The Wall Street Journal’s Greg Ip joins us to discuss whether U.S. Treasurys are losing their safe haven status after Treasury Secretary Bessent’s buyback plan. Plus, Guggenheim’s Simeon Siegel is here with his retail outlook after a big earnings week. And Pantera Capital’s Cosmo Jiang weighs in on bitcoin’s big week and the other big headlines in the crypto space.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Safe Haven Status, Retail Wrap Up, and Crypto Comeback 8/21/26

The Exchange

You're listening to The Exchange. Here's today's show. Thank you very much, Scott. Stocks are moving higher today, but so are bond yields as Besson's bond buyback rally fizzles out. Welcome to The Exchange. I'm Kelly Evans. And we have treasury yields hovering near their highest levels in over a decade, despite the Treasury's effort to curb them. You see the 10-year, 473 today, 527 for the 30s, climbing back up towards 533. Now,

stocks are taking the move in stride, but the S&P and NASDAQ are still on pace to snap a three-week win streak. Also breaking a three-week win streak are the semis, although they are attempting to rally today, currently down about three-quarters of 1%. Bitcoin, meanwhile, on pace for its best week in three years. But our guest says this may be more about the dollar than any crypto fundamentals. Maybe it's a mix of both, up 6% again to 77K today. And if you missed it and the debt drama,

the economy seems to be humming along. Today's numbers showing U.S. business activity grew at the fastest pace in over four years, fueling a wave of hiring, in fact. And don't forget yesterday's Philly Fed survey hitting a five-year high. We'll speak with Jay Timmons of the National Association of Manufacturers about the resurgence. But we begin with the Treasury market, where investors are sending a clear message to the Treasury, we're in charge. This battle between

bonds and Besson is playing out seven days before Fed Chair Warsh speaks at Jackson Hole, following what he called a family fight at July's Fed meeting. So how much breaks out into the open? And did Treasury Secretary complicate the Fed chair's next move? Well, Steve Leisman joins us now for more details on that.

Safe Haven Status, Retail Wrap Up, and Crypto Comeback 8/21/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Safe Haven Status, Retail Wrap Up, and Crypto Comeback 8/21/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.