Podcast appearances and mentions of Jackson Hole

On today's episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth discuss recent market data with a focus on international stocks. After years of underperformance, many investors began to ignore this area completely, often with no exposure at all. So far in 2025, international equities have emerged as a leader, and Nick and Jim explain why they are feeling bullish. They share a chart showing the renewed strength in foreign markets and talk about the Fed's August meeting in Jackson Hole, where potential rate cuts were mentioned, which could be a positive for international stocks. As always, this podcast is for educational purposes only and is not a recommendation. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind. Stay Connected With Us: Podbean: findingtruewealth.podbean.com YouTube: / @peakwealthmgmt Apple: rb.gy/1jqp6 (Trust the Plan Podcast) Facebook: Facebook.com/PeakWealthManagement Twitter: Twitter.com/nhopwood1 www.peakwm.com  

Jackson Hole Writers Conference by KHOL

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Thank you for your support of independent ski journalism.WhoPhill Gross, owner, and Mike Solimano, CEO of Killington and Pico, VermontRecorded onJuly 10, 2025About KillingtonClick here for a mountain stats overviewOwned by: Phill Gross and teamLocated in: Killington, VermontYear founded: 1958Pass affiliations: Ikon Pass: 5 or 7 combined days with PicoReciprocal partners: Pico access is included on all Killington passesClosest neighboring ski areas: Pico (:12), Saskadena Six (:39), Okemo (:40), Quechee (:44), Ascutney (:55), Storrs (:59), Harrington Hill (:59), Magic (1:00), Whaleback (1:02), Sugarbush (1:04), Bromley (1:04), Middlebury Snowbowl (1:08), Arrowhead (1:10), Mad River Glen (1:11)Base elevation: 1,165 feet at Skyeship BaseSummit elevation: 4,142 feet at top of K-1 gondola (hike-to summit of Killington Peak at 4,241 feet)Vertical drop: 2,977 feet lift-served, 3,076 hike-toSkiable Acres: 1,509Average annual snowfall: 250 inchesTrail count: 155 (43% advanced/expert, 40% intermediate, 17% beginner)Lift count: 20 (2 gondolas, 2 six-packs, 4 high-speed quads, 5 fixed-grip quads, 2 triples, 1 double, 1 platter, 3 carpets - view Lift Blog's inventory of Killington's lift fleet; Killington plans to replace the Snowdon triple with a fixed-grip quad for the 2026-27 ski season)History: from New England Ski HistoryAbout PicoClick here for a mountain stats overviewOwned by: Phill Gross and teamLocated in: Mendon, VermontYear founded: 1934Pass affiliations: Ikon Pass: 5 or 7 combined days with KillingtonReciprocal partners: Pico access is included on all Killington passes; four days Killington access included on Pico K.A. PassClosest neighboring ski areas: Killington (:12), Saskadena Six (:38), Okemo (:38), Quechee (:42), Ascutney (:53), Storrs (:57), Harrington Hill (:55), Magic (:58), Whaleback (1:00), Sugarbush (1:01), Bromley (1:00), Middlebury Snowbowl (1:01), Mad River Glen (1:07), Arrowhead (1:09)Base elevation: 2,000 feetSummit elevation: 3,967 feetVertical drop: 1,967 feetSkiable Acres: 468Average annual snowfall: 250 inchesTrail count: 58 (36% advanced/expert, 46% intermediate, 18% beginner)Lift count: 7 (2 high-speed quads, 2 triples, 1 doubles, 2 carpets - view Lift Blog's inventory of Pico's lift fleet)History: from New England Ski HistoryWhy I interviewed themThe longest-tenured non-government ski area operator in America, as far as I know, is the Seeholzer family, owner-operators of Beaver Mountain, Utah since 1939. Third-generation owner Travis Seeholzer came on the pod a few years back to trace the eight-decade arc from this dude flexing 10-foot-long kamikaze boards to the present:Just about every ski area in America was hacked out of the wilderness by Some Guy Who Looked Like That. Dave McCoy at Mammoth or Ernie Blake at Taos or Everett Kircher at Boyne Mountain, swarthy, willful fellows who flew airplanes and erected rudimentary chairlifts in impossible places and hammered together their own baselodges. Over decades they chiseled these mountains into their personal Rushmores, a life's work, a human soul knotted to nature in a built place that would endure for generations.It's possible that they all imagined their family name governing those generations. In the remarkable case of Boyne, they still do. But the Kirchers and the Seeholzers are ski-world exceptions. Successive generations are often uninterested in the chore of legacy building. Or they try and say wow this is expensive. Or bad weather leads to bad financial choices by our cigar-smoking, backhoe-driving, machete-wielding founder and his sons and daughters never get their chance. The ski area's deed shuffles into the portfolio of a Colorado Skico and McCoy fades a little each year and at some point Mammoth is just another ski area owned by Alterra Mountain Company.It's tempting to sentimentalize the past, to lament skiing's macro-transition from gritty network of founder-kingpin fifes to set of corporate brands, to conclude that “this generation” just doesn't have the tenacity of a Blake or a McCoy. But the America where a fellow could turn up with a dump truck and a chainsaw and flatten raw forest into a for-profit business with minimal protest is gone. Every part of the ski ecosystem is more regulated, complicated, and expensive than it's ever been. The appeal of running such a machine - and the skillset necessary to do so - is entirely different from that of sculpting your own personal snow Narnia from scratch. We will always have family-owned ski areas (we still have hundreds), and an occasional modern founder-disruptor like Mount Bohemia's Lonie Glieberman will materialize like a new X-man. But ski conglomerates have probably always been inevitable, and are probably largely the industry's future. They are best suited, in most cases, to manage, finance, and maintain the vast machinery of our largest ski centers (and also to create a ski landscape in which not all ski area operators are Some Guy Who Looked Like That).Killington demonstrates this arc from rambunctious founder to corporate vassal as well as any mountain in the country. Founded in 1958 by the wily and wild Pres Smith, the ski area's parent company, Sherburne Corp., bought Sunday River, Maine in 1973 and Mount Snow, Vermont in 1977. The two Vermont mountains became S-K-I in 1984, bought five more ski areas, and merged with four-resort LBO in 1996 to become the titanic American Skiing Company. Unfortunately ASC turned out to be skiing's Titanic, and one of the company's last acts before dissolution was to sell Killington and Pico to Utah-based Powdr in 2007.The Beast had been tamed, at least on paper. Corporate ownership of some sort felt as stapled to the mountain as Killington's 3,000 snowguns. And mostly, well, it didn't matter. Other than Powdr's disastrous attempts to shorten the resort's famously long seasons, Killington never lost its feisty edge. Over the decades the ski area modernized, masterplanned, and shed skier volume while increasing its viability as a business. Modern Killington wasn't the kingdom of a charismatic and ever-present founder, but it was a pretty good ski area.And then, suddenly, shockingly, Powdr sold both Killington and Pico last August. And they didn't sell the ski areas to Vail or Alterra or Boyne or to anyone who owned any ski areas at all. Instead, a group of local investors - led by Phill Gross and Michael Ferri, longtime Killington homeowners who ran a variety of non-ski-related businesses - bought the mountains. After 51 years as part of a multi-mountain ownership group, Killington (its relationship to neighboring Pico notwithstanding), was once again independent.It was all so improbable. Out-of-state operators had purchased five of Vermont's large ski areas in recent years: Colorado-based Vail Resorts bought Stowe in 2017, Okemo in 2018, and Mount Snow in 2019; Denver-based Alterra claimed Sugarbush in 2019; and Utah-based Pacific Group Resorts added Jay Peak to their small portfolio in 2022. Very few ski areas have ever entered the corporate matrix and re-emerged as independents. Grand Targhee, Wyoming; Waterville Valley, New Hampshire; and Mountain Creek, New Jersey (technically owned by multimountain operator Snow Partners) are exceptions spun off from larger companies. But mostly, once a larger entity absorbed a ski area, it stays locked in the multimountain universe forever.So what would this mean? For the largest and busiest mountain in the eastern United States to be independent? Did this, along with Powdr's intentions to sell Mount Bachelor (since rescinded), Eldora (sale in process), and Silver Star (no update), mark a reversal in the consolidation trend that had gathered 30 percent of America's ski areas under the umbrella of a multi-mountain operator? Did Killington's group of wealthy-but-not-Bezos-wealthy investors set an alternate blueprint for large-mountain ownership, especially when considered alongside the sale of Jackson Hole to a similar group the year before? Had the Ikon Pass – that harbinger of mass-market pass domination that had forced the we-better-join-them sales of Crystal Mountain, Washington and Sugarbush – inadvertently become a reliable revenue pipeline that made independence more viable? And would Killington, well-managed and constantly improving, backslide under cowboy owners who want to Q-Burke the place in their image?We're a year in now, and we have some clarity on these questions, along with two new chairlifts (Superstar this year, Snowdon next), 1,000 new snowguns, a revitalized Skyeship Gondola, and progressing plans on the East's first true ski village. Locals seem happy, management seems happy, the owners seem happy. Easy enough, Gross points out in our interview, when winter hits deep like the last one did. But can we keep the party going indefinitely? It was time for a check-in.What we talked aboutA strong first winter under independent ownership; what spring skiing off Canyon lift told us about the importance of Superstar; “it's an incredibly complex operation”; letting the smart people do their jobs; Killington's surprise spin-off from a multi-mountain operator; “our job is to keep the honeymoon going”; Superstar's six-pack upgrade; why six-packs are probably Killington's lift-upgrade future; why Pico is demolishing the Bonanza lift for a covered carpet; why Superstar won't have bubbles; where bubbles might make sense in a future lift; why ski areas can no longer run snowmaking under newly constructed chairlifts; why Superstar is a Doppelmayr machine after Killington installed a brand-new Leitner-Poma six at Snowdon in 2018; long- and short-term Superstar impacts to Killington's long season; long-term thoughts around early-season walkway access to North Ridge; Skyeship Gondola upgrades, including $5 million in new cabins; what 1,000 new snowguns means in practice; why Killington sold the Wobbly Barn; considering Killington as a business and investment; how Killington is a different financial beast from other Vermont ski areas; how close Killington was to going unlimited on Ikon Pass; Phill's journey to buying Killington; Devil's Fiddle and why sometimes things that don't make sense financially make sense anyway; “we want to own this for generations to come”; a village layout and timeline update – “we want to make sure that this is something that's additive to the ski experience” even if you don't own within it; “Great Gulf wants this [village] to be competitive for the western resorts”; “we don't want to change what Pico is”; how piping water over from Killington has reinvigorated and stabilized Pico; why Killington and Pico remained on Ikon Pass post-sale and probably will for the foreseeable future; is Ikon helping big ski areas stay independent?; Killington's steady rise in lift ticket prices; future lift upgrades and why the Snowdon Triple is next up for a replacement.What I got wrong* File “opinionation” under LOL I'm Dumb Talking Is Hard* I said that former Killington owner Powdr had “just sold” Eldora, but that's not accurate: in July, the town of Nederland, Colorado, announced their intent to purchase the ski area. The sales process is ongoing.Podcast NotesOn previous Killington podsOn Gross' purchase of Killington and PicoOn ANSI chairlift standardsWe get a bit in the weeds with a reference to “ANSI standards” for chairlifts. ANSI is the American National Standards Institute, a nonprofit organization that sets voluntary but widely adopted standards for everything from office furniture to electrical systems to safety signage in the United States. The ANSI standard for lifts, according to a blog post describing the code's 2022 update, is “developed by the National Ski Areas Association (NSAA), [and] establishes standard requirements for the design, manufacture, construction, operation, and maintenance of passenger ropeways.” On Killington's long seasonsKillington often opens in October (though it has not done so since 2018), and closes in June (three straight years before a deliberately truncated 2024-25 season to begin demolition of the Superstar chair). List of Killington open and close dates since 1987-88.On Win Smith and Killington and SugarbushOn Killington's villageThe East needs more of this:On Killington's peak lift ticket pricesPer New England Ski History:The Storm explores the world of lift-served skiing year round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

WhoAlan Henceroth, President and Chief Operating Officer of Arapahoe Basin, Colorado – Al runs the best ski area-specific executive blog in America – check it out:Recorded onMay 19, 2025About Arapahoe BasinClick here for a mountain stats overviewOwned by: Alterra Mountain Company, which also owns:Pass access* Ikon Pass: unlimited* Ikon Base Pass: unlimited access from opening day to Friday, Dec. 19, then five total days with no blackouts from Dec. 20 until closing day 2026Base elevation* 10,520 feet at bottom of Steep Gullies* 10,780 feet at main baseSummit elevation* 13,204 feet at top of Lenawee Mountain on East Wall* 12,478 feet at top of Lazy J Tow (connector between Lenawee Express six-pack and Zuma quad)Vertical drop* 1,695 feet lift-served – top of Lazy J Tow to main base* 1,955 feet lift-served, with hike back up to lifts – top of Lazy J Tow to bottom of Steep Gullies* 2,424 feet hike-to – top of Lenawee Mountain to Main BaseSkiable Acres: 1,428Average annual snowfall:* Claimed: 350 inches* Bestsnow.net: 308 inchesTrail count: 147 – approximate terrain breakdown: 24% double-black, 49% black, 20% intermediate, 7% beginnerLift count: 9 (1 six-pack, 1 high-speed quad, 3 fixed-grip quads, 1 double, 2 carpets, 1 ropetow)Why I interviewed himWe can generally splice U.S. ski centers into two categories: ski resort and ski area. I'll often use these terms interchangeably to avoid repetition, but they describe two very different things. The main distinction: ski areas rise directly from parking lots edged by a handful of bunched utilitarian structures, while ski resorts push parking lots into the next zipcode to accommodate slopeside lodging and commerce.There are a lot more ski areas than ski resorts, and a handful of the latter present like the former, with accommodations slightly off-hill (Sun Valley) or anchored in a near-enough town (Bachelor). But mostly the distinction is clear, with the defining question being this: is this a mountain that people will travel around the world to ski, or one they won't travel more than an hour to ski?Arapahoe Basin occupies a strange middle. Nothing in the mountain's statistical profile suggests that it should be anything other than a Summit County locals hang. It is the 16th-largest ski area in Colorado by skiable acres, the 18th-tallest by lift-served vertical drop, and the eighth-snowiest by average annual snowfall. The mountain runs just six chairlifts and only two detachables. Beginner terrain is limited. A-Basin has no base area lodging, and in fact not much of a base area at all. Altitude, already an issue for the Colorado ski tourist, is amplified here, where the lifts spin from nearly 11,000 feet. A-Basin should, like Bridger Bowl in Montana (upstream from Big Sky) or Red River in New Mexico (across the mountain from Taos) or Sunlight in Colorado (parked between Aspen and I-70), be mostly unknown beside its heralded big-name neighbors (Keystone, Breck, Copper).And it sort of is, but also sort of isn't. Like tiny (826-acre) Aspen Mountain, A-Basin transcends its statistical profile. Skiers know it, seek it, travel for it, cross it off their lists like a snowy Eiffel Tower. Unlike Aspen, A-Basin has no posse of support mountains, no grided downtown spilling off the lifts, no Kleenex-level brand that stands in for skiing among non-skiers. And yet Vail tried buying the bump in 1997, and Alterra finally did in 2024. Meanwhile, nearby Loveland, bigger, taller, snowier, higher, easier to access with its trip-off-the-interstate parking lots, is still ignored by tourists and conglomerates alike.Weird. What explains A-Basin's pull? Onetime and future Storm guest Jackson Hogen offers, in his Snowbird Secrets book, an anthropomorphic explanation for that Utah powder dump's aura: As it turns out, everyone has a story for how they came to discover Snowbird, but no one knows the reason. Some have the vanity to think they picked the place, but the wisest know the place picked them.That is the secret that Snowbird has slipped into our subconscious; deep down, we know we were summoned here. We just have to be reminded of it to remember, an echo of the Platonic notion that all knowledge is remembrance. In the modern world we are so divorced from our natural selves that you would think we'd have lost the power to hear a mountain call us. And indeed we have, but such is the enormous reach of this place that it can still stir the last seed within us that connects us to the energy that surrounds us every day yet we do not see. The resonance of that tiny, vibrating seed is what brings us here, to this extraordinary place, to stand in the heart of the energy flow.Yeah I don't know, Man. We're drifting into horoscope territory here. But I also can't explain why we all like to do This Dumb Thing so much that we'll wrap our whole lives around it. So if there is some universe force, what Hogen calls “vibrations” from Hidden Peak's quartz, drawing skiers to Snowbird, could there also be some proton-kryptonite-laserbeam s**t sucking us all toward A-Basin? If there's a better explanation, I haven't found it.What we talked aboutThe Beach; keeping A-Basin's whole ski footprint open into May; Alterra buys the bump – “we really liked the way Alterra was doing things… and letting the resorts retain their identity”; the legacy of former owner Dream; how hardcore, no-frills ski area A-Basin fits into an Alterra portfolio that includes high-end resorts such as Deer Valley and Steamboat; “you'd be surprised how many people from out of state ski here too”; Ikon as Colorado sampler pack (or not); local reaction to Alterra's purchase – “I think it's fair that there was anxiety”; balancing the wild ski cycle of over-the-top peak days and soft periods; parking reservations; going unlimited on the full Ikon Pass and how parking reservations play in – “we spent a ridiculous amount of time talking about it”; the huge price difference between Epic and Ikon and how that factors into the access calculus; why A-Basin still sells a single-mountain season pass; whether reciprocal partnerships with Monarch and Silverton will remain in place; “I've been amazed at how few things I've been told to do” by Alterra; A-Basin's dirt-cheap early-season pass; why early season is “a more competitive time” than it used to be; why A-Basin left Mountain Collective; Justice Department anti-trust concerns around Alterra's A-Basin purchase – “it never was clear to me what the concerns were”; breaking down A-Basin's latest U.S. Forest Service masterplan – “everything in there, we hope to do”; a parking lot pulse gondola and why that makes sense over shuttles; why A-Basin plans a two-lift system of beginner machines; why should A-Basin care about beginner terrain?; is beginner development is related to Ikon Pass membership?; what it means that the MDP designs for 700 more skiers per day; assessing the Lenawee Express sixer three seasons in; why A-Basin sold the old Lenawee lift to independent Sunlight, Colorado; A-Basin's patrol unionizing; and 100 percent renewable energy.What I got wrong* I said that A-Basin was the only mountain that had been caught up in antitrust issues, but that's inaccurate: when S-K-I and LBO Enterprises merged into American Skiing Company in 1996, the U.S. Justice Department compelled the combined company to sell Cranmore and Waterville Valley, both in New Hampshire. Waterville Valley remains independent. Cranmore stayed independent for a while, and has since 2010 been owned by Fairbank Group, which also owns Jiminy Peak in Massachusetts and operates Bromley, Vermont.* I said that A-Basin's $259 early-season pass, good for unlimited access from opening day through Dec. 25, “was like one day at Vail,” which is sort of true and sort of not. Vail Mountain's day-of lift ticket will hit $230 from Nov. 14 to Dec. 11, then increase to $307 or $335 every day through Christmas. All Resorts Epic Day passes, which would get skiers on the hill for any of those dates, currently sell for between $106 and $128 per day. Unlimited access to Vail Mountain for that full early-season period would require a full Epic Pass, currently priced at $1,121.* This doesn't contradict anything we discussed, but it's worth noting some parking reservations changes that A-Basin implemented following our conversation. Reservations will now be required on weekends only, and from Jan. 3 to May 3, a reduction from 48 dates last winter to 36 for this season. The mountain will also allow skiers to hold four reservations at once, doubling last year's limit of two.Why now was a good time for this interviewOne of the most striking attributes of modern lift-served skiing is how radically different each ski area is. Panic over corporate hegemony power-stamping each child mountain into snowy McDonald's clones rarely survives past the parking lot. Underscoring the point is neighboring ski areas, all over America, that despite the mutually intelligible languages of trail ratings and patrol uniforms and lift and snowgun furniture, and despite sharing weather patterns and geologic origins and local skier pools, feel whole-cut from different eras, cultures, and imaginations. The gates between Alta and Snowbird present like connector doors between adjoining hotel rooms but actualize as cross-dimensional Mario warpzones. The 2.4-mile gondola strung between the Alpine Meadows and Olympic sides of Palisades Tahoe may as well connect a baseball stadium with an opera house. Crossing the half mile or so between the summits of Sterling at Smugglers' Notch and Spruce Peak at Stowe is a journey of 15 minutes and five decades. And Arapahoe Basin, elder brother of next-door Keystone, resembles its larger neighbor like a bat resembles a giraffe: both mammals, but of entirely different sorts. Same with Sugarbush and Mad River Glen, Vermont; Sugar Bowl, Donner Ski Ranch, and Boreal, California; Park City and Deer Valley, Utah; Killington and Pico, Vermont; Highlands and Nub's Nob, Michigan; Canaan Valley and Timberline and Nordic-hybrid White Grass, West Virginia; Aspen's four Colorado ski areas; the three ski areas sprawling across Mt. Hood's south flank; and Alpental and its clump of Snoqualmie sisters across the Washington interstate. Proximity does not equal sameness.One of The Storm's preoccupations is with why this is so. For all their call-to-nature appeal, ski areas are profoundly human creations, more city park than wildlife preserve. They are sculpted, managed, manicured. Even the wildest-feeling among them – Mount Bohemia, Silverton, Mad River Glen – are obsessively tended to, ragged by design.A-Basin pulls an even neater trick: a brand curated for rugged appeal, scaffolded by brand-new high-speed lifts and a self-described “luxurious European-style bistro.” That the Alterra Mountain Company-owned, megapass pioneer floating in the busiest ski county in the busiest ski state in America managed to retain its rowdy rap even as the onetime fleet of bar-free double chairs toppled into the recycling bin is a triumph of branding.But also a triumph of heart. A-Basin as Colorado's Alta or Taos or Palisades is a title easily ceded to Telluride or Aspen Highlands, similarly tilted high-alpiners. But here it is, right beside buffed-out Keystone, a misunderstood mountain with its own wild side but a fair-enough rap as an approachable landing zone for first-time Rocky Mountain explorers westbound out of New York or Ohio. Why are A-Basin and Keystone so different? The blunt drama of A-Basin's hike-in terrain helps, but it's more enforcer than explainer. The real difference, I believe, is grounded in the conductor orchestrating this mad dance.Since Henceroth sat down in the COO chair 20 years ago, Keystone has had nine president-general manager equivalents. A-Basin was already 61 years old in 2005, giving it a nice branding headstart on younger Keystone, born in 1970. But both had spent nearly two decades, from 1978 to 1997, co-owned by a dogfood conglomerate that often marketed them as one resort, and the pair stayed glued together on a multimountain pass for a couple of decades afterward.Henceroth, with support and guidance from the real-estate giant that owned A-Basin in the Ralston-Purina-to-Alterra interim, had a series of choices to make. A-Basin had only recently installed snowmaking. There was no lift access to Zuma Bowl, no Beavers. The lift system consisted of three double chairs and two triples. Did this aesthetic minimalism and pseudo-independence define A-Basin? Or did the mountain, shaped by the generations of leaders before Henceroth, hold some intangible energy and pull, that thing we recognize as atmosphere, culture, vibe? Would The Legend lose its duct-taped edge if it:* Expanded 400 mostly low-angle acres into Zuma Bowl (2007)* Joined Vail Resorts' Epic Pass (2009)* Installed the mountain's first high-speed lift (Black Mountain Express in 2010)* Expand 339 additional acres into the Beavers (2018), and service that terrain with an atypical-for-Colorado 1,501-vertical-foot fixed-grip lift* Exit the Epic Pass following the 2018-19 ski season* Immediately join Mountain Collective and Ikon as a multimountain replacement (2019)* Ditch a 21-year-old triple chair for the mountain's first high-speed six-pack (2022)* Sell to Alterra Mountain Company (2024)* Require paid parking reservations on high-volume days (2024)* Go unlimited on the Ikon Pass and exit Mountain Collective (2025)* Release an updated USFS masterplan that focuses largely on the novice ski experience (2025)That's a lot of change. A skier booted through time from Y2K to October 2025 would examine that list and conclude that Rad Basin had been tamed. But ski a dozen laps and they'd say well not really. Those multimillion upgrades were leashed by something priceless, something human, something that kept them from defining what the mountain is. There's some indecipherable alchemy here, a thing maybe not quite as durable as the mountain itself, but rooted deeper than the lift towers strung along it. It takes a skilled chemist to cook this recipe, and while they'll never reveal every secret, you can visit the restaurant as many times as you'd like.Why you should ski Arapahoe BasinWe could do a million but here are nine:1) $: Two months of early-season skiing costs roughly the same as A-Basin's neighbors charge for a single day. A-Basin's $259 fall pass is unlimited from opening day through Dec. 25, cheaper than a Dec. 20 day-of lift ticket at Breck ($281), Vail ($335), Beaver Creek ($335), or Copper ($274), and not much more than Keystone ($243). 2) Pali: When A-Basin tore down the 1,329-vertical-foot, 3,520-foot-long Pallavicini double chair, a 1978 Yan, in 2020, they replaced it with a 1,325-vertical-foot, 3,512-foot-long Leitner-Poma double chair. It's one of just a handful of new doubles installed in America over the past decade, underscoring a rare-in-modern-skiing commitment to atmosphere, experience, and snow preservation over uphill capacity. 3) The newest lift fleet in the West: The oldest of A-Basin's six chairlifts, Zuma, arrived brand-new in 2007.4) Wall-to-wall: when I flew into Colorado for a May 2025 wind-down, five ski areas remained open. Despite solid snowpack, Copper, Breck, and Winter Park all spun a handful of lifts on a constrained footprint. But A-Basin and Loveland still ran every lift, even over the Monday-to-Thursday timeframe of my visit.5) The East Wall: It's like this whole extra ski area. Not my deal as even skiing downhill at 12,500 feet hurts, but some of you like this s**t:6) May pow: I mean yeah I did kinda just get lucky but damn these were some of the best turns I found all year (skiing with A-Basin Communications Manager Shayna Silverman):7) The Beach: the best ski area tailgate in North America (sorry, no pet dragons allowed - don't shoot the messenger):8) The Beavers: Just glades and glades and glades (a little crunchy on this run, but better higher up and the following day):9) It's a ski area first: In a county of ski resorts, A-Basin is a parking-lots-at-the-bottom-and-not-much-else ski area. It's spare, sparse, high, steep, and largely exposed. Skiers are better at self-selecting than we suppose, meaning the ability level of the average A-Basin skier is more Cottonwoods than Connecticut. That impacts your day in everything from how the liftlines flow to how the bumps form to how many zigzaggers you have to dodge on the down.Podcast NotesOn the dates of my visit We reference my last A-Basin visit quite a bit – for context, I skied there May 6 and 7, 2025. Both nice late-season pow days.On A-Basin's long seasonsIt's surprisingly difficult to find accurate open and close date information for most ski areas, especially before 2010 or so, but here's what I could cobble together for A-Basin - please let me know if you have a more extensive list, or if any of this is wrong:On A-Basin's ownership timelineArapahoe Basin probably gets too much credit for being some rugged indie. Ralston-Purina, then-owners of Keystone, purchased A-Basin in 1978, then added Breckenridge to the group in 1993 before selling the whole picnic basket to Vail in 1997. The U.S. Justice Department wouldn't let the Eagle County operator have all three, so Vail flipped Arapahoe to a Canadian real estate empire, then called Dundee, some months later. That company, which at some point re-named itself Dream, pumped a zillion dollars into the mountain before handing it off to Alterra last year.On A-Basin leaving Epic PassA-Basin self-ejected from Epic Pass in 2019, just after Vail maxed out Colorado by purchasing Crested Butte and before they fully invaded the East with the Peak Resorts purchase. Arapahoe Basin promptly joined Mountain Collective and Ikon, swapping unlimited-access on four varieties of Epic Pass for limited-days products. Henceroth and I talked this one out during our 2022 pod, and it's a fascinating case study in building a better business by decreasing volume.On the price difference between Ikon and Epic with A-Basin accessConcerns about A-Basin hurdling back toward the overcrowded Epic days by switching to Ikon's unlimited tier tend to overlook this crucial distinction: Vail sold a 2018-19 version of the Epic Pass that included unlimited access to Keystone and A-Basin for an early-bird rate of $349. The full 2025-26 Ikon Pass debuted at nearly four times that, retailing for $1,329, and just ramped up to $1,519.On Alterra mountains with their own season passesWhile all Alterra-owned ski areas (with the exception of Deer Valley), are unlimited on the full Ikon Pass and nine are unlimited with no blackouts on Ikon Base, seven of those sell their own unlimited season pass that costs less than Base. The sole unlimited season pass for Crystal, Mammoth, Palisades Tahoe, Steamboat, Stratton, and Sugarbush is a full Ikon Pass, and the least-expensive unlimited season pass for Solitude is the Ikon Base. Deer Valley leads the nation with its $4,100 unlimited season pass. See the Alterra chart at the top of this article for current season pass prices to all of the company's mountains.On A-Basin and Schweitzer pass partnershipsAlterra has been pretty good about permitting its owned ski areas to retain historic reciprocal partners on their single-mountain season passes. For A-Basin, this means three no-blackout days at Monarch and two unguided days at Silverton. Up at Schweitzer, passholders get three midweek days each at Whitewater, Mt. Hood Meadows, Castle Mountain, Loveland, and Whitefish. None of these ski areas are on Ikon Pass, and the benefit is only stapled to A-Basin- or Schweitzer-specific season passes.On the Mountain Collective eventI talk about Mountain Collective as skiing's most exclusive country club. Nothing better demonstrates that characterization than this podcast I recorded at the event last fall, when in around 90 minutes I had conversations with the top leaders of Boyne Resorts, Snowbird, Aspen, Jackson Hole, Sun Valley, Snowbasin, Grand Targhee, and many more.On Mountain Collective and Ikon overlapThe Mountain Collective-Ikon overlap is kinda nutso:On Pennsylvania skiingIn regards to the U.S. Justice Department grilling Alterra on its A-Basin acquisition, it's still pretty stupid that the agency allowed Vail Resorts to purchase eight of the 19 public chairlift-served ski areas in Pennsylvania without a whisper of protest. These eight ski areas almost certainly account for more than half of all skier visits in a state that typically ranks sixth nationally for attendance. Last winter, the state's 2.6 million skier visits accounted for more days than vaunted ski states New Hampshire (2.4 million), Washington (2.3), Montana (2.2), Idaho (2.1). or Oregon (2.0). Only New York (3.4), Vermont (4.2), Utah (6.5), California (6.6), and Colorado (13.9) racked up more.On A-Basin's USFS masterplanNothing on the scale of Zuma or Beavers inbound, but the proposed changes would tap novice terrain that has always existed but never offered a good access point for beginners:On pulse gondolasA-Basin's proposed pulse gondola, should it be built, would be just the sixth such lift in America, joining machines at Taos, Northstar, Steamboat, Park City, and Snowmass. Loon plans to build a pulse gondola in 2026.On mid-mountain beginner centersBig bad ski resorts have attempted to amp up family appeal in recent years with gondola-serviced mid-mountain beginner centers, which open gentle, previously hard-to-access terrain to beginners. This was the purpose of mid-stations off Jackson Hole's Sweetwater Gondola and Big Sky's new-for-this-year Explorer Gondola. A-Basin's gondy (not the parking lot pulse gondola, but the one terminating at Sawmill Flats in the masterplan image above), would provide up and down lift access allowing greenies to lap the new detach quad above it.The Storm explores the world of lift-served skiing year-round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

This week, Mark sits down with Rachel Allday, co-founder of Abode Luxury Rentals, managing nearly 200 high-end properties across Park City, Jackson Hole, and Sun Valley. Rachel shares how she and her husband built their company from scratch 18 years ago—long before Airbnb existed—and what “luxury” really means in today's short-term rental market.In this episode:How Rachel turned creativity into growth, from her first “wedding invite” mailer campaign to managing $10M+ estatesWhat defines luxury: authenticity, maintenance, high-touch service, and staff-to-property ratios that ensure perfectionWhy attention to detail wins: triple inspections, white linens, local touches, and hospitality that feels humanThe importance of team culture, shared accountability, and never settling for 95%How Abode achieves consistent five-star reviews through inspections, standards, and guest-first thinkingMarketing insights: why professional photography, consistent staging, and aspirational imagery matterVRMA's impact on her business growth, profitability, and network of mentors and peersRachel also opens up about her role on the VRMA Board of Directors, where she's helping shape the next generation of education and professionalism in the STR industry.Connect with Rachel: abodeluxuryrentals.comFollow Abode Luxury Rentals on InstagramCatch Rachel at VRMA International in Las Vegas___Episode Sponsored By:STR SearchSTR Search is the industry leading property finder service. They've helped investors acquire over 265+ profitable STRs across the US. If you'd like the data professionals to help you find your next STR, reach out to STRsearch.com

¡Vótame en los Premios iVoox 2025! El oro acaba de superar los 4.000 dólares por onza por primera vez en la historia. Este incremento sostenido de los últimos dos años nos habla de muchas cosas, pero sobre todo de la preferencia de los inversores por activos seguros ante la incertidumbre que se ha adueñado de las principales economías. Desde 2023 el precio del oro ha crecido más del 50% dejando en nada las alzas registradas durante la pandemia y la crisis financiera de hace quince años. Todo lo más que podemos encontrar similar a esto fue el repunte que tuvo durante la segunda crisis del petróleo en 1979. A diferencia de la subida registrada durante la pandemia, que vino impulsada por la creación de dinero fiduciario y la consiguiente pérdida de valor de las monedas, el actual repunte no está ligado a una crisis de estas características. La inflación se ha moderado desde 2022, por lo que hay otros factores que entran en juego. Un elemento importante es la errática política económica de Donald Trump, cuya intención de reestructurar el comercio mundial y presionar a la Reserva Federal para reducir los tipos de interés ha generado nerviosismo en el mercado. Estas medidas amenazan la independencia de la Fed y contribuyen que muchos inversores se refugien en activos no vinculados al dólar. El repunte propiamente dicho comenzó hace tres años. En origen lo provocaron grandes compras de bancos centrales e inversores chinos. Desde el año pasado han sido los inversores occidentales los que han ido empujando el precio hacia arriba. Junto a eso, en el mes de agosto durante la conferencia de Jackson Hole, el presidente de la Fed, Jerome Powell, anunció que iría reduciendo los tipos de interés. Todo a pesar de que la inflación se mantiene por encima del objetivo que se había fijado el propio Powell. Esta decisión, junto a la amenaza de aranceles y un déficit público elevado, ha reforzado la demanda de oro. Los bancos centrales han comprado 415 toneladas de oro en el primer semestre de este año convirtiendo al oro en el segundo activo de reserva más importante después del dólar. Esta acumulación, junto con la fiebre de inversores particulares y el auge de las empresas mineras, ha disparado los precios. Algunos analistas piden calma y advierten de que el oro podría estar cerca de su máximo. Las rachas alcistas suelen ser muy peligrosas ya que vienen seguidas de correcciones muy duras. Aún así, muchos son los que prevén que la onza alcance los 5.000 dólares el año próximo porque el apetito de los bancos centrales no ha remitido y el oro se sigue percibiendo como un refugio frente a la inflación y a la deuda pública estadounidense, que crece a un ritmo de 6.500 millones de dólares diarios. Otros activos refugio como la plata (que se aproxima a los 50 dólares por onza) y el Bitcoin (que ha superado ya los 125.000 dólares), también están en máximos históricos. No es para menos en un momento en el que las principales economías occidentales están fuertemente endeudadas, con déficits disparados y con la amenaza de que la inflación vuelva a castigar a los consumidores. Todo eso incide en la confianza que se tenía en las divisas tradicionales. El mercado de oro siempre ha sido volátil, pero hoy la inestabilidad se encuentra en los datos macro que aportan los Gobiernos. Mientras eso se mantenga, lo hará también la fiebre por el metal amarillo. En La ContraRéplica: 0:00 Introducción 3:46 La nueva fiebre del oro 29:49 Premios iVoox - https://premios.ivoox.com/ 32:07 La inmigración sobre los barrios 39:36 AMD y la IA 43:44 La flotilla a Gaza · Canal de Telegram: https://t.me/lacontracronica · “Contra el pesimismo”… https://amzn.to/4m1RX2R · “Hispanos. Breve historia de los pueblos de habla hispana”… https://amzn.to/428js1G · “La ContraHistoria del comunismo”… https://amzn.to/39QP2KE · “La ContraHistoria de España. Auge, caída y vuelta a empezar de un país en 28 episodios”… https://amzn.to/3kXcZ6i · “Contra la Revolución Francesa”… https://amzn.to/4aF0LpZ · “Lutero, Calvino y Trento, la Reforma que no fue”… https://amzn.to/3shKOlK Apoya La Contra en: · Patreon... https://www.patreon.com/diazvillanueva · iVoox... https://www.ivoox.com/podcast-contracronica_sq_f1267769_1.html · Paypal... https://www.paypal.me/diazvillanueva Sígueme en: · Web... https://diazvillanueva.com · Twitter... https://twitter.com/diazvillanueva · Facebook... https://www.facebook.com/fernandodiazvillanueva1/ · Instagram... https://www.instagram.com/diazvillanueva · Linkedin… https://www.linkedin.com/in/fernando-d%C3%ADaz-villanueva-7303865/ · Flickr... https://www.flickr.com/photos/147276463@N05/?/ · Pinterest... https://www.pinterest.com/fernandodiazvillanueva Encuentra mis libros en: · Amazon... https://www.amazon.es/Fernando-Diaz-Villanueva/e/B00J2ASBXM #FernandoDiazVillanueva #oro #dolar Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

Road trip all throughout the northwest. Boise, Jackson Hole & Billings. Perfect time of year.

To read the full report - visit www.jacksonholereport.com

In this gripping season finale of Season 9 from The Fine Line, we hear from Jason Dunlop, a Jackson Hole local who's been going on solo snowmobile missions deep into the Wyoming backcountry for more than 15 years. In March 2025, his string of successful adventures came to a crashing halt, leading to a complicated rescue that revealed many difficult lessons. The episode covers several topics, such as: emergency satellite texting via an iPhone; how and when to call for help; the dangers of complacency; and how SAR missions are never easy, even when they might appear to be on paper. Interview by Matt Hansen. Editing and sound by Melinda Binks. This story was recorded in the studios of KHOL 89.1 FM. The Fine Line theme song is by Anne and Pete Sibley, with additional music provided by Ben Winship. Original artwork by Jen Reddy Ink. This episode is sponsored by Arc'teryx.

On Wednesday, the Fed announced its first rate cut in nine months. While the reduction was widely expected, our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen explain the data that markets and the Fed are watching.Read more insights from Morgan Stanley.----- Transcript ----- Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Matthew Hornbach: Our topic today is the Fed's first quarter percent rate cut in 2025. We're here to discuss the implications and the path forward. It's Thursday, September 18th at 10am in New York. So, Mike, the Fed concluded its meeting on Wednesday. What was the high-level takeaway from your perspective?Michael Gapen: So, I think there's two main points here. There's certainly more that we can discuss, but two main takeaways for me are obviously the Fed is moving because it sees downside risk in the labor market.So, the August employment data revealed that the hiring rate took a large step down and stayed down, right. And the Fed is saying – it's a curious balance in the labor market. We're not quite sure how to assess it, but when employment growth slows this much, we think we need to take notice.So, they're adjusting their view. We'll call it risk management 'cause that's what Powell said. And saying there's more risk of worse outcomes in the labor market, keeping a restricted policy stance is inappropriate, we should cut. So that's part one. I think he previewed all of that in Jackson Hole. So, it was largely the same, but it's important to know why the Fed's cutting. The second thing that was interesting to me is as much as he, Powell in this case, tried to avoid the idea that we're on a preset path. That, you know, policy is always data dependent and it's always the meeting-to-meeting decision – we know that. But it does feel like if you're recalibrating your policy stance because you see more downside risk to the labor market, they're not prepared to just do once and go, ‘Well, maybe; maybe we'll go again; maybe we won't.' The dot plots clearly indicate a series of moves here. And when pressed on, well, what's a 25 basis point rate cut going to do to help the labor market, Powell responded by, well, nothing. 25 basis points won't really affect the macro outcome, but it's the path that that matters. So, I do think; and I use the word recalibration; Powell didn't want to use that. I do think we're in for a series of cuts here. The median dot would say three, but maybe two; two to three, 75 basis points by year end. And then we'll see how the world evolves. Matthew Hornbach: So, speaking of the summary of economic projections, what struck you as being interesting about the set of projections that we got on Wednesday? And how does the Fed's idea of the path into 2026 differ from yours?Michael Gapen: Yeah. Well, it was a lot about downside risk to the labor market. But what did they do? They revised up growth. They have the unemployment rate path lower in the outer years of their forecast than they did before, so they didn't revise down this year. But they revised down subsequent years, and they revised inflation higher in 2026. That may seem at odds with what they're doing with the policy rate currently.But my interpretation of that is, you know, the main point to your question is – they're more tolerant of inflation as the cost or the byproduct of needing to lower rates to support the labor market. So, if this all works, the outlook is a little stronger from the Fed's perspective. And so, what's key to me is that they are… You know, the median of the forecast, to the extent that they align in a coherent message, are saying, we're going to have to pay a price for this in the form of stronger inflation next year to support the labor market this year. So that means in their forecast – cuts this year, but fewer cuts in 2026 and [20]27. And how that differs from our forecast is we're not quite as optimistic on the Fed, as the Fed is on the economy. We do think the labor market weakens a little bit further into 2026. So, you get four consecutive rate cuts upfront, again, inclusive of the one we got on Wednesday. And then you get two additional cuts by the middle of 2026. So, we're not quite as optimistic. We think the labor market's a little softer. And we think the Fed will have to get closer to neutral, right? Powell said we're moving “in the direction of neutral.” So, he's not committing to go all the way to neutral. And we're just saying we think the Fed ultimately will have to do that, although they're not prepared to communicate that now.Matthew Hornbach: One of the things that struck me as interesting about the summary of economic projections was the unemployment rate projection for the end of this year. So, the way that the Fed delivers these projections is they give you a number on the unemployment rate that represents the average unemployment rate in the fourth quarter of the specified year. And in this case, the median FOMC participant is projecting that the unemployment rate will average 4.5 percent. And that's what we're forecasting as well, I believe. And so, what struck me as interesting is that with an average unemployment rate of 4.5 percent in the fourth quarter of the year, which is up about 0.2 percent from today's unemployment rate of 4.3 – the Fed is only projecting one additional rate cut in 2026. And I'm curious, do you think that if we in fact get to the end of this year, and it looks like the unemployment rate has averaged about 4.5 percent – do you expect the Fed to continue to forecast only one rate cut in 2026?Michael Gapen: Yeah, I think that's… Um. The short answer is no. I think that's a challenging position to be in. And by that, I mean, in addition to that unemployment rate forecast where it's 4.5 percent for the average of the fourth quarter, which could mean December's as high as 4.6; we don't know what their monthly forecast is.But that would mean the unemployment rate's risen about a half a percentage point from its lows a few months ago. And they have inflation rising to 3 percent. Core PCE is already 2.9. So, inflation is about where it is today; [it's] a touch firmer. But the unemployment rate has moved higher. And so, what I would say is they haven't seen a lot of evidence by December that inflation's coming back down, and the labor market has stabilized.So, this is why we think they will be more likely to get to a neutral-ish or something closer to neutral in 2026 than they're prepared to communicate now. So, I think that's a good point. So, Matt, if I could turn it back to you, I would just like first to ask you about the general market reaction. The 25 basis point cut was universally expected. So really all the potentially new news was then about the forward path from here. So how did markets reply to this? Yields did initially sell off a bit, but they generally came back. What's your assessment of how the market took the decision?Matthew Hornbach: Yeah, so the initial five, 10 minutes after the statement and summary of economic projections is released, everybody's digesting all of the new information. And generally speaking, investors tend to see what they want to see initially in all of the materials. So initially we had yields coming down a bit, the yield curve steepened a bit. But then about half an hour later, it became clear – just right before the press conference had started; it became clear to people that actually this delivery in the documentation was a bit more moderate in terms of the forward look. That it was a fairly balanced assessment of where things are and where things may be heading.And that in the end, the Fed, while it does want to bring interest rates lower, at least in the modal case, that it is still not particularly concerned about downside risks to activity, I should say, than it is concerned about upside risks to inflation. It very much seems a balanced assessment of the risks. And I think as a result, the market balanced out its initial euphoria about lower rates with a moderation of that view. So, interest rates ended up moving slightly higher towards the end of the day. But then, the next day they came back a bit. So, I think, it was a bit more of a steady as they go assessment from markets in the end.Michael Gapen: And do you see markets as maybe changing their views on whether you know, it is a recalibration in the stance, therefore we should expect consecutive cuts? Or is the market now thinking, ‘Hey, maybe it is meeting by meeting.' And what about the Fed's forecast of its terminal rate versus the market's forecast of the terminal rate. So, what happened there?Matthew Hornbach: Indeed. Yeah. So, in terms of how market prices are incorporating the idea that the Fed may cut at consecutive meetings through the end of the year, I think markets are generally priced for an outcome about in line with that idea. But of course, markets, and investors who trade markets, have to take into consideration the upcoming dataset and with the Fed so data dependent; so, meeting by meeting in terms of their decisions – it could certainly be the case that the next employment report and/or the next inflation report could dissuade the committee from lowering rates again, at the end of October when the Fed next meets. So, I think the markets are, as you can expect, not going to fully price in everything that the Fed is suggesting. Both because the Fed may not end up delivering what it is suggesting; it might, or it may deliver more. So, the markets are clearly going to be data dependent as well. In terms of how the market is pricing the trough policy rate for the Fed – it does expect that the Fed will take its policy rate below where the summary of economic projections is suggesting. But that market pricing is more representative I think of a risk premium to the expectations of investors, which generally are in line or end up moving in line with the summary of economic projections over time. So, given that the Fed has changed the economic projections and the forecast for policy rates, investors probably also end up shifting a bit in terms of their own expectations. So, with that, Mike, I will bid you adieu until we speak again next time – around the time of the October FOMC meeting. So, thanks for taking the time to talk.Michael Gapen: Great speaking with you, Matt,Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Megan shares her experience of her first solo trip to Jackson Hole, Wyoming and Grand Teton National Park! Keep the conversation going on our Instagram @accordingtwo.Follow us on Instagram:According Two: @accordingtwoMegan Stitz: @megan_marie32Ciera Stitz: @ciera_joJoin our virtual book club!-Spotify users please use the link belowBecome a Paid Subscriber: ⁠⁠https://creators.spotify.com/pod/show/according-two/subscribe⁠⁠-Or join our Patreon: https://shorturl.at/kotsU

 Ted speaks with Tyson Slater of New West Building Company. They discuss the intricacies of building luxury homes in Jackson Hole, the challenges posed by the local environment, and the importance of clear communication with clients. He shares insights on the evolution of his company, the impact of technology on construction, and the significance of setting expectations to ensure a smooth building process. Tyson emphasizes the need for trust and collaboration between builders and clients, highlighting the unique demands of high-end construction in mountain towns.TOPICS DISCUSSED01:05 Introduction and Background02:30 Life in Jackson and the Appeal of the Mountains06:15 New West Builders: Projects and Challenges08:45 Weather Challenges in Construction10:45 Client Expectations and Project Management13:40 Unique Client Requests and Building Innovations16:35 The Evolution of New West Builders20:50 Expanding into New Markets23:15 Maintaining Quality and Client Relationships26:25 Understanding Client Expectations29:40 The Importance of Planning in Construction31:15 Building Relationships with Trade Partners35:55 Evolving Client Demands in Construction37:55 Leveraging Technology in Construction41:45 Client Experience on Site46:15  Setting Expectations for a Smooth Process CONNECT WITH GUESTTyson SlaterWebsiteLinkedInInstagramKEY QUOTES FROM EPISODE"We are not everyone's builder.""The design is intentional."“Most of it will scare you.”

Zed Francis says Fed chair Jerome Powell "waved the white flag" at Jackson Hole, believing he listened to calls from his committee that it was time to signal a rate cutting cycle. He says there's "no reason to go against the market" and expects a 25bps rate cut. When it comes to cuts ahead, Zed sees the committee setting up a "game plan" for the dot plot and will present it through a "unified front." He gives the case that it will be difficult to see a rally in bonds following Wednesday's interest rate decision.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

On this episode of The Steve Gruber Show, Nick Hopwood, Founder and President of Peak Wealth Management, shares his expert insights on the current state of the financial markets and retirement planning strategies. Nick breaks down the Federal Reserve's upcoming rate cuts, why investors shouldn't stay in cash, and how international indexes are hitting all-time highs despite widespread nervousness. He also revisits the trends following Fed Chair Powell's Jackson Hole speech, explaining how historical patterns show strong returns for investors over the coming year. Nick also covers tax-efficient strategies for Bene IRAs and why having a solid plan, and trusting it, is more important than ever. Listeners can get a second opinion from Nick and his team of CFPs at peakwm.com/gruber

This week on Regional Roundup from Rocky Mountain Community Radio, we hear a report on efforts to roll back the federal Roadless Rule, which currently prohibits road construction and timber harvesting in undeveloped land within the U.S. National Forest System. We also hear stories about a quinceañera in Jackson Hole, Wyoming, a new app designed to keep residents better informed about wildfires, and a notorious case of wolf cruelty that may be shifting public attitudes toward the animals. And we finish up with an audio postcard from Boulder, Colorado, where birders are hoping to catch a glimpse of a rare tropical anhinga.

On today's episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth discuss recent market data with a focus on international stocks. After years of underperformance, many investors began to ignore this area completely, often with no exposure at all. So far in 2025, international equities have emerged as a leader, and Nick and Jim explain why they are feeling bullish. They share a chart showing the renewed strength in foreign markets and talk about the Fed's August meeting in Jackson Hole, where potential rate cuts were mentioned, which could be a positive for international stocks. As always, this podcast is for educational purposes only and is not a recommendation. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind. Stay Connected With Us: Podbean: findingtruewealth.podbean.com YouTube: / @peakwealthmgmt Apple: rb.gy/1jqp6 (Trust the Plan Podcast) Facebook: Facebook.com/PeakWealthManagement Twitter: Twitter.com/nhopwood1 www.peakwm.com  

The ADHD sorority sisters are back to yap! In this episode we chat about some exciting things going on in our lives and then have a planning session for an upcoming trip! We are headed to Jackson Hole, Wyoming in October and chatting about all our must dos!Follow us on social media @babesonboardpod

The jobs report came out this morning and it was a painful one. The US added only 22,000 new jobs in August, according to the latest BLS report. And unemployment ticked up to 4.3%. What does this mean? Find out in today's First Friday episode! Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:48) ADP vs BLS Jobs Data (04:33) Mortgage Rates & Their Impact on Homebuyers and Sellers (11:30) Fed Chair Jerome Powell's Remarks (12:54) The Fed's Dual Mandate Explained (15:58) The Fed's Changing Approach to Unemployment (18:13) Implications: Rate Cuts on the Table For more information, visit the show notes at https://affordanything.com/episode640 Learn more about your ad choices. Visit podcastchoices.com/adchoices

This week, the Hivemind team discusses post-Jackson Hole conditions, Bitcoin seasonality, and rate cut expectations. They analyze DATs and liquidity dynamics, MicroStrategy's S&P potential, Solana versus Base adoption, Pokémon TCG crypto experiments, and creator coin streaming models. They also unpack Plasma's TGE, World LibertyFi, stablecoin and institutional chain use cases, and Tom Lee's ETH commentary. Enjoy! -- Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire Follow Ceteris: https://x.com/ceterispar1bus Follow Jason: https://x.com/3xliquidated Follow Yan: https://x.com/YanLiberman Follow LTR: https://x.com/0xLTR Follow Empire: https://x.com/theempirepod -- Subscribe on YouTube: https://bit.ly/4jYEkBx Subscribe on Apple: https://bit.ly/3ECSmJ3 Subscribe on Spotify: https://bit.ly/4hzy9lH Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (00:00) Introduction (02:25) Market Outlook (09:53) The State of DATs (17:07) Streaming & Creator Coins (36:28) Plasma's TGE & World LibertyFi (39:51) Stablecoins & the Tempo Announcement (48:48) Tom Lee's ETH Saga —-- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

After a year of projecting confidence in America's "strong" and "resilient" economy, at his recent Jackson Hole appearance, Federal Reserve Chair Jerome Powell suddenly changed his tune.He expressed concern about the deteriorating labor market, saying the situation may warrant a resumption of monetary easing notwithstanding the potential inflationary risks of tariffs.This comes at a time when stocks are at nosebleed valuations levels, with the general public more exposed to them than at any time since the 2000 and 2007 bubble peaks.Are investors sleepwalking into an oncoming painful market correction here?To find out, we have the good fortune to welcome Danielle Park back to the program. Danielle is president and portfolio manager for Venable Park Investment Counsel, Inc, where she manages millions for some of Canada's wealthiest families. She's also proprietor of the daily financial website JugglingDynamite.comWORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#marketcorrection #housingmarket #bearmarket _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2025 Thoughtful Money LLC. All rights reserved.

Fed Chair Jay Powell's speech at Jackson Hole underscored the central bank's new focus on managing downside growth risks. Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, talks about how that shift could impact markets heading into 2026. Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today: What a subtle shift in the Fed's reaction function could mean for markets into year-end.It's Wednesday, September 3rd at 11am in New York.Last week, our U.S. economics team flagged a subtle but important shift in U.S. monetary policy. Chair Jay Powell's speech at Jackson Hole underscored that the Fed looks more focused on managing downside growth risks and, consequently, a bit more tolerant on inflation.As you heard Michael Gapen and Matthew Hornbach discuss last week – our colleagues expect this brings forward another Fed cut into September, kicking off a quarterly pace of 25 basis-point moves. But while this is a meaningful change in the timing of Fed rate cuts, this path would only result in slightly lower policy rates than those implied by the futures market, a proxy for the consensus of investors.So what does it mean for our views across asset classes? In short, our central case is for mostly positive returns across fixed income and equities into year-end. But the Fed's increased tolerance for inflation is a new wrinkle that means investors are likely to experience more volatility along the way.Consider U.S. government bonds. A slower economy and falling policy rates argue for lower Treasury yields. But if investors grow more convinced that the Fed will tolerate firmer inflation, the curve could steepen further, with the risk of longer maturity yields falling less, or potentially even rising.Or consider corporate bonds. Our economic growth view is “slower but still expanding,” which generally bodes well for corporate balance sheets and, thus, the pricing of credit risk. That combined with lower front-end rates suggests a solid total return outlook for corporate credit, keeping us constructive on the asset class. But of course, if long end yields are moving higher, it would certainly cut against overall returns potential.Finally, consider the stock market. The base case is still constructive into year-end as U.S. earnings hold firm, and recent tax cuts should further help corporate cash flows. However, if long bonds sell off, this could put the rally at risk – at least temporarily, as my colleague Mike Wilson has highlighted; given that higher long-end yields are a challenge to the valuation of growth stocks.The risk? A repeat of the early-April dynamic where a long-end sell-off pressures valuations.Could we count on a shift in monetary policy to curb these risks? Or another public policy shift such as easing tariffs or Treasury adjusting its bond issuance plans? Possibly. But investors should understand this would be a reaction to market conditions, not a proactive or preventative shift. So bottom line, we still see many core markets set up to perform well, but the sailing should be less smooth than it has been in recent months.Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

Our Co-Heads of Securitized Products Research Jay Bacow and James Egan explain why the macro backdrop could be changing in favor of agency mortgages after the Fed's annual meeting in Jackson Hole. Read more insights from Morgan Stanley.----- Transcript -----Jay Bacow: Welcome to Thoughts on the Market. I'm Jay Bacow, Co-Head of Securitized Products Research at Morgan Stanley. James Egan: And I'm Jim Egan, the other Co-Head of Securitized Products Research at Morgan Stanley. Jay Bacow: Today we're here to talk about why mortgages offer value after Jackson Hole. It's Tuesday, September 2nd at 2pm in New York. James Egan: So, Jay, let's start with the big picture after Jackson Hole, the Fed seems like it's leaning towards cutting rates in a steady, almost programmatic fashion. And in prior episodes of Thoughts on the Market, you've heard different strategists at Morgan Stanley talk about the potential implications there.But for mortgages, what does this mean? Jay Bacow: Well, it takes a lot of the uncertainty out of the market, and that's a big deal. One of the worst-case scenario[s] for agency mortgages – that the investors are buying not mortgages that homeowners have – would've been the Fed staying on hold for much longer than expected. With that risk receding, the backdrop for investors owning agency mortgages feels a lot more supportive. And when we look at high quality assets, we think mortgages look like the cheapest option. Jim, you mentioned some of the previous strategists that come on Thoughts on the Market. Our Global Head of Corporate Credit Strategy, Andrew Sheets had highlighted recently how credit spreads are trading at basically the tights of the past 20 years. Mortgages are basically at the average level of the past 20 years. It seems attractive to us. James Egan: And that relative value really does matter. Investors are looking for places to earn yield without taking on too much credit risk. Mortgages, particularly agency mortgages with government guarantee there, they offer that balance. Jay Bacow: Right. And it's not just that balance, but when we think about what goes into the asset pricing, the supply and demand picture makes a big difference. And that we think is changing. One of the reasons that mortgages have underperformed corporate credit is that when you look at the composition of the buyers, the two largest holders of mortgages are the Fed and domestic banks. The Fed's obviously going to continue to run their portfolio down, but domestic banks have also been on the sidelines. And that's meant that money managers, and to a lesser extent overseas, have had to be the largest buyers. But we think that could change. James Egan: Right, with more clarity on Fed policy, banks in particular may get more comfortable adding mortgages to their balance sheets, though the exact timing depends on regulatory developments. REITs might also find this more compelling? Jay Bacow: Right. If the Fed's cutting rates, the front end is going to be lower, and that's going to mean that the incentive to move out of cash should be higher, and that's going to help both banks and likely REITs. But then there's also the supply side.Net issuance of conventional mortgage has been negative this year. That's obviously good. And some of the other technicals are improving as well. Vols are trading better, and all of this just contributes to a healthier landscape. James Egan: Right. And another thing that we've talked about when discussing mortgage valuations is the importance of volatility. If you're buying mortgages, you're inherently short rate volatility – and volatility has come down meaningfully since last year, even if it's still above pre-COVID norms. Lower volatility supported for mortgage valuations, especially when paired with a Fed that's cutting rates steadily. Though Jay, some of that already in the price? Jay Bacow: Yeah, look. We didn't say mortgages were cheap. We just said mortgages are trading at the long-term averages. But in an environment where stocks are near the all time high and credits near the tights of the past 20 years, we do see that value. And the Fed cutting rates, as we said, should incentivize investors to move out of cash and into securities. Now, there are risks when valuations and other asset classes are as tight or as high as they are. You could see risk assets broadly underperform and mortgages are a risk asset. So, if credit widens, mortgages would not be immune. James Egan: And timing is important here too, right? Especially we think about banks coming back if they wait for full clarity on Basel III proposals – that could be delayed. On top of that, there's prepayment risk… Jay Bacow: Yeah, if rates rally, then speeds could pick up and investors are going to demand more compensation. But summing it up. Mortgages look wide to alternative asset classes. The demand picture we think is going to improve, and more clarity around the Fed's path is going to be supportive as well. All of that we think makes us feel confident this is an environment that mortgages should do well. It's not about a snap tighter and spread, it's more about getting paid carry in an environment where spreads can grind in over time. But Jim, we like mortgages. It's been a pleasure talking to you. James Egan: Pleasure talking to you too, Jay, and to all of you regularly hearing us out. Thank you for listening to another episode of Thoughts on the Market. Please leave a review or a like wherever you get this podcast and share Thoughts on the Market with a friend or colleague today. Jay Bacow: Go smash that subscribe button.

We open light... Amex perks, Saks talk, and Chris' infamous “no flip-flops” code—then slam straight into the heavy stuff: a President publicly leaning on the Fed to cut rates and targeting Governor Lisa Cook over mortgage-fraud allegations. Can a President remove a Fed official “for cause”? We unpack the precedent, the legal gray, and why Fed independenceactually matters. Plus, Powell's Jackson Hole comments and how a few words swung rate-cut odds—and markets—fast.➡️ Then we zoom out: what politicized monetary policy means for investors, borrowers, and the election-year economy. Finally, a sharp turn into tech: Apple's puzzling strategy (a thinner iPhone—really?) versus the real arms race—AI. We debate foldables, whether Apple will plug in third-party AI (ChatGPT or Google), and why the next big leap has to be usefulness, not just sleekness. Keywords you'll care about: Trump vs the Fed, Lisa Cook, rate cuts, Jerome Powell, Jackson Hole, Apple, iPhone, AI.

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In the second of a two-part episode, our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach talk about how Treasury yields and the U.S. dollar could react to the possible Fed rate path.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen Morgan Stanley's Chief U.S. Economist. Yesterday we talked about Michael's reaction to the Jackson Hole meeting last week, and our assessment of the Fed's potential policy pivot. Today my reaction to the price action that followed Chair Powell's speech and what it means for our outlook for the interest rate markets and the U.S. dollar. It's Friday, August 29th at 10am in New York, Michael Gapen: Okay, Matt. Yesterday you were in the driver's seat asking me questions about how Chair Powell's comments at Jackson Hole influenced our views around the outlook for monetary policy. I'd like to turn it back to you, if I may. What did you make of the price action that followed the meeting? Matthew Hornbach: Well, I think it's safe to say that a lot of investors were surprised just as you were by what Chair Powell delivered in his opening remarks. We saw a fairly dramatic decline in short-term interest rates, taking the two-year Treasury yield down quite a bit. And at the same time, we also saw the yield curve steepen, which means that the two-year yield fell much more than the 10-year yield and the 30-year bond yield fell. And I think what investors were thinking with this surprise in mind is just what you mentioned earlier – that perhaps this is a Fed that does have slightly more tolerance for above target inflation. And so, you can imagine a world in which, if the Fed does in fact cut rates, as you're forecasting, or more aggressively than you're forecasting, amidst an environment where inflation continues to run above target. Then you could see that investors would gravitate towards shorter maturity treasuries because the Fed is cutting interest rates and typically shorter-term Treasury yields follow the Fed funds rate up or down. But at the same time reconsider their love of duration and taking duration risk. Because when you move out the yield curve in your investments and you're buying a 10-year bond or a 30-year bond, you are inherently taking the view that the Fed does care about inflation and keeping it low and moving it back to target. And if this Fed still cares about that, but perhaps on the margin slightly less than it did before, then perhaps investors might demand more compensation for owning that duration risk in the long end of the yield curve. Which would then make it more difficult for those long-term yields to fall. And so, I think what we saw on Friday was a pretty classic response to a Federal Reserve speech in this case from the Chair that was much more dovish than investors had anticipated going in. The final thing I'd say in this regard is the following Monday, when we looked at the market price action, there wasn't very much follow through. In other words, the Treasury market didn't continue to rally, yields didn't continue to fall. And I think what that is telling you is that investors are still relatively optimistic about the economy at this point. Investors aren't worried that the Fed knows something that they don't. And so, as a result, we didn't really see much follow through in the U.S. Treasury market on the following Monday. So, I do think that investors are going to be watching the data much like yourself, and the Fed. And if we do end up getting worse data, the Treasury market will likely continue to perform very well. If the data rebounds, as you suggested in one of your alternative scenarios, then perhaps the Treasury rally that we've seen year-to-date will take a pause. Michael Gapen: And if I can follow up and ask you about your views on the trough of any cutting cycle. We have generally been projecting an end to the easing cycle that's below where markets are pricing. So, in general, a deeper cutting cycle. Could some of that – the market viewpoint of greater tolerance for inflation be driving market prices vis-a-vis what we're thinking? Or how do you assess where the market prices, the trough of any cutting cycle, versus what we're thinking at any point in time? Matthew Hornbach: So, once you move beyond the forecastable horizon, which you tell me… Michael Gapen: About three days … Matthew Hornbach: Probably about three days. But, you know, within the next couple of months, let's say. The way that the market would price a central bank's likely policy path, or average policy path, is going to depend on how investors are thinking about the reaction function of the central bank. And so, to the extent that it becomes clear that the central bank, the Fed, is increasingly tolerant of above target inflation in order to ensure that the balance of risks don't become unbalanced, let's say. Then I think you would expect to see that show up in a lower market price for the policy rate at which the Fed eventually stops the easing cycle, which would presumably be lower than what investors might have been thinking earlier. As we kind of make our way from here, closer to that trough policy rate, of course, the data will be in the driver's seat. So, if we saw a scenario in which the economic activity data rebounded, then I would say that the way that the market is pricing the trough policy rate should also rebound. Alternatively, if we are trending towards a much weaker labor market, then of course the market would continue to price lower and lower trough policy rates. Michael Gapen: So, Matt, with our new baseline path for Fed policy with quarterly rate cuts starting in September through the end of 2026, how has your view changed on the likely direction and path for Treasury yields and the U.S. dollar? Matthew Hornbach: So, when we put together our quarterly projections for Treasury yields, of course we link them very closely with your forecast for Fed policy, activity in the U.S. economy, as well as inflation. So, we will likely have to modify slightly the exact way in which we get down to a 4 percent 10-year yield by the end of this year, which is our current forecast, and very likely to remain our forecast going forward. I don't see a need at this point to adjust our year-end forecast for 10-year Treasury yields. When we move into 2026, again here we would also likely make some tweaks to our quarterly path for 10-year Treasury yields. But at this point, I'm not inclined to change the year end target for 2026. Of course, the end of 2026 is a lifetime away it seems from the current moment, given that we're going to have so much to do and deal with in 2026. For example, we're going to have a midterm election towards the end of the year, we will have a new chair of the Federal Reserve, and there's going to be a lot for us to deal with. So, in thinking about where are 10-year yield is going to end 2026, it's not just about the path of the Fed funds rate between now and then. It's also the events that occur, that are much more difficult to forecast than let's say the 10-year Treasury yield itself is – which is also very difficult to forecast. But it's also about by the time we get to the end of 2026, what are investors going to be thinking about 2027? You know, that is really the trick to forecasting. So, at this point, we're not inclined to change the levels to which we think Treasury yields will get to. But we are inclined to tweak the exact quarterly path. Michael Gapen: And the U.S. dollar? Matthew Hornbach: , We have been U.S. Dollar bears since the beginning of the year, and the U.S. dollar has in fact lost about 10 percent of its value relative to its broad set of trading partners. We do think that the dollar will continue to lose value over the course of the next 12 to 18 months. The exact quarterly path, we may have to tweak somewhat because also the dollar is not just about the Fed path. It's also about the path for the ECB, and the path for the Bank of England, and the path for the Bank of Japan, etcetera. But in terms of the big picture? The big picture is that the dollar should de continue to depreciate in our view. And that's what we'll be telling our investors.So, Mike, thanks for taking the time to talk. Michael Gapen: Great speaking with you, Matt. Matthew Hornbach: And thanks for listening. We look forward to bringing you another episode around the time of the September FOMC meeting where we will update our views once again. 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.

Two-year Treasury yields set a new almost-year low, falling below their prior April chaos lows. The yield curve is undergoing a profound reshaping that explains a lot more than Jay Powell's Jackson Hole performance. It also perfectly indicates what long-run interest rates are also doing as well as likely to do moving forward.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider---------------------------------------------------------------------------------------------------------------------Bloomberg Goldman Sachs Says US Yield-Curve Shape Looks Like Zero-Rate Erahttps://www.bloomberg.com/news/articles/2025-08-06/goldman-sachs-says-us-yield-curve-shape-looks-like-zero-rate-erahttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Fed Chair Jerome Powell clearly signalled at Jackson Hole that a rate cut at the Fed's September meeting is likely. In this episode of the Beyond Markets podcast, Helen Freer talks to Julius Baer's Head of Fixed Income Research, Dario Messi, about what a resumption of the Fed's rate-cutting cycle would mean for bond markets. They also discuss the current fiscal concerns and the expected impact of tariffs on inflation, both in and outside of the US.(00:32) - Introduction (00:50) - What would the resumption of a rate-cutting cycle by the Fed mean for bond markets? (02:27) - What impact will the fiscal concerns have? (03:37) - What duration is currently appropriate in a bond portfolio? (04:32) - What impact might tariffs have on fixed income markets? (07:05) - Is the Fed's independence really in danger? (08:46) - Should investors consider corporate credit exposure? (09:37) - Would exposure to European corporate bonds also be appropriate? (11:11) - Summary and closing remarks Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In the first of a two- part episode, our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach discuss the outcome of the Jackson Hole meeting and the outlook for the U.S. economy and the Fed rate path during the rest of the year. Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Matthew Hornbach: Last Friday, the Jackson Hole meeting delivered a big surprise to markets. Both stocks and bonds reacted decisively.Today, the first of a two-part episode. We'll discuss Michael's reaction to Chair Powell's Jackson Hole comments and what they mean for his view on the outlook for monetary policy. Tomorrow, the outlook for interest rate markets and the US dollar. It's Thursday, August 28th at 10am in New York. So, Mike, here we are after Jackson Hole. The mood this year felt a lot more hawkish, or at least patient than what we saw last week. And Chair Powell really caught my attention when he said, “with policy and restrictive territory, the baseline outlook for the shifting balance of risks may warrant adjusting our policy stance.” That line has been on my mind ever since. So, let's dig into it. What's your gut reaction?Michael Gapen: Yeah, Matt, it was a surprise to me, and I think I would highlight three aspects of his Jackson Hole comments that were important to me. So, I think what happened here, of course, is the Fed became much more worried about downside risk to the labor market after the July employment report, right? So, at the July FOMC meeting, which came before that report, Powell had said, ‘Well, you know, slow payroll growth is fine as long as the unemployment rate stays low.' And that's very much in line with our view. But sometimes these things are easier said than done. And I think the July employment report told them perhaps there's more weakness in the labor market now than they thought.So, I think the messaging here is about a shift towards risk management mode. Maybe we need to put in a couple policy rate cuts to shore up the labor market. And I think that was the big change and I think that's what drove the overall message in the statement. But there were two other parts of it that I think were interesting, you know. From the economist's point of view, when the chair explicitly writes in a speech that ‘the economy now may warrant adjustments in our policy stance,' right? I mean, that's a big deal. It suggests that the decision has been largely made, and I think anytime the Fed is taking a change of direction, either easing or tightening, they're not just going to do one move. So, they're signaling that they're likely prepared to do a series of moves, and we can debate about what that means. And the third thing that struck me is right before the line that you mentioned he did qualify the need to adjust rates by saying, well, whatever we do, we should, “Proceed cautiously.” So, a year ago, as you recall, the Fed opened up with a big 50 basis point rate cut, which was a surprise. And cut at three successive meetings. So, a hundred basis points of cuts over three meetings, starting with a 50 basis point cut. I think the phraseology ‘proceeds carefully' is a signal to markets that, ‘Hey, don't expect that this time around.' The world's different. This is a risk management discussion. And so, we think, two rate cuts before year end would be most likely. Maybe you get three. But I don't think we should expect a large 50 basis point cut at the September meeting. So those would be my thoughts. Downside risk to the labor market – putting this into words says something important to me. And the ‘proceed cautiously' language I think is something markets also need to take into account.Matthew Hornbach: So how do you translate that into a forecasted path for the Fed? I mean, in terms of your baseline outlook, how many rate cuts are you forecasting this year? And what about in 2026?Michael Gapen: Right. So, we previously; we thought what the Fed was doing was leaning against risks that inflation would be persistent. They moved into that camp because of how fast tariffs were going up and the overall level of the effective tariff rate. So, we thought they would stay on hold for longer and when they move, move more rapidly. What they're saying now in a risk management sense, right; they still think risk to inflation is to the upside, but the unemployment rate is also to the upside. And they're looking at both of those as about equally weighted. So, in a baseline outlook where the Fed's not assuming a recession and neither are we, you get a maybe a dip in growth and a rise in inflation. But growth recovers and inflation comes down next year. In that world, and with the idea that you're proceeding cautiously, they're kind of moving and evaluating, moving and evaluating.So, I think the translation here is: a path of quarterly rate cuts between now and the end of 2026. So, six rate cuts, but moving quarterly, like September and December this year; March, June, September, and December next year; which would take us to a terminal target range of 2.75 to 3. So rather than moving later and more rapidly, you move earlier, but more gradually. That's how we're thinking about it now.Matthew Hornbach: And that's about a 25 basis point upward adjustment to the trough policy rate that you were forecasting previously…Michael Gapen: That's right. So, the prior thought was a Fed that moves later may have to cut more, right? Because you're – by holding policy tighter for longer – you're putting more downward weight on the economy from a cyclical perspective. So, you may end up cutting more to essentially reverse that in 2026. So, by moving earlier, maybe a Fed that moves a little earlier, cuts a little less.Matthew Hornbach: In terms of the alternative outcomes. Obviously, in any given forecast, things can go not as expected. And so, if the path turns out to be something other than what you're forecasting today, what would be some of the more likely outcomes in your mind?Michael Gapen: Yeah, as we like to say in economics, we forecast so we know where we're wrong. So, you're right, the world can evolve very differently. So just a couple thoughts. You know, one, now that we're thinking the Fed does cut in September, what gets them not to cut? You'd need a – I think, a really strong August employment report; something around 225,000 jobs, which would bring the three-month moving average back to around 150, right. That would be a signal that the May-June downdraft was just a post Liberation Day pothole and not trend deterioration in the labor market. So that, you know, would be one potential alternative. Another is – although we've projected quarterly paths in this kind of nice gradual pace of cuts, we could get a repeat of last year where the Fed cuts 50 to 75 basis points by year end but realizes the labor market has not rolled over. And then we get some tariff pass through into inflation. And maybe residual seasonality and inflation in Q1. And then the Fed goes on hold again, then cuts could resume later in the year. And I also think in the backdrop here, when the Fed is saying we are easing in a risk management sense and we're easing maybe earlier than we otherwise would – that suggests the Fed has greater tolerance for inflation. So, understanding how much tolerance this Fed or the next one has for above target inflation, I think could influence how many rate cuts you eventually get in in 2026. So, we could even see a deeper trough through greater inflation tolerance. And finally, of course, we're not out of the woods with respect to recession risk. We could be wrong. Maybe the labor market is trend weakening and we're about to find that out. Growth is slowing. Growth was about 1.3 percent in the first half of the year. Final sales is softer. Of course, in a recession alternative scenario, the Fed's probably cutting much deeper, maybe down to 1 50 to 175 on the funds rate.So, I mean, Matt, you make a good point. There's still many different ways the economy can evolve and many different ways that the Fed's path for policy rates can evolve.Matthew Hornbach: Well, that's a good place to bring this Part 1 episode to an end. Tune in tomorrow, for my reaction to the market price action that followed Chair Powell's speech -- and what it means for our outlook for interest rate markets and the U.S. dollar.Mike, thanks for taking the time to talk.Michael Gapen: Great speaking with you, Matt. Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Stocks  heading into the fall with Nvidia earnings in the books, and the Fed's Jackson Hole conference in the rearview. So what's the next catalyst that will move markets? Our traders debate what they see in store for stocks. Plus Gap reporting results, with other big names like Dick's, Best Buy, and more delivering quarterly numbers. How the retail space is faring, and the names to watch.Fast Money Disclaimer

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe D's are panicking, they cannot lose control over the Fed or worse have the Fed shutdown, which is going to happen. Trump is setting the precedent and he wants the court to make the ruling so there is not question of what authority he has. The Fed is trapped, no inflation, Trump is forcing them into a position that they will not be able to get out of. The [DS] is battling evidence that is coming out against them, the evidence is getting worse and they need to distract from this and keep the news cycle clogged with other stories. Every time news breaks against the [DS]/[D's] some type of event occurs. Trump is now exposing Soros. Soros funds the riots and antifa. Antifa mapping started a long time ago.   Economy (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/TrumpWarRoom/status/1960524710342746224 https://twitter.com/julie_kelly2/status/1960494829236052013 https://twitter.com/RepJasmine/status/1960343560756056539 Lisa Cook committed a crime and nobody is above the law You don't get special privileges based on the color of your skin   NEW: Lisa Cook to File Lawsuit After Trump Fires Her as Federal Reserve Governor….Fed Says It Will Abide by Court Decision Lisa Cook is preparing to file a lawsuit after President Trump fired her as Federal Reserve Governor. President Trump on Monday evening fired Biden-appointed Federal Reserve Governor Lisa Cook amid mortgage fraud allegations. “Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” President Trump wrote in a letter to Lisa Cook. “I have determined that there is sufficient cause to remove you from your position,” Trump added as he cited housing regulator Bill Pulte's criminal referral on Lisa Cook for mortgage fraud – specifically occupancy fraud.   Source: thegatewaypundit.com What Fed must do now after Jerome Powell's Jackson Hole epiphany Last Friday in Jackson Hole, Federal Reserve Chairman Jay Powell finally – and grudgingly – admitted what the Trump team has been saying all along: tariffs don't fuel inflation. At most, tariffs create a one-time adjustment in prices, not the kind of runaway spiral that demands punishing rate hikes. And even that one-time bump may be negligible if, as we have long argued, foreign exporters – not American consumers – shoulder most or all of the burden. The implication is clear: whether the impact is zero or merely a one-time step-up in prices, there is absolutely no justification for the Fed to hide behind "tariff uncertainty" as an excuse for overly restrictive interest-rate policy.   Soure: foxnews.com Political/Rights  https://twitter.com/robbystarbuck/status/1960481691606376666 https://twitter.com/AsraNomani/status/1960407636446175597 https://twitter.com/libsoftiktok/status/1960714129783546232  FAILED promises. https://twitter.com/libsoftiktok/status/1960729811099308460 Obama Judge Says MS-13 Gang Member Kilmar Abrego Garcia Cannot be Deported Until At Least October 

Bitcoin's post–Jackson Hole rally was short-lived, with prices plunging below $110,000 after a massive whale liquidation sent shockwaves through the market. Today NLW unpacks how 24,000 BTC moved for the first time in six years, the rotation into Ethereum, and the $640 million in liquidations that followed. Plus, what whale selling means for this cycle, how traders are framing the correction, and whether we're nearing a late-stage top—or just another round of growing pains. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

John and Anthony Pompliano discuss bitcoin, why the price is going down, what's going on with the federal reserve, where the pressure from the White House is coming, prediction for the next 10 years of the US economy, and will Powell cut interest rates? ===================== Markets are at all-time highs. Public equities are outperforming. And individual investors are driving it all. It's officially the rise of the retail investor. On September 12th in NYC, I'm hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors. We're bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, one-on-one fireside chats, and actionable investment ideas from each investor. This is going to be an absolute banger event. Join us if you like markets and think retail is two steps ahead of Wall Street.

Crypto cycles have always topped on a four-year rhythm, but are we heading for a Q4 2025 peak or an extended run into 2026? Michael Nadeau from The DeFi Report joins Ryan to break down the onchain and macro signals shaping this cycle. We cover Powell's dovish pivot at Jackson Hole, global liquidity trends, and why loosening bank lending standards could fuel risk-on markets. Michael explains how whale Bitcoin selling, ETH's breakout, and muted altcoin flows fit into the bigger cycle map. Finally, we dive into portfolio strategy, from core holdings to high-beta “hot sauce” bets, and why holding fewer, higher-conviction assets is the edge most investors miss. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io https://thedefireport.io/research/how-many-assets-should-you-hold-in-a-crypto-portfolio#closing-thoughts ------

At last week's Jackson Hole gathering, Jerome Powell delivered his final speech as Fed Chair. On the surface it was dry and technical, but markets read it as a dovish signal—and risk assets surged. In today's Breakdown, NLW digs into what Powell actually said, why markets reacted so strongly, and what the revisions to the Fed's monetary policy framework mean for inflation, employment, and the future of central bank independence. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Guy & Liz focus on Federal Reserve Chair Jerome Powell's recent Jackson Hole speech, indicating a likely rate cut in September due to a cooling labor market. The conversation covers the market's seemingly endless rise, driven by mega cap tech stocks like Nvidia, and the possible risks of steady market declines. They touch on the implications of government investments in companies like Intel and predict inflation's future impact on Fed policies. The hosts also highlight upcoming economic reports, the influence of global bond yields, and the relationship problems between rising yields and stock prices. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Jerome Powell's Jackson Hole speech marks a major pivot at the Federal Reserve. Peter Schiff explains how political pressure from the Trump administration has forced Powell's hand, why stagflation is now undeniable, and what this means for gold, the dollar, and the future of the U.S. economy.This episode is sponsored by NetSuite. Download the free ebook “Navigating Global Trade: 3 Insights for Leaders” at https://netsuite.com/goldIn this Sunday Night Live edition of The Peter Schiff Show, Peter compares Powell's capitulation to the “mind right” scene in Cool Hand Luke, warns about the Fed's coming return to QE, and exposes the dangerous precedent of the U.S. government seizing a 10% stake in Intel. Schiff lays out why gold, silver, and foreign stocks are outperforming, and why the next phase of the crisis will be even more severe.00:00 Introduction and Opening Remarks02:15 Powell's Jackson Hole Speech: A Sober Assessment06:48 Trump's Pressure and Powell's “Mind Right” Moment12:02 Comparing Trump and Biden Economies18:37 Stagflation Confirmed: Weak Growth, Stronger Inflation24:10 Fed Policy, Employment Risks, and Inflation Mandate29:44 The End of Inflation Averaging at 2%36:50 Rate Cuts, Quantitative Tightening, and QE Ahead44:15 Market Reactions: Stocks, Bonds, and the Dollar51:28 Gold and Silver Surge vs. Bitcoin's Underperformance58:44 Mining Stocks: GDX and GDXJ Leading 2025 Returns01:05:37 Foreign Stocks and the Great Rotation Out of U.S. Equities01:12:52 Intel's 10% Government Stake and Rising Corporatism01:20:46 Investment Strategy: Gold, Mining, and Foreign Markets01:28:14 Conclusion and Schiff Sovereign UpdateFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffSign up for Peter's most valuable insights at https://schiffsovereign.comSchiff Gold News: https://www.schiffgold.com/newsFree Reports & Market Updates: https://www.europac.comBook Store: https://schiffradio.com/books#federalreserve #stagflation #gold #inflation #dollarcollapse #economyOur Sponsors:* Check out Boll & Branch: https://bollandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Jeff Park is a Partner and Chief Investing Officer of ProCap BTC. In this conversation we talk about bitcoin, why the volatility is a feature, institutional adoption, opportunities for bitcoin treasure companies, and why bitcoin rate-of-return is so important. ===================== Independent Investor ConferenceMarkets are at all-time highs. Public equities are outperforming. And individual investors are driving it all. It's officially the rise of the retail investor. On September 12th in NYC, I'm hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors. We're bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, one-on-one fireside chats, and actionable investment ideas from each investor. This is going to be an absolute banger event. Join us if you like markets and think retail is two steps ahead of Wall Street.

Opinions by market pundits have been flying since Fed Chair Powell's remarks at Jackson Hole last week, leaving the door open for interest rate cuts as soon as in September. Our CIO and Chief U.S. Equity Strategist Mike Wilson explains his continued call for a bullish outlook on U.S. stocks.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the Fed's new signaling on policy and what it means for stocks. It's Monday, August 25th at 11:30am in New York. So, let's get after it. Over the past few months, the markets started to anticipate a Fed pivot to a more dovish stance this fall. More specifically, the bond market started to price in a very high likelihood for the Fed to start cutting interest rates again in September. Equities have taken their cues from this signaling in the bond market by trading higher through most of the summer – despite lingering concerns about tariffs, international conflicts and valuation. I have remained bullish throughout this period given our focus on historically strong earnings revisions and the view that the Fed's next move would be to cut rates even if the timing remained uncertain. Last week, the Fed held its annual symposium in Jackson Hole where they typically discuss near term policy intentions as well as larger considerations for their strategic policy framework. We learned two key things. First, the Fed seems closer to cutting rates in September than the last time Chair Powell spoke publicly. This change also comes after a week in which the markets were left wondering if he would remain more hawkish until inflation data confirmed what markets have already figured out. Clearly, Powell leaned more dovish. And with markets a bit nervous going into his speech on Friday morning, equities rallied sharply the rest of the day. Second, the Fed also indicated that it will no longer target average inflation at 2 percent. Instead, it will make 2 percent the target at all times. This means the Fed will not tolerate inflation above or below target to manage the average like it did in 2021-22. It also suggests a more hawkish Fed should the economy recover more strongly than is currently expected or inflation reaccelerates. From my standpoint, this is bullish for stocks over the next few weeks and markets can now fully anticipate Fed cuts in September. However, I see a few risks for September and October worth thinking about as the S&P 500 approaches our longstanding 6500 target. The first risk is the Fed decides to not cut after all because either growth is better or inflation is higher than expected. That would be worth a small correction in stocks given the high likelihood of a cut that is now priced in. The second risk is the Fed cuts but the bond market decides it's being too carefree about inflation and longer term bonds sell off. A sharp rise in 10-year Treasury yields would likely elicit a bigger correction in stocks until the Treasury and Fed regain control. Here's the important message I want to leave you with. A major bear market ended in April, and a new bull market began. It's rare for new bull markets to last only four months and more likely they last one-to-two years, at a minimum. What that means is that any dips we get this fall are likely to be buying opportunities for longer term investors. What gives us even more confidence in that statement is that earnings revisions continue to move sharply higher. The Fed uses economic data to make its decisions and that data is generally backward looking. Equity investors look at company data and guidance which is forward looking. This fact alone explains the wide divergence between equity prices and Fed decisions, which tend to be late and after equity markets have already figured out what's going to happen rather than what's in the past. Bottom line, I remain bullish on the next 12 months given what companies and equity markets are telling us. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

After celebratory markets late last week following indications that the Federal Reserve will lower interest rates at its September meeting, this week is starting with a bit of a headache. Markets are eager for a rate cut, but signs of a weaker labor market and uncertainty from tariff and immigration policy are complicating the economic picture. Then, Australia is hoping to ease the rare earths bottleneck after China said it's tightening controls on mining and processing.

Marty sits down with Michael Howell to discuss the Fed's predicament at Jackson Hole, global liquidity cycles, the structural shift toward collateral-dependent lending, and how mounting debt refinancing pressures alongside AI capital expenditures are creating conditions that favor monetary inflation hedges like Bitcoin and gold. CrossBorder Capital on Twitter: https://x.com/crossbordercap STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bit.ly/TFTCBitkey20 Unchained https://unchained.com/tftc/ Obscura https://obscura.net/ Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Let's talk about Powell, Trump, Jackson Hole, and you....

A.M. Edition for Aug 22. Jerome Powell is set to speak at the Jackson Hole symposium this morning, where WSJ editor Quentin Webb says the Federal Reserve Chair is expected to detail a significant policy shift on an economic strategy that soured. Plus, the Trump administration considers taking equity stakes in companies receiving Chips Act funds. And, in our Price of Parenting series, WSJ's Sandra Kilhof speaks to personal finance reporters Veronica Dagher and Joe Pinsker for some money-saving hacks to help with the hidden costs of raising a child. Azhar Sukri hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 654: Neal and Ann preview the biggest economic event of the year in Jackson Hole as all eyes are on Fed Chair Jerome Powell's address. Then, Walmart is standing pat against the force of tariffs as it remains resilient amidst rising costs, but how can it hold? Also, Google's Pixel 10 was unveiled and everyone is noticing how it's lapped Apple in the AI-powered smartphone space. Meanwhile, Palantir suffers its sixth straight drop after a short-seller's report is calling its bluff. Finally, people are mad at Delta, United Air, and…Cracker Barrel? 00:00 - Most embarrassing lines for food 3:45 - Powell's swan song speech 7:50 - Walmart thinks it can handle tariffs 12:00 - Google Pixel 10 impresses 17:50 - Palantir…more like palan-tears 22:00 - Sprint Finish! LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Check out LinkedIn.com/mbd for more. Submit your MBD Password Answer here: https://docs.google.com/forms/d/1Yzrl1BJY2FAFwXBYtb0CEp8XQB2Y6mLdHkbq9Kb2Sz8/viewform?edit_requested=true  Check out Brew Markets here: https://swap.fm/l/9Qk4z73Z2nEwFiCB4qee    Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On episode 205 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Tom Lee to discuss: V-shaped recoveries, the AI driven economy, a stock-picker's market, Jackson Hole, the case for Ethereum, Tom's Granny Shots, and much more! This episode is sponsored by Neuberger Berman and Apex Fintech Solutions. Learn more about NBSD, including important information about fees, risks and performance at https://www.nb.com/en/us/products/etfs/short-duration-income-etf?cid=da_tpy_MYMM3_MYMM_ShortDur. NBSD from Neuberger Berman—efficient income, managed risk. Find out more about Wavvest's planning engine powered by advanced AI and built on Apex's AscendOS at https://www.wavvest.com/ Please visit https://fundstrat.com/tom for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists. Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

A.M. Edition for Aug 21. After months of spending big to hire more than 50 researchers and engineers, Meta Platforms says it's taking a breather on adding to its artificial-intelligence division. Plus, Nick Timiraos details how Federal Reserve Chair Jerome Powell is navigating growing economic and political pressures as central bank governors gather for their annual meeting in Jackson Hole. And, in our Price of Parenting series, WSJ's Sandra Kilhof and Te-Ping Chen unpack the soaring cost of childcare. Azhar Sukri hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ahead of the central bank's big meeting in Jackson Hole this week, President Trump is ramping up pressure on the Federal Reserve, calling for Fed governor Lisa Cook to resign over accusations of fraud. We'll get into it. And, SpaceX got a win in federal court that could have lasting effects on the power of the National Labor Relations Board. Plus, what makes a good life?"Appeals court says NLRB structure unconstitutional, in a win for SpaceX" from Tech Crunch"The Government Just Made it Harder for The Public to Comment on Regulations" from 404 Media"Trump Says Smithsonian Focuses Too Much on ‘How Bad Slavery Was'" from The New York Times"Trump Considers Firing Fed Official After Accusation of Mortgage Fraud" from The Wall Street Journal"There's a path to a good life beyond happiness and meaning" from The Washington Post We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

This week on Market Mondays, we break down the biggest moves in the market as stock futures rise ahead of Zelensky's White House visit and Jerome Powell's speech at Jackson Hole. We also dive into the real risks facing retail — not Q2 earnings, but the weak forecasts driven by tariffs and cautious consumer behavior. On the crypto side, we debate if now is the right time to buy Bitcoin and share our picks for the stock or cryptocurrency with the most upside potential through year-end.We're joined by wealth-building expert Cedric Nash, who shares lessons from real estate, divorce, and prenups, as well as insights on structuring wealth that lasts. We also cover U.S. trade changes that hit Shein and Temu hard while boosting Amazon, break down why TQQQ isn't a smart long-term play compared to QQQ, and analyze Warren Buffett's surprising bet on UnitedHealth. Plus, we unpack how traders can start treating their portfolios like businesses, from reinvestments to taxes and personal spending.Later, Tabitha Brown joins us for a powerful conversation on the Target boycott, its impact on Black business owners, and the importance of marketing with purpose. We also answer the burning question for investors late to the party: what's the right entry point for NVDA? Don't miss this packed episode full of insights at the intersection of money, markets, and culture.Invest Fest Ticket Link: https://investfest.com (code: Reform) for free tickets (first 50)#MarketMondays #EarnYourLeisure #Investing #StockMarket #Crypto #Bitcoin #WealthBuilding #CedricNash #TabithaBrown #Retail #NVDA #TQQQ #QQQ #WarrenBuffett #Shein #Temu #AmazonOur Sponsors:* Check out PNC Bank: https://www.pnc.com* Check out Square: https://square.com/go/eylSupport this podcast at — https://redcircle.com/marketmondays/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

On this TCAF Tuesday, Josh and Michael sit down with Coinbase Chief Financial Officer, Alesia Haas, and Chief Legal Officer, Paul Grewal, to dive into what's next for the world's largest digital asset exchange. Then at 45:23, hear an all-new episode of What Are Your Thoughts with ⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠! This episode is sponsored by Betterment Advisor Solutions and Rocket Money. Grow your RIA, your way by visiting: https://Betterment.com/advisors Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to https://rocketmoney.com/compound today. Sign up for ⁠⁠⁠⁠⁠The Compound Newsletter⁠⁠⁠⁠⁠ and never miss out! Instagram: ⁠⁠⁠⁠⁠https://instagram.com/thecompoundnews⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠https://twitter.com/thecompoundnews⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠https://www.linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠https://www.tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Picture this. You're a first-time tourist in the great country of ‘Merica and you can only visit 4 cities before you bon voyage back home. Whatcha checkin out??  The Beach Boy ocean breezes of LA or the southern hospitality of New Orleans?? Maybe you've always wanted a Chicago hotdog before you die (seriously if that's your main goal in life, we're concerned) or maybe you're like Brandi and laser focus on Jackson Hole?? YFTer's it's all up for debate this week as your hosts try to come to some sort of consensus on this age-old question. Meanwhile, in Bachelor-in-Paradise world, is anyone shocked with the Brian backlash?? Should he have talked to Jeremy first before telling Bailey?? What we do know is this cast should have listened to Wells more - the man knows a few things about BIP after 8 seasons! Fave things galore this week, YFTer's, including Perfect Match thoughts, Chris Pratt TV shows, and a War of The World remake that makes us want to poke sharp things in our eyeballs. Enjoy the rants!! Thanks to our awesome sponsors for supporting this episode!  Mood: Get 20% off your first order at Mood.com/YFT with promo code YFT. Hungryroot: For a limited time get 40% off your first box PLUS get a free item in every box for life. Go to Hungryroot.com/yft and use code yft. Happy Mammoth: For a limited time get 15% off on your entire first order at happymammoth.com and use the code YFT. Quince: Treat your closet to a little summer glow-up with Quince. Go to Quince.com/yft for free shipping on your order and 365 day returns. Function Health: The first 1000 people get a $100 credit toward their membership. Visit www.functionhealth.com/FAVORITETHING or use gift code FAVORITETHING at sign-up. Betterhelp: YFT'ers get 10% off their first month at BetterHelp.com/favoritething. Skims: Shop SKIMS.com and after you place your order, be sure to let them know we sent you! Select "podcast" in the survey and select YFT.  Don't forget to rate, review, and follow Your Favorite Podcast! Plus, keep up with us between episodes on our Instagram pages, @yftpodcast @wellsadams and @brandicyrus and be sure to leave us a voicemail with your fave things at 858-630-1856!  This podcast is brought to you by Podcast Nation.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Picture this. You're a first-time tourist in the great country of ‘Merica and you can only visit 4 cities before you bon voyage back home. Whatcha checkin out??  The Beach Boy ocean breezes of LA or the southern hospitality of New Orleans?? Maybe you've always wanted a Chicago hotdog before you die (seriously if that's your main goal in life, we're concerned) or maybe you're like Brandi and laser focus on Jackson Hole?? YFTer's it's all up for debate this week as your hosts try to come to some sort of consensus on this age-old question. Meanwhile, in Bachelor-in-Paradise world, is anyone shocked with the Brian backlash?? Should he have talked to Jeremy first before telling Bailey?? What we do know is this cast should have listened to Wells more - the man knows a few things about BIP after 8 seasons! Fave things galore this week, YFTer's, including Perfect Match thoughts, Chris Pratt TV shows, and a War of The World remake that makes us want to poke sharp things in our eyeballs. Enjoy the rants!! Thanks to our awesome sponsors for supporting this episode!  Mood: Get 20% off your first order at Mood.com/YFT with promo code YFT. Hungryroot: For a limited time get 40% off your first box PLUS get a free item in every box for life. Go to Hungryroot.com/yft and use code yft. Happy Mammoth: For a limited time get 15% off on your entire first order at happymammoth.com and use the code YFT. Quince: Treat your closet to a little summer glow-up with Quince. Go to Quince.com/yft for free shipping on your order and 365 day returns. Function Health: The first 1000 people get a $100 credit toward their membership. Visit www.functionhealth.com/FAVORITETHING or use gift code FAVORITETHING at sign-up. Betterhelp: YFT'ers get 10% off their first month at BetterHelp.com/favoritething. Skims: Shop SKIMS.com and after you place your order, be sure to let them know we sent you! Select "podcast" in the survey and select YFT.  Don't forget to rate, review, and follow Your Favorite Podcast! Plus, keep up with us between episodes on our Instagram pages, @yftpodcast @wellsadams and @brandicyrus and be sure to leave us a voicemail with your fave things at 858-630-1856!  This podcast is brought to you by Podcast Nation.