You're listening to The Exchange. Here's today's show.

Thank you very much, Frank, and welcome to The Exchange. I'm Kelly Evans. Stocks are mixed

this afternoon with the Dow turning positive and take a look there on your screens. The

S&P now turning positive as well. The NASDAQ is down 26 points. The attention today's squarely on the bond

market. The 10-year yield hitting 4.5%. The 30 years, as you can see, was above 5%. Now it's back

down to 495. The House Budget Committee approving President Trump's tax and spending bill.

Fiscal Hawks are pushing for changes, though, saying the cuts don't go far enough and will

worsen the deficit.

The high deficit in debt pushing Moody's to cut the AAA rating on the U.S.

That's what's precipitated all of this.

Meantime, the president blasting Walmart this weekend, writing that the company should stop trying to blame tariffs as the reason for raising prices,

adding they should, quote, eat the tariffs and not charge customers anything.

That stock fractionally lower, but it's about to turn positive today as well.

Let's begin with Treasury Secretary Scott Bessent downplaying the Moody's U.S. credit

downgrade on Meet the Press this weekend.

He called it a lagging indicator.

Who cares?

Qatar doesn't, Saudi doesn't, UAE doesn't. They're all pushing money in.

Does the bond market care? Just the bond market care? Looked like it did. Now, I don't know,

we were treated from earlier highs. Yields are still elevated, though, with a 30-year just below

5%. The 10-year just below 4.5%. About 2, 399 on the twos.

Sorry, 399 on the two year there. The downgrade also on the radar of Atlanta Fed President

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