• The Exchange Jul 29

    Kelly Evans: The Big Deal About This “Big Deal”

    I don’t love following all the machinations in D.C. So when it seems like Big Things Are Happening, I turn to my political guru, CNBC producer Jackson Burke, for the real story.   I asked him about The Infrastructure Deal that seems to be coming together. Is it really, and what’s the real story? Here are his super-condensed thoughts:  “The...

  • The Exchange Jul 28

    Kelly Evans: The Cost of Having Kids

    We talked yesterday about China’s crackdown on tutoring firms, which are reportedly under heat for contributing to Chinese parents’ reluctance to have more children. Basically, they cost a ton of money but are seen as essential for getting kids “excellent grades, excellent test scores, and admission to an excellent college or university.”   Gee, sounds familiar! How ironic that in...

  • The Exchange Jul 27

    Kelly Evans: China Cracks Down

    “China stocks implode” my inbox screamed this morning. Even our running coach was talking about it (“Did you see the Chinese markets?”) at our 5:30 a.m. track session. The Hang Seng in Hong Kong is down almost 10% just since Friday. One of the main China ETFs here in the U.S.–the KWEB–is down 18% since then!   We actually spoke...

  • The Exchange Jul 22

    Kelly Evans: Heads Up – Our ESG Special Is Today

    Hi everyone!  At 2 p.m. ET today, Power Lunch is doing an hourlong special on “ESG” investing. Set your DVRs or whatever, but we’ll have segments on each aspect – literally the “E” (Environmental), the “S” (Social), and the “G” (Governance), with a critical look at how this massive new investing trend is affecting corporate America and Wall Street.   As…

  • The Exchange Jul 21

    Kelly Evans: Uh-Oh, It's Gary Gorton

    One day, not long after the financial crisis in 2008-09, I ran into the newsroom at The Wall Street Journal, where I worked at the time. “You guys!!” I said. “I just read the most amazing paper about shadow banking that explains everything.”   I was referring to the work of Yale researcher–and former AIG consultant–Gary Gorton (see full list of his work...

  • The Exchange Jul 19

    Kelly Evans: Everything's Falling

    The Dow’s down 800 points, the 10-year yield is now below 1.2%, Bitcoin is down $900, and energy is getting shellacked.  My own personal hypothesis is that this is capitulation–of the inflation trade. Energy being the last shoe to drop, after OPEC+ decided to boost output. Gasoline futures are down 5% (hurray!).   Oddly, I’m even more persuaded by Michael Darda’s…

  • The Exchange Jul 16

    Kelly Evans: Why Do Interest Rates Keep Falling?!

    Yesterday was really, really weird. I’m standing there rattling off stats about how poorly Cathie Woods’ ARK ETF is doing–her widely followed ARK-K innovation fund was down for the tenth day out of eleven–and in the next breath talking about how the 10-year yield had just slid below 1.3%.   That’s not what’s supposed to be happening. Everyone would say that the...

  • The Exchange Jul 15

    Kelly Evans: What the Child Tax Credit Is Really All About

    It’s already getting a ton of buzz. “Did you get the notice?” People are excitedly asking one another. What’s all the fuss about? The “child tax credit” payments that start going out today.   Wait a minute, all this excitement over a tax credit? Yes, because it’s a euphemism for straight cash from the government, no-strings-attached (irrespective of what taxes...

  • The Exchange Jul 14

    Kelly Evans: Where Will Bitcoin Strike Next?

    One evening this spring, Strike CEO Jack Mallers was eating at a sushi restaurant in San Salvador with a couple of his friends when he got a strange DM on Twitter. It purported to be the brother of El Salvador’s president, saying they wanted to talk to Jack about the sudden growth of his app in the country.  The...

  • The Exchange Jul 13

    Kelly Evans: Where Inflation Hides

    The CPI report out this morning wasn’t pretty. Prices are up 5.4% from last June, the most since 2008 (the core yearly gain of 4.5% is the highest since 1991). Put differently, it means your dollar doesn’t go as far. The same buck that got you three candy bars in the checkout line last year falls shy of being able…

  • The Exchange Jul 12

    Kelly Evans: The Future of Bank Earnings

    Bank earnings kick off this week with reports from J.P. Morgan and Goldman on Tuesday, and…oh wait I just fell asleep.   Listen, it’s not that each of these companies doesn’t have a fascinating story to tell. For instance, I really hope Wells Fargo, on Wednesday, can better explain its decision last week to suddenly shut down personal lines of...

  • The Exchange Jul 2

    Kelly Evans: Space Flight Vs. Gasoline

    I’m with Eamon here. “Would you fly into space on one of these contraptions?” He tweeted this morning. “I’m happy to let the billionaires go first.”  Did you hear the news? Richard Branson is planning to launch himself into space on July 11th–beating Jeff Bezos by nine days. This CNBC article by Michael Sheetz is a fascinating encapsulation of...

  • The Exchange Jun 30

    Kelly Evans: The Trade That's Not Working

    It’s late April, early May. Prices are spiking everywhere. Lumber has soared. Food costs more. Everything costs more! Interest rates are rising. TikTokers are passing around terrifying charts of the M1 money supply. BUY CRYPTO!!! they warn. It’s a commodities supercycle!! the experts say.   Just as you put the inflation trade on–it’s over. This has been a dramatically different market over...

  • The Exchange Jun 28

    Kelly Evans: #3under3

    My oldest turns three on Sunday, thus bringing to an end the insanely intense six-month stretch we’ve endured since January–having three kids under three years old, or, as the hashtag I follow on Instagram for consolation and inspiration puts it, #3under3.  The crazy part is, I’m really going to miss it. I’m tearing up even as I write this,...

  • The Exchange Jun 24

    Kelly Evans: Moving to Tennessee

    If you thought the states’ battle for businesses and talent was bad before, just wait  I was at the lake over the weekend talking to another dad as we watched our kids running around together in the sand. “It’s too bad we’re only just meeting,” he said. “Because we’re moving next week.” They’re moving to Nashville. It turns out...

  • The Exchange Jun 22

    Kelly Evans: The Burbs Are Back

    I lived in Stamford, Conn., for awhile about six or seven years ago. This was sort of at peak-urban, when all the millennials–and anyone who could, really–lived in the city, and any unfortunate companies who were still headquartered in the suburbs were quickly trying to get back there, too. You’d drive down places like Long Ridge Road and there...

  • The Exchange Jun 17

    Kelly Evans: Battle of the Inflation Bulge

    Consider the following and then tell me what you think is going on.  Paul Tudor Jones, on Monday: “If they say, ‘we’re on path, things are good’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold.”  Trading as of 12 p.m. Thursday: Gold -5%, Silver -7%, Copper -4%, Palladium...

  • The Exchange Jun 15

    Kelly Evans: Is Venture Capital Bad for Society?

    Here’s a half-baked thought I’m just going to throw out there:   Is venture capital bad for society?   I was thinking about this as we talked to Kevin Roose yesterday about his recent NYT piece, “Farewell, Millennial Lifestyle Subsidy.” His point is that all the goodies millennials enjoyed over the past decade or so–cheap Ubers, food delivery, and on-demand household...

  • The Exchange Jun 14

    Kelly Evans: Are Meme Stocks Now an Asset Class?

    First they ignore you, then they laugh at you, then they fight you, then you win.  Guess who’s now in consideration to be added into the portfolios of professional money managers? Yup–the meme stocks.   What began the year as a quirky sideshow (have you seen the run-up in shares of GameStop? *eyeroll*) is now morphing into a way for...

  • The Exchange Jun 11

    Kelly Evans: Big Algo Vs. Big Corporate

    I was speaking with a friend recently who is making a job change. She wanted to get out of digital media and back into “old” media. Why? “I’m sick of trying to figure out what Google wants all day long,” she mentioned.  I thought about that when I saw this New York Times story about TikTok influencers: “Young Creators...

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