Podcasts about Monetary policy

Bob sits down with economists Alexander Salter and Joshua Hendrickson to discuss their new paper arguing that the standard Austrian critique of the Fed while correct, is fundamentally incomplete. They argue that the Fed's actual institutional role is to backstop U.S. dollar hegemony: the deliberately constructed post-Bretton Woods system in which the dollar serves as the world's reserve currency, U.S. Treasuries as the global safe asset, and the Fed as buyer of last resort for sovereign debt worldwide.Related:Hendrickson & Salter, "Should We End the Fed? Can We?": Mises.org/HAP553a

Bob sits down with economists Alexander Salter and Joshua Hendrickson to discuss their new paper arguing that the standard Austrian critique of the Fed while correct, is fundamentally incomplete. They argue that the Fed's actual institutional role is to backstop U.S. dollar hegemony: the deliberately constructed post-Bretton Woods system in which the dollar serves as the world's reserve currency, U.S. Treasuries as the global safe asset, and the Fed as buyer of last resort for sovereign debt worldwide.Related:Hendrickson & Salter, "Should We End the Fed? Can We?": Mises.org/HAP553a

Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 11 June 2026. Our monetary policy statement at a glance, 11 June 2026 https://www.ecb.europa.eu/press/press_conference/visual-mps/2026/html/mopo_statement_explained_june.en.html Christine Lagarde, Boris Vujčić: Monetary policy statement, 11 June 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260611~372040d313.en.html Monetary policy decisions, 11 June 2026 https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260611~4d41bd5e83.en.html Combined monetary policy decisions and statement, 11 June 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds260611~5b4603b5aa.en.pdf Macroeconomic projections, 11 June 2026 https://www.ecb.europa.eu/press/projections/html/index.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

In this episode of How India's Economy Works, host Puja Mehra speaks with economist Dr. Parag Waknis to unpack one of the most important yet least understood documents in Indian policymaking, the RBI's accounts. They explore how the RBI manages government debt, why it holds government securities on its balance sheet, and how these operations influence GDP, liquidity, interest rates and inflation.The conversation examines the evolution from direct deficit financing to the current system of primary dealers, the significance of foreign exchange reserves, and the RBI's use of tools such as open market operations and Operation Twist. Dr. Waknis also explains the relationship between government borrowing and central bank profits, and discusses whether these dynamics affect the RBI's policy independence.Tune in for insights into the institution at the heart of India's monetary and financial system.CHAPTERS(00:00) Introduction(00:14) Why the RBI Balance Sheet Matters(03:54) Why Government Bond Auctions Fail(06:15) How RBI Invests Forex Reserves(08:28) Operation Twist and Borrowing Costs(11:21) Why RBI Doesn't Fund Government Directly(14:33) Currency Notes, Coins and Sovereignty(16:35) What the Latest Balance Sheet Shows(19:00) Government Borrowing and RBI Surplus(21:27) Rising Government Debt on RBI Books(24:18) Is India's Bond Market Distorted?(25:44) RBI Independence and Balance Sheet Risks(27:47) Understanding the Monetary Policy Corridor(32:54) Rules Versus Discretion in Monetary Policy(34:49) RBI's Conflicting Institutional Roles(36:36) Why US Debt Markets Differ(37:48) Key Takeaways on RBI OperationsFor more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube

– GDP growth slows – Why the RBA got what it wanted… and others aren’t happy – The status quo effect needs to be challengedSee omnystudio.com/listener for privacy information.

Established more than 100 years ago to address stresses in the banking system, the Federal Reserve is the U.S. central bank. It comprises the Board of Governors, a federal agency located in Washington, D.C., and 12 Federal Reserve Banks around the nation.rnrnOne of these banks is the Federal Reserve Bank of Cleveland, which serves the Fourth Federal Reserve District.rnrnThe Fourth District encompasses Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Its mission is to ensure banks are trustworthy and secure, to keep the financial system running, and to represent Fourth District priorities on the national stage.rnrnCleveland Fed President and CEO Beth Hammack has led the Federal Reserve Bank of Cleveland since 2024. This year, she is one of 12 voting members of the Federal Open Market Committee, which is responsible for setting monetary policy.rnrnHammack has more than 30 years of experience in finance, capital markets, and risk management. Before joining the Cleveland Fed, she was cohead of global financing at Goldman Sachs Group, Inc., where she was also a member of the management committee.rnrnAs president and CEO, Hammack oversees 1,100 employees in the Bank's Cleveland, Cincinnati, and Pittsburgh offices who conduct economic research, supervise banking institutions, and provide payments services to commercial banks and the U.S. government.

Some financial decisions come with clear answers. Others require balancing risks, opportunities, and a healthy dose of uncertainty. In our episode “May 30, 2026: Mortgages, Money Transfers & Monetary Policy,” we explore three areas where the right decision depends as much on context as it does on the numbers — from adjustable-rate mortgages and wealth transfers to the Federal Reserve's ongoing fight against inflation.Adjustable-rate mortgages are making a comeback, but this isn't a repeat of the housing bubble era. With special guest Shanna Squires from Henssler Mortgage Advisors, we break down how today's ARMs differ from the products that helped fuel the financial crisis, why some homebuyers are turning to them in a world of elevated mortgage rates, and whether they represent a smart strategy or a risky gamble on lower rates ahead.Next, we tackle a listener question about inheriting and gifting money. From estate taxes and inheritance taxes to annual gift exclusions and lifetime exemptions, we'll explain what the rules actually are—and just as importantly, what they aren't. If you've ever wondered how families can pass wealth to the next generation without creating unnecessary tax headaches, this conversation is for you.Finally, we examine a question many investors are asking: What happens when inflation is driven by supply shortages rather than consumer demand? With oil prices and geopolitical tensions once again influencing inflation expectations, we discuss the limits of Federal Reserve policy, why interest rates remain the Fed's primary tool, and the difficult tradeoffs policymakers face when fighting inflation that may be originating far outside their control.Join hosts Nick Antonucci, CVA, CEPA, Director of Research, and Managing Associates K.C. Smith, CFP®, CEPA, and D.J. Barker, CWS®, and Kelly-Lynne Scalice, a seasoned communicator and host, on Henssler Money Talks as they explore key financial strategies to help investors navigate market uncertainty. Henssler Money Talks — May 30, 2026  |  Season 40, Episode 22Timestamps and Chapters3:48: ARMs: Smart Strategy or Warning Sign?18:08: Passing Down Wealth Without Passing Down Problems34:11: Fighting Inflation With the Wrong Tools? Follow Henssler:  Facebook: https://www.facebook.com/HensslerFinancial/ YouTube:  https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup “Henssler Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ 

Tehillah Niselow speaks to Ridle Markus, Head of Africa Research at AbsaSee omnystudio.com/listener for privacy information.

The fiat money system has survived the Great Inflation, the global financial crisis, and a pandemic. But can it survive digital currencies?Bitcoin and the blockchain solved a genuine problem in computer science: how to stop people spending the same money twice. Forty years of successful inflation control means central bank money is stable; that is the stability in stablecoins, attempting to solve the volatility problem. What's next? What if the unit of account itself were indexed to consumer prices? Digitalisation might finally make that approach viable at scale. Price stability, by design.Will we still need cash? Maybe not now, But if you never use it, it may not be there if the blackout comes.The research behind this episode:Stracca, Livio. 2025. Redefining the Monetary Standard in the Digital Age: Digital Innovations and the Future of Monetary Policy. Springer Nature.To cite this episode:Phillips, Tim, and Livio Stracca. 2026. "Redefining the monetary standard." VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestLivio Stracca is Deputy Director General for International and European Relations at the European Central Bank, where he has worked for more than two decades. His research spans monetary economics, international finance, and the implications of digitalisation for central banking, with extensive work on exchange rates, capital flows, and the architecture of the international monetary system. Research cited in this episodeThe double-spend problem. The fundamental challenge in any decentralised digital payment system: how to prevent a participant from spending the same unit of money twice when there is no trusted central authority to verify transactions. Bitcoin's 2008 white paper offered an innovative solution by making the transaction ledger public, cumulative, and computationally expensive to rewrite. The trade-off is that transparency sacrifices privacy; every transaction is visible to all participants in the network.The blockchain. A distributed ledger in which transactions are grouped into sequential blocks, each cryptographically linked to the one before. Reversing any transaction requires rewriting every subsequent block, which demands enormous computational effort. This design solves the double-spend problem in a decentralised network but makes the system slow and costly to operate at scale.The payment trilemma. A framework discussed in the episode and in Stracca's book: any digital payment system can optimise for at most two of three properties simultaneously (universal access, security against fraudulent transactions, and privacy). Cash is the only instrument that escapes the trilemma; digital systems must accept a trade-off among the three, and the choice is often made implicitly by the designer of the system rather than through democratic deliberation.Hayek, Friedrich A. 1976. Denationalisation of Money. London: Institute of Economic Affairs. The classic argument for currency competition: let currencies compete freely and the one providing the most stable prices will win. Economists, including Milton Friedman, largely rejected the proposal on the grounds that money exhibits strong network externalities; the more people use a currency, the more attractive it becomes to the next user, producing a natural tendency towards monopoly. A formal modern revisitation, finding similar conclusions, is Fernández-Villaverde, Jesús, and Daniel Sanches. 2019. "Can Currency Competition Work?" Journal of Political Economy 127 (3): 1017 to 1058.Irving Fisher's compensated dollar. A proposal published in Fisher, Irving. 1913. "A Compensated Dollar." Quarterly Journal of Economics 27 (2): 213–235 (the same year the Federal Reserve was created). Fisher argued for a dollar whose purchasing power was held constant by adjusting its gold content in line with prices. The mechanical details of his proposal are no longer relevant, but its animating idea (indexing the unit of account to a price level) has gained new plausibility in a digital context.The Unidad de Fomento. Chile's inflation-indexed unit of account, in operation since 1967 and updated daily against the consumer price index. It is used widely in long-term contracts, including mortgages, and functions as a security that can be traded. Stracca cites it as evidence that an indexed monetary standard is operationally feasible, and as a prototype for what a digital equivalent might look like at larger scale.The Great Moderation. The period of low and stable inflation in advanced economies running roughly from the mid-1980s until the inflation episode of 2021 to 2023. Economists attribute it to improved monetary policy frameworks, particularly central bank independence, inflation targeting, and (crucially, in Stracca's account) the introduction of interest on reserves, which gave central banks precise control over the short-term interest rate without draining liquidity. Stracca treats the Great Moderation as the benchmark against which any proposed reform of the monetary standard must be judged.Programmable money. A form of digital money in which payment is conditional on an independently verifiable event, potentially confirmed by a machine rather than a human intermediary. Example: a payment that executes automatically when a delivery is confirmed by a sensor. Decentralised ledgers make such conditional payments technically straightforward; traditional banking systems can approximate them but with far greater friction. Stracca notes significant enthusiasm for programmable money but also real scepticism about whether the benefits outweigh the complexity in practice.More VoxTalks Economics episodesStablecoins and Global Imbalances, Gilles Moëc explains why we can think of stablecoins as a radical macroeconomic experiment that has arrived at exactly the moment the US external position is showing signs of stress.Can blockchain decentralise money, contracts, and finance? Bruno Biais on blockchain's potential, its flaws, and its future.Do stablecoins threaten financial stability? Richard Portes thinks so.

The standard line among most economists is that deflation is as bad or even worse than inflation. In reality, the economy needs deflation now more than ever.Original article: https://mises.org/mises-wire/deflation-bad-economy

The standard line among most economists is that deflation is as bad or even worse than inflation. In reality, the economy needs deflation now more than ever.Original article: https://mises.org/mises-wire/deflation-bad-economy

Liz Ann Sonders and Collin Martin discuss hotter-than-expected inflation data, with volatile energy prices playing a central role. Because the Fed can't directly influence oil prices, inflation staying above target likely keeps policy on hold, with rate cuts off the table for now and even the possibility of hikes if core inflation or labor strength accelerates. They also explore how consumers feel inflation differently than economists measure it, contributing to weak sentiment despite still-positive economic growth. Real incomes are slipping, but spending remains supported, helped in part by strong AI-driven business investment. Then, Liz Ann and Collin cover the growing dominance of AI: it's propping up GDP, earnings expectations, and capital spending, but also introducing concentration risks and shifting corporate financing toward debt. In the bond market, strong demand has kept credit spreads tight, though potential risks include oversupply and uncertain long-term returns on AI investments. Collin Martin also highlights rising Treasury yields, especially the 10-year, and the role of the “term premium” in a more uncertain, higher-inflation world. This shift is contributing to a negative correlation between stocks and bonds, which is a dynamic more reminiscent of earlier, more volatile inflation regimes. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures  This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Currencies are speculative, very volatile and not suitable for all investors. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions Negative correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. (0526-GWPD) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Governments take valuable things like paper and minerals, stamp something on them, and call them money, in the process rendering these things almost worthless. Something is wrong with this picture.Original article: https://mises.org/mises-wire/cost-money-coinage-fiat-power-and-quiet-corruption-value

Governments take valuable things like paper and minerals, stamp something on them, and call them money, in the process rendering these things almost worthless. Something is wrong with this picture.Original article: https://mises.org/mises-wire/cost-money-coinage-fiat-power-and-quiet-corruption-value

Inflation, interest rates, AI, tariffs, the dollar…Most people treat them as separate stories but actually, they're not.Former Council of Economic Advisers Chair Jason Furman explains how these forces are all connected - and why most people are missing the bigger picture.What's really driving inflation, why the dollar's power may be slipping, and why the biggest risk isn't what most people are watching.A conversation about the hidden forces shaping the economy - and what comes next.

Recorded live in front of the Wharton Financial Regulation Conference, former guest Peter Conti-Brown joins David Beckworth as a Macro Musings co-host on this week's episode. Peter and David discuss the inflection point of 2008 in FinReg scholarship, how Macro Musings has become just as much a show about financial regulation as about macro, what to make of the Trump administrations changes to bank supervision, whether we should be enthusiastic about the GENIUS Act and digital assets, the true identity of Satoshi Nakamoto, the crisis that could become Claude Mythos, why networks and Substacks are becoming more important, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 10th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:29 - History of Financial Regulation 00:04:23 - Monetary Policy vs. Financial Regulation 00:07:48 - Bank Supervision 00:11:59 - Digital Assets 00:22:48 - Claude Mythos and Banking 00:30:35 - The Market Argument for the Discount Window 00:35:44 - Academia vs. Real-World Impact 00:40:28 - Audience Q&A 00:54:16 - Outro

Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 30 April 2026. Our monetary policy statement at a glance, 30 April 2026 https://www.ecb.europa.eu/press/press_conference/visual-mps/2026/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 April 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260430~f99cb123a8.en.html Monetary policy decisions, 30 April 2026 https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260430~81b7179e6f.en.html Combined monetary policy decisions and statement, 30 April 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds260430~1c397fa90c.en.pdf European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

30 Apr 2026. The Fed kept rates on hold and Jay Powell confirmed he's staying on as Governor. Economist Jeanne Walter and Keith Fitz-Gerald break down what it means for the region. Plus Euromonitor on a very different Gulf travel market ahead. Dubai Tourism's Hoor Al Khaja on whether the hospitality sector is seeing the first green shoots of recovery. RAKBank CEO Raheel Ahmed on record profits and careful provisioning. And BlackRock's Ehsan Khoman on what it would take to call a turning point for the regional economy.See omnystudio.com/listener for privacy information.

We can thank the new Reserve Bank Governor for ending the week on a high note. New charter details were announced yesterday. Charters and Reserve Banks were once as dry as old dust but these days I think we have a new understanding of the importance of their role. Out of Covid and economic shambles has come more talk than ever about cash rates and inflation and debt and wasteful expenditure. The main change for me is the Monetary Policy votes will be made public, and not a moment too soon. They are already starting to hold press conferences after each decision. Some decisions are statements, some are reviews and, as such, carry different amounts of detail and information. But the idea that they front after each decision shouldn't be new. It should have always happened. Just what was it about the thinking at the lower end of the terrace in the capital that had them believing that simply putting out a statement was plenty. Why wouldn't they want questions? Why wouldn't they want to be held to account? Given everything is streamed these days you can watch it all. There's no need for a journalist to cut and paste a few so-called highlights to skew the narrative. Free and open and complete accountability should be welcomed, and this is overdue. But as for the vote, the same thinking applies. If you hold the power of a committee member and if you get a say in a mechanism as important as the country's cash rate, once again, what's your argument for remaining quiet? To keep it a secret? If the vote is 5-1, who is the one and why? What's wrong with an explanation? For example, there were four dissenting votes yesterday at the Fed. Let's hear about it. Knowledge is power and the fact we are only at this place in 2026 is a crime of sorts. A condescending attitude where they clearly thought we didn't need to know. So far new Governor Dr Anna Breman has introduced pressers, changed the charter and promised to at least partially look through the immediate inflationary impact of the war. So far, so impressive. I like the cut of her gib. Orr vs Breman? No contest. See omnystudio.com/listener for privacy information.

William Lee discusses a potential shift in Federal Reserve philosophy as Kevin Warsh's nomination advances, signaling a move away from forward guidance and the dot plot toward market‑based inflation signals and a smaller balance sheet. He explains how this change could refocus the Fed on core monetary policy while increasing market volatility. Lee also explores whether AI-driven productivity gains can help curb inflation without harming labor and how a more disciplined Fed regime could reshape markets.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Robert Kaplan, vice chairman at Goldman Sachs and former Dallas Fed president, discusses the outlook for US monetary policy. Kaplan spoke with Bloomberg's Tom Teene and Paul Sweeney.See omnystudio.com/listener for privacy information.

Mark, Cris and Marisa recap the week's economic news, including the now highly likely confirmation for the Fed Chair nominee, Kevin Warsh, the ongoing conflict in Iran and its impact on energy and related commodities, and the proposed bailout of Spirit Airlines. After the stats game, the team takes a few thought-provoking listener questions about tax policy and tariffs. Email us at InsideEconomics@moodys.com for more info about the Moody's Summit '26 Conference in San Diego Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's Analytics Follow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at InsideEconomics@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In today's episode, we go through the our daily update from the Strait of Hormuz and how it is impacting borrower behavior. Plus, Robbie sits down with Paddington Capital Management's Paul Musson for a discussion on how policymakers are repeatedly propping up asset prices at the expense of long-term economic health and fairness. And we close by looking at the latest labor market indicators.Thank you to Experian Verify, a comprehensive income and employment verification solution for mortgage lenders. By uniting instant payroll data, permissioned access, and research verification in one seamless experience, Experian Verify helps lenders reduce friction, accelerate decisions, and confidently verify every U.S. worker.The Chrisman Commentary is your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.

President Trump's pick to lead the Federal Reserve, Kevin Warsh, was on Capitol Hill facing a slew of lawmaker questions on his monetary policy and independence from Trump. But the president's pressure campaign against Jerome Powell threatens to freeze Warsh's nomination. Amna Nawaz discussed more with David Wessel of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed's balance sheet, why a synthetic FOMC could help the real FOMC, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on March 31st, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:03:59 - Persistent Inflation 00:11:14 - Inflation Expectations 00:18:34 - Responding to Negative Supply Shocks 00:29:38 - Nominal GDP 00:34:59 - Fed's Balance Sheet 00:45:20 - Synthetic FOMCs 00:51:36 - Outro

In this episode we answer emails from Matt, Michael, Stephen and Al.  We discuss expanding the spending muscle in retirement, the generosity of our listeners, more on the Four Quadrant model and its permutations, and how we stay connected to listeners without inhabiting the conference circuit. And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Fairfax CASA Donation Page:  Donate - Fairfax CASACool Number Nerd Video:  Fibonacci Numbers hidden in the Mandelbrot Set - NumberphileMiB Podcast Episode:  Masters in Business: Jean-Philippe Bouchaud - BloombergThe Dude's Link re Quadrants and Assets:   Structural Diversification for All Seasons - ReSolve Asset Management (investresolve.com)Hedgeye Asset Chart:  Hedgeye Four Quadrant Model Best and Worst Assets.pdf - Google DriveBloomberg Inflation Presentation:  Bloomberg Investing in Inflationary Regimes Presentation.pdf - Google DriveListener Essay on Four Quadrant Model:  15 Uncorrelated Assets | SSiSClaudia Moise Paper with US Treasuries Correlation Data:  Flights to Safety, Volatility Risk, and Monetary Policy by Claudia E. Moise :: SSRNBreathless Unedited AI-Bot Summary:Hoarding can look a lot like “being responsible,” especially right before retirement when every headline makes the future feel fragile. We take a listener's detailed numbers and use them to talk about a problem we see all the time: spending that never catches up with the life you actually want. If your future expenses are likely to decline in real terms, your personal inflation rate may be lower than CPI, and a fixed rule can quietly push you into over-saving instead of living. We share a simple, practical idea for breaking that pattern: create a visible spending bucket, spend intentionally, then review what brought real value and what didn't. Then we shift into a deep question from a data-driven listener who tried to test Bridgewater's four quadrant model using growth and inflation data. We explain why these relationships are probabilistic, why short time frames can look like a noisy blob, and where to look for research that connects macro regimes to asset returns. Along the way we revisit the roles different diversifiers can play in a risk parity portfolio: Treasury bonds as recession insurance, managed futures and commodities for ugly inflation shocks, and gold as a strange but useful diversifier when the world gets weird. We wrap with our weekly portfolio review and a quick read on what's been working lately across stocks, small cap value, bonds, gold, REITs, commodities and managed futures, including results from our sample portfolios and a few leveraged experiments. If you like practical asset allocation, retirement withdrawal strategy, and plainspoken investing conversations with some humor mixed in, hit play, then subscribe, share the show, and leave a review so more do-it-yourself investors can find it.Support the show

The DEC hosted Austan Goolsbee, President & CEO of the Federal Reserve Bank of Chicago, on April 7 at the Masonic. Detroit Regional Chamber's Sandy Baruah moderated the discussion.

Money is no longer just held. It is moving, earning, and quietly reshaping the system around it.In this episode of Couchonomics with Arjun, Arjun is joined by Anton Golub, Founding Member of RWA Labs, for a sharp, grounded conversation on what is actually happening beneath the surface of crypto, stablecoins, and tokenization.It is a clear breakdown of how liquidity, leverage, and market structure are shaping Bitcoin cycles, why stablecoins are becoming impossible to ignore, and what happens when financial systems built for control collide with technologies built for movement.From retail dominance in crypto markets to the real risks behind products like Strategy, and from yield-bearing stablecoins to the tension they create with traditional banks, this conversation stays rooted in what actually matters.They also explore tokenization beyond the buzz, why most real-world asset experiments are still early, and how infrastructure gaps like liquidity, regulation, and market access continue to limit adoption.

Craig Hemke, Founder and Editor of TF Metals Report, joins me for a candid conversation around the impacts of geopolitics, macroeconomics, Fed policy, a technical outlook on gold and silver prices, and the ongoing disconnect in the valuation of the precious metals stocks, considering the record margins and revenues they experienced in Q1, which just wrapped up last week.      Key Discussion Points:   Geopolitics can swamp the charts and macroeconomics in the short-term: The upcoming deadlines that the US has imposed on Iran to open the Strait of Hormuz by Tuesday evening, could either end in a deal or more bombing and fighting.  Either scenario could see such a large market reaction.   This makes it nearly impossible to forecast what may play out in the short-term. Central Bank policy response tools are limited: If inflation starts moving higher on the back of higher oil, fertilizer, chemical, and manufacturing inputs, then the Fed's ability to cut rates will be more muted.  However, if the global economy slows from a ‘demand shock' then central banks will err on the side of running the economy hot, cutting rates, and easier monetary policy. Interest Rates and the US Dollar response need to be monitored closely:  Craig points out from a larger macro perspective that market has it wrong regarding future rate hikes, citing the unsustainable cost of refinancing the growing sovereign debt levels if rates go to high.   He'll be watching both the short and long end of the interest rate curve, as well as the US dollar response. The Disconnect in Mining Equities: Much media speculation has been made about margin compression facing producers as energy costs, but that is painting all mining companies with the same broad brush without any legitimate analysis for how much their margins may be affected. The PM prices in the first quarter were at record average quarterly prices, which will lead to records Q1 revenues and earnings, even as the stock corrections got overdone and oversold. We'd have to see a massive selloff in metals during Q2 to get the average prices and margins down under just Q4 of 2025, much less that of Q3 2025.  This means that Q2 will likely outperform the current expectations based on where PM stocks are priced today.     Click here to visit Craig's website – TF Metals Report – https://www.tfmetalsreport.com/     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this episode, Liz Ann Sonders and Collin Martin focus on the market and economic ripple effects stemming from the war in Iran—particularly through energy markets, inflation, interest rates, and investor sentiment. Liz Ann and Collin begin by addressing a common misconception: that the U.S. being a net exporter of oil insulates the domestic economy from geopolitical energy shocks. Liz Ann explains that oil is priced globally, meaning higher global prices still feed directly into U.S. energy costs, inflation, and market volatility.  Collin then turns to the bond market, explaining that while Treasury yields have risen, the magnitude of recent moves is modest by historical standards and consistent with Schwab's outlook. He outlines three key forces keeping yields elevated: sticky inflation, rising fiscal deficits and debt issuance, and upward pressure from higher global yields.  Liz Ann also explains what it means for markets to be “oversold,” emphasizing that technical indicators describe conditions—not timing signals—and that markets can remain oversold or overbought for extended periods depending on fundamentals. Finally, Collin and Liz Ann discuss which key economic data to watch in the coming weeks. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Currency trading is speculative, very volatile and not suitable for all investors. Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate this risk. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions S&P 500® Index-Measures the performance of 500 leading publicly traded U.S. companies from a broad range of industries. It is a float-adjusted market-capitalization weighted index. (0426-WMAC) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Robert Kaplan, Vice Chairman at Goldman Sachs and former Dallas Fed President, joined "Bloomberg Surveillance Radio" for an extended conversation on monetary policy and the impact of geopolitical risk.See omnystudio.com/listener for privacy information.

Albert Botha from Ashburton Investments considers fuel-price consequences, the MPC decision and the stagflation spectre. Are we in for a rough ride?

Robert Kaplan, Vice Chairman, Goldman Sachs (NYSE: GS): Former CEO, Federal Reserve Bank of Dallas

Federal Reserve Governor Stephen Miran says the central bank should not be looking at recent oil shocks to set monetary policy. “We should wait for all the information to come in before really changing our outlook," he said Monday morning on "Bloomberg Surveillance."See omnystudio.com/listener for privacy information.

Mark, Cris and Marisa recap the week's events in the Middle East and at the Fed and debate whether or not the baseline forecast warrants a rethink given the rising uncertainty around how and when the conflict in the Middle East will end. The crew discusses the tumultuous week in financial markets, the impact that prolonged high oil prices could have on the U.S. economy, and what this means for the risk of a recession over the next year. They answer several listener questions on a wide range of topics. Participate in the weekly Survey of Business Confidence: https://www.economy.com/business-confidence/participate/ For a deeper dive on AI and the macroeconomy, see our new paper, The Macroeconomic Consequences of Artificial Intelligence, where we model four potential economic paths over the next decade. We also walk through the scenarios in a companion webinar available now on-demand. Read the paper: https://www.economy.com/getfile?q=2B555C90-1118-4A49-BDAA-5C0A99F83A9E&app=download Watch the webinar: https://bit.ly/3OF6dn9 Email us at InsideEconomics@moodys.com for more info about the Moody's Summit '26 Conference in San Diego Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's Analytics Follow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at InsideEconomics@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Liz Ann Sonders welcomes Collin Martin as her new co‑host. Collin outlines his role as Schwab's head of fixed income research and strategy, highlighting his broad coverage of the bond market—from Treasuries and Fed policy to corporate credit, municipals, mortgages, and global bonds.  The conversation then turns to markets and geopolitics, focusing on the ongoing conflict involving Iran and its market impact. Liz Ann explains that while major equity indexes have appeared relatively resilient, this masks significant volatility beneath the surface. She notes sharp rotations across sectors, wide drawdowns among individual stocks, and heightened churn driven by shifting narratives—ranging from AI disruption concerns to war‑related energy shocks.  Collin connects these equity dynamics to fixed income, explaining why Treasury yields have risen rather than fallen despite geopolitical uncertainty. Elevated oil prices and rising inflation expectations have pushed yields higher, countering the typical “flight to safety” dynamic. He also highlights how shifting Fed expectations are influencing bond markets and raises the key uncertainty: whether prolonged conflict could eventually tilt the focus from inflation risk to economic growth risk, potentially reversing yield trends. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors. Mortgage-backed securities (MBS) may be more sensitive to interest rate changes than other fixed income investments. They are subject to extension risk, where borrowers extend the duration of their mortgages as interest rates rise, and prepayment risk, where borrowers pay off their mortgages earlier as interest rates fall. These risks may reduce returns. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions (0326-T915) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A federal judge has quashed two grand jury subpoenas issued by the DC U.S. Attorney's Office against Federal Reserve Chair Jerome Powell and the Federal Reserve Board of Governors. Hawk reads through the full 27-page ruling by Judge James Boesberg, unpacking the legal reasoning behind one of the most significant judicial rebukes of the Trump administration's weaponization of the criminal justice system. The subpoenas targeted Fed building renovation cost overruns and Powell's congressional testimony — neither of which the court found to contain any credible evidence of criminal activity. Judge Boesberg concluded that the subpoenas' dominant purpose was to harass and pressure Powell into either lowering interest rates or resigning, making way for a more compliant Fed chair. The ruling draws on Trump's own Truth Social posts, statements from White House officials, and the pattern of DOJ prosecutions targeting political opponents including Adam Schiff, James Comey, and Letitia James. Jeanine Pirro, U.S. Attorney for the District of Columbia, held an unhinged post-ruling press conference in which she badly mischaracterized the judge's legal findings on probable cause. Judge Boesberg, the same judge who previously ordered a halt to deportation flights to El Salvador's CECOT prison, wrote that the government offered essentially zero evidence that Powell committed any crime "other than displeasing the president." The court rejected the DOJ's renovation fraud theory, Powell's congressional testimony as a basis for perjury, and the government's refusal to provide any confidential evidence even when the judge offered a private chambers review. The Federal Reserve's independence, monetary policy, interest rates, and the rule of law are all at the center of this landmark court order. SUPPORT & CONNECT WITH HAWK- Support on Patreon: https://www.patreon.com/mdg650hawk - Hawk's Merch Store: https://hawkmerchstore.com - Connect on TikTok: https://www.tiktok.com/@mdg650hawk7thacct - Connect on TikTok: https://www.tiktok.com/@hawkeyewhackamole - Connect on BlueSky: https://bsky.app/profile/mdg650hawk.bsky.social - Connect on Substack: https://mdg650hawk.substack.com - Connect on Facebook: https://www.facebook.com/hawkpodcasts - Connect on Instagram: https://www.instagram.com/mdg650hawk - Connect on Twitch: https://www.twitch.tv/mdg650hawk ALL HAWK PODCASTS INFO- Additional Content Available Here: https://www.hawkpodcasts.comhttps://www.youtube.com/@hawkpodcasts- Listen to Hawk Podcasts On Your Favorite Platform:Spotify: https://spoti.fi/3RWeJfyApple Podcasts: https://apple.co/422GDuLYouTube: https://youtube.com/@hawkpodcastsiHeartRadio: https://ihr.fm/47vVBdPPandora: https://bit.ly/48COaTB

Today our Governing Council decided on monetary policy. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect prices to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Published and recorded during our press conference on 19 March 2026. Our monetary policy statement at a glance, 19 March 2026 https://www.ecb.europa.eu/press/press_conference/visual-mps/2026/html/mopo_statement_explained_march.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 19 March 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2026/html/ecb.is260319~93b1cbad97.en.html Monetary policy decisions, 19 March 2026 https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260319~3057739775.en.html Combined monetary policy decisions and statement, 19 March 2026 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds260319~30247d385d.en.pdf Macroeconomic projections, 19 March 2026 https://www.ecb.europa.eu/press/projections/html/ecb.projections202603_eurosystemstaff~da4f97a747.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html

In this episode we answer emails from Lee, Leo, Tony, and Samuel.  We revel in Lee's generosity and discuss why we hold gold and treasuries, why recent performance should not drive allocation changes and common amateur investor fallacies, how to think about diversification when you invest outside the US, and how to think about correlations in a four quadrant model.And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Fairfax CASA Donation Page:  Donate - Fairfax CASADavid Stein Interview:  How to Think Clearly About Money Without Obsessing Over It with David Stein | White Coat InvestorPortfolio Charts International Portfolios Analysis:  What Global Withdrawal Rates Teach Us About Ideal Retirement Portfolios – Portfolio ChartsMany Happy Returns Podcast with Tyler #!:  Building a Bulletproof Retirement Portfolio, with Tyler from Portfolio Charts - Many Happy ReturnsMany Happy Returns Podcast with Tyler #2:  How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts - Many Happy ReturnsClaudia Moise Paper with US Treasuries Correlation Data:  Flights to Safety, Volatility Risk, and Monetary Policy by Claudia E. Moise :: SSRNBreathless Unedited AI-Bot Summaries:Gold is up, bonds are weird, and everyone suddenly wants to “swap something out” based on what happened last quarter. We slow that impulse down and get back to first principles: what job does each asset do in a long-term risk parity style portfolio, and what happens when you start making allocation decisions from a gut feeling about what looks overbought or hated right now?We dig into a listener question about replacing gold inside the Golden Ratio Portfolio and explain why utilities are not a true substitute. Utilities can be useful, but they behave like stocks more than people admit, and they often carry interest-rate sensitivity that overlaps with bonds. If you want something that behaves more like gold's diversifying role, we talk through what characteristics matter most, including low correlation to both stocks and bonds, and why managed futures is the more logical comparison. Along the way, we call out the common traps that wreck DIY portfolios: cherry-picked dates, short-term volatility panic, and the “crystal ball” mindset that quietly turns investing into trading.For our non-US listeners, we tackle how being based in the UK or investing in pound sterling can change implementation details without changing the big picture goal. We discuss currency risk, home-country bias, why US equities still matter for global exposure, and the tough question of whether your bond ballast should be in local currency, US dollars, or a mix. Then we answer a deep question about correlations: why stock-bond correlation is not random, how it shifts across macro regimes, and why treasuries tend to deliver negative correlation when it matters most, during recessions.We close with weekly portfolio performance across our sample portfolios and why the most disciplined move is often to do nothing.Support the show

Central banks across Asia and globally are being forced into sharp policy rethinks as Middle East conflict drives higher oil prices and reignites inflation fears. The G7 is discussing emergency oil reserve releases while policymakers scramble to balance growth concerns with renewed price pressures.Today's Stocks & Topics: Rogers Communications Inc. (RCI), Watsco, Inc. (WSO), Core & Main, Inc. (CNM), Embraer S.A. (EMBJ), Silver and Precious Metals, Central Bank Pivot: How Geopolitical Chaos is Rewriting Monetary Policy, Petróleo Brasileiro S.A. - Petrobras (PBR), Autodesk, Inc. (ADSK), Northrop Grumman Corporation (NOC), Stagflation.Our Sponsors:* Check out Anthropic: https://claude.ai/invest* Check out Pebl: https://hipebl.ai* Check out Progressive: https://progressive.com* Check out Quince: https://quince.com/INVESTAdvertising Inquiries: https://redcircle.com/brands

CEO of LB Macro Luigi Buttiglione explores whether the AI-driven productivity boom marks a durable shift in the global economy or the start of new financial imbalances. We discuss U.S. exceptionalism, neutral rates and monetary policy risks, leverage in the AI buildout, public debt sustainability, and Europe's structural challenges. We also touch on geopolitical supply shocks and what they could mean for inflation and rates. Enjoy! __ Follow Luigi: https://x.com/LButtiglione_ LB Macro Portal: https://portal.lbmacro.finance/signup/ LB Macro App: https://lbmacro.finance/download/ LB Macro Substack: https://substack.com/@lbmacro Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://x.com/ForwardGuidance Follow Blockworks: https://x.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code FORWARD200 for $200 OFF! https://blockworks.co/event/digital-asset-summit-nyc-2026 __ Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_FG&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=FG Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. — Timestamps (00:00) Intro (02:34) Luigi's Storied Background (04:10) AI's Productivity Disruption (15:50) Monetary Policy vs AI & Inflation (18:21) Is the U.S. Still the Best Home for Capital? (22:50) The Problems with the Europe Narrative (31:42) Ads (Coinbase, Arkham) (33:23) The Limits to Government Debt (40:12) Private Debt, AI & Bank Regulation (46:06) U.S.-Israel War with Iran (51:04) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance 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 opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #macro #investing #markets #stocks #stockmarket

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.In today's episode, we look at some of the Fed's suggested changes to bank capital requirements. Plus, Robbie sits down with economist Elliot Eisenberg for a discussion on trends seen across economic data and how high the bar has become for the Fed to justify easing if headline resilience persists. And we close by looking at the diverging path of monetary policy in the coming months.Today's podcast is brought to you by Optimal Blue, the only end-to-end capital markets platform built to power performance, precision, and profitability, helping lenders of all sizes operate more efficiently, manage risk more effectively, and maximize results.

Guest: Joseph Sternberg. Sternberg assesses potential Fed Chair Kevin Warsh, highlighting his "realist" approach to monetary policy and desire to reduce the Federal Reserve's balance sheet.1880 TREASURY

Guest: Elizabeth Peek. Peek discusses Trump's nomination of hawk Kevin Warsh for Federal Reserve Chairman, noting the immediate drop in precious metals and potential monetary policy shifts.1905 BUTTE MONTANA

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 [CB] are trying to fight back, Trump continues to counter them by using tariffs. They will never learn. Blue states are feeling the economic pain, they are following the globalist plan and they will fail. Trump is changing the economic calculations. Inflation is below 1%. Trump nominates Kevin Warsh to restructure the Fed. The [DS] is panicking. They tried to trap Trump in the Epstein files, that did not work, the other part of the plan is to muddy the waters but this also failed. Trump is now preparing for mass round ups across the country. DHS is purchasing warehouses to hold the illegals. Trump is leading the [DS] down the path of no return. The insurrection is coming and Trump is preparing the counterinsurgency.   Economy   through this very same certification process. If, for any reason, this situation is not immediately corrected, I am going to charge Canada a 50% Tariff on any and all Aircraft sold into the United States of America. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA (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/DC_Draino/status/2016988052317409756?s=20   like he did in my First Term. I am confident that Brett has the expertise to QUICKLY fix the long history of issues at the BLS on behalf of the American People. Brett Matsumoto is a Brilliant, Reputable, and Trusted Economist who will restore GREATNESS to the Bureau of Labor Statistics. Congratulations Brett! https://twitter.com/USTradeRep/status/2017747044350280104?s=20      extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down. Congratulations Kevin! PRESIDENT DONALD J. TRUMP Warsh has compared Bitcoin favorably to gold as a “sustainable store of value,” indicating a positive view of gold’s role in the financial system.  However, his nomination led to sharp declines in gold and silver prices (e.g., silver fell up to 26% in one day), as markets interpreted him as an inflation hawk who might pursue tighter monetary policy, reducing the appeal of precious metals as inflation hedges.  This reaction stemmed from fears of less dovish Fed actions, which had previously driven gold’s rally amid uncertainty over Fed independence.  Warsh’s broader hawkish stance on inflation aligns with “hard money” principles that could indirectly support gold, but his emphasis on shrinking the Fed’s balance sheet and normalizing policy suggests he prioritizes institutional reform over promoting gold as a standard. Is Kevin Warsh Pro-Sound Money?Yes, Warsh is a strong advocate for sound money principles, emphasizing disciplined, anti-inflationary monetary policy. He views inflation as a “monetary phenomenon” and “a choice” driven by excessive government printing and spending.  As a former Fed Governor, he was often the most hawkish voice, opposing aggressive rate cuts during crises due to inflation risks.  He criticizes the Fed’s “mission creep,” oversized balance sheet, and reliance on quantitative easing (QE), arguing these enable fiscal irresponsibility and distort markets. Warsh calls for “regime change” at the Fed, shifting away from Keynesian models toward rules-based policy that incorporates money supply considerations and reduces interventionism. He stresses credibility, clear rules, and accountability to maintain sound money.   In a 2025 Hoover Institution paper, he advocated scrutinizing monetary policy under a framework that could include constitutional measures for prosperity and idea diffusion. Warsh has been vocal against Powell’s leadership, echoing Trump’s frustrations with high interest rates and calling for “regime change” at the Fed. He has moderated his hawkish stance to support lower rates, arguing AI-driven productivity allows growth without inflation. Credibility and Market Reassurance: Warsh is seen as a “traditional” pick with Fed experience, reassuring investors amid fears of a loyalist appointment that could undermine independence. Trump highlighted Warsh’s ability to deliver lower rates and growth, though some economists note Warsh’s independence could lead to tensions if he prioritizes data over demands. Analysts suggest the pick balances Trump’s desire for cuts with a credible figure. Political/Rights https://twitter.com/EndWokeness/status/2017774819823984722?s=20 Trump Administration Begins Suing Illegal Migrants Who Have Not Self-Deported The Trump administration has begun suing individual illegal migrants for ignoring removal orders and refusing to self-deport back to their home countries, a report says. The administration has filed suit against an illegal migrant living in Virginia, and is seeking $941,114 plus interest, alleging that Marta Alicia Ramirez Veliz has remained in the country despite being told her request for admittance was rejected by a Justice Department appeals panel in 2022, Politico reported. The filing notes that Veliz has refused to pay a $998 per-day fine for the 943 days since she was told to return to her home country, and reveals that Immigration and Customs Enforcement sent her an official notice of her total fine in April. The lawsuit describes Veliz as “an individual and noncitizen residing in Chesterfield County, Virginia,” and does not identify her nationality. source: breitbart.com https://twitter.com/KanekoaTheGreat/status/2017404446230323358?s=20 BREAKING: Disturbing photos in the Epstein files appear to show Prince Andrew on all fours over a woman lying on the ground. https://twitter.com/HansMahncke/status/2017792445979791448?s=20   for everyone, or is connected through some opaque web of professional and personal ties. A supposedly random figure from the squalor of Uganda rises all the way to mayor of New York, only for it to later emerge that his mother is deeply embedded in elite circles. The same pattern shows up again and again. James Comey's daughter just happened to be a lead federal prosecutor on the Epstein case. The judge who presided over the trial of Hillary Clinton's lawyer, the one who helped seed the Russiagate hoax, is married to Lisa Page's lawyer. Page, of course, was involved with Peter Strzok, who is one of the central figures in that same hoax. And to complete the circle, Merrick Garland officiated their wedding. None of this requires conspiracy theories. It requires only acknowledging how small, closed, and self-protecting these elite worlds are. Fix elite incestuousness, and a lot of other problems will disappear on their own. https://twitter.com/KanekoaTheGreat/status/2017734119334232544?s=20 https://twitter.com/KanekoaTheGreat/status/2017474860700877105?s=20   https://twitter.com/CynicalPublius/status/2017762585878069630?s=20 https://twitter.com/KanekoaTheGreat/status/2017694490614763591?s=20   written from Nikolic's perspective. At the time, Nikolic was Gates's top scientific investment advisor. The emails suggest Gates was firing Nikolic in response to marital problems with Melinda. In June 2013, Nikolic emailed Gates and asked if he wanted to go to the “legendary Crazy Horse in Paris” an erotic show, while they were in France. Gates declined, saying he would be too tired and didn't want to take the risk, adding that he might have done it when he was younger. On July 1, 2013, Gates emailed Nikolic: “We should meet on Wednesday to discuss your job. There is going to have to be a transition. I feel very bad about it but I don’t see a way around it.” Nikolic shared these emails with Epstein. Epstein later commented on the Paris erotic show email, writing: “This is pretty bad and might have been the cause of her bad mail in paris.”—apparently referring to Melinda. Nikolic appeared unhappy about being fired while potentially being used as a scapegoat, and he sought greater financial compensation as he prepared to leave and launch his own investment fund. In these emails, Epstein—writing as Nikolic—references alleged knowledge of Gates's extramarital affairs, STDs allegedly contracted from Russian women, and drug use as justification for why Nikolic deserved more money. Taken together, it appears Jeffrey Epstein was drafting or shaping a message for Boris Nikolic that effectively functioned as blackmail, pressuring Bill Gates for financial compensation. It remains unclear whether Nikolic ultimately sent these messages to Gates. However, later emails suggest Gates helped Nikolic launch his next investment fund and maintained a working relationship with him afterward. Epstein later listed Nikolic as a backup executor of his will, indicating the two were close confidants. https://twitter.com/Breaking911/status/2017769194159210784?s=20 Billionaire Reid Hoffman, Who Bankrolled the E. Jean Carroll Lawsuit Against Trump, Is Featured Extensively in the New Epstein Files, Visiting Zorro Ranch and Pedophile Island  Hoffman went to the Island. A man who used his fortune to bankroll a lawsuit against President Donald J. Trump is now featured extensively in the new DOJ-released Jeffrey Epstein documents. The three and a half million documents from the latest – and apparently last – have been released by the DOJ following the approval of the House Resolution 4405, the Epstein Files Transparency Act. Documents from this massive release show the close ties between LinkedIn co-founder Reid Hoffman and the late pedophile. The pair ‘discusses visits to Epstein's infamous private island, his New Mexico ranch, and his New York apartment'. The New York Post reported: “'Reid will spend the night at 71st', according to one email from Hoffman's team included in the latest Justice Department dump of Epstein files, in reference to his Upper East Side townhouse.”   A 2014 memo states that Epstein hosted will have (venture capitalist) Joi Ito and Reid Hoffman on the infamous Zorro Ranch for a weekend. “An email Epstein penned to his assistant Saida Sapieva under the heading ‘Trip to the Island' states: ‘Reid will take a Virgin America Flight from SFO to Fort Lauderdale, departing at 8:20 am, landing at 4:40 pm'. In 2023, Hoffman visited to Epstein's former Caribbean private island, Little St. James, also known as ‘pedophile island', The Post previously reported.” Source: thegatewaypundit.com https://twitter.com/elonmusk/status/2017106848311366064?s=20 https://twitter.com/MikeBenzCyber/status/2017789344103145647?s=20   https://twitter.com/MikeBenzCyber/status/2017772724093849926?s=20     https://twitter.com/elonmusk/status/2017930408650772495?s=20 https://twitter.com/Cernovich/status/2017329765863039432?s=20       Israel had Trump by the balls so much that… Epstein was arrested? Ghislaine Maxwell was arrested? Jean Luc Brunel was arrested? Les Wexner stepped down? NXIVM sex cult ended? And now we're getting those files? These people don't think very hard https://twitter.com/JD_Cashless/status/2017349780922408973?s=20 https://twitter.com/TaraBunner2/status/2017619821634977889?s=20 https://twitter.com/Jordan_Sather_/status/2017399510809645263?s=20 https://twitter.com/TheStormRedux/status/2017789280693735748?s=20 politically. “I didn't see it myself but I was told by some very important people that not only does it absolve me, it's the opposite of what people were hoping – you know, the radical left. Wolff, who's a 3rd rate writer, was conspiring with Jeffrey Epstein to hurt me politically or otherwise…” Don't fall for all the clickbait doomers pushing the anti-Trump narratives. It's all bullshit. Lots of people not looking good though after today's release. Will be interesting to see how this plays out. To muddy the waters is an idiom that means to make a situation, issue, or discussion more confusing, unclear, or complicated—often deliberately. For example: “The politician’s vague statements only muddied the waters during the debate.” It originates from the idea of stirring up mud in water, making it murky and hard to see through. DOGE Geopolitical War/Peace Iran Hits Back At EU: Designates European Armies As ‘Terrorist Entities’ Iran is saying two can play at the West’s game: on Friday the secretary of Iran’s Supreme National Security Council blasted the EU’s decision to designate the Islamic Revolutionary Guard Corps (IRGC) as a “terrorist organization,” warning that Europe’s own militaries would now be viewed through the same lens. “The European Union certainly knows that… the armies of countries that have participated in the European Union’s recent resolution against the Islamic Revolutionary Guard Corps are considered terrorist entities,” Ali Larijani wrote in a post on X. He added bluntly: “Therefore, the consequences of that shall be borne by the European countries that undertook such an action.” However, there’s probably nothing in the way of European military assets for the Islamic Republic to sanction, so this ‘action’ by Tehran will remain largely symbolic. Iran does have assets held in various places of Europe though. EU foreign ministers agreed on Thursday to formally classify the IRGC as a “terrorist organization” and urged member states to implement the designation without delay – after a few longtime holdouts flipped. source: zerohedge.com [DS] Agenda https://twitter.com/rhodeislander/status/2017361344018739231?s=20 https://twitter.com/nicksortor/status/2017331445195211254?s=20   at Place of Worship COUNT 2: 18 U.S.C. § 248(a) (b), § §2(a) – FACE Act: Injure, Intimidate, and Interfere with Exercise of Right of Religious Freedom at a Place of Worship. Full indictment in replies. https://twitter.com/amuse/status/2017755569097003394?s=20 https://twitter.com/RapidResponse47/status/2017426372860190991?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2017426372860190991%7Ctwgr%5Efafd5c6b893c0c4815868b0fd8490482712f780e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.breitbart.com%2Ft%2Fassets%2Fhtml%2Ftweet-5.html2017426372860190991 Maxine Waters Incites Violent Leftist Rioters in Los Angeles – Threatens ICE, “We're Going to Fight You Every Inch of the Way” (VIDEOS) Far-left Rep. Maxine Waters (D-CA) was in Los Angeles on Friday, inciting her radical left followers to riot against law enforcement before several were arrested.  Rioters were seen hurling objects at shielded federal agents who pushed back with pepper balls and nonlethal munitions. Via ABC 7: Anti-ICE Rioters Clash with Federal Agents and Local Police Outside Los Angeles ICE Facility Eventually, the rioters moved a dumpster toward the entrance of the ICE detention facility and set it ablaze. Over 100 Los Angeles Police officers reportedly responded in riot gear to quell the violence. Multiple videos circulating on social media show Maxine Waters at the front lines of the riot as leftists were told to disperse for surrounding the federal building, trespassing on federal property, and later assaulting federal officers. After pepper spray was deployed, Waters returned to the front of the riot with a mask and continued leading the insurrection. Waters was seen pulling up to the scene early in the day in a black SUV before stepping out to rally her troops, flailing her arms and leading chants of “ICE Out of LA.” Source: thegatewaypundit.com https://twitter.com/DOGEai_tx/status/2017736355665641700?s=20   Martinez's gang alliance pitch isn't just reckless; it's a calculated distraction from ICE's indiscriminate sweeps that tear families apart over paperwork. Federal law requires deportation for specific crimes, yet bureaucrats weaponize broad mandates to meet quotas. The solution? Enforce existing laws precisely, stop manufacturing crises, and end the performative politics that put both officers and communities at risk. President Trump's Plan https://twitter.com/EricLDaugh/status/2017769322723082564?s=20   constitutional dike, It is so ORDERED” – “Feb. 31” doesn’t exist – LinkedIn shows he liked a TDS post about ICE today – Includes a photo of the kid in the order – Unprofessionally antagonistic language WTF?! This is a JUDGE?! @ElonMusk and @NayibBukele were right all along. We can’t have a saved republic until we mass impeach the courts. H/t @BillMelugin_ https://twitter.com/ElectionWiz/status/2017574838143959310?s=20 https://twitter.com/nicksortor/status/2017636699157811696?s=20       one of the safest cities in America – Likewise, numerous other once very dangerous cities! Republicans, don't let these Crooked Democrats, who are stealing Billions of Dollars from Minnesota, and other Cities and States from all over the Country, push you around. They are using this aggressive protest SCAM to obfuscate, camouflage, and hide their CRIMINAL ACTS of theft and insurrection. They should all be in jail. I was elected on Strong Borders, and Law and Order, among many other things. Thank you to Secretary Kristi Noem. Remember, ELECTIONS HAVE CONSEQUENCES!!! PRESIDENT DONALD J. TRUMP     Federal Government Property. There will be no spitting in the faces of our Officers, there will be no punching or kicking the headlights of our cars, and there will be no rock or brick throwing at our vehicles, or at our Patriot Warriors. If there is, those people will suffer an equal, or more, consequence. In the meantime, by copy of this Statement, I am informing Local Governments, as I did in Los Angeles when they were rioting at the end of the Biden Term, that you must protect your own State and Local Property. In addition, it is your obligation to also protect our Federal Property, Buildings, Parks, and everything else. We are there to protect Federal Property, only as a back up, in that it is Local and State Responsibility to do so. Last night in Eugene, Oregon, these criminals broke into a Federal Building, and did great damage, also scaring and harassing the hardworking employees. Local Police did nothing in order to stop it. We will not let that happen anymore! If Local Governments are unable to handle the Insurrectionists, Agitators, and Anarchists, we will immediately go to the location where such help is requested, and take care of the situation very easily and methodically, just as we did the Los Angeles Riots one year ago, where the Police Chief said that, “We couldn't have done it without the help of the Federal Government.” Therefore, to all complaining Local Governments, Governors, and Mayors, let us know when you are ready, and we will be there — But, before we do so, you must use the word, “PLEASE.” Remember that I stated, in the strongest of language, to BEWARE — ICE, Border Patrol or, if necessary, our Military, will be extremely powerful and tough in the protection of our Federal Property. We will not allow our Courthouses, Federal Buildings, or anything else under our protection, to be damaged in any way, shape, or form. I was elected on a Policy of Border Control (which has now been perfected!), National Security, and LAW AND ORDER — That's what America wants, and that's what America is getting! Thank you for your attention to this matter.   PRESIDENT DONALD J. TRUMP he will use DHS/ICE and, if necessary, the US MIL to protect federal property. It sounds like Trump knows something is coming. It sounds like the Dems want DHS/ICE to get caught up in policing these riots, hoping more of their deranged followers take it too far and get shot. Trump is instead going to hold and force local Democrat politicians to police their own riots, or agree to work with him. And if the Dems choose to not police these riots, they will force Trump to use the US MIL to suppress the chaos.  https://twitter.com/unseen1_unseen/status/2017334056292143173?s=20 https://twitter.com/StephenM/status/2017585812599087241?s=20   EXCLUSIVE: Atlanta Field Office Special Agent in Charge Allegedly Removed For Slow-Walking Election Fraud Investigation  Reports are emerging on social media that Paul Brown, the FBI Special Agent in Charge at the Atlanta Field Office, was “forced out of that job earlier this month,” according to MSNOW's Ken Dilanian. According to MSNOW, Brown “was forced out this month after questioning the Justice Department's renewed push to probe Fulton County's role in the 2020 election” after “expressing concern” about “unsubstantiated allegations of voter fraud” in Fulton County. Source: thegatewaypundit.com https://twitter.com/TheStormRedux/status/2017632517596045581?s=20      of evidence that the judge authorized us to collect. And what we're gonna do next is go through the voluminous amounts of information collected and continue our investigation. At this point there's not much more I can say publicly because we have to go through a lot more material. But it was predicated on a finding of probable cause by a judge in Georgia.” Time for people to go to jail! We all watched it stolen in real time, and we're all still pissed off about it! https://twitter.com/TheStormRedux/status/2017201516768026738?s=20  the election safe, and she's done a very good job. And as you know, they got into the votes. You've got a signed judges order in Georgia and you're gonna see some interesting things happening.” We've waited a long time for this. Let's get it. https://twitter.com/JoeLang51440671/status/2017668286196932654?s=20 https://twitter.com/Rasmussen_Poll/status/2017631484908024035?s=20     (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Scott Sumner is the Ralph G. Hawtrey Chair Emeritus of Monetary Policy and the founder of the Monetary Policy Program at Mercatus. Scott returns to the show, to discuss his life post Mercatus, nominal GDP counterfactuals of the pandemic and the Great Financial Crisis, the role of QE in inflation, the fears about Fed independence, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 15th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:34 - Scott's Life Post Mercatus 00:05:28 - Nominal GDP Targeting 00:19:53 - Quantitative Easing 00:38:28 - Fed Framework Review 00:42:36 - Fed Independence 01:04:33 - Outro

No, this isn't a Bavarian dish.  But our colleague Martin Wurm joins the Inside Economics team to consider Kevin Warsh as the next Chair of the Federal Reserve Board.  The group dissects Warsh's writings and speeches to glean how he might change the way the Fed operates monetary and regulatory policy, and whether he will be able to preserve some semblance of Fed independence.  There is also the stats game and listener question – please keep them coming.Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's AnalyticsFollow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at helpeconomy@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

SEGMENT 5: POWELL VS. TRUMP ON MONETARY POLICY Guest: Joseph Sternberg (London) Sternberg analyzes the brewing conflict between Federal Reserve Chairman Jerome Powell and President Trump over interest rate policy. Discussion examines Trump's public criticism of Powell, the Fed's independence, inflation concerns, and how this tension between the White House and central bank could shape economic policy and market confidence.

The Supreme Court heard arguments in a legal battle centered on President Trump's efforts to fire a Federal Reserve governor. The case comes as Trump has moved to exert greater control over the Fed. Ali Rogin discussed more with News Hour Supreme Court analyst and SCOTUSBlog co-founder Amy Howe, and David Wessel of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

President Trump's growing frustration with the Federal Reserve's commitment to political independence reached fever pitch over the weekend when Fed Chair Jerome Powell annouced the DOJ has opened a criminal investigation into the Fed. Powell called the probe “unprecedented” and said the Fed uses data, not politics, to make interest rate decisions. In this episode, we get context on the situation from economist Julia Coronado — including how the investigation could have an impact on financial markets.