Last week’s smaller rate hike from the Federal Reserve already didn’t sit well with former Fed Governor Lawrence Lindsey. And then came the shockingly good jobs report. Lindsey now says Jerome Powell needs to give the market a “slap” – and not just a warning. He’ll join us to make his case, as we gear up to hear from Powell again tomorrow. Plus, tensions between the U.S. and China are rising, after a suspected “spy balloon” floated across the country, leading to a cancelled diplomatic meeting. We’ll look at the potential economic fallout. And, we’ll tell you all you need to know about Pinterest, BP and Royal Caribbean ahead of results on deck in a fresh edition of “Earnings Exchange,” as worries about corporate profit margins grow.

Kelly explains why investors flooding back into “risk-on" might be in for a rude awakening.