Despite the strong headline number, the labor market is slowing…but is it slowing fast enough for the Fed? No, says one of my guests, and don’t bank on a rate pause ahead because of it.  And, shares of Warner Brothers Discovery bouncing back after its U.S. streaming business turns a profit but is the euphoria misguided? We look at who is best positioned to come out on top in the streaming wars.   Plus, our market guest says there’s one trade you should definitely avoid right now, it’s the names with exposure to San Francisco—which she says- is starting to look like Detroit.   

The Exchange goes on the road to Washington, D.C. ahead of the Federal Reserve’s interest rate decision. Sen. John Kennedy joins Kelly and Tyler to discuss the economy, the banking industry, and the debt ceiling deadline. David Wessel from the Brookings Institute says the big question is what the Fed will signal about June. And Dan Clifton from Strategas has a closer look at the policy implications of the recent bank failures and a potential default.