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Our Co-Head of Securitized Products Research James Egan joins our Chief Economic Strategist Ellen Zentner to discuss the recent challenges facing the U.S. housing market, and the path forward for home buyers and investors. Read more insights from Morgan Stanley.----- Transcript ----- James Egan: Welcome to Thoughts on the Market. I'm James Egan, U.S. Housing Strategist and Co-Head of Securitized Products Research for Morgan Stanley. Ellen Zentner: And I'm Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morgan Stanley Wealth Management. James Egan: And today we dive into a topic that touches nearly every American household, quite literally. The future of the U.S. housing market. It's Thursday, September 25th at 10am in New York. So, Ellen, this conversation couldn't be timelier. Last week, the Fed cut interest rates by 25 basis points, and our chief U.S. Economist, Mike Gapen expects three more consecutive 25 basis point cuts through January of next year. And that's going to be followed by two more 25 basis point cuts in April and July. But mortgage rates, they're not tied to fed funds. So even if we do get 6.25 bps cuts by the end of 2026, that in and of itself we don't think is going to be sufficient to bring down mortgage rates, though other factors could get us there.Taking all that into account, the U.S. housing market appears to be a little stuck. The big question on investors' minds is – what's next for housing and what does that mean for the broader economy? Ellen Zentner: Well, I don't like the word stuck. There's no churn in the housing market. We want to see things moving and shaking. We want to see sellers out there. We want to see buyers out there. And we've got a lot of buyers – or would be buyers, right? But not a lot of sellers. And, you know, the economy does well when things are moving and shaking because there's a lot of home related spending that goes on when we're selling and buying homes. And so that helps boost consumer spending. Housing is also a really interest rate sensitive sector, so you know, I like to say as goes housing, so goes the business cycle. And so, you don't want to think that housing is sort of on the downhill slide or heading toward a downturn [be]cause it would mean that the entire economy is headed toward a downturn. So, we want to see housing improve here. We want to see it thaw out. I don't like, again, the word stuck, you know. I want to see some more churn. James Egan: As do we, and one of the reasons that I wanted to talk to you today is that you are observing all of these pressures on the U.S. housing market from your perspective in wealth management. And that means your job is to advise retail clients who sometimes can have a longer investment time horizon. So, Ellen, when you look at the next decade, how do you estimate the need for new housing units in the United States and what happens if we fall short of these estimated targets? Ellen Zentner: Yeah, so we always like to say demographics makes the world go round and especially it makes the housing market go round. And we know that if you just look at demographic drivers in the U.S. Of those young millennials and Gen Z that are aging into their first time home buying years – whether they're able to immediately or at some point purchase a home – they will want to buy homes. And if they can't afford the homes, then they will want to maybe rent those single-family homes. But either way, if you're just looking at the sheer need for housing in any way, shape, or form that it comes, we're going to need about 18 million units to meet all of that demand through 2030. And so, when I'm talking with our clients on the wealth management side, it's – Okay, short term here or over the next couple of years, there is a housing cycle. And affordability is creating pressures there. But if we look out beyond that, there are opportunities because of the demographic drivers – single family rentals, multi-family. We think modular housing can be something big here, as well. All of those solutions that can help everyone get into a home that wants to be. James Egan: Now, you hit on something there that I think is really important, kind of the implications of affordability challenges. One of the things that we've been seeing is it's been driving a shift toward rentership over ownership. How does that specific trend affect economic multipliers and long-term wealth creation? Ellen Zentner: In terms of whether you're going to buy a single-family home or you're going to rent a single-family home, it tends to be more square footage and there's more spending that goes on with it. But, of course, then relatively speaking, if you're buying that single family home versus renting, you're also going to probably spend a lot more time and care on that home while you're there, which means more money into the economy. In terms of wealth creation, we'd love to get the single-family home ownership rate as high as possible. It's the key way that households build intergenerational wealth. And the average American, or the average household has four times the wealth in their home than they do in the stock market. And so that's why it's very important that we've always created wealth that way through housing; and we want people to own, and they want to own. And that's good news. James Egan: These affordability challenges. Another thing that you've been highlighting is that they've led to an internal migration trend. People moving from high cost to lower cost metro areas. How is this playing out and what are the economic consequences of this migration? Ellen Zentner: Well, I think, first of all, I think to the wonderful work that Mark Schmidt does on the Munis team at MS and Co. It matters a great deal, ownership rates in various regions because it can tell you something about the health of the metropolitan area where they are. Buying those homes and paying those property taxes. It can create imbalances across the U.S. where you've got excess supply maybe in some areas, but very tight housing supply in others. And eventually to balance that out, you might even have some people that, say, post-COVID or during COVID moved to some parts of the country that have now become very expensive. And so, they leave those places and then go back to either try another locale or back to the locale they had moved from. So, understanding those flows within the U.S. can help communities understand the needs of their community, the costs associated with filling those needs, and also associated revenues that might be coming in. So, Jim, I mentioned a couple of times here about single family renting, and so from your perch, given that growing number of single-family rentals, how is that going to influence housing strategy and pricing? James Egan: It is certainly another piece of the puzzle when we look at like single family home ownership, multi-unit rentership, multi-unit home ownership, and then single family rentership. Over the past 15 years, this has been the fastest growing way in which kind of U.S. households exist. And when we take a step back looking at the housing market more holistically – something you hit on earlier – supply has been low, and that's played a key role in keeping prices high and affordability under pressure. On top of that, credit availability has been constrained. It's one of the pillars that we use when evaluating home prices and housing activity that we do think gets overlooked. And so even if you can find a home to buy in these tight inventory environments, it's pretty difficult to qualify for a mortgage. Those lending standards have been tight, that's pushed the home ownership rate down to 65 percent. Now, it was a little bit lower than this, after the Great Financial Crisis, but prior to that point, this is the lowest that home ownership rates have been since 1995. And so, we do think that single family rentership, it becomes another outlet and will continue to be an important pillar for the U.S. housing market on a go forward basis. So, the economic implications of that, that you highlighted earlier, we think that's going to continue to be something that we're living with – pun only half intended – in the U.S. housing market. Ellen Zentner: Only half intended. But let me take you back to something that you said at the beginning of the podcast. And you talked about Gapen's expectation for rate cuts and that that's going to bring fed funds rate down. Those are interest rates, though that don't impact mortgage rates. So how do mortgage rates price? And then, how do you see those persistently higher mortgage rates continuing to weigh on affordability. Or, I guess, really, what we all want to know is – when are mortgage rates going to get to a point where housing does become affordable again? James Egan: In our prior podcast, my Co-Head of Securitized Products Research, Jay Bacow and myself talked about how cutting fed funds wasn't necessarily sufficient to bring down mortgage rates. But the other piece of this is going to be how much lower do mortgage rates need to go? And one of the things we highlighted there, a data point that we do think is important. Mortgage rates have come down recently, right? Like we're at our lowest point of the year, but the effective rate on the outstanding market is still below 4.25 percent. Mortgage rates are still above 6.25 percent, so the market's 200 basis points out of the money. One of the things that we've been trying to do, looking at changes to affordability historically. What we think you really need to see a sustainable growth in housing activity is about a 10 percent improvement in affordability. How do we get there? It's about a 5.5 percent mortgage rate as opposed to the 6 1/8th to 6.25 where we were when we walked into this recording studio today. We think there will be a little bit response to the move in mortgage rates we've already seen. Again, it's the lowest that rates have been this year, and there have been some… Ellen Zentner: Are those fence sitters; what we call fence sitters? People that say, ‘Oh gosh, it's coming down. Let me go ahead and jump in here.' James Egan: Absolutely. We'll see some of that. And then from just other parts of the housing infrastructure, we'll see refinance rates pick up, right? Like there are borrowers who've seen originations over the course of the past couple years whose rates are higher than this. Morgan Stanley actually publishes a truly refinanceable index that measures what percentage of the housing market has at least a 25 basis point incentive to refinance. Housing market holistically after this move? 17 percent? Mortgages originated in the last two years, 61 percent of them have that incentive. So, I think you'll see a little bit more purchase activity. Again, we need to get to 5.5 percent for us to believe that will be sustainable. But you'll also see some refinance activity as well, right? Ellen Zentner: Right, it doesn't mean you get absolutely nothing and then all of a sudden the spigot opens when you get to 5.5 percent. Anecdotal evidence, I have a 2.7 percent 30-year mortgage and I've told my husband, I'm going to die in this apartment. I'm not moving anywhere. So, I'm part of the problem, Jim. James Egan: Well, congratulations to you on the mortgage… Ellen Zentner: Thank you. I wasn't trying to brag, But yes, it feels like, you know, your point on perspective folks that are younger buyers, you know, are looking at the prevailing mortgage rate right now and saying, ‘My gosh, that's really high.' But some of us that have been around for a lot longer are saying, ‘Really, this is fine.' But it's all relative speaking. James Egan: When you have over 60 percent of the mortgage market that has a rate below 4.5 percent, below 4 percent, yes, on a long-term basis, mortgage rates don't look particularly high. They're very high relative to the past 15 years, and to your point on a 2.7 percent mortgage rate, there's no incentive for you... Or there's limited incentive for you to sell that home, pay off that 2.7 percent mortgage rate, buy a new home at higher prices, at a much higher mortgage rate. That has – I know you don't like the word stuck – but it has been what's gotten this housing market kind of mired in its current situation. Price is very protective. Activity pretty low. Ellen Zentner: Jim, we've been talking about all the affordability issues and so let's set mortgage rates aside and talk about policy proposals. Are there specific policies that could also help on the affordability front? James Egan: So, there's a number of things that we get questions about on a pretty regular basis. Things like GSE reform, first time home buyer tax credits, things that could potentially spur supply. And look, the devil is in the details here. My colleague, Jay Bacow, has done a lot of work on GSE reform and what we're really focusing on there is the nature of the guarantee as well as the future of regulation and capital charges. For instance, U.S. banks own approximately one-third of the agency mortgage-backed securities market. Any changes to regulatory capital as a result of GSE reform, that could have implications for their demand, and that's going to have implications on mortgage rates, right? First time home buyer tax credits. We have seen those before – the spring of 2008 to 2010, and if we use that as a case study, we did see a temporary rise in home sales and a pause in the pace with which home prices were falling. But the effects there were temporary. Sales and prices wouldn't hit their post housing crisis lows until after those programs expired. Ellen Zentner: Right. So, you were incentivized to buy the house. You get the credit; you buy the house. But then unbeknownst to any economist out there, housing valuations continued to fall. James Egan: You could argue that it maybe pulled some demand forward. And so, you saw a lot of it concentrated and then the absence of that demand afterwards. And then on the supply side, there are a number of different programs we have touched on, some of them in these podcasts in the past. And then some of those questions become what needs to go through Congress, what is more kind of local municipality versus federal government. But look, the devil's in the details. It's an incredibly interesting housing market. Probably one that's going to be the source of many podcasts to come. So, Ellen, given all these challenges facing the U.S. housing market. Where do you see the biggest opportunities for retail investors? Ellen Zentner: So, in our recent note Housing in the Next Decade, we took a look at single family renting; you and I have talked about how that's likely to still be in favor for some time. REITs with exposure to select U.S. rental markets; what about senior housing? That is something that you've done deep research on, as well. Senior and affordable housing providers, home construction and materials companies. What about building more sustainable homes with a good deal of the climate change that we're seeing. And financial technology firms that offer flexible financing solutions. So, these are some of the things that we think could be in play as we think about housing over the long term. James Egan: Ellen, thank you for all your insights. It's been a pleasure to have you on the podcast. And I guess there's a key takeaway for investors here. Housing isn't just about where we live, it's about where the economy is headed. Ellen Zentner: Exactly. Always a pleasure to be on the show. Thanks, Jim. James Egan: 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.

Porozmawiamy m.in. o wdrożeniach tzw. internetu rzeczy, w tym logistyce smart stores i dark stores, wirtualnych asystentach (m.in. Rufus i Sidekick) oraz perspektywach i ograniczeniach interaktywnych interfejsów głosowych. Dowiecie się m.in. na czym polega hiperpersonalizacja przy wykorzystaniu AI i jakie są jej ograniczenia – np. jak z perspektywy inżynierii ecommerce wygląda taki „minimalny zestaw danych”, który pozwala maksymalnie dobrze poznać klientów, ale jednocześnie nie narusza ich prywatności ani przepisów prawa? Czy ja jako konsument albo mała firma mogę już dziś sobie zrobić własnego agenta, który z jednej strony będzie firewallem na cały spam marketingowy jaki płynie z sieci, a z drugiej będzie aktywnie wyszukiwał oferty ściśle spersonalizowane pode mnie? Co jako MŚP czy sklep internetowy już dziś powinienem robić, aby być widocznym dla rosnącego sektora generatywnych wyszukiwarek (GSE)? I jak się zabezpieczyć przed scenariuszem, w którym najpopularniejsze GSE mogą niebawem kupczyć widocznością, rekomendując swoim użytkownikom gorsze od moich produktów produkty konkurencji? Rozmowa towarzyszy 6. edycji konferencji “E-commerce Trends Summit” organizowanej przez ICAN Institute online 30 września Dołącz już dziś: https://www.ican.pl/wydarzenia/konferencje/e-commerce Special Guest: Konrad Bujak.

Send us a textMalahan unveils their groundbreaking e-commerce platform designed to revolutionize how customers access and order replacement parts for their ground support equipment. After 18 months of development and data preparation, this intuitive system allows users to search by serial number, part number, or common nouns with integrated images for easy identification.• Built on the Shopify platform with full integration capabilities for maintenance management systems• Features customized pricing based on existing customer agreements• Includes real-time order tracking from processing through delivery• Maintains shopping carts for 60 days for convenient reordering• All 60,000+ part descriptions rewritten in noun-first format for improved searchability• Future plans include expanding beyond parts to service programs and PM kits• Platform designed to complement rather than replace Malahan's personal customer serviceJoin us at GSE Expo in Las Vegas on Tuesday at 1:00 PM for the official launch of Malahan's e-commerce platform at their booth, where the team will provide demonstrations and help set up customer accounts.Looking for dependable and on demand ground support equipment leasing? Fortbrand is your go to partner. We specialize in tailored operating leases for airlines, cargo carriers, and ground handlers, delivering top tier equipment without the wait. From the latest electric GSE to traditional units, Fortbrand offers flexible terms, competitive rates, and a customer experience that is second to none. Keep your ramp moving with confidence. Visit fortbrand.com and experience GSE leasing redefined.

Andreas Funk, a key figure in the formation of IAEMA in 2009, talks with Ground Support Worldwide Editor Jenny Lescohier about the evolution of the organization and its brain child, the International GSE Expo. Here are five main points of the discussion: 1. Founding of IAEMA The International Airport Equipment Manufacturers Association (IAEMA) was created in response to manufacturers' frustrations with having to attend multiple GSE exhibitions in the U.S. in the same year. Andreas Funk and a group of three other industry leaders planned to start their own show, which led to the creation of IAEMA and the launch of the first GSE Expo in Las Vegas. 2. IAEMA's mission The core mission of IAEMA is to represent GSE manufacturers and serve as a co-organizer for major industry exhibitions. The association's primary focus is to provide a unified, efficient platform for manufacturers to showcase their equipment. Funk notes that IAEMA's role could expand in the future to include standardization efforts and more active discussions with airports and ground handlers. 3. Key challenges for the GSE industry The biggest challenge facing the industry is the global push for carbon neutrality, according to Funk. Airports worldwide are aiming to be carbon-free by 2050, which requires a massive shift from diesel-powered equipment to electric, Hydrogen or synthetic fuels. This transition is difficult due to several factors: The high cost of electric equipment, which can be double the price of diesel. The challenge of building adequate charging infrastructure at many, especially older, airports. The business model of ground handlers, who often operate on short-term licenses, making them hesitant to invest in expensive new equipment. 4. Goals for International GSE Expo Funk shares his hopes for the future of the exposition, which he believes it is a highly successful event for GSE manufacturers. He expresses a desire for more airports, especially those in North America, to attend, suggesting that collaborating with organizations like the American Association of Airport Executives (AAAE) could help draw more airport personnel to the expo. 5. The role of collaboration Funk emphasizes that reaching the goal of carbon neutrality requires close cooperation. This includes collaboration between manufacturers and airports to build the necessary infrastructure, and between manufacturers and ground handlers to navigate investment challenges. He stresses that success depends on working together for the future of the industry.

Ground Support Worldwide Editor Jenny Lescohier talks with Jennifer Matasy, Executive Director of IAEMA, about the International GSE Expo taking place in Las Vegas, Sept. 16-18. Here are five main takeaways from the discussion:  1. The biggest GSE showcase in the world The International GSE Expo is the largest and only dedicated event for ground support equipment. It's a global showcase that brings together leading manufacturers, suppliers, and decision-makers. Attendees get a hands-on experience, seeing and testing the latest equipment, from traditional tow tractors to electric and autonomous vehicles. 2. Focus on electrification The predominant theme of this year's expo is the future of electric GSE. Attendees will see a wide range of new battery-powered equipment, including GPUs, pushback tractors, and baggage carriers. This shift to greener, quieter, and more efficient technology is a major focus for many manufacturers. 3. Revamped Demo Zone This year's Demo Zone has been completely revitalized to be a main attraction. It's now a dedicated space where exhibitors can showcase their new equipment. This change makes it easier for attendees to get hands-on experience and see the latest green technology in action. 4. New networking opportunities The annual golf tournament has been replaced by a new on-site Layover Lounge. Located next to the Demo Zone, this new area offers games and refreshments, creating a relaxed environment for attendees to network and connect with exhibitors and peers throughout the show. 5. Innovation and sustainability take center stage The GSE Expo is a hub for innovation, with many manufacturers unveiling new technologies. A key goal for the event is to strengthen the GSE sector by highlighting the latest sustainable, efficient, and automated equipment solutions. If your company is focused on these areas, this is the essential event to attend.

Send us a textAvro GSE shares their remarkable journey from a trading company to a full-fledged GSE manufacturer with facilities across North America and Europe. The leadership team explains how listening to customers and implementing feedback has transformed their product quality and service capabilities, positioning them as a rising force in the industry.• Avro's transition from white-labeling equipment to manufacturing their own high-quality GSE in factories across Manitoba, Minnesota, Estonia, and Italy• How extensive customer feedback drove improvements in parts availability, service capabilities, and product design• The Titan series pushbacks feature innovative hydraulic and transmission coolers allowing for long-haul towing without damage• Diesel GPUs operating at just 1500 RPM for significantly lower fuel consumption and noise reduction• Battery-agnostic electric tractors allowing customers to use their preferred battery suppliers• Expanded parts inventory (15x increase) with stock maintained in both US and Canada locations• Plans for a new manufacturing facility opening in January focused on baggage tractors• Upcoming product releases including electric equipment, air conditioners, and baggage extractors• Company's "Best on Ground" philosophy driving continuous improvement and customer responsivenessVisit fortbrandcom to learn more about Fort Brand's GSE offerings and flexible leasing with full-service maintenance options across North America and the UK.Looking for dependable and on demand ground support equipment leasing? Fortbrand is your go to partner. We specialize in tailored operating leases for airlines, cargo carriers, and ground handlers, delivering top tier equipment without the wait. From the latest electric GSE to traditional units, Fortbrand offers flexible terms, competitive rates, and a customer experience that is second to none. Keep your ramp moving with confidence. Visit fortbrand.com and experience GSE leasing redefined.

H1: UAD 3.6: Blessing or Bother? A Practical Guide for Residential Appraisers Rollout begins September 8, 2025. Whether UAD 3.6 is a blessing or a bother depends on your practice focus. If you live on the GSE side of the house, mastering the nuances is unavoidable—and worth your time. If your work leans to estates, divorces, tax appeals, and Yellow Book assignments, you'll encounter less immediate pressure. In this episode of The Appraiser's Advocate, we explain what's changing, why software and client timelines may feel bumpy at first, and how to prepare without panic. Vendors, lenders, and AMCs are learning too; we'll cover realistic expectations for staggered adoption so you can keep cash flow steady and clients confident. What you'll learn What UAD 3.6 actually changes (dynamic report, structured data, packaging) Who really needs it now (GSE work) vs. where it's less urgent (non-GSE assignments) Transition pains to expect (software readiness, lender/AMC ramp-up) How to protect your practice (flag awareness, workflows, templates, client education) Professional guardrails—keep ethics first, maintain E&O, and know when to call counsel Need a hand? Email me: tim@theappraisersadvocate.com But no matter what happens, keep your ethics foremost, pay your E&O insurance premiums, have an administrative law attorney on speed dial, and contact me at tim@theappraisersadvocate.com when I can be of service to you.  Thanks!  

Send us a textFortbrand and Fast Global Solutions partner to auction a special "Grounded in Hope" pink bag cart at the GSE Expo, with all proceeds benefiting the National Breast Cancer Foundation. The custom Bravo Series bag cart features white paint with distinctive pink curtains and will be displayed at Fort Brand's booth #2012, where attendees can place bids through a QR code or make direct donations.• Auction runs September 8-17, with the winner announced at the Women of GSE event• The National Breast Cancer Foundation provides direct support services for patients including mammograms and navigation services• The bag cart features "Grounded in Hope" branding visible from both ground level and air• Starting bid is $1,500 with options for direct donations for those not bidding• Winner will participate in a collaborative marketing campaign during Breast Cancer Awareness Month in OctoberVisit Fort Brand at booth #2012 or Fast Global Solutions at booth #7019 during the GSE Expo in Las Vegas to learn more about the initiative and the equipment.Looking for dependable and on demand ground support equipment leasing? Fortbrand is your go to partner. We specialize in tailored operating leases for airlines, cargo carriers, and ground handlers, delivering top tier equipment without the wait. From the latest electric GSE to traditional units, Fortbrand offers flexible terms, competitive rates, and a customer experience that is second to none. Keep your ramp moving with confidence. Visit fortbrand.com and experience GSE leasing redefined.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios. The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and non-agency RMBS, drawing attention to structural risks and supply-demand trends shaping investor positioning. The episode closes with a candid discussion about Jenison's culture and Dmitri's career reflections offering both technical insight and human perspective for insurance investment professionals navigating today's credit markets.

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to the show. He argues the Fed is unlikely to cut rates in September despite market expectations, with only a one-in-three chance due to FOMC dynamics and persistent inflation. He expects radical Fed reforms under Trump's nominee Steve Mirren, including potentially moving the Fed out of Washington to restore independence. Whalen is bullish on gold as the world returns to sound money, sees housing prices weakening with a major reset possible in 2028, and highlights SoFi as outperforming Bitcoin threefold. He warns the biggest market risk comes from crypto platform implosions while remaining optimistic about Trump's policies despite concerns about subject matter expertise in new appointments.Sponsor: Monetary Metals. https://monetary-metals.com/julia Links:    Twitter/X: https://twitter.com/rcwhalen    Website: https://www.rcwhalen.com/    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/   Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673Timestamps:0:00 Welcome Chris Whalen 1:42 Big picture outlook - Fed rate cuts unlikely despite expectations3:22 FOMC dynamics - need majority for rate cuts, only one in three chance for September5:09 Fed changes ahead - Steve Mirren and radical reforms coming7:17 Fed independence and getting out of Washington politics8:39 Fiscal reality - Fed is the tail, Treasury is the dog9:57 Gold thesis - back to sound money as world's reserve asset11:40 Gold allocation - still early innings, most portfolios under 5%14:13 Jobs data skepticism - government shouldn't be gathering this data16:13 CPI and inflation - too much liquidity still in the system18:10 Markets still have room to run - buying opportunities ahead20:18 NYC mayoral race - Cuomo path to victory over Mamdani22:34 Wealth divide creating socialist candidates - inflation driving pain24:05 Fed in a corner - can't squeeze economy like Volcker did26:19 GSE outlook - Fannie/Freddie IPO coming in Q431:31 Housing market - prices weakening but reset coming in 202834:19 Investment opportunities - SoFi outperforming Bitcoin by 3x36:15 Biggest risks - crypto platforms about to implode

Opel hat sich vorgenommen, mit dem neuen Mokka GSE Motorsport-Energie auf die Straße zu bringen. Dazu waren fünf Jahre Pionierarbeit im elektrischen Motorsport mit dem ADAC Opel Electric Rally Cup nötig. Das markante Design macht ihn zu einem echten Hingucker. Und die prognostizierte Leistung ist auch beachtlich! Warten wir auf die ersten Fahreindrücke!  Darum geht es diesmal!Bei eingefleischten Opel-Fans begannen sofort die Augen zu leuchten, wenn der Begriff „GSE“ auf einem Fahrzeug auftauchte. Das war schon immer der Hinweis auf eine besonders sportliche Variante.  2022 hat Opel die Rückkehr des ikonischen Kürzels „GSE“ eingeläutet– seither steht GSE für „Grand Sport Electric“. Kurz darauf wurden Opel Astra, Astra Sports Tourer und die vorherige Grandland-Generation als besonders mutige und dynamische elektrifizierte Spitzenmodelle mit Plug-in-Hybrid-Antrieb angeboten. Opel betrachtet GSE quasi als Submarke, das G steht für „Grand, German Engineering trifft auf Gänsehaut, großartiger Grip und G-Kräfte“, das S für „Sensationeller Sport, Speed, Schweiß und durch S-Kurven sausen“, das E schließlich für „Elektrisches Erlebnis, Extra-Spannung und Euphorie“. Die nächste GSE-Generation wird die nun noch emotionaler und betritt vollelektrisches Terrain. Der neue GSE-Trailer, „OMG! GSE“ zeigt in einer Minute: „Zum Puls-Beschleunigen reichen drei Buchstaben!“ Was GSE heißt, haben wir ja schon erklärt, und OMG? Da werden Sie selbst die Erklärung finden, nicht wahr?  Dass die Marke mit dem energiegeladenen Blitz hält, was sie verspricht, kann man an der Ankündigung des vom Prototypen Mokka GSE Rally inspirierten Mokka GSE als Serienfahrzeug erkennen. Der neue Mokka GSE wird nichts weniger als der schnellste batterie-elektrische Opel sein – verpackt in ein GSE- und Rallye-Design sowie mit spezifischer Technik ausgestattet.OMG! GSE-Power: 207 kW (280 PS), 200 km/h und spezielle GSE-TechnikAusrufezeichen setzt der neue Opel Mokka GSE vor allem mit seiner starken Performance. Die Daten sprechen für sich: Mit einer Spitzenleistung von 207 kW (280 PS) ist der Serien-Stromer künftig genauso stark wie sein Motorsport-Pendant Mokka GSE Rally. Und mit einem unmittelbar anliegenden Drehmoment von 345 Newtonmetern packt er ebenso kompromisslos zu. So beschleunigt der Mokka GSE in nur 5,9 Sekunden von 0 auf 100 km/h – und mit einer Spitzengeschwindigkeit von 200 km/h wird er schon bald der schnellste vollelektrische Opel sein. Die Energie speichert der Mokka GSE in einer 54 kWh fassenden Lithium-Ionen-Batterie. Weitere Neuigkeiten zum ersten Auftritt und zum Marktstart folgen in Kürze.Alle Fotos: © Opel Automobile GmbH    Diesen Beitrag können Sie nachhören oder downloaden unter:

Send us a textThe GSE Podcast welcomes Jennifer Zucchino (IEMA Executive Director), John Jezo (Endeavor Sales Manager), and Jenny Lescohier (Editor) to discuss the upcoming GSE Expo in Las Vegas this September and its exciting new features.• Fortbrand has acquired Xcēd, retaining all employees while expanding service offerings• IEMA has partnered with Endeavor to create an enhanced show experience with 210+ exhibitors expected• Only 25% of exhibitors are currently IEMA members despite significant benefits including 10% booth discount• The reimagined Demo Zone sponsored by PCS will feature scheduled equipment demonstrations throughout the show• The new "Layover Lounge" replaces the beer garden concept with a more inclusive social gathering space• The "Oasis" provides shaded seating with fans, phone charging, and prime viewing of demo activities• Ground Support Worldwide will present its Leaders of the Year Awards at the Expo• Registration is trending up with 2,000-2,500 attendees expected• A mobile app is being developed to enhance the attendee experience• Electric vehicles and sustainability technologies will be prominent themes throughout the showRegister at gseexpo.com to secure your spot at the GSE Expo, September 16-18 at the Las Vegas Convention Center.Looking for dependable and on demand ground support equipment leasing? Fortbrand is your go to partner. We specialize in tailored operating leases for airlines, cargo carriers, and ground handlers, delivering top tier equipment without the wait. From the latest electric GSE to traditional units, Fortbrand offers flexible terms, competitive rates, and a customer experience that is second to none. Keep your ramp moving with confidence. Visit fortbrand.com and experience GSE leasing redefined.

Mortgage-market investors will need to pay especially close attention to policy shifts and actions in coming weeks, says Erica Adelberg, chief mortgage strategist for Bloomberg Intelligence. On this Macro Matter's episode of the FICC Focus podcast series, Adelberg is joined by host Ira Jersey, BI's head of US interest-rate strategy, to discuss the mortgage-backed securities market. Adelberg explores how the MBS landscape is evolving amid recent policy shifts, including GSE-privatization discussions, the broadening of mortgage-credit access through the adoption of VantageScore, changes to VA loss-mitigation strategies and shifting demand across mortgage-backed securities products. The analysis also considers the influence of the Federal Reserve on MBS supply and demand dynamics. The Macro Matters podcast is part of BI's FICC Focus series.

With the shock and sadness of Tamy's sudden passing still fresh, we take a closer look at the mechanisms behind elephant rescues and the broader challenges GSE faces. Transparency has always been a core value at GSE, and this extends to Tamy's relocation story.Kat and Scott share their thoughts on how elephants in captivity—particularly in zoos unequipped to meet their complex needs—have often been neglected for decades. While that neglect is quietly accepted by many, efforts to offer these elephants a better life are sometimes met with resistance and public outcry. External pressures, internal politics, complacency, and a reluctance to support meaningful change can ultimately rob elephants of the chance to live with dignity and autonomy—leaving them stuck in inappropriate environments or, as in Tamy's case, passing away before rescue becomes reality.Though we end the podcast in tears, Scott expresses a firm commitment to continue fighting for these elephants, despite this heartbreaking setback.The episode transcript can be found here.Email: We'd love to hear from you podcast@globalelephants.orgWho we are: Global Sanctuary for Elephants exists to create vast, safe spaces for captive elephants, where they are able to heal physically and emotionally. There are elephants around the world in need of sanctuary, but too few places exist to be able to care for even a fraction of the elephants. International support is necessary to build sanctuaries for elephants in need of rescue and rehabilitation. Our pilot project is Elephant Sanctuary Brazil where Asian and African elephants relocated from across South America live their best lives.Website: https://globalelephants.org/Donate: Global Sanctuary for Elephants is a U.S. 501(c)3 non-profit. Our work is made possible by donations. You can support our work with a general donation, purchasing items from our wishlist, or adopting one (or all) of our elephants for a year. You can also donate with Crypto!Thank you for your support!Follow us on Facebook, Instagram, X, & YouTube While we encourage and appreciate you sharing our podcast, please note that…This presentation is protected by U.S. and International copyright laws. Reproduction and distribution of the presentation or its contents without written permission of the sponsor is prohibited.© 2023 Global Sanctuary for ElephantsA big Thank You to the talented musicians Mike McGill, Ron McGill, & Sean Rodriquez for composing our podcast jingle.

In this podcast, J.P. Morgan Research analysts examine the resiliency in US home prices, despite slower growth and higher rates, and the commercial real estate crisis. They provide insight into the drivers behind the frozen housing market, the challenges facing homebuilders, and the evolving role of Fannie Mae and Freddie Mac amidst discussions of GSE privatization. The discussion delves into the impact of tariff and immigration policies, particularly on the High Yield housing sector.   Speakers: Joyce Chang, Chair of Global Research John Sim, Head of Securitized Products Research Michael Rehaut, Head of U.S. Homebuilding & Building Products Equity Research Anthony Paolone, Co-Head of REITs & Real Estate Services Equity Research Chong Sin, Securitized Products Research Nick Maciunas, Head of Agency MBS Research Arjun Chandar, North America Corporate Credit Research   This podcast was recorded on July 3, 2025. This communication is provided for information purposes only. Institutional clients 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.

On today's episode, Editor in Chief Sarah Wheeler talks with Bose George, managing director at KBW, about the investor view of the possibility of GSE release, changes in capital requirements, the Rocket/Mr. Cooper deal and more. Related to this episode: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More info about HousingWire⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoy the episode! KBW or an affiliate expects to receive or intends to seek compensation for investment banking services from Federal Home Loan Mortgage Corporation, Fannie Mae, Fidelity National Financial, First American Financial, Mr. Cooper, PennyMac and Rocket Companies in the next three months. KBW or an affiliate also expects to receive or intends to seek compensation for investment banking services from these companies.  The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Luxe, impact, matières premières, environnement, crypto ... Chaque jour, une nouvelle thématique d'investissement !

Ce vendredi 20 juin, Lorraine Goumot a reçu Timothée Pubellier, gérant de portefeuille senior obligations durables chez Ostrum AM, Tino Hugues, fondateur du Podcast de la Bourse, Florian Ielpo, Florian Ielpo, chargé de la Macroéconomie chez Lombard Odier, Gilles Santacreu, trader algorithmique et administrateur du site Boursikoter.com, Alexandre André, président d'Alto REIM, et John Baltay, directeur marketing du groupe GSE, dans l'émission Tout pour investir sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

Ce vendredi 20 juin, Lorraine Goumot a reçu Nicolas Doze, journaliste BFM Business, François Monnier, directeur de la rédaction d'Investir, Olivier Lévy, président de Levy Capital Partners, Dorian Abadie, analyste Bourse chez Meilleurtaux Placement, Matthieu Ceronne, trader et fondateur de Galileo Trading, Timothée Pubellier, gérant de portefeuille senior obligations durables chez Ostrum AM, Tino Hugues, fondateur du Podcast de la Bourse, Florian Ielpo, Florian Ielpo, chargé de la Macroéconomie chez Lombard Odier, Gilles Santacreu, trader algorithmique et administrateur du site Boursikoter.com, Alexandre André, président d'Alto REIM, et John Baltay, directeur marketing du groupe GSE, dans l'émission Tout pour investir sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

the only link you need this week is this one Vienna Hayers spawn of Gaz at GSE is raising money for Rays of Sunshine he's asked for your DONATIONS , Gary has given so much to the industry with one of the best educational YouTube channels for electricians on YouTube , SO IF YOU HAVE A FEW QUID THROW SOME IN THE POT https://www.justgiving.com/page/vienna-hayers-1?utm_medium=FR&utm_source=WA&utm_campaign=015

The Ground Support Equipment (GSE) Boom The global airline industry is set to surpass $1 trillion in revenue this year, says IATA. With Airbus predicting over 42,000 new aircraft deliveries in the next 20 years, demand for ground support equipment is rapidly rising. GSE manufacturers saw a strong rebound in 2024, with growth driving innovation. Companies are focusing on efficiency, safety, and sustainability—especially through electrification and new tech like AI, telemetry, and automation. In this issue, we cover key updates across the GSE sector, spotlighting: Aircraft rescue & firefighting vehicles Ground power units Water & lavatory service trucks Equipment leasing and rental market We also feature: A deep dive into Australia's airport infrastructure, with Western Sydney Airport set for a 2026 launch An exclusive interview with Ground Team Red on GSE buying trends in the Asia-Pacific A look at Mallaghan's CT6000E catering truck for North America A new ‘CEO Q&A' where we meet a leader revolutionising electrification Lastly, we examine a growing concern in the industry: rising rates of aircraft ground damage.

We're at another crossroads. There is a growing sense on the Right that we have not solved the inflation and deportation issues. The question is will we make the right plays to achieve them. This begins with a recognition that unless we ignore the courts or strip their jurisdiction in must-pass legislation, this presidency is doomed. Next, we're joined by Alex Pollock, a banking expert at the Mises Institute, who warns that not only have we failed to solve inflation, but some of the current proposals from both parties will further exacerbate it. He explains how the Federal Reserve keeps a Ponzi scheme paid for by consumers in the form of high prices. He also believes that the Fed is fully controlled by Congress and not independent. Relatedly, Pollock believes that complaining about interest rates is addressing the symptom of the very problems created by the "easy money" cartel. Also, he believes it is a mistake to turn Freddie and Fannie back into venture socialist GSE status, which allows for crony private profit off the risk of taxpayers. More easy money and subsidized credit are what got us here; they sure won't solve inflation.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textA groundbreaking initiative is transforming the traditionally male-dominated ground support equipment industry, one connection at a time. The Women of GSE movement celebrates its first anniversary this year, having evolved from a casual conversation to a powerful network supporting women across aviation ground operations.Started by passionate industry professionals from companies like Mallaghan and XSEED, the Women of GSE initiative creates meaningful networking opportunities at major industry events. Their impact was perfectly captured by one attendee who approached organizers after a European event saying, "I came here not knowing anyone and I'm so thankful that I had this time to network and meet people." This simple yet profound testimonial demonstrates how these gatherings transform the conference experience, especially for newcomers to the industry.The group has developed several ongoing programs, including monthly spotlights featuring women from various sectors of the industry—from CEOs to engineers—and is now launching their "Women of GSE Give Back" initiative. This new charitable program will support the Resurrection Preschool in Winter Garden, Florida by collecting essential school supplies during the upcoming GHI conference in Orlando. Collection boxes will be available throughout the event, accepting items like crayons, markers, and double-sided tape, along with cash donations that will be converted to Amazon gift cards for the school.Women of GSE welcomes anyone interested in supporting their mission. You can connect with them on LinkedIn by searching for their distinctive purple logo, attend their networking event at GHI Orlando on Wednesday at 1:30 PM in the Speed Networking area, or simply stop by to contribute to their charitable initiative. As they move into their second year, their message remains clear: GSE is "a great place to work with good people" where women can thrive, connect, and make a difference both within the industry and beyond.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Send us a textStep into the world of ground support equipment innovation as the Power Stow Americas team opens their doors to reveal how they're quietly revolutionizing baggage handling operations worldwide. From their facility in Norcross, Georgia, this intimate conversation takes listeners on an unexpected journey through the company's fascinating origin story and current cutting-edge solutions.The podcast features a remarkable cast of industry veterans - Ken Brown (KB), who spent 38 years with United Airlines before crossing over to lead Power Stow Americas; Justin Brennan, bringing his extensive GSE sales expertise; and most surprisingly, Arlie Wurtzen, who designed chocolate manufacturing equipment (including the knife that cuts Kit Kat bars!) before helping develop Power Stow's first prototype over 20 years ago.What began as a solution to European regulations limiting lifting weight has evolved into a product line that dramatically improves ergonomics for ramp workers. The flagship roller track system, which extends conveyor belts directly into aircraft cargo holds, has become so valued that ramp agents have physically fought over units and stayed with them during breaks to prevent others from "borrowing" their equipment.The conversation explores how Power Stow has expanded beyond their initial success with new innovations like the tail loader (bridging the gap between belt loaders and carts), the transfer belt (solving ergonomic challenges in baggage rooms), and assisted docking systems (addressing aircraft damage concerns). Throughout each development, the company maintains its obsessive focus on user experience and customer service, shipping parts same-day and deploying technicians within 24 hours when needed.Most compelling are the stories of transformation - from KB's journey as a skeptical airline executive to becoming the company's biggest advocate, to the moments when resistant veteran ramp workers suddenly realize how the technology can extend their careers by protecting their bodies. These human elements reveal why Power Stow has earned such loyalty in an industry where relationships and reliability matter more than fancy marketing.Ready to see these innovations in person? Visit Power Stow at the upcoming GSE Expo in Las Vegas, where they'll showcase their systems and demonstrate why this team has earned such respect throughout the aviation ground handling community.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Send us a textLooking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Transparency in our work can be both a blessing and a challenge. This week, we catch up with Kat in Brazil and Scott in Argentina, where he is assisting both Kenya's (Mendoza) and Pupy's (Buenos Aires) caregiver teams with relocation training. Kat and Scott share how the introduction of a chain in Pupy's crate training has raised concerns among even long-time supporters. We also discuss why sedating an elephant during transport is not an option for GSE.​The challenges of Tamy's situation are discussed in more detail. His enclosure is too small to accommodate both the crate and the necessary space for training. This limitation poses significant hurdles, as he is in a pit surrounded by high and thick concrete walls. The urgency of his situation is understood by all involved at the eco-park.​The episode transcript can be found here.Email: We'd love to hear from you podcast@globalelephants.orgWho we are: Global Sanctuary for Elephants exists to create vast, safe spaces for captive elephants, where they are able to heal physically and emotionally. There are elephants around the world in need of sanctuary, but too few places exist to be able to care for even a fraction of the elephants. International support is necessary to build sanctuaries for elephants in need of rescue and rehabilitation. Our pilot project is Elephant Sanctuary Brazil where Asian and African elephants relocated from across South America live their best lives.Website: https://globalelephants.org/Donate: Global Sanctuary for Elephants is a U.S. 501(c)3 non-profit. Our work is made possible by donations. You can support our work with a general donation, purchasing items from our wishlist, or adopting one (or all) of our elephants for a year. You can also donate with Crypto!Thank you for your support!Follow us on Facebook, Instagram, X, & YouTube While we encourage and appreciate you sharing our podcast, please note that…This presentation is protected by U.S. and International copyright laws. Reproduction and distribution of the presentation or its contents without written permission of the sponsor is prohibited.© 2023 Global Sanctuary for ElephantsA big Thank You to the talented musicians Mike McGill, Ron McGill, & Sean Rodriquez for composing our podcast jingle.

Send us a textStepping into the world of advanced battery technology, this episode takes us to Kokomo, Indiana—the global headquarters of Green Cubes Technology. Here, we explore how lithium batteries are revolutionizing ground support equipment operations at airports worldwide.Jerry Crump and Darren Kiefer walk us through Green Cubes' fascinating journey from their 1986 beginnings in small power electronics to becoming leaders in lithium battery technology for material handling and GSE applications. Their transition makes perfect sense—both industries require batteries that serve dual purposes as power sources and equipment ballast, though the adoption curves have differed significantly between the two sectors.What truly distinguishes Green Cubes in the crowded battery market is their commitment to flexibility and customization. Rather than forcing customers to adapt to standardized products, they design solutions tailored to specific operational requirements. Their GSE SafeFlux battery system incorporates sophisticated protection mechanisms that prevent operation in potentially damaging conditions, such as charging when cells are below freezing or automatically throttling performance when temperatures rise too high.Perhaps most refreshing is their approach to data sharing. While many manufacturers lock customers into proprietary systems, Green Cubes makes battery data freely available to any telematics platform a customer might prefer. This open architecture eliminates the frustration of managing multiple dashboards and logins while empowering operators to make data-driven decisions about their fleets.With over 13,000 high-power systems deployed globally, their experience translates into batteries that perform reliably whether they're operating in the freezing temperatures of Minneapolis or the scorching heat of Phoenix. For airport operations seeking sustainable alternatives to conventional power sources, Green Cubes offers not just a battery, but a comprehensive power solution designed for the unique challenges of ground support equipment.Looking to electrify your GSE fleet or upgrade your existing battery systems? Discover how Green Cubes' approach to lithium technology could transform your ground operations' reliability, sustainability, and performance.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

This podcast segment unpacks rising GSE repurchase risks and the cultural landmines facing major mortgage industry mergers.------------------------------------------------------------------Alice Alvey, Master CMBVice President Partner Education and Training at Union Home MortgageShe handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!

The regulars explore how Fed drama, tariff-driven inflation fears, and GSE repurchase risks are putting new pressure on mortgage lenders and the housing market.

Jaret Seiberg, managing director at TD Cowen, talks about how the uncertain economic environment—and changing policies regarding tariffs—are impacting banks large and small. He also tackles Treasury Secretary Scott Bessent's bank regulatory agenda, whether the Trump administration can successfully accomplish GSE reform and the significant risks to banks from stablecoin legislation.

In this week's episode, we catch up on events at Ecoparque Mendoza in Argentina, where female African elephant Kenya has received a significant new item: her transport crate! Marcos, one of GSE's caregivers, is on-site, preparing and training Kenya for her upcoming journey to Elephant Sanctuary Brazil.Kat also declares her love for Tamy, the male Asian elephant destined for his forever home at the sanctuary. However, his training presents several challenges, including determining a suitable training location within the zoo, as his current habitat is inadequate. More importantly, GSE needs to find a caregiver committed to spending three months in Argentina to build trust with Tamy.

As a Principal in the DenSecure team at Wolf & Company, P.C., Sean Goodwin leads and executes cybersecurity projects for clients across various industries, including healthcare, financial services, and retail. He has over a decade of experience in cybersecurity and information security and holds several credentials, such as GSE #271, CISSP, CISA, GIACx13, QSA, and PCIP. His mission is to help organizations improve their security posture and resilience against cyber threats. We touch on many topics including the need to properly understand PCI DSS CDE scope, compliance versus security, and how trust may be the most important element when effecting positive changes in the information security program.

In this episode of Lykken on Lending, we sit down with Bob Broeksmit, President and CEO of the Mortgage Bankers Association, for a timely and insightful conversation on the state of the mortgage industry. From key advocacy efforts on Capitol Hill to the future of Fannie Mae and Freddie Mac, Bob shares updates on GSE reform, HUD leadership, and the regulatory shifts shaping housing finance today. We also dive into market trends like consumer direct lending and the implications of recent M&A activity—including Rocket's headline-grabbing moves. If you're looking for a front-row seat to the forces driving mortgage policy and market dynamics, this episode is a must-listen.

When Karim Ben Dhia founded Adveez in 2011, the company wasn't focused on airports at all - it was building hands-free access control systems for buildings. Today, with nearly 20,000 GSE units monitored worldwide, Adveez stands at the forefront of a technological revolution transforming ground operations at airports globally.Product and Customer Success Director Matthias Moulinier takes us through this remarkable journey, revealing how their first aviation client simply wanted to prevent competitors from using their equipment on the ramp. That single need quickly expanded into a comprehensive tracking system collecting everything from GPS coordinates to engine hours, shock detection, and battery management data.What makes GSE telematics fundamentally different from standard vehicle tracking? The lack of standardization. While passenger vehicles have universal OBD connections, every GSE manufacturer implements different systems requiring specialized hardware solutions. This technical challenge became Adveez's opportunity to develop purpose-built systems for the unique airport environment.Perhaps most revealing is what the data shows about equipment utilization. Despite ramp operators consistently claiming equipment shortages, the metrics tell a different story - no customer ever utilizes more than 80-85% of their equipment simultaneously. This insight allows procurement teams to make data-driven investments rather than reacting to perceived shortages.Looking forward, Adveez is pioneering innovations like charger management systems to optimize electric GSE infrastructure and camera monitoring to enhance safety. They're also developing AI algorithms that predict maintenance needs based on patterns detected across thousands of operating hours, moving from reactive to predictive operations.As the industry gradually moves toward factory installations rather than field retrofits, Mathias works closely with manufacturers like Oshkosh to integrate these systems during production. However, challenges remain, particularly the lack of standardized data protocols - a topic currently being addressed in IATA and SAE working groups.Curious about the future of GSE management or how these systems might benefit your operation? Visit www.adveez.com or connect with their team on LinkedIn to learn more about this rapidly evolving technology.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Michael Bright, CEO at Structured Finance Association joins host Patrick Dolan to discus the complexities of GSE reform. We explore key issues including the balance between nurturing the private RMBS market and ending conservatorship, adjustments to loan limits, and restrictions on GSE activities. Fred provides his insight on administrative reform risks, the role of credit risk transfers, capital requirements, government guarantees, and the SEC's oversight on reporting standards.

Diamo il via a una settimana speciale di programmazione in occasione del Forum Duezerocinquezero dedicato alla transizione energetica, che prenderà il via mercoledì 2 aprile a Padova, con esperti delle filiere del mercato elettrico, dell'efficienza energetica, del mondo delle rinnovabili. Tra gli ospiti c'è anche Paolo Arrigoni, presidente del GSE (il gestore dei servizi energetici), con cui parliamo in questa puntata. Si tratta di un soggetto chiave per questo settore, in quanto gestisce gli strumenti di incentivazione e le varie misure che il Paese si è dato per raggiungere gli obiettivi in materia di fonti rinnovabili ed efficienza energetica. GSE dà quindi attuazione alla normativa, definendo anche procedure e regole da adottare.

Joe Davis shares his journey from aviation maintenance school graduate to Sales Account Manager and interim Service Manager at Oshkosh Aerotech, revealing how his hands-on technical experience provides unique value to customers.• Starting in de-icing operations after 9/11 affected aviation job prospects• Training new technicians through six-month apprenticeships with senior staff• Offering factory training programs that attract 250 customers annually• Commissioning new equipment and providing operational training for customers• Using IOPS telematics to remotely diagnose equipment issues• Sharing the epic story of de-icing a C-5 Galaxy with two feet of accumulated snow• Discussing the B80 pushback's independent suspension and agile performance• Explaining JetDock autonomous docking technology's precision and safety features• Outlining electric pushback capabilities from B250 to B950 models• Emphasizing proper battery management for electric GSE longevityContact your Oshkosh Aerotech sales representative to learn more about factory training programs, which are free for equipment owners and include daily lunch plus a social dinner event.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

On today's episode, Editor in Chief Sarah Wheeler talks with Courtenay Dunn, Senior Director of Government Affairs at ICE, about GSE reform, deregulation and housing affordability under the Trump administration. Related to this episode: Senate confirms Bill Pulte as FHFA director | HousingWire HousingWire | YouTube More info about HousingWire   Enjoy the episode! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

This podcast segment covers the Senate's confirmation of William Pulte as FHFA Director, the future of GSE conservatorship, credit score reforms, and MBA's efforts to shape housing policy under the Trump administration.-------------------------------------------------------------Adam DeSanctis, VP of Communication at Mortgage Bankers AssociationAs a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA's social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA's research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA's organizational public affairs plan, media relations and member communications support for mPower, MBA's Opens Doors Foundation and MBA's Diversity, Equity, and Inclusion programs.

Airside International's Spring 2025 edition examines the ground support equipment (GSE) sector, highlighting a rebound in pushback tractor sales and a stable second-hand market. Articles explore innovations in various GSE, including autonomous vehicles, electric solutions, and ergonomic lifting aids, alongside challenges like labour shortages and charging infrastructure deficits. The publication also features airport development projects in North America and ground handler procurement strategies, providing a comprehensive overview of the current state and future trends within the airside operations industry.

Discover how a simple idea transformed the aviation industry through the eyes of our special guest, Eric Ball, the visionary CTO and co-founder of EBIS. From his early days transitioning from a tech background to mastering the aviation sector, Eric shares the fascinating journey of EBIS, a pioneering software that revolutionized ground support equipment. Join us as we uncover how this innovative tool evolved to captivate major airlines like Southwest, navigating through challenges and growth opportunities to become a cornerstone in the aviation world.Explore the unexpected pathways that led to the evolution of ground support technology with insights from Eric Ball, along with contributions from Santo Schnatchu, Rick, and Crystal. Dive into the narrative of EBIS's acquisition by Tron Air and how it sparked new innovations in maintenance software. Learn about the strategic melding of AI and human expertise and its impact on operational efficiency, as well as the hands-on empowerment of technicians who are at the heart of aviation maintenance.Get ready to be inspired by stories of effective maintenance optimization with advanced tools like EVA software, and discover how data-driven decisions are transforming asset management. We offer a compelling look at how telemetry data and customer feedback are shaping future developments in ground support operations. Explore how AI is redefining technician efficiency, bridging communication gaps, and reducing operational costs. This episode is packed with insights into the cutting-edge technology propelling the aviation industry forward.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

While conventional treatments for colds and flu can sometimes prolong illness, natural remedies like Grapefruit Seed Extract (GSE) have shown antimicrobial benefits against bacteria, viruses, and fungi. GSE, when properly diluted, can be used internally and externally for infections, yeast overgrowth, and even as a household disinfectant, making it a versatile natural remedy. Link to all products mentioned: https://bit.ly/nutribioticgrapefruitseedextract Also listen to Episode 9: The Army Within Us - https://breadbeckers.libsyn.com/09-the-army-within-us-0 Topics in this episode include: viruses, cold and flu season, gut health, gut microbiome, the importance of supporting good gut organisms, what we can do when we get sick, Candida, yeast infections, diaper rash, athlete's foot, nail fungus, sore throats, ear infections, gum disease, traveler's diarrhea, Nutribiotic Grapefruit Seed Extract (GSE) Sources: GSE Report – Volume 1 Issue 1 Nature's Antiseptics by CJ Puotinen LISTEN NOW and SUBSCRIBE to this podcast here or from any podcasting platform such as, Apple Podcasts, YouTube, Spotify, Alexa, Siri, or anywhere podcasts are played. For more information on the benefits of REAL bread - made from freshly-milled grain, visit our website, breadbeckers.com. Also, watch our video, Only Real Bread - Staff of Life, https://youtu.be/43s0MWGrlT8. Learn more about baking with freshly-milled flour with The Essential Home-Ground Flour Book, by Sue Becker, https://bit.ly/essentialhomegroundflourbook. If you have an It's the Bread Story that you'd like to share, email us at podcast@breadbeckers.com. We'd love to hear from you! Visit our website at https://www.breadbeckers.com/ Follow us on Facebook @thebreadbeckers and Instagram @breadbeckers. *DISCLAIMER: Nothing in this podcast or on our website should be construed as medical advice. Consult your health care provider for your individual nutritional and medical needs. The information presented is based on our research and is strictly that of the author and not necessarily those of any professional group or other individuals. #viruses #coldandflu #coldandfluseason #guthealth #Candida #yeastinfections #diaperrash #athletesfoot #nailfungus #sorethroats #earinfections #gumdisease #diarrhea #NutribioticGrapefruitSeedExtract #GSE

A look at aviation ground operations technology, recent fatal aviation accidents, fire aboard an A321, the successful XB-1 supersonic flight, the sentencing of a drone operator, and the threatened readiness of the US Air Force. Guest Loren Mathis is the Chief Strategy Officer of INFORM GmbH's Aviation division. INFORM is a worldwide aviation ground operations resource management technology provider that leverages AI and advanced optimization to increase efficiency and improve operations. Loren describes three general use case categories for AI in aviation: creating value from very large amounts of data, digital decision support, and proactive rather than reactive action. We look at real-world examples of aviation applications, including predictive maintenance, service recovery after disruptions, and management of airport gates, baggage belts, and check-in counters. Also, ground equipment and staff planning, scheduling, allocation, and analysis. Loren is a thought leader and passionate advocate for ground operations. During his 15 years in aviation, Loren has led workforce planning teams responsible for budgeting over $2 billion of annual headcount expenses and $1 billion of GSE-related expenses. He most recently helped define airport operations technology strategy for one of the world's largest airlines. For over 50 years, INFORM has been engaging in the art of solving complex business problems with mathematical models. The company is committed to ethically responsible AI and sustainable business practices. Aviation News AA Regional Jet Collides with Army Blackhawk Helicopter Helicopter routes in the Washington DC area. Courtesy SkyVector. Video: DC Mid Air Update 2/3/25 https://youtu.be/n9mAUks0krI?si=f37mdgvVKmpaDT2z NTSB forces reporters to get plane crash updates on X ‘Open the Door, Open the Door!': How Dozens Fled an Inferno on a Plane Air Busan Flight ABL391 was waiting to take off from Busan Airport (PUS) in South Korea, bound for Hong Kong. Passengers spotted flames in a rear overhead bin of the A321. The captain declared an emergency evacuation and shut off hydraulic and fuel systems. Flight attendants and passengers opened exit doors, but there was no evacuation announcement. Video: XB-1 First Supersonic Flight https://www.youtube.com/live/-qisIViAHwI?si=3qg_QuNVRWv-W5E2 Ex Skydance Exec Was Piloting Drone During Palasides Fire The man who crashed his DJI Mini3 Pro drone into the wing of a CL-415 Super Scooper waterbomber (reportedly costing $65,169 to repair) has been identified. The man pleaded guilty to one count of unsafe operation of an unmanned aircraft (a misdemeanor) and agreed to 150 hrs of community service for wildfire relief and paying restitution. The charge carried a possible sentence of up to one year in federal prison. Fighter Pilot Shortage Threatening Readiness The Mitchell Institute for Aerospace Studies says the shortage of Air Force fighter pilots, declining pilot experience, and a shortage of airplanes threaten combat readiness. "The Air Force's pilot corps is now too small and poorly structured to sustain a healthy combat force that can prevail in a peer conflict and meet the nation's other national security requirements." Listen to Episode 218 of the Aerospace Advantage podcast, Air Force Readiness Crisis: Time for a Reset. Mentioned FlySafair Statement on Flight FA711 Hosts this Episode Max Flight, Rob Mark, David Vanderhoof, and our Main(e) Man Micah.

Transitioning from a diesel mechanic to a key player in the ground support equipment (GSE) industry, Mark DiMaria's journey is nothing short of inspiring. His global career, marked by stints in Spain, Ireland, Norway, China, and Saudi Arabia, showcases the adaptability and dedication required to excel in this field. Uncover the unique moment at a Saudi holiday softball game that propelled Mark into a pivotal role with Stewart and Stevenson, where he went from technical instructor to managing their European office from a humble broom closet at KLM.Billy Ash takes us further into the global nature of the GSE industry with his riveting career path, which was set in motion with a move from Tennessee to Texas. His chance encounter with Stewart and Stevenson led to a role that took him across the world 27 times, from Abu Dhabi to the United States. Billy's stories reveal the critical importance of skilled technicians in aviation ground support operations and his adventures highlight the industry's evolution, from pushbacks to air starts, showcasing the integral role of companies like Stuart and Stevenson.As the GSE industry embraces electrification and technological advancements, challenges and opportunities abound. Our discussion covers the shift from mechanical systems to electric equipment and the implications of EPA regulations. Discover how training through online platforms like YouTube is revolutionizing the way technicians approach troubleshooting and maintenance. Finally, hear about innovative solutions like mobile charging stations and the potential for telematics to transform equipment management, setting the stage for an electrified future in ground support.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Unlock the secrets of transitioning the Ground Support Equipment (GSE) sector to cleaner technologies with insights from Joe Anotti of TRC, a global engineering advisory and consulting firm. Discover how TRC is paving the way for sustainable transportation by navigating over 750 funding programs across the US and Canada to secure essential government grants and incentives. Whether you're curious about battery electric, hydrogen fuel cells, or the resurgence of natural gas and propane, Joe offers a comprehensive view of how these technologies are shaping the future of clean transportation.Join the conversation as we explore the intricate dance of securing aviation-related funding, highlighting the roles and responsibilities shared by aviation authorities, airlines, and GSE operators. Joe sheds light on key grants like Vail and VW, and the pivotal DERA programs that integrate vehicle funding with crucial infrastructure projects. With state-level initiatives gaining momentum as federal support fluctuates, this episode underscores the unique opportunities for states to align their sustainability ambitions with the aviation sector's goals, all while ensuring public health and environmental benefits.Peek into the future with a discussion on alternative fuels, autonomous vehicles, and the pressing infrastructure challenges faced by small ground handlers and airports. As we anticipate major global events like the World Cup and the 2028 Olympics, the conversation turns to electric fleet transitions and the entrepreneurial spirit required to overcome infrastructure constraints. Joe's expertise shines as he shares success stories and strategic advice on grant funding, revealing how TRC guides clients through complex processes to seamlessly integrate sustainability into their operations.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Shelby Joy Scarbrough is the Co-founder and CEO of the Global School of Entrepreneurship (GSE), a company dedicated to providing accredited MBA programs and courses designed specifically for entrepreneurs. With a distinguished career serving in the Reagan administration as a White House aide and as a State Department Protocol Officer, Shelby has also authored multiple books, including Civility Rules. She has managed high-profile events for world leaders such as Nelson Mandela and Pope John Paul II and successfully built a chain of Burger King franchises, showcasing her entrepreneurial acumen. Apart from GSE, she is also the Co-founder of nCourage Entrepreneurs, an angel investment group focused on funding entrepreneurial ventures founded and run by women. In this episode… In today's fast-paced and competitive world, entrepreneurs often struggle to balance professionalism, leadership, and growth while navigating complex challenges. Whether it's building businesses, managing high-stakes relationships, or maintaining civility in heated environments, achieving long-term success requires a unique blend of vision and discipline. Many leaders search for proven strategies to lead with impact, build trust, and drive meaningful results. Shelby Scarbrough, a White House veteran and entrepreneur, shares invaluable insights from her diverse career spanning entrepreneurship, diplomacy, and protocol. Drawing from her experiences in the Reagan administration, managing Burger King franchises, and co-founding the Global School of Entrepreneurship, Shelby emphasizes the importance of professionalism, adaptability, and relationship-building. She discusses lessons learned from world leaders, including Nelson Mandela and President Reagan, and explains how civility and preparation can turn challenges into opportunities. Shelby also highlights actionable steps for entrepreneurs, from maintaining focus under pressure to building supportive networks like nCourage Entrepreneurs, an angel investment group dedicated to female founders. Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Shelby Scarbrough, Co-founder and CEO of the Global School of Entrepreneurship, about turning leadership experiences into entrepreneurial success. Shelby provides insights on managing international diplomacy, navigating franchise operations, redefining MBA programs for modern entrepreneurs, and the value of building businesses with a pioneering spirit.

Send us a textIn this episode of "The Skinny On..." we unpack the history and details behind the recently announced acquisition of Shutterstock by Getty. This is a great case study for anyone wanting to understand which synergies investors prioritize in a merger as we walk through the ownership structure & market implications.We then shift gears to talk about the 100 basis point selloff we've seen in 10 year notes since the fall, half of which has occurred over the past thirty days. Will 10 year notes hit 5.00%? And are there any seasonal factors to take into account behind the move?Piggybacking off a recent article by Matt Levine, we dive a little into the hoopla around GSE privatization talk, explaining the history of Fannie and Freddie, the conservatorship resulting from the financial crisis, and you'll learn why you should never use the term "bailout" at a cocktail party with Kristen.Finally, we react to the news that JPMorgan is requiring everyone back in the office 5 days a week, and muse upon different ways financial firms could potentially leverage a creative, bespoke work schedule to foster the ownership mentality we see ourselves in the startup world.  Our Investment Banking and Private Equity Foundations course is LIVE: Learn more HEREOr for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst, joins Episode 223 of the Julia La Roche Show for his first outlook of 2025. Whalen explains why he believes long-term interest rates could rise unless Trump makes "real progress" on the federal deficit, warns a "kamikaze release" of Fannie Mae and Freddie Mac from conservatorship without legislation would be highly disruptive, and shares why focusing on Treasury policy rather than the Federal Reserve is "all that matters." He also discusses why stocks could be "ready for a downward adjustment" after outperforming in 2023-2024, and offers a surprisingly optimistic longer-term view if Washington can demonstrate "real leadership." Links:     Twitter/X: https://twitter.com/rcwhalen     Website: https://www.rcwhalen.com/     The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/   Timestamps: 00:00 Welcome back to Chris Whalen 01:12 2024 retrospective and consumer spending 02:42 Housing affordability and discretionary spending 04:49 Inflation outlook and Fed policy 06:31 Fed's focus on market stability over inflation 08:16 Fed rate cuts projection for 2025 10:52 Trump administration 2.0 outlook 11:42 Fannie Mae/Freddie Mac conservatorship discussion 13:21 Recession probability assessment 15:25 GSE release implications 19:45 Best approach to GSE reform 21:47 Federal deficit challenges 23:38 US debt situation and spending freeze 25:49 Treasury debt issuance strategy 27:42 Shifting narrative from Fed to Treasury 28:36 Market outlook for 2025 30:50 Closing thoughts on leadership and demographics

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.

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.