesses. >> finally, anything on the deliveries, on the margins front, anything that could reignite another bullish moment for tesla here tonight >> i think certainly look, if margins were to improve and tesla talked about growing units this year and growing units much more next year, you could see more life in the punishment story right now, i think the feeling among investors is that the car business is somewhat on hold until they come out with a lower cost model, likely in '26 or '27. the question is, is there something in the interim that investors can get excited about, that some of the tweaks to existing models will occur, they will be meaningful and lead to growth next year

you know, that could make investors feel more positive >> we know what to listen for. tony, thank you for your time today. >> thanks, kelly coming up, apple shares are down about 2.5% today after touching a record high just yesterday. the company just released a new preview of its ai, as well, which includes the chatgpt integration. users can opt in to test out the software here in the u.s., but chinese users are still awaiting apple's ai features andcould b for some time. ceo tim cook has vowed to keep investing in china during his second visit to the country this year we'll have more on that next and let's get a little show and tell where we show you the chart and tell the story it's boeing down 3% today, after reiterating third quarter results in line with last week's announcement, including plans for a 10% workforce reduction, which is split from the machinist strike in his first interview, boeing's

ceo said he knows there is a lot more work ahead. >> i said there's no silver bullet this isn't going to be fixed in one fell swoop we have a lot of issues here that we're dealing with. the first thing is stabilize the business and getting through the strike is the first big step in doing that but we've also got to shore up our balance sheet so that we have a solid banalce sheet to manage the realities of our business going forward

welcome back to "the exchange." stocks are continuing to drift lower, with the dow down 495 points, just a couple of moments ago and the nasdaq down nearly 2% apple shares have been trading show today, but that's not the only contributor could be higher rates. 4.25% is what the ten-year hit earlier on and after an analyst estimated apple cut iphone 16 by 10

million orders as they face increase pressure in china, as well shares are down almost 3%. let's bring in deidre bosa with more deidre >> hey,we kelly apple's china issues are becoming an aii ississue. wash apple can't release intelligence features because beijing has banned foreign developed ai models like chatgpt, which is not going to be integrated. apple has to secure a local partner to power its features, raising all of these questions around sovereignty and privacy so if you're a consumer looking to upgrade in china, you're going to go with the homegrown brand. and if you are an investor, hoping for an iphone upgrade cycle powered by ai, china is not going to help.

china represents apple's third total market, but sales have been under pressure since huawei released its new series, especially the mobile phone that chinese love now, huawei may have the ai edge, which would hurt apple's position even more going forward. earlier this year, apple fell out of the top five smartphone players in china huawei is growing market share 41% annually not only has that pushed apple further down the list but it is quickly widening that gap. apple denounced public data that's chatgpt integration, good news if you are looking for more ai features in the u.s but going back to that, he said there's no evidence that ai is driving upgrades for chinese consumers, though, a research firm found that they are more willing to pay extra for ai features, but if they're looking for that in an iphone,

there's really no plan, no end in sight when they're going to get that, even what we are getting it over here it's a really key market >> i walked into the verizon store last night and walked out with this puppy. maybe 20 minutes later it's a 16, a regular >> is that the 16? >> yep $930, but i got a $730 rebate, for handing in the prior phone so i don't know if this will get the ai features next week, but i saw at&t features were at a 52-week high earlier today i don't know if it's the ai things driving the options cycle, but it's not a bad deal to trade up if it's been a couple of years. >> no, and how much did the ai features play into that, kelly >> zero. the other one droek. -- broke >> i think you're like most people i think that you have to actually see if these ai features are really useful

again, we're going to get them piecemeal. there's an integration today, a wave next week and more later. so if you're skeptical, china is where consumers care about this stuff. and they're not going to get it on an iphone >> deidre, thanks. i had to keep it in my pocket, so i had -- i'm past the point of caring. get it, get out. deidre, thank you very much. >> i like it it suits you >> thank you, deidre bosa. coming up, america is sleepwalking into a storm, according to a nobel prize winner he's back with a nobel prize and three factors he says could make or break the u.s. economy. we'll dive into that, next and news moments ago, the new york attorney general is launching an anti-trust probe into capital one's takeover of discover shares of both companies are moving lower and this october, cnbc is

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welcome back how will ai impact our economy our next guest has said some short-term estimates of it having a big impact are overblown. we talked about that on this program a little while ago but in a "new york times" op-ed last week he named it as one of the three factors driving the coming economic storm which he also says america is unprepared for. oh, and he just won the nobel prize in economics along with two other researchers. that was for his research on

economic development and institutions joining me now is m.i.t. economist and nobel laureate darron acemoglu. welcome back and congratulations. >> thank you it's my pleasure to be with you. >> what are you going to do with the prize money? >> oh, i'll find a way to spend it the u.s. economy needs all the stimulus it can get so i'll use it >> why are you so downbeat i should have had a copy of the economist. it shows america as kind of like this rocket ship, it's this island of prosperity in a world -- you probably read the draghi report about europe what do you see that everybody else is missing about why our good times could dissipate >> well, you know, first of all, i don't think we've had such amazing good times if you look at the measure of productivity growth that economists focus on, it's been pretty slow for the last 20 years. if you look at real wages, there is some movement over the last five or six years but since 1980 about half of the u.s. has had pretty anemic wage growth. so it's not amazing times. now, i think there is an

opportunity for us and the economic storm is really both a challenge and an opportunity i talk about ai. i talk about aging i talk about the remaking of globalization. all of these things are threats because they are big changes but they're also opportunities that we could use in order to make ourselves more productive, workers more productive, workers earn more. in fact, even reducing equality. but the problem is we're not prepared for it. >> so i will say that it would be awful of us to celebrate or champion an american economy that was the fruits of efforts planted decades ago that we are no longer planting and if conditions have changed and are going to lead to a -- it's incumbent on us to recognize they've changed is and try to improve that so 30, 40 years from now another economist can be talking about how great america is doing here are the factors that you think are problematic. number one, aging workforce, fertility decline. number two, automation and ai. and number three, changes to globalization. are these reversible and how do they come together to

create a problem a lot of people say ai solves the demographic issue. >> i think they do interact and ai could help solve the demographic issue. robots can help solve the demographic issue. but the demographic issue is a very big one it's not reversible. more immigration, especially new younger people coming in could slow it down but the whole world is is in the middle of a demographic transition and the u.s. used to be a very young economy and that contributes to entrepreneurship, risk taking, a lot of demand that's not going to be the case anymore. so that's something that's going to hit us. and we are not getting prepared for it in terms of changing jobs, making jobs better, more -- easier for older people to perform and also investing in people so that they can do different tasks and work alongside robots that we will need to use more ai, i don't think that's reversible either. there's a lot of investment in ai this direction is to be determined i think we can steer it in different directions and some of it may be better than others globalization i think that may be reversible. i'm not sure but i think they're coming

>> yeah. so it's interesting -- i mean, a lot of people say fertility's reversible but the one i really want to talk about actually is work from home so going back to the point about keeping every possible person in the workforce, i understand why companies want to bring people back to the office who have been set up that way and been successful that way. that's fine. but i hope that overall there's still a lot of options for remote work to continue because anecdotally that's where i hear many, many people who had been disassociated from the workforce able to come in, stay in, maybe work a little while caring for people who are older or younger than them. so i'd hate to see that kind of be a relic of covid. >> absolutely. i think you are absolutely right. working from home is going to be an important element of our workforce policies, and i don't think we want to give it up. on the other hand, i think we are just coming to grips with what does it mean, for example, to form teams so that people work together. they learn on the job. a lot of investing in people is about on-the-job training.

how do we do that when people work from home i think there are some questions for us to tackle technology will have to play a role but i think the most important thing that i tried to emphasize in that "new york times" article is we need to invest more in people in the american worker than we are doing at the moment. >> all right i don't want to kind of lead this into too overtly political of a note. but you are also concerned or endorsing harris and her economic policies. we're seeing bond yields right now kind of rising sharply on the long and some say there's a political reason for that. others say not so much do you want to leave way parting thought on what's happening with the u.s. economy right now in this very moment >> i think the u.s. economy right now is -- appears relatively resilient, much more so than it did several years ago. and i think one of the reasons why i like harris -- the harris economic plan better, because it has more in terms of worker training and thinking ahead of the curve about ai i think, you know, for example, across the board tariffs or, you know, big tax cuts are not what

we need right now because we need a lot of resources to invest in the american worker. >> okay. understood although you could say that both harris and trump have very similar kind of deglobalization kind of policies >> that's right. the devil's in the detail. we'll see. >> daron, congratulations again on the nobel prize >> thank you >> i'd be curious how you spend it at some point if you -- none of my business. >> i'll share it i'll share it. >> all right thank you so much. we hope to have you back soon. daron acemoglu with m.i.t. that does it for "the exchange" today. with the nasdaq down more than 2% we'll pick up coverage of isart llth mkese-off on "power lunch. i'll join tyler right after this break. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf.

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