The Financial Exchange Show
A talk radio show that provides comprehensive analysis on the economy and the latest breaking business news, while also providing insight on the markets and its impact on your personal finances.
Episodes
May 22, 2026 • 38 mins
Markets are ending the week on a stronger note as oil prices retreat below $100, but inflation concerns remain firmly in focus as Kevin Warsh takes over as Federal Reserve Chair.
Mike Armstrong and Marc Fandetti break down why the Fed may face a much harder policy environment than markets expect, with AI spending driving growth, energy prices still pressuring inflation, and questions building around whether Warsh can establish credi...
Mike Armstrong and Marc Fandetti break down why the Fed may face a much harder policy environment than markets expect, with AI spending driving growth, energy prices still pressuring inflation, and questions building around whether Warsh can establish credi...
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May 22, 2026 • 38 mins
Oil prices have pulled back from recent highs, but inflation concerns are not going away as markets continue reacting to the conflict with Iran, higher Treasury yields, and uncertainty around the path of interest rates.
Mike Armstrong and Marc Fandetti break down why inflation forecasts are moving higher, how energy prices are affecting bond markets, and what incoming Fed Chair Kevin Warsh may face as he takes over during a difficul...
Mike Armstrong and Marc Fandetti break down why inflation forecasts are moving higher, how energy prices are affecting bond markets, and what incoming Fed Chair Kevin Warsh may face as he takes over during a difficul...
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May 21, 2026 • 39 mins
American retail is undergoing a massive structural shift. Hosts Chuck Zodda and Mike Armstrong welcome Luke Kawa from Sherwood News to break down Walmart's latest earnings, surging online grocery demand, and why high gas prices are altering consumer behavior. Plus, a look at Intuit's massive 17% workforce reduction as corporate America races to pivot to an AI-first ecosystem.
Key Takeaways:
Key Takeaways:
- The Premiumization of Walmart: Guest Lu...
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May 21, 2026 • 38 mins
IPO Mania has officially arrived. Hosts Chuck Zodda and Mike Armstrong dive deep into a historic wave of upcoming public filings, breaking down the newly released S1 data from SpaceX and tracking the staggering revenue numbers from Anthropic and OpenAI. Plus, a look at Nvidia's earnings and why the US Government's new $2 billion quantum computing play might be a dangerous precedent for capital markets.In this episode, we discuss:
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May 20, 2026 • 38 mins
Stocks are rallying across the board as reports of possible progress on a US-Iran deal lift sentiment and push oil prices lower. Chuck Zodda and Paul Lane break down the strong market action, record oil inventory draws, and what it means for energy prices and inflation.Key topics include:
- Why the S&P 500, Dow, Nasdaq, and Russell 2000 are all higher
- SpaceX IPO details: Goldman Sachs leading, $2 trillion valuation talk, and wh...
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May 20, 2026 • 37 mins
NVIDIA reports earnings after the bell as investors watch to see if the AI leader can sustain the semiconductor rally with expected $80B+ revenue. Chuck Zodda and Paul Lane break down the numbers, 10x growth in three years, China sales, and what’s next for chip stocks.They also cover:
- 10-year Treasury yields climbing to 4.62%+ on rising inflation expectations
- Target’s strong sales beat but 7% stock drop on weak online growth
- Lowe’...
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May 19, 2026 • 38 mins
Markets are wrestling with a difficult mix of strong corporate earnings, rising interest rates, and growing concern that the AI trade may be getting dangerously concentrated.
Mike Armstrong and Paul Lane break down why investors are warning about correction risk even as earnings growth remains strong, and why the surge in AI-related stocks continues to raise comparisons to the late-1990s tech bubble. They also discuss the upcoming S...
Mike Armstrong and Paul Lane break down why investors are warning about correction risk even as earnings growth remains strong, and why the surge in AI-related stocks continues to raise comparisons to the late-1990s tech bubble. They also discuss the upcoming S...
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May 19, 2026 • 38 mins
The housing market remains stuck as high mortgage rates, weak affordability, and cautious consumers continue weighing on home sales, renovations, and new construction.
Mike Armstrong and Paul Lane break down Home Depot’s latest earnings and what they reveal about the state of housing, from delayed renovation projects to the growing pressure on builders as interest rates move back toward 7%. They also discuss why everyday life still ...
Mike Armstrong and Paul Lane break down Home Depot’s latest earnings and what they reveal about the state of housing, from delayed renovation projects to the growing pressure on builders as interest rates move back toward 7%. They also discuss why everyday life still ...
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May 18, 2026 • 38 mins
The Federal Reserve is entering a new era with inflation still sticky, interest rates elevated, and political pressure coming from every direction.
Chuck Zodda and Mike Armstrong break down the difficult economy Kevin Warsh is inheriting as Fed Chair and why investors may not know whether to expect the inflation hawk of the past or the rate-cut advocate he has sounded like more recently.
Also covered:
Chuck Zodda and Mike Armstrong break down the difficult economy Kevin Warsh is inheriting as Fed Chair and why investors may not know whether to expect the inflation hawk of the past or the rate-cut advocate he has sounded like more recently.
Also covered:
- Why the Fed may be pulled bet...
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May 18, 2026 • 38 mins
AI spending is no longer just driving markets — it may be carrying much of the economy itself.
Chuck Zodda and Mike Armstrong break down why NVIDIA earnings have become one of the most important events for investors, how semiconductor stocks continue dominating markets, and whether the AI boom is creating dangerous concentration in both GDP growth and equity performance.
Also covered:
Chuck Zodda and Mike Armstrong break down why NVIDIA earnings have become one of the most important events for investors, how semiconductor stocks continue dominating markets, and whether the AI boom is creating dangerous concentration in both GDP growth and equity performance.
Also covered:
- Why some analysts estimate AI-related investme...
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May 15, 2026 • 38 mins
Investors spent years expecting lower interest rates. Now markets are beginning to prepare for the opposite.
Chuck Zodda and Mike Armstrong break down why bond markets are suddenly pricing in the possibility of future Federal Reserve rate hikes as inflation pressures, higher energy costs, and massive AI spending continue reshaping the economic outlook.
Also covered:
Chuck Zodda and Mike Armstrong break down why bond markets are suddenly pricing in the possibility of future Federal Reserve rate hikes as inflation pressures, higher energy costs, and massive AI spending continue reshaping the economic outlook.
Also covered:
- Why Treasury yields are rising sharply again and what it means fo...
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May 15, 2026 • 38 mins
The world may be moving toward an energy shock far larger than most investors are prepared for.
Chuck Zodda and Mike Armstrong break down why continued disruptions in the Strait of Hormuz are draining global oil reserves and creating a scenario where parts of the U.S. could see gas prices climb toward $6 to $8 per gallon by late summer.
Also covered:
Chuck Zodda and Mike Armstrong break down why continued disruptions in the Strait of Hormuz are draining global oil reserves and creating a scenario where parts of the U.S. could see gas prices climb toward $6 to $8 per gallon by late summer.
Also covered:
- Why global oil inventories may reach critical levels within months
- The growing ris...
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May 14, 2026 • 38 mins
The AI trade keeps getting bigger, faster, and more expensive — and some investors are starting to see uncomfortable similarities to the dot-com era.
Chuck Zodda and Mike Armstrong break down the explosive debut of Cerebras Systems and why surging semiconductor stocks are reigniting concerns that today’s AI spending frenzy may be creating the next major market bubble.
Also covered:
Chuck Zodda and Mike Armstrong break down the explosive debut of Cerebras Systems and why surging semiconductor stocks are reigniting concerns that today’s AI spending frenzy may be creating the next major market bubble.
Also covered:
- Why semiconductor stocks keep behaving like class...
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May 14, 2026 • 38 mins
Consumers are feeling pressure from inflation, higher costs, and rising financial stress — but the stock market continues pushing to new highs.
Chuck Zodda and Mike Armstrong break down the growing disconnect between the economy and the market as AI spending and corporate earnings continue to drive gains despite mounting concerns around inflation and global energy risks.
Also covered:
Chuck Zodda and Mike Armstrong break down the growing disconnect between the economy and the market as AI spending and corporate earnings continue to drive gains despite mounting concerns around inflation and global energy risks.
Also covered:
- Why AI spending has become the real engine beh...
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May 13, 2026 • 38 mins
The global oil system is running out of room, and the consequences could start accelerating later this year.
Chuck Zodda and Marc Fandetti break down the rapidly shrinking margin for error in global energy markets as continued disruptions in the Strait of Hormuz drain inventories and push oil prices above $100 per barrel again.
Also covered:
Chuck Zodda and Marc Fandetti break down the rapidly shrinking margin for error in global energy markets as continued disruptions in the Strait of Hormuz drain inventories and push oil prices above $100 per barrel again.
Also covered:
- Why U.S. oil inventories are falling at one of the fastest rates on record
- The growing risk...
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May 13, 2026 • 38 mins
Markets are beginning to price in a world where inflation stays higher for much longer than investors expected.
Chuck Zodda and Marc Fandetti break down the latest inflation data as producer prices surge to their highest levels in years and global bond markets signal growing concern about structurally higher inflation and interest rates.
Also covered:
Chuck Zodda and Marc Fandetti break down the latest inflation data as producer prices surge to their highest levels in years and global bond markets signal growing concern about structurally higher inflation and interest rates.
Also covered:
- Why investors are becoming more worried about long-term inflation
- How rising gas ...
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May 12, 2026 • 38 mins
Inflation is accelerating again, and investors are starting to question whether the Federal Reserve still has a path to contain it.
Mike Armstrong and Marc Fandetti break down the hotter-than-expected April inflation report as rising energy, food, and housing costs push inflation further away from the Fed’s target and reignite fears of a prolonged inflation cycle.
Also covered:
Mike Armstrong and Marc Fandetti break down the hotter-than-expected April inflation report as rising energy, food, and housing costs push inflation further away from the Fed’s target and reignite fears of a prolonged inflation cycle.
Also covered:
- Why markets suddenly believe rate cuts are off the ta...
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May 12, 2026 • 38 mins
Inflation is heating up again, and the Federal Reserve may be running out of easy answers.
Mike Armstrong and Marc Fandetti break down the hotter-than-expected April CPI report as rising gas prices, higher shelter costs, and persistent inflation pressures push the economy closer to another potential inflation crisis.
Also covered:
Mike Armstrong and Marc Fandetti break down the hotter-than-expected April CPI report as rising gas prices, higher shelter costs, and persistent inflation pressures push the economy closer to another potential inflation crisis.
Also covered:
- Why the latest inflation report has economists increasingly worried
- How rising oil prices are feeding ...
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May 11, 2026 • 38 mins
The economy keeps adding jobs, but for many Americans the labor market still feels unusually difficult and uncertain.
Chuck Zodda and Mike Armstrong break down the strange disconnect between stable employment data, slowing turnover, rising mortgage rates, and growing anxiety around AI and white-collar work.
Also covered:
Chuck Zodda and Mike Armstrong break down the strange disconnect between stable employment data, slowing turnover, rising mortgage rates, and growing anxiety around AI and white-collar work.
Also covered:
- Why the labor market may be far more stable than headlines suggest
- The industries quietly driving job growth rig...
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May 11, 2026 • 38 mins
Gas prices are climbing again and the global energy situation continues to deteriorate.
Chuck Zodda and Mike Armstrong break down why ongoing disruptions in the Strait of Hormuz are creating mounting pressure on oil supply, fertilizer markets, air travel, and fuel prices across the global economy.
Also covered:
Chuck Zodda and Mike Armstrong break down why ongoing disruptions in the Strait of Hormuz are creating mounting pressure on oil supply, fertilizer markets, air travel, and fuel prices across the global economy.
Also covered:
- Why analysts believe the world is racing toward a major energy shortage
- How India’s fertilizer warning could signal bigger...
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