The Exchange – Episode Summary

Episode Title: New Housing Plan, Big Oil at the White, and Meta Goes Nuclear
Date: January 9, 2026
Host: Kelly Evans, CNBC

Episode Overview

This dynamic episode covers pivotal business and policy stories shaping the day: President Trump’s aggressive new housing initiative, the White House’s much-watched meeting with oil executives regarding Venezuela and global oil supplies, and Meta’s dramatic pivot to nuclear energy for its AI ambitions. The show features expert guests, chief market analyses, and behind-the-scenes reporting as Washington’s policy moves ripple through Wall Street and beyond.

Market & Business Highlights

Timestamp: 01:03 – 03:03

• The S&P 500 hits another all-time high, with broad-based gains. The Russell leads for the week, surging almost 5%.
• Nuclear-related stocks (Oklo, Vistra) soar on a just-announced deal with Meta, fueling tech and infrastructure excitement.
• Oil rebounds: WTI crude bounces back to $59 after dipping as low as $55 earlier in the week.
• Major focus on the intersection of new policy coming from Washington and its immediate market impact.

1. The Trump Housing Plan: Pulling Every Lever

Guests:

• Bill Pulte, Director, Federal Housing Finance Agency (FHFA)
• Libby Cantrill, Head of Public Policy, Pimco

Main Policy Announcements

Timestamp: 02:10 – 13:12

• President Trump’s Housing Orders:
  • Limits institutional investors from purchasing residential housing.
  • Directs Fannie Mae & Freddie Mac to buy $200 billion in mortgage-backed securities to drive down mortgage rates.
  • Indicates further announcements coming at Davos.
  • Mortgage rates now drop below 6% (lowest level in 3 years).

Bill Pulte:

“We finally have a president that knows that Fannie Mae and Freddie Mac exist. We have all of this cash. Why not put it to work? … This is a president that is laser-focused on getting housing affordability back.” — Bill Pulte, FHFA (03:46)

• On the Scale of Intervention:
  • $200B allocated for mortgage securities; questioned if it could go to $1T.
  • Unclear if GSEs (Fannie/Freddie) will IPO or stay government-controlled.
  • Aim: Keep home prices high for existing owners but make new purchases more affordable.
  • Potential for further builder mandates to increase housing supply.

“We are going to keep housing prices high, but we’re going to make things more affordable. And that’s what the American people voted him in for.” — Bill Pulte, FHFA (05:32)

• Coordination Across Government:
  • Emphasis on “all hands on deck” across HUD, Treasury, Commerce, and White House counsel.
  • Trump administration using GSEs as active policy tools—likened to a “Treasury version of QE.”

Market and Economic Theory Reaction:

• David Zervos (via Kelly): Now “don’t fight the Treasury”—federal policy is dictating rates, not just the Fed.
• Term coined: “Trumpetative easing” (T-QE).

“Don’t fight Trump because if you fight Trump, you’re going to lose.” — Bill Pulte, FHFA (09:14)

Supply-Side Measures & Builder Accountability

• Builders control 2 million lots; federal focus on incentivizing and auditing actual housing supply increases.
• Possible future policies: longer mortgages (up to 50 years), capital gains tax breaks for home sales, and structural incentives to free up inventory.

Libby Cantrill, Pimco (13:13+):

• GSE market operations expected, but $200B is “very significant” and stretches Fannie/Freddie’s balance sheets.
• Taking Fannie/Freddie public could limit their use as policy tools; current profits flow to taxpayers.
• Mortgage rates below 6% could have “a big impact,” but watch for future Fed responses.

Notable Quote:

“Taxpayers are actually receiving the benefits, unlike if they were public, where those benefits would be going to shareholders.” — Libby Cantrill, Pimco (15:12)

2. Economic Update: Jobs Report, Rates, and the Fed

Guests:

• Diane Swonk, Chief Economist, KPMG
• Darrell Cronk, CIO, Wells Fargo Wealth & Investment Management

Timestamp: 20:54 – 27:30

• December jobs data shows fewer jobs added than expected, capping a year of a slowing labor market.
• Discussion: Is it time for the Fed to lower rates?
• Swonk: Strong productivity growth, but warns that much labor market softness is structural—rate cuts alone won’t fix.
  • “If it’s structural, the Fed can’t cure what ails us with rate cuts, and they could risk stoking a more persistent bout of inflation.” (24:18)
• Cronk: Yield curve is steepening; markets in a “bliss” state, but that means risk of surprises is up.
• Rising GDP (Q4 tracker over 5%); spending concentrated in top 20% of households—creating a “jobless boom.”

3. White House & Big Oil: The Venezuela Question

Guests:

• Brian Sullivan, CNBC (on the ground at the White House)
• Jeff Curry, Chief Strategy Officer, Energy Pathways, The Carlyle Group

Timestamp: 32:47 – 42:21

• Oil execs meeting with President Trump and Cabinet to discuss Venezuela and oil prices.
• Venezuela once produced 3.4 million bpd, now under 1 million; major rebuilding needed before US firms re-enter.
• US to receive 30–50 million barrels from Venezuela; much of Venezuelan oil infrastructure is in shambles.

Harold Hamm, Continental Resources (34:32):

“I hope [the meeting] will come up with some very good results… but we have no plans to enter Venezuela until there’s security and stability.”

Jeff Curry (36:45+)

• Market sees an oil glut, but most is “floating storage” near China.
• High geopolitical risk as Chinese or others could seize floating oil assets in crisis.
• Global oil inventories low on land, and the market has a record “short” position.

“If you were doing storage arbitrage and building inventories because of a glut, wouldn’t you be putting it in the cheapest tanks in the world, not the most expensive [ships]?” — Jeff Curry, The Carlyle Group (39:28)

• Warns a surprise could spark a sharp rally if traders “rush to the door.”

4. Meta’s Nuclear Energy Bet: AI Needs Power

Guests:

• Julia Boorstin, CNBC
• Pippa Stevens, CNBC Energy Reporter

Timestamp: 45:14 – 49:27

• Meta announces deals with Oklo, Vistra, and TerraPower for nuclear energy to power new AI data centers.
  • Vistra deals involve upgrading existing nuclear plants (Ohio & Pennsylvania), a more proven path.
  • Oklo and TerraPower still await regulatory approval for their small modular nuclear reactors.

“Hyperscalers aren’t backing off one bit in their ambitions… the focus now is pivoting to energy availability.” — Julia Boorstin, CNBC, quoting Wedbush (45:14)

• Meta aims to bring new nuclear power online by 2030, part of a $72B capex plan for 2025.
• Industry parallels drawn to the early days of EV startups; expect shakeout among modular reactor companies.

5. Breaking Policy & Political News

Timestamp: 29:32+; 42:33+

• Minneapolis Shooting: Investigators open public evidence portal for video submissions after ICE-involved shooting.
• White House Protocol Breach: President Trump published pre-release jobs analysis on social media, a break with normal sensitive-data protocols.
  • White House: “There was an inadvertent public disclosure… the White House is accordingly reviewing protocols.”
  • Eamonn Javers highlights the atypical file security around pre-release economic data. (43:31)

Notable Quotes & Moments

• On Trump Housing Strategy:

  • “He is a commander in chief, but as a builder in chief… laser-focused on housing.” — Bill Pulte, FHFA (05:32)
  • “Don’t fight Trump because if you fight Trump, you’re going to lose.” — Bill Pulte, FHFA (09:14)

• On Oil Market Risks:

  • “If you have to scrape the data to find the evidence of your supply glut, it’s not a real supply glut… these things hit you over the head like a sledgehammer.” — Jeff Curry, The Carlyle Group (39:28)
  • “You have an enormous amount of shorts… unwind those shorts, it’s going to be a race to the door.” — Jeff Curry (42:21)

• On AI and Energy:

  • “Meta's nuclear energy is set to come online by 2030 at the earliest. And, Kelly, a lot can change by then.” — Julia Boorstin (46:53)

Key Takeaways for Listeners

• The Trump administration is aggressively wielding federal agencies to shape the housing market, deploying Fannie and Freddie as major market actors, clamping down on institutional investors, and coordinating across agencies to push mortgage rates lower.
• The oil market is undergoing major geopolitical recalibrations, with Venezuela under scrutiny and supply risks—and market shorts—looming large.
• Meta’s nuclear-powered AI future is a massive, high-stakes wager but depends on as-yet unproven reactor tech and long-term planning.
• The show’s experts see a split economy: robust on the surface but structurally shifting beneath (particularly in jobs and consumer spending).
• Policy transparency and process are under fresh scrutiny after the President's early jobs data release.
• Across all topics, the tone is determined, sometimes defiant (“Don’t fight Trump”)—America’s business and policy landscape is in disruptively active hands.

For more in-depth business and policy analysis, tune in to the full episodes of The Exchange on CNBC.