Podcasts about Fed

On today's show we look at HDTV Display Technologies that are no longer with us. Some had a short run and some never made it to the market. We also read your emails and take a look at the week's news. News: LG pulls the plug on 8K OLED and 8K LCD TVs Apple's home hub could finally arrive this spring with a rather unique design Roku is Testing a New Home Screen With A New Look Google Home update brings more automation controls HDTV Display Technologies That Are No Longer With Us Over the 21 years we have been doing the show we have seen numerous HDTV display technologies come and go. Some never made it to market and some had a good run but were eventually beat out by something better. These technologies competed during the transition from bulky CRTs to flat panels, but most lost out as LCD, later becoming LED-backlit LCD, then OLED, became dominant for reasons like cost, scalability, picture quality improvements, and manufacturing ease. Technologies That Were Proposed/Demonstrated but Never Commercially Released to Consumers SED (Surface-Conduction Electron-Emitter Display)Developed primarily by a Canon and Toshiba joint venture starting in the late 1990s/early 2000s. It was essentially a flat-panel evolution of CRT technology using electron emitters for each pixel, promising CRT-like motion handling, deep blacks, high contrast, fast response times, and low power in a slim form factor. Prototypes were shown around 2005–2007 with impressive demos. Why it didn't make it: Repeated delays due to manufacturing challenges (high production costs, difficulty scaling/vacuum sealing), patent disputes, and aggressive price drops in LCD/plasma panels. Then by 2009–2010, LCD had become too dominant and cheap; Canon officially froze consumer SED development in 2010, shifting any remaining efforts to niche professional uses. FED (Field-Emission Display)Similar to SED and sometimes grouped together or seen as a precursor/variant. FED used field-emission electron sources (like microtips) for CRT-style performance in a flat panel. Demonstrated in prototypes in the 2000s by companies like Sony and Motorola. Why it didn't make it: Development took too long; manufacturing complexity and yield issues made it unviable. It was overtaken by faster-scaling plasma and then LCD/OLED technologies before reaching mass production. Technologies That Reached the Market but Were Discontinued DLP (Digital Light Processing) Rear-Projection TVsUsed Texas Instruments' DMD (digital micromirror device) chips to reflect light, often with a color wheel for sequential color (or pricier 3-chip versions). Popular in the mid-2000s for large-screen (50–70+ inch) HDTVs from brands like Samsung, Mitsubishi, RCA, and Toshiba, offering good brightness, no burn-in, and sharp images at competitive prices. Why discontinued: Bulky depth (even if thinner than CRT rear-projection), lamp replacements needed, rainbow artifacts (on single-chip models), poor off-angle viewing, and vulnerability to ambient light. As flat-panel LCD and plasma prices fell dramatically in the late 2000s, consumers preferred slim, wall-mountable designs. Rear-projection DLP TVs largely vanished by around 2010. LCOS (Liquid Crystal on Silicon) / Variants like D-ILA (JVC) and SXRD (Sony)A reflective microdisplay tech using liquid crystals on a silicon backplane, often in rear-projection or some front-projection setups. Offered excellent contrast, deep blacks, and smooth motion (better than early LCDs). Available in HDTVs from JVC, Sony, and others in the mid-2000s. Why largely discontinued for direct-view TVs: High cost, manufacturing complexity, and lower brightness compared to emerging flat panels. Rear-projection versions suffered the same bulkiness issues as DLP. While LCOS survives today in high-end projectors mostly in JVC and Sony home theater models, it never scaled to mainstream direct-view flat-panel HDTVs and was eclipsed by LCD advancements. Plasma Display Panel (PDP / Plasma TVs)Used ionized gas (plasma) cells to create light, excelling in black levels, contrast, color accuracy, wide viewing angles, and no motion blur. Very popular for HDTV in the 2000s from Panasonic, Pioneer, Samsung, and LG. Why discontinued: High power consumption, heat generation, heavier panels, burn-in risk (though mitigated later), and difficulty scaling to 4K efficiently/cost-effectively. As LCD/LED prices dropped with better brightness, efficiency, and no burn-in, plasma couldn't compete economically. Production fully ended around 2014–2015. Other Notable Mentions LCD Rear-Projection TVs — Used transmissive LCD panels; suffered from similar bulk and light issues as DLP; discontinued early-mid 2000s. Direct-view CRT HDTVs — The original standard; fully discontinued by the late 2000s/early 2010s due to size, weight, and inefficiency. Key Reasons Technologies Fail in HDTV Market Regardless of how good a display technology is, the following will keep it from the mass market: Cost & Manufacturing Yield: Technologies requiring ultra-precise processes (SED, FED, LCoS) couldn't hit competitive prices.  Competing Technologies Improve Fast: LCD and later LED/OLED got cheaper and better quicker than rivals could scale. Form Factor Shift: Direct-view panels beat rear-projection (DLP, LCoS, laser) because consumers prefer thin TVs. Performance Tradeoffs: Issues like power use, burn-in, brightness, viewing angles, or reliability hurt consumer uptake.  In summary, the winners were technologies that scaled cheaply to larger sizes, became thinner/lighter, improved efficiency, and avoided major drawbacks like high costs or reliability issues. LCD/LED dominated the 2010s due to mass production advantages, while OLED took premium segments later for superior contrast/per-pixel lighting. Many promising "next-gen" ideas from the 2000s (like SED/FED) simply arrived too late or proved too hard to manufacture affordably.

Feb 3, 2026 – Are the tides turning for tech and global markets? FS Insider's Cris Sheridan and Sevens Report founder Tom Essaye dive into 2026's major market rotations, from the shifting fortunes of big tech and AI to the explosive...

Michael Reinking, Senior Market Strategist at the NYSE, recaps a volatile week marked by Fed uncertainty and sharp unwinds in speculative trades. Kevin Warsh's nomination for Fed Chair helped trigger reversals in precious metals and added to broader market turbulence. Crypto and high‑momentum themes sold off, while software stocks faced a “SAAS‑Pocalypse” amid new AI‑driven disruption concerns. Still, major indices held relatively steady with pockets of strength in small and mid‑caps. Attention now shifts to retail sales, the delayed jobs report, and CPI.

We are excited to welcome Joe Davis for this episode, currently Vanguard's Global Chief Economist and Global Head of the Investment Strategy Group. Many of you likely know various iterations of the Vanguard story, but most of the professionals I know do not know how big a research team they have.  Joe has a big influence on the company because he is also chairs the firm's Strategic Asset Allocation Committee. Ok, that was exhausting listing all of his titles, he is a busy person. Before that, he was still busy; he earned his M.A. and Ph.D at Duke University and is a graduate of the Advanced Management Program at the Wharton School of U Penn. Joe is a frequent keynote speaker and currently serves on the editorial boards of the Journal of Portfolio Management and the Journal of Fixed Income. In this episode, we are all over the place (which is normal), ranging from Vanguard's 50+ year history as a disruptor, to how many CFA charter holders are at Vanguard now (hint: a lot), their vast and under the radar research group, new CEO Salim Ramji, patents that Vanguard created in ETF space, the breakdown of active vs. passive funds in their lineup (which surprises many) and Joe's new book on AI. This was a great segue into the markets, with the impact of AI, Fed independence being potentially disrupted, a new multi-polar world, expected returns, potential market scenarios, and more. Today's hosts are Steve Curley, CFA (Co-Managing Principal, 55 North Private Wealth) & co-host Chris Cannon, CFA (CIO/Principal, FirsTrust). Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com

In this episode of Mining Stock Daily, Barry Knapp of Ironsides Macroeconomics examines how the nomination of Kevin Warsh as Fed Chair serves as a strategic move to stabilize federal debt and address years of balance sheet distortion,. Knapp provides a scathing critique of past Quantitative Easing (QE) programs, arguing they facilitated counterproductive fiscal policy and created a "K-shaped economy" by driving capital into stock buybacks rather than productive investment. The discussion delves into the fiscal theory of the price level, suggesting that inflation is rooted in government spending shocks and that the Fed must now work to privatize its balance sheet to restore market discipline. Listeners will gain insights into the structural shift in global capital, where the orderly decline of the dollar and China's move away from Treasuries are fueling a long-term secular bull market in gold. Finally, the conversation highlights the necessity of bank deregulation to increase the velocity of money, ensuring the financial system can fund the massive infrastructure requirements of AI and domestic manufacturing reshoring.This episode of Mining Stock Daily is brought to you by... Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠revival-dash-gold.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://vizslasilvercorp.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠equinoxgold.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Integra Resources is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com

President Trump has nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed Chair later this year. Warsh called for “regime change” at the Fed last year, reiterating his long-held criticism of the Fed's large balance sheet, data-dependence, and use of forward guidance. His tenure would begin with an already-divided FOMC and lingering worries surrounding threats to the Fed's political independence. In this episode, we talk with George Pearkes, Macro Strategist with Bespoke Investment Group, about what Kevin Warsh brings to the Fed and how his leadership could drive monetary policy in the years ahead.

The Situation Report for February 5, 2026. The DOJ releases millions of new Epstein documents exposing elite connections, Iran escalates regional threats while massacring protesters at home, and investigators uncover a massive Medicare hospice fraud scheme ripping off seniors in Los Angeles. All this and much more in just ten minutes.   The Department of Justice releases another massive tranche of the Epstein Files   Iran Ramps up Regional Threats as Accounts of Regime Violence Emerge   Los Angeles hospice fraud reaches billions as Medicare providers scam the federal system with fake companies   Medical Experts Come Out Against Gender Transition Surgeries for Children   NASA moves Artemis II Mission to March 2026 After Test-Run Issue   Media Bias Alert: The mainstream coverage on Alex Pretti and ICE   The Clintons agree to appear before the House Oversight Committee   A new Fed chairman   Hey Billie Eilish, what were you saying about "stolen land?"   Read of the week: "Gold Standard" by Michael D. Bordo

Newt talks with Thomas Hoenig, a former Federal Reserve official and Distinguished Senior Fellow at the Mercatus Center, about the nomination of Kevin Warsh as the new Chairman of the Federal Reserve. President Trump’s decision has sparked discussion on Warsh's economic policies. Warsh, known for his hawkish views, is concerned about national debt and quantitative easing, which may lead to tighter policies than President Trump desires. Hoenig believes Warsh is a good choice due to his understanding of markets and fiscal policies, although he will face pressure to implement rate cuts. The independence of the Federal Reserve is emphasized, with Warsh expected to maintain a balance between being friendly to the President and upholding the Fed's independence. His nomination has influenced market behavior, with significant drops in gold and silver prices, reflecting expectations of tighter monetary policy under Warsh. The political landscape is also affected, with discussions on the potential challenges Warsh might face in the Senate confirmation process and the implications of ongoing legal cases involving Federal Reserve officials. The role of the Federal Reserve in the economy is highlighted, with its policies significantly impacting inflation, interest rates, and overall economic stability.See omnystudio.com/listener for privacy information.

Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen discuss the path for U.S. interest rates after the nomination of Kevin Warsh for next Fed chair.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Today we'll be talking about the Federal Open Market Committee meeting that occurred last week.It's Thursday, February 5th at 8:30 am in New York.So, Mike, last week we had the first Federal Open Market Committee meeting of 2026. What were your general impressions from the meeting? And how did it compare to what you had thought going in? Michael Gapen: Well, Matt, I think that the main question for markets was how hawkish a hold or how dovish a hold would this be. As you know, it was widely expected the Fed would be on hold. The incoming data had been fairly solid. Inflation wasn't all that concerning, and most of the employment data suggested things had stabilized. So, it was clear they were going to pause. The question was would they pause or would they be on pause, right? And in our view, it was more of a dovish hold. And by that, it suggests to us, or they suggested to us, I should say, that they still have an easing bias and rates should generally move lower over time. So, that really was the key takeaway for me. Would they signal a prolonged pause and perhaps suggest that they might be done with the easing cycle? Or would they say, yes, we've stopped for now, but we still expect to cut rates later? Perhaps when inflation comes down and therefore kind of retain a dovish bias or an easing bias in the policy rate path. So, to me, that was the main takeaway. Matthew Hornbach: Of course, as we all know, there are supposed to be some personnel changes on the committee this year. And Chair Powell was asked several questions to try to get at the future of this committee and what he himself was going to do personally. What was your impression of his response and what were the takeaways from that part of the press conference? Michael Gapen: Well, clearly, he's been reluctant to, say, pre-announce what he may do when his term is chair ends in May. But his term as a governor extends into 2028. So, he has options. He could leave normally that's what happens. But he could also stay and he's never really made his intentions clear on that part. I think for maybe personal or professional reasons. But he has his own; he has his own reasons and, and that's fine. And I do think the recent subpoena by the DOJ has changed the calculus in that. At least my own view is that it makes it more likely that he stays around. It may be easier for him to act in response to that subpoena by being on staff. It's a request for additional information; he needs access to that information. I think you could construct a reasonable scenario under which, ‘Well, I have to see this through, therefore, I may stay around.' But maybe he hasn't come to that conclusion yet. And then stepping back, that just complicates the whole picture in the sense that we now know the administration has put forward Kevin Warsh as the new Fed chair. Will he be replacing the seat that Jay Powell currently sits in? Will he be replacing the seat that Stephen Myron is sitting in? So yes, we have a new name being put forward, but it's not exactly clear where that slot will be; and what the composition of the committee will look like. Matthew Hornbach: Well, you beat me to the punch on mentioning Kevin Warsh… Michael Gapen: I kind of assumed that's where you were going. Matthew Hornbach: It was going to be my next question. I'm curious as to what you think that means for Fed policy later this year, if anything. And what it might mean more medium term? Michael Gapen: Yeah. Well, first of all, congratulations to Mr. Warsh on the appointment. In terms of what we think it means for the outlook for the Fed's reaction function and interest rate policy, we doubt that there will be a material change in the Fed's reaction function. His previous public remarks don't suggest his views on interest rate policy are substantively outside the mainstream, or at least certainly the collective that's already in the FOMC. Some people would prefer not to ease. The majority of the committee still sees a couple more rate cuts ahead of them. Warsh is generally aligned with that, given his public remarks. But then also all the reserve bank presidents have been renominated. There's an ongoing Supreme Court case about the ability of the administration to fire Lisa Cook. If that is not successful, then Kevin Warsh will arrive in an FOMC where there's 16 other people who all get a say. So, the chair's primary responsibility is to build a consensus; to herd the cats, so to speak. To communicate to markets and communicate to the public. So, if Mr. Warsh wanted to deviate substantially from where the committee was, he would have to build a consensus to do that. So, we think, at least in the near term, the reaction function won't change. It'll be driven by the data, whether the labor market holds up, whether inflation, decelerates as expected. So, we don't look for material change. Now you also asked about the medium term. I do think where his views differ, at least with respect to current Fed policy is on the size of the Fed's balance sheet and its footprint in financial markets. So, he has argued over time for a much smaller balance sheet. He's called the Fed's balance sheet bloated. He has said that it creates distortions in markets, which mean interest rates could be higher than they otherwise would be. And so, I think if there is a substantive change in Fed policy going forward, it could be there on the balance sheet. But what I would just say on that is it'll likely take a lot of coordination with Treasury. It will likely take changes in rules, regulations, the supervisory landscape. Because if you want to reduce the balance sheet further without creating volatility in financial markets, you have to find a way to reduce bank demand for it. So, this will take time, it'll take study, it'll take patience. I wouldn't look for big material changes right out of the box. So Matt, what I'd like to do is, if I could flip it back to you, Warsh was certainly one of the expected candidates, right? So, his name is not a surprise. But as we knew financial markets, one day we're thinking it'd be one candidate. The next day it'd be thinking at the next it was somebody else. How did you see markets reacting to the announcement of Mr. Warsh? For the next Fed share, and then maybe put that in context of where markets were coming out of the last FOMC meeting. Matthew Hornbach: Yeah, so the markets that moved the most were not the traditional, very large macro markets like the interest rate marketplace or the foreign exchange market. The markets that moved the most were the prediction markets. These newer markets that offer investors the ability to wager on different outcomes for a whole variety of events around the world. But when it comes to the implications of a Kevin Warsh led Fed – for the bigger macro markets like interest rates and currencies, the question really comes down to how? If the Fed's balance sheet policies are going to take a while to implement, those are not going to have an immediate effect, at least not an effect that is easily seen with the human eye. But it's other types of policy change in terms of his communication policy, for example. One of the points that you raised in your recent note, Mike, was how Kevin Warsh favored less communication than perhaps some of the recent, Federal Open Market Committees had with the public. And so, if there is some kind of a retrenchment from the type of over-communication to the marketplace, from either committee members or non-voters that could create a bit more volatility in the marketplace. Of course, the Fed has been one of the central banks that does not like to surprise the markets in terms of its monetary policy making. And so, that contrasts with other central banks in the G10. For example, the Swiss National Bank tends to surprise quite a lot. The Reserve Bank of Australia tends to surprise markets. More often, certainly than the Fed does. So, to the extent that there's some change in communication strategy going forward that could lead to more volatile interest rate in currency markets. And that then could cause investors to demand more risk premium to invest in those markets. If you previously were comfortable owning a longer duration Treasury security because you felt very comfortable with the future path of Fed policy, then a Kevin Warsh led Fed – if it decides to change the communication strategy – could naturally lead investors to demand more risk premium in their investments. And that, of course, would lead to a steeper U.S. Treasury curve, all else equal. So that would be one of the main effects that I could see happen in markets as a result of some potential changes that the Fed may consider going forward. So, Mike, with that said, this was the first FOMC meeting of the year, and the next meeting arrives in March. I guess we'll just have to wait between now and then to see if the Fed is on hold for a longer period of time or whether or not the data convinced them to move as soon as the March meeting. Thanks for taking time to talk, Mike. Michael Gapen: Great speaking with you, Matt. Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

President Trump talks Minneapolis, Joe Rogan, the Fed, AI and 2028 in a wide-ranging interview; Search for Nancy Guthrie enters fourth day. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Treasury Secretary Scott Bessent will be on Capitol Hill again today for another grilling. He's scheduled to appear before the Senate Banking Committee. Yesterday, Bessent appeared before the House Financial Services Committee to talk about oversight of the U.S. financial system, where he sparred with Democrats. And later in the program, wages are making up a shrinking share of overall income. Also: discussions of Fed independence, inflation, and more.

Treasury Secretary Scott Bessent will be on Capitol Hill again today for another grilling. He's scheduled to appear before the Senate Banking Committee. Yesterday, Bessent appeared before the House Financial Services Committee to talk about oversight of the U.S. financial system, where he sparred with Democrats. And later in the program, wages are making up a shrinking share of overall income. Also: discussions of Fed independence, inflation, and more.

Thursday, February 5, 2026 In this episode: Democrats threatened to block the Homeland Security funding bill unless Republicans accepted “dramatic changes” to ICE oversight and operations; Trump said Attorney General Pam Bondi ordered Director of National Intelligence Tulsi Gabbard to attend the FBI search of Fulton County, Georgia's elections center; the last nuclear arms control treaty between the U.S. and Russia expired; the Trump administration plans to reclassify about 50,000 senior career federal workers, making them easier to fire; U.S. job openings fell to about 6.5 million in December – the lowest since September 2020; Trump insisted that the Federal Reserve is “in theory” independent and that he wouldn't have nominated Kevin Warsh to be the next Fed chair if he wanted to raise interest rates. Read more: Day 1843: "Two things can be true." Newsletter: Get the daily edition of WTFJHT in your inbox Feedback? Let me know what you think AI Policy: My AI policy

Governor Kathy Hochul has selected Adrienne Adams as her running mate in this year's gubernatorial race. President Trump sat down for an interview with NBC News anchor Tom Llamas, which remained relatively neutral and avoided partisan leanings. Mark interviews economist Steve Moore. Steve discusses whether Republicans are being transparent about the state of the economy, especially as consumers continue to feel the impact of rising prices. Trump's new Fed pick, Kevin Warsh, may also face pressure to lower interest rates to 2%. President Trump has assigned the entire FBI team, including Kash Patel, to travel to Arizona in search of TV host Savannah Guthrie's mother. Yesterday, Democrats clashed with Treasury Secretary Scott Bessent as he testified before Congress regarding the economy. Mark interviews WOR weeknight host Jimmy Failla. Jimmy shares his plans for the upcoming Super Bowl weekend. Meanwhile, singer Billie Eilish is facing backlash after speaking out about recent ICE raids during the Grammys. Is Minnesota easing up on its criticisms of ICE agents? See omnystudio.com/listener for privacy information.

Steve discusses whether Republicans are being transparent about the state of the economy, especially as consumers continue to feel the impact of rising prices. Trump's new Fed pick, Kevin Warsh, may also face pressure to lower interest rates to 2%.See omnystudio.com/listener for privacy information.

Governor Kathy Hochul has selected Adrienne Adams as her running mate in this year's gubernatorial race. President Trump sat down for an interview with NBC News anchor Tom Llamas, which remained relatively neutral and avoided partisan leanings. Mark takes your calls! Mark interviews economist Steve Moore. Steve discusses whether Republicans are being transparent about the state of the economy, especially as consumers continue to feel the impact of rising prices. Trump's new Fed pick, Kevin Warsh, may also face pressure to lower interest rates to 2%.See omnystudio.com/listener for privacy information.

Shares of Google parent Alphabet fell after its quarterly report, despite beating estimates. Citi analyst Ron Josey explains the weight of AI spending on profit margins. After President Trump gave an interview to NBC's Tom Llamas, Senator Bernie Moreno (R-OH) discusses the President's pick for Fed chair, Kevin Warsh. Sen. Moreno also weighs in on the Department of Justice's case against the current Fed chair, Jay Powell. Ahead of the Super Bowl, CNBC's Contessa Brewer reports on the weekend wagers boosting traffic on sportsbooks and prediction markets. Jonathan Cohen, author and head of the American Institute for Boys and Men Sports Betting Policy Hub, underscores the risks of game day bets for financial and mental wellbeing. Plus, fallout from the Epstein files continues. Ron Josey - 4:42Senator Bernie Moreno - 17:12Contessa Brewer - 27:08Jonathan Cohen - 31:57 In this episode:Becky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A new Fed Chair has been nominated—and he could do what no Fed has done before. Kevin Warsh, the youngest Fed governor appointed, serving during the Great Financial Crisis, is Trump's new pick, and his decisions could have major impacts on the housing market. But the mainstream media is missing a few key variables, falsely assuming that Warsh will kick off a series of rate cuts that end in lower interest rates. But, in reality, something completely different could happen—something that the Fed has never tried before. Warsh has strong opinions on quantitative easing (money printing) and wants to, in essence, delete some of the money the Fed has created over years of buying bonds and mortgage-backed securities. At the same time, Warsh will most likely push for rate cuts—a challenge given the Fed's divided members. So, what does this mean for mortgage rates? Could we see rates actually rise due to Warsh's plans, or could ending quantitative easing boost market confidence and lower long-term mortgage rates? We're getting into it all, plus what investors should do now regardless of what the Fed's next moves are. In This Episode We Cover Trump's new Federal Reserve Chair pick and why Trump is so keen to kick Powell out Higher mortgage rates incoming? What everyone is getting wrong about the Warsh pick The end of money printing: Why the new Fed Chair pick wants to delete dollars off the balance sheet Something the Fed has never done before: Can you lower rates while keeping inflation in check? The one type of real estate that could greatly benefit from the moves Warsh will make And So Much More! Links from the Show Join the Future of Real Estate Investing with Fundrise Join BiggerPockets for FREE  Join us at the BiggerPockets Conference October 2-4 in Orlando. Buy tickets Sign Up for the On the Market Newsletter Find Investor-Friendly Lenders A New Fed Chairman is Coming Soon—Here's What Their Potential Low-Rate Policy Will Mean For Investors Dave's BiggerPockets Profile Grab Dave's Book, "Real Estate by the Numbers" Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/on-the-market-397 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠advertise@biggerpockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff & Shannon unpack President Trump's powerhouse NBC Oval Office exclusive, the Discombobulator weapon reveal, Fed/Powell renovation probe, massive fraud exposés, a grand American triumphal arch vision, and White House press fireworks. MSM narratives shredded—truth hits hard live. Tune in at Rumble, YouTube, X and Red State Talk Radio! Patriots, rise up—@intheMatrixxx and @shadygrooove charge into s8e024 - "President Trump NBC Interview; White House Press Conference" as President Trump dominates his extended Oval Office sit-down with NBC's Tom Llamas, dropping unfiltered truth on immigration enforcement realities (including a firmer-yet-fair stance post-Minneapolis), the game-changing "Discombobulator" secret weapon that disabled enemy systems with zero casualties in key ops, Jerome Powell's escalating Fed headquarters renovation scandal amid DOJ criminal probes, billions in taxpayer fraud across blue states like California and Minnesota, voter ID urgency, AI's explosive potential, and his bold announcement of a towering 250-foot triumphal arch in D.C.—bigger and more magnificent than Paris—to symbolize American independence and triumph for the nation's 250th. Tied in with White House press moments where sharp exchanges expose more media spin, the duo warns of misinformation networks sowing division in MAGA while spotlighting Trump's dismantling of entrenched power structures through energy independence and financial accountability. Jeff and Shannon deliver relentless breakdowns, real-time reactions, and America-First fire that cuts through the noise, reminding us the truth is learned, never told and the constitution is your weapon. Tune in at noon-0-five Eastern LIVE to stand with Trump! MG Show: America First MAGA Podcast & Conservative Talk Show Launched in 2019 and now in Season 8, the MG Show is your go-to source for unfiltered truth on Trump policies, border security, economic nationalism, and exposing globalist psyops. Hosted by Jeffrey Pedersen (@InTheMatrixxx) and Shannon Townsend (@ShadyGrooove), it champions sovereignty, traditional values, and critiques of establishment politics. Tune in weekdays at 12pm ET / 9am PT for patriotic insights strengthening the Republic under President Trump's America First agenda. Hosts - Jeffrey Pedersen (@InTheMatrixxx): Expert in political analysis and exposing hidden agendas, with a focus on Trump's diplomatic wins and media bias. - Shannon Townsend (@ShadyGrooove): Delivers sharp insights on intelligence operations, Constitutional rights, and defenses of Trump's strategies against mainstream critiques. Where to Watch & Listen Catch live episodes or on-demand replays packed with MAGA victories like inflation drops, border awards, Trump pardons, and psyop exposures: - Live Streams: https://rumble.com/mgshow for premium America First content. - Radio: https://mgshow.link/redstate on Red State Talk Radio. - X Live: https://x.com/inthematrixxx for real-time pro-Trump discussions. - Podcasts: Search "MG Show" on PodBean, Apple Podcasts, Pandora, and Amazon Music. - YouTube: Full episodes at https://youtube.com/c/inthematrixxx and https://www.youtube.com/c/TruthForFreedom. Follow for daily pro-Trump alerts: - X: @InTheMatrixxx (https://x.com/inthematrixxx) and @ShadyGrooove (https://x.com/shadygrooove). Support the MG Show Fuel the MAGA movement against establishment lies: - Donate: https://mg.show/support or contribute at https://givesendgo.com/helpmgshow. - Merch: https://merch.mg.show for official gear. - MyPillow Special: Use code MGSHOW at https://mypillow.com/mgshow. - Crypto: https://mgshow.link/rumblewallet. All Links Everything MG Show Related: https://linktr.ee/mgshow. MG Show Anthem Get chills with the patriotic track: https://youtu.be/SyfI8_fnCAs

Stu Burguiere looks at the state of support for voter identification laws in America and speculates on the effect the SAVE Act could have on future elections. Then, the Bahnsen Group's David Bahnsen joins for a conversation on everything from the head of the Fed to the state of artificial intelligence. And Stu examines the latest backstabbery between Jasmine Crockett and James Talarico. Learn more about your ad choices. Visit megaphone.fm/adchoices

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture Conspiracy no more, Germany and the EU shutting down energy production while China was increasing theirs. This tells you everything you need to know. Trump tariff system is getting stronger, it’s improving the economy and this is something the [CB] does not want. The [CB]s are losing control over the Fed, watch gold and silver. Trump need to wake the people of this country up. The only way to do this was to have the people go down a path that would make the uncomfortable, scared and angry, this is how you break the brainwashing. People can now see it is the tryrants against the people of this country. The picture is clear. Every step of the way the [DS] is losing their grip on the people. The people are ready to take back the country.   Economy https://twitter.com/HansMahncke/status/2018402875693580744?s=20   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/KobeissiLetter/status/2018664901959462953?s=20   ended in June 2025, when missed payments began appearing on credit reports. Meanwhile, the percentage of student loans transitioning into 90+ days of serious delinquency is up to 14.3%, an all-time high. This significantly exceeds the 2013 peak of 10.5% and 2008 levels of 7.5%. The student loan crisis is accelerating. https://twitter.com/profstonge/status/2018663257675018691?s=20 Political/Rights https://twitter.com/AnthonyGalli/status/2018716797864661049?s=20 https://twitter.com/luvgod/status/2018390600475644333?s=20  Code of Conduct explicitly requires justices to avoid impropriety and the appearance of impropriety, including political activity that undermines public confidence in judicial independence. https://twitter.com/RichardStiller4/status/2018460663329472526?s=20   https://twitter.com/amuse/status/2018673649985683709?s=20   https://twitter.com/WallStreetApes/status/2018551227416756485?s=20   drive from these people?” This is what she said happened: ‘My friend told us about a dive burger place in Minnesota that we absolutely had to try. As we were driving in, we passed a small group of maybe 30 people holding large “F ICE” signs, spelled out. Many of the houses in the neighborhood also had signs saying “F ICE” and similar messages. When we were leaving to drive back to the hotel, we passed the group again. At that point, the resistance group stepped out in front of our car and would not let us drive. One woman appeared to be looking at our license plate and doing something on her phone. She was standing directly in front of the car, blocking us — I cannot imagine being a sane person and living in this city. We were with my brother-in-law's family, and they said that restaurants and other places are empty because of this, the resistance is out doing their thing, and the normal people are just staying home and not going out.' https://twitter.com/CynicalPublius/status/2018412853435527587?s=20 https://twitter.com/CynicalPublius/status/2018416970111311967?s=20 the execution of federal laws. Further, as we have all seen in innumerable videos, this conspiracy includes the use of violent force. I think everyone–even Democrats–must agree that what I just said is true. Now read 18 U.S.C. § 2384 (Seditious conspiracy): “If two or more persons in any State or Territory, or in any place subject to the jurisdiction of the United States, conspire to overthrow, put down, or to destroy by force the Government of the United States, or to levy war against them, or to oppose by force the authority thereof, or by force to prevent, hinder, or delay the execution of any law of the United States, or by force to seize, take, or possess any property of the United States contrary to the authority thereof, they shall each be fined under this title or imprisoned not more than twenty years, or both.” Draw your own conclusions as to what is required here. https://twitter.com/BNONews/status/2018389609563017674?s=20   CBS News is parting ways with contributor Dr. Peter Attia, a prominent longevity physician, after Epstein documents revealed over 1,700 mentions of his name and emails showing a close friendship, including Attia’s 2015 note on Epstein’s “outrageous” life he couldn’t share and a 2016 lewd quip about “pussy” being low-carb.   https://twitter.com/FFT1776/status/2018490549733322850?s=20  interview instead of sworn testimony • Withdrawal of the subpoena before testifying • A pause on contempt proceedings • A hard 4-hour time limit • 30-minute alternating question blocks • A personal transcriber of Clinton's choosing • No video recording • Written statements for Hillary Clinton instead of appearing in person Congress said no.: No carve-outs. No special rules. No special treatment. Testify under oath. Thank you Rep. Comer https://twitter.com/RepJamesComer/status/2018740003501678769?s=20  Secretary Clinton will appear for a deposition on February 26, 2026. After delaying and defying duly issued subpoenas for six months, the House Oversight Committee moved swiftly to initiate contempt of Congress proceedings in response to their non-compliance. We look forward to now questioning the Clintons as part of our investigation into the horrific crimes of Epstein and Maxwell, to deliver transparency and accountability for the American people and for survivors. NO BODY IS ABOVE THE LAW 2725 Feb 14, 2019 11:46:33 PM EST Q !!mG7VJxZNCI ID: 46cb93 No. 5182398  Chatter – Bill & Hillary's ‘public' HEALTH will begin to rapidly deteriorate. Q DOGE   illegalities that they have committed. This should be a Criminal, not Civil, event, and Harvard will have to live with the consequences of their wrongdoings. In any event, this case will continue until justice is served. Dr. Alan Garber, the President of Harvard, has done a terrible job of rectifying a very bad situation for his institution and, more importantly, America, itself. He was hired AFTER the antisemitism charges were brought – I wonder why??? We are now seeking One Billion Dollars in damages, and want nothing further to do, into the future, with Harvard University. As The Failing New York Times clearly stated, “Some connected to the University, however, think Harvard has no option but to eventually cut a deal. The Administration has repeatedly attempted to cut off research grants, which would be an untenable crises. Like many major research universities, Harvard relies on federal funding for its financial model.” Thank you for your attention to this matter! President DONALD J. TRUMP  Macron's Authorities Raid Elon Musk's X French Offices in Paris Under the direction of France's globalist President Macron, French authorities escalated their confrontation with American tech entrepreneur Elon Musk this week, launching high-profile raids of X's offices in Paris and summoning Musk himself for what prosecutors termed a “voluntary interview.” The move marks a dramatic intensification of France's long-running effort to rein in the America-based free-speech platform. According to the Paris public prosecutor's office, the operation was carried out by French cybercrime units with assistance from Europol, targeting the French premises of X. Authorities claim the investigation centers on whether X's algorithm improperly influenced French political discourse. Summonses were issued to Musk and former X CEO Linda Yaccarino, calling them to Paris in April 2026 to answer questions related to the probe. Yaccarino, who stepped down last year, is listed alongside Musk as a manager during the period under review.   French prosecutors later broadened their inquiry, citing concerns related to X's AI chatbot Grok, including claims it produced offensive or false content. Musk's company responded by correcting errors, removing disputed posts, and publicly documenting its moderation actions—steps critics say would have been praised had they come from a European firm. Source: thegatewaypundit.com https://twitter.com/disclosetv/status/2018625815114567850?s=20 https://twitter.com/JudiciaryGOP/status/2018683758006665352?s=20   far-reaching Digital Services Act thread   https://twitter.com/elonmusk/status/2018732491125727232?s=20   with social media platforms to pressure them to censor political speech in the days before the vote. Leading up to the Dutch elections of 2023 the EU commission even made the then Dutch Interior Ministry @hugodejonge a “trusted flagger” entitled to make priority censorship requests under the DSA. What kind of political speech did they want to censor, you ask? – “Populist rhetoric” – “Anti-government/anti-EU content” – “Anti-elite” content – “Political satire” – “Anti-migrant and Islamophobic content” – “Anti-refugee content/anti-immigrant sentiment” – “Anti-LGBTQI content” – “Meme subculture” In other words, anything that goes against their agenda, anything remotely right-wing or conservative, and anything pertaining to the disastrous migrant situation we have here in Europe. And guess what the only platform was that did not cooperate? @X , of course. The same platform that the EU is fining for 120 million euros under the DSA and the same platform that is currently having its offices raided in France. This is the type of stuff over which governments should resign and institutions like the EU should fall. Democracy is dead. Abolish the EU! Now! https://twitter.com/disclosetv/status/2018644283096523244?s=20  turning “algorithmic manipulation and amplification of illegal content into a new criminal offense” and developing a new system to monitor hate, “because spreading hate must come at a cost.” Geopolitical https://twitter.com/JackInTully/status/2018663771213086808?s=20   https://twitter.com/Geiger_Capital/status/2018711873240105407?s=20 War/Peace https://twitter.com/BehizyTweets/status/2018029749889638850?s=20 https://twitter.com/SteveGuest/status/2018505966765924723?s=20 https://twitter.com/nicksortor/status/2018750332231131642?s=20  has a range of options, including military force. Iran knows that better than anyone. Look no further than Operation Midnight Hammer!”    U.N. Facing ‘Imminent Financial Collapse' Admits Secretary General as Countries Won't Cough Up Membership Fees The United Nations is facing an “imminent financial collapse” as member states refuse to cough up billions of dollars in mandatory contributions. The financial woes were laid out in an emergency letter from Secretary-General António Guterres sent to all 193 member countries. Guterres said the organisation's financial crisis is worsening rapidly, threatening the delivery of core programmes and potentially leaving the U.N. bankrupt by July. He urged member states to either pay what they owe in full or agree to sweeping changes to the UN's financial rules to avoid collapse. “Either all member states honour their obligations to pay in full and on time—or member states must fundamentally overhaul our financial rules to prevent an imminent financial collapse,” he wrote. The warning comes as the United States, the U.N.'s largest contributor, has refused to fund the organisation's regular and peacekeeping budgets and has withdrawn from multiple UN agencies.    The Trump administration has repeatedly criticised the U.N. for wasting taxpayer dollars, appeasing criminal regimes and infringing on the sovereignty of the U.S. and other member nations. Several other member states are also in arrears or have declined to pay their assessed contributions. Source: thegatewaypundit.com Medical/False Flags https://twitter.com/liz_churchill10/status/2018439093420536119?s=20 FBI Raids ILLEGAL Biolab Inside a Private Home in Las Vegas — Authorities Discover THOUSANDS of Vials, Links to CCP-Connected California Lab Federal agents with the FBI and the Las Vegas Metropolitan Police Department executed a dramatic early-morning raid on a residential property in northeast Las Vegas this weekend after investigators uncovered what appears to be a fully operational illegal biological laboratory inside a private home. Refrigerators containing unknown liquids and vials of suspected biological material were found inside the residence, prompting an aggressive response from HazMat teams, SWAT units, and FBI specialists due to the potential threat presented by the materials, The Hill reported. At least one individual was taken into custody in connection with the Las Vegas raid, identified by local officials as a 55-year-old property manager, Ori Solomon. He is currently booked on felony charges linked to the improper disposal of hazardous waste, though investigators continue to determine the full scope of charges that may arise. Property records reveal that the Las Vegas home is owned by “David Destiny Discovery, LLC,” according to The Sun. If that name sounds familiar, it should. It is a shell company registered to Jia Bei Zhu (also known as David He), the very same Chinese national who ran the illegal Reedley, California biolab exposed in 2023. Zhu, a fugitive from Canada with deep ties to the Chinese government, is currently in federal custody. The FBI has taken the lead in analyzing the more than 1,000 samples collected from the scene, with evidence transported to federal laboratories for further testing. https://twitter.com/RepKiley/status/2018514131876213199?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018514131876213199%7Ctwgr%5E1616a599ecdcff26961307ece268007bf47acbbc%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F02%2Ffbi-raids-illegal-biolab-inside-private-home-las%2F Source: thegatewaypundit.com https://twitter.com/WarClandestine/status/2018714265247453494?s=20 https://twitter.com/liz_churchill10/status/2018321118000476222?s=20   https://twitter.com/elonmusk/status/2017614901028786500?s=20   [DS] Agenda BREAKING: Jill Biden's Ex-Husband Arrested and Charged with Murder of His Wife Jill Biden's ex-husband Bill Stevenson was charged with first-degree murder of his wife, Linda Stevenson. Last month police swarmed Stevenson's home after his wife died amid a domestic dispute. Police removed several items from the Stevenson home last month. 64-year-old Linda Stevenson, wife of Jill Biden's ex-husband Bill Stevenson, was found unresponsive after police arrived to the New Castle, Delaware, residence late Sunday night. According to TMZ, Linda Stevenson was found dead in the living room. TMZ obtained 911 dispatch audio, which references cardiac arrest: According to TMZ, Stevenson is being held on a $500,000 bond. Fox 29 reported:   Source: thegatewaypundit.com https://twitter.com/WallStreetApes/status/2018513235868299678?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018513235868299678%7Ctwgr%5E6abdb9eedc5852ca532cc2c248c01795a00b5389%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F02%2Fjust-days-before-ayanna-pressley-was-sworn-her%2F https://twitter.com/MrAndyNgo/status/2018549471160734081?s=20 https://twitter.com/TriciaOhio/status/2018419624295960839?s=20 https://twitter.com/libsoftiktok/status/2018741593071648855?s=20 Media's Bogus Minneapolis Narrative About to Be Nuked As DHS Turns on the Cameras Department of Homeland Security (DHS) Secretary Kristi Noem announced Monday that all immigration officers working in Minneapolis will start wearing body cameras as an added layer of protection for those officers and, presumably, against the false narratives being pushed by the left after a series of deadly officer-involved incidents in the sanctuary city. Source: redstate.com https://twitter.com/libsoftiktok/status/2018536832489889937?s=20 https://twitter.com/TriciaOhio/status/2018502877321334812?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018502877321334812%7Ctwgr%5Efce8ad7eb6d8fb345b1483e2b135162684061896%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fsmoosieq%2F2026%2F02%2F03%2Ftps-decision-n2198777 for decades.   Temporary means temporary and the final word will not be from an activist judge legislating from the bench. https://twitter.com/grok/status/2018537805073330361?s=20 cases like Haitians may face ongoing challenges. President Trump's Plan https://twitter.com/profstonge/status/2018490184677900551?s=20 https://twitter.com/profstonge/status/2018680520549257396?s=20   better. He is running because he realizes Thomas Massie has been totally disloyal to the President of the United States, and the Republican Party. He never votes for us, he always goes with the Democrats. Thomas Massie is a Complete and Total Disaster, we must make sure he loses, BIG! https://twitter.com/MarioNawfal/status/2018488252219699617?s=20 https://twitter.com/seanmdav/status/2018397484209635625?s=20  to defund ICE   OPPOSE: 58% https://twitter.com/nicksortor/status/2018712280645484664?s=20 https://twitter.com/TheStormRedux/status/2018473020835192964?s=20   complying voluntarily – They are suing the states that are not complying in the next couple weeks – 24 states + DC in current litigation because they are making all kinds of excuses Gee I wonder why these states won't share their voter rolls? Because it's all a fraud. The jig is up. Harmeet went on to specifically discuss the FBI raid in Georgia. “We're going to figure out the logistics there with the court and with our colleagues and see what those ballots show. I think it was highly unusual. A lot of things that happened in 2020 in the swing states… We're going to see what we see and whatever the evidence shows, I think it's important for the American people to know what happened in Fulton County and in Georgia…”  Don't tell me nothing is happening! WSJ Anonymous Hit Piece On Gabbard Is Based On Complaints That ‘Weren't Credible' ‘Here's the truth: There was no wrongdoing by @DNIGabbard, a fact that WSJ conveniently buried 13 paragraphs down,' a DNI official said. https://twitter.com/alexahenning/status/2018313944360702063?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018313944360702063%7Ctwgr%5E2d40da39babc1191fd219e747e9e7022814c8641%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fthefederalist.com%2F2026%2F02%2F03%2Fwsj-anonymous-hit-piece-on-gabbard-is-based-on-complaints-that-werent-credible%2F   Gabbard were not credible. Source: thefedearlist.com https://twitter.com/HansMahncke/status/2018367694823735378?s=20   fabricated source feeding supposedly ultra-sensitive information that sends everyone chasing a lie. So yes, exactly like a le Carré novel (by the way, the fraudulent Steele dossier followed the same le Carre blueprint).   https://twitter.com/DNIGabbard/status/2018504435769520156?s=20   nation and ensure the integrity of our elections  https://twitter.com/TheStormRedux/status/2018463747095003285?s=20  willfully defrauds the residents of a state of a fair and impartial election process. “In other words, the focus of this investigation, the focus of that raid, the reason that federal judge approved that raid, was that they're looking at possible crimes related by election workers and the administration of that election in 2020.” Can't wait to see how this plays out  https://twitter.com/realLizUSA/status/2018692087345025302?s=20 https://twitter.com/MarioNawfal/status/2018553787036623201?s=20   South, Midwest, and Mountain West. Democrats are largely confined to the coasts and a handful of Midwest holdouts like Illinois and Minnesota. This is where policy actually gets made. Abortion, elections, education, guns. It all starts here. https://twitter.com/CollinsforTX/status/2018698529036808560?s=20 https://twitter.com/EricLDaugh/status/2018703572016287879?s=20   https://twitter.com/Geiger_Capital/status/2018717121425834279?s=20 https://twitter.com/RepLuna/status/2018480826741055929?s=20  is through the standing filibuster. This would effectively keep the government open while allowing Republican senators to break through the “zombie” filibuster and put the SAVE America Act up for a vote on the Senate floor. The standing filibuster is not common parliamentary procedure, but it is one of the only mechanisms available to go around senators who want to block voter ID. @LeaderJohnThune we are very pleased that you are discussing the standing filibuster, and we believe you will go down in history if this is pulled off as one of the best leaders the Senate has ever had. Voter ID is a must, and the ball is now in your court. https://twitter.com/AwakenedOutlaw/status/2018510290653155445?s=20 https://twitter.com/CynicalPublius/status/2018439757227819347?s=20   IMMEDIATELY blasted off like gangbusters. In one year we have seen more productive conservative change in the federal government than with every other GOP president since Reagan combined. Trump has significantly degraded the Deep State in a way most of us could only dream of ten years ago. Moreover, Trump's economic policies are bearing fruit right now and we will likely see a very strong economy by the midterms. But… Ah yes, the midterms. I know so many of you will only be happy when Bill Clinton, Hillary, Obama and Joe Biden are in jail, but you need to join the world of reality. Right now Trump and his team are gauging everything they do through the lens of “How will this effect the midterms?” They have sophisticated polling that you and I will never see, and at the moment every Trump action is tempered by “Let's be aggressive but not in such a way it turns public opinion against us before the midterms.” Trump knows that if he loses the midterms, all is lost. The Dems will constantly impeach him and most of his cabinet, and even if the Senate never convicts, the acts of impeachment will grind the Trump machine to a halt. The midterms are everything. So I'm warning you, from now until November you are going to see a less aggressive Trump If you are a Doomster for whom nothing is ever enough, you need to understand why that is. But here is the good news. I believe that one day after the midterms Trump will once again go shock and awe for a year, and then back off again in 2028 to get JD or Rubio elected. (For example, I can easily see Trump taking zero drastic action in the near term to further inflame the Minnesota situation, but invoking the Insurrection Act the day after the midterms and sending in the 82nd.) Since the Super Bowl is coming up, consider it this way: In the first quarter, Trump ran up the score. In the second quarter, he went prevent defense to hold onto the lead. After halftime, once again in the third quarter he will run up the score, and then hold the lead in the fourth quarter to win the game. This is not Qtard “trust the plan” nonsense. This is simply good political strategy. Everyone needs to realize two things: (1) the Constitution includes checks and balances that inherently weaken the absolute power of each branch and (2) even though they are in the minority, Democrats still have a HUGE say. Our system is DESIGNED THIS WAY. We have to account for the opposition—you cannot ignore them. With that in mind, I have every confidence that Trump and his team will navigate through a treacherous course and come out on the winning side. I’m hoping this post makes the things you see in the months ahead more comprehensible. Have a nice day. https://twitter.com/nicksortor/status/2018742785017336107?s=20   the SAVE Act is not included in the government funding bill that advanced via the 217-215 House procedural vote on February 3, 2026. That legislation is a $1.2 trillion spending package funding most federal agencies through September 30, 2026, while extending funding for the Department of Homeland Security only through February 13, 2026, to allow for further negotiations on immigration enforcement. Efforts by some conservative Republicans to attach the SAVE Act—a separate bill requiring proof of U.S. citizenship for federal voter registration—were rejected during the process, following calls from President Trump to pass the package without changes.  (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Andrew Ross Sorkin sees the crash of 1929 as a tale of excessive leverage and irrational speculation, but Tyler wonders: maybe those sky-high 1929 prices were actually justified given America's remarkable century ahead. Maybe the real problem was the "Negative Nellies" who panicked afterward rather than the speculators everyone blamed. For that matter, isn't 2008 looking less and less like a bubble with each passing year? Tyler and Andrew debate whether those 1929 stock prices were justified, what Fed and policy choices might have prevented the Depression, whether Glass-Steagall was built on a flawed premises, what surprised Andrew most about the 1920s beyond the crash itself, how business leaders then would compare to today's CEOs, whether US banks should consolidate, how Andrew would reform US banking regulation, what to make of narrow banking proposals and stablecoins, whether retail investors should get access to private equity and venture capital, why sports gambling and new financial regulations won't make us much safer, how Andrew broke into the New York Times at age 18, how he manages his information diet, what he learned co-creating Billions, what he plans on learning about next, and more. Read a full transcript enhanced with helpful links, or watch the full video on the new dedicated Conversations with Tyler channel. Recorded October 30th, 2025. Other ways to connect Follow us on X and Instagram Follow Tyler on X Follow Andrew on X Sign up for our newsletter Join our Discord Email us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Image Credit: Mike Cohen

On episode 450 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss the never-ending news cycle, the gold/silver crash, how the Internet changed markets forever, the commodities supercycle, emerging markets are on fire, the new Fed chair, the chart of the century, crypto feels dead again, the government doesn't want to build more homes for young people, DoorDash discourse and more. This episode is sponsored by Nuveen and ClearBridge Investments.  Invest like the future is watching. Visit https://www.nuveen.com/future to learn more. International and emerging market stocks outperformed the U.S. in 2025. At ClearBridge, we believe this momentum can continue. Find out more at  https://www.clearbridge.com/ Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation.   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Park is a Partner & Chief Investment Officer at ProCap Financial. In this conversation, we discuss bitcoin's recent drawdown and whether the market is in a true bear phase, the current interest rate backdrop, and the Fed's role in today's economy. We also cover the nomination of Kevin Warsh as Fed chairman, Jeff's outlook on precious metals, and a warning on one asset he believes investors should avoid going forward.=======================This podcast is sponsored by Abra.com. Abra is the secure way to access crypto and crypto based yield and loan products through a separately managed account structure.Learn more at http://www.abra.com.=======================As markets shift, headlines break, and interest rates swing, one thing stays true — opportunity is everywhere. At Arch Public, we help you do more than just buy and hold. Yes, our dynamic accumulation algorithms are built for long-term investors… but where we really shine? Our arbitrage algos — designed to farm volatility and turbocharge your core positions. The best part of Arch Public's products is they are free! Yes, you heard that right, try Arch Public for free! Take advantage of wild moves in assets like $SOL, $SUI, and $DOGE, and use them to stack more Bitcoin — completely hands-free. Arch Public is already a preferred partner with Coinbase, Kraken, Gemini, and Robinhood, and our team is here to help you build smarter in any market. Visit Arch Public today, at https://www.archpublic.com, your portfolio will thank you.=======================Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/=======================0:00 - Intro0:56 - Is the bitcoin selloff sustainable?5:56 - Fed vs White House & is bitcoin looking forward or backward?13:10 - Kevin Warsh & the future of the Fed32:11 - Why precious metals are surging

Affordability is back in focus in D.C. after the brief U.S. shutdown. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore look at some proposals in play.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing the continued focus on affordability, and how to parse signals from the noise on different policy proposals coming out of D.C.It's Wednesday, February 4th at 10am in New York. Ariana Salvatore: President Trump signed a bill yesterday, ending the partial government shutdown that had been in place for the past few days. But affordability is still in focus. It's something that our clients have been asking about a lot. And we might hear more news when the president delivers his State of the Union address on February 24th and possibly delivers his budget proposal, which should be around the same time. So, needless to say, it's still a topic that investors have been asking us about and one that we think warrants a little bit more scrutiny. Michael Zezas: But maybe before we get into how to think about these affordability policies, we should hit on what we're seeing as the real pressure points in the debate. Ariana, you recently did some work with our economists. What were some of your findings? Ariana Salvatore: So, Heather Berger and the rest of our U.S. econ[omics] team highlighted three groups in particular that are feeling more of the affordability crunch, so to speak. That's lower income consumers, younger consumers, and renters or recent home buyers. Lower income households have experienced persistently higher inflation and more recently weaker wage growth. Younger consumers were hit hardest when inflation peaked and are more exposed to higher borrowing costs. And lastly, renters and recent buyers are dealing with much higher shelter burdens that aren't fully captured in standard inflation metrics. Now, the reason I laid all that out is because these are also the cohorts where the president's approval ratings have seen the largest declines. Michael Zezas: Right. And so, it makes sense that those are the groups where the administration might be targeting some of these affordability initiatives. Ariana Salvatore: That's right. But that's not the only variable that they're solving for. Broadly speaking, we think that the president and Republicans in Congress really need to solve for four things when it comes to affordability policies. First, targeting these quote right cohorts, which are those, as we mentioned, that have either moved furthest away from the president politically, or have been the most under pressure. Second feasibility, right? So even if Republicans can agree on certain policies, getting them procedurally through Congress can still be a challenge. Third timing – just because the legislative calendar is so tight ahead of the November elections. And fourth speed of disbursement. So basically, how long it would take these policies to translate to an uplift for consumers ahead of the elections. Michael Zezas: So, thinking through each of these constraints, starting with how easy it might be to actually get some of these policies done, most of the policies that are being proposed on the housing side require congressional approval. In terms of these cohorts, it seems like these policies are most likely to focus on – that seems aimed at lower-income and younger voters. And in terms of timing, we know the legislative calendar is tight ahead of the midterms, and the policy makers want to pursue things that can be enacted quickly and show up for voters as soon as possible. Ariana Salvatore: So, using that lens, we think the most realistic near-term tools are probably mostly executive actions. Think agency directives and potential changes to tariff policy. If we do see a second reconciliation bill emerge, it will probably move more slowly but likely cover some of those housing related tax credit changes. But of course, not all these policies would move the needle in the same way. What do we think matters most from a macro perspective? Michael Zezas: So, what our economists have argued is that the affordability policies being discussed – tax credits subsidies, payment pauses – they could be meaningful at a micro level for targeted households, but for the most part, they don't materially change the macro outlook. The exception might be tariffs; that probably has the broadest and most sustained impact on affordability because it directly affects inflation. Lower tariffs would narrow inflation differentials across cohorts, support real income growth and make it easier for the Fed to cut rates. Ariana Salvatore: Right. And just to add a finer point on that, I think directionally speaking, this is where we've seen the administration moving in recent months. Remember, towards the end of last year, the Trump administration placed an exemption on a lot of agricultural imports. And just the other day, we heard news that the trade deal with India was finalized reducing the overall tariff rate to 18 percent from about 50 percent prior. Michael Zezas: Okay. So, putting it all together for what investors need to know. We see three key takeaways. First, even absent new policy, our economists expect some improvement in affordability this year as inflation decelerates and rate cuts come into view. And specifically, when we talk about improvements in affordability, what our economists are referring to is income growth consistently outpacing inflation, lowering required monthly payments. Second, most proposed affordability policies are unlikely to generate the meaningful macro growth impulse, so investors shouldn't overreact to headline announcements. And third, the cohort divergence matters for equities. Pressure on lower income in younger consumers helps explain why parts of consumer discretionary have lagged. While higher income exposed segments have remained more resilient. So, if inflation continues to cool, especially via tariff relief, that's what would broaden the consumer recovery and potentially create better returns for some of the sectors in the equity markets that have underperformed. Ariana Salvatore: Right, and from the policy side, I would say this probably isn't the last time we'll be talking about affordability. It's politically salient. The policy responses are likely targeted and incremental, and this should continue to remain a top focus for voters heading into November. Michael Zezas: Well, Ariana, thanks for taking the time to talk. Ariana Salvatore: Great speaking with you, Mike. Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen. And share Thoughts on the Market with a friend or colleague today.

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. --- If you want expert help with crypto taxes — without guessing or DIY spreadsheets — Crypto Tax Girl is offering $100 off their crypto tax services for Unchained listeners. They provide personalized support for everything from complex transactions to full tax returns. Get $100 off --- In this episode of Bits + Bips, Austin Campbell and Chris Perkins sit down with Cosmo Jiang to unpack what gold's volatility shock revealed about market structure, why onchain venues like Hyperliquid are increasingly where price discovery happens, and how digital asset treasuries are being blamed for stress they did not create. The conversation also turns to Kevin Warsh's nomination as Fed chair and why it represents a deeper shift in institutional power, not just personnel. Hosts: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: Cosmo Jiang, General Partner at Pantera Capital Links: Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows Weekend Drama Rekindles Debate Over What Really Caused the October 10 Crash Crypto's Weekend Washout Tests Conviction After a Brutal Week Bitcoin Sinks as Markets Price In a More Hawkish Fed Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down Hyperliquid Prepares Prediction-Style Markets With HIP-4 Upgrade Hyperliquid Sees Record Trading as Commodities Drive New Interest ​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead Silver and gold extend losses after last week's historic plunge Gold Volatility Tops Bitcoin in Wildest Price Swings Since 2008 Learn more about your ad choices. Visit megaphone.fm/adchoices

Silver crashed! Today we focus on a historic bout of volatility in precious metals following months of extreme, unhealthy gains. We figure out if the selloff was driven by the announcement of a new Fed chair or severe technical overextension, crowded positioning that triggered profit-taking, shorting, and forced de-risking. We also talked the implications of a potentially growth-leaning but inflation-conscious Fed, ongoing structural risks like debt, deficits, and sticky inflation, and why monetary policy alone can't solve them. We reviewed the January market performance, and noticed strength in energy, materials, commodities, and international equities versus lagging tech and software. Markets are rotating regimes, not ending trends, and investors should focus on risk management, diversification, and long-term planning rather than reacting emotionally to short-term chaos. We discuss... We unpacked a historic spike in precious-metals volatility, with silver experiencing extreme, record-level swings after months of unsustainably rapid gains. The Fed chair news was described as a "match, not the bonfire," triggering a correction that was already statistically inevitable at extreme standard deviations. Volatility selling, options hedging, and large institutional short positioning likely amplified the downside move in silver. The gold-silver ratio had reached stretched levels, making a snapback or rebalancing between gold and silver unavoidable. Despite the violent correction, the broader precious-metals bull trend was viewed as intact rather than broken. Gold was described as healthier than silver due to steady institutional and central-bank buying. We covered how computers, systematic strategies, and risk managers now dominate market mechanics at volatility extremes. Rate cuts may come sooner than expected, but structural issues like debt, deficits, and sticky inflation remain unresolved. Markets so far reacted modestly outside of commodities, suggesting rotation rather than systemic stress. Energy and commodities were highlighted as key areas to watch in an inflation-sensitive environment. International equities significantly outperformed U.S. markets, reinforcing the case for global diversification. A small bank failure highlighted lingering credit and balance-sheet risks despite limited systemic impact. Midterm election seasonality was discussed as a potential source of higher volatility and uneven returns.   Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | Mergent College Advisors Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the show notes at https://moneytreepodcast.com/silver-crashed-787  

Kevin Warsh, who President Donald Trump announced last week as his pick to become the next Federal Reserve chair, has an extensive background that has earned the respect of the financial world. He worked at Morgan Stanley, was a member of the Bush White House and is a Fed alum. He has spoken forcefully about the importance of the Fed's independence. But Trump has said that he wants loyalty. Playbook's Jack Blanchard and White House Bureau Chief Dasha Burns discuss how Warsh's past might be in conflict with his future post. Plus, the government is reopened — with a new shutdown countdown clock already ticking away.

WORST DAY EVER for SILVER Cold Snap in Florida – Massive Critter Drop New Fed Chair named Pausing on space PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers  Warm-Up - WORST DAY EVER for SILVER - Cold Snap in Florida - Massive Critter Drop - New Fed Chair named - Pausing on space Markets - Bitcoin plunges - Crypto "winter" - Deep dive into January economic results - USD rises from multi-month low - EM still powered ahead - ELON - PT Barnum move Cold Snap - On February 1, 2026, Florida faced a significant drop in temperatures, reaching a record low of 24°F (-4°C) in Orlando. This marked the lowest temperature recorded in February since 1923. - Iguanas dropping from tress all over the streets - Iguanas can survive temperatures down to the mid-40s Fahrenheit (around 7°C) by entering a "cold-stunned" state, where they appear dead but are just temporarily paralyzed and immobile; however, prolonged exposure to temperatures in the 30s and 40s, especially below freezing, can be lethal, particularly for smaller individuals, leading to tissue damage and organ failure. - They get sluggish below 50°F (10°C) and fall from trees as they lose grip. - The Florida Fish and Wildlife Conservation Commission (FWC) issued Executive Order 26-03 on Friday, allowing residents to collect and surrender cold-stunned green iguanas without a permit during an unprecedented cold weather event. Right on Schedule - Remember we talked about how the Nat Gas price was going to reverse, just as quickly as it spikeed? - Nat gas down 25% today - down about 28% from recent high - Still about 50% higher than it was before the spike. THIS! - Nvidia Corp. Chief Executive Officer Jensen Huang said the company's proposed $100 billion investment in OpenAI  was “never a commitment” and that the company would consider any funding rounds “one at a time.” - “It was never a commitment,” Huang told reporters in Taipei on Sunday. “They invited us to invest up to $100 billion and of course, we were, we were very happy and honored that they invited us, but we will invest one step at a time.” Then Oracle announced that it will do a fundraiser in the form of equity and debt - needs to fund more datacenter build-out. - What happened to the OpenAI $300 Billion committment? - Or is the money that NVDA "committed to OpenAi, that they must have committed to Orcle, not a committment - GIGANTIC CIRCLE JERK Fungus - -Interesting - Did you know? Botrytis cinerea, a fungus causing grey mold, affects grapes by causing bunch rot, ruining fruit in high humidity. - While it often destroys crops, specific dry, warm conditions can transform it into "noble rot," concentrating sugars and creating high-value dessert wines (e.g., Sauternes, Tokaji) with honeyed, raisin-like, and apricot flavors. January Economic Review Employment — Job growth was nearly flat in December, with 50,000 new jobs added and earlier months revised lower. — Unemployment dipped slightly to 4.4%, but it's still higher than it was a year ago. — Long-term unemployment didn't change and remains high, and the labor force participation rate slipped to 62.4%. — Average hourly earnings rose 0.3% in December and are up 3.8% over the past year. — Weekly jobless claims stayed close to last year's levels, showing a labor market that is cooling but not weakening sharply. FOMC / Interest Rates — The Federal Reserve kept interest rates unchanged at 3.50%–3.75%. — Most policymakers agreed the economy continues to grow at a solid pace, though job gains are slowing and inflation remains above target. — Two committee members supported a small rate cut, but the majority preferred to wait. - Fed Chair Powell: Clearly, a weakening labor market calls for cutting. A stronger labor market says that rates are in a good place. It isn't anyone's base case right now that the next move will be a rate hike. - The economy has once again surprised us with its strength. Consumer spending numbers overall are good, and it looks like growth overall is on a solid footing. - Upside risks to inflation and downside risks to employment have diminished, but hard to say they are fully in balance. We think our policy is in a good place. - Overall, it's a stronger forecast since the Fed's last meeting. Haven't made any decisions about future meetings, but the economy is growing at a solid pace, the unemployment rate is broadly stable and inflation remains somewhat elevated, so we will be looking to our goal variables and letting the data light the way for us. - Most of the overrun in goods prices is from tariffs. We think tariffs are likely to move through, and be a one-time price increase. - Dissent: Miran and Waller (Miran is a admin shill and Waller wanted job as Fed Chair) GDP & Federal Budget — Economic growth remained strong in Q3 2025, with GDP rising at an annualized 4.4% driven by strong spending, higher exports, and reduced imports due to tariffs. — Investment was mixed, with business spending increasing while housing activity declined. — The federal deficit for December rose to $145 billion, though the fiscal year-to-date deficit is slightly smaller than last year. Inflation & Consumer Spending — Personal income and consumer spending rose moderately in October and November. — Inflation, measured by the PCE index, increased 0.2% in both months and roughly 2.7% year-over-year. — The Consumer Price Index rose 0.3% in December, with shelter, food, and energy all contributing. — Producer prices also increased, though 2025 producer inflation slowed compared to 2024. Housing — Existing home sales rose in December, but the number of homes for sale is still low. — Prices dipped a bit from November but remain higher than they were a year ago. — New-home sales in October were steady compared with the prior month but much higher than last year. — New-home prices fell compared to 2024, though they are still high relative to long-term norms. Manufacturing — Industrial production rose 0.4% in December and was up 2.0% for the year. — Manufacturing output increased, while mining activity declined and utility output jumped. — Durable goods orders grew sharply in November, driven by a big increase in transportation equipment, pointing to strong demand in key industries. Imports & Exports — Import and export prices rose slightly through November 2025. — The goods trade deficit widened in November because exports fell while imports increased. — For the year so far, both exports and imports are running above 2024 levels, though the overall trade deficit remains larger. Consumer Confidence — Consumer confidence fell sharply in January after improving in December. — Both views of current conditions and expectations for the future weakened, with expectations dropping well below the level that often signals recession risk. Earnings — Roughly one-third of S&P 500 companies have reported Q4 earnings, and overall results are strong. — 75% of companies have beaten EPS estimates, though this is slightly below long-term averages. Revenue beats remain solid at 65%. — Companies are reporting earnings 9.1% above estimates, which is well above the 5-and 10-year surprise averages. — The S&P 500 is on track for 11.9% year-over-year earnings growth, marking the 5th straight quarter of double-digit earnings growth. — Eight of eleven sectors are showing positive year-over-year earnings growth, led by Information Technology, Industrials, and Communication Services. — The Health Care sector shows the largest earnings declines among lagging categories. — The forward 12-month P/E ratio sits at ~22.2, elevated relative to 5-and 10-year averages, signaling continued optimism despite tariff and cost concerns. — FactSet also notes the S&P 500 is reporting a record-high net profit margin of 13.2%, the highest since 2009. INTERACTIVE BROKERS Check this out and find out more at: http://www.interactivebrokers.com/   S3XY No More - Tesla is ending production of the Model S sedan and Model X crossover by the end of Q2 2026 to focus on autonomous technology and humanoid robots (Optimus). - Do we have any idea with the TAM for either of these are? - Huge assumptions that Robotaxi will be a bug part of the global transportation. But, what if it isn't? - Unproven being built, taking out the proven - investors were not too happy about this...Stock was down after earnings showed continued sluggish EV sales and BIG Capex for Robotaxi refit, robots and chip manufacturing. But... - Friday - not to allow TESLA stock to move down tooo much. - With SpaceEx looking for an IPO in June - valuations have moved from $800B to 1.5T supposedly. - Now there is discussion of merging in xAI and possibly Tesla - Tesla shares dropped after earnings FED CHAIR PICK - Drumroll: Kevin Warsh - Seems like a good pick from the aspect of experience and ability - Deficit reducer? - More hawkish than market expected? - Announce Friday after several leaks in the morning And then... - Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980. -It was down 35% during the day - the worst daily plunge ever on record. - It was the worst decline since the March 1980 Hunt Brothers crash. - The sharp moves down were initially triggered by reports of Warsh's nomination. - However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits.- USD Spiked higher - Gold was down 10% - GOLD saw a drop of 10% to the close - 12% intraday - this was also a record - Bitcoin is down 25% from its recent level 2 weeks ago - ALL BEING BLAMED ON THE FED CHAIR PICK -- QUESTION - Will Trump back-peddle this OR talk to supporters in congress or tell them not to confirm him if markets continue to act squirrely? Fed Statement and Rates - Fed out with statement - no change on rates - Changes: Inflation up, employment steady, economy strong - Does not bode for much in the way of cuts - probably on hold though end of Powell term Apple Earnings - Apple reported blowout first-quarter earnings on Thursday, and predicted growth of as much as 16% in the current quarter, matching the period that just ended. - Sales could be even better, Apple said, if the company just secure enough chips to meet its customers' iPhone demands. - The company reported $42.1 billion in net income, or $2.84 per share, versus $36.33 billion, or $2.40 per share, in the year-ago period. - Apple saw particularly strong results in China, including Taiwan and Hong Kong. Sales in the region surged 38% during the quarter to $25.53 billion. - “The constraints that we have are driven by the availability of the advanced nodes that our SoCs are produced on, and at this time, we're seeing less flexibility in supply chain than normal,” Apple CEO Tim Cook said. - Stock up slightly - no great moves.... Blue Origin - Blue Origin will pause tourist flights to space for “no less than two years” to prioritize development of its moon lander and other lunar technologies. - The decision reflects Blue Origin's commitment to the nation's goal of returning to the Moon and establishing a permanent, sustained lunar presence. - The pause in tourist flights grounds the company's reusable New Shepard rocket, which has sent more than 90 people to the edge of space and back to experience brief periods of weightlessness. - Datacenters on the Moon? (sounds like a Pink Floyd album)     Love the Show? Then how about a Donation? ANNOUNCING THE WINNER OF THE THE CLOSEST TO THE PIN CUP 2025 Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Charles Schwab President and CEO Rick Wurster discusses different investing habits between generations, including Gen Z's interest in saving and the increased gamification of trading. Senator Thom Tillis (R-NC) is not running for reelection, and the lawmaker is using his freedom from campaign politics to speak up against the DOJ's case against Fed Chair Jay Powell and the execution of immigration policies overseen by Kristi Noem. In a fiery interview, Sen. Tillis calls the investigation into the Federal Reserve's renovation “frivolous” and “vindictive.” Plus, Anthropic's new legal tool has taken a bite out of tech stocks, and Fed governor Stephen Miran has resigned from his White House post, retaining his seat at the central bank.  Senator Thom Tillis - 12:41Rick Wurster - 27:18 In this episode:Becky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Feb 3, 2026 – When markets soar but Main Street struggles, what signals should you trust? In this episode, Peter Boockvar, author of The Boock Report, explores the implications of Trump's choice for new Fed Chair, the recent parabolic move...

US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will trigger a sweeping rethink of the Fed's role at the centre of the world's biggest economy. The FT's US economics editor Claire Jones explains who Warsh is, what he wants to do at the Fed, and how it might go.Clips from Fox Business, Group of Thirty The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Kevin Warsh's nomination as Fed chair to spark rethink of bank's roleKevin Warsh, the Fed chair nominee shaped by the 2008 financial crisisHow Kevin Warsh won the race to become Donald Trump's new Federal Reserve chair- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X (@senoj_erialc). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Many Americans are wondering whether the housing market has finally begun turning a corner—or if uncertainty is still here to stay. After years of elevated mortgage rates, stubbornly low inventory, and affordability concerns, the question feels more relevant than ever.Today, mortgage expert Dale Vermillion, author of Navigating the Mortgage Maze: The Simple Truth About Financing Your Home, joined the show to weigh in on what the 2026 housing landscape may look like and how today's buyers and sellers can navigate it with wisdom.A More “Normal” Market ReturnsAccording to Vermillion, the extreme swings of recent years may finally be behind us.“It isn't the market of 2020–2021 when rates were in the twos, threes, and fours,” Vermillion explains. “But it's also certainly not 2008. This is a very normal market.”He noted that although many think of today's mortgage rates as high, they are actually below the 30-year average. Inventory is rising, sales are stabilizing, and government attention on housing has increased. Together, these factors point toward a gradual shift into a buyer's market—a welcome change for those who've spent the last few years watching listings disappear before they could schedule a tour.A common frustration remains: if rates have risen, why haven't prices fallen faster?The answer is complex. While price increases largely flattened this year (+0.7%), Vermillion notes that the market remains regional rather than national. Certain areas have softened, but not enough to drive a nationwide price reset.A major reason: the “lock-in effect.” Millions of homeowners refinanced below 3% in 2020–21 and weren't willing to trade those rates for a higher one. But as Vermillion observes, that dynamic is fading. For the first time in years, more loans now exist above 6% than below 3%, allowing inventory to loosen.Why Fed Rate Cuts Don't Equal Lower Mortgage RatesEven though the Federal Reserve has been cutting rates, mortgage rates haven't always followed. That's because mortgage rates are tied more closely to the bond market, inflation data, and job reports—not directly to the Fed's benchmark rate.Another overlooked factor: mortgage-backed securities (MBS). When the government increases MBS purchases, mortgage rates often decline more reliably than when the Fed cuts consumer rates.The emotional side of the housing market can't be ignored. The bidding wars of 2020–21 left many would-be buyers discouraged. But Vermillion believes attitudes are shifting:“Inventory is up from roughly 450,000 units nationally early last year to over a million now. So from a buyer standpoint, it's time to be encouraged again.”With more sellers re-entering the market, buyers have choice again—and choice increases leverage.Vermillion stressed that affordability challenges today are driven as much by property taxes and insurance costs as by mortgage rates. Homeowners in several states have seen insurance premiums and assessments climb dramatically—sometimes outpacing wage growth.For aspiring first-time buyers, budgeting remains the first step. Vermillion's advice: determine what you can afford before visiting a lender, rather than letting a lender tell you what qualifies on paper.For First-Time Buyers: Get Pre-Approved, Not Pre-QualifiedA true pre-approval involves:A full applicationCredit checkIncome verificationDocumentation of debts and assetsThis makes offers more competitive and prevents buyers from shopping at unrealistic price points.During the pandemic boom, paying $20,000–$50,000 above asking price became the norm in many markets. Vermillion notes that this period has largely ended:“Homes today are selling around 94–97% of the listing price in most areas. We're not seeing bidding wars like before.”For buyers, that's stabilizing. For sellers, it simply resets expectations toward reality.Move-Up Buyers: Timing May Be Better Than You ThinkFor homeowners considering a move—whether for space, schools, or lifestyle—Vermillion's advice mirrors that given to first-time buyers: set a realistic budget and lean on wise counsel.Sellers should also invest in preparing their homes to show well, as presentation still drives both speed and price.Vermillion believes 2026 may be a strategic window:“I think this is the year to do it. Rates may come down a little more, but not dramatically. Buyers and sellers who plan well and manage expectations can succeed in this environment.”From a stewardship standpoint, the takeaway is simple: markets change, rates fluctuate, and headlines swing. But Christians are invited to place their confidence not in economic cycles but in the Lord, “who establishes our steps” (Proverbs 16:9).A wise plan, a realistic budget, and sound counsel can go a long way—especially in a year where the housing market is finally beginning to level out.On Today's Program, Rob Answers Listener Questions:I'm looking for a trustworthy and affordable tax preparation service. Are there any organizations I should avoid? And are there any Christian-based or low-cost options—especially for seniors?I'm turning 65 soon, and I'm debt-free. I want my condo to go to my children when my wife and I pass away. Should I use a will, put them on the deed, or create a trust? What's the best approach?Resources Mentioned:Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner)Navigating the Mortgage Maze: The Simple Truth About Financing Your Home by Dale VermillionOur Ultimate Treasure: A 21-Day Journey to Faithful StewardshipWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Thanks to the Federal Reserve, the US government will always have enough printed money to fund its tyrannical schemes.Original article: https://mises.org/mises-wire/have-fiat-money-will-tyrannize

Andrew, Ben, and Tom discuss software companies getting smashed by AI, Fed policy, and Texas Instruments buying Silicon Labs. Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

Dr. Laura Pettler, renowned forensic criminologist, author, and inventor recognized for her work in homicide investigation, crime scene staging, and reconstructionTopic: Alleged abduction of Savannah Guthrie's mother Dr. Tom Jones, PhD planetary scientist, pilot, veteran NASA astronaut who flew four space shuttle missions, and the author of "Space Shuttle Stories"Topic: "The race to the moon is back — NASA needs to get serious to beat the Chinese" (Fox News op ed) Congressman Mike Haridopolos, Republican representing Florida's 8th Congressional DistrictTopic: End of the Partial Government Shutdown Stephen Moore, "Joe Piscopo Show" Resident Scholar of Economics, Chairman of FreedomWorks Task Force on Economic Revival, former Trump economic adviser and the author of "The Trump Economic Miracle: And the Plan to Unleash Prosperity Again"Topic: "Trump’s Fed pick Kevin Warsh means strong dollar, fewer bureaucrats, lower inflation" (Washington Times op ed) Joseph diGenova, former U.S. Attorney for the District of ColumbiaTopic: Alleged Charlie Kirk killer back in court; Other legal news of the day Matthew "Whiz" Buckley, decorated former U.S. Navy F/A-18 Hornet pilot, TOP GUN graduate, and now the founder of the No Fallen Heroes FoundationTopic: U.S. military shoots down Iranian drone approaching USS Abraham Lincoln; Peace negotiations with IranSee omnystudio.com/listener for privacy information.

Is the selling in tech overblown? Investors are looking for some clarity and pivoting their attention to Alphabet which reports in Overtime. We run through what to expect with shareholder Doug Clinton from Intelligent Alpha and Oppenheimer analyst Jason Helfstein. Plus, former St. Louis Fed President Jim Bullard weighs in on what could be next for the Fed under Kevin Warsh. And, the big battle between Anthropic and OpenAI is headed to the Superbowl. We explain. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Big sell-offs in gold and silver are scary. They're unnerving. And they are inevitable. In this episode of the Midweek Memo podcast, host Mike Maharrey puts the recent correction in gold and silver in perspective.  The announcement of Keven Warsh as Trump's new Federal Reserve Chairman spooked the markets because of his perceived hawkishness, and that sparked the sell-off. Mike explains why it was an overreaction, and that hawkishness probably won't matter when Fed policy meets current economic realities. He also shares some other thoughts about the sell-off, adding additional perspective for your consideration. 

After a quiet data week and a loud political signal, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, dig into what a potential Fed leadership shakeup could mean for rates, markets, and investor expectations. With Kevin Warsh emerging as the likely next Fed chair, the discussion cuts past headlines to examine his long history at the Fed, his shifting stance on inflation and rate cuts, and why markets may be less willing to take his guidance at face value. It's been one of the most volatile stretches for metals in decades, as gold and silver experience sharp pullbacks after a historic run. Ryan and Sonu break down why positioning and sentiment mattered more than headlines, and along the way, they connect the dots between capital-intensive tech investment, the emerging commodity supercycle, and why earnings strength continues to underpin equities despite leadership rotation and policy noise.Key Takeaways:Fed leadership uncertainty adds friction, not clarity: Kevin Warsh's record reveals a pattern of convenient pivots that may limit his influence over a skeptical committee Rate cuts face structural resistance: Markets are pricing fewer long-term cuts as capital investment and nominal growth keep upward pressure on rates Metals volatility was about positioning, not fundamentals: Extreme bullish sentiment set the stage for sharp pullbacks despite intact long-term trends Gold and silver require sizing, not timing: Volatility, correlations, and rebalancing matter more than chasing short-term price moves Earnings continue to justify the bull market: Strong margins, industrial strength, and resilient consumer spending support risk assets even as leadership rotatesJump to:0:00 - Setting The Stage: No Jobs Data1:06 - Who Is Kevin Warsh4:30 - Warsh's Crisis-Era Record9:10 - Politics, Hawks, And Rate-Cut Reality14:20 - Balance Sheet Beliefs Challenged19:45 - Gold And Silver's Wild Swing25:40 - How To Own Metals Wisely31:10 - From Software To Capex Supercycle36:50 - Productivity, Labor, And Rates41:30 - Fun Signals: Super Bowl And January46:05 - Earnings, Margins, And MomentumConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Markets absorb an AI-driven selloff in software as Steve Pagliuca of Bain Capital argues the disruption will ultimately retool the global economy. Plus, panel insights on AI productivity, market rotation, gold's surge amid geopolitical tensions, industrial policy, Fed leadership, crypto volatility, and where investors see opportunity next. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hey Smarties! We recorded today's episode before the House passed a spending package that will end the partial government shutdown. We're monitoring the situation as it develops.President Trump has shown no signs of easing his pressure campaign on Federal Reserve Chair Jerome Powell. But this could spell trouble for Trump's pick for Powell's successor, Kevin Warsh. Marketplace's Nancy Marshall-Genzer joins Kimberly to explain. Plus, we'll get into what you should know about Warsh's history at the Fed and more of the latest news from the central bank.Here's everything we talked about today:"Trump's Political Drama With Powell Overshadows Fed Rate Decision" from The New York Times "What would Kevin Warsh bring to the Federal Reserve?" from Marketplace"Fed keeps interest rates unchanged, despite pressure from Trump" from Marketplace"Trump Needs an Off-Ramp for Powell Feud to Speed Warsh Into Fed" from Bloomberg"The economic headache that's coming for Kevin Warsh" from PoliticoWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

It's Resist and Unsubscribe February! Kara and Scott discuss what they've been unsubscribing from, and what their next moves might be. Then, they unpack the new Epstein files release and the wide-ranging network of powerful figures it exposes. Plus, Trump's Fed chair pick, SpaceX and xAI merge, and the latest developments in the AI arms race. Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠. Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠. Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠ Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠. Send us your questions by calling us at 855-51-PIVOT, or email Pivot@voxmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe green new scam is dead, and in Texas people are now seeing that wind and solar cannot support the electrical load during the cold. China said the quiet part out loud, they were suppose to be the reserve currency. Trump’s new Fed chair help with the transition. Trump is now exposing the criminal underworld the people of this country. The people are seeing all the pieces of the crimes they have committed. When the people see that all the characters are criminals and have done horrible things and that these people are the same ones that have been trying to stop trump, it is game over. Trump is now pushing the Save Act to shutdown the [DS]. Trump is setting the country up for the win.   Economy Report: Texas Wind and Solar Failed During This Week's Winter Storm, Grid Carried by ‘Natural Gas and Coal' The recent snow storm that overtook Texas reportedly crashed the state's wind and solar energy generators, leading to natural gas, coal, and nuclear providing most of the state's electricity. https://twitter.com/RyanMaue/status/2015854614206206101?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2015854614206206101%7Ctwgr%5Eccb14922c034250da614ea4ff40e89ae08ce9117%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F02%2Freport-texas-wind-solar-failed-weeks-winter-storm%2F According to David Blackmon, an energy-related public policy analyst and consultant, by the early morning hours of Jan. 26, natural gas, goal, and nuclear were providing 89 percent of all the state's power. “Natural gas alone is chugging along at an impressive 68%,” Blackmon reported online on Substack later that same day. Politico similarly reported that the U.S. energy grid “leaned heavily on coal and natural gas generation to satisfy the energy appetite from Winter Storm Fern.” https://twitter.com/mayes_middleton/status/2015822288663228536?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2015822288663228536%7Ctwgr%5Eccb14922c034250da614ea4ff40e89ae08ce9117%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F02%2Freport-texas-wind-solar-failed-weeks-winter-storm%2F Source: thegatewaypundit.com China is on a ‘strong currency' mission to make the yuan a global reserve: Xi Xi Jinping says the goal of becoming an international powerhouse is a long-term one and will rest on core foundations China needs to build a “strong currency” that can become widely used in international trade, investment and foreign exchange markets, and reach the status of a global reserve. Source:.scmp.com Trump Launches $12 Billion Strategic Mineral Stockpile To Counter China; Rare Earth Stocks Jump The Trump administration is preparing to launch a major initiative aimed at protecting US manufacturers from disruptions in the supply of critical minerals, committing about $12 billion in initial funding to build a strategic stockpile of essential materials, according to Bloomberg. The project, known as Project Vault, is designed to reduce America's dependence on China for rare earths and other strategically important metals. By creating a centralized reserve for civilian industries, officials hope to cushion companies against sudden shortages and sharp price swings that can disrupt production and strain finances. Shares of MP Materials, USA Rare Earth, Critical Metals and other rare earth associated names are higher between 5% and 10% heading into the cash open on Monday on the news. At this point it’s safe to say last week’s Reuters rare earth hit piece (authored most likely at the behest of a disgruntled short), which sent the sector tumbling on disputed claims the Trump administration was seeking to distance itself from the rare earth space by moving away from a price floor on critical metals and suggesting MP’s deal with the government may be in question, has been thoroughly debunked. Even the MP Materials X account was mocking the grotesque misreporting: https://twitter.com/MPMaterials/status/2016734732835573833?ref_src=twsrc%5Etfw Project Vault will be financed through a mix of private and public funding: $1.67 billion is expected to come from private investors, while the US Export-Import Bank is set to provide a $10 billion loan with a 15-year term. The bank's board is scheduled to vote on the deal, which would be the largest in its history. More than a dozen major companies have joined Project Vault, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Google. Three large trading firms – Hartree Partners, Traxys North America, and Mercuria Energy – will handle sourcing and purchasing materials for the stockpile.    Source: zerohedge.com https://twitter.com/Geiger_Capital/status/2018319873609290010?s=20 https://twitter.com/StephenMoore/status/2017295983940354307?s=20 https://twitter.com/profstonge/status/2018300872447418573?s=20 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Political/Rights https://twitter.com/rickygervais/status/2018249171900227730?s=20 https://twitter.com/NICKIMINAJ/status/2018147684276748388?s=20 https://twitter.com/NICKIMINAJ/status/2018146323581513971?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018146323581513971%7Ctwgr%5Ebf8eb4e3fdfcee731660a65a8ed9f8dad15fa004%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F02%2Fnicki-minaj-fires-back-grammys-host-trevor-noah%2F know — yet they continue to attempt bullying. Also, I won't be releasing an album until my contract is renegotiated & until I tell you about all the sabotage this RICO is finding out about Billboard. https://twitter.com/NICKIMINAJ/status/2018156644689920362?s=20   https://twitter.com/TrumpWarRoom/status/2018142074906845333?s=20    accused of being there, not even by the Fake News Media. Noah, a total loser, better get his facts straight, and get them straight fast. It looks like I'll be sending my lawyers to sue this poor, pathetic, talentless, dope of an M.C., and suing him for plenty$. Ask Little George Slopadopolus, and others, how that all worked out. Also ask CBS! Get ready Noah, I'm going to have some fun with you! President DJT https://twitter.com/Patri0tContr0l/status/2018162192676229182?s=20   the TV tells them to. https://twitter.com/DrunkRepub/status/2017198485510963485?s=20   https://twitter.com/MrAndyNgo/status/2018184786209087562?s=20   Lord Mandelson resigns from Labour Party over Epstein links Lord Mandelson says he has resigned his membership of the Labour Party as he does not want to “cause further embarrassment” by his links to the late convicted paedophile Jeffrey Epstein. The former cabinet minister, who was sacked as US ambassador last year because of his past connections to Epstein, appeared in the latest release of files by the US Department of Justice on Friday. Documents suggest Epstein made $75,000 (£55,000) in payments to Lord Mandelson in three separate $25,000 transactions in 2003 and 2004. In his letter to Labour’s general secretary on Sunday, Lord Mandelson said: “I have been further linked this weekend to the understandable furore surrounding Jeffrey Epstein and I feel regretful and sorry about this.” He added: “Allegations which I believe to be false that he made financial payments to me 20 years ago, and of which I have no record or recollection, need investigating by me. Source: bbc.com https://twitter.com/Patri0tContr0l/status/2018011104094380207?s=20  TRUMP'S DOJ that arrested Epstein. Facts are hard for professional liars like Eric Swalwell.   Newly-Released Emails Reveal Jeffrey Epstein May Have a Secret Son  Newly-released emails reveal Jeffrey Epstein may have a secret son. Sarah Ferguson, the former Duchess of York, congratulated Epstein on the birth of his baby boy. Ferguson said she ‘heard from the Duke' that Epstein had a baby boy. The email is date September 21, 2011 so if Epstein has a secret son, he would be 14 years old today. The Daily Mail reported:   Source: thegatewaypundit.com https://twitter.com/JayTC53/status/2018073517368184847?s=20  Jew night” “media elite” and “once the money is paid” https://twitter.com/JayTC53/status/2018128138715443273?s=20 the biggest Trump haters were best friends with Jeffery Epstein https://twitter.com/WarClandestine/status/2018358307052793892?s=20   since been neutralized by King Salman and new crown Prince MBS. This Epstein email reveals (confirms) two sides of the Deep State triangle. House of Saud, and the Rothschilds. https://twitter.com/elonmusk/status/2018185343263019234?s=20  https://twitter.com/elonmusk/status/2017859237502767117?s=20 https://twitter.com/amuse/status/2018351298685419772?s=20   the documents with required redactions. With Trump exonerated & damaging details now pointing toward Democrat power brokers, the pressure has abruptly flipped back to secrecy. https://twitter.com/WarClandestine/status/2018138887655133692?s=20   https://twitter.com/WarClandestine/status/2018017331499213275?s=20      DOGE Geopolitical https://twitter.com/visegrad24/status/2018020919252230227?s=20   since 1996 but was stormed by the police for the eviction 5 weeks ago. Nearly 2000 of the protesters later broke off from the main demonstration and fought the police for hours in the streets. They threw stones, fireworks and homemade bombs while also setting barricades and police vehicles on fire. Many Italians are now calling on Meloni to launch a crackdown against violent far-left extremist. https://twitter.com/EricLDaugh/status/2018311833405293048?s=20    friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!   War/Peace  https://twitter.com/AP/status/2017881629440483383?s=20     https://twitter.com/RapidResponse47/status/2018022342731976897?s=20 We have the biggest, most powerful ships in the world over there… hopefully, we’ll make a deal. If we don’t make a deal, then we’ll find out whether or not he was right.” https://twitter.com/WarClandestine/status/2018030967823192563?s=20 Medical/False Flags   [DS] Agenda https://twitter.com/EndWokeness/status/2018176829723398321?s=20  https://twitter.com/Tyler2ONeil/status/2017430244496412840?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2017430244496412840%7Ctwgr%5E1d06078b39cc73de0216e98cb34ee981fb7d135c%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.dailysignal.com%2F2026%2F02%2F02%2Fbreaking-2-more-arrested-minnesota-church-invasion%2F  Armstrong tells Lemon—who knows the location but is hiding it from his audience—that they’re going to “disrupt business as usual” at what we later learned was Cities Church. Lemon said he would see her there. https://twitter.com/AGPamBondi/status/2018326184468058566?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2018326184468058566%7Ctwgr%5E1d06078b39cc73de0216e98cb34ee981fb7d135c%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.dailysignal.com%2F2026%2F02%2F02%2Fbreaking-2-more-arrested-minnesota-church-invasion%2F   https://twitter.com/libsoftiktok/status/2018337163188846994?s=20   https://twitter.com/Rightanglenews/status/2018101057902059727?s=20 Anti-ICE Resistance Manuals and Training at Schools Receiving Federal Funding Anti-ICE resistance training manuals, including de-arresting and blocking, are being distributed, and in some cases, the training is being held in schools receiving government funding. Image of de-arresting by Minnesota ICE Watch. Minnesota ICE Watch, the organization that Renee Good and her wife were members of, distributed a document known as the “De-Arrest Primer,” which instructs activists on how to physically interfere with law enforcement officers during arrests. The manual provides detailed guidance on pulling detainees from officers' grips, pushing and pulling officers, breaking holds, and opening law enforcement vehicles to free suspects. The manual also teaches the use of coordinated chanting to create confusion and overwhelm officers during active arrests, as well as surrounding officers until they release detainees. The guide openly acknowledges that these actions may constitute criminal offenses but argues that the risk is justified. Each successful interference is described as a “micro-intifada,” framed as a tactic meant to spread, replicate, and inspire wider disruption. The manual claims these methods originated in pro-Palestinian campus protests and presents them as a model for broader resistance activity. While no single formal publisher is identified, the manual appears to originate from broader activist and radical networks that promote direct physical interference with law enforcement. It has circulated widely through Instagram and other activist communication channels and has been used in training individuals described as “constitutional observers” or “ICE watchers.”   Source: thegatewaypundit.com https://twitter.com/nicksortor/status/2018111147237425556?s=20   https://twitter.com/nicksortor/status/2018114619320017259?s=20   JUST IN: Chicago Mayor Brandon Johnson Signs “ICE On Notice” Executive Order to Prosecute ICE Agents  Chicago Mayor Brandon Johnson at a press conference hosted by Illinois Governor J.B. Pritzker / Screenshot: MSNBC Chicago Mayor Brandon Johnson signed an executive order on Saturday, launching investigations into ICE agents and laying the groundwork for criminal referrals for alleged law violations.  The order “creates a framework for public accountability in the event federal agents violate local or state law while operating in Chicago,” a press release from Johnson's office reads.  “Nobody is above the law. There is no such thing as ‘absolute immunity' in America,” Johnson said in a statement. Source: thegatewaypundit.com https://twitter.com/9mmsmg/status/2017633783638368516?s=20 https://twitter.com/Sec_Noem/status/2018435428932538861?s=20   President Trump's Plan  Federal Appeals Court Tosses Justice Department's Misconduct Complaint Against Judge Boasberg  A federal appeals court tossed out a Justice Department misconduct complaint against Judge James Boasberg. AS previously reported, DC Chief Judge James Boasberg and other DC Judges admitted bias against the Trump Administration during a March 2025 judicial conference with Chief Justice Roberts, according to a memo obtained by The Federalist. For the last year, DC Circuit Court Judges have engaged in a judicial coup against President Trump. Far-left DC judges James Boasberg, Beryl Howell, Chutkan, Berman Jackson and others have ruled against President Trump in every case related to deportations and firings in the Executive Branch. Source: thegatewaypundit.com   https://twitter.com/WallStreetApes/status/2018099758943084657?s=20   agencies, Los Angeles County has more than 36 states combined and 30X MORE than the whole state of Florida and New York “How is that possible? And take a look at this map, a cluster of 287 hospice providers, in a two-mile radius, some in strip malls, unmarked buildings, even a wrecking yard and vacant lot. All of it is just paperwork. I could fill that out in Kazakhstan if I want and get a hospice license waiting for me.” https://twitter.com/elonmusk/status/2018172495535247571?s=20      Rebuilding, can be, without question, the finest Performing Arts Facility of its kind, anywhere in the World. In other words, if we don't close, the quality of Construction will not be nearly as good, and the time to completion, because of interruptions with Audiences from the many Events using the Facility, will be much longer. The temporary closure will produce a much faster and higher quality result!   Based on these findings, and totally subject to Board approval, I have determined that the fastest way to bring The Trump Kennedy Center to the highest level of Success, Beauty, and Grandeur, is to cease Entertainment Operations for an approximately two year period of time, with a scheduled Grand Reopening that will rival and surpass anything that has taken place with respect to such a Facility before.   Therefore, The Trump Kennedy Center will close on July 4th, 2026, in honor of the 250th Anniversary of our Country, whereupon we will simultaneously begin Construction of the new and spectacular Entertainment Complex. Financing is completed, and fully in place! This important decision, based on input from many Highly Respected Experts, will take a tired, broken, and dilapidated Center, one that has been in bad condition, both financially and structurally for many years, and turn it into a World Class Bastion of Arts, Music, and Entertainment, far better than it has ever been before. America will be very proud of its new and beautiful Landmark for many generations to come. Thank you for your attention to this matter!   PRESIDENT DONALD J. TRUMP President Trump to SETTLE $10 BILLION IRS LAWSUIT — Plans to DONATE THE PROCEEDS TO CHARITY President Donald J. Trump is preparing to settle his massive $10 billion lawsuit against the Internal Revenue Service and the U.S. Treasury Department, and he says he will donate the entire payout to reputable charities instead of keeping a penny for himself. President Trump, Eric Trump, Don Jr., and the Trump Org filed a lawsuit against the IRS for leaking their tax returns. They are seeking $10 billion in damages. In September 2023, federal prosecutors charged a former IRS contractor who worked for the agency from 2018 to 2020 with unlawfully obtaining and disseminating the tax details of a high-ranking public official and numerous affluent Americans to media outlets. According to court documents and an official press release from the Department of Justice, Charles Littlejohn, 38, of Washington, D.C., stole tax return information associated with a high-ranking government official, referred to as Public Official A  – now known as Donald Trump. He then disclosed this information to a news organization identified as News Organization 1 – now known as The New York Times. Littlejohn reportedly stole IRS information on thousands of wealthy people. The stolen information was then disseminated to two news outlets (New York Times and ProPublica). “In July and August 2020, Littlejohn separately stole tax return information for thousands of the nation's wealthiest individuals. Littlejohn was again able to evade IRS detection. In November 2020, Littlejohn disclosed this tax return information to News Organization 2, which published over 50 articles using the stolen data. Littlejohn then obstructed the forthcoming investigation into his conduct by deleting and destroying evidence of his disclosures,” the DOJ previously said. L Source: thegatewaypundit.com   https://twitter.com/CynicalPublius/status/2018117811625730171?s=20   some facts: 1. Yesterday’s voter turnout was 94,938. 2. In the same district in 2024, the voter turnout was 400,339. 3. In the same district in 2022, the voter turnout was 277,883. 4. This was a special election to fill a vacant seat resulting from a state senator's promotion into state comptroller. 5. Based on the timing of this election and the next election, and the peculiar nature of Texas state government, it is a 99.99% certainty that this new Democrat will never cast a single vote in the term he is filling. 6. The vote was on a Saturday. I am as passionate a MAGA voter as is alive, but if I lived in TX-SD9, I would have stayed home and enjoyed my Saturday based on fact #5 alone. Is this good for the GOP? No. Is it bad for the GOP? No. Then what is it, CP, you big smartypants? IT'S NOTHING. IT'S MEANINGLESS. So everybody please calm down. For the 2026 midterms, every Trump voter knows that if he does not win, the House will impeach him twice weekly. That fact will be as widely understood as any fact during the 2024 election. There are still many issues Trump needs to work on, and I'm not guaranteeing a 2026 victory. What I AM guaranteeing is that yesterday's TX-SD9 election has as much meaning as peanut butter on a dog's nose. (The dog freaks, everybody laughs, but ultimately the dog gets the peanut butter and we all move on.) https://twitter.com/JohnBasham/status/2018199554764447926?s=20   The Georgia Elections Board. https://twitter.com/WSJ/status/2018277500464275804?s=20 Complaint against Tulsi Gabbard could do ‘grave damage to national security': Report The whistleblower's allegations are so highly classified that documents are being kept locked in a safe and the complaint still hasn't been shared with Congress From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford i   Source: the-independent.com There’s an “8 month old complaint” from a “US official” alleging “wrongdoing”   https://twitter.com/awaitekw14/status/2018081688803516456?s=20   ballots from Fulton. Coincidence? No way. COVID wasn’t just a ‘pandemic’—it was the engineered pretext that flipped every state rule on mail-ins, drop boxes, and signature verification. Harvest those ballots, truck them in after 3 a.m. stops, rinse & repeat in swing-state blue zones. Regime change 2.0 after Russiagate flopped.If they can prove those Fulton ballots trace back to illegal harvesting (or even foreign interference via the biolab network), the whole house of cards collapses. Treason on a scale we haven’t seen since the founding. Trump saying ‘interesting things happening’ soon? Understatement of the century. Stay frosty, patriots. The storm is here. https://twitter.com/liz_churchill10/status/2018006616369496424?s=20   https://twitter.com/AndrewDesiderio/status/2018375101847097793?s=20 Andrew Desiderio Schumer issues new statement reiterating that the SAVE Act is “dead on arrival” in the Senate — amid push from GOP Rep. Luna & others “If House Republicans add the SAVE Act to the bipartisan appropriations package it will lead to another prolonged Trump government shutdown” https://twitter.com/EricLDaugh/status/2018378753873969400?s=20 elections from fraud.  REP. AUGUST PFLUGER, Chair of Republican Study Committee nails it: “The House did our job nearly 300 days ago. It's high time that the Senate do theirs!”   President Donald Trump has proposed building a massive triumphal arch in Washington, D.C., often referred to as the “Independence Arch” or “Memorial Circle arch,” to be located on Columbia Island near the Potomac River, close to the Lincoln Memorial and Arlington National Cemetery.  The structure is envisioned as a 250-foot-tall monument, which would make it more than twice the height of the 100-foot Lincoln Memorial, taller than the 70-foot White House, and larger than Paris’s 164-foot Arc de Triomphe—though still shorter than the 630-foot Gateway Arch in St. Louis. Trump’s motivations stem from a desire to create a grand symbol of American pride and exceptionalism, emphasizing that Washington, D.C., is “the only city in the world that’s of great importance that doesn’t have a triumphal arch  The arch signifies Trump’s emphasis on monumental nationalism and grandeur, evoking historical triumphal arches built by emperors and leaders to commemorate triumphs and project power—earning it nicknames like “Arc de Trump.”  (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Our Chief Cross-Asset Strategist Serena Tang and senior leaders from Investment Management Andrew Slimmon and Jitania Kandhari unpack new investment trends from supportive monetary and fiscal policy and shifting market leadership. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist. Today we're revisiting the 2026 global equity outlook with two senior leaders from Morgan Stanley Investment Management. Andrew Slimmon: I am Andrew Slimmon, Head of Applied Equity Team within Morgan Stanley Investment Management. Jitania Kandhari: And I'm Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, Portfolio Manager for Passport Strategies and Head of Macro and Thematic Research for Emerging Market Equities within Morgan Stanley Investment Management.It's Tuesday, February 3rd at 10 am in New York. So as investors are entering in 2026, after several years of very strong equity returns with policy support reaccelerating. As regular listeners have probably heard, Mike Wilson, who of course is CIO and Chief Equity Strategist for Morgan Stanley – his view is that we ended a three-year rolling earnings recession in last April and entered a rolling recovery and a new bull market. Now, Andrew, in the spirit of debate, I know you have a different take on valuations and where we are at in the cycle. I'd love to hear how you're framing this for investment management clients. Andrew Slimmon: Yeah, I mean, I guess I focus a little bit more on the behavioral cycle. And I think that from a behavioral cycle we're following a very consistent pattern, which is we had a bad bear market in 2022 that bottomed down 25 percent. And that provided a wonderful opportunity to invest. But early in a behavioral cycle, investors are very pessimistic. And that was really the story of [20]23 and really 2024, which were; investors, you know, were negative on equities. The ratios were all very negative and investors sold out of equities. And that's consistent with a early cycle. And then as you move into the third-fourth year, investors tend to get more optimistic about returns. Doesn't necessarily mean the market goes down. But what it does mean is the market tends to get more volatile and returns start to compress, and ultimately, bull markets die on euphoria. And so, I think it's late cycle, but it's not end of cycle. And that's my theme; is late cycle but not end of cycle.Serena Tang: And I think on that point, one very unusual feature of this environment is that you have both monetary and fiscal policy being supportive at the same time, which, of course, rarely happens outside of recession. So how do you see those dual policy forces shaping market behavior and which parts of the market tend to benefit? Andrew Slimmon: Well, that's exactly right. Look, the last time I checked, page one of the investment handbook says, ‘Don't fight the Fed.' And so, you have monetary policy easing. And what we; remember what happened in 2021? The Fed raised rates and monetary policy was tightening. Equities do well when the Fed is easing, and that's one of the reasons why I think it's not end of cycle. And then you layer in fiscal policy with tax relief coming, it is a reason to be relatively optimistic on equities in 2026. But it doesn't mean there can't be bumps along the way – and I think a higher level of optimism as we're seeing today is a result of that. But I think you stick with those more procyclical areas: Finance, Industrials, Technology, and then you move down the cap curve a little bit. I think those are the winning trades. They really started to come to the fore in the second half of last year, and I think that will continue into 2026. Serena Tang: Right. And we've definitely seen some bumps recently, but I think on your point around yields. So, Jitania, I think that policy backdrop really ties directly to your idea of the age of capped real rates. In very simple terms, can you explain what that means and what's behind that view? Jitania Kandhari: Sure. When I say age of real rates being capped, I mean like the structural template within which I'm operating, and real rates here are defined by the 10-year on the Treasury yield adjusted for CPI.Firstly, I'd say there was too much linear thinking in markets post Liberation Day. That tariffs equals inflation equals higher rates. Now, tariff impacts, as we have seen, can be offset in several ways, and economic relationships are rarely linear.So, inflation may not go up to the extent market is expecting. So that supports the case for capped rates. And the real constraint is the debt arithmetic, right? So, if you look at the history of public debt in the U.S., whenever there was a surge in public debt during the Civil War, two World Wars, Global Financial Crisis, even during COVID. In all these periods, when debt spiked, real rates have remained negative.So, there can be short term swings in rates, but I believe that markets not necessarily central banks will even enforce that cap. Serena Tang: You've described this moment, as the great broadening of 2026. What's driving this and what do you think is happening now after years of very narrow concentration? Jitania Kandhari: Yes. I think like if last decade was about concentration, now it's going to be about breadth. And if you look at where the concentration was, it was in the [Mag] 7, in the AI trade. We are beginning to see some cracks in the consensus where adoption is happening, but monetization is lagging. But clearly the next phase of value creation could happen from just the model building to the application layer, as you guys have also talked about – from enablers to adopters.The other thing we are seeing is two AI ecosystems evolve globally. The high cost cutting edge U.S. innovation engine and the lower cost efficiency driven Chinese model, each of them have their own supply chain beneficiaries. And as AI is moving into physical world, you're going to see more opportunities. And then secondly, I think there are limitations on this tariff policies globally; and tariff fears to me remain more of an illusion than a reality because U.S. needs to import a lot of intermediate goods And then lastly, I see domestic cycles inflecting upwards in many other pockets of the world. And you add all this up; the message is clear that leadership is broadening and portfolio should broaden too. Serena Tang: And I want to sort of stay on this topic of broadening. So, Andrew, I think, you've also highlighted, you know, this market broadening, especially beyond the large cap leaders, even as AI investment continues, I think, as you touched on earlier. So why does that matter for equity leadership in 2026? And can you talk about the impact of this broadening on valuations in general? Andrew Slimmon: Sure. So I think, you know, I've been around a long time and I remember when the internet first rolled out, the Mosaic browser was introduced in 1993. And the first thing the stock market tried to do is appoint winners – of who was going to win the internet, you know, search race. And it was Ask Jeeves and it was Yahoo and it was Netscape. Well, none of those were the winners. We just don't know who's ultimately going to be the tech winner. I think it's much safer to know that just like the internet, AI is a technology productivity enhancing tool, and companies are going to embrace AI just like they embraced the internet. And the reason the stock market doubled between 1997 and the dotcom peak was that productivity margins went up for a lot of companies in a lot of industries as they embraced the internet. So, to me, a broadening out and looking at lower valuations, it is in many ways safer than saying this is the technology winner, and this is technology loser. I think it's all many different industries are going to embrace and benefit from what's going on with AI. Serena Tang: You don't want to know where I was in 1993. And I don't recognize most of those names. Andrew Slimmon: Sorry. I was 14! Serena Tang: [Laughs] Ok. Investors often hear two competing messages now. Ignore the macro and buy great companies or let the big picture drive everything. How do you balance top-down signals with bottom-up fundamentals in your investment process? Andrew Slimmon: Yeah, I think you have to employ both, and I hear that all the time; especially I hear, you know, my competitors, ‘Oh, I just focus on my stock picks, my bottom up.' But, you know, look statistically, two-thirds of a manager's relative performance comes from macro. You know, how did growth do? How did value do? All those types of things that have nothing to do with what stock picks... And likewise, much of a return of an individual stock has to do with things beyond just what's happening fundamentally. But some of it comes from what's happening at the company level. So, I think to be a great investor, you have to be aware of the macro. The Fed cutting rates this year is a very powerful tool, and if you don't understand the amplifications of that as per what types of stocks work, because you're so focused on the micro, I think that's a mistake. Likewise, you have to know what's going on in your company [be]cause one third of term does come from actual stock selection. So, I'm a big believer in marrying a top down and a bottom up and try to capture the two thirds and the one third.Serena Tang: Since that 2022 bear market low that you talked about earlier. I mean, your framework really favored growth and value over defensives. But I think more recently you've increased your non-U.S. exposure. What changed in your top-down signals and bottom-up data to make global opportunities more compelling now? Is it the narrative of the end of U.S. exceptionalism or something else? Andrew Slimmon: No, I really think it's actually something else, which is we have picked up signals from other parts of the world, Europe and Japan. That are different signals than we saw really for the last decade, which is namely that pro-cyclical stocks started to work. Value stocks started to work in the first half of 2025. And you look at the history of when that happens, usually value doesn't work for a year and peter out. So that's been a huge change where I would say, a safer orientation has shown the relative leadership, and we have to be – recognize that. So, in our global strategies, we've been heavily weighted towards, the U.S. orientation because we didn't see really a cyclical bias outside. And now that's changing and that has caused us to increase the allocation to non-U.S. exposure. It's a longwinded way of saying, look, I think what the story of last year was the U.S. did just fine. But there were parts of the world that did better and I think that will continue in 2026. Serena Tang: Andrew, Jitania thank you so much for taking the time to talk. Andrew Slimmon: Great speaking with you, Serena. Jitania Kandhari: Thanks for having us on the show. Serena Tang: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Plus: a partial shutdown over ICE funding, Kevin Warsh to lead the Fed, and Moltbook's AI society

Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy). They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why “rates down” could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ ---

Hey Smarties! We recorded today's episode before the House passed a spending package that will end the partial government shutdown. We're monitoring the situation as it develops.President Trump has shown no signs of easing his pressure campaign on Federal Reserve Chair Jerome Powell. But this could spell trouble for Trump's pick for Powell's successor, Kevin Warsh. Marketplace's Nancy Marshall-Genzer joins Kimberly to explain. Plus, we'll get into what you should know about Warsh's history at the Fed and more of the latest news from the central bank.Here's everything we talked about today:"Trump's Political Drama With Powell Overshadows Fed Rate Decision" from The New York Times "What would Kevin Warsh bring to the Federal Reserve?" from Marketplace"Fed keeps interest rates unchanged, despite pressure from Trump" from Marketplace"Trump Needs an Off-Ramp for Powell Feud to Speed Warsh Into Fed" from Bloomberg"The economic headache that's coming for Kevin Warsh" from PoliticoWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

Of course, we mean "What would Kevin do?" — Kevin Warsh, that is, President Donald Trump's nominee for Federal Reserve chair. And it's a question plenty of investors are asking as they try to feel out his views on inflation and Fed independence. We'll unpack. Plus, we'll head to Venezuela, where acting President Delcy Rodríguez signed a law last week opening the oil industry there to private ownership after two decades.

For more than a century, the Federal Reserve has accumulated responsibilities far beyond monetary policy, from bank regulation to payments and emergency lending. The Cato Institute's Nick Anthony, Norbert Michel, and Jai Kedia break down what the Fed actually controls, what it does not, and why inflation, debt, and financial instability cannot be fixed by interest-rate tweaks alone. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Dividend Cafe, Brian Szytel discusses the recent market downturn and major economic indexes, focusing on the impact of positive PMI and ISM manufacturing numbers. Szytel explores the rotation in various market sectors, including software, IT services, asset managers, energy, cyclicals, defensives, and staples. He delves into the implications of AI on software companies and the credit market. Additionally, he covers the effects of Federal Reserve policies and quantitative easing on asset prices and the economy, comparing the U.S. central bank's balance sheet to other major economies. Szytel also addresses future inflation expectations by analyzing the 10-year yield, offering insights on long-term financial trends and upcoming changes in Federal Reserve leadership. The episode closes with Szytel's thoughts on capital market efficiency and future economic growth. 00:00 Introduction and Market Overview 00:41 Economic Indicators and Sector Rotation 00:59 Impact of AI on Software and Asset Management 01:49 Discussion on the Dollar and Monetary Policy 03:19 Global Central Bank Balance Sheets 04:18 Fed's Role and Future Expectations 05:14 Understanding the 10-Year Yield and Inflation Expectations 06:58 Conclusion and Final Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com