Podcasts about G10

Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York. So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market. Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question? Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S. And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well. Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling. All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.

European bourses are broadly firmer, alongside modest strength across US equity futures; Marvell (+10%) benefits following its upbeat outlook for data-centre growth.DXY is softer and towards the round 99.00 mark as Trump referred to Hassett as the "potential" next Fed Chair, GBP top G10 performer, whilst CHF was briefly pressured post-CPI.Fixed benchmarks firmer but off highs as crude climbs. US yields steeper on Trump's Fed commentary.Crude grinds higher as traders digest the lack of progress from the Putin-Witkoff meeting; XAU trades rangebound; Copper extends to new ATHs.Looking ahead, US Services/Composite PMI Final (Nov), US ISM Services PMI (Nov), ADP National Employment (Nov), Import Prices (Sep), Industrial Production (Sep), NBP Policy Announcement, Speakers including BoE's Mann, ECB's Lagarde, Earnings from Salesforce, Snowflake, Dollar Tree.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 603. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we will be giving out the best Christmas gift ideas   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty, Dave   Sponsor #1: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles, handguns, firearm parts, ammunition, and shooting gear.   Are you also looking for optics that deliver unbeatable quality without breaking the bank? Primary Arms Optics has you covered with everything from inexpensive red dots, to top tier magnified optics. Everything Primary Arms carries comes with a commitment to superior service, quality products, and an expert support team.    Our Primary Arms product of the week is - Primary Arms SLx MD-25 Red Dot   Find everything you need by heading over to PrimaryArms.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GUNSANDGEAR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co ZeroTech Optics - “GGR” for 20% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - XS Sights Hawaiian Shirt, purchase a size larger than you wear   Use Code “GGR20” for 20% off of almost everything at xssights.com   Main Topic: Product Review Chad - Gritr Range Bag a great gift idea and 25% off for black friday    Gear Guide:    Chad:   Brave Castle Slang - https://www.bravecastle.com/shop/p/slang   Goliath Defense holsters - https://goliathdefense.com/collections/all-holsters   Global Ordnance Monolith -  https://alnk.to/44YNAa2    Drill Index Cards - https://drillindex.net/products/the-original-drill-index   Rob:   Glock Holiday UGLY Sweater ($33.75)  https://store.glock.us/glock-holiday-pullover   Wheeler Professional Scope Reticle Leveling System ($42.59) https://www.wheelertools.com/scope-mounting/mounting-tools/professional-reticle-leveling-system/119050.html#start=1   5.11® Men's Regular Fit Stretch APEX® Cargo Pant ($100.00)  https://511.pxf.io/PO30Gj    Vortex Pro Torque Wrench ($154.99) https://vortexoptics.com/pro-torque-wrench.html   Sponsor #3: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - Bottle Opener Tool   Coupon code “GUNSANDGEAR15” gets 15% off handgun and rifle grips at vzgrips.com   Tony:   CIVIVI Mini Praxis Flipper Knife $29.75- https://www.civivi.com/products/civivi-mini-praxis-c18026c-2?srsltid=AfmBOorUQBync1U6IM5G5jlLnOZC8MnH_ZBZK0uBbz28h1oNqxT5cRCU    RUSH® 72 2.0 Everyday Carry Bundle $243.20 - 511.pxf.io/JKErP2    Brownells BRN-16A2 20” upper $799 https://www.brownells.com/gun-parts/rifle-parts/rifle-receivers-parts/brn16a2-5.56-20-complete-upper-receiver/   Military Armament Corp MAC 2 Agency Tradesman 12 Gauge Semi-Auto Shotgun $957.99 - https://alnk.to/esZwwIj    Rusty:   Wheeler Space saver tool set - https://www.wheelertools.com/promo/the-gun-collective/36-piece-spacesaver-screwdriver-set/4001005.html    Propane torch flame thrower grill gun - https://amzn.to/48wpI8K    Howa M1500 Mini Action Bolt Action Rifle With Scope 6mm ARC - https://alnk.to/eOP2903    Hoppe's Black Univeral (not Tony's) - https://www.hoppes.com/cleaning-kits/kits-for-long-guns/hoppes-black-universal/2211922.html    Witt Machine Suppressor  (Any of them) https://wittmachine.net/   Dave:   B&T GHM9 PDW stock - https://bt-parts.com/bt-20506-b-t-stock-telescopic-for-ghm9-45/   Five Star Poncho - https://fivestaralterations.com/products/fivestarwoolponcho?variant=44668685582393   PRIMALOFT® INSULATED HAND WARMER - https://511.pxf.io/MA6XeM    TNTE M-16A4 Dissipator -  https://www.tntesales.com/m-16a4-16-1-7-cl-dissipator-upper-w-mi-free-float-quad-rail/?searchid=588293&search_query=Diss   Honorable mention: Ammo & Mags   Sponsor #4: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - NERO 556   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Listener Feedback None   2nd is for Everyone Diversity Shoot Events simonsaystrain on instagram 2nd is for Everyone Facebook 2A4E Web Page   Wrap up: Send questions, comments, or feedback to - gungearreview@gmail.com Remember to Subscribe and Leave us an iTunes Review Be sure to visit the Firearms Insider at www.firearmsinsider.tv Check us out on Facebook, X, and InstaGram @firearmsinsider  Subscribe to our Rumble channel  Please check out all our great sponsors Thank you for listening to the “LARGEST”, pound for pound, podcast on the network We are out

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 602. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a bullpup 22 review, we talk about new Prairies, Guardians, Claymore's, and more DS 1911's   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - Colt Python Minimalist night sights   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GUNSANDGEAR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - 1911 VZ Fallout   Coupon code “GUNSANDGEAR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - SRU Sruna-22 bullpup   Product Spotlight and Discussion:    Ruger American Gen 2 Prairie MSRP - $729.00   Gideon Guardian 1–6×24 SFP MSRP - $339.99 code GGR for 10% off   Sponsor #3: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - Titanium BCG   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   VKTR Industries VKP DS 1911 MSRP - $3999.99   CobraTec Claymore MSRP - $139.99 code GGR10 for 10% off   Sponsor #4: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles, handguns, firearm parts, ammunition, and shooting gear.   Are you also looking for optics that deliver unbeatable quality without breaking the bank? Primary Arms Optics has you covered with everything from inexpensive red dots, to top tier magnified optics. Everything Primary Arms carries comes with a commitment to superior service, quality products, and an expert support team.    Our Primary Arms product of the week is - Primary Arms GLx 1x MicroPrism with Green Illuminated ACSS Cyclops Reticle   Find everything you need by heading over to PrimaryArms.com Next week: Christmas gift guide   Listener Feedback None   2nd is for Everyone Diversity Shoot Events simonsaystrain on instagram 2nd is for Everyone Facebook 2A4E Web Page   Wrap up: Send questions, comments, or feedback to - gungearreview@gmail.com Remember to Subscribe and Leave us an iTunes Review Be sure to visit the Firearms Insider at www.firearmsinsider.tv Check us out on Facebook, X, and InstaGram @firearmsinsider  Subscribe to our Rumble channel  Please check out all our great sponsors Thank you for listening to the “LARGEST”, pound for pound, podcast on the network We are out

Welcome to the Firearms Insider Gun & Gear Review Podcast episode 601. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a red dot review. We also talk about the hellcat 380, a digi-vault, Tactical comps, and a bi-pod As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective. I'm Chad Wallace, host of the best firearms review podcast around With me tonight are: Tony, Rob Sponsor #1: VZ Grips VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on. Featured Grip of the week - VZ Operator II for Sharps Bros RXM Coupon code “GUNSANDGEAR15” gets 15% off handgun and rifle grips at vzgrips.com What we did in Firearms: Announcements: Bandwidth sponsor Patriot Patch Co.   And their Patch of the Month Club!   T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GUNSANDGEAR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows. Main Topic is sponsored by: Walker Defense Research Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.

In this episode we get to hear "suitcase stories" from a local friend outside of the XIS community. Audrey's work as a teacher and translator and her involvement with English corners have given her lots of opportunities to interact with and build relationships with foreigners in China and she has some great insights to share. We also get to hear G10 student, Kimi Lee, share a collaborative approach to learning about culture as well as learn the saying, "三人行必有我师“/”When there are 3 people walking together, one of them is bound to be able to teach me something."

This week, our Global FX Strategists discuss whether the hawkish Fed surprise changes the outlook for the dollar, how we're thinking about USD/JPY forecasts after a dovish BoJ meeting, and whether recent political events in Asia moves the needle for G10 & EM FX.   Speakers Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy ​Junya Tanase, Japan Markets Research   This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5121407-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.    

Lee Hardman, Senior Currency Analyst, and Jack Greenslade, Deputy Head | UK, Ireland, Swiss and Middle East Corporate Sales, discuss what's next for the yen after it was by far the worst performing G10 currency in October. The pound has also underperformed alongside the yen recently, will this continue ahead of BoE's upcoming policy meeting?    

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 598. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a piston upper review and we discuss a Beretta-ish revolver, a pocket light, a G19 clone, and a spooky knife   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - DXT2 PRO Series Big Dot Night Sights for Glock   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - VZ Hydra AR15 shorty grip   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - VKTR VK-1 Upper    Product Spotlight and Discussion:    Manurhin MR73 Sport 3" MSRP - $4719.00   AceBeam K1 MSRP - $54.90  

Advogado 10X: marketing jurídico, mentoria e nova advocacia. Cristiano Ferreira revela como construiu um ecossistema com 30.000 alunos e tem escalado escritórios com IA.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 597. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we will be discussing AK triggers, more 22's, another red dot, and Taurus chassis   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - S&W J-Frame VZ Operator II   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Product Spotlight is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - NERO 762   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review or Updates on previous reviews None   Product Spotlight and Discussion:    Geissele AK-X Trigger MSRP - $350.00   Savage RXR22 MSRP - $299.00   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorit...

Análise dos jogos Ceará 3×0 Santos e Juventude 1×2 Fortaleza, válidos pela 27ª rodada da Série A do Campeonato Brasileiro. Vem com a turma! Após quase dois meses, deu Vozão no Castelão! Ceará reencontra Vojvoda e, como era de costume, consegue a vitória. Resultado coloca a equipe de volta no G10 da Série A. De […]

    Welcome to the Firearms Insider Gun & Gear Review Podcast episode 594. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a chassis review. We talk about Dot's, Stingray's, Timber, and Desserts with sprinkles   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - Minimalist Night Sights for Colt Python   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Black Collar Priapus grip   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - VZ FRAG Carry for the Beretta 92XI   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - MDT LSS Gen3 “Tactical”   Product Spotlight and Discussion:    Dot EHS-1 MSRP - $599.99   Volquartsen Lightweight Stingray MSRP - $1495.00

Following the Fed's decision to cut by 25bp, we discuss why we now expect substantially more rate cuts in 2025-26, and the impact of the appointment of a new Fed chair in coming months. In Europe, we preview the on-hold decisions we expect from both Swiss National Bank and Riksbank next week. In Asia, we put a spotlight on Indonesia. In this episode, we also speak with Yusuke Miyairi, our G10 FX strategist, who explains why he sees USD/JPY lower in the near-term, amid the latest political developments in Japan. Chapters: US: 01:59, Europe: 10:23, Asia: 15:51, Japan: 17:24.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 593. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show I have a FX-9 Review, we talk about the KR22, the RS22, a X-Macro grip, and Deadset's   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - VZ Stipple Gen 2 AR15 Grip   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - 3 slot FDE NILE grip panels   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review Chad - N96 Arms FX-9 RP   Product Spotlight and Discussion:    TriStar KR22 MSRP - $289.00   Tyrant CNC P365 XMacro Grip Module MSRP - $79.95   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 590. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a little fixed blade review and talk about a Fang, Alpha's, Tango's, and Defenders   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - DXT2 PRO Big Dot Night Sights for Smith and Wesson   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Winner of the XTech giveaway is Eli V.    Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week -  VZ Operator II for SAR9   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - Civivi SOKN   Product Spotlight and Discussion:    Atibal Fang MSRP - $299.99   FIREARMSINSIDER20 for 20% off   CZ 600+ Alpha MSRP - $799.

This week, our FX Strategists break down the growth/inflation mix in the US and how that's impacting the dollar, before providing an update on the state of cross-border USD flows and FX hedging. They also provide a recap of recent tactical developments in G10, including the dovish RBNZ surprise and recent data out of the UK.     Speakers Arindam Sandilya, Global FX Strategy Ben Jarman, Global Economics, Rates & FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy Octavia Popescu, Global FX Strategy   This podcast was recorded on 22 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5061667-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.  

Fed Governor Cook said she has no intention of being bullied to step down from her position because of some questions raised in a tweet by FHFA Director Pulte.European bourses tilt lower with the region unable to benefit from better-than-feared PMIs; US equity futures are mixed.USD is mixed vs. peers, GBP is top of the G10 leaderboard post-PMI.Bonds are pressured after PMIs, lower UK borrowing fails to lift spirits ahead of the Autumn BudgetCrude is firmer as geopolitics remain in the limelight; Ukraine's Air Force said Russia used 574 drones and 40 missiles in an overnight attack.Looking ahead, US Flash PMIs, US Weekly/Continued Jobless Claims, Philly Fed Index, EU Consumer Confidence, Fed Jackson Hole Economic Symposium (21st-23rd), Speech from Fedʼs Bostic, Schmid, Goolsbee, Supply from US, Earnings from Walmart.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 589. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a Red dot review and we talk about lights, rangefinding bino's, the Shield X, and probably GOALs   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - Kimber K6 VZ Stipple   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   GOALS   XTech giveaway   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off XTech Tactical - “GGR10” for 10% off Die Free Co   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - 2 Slot NILE grip panels   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review Chad - Primary Arms SLx RS-10R   Product Spotlight and Discussion:    Inforce ARC-650-LR-M MSRP - $249.97   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms.

Zap, Justin Gray, and I trade wins, war stories, and hard lessons. Justin breaks down Toolpath's CAM automation progress—constraints, search space control, and getting from “seven ops” to the three you actually want—plus new work on undercuts and 3+2. Zap brings DMG mill‑turn tales, a 1.5× tool life bump, and the hidden cost of tool library drift. I talk CMM headaches and adding a newer manual machine. Then rapid‑fire Q&A: VF‑2 vs. higher‑end 30×16 choices, our aluminum rougher, Blum Z‑nano supremacy, zero-point with no probe, wear comp best practices, zero‑point/G10 for legacy setups, and real ways to recruit students (FIRST and desktop CNC done right). Stick around for a Mastercam RAM allocation fix, a Fusion post warning, Freddy bee‑duty, and why one‑piece flow still wins.Check out Justin's IG @justinsgray and Toolpath Labs @toolpathlabs or https://www.toolpath.com/Check out Zap's IG @zap.consulting-----------------------------------------Help support the podcast www.patreon.com/withintolerancepodcast

Trump and Putin will meet in Alaska at 20:00BST/15:00ET, Trump will then depart just under seven hours later.European bourses began with gains, Euro Stoxx 50 +0.4%; follows a mostly higher APAC handover as soft Chinese data was shrugged off.US futures firmer, but have drifted off best in the European morning, ES +0.1%; UNH +12% and INTC +4.5% in the pre-market.USD gives back some of its PPI-inspired gains, JPY tops the G10 leaderboard after domestic data.A contained start for USTs into Tier 1 data points and the Alaska summit, Bunds dipped on the constructive European risk tone.Crude benchmarks lower despite the tone and USD, looking to the Putin-Trump meeting; XAU firmer.Looking ahead, highlights include US Retail Sales (Jul), US University of Michigan Prelim (Aug), Import/Export Prices (Jul), Industrial Production (Jul), Atlanta Fed GDP, Fed's Goolsbee, Trump-Putin summit & Press Conference.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

In this episode of Supply Chain Now, Scott Luton sits down with Bryan Wright, CTO and COO at G10 Fulfillment, and Cody Upp, Head of Marketing, Sales and Solutions at Zebra Robotics Automation, to explore how next-generation automation is reshaping third-party logistics.Bryan shares G10's journey to finding the right automation partner to boost labor efficiency, accuracy, and growth while maintaining cost control and training flexibility. Cody explains Zebra's modular AMR (autonomous mobile robot) system—designed with operators in mind—that reduces variable cost per unit, maximizes utilization, and supports multiple workflows from picking to replenishment. Together, they break down why decoupling carts from robots isn't just innovative, it's transformative.Jump into the conversation:(00:00) Intro(01:54) Meet Bryan and Cody(04:36) Diving into G10 Fulfillment and Zebra Robotics(07:46) Operational challenges and automation solutions(12:23) The power of detaching carts from robots(21:49) Future prospects and continuous improvement(25:41) Commitment to success and incentive structures(26:27) Continuous improvement and utilization goals(27:30) Entrepreneurial mindset at Zebra(28:28) Strategic differentiation with technology(31:30) Client feedback and future roadmap(35:13) The role of automation in the future(40:10) Advice for 3PL executivesResources:Connect with Cody Upp: https://www.linkedin.com/in/cody-upp/ Connect with Bryan Wright: https://www.linkedin.com/in/bryan-wright-7622499/ Learn more about Zebra Technologies: https://www.zebra.com/ Learn more about G10 Fulfillment: https://g10fulfillment.com/ Check out Zebra Order Fulfillment Solutions:   https://www.zebra.com/fulfillment Check out Automation: Your Strategic Advantage: https://bit.ly/4fdKrA6 Check out Zebra on The New Warehouse Podcast: https://bit.ly/4lOofPf Connect with Scott Luton: https://www.linkedin.com/in/scottwindonluton/Learn more about Supply Chain Now: https://supplychainnow.com Watch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-now Subscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/join Work with us! Download Supply Chain Now's NEW Media Kit:

In Episode 612 of The Knife Junkie Podcast, host Bob DeMarco welcomes Cache Haggard, founder of Revenant Corps, to discuss his innovative G10 knife designs for non-permissive environments. Cache brings a deep martial arts background spanning jiu-jitsu, wrestling, Muay Thai, and various knife arts including the prison-inspired Medusa Edge Weapon System and South African Piper techniques.Cache shares his journey from holster maker to G10 knife innovator, explaining how his flagship Grackle design and other tactical profiles prioritize function over flash. The conversation explores the unique advantages of G10 as a knife material - it doesn't set off metal detectors, won't rust, and remains lightweight while maintaining strength tested on pig carcasses.From traditional Tsukamaki wrapping techniques to innovative sheath designs using Boltaron and shock cord attachments, Revenant Corps represents a thoughtful approach to modern defensive tools.The discussion delves into the intersection of grappling and knife work, the challenges of building a niche business in the tactical market, and Cache's philosophy of creating weapons that can go where metal cannot. His designs include the cleverly disguised G10 awl that resembles a Sharpie marker, demonstrating the innovative thinking behind NPE (non-permissive environment) tools.Cache also shares his business journey, from facing constant rejection to building a full-time operation, and his plans to expand into steel while maintaining G10 as the core of his product line.Listen to the full episode at https://www.theknifejunkie.com/612, and learn more about Cache and Revenant Corps at https://revenantcorps.com, Instagram @revenantcorps, and Facebook at https://www.facebook.com/107753208416874.Be sure to support The Knife Junkie and get in on the perks of being a patron, including early access to the podcast and exclusive bonus content. Visit https://www.theknifejunkie.com/patreon for details.You can also support The Knife Junkie channel with your next knife purchase. Find our affiliate links at https://theknifejunkie.com/knives.Let us know what you thought about this episode and leave a rating and a review. Your feedback is appreciated. You can also email theknifejunkie@gmail.com with any comments, feedback, or suggestions.To watch or listen to past episodes of the podcast, visit https://theknifejunkie.com/listen. And for professional podcast hosting, use The Knife Junkie's podcast platform of choice: https://theknifejunkie.com/podhost.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 586. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a long throw weaponlight review, we talk about Islands, EVO's, 817's, and a flashlight   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - Adjustable DXW2 Revolver Night Sights for Smith & Wesson revolvers   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off FoxTrot Mike - “GGR” for 10% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - FN High Power Diamond Back Grips    Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - Streamlight Protac Rail Mount HP-X   Product Spotlight and Discussion:    Derya DY9 Island MSRP - $599.00   Holosun ARO-EVO MSRP - $317.64   Sponsor #3: Walker Defense Research  

US President Trump announced trade deals with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.US stocks closed mixed with underperformance in tech, APAC stocks were mostly higher; Nikkei 225 outperformed.Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri. Other reports suggest August-end. European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 1.2% after the cash market closed with losses of 1.0% on Tuesday.DXY is flat, havens (CHF, JPY) lag G10 peers, antipodeans lead, EUR/USD remains on a 1.17 handle.Looking ahead, highlights include EU Consumer Confidence, US Existing Home Sales, Supply from UK, Germany & US.Earnings from VAT, Lonza, Equinor, Thales, Tesla, Alphabet, ServiceNow, IBM, Chipotle, GE Vernova, Freeport, AT&T, Thermo Fisher Scientific, Lamb Weston, Infosys, Moody's, CME & Hilton.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump announced trade deals with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri – reports which he later pushed back on.European bourses benefit from the US-Japan trade deal; RTY continues to outperform.USD is flat, Antipodeans are the G10 outperformers whilst the EUR lags a touch; JPY choppy on US-Japan trade deal and reports surrounding PM Ishiba.JGBs slump on trade updates, peers elsewhere lower given the risk tone and into supply.Crude complex choppy awaiting fresh catalysts, XAU takes a breather following recent upside.Looking ahead, US Existing Home Sales, Supply from the US. Earnings from Tesla, Alphabet, ServiceNow, IBM, Chipotle, GE Vernova, Freeport, AT&T, Thermo Fisher Scientific, Lamb Weston, Infosys, Moody's, CME & Hilton.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 585. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a red chevron review, we talk about the Atibal X gen 2, Beretta's INOX, Kimber's CDS9 classic, and Reate's PL-XF   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - Beretta 92X Performance Operator II Grips    Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - NERO 556   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review Chad - Primary Arms GLx MD-21   Product Spotlight and Discussion:    Atibal X 1-10x30 FFP gen 2 MSRP - $840.00 currently $588   Beretta 92x RDO Inox MSRP - $999.00   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers,

EU draws up retaliatory tariffs for US goods in case a trade deal is not reached, including aircraft and booze, according to WSJ.European bourses are modestly firmer, US futures also gain with clear outperformance in the NQ boosted by NVIDIA.NVIDIA (+5% pre-market) to resume H20 sales to China and announces new, fully compliant GPU for China.USD a little lower into US CPI, Antipodeans top the G10 pile given the risk sentiment.USTs flat into CPI & Bowman, Bunds lead, OATs await Bayrou & Gilts await Bailey/Reeves.Crude lower but off worst levels on reports that Trump asked if Ukraine are able to hit Moscow with US weapons.Looking ahead, US & Canadian CPI, OPEC MOMR, Bundesbank Monthly Report, Speakers including Fed's Bowman, Barr, Barkin & Collins, BoE's Bailey & UK Chancellor Reeves. Earnings from JPMorgan, Blackrock, Wells Fargo, Citi.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 584. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a rifle review, we talk about new mediators, Phoenix Trinities, a usb light, and a Spyderco   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - 1911 Stars and Stripes   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - FDE BCG blem   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review Chad - Bergara B-14 Ridge SP   Product Spotlight and Discussion:    Phoenix Trinity H-Tac MARP - $5199.99   511 Tactical Deploy Pl-USB Flashlight MSRP - $60.00   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles,

In Episode 606 of The Knife Junkie Podcast, host Bob DeMarco speaks with Josh Wolfe, the Army Ranger veteran and founder of Red Beard Blades.Josh shares his story from combat veteran to master knife maker, explaining how his military service directly influenced his approach to creating what he calls "apocalypse survival tools" The conversation covers his early learning experiences, the importance of mentorship in knife making, and his signature designs including the popular Midnight Patriot and Bravo 4 models.The knife maker talks about his steel selection process, having settled on 8670 and 80CRV2 for their combination of toughness and workability. He explains his signature black oxide finishing technique and how his military mindset of continuous improvement drives him to make each knife better than the last.The episode provides valuable insights into blade geometry, heat treatment, and the discipline required to master the craft of knife making.Listeners will appreciate Josh's honest assessment of his early struggles and mistakes, as well as his generous approach to sharing knowledge with other makers. His story demonstrates how the structured thinking and attention to detail learned in military service translates perfectly to the precision required in knife making.Josh also touches on his design evolution, from blocky early handles to refined ergonomic profiles, and his recent experimentation with textured G10 materials.This episode offers both inspiration for aspiring knife makers and valuable information for collectors interested in understanding what goes into creating high-quality custom knives.Find this episode and more at www.theknifejunkie.com/606, and learn more about Josh Wolfe and Red Beard Blades at https://redbeardblade.com, on Instagram and on Facebook.Be sure to support The Knife Junkie and get in on the perks of being a patron, including early access to the podcast and exclusive bonus content. Visit https://www.theknifejunkie.com/patreon for details. You can also support The Knife Junkie channel with your next knife purchase. Find our affiliate links at https://theknifejunkie.com/knives.Let us know what you thought about this episode and leave a rating or a review. Your feedback is appreciated. You can also email theknifejunkie@gmail.com with any comments, feedback, or suggestions.To watch or listen to past episodes of the podcast, visit https://theknifejunkie.com/listen. And for professional podcast hosting, use The Knife Junkie's podcast platform of choice: https://theknifejunkie.com/podhost.

US President Trump confirmed the launch of “Operation Midnight Hammer”, which involved targeted strikes on Iranʼs nuclear facilities at Fordow, Natanz, and Isfahan.US President Trump warned that “many targets remain,” emphasising that the US had no desire for regime change but threatened larger future strikes if Iran failed to engage diplomatically.The Iranian parliament has approved the closure of the Strait of Hormuz after the US launched strikes against the countryʼs nuclear facilities. Iranʼs security body will make the final decision on whether to proceed with the plan, state television reported. Iranian Foreign Minister said “all options” are on the table.European bourses opened lower in reaction to US-Iran but some managed to climb into the green as the session progressed; US equities are modestly firmer.DXY benefits from the US attack on Iran and currently trades near session highs, JPY the clear G10 laggard.Brief upside in fixed income gives way to energy-induced inflation concern, bearish bias added to by the improving equity tone.Brent gapped higher by 5% at the open in reaction to US strikes on Iran, but has since entirely pared that move.Looking ahead, US Flash PMIs, ECB President Lagarde; Fed's Goolsbee, Kugler, Supply from EU, and Trump's National Security meeting.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 581. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a Reusable target review. We talk about a lanyard of sorts, a roller delay pcc, a pinned barrel, and an auto, not auto knife   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - DXT2 Big Dot Suppressor Height Night Sights fits Glock   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - Sharps Bros P320  VZ Operator II   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - TCRT Targets   Product Spotlight and Discussion:    M4Gunslinger S.I.A.P  MSRP - $20.00   Matador Arms MAT-K Roller Delayed Estoque Pistol - MP5 MSRP - $1350.00   Sponsor #3: Walker Defense Research  

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 580. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we have a P320 grip review, we discuss the Truckee forends, a match elite, the Heatseeker, and an Arcade   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - 1911 VZ Slant   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA Strike Industries North Forest Arms - “GGR” for 10% off Kini SafeAlert - “GGR” for 20% off   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - 3 slot FDE NILE grip panels   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review Chad - Timber Creek P320 grip module   Product Spotlight and Discussion:    Mesa Tactical Truckee Forends MSRP - $130.00 - $179.95   Girsan MC1911 Match Elite MSRP - $849.00   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers,

EU Trade Commissioner Sefcovic says he had constructive talks with USTR Greer; are advancing in the correct direction at "pace".US President Trump's order to increase steel and aluminium tariffs to 50% has taken effect, aside from the UK. The UK is still subject to 25% tariffs on steel, with the UK failing to get the 0% tariffs promised in the US ‘deal' implemented in time.European bourses climb higher and currently at session highs; US futures are modestly higher with some outperformance in the RTY.USD is incrementally lower/flat, whilst Antipodeans lead the G10 list.Bonds are weighed on by upward revisions to PMIs, Gilts lag after US metal measures.Crude tilts higher with US-Iran negotiations seemingly at a stalemate.Looking ahead, US Composite/Services PMI Final, US ADP National Employment, US ISM Services, BoC & NBP Policy Announcements, Fed Beige Book, Speakers including Fed's Bostic, Cook & US Treasury Secretary Bessent. Earnings from PVH & Dollar Tree.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Cloud cost is no longer just a finance team issue. It is now a business-wide concern, and treating it as a budgeting exercise is holding companies back. In this episode, I'm joined by John Purcell, Chief Product Officer at DoiT, to unpack how organisations can rethink cloud financial management through a risk-first lens. With the FinOps X conference just around the corner, John also gives us a preview of the themes likely to dominate the agenda this year, from Kubernetes complexity to the role of AI in governance. DoiT is not just another optimisation tool. Their Cloud Intelligence platform helps companies align performance, reliability, and security with financial strategy. John explains how cost spikes are not just common, they are almost guaranteed. He shares a real example of a ninety-thousand dollar AWS bill caused by a minor configuration error and what could have prevented it. We talk about the shift from reactive cost reviews to proactive financial defence. Think of it like cybersecurity but applied to your cloud budget. That mindset change is something FinOps teams need to embrace quickly. It is not just about watching what is spent, but understanding intent and outcomes across the business. John also introduces the concept of the FinOps fabric, a combination of technology, processes, and culture that helps teams align on goals and mitigate risks. And while AI and automation are transforming how teams interact with cloud platforms, they are still responsible for driving most cloud spend today. We dig into what needs to change before AI can truly become an optimisation asset rather than another cost driver. Whether you're gearing up for FinOps X or trying to get a better grip on cloud cost management, this episode offers practical insight into the tools, strategies, and cultural shifts that can help your team stay ahead. To learn more, visit doit.com or connect with the team at booth G10 if you are attending the FinOps X event in San Diego.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 577. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we will be discussing a lever gun review, a subgun, a chest rig, and baby fixed blade    As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - Minimalist Suppressor Height Night Sights for Sig Sauer   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - 1911 VZ Hydra   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review   Chad - Gforce Arms Saddlehorn LTAC   Product Spotlight and Discussion:    Military Armament Corporation MAC IX MSRP - $832.99   Sponsor #3: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind.

Our analysts Serena Tang and Seth Carpenter discuss Morgan Stanley's out-of-consensus view on U.S. exceptionalism, and how investors should position their portfolios given the current market uncertainty.Read more insights from Morgan Stanley.----- Transcript -----Seth: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist.Serena: And I'm Serena Tang, Morgan Stanley's, Chief Global Cross-Asset Strategist.Seth: Today, we're going to pick up the conversation where we left it off, talking about our mid-year outlook; but this time I get to ask Serena the questions.It's Thursday, May 22nd at 10am in New York.Serena, we're back for part two of this podcast. Let's jump in where we left off. We've seen a lot of policy surprise in the last six months. We've had a big sell off in the beginning of April, in part inspired by all of this uncertainty.What are you telling clients? What do you think investors should be doing? How should they be positioning their portfolios in the current circumstances?Serena: So, we are recommending going overweight in U.S. equities and going overweight in core fixed income like U.S. treasuries and like investment grade corporate credit. And we have a very strong preference for U.S. over rest of the world assets, except the dollar. Now I think for us, the main message is that you have global growth slowing, which is what you talked about yesterday.But you know, risky assets can look past the low growth and do well, while treasuries can look forward to the many Fed cuts you guys are expecting in 2026 and rally. But if I look at valuations that does suggest equities and credit have completely, almost priced out, growth slowdown odds. Meaning that I think there is still some downside and we'd recommend quality across the board.Seth: In your judgment then, looking around the world at all the different asset classes, how well, or perhaps how poorly, are those asset classes priced for the sort of macro views that we were just discussing?Serena: So I think the market that's probably least priced for the slowing economy that you and your team have been forecasting is really in the government bond space. I think the prospect of a lot more Fed cuts than what is currently priced into the market will lower government bond yields, particularly starting in 2026.As you know, our rates team has a target of 3.45 percent for U.S. Treasury 10-year yields, and 2.6 percent for U.S. Treasury two-year yields. Meaning that we also get a steeper curve by this time next year. And this translates to more than 10 percent of total returns for U.S. Treasuries – very attractive; in large part because the markets aren't priced for the Fed scenario that you and your team are forecasting.Seth: Let me, then push a little bit on one of the things that I've been talking to clients about, or at least been asked about, which is the dollar. The role of the dollar? U.S. exceptionalism? Is it real?Serena: Yeah that's a great question because I think this is where we are the most out of consensus. If you've noticed, all of our views right now really line up as us being pretty constructive on U.S. dollar assets. Like at a time when everyone's still really debating the end of U.S. exceptionalism. And we really push back against the idea that foreign investors would or should abandon U.S. assets significantly.There are very few alternatives to U.S. dollar assets right now. I mean, like if you look at investible stock market cap, U.S. is nearly five times the size of the next biggest market, which is Europe. And in the fixed income side of things, more than half of liquid high grade fixed income paper is in U.S. dollars.Now, even if there were significant outflows from U.S. dollar assets, there are very few places that money can find a haven, safe or otherwise. This is not to say there won't ever be any other alternatives to U.S. dollar assets in the future. But that shift in market size takes time, which means that TINA -- there is no alternative -- remains a theme for now.Seth: That view on the dollar weakening from here, it's baked into my team's economic forecast. It's baked into the strategy team's forecast across research. So then let me take it one step forward. What does all this mean about portfolio preferences, your recommendation for clients when when they're investing in assets that are not U.S. dollar denominated.Serena: You are right. I mean, if there's one U.S. asset that we just like, it's the U.S. dollar. So, you know, over the next 12 months we expect key factors, which drove the dollar strength. You know, positive growth, yield differentials relative to other G10 economies. Those factors will fade substantially. And we also think because of the political uncertainty in the U.S. currency hedging ratios on exposure to U.S. assets may increase, which could further pressure the U.S. dollar. So, our FX team sees euro/dollar at 1.25 and dollar/yen at 1.30 by the second quarter of 2026.Which means that we're really recommending non-U.S. dollar investors to buy U.S. stocks and fixed income on an FX hedge basis.Seth: If we look forward but focus just on the next, call it three to six months; what asset classes, or if you want, what regions around the world are best positioned, and what would you say to investors?Serena: So, you're right. I think there is a big difference between what we like over the next three to six months versus what we like over the next 12 months. Because if I look at U.S. equities and U.S. government bonds, both of which we're overweight on most of the gains, probably won't happen until the first half of next year because you have to have U.S. equities really feeling the tailwind of dollar weakness. And you need to have U.S. government bond investors to grow more confident that we will get all of those Fed cuts next year.What we do like over the next three to six months and feel pretty highly convicted on is really U.S. investment grade corporate credit, which we think can, you know, do well in the second half of this year and do well in the first half of next year.Seth: But then let's take a step back [be]cause I think investors around the world are wrestling with a lot of the same issues. They're talking to, you know, strategists like us at lots of different places. What would you say are our most out of consensus views right now?Serena: I think we're pretty out of consensus on our preference for U.S. and U.S. dollar assets. As I mentioned, there was still a huge debate on the end of U.S. exceptionalism. Now the other place where I think it's notable is we're much more bullish on U.S. treasuries than what's being priced into markets and where consensus is. And I think that's really been driven by your economics team being much more convicted on many Fed cuts in 2026.And the last thing I would point out here is, again, we're more bearish than consensus on the dollar. If I look at euro/dollar, if I look at dollar/yen, the kind of appreciation we're forecasting for at around through 10 percent, is higher than I think what most investors are expecting at the moment.Now back to Seth. Given all of the uncertainty around U.S. fiscal, trade, and industrial policy, what indicators are you watching to assess whether global growth is becoming more fragile or more resilient?Seth: Yeah, it's a great question. It's always difficult to monitor in real time how things are going, especially with these sorts of shocks. We are looking at a bunch of the shipping data to see how trade flows are going. There was clearly some front-running into the United States of imports to try to get ahead of tariffs. There's got to be some payback for that. I think the question becomes where do we settle in when it comes to trade?I'm going to be looking in the U.S. at the labor market to see signs of reduced demand for labor. But also try to pay attention to what's going on with the supply of labor from immigration restriction. And then there are all the normal indicators about spending, especially consumer spending. Consumer spending tends to drive a lot of the big developed market economies around the world and how well that holds up or doesn't. That's going to be key to the overall outlook.Serena: Thank you so much, Seth. Thanks for taking the time to talk.Seth: Serena, I could talk to you all day.Serena: 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.

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 576. This episode is brought to you by Primary Arms, Walker Defense, XS Sights, and VZ Grips. In this show we will be discussing Hi Point AR's, Atibals compact, a LED level, and a Bombur   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty, Destroyer of worlds   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - AR15 VZ Recon gen 2   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - FDE bcg   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Hi-Point AR's - https://www.hi-pointfirearms.com/    Product Spotlight and Discussion:    Atibal APEX COMPACT 3-12x44 FFP MSRP - $519.99   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles, handguns, firearm parts, ammunition, and shooting gear.   Are you also looking for optics that deliver unbeatable quality without breaking the bank?

China is said to be open to talks if US President Trump shows respect, via Bloomberg sources; China wants Trump to rein in cabinet members and show consistency; wants US talks to address concerns on Taiwan and sanctions.White House said over 15 trade deal proposals are being considered and some could be announced soon.European indices downbeat, but some upside seen on source reports that China is open to talks, albeit with conditions; ASML -5% after poor Q1 results amid trade uncertainty.US equity futures lower and NQ underperforms with NVDA down 5.9% after it expects a USD 5.5bln hit due to export controls.USD is softer vs. G10 peers. Support from a conciliatory trade report proved to be fleeting.Fixed is underpinned by the risk-off tone, though off best given the latest China sources.Crude reverses losses on China sources, base metals hit on US' critical mineral investigation; gold tops USD 3,300/oz.Looking ahead, US Retail Sales, NZ CPI, BoC Policy Announcement, Speakers including Fed's Powell, Cook, Hammack, Logan & Schmid, BoC's Macklem & Rogers, Supply from the US.Earnings from US Bancorp, Abbott, Progressive, Travelers, Prologis, Autoliv, Citizens, First Horizon, Alcoa.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 570. This episode is brought to you by VZ Grips, Walker Defense, Primary Arms, and XS Sights. In this show I have the Monolith review. We talk about a new Romeo pro, a 10m carbine, a G36, and a Civivi   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - Henry LVR-HG (Lever Handguard)   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - VZ Punch Ripper   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - Global Ordnance Monolith   Product Spotlight and Discussion:    Sig Romeo RS Pro MSRP - $169.99-199.99   Smith & Wesson M&P FPC 10MM MSRP - $699.00   Sponsor #3: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes,

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 569. This episode is brought to you by VZ Grips, Walker Defense, Primary Arms, and XS Sights. In this show we will be discussing some Jerky, a glock comp, a freedom series pump, a browning folder, and a jawbone   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - Double Diamond for the Ruger 22/45 Mark IV   Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet Midway USA   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - Flat Dark Earth BCG   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review, kind of Chad - VACA unjerky   Product Spotlight and Discussion:    Stoeger P3000 Freedom Series Tactical MSRP - $499.00   Armaspec FMC-G17 MSRP - $139.00   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles, handguns, firearm parts, ammunition, and shooting gear.

The US dollar is weaker this week against most G10 currencies ahead of the key reciprocal tariff announcement on 2nd April. Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to Shan Husain Institutional FX Sales EMEA about how the markets are positioned ahead of the announcement and what we can expect in the days and weeks following. Derek suggests financial markets are possibly overly optimistic about the potential impact.   Disclaimer: www.mufgresearch.com (PDF)

APAC stocks took their cues from the tech-led sell-off stateside after the Nasdaq suffered its worst day since 2022.European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market finished with losses of 1.5% on Monday.US equity futures (ES +0.2%, NQ +0.1%) regained some composure after the prior day's sell-off which saw the S&P 500 fall to a six-month low.DXY is steady after a choppy session yesterday with G10 majors broadly contained; antipodeans marginally lag.10yr UST futures extended their advances amid a flight to quality, Bunds gradually rebounded and reclaimed the 128.00 level.Crude futures were lacklustre with demand hampered alongside the global risk-off sentiment.Looking ahead, highlights include US NFIB Business Conditions, US JOLTS, EIA STEO, ECB's Lagarde, de Guindos, Lane, Villeroy & Escriva, Supply from Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 566. This episode is brought to you by VZ Grips, Walker Defense, Primary Arms, and XS Sights. In this show I have a Clone review. We discuss a conversion brace, Romulus, a QD attachment, and a new auto knife   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: XS Sights   For over 25 years, XS Sights has helped you get on target faster. Offering tritium sights in all different types and styles, low light is no longer an obstacle. Most options come with a brightly colored photoluminescent ring around the tritium. That colored ring makes them work great in the daylight also. XS Sights has sight styles for everyone: Big Dot's, Ghost Rings, Standard Notch and Post, Minimalist, Suppressor Height, all offering tritium options. Available for a plethora of firearms types, from shotguns to handguns, XS sights has you covered for all your low light sighting needs.   Our XS Sights Product of the week is - R3D 2.0 Night Sights for Glocks   Use Code “GGR20” for 20% off of almost everything at xssights.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic is sponsored by: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - VZ Slant for Sharps Bros P365 X Macro    Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   Main Topic: Product Review Chad - ZroDelta ZRO FKS-9   Product Spotlight and Discussion:    Recover Tactical S-Pro Conversion MSRP - $299.95   Alpha Foxtrot Romulus MSRP - $1520.00 +   Sponsor #3: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes...

  Welcome to the Firearms Insider Gun & Gear Review Podcast episode 565. This episode is brought to you by VZ Grips, Walker Defense, Primary Arms, and XS Sights. In this show Tony has a sight review. We talk about some gloves, a chest pack, a newish small red dot, and Double dogs   As you may know, we showcase guns, gear, and anything else you might be interested in. We do our best to evaluate products from an unbiased and honest perspective.   I'm Chad Wallace, host of the most dedicated firearms podcast around With me tonight are: Tony, Rob, Rusty   Sponsor #1: VZ Grips    VZ Grips has been manufacturing handgun grips since 2003. With a reputation for quality, consistency & innovation, top tier manufacturers choose VZ grips. They come in a variety of styles, patterns, colors, and are manufactured from proprietary G10, Micarta, Carbon fiber, or polymer. Available with varying degrees of texture, VZ offers a wide range of grips for all different firearm types. Made in the USA, VZ gives you the grip you can count on.   Featured Grip of the week - 1911 wood Double Diamond    Coupon code “GGR15” gets 15% off handgun and rifle grips at vzgrips.com   What we did in Firearms:   Announcements: Bandwidth sponsor Patriot Patch Co.  And their Patch of the Month Club! T-shirts are available through our FRN site, or click the “Merch” tab on Firearmsinsider.tv   AFFILIATES / DISCOUNTS: Walker Defense Research - enter “INSIDER15” for 15% off XS Sights - “GGR20” for 20% off Primary Arms VZ Grips - “GGR15” for 15% off handgun and rifle grips Brownells Gun Guys Garage discount code - “FRN15OFF” LA Police Gear Atibal Optics - enter “FIREARMSINSIDER20” for 20% off 5.11 Tactical PowerTac Lights - enter “GGR” for a real good discount JSD Supply Modern Spartan Systems - “GGR15” for 15% off Rough Cut Holsters - “firearmsinsider” for 20% off Global Ordnance Infinite Defense (Infinity Targets) - “PEW15” for 15% off Guns.com Magpul Palmetto State Armory Unique ARs - “GunGearReview” for 10% off CobraTec Knives - “GGR10” for 10% off Nutrient Survival - “GGR10” for 10% off Gideon Optics - “GGR” or “INSIDER” for 10% off Lone Wolf Arms US Optics - “INSIDER15” for 15% off Camorado - “FIREARMSINSIDER” for 5% off Optics Planet   ROB - Disclaimer The views and opinions expressed in this podcast are those of the individual co-hosts and do not reflect the official policy or position of the Firearms Radio Network and/or their employers. This is NOT legal advice, nor should it be considered as such. Viewer discretion is advised. This is especially true on live shows.   Main Topic or Product Spotlight is sponsored by: Walker Defense Research   Walker Defense provides shooters with the finest, most innovative, quality, tactical accessories and firearm components around. From their NILE grip panels to their NERO muzzle brakes, no details are ever left behind. Only top quality materials are used in the manufacturing process. Together, all of this gives you some of the best firearm performance around. Everything they have to offer is proudly made in the USA. Walker Defense, where American ingenuity meets bleeding edge technology.   Our Walker Defense Product of the week is - 3 slot NILE grip panels   Use code “INSIDER15” FOR 15% OFF everything at walkerdr.com   Main Topic: Product Review              Tony - Triclops Sights   Product Spotlight and Discussion:    Triple Gambit Strike Glove MSRP - $99.00   Mission First Tactical ACHRO Chest Pack & Harness MSRP - $149.99   Sponsor #3: Primary Arms     Primary Arms seeks to provide the best shopping experience for everything firearms. They have a smorgasbord of products from your favorite manufacturers, including a complete selection of rifles, handguns, firearm parts, ammunition,

Tariffs on Mexico and Canada begin on February 1, or do they? Whether President Trump is merely posturing or not, the threat is real and the situation globally they would be starting from makes for a difficult mix. That's why the dollar is rising, rates are falling, and real economy variables are already experiencing significant pressure.Eurodollar University's Money & Macro AnalysisBloomberg Trump Plans to Impose 25% Tariffs on Mexico, Canada by Feb. 1https://www.bloomberg.com/news/articles/2025-01-21/trump-plans-to-enact-25-tariffs-on-mexico-canada-by-feb-1WSJ The Big Risk of a Trade War: Inflationhttps://www.wsj.com/articles/the-big-risk-of-a-trade-war-inflation-1522926022Bloomberg Why the Freight Market Is Stuckhttps://www.bloomberg.com/opinion/articles/2025-01-17/j-b-hunt-warning-shows-freight-is-stuck-in-placeRueters Canadian dollar posts biggest decline among G10 currencieshttps://www.reuters.com/markets/currencies/canadian-dollar-posts-biggest-decline-among-g10-currencies-2025-01-16/Bloomberg Trump's Pledge to Slap 25% Tariffs on Mexico Sinks Pesohttps://www.bloomberg.com/news/articles/2025-01-21/trump-s-pledge-to-slap-25-tariffs-on-mexico-sinks-pesohttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Original Release Date November 19, 2024: On the second part of a two-part roundtable, our panel gives its 2025 preview for the housing and mortgage landscape, the US Treasury yield curve and currency markets.----- Transcript -----Andrew Sheets: 2024 was a year of transition for economies and global markets. Central banks began easing interest rates, U.S. elections signaled significant policy change, and Generative AI made a quantum leap in adoption and development.Thank you for listening throughout 2024, as we navigated the issues and events that shaped financial markets, and society. We hope you'll join us next year as we continue to bring you the most up to date information on the financial world. This week, please enjoy some encores of episodes over the last few months and we'll be back with all new episodes in January. From all of us on Thoughts on the Market, Happy Holidays, and a very Happy New Year. Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. This is part two of our special roundtable discussion on what's ahead for the global economy and markets in 2025.Today we will cover what is ahead for government bonds, currencies, and housing. I'm joined by Matt Hornbach, our Chief Macro Strategist; James Lord, Global Head of Currency and Emerging Market Strategy; Jay Bacow, our co-head of Securitized Product Strategy; and Jim Egan, the other co-head of Securitized Product Strategy.It's Tuesday, November 19th, at 10am in New York.Matt, I'd like to go to you first. 2024 was a fascinating year for government bond yields globally. We started with a deeply inverted US yield curve at the beginning of the year, and we are ending the year with a much steeper curve – with much of that inversion gone. We have seen both meaningful sell offs and rallies over the course of the year as markets negotiated hard landing, soft landing, and no landing scenarios.With the election behind us and a significant change of policy ahead of us, how do you see the outlook for global government bond yields in 2025?Matt Hornbach: With the US election outcome known, global rate markets can march to the beat of its consequences. Central banks around the world continue to lower policy rates in our economist baseline projection, with much lower policy rates taking hold in their hard landing scenario versus higher rates in their scenarios for re-acceleration.This skew towards more dovish outcomes alongside the baseline for lower policy rates than captured in current market prices ultimately leads to lower government bond yields and steeper yield curves across most of the G10 through next year. Summarizing the regions, we expect treasury yields to move lower over the forecast horizon, helped by 75 [basis points] worth of Fed rate cuts, more than markets currently price.We forecast 10-year Treasury yields reaching 3 and 3.75 per cent by the middle of next year and ending the year just above 3.5 per cent.Our economists are forecasting a pause in the easing cycle in the second half of the year from the Fed. That would leave the Fed funds rate still above the median longer run dot.The rationale for the pause involves Fed uncertainty over the ultimate effects of tariffs and immigration reform on growth and inflation.We also see the treasury curve bull steepening throughout the forecast horizon with most of the steepening in the first half of the year, when most of the fall in yields occur.Finally, on break even inflation rates, we see five- and 10-year break evens tightening slightly by the middle of 2025 as inflation risks cool. However, as the Trump administration starts implementing tariffs, break evens widen in our forecast with the five- and 10-year maturities reaching 2.55 per cent and 2.4 per cent respectively by the end of next year.As such, we think real yields will lead the bulk of the decline in nominal yields in our forecasting with the 10-year real yield around 1.45 per cent by the middle of next year; and ending the year at 1.15 per cent.Vishy Tirupattur: That's very helpful, Matt. James, clearly the incoming administration has policy choices, and their sequencing and severity will have major implications for the strength of the dollar that has rallied substantially in the last few months. Against this backdrop, how do you assess 2025 to be? What differences do you expect to see between DM and EM currency markets?James Lord: The incoming administration's proposed policies could have far-reaching impacts on currency markets, some of which are already being reflected in the price of the dollar today. We had argued ahead of the election that a Republican sweep was probably the most bullish dollar outcome, and we are now seeing that being reflected.We do think the dollar rally continues for a little bit longer as markets price in a higher likelihood of tariffs being implemented against trading partners and there being a risk of additional deficit expansion in 2025. However, we don't really see that dollar strength persisting for long throughout 2025.So, I think that is – compared to the current debate, compared to the current market pricing – a negative dollar catalyst that should get priced into markets.And to your question, Vishy, that there will be differences with EM and also within EM as well. Probably the most notable one is the renminbi. We have the renminbi as the weakest currency within all of our forecasts for 2025, really reflecting the impact of tariffs.We expect tariffs against China to be more consequential than against other countries, thus requiring a bigger adjustment on the FX side. We see dollar China, or dollar renminbi ending next year at 7.6. So that represents a very sharp divergence versus dollar yen and the broader DXY moves – and is a consequence of tariffs.And that does imply that the Fed's broad dollar index only has a pretty modest decline next year, despite the bigger move in the DXY. The rest of Asia will likely follow dollar China more closely than dollar yen, in our view, causing AXJ currencies to generally underperform; versus CMEA and Latin America, which on the whole do a bit better.Vishy Tirupattur: Jay, in contrast to corporate credit, mortgage spreads are at or about their long-term average levels. How do you expect 2025 to pan out for mortgages? What are the key drivers of your expectations, and which potential policy changes you are most focused on?Jay Bacow: As you point out, mortgage spreads do look wide to corporate spreads, but there are good reasons for that. We all know that the Fed is reducing their holdings of mortgages, and they're the largest holder of mortgages in the world.We don't expect Fed balance sheet reduction of mortgages to change, even if they do NQT, as is our forecast in the first quarter of 2025. When they NQT, we expect mortgage runoff to continue to go into treasuries. What we do expect to change next year is that bank demand function will shift. We are working under the assumption that the Basel III endgame either stalls under the next administration or gets released in a way that is capital neutral. And that's going to free up excess capital for banks and reduce regulatory uncertainty for them in how they deploy the cash in their portfolios.The one thing that we've been waiting for is this clarity around regulations. When that changes, we think that's going to be a positive, but it's not just banks returning to the market.We think that there's going to be tailwinds from overseas investors that are going to be hedging out their FX risks as the Fed cuts rates, and the Bank of Japan hikes, so we expect more demand from Japanese life insurance companies.A steeper yield curve is going to be good for REIT demand. And these buyers, banks, overseas REITs, they typically buy CUSIPs, and that's going to help not just from a demand side, but it's going to help funding on mortgages improve as well. And all of those things are going to take mortgage spreads tighter, and that's why we are bullish.I also want to mention agency CMBS for a moment. The technical pressure there is even better than in single family mortgages. The supply story is still constrained, but there is no Fed QT in multifamily. And then also the capital that's going to be available for banks from the deregulation will allow them – in combination with the portfolio layer hedging – to add agency CMBS in a way that they haven't really been adding in the last few years. So that could take spreads tighter as well.Now, Vishy, you also mentioned policy changes. We think discussions around GSE reform are likely to become more prevalent under the new administration.And we think that given that improved capitalization, depending on the path of their earnings and any plans to raise capital, we could see an attempt to exit conservatorship during this administration.But we will simply state our view that any plan that results in a meaningful change to the capital treatment – or credit risk – to the investors of conventional mortgages is going to be too destabilizing for the housing finance markets to implement. And so, we don't think that path could go forward.Vishy Tirupattur: Thanks, Jay. Jim, it was a challenging year for the housing market with historically high levels of unaffordability and continued headwinds of limited supply. How do you see 2025 to be for the US housing market? And going beyond housing, what is your outlook for the opportunity set in securitized credit for 2025?James Egan: For the housing market, the 2025 narrative is going to be one about absolute level versus the direction and rate of change. For instance, Vishy, you mentioned affordability. Mortgage rates have increased significantly since the beginning of September, but it's also true that they're down roughly a hundred basis points from the fourth quarter of 2023 and we're forecasting pretty healthy decreases in the 10-year Treasury throughout 2025. So, we expect affordability to improve over the coming year. Supply? It remains near historic lows, but it's been increasing year to date.So similar to the affordability narrative, it's more challenged than it's been in decades; but it's also less challenged than it was a year ago.So, what does all this mean for the housing market as we look through 2025? Despite the improvements in affordability, sales volumes have been pretty stagnant this year. Total volumes – so existing plus new volumes – are actually down about 3 per cent year to date. And look, that isn't unusual. It typically takes about a year for sales volumes to pick up when you see this kind of significant affordability improvement that we've witnessed over the past year, even with the recent backup in mortgage rates.And that means we think we're kind of entering that sweet spot for increased sales now. We've seen purchase applications turn positive year over year. We've seen pending home sales turn positive year over year. That's the first time both of those things have happened since 2021. But when we think about how much sales 2025, we think it's going to be a little bit more curtailed. There are a whole host of reasons for that – but one of them the lock in effect has been a very popular talking point in the housing market this year. If we look at just the difference between the effective mortgage rate on the outstanding universe and where you can take out a mortgage rate today, the universe is still over 200 basis points out of the money.To the upside, you're not going to get 10 per cent growth there, but you're going to get more than 5 per cent growth in new home sales. And what I really want to emphasize here is – yes, mortgage rates have increased recently. We expect them to come down in 2025; but even if they don't, we don't think there's a lot of room for downside to existing home sales from here.There's some level of housing activity that has to happen, regardless of where mortgage rates or affordability are. We think we're there. Turnover measured as the number of transactions – existing transactions – as a share of the outstanding housing market is lower now than it was during the great financial crisis. It's as low as it's been in a little bit over 40 years. We just don't think it can fall that much further from here.But as we go through 2025, we do think it dips negative. We have a negative 2 per cent HPA call next year, not significantly down. We don't think there's a lot of room to the downside given the healthy foundation, the low supply, the strong credit standards in the housing market. But there is a little bit of negativity next year before home prices reaccelerate.This leaves us generically constructive on securitized products across the board. Given how much of the capital structure has flattened this year, we think CLO AAAs actually offer the best value amongst the debt tranches there. We think non-QM triple AAAs and agency MBS is going to tighten. They look cheap to IG corporates. Consumer ABS, we also think still looks pretty cheap to IG corporates. Even in the CMBS pace, we think there's opportunities. CMBS has really outperformed this year as rates have come down. Now our bull bear spread differentials are much wider in CMBS than they are elsewhere, but in our base case, conduit BBB minuses still offer attractive value.That being said, if we're going to go down the capital structure, our favorite expression in the securitized credit space is US CLO equity.Vishy Tirupattur: Thank you, Jay and Jim, and also Matt and James.We'll close it out here. As a reminder, if you enjoyed the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

This week, we recap the year just gone in macro markets, and get a preview of what’s to come in 2025, in a conversation with traders from the FX desk of State Street Global Markets in Boston. Bill Walsh, head of trading for the Americas, returns to Street Signals with thoughts on the developed, G10 markets, and we welcome Chris Wise, a senior Emerging Markets trader focused on Latin America, who brings his insights on developing economies and the challenges posed to them by Trump, tariffs and inflation.See omnystudio.com/listener for privacy information.

On the second part of a two-part roundtable, our panel gives its 2025 preview for the housing and mortgage landscape, the US Treasury yield curve and currency markets.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. This is part two of our special roundtable discussion on what's ahead for the global economy and markets in 2025.Today we will cover what is ahead for government bonds, currencies, and housing. I'm joined by Matt Hornbach, our Chief Macro Strategist; James Lord, Global Head of Currency and Emerging Market Strategy; Jay Bacow, our co-head of Securitized Product Strategy; and Jim Egan, the other co-head of Securitized Product Strategy.It's Tuesday, November 19th, at 10am in New York.Matt, I'd like to go to you first. 2024 was a fascinating year for government bond yields globally. We started with a deeply inverted US yield curve at the beginning of the year, and we are ending the year with a much steeper curve – with much of that inversion gone. We have seen both meaningful sell offs and rallies over the course of the year as markets negotiated hard landing, soft landing, and no landing scenarios.With the election behind us and a significant change of policy ahead of us, how do you see the outlook for global government bond yields in 2025?Matt Hornbach: With the US election outcome known, global rate markets can march to the beat of its consequences. Central banks around the world continue to lower policy rates in our economist baseline projection, with much lower policy rates taking hold in their hard landing scenario versus higher rates in their scenarios for re-acceleration.This skew towards more dovish outcomes alongside the baseline for lower policy rates than captured in current market prices ultimately leads to lower government bond yields and steeper yield curves across most of the G10 through next year. Summarizing the regions, we expect treasury yields to move lower over the forecast horizon, helped by 75 [basis points] worth of Fed rate cuts, more than markets currently price.We forecast 10-year Treasury yields reaching 3 and 3.75 per cent by the middle of next year and ending the year just above 3.5 per cent.Our economists are forecasting a pause in the easing cycle in the second half of the year from the Fed. That would leave the Fed funds rate still above the median longer run dot.The rationale for the pause involves Fed uncertainty over the ultimate effects of tariffs and immigration reform on growth and inflation.We also see the treasury curve bull steepening throughout the forecast horizon with most of the steepening in the first half of the year, when most of the fall in yields occur.Finally, on break even inflation rates, we see five- and 10-year break evens tightening slightly by the middle of 2025 as inflation risks cool. However, as the Trump administration starts implementing tariffs, break evens widen in our forecast with the five- and 10-year maturities reaching 2.55 per cent and 2.4 per cent respectively by the end of next year.As such, we think real yields will lead the bulk of the decline in nominal yields in our forecasting with the 10-year real yield around 1.45 per cent by the middle of next year; and ending the year at 1.15 per cent.Vishy Tirupattur: That's very helpful, Matt. James, clearly the incoming administration has policy choices, and their sequencing and severity will have major implications for the strength of the dollar that has rallied substantially in the last few months. Against this backdrop, how do you assess 2025 to be? What differences do you expect to see between DM and EM currency markets?James Lord: The incoming administration's proposed policies could have far-reaching impacts on currency markets, some of which are already being reflected in the price of the dollar today. We had argued ahead of the election that a Republican sweep was probably the most bullish dollar outcome, and we are now seeing that being reflected.We do think the dollar rally continues for a little bit longer as markets price in a higher likelihood of tariffs being implemented against trading partners and there being a risk of additional deficit expansion in 2025. However, we don't really see that dollar strength persisting for long throughout 2025.So, I think that is – compared to the current debate, compared to the current market pricing – a negative dollar catalyst that should get priced into markets.And to your question, Vishy, that there will be differences with EM and also within EM as well. Probably the most notable one is the renminbi. We have the renminbi as the weakest currency within all of our forecasts for 2025, really reflecting the impact of tariffs.We expect tariffs against China to be more consequential than against other countries, thus requiring a bigger adjustment on the FX side. We see dollar China, or dollar renminbi ending next year at 7.6. So that represents a very sharp divergence versus dollar yen and the broader DXY moves – and is a consequence of tariffs.And that does imply that the Fed's broad dollar index only has a pretty modest decline next year, despite the bigger move in the DXY. The rest of Asia will likely follow dollar China more closely than dollar yen, in our view, causing AXJ currencies to generally underperform; versus CMEA and Latin America, which on the whole do a bit better.Vishy Tirupattur: Jay, in contrast to corporate credit, mortgage spreads are at or about their long-term average levels. How do you expect 2025 to pan out for mortgages? What are the key drivers of your expectations, and which potential policy changes you are most focused on?Jay Bacow: As you point out, mortgage spreads do look wide to corporate spreads, but there are good reasons for that. We all know that the Fed is reducing their holdings of mortgages, and they're the largest holder of mortgages in the world.We don't expect Fed balance sheet reduction of mortgages to change, even if they do NQT, as is our forecast in the first quarter of 2025. When they NQT, we expect mortgage runoff to continue to go into treasuries. What we do expect to change next year is that bank demand function will shift. We are working under the assumption that the Basel III endgame either stalls under the next administration or gets released in a way that is capital neutral. And that's going to free up excess capital for banks and reduce regulatory uncertainty for them in how they deploy the cash in their portfolios.The one thing that we've been waiting for is this clarity around regulations. When that changes, we think that's going to be a positive, but it's not just banks returning to the market.We think that there's going to be tailwinds from overseas investors that are going to be hedging out their FX risks as the Fed cuts rates, and the Bank of Japan hikes, so we expect more demand from Japanese life insurance companies.A steeper yield curve is going to be good for REIT demand. And these buyers, banks, overseas REITs, they typically buy CUSIPs, and that's going to help not just from a demand side, but it's going to help funding on mortgages improve as well. And all of those things are going to take mortgage spreads tighter, and that's why we are bullish.I also want to mention agency CMBS for a moment. The technical pressure there is even better than in single family mortgages. The supply story is still constrained, but there is no Fed QT in multifamily. And then also the capital that's going to be available for banks from the deregulation will allow them – in combination with the portfolio layer hedging – to add agency CMBS in a way that they haven't really been adding in the last few years. So that could take spreads tighter as well.Now, Vishy, you also mentioned policy changes. We think discussions around GSE reform are likely to become more prevalent under the new administration.And we think that given that improved capitalization, depending on the path of their earnings and any plans to raise capital, we could see an attempt to exit conservatorship during this administration.But we will simply state our view that any plan that results in a meaningful change to the capital treatment – or credit risk – to the investors of conventional mortgages is going to be too destabilizing for the housing finance markets to implement. And so, we don't think that path could go forward.Vishy Tirupattur: Thanks, Jay. Jim, it was a challenging year for the housing market with historically high levels of unaffordability and continued headwinds of limited supply. How do you see 2025 to be for the US housing market? And going beyond housing, what is your outlook for the opportunity set in securitized credit for 2025?James Egan: For the housing market, the 2025 narrative is going to be one about absolute level versus the direction and rate of change. For instance, Vishy, you mentioned affordability. Mortgage rates have increased significantly since the beginning of September, but it's also true that they're down roughly a hundred basis points from the fourth quarter of 2023 and we're forecasting pretty healthy decreases in the 10-year Treasury throughout 2025. So, we expect affordability to improve over the coming year. Supply? It remains near historic lows, but it's been increasing year to date.So similar to the affordability narrative, it's more challenged than it's been in decades; but it's also less challenged than it was a year ago.So, what does all this mean for the housing market as we look through 2025? Despite the improvements in affordability, sales volumes have been pretty stagnant this year. Total volumes – so existing plus new volumes – are actually down about 3 per cent year to date. And look, that isn't unusual. It typically takes about a year for sales volumes to pick up when you see this kind of significant affordability improvement that we've witnessed over the past year, even with the recent backup in mortgage rates.And that means we think we're kind of entering that sweet spot for increased sales now. We've seen purchase applications turn positive year over year. We've seen pending home sales turn positive year over year. That's the first time both of those things have happened since 2021. But when we think about how much sales 2025, we think it's going to be a little bit more curtailed. There are a whole host of reasons for that – but one of them the lock in effect has been a very popular talking point in the housing market this year. If we look at just the difference between the effective mortgage rate on the outstanding universe and where you can take out a mortgage rate today, the universe is still over 200 basis points out of the money.To the upside, you're not going to get 10 per cent growth there, but you're going to get more than 5 per cent growth in new home sales. And what I really want to emphasize here is – yes, mortgage rates have increased recently. We expect them to come down in 2025; but even if they don't, we don't think there's a lot of room for downside to existing home sales from here.There's some level of housing activity that has to happen, regardless of where mortgage rates or affordability are. We think we're there. Turnover measured as the number of transactions – existing transactions – as a share of the outstanding housing market is lower now than it was during the great financial crisis. It's as low as it's been in a little bit over 40 years. We just don't think it can fall that much further from here.But as we go through 2025, we do think it dips negative. We have a negative 2 per cent HPA call next year, not significantly down. We don't think there's a lot of room to the downside given the healthy foundation, the low supply, the strong credit standards in the housing market. But there is a little bit of negativity next year before home prices reaccelerate.This leaves us generically constructive on securitized products across the board. Given how much of the capital structure has flattened this year, we think CLO AAAs actually offer the best value amongst the debt tranches there. We think non-QM triple AAAs and agency MBS is going to tighten. They look cheap to IG corporates. Consumer ABS, we also think still looks pretty cheap to IG corporates. Even in the CMBS pace, we think there's opportunities. CMBS has really outperformed this year as rates have come down. Now our bull bear spread differentials are much wider in CMBS than they are elsewhere, but in our base case, conduit BBB minuses still offer attractive value.That being said, if we're going to go down the capital structure, our favorite expression in the securitized credit space is US CLO equity.Vishy Tirupattur: Thank you, Jay and Jim, and also Matt and James.We'll close it out here. As a reminder, if you enjoyed the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this episode, we take a look at the US fixed income markets coming out of the third quarter of 2024, and what to expect in this space as we near the November 5 US presidential election. We also briefly discuss how other G10 and Emerging Market central banks have shifted following the Fed's 50 basis point rate cut in September. It's a different story in China, however, with its central bank just announcing reductions in the Loan Prime Rates. This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia at Julius Baer.