
The Exchange
"The Exchange" on CNBC is a one-stop shop for the day's top business stories, along with breaking news and the must-see market movers heading into the back half of the trading day. This newsroom-based program also features lots of original reporting, in-depth conversations and showcases CNBC's award-winning investigative work.
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President Trump moving to fire Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. We spoke with another federal official locked in a legal battle with the president over her own firing, and our panel of experts discusses the fallout for rates and the market.

The Trade Ahead of Nvidia, Intel’s Government Stake, AI Adoption & the Future of Work 8/25/25
What the options market is saying about Nvidia’s post-earnings move. President Trump saying the government could take stakes in more companies. Plus, just how much AI could create in market value over the long-term, according to Morgan Stanley.
Fed Chair Powell paving the way for a September rate cut, sparking a rally on Wall Street and helping to boost tech after some rough sledding. We dig into what to expect from the Fed after the next meeting and how to position. Plus, BofA’s Savita Subramanian changing course on one segment of consumer stocks after being
Former Fed Governor Larry Lindsey weighs in on the chance of a September cut. We look at where traders are buying the recent weakness in momentum stocks. Plus, it’s a bird, it’s a plane…no, it’s a burrito!

Playbook for a Hawkish Surprise, Target’s Path Forward, and AI Spending Strength 8/20/25
Barclays not expecting a September rate cut. Their strategist tells us how to play a potential Powell hawkish surprise at Jackson Hole. Target has a new CEO, but the same issues. Plus today’s AI spending may look like the Internet boom of the ‘90’s, but there’s a key difference this time around.

A September Skip, The Bullish Case for Viking Therapeutics, and Lassoing the Laggards 8/19/25
Why the Fed could skip a September cut altogether, despite higher inflation data. BTIG makes the case for sticking with Viking Therapeutics despite disappointing weight loss drug trial data. Plus, the laggards our traders says to buy now.